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SEP 7
US. ADM.
ma
IJRRARY
financial
The
ronick
ontmerria
COPYRIGHTED IN 1938 BY WILLIAM B. DANA COMPANY,
NEW YORK.
VOL. 147. "'u'dw:Kt,c,M_
MATTER JUNE 23, 1879, AT THE POST OFFICE AT
ENTERED AS SECOND-CLASS
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Dnimtrria
No. 3818.
AUGUST 27, 1938
Vol. 147
CONTENTS
Editorials
The Financial
The Drive
page
1238
Situation
1250
1252
Against Tax Exemption.
British Policy
Meets a Rebuff.
Comment and Review
The Business Man's
Week
on
Bookshelf
Foreign Political and
1253
1242
_
Stock Exchanges
the European
1243
Economic Situation
Comment
1247 & 1284
1254
.1255
1240
.
1283
Foreign Exchange Rates and
Course of the Bond Market
-
Activity
the New York Stock Exchange
the New York Curb Exchange
Indications of Business
Week
on
Week
on
News
Current Events
Bank and Trust
Company Items
General Corporation
Dry Goods
State and
1267
1283
and Discussions
.
1326
and Investment News
1367
Trade
1368
Municipal Department
Stocks and Bonds
1284 & 1293
1286
Dividends Declared
1286
Auction Sales..
1286
New York Stock Exchange—Stock Quotations.
1294
New York Stock Exchange—Bond Quotations1294 & 1304
New York Curb Exchange—Stock Quotations—
1310
New York Curb Exchange—Bond Quotations...
1314
Other Exchanges—Stock and Bond Quotations
1316
Canadian Markets—Stock and Bond Quotations
..1320
Over-the-Counter Securities—Stock & Bond Quotations .1323
Foreign Stock Exchange
Bonds Called and
Quotations
Sinking Fund Notices.
Reports
Foreign Bank Statements
Course of Bank
Federal Reserve Bank
General
-
Clearings
Statements
Corporation and Investment
News
—1246
1284
1291
1326
Commodities
The Commercial
Markets and the Crops
Cotton
Breadstu ffs
.1357
1360
1364
City.
B. Dana Company, 25 Spruce Street, New York
Selbert. President and Treasurer; William D. KlRg«.
Western Representative. 208 South La Halle Street(Telephone
London. E. C. Copyright 1938 by WllJiam ®
New York. N Y., under the Act of March 3, 1879. Sul^npttons
months; Id Dominion of Canada. $16-50 P®,y®ar« f9.7o for_6 tenths.
year. $10.75 for 6 months; Great Britain, ContinOTtal Europe
(Except 8pain). Asia. Australia and Africa, $20.00 per year, $11.50 for 6 months.
Transient display advertising
per agate line.
Contract and card rates on request.
NOTTS: On account of the fluctuations In the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
Published Every
Herbert D. Seihert,
Saturday Morning by the William
Chairman of the
Board and Editor; William Dana
Other offices; Chicago—In cnarge of Fred H
Gray/
State 0613).
Ix>ndon—Edwards & Smith, 1 Drapers' Gardens.
Entered as second-class matter June 23. 1879, at the nowt office at
In United States and Possessions. $15.00 per year. $9.00 for 6
South and Central America. Spain, Mexico and Cuba, $18.50 per
Manager.
The Financial Situation
WITH the single exceptionis the Works Progress monopoly inquiry brings forth by the end of the
Administration, which of
expending
now
over
year.
$7,000,000 each business day, the spending-for-recov-
Recovery Problems
laid out by the President last spring and
finally enacted into law late in June has not as yet
fronting
begun to prime the
of the kind
ery program
There
pump.
Yet, thanks in large part
rapid rise in the rate of operations in the steel
to the
now
substantial
in the
notice of
A
increases
The
common.
grown
more
beginning to
are
now
the
to
"First, the general
quite in¬
now
disputably under
"Second, the
goods
of
finished
and often of
turers, have been in
ber of
by the
abstaining
tion for
an
of time.
the
extended
be
"Sixth,
who have
seems
a
duly, actually
release
are
more
individuality
ceeds to call
up
planners, place purchasing
of
troversial
that
in
as
the
in review about all the
ington
the
almost
absence
improvement
ahead
come,
real
the
call
and
and
no
means
certain
no
certain
structive of
of
of mice
of
such
that his advice
are
such
time
as
these
reasonably resolved—that is
at
of
may
moment
men
be taken at
to
to
impediments
appreciable
cause
best-
agley, but in
go
as
Wash¬
the
these, further
proportions
seems
to
us
during the months immediately to
notwithstanding that anything in the nature of
recovery will soon be faced
grappling with problems
wage-hour law and
from
by the necessity
certain to
arise
out
of
out of whatever the so-called
is,
situation.
time
in
as
to
such.
day,
as
about
By
be
total
expenditures
$24,250,000
the Greek
however,
priming
re¬
existing busi¬
Fed¬
are run¬
ning at about the rate of
questions
to trust accounts.
rather
spenders in their
At this
eral
or
easily
analysis of the plans
of the
is
ex¬
cir¬
more
a
brief
$21,000,000
attributed
a
a
with
year
excluding public debt
no means
Indeed,
business
per
compared
retirements
sure,
are
are
ago,
To be
these
discerned
already found
to
and
AVhat
seems
into
come
cumstances
principles would do
might be helpful—if action de¬
the system already in existence is
until
conjunc¬
less certain to be
harm—it
country at heart.
any
to
istence.
Noth¬
To many it would
appear that what
deferred
in
in which this deficit
questions that perplex mankind, and
by
disturbing
more
ness
the
is
of the
enough in
con¬
social
into
philosophers.
Govern¬
tion with the circumstances
Kalends.
heartening
destructive steps
at
laid schemes
a
economic
debt position
viewed
when
the
and of
right, but it is im¬
own
mensely
thoughtful people with
further
of
sys¬
Mr. Berle suggests is
already under way.
Such inquiry into first
evidence
the interests of their
be
in
to
economists
needed.
is in
small part of the
cause—it is
questions
during
This aspect
lation to the
it
is to be attributed to
that
all
its
assume
single
deficit that
Federal
of
that way.
in
to
any
suggests
response to natural forces
no
by
the
another—the university.
He would have the
Government set up a seminar to settle most
improvement
improvement
need
no
met
matter of
a
matter is serious
fields in which it could compete with
private enterprise.
Mr. Berle now
assert
industry and trade
—and
sup¬
about
now
fiscal year
ment.
many
readily enough that they
So far
is
The Federal Government has
mensely pleasing to those
had planned it
they
solely
the resulting
he says in effect, is to be taken for
granted; every conventional assumption or
"pre-conception" must be tested by thorough
inquiry; many may well be found to be false.
All this is said to be im¬
Washington who
than
is
inevitable
of
ing,
count.
pump-priming
as
enormous
current
question very
nearly all of the supposedly established ideas
the
such
this
is
pro¬
philosophy and
in
provide the
with a manner
or
substantially and,
according to New Deal
hands
is
potentially, with the liberty
that its controls must
or
most
get fully into action. Nor
the
any single standard of size or set of
practices at any given point."
The writer of the memorandum then
Government
the
contribu¬
a
must
process
"Eighth, that there
tem
increase
in
system
that these tests will be
presumably about to
power
to
press;
funds, and the
Federal
through
of the
community must
program
of the individual: i.
e.,
pump-priming activities of
the
wants
system;
that the
the
Wash¬
during the next twelve
any
system must provide a
of people with means of
number
to
in
months is that inherent in
to
life which at least tends to
satisfy a fair
proportion of their wants;
"Seventh, the system must evolve a method
of organization that does not
interfere un¬
the part of those
on
business
that
wants
one
face
the
people engaged in the
foundation for freer spend¬
ing
system
known
pay
potent hazards which the
of
of great¬
spreading to lay
ington,
tion to the
period
popular optimism
to
towards
Contrary
current
degree possible;
that
satisfying those
of
distribution
a
goods
maximum
maximum
produc¬
A spirit
and
these
"Fifth,
re¬
process
from
takes
a num¬
drastically
cases
duced
er
"Fourth,
possession of manufac¬
certainly
future.
be whether it
must
almost
theories
scope
standard
consideration
handsome dividends in the
of the investiga¬
search for an organization
a
the procedure,
proper
will
supplies the existing and developing wants of
as they appear;
"Third, that this involves the provision of
an
adequate supply of goods;
materials
raw
for
the people
and of materials in
process,
in
be
and appraisal of them now
of^busines8 that actually works;
way.
Stocks
recently submitted
monopoly com¬
so-called
work in Washington by a well-
at
tion ought to be
is
may
of these at
some
this stage in
of observations submitted:
summary
tell their friends that real
recovery
Washington?
publicized New Dealer, one Adolph A. Berle,
Jr., has now become fully available for public
inspection.
From it we take the following
com¬
munity
request
mittee
opti¬
mistic in the business
Seminar in
A "secret memorandum"
on
have
their
owe
assumed will not fail to take
volume of business
transacted
which
or
con-
recovery
The careful executive, it
public comment.
definitely ris¬
are
inherent in
are
being predicted
ing, and forecasts of fur¬
ther
number of problems
a
which either
us
origin to phenomena closely associated with it in
industry, most of the current indexes of business
activity
however,
are,
and
transfers
all of this increase
to
planned
pump-
large part of it is found
general fund expenditures, which have for years
been
steadily mounting, year in and year out, quite
regardless of the state of business or the supposed
need
of
stimulating
industry
and
trade.
The
Emergency Relief Appropriation Act of 1938 placed
in the hands of the Works Progress Administration
the
sum of
$1,425,000,000 to be expended by the
Administrator during the period from July 1, 1938
Volume
1239
Financial Chronicle
147
last year, and the circumstance that tax collections
can not possibly be expected to be nearly so large
money throughout that period on the basis of the
as last year, and we have a situation that is doubly
assumption that no more funds would be forthcoming
hazardous. It is replete with danger, in the first
for that period.
There were those who had hoped
place because it spells an enormous deficit, and in
that plans would be framed in such a way that the
the second place because it will either create an
bulk of these expenditures would fall during the
artificial business boom which will fall the moment
months before the slower-moving agencies, such as
its support is withdrawn, or it will fail to achieve its
the Public Works Administration, were able to get
purpose and dash all hope of curtailing the enorwell under way.
Nothing of the sort is, however,
mous outlays that were inspired in the first place by
now in processj or, so far as may be judged, in prosdepression. In either case it would be difficult inpect.
If we assume that the full $1,425,000,000,
deed to point to anything of importance that had
plus funds brought over from the previous year, is to
been gained by this highly touted campaign to inbe expended during the designated period at approxiduce recovery—and it would be very easy to list sevmately an even rate, daily disbursements would be
eral serious if not disastrous consequences of the
about $7,250,000.
The rate during the period since
effort.
June 30 is somewhat under that figure on the averIt is, of course, quite idle to talk, as Washington
age, and outlays have not yet reached that daily
planners constantly talk, of planning public outlays
figure.
It may be that they will be greatly further
in such a way as to produce prosperity without a
increased during the next month or two before the
boom and of reducing it while there is yet time
other pump-priming expenditures assume large proto do so without bursting the bubble. The truth
portions, and then be permitted to taper off as other
is that such bubbles are sustained by the gases with
agencies become active spenders, presumably two
which they have been distended. If they are overthree months hence, but of such a course there is
extended they burst. If the gases within them are
no
evidence at the moment.
It does not appear
withdrawn they collapse. To drop the metaphor,
likely that expenditures by the Works Progress Adthe pump-priming activities of the Federal Governministration will for any great length of time prior
ment may be offset by other activities of the same
to the end of next February fall much below the
Government which inevitably curtail or even elimirate of about $7,250,000 per day.
uate profits and destroy confidence. In this case,
to Feb.
was
Within certain limits the Adminis-
28,1939.
tration
instructed by Congress to
apportion this
or
Now
of
Act
the
same
Emergency Relief
1938 passed
Appropriation
last June appropriated $175,-
we
should have only moderate
ness
at best with a
improvement in busi-
steadily and rapidly worsening
be ex- fiscal situation. If improvement is rapid and ex¬
Administration dur- ' tended, it will be a result of inflationary activities
ing the current fiscal year. Some $22,160,000 was
and must sooner or later collapse as all such movebrought forward to augment this sum. If these exinents always do—and at a time when the credit
penditures were evenly distributed over the entire
of the Federal Government may be impaired and
twelve months they would amount to about $650,000
certainly will be no stronger than it is today,
per business day. So far they have averaged a little
'
immediate Problems
less than $430,000 per day, although during the
We feel constrained to call all this to the atteninonth of August they have been only about $320,000
tion of ovir readers at this time at the risk of being
per day.
The Public Works Administration was
accused of throwing cold water on the return of congiven $965,000,000 to be spent on projects to be
ficlence. The business man, particularly the execustarted prior to the end of this year and substantive who must operate his enterprise in the complex,
tially completed by the middle of 1940. An even
0ften highly mechanized, modern industrial system,
distribution of these outlays over this eighteenmust lav Ms plan8 considerably in advance. In one
month period would mean a working day average
degree or another, he must actually enter into comof some $2,100,000. Practically none of these funds
niitments running substantial^ into the future. Nohave as yet been actually expended. Suppose somewhere perhaps is this more true than in the matter
thing like an average rate of $2,100,000 daily outof capitai equipment. It also obtains respecting in¬
lay is reached by next February, and assume that
ventories of various kinds, although one must supthe Farm Security Administration has got into full
poge that recent experience will tend to cause caustride by that time and the several other agencies
tion in building stocks of both materials and finthat have been voted various additional amounts
ished goods
But any very substantial enlargement
with which to prime the business pump are in full
of current demand for goods would be almost cerswing by that time. We should then, with the Works
tain quickly to raise the question of plant improveProgress Administration, have not less than $10,000,ment and enlargement in many branches of business.
000 daily expenditures on "made work" of one kind
investment in additional or better plant facilities
or another going along regularly, to say nothing of
is either wise or inexpedient, depending in large
outlays by such agencies as the Reconstruction Fimeasure upon whether the increased demand is to
000,000 to the Department of Agriculture to
pended by the Farm Security
s
nance
Corporation, the Commodity Credit
tion and the Federal
either in large
Corpora-
Housing Authority which now
part raise their own
funds by direct
public borrowing with Government guarantee or
induce expenditures by affording Treasury
else
guarantees of
obligations.
How
Add to the
now.
and
Adds
Up
are
fact that
of the Federal Government
scheduled to be, much larger than
ordinary expenditures
are
It
picture thus presented the
substantially transi¬
dory>
Moreover, plant improvement presents the
prob'lem 0f finding funds for that purpose. From all
appearances plant investment from funds already
«n band is no longer possible to the extent obtainjng Biree years ago. New offerings of securities during the past few months have in much larger degree
been undertaken for the purpose of providing "new
money" than was the case at the beginning of the
1935-36 upward movement, or even than was the
be
relatively enduring or to be
1240
Financial
after that movement had got well under
way.
case
Improvements and expansion in much larger degree
now involve
approach to the capital market. For
this
industry needs
purpose,
junior issues
market
a
in
in demand. There is
no
On the contrary, such
a
are
ket at present.
which
such
mar¬
market
as
exists
places vigorous but not particularly well
established enterprises under a definite
handicap
now
and
provides
prises with
a
other
and
Thus it is to be
conditions
brings problems which
tively in mind from the
very
sion
for
save
sioned
new
such
by large Federal drafts
Member bank
money.
as
may
the
on
the Federal Reserve banks advanced
regional institutions,
"other"
balances, and
a
in circulation.
currency
for
170,839,000 in
requirements
000,000.
increased
reserves
$50,000,000
to
being felt here in New York.
City reflects
successive
in
loans here
now
at their low of the
year
that these business loans
under
the
total
that time
on
were
is $37,000,000.
they
current
were very
a
early
It is significant, how¬
still
year
are
and
ago,
modest.
$321,000,000
even
at
Brokers' loans
security collateral here fell $1,000,000 in the
Aug. 24, indicating that credit demand for
week to
speculative
search
for
added
is
purposes
small
indeed.
In
their
earnings assets, local reporting banks
$39,000,000 this week
to
their holdings
of
direct
Treasury securities, and $24,000,000 to their
holdings of Treasury-guaranteed obligations.
Monetary gold stocks of the country advanced a
further
$27,000,000 in the statement week, to a
$13,079,000,000. The Treasury again
fresh record of
refrained
sition.
from
reimbursing itself for
Gold certificate
Reserve banks,
combined, increased $4,000 to $10,-
632,411,000, while the
the
banks
serves
the acqui¬
holdings of the 12 Federal
made
for
a
return flow
of
currency
larger advance of total
to
re¬
of the
regional institutions, the increase of
$6,299,000 placing the aggregate at $11,038,416,000.
Federal Reserve notes in actual circulation
dropped
$5,454,000 to $4,144,760,000. Total deposits with
the
regional institutions
$9,241,649,000, with
ing of
a
moved up
$5,282,000 to
the account variations consist¬
gain of member bank balances by $70,a drop in the Treasury
839,000 to $8,156,037,000;
general account
balance
by $31,320,000 to
$770,-
784,000; an increase of foreign bank balances
by
$3,299,000 to $119,166,000, and a decline of other
deposits by $37,536,000 to $195,662,000. The reserve
ratio moved up to
82.5% from 8*.4%.
Discounts by
points for the week.
a
the
for
late
This upswing
trading
sharp reaction,
under
Much of the
downward.
was
trend
general
But
up
not
Wednesday
on
and the
was
the increases
what
might be
considered normal in
subsequent full sessions of the week
activity
was
1,000,000 share mark.
concentrated in the motor
stocks, for these important companies now are com¬
pleting plans for introducing new models, and there
is
>
general hopefulness that
a
busy
Railroad equities were turned
season
in
over
impends.
good volume
late in the week.
This is the third
weekly increase, and the gain since busi¬
August
ever,
agricultural loans.
irregular upward movement started
an
but in the four
cover¬
gain of $10,000,000 in commercial,
a
industrial and
of
and uncertainty last Saturday and again on
the average was close to the
are
New York
groups
large aggregate of listed equities.
On
Monday the turnover was less than 400,000 shares,
$2,980,-
The statement
ing weekly reporting member banks in
important
Tuesday that carried prices of leading issues
much
legal
accommodation
all
view of the
It appears, moreover, that at least the be¬
ginnings of demand for business
ness
over
almost
outweighed such liquidating spells, and the market
performance on the whole appeared to be a healthy
one.
Trading volume remained rather small and
a drop of $37,536,000 in
$15,000,000 decline of all
Excess
in
yesterday also
Aug. 24, mainly because of a decline
$31,320,000 in the Treasury general account with
the
were
The New York Stock Exchange reflected
brought
the week ended
of
recorded
continuous,
occa¬
market
Open market
The New York Stock Market
2 to 4
expan¬
be
$13,684,000.
to
holdings of United States Treasury securities
Monday, but
balances with
reserve
$56,000
quite unchanged at $2,564,015,000.
on
likely to continue the
interruptions
fell
holdings of bankers' bills fell $3,000 to $537,000, but
dulness
beginning.
IDLE credit resources of the country againbanking
are on
the increase, according to the official
are
to
vances
equities.
Federal Reserve Bank Statement
statistics, and they
institutions moved up $109,000 to
Industrial advances increased $36,000
$15,852,000, but commitments to make such ad¬
regional
$6,741,000.
were
existing
kept ac¬
best
are
Aug. 27, 1938
SENTIMENT regarding week, stock sizable gains
the and market im¬
proved markedly this
that
seen
moderate revival of business under
a
the
enter¬
dangerous incentive to overload them¬
selves with senior issues.
even
better established
Chronicle
Advancing tendencies
on
the stock market
were
readily traceable to the favorable expectations re¬
garding the motor industry, and incidental benefits
to all
aspects of American economic life that
manufacturing period
numerous
tions
reports
were
would
entail.
busy
a
There
were
Tuesday that extensive prepara¬
being made by large and small companies
on
alike, and the motor shares surged forward
Tire
statements.
stocks
and
of
issues
such
on
other
com¬
panies allied to the automobile business joined the
upswing,
as
did steel and other metal shares.
liquidation developed
but it
was
Some
the movement progressed,
readily absorbed and left prices as a whole
as
materially better for the week.
On Thursday the
forged to the front, partly because of
railroad group
indications that unusual expedients
ployed in
some
tions
carriers
of
are
being
em¬
instances to prevent forced reorganiza¬
temporarily embarrassed.
Valley announced
a
Lehigh
plan whereunder cash assets will
be conserved with the
tutional holders of its
approval of
some
large insti¬
bonds, and Baltimore & Ohio
sought to make similar arrangements. But the plain
implications of such procedures aided in making the
stock market uneasy
yesterday. Business reports in
general reflected modest gains, and added to the
demand for stocks.
The foreign situation remained
perturbing, but this is far from
a new
development.
In the listed bond
and other money
tained.
Investment
sizable issues of
found
the
market, United States Treasury
market obligations were well main¬
bankers
the institutional
speculative
upward
trend
terrupted the
placed
high grade bonds
group
was
a
number
demand excellent.
at
but
times.
of
the market and
of railroad bonds
apparent,
advance
on
Among
a
general
recessions
Local
in¬
traction
Volume
Financial Chronicle
147
v
1241
week; Consolidated Edison Co. of N. Y. at 28%
against 26%; Columbia Gas & Elec. at 7 against
markets, leading grains werejweak and firm by. 6%; Public Service of N. J. at 29% against 29%;
turns, with the net changes for the week not very
J. I. Case Threshing Machine at 90% against 91;
large. The low prices remain a restraining influence
International Harvester at 60 against 58; Sears,
on securities.
Base metals were steady throughout.
Roebuck & Co. at 72% against 73; Montgomery
Foreign exchanges were firm in the first half of the
Ward & Co. at 47% against 46%; Woolworth at
issues
were
The foreign
variable.
dull
remained
at
all
dollar bond section
In
times.
the
commodity
46% against 45%, and American Tel. & Tel. at 145
against 141%. Western Union closed yesterday at
On the New York StockfExchange 117 stocks
30 against 27% on Friday of last week; Allied
touched new high levels for the year while 5 stocks
Chemical & Dye at 181% against 179%; E. I. du
touched new low levels.
On the New York Curb ExPont de Nemours at 133% against 130%; National
change 64 stocks touched new high levels and 8
Cash Register at 28% against 28%; National Dairy
stocks touched new low levels.
Call loans on the
Products at 13% against 13%; National Biscuit
New York Stock Exchange remained unchanged at
at 25% against 25%; Texas Gulf Sulphur at 36%
1%.
against 35; Continental Can at 42% against 44;
On the New York Stock Exchange the sales at the
Eastman Kodak at 174 against 174; Standard
half-day session on Saturday last^ were 245,580
Brands at 7% against 7%; Westinghouse Elec. &
shares; on Monday they were 396,620 shares; on
Mfg. at 104 against 102%; Lorillard at 20% against
Tuesday, 1,076,510 shares; on Wednesday, 1,235,160
20; Canada Dry at 18% against 18%; Schenley
shares; on Thursday, 826,570 shares, and on Friday,
Distillers at 18% against 18, and National Dis820,110 shares.
On the New York Curb Exchange
tillers at 25 against 24.
the sales last Saturday were 35,060 shares; on MonThe steel stocks closed at substantially higher
day, 65,800 shares; on Tuesday, 107,710 shares; on
levels this week. United States Steel closed yesterWednesday, 146,630 shares; on Thursday, 102,670
day at 60% against 58% on Friday of last week;
shares, and on Friday, 104,560 shares.
^
Inland Steel at 76 against 72%; Bethlehem Steel
Although sales turnover in the stock market on
at 59% against 56%, and Youngstown Sheet & Tube
Saturday last was very small, the price trend
at 38% against 35%. In the motor stocks, Auburn
pointed slightly upward, and higher fractional
Auto closed yesterday at 4% against 4 on Friday
changes were noted among the motor stocks, which
of last week; General Motors at 49% against 47%;
have been moving forward the entire week.
SomeChrysler at 75% against 72%, and Hupp Motors at
what higher figures for steel production were pre1% against 1%. In the rubber group, Goodyear
dieted for the present week, and this naturally exTire & Rubber closed yesterday at 29 against 28%
erted a steadying influence on steel shares.
The
on Friday of last week; United States Rubber at
market taken as a whole, however, reflected neg46% against 45%, and B. F. Goodrich at 24%
ligible net changes for the day. On Monday trading
against 24%. The railroad shares extended their
practically came to a standstill, and equities on an
gains of the previous week. Pennsylvania RR.
extremely small volume of transactions showed
closed yesterday at 20% against 20% on Friday of
irregularly lower price changes.
Whatever favorlast week; Atchison Topeka & Santa Fe at 37%
able news the day provided, its effect was lost on"
against 36%; New York Central at 19% against
market in the throes of a deep stupor.
Expecta18%; Union Pacific at 92 against 89;. Southern
tions of a good fall revival helped to stimulate
Pacific at 19% against 18%; Southern Railway at
business on Tuesday, and by gradual steps the mar14% against 12%, and Northern Pacific at 12%
ket worked itself out of its lethargy.
Prices adagainst 12%. Among the oil stocks, Standard Oil
vanced briskly under the leadership of the motor
of N. J. closed yesterday at 54% against 54% on
and auto accessory stocks, and share volume adFriday of last week; Shell Union Oil at 16% against
vanced to over 1,000,000 shares as against 396,000
16%, and Atlantic Refining at 22% against 23%.
the
day
previous.
Improvement was general
In the copper group, Anaconda Copper closed yesterthroughout the list, and net gains of one to three
day at 34% against 34% on Friday of last week;
points were in evidence.
The forward movement
American Smelting & Refining at 48 against 47%,
was extended on Wednesday, and in the morning
and Phelps Dodge at 36% against 35%.
session stocks enjoyed advances of one to two
Leading trade and industrial indices reflect modpoints, but subsequently softening tendencies deest advances, and these indications of seasonal gains
week, but the dollar
came
into demand thereafter on
increasingly pessimistic political reports from Europe.
a
.
veloped and equities closed
the
day.
irregularly higher on
Sales volume tapered off on Thursday and
prices moved within narrow
of the business
Traders conthe ultimate outcome
confines.
tinue to look with favor upon
situation, but prefer to let caution
In the closing hour the market
toward firmness, and prices
the session irregularly higher.
Uneasiness
feature of trading yesterday, and the price
guide their actions.
evinced
ended
was
a
level of
a
tendency
equities came in for some downward
read-
After a firm start, share prices
moved upward, but later sold off on realizing sales,
and closed below the previous day's levels.
Closing
justment of values.
improved as against those
General Electric closed
42% against 42% on Friday of last
prices yesterday were
of
Friday one week ago.
yesterday at
were
bolstered by larger commercial loans
in New
York City. Steel production for the week ending
today was estimated by the American Iron and
Steel Institute at 42.8% of capacity against 40.4%
a week ago, 37.0% a month ago, and 83.8% at this
time last year. Electric power output is reported
by the Edison Electric Institute at 2,138,517,009
kilowatt hours for the week ended Aug. 201 against
2,133,641,000 kilowatt hours in the preceding week
and 2,304,032,000 kilowatt hours at this time last
year.
Car loadings of revenue freight
to Aug. 20 are reported
Association of American
in the week
at 597,918 cars by the
Railroads. This is an
increase of 8,357 cars over the preceding week, but
a decline of 179,232 cars from the total for the corre-
sponding week of 1937.
1242
Financial
Chronicle
As
indicating the course of the commodity mar¬
kets, the September option for wheat in Chicago
closed
close
yesterday at 62%c.
against
as
Friday of last week.
on
Chicago closed yesterday at 52c.
the close
at
on
64%c.
September
the
against 53%e.
September oats
price for
spot
cotton
yesterday at 8.46c.
Friday of last week.
on
yesterday
was
16.57c.
5/16
ounce
New
York
transfers
as
matter
of
the
foreign
London closed
on
against $4.88% the close
and
cable transfers
British indus¬
fi¬
pro¬
One of the fea¬
was the
reopening on Monday of
market, after the midsummer 20-day sus¬
General European tendencies were re¬
flected in
sharply reduced quotations
the declines attributed in
at
Rome, with
good part to liquidation
by Jewish holders who naturally fear the
growing
anti-Semitism that is
spreading from Germany to
Italy. On the ondon Stock Exchange prices were
firm and soft
by turns, with net changes of the week
important. The French market was nervous
not
throughout, while
Berlin
further
reported
large
swings in quotations. Political
uncertainty was uni¬
and
unquestionably affected all the foreign
versal
markets.
Gold
possibilities
hoarding in London increased
were
contemplated of
a
as
general
the
war
resulting either from the Central European
impasse
or the international
war in
Spain. Official French
moves
gram
toward amelioration of the social
reform pro¬
of the Left Front aided the Paris Bourse
.
briefly, but such
tance
as
the
Developments
served
much
with
considerations
international
on
care
the
New
There
York
market
was
were
afforded
impor¬
were
ob¬
by American
indications that the depres¬
sion which started in the
United States
was
in
atmosphere thickened.
by the foreign markets, but not
encouragement
tendencies.
waned
making inroads
on
business in
a
year ago
England, France
and other countries and
investor aloofness from the
securities markets
was
Not much business
one
was
consequence.
done
on
among
ties.
levels, while
gold, base metal
small
the London Stock
and other
Anglo-American favorites
gains
were
the rule
commodity securi¬
were
firm
in
the
international section, but securities
originating in
Continental European countries
declined.
early unsettlement
on
After
Tuesday, prices improved
dull
a
securities
were
on the Paris Bourse was dominated early
Monday by the appeal of Premier Daladier for
week, but the
rather than go
on
recovery
along with M. Daladier in his
modification
of
changes at the close
Cabinet
and
international
changed. The session
of the
re¬
canceled
were
difficulties, and net
gains, while French equi¬
securities
on
pro¬
"social
quite insignificant. Rentes
were
reflected small fractional
the
Front
Early price gains quickly
the indications of
ties
Left
the
were
mostly
Tuesday reflected
a
un¬
renewal
optimism, owing to the quick settlement of
Cabinet troubles.
Rentes remained in
demand,
inquiry also spread to French equities. Most
and
international
issues
likewise
improved.
With
re¬
ports from other centers fairly optimistic, prices
the
Bourse
again tended to
advance
on
Wednesday.
Rentes and French equities reflected the belief that
the
plea for
in
better
trend
work and changes in the 40-hour
more
law would be
accepted, but international issues
than
Thursday
on
demand
was
maintained
while
domestic
French
industrial,
other stocks drifted lower.
also followed
ties
were
tional
issues
The
start
an
well
uncertain
at
the
gains that
ings
a
on
yesterday, but
interna¬
higher at the
Monday, but mild liquidation
groups were
close
and
Rentes and equi¬
course.
active and
was
versed the trend and
rule
utility
downward.
Berlin Boerse
last
The
International securities
maintained
drifted
were
securities.
irregular, with rentes well
soon
only small net gains
of
the
session.
All
re¬
were
the
important
better, however, in continuation of the
were
Tuesday
recorded late last week.
dull until
The deal¬
near
the end/when
sharp break occurred which carried
levels of lead¬
were
ing securities down 2
and
to 3
points for the day. Mining
machinery stocks suffered
than
more
others,
with uncertainties about the international situation
contributing to the unsettlement. Fixed-interest
sues
Exchange last Monday, but the
tendency was steady.
Gilt-edged securities and home industrial stocks
held to former
quiet and steady in
and
nipped in the bud later in the session, when it
developed that several Ministers preferred to resign
on
tures of the week
pension.
and
funds
was
on
the Rome
favorites
British
International
abandonment of the 40-hour
European Stock Markets
nounced than the occasional rallies.
were
yesterday.
forms."
more
securities.
drifted
tendency
Trading
last
closed
rather
similar downward
a
firm.
on
Friday of last week,
declines
commodity
Anglo-American
among
industrials
session
yesterday at
2.73%c. the close on Friday
with
most
home
posed
centers,
and
international
of last week.
nancial
turn¬
issues
shares
slightly lower, and
cable
stock
The
small, with gilt-edged stocks
was
per
UNSETTLED conditions prevailed this week
exchanges in the leading European
slowly advanced. Com¬
steady and most other sections soft.
yesterday at $4.87 7/16
on
Paris
on
2.73 7/16c. as against
exchanges,
were
trial
on
Friday of last week, and spot silver in
the
Thursday
other
yesterday at 42%c., the close
Friday of last week.
In
on
prevailed
New York closed
Mining and oil stocks
on
was
yesterday
against 19% pence
small.
were
gains appeared in international issues.
over
Friday of last week.
on
the price of bar silver
idle.
while home industrial issues
The spot price for rubber
pence per ounce as
on
in
changes
modity shares joined the modest upswing, and fresh
Domestic copper closed yester¬
day at 10%c., the close
In London
here
net
Wednesday was more cheerful,
gilt-edged obligations again in general demand,
with
against 8.42c. the close
against 16.32c. the close
as
Friday of last week.
19
as
and
1938
showed gains, while industrial
group
The tone
mand.
Chicago closed yesterday at 23%c. against 23%c.
on
Friday of last week.
The
market
remained
issues
the close
closed
gilt-edged
27,
dull, but international securities reflected mild de¬
at
as
Friday of last week.
London
The
the
corn
Aug.
lost only a little ground.
ued
early
on
Wednesday, but
as
the session
gressed dealings became calmer and
oped.
the
Losses
were
more
end, but only in
sions
important.
a
numerous
few specialties
Trading
is¬
Nervousness contin¬
a
pro¬
rally devel¬
than
were
gains at
the
reces¬
dull Thursday, and
was
prices varied only fractionally in most instances.
The trend
end
was
firm and weak
previous levels
issues.
were
by turns, and at the
approximated in almost all
The fixed-income
group
drifted lower.
Lit-
Volume
tie business
was
done
yesterday
on
the Boerse, and
prices slowly receded.
EXACTLY ten years affixed theirrepresentatives
nations ago today,
signatures in
fifteen
of
as
Kellogg-Briand treaty renouncing war
instrument of national
an
The group of
policy.
signatories expanded steadily and rapidly,
63 countries,
embraced
until it
virtually every civilized
or
intentions
taken
anywhere as the tenth anniversary of its promulgation approached, this week.
The accord was designed to inaugurate an era of world peace and unexampled international harmony. But any illusions
that it may have created quickly were dispelled, and
the
area on
globe. Despite the admirable
expressed in the treaty, not much notice was
anniversary it is plain that the new
this tenth
on
era
occasioned
it
in international relations is
different from the one envisioned
merely
document
the
far
by Aristide Bri-
Frank B. Kel-
and, Foreign Minister of France, and
logg, Secretary of State.
Intead of preventing wars,
stripped away what little
honor there is in a frank
and formal declaration of
warfare between nations.
It helped to bring into
diplomatic difficulties and dangers.
Japan considered the pact no obstacle when
churia
form the Japanese
Both
Manchukuo.
Japan
puppet-State of
China were signa-
and
militarists,
not
only neglected to declare war
promptly developed the technique of the "padfication incident
which now is in use on a broad
but
The
attempted conquest of China proper,
the
scale in
bloody three-year war over the Chaco area
tween Bolivia and
was
be-
Paraguay, which ended in 1935,
pursued with no regard to the pact.
Slightly
Italy invaded Ethiopia on
less than three years ago,
Canada from the beginning. Much less important
fhan the substance of this dispute is the fact that it
occurred, for it throws doubt upon the belief that
a genuinely statesmanlike utterance was intended
originally by the President.
Prime Minister Mackenzie King added a mite to
^ie 8eneral uncertainty last Saturday, by extending
a complementary assurance to the United States,
aUack upon Canada is so improbable that President Roosevelt's assurances occasioned audible wonferment in some European quarters as to whether
^ie Raited. States possibly intended to protect Canada aSa*pst an invasion by polar bears. If there
*s aayfhing loss likely than an attack upon the
Dominion, it is surely an attack upon the United
States. Matching Mr. Roosevelt's disregard of
realities, Mr. Mackenzie King declared at Woodbridge, Ont., that the presidential address increased,
rather than decreased, the need for Canadian defenses, so that no hostile Power could strike at the
United States through Canada. It is possible that
1*le
Minister spoke with his tongue in his
cheek. If not, then he at least introduced a naive
n(de *n ^ie international chorus that bases the need
*or armaments increases on home defense requirements, for no similar claim that a powerful neighbor
must be defended can readily be recalled.
Social Reform in France
behind
tories, and the Tokio Government, lagging
its
Man-
invaded in 1931 and eventually detached
was
China to
l'rom
be-
all'their at-
ing undeclared and indirect wars, with
tendant
Irked by such comments, Mr. Roosevelt disputed the
contention late last week and in disregard of many
weighty authorities held that the Doctine embraced
Pact of Paris
Paris to the
1243
Financial Chronicle
147
r-iREN0H
internal
f
into
tlirown
politics
once
again
were
tlirmoil last Sunday when Pre-
mier Edouard Daladier took a bold and proper
but
politically dangerous stand against a so-called social
reform under which the entire country has been
suffering in recent years.
n]0(lerate
Radical-Socialist
The able leader of the
party has endeavored
Spanish civil war in July,
financial confidence sacriregimes. His assurances against further franc depreciation and other
unfortunate expedients did not suffice, however, to
1936, Italy and Germany were participating on one
side and Russia on the other. Russia and Japan
prevent fresh capital exports, owing to the domestic
strains caused by laws that favored labor unduly,
ancient land under
war declaration. Soon
flimsy pretext and brought that
Rome, without a
the heel of
start of the
after the
recently engaged in a "local
war" on the border of
while lesser border clashes
Siberia and Manchukuo,
been.frequent throughout the world
have
of Paris.
the existence of the Pact
may,
peace
the several Left Front
fjced py
at
the
eXpense
d
declared
accomplished little or nothing, and
dangers.
mischief of
relations.
latter-day international
Ottawa and
that
would'have to be
defenses
indeed, have contributed to the
sajd<
modified to strengthen national
and bolster the franc in
the face of vrar
"The road to safety is work," the Premier
changed as much
"The 40-hour week must be
because
of
national
general European
Washington
In pursuance of his
Daladier last Sunthe 40-hour week legislation
0f capital.
middie-of-the-road program, M.
pious expression of a desire for uni-
clear that this
versal
during
The evidence is
steadily to restore the
necessity as
situation.
because of the
As long as the inter-
CONJECTURE continuedthe personal assurance national more than remains up to 48 hoursnecessary
this week regarding the to work situation 40, and delicate it is in indussignificance of
real
extended
to
Canada
Aug. 18 that the
not stand
by
President
Roosevelt
on
people of the United States will
idly by if domination of Canadian soil is
threatened
from
non-British
The vrorld
sources.
assumption appeared to be that oblique assurances
were extended to Great Britain, in this fashion, of
support in
British
Mr.
the event of hostilities embracing the
Empire.
But some curious statements by
Roosevelt throw doubt even upon
conclusion.
The
terpreted everywhere as
trine to
all
the
this natural
presidential declaration was in-
extending the Monroe Docthe light of
Canada, which it plainly does in
circumstances
surrounding that Doctrine,
tries devoted to the
national defense.
It also is
necessary that without formality and interminable
delay any industry that has need may be able to
employ workers not merely 40 hours a week, but the
hours necessary to its activities."
Although M. Daladier put the best possible
face
this obvious requirement by citing the labor conscription of Germany and other Continental States,
which presumably has aided the military power of
such countries, it quickly appeared that the Premier
had invaded ground sacred to the French New Deal,
He emphasized his plea by using troops at Marseilles, over the week-end, to unload ships that other-
on
1244
Financial
wise would have remained idle.
On
Chronicle
Monday, how¬
began
two Ministers of the Cabinet resigned because
ever,
they disagreed with the diagnosis of French
nomic ills and the
suggested
to a head.
come
content the Henlein faction.
who take their orders
ister of
with their
iadier
complimented them for having the courage
of their convictions.
Socialist
of the
bers
Minister of
and
faction
Labor, and Senator Anatole de Monzie
Daladier
by
Clamor
named
was
this
will
retain
of the
be
to
in France for
arose
Whether
support
remains
maneuver
promptly
the
seen.
early
an
re¬
sumption of the parliamentary session and termi¬
of
nation
the
rule
of
Premier Daladier
by decree
But M. Daladier gained support from
powers.
expected quarters,
leader of the
un¬
Tuesday, when Leon Blum,
Popular Front, took a mildly critical
on
stand toward the modification of French "social
forms" suggested
the
by the Premier, and failed to voice
expected denunciation which could only lead to
fall of the Cabinet
It
re¬
remains
when the Parliament convenes.
engineer
a
GERMANY continued topartly through display
Europe this week, set the diplomatic pace
a
amity with Hungary and partly through the huge
army games that patently are intended to impress
The
Hungarian incident proved especially interesting,
of
it demonstrated not
only the steady progress
Germany down the Danube, but also revealed
once
more
the defects of Little Entente maneuvers.
Admiral Nicholas
a
visit of State to
by
Horthy, Regent of Hungary, paid
Germany this week, accompanied
large entourage of officials well prepared to do
diplomatic business. The party was greeted with
a
great pomp by Chancellor
Nazis, and for
a
Hitler
and
favorite
occupation of
was
fellow
time early this week the Hungarian
ruler reviewed the German fleet and
There
his
indulged in his
treading the quarter-deck.
plenty of time during these
maneuvers
for
political conversations, and European reports
suggest that much progress was made toward a gen¬
eral
German-Hungarian understanding. At a for¬
Berlin, Wednesday, Admiral Hor¬
mal function in
thy spoke glowingly of the parallel interests of his
country with those of the Reich and Italy.
cellor Hitler stressed the
formal
guarantee
and it
rearm
was
that
a
was
country
Hun¬
last-minute attempt
and
extended
announced at the
of
a
Entente, meanwhile,
Hungary and prevent too close
between
right to
Little
frantically to make
to appease
ment
The
Chan¬
point and added
in behalf of the Reich
garian frontiers.
hastened
same
attach¬
Germany.
Hungary
same
an
on
The
Tuesday,
time that mutual
pledges of non-aggression had been given. Admiral
Horthy remained in Berlin and on Thursday re¬
viewed
a
tremendous
units.
of
'
As the German
scope
array
German
British
from
regarding the
Sudeten
in
and Czecho¬
German
the
sources
impression
was con¬
make commitments until after consultation with his
German masters.
Prague dispatches
show-down
stated that
a
received
measure
a
of
was
Wednesday
on
near, and the report
confirmation
in
Viscount Runciman's
Thursday, when
London,
chief
aide
hastily returned to the British capital for fresh
instructions.
Significantly enough, the
tions
were
said to
upon
the
Czechs
concern means
to
the
meet
Hasty consultations with
of
German
French
instruc¬
new
putting
pressure
demands.
authorities
fol¬
lowed, and intimations were given in London that
authoritative
statements
might be made
over
the
current week-end.
Spanish War
the
minority
Spanish civil
these military activi¬
war,
overshadowed this week
were
by diplomatic de¬
velopments incident to the so-called non-interven¬
tion program
and
elaborated by the British authorities
accepted by the loyalist regime.
After long de¬
liberation, General Francisco Franco replied last
Sunday
the
to
drawals of
The
for
proposal
proportionate
barely qualified
answer was a
withdrawals from the opposing
maritime
the
armies, and
belligerent rights.
control
vision
of
an
Spanish ports and air
borders
rejected
were
im¬
Suggestions for
rebuff to the London Government is
as
super¬
well.
This
most serious
a
that well may occasion endless delay in any
one,
settlement of the
and
therefore
Italian
was
nega¬
long and laborious note called for equal
mediate grant of
of
with¬
foreign "volunteers" from either side in
Spain, and the
tive.
were
foreign aspects of the Spanish
in
the
of
the
war
Anglo-
A calm view, nevertheless,
London, where patient attempts again
started to find
The
effectiveness
treaty of amity.
taken in
some
way
out of the impasse.
difficulty admittedly is serious, however, for
it is held
fairly obvious that General Franco took
his stand at the behest of the Italian and German
Governments, and this consideration in turn brings
up
the question of fascist aims in this dubious bit of
international
diplomatic
intrigue.
authorities inclined to the belief that
in
The
a
eral
British
hold-up
progress, with the terms of capitulation
was
by Gen¬
Franco most likely to be revealed in Central
European events of the next few days
disturbing
Franco
consideration
can
have
little
intervenes
real
or
weeks.
that
The
General
authority for his fre¬
quent assurances of independence from his fascist
supporters and his assertions that there will be
grants of territory
ceeds
in
scheme
maneuvers increased
the difficulties between the Reich
slovakia
military
'
military
Tuesday that
on
veyed that Herr Henlein was quite unprepared to
ties
of
for
confirmed
was
ator, had talked at length with Konrad Henlein.
/A
Central Europe
Czechoslovakia the might of the Reich.
greater concessions
ALTHOUGH fighting was intense and furious in
swing back toward moderation in French affairs.
upon
It
much-needed
in
from'Berlin, merely countered
Runciman, the semi-official British medi¬
possible, in these circumstances, that
M. Daladier will be able to
But the Czech Nazis,
demands for
usual
Sudetens.
the
and
Pomaret
conces¬
still, that would amount to virtual autonomy for
Viscount
appointed Minister of Public Works.
was
Premier
mem¬
Charles
faction.
same
are
Republican Union, and
replaced by representatives of
they promptly were
the
The two Ministers
indicated in
was
minority would be made, if they would
Minister of
Labor, and Louis-Oscar Frossard, Min¬
Public Works, left the Cabinet, and M. Da-
It
the last week-end that genuine
over
sions to the
eco¬
Paul Kamadier,
cure.
to
Prague
Aug. 27, 1938
his
once
moreover,
or
aims.
again
through
troops and supplies
gents
as
Spanish possessions if he
The
was
non-intervention
demonstrated
Italian
are
whole
no
suc¬
admissions
as
farcical,
that
fresh
being rushed to the insur¬
"replacements" for casualties and
worn-out
Renewed agitation was
materials.
for
noted in France
lions
for the Spanish
general European war
from the Spanish conflict thus took on
reopening of the frontier to aid
added force.
Spain were carried on
for the insur¬
gents are badly in need of a victory and the loyal¬
ists are determined to prevent any further gains by
General Franco and his fascist allies.
Intense and
by the insurgents to
recapture the Ebro River salient carried by the loy¬
alists and held grimly despite badly hampered com¬
Assault after assault was
launched
against the Government lines,
be claimed, and the loyal¬
ists had the satisfaction on Thursday of reporting
a diminution of the furious attacks, apparently be¬
cause the insurgents are running out of men and
materials.
In Southwestern Spain the insurgents
by General Franco
but
only small gains could
dents in the
remains in Government hands.
Sporadic fighting developed elsewhere along the ex¬
tended lines, but the engagements occasioned little
superiority in the
air.
The airplanes supplied so liberally by Italy
and Germany also were used by General Franco
once again to bomb civilians in the heavily popu¬
lated centers.
Military experts now are inclined to
believe that the war will continue to drag out for
than
more
displays of insurgent
months to come.
f
_
China and Japan
not calculated to
are
the border of Siberia and
possibility of fresh incidents
profound concern to the Japanese
military command.
Tokio dis¬
Manchukuo, but the
is known to be of
Government
and
patches of Monday
the
suggested increasing strain in
capture the
Hankow, if military
week
this
are
reliable
a
It is generally
militarists who forced
China will halt their ad¬
guide.
assumed that the Nipponese
undeclared war upon
the
of Hankow and turn to con¬
with the capture
vance
territorial gains. Two
in progress, one toward Nan-
solidations of their immense
main drives now are
south of Kiukiang, and another
chang, 100 miles
directly westward in North
Central China, with the
Peiping-Hankow Railway as the goal.
If these
moves succeed the invaders will be in a position to
and south upon the
Wuhan area, and interfere with the flow of supplies
to the Chinese from Russia overland and from the
rest of the world via Hongkong and Canton.
But
the
close
there
are
pincers from north
said to be fully
1,000,000 Chinese troops
deployed fanwise around Hankow, and a successful
conclusion of the Japanese drive necessarily will
Unfortunately, the Japa¬
nese may possibly gain some aid from a renewal of
political discord among the defenders.
The Chi¬
nese Generalissimo, Chiang Kai-shek, was reported
be
expensive matter.
an
Tuesday as issuing orders
other
called
last
the
suppressing student and
organizations tinged with communism.
Socommunist leaders have been helpful during
13
months
of warfare
in
checking the
Japan, which also may prove
conflict.
.
Mexican
Land Expropriation
DIPLOMATIC conversations between Mexico and
United States
resumed this week,
were
the
agricultural land expropriations
almost 25 years, for which
payment ever was made to United States owners.
a tart and lengthy note, dispatched by Secretary
State Cordell Hull on Monday and published
with
of
no
In
of
respect to the
Mexico, ranging back
Whatever
now
the military outcome
of the invaders
rilla activities are
even
as
of the struggle
it appears likely that the troubles
are only beginning.
Chinese guer¬
in progress,
reported steadily increasing, and
in the immediate
neighborhood of such centers
Peiping and Shanghai,
large-scale military opera-
contentions of Aug. 3 are
Mr. Hull finally comes to
grips with the base realities of the situation and
labels as "unadulterated confiscation" the Mexican
practice of expropriation without effective compen¬
sation.
The curious Mexican contention that inter¬
national law sanctions
are
the practices under
revealed in the note as
dispute
specious pleading, and a
arbitration in either of
is somewhat
dispelled, of course, by the long period during which
the expropriations were permitted to continue, but
a
demand at length is made for cessation of the
demand again
two ways.
is made for
The force of the document
highly questionable Mexican measures. Although
the communication is confined to agricultural land
expropriations, its bearing on the recent oil land
action is sufficiently obvious.
Previous contentions were repeated in the long
communication, and Mr. Hull
also summarized the
He denied unequivocally the
that payment for foreign-owned
Mexican
rejoinder.
Mexican
claims
the basis of local
Government is not
in a position to make effective payment.
Some of
the sharpest words were reserved, however, for the
peculiar Mexican interpretation of international
properties can be withheld on
laws, and because the Mexican
law.
The Mexican
tions the
contention that such law sanc¬
uncompensated seizures because they are
impersonal" brought the reply from
first occasion in the his¬
tory of the Western Hemisphere that such a theory
has
been seriously advanced."
It was further
asserted that "the doctrine so proposed runs counter
to the basic precepts of international law and of the
law of every American republic, as well as to every
principle of right and justice," and is "a contention
"general and
Mr. Hull
Japanese.
Great Britain and
to be a factor in the
diplomatic relations between
yesterday, the Mexican
important inland
JAPANESE invaders of indicationsredoublingcenter
China are that appeared
their
efforts to
stimulate any
Japanese hostilities along
effectively countered.
of
Tokio reports of
airplane bombing of
helpless civilians continues, and on Wednesday the
doughty Japanese fliers attacked and downed a
passenger transport airplane near Hongkong.
The
obviously undefended ship, owned jointly by Amer¬
ican and Chinese, not only was forced to land by
five Japanese military airplanes, but then was
machine-gunned and most of its passengers killed.
There was no open renewal this week of the Russo-
than small
loyalist lines, and the important min¬
ing area of Almaden
Japanese
rapprochement, however, for
similarly unable to make more
were
air force
nese
unremitting efforts were made
munications.
opposition.
Monday that better relations will be sought with
the Western Powers. : The activities of the Japa¬
desperate disregard of costs,
a
such
worsening, and are reflected in
Military operations within
with
counter
to
nomic difficulties of the
;
by the Japa¬
Eco¬
are known to be
recently were found necessary
command
nese
loyalists, and the threat of a
developing
1245
Chronicle
Volume 147
that "this is the
1246
alien
Financial
the
to
democracy
history, the spirit and the ideals
Chronicle
creased
of
practiced throughout the independent
as
policy of expropriation without
advances"
and
any payment
required by law and equity and justice places the
as
United States Government in
a
£2,730,000
£2,544,799.
life of all the nations of this continent."
The
Aug. 27, 1938
those
other
on
securities
and "securities" which fell off
£1,350,000
remains
and
The latter consists of "discounts and
respectively.
The
unchanged at 2%.
£194,799
discount
Below
rate
show
we
the
different items with comparisons for previous
years:
situation, said Mr.
Hull, where it must either assert and maintain with
BANK OF ENGLAND'S COMPARATIVE STATEMENT
all
vigor the doctrine of just compensation, or else
acquiesce in the repudiation and abolition of that
The latter
doctrine.
retary made clear.
ments and all
is
course
unim¬
persisting in
which, if generally
jeopardize
the
ment
were
with
an
the terms of the Gondra
set
of
25.6%
2%
40.00%
2%
38.19%
47.75%
2%
2%
a
Bank of France Statement
THE statement for declineweek ended Aug. 18
the
showed
a
Mexico
urged,
for
com¬
Foreign Central Banks
in note
ago
Notes outstanding a year
totaled 88,216,281,780 francs and the year before
83,617,299,440 francs.
counted,
advances
French commercial bills dis¬
against
THERE have been no changes during the week in
of the foreign central
the discount rates of any
Present
rates
the
at
leading centers
are
shown in the table which follows:
Rate in
francs,
18,000,000 francs and 1,428,000,000 francs
recorded increases of
Date
respectively.
The Bank's gold holdings remain
unchanged at 55,808,328,520 francs; last year it was
55,717,154,399 francs and the previous year 54,-
Mar.
Batavla
4
July
1 1935
Country
1 1936
at
items with comparisons for
previous years:
OF
FRANCE'S
COMPARATIVE STATEMENT
Pre¬
Changes
Date
vious
for Week
Aug. 18, 1938
Aug. 19, 1937
Established
Aug. 21, 1936
Rate
Francs
Francs
Francs
Hungary...
Aug. 24 1935
4X
India
4k
4
3
Nov. 29 1935
3J4
3
June 30 1932
3X
4H
May 18 1936
Apr.
6 1936
3.65
Belgium
3
May 30 1938
4
Bulgaria...
6
Aug. 15 1935
7
Canada
2^
Mar. 11 1935
Chile
4
Jan.
24 1935
4H
Java
Colombia..
4
July
18 1933
5
Jugoslavia
5
Feb.
1
Lithuania..
5H
July
1
3
Jan.
1 1936
3H
Morocco
6H
4
May 28 1935
Jan.
21937
5
Norway
3H
Jan.
51938
17 1937
6
Gold holdings
Credit bals. abroad,
4
Ireland
Italy
Japan
Czechoslo¬
Denmark
stands
ratio
reserve
Effect
Rate
3^
Danzig
The
47.19%, compared with 53.14% a year ago and
59.30% two years ago. Below we show the various
Aug 26
vious
Established
Argentina..
vakia
658,000,000
Francs
Effect
Aug 26
Country
Rale in
creditor
accounts
BANK
Pre¬
and
securities
current
674,051,812 francs.
banks.
circulation of
99,339,965,327 francs.
adjust¬
was
sums
further
885,000,000 francs, which brought the total down to
joint commission
monthly
reserve
liabilities
all
pensation.
Discount Rates of
30.6%
2%
73,052,127
327,647,577 327.861, 436 245, 844,482 194,083,561 192,335.853
a
Mere fur¬
Two methods of
treaty.
aside
12,260,549
54,518,914
to
discountenanced
was
through
or
17, ,814,100
62, 435,184
Bank rate
international arbitrator to be named under
to
5,615.506
9,343.717
19.642, 715
Coin and bullion
suggested, either through the arbitration
meanwhile,
12.934,587
39,594, 438
Proportion ot
ground that past experience has shown the
uselessness of this method.
previously proposed,
25,195,136
9, 201,652
48,948,000
pursued,
interests
peoples throughout the world," he added.
the
83,184,709
14,959,223
27, 015.752
Securities........
in basic national
ther discussion of the matter
on
23,960 361
4,317 ,646
6,267,277
20,641,808
justice embodied in
common
as
example
seriously
26,909,085
Reserve notes & coin
well
Mexican Government to refrain from
policy and
1934
£
478,698,000 488,266 ,998 443 ,409,298 399,564,647 379,283,726
Other securities
law, lead
particularly to appeal most earnestly to the
would
Aug. 29,
1935
deposits
23,959,000 25,376 ,710
17 ,229,570
9,359,708 33,991,138
Other deposits...... 135,632,931 128,816 ,892 138 ,751,659 133,388,938
118,962,714
Bankers' accounts. 101,559,981
92,819 ,213 100 ,911,403
96,935.098 83,746.689
Other accounts...
34,072,950 35,997 679 37, ,840 256 36,453,840 35.216,025
Gov't securities
101,911,164 108,837 ,487 84, ,758,310 81,274,999
Dlsct. & advances.
paired the structure of
me
Aug. 28,
1936
Public
govern¬
peoples in this question, and the im¬
as
Aug\ 26.
1937
£
Circulation..
Aug. 25,
1938
unthinkable, the Sec¬
"The vital interest of all
perative need of all countries to maintain
international
Aug. 24,
3.29
3
.
Jan.
a
+658,000,000
._
4
b Bills bought abr'd
Adv. against securs.
1935
6H
Note circulation
1936
6
Credit current accts.
4H
c
14 1937
4
Oct.
19 1936
3H
Poland
4H
Dec.
England
2
June 30 1932
2H
4
Estonia
Portugal
5
Aug. 11 1937
Sept. 25 1934
5H
Rumania
4H
Dec.
Temp. advs. with¬
6,755,590,850 8,269,804,521 6,127,132,603
743,650+52
898,358,191
1,241,186,278
3,606,091,203 3,890,154,905 3,464,239,951
—885,000,000 99,339,965,327 88,216,281,780 83,617,299,440
+ 1,428,000,000 18,931,319,983 16,638,782,416
8,582,220,686
No change
+ 18,000,000
out int. to State..
4Y>
55,808,328,520 55.717,154,399 54,674,051,812
22,899,339
16,004,790
7,720,354
French commerc'l
bills discounted
5
No change
No change
No change
40,133,974,773 23,878,126,645
8,736,332,300
6
_.
..
7 1934
Finland
4
Dec.
4X
South Africa
France
3H
May
15 1933
4
2X
3
Spain
5
July
10 1935
5H
4 1934
4
May 12 1938
Sept. 30 1932
5
Sweden
Greece
2H
Dec.
1933
3
6
Jan.
41937
7
Switzerland
Holland
1H
Nov. 25 1936
2
2
Dec.
2 1936
2Y>
Germany
..
1
Propor'n of gold
against
on
9-16%
on
June 30, 1937, and decree of June
29, 1938.
allowance of 20,000,000,000 francs to
J^%.
was
At
2l/o% and in
£327,647,577, compared with £327,-
861,436
a year ago.
As the increase in gold was
attended by a loss in note circulation of
£3,925,000,
which
which
rose
was
increase amounted to
rose
in
a
£3,975,000.
Public
226,000 marks, 30,351,000 marks, 167,000 marks,
114,276,000 marks and 4,459,000 marks respectively.
No
change
remaining
was
at
shown in the Bank's gold, the total
70,773,000
69,529,000 marks last
of
accounts
17,763,000 marks.
gained only £6,139.
to
The
reserve
proportion
30.6% from 28.01% a week ago; last year it
25.6%.
Loans on government securities de-
daily matur¬
of
advances
other
Reserves in foreign currency,
ing obligations, and other liabilities recorded increases
accounts
and
of
6,143,200,000 marks. Notes outstanding a year ago
aggregated 4,590,226,000 marks and the year before
The latter consists of bankers
£4,162,846
note
which brought the total down to
£3,852,000 while other deposits declined
decreased
Germany Statement
4,138,442,000 marks.
another
£4,156,737.
Bank of
silver and other coin,
investments, other
THE statementin bullion of £50,710,Aug. 24brought
for the week ended which showed
gain
deposits
30,000,000,000 francs, of which 18.050.000,000
Friday
Bank of England Statement
reserve
Au¬
THE statement for the third circulation August
quarter of 147,showed
decrease
Paris the open market rate remains at
the
c
1936, convention of
The last Increased the June 30, 1937.
200,000 marks,
Switzerland at 1%.
the total up to
59.30%
Friday of last week.
on
call at London
53.14%
a Includes bills
purchased in France.
b Includes bills discounted abroad,
thorized by convention of June 18, 1936, laws of June
23,
IN LONDON open market discount rates for short
as
47.19%
Since the statement of June 29,
1937, gold valuation has been at rate of 43 mg.
gold, 0.9 fine, per franc; previous to that time and
subsequent to Sept. 26, 1936.
gold valuation was 49 mg. per franc;
prior to Sept. 26, 1936, there were 65.5 mg.
of gold to the franc.
bills on Friday were
9-16%, as against 9-16% on
Friday of last week, and 9-16% for three-months
bills,
0.21%
francs have been taken.
Foreign Money Rates
Money
on
hand to sight liab.
exchange
of
and checks
of
compared
The
Following
36,055,000
reserve
a
we
with
A loss appeared in bills
marks,
in
assets
of
5,381,000 marks and other
compared with 1.65%
years ago.
marks,
year.
year
ratio is
ago
now
at
1.24%;
and 1.83% two
furnish the different items
with comparisons for
previous years:
Volume
Financial
147
REICHSBANK'S COMPARATIVE
Course of Sterling
STATEMENT
Changes
Aug.
Aug. 23,1938 Aug. 23.1937
for Week
Assets
No change
Of which depos. abr'd
+ 226.000
19.672.000
6.208.000
5.950.000
+30,351.000
Res've In for'n currency
69.529,000
70,773.000
10.601.000
No change
Gold and bullion
207.115.000
23,1936
Reichsmarks
70.428.000
22.531.000
Reichsmarks
Reichsmarks
Reichsmarks
5.527.000
4,268.732.000
—36,055.000 5,790,197.000 4,696.045,000
Bills of exch. A checks..
—5.381,000
27.883.000
221,993.000
33.739.000
+ 167.000
847,548,000
403.421.000
—17,763.000 1,140,389,000
Silver and other coin...
733.562.000
Advances
Investments...
Other assets..........
Liabilities—
Oth. dally matur. obltg.
steadier, but London and Paris are still
304,780,000
248,400.000
the
217.119,000
0.03%
1.24%
1.65%
1.83%
Propor'n of gold A for'n
curr. to note clrcul'n.
same
prevailed for
range
IITTLE
Li
the
in
done this
Al¬
York money market.
New
by banks tend to advance
seasonally, the gains so far recorded are small and
make no dent in the tremendous total of available
credit resources.
Bankers' bill and commercial
though commercial loans
dealings were small and at unchanged rates.
sold last Monday a further issue of
paper
many
gold market as
weeks.
of between $4.87 1-16 and $4.88%
last week.
cable transfers has been between
$4.87 9-16 and $4.88%, compared with a range of
The
than routine business was
more
week
excitement in the London
The range for sterling this week has been between $4.87 7-16 and
$4.88 7-16 for bankers' sight bills, compared with a
has
Money Market
New York
under pres¬
thus affecting all major Continental currencies,
for the dollar is still in demand although there is not
sure,
196.342.000
41.484,000
529,162.000
560.364,000
+4,459,000
Other liabilities
Exchange
STERLING weeks. The poundlittleperhaps a from
exchange shows is change little
previous
4.138.442.000
—147.200,000 6,143.200.000 4.590.226.000
692.917 000
682,895.000
977,317,000
+ 114.276.000
Notes In circulation
1247
Chronicle
for
range
between
It is
$4.87% and $4.88 7-16 a week ago.
the time when under normal
now
ditions autumn pressure
on
trade
con¬
sterling should rapidly
approach its peak and exchange should favor the
dollar until after the turn of the year.
Tourist
requirements for foreign
exchange must swiftly de¬
during September.
However, as frequently
The Treasury
crease
$100,000,000 discount bills due in 91 days, and
awards were at 0.048% average, computed on an
pointed out, commercial and other seasonal factors
have had little or no effect upon exchange quotations
basis.
annual bank discount
tions, and time loans
ties to 00
days, and
Call loans on the New
held to 1% for all transac¬
Stock Exchange
York
again were 1%%
iy2% for four to
for maturi¬
six months'
in recent years.
Political disturbances
New York Money
Rates
the most important factors
and the movements of cur¬
center to another.
Whatever
recurring war scares are
affecting exchange rates
rencies
datings.
abroad and the constantly
from
appearance
one
of steadiness the market displays from
foreign exchange is due entirely to
time to time in
the
DEALING in detail with call loan rates was
on
Stock Exchange from day to day, 1%
the
all through the week for both new
The market for time money
continues quiet, no transactions having been reported
this week.
Rates continued nominal at l%% up to
ruling quotation
and renewals.
loans
days and V/f/o for four to six months maturities.
The demand for prime commercial paper has been
90
good this week, but transactions have been limited
to the supply of paper available, which continues
light.
very
Rates are
quoted at %%@ 1% for all
maturities.
THE market for prime bankers' acceptances bills
extremely quiet this week.
Prime has
been
scarce
and the
There has been no
as
demand has been very light.
change in rates. Dealers' rates
reported by the Federal
Reserve Bank of New
and including 90 days are y%
bid and 7-16% asked; for bills running for four
months, 9-16% bid and y2% asked; for five and
six months, Y%% bid and 9-16% asked.
The bill-
York for bills up to
y2%
Bank
buying rate of the New York Reserve
is
for bills running from 1 to 90 days.
The Federal
Reserve Bank's holdings of acceptances decreased
from
$540,000 to $537,000.
Discount Rates
of the Federal Reserve
Banks
rediscount
THERE haverates ofno changes this week banks.
been the Federal Reserve in the
is the schedule of rates now
for the various classes of paper at the
Reserve banks:
The following
DISCOUNT RATES
OF FEDERAL
in effect
different
Bank
Rate
Aug. 27. 1937
Sept. 4. 1937
2
IX
May 11, 1935
2
Aug. 27. 1937
2
Aug. 21. 1937
2
Aug. 21, 1937
2
IX
Sept.
2, 1937
Aug. 24. 1937
Sept. 3. 1937
2
IX
IX
St. Louis
2
IX
Chicago
2. 1937
IX
Atlanta
Sept.
IX
Richmond
Aug. 31. 1937
-
Francisco
agencies appear to enter
the market only when
declines or advances are im¬
mediately impending. The general business position
of Great Britain continues adverse, although recent
London bank publications and other official analyses
exceedingly
sharp
of the business
situation have a more
optimistic tone,
hopes of a sharp upturn in
business on this side upon which, according to all
British reviewers, the prosperity of other countries
depends.
for the
than in the
first quarter and 8.7% below the second quarter of
1937.
The Board of Trade index, based on 1930 as
100, shows that industrial activity in the second
quarter of this year fell slightly below that for the
second quarter of 1936.
The indices for these two
periods being 122.1 and 122.3 respectively.
The
heaviest declines are shown in textiles—21%; iniron
and steel, 20.5%; in non-ferrous metals, 11.5%.
Railroad earnings and provincial bank clearings con¬
Industrial
Sept.
3, 1937
2
IX
2
2
production of Great Britain
second quarter
tinue to
The
of 1938 was 7.8% less
decline.
British business
world has taken new encour¬
agement from semi-official reports
taneously on Tuesday in London,
near
that the
cessions
sources
agreement.
indicate that a tentative
is already agreed upon, while
London
list of con¬
responsible
that the agreement is imminent
authorities hope it will be followed
in Ottawa say
and that Ottawa
by a similar agreement between
United States.
..V>7%,
Canada and the
:
Ltd. review for August declares
"While the volume of new business has been
Barclay's Bank,
that
originating simul¬
Washington, and
United States and Great Britain are
accord on the trade
financial circles
2
IX
IX
Minneapolis
Kansas City
Dallas
Previous
IX
—
Cleveland
San
Date
Established
1
New York
these
in
IX
Boston.—
Philadelphia
Effect on
Aug. 26
funds and the
the various countries. Even
the great resources of the exchange equalization funds
working secretly and in close harmony have proved
ineffective to prevent wide variations in rates and
Ottawa
RESERVE BANKS
Rale in
Federal Reserve
of the equalization
exchange controls in
derived largely from
Bankers' Acceptances
are
the intervention
1248
Financial Chronicle
relatively small, there have at times been indications
of
improvement
an
better
have
ing
in
inquiry,
and
feeling in regard to the outlook
gained ground.
this
to
slightly
a
doubtless
has
been
favorable trend in busi¬
more
PRICE
that the recession has received
check, for the business
downward
rapidly
as
Co. comments:
"It remains to be
confident
of
tone
sight
the
decreased
a
railway receipts,
bank
able symptom
from this point of view.
Stocks in the
hands of merchants and manufacturers
have been
brought down to
a
orders may now be
ment
ment that increases the
producers is
said to
are
point at which replenish¬
expected; and
purchasing
any
power
move¬
of primary
powerful stimulant to trade activity.
Throughout the recent period of gloom, of which it
may
a
be hoped that
have
we
the end, unfavor¬
seen
able features in the position have had
a
for
cable
inclined
Call money against bills is in
supply at
three-, and four-months' bills
six-months' bills at
the London
open
19-32%.
%%.
contine at
9-16%, and
All the gold
market continues
Two-,
on
offer in
favor
fixing £442,000,
£1,431,000,
on
£1,034,000, and
on
Tuesday
Wednesday £690,000, on Thursday
on Friday £1,029,000.
At the Port of New York the
the week ended
on
Aug. 24,
Reserve Bank of
gold
movement for
reported by the Federal
New York, was as follows:
as
cable
Imports
Exports
$15,598,000 from England
4,387,000 from Canada
$19,991,000 total
■
$4.86%,
Foreign Account
Hongkong.
above
Wednesday.
exports
of
gold
was
Canada and
no
metal
or
for
the
week
eneded
on
were no imports or
change in gold held ear¬
foreign account.
On
Friday $5,226,000
received of which $2,699,000
$2,527,000 from England.
exports of the metal
marked
for
are
On Thursday there
the
marked for
of
figures
foreign
or
account.
Friday that $5,847,000 of gold
It
was
was
open market
bills
Friday
on
for
cable
finished
at
payment
(60
days)
at
at $4.86 15-16.
Continental and Other
Foreign Exchange
FRENCH francs are ruling firmer, although
relatively weak in terms of the dollar.
franc ruled
to 178.40
during the week
still
The
in terms of sterling close
francs to the pound, as
compared with the
minimum rate since devaluation of 179
francs.
week the franc
ranged between 178.80
and
Last
178.90.
The lower
the rate is as
compared with the stabilized
minimum, the firmer the franc. The dollar de facto
rate
of the franc
case
should be calculated at 2.79.
In
the lower the rate, the weaker the
franc.
week the range was between 2.73
and 2.74.
with last
compares
week's
range
The discount
of between
future francs
on
has narrowed
by almost one half since last week.
The improvement in the franc is
attributed to the
firm stand taken
strikes and
of
labor
has
the
on
where
by Premier Daladier
movement
of
on
the dock
The Premier's attitude
necessary.
French
to
funds
stood that both the British
French fund
on
necessity for extending the hours
doubtless had much
ear¬
do
with
into
some
curtailing the
dollars
weeks.
and
It is
gold
under¬
equalization fund and the
of the franc.
received at San
gold price, and the
price paid for gold by the United States:
was
$4.87 13-16
was
seven-day grain bills
were
relatively steady. Montreal
ranged during the week between a discount of
%% and a discount of 7-32%.
The following tables show the
mean London check
Paris, the
for
There
funds
on
documents
which had persisted for
Francisco from Japan.
Canadian exchange is
rate
sight
from
reported
$4.88 @
London
Closing quotations
came
change in gold held
was
60-day bills at $4.86 7-16, 90-day bills at
2.72% and 2.73%.
Net Change in Gold Earmarked
for
transfers
on
was
sight
Cotton and grain for
payment closed at $4.87 7-16.
This
■
Bankers'
cable
Commercial
$4.86 7-16, and
This
Decrease $1,913,000
Note—We have been notified that
approximately $763,000 of gold was
received at San Francisco from
The
7-16;
transfers.
$4.87 3-16,
None
6,000 from El Salvador
$4.88@
steady in
Wednesday exchange
dollar.
$4.87% for demand and $4,87 9-16
this
GOLD MOVEMENT AT NEW
YORK, AUG. 18-AUG. 24, INCLUSIVE
was
@$4.88% for bankers' sight and $4.87%@$4.88 5-16
On Friday
sterling was steady
in limited
trading.
The range was $4.87 7-16@
$4.87% f°r bankers' sight and $4.87 9-16@$4.87 15-16
to be taken for
Monday £610,000,
were
range
was
$4.87 13-16@
sight and $4.87%@$4.88%
On
the
$4.87 15-16
was
for cable transfers.
"unknown
destination," thoroughly understood to
be principally for individual
hoarding interests. On
Saturday last there was on offer at the time of price
The
transfers.
transfers.
Street.
35.00
35.00
Tuesday the pound
On Thursday exchange
steady in quiet trading. The range
for progress have been
Lombard
__$35.00
Aug. 26
transfers
$4.88%.
effect, while the underlying conditions which make
in
(FEDERAL
Aug. 25
Bankers' sight
cable
$4.87 15-16@$4.88
were
Money continues abundant
and
On
to
exaggerated
largely ignored."
STATES
Thursday,
Friday,
35.00
$4.88 1-16 for bankers'
for
an
UNITES
Wednesday, Aug. 24
35.00
market.
quiet
clear¬
ings, and employment figures.
The improvement
already noted in the commodity markets is a favor¬
THE
$35.00
slightly firmer tone.
$4.88 3-16.
lately indicated by
provincial
BY
$4.87 15-16@$4.88%; cable transfers $4.88
On Monday sterling was steady with
was
@$4.88 1-16
security markets will
check the recession in British trade
GOLD
@$4.88 3-16.
whether the
seen
FOR
Referring to day-to-day rates sterling exchange
o"n Saturday last was steady in limited
trading,
slightly firmer than at previous close.
Bankers'
is no longer
moving
in the earlier part of the
Discussing trade prospects in its quarterly review
international
conditions, J. Henry Schroder &
more
Wednesday, Aug. 24,._ 142s. 6d.
Thursday,
Aug. 25-142s. 5^d.
Friday,
Aug. 26___142s. 7d.
142s. 5d.
mSCm
year
of
PAID
142s. 5Hd.
142s. 6J^d.
Saturday, Aug. 20
Monday, Aug. 22
Tuesday, Aug. 23-
curve
as
178.33
RESERVE BANK)
definite
a
178.33
178.34
LONDON OPEN MARKET GOLD PRICE
Lloyd's Bank, Ltd., in its August review said:
"Looking back over the summer as a whole it seems
fair to say
178.43
Saturday, Aug. 20
Monday, Aug. 22
Tuesday, Aug. 23
the
activity in the United States."
ness
Wednesday, Aug. 24
Thursday, Aug. 25
Friday,
Aug. 26
178.47
Tuesday, Aug. 23—
to
appears
__178.77
Monday, Aug. 22
An important factor contribut¬
development
evidence of
Saturday, Aug. 20
somewhat
a
Aug. 27, 1938
MEAN LONDON CHECK RATE ON PARIS
were
active in
maintaining the position
The Leftist
parties in special meetings were loud in
condemnation of M. Daladier's position with
respect
to
labor
and hours.
Press dispatches from abroad
emphasized this feature of opposition, but it should
be pointed out that French
political observers have
long
been
used to the vocal violence of French
The net result appears to be in the
present
instance that M. Daladier found more real
politics.
strength
Volume
than
opposition
his
to
French Parliament is in
makes
recess
certain
it
The
of his reasons for the
York a summary judgment of $188,947, with interest
and costs, against Frederich Krupp, Inc., of Essen,
Germany, manufacturer of steel products and
munitions,
German
Referring to the German "devisen" laws Justice
effect
which might perhaps
impracticable
monetary
a
The
until November.
recess
As a foreign exchange item it is interesting to note
ruling made in the Supreme Court in Brooklyn a
few days ago wherein Justice Steinbrink awarded to
the Pan-American Securities Corporation of New
based chiefly on the
national production.
of increasing
necessity
was
Premier's
The
policies.
opposition to the 40-hour law
measures
into
put
to
strengthen the Premier's position.
M.
Daladier. gave
firmer
military forces
for autumn
mediately, not in
the
of
said
He
maneuvers.
"France must be ready im-
months,
not even in six
a year,
begin to produce more immediately—in
must
several
one
mobilization
other things:
among
We
as
the
measures
days."
It is difficult to
production
see
is
renewed inter-
caught like all other countries in the
During July and August
national trade recession.
international trade has shown
no
improvement over
On the contrary, except in spots
June.
French
how any increase in
improve the situation as France
can
and special
classes trade has declined.
of Nations monthly statistics disclose
The League
gold value of world trade in June reached
lowest level since September, 1936 and for the
that the
the
first half of this year
showed
10% decrease from the
revealed that
a
The survey
first six months of 1937.
of the 22
recorded
for China with 27% increase; Japan was next with
16%, while France recorded a 14% rise in living costs
living costs have had a slight general rise;
showing advances the largest was
countries
The National Industrial Conference
States)
analyzing
j
j
j
a
.
1
,
Poland, while
at
.
full
a
l
•
r-
,
fledged depression developed m Mexico and the first
decline in Italian industrial production in recent
L
became clearly manifest .
years
TilP
ine
"Rplm'pn
pnrrp-npv
Deen
rnlirur
ruling
ofpodipr
Steamer,
This is due largely to improvement
16.87.
close to
Vippti
nas
currency
Belgian
called
German
free
exchange
control has held the so-
gold mark in close relationship to
or
sterling around 40.05 cents.
in the Reich seems to
in Berlin
cannot
The business situation
be extremely disturbed by the
prospect of increased taxes.
out
Business figures given
be accepted as authoritative,
It is understood that the Government is
still spend-
than 1,000,000,000 marks
monthly above its income. It is understood that the
ing at the rate of more
Reich
debt
oid Dollar
b
PQ%3J a
2.73
13.90
16.84K to 16.89&
32.67
22.91
Switzerland (franc)
.....
Holland (guilder). —
dollar parity
as
5.26^ to 5.26^
8.91
5.26
Italy (lira)
New
16.95
19.30
Belgium (beiga)
a
Range
New Dollar
Pa3%
France (franc)
c
to 22.933^
^54'7^
ti68'%
before devaluation of th European currencies
the
between Sept. 30 and Oct. 3,1936.
b Franc cut from gold and allowed to "float" on June 30, 1937.
On May 5,
c
1938 the franc was
devalued on a de facto basis of 179
franc to the pound, or 2.79 cents a franc.
closed on Friday
178.78 on Friday of last week. In
New York sight bills on the French center finished at
2.73 7-16, against 2.73; cable transfers at 2.73 7-16,
against 2.73
Antwerp belgas closed at 16.89 for
bankers' sight bills and at 16.89 for cable transfers,
against 16.8434 and 16.8434- Final quotations for
Berlin marks were 40.0934 f°r bankers' sight bills and
The London check rate on Paris
in the franc.
The
Steinbrink said: "Their function is to submit all
German foreign exchange transactions to the supervision of the German Government. Their effect is
to impose restrictions on certain classes of foreign
investments. No currency may be taken out of
Germany without permission of the German Government. In that sense all accounts in Germany are
deemed 'blocked.'
Under the devisen laws all
resident German creditors receive the full amount of
their investments, whether the investment was made
in Germany or in a foreign country,
"While the devisen laws are plainly intended to
discriminate against non-resident German creditors
to the undeserved advantage of resident German
debtors, and as such are highly repugnant to our
sense of honor and decency and reflect financial
sadism at its worst, inquiry must first be directed to
the applicability of these laws to the bonds in suit."
The court then held that the bonds referred to were
to have been paid in Holland in guilders.
The following table show the relation of the leading
European currencies to the United States dollar:
June,
continued to drop off in Canada,
France, Belgium, Holland, and
n
Board (United
production in
industrial
showed that activity
1249
Chronicle
Financial
147
rose
from
19,100,000,000
marks
on
at 178.33, against
40.0934 for cable transfers, in comparison with 40.10
and 40.12. Italian lire closed at 5.2634 f°r bankers'
sight bills and at 5.2634 f°r cable transfers, against
5.26 and 5.2634- Exchange on Czechoslovakia
finished at 3.46, against 3.45^4. On Bucharest at
new Treasury notes and 1,967,000,000 marks by the
0.7434? against 0.7434; on Poland at 18.87, against
proceeds of the last public loan floated in April.
-18.87; and on Finland at 2.16, against 2.16J4The development of this public loan throws a
Greek exchange closed at 0.8934? against 0.8934-
April 1 to 22,450,000,000 marks on July 1.
total increase 1,265,000,000
revealing light
The
on
was
1,000,-
Because of "oversubscription and
000,000 marks.
it
authoritarian government finance.
original amount first, announced was
the urgent
Of the
marks is represented by
demand for additional Government bonds"
1,600,000,000 marks
successively raised to
and then
proclaimed to be the biggest peace-time
loan
floated and the final proof of public con-
ever
fidence
in the
Government's economic policy.
An
April 20 casually revealed that an
additional 367,000,000 marks of this loan had been
announcement
floated
the
FpXCHANGE on the countries neutral during the
war presents no new features of importance,
The currencies move in close sympathy with sterling
and this fact accounts for whatever ease the units
show in terms of the dollar. The Holland guilder is
steadier than last week, although Amsterdam reports
a consistent demand for United States securities,
IZj
Bankers' sight on
on
;'in connection with further accounting
Reichsbank
and
with
the
.vith
indemnification of
stockholders of the Austrian National Bank."
It is believed that the Government 's
nearly
—♦—
57,000,000,000
marks.
debt is
now
at
c
54 67
fe,
.'
against
Amsterdam finished on Friday
54.69 on Friday of last
transfers at 54.67) against 54.70;
,
,
,.n
,
KA
acr
.
,
rA
week;
and com-
mercial sight bills at 54.62, ag in
'
'
francs closed at 22.91 for checks and at 22.91 for cable
transfers, against 22.94 and 22.94.
Copenhagen
Financial
1250
finished
checks
and cable transfers
21.76^
at
21.76^, against 21.79 and 21.79.
closed
Checks
on
Sweden
against 25.16}^ and 25.16^2, while checks
on
Norway
finished at 24.50 and cable transfers at 24.50, against
24.53 and 24.53.
the
of
One
Against Tax Exemptions
subjects
the abolition of the
uniformly steady.
the least freedom in
is
the
quotations
dollar fluctuations, while in Brazil,
the
rates
steady
kept
are
in Argentina,
as
sympathy
in
move
Wherever there
exchange,
with
sterling-
Chile, and Peru
by arbitrary
of
salaries
the
bankers'
closed
paper pesos
sight bills, against 32.52
Friday of last
on
unofficial
or
free
market
against 25.60(5^25.65.
close
(official),
5.19
at
25.65@25.70,
Brazilian milreis
(official), against 5.90.
quoted
was
The
are
quoted
Chilean exchange is
against
5.19.
Peru
is
nominally quoted at 21.25, against 22.30.
exemption from taxation which
or
lo¬
exemption which is accorded to
holders of public
special
a
since
and
the
offices.
to Congress
message
program
The im¬
on
April 25,
then outlined is
as
tially the one around which
an
discussion and criticism has
essen¬
increasing volume of
centered, its proposals
properly be summarized.
"Fairly construed," Mr. Roosevelt said, the "plain
Friday at 32.50 for
on
week; cable transfers at 32.50, against 32.52.
at 5.90
velt in
may
Argentine
be
petus to the demand was given by President Roose¬
exchange
control.
to
enjoy in the assessment of income taxes,
now
no new
units have been
certain
seems
government securities, whether Federal, State
and of the similar
EXCHANGE on the South American countries
presents
features of importance. These
that
pressed upon the attention of the next Congress is
cal,
♦
Aug. 27, 1938
The Drive
at
25.13^ and cable transfers at 25.13}^,
at
Chronicle
language" of the Sixteenth Amendment, impowering
Congress "to lay and collect taxes
whatever
source
incomes from
on
derived," "would
to author¬
seem
ize taxation of income derived from State and
nicipal
as
well
derived from State and
offices."
this
The
mu¬
Federal bonds, and also income
as
courts,
municipal
well
as
Federal
as
however, have not followed
construction, but have "read into" the Amend¬
"a
ment
EXCHANGE on the Far Eastern the beginning of
countries follows
trends
evidence
policy of reciprocal tax immunity." Any
advantages which such reciprocity may have had
the
in the
the
in
Sino-Japanese
since
Approximately $84,000,000
gold has been segregated by Japan in a revolving
in
war.
fund for the financing of its
foreign trade.
Some of
past, Mr. Roosevelt declared, "have long ago
Not only has there been created "a
disappeared."
vast reservoir of
tax-exempt securities in the hands
the
of the very persons
who equitably should not be
In
lieved
their
gold has already been transferred to this country.
a few recent
shipments of gold to the United States
the amounts have failed to appear in
of the Federal Government.
this
of
the gold tables
The presumption is that
gold is earmarked for the
account of the Bank
of taxes
Federal
on
Government
the States received
"any
adequate, compensating advantage" for the immu¬
nity which they reciprocally granted. A similar
nor
On July 19 the Bank of Japan released
300,000,000 yen from its gold reserves, leaving
problem, he continued,
501,000,000
of State and Federal
Japan.
to
yen
cover
note issue.
The 300,000,000
tion from State
immediately became a revolving foreign ex¬
change fund to be used, according to official language,
the
"to
Government,
yen
facilitate
the importation
manufactures to be
of
materials for
raw
28.44, against 28.47
on
checks yesterday
yen
problem
or
the
was
was created
"by the
Federal taxation of
officers and
a
exemp¬
great army
employees," and
serious because of increas¬
more
ing reliance, by both the States and the Federal
upon
graduated
income
taxes
for
revenue.
exported."
Closing quotations for
re¬
incomes," but neither the
Friday of last week.
Mr.
were
Hong¬
kong closed at 30 9-16@30^, against 30.58@30%;
Shanghai at 17against 17.27@17K; Manila at
49.85, against 49.85; Singapore at 56.90, • against
56.94; Bombay at 36.23, against 36.41; and Calcutta
at 36.23, against 36.41.
Roosevelt did not agree with the view that
the situation could be
remedy" of
a
cum¬
constitutional
amendment.
"Expressions in recent judicial opin¬
ions," he said, "lead us to hope that the assumptions
underlying these doctrines
the
are
being questioned by
[Supreme] Court itself, and that these tax im¬
munities
Gold Bullion in European Banks
changed only by "that
bersome and uncertain
are
not inexorable
requirements under the
_
Constitution
THE following table indicates the amounts of gold
bullion (converted into
pounds sterling at
decision.
itself
...
par
of exchange) in the
principal European banks as of
respective dates of most recent statements, reported
to
by special cable yesterday (Friday); comparisons
shown for the
corresponding dates in the previous
us
are
four years:
out
France
Germany
Spain
b
Italy
Netherlands
Nat. Belg'm
Switzerland
Sweden
Denmark
Norway
..
...
1937
1936
1935
£
England...
1938
£
£
£
327.647,577
293,728,209
3,008,600
c63,667,000
1934
£
327,861,436
245,844,482
194,083,561
192,335,853
293,248,181
2,493,425
87,323,000
437.392.414
572,869.175
654,075.967
a25.232.000
25,232.000
123,380,000
87,022.000
113,788.000
105,490,000
102,896.000
29,292,000
6,539,000
7,442,000
25.890.000
83,403.000
6,549,0G0
6,602,000
2,297.000
3,230,950
2,901.500
88,092,000
42,575,000
54,900.000
90.772,000
90,575,000
54,694,000
68,812,000
48,818,000
71,950.000
106.714.000
IOC,606,000
75.418,000
49,811,000
24,081.000
45,554,000
62,887,000
15,408,000
6,553,000
6.604.000
19,817,000
7,394.000
6,602,000
7,397,000
6,577.000
Total week. 1,080,746,386
1.066,988.042
Prev. week. 1,077,810.676
1,064.863,896 1,144,440,686 1,248,337.320
1,067,575,668 1,065,209,729 1 149,923.555
1,245,055.353
a Amount held Dec.
31. 1936. latest figures available,
b Gold holdings of the
Bank of Germany are exclusive of
gold held abroad, the amount of which Is now
at £530.050.
c As of
April 30, 1938, latest figure available. Also first
reported
The gold of the Bank of France
was revalued
on July
23, 1937. at 43 milligrams
was the second
change In the gold's value
previous revaluation took
place on Sept. 20. 1936.
when the gold was given a value of 49
milligrams to the franc as compared with
86.5 mgs. previously.
On the basis of 65.5 mgs.,
approximately 125 francs equaled
£1 sterling at par; on basis of 49
mgs., about 165 francs
equaled £1 sterling, and at
43 mgs., there are about 190 francs to
£1.
within less than
eQua! to
a
year,
one
the
The doctrine
of
result
was
judicial
originally evolved
totally different set of economic circum¬
now
exist.
principle of law that decisions
force when the
reasons
It is
lose
a
familiar
their
binding
supporting them
no
longer
pertinent."
He
accordingly recommended prompt action by
Congress to end such tax exemptions for the future.
The
States, it
same
was
proposed, should be given the
powers with respect
issues of Federal bonds
to the taxation of future
are given to the Federal
Government in the taxation of future issues of State
or
as
municipal bonds, and the
of power should end the
Federal,
State
"short and
report since Aug. 1, 1936.
of gold 0.9
a
the
are
stances from those which
are
Banks of—
of
but
fice to
or
reciprocal grants
local
government
salaries.
A
simple statute," he suggested, would suf¬
achieve
a
reform
franc; this
matter not of
which, he declared, "is
a
politics but of principle."
Mr. Roosevelt's
under
same
exemption from taxation of
proposals, it will be observed, faU
three heads:
a
reciprocal right in the Fed-
Volume
Financial
147
eral Government and the States to tax future
of
Federal, State
rocal
a
issues
preme
both these
employees, and the accomplishment of
objects by
Federal statute instead of
a
constitutional amendment.
a
since
the
The developments
sent in touch all of these
was
message
points.
On
May 23 the Supreme Court, in a five to two
decision, held that the salaries of the officers of the
York
of New
Port
Authority
decisions
Circuit
of
of
Board
the
subject to the
were
The decision,
Federal income tax.
Tax
which overruled
Appeals and the
Court, held that the taxes challenged were
imposed upon the net income of persons "from
their
employment in common occupations not shown to
be different in their methods or duties from those of
similar
to
supported is the protection which it
it
State."
expecting that the Committee would recommend a
was
existence
continued
the
The
.
of the
bill embodying President Roosevelt's proposals, and
that Congress would enact the measure, even if there
were doubt about its constitutionality, in order to
test the opinion of the Supreme Court,
As the matter now stands, the Department of
Port Authority
employees of the State or a political submeaning of the tax regula-
division of it within the
tion
.
imperiled by the tax, and further thought
"plain" that employees of the
"are not
.
continued exist-
not find that such
The Court did
ence
special committee of the Senate, created at the last
which constitutional tax immunity of a
State has been
affords
Justice appears to hold that the Federal Government has a constitutional right to tax the States
and their employees, notwithstanding that the
States have no corresponding right to tax Federal
property or securities or the salaries of Federal
employees. The Treasury Department, accepting
this view, declines to commit itself against claims
to back taxes from State employees, although the
demand might be ruinous to the persons assessed,
Both departments appear disposed to support Mr.
Roosevelt's demand for legislation which will re¬
move existing exemptions and subject to Federal
or State taxation on a reciprocal basis future security issues and the salaries of employees of the
respective governments. ,
There are two things to be said about this situation. The first is that it constitutes a body drive,
originally promulgated."
as
decision, which attracted wide attention, was
The
particularly disturbing because of the possibility
Treasury might demand the pay-
that under it the
of back taxes—a demand
ment
of the Port of New York
to the creation of the
this
Authority in 1926.
General
of
case
run
back
An
even-
Treasury that back taxes
might not be sought appears to have
case
aided
been
which,. in the
Authority, would
tual intimation from the
in
by
a
vigorous protest from Attorneys
a
number of States, members of
inter-
organizations similar to the New York Port
state
Authority, and municipal representatives who convened
shortly after the decision at Washington.
June
10
a
On
stay order, issued by Associate Justice
Roberts of the
der the
Supreme Court, postponed action un-
decision
until the October term, when
an
deliberate as well as serious, at the constitutional
rights of the States, and hence at the whole Federal
application for a rehearing of the Port Authority
case
will be heard.
The
taxing power of the central government" was
session, has also been at work on the problem, and
its Chairman, Senator Prentiss M. Brown, Democrat, of Michigan, was reported on Wednesday as
employees in private industry.
basis upon
1251
"the most shocking assertion, the claim most destructive of every concept of our Constitution and
of the reserved rights of the States" that he had
"ever read in a Federal document."
Unfortunately, the protests from State authorities appear to have been without much effect at
Washington. The Treasury Department is reported
to be preparing more or less comprehensive plans
of tax revision which, among other things, will subject future issues of Federal, State and municipal
bonds to Federal taxation, and also permit State
taxation of future issues of Federal bonds, the
changes to be accomplished by an Act of Congress,
A reciprocal taxation of Federal and State salaries
is also believed to be included in the program. A
similar recip-
right of taxing the incomes of Federal or State
officers and
by
local securities,
or
Chronicle
ruling that the salaries of officers of the Port
of New York
Authority were not exempt from the
Federal income
eral levies upon
sands of State
tax
opened the possibility of Fed-
the salaries of hundreds of thou-
employees in a wide variety of occu-
;
system which the Constitution establishes. If the
Administration proposal is to prevail, it will leave
the States, as the meeting of Attorneys General at
Cleveland declared, "in the status of counties or
provinces of a central government" and "in
effect
States, which on July 5 issued a call for a national
destroy the form of State and local government and
of dual sovereignty under which the people of the
United States have lived and prospered for over a
century and a half." There can be no assurance,
organization to resist the encroachment of the Fed-
moreover,
pations.
The seriousness of the outlook led to the
meeting of a Conference on State Defense, comprising
Attorneys
General and other officers of 26
eral Government upon
the revenues and rights of the
The Treasury
Department, it was reported,
States.
while
willing to await the action of the next Con-
gress,
had declined to approve any legislative pro-
posal that would prevent the collection of back taxes
from State
employees. At a meeting of the National
Association of Attorneys
General at Cleveland,
on
Solicitor General of New
York, called vigorously for resistance to the centralizing trend of the Federal Government, and deJuly 26, Henry Epstein,
clared that a statement
tice, cited by Roswell
of
the
"shield
Treasury,
the
of the Department of Jus-
Magill, Assistant Secretary
that the Constitution does not
States
against the delegated
and
su-
that the removal of the exemption, in the
State or municipal
bonds, would long be limited to future issues, for
the tax revenue derivable from future issues of State
or municipal securities would be relatively small,
for a number of years at least, in comparison with
that derivable from the "vast reservoir," as Mr.
Roosevelt described it, of such securities already
outstanding. The eager search by a spendthrift
Government for new sources of revenue would endanger every State or municipal bond once the right
to tax was conceded, and every other source of State
case
or
of Federal taxation of
municipal revenue would be equally imperiled,
The second thing to be said, although it would
seem to be so obvious as hardly to need saying, is
1252
Financial
that if the
done
present reciprocal exemptions
with, it should be through
away
amendment and not
tional
by
are to
statute.
a
be
constitu¬
a
For Con¬
to pass, or for the Supreme Court to uphold,
statute deliberately intended not only to set aside
Chronicle
Aug. 27, 1938
ernment in
de facto
operation, and organized and
disciplined military and naval forces. No partial or
conditional grant of belligerent status, the note con¬
gress
tinued,
a
grant must be made "in all its fullness."
the
meaning of
clearly
was
amendment
constitutional amendment which
a
and
generally
understood
proposed,
was
but also
when
to
the
reverse
a
long line of judicial decisions in which the principle
of reciprocal tax exemptions has been
maintained,
would be
a
long step toward the breaking down of
constitutional
which
restrictions upon Federal
the New Deal has
situation is not
ent
one
that
persistently sought.
concerns
The
merely the
pres¬
prospective holders of public securities; it
or
is of vital
concern
derives any part
also to every
to every
citizen who
American
federal
good faith and
or
their
agencies,
and
for the integrity of the
cares
Merely
system.
grounds
on
of
decent respect for public opinion,
a
the end that is
taxable person who
of his income from Federal, State
municipal governments
or
authority
sought demands the authority of
a
constitutional amendment.
could be considered
The
proportional
which
teers
proposed
the
by
ways
names
Rebuff
reply which General Franco made
to the
British
on
in
and Loyalist passports, and
different
among
proposal for the withdrawal of for¬
eign troops from Spain is the most serious rebuff
in
foreign policy that the Chamberlain Government
has
received.
eral
Neither
Franco is
are
concessions which
willing to make,
phrases in which
tions
the
some
nor
Gen¬
the courteous
of his criticisms and rejec¬
couched, avail to hide the fact that the
reached.
fighting positions could not easily be
An enumeration in such
urged,
was
was
circumstances, it
out of the question.
Moreover,
cording to the Committee's plan, the proposed
meration would not include the nationals of
tries not
sion
with
the
exception of Europe
(exclusive of
back where
they
at
London,
are
months ago before the Cham¬
were
berlain
Government, in a desperate attempt to
bring the Anglo-Italian treaty into effect, submit¬
ted
the proposals which
General Franco has
now
spurned.
The
Coopera¬
supervision and closing of frontiers
was
in
ships and permanent commissions in ports
practicable and unacceptable.
full
belligerent rights
"as interested
half all
with zeal which
The
the
with the
danger that the
extend
aim
facilities
sovereignty
waived."
be¬
if
re¬
no
doubt
was
was
ready to
"compatible with respect for
and
"National
to
was
might spread to other
war
(an aim regarding which
all
that
assurance
Committee's
expressed), the National Government
its
own
nothing could surpass."
Non-intervention
countries
their
on
and, without doubt, would act
concluded
note
On the other hand, if
accorded, the factions,
were
parties, would stop
contraband
was
both im¬
were
its
rights which
cannot
be
Spain," however, the note de¬
clared, "is fighting for the defense of Western civili¬
note
seemed
cent of
per
foreign volunteers."
inadequate and that air observations
move
Committee
number of
offered, but experience had shown that observation
Spanish
and specifically that of the status of
coun¬
represented in the Committee—an exclu¬
total
the
war,
ac¬
enu¬
which, the note remarked, covered "the whole
British proposals have been turned down
hard, and
that the whole question of non-intervention in the
the' Non-intervention
combatant
civilian populations, and those
among
advanced
tion in the
Sunday
re¬
Loyalists, had been
they could be identified, they could be distributed
temporarily
the
a
had
units, they lacked distinguishing marks by which
world
British Policy Meets
volun¬
Committee
Switzerland)" and "approximately 50
The
the
Foreigners, the note pointed out,
distributed
been
of foreign
Non-intervention
various
in
given Spanish
had
withdrawal
but
found by General Franco to be im¬
was
practicable.
cruited
accepted,
or
at
in
which
first
The National
to
the
rejection
promise
was
conveyed
practical accord.
some
zation,'' and "it cannot depart from the path which
its
obligations impose
it."
upon
It took the
oppor¬
Government, the note stated, having
tunity to make known "to the Committee and to the
already accepted the Committee's proposal of 3,000
world" its solemn reiteration of its former affirma¬
the
as
number
of
foreign volunteers
to be withdrawn at the
the
on
outset,
each side
on
prepared to raise
was
figure to 10,000, subject to suitable reciprocity
the part
guarantees
of the Bed
that
or
those
should not return to
Loyalist "faction,"
withdrawn
Spain, "and
either
on
on
proper
side
the basis of
a
prior grant of belligerent rights." It further of¬
fered, "as an extraordinary concession," to recog¬
nize two
safety ports in the
enemy zone
for the
en¬
trance of vessels
carrying foodstuffs, and also to co¬
operate in defining and limiting, "as far as may be
practicable," the idea of military objectives in aerial
bombardment
so
as
to
cause
"the least possible dam¬
both to neutral nations
age
and
to
the
Spanish
civilian population."
There,
stopped.
National
for
was
a
however,
agreement
reiterated
Government, in its
concession
demand
note of Nov.
of
the
18, 1937,
grant of belligerent rights—a grant to which it
entitled, the note declared, by its possession and
"full control" of
was
and
the
held
a
much
larger part of Spain than
by the Loyalists,
a
legal and regular
gov¬
fighting for the greatness and inde¬
pendence of the country," that neither its territory
its economic life would be
nor
its
mortgaged, and that
territory, including its protectorates and col¬
onies, would be defended "at all times to the last
handful."
Where
does
this
rebuff
leave
ernment and Mr. Chamberlain's
European "appeasement"?
the
British
plans for
a
Gov¬
general
To begin with the Non¬
intervention
Committee,
while
expect anything useful from that or¬
now
ganization.
to
it
seems
hardly
worth
If it is not practicable to withdraw
foreign volunteers from Spain (and the Franco note
makes it clear that the
well
The
note
tions "that it is
be
task,
on
the Loyalist side, .is
nigh insuperable), that subject might as well
dropped from the Committee's agenda. The clos¬
ing and supervision of the Spanish frontiers is pos¬
sible, but
to
even
if both Spanish parties were willing
cooperate, some neighboring countries are
at all anxious to
see
that step
not
taken. The plain fact
of the matter is that non-intervention has been from
the
beginning
a mere
pretense. No one of the greater
Volume
Financial
147
Chronicle
1253
Powers has really wished to see the Spanish factions
as
left to
busy with his military
help
has
fight out their quarrel for themselves without
intervention from anybody.
or
come
than any
nearer
neutrality,
but
Italy,
openly intervened at
has served
the
as
other Power to observing
Germany and
time
one
convenient
a
Great Britain
another, France
or
of
avenue
Loyalists, and adventurers from
have
found
supplies for
many
countries
Now
great difficulty in enlisting.
no
that the British effort from which most
has
have
Russia
Committee, which
failed, the
genuine interest back of it, might
was
hoped
had
never
any
well be allowed
as
tions with Admiral
has seemed
tion
ish
any
hope of shortening the Span¬
by negotiation, and with the disappearance
war
of that
louger
hope the British Government faces the ques¬
tion of the Italian
treaty. At the special suggestion
of the British the
treaty was to go into effect when
the
in
war
Spain had ended, and it
apparently, by the
expected,
The
what may come
see
of Lord Runciman,
out of it.
The
however, is in itself
provocative to Germany, which is unable to see any
sufficient basis for British
not clear that
Germans,
be
step which Great Britain is reported to
a
pressing
have
upon
anything
Mr.
three
the Government at Prague, would
more
than
temporary effect upon
a
plans.
Chamberlain
tunes,
interference, and it is
grant of autonomy to the Sudeten
a
far
as
as
things.
tended
and the Near
his
political
for¬
treaty with Italy in¬
a
differences
in
the
Mediterranean
East, and has tied the treaty to the
outcome of the civil
to cultivate
staked
He has made
settle
to
has
European policy is concerned, upon
war
in
Spain.
He has sought
friendly relations with both Italy and
Germany, hoping, apparently, that he might thereby
aggression by dictatorships, keep Europe at
treaty with Italy was the basis of Mr.
peace
and weaken somewhat the strength, perhaps
"appeasement''
he has
and
policy,
which have been difficult to reconcile with
respect
treaty and which to many have seemed pro¬
vocative.
Horthy, the Hungarian dictator,
check
extraordinary forbearance under Italian acts
for the
Hitler,
and his negotia¬
by the Anglo-Italian
Chamberlain's
shown
Government
British
that the end would be hastened
accord.
confidently
was
settlement.
a
maneuvers
disposed to let the Czechoslovak situa¬
"ride" and
presence
With the breakdown of the British plan, however,
no
publicly known, toward
Hitler's
to dissolve.
there is
is
Now, however, with General Franco's re¬
not very
has
great at best, of the Berlin-Rome axis.
intervened, in
a
He
left-handed way, in a political
controversy in Czechoslovakia after declining to as¬
that country
sure
of British support in case of at¬
tack, again in the hope of averting a war in which,
buff, the going into effect of the treaty has been in¬
while Czechoslovakia would
probably be the loser,
number of other countries
might become involved.
definitely postponed. It would be possible, of course,
a
to
change the terms of the treaty and provide for
At
an
earlier
or
unconditional
operation, but
press
dis¬
110
of these
one
marked
success.
patches from Rome indicate that the Franco note
months while
proved entirely acceptable in Italian Government
now
circles, and it is unlikely that Italy will
No
to
terminate
has been
or
for Mr.
Chamberlain that at the
moment Parliament is not in
in
serious check to his Italian
a
hand
an
policy he has
situation
dangerous
increasingly
in
If the Runciman mission has had
Czechoslovakia.
as
session, for in addi¬
yet any success, no one has been able to point
out wherein
the
interviews and
and
success
There have been
consists.
conversations, conferences, proposals
counter-proposals, but
real
no
progress, as
far
Italian
treaty, delayed
for
awaiting developments in Spain, has
hung up indefinitely by the Franco note.
tangible results have come out of the interven¬
Czechoslovakia, and relations with Germany
tion in
and
giving to the National Government.
It is fortunate
tion to
now care
materially lessen the aid which it
been
points has he had, thus far, any
The
Italy, while in general friendly, are no more
obviously friendly than they were when Mr. Cham¬
He has now to show whether,
berlain took office.
faced
what
with
his
political
opponents will be
quick to call a failure, he can keep the
alive
the two
about
a
ceptable
Italian treaty
give it effect, exert any influence that
and
parties in Spain will respond to, and bring
solution of the Czechoslovak problem ac¬
to
those most vitally interested
in the
controversy.
The Business Man's Bookshelf
There
The
Evolution of Finance Capitalism
By George W. Edward?.
York: Longmans,
The
title
"finance
429
Green
pages.
& Co.
capitalism,"
New
the great
$4.
a
Edwards
Professor
can
for the thoroughness with
covered his large field, or for
be nothing but praise
which Professor Edwards has
practical usefulness of the book for whoever wants
summary view, critical as well as comprehen¬
well-balanced
sive, of the development with
which the book deals. The
critical opinions re¬
reminds his readers at the outset, is "a concession to popular
reader who wishes to learn the author's
usage," what his book is concerned with being "an inquiry
garding present situations will be likely, perhaps, to turn
first to the chapters on public control and reconstruction.
into the nature of the non-financial and the financial insti¬
tutions of
accurate
security capitalism," which he regards
The scope of the
term.
as
approach is historical, comparative and statistical.
traces
evolution of world
the
Britain,
Part I
security capitalism in Great
France, Germany and Europe generally; Part
follows the
same
investment,
statement,
a mass
II
evolution in the United States, while Part
III discusses various
ism—financial
give
the more
inquiry is wide and the
problems of American security capital¬
organization,
security
corporate
policies,
and
the make-up of
public control and reconstruction.
government
a
financial
Appendices
of statistical data regarding security capitalism,
position of national banks and
national debts, the financial
railroads, and the proportion of security investments to total
assets
of
financial
also 42 tables
institutions
for
1890-1935.
scattered through the text.
*
There
are
World
varied effective¬
ness.
"Legislation aiming -to bring about business revival
and the relief of the debt burden by monetary action rested
Government control of
War is
security capitalism since the
regarded by Professor Edwards as of
The Banking Act
commended as checking the
speculative use of credit by commercial banks and correct¬
ing a number of unsound practices in the commercial bank¬
ing system.
Both of the premises on which the Securities
Act was based, however, are regarded by Professor Edwards
as
"questionable," the previous loss through fraudulent
securities being small in comparison with the total volume of
securities issued, while a study of prospectuses appearing
in New York City newspapers between 1925 and 1929,
inclusive, "showed that the investing public did receive
on
a
misconception of the debtor class."
of 1935, on
the other hand, is
1254
truthful
Financial
and
Chronicle
adequate information which disclosed the in¬
herent weaknesses in most of the bonds eventually in
de¬
fault/'
Aug. 27, 1938
railroad
High-grade
bonds
recorded
have
fractionally
Atchison gen. 4s, 1995, at 106 Y were up Y;
higher prices.
Virginian 3 %s, 1966, have gained % at 104; Union Pacific
Looking at'the future, Professor Edwards concludes that
1st 4s, 1947, at
security capitalism in the United States will be best berved
111H gained Y point. Medium-grade and
speculative railroad bonds have also gained.
Kansas City
by maintaining and strengthening the democratic system.
Southern 5s, 1950, are up
He
sees no
likelihood that the United States will
keep out of
the next war, but he would have it join with other nations
in
removing such political
or
produce another conflict.
economic factors
or
Production, whether
manufacturing, and plant expansion must be
adjusted to meet market conditions, which in
fected by a
and
decline in population.
industrial
security capitalism
All investment types of
tend to
as
In the monetary field he finds
stabilization "desirable and essential."
agricultural
1% points at 7134; Delaware &
however, lost 1 point at 55; Pittsburgh &
West Virginia 4k£s, 1960, have advanced 5 points to 48.
Hudson 4s, 1943,
turn
are
af¬
A clash between banking
should, if possible, be
advances.
utility bonds have made fractional
Cincinnati Gas & Electric 3^8,1966, at 107 have
gained %; New York Edison 3^s, 1966, have advanced Y
Affected
106.
to
by developments of
avoided, the role of the Federal Reserve System should be
active in the utility group.
active and not passive,
1966, have lost
stock exchange regulation "should
be directed toward
checking as far as possible price fluctua¬
tions," "close international banking cooperation" should be
promoted, and government must realize "that the safety
of the banking system is dependent upon the soundness of
public credit." Moreover, since security capitalism has
become increasingly public, "any program of control must
be extended to the regulation not only of
corporate but also
of public securities," but "bankers in Wall Street as well as
Main Street, and legislators on Pennsylvania Avenue" are
reminded that it is necessary to understand the distinction
"between democratically controlled capitalism and authori¬
tarian capitalism."
A number of detailed suggestions are
made for the improvement of the Federal Reserve
System.
Professor Edwards's
book is to be
cordially commended
substantial contribution to economic literature and to
the practical treatment of economic problems.
as
a
special sort, the
a
Central Power 5s, 1957, which closed at 91, up 8Y\ Tennes¬
see Public Service 5s,
1970, which advanced 3Y to par, and
bonds of the New York traction
companies were the most
substantial,
4^
New financing has been fairly
with offerings
Edison 3^s,
Interborough Rapid Transit 5s,
at 59
of $33,000,000 Commonwealth
1968, and $20,000,000 Lone Star Gas 3k£s,
19.53.
Changes have been
narrow
this week, a mixed trend
in the industrial bond group
being in evidence
on
the average.
Among steel bonds, Jones & Laugblin Steel 4k£s, 1961, have
receded Yi point to 96^, while Otis Steel 4
Ms, 1962, have
fallen 1 to 74 M*
Oil issues have been fractionally lower for
the most part.
122183407
Building bonds,
on
the other hand, have been
stronger, the Certainteed Products 5 Ms, 1948, rising 2% to
78%.
Studebaker
6s, 1945, have advanced sharply,
Meat packing issues have strengthened
slightly, the Armour 4s, 1955, advancing % to 99 Yconv.
rising 6% to 84 M*
The
foreign bond market has exhibited further lack of
speculative interest
A moderate
for many
rally in the bond market has resulted in gains
bonds of second grade and has kept the high-grade
list firm this week.
term
or
The U.S. Government
average of 8
issues, after advancing to
0.40 under the
a new
January 1937 high.
(Based
u.
All
s.
long-
1938 high, is at 112.38,
MOODY'S BOND PRICES (REVISED)
120
1938
Govt.
Bonds
t
Average Yields)
120 Domestic Corporate *
120 Domestic
by Ratings
Corporate by Groups *
Domes¬
Daily
on
as trading
has continued at slightly
Japanese bonds, being as usual the most
active group, closed mixed with gains of
2M points to 72 in
the 6 Ms, and a drop of 3M points to
51Y for the 5 Ms.
Italian 7s have lost Y at 73 MAmong defaulted South
American issues, the State of Sao Paulo
7s, 1940, at 25 have
lost 3M points.
Moody's computed bond prices and bond yield averages
are given in the
following tables:
changed prices.
The Course of the Bond Market
tic
Averages
Corp.*
112.38
Aug. 26
98.80
25.. 112.39
98.62
Aaa
107.88
115.78
Baa
98.28
RR.
78.70
84.01
104.30
110.83
P.
U.
98.28
78.58
84.01
104.48
107.88
98.28
78.33
83.73
104.48
98.62
115.78
23.
112.37
98.45
115.78
107.88
98.11
78.08
83.46
104.30
22- 112.41
98.28
107.69
97.95
77.84
83.06
20.. 112.41
104.30
98.28
107.69
97.95
83.19
104.30
115.57
107.69
97.95
77.84
112.39
110.43
115.78
107.69
97.78
77.72
17.. 112.42
3.06
t3.06
104.30
98.11
77.96
104.30
115.78
97.61
77.72
82.93
104.11
116.00
107.69
97.45
77.72
82.79
104.30
115.78
107.69
97.28
77.84
82.79
104.30
13.. 112.30
115.78
107.69
97.45
77.84
82.79
104.30
107.69
97.61
77.96
82.93
104.30
98.28
115.78
11.. 112.37
10- 112.37
98.28
115.78
107.69
97.61
78.33
83.19
104.30
98.28
107,49
97.61,
78.45
83.33
104.30
98.45
97.78
83.33
104.30
97.78
78.70
83.46
104.48
111.03
97.78
78.58
83.60
104.30
111.03
112.22
98.62
6.
112.17
98.62
116.00
5.
,
78.45
110.63
112.16
98.45
115.78
108.08
97.61
78.58
83.46
4— 112.13
104.30
98.45
107.88
97.61
78.45
83.33
104.30
98.45
115.78
97.61
78.58
2- 112.16
83.33
104.30
98.45
97.61
78.58
83.33
104.30
98.45
97.61
78.70
83.46
104.30
115.57,
107.88
97.45
78.82
83.46
104.30
110.83
106.92
97.11
78.08
82.70
22- 112.04
97.95' 115.35
96.94
104.11,
96.28
76.17
80.96
103.74,
96.28
106.73
95.78
75.12
79.70
95.29
103.38
73.76
78.20
103.02
94.97
June 24..
111.80
93.85
114.09
105.22
93.21
71.30
75.82
17-
112.01
102.12
91.35
108.46
113.07
104.48
91.35
66.99
112.05
71.36
10-
101.58
93.69
106.54
93.37
69.89
75.82
112.10
101.94
94.01
114.93
3-
20-
106.92
94.01
69.78
101.76
93.85
107.30
93.85
69.37
76.53
101.23
108.46
115.35
108.08
95.62
71.68
78.70
102.12
3.76
3.44
5.10
3.76
3.44
5.52
5.11
3.76
3.44
4.11
3.18
3.58
5.53
5.11
3.76
3.44
4.11
3.18
3.58
4.14
5.53
5.12
3.77
4.11
3.17
3.58
4.15
5.53
5.13
3.76
3.43
4.11
3.18
3.58
4.16
5.52
5.13
3.76
3.44
4.11
3.18
3.58
4.15
5.52
5.13
3.76
3.44
4.10
3.18
3.58
4.14
5.51
5.12
3.76
3.43
4.10
3.18
3.58
4.14
5.48
5.10
3.76
3.43
4.10
3.18
3.59
4.14
5.47
5J09
3.76
3.43
4.09
3.18
3.58
4.13
5.47
5T09
3.76
3.43
4.08
3.18
3.56
4.13
5.45
5.08
3.75
3.41
3.17
3.56
5.46
4.08
5.07
3.76
4.09
3.18
3.56
4.14
5.46
5.08
3.76
3.42
4.09
3.18
3.57
4.14
5.47
5.09
3.76
3 42
4.09
3.18
3.57
4.14
5.46
5.09
3.76
3.42
3.42
3.41
4.09
3.18
3.57
4.14
5.46
5.09
3.76
4.09
3.18
3.58
4.14
5.45
5.08
3.76
3.42
4.09
3.19
3.57
4.15
5.44
5.08
3.76
3.42
8
3.20
3.62
4.17
5.50
5.13
3.77
4.18
3.23
3.62
4.22
5.66
5.27
3.79
3.49
4.22
3.24
3.63
4.25
5.75
5.37
3.81
3.49
1
4.28
3.26
3.67
4.30
5.87
5.49
3.83
4.51
June 24
4.37
3.20
3.71
4.41
6.09
5.69
3.88
3.54
4.53
3.31
3.75
4.53
6.52
6.09
3.91
3.58
3.23
4.38
3.47
3.64
4.40
6.23
5.69
3.89
3.54
3
4.36
3.22
3.62
4.36
6.24
5.65
3.90
3.53
May 27
4.37
3.23
3.60
4.37
6.28
5.63
3.93
3.54
5.45
3.88
3.49
5.25
3.88
3.50
6.02
5.42
108.27
3.90
3.52
April 29
4.38
3.26
3.62
4.37
6.28
108.08
5.61
3.98
22
4.43
3.27
3.68
4.43
6.32
5.69
4.03
3.56
4.54
3.33
3.76
4.55
6.52
5.83
4.13
3.66
4.55
3.33
3.79
4.55
6.53
5.75
4.18
68.97
75.82
99.48
104.30
91.05
66.99
74.21
97.78
106.17
92.90
91.20
112.66
109.69
91.05
112.66
103.74
91.05
66.89
1..
75.12
109.58
96.94
88.80
105.04
112.45
102.66
89.10
63.28
71.15
96.11
104.30
Mar.25—
110.34
91.97
113.89
106.92
92.43
66.03
18..
109.97
75.01
98.45
93.21
106.73
114.72
107.11
93.37
68.17
76.76
99.14
8—
107.88
94.81
115.35
109.05
95.46
69.78
4..
110.70
80.08
96.94
99.48
109.44
97.11
73.65
110.50
84.41
97.28
100.00
109.44
97.11
74.44
85.65
99.48
108.46
18-
110.21
96.44
115.57
109.24
96.28
11-
73.20
110.18
96.11
84.55
98.80
109.05
95.95
72.43
84.14
98.62
98.45
106.92
28..
110.07
94.33
114.72
107.49
21..
94.81
69.89
110.52
96.61
79.70
98.62
107.69
116.00
109.05
14-
110.15
83.33
100.18
109.84
7.
75.47
100.97
07.61
86.07
100.53
109.24
116.21
110.04
97.28
74.89
86.50
<>9.66
3.72
3.34
3.85
4.68
6.92
6.11
4.23
3.76
3.27
3.62
4.46
6.62
5.76
4.09
3.63
3.23
3.61
4.40
6.40
5.61
4.05
3.57
4.31
3.20
3.51
4.27
6.24
5.34
4.03
3.54
4.18
3.18
3.49
4.17
5.88
5.01
4.00
25
4.16
3.18
3.49
4.17
5.81
4.92
4.03
3.54
4.21
3.19
3.50
4.22
5.92
5.00
4.07
3.56
4.23
3.18
3.51
4.24
5.99
5.03
4.08
3.58
4.31
3.24
4.09
3.62
4
109.05
116.64
90.78
97.61
73.31
97.95
I
11
107.69
81.61
—
4.49
4.41
25—"I
18
Feb.
108.08
115.78
4.70
3.55
4
108.46
115.78
Mar.
108.46
115.78
Feb. 25-
108 46
Jan.
28
^
14
7-
3.54
3.55
4.33
6.11
5.22
4.34
3.23
3.59
4.31
6.23
5.37
4.08
3.58
4.20
3.17
3.51
4.19
5.91
5.09
3.99
3.51
4.89
3.97
3.50
4.86
4.02
3.54
4.12
3.14
3.47
4.14
5.72
4.14
98.80
116.64
110.24
98.28
3.16
78.82
3.46
4.16
5.77
88.80
87.21
112.45
104.48
111.03
102.66
High 1938
3.34
3.85
4.68
0.98
6.11
96.11
104.30
Low 1938...
4.23
3.76
113.89
62.76
92.43
71.15
118.16
89.10
104.67
4.70
106.54
4.07
3.14
3.45
101.41
4.10
5.44
4.81
106.17
112.45
3.75
High 1937
3.41
4.31
3.47
3.60
4.33
6.08
5.07
4.22
3.76
High 1938 112.42
Low 1938 109.58
107.01
94.81
109.84
107.30
94.49
71.46
83.60
96.28
104.30
Low
Aug.26'37 108.36
101.76
114.09
110.43
100.53
85.38
94.81
101.58
109.24
Aug. 26, 1937—
96.61
102.66
109.84
Aug. 26, 1936—
Yr. Ago
1
2 Yrs.Ago
level or the
4.13
5.87
110.08
Aug.26' 36 110.89
3.43
6.06
105.79
1
4.13
4.26
111.48
1937
5.11
5.51
4.12
4.29
8-
Low
5.52
4.12
3.58
4.21
14-
112.78
4.12
3.58
3.56
22-
High 1937
3.58
4.12
108.85
Jan.
3.18
3.18
3.19
8
109.24
101.70
76.76
71.15
4.10
4.10
4.10
3.58
102.12
79.07
69.37
94.49
3.43
3.54
81.22
72.11
9a. 85
92.90
108.27
3.76
3.20
73.76
95.13
106.92_
114.51
5.08
3.24
96.44
107.69
114.09
94.81
5.50
3.21
108.46
114.51
93.69
110.16
4.11
4.28
115.14
95.29
111.42
4..
3.57
4.27
96.44
111.54
11— 110.57
3.18
4.21
111.82
0-
100.35
4.09
6
13—
Apr. 29..
113.89
3.44
15
109.44
76.29
3.43
3.75
22
108.66
114.72
95.46
111.94
3.75
5.06
1
108.46
May 27- 111.77
5.04
5.48
Weekly—
July 29
107.69
114.72
5.46
4.10
3
109.05
105.98
4.10
3.57
2-
109.44
114.09
3.57
3.18
6
109.44
114.51
1- 111.96
3.42
3.18
4.08
6
109.84
114.72.,,
106.92
8- 112.04
15— 112.12
Indus.
4
110.83
98.45
1.. 112.15
Weekly—
U.
3.76
8
110.83
July 29- 112.17
P.
10
110.83
115.78. 107.88
115.78* 107.69
5.04
4.08
12
110.83
107.88
RR.
5.45
11
110.83
115.78
3— 112.12
Baa
4.10
15
110.63
108.08
108.08
8.
A
3.57
13
110.63
107.69
Aa
3.17
16
110.63
116.78
9.. 112.26
Aaa
17—
110.43
12.. 112.32
Corporate by Groups
18
110.43
98.11
120 Domestic
by Ratings
19.
110.63
98.11
120 Domestic Corporate
20-
110.63
98.11
4.07
22
110.43
98.11
16- 112.39
15— 112.32
f
23
110.43
98.28
18..
(REVISED)
24
110.43
19.. 112.39
AVERAGES
Individual Closing Prices)
25—
110.63
115.78
Corp.
on
tic
Averages
110.43
24.. 112.37
115.78'.
115.78*
120
YIELD
Domes¬
Aug. 26
110.63
107.69
All
1938
Indus
107.88
115.78
(Based
Daily
Aa
116.00
MOODY'S BOND
102.84
averaee
115.14
movement
110.63
2
100.35
ie
nf
yield averages, the latter being the
88.36
truer
ifie
of the
01 on®
bS Jrket.m
3.64
3.07
3.27
3.74
4.46
3.92
3.66
3.34
3.90
3.26
3.44
3.97
4.94
4.31
3.91
3.50
3.84
3.21
3.43
3.98
4.73
4.20
3.85
3.47
Years Ago—
Dond (4% coupon, maturing in 30 years), and do not
t0 mustrate In a more comprehensive
m
t The latest complete list of bonds used in
computing these Indexes
typlcal
1937
Year Ago—
was
purport to show either the average
way the relative levels and the relative movement of
published in the Issue of July 23,1938, page 488.
Volume
Financial
147
Chronicle
■
,
THE
STATE
OF
TRADE—COMMERCIAL
EPITOME
Friday Night, Aug. 26, 1938.
Business activity continues its upward trend, with the
outlook increasingly favorable as the fall season nears.
For
the
sixth
consecutive
week
"Journal
the
of
Commerce"
weekly index of business activity shows a gain. Last week
the index figure rose to 78.4, and compares with a revised
figure of 77.6 for the preceding week and 101.8 for the
corresponding period of 1937.
Steel operations continue at
1938 peak levels, and merchandise loadings and electric
output showed further expansion.
Bituminous coal pro¬
duction was heavier, while petroleum runs-to-stills and auto¬
motive
activity
contracted, according to above-mentioned
Realization of the extent of the July pick-up,
authority.
fronts, and encouraged expectations
many
nothing
October, at least, is the conclusion reached by not
observers.
expert
that
some
In
fact, present prospects
production index may average
the
a
few
indicate to
around the
90 mark for the entire second half of the year.
A broaden¬
ing demand from miscellaneous steel consumers has lifted
the national
ingot rate two points to 43% of capacity, but
immediate betterment in volume depends on automo¬
bile buying, according • to the weekly summary of "Iron
Age."
New business at Pittsburgh is reported at 18% to
any
25% above July bookings, while last week's orders were
approximately 10% better than the week before. "Expecta¬
tions of
based
continuing upward trend in steel operations are
following factors," says the trade journal.
a
the
on
"New orders before mid-September from automobile com¬
panies and parts makers for production runs on new mod¬
els; an increase in rolling specifications against contracts
recently closed for building steel, and further additions to
backlogs;
more
converted
into
buying by farmers after crops have been
cash, and the possibility of some buying of
equipment and rails by the railroads.
The most uncertain
factor
in
low
the
present steel situation is that relating to
prices.
With steel operations at their present
steel companies are sustaining larger losses, a
and
wages
point,
situation that may not be rectified
costs and
or
on
the basis of present
selling prices until operations have reached 60%
higher."
For
the
week
ended
Aug. 20 production of
and power industry con¬
tinued the upward trend which began in the week ended
July 16, but just missed matching output of the first week
electricity
in
by
January,
current
the
electric
the best
week
light
week
this
year.
Production for the
aggregated
2,138,517,000 kilowatt hours, or
7.2% below the corresponding week a year ago, the Edison
Electric Institute reveals.
kilowatt
hours
in
the
This compares with 2,139,582,000
week ended Jan. 2, a decrease of
1,065,000 kilowatt hours.
In the week of Aug. 20 output
gain of 4,876,000 kilowatt hours over the previous
week, when it stood at 2,133,641,000 kilowatt hours, but was
165,515,000 kilowatt hours below the total of 2,304,032,000
showed
a
2% to 9%, the agency reports.
There
outstanding in the weather developments
Following a few days of respite from the
persistently warm weather in the Midwest during the first
part of the week, there was a return to abnormally high
temperatures near its close.
Again a large trans-Mississippi
had maximum temperatures ranging from 100 degrees
area
104
to
degrees.
In fact, all sections east of the Rocky
Mountains had maxima as high as the middle 90's, except
some Appalachian Mountain
sections, the extreme North¬
east, the Lake region, and the extreme northwestern Great
ture
That the Federal Reserve
Board index of industrial output may cross the 90 mark by
very
of the past week.
index for that month,
found most careful statisticians.
East of the Rocky Mountains the highest tempera¬
was 104
degrees, at Valentine, Neb., and
Huron, S. Dak., on Aug. 22, while on the same date Phoenix,
Ariz., reported 110 degrees.
In much of the Great Plains
and Rocky Mountain areas continued absence of material
rainfall, the warm weather, and much sunshine have inten¬
sified droughty conditions, especially in much of New Mex¬
ico, parts of Oklahoma, and rather generally in Nebraska,
South Dakota, Wyoming and Colorado.
East of the Missis¬
sippi River conditions continue favorable. In the New York
City area the weather during most of the week has been
exceptionally fine and cool.
Today it was fair and warm
reported
here,
temperatures ranging from 61 to 76 degrees.
was for partly cloudy,
not much change in
with
The
forecast
Overnight at Boston
80; Pittsburgh,
58 to 74; Portland, Me., 58 to 78; Chicago, 62 to 70; Cin¬
cinnati, 60 to 80; Cleveland, 58 to 70; Detroit, 58 to 74;
Charleston, 80 to 94; Milwaukee, 60 to 68; Savannah, 78
to 98; Dallas, 80 to 98; Kansas Gify, 72 to 100; Springfield,
Mo., 72 to 100; Oklahoma City, 74 to 100; Salt Lake City,
64 to 90; Seattle, 52 to 70; Montreal, 58 to 72, and Winni¬
temperature
it was
peg,
60
tonight
76
to
and
50 to 70.
Revenue Freight Car
Loadings in Week^Ended Aug. 20
Total 597,918 Cars
b
freight for the week ended Aug. 20,
increase of 8,357 cais or 1.4%
from the preceding week, a decrease of 179,232 cars, or 23.1%
from the total for the like week a year ago, and a drop or
137,558 cars, or 18.7%, from the total loadings for the
corresponding week two years ago.
For the week ended
Aug. 13, 1938, loadings were 23.8% below those for the like
week of 1937, and 19.9% below those for the corresponding
week of 1936. Loadings for the week ended Aug. 6, 1938,
showed a loss of 23.8% when compared with 1937 and a
drop of 19.8% when comparison is made with the same
Loadings of
revenue
1938, totaled 597,918
cars, an
week of 1936.
The first 18 major railroads to report for the week ended
Aug. 20,1938, loaded a total of 282,979 cars of revenue freight
on their own lines, compared with 279,932 cars in the preced¬
ing week and 357,973 cars in the seven days ended Aug. 21,
1938.
A comparative table follows:
(Number of Cars)
Loaded on Own Linet
Atchison Topeka & Santa
Baltimore & Ohio RR
below
Gulf Coast Lines
2,297
2,375
International Great Northern RR
2,036
3,922
1,970
1937
the
week.
An
increase
in
factory employment
of 40,000 persons and in weekly payrolls of nearly $500,000
during July was reported recently by Secretary of Labor
Perkins.
8,357
a
The
597,918
the week
Association
cars
of American
of revenue
freight
ending last Saturday.
cars,
1.4%
This
Railroads reported
were
was
loaded
an
during
increase
of
with the preceding week;
23.1% compared with a year
decrease of 324,905 cars, or 35.2% compared
or
compared
decrease of 179,232 cars, or
ago,
with
and
a
1930.
United
Production
of
States this week,
of
automobiles
Connection*
Weeks Ended—
and
trucks
in
the
larger
18,401
24,577
20,427
14,603
Missouri-Kansas-Texas
19,502
14,632
RR
Missouri Pacific RR
12,457
30.878
---
New York Central Lines.—
N. Y. Chicago & St. Louis
Norfolk & Western Ry
4,885
19,431
Ry—
52,667
Pennsylvania RR
Pere Marquette Ry
Pittsburgh & Lake Erie RR
Southern Pacific Lines
Wabash Ry
Total
4,006
4,289
29,121
—
4,849
—
18,768
23,884
19,439
15,304
19,683
23,617
33.867
23,631
16,824
21.868
14,572
16,968
3,149
2,375
3,822
13,046
31.002
4,496
18,699
51,007
3,948
4,626
28,250
5,142
5,313
16,186
41,898
5,622
23,194
69,741
5,434
6,781
35,990
5,718
4,799
13,274
8,668
6,502
7,194
8,797
1,201
1,747
2,349
4,759
13,063
8,269
6,794
7,135
8,950
1,304
1,825
2,370
6,887
0,044
30,523
30,370
7,894
4,056
33,114
3,721
3,070
33,309
3,730
3,963
3,992
7,404
6,721
7,233
8,152
0,524
5,833
10,786
10,756
8,171
8,595
10,737
1,622
2,429
2,973
8,900
39,035
9,070
4,077
44,107
4,677
6,814
8,497
8,141
282,979 279,932 357,973 158,813 158,165 202,320
.
TOTAL LOADINGS AND
manufacturers,
RECEIPTS FROM CONNECTIONS
(Number of Cars)
64,610 from the 83,310
5,240 units under the
With the relief from excessive heat and
prevalence of more comfortable weather, retail sales totals
made substantial gains in most distribution centers this
week, Dun & Bradstreet, Inc., reported today.
The entire
recovery movement, in fact, advanced its position along
Fe Ry.
Chesapeake & Ohio Ry
—
Chicago Burlington & Quincy RR.
Chicago Mliw. St. Paui & Pac.Ry
Chicago & North Western Ry—
to Ward's Automotive
preceding week.
It is stated that operations are being
rapidly resumed, and advancing output in the near future
can be anticipated.
The service expressed the belief that a
solid foundation has been built for steadily gaining activity
and estimates that about $60,000,000 has been spent by the
automobile producers alone to retool factories for 1939
model production.
Aug. 20 Aug. 13 Aug. 21 Aug. 20 Aug. 13 Aug. 21
1938
1938
1937
1938
1938
1937
because of temporary discontinu¬
operations by one of the
totaled only 18,700 units, according
Reports, Inc.
This is a decrease of
units in the like week of 1937, and
ance
Received from
Weeks Ended—
1937,
"Engineering News-Record" reveals.
This
week's volume brings the 1938 total to $1,714,535,000, an
increase of 2.3% over the $1,675,497,000 for the 34-week
period in 1937, it states.
Public construction, 31% above
a week ago and
134% above the 1937 week, is aided ma¬
terially by large Federal projects getting under way.
Pri¬
vate construction tops last week by 28%, but drops
39%
today
FROM CONNECTIONS
REVENUE FREIGHT LOADED AND RECEIVED
Engi¬
neering construction awards for the week, $57,907,000, are
30% above last week and 55% above the corresponding
in
Saturday.
degrees; Baltimore, 62 to
kilowatt hours in the corresponding week a year ago.
week
im¬
week was narrowed
was
Plains.
ing that they may have been under-estimating the probable
velocity of the current recovery movement.
The broad
scope of the upturn in industrial activity continues to con¬
of further
provement in the near future.
For the country as a whole,
the decline in retail volume from
tlfe corresponding 1937
brought about by publication of the Federal Reserve Board
set industrial statisticians to think¬
1255
1
■
•
Week Ended—
Aug. 20. 1938
Chicago Rock
stand & Pacific Ry.
Uiinois Central System
St. Louis-San Francisco Ry
—
Aug. 13, 1938
Aug. 21, 1937
Not stated
23,243
20,046
Not stated
27,119
11,394
38,513
Total
The Association of American
31,913
11,441
14,451
61.330
46.364
Railroads, in reviewing the
week ended Aug. 13, reported as
follows;
freight for the week ended Aug. 13 totaled 589,561
decrease of 184,221 cars or 23.8% below the corre¬
Loading of revenue
cars.
This
was
a
sponding week in 1937 and a decrease of
same week in 1930.
314,596 cars or 34.8% below the
1256
Financial
Loading of
5.511
revenue
freight for the week of Aug. 13
0.9 of 1%
cars or
increase of
was an
above the preceding week.
above the preceding
week, but
a
decrease of 77,384
Loading
18,146
Coal
the
lees-than-carload-lot
freight
totaled
loading amounted to
preceding week, but
91,517
an
cars,
decrease of 24,808
a
Coke
4,228
loading amounted to
148,536
3,623
the
and
cars
grain
products
increase
of 590
week in
1937.
In
decrease
a
increase of 4,914
an
the
cars,
Western
districts
of
grain
loading for the week of Aug. 13 totaled 34,806 cars,
decrease of 2,335 cars below the preceding week, but an increase of
4,658
cars
loading amounted to
11,945
cars,
1937.
In
stock for the week of Aug.
the Western
increase
an
above the preceding week, but a decrease of 2,634
sponding week in
districts alone,
13 totaled 8,895
cars
,an
of
669
below the
cars
cars
loading of live¬
loading totaled 29,724
cars,
an
below the
increase
of
corre¬
1938
1937
2,714,449
corre¬
FROM
2,155,451
2,986,166
weeks in April
Four weeks in
1937
1936
1938
3,098,632
3,733,385
3,642,357
2,861,762
2,962,219
3,794,249
584,050
766.182
919,781
589,561
773,782
904,157
17,676.811
23,572,042
28,580,12.
Week of Aug.
6
Week of Aug. 13
Total
In the
1938.
following
578
531
489
904
1,096
Mobile A Ohio
201
294
7,630
1,611
8,983
2,262
28
69
113
1,666
5,878
4,888
2,005
4,»06
9,366
1,076
4,479
8,772
453
412
130
114
1,171
2,614
1,795
680
Nashville Chattanooga A St. L.
1,701
3,098
990
950
364
380
893
416
345
8,073
7,252
1,287
6.940
Southern System.............
18,798
20,865
20,761
2,609
3,276
12,343
6,395
Tennessee Central........
;.
Winston-Salem Southbound...
447
460
456
483
162
170
177
796
88,259
98,288
98,250
54,270
16,194
2,466
19,492
3,620
7,349
22,440
2,728
21,022
4,376
21,146
2,880
23,114
4,485
15,545
1,354
7,323
8,956
2,346
7,135
3,615
338
286
1,562
2,398
13,506
4,831
13,722
3,103
166
169
9,699
4,694
1,433
13,914
6,563
1,871
1,111
5,957
1,088
1,491
8,615
850
5,789
1,613
1,005
7.941
1,680
3,728
2,371
218
227
St. P. Minn. A Omaha.
Duluth Missabe A I. R
19
23
Duluth South Shore A Atlantic-
30,376
8,628
38,623
Elgin Jollet A Eastern
10,693
Ft. Dodge Des Moines A South.
Great Northern
Maine Central
Monongahela
7,220
2,953
4,263
2,528
2,372
2,801
2,982
1,632
31,002
42,155
40,813
8,120
10,737
10,442
New York Ontario A Western.
N. Y. Chicago A St. Louis
Total
Northwestern District—
Chicago
Chicago
Chicago
Chicago
A North Western
Great Western
Milw. St. P. A Pacific.
653
4,258
530
471
171
27,440
21,659
2,848
518
562
571
529
518
5,786
3,546
2,211
7,852
1,615
2,144
9,749
11,348
2,514
2,197
8,092
10,551
1,531
1,459
1,648
5,498
9,675
7,155
4,762
Green Bay A Western.
Lake Superior A Ishpeming
Minneapolis A St. Louis
2,007
29
Minn. St. Paul A S. S. M.
5,969
5,053
171
372
224
34
Pittsburgh Shawmut A North..
Pittsburgh A West Virginia....
323
327
345
157
246
834
1,036
1,279
1,378
2,008
Rutland
Spokane International-
561
632
646
791
1,000
Spokane Portland A Seattle...
5,142
3,396
5,774
4,850
5,742
4,811
6,524
2,186
8,039
3,605
114,223
151,966
147,375
116,919
152,594
421
577
564
554
761
23,884
2,711
33,259
6,752
32,640
5,866
13,063
1,380
16,015
3,443
298
190
360
7
919
Wheeling A Lake Erie........
Total
Alleghany District—
Akron Canton A Youngstown.
Baltimore A Ohio......
Bessemer A Lake Erie
6,759
]
>
9
1,169
6,286
1,300
11
15
4,454
5,888
Cornwall
8,752
10,127
662
565
827
50
51
Cumberland A Pennsylvania..
Ligonier Valley
Long Island
177
240
312
23
43
60
136
82
30
17
537
670
879
1,110
1,373
67,128
13,651
13,992
1,880
1,137
33,309
13,070
2,459
1,945
1,366
44,447
15,895
7,509
Central RR. of New Jersey
Penn-Reading Seashore Lines.
Pennsylvania System..
51,007
Reading
10,674
1,442
71,051
13,010
4,876
17,470
Union
Co
III"
(Pittsburgh)
West Virginia Northern
Western
25
28
33
0
0
2,908
3,646
3,544
4,410
5,911
104,623
156,491
148,439
80,135
107,554
Maryland
Total.
Pocahontas District—
19,439
23,708
23,527
23,813
23,145
3,908
8,269
3,670
1,037
10,438
4,301
4,475
51,710
18,699
4,504
II
50,960
12,976
15,659
42.642
Southern District—
Alabama Tennessee A Northern
93,110
136,307
124,032
38,829
18,768
2,989
24,229
3,650
20,473
3,212
4,759
1,690
350
604
305
82
15,304
1,557
805
905
16,436
1,428
12,926
2,814
1,035
6,794
11,776
2,214
17,011
2,345
14,074
2,582
Denver A Rio Grande Western.
Denver A Salt Lake
2,749
3,311
3,145
2,515
297
440
517
Fort Worth A Denver City
Illinois Terminal
1,111
1,797
1,128
981
927
2,027
1,327
1,055
Total.
Central Western District—
Atch. Top. A Santa Fe System.
Bingham A Garfield
Chicago
Chicago
Chicago
Chicago
Burlington A Quincy..
A Illinois Midland
Rock Island A Pacific.
A Eastern Illinois
Colprado A Southern
M i&sourl-Illinois
242
Nevada
82
1,218
479
117
204
0
26,699
24,260
293
349
15,416
14,373
4,211
1,113
8,127
174
361
242
11
1,807
1,624
1,884
2,267
101,700
Total
120,650
108,846
45,490
Southwestern District—
New
Kansas Oklahoma A Gulf
Kansas City Southern
Louisiana A Arkansas
155
200
190
884
1,811
1,670
2,073
1,573
2,088
1,430
1,405
413
1,200
578
634
8,041
4,175
8,019
4,279
4,081
3,832
2,206
2,286
441
361
970
978
1,430
1,277
1,459
1,771
254
314
321
489
323
Missouri-Kansas-Texas Lines.
111
120
154
243
114
243
Midland
589
836
692
183
123
275
155
257
3,822
13,077
5,174
16,740
4,729
16,462
2,370
Valley
Missouri A Arkansas
155
170
517
551
Missouri Pacific
460
479
444
36
41
57
93
Quanah Acme A Pacific
St. Louis-San Francisco
993
885
1,305
1,440
765
710
692
480
526
1,418
18,399
18,328
1,826
21,148
1,677
21,619
21,451
878
1,067
8,760
11,602
4,261
4,867
20,365
142
163
175
245
225
167
276
388
on
1
so
had
1 Reach 10,234
more
new
freight
cars
far this year, the Association
on
cars
July 1 this
on
Aug. 22.
Aug. 1 totaled 10,234
year.
New freight cars
Aug. 1, last year, totaled 38,089, and
were
on
Aug. 1,
27,151.
locomotives
on
Aug.
1
July 1, this year, and 283
steam locomotives
on
order
6,644
87
113
108
90
6,428
8,640
2,373
6,931
3,557
2,308
5,976
3,712
8,644
2,765
8,447
4,863
4,197
2,430
2,887
238
276
281
107
17
38
32
33
45,004
58.370
54,070
28,482
St. Louis Southwestern
Texas A New Orleans
Texas A Pacific..
"Wichita Falls A Southern.:
Wetherford M. W. A N. W...
1,809
on
Total
* Previous figures.
Order Aug.
Aug.
on
751
276
113
990
Louisiana Arkansas 6 Texas..
Litchfield A Madison
453
totaled
26
compared
Aug. 1, 1937. New
Aug. 1, 1936, totaled 65. New
electric and Diesel locomotives on order on
Aug. 1, this year,
on
1,825
1,243
840
compared with 5,021
steam
2,318
936
freight
on
2,249
843
of American Railroads
announced
The number of new
order
International-Great Northern.
777
order than at any time
1936, there
191
1,364
1,119
on
292
156
2,599
30
railroads
149
173
3,492
422
Freight Cars
205
129
2,375
1,970
721
Note—Previous year's figures revised.
Class I
163
Fort Smith A Western
Gulf Coast Lines
172
Mississippi Central
324
l",717
13,488
407
Macon Dublin A
Savannah....
755
1,974
1,105
Utah
7,818
Gulf Mobile A Northern
24
257
3,477
Louisville A Nashville
1,416
23,721
Southern Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System
754
Illinois Central System
1,945
23
149
I.IIIII
6,984
944
Peoria A Pekin Union
169
Georgia
Georgia A Florida
685
1,327
Northern
North Western Pacific
204
Galnsville Midland
with 37
312
1,765
308
Durham A Southern
Florida East Coast
New
359
1,418
639
Charleston A Western Carolina
Clinchfield
Columbus A Greenville..IIIII
on
336
1,896
180
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast Line
Central of Georgia
3,336
340
Burlington-Rock Island.
Total.
on
920
55
2,185
Western Pacific
Chesapeake A Ohio
Norfolk A Western.........
Virginian
Northern Pacific
Alton
Buffalo Creek A Gauley
Cambria A Indiana
166
360
3,476
510
992
5,559
6,663
8,152
3,970
3,730
Wabash.
20,282
1,063
8,675
17,465
790
4,495
4,548
3,948
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
346
2,154
2,020
1,065
322
167
Montour
1938
7,773
Seaboard Air Line
167
New York Central Lines
N. Y. N. II. A Hartford
1,906
2,681
Richmond Fred. A Potomac
11,096
2,828
•
from Connections
1936
986
Piedmont Northern
27
1937
1,725
2,408
Norfolk Southern..
1,441
Total Loads Received
Freight Loaded
...........
929
8,041
441
Lehigh A New England
Lehigh Valley
year.
District—{Cond.)
813
1,702
week last
Total Revenue
8,326
1,672
20
Detroit Toledo & Ironton
Detroit & Toledo Shore Line...
same
1938
1,173
3,241
7,096
Delaware & Hudson
Delaware Lackawanna & West.
Detroit A Mackinac
undertake to show also the loadings
Railroads
793
Chicago Indianapolis & Louis..
we
During this period only 12 roads showed increases
6,637
1,612
Central Indiana...
Central Vermont
4,492,300
roads and systems for the week ended Aug. 13,
compared with the
Southern
Maine
---
1937
Eastern District—
Bangor & Aroostook..
4.504,284
2,185,822
2,170,984
from Connections
1938
Ann Arbor
May
3,506,236
3,529,907
3,712,906
Four weeks in June
Total Loads Received
Freight Loaded
Railroads
1
2,763,457
2,222,864
2,649,894
3,347,717
,
CONNECTIONS (NUMBER OF CARS)—WEEK ENDED AUGUST 13
Total Revenue
Grand Trunk Western.
Lehigh A Hudson River...
below
1930
Four weeks in February
Five
when
Erie
care
the corresponding weeks
2,256,423
Four weeks in January
cars
1937.
REVENUE FREIGHT LOADED AND RECEIVED
Boston A
of 259
1937 and 1930.
for separate
829
above the preceding week, but a decrease of 11,025 cars below the
sponding week in
decrease
cars
sponding week in 1937.
products
a
corre¬
increase of 398
above the preceding week, but a decrease of 2,664 cars
Forest
above
Five weeks in July
above the corrresponding week in 1937.
Livestock
cars,
Four weeks in March
above
cars
alone
and grain products
a
cars
above
cars
below the corresponding
cars
loading totaled 47,896
below the preceding week, but
corresponding
increase of 1,800
All districts reported decreases compared with
in
week in 1937.
Grain
an
decrease of 49,690 cars below the corresponding
week in 1937.
decrease of
a
below the corresponding week in 1937.
cars
to 24,798 cars,
a
the preceding week, and a decrease of 5,448 care below the corresponding
of merchandise
decrease of 707 cars below the preceding week, and
cars, a
week, but
week in 1937.
below the
cars
corresponding week in 1937.
Aug. 27, 1938
Ore loading amounted
the preceding
Miscellaneous freight loading totaled 230,917 cars, an Increase of 6,212
cars
Chronicle
on
totaled 23 compared with 26 on July 1, this year, and 29
Aug. 1, 1937.
Two years ago there were 20 or order.
Class
I
railroads
installed 6,927
year,
41,630
new
were
in
the
first
freight
put
in
cars.
seven
In the
months
this
same
period
on
year
last
service, and in- the same period
14,914.
New steam locomo¬
two years ago the number was
tives put
in service in the
seven
months' period
this year
totaled 136, compared with 198 in the corresponding period
last year, and 26 in the corresponding period two years
ago.
New
seven
electric
and
Diesel
locomotives
months of 1938 totaled
and 14 two years ago.
installed
in
the
82, compared with 25 last
first
year
Volume 147
New
Financial
freight
acquired
and
cars
locomotives
not included in
are
leased
otherwise
or
tlie above figures.
*
Moody
Commodity Index Declines Slightly
s
Moody's Commodity Index declined from 143.8 a week
ago to 143.6 this Friday.
Silk, rubber, cotton, coffee and
sugar prices were higher. Cocoa, wheat,
corn, hogs and steel
scrap declined, while there were no net changes for hides,
silver, copper, lead and wool.
The movement of the Index
during the week was
frfSat.
Aug. 19
Aug.
Aug.
Aug.
Aug.
Thurs. Aug.
Fn.
Aug.
No Index
143.3
,
23--..U3.2
24
25
26-
—
follows:
Two Weeks Ago, Aug. 12
Month Ago. July 26
Year Ago, Aug. 26
143.8
20
22
Mon.
Tu<*.
Wed-
as
141.7
148.0
--.196.7
228.1
144.6
152.9
130.1
1937 High—April 5
Low—Nov. 24
1938 High—Jan. 10
143.1
143.0
143.6
Low—June 1
Chronicle
1257
products, principally livestock, largely accounted for the
decline.
Commissioner Lu bin ann oun ced on Aug. 25.
' * The
decrease brought the
all-commodity index of over 800 price
series to 77.4% of the 1926
average," Mr. Lubin said.
"It
is 1.7% lower than it was a month
ago and 11.3% lower than
it was for the
corresponding week of August, 1937."
Com¬
mit sioner Lubin also stated:
Minor declines were registered
by the foods, textile products, fuel and
lighting materials, chemicals and drugs, and miscellaneous groups.
Hides
and leather products,
metals and
metal
products,
building materials and
housefurnishing goods remained unchanged at last week's level.
The index for the
raw
materials group fell
for agricultural
commodities,
crude
and
rubber, bananas and
17.3% from
1.1%
because of lower prices
kip skins;
raw silk, hemp, jute, scrap steel,
The group index, 70.3, is down 2.6%
pepper.
month ago and a year ago respectively.
a
The semi-manufactured
commodity group declined 0.3%
below the corresponding week of July and
0.4%
14.4%
The index is
.
below the index
for the week ended
Aug. 21, 1937.
"Annalist"
Weekly
Prices
Index
Advanced
of
Wholesale
Point
0.6
During
Commodity
Week Ended
Aug. 20
this time last month and
A more cheerful
wholesale commodity prices advanced 0.6 of a
point to
Saturday,
Aug. 20.
the lows for the past
year
The
ago.
Farm and food
taking
recovery
hogs
scored
prices
jumped
Wheat
and
be
considerable
for
$9.13
best
while
fractionally
now
went
on
an
to
on
above
with 94.6 a
compare
advanced
the
say:
since
there
the minor
Among
that
advanced
item
to
last
$8.18
with
compared
as
lamb
choice
and
good
slightly, although
market.
performer,
of.
average
hundredweight
per
both
corn
pressure
the
was
the
are
announcement
advances,
to
week.
rubber
Prices
four years, and
79.9
products made the best showing, with the most important
place in the grain and livestock markets.
Steers and
small
8.1% lower than it was a year ago.
According to the index for "all commodities other than farm products'*
tone prevailed in
commodity markets in
the week ended Aug. 20, and
virtually all items moved into
higher ground, according to an announcement issued by the
"Annalist" of Aug. 22.
The "Annalist" weekly index of
on
Wholesale prices of finished products, that is, fully manufactured com¬
modities, dropped 0.4% during the week to the lowest point reached since
early in October, 1936.
The group index, 81.7, is 1.3% lower than it was at
seemed to
commodities
a new high
year.
THE ANNALIST WEEKLY INDEX OF WHOLESALE COMMODITY PRICES
non-agricultural commodity prices declined 0.4%
from
month ago and are
a
8.4% lower than they
Industrial commodity prices,
modities other than
the
July 23 level.
farm
They
measured
as
They
.
5.0%
are
13.
193F Aug.
(Saturday)
17.
1938 Aug.
below their level for the week ended
The announcement issued Aug. 25
by the Department of
Labor, quoting Commissioner Lubin as above, also stated:
Largely because of
decrease of
a
5.3% in the livestock
the farm products group declined 1.6%
group,
in the past 4 years.
Quotations
and poultry sub¬
to the lowest point reached
lower for cows, steers, hogs, lambs,
were
wethers, live poultry, lemons, clover hay, alfalfa and clover seeds, dried
beans, onions and white potatoes (Chicago).
Following the sharp decline
registered last week, grains advanced 1.4% .
Higher prices were reported
for corn, oats, rye, wheat calves, cotton, eggs, fresh
apples, oranges, tim¬
othy seed, sweet potatoes and white potatoes
week's farm products index,
(Portland, Oregon).
65.9, is 4.9%
lower than it
was
lower than it
was
1937
and
Farm products...
Food products....
100.4
74.8
75.8
.
71.8
.
70.7
X58.8
90.7
Fuels
Metals
96.5
96.5
69.1
69.1
Chemicals
87.4
87.4
decreases of
71.6
71.4
79.4
79.9
79.3
94.6
_
canned
x
Week
Commodity Prices Declined Slightly During
Ended
Aug.
20,
According to
National
Fertilizer
Association.
This
index
the
in
index is now at the lowest level
reached since late 1934, says the Association's announcement
issued Aug. 22, which continued:
100.
as
The
cline
Six of the principal commodity group averages declined last week while
rye
There
were
was
The food price iDdex fell to the lowest point recorded
a
moderate recovery in the prices of
principal increases in
registered
metals,
farm products last week,
wheat, and hogs.
Fractional declines
by the group indexes representing the prices of textiles,
fertilizer
modities.
corn,
materials,
Increases
farm
noted
were
in
machinery,
the
and
building
miscellaneous
material
and
0.3%
raw
Thirty-six price series included in the index declined during the week
19 advanced; in the preceding week there
in
the second
preceding
corn
fresh beef, cured
peas,
corn
starch and cot¬
subgroup advanced 1.8%.
meal, fresh pork, cocoa beans and coffee.
72.0, is 3.1%
were
week there
36
declines and
18
were
a
month ago and
silk, silk
raw
yarns,
burlap, manila
reported in prices of clothing, hosiery and
5.1%
chemicals
the
and crude rubber declined 0.6%
and
drugs
were
group
responsible for the decline of 0.1%
index.
fertilizer materials and mixed fertilizers
the hides and
In
during
Automobile tires and tubes and paper and pulp remained steady.
Weakening prices for fats and oils
in
leather products
and skin prices was
offset by
a
Average
were
group
wholesale
of
prices
unchanged from last week.
an
in hide
advance of 0.9%
decline of 0.7% in leather, with the result
the group remained unchanged at
that
the index for
were
reported in prices of shoes and other leather manufactures.
92.5.
No changes
Very little fluctuation hars been registered in prices of metals and metal
The index remained steady at around 95.5.
products.
were
Fractional declines
reported in prices of scrap steel, quicksilver and pig tin during the week
ended Aug. 20.
The index of wholesale prices of building materials remained unchanged
at 89.3 for the third consecutive week.
Prices for yellow pine lath and tim¬
slightly lower, and yellow pine flooring advanced.
Average prices for brick and tile, cement, and structural steel were firm.
The index for the housefurnishing goods group remained unchanged at
39 declines and eight
were
below the level of
jute caused the index for the textile products group to de¬
bers and turpentine were
advances;
result of
a
was a year ago.
No changes
.
the week.
com¬
fertilizer
averages.
and
flour, hominy grits,
Cattle feed prices dropped
in the current recession, with 15 declines in the group against seven advances.
with the
as
Among the individual
underwear and woolen and worsted goods.
,
only three advanced.
The fruit and vegetable
oil.
17.1% lower than it
week
ended Aug. 20 was 72.9, against 73.1 in the preceding week,
74.6 a month ago, and 87.2 a year ago, based on the 1926-28
average
largely
,
for cereal products and meats.
Falling prices for cotton textiles,
price level was slightly lower last week,
according to the commodity price index compiled by the
Fertilizer
0.8%
The food group index,
Association
wholesale
National
steady.
peaches, bananas, canned string beans and
hemp and
The
were
Higher
prices were reported for dried apricots, raisins, most fresh fruits and vege¬
Revised.
tables,
Wholesale
for the fuel
recorded
was
,
pork, dressed poultry, lard, oleomargarine, pepper,
tonseed
Preliminary,
0.5%
Lower prices for kerosene caused the de¬
group.
food items for which price declines were reported were cheese, wheat flour,
89.5
Miscellaneous
All commodities._
decrease,
group
Wholesale market prices of foods dropped 0.3%
70.4
*
largest
anthracite and coke
109.2
Building materials.
cor¬
at this time
Average wholesale prices of bituminous coal advanced slightly and
74.4
85.8
second
lighting materials
cline.
86.5
*58.7
85.8
Textile products.
This
for the
year.
The
(Wednesday
(Saturday)
com¬
to equal
Aug. 21, 1937.
last
Aug. 20.
"all
products and foods," decreased 0.2%
responding week of last month and 24.3%
(1926—100)
down 1.0%
are
were a year ago.
by the index for
87.8.
Average
wholesale prices of both furniture and furnishings
were
stationary.
advances.
WEEKLY
WHOLESALE
COMMODITY
PRICE
Complied by the National Fertilizer Association.
The following table shows index numbers for the main groups of com¬
INDEX
modities for the past
(1926 1928=100)
5 weeks and for Aug. 21,1937, Aug. 22, 1936, Aug. 24,
1935, and Aug. 25, 1934.
Latest
Each Group
Group
Week
Ago
Ago
1938
23, Aug. 21,
1938
71.1
Fats and oils
Cottonseed oil
72.0
73.6
59.3
63.3
72.0
77.5
77.1
83.1
76.4
63.7
68.0
85.1
46.3
47.2
49.5
55.5
Grains
52.0
50.5
57.5
89.3
Livestock,
71.3
71.0
75.7
91.2
Cotton
17.3
Fuels
10.8
M lscellaneous commodities
78.9
..
78.9
78.7
86.5
77.1
77.5
77.7
86.2
'
8.2
Textiles
58.8
7-59.0
59.2
74.1
7.1
MetaLs...
89.0
89.1
88.4
106.2
6.1
Building materials
79.1
78.8
79.5
87.5
1.3
Cbeml'sala and drugs
94.2
94.2
94.2
95.6
.3
Fertilizer materials
69.7
69.9
69.8
72.3
.3
Fertilizers,
78.0
77.1
77.1
79.9
.3
Farm machinery
97.6
97.9
97.9
96.4
100.0
r
All groups combined
72.9
73.1
74.6
87.2
Aug.
13
Aug.
6
1938
1938
All commodities
77.4
77.9
78.4
Farm products.
65.9
67.0
68.7
July
30
July
23
Aug.
21
Aug.
22
Aug.
24
Aug.
25
1936
1935
1934
87.3
81.5
80.8
76.9
87.1
84.6
80.7 >71.8
1938
1937
78.6
78.7
68.6
69.3
1938
72.0
72.2
73.5
74.1
74.3
86.8
82.8
86.1
75.5
Hides and leather products,.
92.5
92.5
92.2
92.5
92.4 108.6
94.3
90.2
84.6
Textile products-
65.3
65.5
65.5
65.7
65.8
76.6
70.4
70.7
Fuel and lighting materials,.
77.6
78.0
77.7
77.3
77.4
78.9
77.0
75.4
75.2
Metals and metal products..
95.5
95.5
95.5
95.4
95.3
95.5
86.3
86.0
85.9
Building materials..
96.4
86.9
85.1
86.4
Foods.,
71.1
89.3
89.3
89.3
89.2
89.3
77.1
77.2
77.4
77.C
77.0
81.7
79.5
79.3
76.0
HousefurnLshing goods.
87.8
87.8
87.9
87.9
87.9
92.7
82.6
81.7
82.9
Miscellaneous
72.1
72.3
72.3
72.5
72.5
77.2
71.6
67.2
70.1
Raw materlaLs
-
-
-
- ,
—
.Semi-manufactured articles..
commodities
farm
*
71.1
72.0
71.7
72.2
85.0
81.8
74.1
74.3
74.4
74.4
74.4
86.6
75.6
*
*
other
82.0
82.4
80.0
other
80.3
80 6
81.6
81.8
81.7
*
*
♦
82.8
88.9
82.5
80.8
80.8
87.3
80.8
80.7
77.9
81.6
81.6
85.9
79.7
78.1
78.4
82.8
than
products.
commodities
70.3
*
81.7
Finished products,
All
farm
Commodity Prices of United States
—
Chemicals and drugs
All
Revise*
Index of Wholesale
20
Commodity Groups
86.0
64.0
Farm products
Aug.
1937
1938
59.3
Foods
(1926~100)
Year
1938
Total Index
23.0
Month
Aug. 20, Aug. 13, July
Bears to the
25.3
Preced'o
Week
Per Cent
than
products and foods.,.
Not computed.
Department of Labor Declined 0.6% During Week
Ended
Aug. 20
Electric
The United States
Department of Labor, Bureau of Labor
Statistics' wholesale commodity price index declined 0.6%
during the week ended Aug. 20 to the lowest level reached
«iuce December, 1934.
Further weakness in prices of farm
The
Output for Week Ended Aug. 20,
Below a Year Ago
Edison Electric Institute,
1938, 7.2%
in its current weekly re¬
estimated that production of electricity by the electric
light and power industry of the United States for thr week
port,
1258
Financial Chronicle
ended Aug. 20, 1938, was 2,138,517,000 kwh.
This is a
decrease of 7.2% from the output for the corresponding
week of 1937, when production totaled 2,304,032,000 kwh.
The output for
the week ended Aug. 13, 1938, was estimated
2,133,641,000 kwh., a decrease of 7.3% from the like
to be
week
a
Aug. 27, 1938
June Statistics of the Electric Light and
Power Industry
The following statistics for the month of June, covering
100% of the electric light and power industry, were released
on Aug. 23 by the Edison Electric Institute:
year ago.
SOURCE AND DISPOSAL OF ENERGY
PERCENTAGE
DECREASE FROM
PREVIOUS YEAR
DURING
MONTH OF JUNE
Source of Energy
Per
Week Ended
Major Geographic
Regions
Week Ended
Aug. 20, 1938 Aug. 13,
Week Ended
1938
Week Ended
Aug. 6, 1938
July
30,
1938
1937
Ct.
Change
1938
generated
Kilowatt-hours
(net):
New England
5.3
7.6
7.7
6.6
By fuel-burning plants
5,293,700.000
Middle Atlantic
6,099,477,000
1.0
1.6
*1.1
0.3
3,434.974,000
13.6
3,509,046,000
—2.1
13.6
By water power
13.2
13.5
6.0
4.3
4.3
3.8
8,728.674,000
9,608,523,000
—9.2
298,784,000
92,537.000
267.184,000
+ 11.8
108,145,000
—14.4
Central Industrial
West Central
Southern States.„
4.0
4.6
6.7
17.2
14.4
17.3
5.2
4.9
2.6
3.9
7.2
7.3
6.4
-
4.5
19.8
Rocky Mountain
Total generation—
7.2
Pacific Coast
Net purchases:
From other sources
Net international imports
Total United States.
Total
Increase.
*
RECENT
FOR
DATA
—13.2
WEEKS
(THOUSANDS
OF
KIlX)WATT-HOURS)
Total
purchased
(net)
391,321,000
375,329,000
+ 4.3
9,119,995,000
power
Input
9,983,852,000
—8.7
Disposal of Energy
Percent
Change
Week Ended.
1937
1938
Per
1938
1936
1932
1938
1929
1937
Ct.
Change
from
1937
June
4
June
July
2
—11.8
1,991,787
1,991,115
18
June 25
2,131,092
2,214,166
2,213,783
—10.0
1,945.018
1,435,471
1,689,925
—10.1
1,989,798
1,441,532
2,019.036
2,014,702
11
June
Total sales
1,878,861
2,238,332
—9.8
2,005,243
2,029,639
1,440,541
1,699,227
1.702,051
1,922,108
1,381.452
1.615,086
7,436,930,000
Energy not reported as sold:
Used in electric railway departments
30,479,000
147,217,000
8,213,000
Used in electric and other departments...
Furnished free or exchanged in kind
2,238,268
—10.0
2,096,266
—10.3
1.956,230
1,456,961
1,341,730
2,298,005
—9.3
2,029,704
1.415.704
2,258,776
—7.7
2,099,712
1,433,993
1.727,225
Total energy accounted for
30
2,093,907
2.256,335
—7.2
1,723.031
Losses and energy unaccounted for
2.115.847
2,261,725
2,300,647
—6.4
2,088,284
2,079,137
1,440,386
6
—7.3
2,079,149
2,304,032
—7.2
2,093,928
2,125,502
2,135,598
2,098,924
45,560,000
a
146,723,000
a
Not shown
a
1,711.625
23
a
1,723,428
1,881,298
2.084,467
2,084.763
8,261,249,000
July
9.....
July
16
July
July
Aug.
Aug. 13-....
2,133.641
2,138,517
Aug. 20
Aug. 27
Sept. 3
Sept.10
2,294.713
2,320,982
2,154,276
FOR
DATA
RECENT
MONTHS
(THOUSANDS
OF
Total not reported as sold
1,592,075
1.426,98"
1,729.667
1,464,700
1,423,977
Total output (to check above
1,733,110
1,750,056
1,761,594
1.674,588
a
—9.8
1,497,156,000
1,530,320,000
—2.2
9,119,995,000
KILOWATT-HOURS)
9,983,852,000
—8.7
Classification of Kilowatt-Hour Sales
{In Thousands of Kilowatt-Hours)
...
1,480,628
.......
EE1 Classification
on
June, 1937
Residential or domestic
Domestic
—*
5,185,490
Public street A h'way lighting.
Change
Based
June, 1938
Commercial and Industrial
Cent
"input")...
FPC Classification
Based on
Rural
Per
192,283,000
8,453,532.000
1,724.728
1,415,122
1,431,910
1,436,440
185,909,000
7,622,839,000
1,337,963
Commercial—
Small light and power
125,301
1,403,879
193,079
Large light and power
Municipal street lighting
Sales to railroad A railways...
1937
1938
Other public authorities
from
Month of
Inter-departmental
413,743
33,705
Street & Interurban railways..
Electrified steam railroads
4,984
Municipal and miscellaneous._
83,666
7,436,930
Sales to ultimate customers.
8,261,249
1937
1938
1936
1932
1929
Other sales.'...—....
January
February-.-....
March.........
April
9,785,174
9,137,970
—5.0
8,634,336
8,922,551
9,930,252
9,300,383
8,405,129
—5.8
8,029,046
—8.0
8.617.372
June
9,589,639
8,800,414
8,934.086
.
May
9,699,161
9,791,569
8,351,233
8,371,498
—8.8
July...........
10,074,083
August
1
10,366,839
6,240,381
6,168,781
6,175,627
6,339,283
9,962,122
9,239,027
9,359,167
9,2.56,053
10,111,605
9,662,847
September
October
November
9,534,868
9,719,582
December......
Total..
6,320,551
6,850,855
Total
*
sales...
Classification
Based on FPC
7,773,878
6,277,419
7,523,395
6,596,023
8,133,485
6,488,507
7,681,822
9,968,343
6,625,298
7,871,121
107409113 77,574.474 90.277,153
Residential
Rural
but
there
the decline is
is
some
decreasing, according to recent study by the
statistical
division
Board.
Revenue
from
In
Great
27,486,979
of
the
National
Industrial
Britain
Germany and
and
the
the United States
Scandinavian
indexes
26
Total ultimate customers...26,576,647
(b)
Classification
sales,
sales to other public
Other
Based
Total
EE I
on
Classification
June, 1937
excl.
Revenue from
utlls.8172,319,600
ultimate
customers
175,796,900
1,951,400
revenue
..$174,271,000
revenue....
Conference
Estimated Domestic Electric Service Ratios
statement issued Aug. 17 bearing on its review
the Conference Board also said:
In
35,930
Revenue
FPC
on
a
in
328
Municipal and miscellaneous..
June, 1938
declined slightly in June,
evidence that the momentum of
34,047
305
3,506
Based
production
549,378
Street A Interurban railways..
Electrified steam railroads
Allocated to other classes.
Board
industrial
3,851,151
Large light and power
Municipal street lighting
282
Total customers..
1938,
Small light and power
25,995
74,253
railways
.22,105,787
Commercial—
4,556,707
Inter-departmental
*
Domestic
*
—
Other public authorities
Slight Decline in World Industrial Production During
June Reported by National Industrial Conference
EE J Classification
on
June 80, 1937
Public street A h'way lighting.
and
Based
22,825,921
Commercial and industrial
Railroad
Customers
1938
domestic
or
of
Classification
June 30,
7,484,727
Others
World
97,450
Allocated to other classes.
7,486,635
7,220,279
9,293,742
117487445
151,748
330,855
7,585,334
7,380,263
7,285,359
6,787,923
8,536,837
8,706.984
—9.3
—10
7.041,926
6,502,755
4,855,688
of production
rose,
12 Months Ended June 30
while
19.38
countries
output was well maintained.
business, except for Mexico, showed little change.
Activity
to drop off, however, in
Canada, France, Belgium, Holland and
Noteworthy were the full-fledged depression in Mexico and the
1937
% Change
Latin American
continued
Poland.
first
decline
British
A
Italian
business
advancing
output
in
during
of
showed
June.
machinery,
hopeful
industrial
indication
a
production
one-point
Losses
■>
construction,
has
been
rise,
occurred
and
4%
a
in
recent
with
in
value
rise
in
years.
five
iron
component
and
of
steel
exports
the
index
of
indexes
production,
and
per customer
829
$35.73
Average annual bill
766
$34.64
Revenue per kilowatt-hour
4.31c
+ 8.2
+ 3.2
4.52c
—4.6
a Data for two years not
strictly comparable.
b Data not comparable because of an unascertainable amount of "revenue" Id
June, 1938 which may or may not have been included In the 1937 data.
imports.
raw
Kilowatt-houjrs
material
prices.
In
France
continued
touched
a
new
Business
but
it
is
States
in
recession
production,
all-time low
on
activity in Canada
believed
will
During
trend
further
a
fall
tend
that
the
dollar
quotations
on
the
a
in
for
the
industrial
to
improve
Canadian
wholesale
price
second
consecutive
production
in
the
month,
United
business.
general
time
in
several
advanced
for
characteristic
the
of
to
Monthly
months.
level
The
reversed
its
Business
Indexes of
Federal
franc
The
declined
Activity
Level
BUSINESS
downward
weakness
of
the
poimd sterling,
were
a
Adjusted for
European
in
California
rose
war,
Recovered
to
Since
112.6% in July, 1937.
The July gain over the previous
month resulted from increases in three
factors of the index
while
the
production,
fourth
slightly.
factor
Seasonal Adjustment
July,
June,
July,
July,
June,
July,
1938
California's business in terms of the
1923-25 aver¬
to 97.7% in July as against 94.2% in June and
(industrial
Without
Seasonal Variation
a
July business activity in California recovered to the
highest level since early ,1938, according to the current
"Business Outlook" published by the Wells
Fargo Bank &
Union Trust Co., San Francisco.
The bank's index, which
age,
INDEXES
(1923-1925 average=l 00)
the adverse
Early 1938, Reports Wells
Fargo Bank & Union Trust Co., San Francisco
measures
of
Board of Governors of the Federal
Manufactures
Highest
Governors
decline.
progressive
all
trade
Business
of
System
on
Industrial production—Total
July
Board
Reserve
Reserve System
Aug. 24 its monthly indexes of industrial produc¬
tion, factory employment, &c., as follows:
issued
gold value of world trade,
leading foreign currencies,
balance, growing anxiety over prospects of
large-scale hoarding of gold in London.
British
and
heavy industries contributed to
the
Aug. 13.
rise
seasonally adjusted, continued
Reasons
the
the
June
for the first
weakness
in
while
1938
1937
1938
1938
1937
114
p81
77
p83
77
111
p8l
Construction contracts, value—Total.
74
114
p 78
75
110
p93
...
Minerals
92
112
p 93
91
115
p54
54
67
p59
63
75
45
Residential
p46
42
44
p 47
46
All other
p60
64
86
P69
76
75.9
101.4
65.8
98.9
104.1
Factory employment—Total
99
P77.6
76.3
103.
p64.9
65.2
100.
P76.4
P64.2
p91.3
Durable goods
Non-durable goods
88.1
106
P89.4
86.7
Factory payrolls—Total
p67.5
67.2
Durable goods
p5 5.6
58.1
100.7
Non-durable goods
p 82.6
78.8
100.0
Freight-car loadings
Department store sales, value...
61
58
80
85
82
94
Department store stocks, value
67
68
77
p
62
100.4
58
82
58
79
65
61
65
69
Preliminary.
Note—Production, carloadings and department store sales indexes based
on
dally
averages.
loadings and bank
(department store sales)
car
debits),
dropped
Construction
contract
Indexes
based
on
three-month
moving average of F.
W.
Dodge data for 37 Eastern States.
Employment index,
without
by Bureau of Labor Statistics.
seasonal adjustment and
payrolls
Index complied
Volume
Financial
147
67.6%, according to the current issue of the bank's "Business
Review."
This was slightly higher than in either April or
May of this year and a decline of only .7 of 1% from the
revised June level of 68.1.
However, gains were recorded
in several departments of business activity from June to
July. The following is also from the bank's announcement
PRODUCTION
INDUSTRIAL
(1923-1925 average=100)
Adjusted for
Without
Seasonal Variation
Seasonal Adjustment
July,
June,
July,
July,
June,
July,
1938
1938
1937
1938
1938
1259
Chronicle
1937
in the matter:
Manufactures
i
Bank
Durable Goods
130
62
Pig iron
46
140
58
46
42
Iron and steel
36
121
39
36
115
64
47
141
59
47
46
129
45
52
132
*
14
25
14
25
Cement
71
69
75
87
86
92
Plate glass
Tin deliveries
77
80
206
69
72
185
Beehive coke. .i....
p5
5
Steel Ingots
Automobiles...
....
...
•
••
Locomotives
•;
68
73
5
in
25
—
87
111
p90
83
88
125
92
85
114
101
97
100
90
92
p98
80
58
44
56
60
99
106
101
98
79
70
81
'
Cattle.
112
.
Wheat Hour
110
129
109
114
151
139
152
148
98
91
95
86
91
104
78
64
53
52
111
121
90
115
p99
86
74
94
*
73
93
*
72
79
Calf and kip leathers
74
91
*
74
68
*
*
74
127
74
192
206
*
191
248
261
*
109
110
139
*
Kerosene
119
117
*
123
*
103
154
164
167
169
178
71
73
78
74
80
82
219
219
233
241
241
256
84
84
86
86
86
■;
..
84
Washington
on
347—CPhivlcadgeonp.,
...
79/
of the year.
Exports fell off 2%
62
r40
less in value in July, a
156
177
More than half of this decline was accounted for by
pi 63
54
64
82
52
65
79
69
70
112
64
68
104
91
148
*
89
126
showing.
34
121
78
67
245
year ago;
38
available,
FACTORY
of imports
Employment
Without Sea¬
sonal Adjustm'l
sonal Adjustm'l
July
July
July
June
July
July
June
July
1938
1938
1937
1938
1938
1937
1938
1938
72.7
72.6 108.3
72.3
73.1
107.6
56.1
57.4 113.5
83.9
Iron and steel
the largest such figure recorded since
was
86.1
131.5
73.3
76.9 133.6
1937
compared with $232,686,000 in June,
as
1937.^
82.9
86.0 129.9
59.1
60.6 123.5
57.5
62.3 119.9
61.9
57.7
117.5
upon
59.8 135.8
56.1
61.6 130.4
47.7
53.7
123.6
with
Railroad repair shops.
40.8
39.7
64.4
40.4
39.9
63.8
40.7
41.0
63.5
Nonferrous metals
81.2
80.4 115.4
78.2
79.6 111.5
65.4
65.5 105.3
Lumber and
54.2
53.7
72.9
54.2
54.2
72.9
45.7
48.1
54.4
54.3
70.4
55.7
57.2
71.7
equipment..
Automobiles
products
Stone, clay and glass.......
51.3
48.3
;
general imports (goods entered for storage in bonded ware¬
goods
66.1
which
Imports for
immediately
consumption
upon
87.9
81.7 106.2
82.5
80.2 100.0
65.3
60.3
77.7 102.0
79.7
76.5
98.0
67.2
62.0
89.6
B.
Wearing apparel-
97.1
89.0 113 1
86.9
86.9 102.0
58.9
54.6
73.8
85.6
80.4
96.3
68.5
Merchandise
85.5
83.0
......
95.2
86.7
111.3 109.2 119.4
115.8
61.3
57.1
98.4 107.3
96.8
products.
...
Tobacco products
57.7
60.4
Paper and printing
98.0
Chemicals & petroleum prods. 107.2 107.1
55.1
84.6
107.3 124.9 117.7 111.1
128.3
55.8
78.5
60.3
60.6
52.7
55.2
97.2
106.0
91.6
91.4 101.6
103.9 124.3 114.2 114.8 136.8
127.7 104.1
A. Chemicals group, except
104.7 104.7 128.1
petroleum refining
B. Petroleum
Note—Indexes of factory employment and
payrolls
July, 1938 figures
nearest the middle of the month.
100.6 123.5 107.7 108.0 134.9
are
are
for payroll
period endinsr
preliminary.
It was mainly
June,
though fruit shipments were also
Manufactured
the
various
as
reported by banks in
preceding week and 11% below the total for the corre¬
sponding week of last year.
Aggregate debits for the 141 cities for which a separate
total has been maintained since January, 1919, amounted
$6,713,000,000, compared with $5,775,000,000 the pre¬
ceding week and $7,555,000,000 the week ended Aug. 18
to
of last year. ■
These figures are as reported on Aug. 22, 1938,
Board of Governors of the Federal Reserve System.
FEDERAL
BY
No.
W1
by the
Weet Ended—
of
—
...
18
-
§357,498.000
$460,250,000
3,165,934,000
15
2—New York
Aug. 10, 1938
§399,497,000
17
1—Boston.
Aug. 18, 1937
Aug. 17, 1938
Incl.
materials exports declined
materials were
factured cotton
compared with a year ago.
from a value of $34,340,000 in July,
1938, to $32,809,000.
Agricultural crude
exported in relatively large value in July, since unmanu¬
increased from 79,915,000 pounds in July, 1937, and 103,-
258,000 pounds in June, 1938, to
value of crude
from
2,651.259,000
320,232,000
3,332,798,000
'368,896,000
378.270,000
587,277,000
a
115,883,000 pounds.
The decline in the
materials in comparison with a year ago,
reduction in shipments of
resulted mainly
non-agricultural commodities—especially
coal, which totaled 1,069,000 tons as
compared with 1,564,000 tons in July,
10,497,000 board feet as compared
1937, and timber which amounted to
with 23,028,000 board
feet.
products in July, 1938, were valued at
June, but not much more than
the corresponding month of 1937.
These exports, the
Exports of Semi-manufactured
$37,270,000, about the same figure as in
half of the value in
principal class in which a marked reduction occurred, accounted for 16.6%
of total export trade in July, whereas in July, 1937, they contributed 26%
of the
total.
Exports of iron and steel scrap were
valued at $1,667,,00
July, 1937, and those of other steel semi-manu¬
facturers at $5,972,000 as against $19,357,000.
Exports of wood pulp,
naval stores, lumber, crude sulphur, and leather were also drastically re¬
duced from those of a year ago.
Gas oil and fuel oil, copper, and industrial
chemicals were prominent among the leading items in this class which were
against $8,834,000 in
as
RESERVE DISTRICTS
Centers
Federal Reserve District
about $2,000,000 larger than in
Meat products showed the largest increase in value among
manufactured foods; lard, fish, wheat flour, dried fruit and
1937, and $34,498,000 in June,
leading cities for the week ended Aug. 17, aggregated
$7,310,000,000, or 16% above the total reported for the
SUMMARY
expansion in value over a year ago, al¬
moderately expanded.
of $13,473,000 in July were approxi¬
canned fruit exports were also larger as
11% Lower Than Last Year
individual accounts,
Larger shipments of
1937.
foodstuffs exports
mately as large in value as in June and
1937.
Exports of this
$24,556,000 as compared with $20,988,000
1938, and with $5,925,000 in July,
grain were the chief factor in the
July,
Trade
maintained at a high level in July.
class of commodities amounted to
in
Export
volume and value in July.
manufactures, which declined moderately in July
for the third successive month, were valued at $117,003,000 as compared
with $123,447,000 in June, 1938, and $143,977,000 in July, 1937.
The
decline from June was accounted for principally by a decrease in shipments
of metal-working machinery and of aircraft, but in each case the July value
was far above that for July,
1937.
The reduction from a year ago is ex¬
exported in relatively large
Exports of Finished
25
429,924.000
385,355,000
5—Richmond
24
267,231,000
246,419.000
289.834,000
6—Atlanta
26
214,896,000
201,102,000
•227.823,000
41
981,584.000
856,617,000
16
216,622.000
195.041,000
1,214,570.000
253.863,000
17
161,221,000
135,512,000
179,413,000
25
272,536,000
245,041,000
18
187,524,000
165,761.000
326,775,000
214,726.000
plained mainly by smaller exports of passenger automobiles, motor
advanced steel manufacturers, radio and other electrical apparatus,
29
643,942,000
566.100,000
782,499,000
industrial machinery and
274
57,309,807,000
$6,325,937,000
$8,248,098,000
8—St
Louis
9—Minneapolis
10—Kansas City
.
11—Dallas
12—San Francisco.
Total.
Far
.
.
Western
than June,
Index for
July Slightly Lower
According to Bank of America
(Calif.)
general business Bank of America's
(California) preliminary July Far Western index stood at
As
a
measure
of
an
increase in
trucks,
certain
lubricating oil.
Merchandise
Crude materials was
Business
$147,-
July, 1937.
because of the relatively large exports of Crude foodstuffs
that total exports were
Crude
Bank Debits
to
100.6
117.3 117.0 126.2 118.5 117.6 127.5 135.4 136.6 143.1
63.2
96.8
62.6
96.2
70.6
68.1
96.6
69.9
68.4
refining
Rubber products
Debits
(goods which entered merchandising channels
arrival in this country, plus withdrawals for consumption
938,000 in June, 1938, and with $262,919,000 in
Fabrics
Food products
merchandising channels immediately
amounted to $147,797,000 in July as compared with
from warehouse)
Non-durable Goods
products
entered
arrival in the country) amounted to $140,836,000 in July as compared
$145,898,000 in June, 1938, and with $265,214,000 in June, 1937.
67.3
A.
Leather
August, 1936.
1938,
1938, and $268,184,000 in July,
'
plus
houses,
58.4
an d
As a result, the value
warehouses.
for consumption was approximately as large in July as in the
The value of
......
Machinery
Textiles
in June.
Exports, including reexports, amounted to $227,780,000 in July,
June
Durable Goods
Transportation
relatively favorable
preceding month, in contrast with the decline shown for general imports.
The excess of withdrawals over entries of approximately 7 million dollars
Without Sea¬
Seasonal Varia'n
a
less than in July, 1937, as
the value of general imports was 47%
again larger than those that entered
Payrolls
the lower price level;
July, goods withdrawn for consumption from bonded warehouses were
In
(1923-1925 Average=100)
make
Import trade exhibited no further reduction as compared with a
compared with a decrease of 49%
r
Adjusted for
somewhat greater decrease than was shown in June.
volume basis, our foreign sales continued to
on a
Revised.
EMPLOYMENT AND PAYROLLS
Preliminary,
p
slightly lower
month of 1937, exports were 15%
p55
p39
pi 66
Silver
were
compared with June while general im¬
48
Zinc..............................
Data not yet
as
174
*
months
.
71
Lead
*
July
p47
57
seven
This represents the usual seasonal movement, for
In comparison with the corresponding
72
of Commerce
foreign merchandise trade generally declines in July to the low point
our
153
Petroleum, crude
and the
51
p60
_•
.
by months back of 1933,
Both exports and imports of the United States in
in value than in June.
Minerals
Bituminous coal
Western
Aug. 25 issued its statement on the foreign
ports were reduced by about 3%
Anthracite-
apparel stores
less in value while the national decline was 12%
trade of the United States for July
124
154
Lubricating oil
.......
only 10%
ended with July, with comparisons
The report is as follows:
'
Manufactured tobacco
were
The Bureau of Static tics of the Department
at
206
*
.
Cigarettes
19%
decreased
Country's Foreign Trade in July—Imports and Exports
118
#
Goat and kid leathers
*
Gasoline
Cigars
June failures
88
71
*
Tobacco products
The
1937.
Liabilities of failing firms in June were about
114
Cattle hide leathers
Fuel oil
December,
since
The decline in July retail sales in western department and
sales
124
Tanning
Petroleum refining
month
62
140
p 100
products
51
122
*
Leather and
that fewer business failures
111
93
54
124
Newsprint consumption
June
over
business in general is improving, the
88
85
Sugar meltings
Newsprint production
The gain
of this yea»\
after adjusting for one less trading day in July than
10.5%
Additional evidence that
139
98
Sheep
far western cities rose in July to their highest
compared with a year ago was less than the national average.
.
125
152
Calves....
10.5% ; the
up
.
less than the months averaged for the first five months of the year.
57%
39
108
83
Hogs
principal
month since January
any
from the previous month.
67
62
107
Slaughtering and meat packing.
were
reported in the 11 western States during June than reported in any
other
103
101
105
...............
Silk deliveries
for
June
were
Cotton consumption
basis,
daily average
Review notes, is provided in figures showing
Non-durable Goods
Textiles.........
a
permits for all types of construction gained 3% ; car-
Bank debits in 30
value
amounted to
100
p4
32
adjusted to
loadings, adjusted for seasonal variation, gained .4%
131
43
debits,
of building
value
Import
Trade
register
These imports rose
the principal category of imported goods to
value in July as compared with June.
approximately 5 million dollars over June to a value of $43,236,000.
remaining much smaller both in quantity and value than in July,
when they
proportion—29% —of our
While
1937,
represented about the same
total imports as in that period.
Imports of some
totaled $77,576,000, crude materials
1260
Financial
principal products, for example, crude rubber, bides and skins,
and fur skins continued much smaller in quantity and in value than
A few imports were, however, larger in July; these included
ago.
Chronicle
Aug. 27, 1938
GOLD AND
wool,
raw
Exports, Imports and Net Balance
a year
in value
in June—$20,344,000—were little more than half
as
in July,
as
mainly for the reduction in value.
year account
coffee and cocoa
are
as
Decrease(—)
*1937
A larger quantity of both
Imports of Manufactured foodstuffs, valued at $23,711,000,
*1937
1938
1938
large
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
206
65
354
5,815
+ 5,460
175,624
63,880
1,204,951
311,854
—893,097
63.815
1.204,596
306,039
Goldr-
much lower this
imported last July than in July, 1937.
was
Increased)
Exports and Imports
same
The fact that imports of grain have dropped to
1937.
7 Months Ended July
July
Imports of Crude foodstuffs, which remained at approximately the
figure in July
BY MONTHS
unmanu¬
factured cotton, leaf tobacco, raw silk and rough diamonds.
negligible figures and that prices of cocoa and coffee
SILVER
ExportS............
Imports
were about
'Y "
t
Excess of Imports
175,417
three million dollars smaller than in June and 16 million dollars less than in
Although imports of Cuban sugar for consumption increased
July, 1937.
Sileer—
as
compared with June, imports from the Philippine Islands fell off materially.
214
193
10,336
1,793
—8,543
4,476
18,326
39,001
129,858
+ 90,857
4.261
18.133
28.664
128.065
Exports
Imports
---
Total sugar imports were considerably smaller in value than in July, 1937,
and the
Excess of Imports
of imports of other leading manufactured products—
same was true
especially of meats, feeds, vegetable oils, and alcoholic beverages.
Semi-manufactured imports were valued at $29,607,000 in
as
July,
20%*
as
against 22.5%
ticularly for
copper
Gold
1938,
against $59,041,000 in July, 1937, while their share in total imports
was
a
third to one-half smaller in quantity than in
July, 1937.
The principal manufactured import—newsprint—was 30%
smaller in quantity than a year be¬
lower in value and approximately 42%
fore.
Burlap imports were reduced 33%
and most other textile manufactures
shingles from Canada, which
year's quota, were
more
were
in quantity and 44%
from
40
to
45%
in
value
Importations of
.
resumed in July under the second half
1935
♦1936
*1937
1938
1,000
1.000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Exports—
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
11
5,067
1,248
1,661
1,753
1,341
2,337
2,112
1,811
355
174
1,546
191
535
1,668
250
203
1,841
1,144
317
193
January...
363
338
February..
46
23.637
540
2,315
39
20
3,128
April
62
51
13
145
May.--.-
49
5
4
212
1.593
2,885
Re-exports,
General
MONTHS
Imports,
and
77
81
131
1,717
197
59
695
206
65
1,547
138
169
2,009
143
278
42
129
1.472
1,704
233
214
32
86
August
285
380
September
76
117
232
260
November
242
127
30,084
512
1,468
1,611
December
170
99
15,052
769
536
1,284
27,118
354
13,779
6,504
10,336
.end. Dec.
1,960
27,534
46,020
18,801
11,965
254
236
end. July
12,042
October
12
Balance
of
527
mos
5,815
1,793
Imports—■
January...
149,755
45,981 121,336
19,085
58,483
2.846
28,708
February
122,817
7.002 120,326
8,211
16,351
17.536
14,080
15,488
13,543
7,795 154.371
52,947
20.842
8,115
5,589
14,440
April
148.670
28,106 215.825
71,236
11.002
4,490
2,821
15,757
May
140,065 169,957 155,366
230,538 277.851 262 103
52,987
13.501
4.989
3,165
17,952
55,438
10.444
63,880
March
1937
1938
1937
1938
1,000
1,000
Dollars
1,000
1,000
1,000
Dollars
Dollars
Dollars
1,804,747
1,948,636
1,818,368
Dollars
mos.
Trade
Increased-)
Decrease(—)
7 Months Ending July
July
Exports and Imports
166
102
June
July
7
MERCHANDISE TRADE BY
Including
i
than twice the figure reported for July, 1937.
'
Exports,
1938
March
Imports of Finished manufactures, valued at $30,899,000 in July, com¬
prised 20.9% of the total imports as compared with $48,778,000, or 18.6%
in July, 1937.
1937
The lower prices of commodities this July—par¬
.
in value, although practically all commodities in this class, which include
from
1936
and tin—accounted for an important part of this change
inedible vegetable oils, tin, nickel, copper, diamonds, wood pulp and lumber,
were
SUrer
1935
June
7.155
268,184
265,214
2,970
Excess of exports
227,780
86,944
140,836
or
—846,790
716,522
143*890
Excess of imports.,__
Month
1,101,846
1933
1934
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
Period
Exports, Includino
Re-exports—
January
23.981
6.025
19,186
July...........
16,287
17,064 175,624
30,230
6,574
4,476
18,326
46,085
67,524 105,013
30,820
16.637
4,964
September
156,805 171,866 145,623
October........ 315.424 218.929
90,709
45,689
8,363
48,898
26,931
5.701
November
+ 13,621
August
210,810
75,962
52.194
60,065
4.451
December..
Exports
Imports
190.180
57.070
33,033
47,603
2,267
10,633
23.151
8.427
7 mos. end. July 821,676 552,766 1204951 311,854 121,456 124,168
12mos.end. Dec. 1740979 1144117 1631523
354,531 182,816
39,001 129,858
91,877
*
Adjusted to Include exported silver pesos coined for the Government of Cuba,
not Included in previous current reports (value in American dollars).
120.589
172,220
176,223
198,564
222,665
February
101,513
163,007
185,026
233,125
108.015
195,113
256,565
274,913
April
May
105,217
162,752
190,938
179,427
182,024
March
164.151
192,795
268,945
274,496
114,203
160,197
165,459
200,772
289,922
257,178
June
119,790
170,519
170.244
185,693
265,341
232,686
July
August
144,109
161,672
171,984
173,230
180,390
268.184
227,780
172,126
178,975
277,031
Demand
September
160,119
220,539
296.579
193,069
191,313
206,413
198,803
October...
221,296
264.949
and Winter Months
332,710
November
184,256
194,712
269.838
226,364
314,697
December
192,638
170,654
223.469
229,800
323.403
7
mos.
131,473
ended July...
289,250
262,067
Bureau
of Agricultural Economics Reports Moderate
Improvement in Consumer
Buying
Power
and
813,438 1,197,725 1,197,340 1,335,351 1,804,747 1,818,368
2,132,800 2,282,874 2,455,978 3,349,167
General Imports—
135,706
166.832
83.748
187,482
240,444
170,709
162,895
132,753
152,491
192,774
277,709
March
94,860
158,105
177.356
198,701
307,474
173,385
April
88,412
146,523
170,500
202,779
286.837
159,863
United
170,533
191,697
284.735
148,259
its
States
definite
154,647
122,197
136,109
156,754
191,077
286,224
145,898
July
August
September
October..
142,980
154,918
127,229
176,631
195,056
265.214
140,836
169,030
245.668
161,647
193,073
215,701
233.142
is
150,867
November
December
7
mos.
12 mos.
133,518
....
224.299
196,400
223.090
186.968
245,161
208,833
Exports of United
States
Merchandise
and
in
but
prospect
the
also
Imports for Consumption
7 Months Ended July
Increase (+)
Decrease(—)
1937
1938
1937
1938
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Exports (U. 8. mdse.)..
Imports for consumption
Dollars
Dollars
Dollars
264,613
262,919
225,111
1,771,979
1,795,028
+23,049
147,797
1,884.668
1,091.017
—793,651
or
Period
Exports—U. S.
Merchandise—
1933
1934
1935
1936
1937
1938
1,000
1,000
1,000
1,000
1.000
1.000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
118.559
169,577
173.560
195 689
219,063
159,617
160,312
179,381
229,671
106,293
187.418
181 667
192.405
252.443
270.034
103,265
176,490
160.511
189.574
264,627
271,512
111,845
157.161
159.791
197.020
285.081
253,615
This
should
future months,
initial
sharp
it
was
upswing
help to
stated,
than
has
periods, the Bureau said, adding:
latter
new
construction
include
consumers'
and
(1)
the gradual increase in Government expenditure
projects get under
producers'
(2)
way;
(3)
goods;
as
increased needs for durable
favorable
residential
building
situation; (4) the relatively small amount of financial deflation which
occurred during the recession as compared with other similar periods.
The
Bureau
products
further
must
await
than
industrial
enced
power
pointed
actual
consumer
a
that
out
demand
increased
in
improvement
consumer
incomes lag behind and
for
activity, it appears that moderate improvement in
and
the
demand for
domestic
farm
farm
most
incomes.
"And
change less erratically
consumer
products will be experi¬
during the fall and winter."
259.292
March
future.
near
less
a
285.951
99,423
the
The Bureau lists some of the uncertain factors "which could
seriously
interrupt" the upward trend in business activity, but cites several favorable
"pointing to a continuation of the initial recovery movement."
buying
January
February
Aug. 17
on
price situation
conditions
recognizing that
Month
for
occurred in many recovery
The
July
Exports and Imports
and
in
improvement in
implies
,
ended July...
735,072
991,072 1,171,098 1,359.565 1.948,636 1,101,846
ended Dec... 1,449,559 1,655,055 2,047,485 2,422,592 3,083,668
the demand
The Bureau analysts point out that
improvement
sustain
128,541
119,513
131.658
129,635
150,919
132,258
212.692
Fall
for
industrial activity and further
depletion of inventories occurred during July. Though these
factors indicate further increases in the output of consum¬
ers' goods and services, no large amount of forward
buying
106,869
189,357
analysis of
for farm commodities.
May
169,385
Prospect
Department of Agriculture, said
current
Judo
146.643
in
A moderate improvement in consumer buying power and
for farm products is in prospect for the fall and
winter
months, the Bureau of Agricultural Economics,
in
96,006
Products
demand
12 mos. ended Dec... 1,674,994
January
February
Farm
for
April
May......
June..
July
August
September.
...
117,517
167.278
181,386
256,481
229,515
159,128
167,865
177,006
264,613
225,111
129,315
169,851
188,860
169.683
175.825
273.561
196,040
217,925
293.374
203,536
192,156
218.184
262.173
329.373
181,291
267,258
223.920
311,212
189.808
168.442
220.931
226.666
319,431
157,490
October......
November...
...
......
December
7
167,902
141,573
II]
ended July.
12 mos. ended Dec.
mos.
190.842
March
June
July
...
increase
92,718
128,976
168,482
186,377
228,680
163,495
84,164
125,047
i 53,396
141,247
147.467
152.246
189,590
260,047
155,924
175.485
194,296
295.705
173,310
166.070
199,776
280.899
155,313
166,756
189.008
278.118
147,240
109,141
123.931
135.067
155,313
194,311
278.300
147.938
173,096
180.381
197,45S
262,919
147,797
200,783
248.730
168.683
218,425
233,959
149,288
125,269
124,010
117,262
149,893
137.975
149.470
189,806
213.419
226.470
162.828
200,304
127.170
126,193
179.760
240,230
212,389
203.636
141,108
August
152.714
September
147,599
October
November
December
7
mos.
12
mos.
ended July.
ended Dec.
farm
cotton,
country
products.
hogs
But it
is
and
Income
reflected only in
has been
Since
some
believed
mid-July
of
the
that
prices
other
in
the
relative
the
importance
of
index for August as compared with that
high prices for tobacco in relation to the
small
received
products
effects
of
by
have
these
power
measure
declined
declines
and
in the
farmers
on
for
con¬
the
least in part, by the marked
in computing the price
tobacco
for
July, and by the currently
pre-war
average.
1,647,220 2,100,135 2,243,081 2,418,969 3,298.929
88,107
May....
grains,
this
in
of
siderably.
798,475 1,177,292 1,170,985 1,312,460 1,771,979 1,795,028
91,893
April
demand
prices
and
improvement in consumer purchasing
general index of farm prices will be offset, at
Imports lor
Consumption
January
February
Prices
To date the prospective
730,972
955,211 1,157,447 1,350,817 1,884,668 1,091,017
1,433,013 1,636,003 2,038,905 2,423,977 3,009,852
Summary of Business Conditions in United States by
Board of Governors of Federal Reserve System—
Industrial Activity Increased in July and Advanced
Further in First Three Weeks of August
The Board of Governors of the
issued
on
Aug. 25 its monthly
Federal Reserve System
summary
and financial conditions in the United
of general business
States, based upon
statistics for July and the first three weeks of August, in
which it stated that "industrial activity increased in July,
when there is usually a considerable decline, and rose some¬
what further in the first three weeks of August."
The
Board, in its summary, also stated:
Volume
Financial
147
Chronicle
Volume
of industrial
average in June to
production
83%
increased
from
1923-25
of the
77%
in July, according to the Board's index which is
feet
of
softwoods
booked
adjusted for changes in the number of working days and for usual seasonal
variations.
feet;
orders of
were:
Steel output rose sharply, lumber production also
and output of cement and glass was maintained.
declined somewhat further.
steel mills
average of
than
the
increased,
40%
of capacity
compared with an
as
35% in July, while in the automobile industry there was more
usual seasonal
reduction
in
plants
producers closed
output as
somewhat earlier than in other recent years to prepare for
the shift to new
At textile mills activity in
July showed
a
further rise, marked increases
being reported in mill consumption of cotton and wool and in shipments of
rayon
Shoe
yarn.
production
also increased substantially,
following
a
Bituminous coal production advanced somewhat in July, and output
crude petroleum was at a
creased
on
week
much higher rate, reflecting chiefly a return to
six-day week basis in Texas.
a
of
Anthracite production de¬
■;\
fornia
all
'
:
Northern
Lumber
wood
mills.
same
220,680,000
shipments,
Redwood
and
the
33%
above
feet,
production.
production.
7%
or
for
Shipments
Identical
week's
Last
production
a year
and
of 432
below
business
new
reported
as
Mill
i
feet.
6,878,000 feet, or
the
for
211,999,000
were
as
Production
the
of
the production
week
215,362,000
was
week
were
6,162,000
feet.
same
was
Reports
identical softwood mills
212,654,000
was
it was 263,604,000 feet; shipments were, respectively,
ago
237,587,000
and
feet
Cali¬
1937;
all regions
f" /
1937, by 448 soft¬
13,
the same
Production
24% above production.
or
1937;
of
production below the 1937 week.
Reports from 88 hardwood mills give
6,405,000 feet,
week
same
the
in
All regions hut Western Pine and
reported
as
and
Southern
California Redwood
regions except
same
for the week ended Aug.
200,822,000
Shipments
feet
213,334,000
feet,
and
198,429,000
received,
orders
feet.
low level and
a
reported in most other types of construction.
were
Cost
Employment
of
Living in United States Increased 0.4% from
15 to June 15, According to Secretary of
March
Factory employment and payrolls, which usually decline at this
season,
increased somewhat from the middle of June to the middle of July.
There
Labor Perkins
substantial increases in the number employed at textile mills, clothing
establishments, and shoe factories, and at railroad repair shops there was a
In the machinery and automobile industries employment
slight increase.
In non-manufacturing industries the principal
declined somewhat further.
changes in employment were a decrease at mines and
railroads.
an
increase on the
V'"'
A domestic cotton
of 12,000,000 bales
crop
11,000,000
The
crop
Last
Aug.
on
1.
the crop was
season
with world consumption of American cotton about
the
bales,
indicated
was
according to the Department of Agriculture.
19,000,000 bales and,
increased
carryover
forecast at
was
sharply
13,500,000
to
956,000,000 bushels,
874,000,000 bushels harvested last
of about 670,000,000 bushels.
The cost of
salaried
as
bales.
0.4%
Secretary
of
compared with
Production estimates for most other major
slightly under the large harvests of
a
year
ITeliminary
ago.
32
in
of
and lower-
States
United
the
1938,
during the quarter ending June 15,
Frances
Labor
costs
wage earners
large cities
largely
were
Perkins
for
responsible
21.
Aug.
announced
increase,
this
although rental costs and items of the miscellaneous group
contributed
less
by
Bureau of
wage
based
fuel
Labor
83.0
year
ago,
They
100,
as
workers
was
83.3
in
on
of all
the
32
June 15
goods purchased
cities combined,
compared with
as
Average living costs were 1.4% lower than they were a
March 15.
by the Department of Agriculture indicate that cash farm income,
including Government payments, will total $7,500,000,000 for the calendar
lower-salaried
1923-25
in
goods cost
Miss Perkins added:
March 15."
on
said.
Perkins
Secretary
light, and housefurnishing
Statistics index of the cost
and
earners
costs
on
rise,"
general
and
June 15 than
on
The
the
to
"Clothing,
and usual domestic consumption
year
living for families* of
workers
increased
"Food
Agriculture
were
feet;
218,404,000
orders above production
new
below
reported
reported
2% below
or
increase also in commercial building, reflecting the award of a contract
wheat
The
shipments
totaled
209,756,000
Factory construction remained at
reported
1938,
Hemlock
orders
mills
Contracts for residential building continued to increase, and there was an
large office building.
shipped
feet;
California
v,/-•
for
220,524,000
produced
Redwood reported orders below those of corresponding week of
regions reported
feet, and
declines
combined;
217,141,000
Coast,
regions
13,
mills
519
feet.
West
Aug.
1938,
Revised figures for the preceding week
reported shipments above output.
Value of construction contracts awarded in 37 eastern States showed little
crops
production,
540;
226,890,000
Hardwood
change from June to July, according to figures of the E. W. Dodge Corp.
were
hardwoods
sharply following a considerable volume of output during May and
June.
a
and
13,
207,700,000 feet.
Pine,
ended
feet,
decline in June.
production
Northern
but
model production.
Mills,
orders,
Southern
Automobile production
In the first three weeks of August activity at
at a rate of around
was
1261
During the week ended Aug.
Production
were
estimates
1938,
year
decline of 12% from last
a
year,
which
the highest since 1929.
was
on
11.9% higher than at the low point in June, 1933.
16.4% lower than in December, 1929.
costs advanced in 19 of the 32 cities during the quarter.
Chicago
Total
yDistribution
In
v;.y
while
amount,
sales
variety
at
stores
mail-order
and
houses
decreased
seasonally.
Retail sales of automobiles increased somewhat, although there
is
a
ordinarily
decline in July.
loadings
increased
from
June
reflecting
chiefly
Food
lower in
were
the third
costs,
March.
meats
the
of
higher
and
Of
Cotton grey goods also
declined in the early part of August, while prices of copper and rubber were
all
maintained, following increases in the latter part of July.
reported
reserves
$2,930,000,000, following
growth from the middle of April to
peak
Reserve
excess
largely the result of
a
on
July
13.
a
steady
The decline in
increase in Treasury deposits with the
banks, reflecting receipts from weekly Treasury bill offerings in
of maturities
and
sale
a
Most of the decrease in
notes.
an
of
Reconstruction
excess reserves
was
Finance
at city
Corporation
banks.
Following substantial declines since the autumn of last year, commercial
loans and brokers' loans at reporting member banks in 101 leading cities
increased somewhat
during the first half of August.
Member banks in
The lumber
67% of
of
the
of
industry during the week ended Aug. 13, 1938,
66% of the 1929 weekly average of production and
1929 shipments.
average
that
Production
corresponding week of 1929;
week's
shipments;
was
about 64%
shipments, about 72%
orders, about 69%
new
week's orders, according to reports to the
National Lumber
Manufacturers Association
associations
from
regional
cov¬
1938, continued to increase and
to date.
week.
New
orders
during the preceding six
in
of
the
1937.
Aug. 13, 1938,
last
week
production.
19%
13,
the highest of the year
were
lower
and
year.
ended
than
were
New
Aug.
National
lower
included
New orders in the
7% below the corresponding
was 6% below output
13;
shipments
were
than
production
1%
below
respectively,
during corresponding
reported
for
the
week of
week ended
Aug. 13 by 4% fewer mills was 2% above the output
(re¬
vised figure) of the preceding week; shipments were 1%
below shipments; new orders were 8% below orders of the
previous week.
The Association further reported:
decline
in
the
cost
of coal.
On
chiefly because
the average, fuel and
where they dropped 8.0%, bituminous
in March.
The decreases of 6.6% in
lowered bituminous
in the latter city.
The
5.1% decrease in Houston was the result of the lowered cost of
wood, and the 5.0% drop in Portland, Me., was due to the decline in the
of anthracite.
cost
The
of housefurnishing goods
cost
decreased 1.0%.
Textile furnishings,
were largely responsible for the decrease
which occurred in 30 of the 32 cities.
Scranton reported the biggest drop
prices for most items, particularly suites
chairs contributed to the 4.0% decrease.
miscellaneous group changed very little in most cities,
of furnishings, where
in
the
furniture,
co6t
and
mattresses
the
in
this
furniture
of
suites
and
of
the average 0.2%.
In the 22 cities reporting a lower cost
of items, the largest declines occurred in Buffalo and
group
Portland, Ore., where the drop was 1.9%.
In Buffalo this was largely
due to lowered prices for motion picture admissions and to decreased cost
service.
medical
of
fares
car
most
were
Portland, Ore., movie prices also declined.
In
raised
1.7%
the
of
in
and
only other city reporting an increased cost of miscellaneous
than 1%, the 1.5% rise was largely due to an advance in
the
Street
San Francisco and Los Angeles, accounting for
1.2% advances in those cities.
In Philadelphia,
more
items of
the price
of newspapers.
business
Production and shipments were,
12%
time
any
weeks, which, however,
peak weeks for the past 12 months.
week ended
week
Aug.
Shipments again dropped slightly below from the
preceding
the
was
ended
reporting a drop
Birmingham and 5.7% in Kansas City were also due to
coal costs, as well as to a decline in electricity rates
for
week
In the three-month period ending June 15, as
light costs fell 2.8%.
In Atlanta,
coal was selling for 15% less than
mills.
the
declines
light costs were lower in each of the 32 cities,
and
seasonal
the
Items
in
the
with
preceding quarter, Detroit was again the only city
rental costs of more than 1% (1.6%).
increasing on
production
dropped,
(1.4%).
Pittsburgh
in
ering the operations of important softwood and hardwood
Reported
in
occurs
the 32
reflecting
15,
group
the
rugs
of that
generally
apples which
and
pork products.
clothing costs in
this
in
Fuel
Ended
potatoes
Of the five cities reporting lower food costs, Richmond
net decline, 2.1%, due largely to the decreases for
March
on
and
of
stood at
and
items
in
Week
the average, prices for fresh fruits and vegetables
in March.
This increase was in part due to
cities were 0.7% lower on June 15
in each of the 32 cities.
Most
men's and women's shoes and boys'
suits showing the most significant declines.
Six cities, led by Jackson¬
ville, Fla. (1.5%), reported clothing costs lower by 1.0% or more.
Average rental costs increased 0.4%, due to increases in 15 cities and
decreases in
17.
The largest advances were noted in Chicago (3.8%),
than
tions, but thereafter their holdings showed little change.
Lumber Movement
Aug. 13, 1938
lowered
largest
Average
in
of
the
butter
the middle of July, mainly United States Government guaranteed obliga¬
Report
June than
vegetables, eggs and
cost of all other
fruits,
by wage earners and lower-salaried workers, 27
food costs during the last quarter; five reported de¬
Kansas City, Indianapolis and Minneapolis food costs rose
more.
or
showed
leading cities added about $170,000,000 to their holdings of investments in
Weekly
fresh
by the
increased
In
4.0%
five weeks ending Aug. 17 to a total of
reserves was
in
!.<
of member banks declined by about $230,000,000 in the
of
purchased
goods
clines.
Bank Credit
Excess
much
part to an
and celery.
oranges
Steel scrap advanced further in July, then
as
increase in the prices of lettuce, as well as
Eggs advanced 10.6%.
the 32 cities for which the Bureau prepares indexes of the cost of
spring,
carrots,
the first half of August.
of
than
of
prices
week of August than in the middle of July, while prices of most industrial
commodities were unchanged.
declined somewhat in
(1.4%) due largely
decreases
cities, were 2.0% higher in
costs
counterbalanced
On
foods.
51
for
increased
partially
in
rise
averaged
as
Sharply
were
15.3%
were
livestock, and meats
than 1%
reported
1.0%.
as
groups
Commodity Prices
Richmond,
Buffalo and
two,
more
Of the 13 cities in which declines were
and rental costs.
food
only
noted,
were
only city reporting a rise of
increased
in
July,
to
larger shipments of grain, coal, and miscellaneous freight.
Prices of grains, cotton,
to
In the first half of August sales at depart¬
ment stores showed less than the usual seasonal rise.
Freight-car
the
was
July department store sales declined by less than the usual seasonal
but
Percentage changes
lower-salaried
clerical
in
Table 1
shown
are
of
based on average costs in the years 1923-25
of items, for each of these cities and for the cities
costs in 1913 taken as 100, for the 32
combined, are also presented in Table 2.
The index of the cost of
presents indexes
2
100,
by
cities
goods
with
by groups
1 '
combined.
all
for 32 large cities of the United States,
items.
Table
as
in the cost of goods purchased by wage earners and
workers from March 15, 1933, to June 15, 1938,
groups
Group
on
144.6
on
the
indexes with
1913
March
base was
15,
1938.
145.2 on June
15,
1938, as compared
Financial
1262
MARCH 15. 1938 TO JUNE 15,
PURCHASED BY WAGE EARNERS AND
TABLE 1—PERCENTAGE CHANGED FROM
1938 IN THE COST OF GOODS
LOWER-SALARIED WORKERS IN 32 LARGE CITIES OF THE UNITED
STATES,
BY GROUPS OF ITEMS
HouseAU
Fuel
Cloth¬
Food.
Items
City
furnish- Miscel¬
and
Rent
ing
ing
Light
Area and
Goods
laneous
New England:
+0.7
+2.9
—0.6
i—0.1
—1.8
—0.7
+0.1
Boston..
+ 2.2
—0.8
—0.2
—5.0
—0.4
—0.1
—1.0
—0.6
—1.0
—0.1
—1.9
—1.2
—1.9
—0.7
.......
Portland, Me
Middle Atlantic:
Buffalo
......
-
—0.1
+ 0.3
+ 1.2
+0.2
+-2.8
—0.8
+0.1
+0.2
—2.3
+0.8
—4.5
—2.9
+ 1.5
+ 0.6
+ 1.8
—0.1
+ 1.4
—1.7
—0.6
+ 2.2
—0.5
—0.2
—4.8
—4.c
+3.3
—0.5
+3.8
—3.7
—0.8
+•3.1
—0.9
—0.2
—2.9
—2.0
—0.2
......
Scranton
+ 0.1
+ 0.7
.....
Cleveland.....
+ 0.3
+ 2.4
—0.4
—0.8
—0.7
+0.1
—0.5
+ 1.5
—0.8
—1.6
—4.2
—2.6
+0.6
+ 4.0
—0.8
—0.5
—4.6
—0.1
+0.1
Kansas City
+0.7
+ 4.3
—0.6
—0.1
—5.7
—1.7
Minneapolis...
+ 0.9
+ 4.0
—0.8
+0.5
—1.7
—1.2
—0.2
+ 0.4
+ 2.8
—0.9
—0.1
—3.5
—0.1
—0.4
—0.3
+ 1.4
—0.6
b
—8.0
—1.0
Month
—0.1
—0.1
':,
(Production)
(All
'
Comm'l
Pas¬
Total
-
Passenger
Trucks,
Vehicles)
West North Central:
Cars
&c.
Cars &
senger
Total
Trucks
Cars
1938—
St. Louis
b
June
174,667
136,531
11,014
141,437
106,841
38,136
34,596
14,732
July
9,007
5,273
3,734
1,345,311
1,043,358
301,953
111,165
81,375
29,790
5,922
South Atlantic:
Atlanta......
Total 7
+ 1.6
—0.1
b
—0.6
—0.8
Jacksonville
—0.2
+ 1.1
—1.5
—0.7
—1.1
—2.1
c
Norfolk
—0.8
—1.9
—0 6
b
—2.1
—0 8
c
Richmond
-T-1.0
—2.1
—1.0
—0.6
—0.2
—0.3
+ 1.1
—1.2
+0.1
+0.2
—2.6
Savannah
—0.9
—1.8
—0.7
+0.4
Baltimore
+0.1
+ 1.3
—0.2
—0.3
—2.6
—0.9
+ 0.4
—0.6
—0.2
—6.6
c
—0.1
b
+0.5
—0.2
—0.3
—0.4
—0.1
b
—0.1
+ 0.4
—0.4
+0.1
—2.6
—0.3
—0.1
—-0.8
—1.4
—1.0
+0.3
—5.1
—0.4
end. July
1937—
June
497,312
411,414
85,898
23,841
17,919
438,968
360,400
78,568
17,941
12,613
5,428
3,227,266
2,647,387
579,879
146,512
109,336
37,176
3,554
Total 7
mos.
—0.4
—0.4
Washington.
mos.
3,718
July
end. July
c
—0.5
East South Central:
1936—
Birmingham...
Memphis..
Mobile
June
452,968
375,337
77,631
16,400
12,846
July
440 731
371,922
68,809
10,475
7,901
2,574
2,929,291
2,413,384
515,907
116,423
92,866
23,557
West South Central:
Houston
Canada
United States (Factory Sales)
Year and
—O.l
Indianapolis
commercial
OF VEHICLES (INCLUDING CHASSIS)
NUMBER
—0.1
Detroit..
.......
passenger cars or
tractors respectively.
644.
East North Central:
Cincinnati
making
The figures
for passenger cars include those for taxicabs.
The figures
for commercial cars, trucks and road tractors include those
for ambulances, funeral cars, fire apparatus, street sweepers
and buses, but the number of special purpose vehicles is
very small and hence a negligible factor in any analysis for
which the figures might be used.
Canadian production
figures are supplied by the Dominion Bureau of Statistics.
Figures of automobile production in June, 1938, 1937 and
1936 appeared in the July 30 issue of the "Chronicle," page
+ 0.1
+0.5
Philadelphia...
Chicago...
as
trucks and road
—0.1
+ 1.4
Aug. 27, 1938
in the number shown
cars,
—0.1
New York...........
Pittsburgh
Chronicle
Total 7
........
—-0.8
—1.0
—0.9
c
—2.9
—1.5
......
+0.4
+ 2.0
—0.7
—0.1
—0.2
—1.6
b
Los Angeles..........
+0.7
+ 1.1
—0.6
+0.2
—0.4
—0.3
+ 1.2
—0.4
—1,2
—1.9
New Orleans
end. July
mos.
Mountain:
Denver
Bank of Montreal
Pacific:
—0.7
+ 0.8
—0.2
—2.4
+ 0.5
+ 0.3
—0.7
+0.5
—1.8
—0.3
+ 1.7
—0.1
Portland, Ore........
+ 0.6
—1.3
+0.1
—1.0
—0.2
+0.1
San Francisco
Seattle.......
Reports Further Delay in Harvesting
Crops Although Cutting Is Well Advanced
of
In its weekly report on the condition of Canadian crops,
issued
Aug. 25, the Bank of Montreal states that "in the
fairly general rains have caused
further delay in harvesting operations, although cutting is
Prairie Provinces of Canada
large citlee
of the United States..
Average—32
+0.4
a+2.0
—0.7
—2.8
+0.4
—1.0
+0.2
advanced
well
a
Covers 51 cities,
TABLE
b Increase less than 0.05%,
2—INDEXES OF
c
Decrease less than 0.05%.
EARNERS AND LOWER-SALARIED WORKERS IN 32 LARGE CITIES
A period of warm, dry
(Average 1923-25=100)
be
House-
Area and City
Food
ing
and
Rent
ing
Light
Items
fairly satisfactory
grading well.
furnish¬ Miscel¬
Fuel
laneous
Goods
weather is
Saskatchewan
In
and grades have been
In Manitoba
early marketings
and
76.1
83.0
87.0
76.5
83.7
crops
show
generally lowered
as
98.6
83.4
85.1
79.3
82.3
76.5
79.6
91.3
103.5
84.1
77.6
80.6
73.7
96.3
92.1
98.5
84.3
80.8
80.1
77.3
84.4
79.4
99.7
83.1
Portland, Me
82.2
79.5
69.1
78.6
83.0
97.8
82.9
......
Scran ton
79.6
81.4
70.2
99.7
84.5
96.2
77.1
73.1
86.8
97.1
83.0
72.5
East North Central:
wheat
are
result of rust and drought.
In the Province of Quebec
by heavy rains
some extent
but crops continue to give promise of abundant yields.
are
In Ontario there
heavy crops of the main staples and good progress is being made in
harvesting.
82.1
Philadelphia
Pittsburgh
wheat yields will
wide variation and yields
a
a
In Alberta crops generally continue promising.
Middle Atlantlo:
Buffalo..
New York
Southern
of rust-resistant
harvesting operations have been hampered to
New England:
Boston
and
required, particularly in Alberta,
now
facilitate the harvesting of the crops.
to
Cloth¬
Saskatchewan
threshing has become general in Manitoba,"
Continuing the bank says:
OF THE UNITED STATES, BY GROUPS OF ITEMS, JUNE 15, 1938
All
of
most
over
Alberta and
THE COST OF GOODS PURCHASED BY WAGE
In
Maritime
the
satisfactory growth but in
the
crops
have
been
showing
districts excessive moisture has damaged
In British Columbia occasional showers at the coast
potatoes and grain.
and
Provinces
some
heavy rains in the interior
yields of these will be below
late to benefit grain and hay and
came too
average,
but roots generally and tree fruits
are
doing well.
82.5
80.5
Chicago
75.3
91.9
60.6
75.8
100.7
Cincinnati
87.2
77.6
95.5
94.3
101.3
Cleveland
86.3
81.7
85.4
69.4
100.3
80.8
104.3
Detroit
81.5
81.4
83.3
68.4
76.8
82.8
95.1
82.4
81.3
80.3
65.7
83.3
88.4
93.6
Indianapolis
81.9
82.0
Bank
Montreal
of
Reports Favorable Harvest Con¬
Helping
Business
Outlook for
Coming
ditions
Autumn
West North Central:
Kansas City..
82.6
82.0
81.7
61.7
79.4
80.3
85.6
87.4
80.3
71.6
89.3
88.3
97.6
83.8
85.9
82.2
58.5
84.5
90.6
101.5
and
Winter
100.2
Minneapolis
St. Louis..
South Atlantlo:
80.3
Baltimore.......
Jacksonville..
...
Norfolk
65.8
69.4
90.1
95.4
84.2
82.3
76.2
80.9
86.1
104.3
79.8
....
72.5
86.7
Atlanta
76.8
81.1
59.6
87.9
82.0
90.7
104.0
85.7
84.4
74.7
89.2
64.7
80.0
87.3
Richmond
83.1
70.7
90.3
73.1
80.4
93.0
99.3
Savannah............
81.2
78.4
85.1
63.8
84.3
86.4
91.5
Washington.
87.2
80.6
83.8
87.7
82.1
90.3
99.9
East South Central:
Favorable
conditions in all Canadian provinces
brightening the outlook for business in the approaching
autumn and winter,
according to the monthly "Business
Summary" of the Bank of Montreal, dated Aug. 23.
Busi¬
ness operations iti Canada,
while reflecting the American
are
depression
same
78.0
81.7
93.0
63.1
88.1
94.2
95.0
75.3
90.0
66.9
70.4
90.1
99.5
76.5
77.7
73.8
76.3
93.8
94.5
81.7
82.2
72.5
75.3
95.3
92.1
84.4
New Orleans
60.0
88.5
83.2
Mobile...
West South Central:
Houston
88.1
75.3
82.0
...
68.6
83.4
Memphis.
85.7
78.9
64.3
79.3
90.7
100.2
Mountain:
Denver
Pacific:
noticeable
Los Angeles
78.6
72.2
86.4
55.4
83.7
80.9
81.9
62.2
81.6
82.8
95.0
84.8
85.0
100.1
San Francisco
88.2
81.3
93.0
Seattle
87.5
79.6
89.4
73.6
78.7
90.7
106.4
71.3
97.3
92.8
101.2
-
»
large cities
of the United States..
83.3
a80.2
•82.3
69.7
!'
85.5
18.7
\
Average—32
large
cities
of the United States..
•
a!27.0
147.7
113.4
158.4
177.3
196.9
Covers 51 cities.
Automobile Output in July
Factory sales of automobiles manufactured in the United
States (including foreign assemblies from parts made in the
United States and reported as complete units or vehicles)
for July 1938 consisted of 141,437 vehicles, of which 106,841
were passenger cars and 34,596 were commercial cars, trucks
and road tractors, as compared with 174,667 vehicles in
June 1938, 438,968 vehicles in July 1937 and 440,731 vehicles
in July 1936.
These statistics, comprising data for the
entire industry, were released today by Director William
L. Austin, Bureau of the Census, Department of Commerce.
Statistics for the months of
1938
are
based
on
data
re¬
ceived from 74 manufacturers in the United States, 23 making
passenger cars and 63 making commercial cars, trucks and
road tractors (12 of the 23 passenger car manufacturers also
making
commercial
trucks and road tractors).
It
should be noted that those making both passenger cars and
commercial cars, trucks and road tractors have been included
cars,
to
reached
the
say:
number
indices
business
of
month, but others have hung back
ment at Ottawa,
element
one
value
the
of
of
by fixing
of
consumer
have
moved
upward
receded.
even
or
during
the
past
However, the Govern¬
minimum price of 80c. for wheat, has removed
and
ensured
increase
substantial
a
the Prairie provinces.
in
general
a
a
uncertainty
power
.
.
increase
of
rural
There is some indi¬
.
in purchasing power, as
in June the dollar
purchasing for 12 lines of retail trade gained 5% over
May volume and
In
145.2
time
no
In its "Summary," the Bank also had the follow¬
rapidly.
ing to
cation
84.6
(Avprftffn lG13=1f>m
It/lu
JLVJKJ/
at
responding now to the slight better¬
the south, as well as to domestic eco¬
are
Harvesting is now general in the Prairie
provinces, where late rains have been beneficial in improv¬
ing the quality of grain that had been ripened rather too
purchasing
Average—32
have
extent,
some
nomic influences.
A
Portland, Ore
to
low level and
ment
77.2
81.7
Birmingham..
harvest
was
only 1% lower than in June, 1937.
...
variable.
The demand for
durable goods has fallen off and some of the heavier industries have
been short of orders.
The textile mills have been operating well below
capacity but have now prospects of greater activity with finning prices.
The newsprint industry has not emerged from its difficulties but ship¬
ments
in
July, 205,490 tons, again exceeded
production which was
202,546 tons as compared with 201,694 tons in June and 316,194 tons
in July, 1937.
The demand for all varieties of pulp has picked up with
the
manufacturing
field
conditions
are
rising prices.
'
*.
AAA
&
of
the
reallocate
to
statistical
York,
to
Reallocate
Statistical
Beet Sugar
Position,
Says
B.
Deficits
W.
Dyer
Co.
Decision
not
Not
Decision
Balances
Agricultural Adjustment Administration
beet deficits approximately
balances the
according to B. W. Dyer & Co., New
economists and brokers, whose report con¬
position,
sugar
tinues:
beets
If
five
deliver
months
would
be
of
about
the utmost
any
year,
that
they have
ever
delivered in the last
and this is by no means assured, the deficit
If we add to this figure the expected full
315,000 tons.
duty and Virgin Island deficit of
would be about 368,doo tons.
This,
about 53,000 tons, the total deficit
deducted from the total of 6,780,000
tons,
Financial
147
Volume
leaves
an
list
below
effective
certainly would
not allow for
any surplus of consequence, particularly if indications later
this year favor, as we believe
they will, a bullish quota for 1939 with
resultant building up of invisibles.
We
to
give
deliveries
theoretical
a
quota of 6,412,000
equivalent to the
for
previous
indication
of
Deliveries
*Beet Deficit
506,054
1935
-
1934
1933
—
deliveries
beet
if
1931-
1930-
are
On Aug.
—
1929—
422,898
455,948
.
1927
—
1928
—
—
459,713
b402,010
556,180
408.498
560,778
403,900
—
This year If deliveries
The average
tons.
in
It
b Low.
High,
a
determination
for
be noted
Should
based
the year
on
and
made to
At
the present time
$4.30
a
hundred
an
preceding and the first
return
during the last five months of this year
pounds less than
there
the
to
was
processor
the
beet
Acreage
allotments
to
farmers
to
W.
Dyer & Co., New York, sugar economists and brokers, whose
report states:
The
with
beet
current
the current
that
the
estimated
crop,
will
compares
surely
means
Other¬
wise, they risk unwieldly surpluses.
Plantings start on the Pacific Coast
in November/December, and as contracts with growers are made prior to
that time, it would seem that allotments should be made some time in
September.
Past experience with acreage allotments indicates the tendency
to decrease the size of th crop beyond the original objective.
No one
can
plant more than his allotment, and everyone does not plant his full
issue
acreage
allotments
to farmers.
allotment.
To
be
the
acreage
impossible,
is
crop
will
what
forecast
total
calculated
but it
Otherwise, why make allotments?
the
anticipated
the
smaller
sugar
over
large
the
the
a
fair
quota
the
that the crop
presumption
minimum of
1,550,000 tons.
We believe it will be lower because of
The point
carryover.
allotments,
allotment will indicate in the way of a
seems
exceed
to
not
make of all this is that
we
likely
more
beet
processors
hold
to
are
which would increase the beet deficit this year.
to next year,
Sugar Production in Java to July 1 Increased 57,050
Tons Above Same Period Last Year
Sugar production in Java since the start of the campaign
in
April to July 1 amounted to 376,124 long tons as com¬
with 319,074 tons during the corresponding period
pared
in
1937,
received
an
increase
of 57,050 tons,
to advices
The firm further
according
by Lamborn & Co., New York.
announced:
This
year's Java
decree.
Last
sugar
is limited to 1,400,000 tons by Government
crop
tons,
out-
Exports during the current April-June period amounted to 277,770
tons
turned
as
year's
compared with
of
1,400,000
to
247,478 tons in the corresponding period last year,
30,292
last
Sugar stocks
tons.
totaled 332,590
year
restricted
also
1,392,146 tons.
increase
date
production,
tons
as
against
on
an
1 this
the same
hand in Java on July
238,229 tons
on
hand on
year.
Coffee
Exports
from
During
Haiti
Below
July
Decreased
June
Exports of coffee from Haiti in July, 1938 amounted to
1,676,774 kilos, of which 653,089 kilos were consigned to
the United States compared with June exports of 1,788,844
kilos of which 281,364 were consigned to the United States,
according to a report from the American Consulate at Portau-Prince, made public by the Department of Commerce,
Aug. 22, which further stated:
Exports increased considerably over July, 1937, when foreign shipments
of coffee amounted to 760,904 kilos of
to the United
On July
States, it
11,1938,
a
was
which 44,000 kilos were consigned
stated:
■
kilos
(150,000 sacks of 80 kilos each).
increase in coffee
■
French-Haitian Commercial Treaty became effective,
under which Haiti received an annual coffee quota in
France of 12,000,000
This treaty accounts for a sharp
exports to France which totalled 12,000 kilos in July,
1937, compared with 413,205 kilos in July, 1938.
It is estimated that coffee exports from Haiti for
June 30,
the fiscal year ending
1939, will be between 25,000,000 and 28,000,000 kilos, according
to the report.
♦
1937
Agricultural Conservation Program Expenditures
Totaled $333,352,382 to July 1, 1938 Reports AAA—
Payments to Farmers Amounted to $315,569,403
The
Agricultural
Adjustment Administration
announced
Aug. 20 that payments to farmers in all parts of the country
under the 1937
Agricultural Conservation Program, together
national administrative costs up to
July 1, 1938, totaled $333,352,382.
The announcement gave
distribution, by States and regions, of payments already
made or due to farmers who participated in the 1937 con¬
servation program.
Out of $333,352,382 of expenditures
under the program, the AAA said, payments to farmers,
including county expenses, totaled $315,569,403.
As of
June 30, 1938, there was a total of $32,268,111 in unpaid
obligations, and $283,301,292 had been actually paid to
farmers.
State office expense from July 1, 1937, to July 1,
1938, amounted to $10,835,701.
The Washington adminis¬
trative expense was* $5,087,946.
Other offices of the Depart¬
ment of Agriculture were allocated $1,013,832, and $835,500
with county, State and
was
transferred
to
the General Accounting Office and
Treasury.
in
area
was
price of
sugar
average
cane
sugar
per
at current prices
return in
is about 90c. per 100
the year preceding the Act, when
tax.
no
395,219
V'-r;
approximately equal to those
beet sugar stocks
are
for
the
including refiner stocks,
corresponding period last year,
higher than those
a
Petroleum and
Cut by
year
ago.
Its Products—East Texas Crude
Independents—Major Units Fail
to
Prices
Follow
Slash—Two-Day Shutdown Order in Texas Seen
September—Daily Average Crude Oil Output
for
tons,
We believe this
1,572,000 tons.
of
quota
Administration
1,750,000
about
at
be
of approximately $4.70 during the year
following the Sugar Act of 1937.
Thus, the
by
B.
by
forecast
are
will
the deficit
Cane sugar supplies for the balance of the
year,
Forecast
Farmers
B. W. Dyer & Co.
Allotments
year
producing
contemplated
thereof
including the excise tax of one-half cent
but
Sugar
is
average
are
Beet
Last
quoted wholesale seaboard
year
of
deficit
reallotment
no
The AAA announcement continued:
the
pounds,
compared to
as
and the end of the year,
now
sugar
areas.
sugar
short tons, raw value.
high point occurred in 1936 and the low
1929, the deficit would be 562,668 tons.
beet
a
producing
marketings of the
that the
tons, while
of
consequently
other
deliveries
beet
equal deliveries of 1936, the deficit would amount to 315,309
if
1938
pound,
theoretical deficit of all the years shown would be 434,564
will
1929.
equal to years shown,
be foreseen arise between
now
is
*
19 the Agricultural Adjustment Administration
announced that unless unusual circumstances which cannot
no
Deficit
342,412
504,165
a562,668
1263
AAA Announces Policy Regarding Beet Sugar DeficitNo Reallotments to Be Made
Theoretical
Beet
622,266
-
321,793
426,232
508,730
*
Deliveries
Year—
b315,390
1932——
to December
August
Aug.-Dec.
458,624
a649,288
642,885
538,446
541,780
-
-
deficit
Theoretical
Fear—
1936—
from
years
the
which
shown:
years
Aug.-Dec.
1937—
tone,
Chronicle
the
Up
Texas Cancels Tender
on
Mexican Oil—Crude
Oil Stocks Lower
Despite
a
15-cent barrel reduction in the price of East
Texas crude oil posted on Aug. 21
by
Co. and followed
by several other
the East Texas Refining
independent units, the
major oil companies as of press time last night (Friday) had
not reduced their prices and the consensus was
that no re¬
duction would be made until the end of the month.
A Pr^ce
SI-20 a barrel for East Texas crude was estab¬
by the 15-cent reduction in the posted price of the
East Texas Refining Co. which was followed
by similar
action on the part of the
Daneiger Oil and Refineries Co.
and several other
independents.
Increases in imports of
foreign crude and the shipping of Louisiana and Arkansas
crude (at much lower price
levels) to East Texas refineries
were responsible for the reduction.
In announcing that
they would meet the price cut, officials
of Daneiger said that "for
many months, the posted market
price for crude oil of similar grade and quality in other fields
of Texas and in other
States, has been maintained at a
figure substantially below the posted price in East Texas.
Crude prices have thereby been rigged
against independent
purchasers and refiners of East Texas oil resulting in the
elimination of many independent market outlets for East
Texas crude and its products."
"This company," the statement continued, "in common
with other independent purchasers
similiarly situated, has
continued to suffer these inequalities in the
hope that the
unfair differentials in the crude oil price structure would be
corrected.
However, since prices in other fields were not
advanced then it was necessary to institute lower
prices for
crude produced in the East Texas field in order to iron out
lished
the differential."
In addition to the two companies named
above, Premier Refining and Grogan Oil met the cut.
Although no definite action was settled at the monthly
proration meeting of the Texas Railroad Commission held
early in the week, it was the general opinion in oil circles,
accentuated by the East Texas price cut, that the five-day
production week would return to the Lone Star State's oil
industry when the Commission issued its September proration
orders.
With
independent companies paying only $1.20 a
Texas crude, the majors apparently are
holding off on any reduction at this time in the hope that the
price cut will strengthen the chances of the return of the
five-day production week to Texas. C. V. Terrell, Chairman
of the Commission, said a day or so after the price cut was
announced, that it was the "unanimous view of the Com¬
mission that a return to the Saturday-Sunday shutdown
schedule was very probable."
Daily average production of crude oil in the United States
during the week ended Aug. 20 rose 32,800 barrels over the
previous period to 3,392,700 barrels, which is approximately
45,000 barrels under the Federal market demand estimate for
the month, according to the American Petroleum Institute
reports.
California led the upturn with an increase of 14,100
barrels in its daily average to 683,300 barrels.
Oklahoma
was up 3,800 barrels to a daily average of 443,400 barrels.
An increase of 5,800 barrels in Texas lifted the total there to
1,393,650 barrels.
Louisiana gained 5,050 barrels to 261,050
barrels while Kansas was up 2,900 barrels to 168,100 barrels.
C. V. Terrell, Chairman of the Texas Railroad Com¬
mission, on Aug. 22 canceled a tender covering 100,000
barrels of crude oil shipped from Mexico to the Eastern State
Petroleum Co. on the grounds that import of Mexican oil
into Texas was an "outrage."
He regretted that the Rail¬
road Commission could not prevent the oil imports but held
that this was something that only the Federal oil authorities
barrel
for
East
could handle.
but after the
"Tenders
shipment
were
issued
tested
on
the Mexican crude
found that it
was 49
plus gravity and 66% gasoline and the tender was canceled.
An oil products tender was issued and the shipment turned
over to the Federal Government," he explained.
"In the event that the Eastern States Petroleum Co.,
which had admitted additional shipments of 200,000 barrels
was
we
Financial
1264
Chronicle
of Mexican crude, accepts
the oil products tender, the com¬
$109,000 customs instead of the $21,000 duty
100,000 barrels of crude." he added.
In commenting
on the question of importing Mexican oil at this time, he
pointed out that "we are already having our own difficulties.
A cut of production of crude oil must come because stocks of
crude and gasoline are not being reduced as fast as they
should be at this season of the year.
Reports of a general
pany
will
cut
in the crude oil structure
are
beside the mark.
Two
Eastern States Petroleum officials issued
Houston
a
statement in
Aug. 24 disclosing that the first cargo of crude oil
purchased under its contract with the Mexican Government
had been delivered.
"The cargo," it was continued, "con¬
sisted of approximately 40,000 barrels of Poza Rica crude
oil of about 29 gravity.
The crude oil in question was pro¬
duced from wells of the Petromex, the Mexican Government's
own
producing companies in the Poza Rica field.
No
American oil company has ever had production in this field.
The Eastern States Petroleum Co., which continuing to
operate largely on Texas crude, is importing a substantial
quantity of this Poza Rica crude oil."
From
Amsterdam, Havas News Agency reported on
Aug. 24 that the embargo on two lighters carrying 1,500 tons
of Mexican oil which have been held by Netherlands author¬
ities since Aug. 18 pending a claim lodged by the Britishowned Mexican Eagle Oil Co. was lifted by the Dordrecht
Tribunal.
The court held that the company had failed to
prove its ownership of the crude oil, which Mexican Eagle
claimed had been taken from its oil holdings recently seized
by the Mexican Government.
Inventories of domestic and foreign crude oil held in the
United States dropped 1,155,000 barrels during the week
ended Aug. 13 to 286,251,000 barrels, which is within a
on
American
The
Institute
Petroleum
States
foreign crude dipped 255,000 barrels.
There were no crude oil price changes.
Imports of petroleum for domestic use and receipts in bond at principal
States ports for the week ended Aug. 20 totaled
United
daily average of 134,429 barrels, compared with
a
barrels for the week ended Aug. 13 and 148,607
(All gravities where A. P. I. degrees
Bradford, Pa
$1.80
There
for the week ended Aug. 20 compared with a daily average
in the week ended
Aug. 20.
Reports received from refining companies owning 89.0%
barrel
estimated
daily
potential refining
capacity of
United
States
basis, 3,265,000 barrels of crude oil daily during the week, and that al'
companies had in storage at refineries, bulk terminals, in transit and in
pipe lines as of the end of the week, 72,709,000 barrels of finished and
unfinished
gasoline and 147,180,000 barrels of
gas
and fuel oil.
Total gasoline production by companies owning 88.1%
of the total daily
refinery capacity of the country amounted to 9,612,000 barrels.
DAILY AVERAGE
CRUDE
OIL PRODUCTION
(Figures In Barrels)
a
B. of
Four
M.,
Dept. of
State
Week
Change
Weeks
Interior
Allowable
Ended
from
Ended
Ended
Calcu¬
Aug. 1
Aug. 20
Previous
Aug. 20
Aug. 21
1938
Week
1938
1937
lations
Week
(August)
Oklahoma.
529,700
428,000
443,400
+3,800
432,150
653,600
169,300
165,500
168,100
+ 2,900
169,750
194,050
Panhandle Texas
75,400
+ 3,550
73,250
87,650
North Texas....
74,950
—450
76,750
West Central Texas...
29,700
+ 400
29,350
33,700
220,050
+ 1,100
219,400
242,750
are not
+ 250
98,900
128,450
+ 300
440,250
+ 300
237,300
472,400
273,600
+ 550
215,900
226,550
Coastal Texas
shown)
Ediorado, Ark., 40...
Rusk, Texas, 40 and over
Darst Creek
97,800
236,950
218,000
$1.27
1.20-1.35
....
Total Texas...
1,377,800 bl614805 1,393,650
1.09
North Louisiana
1.35
Central Field, Mich
1.42
Coastal I-oulslana
Sunburst, Mont...
1.22
Mod-Cont't, Okla., 40 and above..
1.30
Huntington, Calif., 30 and over—
1.22
Rodessa, Ark„ 40 and above
1.25
Kettlernan Hills, 39 and over......
1.42
2.10
Smackover, Ark., 24 and
over
.90
...
...
...
Petrolla, Canada
78,750
Total Louisiana
Arkansas
FUEL
256,100
LOWER—RE¬
MOUNT—PRICE STRUCTURE STEADY
Holdings of finished and unfinished gasoline dropped
1,678,000 barrels during the week ended Aug. 20 to 72,709,000 barrels, according to the American Petroleum Institute.
date
a
4,500,000 barrels above the total held
year ago,
the record
all-time
were
it is more thart 20,000,000 barrels
high which was established this
off 1,304,000 barrels to 40,045,000
barrels while bulk terminal stocks showed
a
decline of 306,000
to
25,805,000 barrels.
Inventories of unfinished
gasoline declined 68,000 barrels during the Aug. 20 period
to hit 6,859,000 barrels.
Production of gasoline, straight
run and cracked, was 9,612,000
barrels, off 182,000 barrels,
against a gain of 469,000 barrels in the previous week.
A small fractional decline in
refinery operations was shown
in the report, refineries running at
79.6% of capacity, off
0.8% from the year's high rate established in the Aug. 13
period.
Daily average runs of crude oil to stills dropped
30,000 barrels to a daily total of 3,265,000 barrels.
Stocks
of gas and fuel oils continued their rise, the decline in in¬
dustrial demand and steady gain in
production lifting the
total to 147,180,000 barrels,
up 919,000 barrels.
Prices of refined products in the
major marketing areas
throughout the country were steady. Some slight broadening
of interest in kerosene and fuel oils as the summer draws
its end was noticeable in the New York market.
near
New York-
J..S.07H
.07 M
Gulf
Tide Water OH Co
.08^
Shell Eastern.
Richfield Oil (Cal.)
Chicago
.$.07^
.08)4
Q7X
.07 H
Warner-Quinlan..
$.05
-.05 X
.06H--07
.07H
New
.
Orleans.
Gulf
.
ports
.05 H
.04H--04 %
Tulsa
(Bayonne)
35,750
"+ 200
148,700
124,750
49,150
+ 200
50.200
45,500
Wyoming
62,200
63,050
+ 1,100
60,250
60,500
Montana
13.900
12,750
—950
13,500
5,500
3,850
+250
3,750
5,350
107,000
+350
105,450
113,950
112,300
107,000
Total east of Calif.. 2,788,800
California.
649,300
2,709,400 + 18,700 2,682.800 3,054.350
C615.000
These
are
663,900
683,300 + 14,100
3.438,100
a
17,550
675,000
3,392,700 +32,800 3,346,700 3,729,350
Bureau of Mints' calculations of the demand for domestic crude oil
based upon certain premises outlined In Its detailed forecast for the month of
August.
demand may be supplied either from stocks or from new
As
production, contem¬
plated withdrawals from crude oil stocks must be deducted from the Bureau's
estimate of demand to determine the amount of new crude oil to be produced,
b Effective Aug.
1.
Sunday shutdowns continued through August,
Recommendation of Central Committee of California Oil Producers.
Note—The figures Indicated above do not include any estimate of any
might have been surreptitiously produced.
c
oil which
CRUDE RUNS TO STILLS AND STOCKS OF FINISHED AND UNFINISHED
GASOLINE AND GAS AND
FUEL
OIL. WEEK ENDED AUG.
20,
1938
(Figures in Thousands of Barrels of 42 Gallons Each)
'
'
'''
:
"V
Daily Refining
Capacuiy
Crude Runs
to Stills
Stocks of Finished
and
Stocks
Unfinished Gasoline
of
District
Finished
Poten¬
Aver¬
tial
Rate
East Coast..
669
Total
p.
P.
Oper¬
At Re¬
age
ated
fineries
C.
669 100.0
Gas
in
Daily
Reporting
Unfin'd
and
C.
511
76.4
5,870
Terms., Nap'tha
DistU.
dec.
Fuel
Oil
12,993
1.037
14,642
Appalachian.
146
129
88.4
107
82.9
1,042
1,813
264
1,059
Ind., 111., Ky
529
489
92.4
410
83.8
6,502
4,296
738
9,334
279
72.8
3,180
2,724
Okla.,
Kan.,
Mo......
452
383
84.7
Inland Texas
355
201
56.6
145
72.1
1,695
92
315
2,006
Texas Gulf..
833
797
95.7
763
95.7
7,283
276
1,950
12,884
La. Gulf
174
168
96.6
123
73.2
1.169
594
401
3,382
Mtn.
_.
91
4,342
58
63.7
165
81
89
62
69.7
56
90.3
1.238
95
814
821
746
90.9
510
68.4
8,984
2",222
1,217
94.871
3,702
89.0
2.946
79.6
Reported
Est. unreptd.
42
501
72.4
3l2
856
37,275
25,175
319
457
2,770
630
6,599 144,190
260
2,990
xEst.tot.TT.S
I North Texas
$.04| Los
Angeles..
I New
$.04
|
.03H-.05
Aug. 20 '38
4,159
4,159
3,265
40,045
25.805
6,859 147,180
Aug. 13 '38
Kerosene, 41-43 Water White, Tank Car, F.O.B. Refinery
New York—
263,100
55,900
151,600
California.
Other CUter—
Texas.
Socony-Vacuum..
262,050
60,000
Rocky
Stand. Oil N.
+ 5,050
55,800
148,100
...
No. La.-Ark.
U. S. Gasoline (Above 65 Octane), Tank Car
Lots, F.O.B. Refinery
New York—
86,800
176,300
Michigan.......
on
March.
Refinery holdings
180,800
53,900
....
New Mexico
some
81.250
+ 8,500
261,050
256,715
—3,450
Colorado
STOCKS
FINERY RUNS OF CRUDE SLUMP—FUEL OIL INVENTORIES
While this is
+ 5,800 1,391,100 1,540,250
182,300
Eastern..
PRODUCTS—MOTOR
75,250
440,800
1.30
4,159
4,159
3,295
41,349
26.111
6,927 146.261
y3,395
37,096
23.574
7.359 110,747
U.S. B. of M.
Orleans.$.05H-.05H
xAug. 20 '37
.03H-M
Tulsa
xEstimated Bureau of Mines' basis,
z
Fuel OH, F.O.B. Refinery or Terminal
August, 1937. daily a^rage
♦
N. Y. (Bayonne)—
| California 24 plus D
BunkerC....
$0.95
Diesel
I New Orleans C
$1.00-1.25
1.75'
Phlla., Bunker C
$0.90
0.95
I
Weekly Coal Production Statistics
Gas Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
I
$.04*4
I
Chicago—
28-30 D
Tulsa
i
$.053
The National Bituminous Coal Commission in its current
$.02J<-.03
I
Gasoline, Service Station, Tax Included
New York
Brooklyn
*
of the 4,159,000
the
indicate that the industry as a whole ran to stills, on a Bureau of Mines
Illinois
z
of 19,143 barrels
Aug. 13 and 20,786 barrels daily in the four weeks ended
East Texas
1.25
Co.)
Corning, Pa
z
barrels daily for the four
receipts of California oil at Atlantic and Gulf Coast ports
were no
Western Kentucky
27 plus
941,000 barrels,
daily average of 178,000
weeks ended Aug. 20.
East Central Texas
1,17
Lima (Ohio Oil
barrels
a
Southwest Texas
Prices of Typical Crudes per Barrel at Wells
same
the
year.
Bureau of Mines' report disclosed that
domestic stocks were off 900,000 barrels while holdings of
the
that
West Texas..........
1% of the 17-low set in January of last
The United
under
estimates
daily average gross crude oil production for the week ended
Aug. 20, 1938, was 3,392,700 barrels.
This was a gain of
32,800 barrels from the output of the previous week, and
the current week's figure was below the 3,438,100 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various oilproducing States during August.
Daily average production
for the four weeks ended Aug. 20, 1938, is estimated at
3,346,700 barrels.
The daily average output for the week
ended Aug. 21, 1937, totaled 3,729,350 barrels.
Further
details as reported by the Institute follow:
Kansas
fraction of
REFINED
1938
Daily Average Crude Oil Production During Week
Ended Aug. 20, 1938, Placed at 3,392,700 Barrels
pay
for
independents have cut the price of East Texas crude but it is
not likely that the majors will follow suit.
The shipment of
oil into Texas from other nations should be stopped but the
Railroad Commission has no power to regulate such ship¬
ments.
It is a matter for Federal regulation, and we think
something should be done about it."
Aug. 27.
$.1951 Newark
195i Boston
Not Inoluding 2% city sales tax
...$.159
.185
i
Buffalo
• Philadelphia
$.17
.16
weekly report stated that the total production of soft coal
in the week of Aug. 13 is estimated at '5,994,000 net tons.
This is a gain of 184,000 tons, or 3.2%, over the preceding
week, and is in comparison
corresponding week of 1937.
with
7,691,000
tons
in
the
Volume
Financial
147
The cumulative production of soft coal in 1938 to date is
30.8% lower than in the corresponding period of 1937; the
cumulation of hard and soft coal combined, 29.2% lower
of Mines in its statement said
production of Pennsylvania anthracite
for the week ended Aug. 13 amounted to" 428,000 tons, the
second lowest weekly record for the year.
In comparison
with the week of Aug. 6 there was a decrease of 118,000 tons,
or 21.6%; compared with the same week of 1937 there was
a loss of 23.3%.
The United States Bureau
the estimated
that
1937, said
announcement issued in the matter on Aug. 24
an
by the New York office of the Council, which added:
The
tin
than in 1937.
1265
Chronicle
most
decrease
severe
consumption
in
was
42.1%
by
fell
of America, where
States
the United
compared with the first half of 1937.
as
Consumption in
13.6%, while there were
tin consumption of the
principal countries is compared in the following table, the figures being
In
the
United
Russia
in
of
Germany
in
decrease of 29.3%.
a
by
and in Japan
and France.
32.7%,
by
increases
tons
there was
Kingdom
increased
slight
The
pounds:
2,240
■
,
First
First
Half
Percentage
Half
1938
1937
Inc. or Dec.
26,539
45,803
—42.1
,;.v
,
OF SOFT COAL
ESTIMATED UNITED STATES PRODUCTION
United States...
—
.
_
(In Thousands of Net Tons)
;
v :
Year to Date
b Calendar
Week Ended
10,843
8,173
+ 32.7
United Kingdom
■
9,294
13,148
—29.3
Germany
6,329
Union of Soviet Socialist Republics
:
Aug. 13
1938
1937
17,760
5,994
Daily average
of
production
lignite,
b Sum of 32 full weeks
and 1929.
968
—
of historical comparison and
consumption
half
tons,
an
in
COKE
BEEHIVE
of
1938,
Sweden
to
+0.8
+14.8
;
—17.6
there
but
was
35.1% in Italy to 2,400
tone, and of 49.5%
increase of
an
1,450 tons.
Consuming
Industries
production of tinplate in the first half of 1938 was 1,416,000 tons,
showing
a
half
1937.
(In Net Tons)
.
increase of 47.7%, in British India to 1,700
World
PENNSYLVANIA ANTHRACITE AND
OF
PRODUCTION
98,200
:
Canada decreased by 17.9% to 1,153 tons in the
in
revision.
Total for 1938 is subject to current
c
ESTIMATED
Tin
first
statistical convenience the
semi-anthracite and anthracite outside of Pennsylvania,
ended Aug. 13, 1938, and corresponding 32 weeks of 1937
Includes lor purposes
a
7,691 185,746 268,575 314,893
1,663
981
1,418
1.282
5,810
999
15,469
80,900
World total
Bituminous Coal a—
Total, Including mine fuel—
4,948
Other countries
1929
1937
1938 c
+ 3.3
+ 13.6
4,531
■
.......
France
Aug. 14
1938
5,145
4,990
Japan
Aug. 6
6,128
';'.'
of
37%
of
decrease
the
on
estimated
The
of
total
production
in
2,250,000 tons in the first
1938, is 214,000 tons
July,
against 378,000 tons in July, 1937.
Calendar Year to Date
Week Ended
The
Aug. 6,
Aug. 14,
1938
1938 c
1937
,
Total, Incl. colliery
91,000
558,000 27,598,000 31,569,000 41,838,000
222,000
167,500
146:400
93,000
407,000
519,000
530,000 26,260,000 29,591,000 38,826,000
10,700
11,700
1,950
546.000
428,000
fuel a_.
Daily average
Commercial
.
71,300
.
..
.
pro¬
duction. b—
Beehive Coke—
United States total
Daily average.
1,783
.
Includes washery
the number of working
ESTIMATED
61,100
569,900
2,218,200
4,265,600
10,183
2.968
11,553
d Adjusted to make comparable
colliery fuel, c Revised,
days in the three years.
WEEKLY PRODUCTION OF COAL,
(In Thousands of Net Tons)
World visible stocks of tin increased by 1,935 tons during July last to
the end of the month against 25,042 tons at the end of
July, 1937.
A comparison of the statistics of apparent consumption and
consumption in manufacture indicates that consumers' stocks have increased
by over 7,000 tons in the first half of this year, making a total increase
since the beginning of 1937 of around 30,000 tons.
29,447 tons at
and river ship¬
from district
of final annual returns
from the operators.)
Aug.
Aug. 6
July 30
Aug. 7
Aug. 8
Aug. 3
1938p
1938 p
1937
1936 r
1929
r
1
3
197
252
225
335
36
42
60
35
88
90
81
129
1
1
-
72
69
Colorado
*
vJ.
*
1
e
1
8
s
397
81
173
s
s
598
...
Kansas and
600
630
823
925
1,363
202
208
228
258
296
of
44
37
54
58
145
91
692
843
765
115
125
204
217
5,676
27
31
44
44
3
7
3
15
21
40
38
43
39
49
23
22
29
29
40
49
18
812
820
25
•
'
New Mexico
50
14
13
17
265
305
336
426
434
871
1,326
1,327
2,002
2,141
2,630
3,734
72
84
97
77
98
118
14
14
19
15
23
24
67
-
-
Tennessee
Texas
.
30
22
45
34
242
248
268
218
222
27
31
24
33
47
1,291
1,332
1,759
1,718
1,967
1,515
424
364
477
470
687
875
95
85
91
154
1
s2
84
7,430
7,724
9,396
11,538
-
Washington
Northern b
r.
Wyoming
75
84
*
*
*
Other Western States c.„
Total
5,900
5,810
bituminous coal
540
1,000
435
653
1,243
1,926
6,350
Pennsylvania anthracite d
6,900
7.865
8,377
10,639
13,464
Grand total
District and Grant, Mineral,
d. w. « *j.,
of State, includ¬
and Tucker counties, c Includes
California. Idaho, Nevada, and Oregon,
d Data for Pennsylvania anth¬
racite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
p Preliminary,
r Revised,
s Alaska, Georgia, North Carolina,
Arizona,
Dakota.included with "other Western
and South
reflected the improved sentiment in Wall Street
price abroad
States."
'"w-"
London.
lead was 3.19c.
relieved last ween in the firmer prices at
24 the London equivalent for
Aug.
pound against the recent low of 3.03c.
A move is on foot to revive
the foreign lead Cartel, but only preliminary conversations have been held.
The domestic market, in spite of the uncertainty about London prices,
per
did
better
little
a
the last week, sales in
in
tons against 2,600 tons in the week
with the trend in consumption, and
satisfied
August
for
deliveries
will
be as
the open market totaling
Producers were
previous.
some
are
good as, and possibly
convinced that
better than, in
Stocks of refined metal were reduced 9,115 tons during July, and
reduction
is
expected for August.
The August position of
is about covered, with September requirements provided for to
July.
another
consumers
the
40%.
of
extent
Smelting
American
the
■::
at 4.90c.,
York held
New
in
Lead
* Less than 1,000 tons.
»
call on
the second
On
were
and fair
interests.
Lead
of lead
Sellers
3,460
p a includes operations on ine ss. « w.,
« kj., Virginian, iv. « jvx.,
and on the B. & O. in Kanawha, Mason, and Clay counties,
b Rest
ing the Panhandle
in
buying by European and Oriental
248
29
Utah
Virginia—Southern a
tons against 4,618 tons in the previous week and
weeks ago.
Producers believe ample copper has been
bought by consumers during June and July to cover a large part of their
requirements for the remainder of the year.
The trade estimates actual
consumption of copper now at the rate of 45,000 tons per month against
39,000 tons in June.
The quotation remained firm at 10%c., Valley.
Prices abroad during the week were steady.
Yesterday's (Aug. 24) rise
two
tons
83
North and South Dakota
Pennsylvania bituminous
for the
period involving 3,754
118
5
...
Copper
671
24
Virginia
reported:
82
107
Montana
for
were
buying of copper was quiet during the last week, sales
Domestic
639
....
Ohio
tion further
82
Western
Statistics
market.
high
new
a
lead, zinc and tin
copper,
607
Maryland
Michigan
made
industry
for
98
Missouri
Kentucky—Eastern
London
firmer
slightly
a
the movement.
steady.
Anti¬
mony was advanced one-half cent a pound on the domestic
grade.
Refined platinum advanced to $39 per ounce, effec¬
tive Aug. 22.
Quicksilver was slightly lower. The publica¬
steel
the
100
104
^
of Aug. 25,
here
440
45
Indiana
its issue
during the week pointed to a larger move¬
ment of metals into consumption.
The operating rate of
Prices
180
Alaska
Alabama
Avge.
1923
in
reported that buying of major non-ferrous metals during the
last week was inactive, but there was a better undertone
released
Slate
Markets,"
Mineral
and
because
Week Ended
Metals—Higher
in
London Market Firms Domestic Lead and Zinc
"Metal
(The current weekly estimates are based on railroad carloadings
to revision on receipt of monthly tonnage reports
Metals—Quiet Week
Non-Ferrous
BY STATES
ments and are subject
and State sources or
of Tin
22,217
shipped by truck from authorized
and dredge coal, and coal
b Excludes
operations,
West
'vY
World Stocks
Anthracite
Penn.
a
first
the
in
of the current year.
1929 d
1937 d
1938
the world motor industry fell by 44y2% from 3,600,000
half of 1937 to 2,002,000 vehicles in the first half
output of
vehicles
Aug. 13,
which was contract settling basis of
St. Louis market con¬
& Refining Co., and the
tinued at 4.75c.
9,118 Tons of Tin Exported During July
International Tin Agreement
Under
International Tin Research
announced on Aug. 24 that the
International Tin Committee reported exports of tin during
July under the International Tin Agreement as follows:Tons
New
The
and
York office of the
Development Council
Tons
H
Bolivia..
3,53°
1,663
Netherlands East Indies
1,420
Slam
Nigeria.
lead
Domestic
——
646
679
shipments
*
.,
Belgian Congo.
French Indo China
*
January—
-
February..
March
...
.——- - -
45,718
50,375
63,425
55,200
55,212
April
May.".—
Below
Last
During First Half of Year
Year—World Consumption 173^%
First Half
of 1937
published in the August "Bulletin" of the Interoational Tin Research and Development Council, issued by
rhe Hague Statistical Office, show that 82,600 tons of tin
were produced in the first half of the current year against
14,600 tons in the first half of last year. World production
in July is estimated at 11,600 tons, the average over the
Statistics
World apparent con¬
sumption of tin in the first half of this year, at 80,900 tons,
was
about 11V>% below the figure for the first half of
first
six
months
being 13,770 tons.
—January-June—
1937
July
31,052
25,952
26,011
Totals
1938
42,710
35,343
47,727
40,601
.360,367
224,017
June
—
—
Zinc
Improvement in prices for
Production of Tin
Below
...
34,923
30,135
totaled
360,367 tons in the same period last
periods of 1937 and 1938, by months,
—January June—
1937
1938
Not'yet reported.
World
the first seven months of 1938
Shipments in the January-July
compare as follows, in tons:
1,171
Malaya..,
for
which compares with
224,017 tons,
year.
zinc in the London market last
week removed
apprehension of producers here that the domestic quotation might be forced
to
lower levels.
During this tense period consumers have shown little
interest in buying, but the trade continues to be impressed by the steady
volume of shipments of the common grades to consumers, which last week
totaled 4,350 tons against 5,348 tons in the previous week and 3,031
tons two weeks ago.
Sales for the week in common zinc totaled a little
under
52%
of
report better
at
4.75c.,
Operations of galvanizers are now reported to be
capacity against 50% last week.
Some in the industry
improvement in the near future. Sellers of High-Grade zinc,
tons.
1,000
above
expect further
St.
sales to the automobile industry.
Louis, for Prime Western.
Quotations remained firm
Tin
The London
tin market
proved sentiment in
24, on im¬
showing of strength
moved higher, particularly on Aug.
Wall Street and the hope that a
1266
would
Financial
bring
of
most
in
buying of consequence.
Demand here was quiet
Uncertainty over the new price to be named on tin
plate for the last quarter of the year continues to cast
market.
Chinese
Straits
a
shadow
the
over
The tin-plate mills are still operating at
sold
tin
eettled
during the week
on
Aug.
24
much
as
43.60c.,
at
or
around 30% of capacity.
l%c. under Straits.
Spot
as
slightly higher than
a
week
ago.
Chinese
tin,
99%, was nominally as follows:
Aug.
18,
41.500c.;
Aug. 19, 41.500c.; Aug. 20, 41.500c.; Aug. 22, 41.550c.; Aug. 23, 41.500c.;
Aug. 24, 42.100c.
PRICES OF
DAILY
METALS
("E.
&
M.
AGE"
COMPOSITE
Finished
2.300c. a Lb.
Aug. 23. 1938.
One week ago
One month ago
One year ago
on
wire,
Lead
steel bars, beams, tank plates,
rails,
black
pipe, sheets and hot
These products represent
rolled strips.
2.512c.
85% of the United States output.
High
1938
2.512c.
-
Low
May 17
2.300c.
July
6
1937
Mar.
9
2.249c.
Mar.
2
1936
J." QUOTATIONS)
Tin
1938
PRICES
Steel
Based
2.300c.
—-——2.300c.
Dec. 28
2.016c.
Mar. 10
1935
Straits
Electrolytic Copper
Aug.
27,
,
THE •'IRON
some
week.
the
Chronicle
Zinc
Oct.
1
1934
2.118c.
Apr
1933
1.953c.
Oct.
Sept.
2.056c.
Jan.
8
1.945c
Jan.
2
1.792c.
May
2
3
6
New York,
New York
St. Louts
St. Louis
1932
1.915c.
1930.—
2.192c.
18
9.900
9.675
43.000
4.90
4.75
4.7.5
1927
Aug. 19
9.900
9.700
43.000
4.00
4.75
4.75
Aug. 20
9.900
9.700
43.000
4.90
4.75
4.75
Aug. 22
9.900
0.700
42.925
4.00
4.75
4.75
Aug. 23
Aug. 24
9.900
9.675
42.875
4.90
4.75
4.75
9.900
One week ago,,
$19.61
9.725
43.600
4.90
4.75
4.75
One month ago
19.61
9.900
9.696
43.067
One year ago
4.90
23.25
4.75
4.7.5
24
Dom.,Refy. Exp., Refy.
Aug
Average
.
.
Pig
Aug. 23.1938, 119.61
Average prices for calendar week ended Aug. 20 are:
Domestic copper, f.o.b.
refinery, 9.900c,; export copper, 9.679c.; Straits tin, 43.013c.; New York lead,
4.900c.; St. Louis lead, 4.750c.; St. Louis zinc, 4.750c.; and silver, 42.750c.
a
1.962c.
Oct.
2.212o.
Nov.
Gross Ton
Based
on
average of basic iron at Valley
rumace and foundry Irons at
Chicago.
Philadelphia,
Buffalo,
Valley,
and
Southern Iron at Cincinnati.
21
$19.61
July
6
Mar.
9
20.25
Feb.
16
Nov. 24
18.73
Aug. 11
1936
1933
1927
1935
Nov.
5
17.83
May
14
May
1
16 90
Jan.
27
Dec.
5
13.56
Jan.
1932
Jan.
5
13.56
Dec.
6
1930
Jan.
7
15.90
Dec.
16
Jan.
4
17.54
Nov.
-
-
As delivery charges vary with the destination, the
figures shown above
price—Hamburg.
The c.l.f. basis commands
a
premium of 0.325c. per pound
above f.o.b. refinery quotation.
Steel
Aug. 23, 1938, $14.50 a Gross Ton
(Based on No. 1 heavy
melting steel
One week ago
$14,411
quotations at Pittsburgh. Philadelphia
14 08
and Chicago.
V
One year ago
20.581
'
Spot
39",«
Tin, Sid.
Lead
Zinc
Spot
45
192 %
40
40 %
403,g
407,g
45
40
40 %
—
.
Aug. 24
Spot
193%
192 %
%
191H
193 %
192
4054
45
40
45%
190 H
192 K
191%
103 K
%
3M
Spot
3M
14",g
14
145,g
14«i«
13%$
13%$
14%
13116
13%
Steel
Ingot Rate for Country Advances
"Iron
Pittsburgh
business is running from
new
bookings, and the past week's orders
were
18 to 25%
ahead of July
approximately 10%
better than
those of the week before.
Pittsburgh operations have gained three points to 33%
while the nearby
Wheeling-Weirton area is up to 79%
far exceeding the highest rates else¬
where.
Chicago output is two points higher at 38%
Cleveland-Lorain has
gained five points to 45%
the Youngstown district one point to
43%
Buffalo six points to 46 K%
,
,
,
,
,
.
Pig iron production is higher in the South, where three blast
furnaces,
Republic, have gone in.
Confirming the betterment in steel production in Pittsburgh and
nearby
districts, the Pittsburgh steel scrap market has recovered its loss of
last
two of the Tennessee company and one of
week, 25c.
a ton.
This brings the "Iron Age"
scrap composite price
$14.50, which is 9c. above last week's average, but 33c. below
the
high point of $14.83.
some
up to
recent
The undertone of scrap markets is
strong despite
current weakness in prices, and
higher quotations would accompany
any market improvement in the volume of mill
purchases.
The automobile industry offers the most
immediate prospect for further
improvement
motor
1938
in
steel
volume.
While
there
may
be
dip
in
on
odels, the industry is quickly swinging over to 1939
be in full production by mid-September.
A
it may
press
cars,
on
which
preview of the
Chrysler line took place
on Aug. 19, one of the earliest
showings on record.
Detroit's employment index
jumped last week from 47.8 to 57.
Building construction, in which private projects form
only a small part,
continues to build up mill
backlogs of structural steel, reinforcing bars and
sheet piling.
The week's awards
33,600 tons, including 16,750 tons
City aqueduct from the Delaware
subway in Brooklyn, 3,500 tons for two
bridges in
were
of snapes and piling for the New
York
River; 2,200 tons for
Louisiana and
a
1,175 tons for
a
projects of nearly 21,000 tons
Tacoma,
Wash.
shop at the Navy Yark at Norfolk.
are
headed by 11,800 tons for
Reinforcing steel
a
bridge
New
near
lettings
were
nearly 16,000 tons, of
Aqueduct, 2.200 for the Navy Yard
sewer in Brooklyn.
New bar projects
which 4,250 tons is for the
Delaware
at Portsmouth and
of about
2,000 tons for
a
15,000 tons include 4,200 tons for
Angeles and 1,600 tons for
a
bridge
near
a
parcel post building in
Los
Tacoma, Wash.
Expectations of a continuing upward trend in steel
operations are based
on the
following factors:
New orders before
mid-September from auto¬
mobile companies and parts makers for
production runs on new models; an
Increase in rolling specifications
against contracts recently closed for build¬
ing steel and further additions to
backlogs; more buying by farmeis after
crops have been converted into cash, some
crops having been withheld from
market because of low
prices; benefit payments to farmers
by the Agri¬
cultural Adjustment Administration
are
half of this year than in the
of some
likely to be larger during the last
corresponding period last year; the possibility
buying of equipment and rails by the railroads.
There has been little
expectation of important railroad
wage
issue
carriers
to
was
settled, but
a
buying until the
bulge in general business might
force the
make
repairs or buy new cars.
Rather than buy cars, the
Illinois Central may
arrange to lease 1,000 cars from car
builders.
The most uncertain factor in the
present steel situation is that
relating
to wages and prices.
With larger
sustaining larger losses,
of present
higher.
tions
at
costs
a
shipments, son e steel companies are
situation that may not be
rectified on the basis
and
selling prices until operations have reached
60% or
Admitting the impracticability of
raising steel prices with opera¬
their
present low point, steel
companies have as yet given no
what action, if any. may be taken to
check their heavy losses.
If a wage cut is being
seriously considered by any important
company, it
is a closely guarded secret.
inkling
as to
Apr.
23
9.50
Sept. 25
6.75
Jan.
3
12
6.43
July
5
Feb.
18
11.25
Dec.
9
Jan.
17
13.08
Nov. 22
8
Iron
and
Steel Institute on
Aug. 22 an
telegraphic reports which it had received in¬
dicated that the operating rate of steel
companies having
98% of the steel capacity of the industry will be 42.8% of
capacity for the week beginning Aug. 22, compared with
40.4% one week ago, 37.0% one month ago, and 83.8% one
year ago.
This represents an increase of 2.4 points, or 5.9%,
nounced that
from the
estimate for the week ended Aug.
15, 1938. Weekly
indicated rates of steel operations since
Aug. 2, 1937, follow:
1937— '
Aug.
2
Aug.
9
Aug. 16
Aug. 23
Aug. 30
Sept. 7
Sept. 13Sept. 20
Sept 27
Oct.
4
Oct.
II
Oct.
18
Oct.
1937—
85.5%
84.6%
83.2%
83.8%
84.1%
71.6%
—-.80.4 %
76.1%
74.4%
66.1%
1938—
Nov. 15
36.4%
Nov. 22
31.0% Feb
Nov. 29
Dec.
13
Dec. 20
Dec.
1938—
21
30.4%
.29.3%
28
29.6%, Mar. 7
-27.5% Mar. 14
6
Dec.
Feb.
29.9%
32.1%
27.4% Mar. 21.—33.7%
Mar. 28
35.7%
4
19.2% >rr.
32.6%
23.5%
27..,
—
1938—
Jan.
Jan.
Apr. 11
32.7 %
3
25.6% Apr. 18—— 32.4%
10.--..27 H% Apr. 25
32.0%
63.6%
Jan.
17
29.8%
May
6
June
13
26.2%
27.1%
28.0%
June 20
June
27—28.7%)
July
5
July
11
July
13
July
25—37 0%
Aug.
Aug
22.4%
32.3%
36 4%
1
39.8%
8
30.7%
2
32.7% May
June
Aug. 15
39 4%
40 4%
Aug. 22
42.8%
55.8%
Jan.
24.*
9
30.4%
25
52 1 %
Jan.
31
30.5%
May 16
.30.7%
Nov.
1
Feb.
7
30.7%
May 23
29.0%
Nov.
8
48.6%
.41.0%
Feb.
14
31.0%
May 31
.26.1%
"Steel" of
markets,
on
Cleveland, in its
summary of
the iron and steel
Aug. 22 stated:
Receiving its principal support from miscellaneous
buyers and from
structural shape and plate work,
activity in steel markets is holding recent
gains.
Additional Improvement is slight, in contrast to
the sharp July rise, but
production has edged up IK points, to 41 K%
and prospects are favorable
,
temporary
assemblies this week owing to cessation of
work by Chevrolet
car
n
10.33
15.25
-
The American
to 43%
Age" in its issue of Aug. 25 reported that
supported mainly by a broadening demand from miscel¬
laneous consumers, steel ingot production has
gained two
points this week to 43% of the country's capacity.
The
publication further stated:
At
10
Mar. 13
7
Jan.
-
1927
All are in pounds sterling per long ton (2,240 lb ).
The
Dec.
Aug.
13%
14%
9
June
8.50
1930
13
June
$11.00
15.00
12i»,«
13%
12.67
13.00
1932.
14%
14 H
Nov. 16
21
13.42
13%
147ig
12.92
Dec.
12.25
-
12 K
H
14%
Aug.
9
Mar. 30
17.75
-
1934
Prices for lead and zinc are the official buyers' prices for the first session
of the
London Metal Exchange; prices for copper and tin are the official
closing buyers'
prices.
21.92
-
1936
1933
45
Aug. 22
i
-
1935
3M
{Bid)
Aug. 19
Aug. 23
$14.83
1937
3M
39 %
Aug. 18
Low
•
Electro.
1
One month ago..,—
1938
Copper
3
Scrap
High
Dally London Prices
Copper, Sid.
Low
June
1934
Havre, and Liverpool.
1
Iron
High
pound.
are net prices at refineries on the Atlantic seaboard.
De¬
livered prices in New England average 0.225c. per pound above the refinery
basis.
Export quotations for copper are reduced to net at refineries on the Atlantic sea¬
board.
On foreign business in copper sellers usually name a c.l.f.
29
1937
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.
Mar. 15
7
4
1938
The above quotations are "M. & M. M.'s" appraisal of the major United States
markets, based on sales reported by producers and agencies.
They are reduced to
the basis of cash, New York or St. Louis, as noted.
All prices are in cents
per
1.870c.
Jan.
Jan.
for better business in
some
Plates, shapes and
than
most
riunber
of
other
directions next month.
reinforcing bars make
products, and
public
projects
month.
a
outlook
relatively better showing
enhanced by the large
is
pending.
Autonobile production, still
will account for heavier shipments of steel
now
restricted by model changing,
next
their
Automotive steel
buying for 1939 models so far has been
light, but substantially larger orders are seen for the
coming several weeks.
Automobile production increased
sharply last week, due to resumption
of Ford operations.
Total output by the industry was 23,940
units,
highest in three weeks and gain of 10,150 units over the
preceding week.
Ford produced 11,000, against none the week
before; General Motors
increased from 9,800 to 10.300; Chrysler
dropped from 1,100 to 900; while
all other makers curtailed from
2,890 to 1,740.
"While the rate of improvement in steel
purchases and production has
slowed down materially since a month
ago, this was more or less
anticipated
by the industry.
Nevertheless, operations thus far in
August have risen
somewhat more rapidly than
seasonal trend
would be expected
on
the basis of the usual
for this
month.
Predictions vary as to the extent of
sub¬
sequent gains in steel production during the balance of the
year, with the
automotive
the trend.
An
encouraging
active, and
many
industry thought likely to be the principal factor in
determining
recent
weeks.
shapes,
volume
orders
of
for
building and
piling, and reinforcing bars
New York.
Other
heavy
fabricated steel
Outstanding is the placing of
for
the
construction
have been
contracts
Delaware
large awards include 2,300 tons for
a
the
aqueduct
two
on
tons
of
project,
tons for three
11,400 tons of plates and shapes for
Navy ship tenders.
With the steel
industry yet to move into the
tions,
zone
of profitable
opera¬
speculation
continues regarding possible revisions in
wages and
both, in order to alleviate present losses.
Consumers generally
satisfied that increases in quotations the balance of
prices,
are
is
Brooklyn subway,
2.075 tons for a Des Moines, Iowa, office
building, and 3,415
bridges in the South.
Bids will be taken next month
work
heaviset in
of 21,000
or
the year are
likely and continue to place orders in line with current
needs.
Scrap prices have eased further.
Recent weakness is
to the belief that the recent
rise
over
attributed
un¬
more
was toe rapid rather than to
disappointment
failure of scrap consumption to continue to
expand at its July pace.
Reductions
at several
centers lowers the
scrap composite 29 cents to $14.29.
Exactly one-half of ihe 12 leading steel-making districts
contributed to
last week's upturn in the national
production rate to 41 K%
highest for
,
Volume
Financial
147
the year to date.
Chicago operations
gained 2 points to 43% ; Buffalo
increased
and
St.
3
points
Louis
to
53%
6 points to
rose
2K points to 36%; Cleveland
rose
was
44%
2 points to
up
New England expanded
;
36%
10 points to 50%;
Other centers were unchanged, in¬
.
cluding Pittsburgh at 30%, Youngstown
Wheeling at 54, Cin¬
at 43%,
cinnati at 65, Detroit at 52, and eastern Pennsylvania at
Steel
some
prices
generally
steady
are
producers note adverse
through
at
recently
effects from
the
to whether
30.
levels, although
reduced
new
basing
point system
The latter leads to speculation
revised freight rates might not be put into
some
The finished steel composite was unchanged last week at
Leading independents, included in the compilation, recorded
drop of IK points. The "Journal" further reported:
H
a
For the industry as a
whole the rate is placed at 42%
40% in the two previous weeks.
credited
47%
with 48
compared with
,
U. S. Steel is estimated at 34K%
29M% in the week before and 32% two weeks
are
Certain railroads also note
loss of business in distant markets.
with disfavor the loss of long-haul tonnage.
as
Birmingham
;
1267
Chronicle
,
against
Leading independents
ago.
in the preceding week and
K%, compared with 50%
two weeks ago.
4
The following table gives a comparison of the percentage of production
with the nearest
corresponding week of previous years, together with the
approximate changes, in pointB, from the week immediately preceding:
effect.
$57.20, while
the iron and steel composite was reduced 2 cents by weakness in scrap
U. S. Steel
Industry
to
1938
$36.49.
42
_
+2
1937
Steel ingot production for the week ended Aug. 22,
accord¬
ing to the "Wall Street Journal" of Aug. 25 rose two points
above the previous week.
The entire gain was due to a
sharp spurt about the middle of last week by subsidiaries of
the U. S. Steel Corp., causing an increase of 2K points by
these units over the estimated schedule for the period, and a
gain of five points in actual output over the preceding week.
83
1936
72H
+2
50 K
+ 1K
41
Independents
ff
48 H
—1
84^
75X
69
1935
\
+5
34K
81
+2 K
—1)4
+ 1
+ 1K
57
■
+2
4
1934...
20
—2H
19
—3
20K
—2
1933
49
47
—2
50 H
—2K
1932
13K
—2 y2
—l
12 X
—1
14
32
—l
—1 J
—1
1931
34K
30
H
—
J
1930
58
66
+4
51
1929.........
89
—1
94
—1
85
1928.........
76
+ 1
77
—1
75K
+3
J
+2
69
66
+3
|
+ 3K
1927
H
+
+2
—IK
Current Events and Disc ussions
selves
The Week with the Federal Reserve Banks
During the week ended Aug. 24 member bank reserve
balances
increased
$71,000,000.
Additions
to
member
bank reserves arose from decreases of $34,000,000 in nonmember
deposits and other Federal Reserve accounts,
$31,000,000 in Treasury deposits with Federal Reserve
banks, $15,000,000 in money in circulation, and increases of
$27,000,000 in gold stock and $3,000,000 in Treasury cur¬
rency, offset in part by an increase of $31,000,000 in Treasury
cash and a decrease of $8,000,000 in Reserve bank credit.
Excess reserves of member banks on Aug. 24 were estimated
to be approximately $2,980,000,000, an increase of $50,000,000 for the week.
Aug. 24 will be
1292 and 1293.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
on
pages
Increase
7,000,
Bills bought
Industrial
advances
(not
00
....
1,000,000
-
U. 8. Government securities
(+)
Aug. 17, 1938
$
Aug. 24, 1938
$
Bills discounted
covering the same week, instead of being held
following Monday, befoie which time the statistics
covering the entire body of reporting membei banks in 101
cities cannot be compiled.
In the following will be found the comments of the Board
of Governors of tne Federal Reserve
System respecting Ihe
returns of the entire body of reporting member banks of the
Federal Reserve System for^the
week-ended with the close
of business Aug. 17:
The condition statement of weekly reporting member banks in 101 lead¬
ing cities shows the following principal changes for the week ended Aug. 17:
Increases of $11,000,000 in commercial, industrial and agricultural loans,
$10,000,000 in loans to brokers and dealers in securities, and of $14,000,000
in "other securities"; decreases of
The statement in full for the week ended
found
Aug. 25, 1937
$
........
—12,000,000
—2,000, 00
+38,000,000
increases
of
$72,000,000
in
balances
with
domestic
banks,
banks.
tic
Commercial, industrial and agricultural loans increased $10,000,000 in
New York City, $6,000,000 in the Chicago district and $11,000,000 at all
reporting member banks.
000 in
New York
declined
Loans to brokers and dealers increased $9,000,-
City and loans to banks $10,000,000.
$8,000,000 in
New York
City and
"Other loans"
$12,000,000 at all reporting
member banks.
Holdings
—5,000,000
16,000,000
and
$22,000,000 in time deposits, and $64,000,000 in deposits credited to domes¬
including
24)
$22,000,000 in holdings of obligations fully
guaranteed by the United States Government and of $12,000,000 in "other
loans";
Decrease (—)
or
,
2,564,000,000
$14,000,000 commitm'ts—Aug.
and
until the
—8,000,000
—4,000,000
United
of
States
Government
direct
obligations
increased
2,579,000 000
Total Reserve bank credit
Gold stock
—8,000,000
+27,000,000
+14,000,000
+538,000,000
+150,000,000
13,079,000,000
2,727,000,000
Treasury currency...
+ 3,000,000
$5,000,000.
Holdings of obligations fully guaranteed by the United States
Government
—8,000,000
Other Reserve bank credit
declined
Demand
Member bank reserve balances
Money in circulation.
+1,426,000,000
—15,000,000
—25,000,000
+ 31,000,000 —1,266.000,000
—31,000,000
+ 610,000,000
+ 71,000,000
8,156,000,000
6,470,000,000
2,417,000,000
Treasury cash
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
771,000,000
$13,000,000 in
increased
deposits-adjusted
571,000,000
—34,000,000
York
City,
$6,000,000 in the
Ml
$14,000,000
the
in
Banks in
New York
ber banks showing a net increase of $11,000,000.
—43,000,000
Time deposits increased
Government deposits declined $5,000,000.
Deposits credited to domestic banks increased $32,000,000 in New York
City and
Aug. 17.
on
Reserve
System for the New York City member
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks, which will not be available until the coming Monday:
A summary
of the principal assets and liabilities of the
reporting member banks, together with changes for the week
and year ended Aug. 17, 1938, follows:
Increase
Aug. 17,1938
REPORTING MEMBER BANKS
ASSETS AND LIABILITIES OF WEEKLY
CENTRAL
IN
\Asscts~~~~
Chicago
Aug. 25 Aug. 24
1937
1938
7,613
7,542
8,340
1,847
1,848
2,010
Loans—total..
2,951
2,942
4,036
526
527
3,900,000,000
+11,000.000
—680.000,000
337,000,000
Loans to brokers and
707
agricultural loans.........
Open market paper...
1,480
...
132
1,470
133
1,801
163
342
19
347
20
474
30
Loans to brokers and dealers.
507
508
1,140
32
28
52
and
industrial
+1,000,000
—131,000,000
632,000,000
+10,000,000
—718,000,000
578,000,000
1,160,000,000
—119,000,000
—5,000,000
1,501,000,000
+ 4,000 000
+1,000,000
+ 9,000.000
—12,000,000
7,674,000,000
+ 5,000,000
—557,000,000
1,628.000,000
—22,000,000
+14,000,000
—
—..
loans
for
purchasing
Loans to banks
196
267
68
68
75
118
134
12
12
87
...
89
102
..
..
14
2
429
428
429
53
52
60
2,820
2,781
2,940
874
875
923
797
773
398
966
2,408
50
65
454
127
320
"873
34
209
52
127
319
856
32
212
51
100
280
Other loans
or
carrying securities
—
Loans to banks.—
Other loans
......—
fully
115,000.000
....
U. 8. Govt, direct obligations.:
Obligations
198
118
carrying securities
U. 8. Gov't obligations.
Other
dealers in
Real estate loans
,
Other loans for purchasing or
Real estate loans
$
+ 24.000,000 —1,710,000,000
Open market paper
securities
Loans and investments—total..
.Commercial
*5
+ 21,000,000 —1,671,000,000
8,223,000,000
cultural loans
Aug. 17 Aug. 25
1938
1937
$$$$$$
Assets—
(—)
Aug. 18,1937
Commercial, Industrial and agri¬
New York City
Aug. 17
1938
or Decrease
Since
20,632,000,000
Loans—total
(In Millions of Dollars)
(+)
Aug. 10. 1938
$
Loans and investments—total
RESERVE CITIES
Aug. 24
1938
Deposits credited
banks increased $6,000,000.
Borrowings of weekly reporting member banks amounted to $1,000,000
Chicago—Brokers' Loans
Below is the statement of the Board of Governors of the
Federal
City
cisco district, and declined in most of the other districts, all reporting mem¬
City and $64,000,000 at all reporting member banks.
Member
Kansas
district, $11,000,000 in the Dallas district and $10,000,000 in the San Fran¬
to foreign
Returns of
Hold¬
$14,000,000.
increased
$22,000,000 in New York City.
eral Reserve accounts
New
Cleveland district, and $22,000,000 at all reporting member banks.
ings of "other securities"
guaranteed
by
United States Government
—24,000,000
—33,000,000
^
Other securities
3,107.000.000
Reserve with Fed. Res. banks
Cash In vault
6,568.000,000
382,000,000
Balances with domestic banks....
2,437,000,000
+489,000,000
+107.000,000
+18,000.000 +1,374.000,000
—11,000,000
+ 90,000,000
+ 72,000,000
+ 728.000,000
Obligations fully guaranteed by
United States Government...
Other securities
1,045
-
Reserve with Fed. Res. banks..
Cash in vault
-
1,046
3,375
51
3.339
50
70
483
69
Balances with domestic banks..
478
Other assets—net
583
26
124
63
Liabilities—
'
■>
T'me deposits.
United States Govt, deposits—
6,049
732
317
1,552
464
2,453
1,829
680
279
524
9
378
1,479
6
6,342
659
104
6,224
660
104
2,424
282
Demand deposits—adjusted
.
47
1,526
464
52
,
-
—
Foreign banks
Borrowings..
"
—-
-
-
Other liabilities
292
282
Capital account
1,483
1,482
686
6
512
7
55
---
15
17
250
Reserve
of
241
Member
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures for the Reserve banks them¬
Franco
Rejects
British
drawal of Foreign Troops from
.---
16
250
Banks of the Federal
System for the Preceding Week
Returns
—259,000,000
—38,000,000
Proposals for With¬
Spain—Note Accepts
Principle of Nonintervention Committee's Plan,
but
Objects
to
Specific
Suggestions—Spanish
Loyalists and Insurgents in Continued Deadlock
General
As
Complete
+ 939,000,000
+ 6,000,000
+1,000,000
—
1,526
448
Tnter-bank deposits:
Domestic banks
+ 64,000,000
320,000,000
1,000,000
Domestic banks
Borrowings
.
+ 90,000,000
—12,000,000
—107,000,000
+11,000,000
+ 22,000,000
—5,000,000
Inter-bank deposits:
Foreign banks
Liabilities—
-
United States Government deposits
15,020,000,000
5.215,000,000
425,000,000
5,953,000,000
Demand deposits—adjusted..
Time deposits—
Spanish Government and nationalist troops this week
a deadlock on the Ebro River front, prospects
international agreement that might facilitate the con¬
continued in
of
an
clusion
of
the
Spanish civil
war
were
materially lessened
21 when General Francisco Franco replied to a
British plan for withdrawal of foreign forces from Spain
on
Aug.
L1268
Financial
Chronicle
rejecting the proposal.
General Franco said that be
accepted the principle of withdrawal, but he actually obi
jected to all the principal suggestions of the Spanish Non¬
by
Litvinoff, Soviet Foreign Commissar, against a recurrence of Soviet
airplane flights over Manchukuoan and Korean border lines as a violation
in
war
of Aug.
"Owing to
In reporting General Franco's rejec¬
Associated Press London
advices of Aug. 21 said:
The
British
the
immediate
difficult
task
of
series
in
This,
Mr.
back
were
ended
of
war
any
likelihood
the
with
since
group
a
enforcement
in
Prime
unless
withdrawal
Italian
of
of
his
Foreign
Minister,
first
diplomatic quarters here
proposal
could
who
be agreed
felt
hurried
the
would
war
for withdrawal
upon
as
There
fully
danger to world
a
small river
a
that 14
aware
These
British
chances of the
in
this
that,
that
at
Franco
had
Paris reports of last week
Franco had
General
Germany even
Britain.
General
the
risk
of
decided
losing
to
killed
recalled
were
his
cast
connections
the
Great
Britain
and
Spain
insurgent
have exchanged,
effect,
in
representatives.
General
consular
his
in
made
note
public
yesterday,
disturb
not
of
drawals
the
insurgents
at
each
The
Europe,"
and
volunteers, subject to conditions
These main conditions
from
of
peace
stated
tlat
were
and that
once,
insurgent
with¬
indicated above."
volunteers be withdrawn
had
the withdrawal of volunteers in proportion
proposed
be
rights
General
given
had been made and that
survey
Franco
after
withdrawals
the
legally
established
an
and would give
nation
at
General Franco's regime
offered,
to
"as
safety
the status
war.
extraordinary
an
conception
concession,
zone"
enemy
objectives in
to
the
respect
vessels
for
"defining and limiting,
military
of
General
the
in
ports
cooperate in
establishment
relation
to
Franco, moreover, demanded to know
aerial
of
foodstuffs, and
carrying
far as may be
so
practicable, the
"This
reserved
at
this
The deadlock between
Spanish Government and insurgent
reported in the following Associated Press dis¬
Aug. 22 from Hendaye, on the Franco-Spanish
was
patch
of
insurgent offensives
fighdng,
Insurgent
on
three
by intrenched Spanish
forces
unleashed
fronts
offensive at
one
were
Government
beaten
back
de
los
the
and
Tremp,
about
55
miles
north
of
Gandesa,
Arcos,
and
seven
between
third
a
At
front, in southwest Spain, at a point south of Puebla de
the border between Toledo and Caceres Provinces.
on
Villalba
de
los
bombs
On
and
village.
artillery shells.
of
Balaguer.
Government troops, advised
by scouts that insurgents were
the vicinity, greeted the advancing columns with heavy
fire from machine guns and trench mortars.
massing troops
As
gent
said
loyalist anti-aircraft batteries had shot
plane
the
on
bailed
Ebro
front,
down
leading to capture of
a
German-made
German
On
the
de
the
over
with
the three
Protests
of
Korean
to Russia Against
Border
by Soviet
justified
was
describing
H.
American, Hugh L. Wood, Winfield, Kan.,
"Not only was the life of
also
was
occasioned
a
Alleged Crossing
Planes—Japanese
Troops Advance on Hankow—Japanese Attack Pas¬
senger Plane—Protest by U. S.
New protests to Soviet Russia
against alleged crossing of
the Korean border by Soviet
planes were made
on
Aug.
23,
while
reports
Japanese and Soviet troops
were
tween
received
Japan
recently,
and
was
negotiations
this
Japan
between
the "Chronicle" of
of
the
to
the
as
between
the Manchukuoan boundary
which
be
two
Aug. 20,
23
"incidents"
clashes
Nevertheless,
Russia,
to
occasional
near
week.
believed
of
the situation be¬
threatened actual war
steadily
improving.
countries
were
pages 1118-19.
Recent
described
in
A Tokio dispatch
follows:
Aug.
The
Tokio
Shigemitsu,
New
York
"Times"
reported
the
latest
Foreign Office spokesman announced yesterday that Mamoru
Japanese Ambassador to Moscow, had protested vigorously to
American
an
to American
prop¬
substantial interest
very
which
company
owned
the
because
it
"suspiciously
attempted
on
evade
to
the
attack,
Associated
Press
advices
of
L.
Woods, of Winfield, Kan., the pilot, who was the only American
aboard, reported that Japanese airmen riddled the plane as it sank. Be¬
sides Woods, the known survivors were his
radio operator, Joe Loh; C. N.
Lou,
a
baby,
and two
passenger,
unidentified
small child, two
women
four.
a
Woods
of
crew
All
Chinese
except
was
plane
American
owned
interests
hold
by
the
45
a
holds
government
and
per
the
Those
passengers.
eleven
men
as
aboard
were
and
passengers,
a
the
Chinese.
were
China
National
share
cent
of
Aviation
the
Corporation.
corporation
and
the
rest.
Corporation officials said the Japanese probably thought the plane was
carrying Dr. Sun Fo, head of the Legislative Council of China, who had
just returned from Europe, where he had sought foreign aid
against the
Japanese.
However, Dr. Sun had canceled his reservation over night and
fiown to Hankow, where he arrived at noon.
He is the son of the late
Dr. Sun
liner
Yat-sen, first President of the Chinese Republic.
of
the attack
after
soon
later,
five
it
from
C.
N.
neck,
still
said
planes
"I
fear
the
am
air,
"The
his
the
of
off the
and
wounded
were
close
so
pilot
little
A
to
the
in
his
Canton.
bullet
a
The
attackers.
zooming
Macao and
the air
on
Chungking.
hospital with
passengers
few
Japanese
to
choice of
diving
Macao
a
fellow
do
Japanese pilots
the
to shake
course
.attacked,
for
wound
while
the
plane
others while trying to swim ashore.
one
the
continued
Hongkong
forced down between
was
the air,
I
"because
Japanese planes opened fire
from
his westward
of
some
in
two
off
Lou, who reached
was
said,
said
took
pursuit
large plane that it
survivors
planes,
while
so
seemed
landing
machine-gunning
were
attempting to
determined
rice
a
on
the passengers," Mr.
among
after
we
kill
to
paddy
or
us
in
ashore.
go
everybody.
the river,
Lou
while
Our
and
pilot
chose
the
latter.
"Before
not
a
"I
really get clear of the plane the Japanese returned,
and again, machine-gunning us mercillessly.
It was
confusion, with bullets spattering in the water around us.
hit by a bullet in the neck and could do no more than swim
but again
of
utter
was
blindly under the diving airplanes.
run
passengers
to
Woods
and
and
quote
a
to
even
to
sampan
escaped serious
Chinese
advances
the
that
is
plane.
I
Woods
taken
was
aboard
The
invaders
through
aimed
to
the
Kiukiang,
Yangtze
stream
To
on
from
this
week
continued
Yangtze
River
Kiangsi
base
smashing
at
Province
for
Chinese
capital
Japanese
100
operations
We
sector.
given
lines
miles
135
to
open
south
miles
in
of
down¬
Hankow.
they plan to
and
southwest
a
River
tbeir
get at Nanchang the Japanese opened a wide-circling overland drive
which
south
particularly
Nanchang,
the
provisional capital of Hankow, with
a
pathways
many
managed
Shekki."
to
me
Macao.
meanwhile
troops
the
My impression
get out of
take
injury.
gunboat Mindanao at
Japanese
on
chance
a
found
Loh
States
steady
had
never
clear
get
could
we
once,
scene
and
pursuit
the Huso River.
by
C.
which
survivors.
summary of the military situation, as
Associated Press Shanghai advices of Aug. 22:
Japan
Joseph
note
a
Foreign Office spokesman said today that the Japanese attack
drive
Casa, Villar del Pedroso and Conos-Calejo.
was designed to
carry the insurgents
Ambassador
Government
Aug. 24 from Hongkong said:
front the insurgents attacked Government
positions
Larzobispo with an offensive which started from Val de
pilot
American
planes engaged in clearly recognized and
over a
regularly scheduled air route.
plane has aroused public feeling in the United
directly imperiled but loss
airliner
United
The offensive
Hull,
Japanese
pursuers."
Estremadura
of Puebla
the
From Tokio, Aug. 26, United Press accounts stated:
after he
a
reported
civilian
the
upon
of
one
out.
south
la
in
the insurgents arrived at the bridgehead,
preceded by tanks, Govern¬
fighters opened fire with anti-tank guns, crippling two of the insur¬
machines and forcing the others to retreat.
Government dispatches
ment
was
had
the
Balaguer front several insurgent columns, preceded by tanks and
warplanes, tried to cross the Segre River near the Camarosa dam, north
15
was
airliner.)
Arcos the
insurgents attempted to encircle the Gov¬
Insurgents dominating two sides of Lascomas Moun¬
tain, northeast of the village, attacked with 30 tanks and nearly 100 air¬
planes, but the defenders held their ground under an avalanche of aerial
ernment-held
It
killed.
were
erty interests as the Pan-American Airways has
in the China National Aviation
Corp."
(The
on
Estremadura
Larzobispo,
unarmed
veered 6outh
miles north of Gandesa in Catalonia, another on the Balaguer front
Balaguer
today,
troops.
Villalba
China coast.
commercial services
Survivors
Smashing
a
large Chineseplane, forcing it down on
desires to express its emphatic objection to the
jeop¬
of the lives of American as well as other non-combatant
way
attack
national
frontier:
in bitter
Secretary
presented
The pilot of the plane was an
The
stage."
forces
attacked
States."
who
bombardments."
what guaranties the com¬
mittee Powers could give him of Government Spain's integrity, and
the right to make other objections he considered "useless to make
the
had
Having thus rejected the two basic features of the plan, General Franco
two
of
occupants
In
Spain's ports
tlie south
from
Tokio,
established
effected.
Belligerent rights would permit insurgent Spain to blockade Government
of
in
The
committee
Blago¬
that
Washington, Aug. 26, which said:
instruction
"My Government
numbers
equal
in
at
insistence
declared:
army.
belligerent
been
"willingly
belligerent rights be granted to Spanish
their total number in each army after a
to
accepted
24
land
The American note declared that
Spain's wish to assist the committee in "insuring that the Spanish problem
shall
On
.
Franco,
Aug.
on
19 persons abroad
from
accounts
•/;'
Great
consulate
Union's
"Emphatic objection" to the attack has been made to
Japan by tlie United States, according to Associated Press
lot with
with
Soeiet
be maintained
passenger
near
of the
ardizing in this
effect,
in
Anglo-Italian pact.
connection,
and
Italy
Government.
argued
persons
the
upon
offices
by each country following
Soviet consulates at Kobe and Otaru.
Japanese planes
Grew,
thought that Premier Mussolini of Italy was
of General Franco's stand, and that the two had joined hands
harass the
to
peace.
who
also
some
were
closed
consular
American-owned
foreign fighters, whose presence in Spain the Non-intervention Committee
regards
been
of
the closing of the
British
Chamberlain
Halifax,
Consulate General at Khabarovsk and
have
number
same
to confer on the turn of events today.
new
The Japanese
the
fighters from Spain
Viscount
negotiations by taking into consideration Japan's concrete proposal.
The Soviet
including the treaty, with annexed map, concluded
between Russia and China alone, should be
employed, while Japan insisted that
Japan's new data must also be Included."
remained adamant that the data,
new
its
the
Minister
a system and method.
difference of views in connection with the data, no
agreement at
but it has been decided to continue the Soviet-Japanese
a
present, has been reached,
veshchensk
of
1936.
delay
16,
the
before.
or
in
some
before
Sept. 9,
on
confronted
was
with
beset
have
another
April
on
and
the country
from
ago,
mean
provision for
Chamberlain
There
be
its
end of the
at the
years
committee
proposal,
which
those
will
the
another
Italy, signed
alter
to
two
turn,
with
acts
like
that
was
finding
delays
meeting nearly
pact
effect
of
proposals,
said:
commission, namely an agenda with
Spain.
20, page 1118.
of
The Japanese spokesman
agreement.
border issue Japan has made a
proposal to the Soviet
Union, presenting a concrete plan for the establishment of a border demarcation
commission on the basis of a peaceful settlement in the area in
question.
In the
concrete plan Japan presented such items as are
generally dealt with by such a
The Spanish civil war was referred to in the "Chronicle"
tion
truce
"In connection with the
Committee, which had been agreed to by the
Spanish Government. As a result, the Anglo-Italian friend¬
ship treaty, concluded last spring, will probably not come
until after the end of the
the
of
intervention
into effect
Aug. 27, 1938
Maxim
go
south and west around Lake Poyang, which lies
slightly east of Kiukiang, and proceed
corner
eimulaneous
of
the lake.
drive
The final
southward
to
up
to
Nanchang,
drive is expected
Nanchang
along
on
the
to be timed with
the
railway
from
Kiukiang.
While
advance
Japanese
up
forces
the river
on
under
both
the
banks
protecting
fighting around Red Lake, 20 miles
just "landed
miles
succeeded
In
in
west
the
fire of
Yangtze
attempted
warships,
of Kiukiang,
a
with
to
severe
Japanese column
Lake
Poyang's eastern shore threatened Tuchang, about 50
Kiukiang.
The Chinese admitted Japanese troopB had
landing near Matsun and that Chinese lines had been forced
on
southeast
back toward
of
of
Tuchang.
attacking Tuchang the invaders
tbe-lake movement.
site of the famous
were
on
the first lap of their round-
Towns and cities to be attacked included Kingtehchen,
imperial potteries; Poyang, Loping, Yukan and Tsinsien.
Volume 147
On
this
roundabout
Chinese in
the
On
Japanese
be
will
forced
Chronicle
against
fight
to
In
to
Shansi
Province front, 300 miles to the north,
which
of
strategic points
the
Japanese
the north
on
Government
in June.
Various
on
Tranches
Loan
State
of
of
The
St.
League Loans Committee
lowing comniuriique
the Kingdom
(London)
the fol¬
issued
to the
the Kingdom of Hungary, 1924
of
ment
Royal Hungarian
the future service of
1924, which
ment's
the
State
loan
the Kingdom
of
(London)
June
on
memorandum
dated
and Sept.
29
Sept.
1937,
17,
corresponding
bonds
that
"lies
the
loan
have
the service
this date
to
up
bankers for
been
enfacement
Tranche Issued in:
100.0 %
„—
—
Hungary..
In
the
view
entirety
fact that
outstanding
of
the
of
bondholders,
the
Bank
of
in
the
1937, the
28,
loan
interest thereon
in
Hungarian
to
Clause
12
a
pursuance
has
carried
released
1932
bonds
of
and 1933.
1937,
31,
well
as
amounts
pengo
amount in
an
The Royal
request.
he
7.5
of
Bank
in
in
million
28, 1937, for the
of
excess
of
out
pengo,
Minister
the
must
of
"I
National
Bank
certain
of
Finance
Reference
June
on
to
29
and
June
the
Committee
29
as
Bank
sums
is in
effected
ury
redeemed at $59.20
par
Government
Bank of Canada
of
the
League
3736.
Canada
Ottawa
the
advices
the
Taking
by
over
Bank
the
in
the Bank's statement for Aug.
capital
with
of another
in the
An
a
responsible
was
11, page
Bank's
deposits
holdings
or
which
An
float,
of control
by
Gold reserve—
—
Silver reserve—.
:*
'
"
"•
'•
'
were
partly
a
reflection
—
-
dollars—
— —
Subsidiary coin
Short-term inv. In Dom. & Prov. sees.....
Other Dorn. A Prov. securities...
Other securities
S'-1
i
'
■
•.
"•
..
— — —
24,872,000
322,000
123,642,000
52,737,000
121,356,000
53,056 000
—_ —.
......
3.702,000
387.094,000
-
Total assets
-
Bushel
crop
francs, which is being paid, on
gradually increasing scale
and was set last September on a
1938
wheat crop
at the same time was estimated at
90,000,000
favorable weather conditions, it is intimated
might be in excess of the official figure.
of 253,537,000 bushels was harvested
compared with
5-year average of 316,681,000 bushels.
that ordinary consumption is about
bushels and placed the August
1 carryover at
11,000,000
partially sold.
3.546,000
385,408,000
S5.000.000
159,639,000
10,012,GOO
202,475,000
§10,100,000
159,106,000
14,849,000
195,448,000
1,706,000
2,851,000
2,559,000
23,889,000
185,000
41,884,000
93,878,000
11,002.000
3,109,000
356.734,000
by
Ratification
Paraguay and
Bolivia of Treaty for
Dispute
Adjustment of Chaco Boundary
The treaty
the Chaco
providing for the submission to arbitration of
boundary dispute was approved by Paraguay on
Aug. 10 by a 10-to-l vote in a plebiscite, according to
Press advices from Asuncion
(Paraguay),
ciated
Asso¬
which
said:
The
Ministry of the Interior
ratification,
113,309;
against,
announced tonight the total vote was: for
11,825.
The Bolivian Constitutional
on
the same day,
Congress ratified the treaty
the vote by the Assembly being 109 to
Under date of Aug.
2.
8, Associated Press advices from Buenos
Aires, referring to the
proposed ratification proceedings on
Aug. 10, said:
Note circulation—
Dominion deposits
Other deposits.
of
...
-—
1,519,000
—
All other liabilities....
Tota' liabilities
--
...
Chartered bank deposits
as
Wheat^ Crop^at^ $1,543^
1938
of
level of 188 francs.
255,000,000
;
LialMfies—
Paid-up capital
ratio
extension of the
,
The wheat office recently estimated
17 follow,
.
24,357,000
335,000
.....
_,
All other assets—
The
Price
Fixes
Last year a crop
$2,286,000 in the Central
also affected chartered bank
...
—
—
Reserve In sterling & U. S.
ownership.
of public
of
Aug. 17, '38 Aug. 10 *38 Aug. 18 '37
S180.640.C00 §180,584,000 §179,507,000
.
—
When the time comes, and I do not foresee
the power.
254,618,000 the previous year and a
.
"
There will be no consent from
governments concerned.
operations progressed under
with comparisons:
'
Canadian
development of power on the St. Lawrence River without
that the final outturn
The paid-up
by the purchase of
the public and cancellation
float.
'
the
(324,900,000 bushels) and the surplus at 20,000,000 quintals
(72,200,000 bushels).
Recent private estimates on the present crop ranged
from 312,000,000 to as high as 360,000,000 bushels and while harvesting
complete ownership
of the
Principal securities in the statement for the week ended Aug.
A SSCt8~***
no
price on new crop compares with 199
a
increase of
securities
short-term
of
for
a
The
$5,000,000
to
include
by $4,837,000.
lightened
money
quintals
and Dominion Government deposits were at the same
decrease,
consider spending public
in deposits by chartered banks and $4,249,000
increase of $7,027,000
the capital
the Administration at Ottawa.
solve what is considered to be one of the major
long time, the problem will be handled by an
a
The
from
several of the major changes
for
be
bushels, which has been
liabilities,
head of
you
could seriously
need
don't
for
current
$100,000 worth, which gave the Government a majority holding
other
St. Lawrence
j>rice of wheat in France was set on Aug. 24 at 204
quintal (220.46 pounds) or approximately $1.54>£
bushel, it is learned from Paris advices to the "Wall Street
Journal" of Aug. 25, which also had the following to say:
Mail," showing
assumption
$5,000,000, from
value of
par
•'.V"-:.]:"
a
17 compared with Aug. 10.
reduced
was
'.V,;.,/V;./
The
former set-up.
all
time
Canada
of
$10,100,000
of
shares
in
had
Government
Dominion
the
at
be justified on economic grounds.
We are
railway situation, which has not been improved
the
as
it
this moment had
the right to export the
obtain
Government.
francs
Government, stated:
of
not
not
a
Government to
since been enacted.
"Globe and
the
following
appeared
would
.
the
(of
which
~
per
Toronto
huge surplus—for
previous day (Aug. 18) Premier Hepburn, com¬
Cabinet meeting on President Roosevelt's
can
France
Aug. 15 when the Treas¬
on
ownership
the
a
had the opportunity,
you
could
in
you
present policy
by
figures of the weekly statement of the Bank of Canada
they
as
in
rival
Effected
noted in these columns June
Bank's
the
over
a
that Ontario has an ample supply
various occasions ventured the opinion that the
project
the
There
The necessary legislation enabling the
take
condition
profit.
the consent of the
share the 100,000 class A $50
The intention of the Cana¬
acquire complete ownership of the
to
was
to you
developing the river, was quoted as follows by the
shares held by the public.
dian
been
has
of the effect
plea for joint action by the United States and Canada in
by the committee
of July 3, 1937,
of
Government
was
estimate
accurate
no
and warned
of creating another public, competitive avenue of transportation."
On
Complete ownership of the Bank of Canada by the Do¬
minion of Canada
when
us,
a
on
how
We
Dominion
that
Press:
issue
our
of
Department
Minister, which* Mr. King forwarded
menting after a
it
Ownership
in answer to a
State
benefit.
no
have been
you
ceive
this
Complete
Cana¬
problems of Canada—that of the National Railway deficits—I cannot con¬
stated above,
of these
disposition
communique
made in
was
was
States
to come—indeed,
years
"Until such time
28, 1937.
Sept.
is well known
many
interested
since
33.
page
have
also
so
Clause 3
Treasury bills held at the
pengo
The proposed
Hungary.
the bondholders
Loans
and
the people of
that they have been informed
announces
pengoes
with the terms of the settlement recommended
accordance
to
cash
upon
19, in quoting Mr.
Aug.
United
the
entire project
the
of
unsatisfactory
waterways
ordinary amortization requirements.
which the Hungarian Government has taken,
regard to
Ontario,
contended
Premier
and receive
pay
purpose
League Loans Committee
of the steps
with
The
Aug.
in part:
for
surplus at
Budapest, Aug. 1, 1938.
The
from
from
cost
granted
you
of making purchases
purpose
the
"This
with
amounts
pengo
provided for in
as
to foist
or
above, said that his letter
as
Ontario
of
He said,
Hungary
of
accordance
columns
Hepburn without comment.
power)
sufficient to reconsti¬
pengo
Hungarian
available
make
would
sum
loan
the
National
released,
so
advices
"The fact
as
the same time the Royal
At
the
requested
Finance
of the communique of Sept.
of
July
these
transportation system might have on Canada's railroads.
foreign exchange and the National Bank of Hungary
this
out
further
a
until
1933,
memorandum,
declared that
also
The
made
of the communique
1,
the
fund in
reserve
Finance
disposal of
of Clause 2, Paragraph (iii), of
Aug.
of
of
out
of the
tute
of
Minister
Hungary to hold at the free
Treasury bills deposited in connection with
the years
Minister
aside
set
Hungarian
Minister
The Canadian Press accounts likewise said:
accrued, and the untransferred service moneys accumulated
during
pengo
Royal
Press
to Mr.
the
almost
the
letter to Mr.
in his
manner
to the Dominion Prime
than 96% of
representing
thus
pengo
from
service
loan,
1937, and of Clause 3
communique of June 29,
Sept.
the
letter to Prime
a
to
"economic
on
additional burden of debt and taxation."
communication
91.5%
these proportions aggregate more
Hungarian Government,
of
100.0%
United States of America
in
Ontario
of
project
20,
King, said
rest assured that this (Ontario) Government
effort to force us to expend public funds in
Mr. Hepburn,
an
Hepburn
90.0%
..
97.1%
capital
the National
requested
the
—
Switzerland
94.9%
——
—.
of the
total
the
Italy....
on
Two
Door s of
at
Hepburn
given in
was
unwarranted
an
Ontario
dian
97.0%
address
1122.
such
at
acceptance of that offer:
Sweden..
98.5%
.
Holland
Lies
waterway
made known
was
"you may
will resist any
Tranche issued in:
Czechoslovakia
Great Britain.
their
Premier
of
River
that
to
the bondholders
presented by
show
to
Said
plainly" at the doors of the two governments.
page
following proportions of the outstanding capital of the various tranches
of
Roosevelt
opposition
President's
of Hungary,
1937, and in the Govern¬
28,
appeared
responsibility for the development of the waterway project
permanent settle¬
for the
offer
contained in the communiques issued by the League Loans
was
Committee
the
Government's
issue, reference
also
King of Canada, in a letter within a day after
President Roosevelt, at the dedication, on Aug. 18, of the
Thousand
Islands International
Bridge had stated that
The Royal Hungarian Minister of Finance hereby announces, with refer¬
ence
Bank
Mackenzie
of Hungary, 1924:
State Loan of
of the
11
July 23 issue.
our
Lawrence
grounds,"
Aug. 17 regarding the State loan of
on
June
our
Governments—Views of Mr. Hepburn Made Known
to Prime Minister Mackenzie
King
Kingdom of Hungary 1924
The
in
ownership
President
League Loans Committee Announces Acceptance Pro¬
portions
503 of
item
the
Premier Hepburn of Ontario Opposed to St. Lawrence
River Waterway Project, Development of Which
from
River,
bank of the Yellow
driven by floods
were
to
Japanese columns
engaged in drives designed to wipe out Chinese defenders and regain
control
1269
addition
page
southeast.
the
were
the
path
strong defense positions on the Chang and Loan Rivers, flowing
Poyang from the east, and the Kwangsin River, entering the lake
into Lake
from
Financial
7,100 000
387 094.000
....
I.
net
reserves
to
notes
against 55.36% in the preceding
and
385,408.000
§10,100,000
144,177,000
26,203.000
172,245,000
824,000
2,441,000
356,734.000
deposit liabilities was 54,86%,
week and 59.96% a year ago.
Voting in Bolivia will
be by the Constituent Assembly and in Paraguay
by plebiscite, because that nation is ruled by a provisional Government and
has no assembly.
A final settlement of the disputed boundary by Oct. 10—two months
from
the
date
of
on
treaty,
conference of neutral nations,
ratification—is demanded by the terms of the
July 21 after mediation by
including the United States.
signed
a
1270
Financial
The signing of the treaty on July
21 in Buenos Aires by
Foreign Minister Eduardo Diez de Medina
and
Dr. Cecilio
Baez, Paraguayan Foreign Minister, was noted in our issue
July 2'i, page 504.
A message of President Roosevelt,
of
expressing gratification
the signing of the accord, was
in these columns July 30, page 655.
referred to
Chronicle
tration
court
put
Aug. 27, 1938
the position
in
of being subjected to
any
through
pressure
The Committee relies with confidence
procedure.
Administration
not
upon the new
permit any legislative obstruction of the judicial
to
process.
»
at
York
New
Stock
Exchange
Calls
Attention
Semi-
to
Weekly
Mexican
Import
Duties
Products—Duties
on
Reduced on Wide Range of
Passenger Automobiles In¬
creased
FLVJMexican decree, published in the Diario Oficial of Aug.
15, and effective Aug. 30, reduced the import duties
on
an
extensive list of products, principally raw materials, restored
the rates of duty on passenger automobiles to the
higher levels
which
were
in force from Jan. 18 to
May 1 of this year, and
import duty on buses, according to a report
received in the Department of Commerce from the Office of
the American Commercial Attache, Mexico
City, and an¬
nounced on Aug. 19 by the Department which
says:
doubled
On Aug. 25 the Committee on Stock List of the New York
Stock Exchange, through its director, John Haskell, sent a
letter to the Presidents of Corporations having stock listed
the Exchange calling attention to the new
plan of semiweekly settlement of transactions of all listed stocks, which
goes into effect Sept. 1.
The letter, in part, follows:
on
the
The duties
on
six and eight
cylinder
automobiles
passenger
from 600 to 700 pesos each, while the rate on buses
to 2000 peso
each, and
rates of
on
duty
a
number of
was
increased
were
increased from
1000
modificatlonsfwere introduced in the
material and parts used in the assembly of automobiles in
Mexico.
The
Settlement of Transactions Which Be¬
comes
Effective Sept. 1—No Change in New York
Curb Exchange Clearance
Pursuant to this arrangement, each week will be divided into two terms:
viz., (1) Monday, Tuesday and Wednesday; and (2) Thursday, Friday and
Saturday.
Transactions in stocks made in the Monday-Tuesday-Wednes¬
day term will be settled
on
Friday, and transactions made in the Thursday-
Friday-Saturday term will be settled
ment
days
are
on
the next
a
wide
of crude and
range
semi-manu¬
unless settle¬
or ex-rights on the first business
day of the terra whose term settlement date is subsequent to the date of
record or of the closing of transfer books set by the
transactions in stocks will be ex-dividend
duty reductions embrace
Tuesday,
postponed because of intervening holidays.
Transactions in stocks will be ex-dividend
Corporation.
ex-rights from
or
one
Therefore
to six days
before the record date, depending upon the day of the week
selected
as
the
factured products, including principally rayon yarns, crude and artificial
rubber, fertilizers of all kinds, miscellaneous chemical products, glues and
sizes, plastic materials and manufactures thereof, mechanical wood
pulp
record date and whether the intervention of
and cellulose pulp, unmanufactured metals and certain canned
vegetables.
its effect may
Included among these duty reductions
stockholders at the time of the declaration of dividends,
offering of rights
to subscribe, etc.
As a rule, the selection of either a Tuesday or a
the
were
a
number of items
on
which
Mexican
import duties had been sharply increased by the decree of
Dec. 31, 1937, and on which intermediate rates of
duty have been in effect
since May 1 of this year.
valuations
of
export commodities for the
purpose of levying the export tax of 12% ad valorem have
been
announced
by the Mexican valuation Committee,
effective from promulgation in the Diario Oficial on
Aug. 10
to Sept. 20, 1938,
according to a report of Aug. 11 from the
Office of the American Commercial
Attache, Mexico City,
said
an
announcement by the Department of Commerce at
Washington on Aug. 19.
The list of valuations will be re¬
vised periodically by the
Committee, existing valuations
remaining in force until amended by subsequent announce¬
ments.
According to the Commerce Department which said:
The following valuations
are
estabslished for petroleum and its deriva¬
tives, at 20 degrees centigrade,
per cubic meter; crude petroleum, with a
or less, 32.43; crude
petroleum with a density of more than
0.96, 22.50; combustible petroleum, 30.46; gas
oil, 37.20; crude gasoline,
46.74; refined gasoline, 71.60; crude kerosene,
44.28; refined kerosene,
59.37; and lubricating oil, 250.93.
density of 0.96
For metals and
compounds, the tax is based upon the metallic content
at the
following valuations
copper,
per net kilogram; gold, 4707.50; silver,
32.52;
0.269; antimony, 0.515; and zinc, 0.050.
From the information made available
Department
we
by the Commerce
also quote:
The
valuations established by the committee
embrace practically all of
the commodities listed in the
Mexican export tariff schedule, and include
the following major products
exported from Mexico to the
(valuations
are
United States
expressed in Mexican pesos per gross kilogram unless other¬
a
tures
of ixtle and
similar fibers, 0.76;
chicle, 2.38 to 3.75 (according to
proportion of domestic fiber used in
containers); fresh tomatoes (exempt
from tax); bananas, 1.14 to
2.21 per 100 gross kilos
(according to contain¬
ers); unhulled coffee, 0.74 to 1.65
(according to containers); and hulled
coffee, 0.62 to 0.94 (according to
containers).
An item
bearing on the 12% export tax appeared in
Aug. 20 issue, page 1119.
helpful to the Exchange and to the public,
long interval between the "ex" date and the record date will be
We
trust
that,
Colombian
Committee
our
rence
will select
the adoption of the
July 16 issue, page 349.
procedure
new
Exchange
Clearing Corporation has given "extensive con¬
to the matter of a
semi-weekly settlement, it
was stated in the
Exchange's "Bulletin" of Aug. 20, and has
decided to make no change at this time in the
present form
of clearance.
Members will receive ample advance notice
of any future change which
may be adopted.
Securities
sideration"
Odd-Lot Trading on New York Stock
Exchange During
Weeks Ended Aug. 13 and Aug. 20
The
Securities and Exchange Commission on
Aug. 19
public a summary for the week ended Aug. 13, 1938,
of the daily corrected
figures on odd-lot transactions of oddlot dealers and specialists in
stocks, rights and warrants on
the New York Stock
Exchange, continuing a series of current
figures being published weekly by the Commission.
The
figures for the week ended Aug. 6 were given in our issue of
Aug. 13, page 966.
We also incorporate the figures for the
week ended Aug. 20, which were released
Aug. 25.
The data published are based
upon reports filed daily with
the Commission by odd-lot dealers and
specialists.
made
ODD-LOT
TRANSACTIONS OF ODD-LOT DEALERS AND SPECIALISTS
IN STOCKS. RIGHTS AND
WARRANTS ON THE NEW YORK STOCK
EXCHANGE—WEEKS ENDED AUG. 13 AND AUG.
20, 1938
SALES
PURCHASES
(ICustomers' Orders
to
Buy)
{Customers' Orders
Trade Date
No. Ord.
Shares
Aug.
8-___
Aug.
9.
Aug. 10-Aug. 11
Aug. 12 and 13.
11,747
145,864
130,154
119,154
173,266
319,819
Total lor week
32,681
5,370
4,945
4,365
6.254
Aug. 15
3,806
Aug. 16
3,185
3,519
2,619
5,332
Aug. 17-....
Advised
by Law¬
Hoover, Executive Secretary, to Delay Court
corporation
The Board of Directors of the New York Curb
Aug. 19 and 20.
Bondholders
your
item relating to
appeared in
Aug. 18
our
where convenient,
either of these days as a date of record for its listed stock.
wise noted):
Cattle (male), 27.00 per head; cattle
(female), 29.00 per head;
goat skins, 2.80; kid skins (weighing
up to 300 grams), 1.06; raw cotton,
ginned, 0.79; raw cotton, unginned, 1.40;
henequen, 0.27; ixtle (maguey),
0.32; ixtle (lechuguilla), 0.50; ixtle
(palma), 0.17; other rigid vegetable
fibers, 0.58; ixtle fiber, scraped, cut, and
prepared, 0.88; cordage, ropes,
and all manufactures of
henequen, 0.38; cordage, ropes, and all manufac¬
date of record for your
a
record date would be most
thus
An
Mexican
be taken into consideration in fixing
Friday
as a
as
Export Tax of 12%
The
holiday necessitates the ad¬
We are inviting your attention to this
change in procedure in order that
avoided.
Valuations of Products for Collection of New Mexican
a
vancement of the "ex" date.
Total for week
18.46fc
Value
No. Ord.
$5,167,836
4,888,570
Shares
to
Sell)
Value
4,260,746
6,345
5,683
5,123
5,793,978
10,111,021
5,904
13,337
157,225
148,199
131,445
162,016
366,382
888,257 $30,222,151
36,392
965,266 $31,164,623
100,108
88,098
93,740
67,576
138,966
$3,440,839
3,089,021
3,398,348
2,400,864
5,013,821
4,081
488,488 $17,342,893
21,880
4,092
3,816
105,509
94,382
101,904
72,382
174,673
3,062
6,829
$5,353,735
4,950,472
4,159,955
5,464,412
11,236,049
$3,262,290
3,090,765
3,558,742
2,327,234
6,080,154
548,850 $18,319,195
Action
Lawrence E. de S.
Hoover, Executive Secretary of the
Bondholders Committee for
Republic of Colombia Dollar
Bonds, on his recent return from a six-weeks visit to
Bogota,
Colombia, relating to various suits
brought, or contemplated,
by the Committee in the Colombian courts in behalf of
American
bondholders, advised
the Committee not to press
their contemplated suits at this
time.
From an announce¬
ment
by the Committee Aug. 23
Mr. Hoover
was so
we
quote:
impressed with the sincerity of the
tion of Doctor Eduardo
new
Administra¬
Santos, President, that he advised the Bondholders
Committee for Republic of
Colombia that in his judgment the Committee
should not now press their
contemplated suits, in deference to the new
Administration in whose high
purpose of a good neighbor policy he reposes
confidence.
...
There is good
reason
to expect the new
Administration—as
soon
as
the
loan contracts and the
fiscal position of the
government can be studied—
to take up the negotiation
of a debt settlement with
the legal representatives
of the bondholders.
The Committee
was
Secretary, who found
impressed with the report made
by the Executive
that it
citizens, attorneys, and public
of the
matter
was
the consensus of
opinion of responsible
men in
Colombian people and their
Colombia that it is the sincere desire
new
Administration to deal with this
with sincerity and justice.
The Committee desires to afford the
new Administration the
convenient
opportunity to thoroughly study the matter and not to
have the Adminis¬
Member
Trading on New York Stock and New York
Exchanges During Week Ended Aug. 6
Curb
During the week ended Aug. 6 the percentage of trading
for
the
account
of
all
members
of
the
New
York
Stock
Exchange (except odd-lot dealers) and of the New York
Curb Exchange to total transactions in each instance
was
below the
preceding week ended July 30, it was made known
by the Securities
(Aug. 26).
and
Exchange
Commission
yesterday
Trading on the Stock Exchange for the account
members during the week ended Aug. 6 (in round-lot
actions) totaled 2,056,877 shares, which amount
of total
This
transactions
on
was
of all
trans¬
19.76%
the Exchange of 5,206,620 shares.
compares with member trading during
week ended
July 30 of 3,631,597 shares, Or
the previous
20.90% of total
trading of 8,686,900 shares.
On the New York Curb Ex¬
change member trading during the week ended Aug. 6
amounted to 242,285 shares, or
18.70% of the total volume
on that
Exchange of 647,765 shares;
during the preceding
trading for the account of Curb members of 437,715
was
21.07% of total trading of 1,038,645 shares.
The data issued
by the SEC are in the series of current
figures being published weekly in accordance with its
proweek
shares
Volume
gram
the
Financial
147
embodied in its import to) Congress in June, 1936 on.
Feasibility and Advisability of the Complete Segrega-
the iveek ended
ror
July 30
New
The figures
the Junctions of Broker and Dealer."
tion of
,1
f r the week ended Aug. 6, said.
weekly reports
The data published are based upon
on
The Board of Governors of the New-York Stock Exchange
on Aug. 24 sent to all members two reports on
:
.
Exchange
830
Exchange
and partners of member firms might express their views,
1,084
205
245
__
0tinttiatedon Hoorl!^!f!t:—.i.
-
on
revisions. The Stock Exchange,
in announcing the proposals, said in part:
VtLTTof %vernore,today' «"> ?ew York
oirer objections and suggest
105
39
si!
specialists *
As
61°
®"Pff"48,0'
specialists
"In stocks In which registered" are not strictly
comparable with data similarly
designated for the New York Stock Exchange, since specialists on the New York
Curb Exchange perform the functions of the New York Stock Exchange odd-lot
Note—On the
New York
Curb Exchange the round-lot transactions of
classification.
ON THE NEW YORK STOCK
Week Ended Aug. 6, 1938
TotcU for
Total round lot volume
actions for the odd-lot
members (except transodd-lot
Totat
T102
-
-
Other transactions
........
......
—
Sold
......
_
—--
—.—
of specialists and
aspects of permissive incorporation.
19.76
184,880
!
Total.........................................
lots—Bought
2.83
294,920
692*510
Sold
sary to
These amendments are
permit the incorporation of member firms.
presented merely for information and will not be voted upon at this time.
The material to be sent to members and member firms will, also, include
outline of suggested rules governing member corporations.
This, also,
767 213
.........
clarify various points in which member firms would be particularly in-
fir^ fully as to all important aspects of the proposal
Included, for the information of members and member firms, is a schedule
of amendments to the Constitution of the Exchange which would be neces-
110.040
Sold
the legal
It has sought, insofar as possible, to
„„terested. The report is a comprehensive one and, together with the accompanying material, is designed to inform the membership and member
^
odd-
l.'^CndWa-Bousht
of per-
missive incorporation is composed of Gayer G. Dominick, as Chairman,
John A. Coleman, Richard Pigeon, Philip W. Russell and Jacob C. Stone.
This committee's preliminary report is concerned primarily with
982,317
^
In odd
The special committee which has been studying the question
3.17
329 722
that
^or allie(1 with respect to both subjects presented at views of members It is
members, the Exchange plans to have the joint hearings. and
partners
expected that these hearings will begin within a few days.
2 056 877
Total...
Transacttons for the odd-lot accounts
2
—;—
1,074,560
—
-
-
-
•
Meanwhile, theother explanatory material relating toreports of the two
Exchange will distribute copies of the the proposals to
and
members and member firms for their consideration. Because of the close
committees
interrelation between the proposal for permissive incorporation and
6 oo
g24 , 495
—^—,
Total—Bought
801(1
10 59
162,612
——-———
Total
1
167,110
the floor—Bought
Other transactions Initiated off
660
287,285
—.............
Total
4.
committees which have the two plans in hand.
337,210
Initiated on the floor—Bought......
Sold
3.
suSgest any revisions. The Board will withhold final action pending the
holding of these hearings and will await a further report from the two
570,240
532,420
Sold
2.
advisability and feasibility of the proposals, to present any objections and
stocks in which they are
registered—Bought
'
the holding of hearings at which members of the Exchange and partners of
member firms will have a full opportunity to express their views as to the
'
accounts of specialists and
Transactions of specialists In
1.
the recommendations contained therein, the Board of Governors authorized
5,206,620
-
..
Round-lot transactions for account of
Per
Cent a
Week
who
preliminary reports. The study of permissive incorporation was prepared
^ a special committee appointed by the Board of Governors on July 13*
The reporfc referring to allied members resulted from a study by the Exchange's Committee on Member Firms. On the basis of these reports and
EXCHANGE FOR
ACCOUNT OF MEMBERS (SHARES)
v
of all nonmember general partners as allied members
would be directly responsible to the Exchange and directly subject to
Exchange control and discipline.
The proposals were submitted to the Board of Governors in the form of
because, at times, a single report may carry
the number of reports received
STOCK TRANSACTIONS
classification
total more than
the various classifications may
The number of reports in
entries in more than one
partners In member firms would be sought in considering two pending
proposals, one relating to the advisability of permitting member firms,
which wish to do so, to incorporate, and the other contemplating the
specialist.
dealer as well as those of the
control of the Exchange. Members were asked to vote
the merits of the proposals and were advised that the
Board of Governors would hold hearings at which members
stock
iXS's'h
undr
a'Md prtners be
York
curb
New
York
New
.
•
permissive
incorporation of member firms and recommended that non-
filed with the New
by their respec-
■
Incorporation
Proposals—Capital Increase is Advo-
cated
available;
_
Exchange Submits
York Stock
Plans to Members—Board of Governors Will Hold
Hearings
given in these columns of
making
were
1271
Chronicle
an
Total
——
—
—...
.......
TRANSACTIONS ON THE NEW YORK CURB
ACCOUNT OF MEMBERS (SHARES)
STOCK
1,459,723
js f0r information purposes
EXCHANGE FOR
Week Ended Aug. 6, 1938
Total for
Per
Cent
Week
a
78,765
94,875
registered—Bought
Sold
Total
Other transactions
2.
.........................
_
.....
.
173 640
——,
.....
25,125
I
Total
43,520
___—I
Total
3.36
Sold...
242,285
18.70
==========
Total
=====
-
Odd-lot transactions for
Bold
-
Total
'
——
104.716
—
-
Semi-Weekly Settlement Plan for
*
Clearance of Stocks
.
by
Adopted
Francisco
San
Stock
Exchange
recommendation of the Clearing House Committee, the Governing Board of the San Francisco Stock
Exchange announced Aug. 24 the adoption of a semi-weekly
settlement plan for the clearing Of stocks.
The new plan,
i
i
irrc/.ir
which Will go into effect Sept. 1, divides the business week
into two "terms": (1) Monday, Tuesday and Wednesday,
and (2) Thursday, Friday and Saturday.
The Exchange's
announcement further explained:
Y
,
Acting
r
-
on a
•
M1
i
,
fr.
,
Friday: transacRegular settlement days will thus be Tuesday and Friday (except in the event of weekday holidays when the settlement day may be postponed), whereas there
are at the present time five settlement days, under the present arrangement
of settling transactions on the second full business day following the date
Transactions made in the
tions made In the
first term will be settled on
second term will be
settled on Tuesday.
of the transaction
In
a
notice to members,
the exchange
pointed out that transactions for
and "seller's option" transactions will not be
leaflet prepared by the exchange for the
benefit of customers of member firms, it is pointed out that the new settlement plan does not affect margin accounts, and that the change is essentially
one of a mechanical nature involving brokerage procedure.
"cash," bond transactions
affected.
In
an
explanatory
indorses the proposal that
nonmember partners of member firms be
by requiring all such nonmember partners of member firms to be
direct disciplinary control over
established
If incorporation is to be
formation of member
permitted, the committee recommends
corporations be authorized
that
only on the basis of their
member
Bought
account of specialists
the privileges which the registered
membership of one or more of its executive
legally
27,860
-
—
...
by the ability of the Exchange to end
corporation has by reason of the
allied members of the Exchange, thereby rendering themselves
anci directly amenable to the constitution and rules of the Exchange.
IP*,425
Total—Bought
4.
control could and would be
officers who are common stockholders."
The report on Permissive
Incorporation
22,160
801(1
membership by one or more partners. Precisely the
maintained over registered corporations
have by reason of the
1.94
—1—
"The
by the Exchange over member firms.
only control which the Exchange has today over its member firms," it is
pointed out, "is its ability to end the privileges which those member firms
same
21,360
Initiated off the floor—Bought—..
Other transactions
3.
complete as that now exercised
13 4Q
—*—
14,300
10,825
Initiated on the floor—Bought
Sold
corporations.
The report of the special committee on Permissive Incorporation copy
of which is attached, emphasizes that corporations and their stockholders,
under the plan proposed, would be subject to control as effective and as
of members:
Transactions of specialists In stocks In which they are
Round-lot transactions for account
1.
in the
A statement of corporate
submitted as a further guide to the members and member firms
in passing judgment upon the advisability of permissive incorporation as an
Exchange policy.
Another annex includes a suggested agreement which,
should the permissive incorporation plan be adopted, would be required
purposes is
by the Exchange of registered
647,765
Total round-lot volume
only and is subject to possible revision,
event permissive incorporation is adopted.
assembling and maintaining a larger capital than now required of
firms.
In the proposed rules for adoption by the Board of Governors,
it is
suggested that before any corporation commences business as a member
corporation, it must have a paid-in capital of at least $250,000, and a paid-in
capital surplus of not less than 20% or more than 50% of the capital.
„
Other suggested rules governing member corporations which were proposed
by the committee as a basis of discussion are:
Every member corporation shall be organized
under the laws of the state of New
by the committee on
as a business
corporation
York,
Admissions.
Every member corporation must at all times have among its stockholders one or more seat owners of the Exchange, owning In his or their own
right, in the aggregate,
stock of the corporation.
not have any more than 35 stockholders of
at least 5% of the common
A member corporation may
all classes. Every director and every principal officer of the
must at all times be the owner in bis own right of stock of the
having a par value of at least $10,000.
_
corporation
corporation
The aggregate par value of the outstanding common stock shall be.at
least 55% of the aggregate par value of the outstanding stock of all classes,
A member corporation must file with the Exchange every six mon hs
statement of condition in such form and detail as may be prescribedL by
the Committee on Member Firms, together with a list of the s oc
of the corporation.
A registered corporation would be required to enter into an
with the Exchange, providing, among other things, that the bus ess
corporation shall at all times be conducted in accordance with
stitution and rules of the Exchange.
nr^tion
The report of the Committee on Member Firms '^a rtr^nt fnntroi of th®
of a new class of allied members, points out that the prese
Financial
1272
Exchange
the conduct of its member firms, which is based on the
over
relationship which exists between the Exchange and these partners owning
difficulties aqd possible injustice.
actual membership, has created
This is
particularly true in cases in which disciplinary action has been taken by the
Exchange against an Exchange member or members because of the actions
for which they themselves were not in fact entirely
of their partners
re¬
sponsible and over which they could not have exercised full control. The
the recommendation of the Committee
committee in its report referred to
the
for
Study of the Organization and Administration of the New York
Stock Exchange, known as the Conway committee, which suggested "that
a
study be made of the advisability of bringing the nonmember partners of
member firms more definitely within the disciplinary control of the Ex¬
Aug. 27,
investment and trading company issues) were proposed offerings of newly-
In connection with the sale of the securities, the
organized enterprises.
registrants estimated that expenses of 4.0% would be incurred: 3.5% for
commissions and discounts to underwriters and agents and 0.5% for other
After payment of these expenses, the
that they would retain, as net proceeds, $211,172,000.
of flotation and issuance.
expenses
registrants estimated
the
Of
account of the
registrants.
37.9%
firm commitments;
be
58.5%
for
proposed
offering
cash
the
for
to be offered by underwriters under
was
(largely consisting of the investment and trading
issues) by various selling agents, and 3.6%
company
The registrants indicated that 90.7%
themselves.
to
of securities
$219,984,000
publicly offered while 9.3%
by the registrants
of the securities
was
be sold to "others," who this
was to
month consisted almost entirely of banks, insurance companies and trust
change."
The recommendation contemplates that all nonmember general partners
shall become allied members of the
They would not be subject
Exchange.
to initiation fee or dues, and would have no interest in the property
Exchange,
rights on the floor, no vote in connection
no
with
'
i
'
TYPES OF NEW SECURITIES INCLUDED IN 24 REGISTRATION STATE¬
MENTS THAT BECAME FULLY EFFECTIVE DURING JULY, 1938
Exchange
no
Total Securities Registered
The privileges which would be enjoyed by allied
rights in the gratuity fund.
the same privileges as are now enjoyed
are
funds.
of the
affairs, no right to reduced commissions on Exchange transactions, and
members
Chronicle
^
partners of member firms.
No.
by nonmember general
'-A
No. of
Issues
Type of Security
V':" '
Units
of
Stock, &c..
Face Amt. of
Gross
Amount
Bonds, &c.
SEC
Reports Sales on National Securities Exchanges
During July Increased 84.9% Over June and
25.6% Over July, 1937
Announcement
made
was
on
Aug. 25 by the Securities and
Exchange Commission that the dollar value of sales
Common stock...Preferred st/ock
14
.••.i.w.*.,
$20,916,663
$9,407,922
51,900
4
«,
participation, beneficial
Certificates of
-•
■.
int¬
9
i
2,790,026
•
—
7
95,000,000
94,400,000
—
-—-—......
.
51,509,626
54,280,635
.
Debentures..
Short-term notes
12,028,798
54,392,000
3
erest, warrants, &c
Secured bonds
.
all
on
37
securities exchanges in July,
registered
1938, amounted to
$1,778,734,356, an increase of 84.9% over the value of sales
in June, and an increase of 25.6% over July, 1937.
Stock
sales, including rights and warrants, had a value of $1,621,364,335, an increase of 92.5% over June.
Bond sales were
valued'at $157,369,789, an increase of 31.3% over June.
Total
(After
Other Deduc¬
tions
Total,
(proposed
Less Securities to Be Offered for
Reserved for
Conversion
Type of Security
Sale for Cash
Per Cent
of Total Less
Securities Reserved for
Conversion
for Account of
Registrants
The Commission added:
Gross
Total
sales
of
stock,
70,650,820 shares,
bonds sold
The
of
all
rights
and
increase of
an
in
warrants,
June's total.
over
$232,147,200,
was
two
including
77.2%
or
Total
37.3%
July
leading New York exchanges accounted for
value
increase of 31.7%
of
sales
all
on
exempt
1937
$17,195,600
8.8
5.2
30.1
2,790,026
2,744,980
1.3
1.4
41.2
exchanges
registered
on
51,509,626
51,509,626
3.9
12.4
—-
54,280,635
54,133,635
24.4
14.7
14.6
...iv—-i-
94,400,000
94,400,000
42.4
74.8
1.7
terest, warrants, &c
Secured bonds
Debentures
$725,859,
was
an
—
of
37
New
Securities
Issues
Totaling
Act- Became
July
$223,897,000
Effective
y.:vlv
During
§222,594.652
$219,983,841
were
100.0
100.0
effectively registered during the
month two bond issues of the Republic of Uruguay proposed to be issued in
exchange for outstanding securities of the City of Montevideo valued at
$1,727,178.
"
and
Exchange Commission on Aug. 26
made public its monthly analysis of effective
registration
statements, prepared by its Research Division.
Analysis
of statements registered under the Securities Act of 1933
during July, 1938, shows that an aggregate of $223,897,000
of new securities became
fully effective.
The net total,
exclusive of issues registered solely for reserve
against con¬
version of other securities having convertible features, was
$222,595,000. This net figure compares with $231,123,000
registered during June, 1938 and $205,389,000 registered
during July, 1937.
In its announcement of Aug. 26 the
SEC stated:
—
100.0
June.
over
Securities
23.1
Short-term notes
In addition to the new issues there
Registration
The
July,
1938
Ctfs. of partic., beneficial in¬
Total
Under
June,
1938
Preferred stock...
96.0% of the value
sales, 95.7% of stock sales, and 99.9% of bond sales
V1'-.-' 'V';":,:;;
total
July,
Amount
§19,614,365
Common stock
June.
over
exchanges.
The
Gross
Amount
were
principal amount of
THE
TYPES
OF
SECURITIES
INCLUDED
IN
REGISTRATION
STATE¬
MENTS FOR REORGANIZATION AND EXCHANGE* ISSUES WHICH
BECAME
FULLY
EFFECTIVE
DURING
JULY,
1938
Approximate Market Value a
No.
Type of Security
of
Issues
July, 1938
Common stock....»»»».»..»„.ji..^.»
Preferred stock
2,012
...
Certificate of participation,
interest, &c______._
July, 1937
June, 1938
--
beneficial
__________
Secured bonds.
y
2
SI,727J78
§55,1481534
Debentures
Short-term notes
'
;
More than 65% of the July, 1938, total was accounted for
by the following
Standard Oil Co. of New Jersey $50,000,000
15-year
large issues:
2M%
debentures, due 1953 and $35,000,000 1H%-2M%
1943 to 1947; Southwestern Bell
Telephone Co.
Certificates of deposit
Voting trust certificates......
ll 595
100,000
Total
2
serial notes, due from
9,21
306,479
2,076,704
§1,727,178 §55,557,025 §11,288,299
*
$30,000,000 first
and
refunding mortgage 3%
bonds, series O, due 1968; Jones & Laughlin Steel
Corp. $8,100,000 first mortgage bonds, series B, 4% due serially from 1940
1946 and $5,400,000 first mortgage
bonds, series B 414,%
due serially
Refers to securities to be issued in exchange for existing securities, x Represents
actual market value or 1-3 of face value where market was not available.
,
to
,
from
1947
to
1950; Crown Cork & Seal Co., Inc., $10,000,000 10-year
sinking fund debentures, due 1948; and Industrial Rayon
Corp.,
$7,500,000 first mortgage sinking fund
4y2% bonds, series A, due 1948.
About 30% of the month's registrations was
represented by investment and
trading companies'issues.
4^%
According
the
to
registrants,
approximately
$106,918,000.
50.6%
or
of the estimated net cash
proceeds from the sale of the securities registered
during the month,
were
intended for "new money" uses
as
follows:
$101,-
415,000 or 48.0% , for expenditures for
plant and equipment (including
the $82,973,000 entire net
proceeds of the Standard Oil issues*) and $5,503,000
or
2.6%
for additional working capital.
This is the second consecutive
month
that funds proposed for "new
money" uses (or for repayment of
bank loans recently made for such
purposes) had exceeded $100,000,000.
Only $9,365,000
or
4.4% of the proceeds,
were
indebtedness, but approximately $25,053,000
connection with the retirement of
first large case of this
intended for the repayment of
or
11.9%
were to
be used in
N.
Y.
State
Insurance
Companies
as
to
Department Advises Insurance
Book of Security
Association
Values
The New York State
Insurance Department on Aug. 25
companies and societies that "The
Association Book of Security Values for use in your state¬
ment as of the end of this year will be
prepared and published
by Moody's Investors Service, 65 Broadway, New York,
N. Y.
"In order that work may be started immediately,"
said the Department, "it is important that you send to
Moody's Investors Service, within the next few days, a list
of bonds and stocks
acquired by your company this year to
announced to insurance
date."
.
an
outstanding preferred stock issue, the
type since last August. In addition, $62,979,000 or
29.8% were to be used (assuming
complete sale of the investment and
trading company securities) for the purchase of
securities for investment.
Largely as the result of the bond, note and
debenture issues enumerated
above,
issues
66.8%
reserved
of all securities registered
during the month,
for conversion, were of the
fixed
of
exclusive of
interest-bearing
Approximately 23.1%
participation,
of the aggregate
&c., while 8.8%
were
were
in
represented
common
stocks
and
1.3%
preferred stocks.
Approximately $3,913,000
were
intended
for
purposes
type.
by certificates
in
of the securities registered
during the month
other than immediate cash
offering
account of the registrants.
for
the
Of this
amount, $1,302,000 were registered for
against conversion, $2,250,000 for
reserve against options, $310,000
registered for the "account of others"
reserve
were
and $51,000 were registered for
acquisition of various assets,
payment of claims and for subsequent issuance.
After deducting the above
amounts, there remained $219,984,000 of
registered securities proposed to be offered for
sale for the
account.of the
registrants.
Of these securities
$199,172,000
established
represented issues of already-
companies
$20,812,000
(inclusive
*
while
The standard Oil Co, makes
no
?£ ProP°sed uses ofwill net proceeds
the
the proceeds
that
be
made
of
$18,012,000
of
specific allocation in its registration statement
from its note and debenture issues,
contemplates capital expenditures of
approximately $17o,000,000 during 1938 of which
approximately §39,000,000 had
been spent to March 31.
Received to Offering of $100,000,000 of 91-Day Treasury Bills Dated Aug. 24—
—$100,057,000 Accepted at Average Rate of 0.048%
A total of $245,680,000 was tendered to the
offering of
$100,000,0C0 or thereabouts of 91-day Treasury bills dated
Aug. 24 and maturing Nov. 23, 1938, it was announced on
Aug. 22 by the Treasury Department.
Of this amount, the
Treasury said, $100,057,000 was accepted at an average rate
of 0.048%.
The tenders to the offering of Treasury bills were re¬
ceived at the Federal Reserve banks and the
thereof up to 2 p. m., Eastern Standard Time,
Reference to the offering appeared in our Aug.
branches
Aug. 22,'
20 issue,
page 1122.
The following regarding the accepted bids to
the offering is from the Treasurys' announcement of
Aug. 22:
Total applied for, $245,680,000
Total accepted, $100,057,000
Range of accepted bids:
but states
available for capital
expenditures, for financing
Inventories and receivables, and for other
purposes.
The company continues by
"the program now under study
stating that
Tenders of $245,680,000
High,
99.990; equivalent rate approximately 0.040%
Low,
99.987; equivalent rate approximately 0.051%
.
Average price, 99.988; equivalent rate approximately 0.048%
.
(49%
of the amount bid for at the low price
was
accepted.)
.
,
Volume
New
Financial
147
Offering of $100,000,000 of 91-Day Treasury Bills—
to be Dated Aug. 31, 1938
Tenders
invited
Aug. 25 by the Treasury Depart¬
ment to a new offering of $100,000,000, or thereabouts, of
91-day Treasury bills, to be sold on a discount basis to the
highest bidders.
The bids will be received at the Federal
Reserve banks, or the branches thereof, up to 2 p. m.,
Eastern Standard time, Monday, Aug. 29, but not at the
were
on
Treasury Department, Washington.
The new bills will be dated Aug. 31, 1938, and will mature
on Nov. 30, 1938.
On the maturity date the face amount of
the bills will be payable without interest. An issue of similar
securities in amount of $.50,020,000 will mature on Aug. 31.
The following regarding the new offering of bills is from the
Treasury Department's announcement of Aug. 25:
They (the bills) will be issued in bearer form only, and in amounts or
denominations
of
$1,000,
$10,000,
$500,000,
$100,000,
and
$1,000,000
(maturity value).
No
for
tender
tender must be in
Each
be considered.
$1,000 will
less than
amount
an
The price offered must be expressed
multiples of $1,000.
99.125.
the basis of 100, with not more than three decimal places, e.g.,
on
Fractions must not be used.
incorporated banks
responsible and recognized dealers in invest¬
Tenders from others must be accompanied by a
ment securities.
President
Mr.
Green's
deposit of
Green Assails
Partisanship
complaint to the President dealt chiefly with alleged
Labor Board
law.
and
assumption of authority not specifically conferred by the
He appeared
"White
his
have"
to
confident
House
come
away
the
that
from the conference at the summer
President
believed
President
or trust
bank
guaranty of payment by an incorporated
an express
company.
Immediately after the closing hour for receipt of tenders on Aug. 29,
there
was
for
ground
SV--:
dissatisfaction.
Roosevelt
Reappoints
■
Donald W. Smith
as
Member of NLRB
Yesterday (Aug. 26) it was made known that President
has reappointed
Donald Wakefield Smith of
Pennsylvania as a member of the National Labor Relations
Board.
Mr. Smith, whose term expires Aug. 27, will serve
a term of five
years. The announcement of the appointment
came the day after William Green
of the A. F. of L. had
sent a telegram to President Roosevelt expressing it as the
opinion of the Executive Council of the Federation that Mr.
Smith "lacks the necessary qualifications to continue to
serve as a member of the NLRB."
In expressing opposition
to the reappointment of Mr. Smith the telegram said:
Roosevelt
respectfully
qualified
of L.
call
upon
you
Mr.
to select
President
some
capable
whom the millions of workers represented by the A.
person in
have confidence
a
as
fair and judicial minded administrator
F.
of the
Labor Relations Act.
of the face amount of Treasury bills applied for, unless the tenders are
10%
accompanied by
par¬
tisanship in favor of the C. I. O. in the administration of the law by the
We
Tenders will be accepted without cash deposit from
and trust companies and from
1273
Chronicle
Smith
Opposition to Mr.
indicated at the Annual
of the A. F. of L., to
was
Convention this week in Atlantic City
we refer elsewhere.
which
<
1938, all tenders received at the Federal Reserve Banks or branches thereof
to the closing hour will be opened and public announcement
up
acceptable prices will follow as
soon as
of the
possible thereafter, probably on the
right to reject any or all tenders or parts of tenders, and to allot less
Those submitting tenders
will be advised of the acceptance or rejection
Payment at the price offered for Treasury bills allotted must be
immediately available
made at the Federal Reserve Banks in cash or other
funds
Aug. 31, 1938.
on
The Treasury bills will be exempt, as to principal and interest,
gain from the sale or other disposition thereof will also be exempt,
taxation,
from all
(Attention is invited to
estate and inheritance taxes.
except
and any
Treasury Decision 4550, ruling that Treasury bills are not exempt from the
No loss from the sale
gift tax.)
or
other disposition of the Treasury bills
or
otherwise recognized, for the purposes
shall be allowed as
a
of any tax now
hereafter imposed by the United States or any of its
or
deduction,
possessions.
Treasury Department Circular No. 418, as amended, and this notice
prescribe the terms of the Treasury bills and govern the conditions of their
issue.
Asks
Committee
President for Aid in
Investigat¬
ing Un-American Activities—Seeks Assistance from
Other Government Agencies
than
for, and his action in any such respect shall be final
the amount applied
thereof.
Dies
The Secretary of the Treasury expressly reserves the
following morning.
The House Committee Investigating Un-American Activi¬
ties, headed by Representative Dies of Texas, on Aug. 23
asked President Roosevelt to request Government depart¬
ments to "lend" the Committee attorneys, investigators and
clerical and stenographic assistance.
Creation of the Com¬
mittee was reported in the "Chronicle" of June 11, page 3750.
The request was voted by the Committee after a final session
in Washington, devoted to an inquiry into Communistic
activities.
Martin Meyer, Professor of chemistry at Brook¬
lyn College, New York, told the Committee that efforts of
some students to establish an R. O. T.
C. Club had been
unsuccessful.
Aug. 23 to the New York
from the letter to President Roosevelt, ask¬
ing assistance from other Government agencies; as given in
A
Washington dispatch of
"Times" quoted
Necessity of Changes in Wagner Labor Act Conceded
Green
William
with
Roosevelt—Confers
President
by
the "Times" the letter follows in part:
In
sentative Dies, Chairman of the
■'
1
.
Repre¬
President accompanying the request for aid,
letter to the
a
Committee, asserted that when an original
appropriation of $100,000 was proposed for the present
William
Green, President of the American Federation of
Labor, prepared this week to tell the Federation's Executive
Council that President Roosevelt agrees that the National
Labor Relations Act is in need of some changes.
conferred with Mr. Roosevelt at the
Mr. Green
Hyde Park, N. Y., home
"while no
definite changes were decided up, we were in accord on
the necessity of making some changes."
The A. F. of L.
Executive Council met this week at Atlantic City, N. J., and
the
of
latter
reference
the
to
After
issue.
Aug.
on
20,
meeting
Mr. Green
dispatch of Aug. 21 to
the New York "Journal of Commerce"
The
Council
item in this
reporting the conference between
Mr. Roosevelt, an Atlantic City
and
another
in
appears
that
said
later
and
opens
Hyde Park to get the President's opinion on the law in order to convey
it
to
Federation head also said
journeyed to the summer White House to complain against the
in which the law has been administered by the National Labor
that
he
manner
organization's
The A.
Relations Board.
favored the
has
his
After
in
the
The
has frequently protested that the Board
of L.
F.
Committee
Mr.
as
advisability
felt
he
with
conflict
letter
the
he
that
limitations
specific
definitely.
he
making
of
on
had
and
the
in
law.
I think I can say that we were
placed before the
the
by
the
Board
a
manner
clearly in
changes
in
the Act
which
Board's authority or clarify
"/ 'V
either
impose
its powers more
Aug. 23 President Roosevelt gave his own carefullyworded version of his conference earlier in the "week with
On
Mr.
said John C. O'Brien, a staff correspondent of
further account of
Green,
the New York "Herald Tribune," whose
the President's comments at
said
The President
Hyde Park on Aug. 23 follows:
Mr." Green's report that
they
were
in accord
on
the
Relations Act needed modification was
correct, but he warned that no one should get the impression that he had
concurred in the specific criticism of the Act and of its administration by
proposition that the Wagner Labor
the
National
Labor
Relations
Board
which has
been voiced by the Fed¬
President said, had
not been cleared up by court decisions, and unquestionably an attempt to
clarify the Act by amendments would be made in the next Congress.
Certain
ambiguous language in the Wagner Act, the
such
consultation
groups,
new
law
time
Three
to
the
including
employers and
What
amendments
with the
he
Labor
were
drafted,
he
Board itself, with
Committee
for
explained, there would be
representatives of all labor
Industrial
Organization,
Mr.
Green
agreed
on,
ambiguities,
with
the President said, was that any
creating a new agency must necessarily be amended
cover
situations
and conditions not foreseen by
years
and
legal advisere.
and
some
from time to
the
drafters%
the Wagner Act, he added, had developed
of which the courts had clarified.
of administration of
assign any special agents of the Bureau
has definite proof,"
"The Committee
Department of Justuce and the Works Progress
of
of Justice.
the
the letter proceeded, "that
Administration have been
for the La Follette committee.
It
is, therefore, clear that the precedent has been established and we respect¬
fully urge you to request the Department of Justice and the Works Progress
Administration to place upon their payrolls the names of twelve investiga¬
carrying on their payrolls investigators
tors, which we
will submit to them, and several stenographers, and at
least
attorney.
with the popular
grams we are
thorough investigation in accordance
demand which is evidenced by the many letters
and tele¬
receiving from all parts of the country.
which has been extended to another com¬
"Unless we receive this aid,
greatly handicapped in the prosecution of this
mittee, we will be
The Committee only has four
secretary or
clerks.
.
.
inquiry.
investigators, but does not have any paid
.
Secretary Hull Calls Upon Mexico to Either Arbitrate
Claims in Case of Expropriated Lands or to Submit
Adjustment Under Gondra Treaty of
1923
Indicating that the United States is unable to acquiesce
in the reasons advanced by Mexico, in its note of Aug. 3 for
refusal to accept
the proposed arbitration of the claims in
of expropriated lands, Secretary of State Hull,
under date of Aug. 22, urges on behalf of the U. S. Govern¬
the
ease
Mexican Government "reconsider the position
and to agree to submit to the proposed
arbitration the questions at issue between the two govern¬
ment that the
which it has taken,
ments,
as
formulated in
my
note to Your Excellency
of
July 21."
Secretary Hull notes
The Mexican
Government of the
there be submitted to arbitration, in the terms
general arbitration treaty
following points.
with the rule of
in his Aug. 22 communication:
Government rejects the proposal of the
United States that
First, whether there
eration.
Before
Dies reported in his letter, to
help" would be
Attorney General, refused June 27, Mr.
Investigation or any attorney of the Department
Issue for
President specific cases
"in
Acting
the
6aid:
Green
spirit of the law."
favored
;'o"'
'
Thurman Arnold,
departments of the Government.
its decisions.
Mr.
changes
certain
"special investigators, attorneys and clerical
accorded to the investigating committee by
necessity of making some changes."
handled
been
had
asserted
He
that
said
Green
which
the urgent
to
Saturday,
President,
the
nothing definite was agreed upon,
accord
in
for Industrial Organization
with
conference
discussed
"We
While
body.
executive
of
"This will enable us to conduct a
Mr. Green went
to
the
$25,000, because
Committee on
use
one
said:
10-day session here tomorrow and
a
investigation the
Accounts reduced the amount to
House
the
of the
signed at Washington on Jan. 5, 1929, the two
has,been compliance by the Government of Mexico
compensation as prescribed by international law in the case
agrarian interests in Mexico have
since Aug. 30, 1927, and
Second, if not, the amount of and terms under which compensation should
be made by the Government of Mexico.
of American
been
citizens whose farms and
expropriated by the Mexican Government
his latest note addressed to Francisco
Mexican Ambassador, also says in part:
My government, in its desire to expedite and to facilitate a fair solution
of this question in every possible and proper manner, without, however,
in any way altering its position as above set forth, will be willing, should
the Government of Mexico refuse to agree to resort to arbitration as hereinSecretary Hull in
Castillo Najero,
1274
Financial
before proposed, to reiterate the proposal contained in the informal
munication from
Under-Secretary Welles to
Chronicle
you under date of June 29.
Your Excellency will retail that to that communication
was
attached
tends
It
com¬
sound
of
the
together with
until
subsidiary questions such
any
be determined by agreement
propriated,
the extent of the
as
by two commissioners,
area
one
missioners regarding
any
the amount of compensation due in any
other question necessary for
a
case,
goods and
Permanent Commission
It
likewise suggested that
was
in order to advance
matter the governments of Mexico and
of the United States
name
Cora-
act of
monthly in
escrow in some
agreed upon depositary
a
and that should the determination of compensation, show
case;
the
amounts
claimed, the monthly
now
a
amount
found
United
He
of
deposits should be scaled
will
that
resumption
goods
as indicated in the last
j>or_
tion of the note of the Mexican Government of
Aug. 3, the most practical
buy
the
pro¬
case,"
debt
denied
is part of
trade,
place
adequate, prompt
He
cannot
adopt the latter
To do
course.
so
of
to
of
special
posal
by
Dr
for
Opposed
Trade
by
that
American
both
cotton
and
willingness to
policy
had
discriminatory
was
engaged
in
dumping
on
Export-Import Bank in South
Expand United States Trade
the
Export-Import
Bank,
who
left
Aug. 16,
on
Mr. Pierson's trip
campaign to assist Amer¬
Latin American
advices
from
Miami
strategic location
and
an
of
trade
important port of call
The
role
Miami
indicated
is
cleared
tonnage
the United
expansion
by
plays
this
the
in
prove
Latin
should
make
North and
the
American
which
show
that
has
increased
six
times
port
York
valuable,
very
America
between
figures
customs
through
"will
South
for ships plying
already
New
the
also stated:
gateway point between the
a
as
States
with
to
was
trade
gross
in
cargo
the
last
five years.
Rail
Equipment
The
Bank, which for several years has concentrated its efforts on stimu¬
trade with European nations, is now turning its attention with
increasing vigor to Latin American trade possibilities.
One of its recent
lating
moves
to
was
Haitian
for
arrange
Government,
American-made
the
the
building
$5,000,000
discounting of
proceeds
supplies
which
of
be
will
the
Haitian
the
for
United
in
notes
used
to
public
of
the
purchase
works
pro¬
...
the
comparative
with
American
market,
Hull—Pro¬
Discussed Debt
one-third
of
Secretary
Brinckmann, Who
Germany
nations
South."
would make
Agreement
indicated
purchases of
debt
German
Miami's
picture
nations and their peoples.
Germany
States
large
Commerce," in which it
hoped-for
Despite
by
United
the
that
that
the
gram.
Suggestion
be
the
to
quantity which would
a
but
presupposed
the bank's long-range
of
said
Miami
undermining of the integrity which would characterize
the
an
surely
producer,"
Latin. American
and
else acquiesce in the repudiation and abolition of
that doc¬
Obviously it
will
debt
our
plane for South America.
a
said
"Journal
a situation
where it must either assert and maintain
with all vigor the doctrine of just
party to
solution
a
ican exporters to participate more fully in
quired by law and equity and justice, places this
government in
a
each year,
States
or
The policy of expropriation of these
lands without any payment, as re¬
trine.
service of
Aug. 11 for Miami, Fla., where,
on
he boarded
Secretary Hull's note of July 21 was referred to in these
columns July 23,
page 508, and July 30, page 651, while
the Mexican reply of Aug. 3 mentioned on
page 826 of our
Aug. 6 issue. In his note of Aug. 22, Secretary Hull stated:
normal relations"between"all
end
the
in
the
major countries in South America during
trip" is planned by Warren Lee
President
Washington
settlement suggested in the communication of June
29, the
Government should agree that no further
taking
of the properties of American nationals should take
it
United Press advices
"in
service and
that
States
Pierson
Lee
'Pierson,
#
Mexican
or
and
"two months' exploratory
a
Secretary Hull in his
Aug. 22nd note, "my Government fells justified in requesting
that, during the proposed arbitration, or during the
proposed
compensation,
interest
cash
with Latin America
continues
unless accompanied by
arrangements for
and effective payment."
involved
were
Germany.
from
United
A visit to all the
by
Treaty of Inter-American Arbitration
such
States
America—Seeks
for the Governments of Mexico and of the
United States to submit their
either
far
so
whethe;
to
as
market.
Warren
on the other hand, the Mexican Government is not desirous of
adopt¬
the procedure just outlined embodying safeguards to insure
payment
and prevent fruitless negotiation, it would
surely seem to be appropriate
suggested in my note of July 21
question
the
in
•
If,
manner
hoped
American
United
the
Brinckmann
world
ing
"In
goods
more
Dr.
posal contained in the communications of the
Under-Secretary of June 29,
and now hereinbefore reiterated.
controversy to arbitration in the
done
quote, also said:
we
he
improvement
the
to
from
against the
and fitting, and strictly within the
purview of the obligation contracted
both countries under the terms of the
the
wishes
which
that
Germany's
of
evidence of the desire of the Mexican Government to find
fair, friendly and
added
permit
something
other
an
equitable and friendly solution to the question
solution would be manifested by its willingness to accept the
be
anti-dumping laws
or
in
payments
has
expressed the hope that
give more consideration to the view¬
State
the United
from
If the Government of Mexico considers that
negotiations for a settlement
of these claims have not in fact been exhausted and
desires
impartial
it
as
States."
mean
a
case
suggested that "Germany could easily buy three to four million bales
cotton
down accordingly.
find
would
concerned,
Berlin, from which
Brinckmann
Dr.
reduction
to
of
percentage
ing such interest and amortization."
from
for the exclusive purpose of making compensation for
expropriated property
as and when definite determinations of value
have been arrived at in each
from
In the
But also figuring in the matter,
other countries
"the
that
point
part of the
define
type of
any
amortization must give its debtors the opportunity of earn¬
expropriation and compensation, the Government of Mexico should
set aside
is
certain
a
blocked marks,
in
countries.
the United States will
imme¬
diately their respective commissioners and request the Permanent
mission to name concurrently the sole arbitrator.*
This Govern lent further proposed that as an indispensable
ready to consider
its general policy.
Dr. Brinckmann, in liis address,
settlement of the
a
States
discrimination against
Washington provided for by the so-called Gondra Treaty, signed at Santiago,
May 3, 1923, to which both our governments are parties.
and
Questions Involved
percentage
American
United
the
as
at
certain
a
of South
case
gradual
a
available.
are
Other
determination of value, these questions
be decided by a sole arbitrator selected by the
details
more
Presumably Germany might offer
of
is
does not materially affect
ap¬
or
1938
27,
possible
Brinckmann's proposal, there was no official disposition to comment
Dr.
pointed by the Government of Mexico, the other by the Government of the
United States, and that, in the event of disagreement between the two com¬
to make
commerce.
the Administration
time
same
trading which
ex¬
the flow of
in
increase
At
an
itemized list of the claims of American property owners referred to in
my
note of July 21.
It was then suggested that the amount of compensation,
Aug.
trade barriers and
drive down
to
of
nearness
States
to
the
South
this country the last few years has supplied only about
the
aggregate
imports
the
of
20
Latin
American
republics,
according to Department of Commerce statistics,
Issue and Cotton Purchases
The view that it is most difficult to
find a basis for a
trade agreement with
Germany was expressed by Secretary
of State Cordell Hull at a
press conference in
Recovery of Foreign Markets Revolves Around Three
Major Items, According to Committee of National
Association
Washington
on
Aug.
18,
in
commenting
on
address
an
in
Berlin
of Manufacturers—Shrinkage in Ex¬
Grain, Meat, and Cotton Account for
85% Decrease in United States Agricultural Exports
the
The recovery of foreign
Secretary
according to Washington advices to the
Baltimore "Sun," that the
system of bilateral agreements
and barter
arrangements, upon which Germany operates,
runs
directly contrary to the program followed by the
Hull
products
explained,
United
States.
ancing
of
ments
between
results in
of the
two
three
nations
by
bilateral
totals, and thus does
not
act
to
Trade
From the Baltimore "Sun"
Brinckmann
appealed
we
ports.
increase
countries and expressed the
hope that the United
rigid
dogma"
in
its
trade
with
Germany and
bilateral" pacts.
IFould
Secretary Hull's
bilateral
if
a
and
and
sound
response
barter
basis
was
system.
oould
pointed out that
be
in
IFelcome
found
give
more
as a
was
time
up
a
eliminates
triangular
large portion of the
The
multi-lateral
plained,
is
nations,
total
and
'
that he would be pleased
of
world
trade,
which
and
This
the
restrictions
as
and
far"
of
obstructions
to
commerce
and
finance
exist
today.
In
the
crop
says, was
much
were
total
farm
16% of the total
1936-37, agricultural
over
year
due to the fact that prices
lower in
importance,"
more
1936-37 than
it
in
1926-27.
"is the fact
says,
that
or
40%
over
this,"
have
exports
795,000 last
is
that
our
:
Cotton
commerce.
sees itj offers the
only possible way
attempt to unsnarl the network of trade
increase
vations in the report are indicated as follows by the Asso¬
ciation
makes
of
decreased
from
This shrinkage of
year.
the
the
says
curtailing
net
report,
production
decrease
"seems
and
for
$866,924,000
$484,125,000,
all
largely
pricing
our
in 1926-27 to $382,the study points out,
agricultural exports.
due
to
cotton
our
out
"Cause of
domestic
of
line
policy
with
of
world
levels."
the Administration
can
materially
can
$1,907,780,000 and formed
goods
on
States
the report, "unless reciprocal trade
approximately 87%, of this decrease was
accounted for by cotton, wheat and meat."
Further obser¬
Policy Pursued by Secretary Hull
policy which Secretary Hull is
United
of
a
special condition prevails, it is difficult to
a
$1,018,647,000,
Ten
method,
which
all
"But
discrimination.
in
In
study of "Foreign
the committee says that
Products,"
says
000,000, the committee
pursuing, it is ex¬
mutually profitable trading arrangements between
emphasizes the principle of
equality among nations instead of
based
by
report
exports had shrunk to $732,826,000 and formed only about
7%% of total farm income.
Part of this decrease of $1,200,for
highly beneficial to both
multi-lateral
hoppens to
a
increase, exports in these three fields, in
farm income.
gross
According to the Administration's
viewpoint, the two different policies
of
international
trade and finance,
as
exemplified by the methods of
Germany and of the United States, differ in
many important ways.
The bilateral
method, it is held, is based on discriminations and at the
same
can
they
valued at
rehabilitating German-American trade
past this trade
to
Ten years ago, says the
report, agricultural exports were
consideration to
polite refusal to indorse the
countries.
what
National Association
exports."
Sound Basis
regarded
for
two
States would "depart from
He noted, however,
the
the
"Therefore,"
of which
how
see
between
Agricultural
agreements
also quote:
relations
in
on
according
of the
for
each
for better economic
largely
items,
Committee
the shrinkage in exjxorts of grains, meat and cotton account
over
85% of the decrease in United States farm ex¬
agree¬
world trade.
Dr.
markets for United States farm
pretty
agricultural
Manufacturers, made public Aug. 22.
balance at the lower and not the higher
a
trade
two
depend
may
major
the Agricultural
Experience shows, he added, that the bal¬
trade
of
ports
previous day by Dr. Iiudolf
Brinckmann, Secretary of State
in the German Economics
Ministry, before the American
Chamber of Commerce in
Germany.
Moreover,
,
flour)
a
years
were
ago,
valued
it is pointed out,
at
exports
$406,382,000, but last
drop of almost $400,000,000.
70% of the total decrease.
This, with
of grains
year
(largely wheat and
were
only
$35,414,000,
the cotton, accounts for
over
Volume
"But
the
wholly
almost
the
to
shall
we
entirely
features
In
decrease
due
Whether
of
Financial
147
meat
grain
of
exports,"
drought
the
says
years
the
recover
in
"was
great
areas.
Agricultural
new
products,
the
bulletin
Act."
aounted to
$203,431,000, while 10 years later they were down to $39,881,000.
"Here," says the report, "a third situation is involved.
Exports of meats
have
declined
Now
less
to
than
our
our
for
our
days
war
as
exports
our
1926-27
in
own
population
It
due partly to the
use,
increased.
likely that
seems
may
even
we
drought and partly
not again become
may
import livestock
domestic expansion takes place—exceeding the
meat, unless
or
largest production
Aug.
As far back
unless
24 from
substituted for the invalidated Agricult¬
crop control program was
a
Further additions to
out
the
control Act
crop
his program for raising farm prices,
he went on,
always brings
new
may
be
necessary
Mr. Wallace said.
eventualities and "we must keep
to carry
The future,
our program
flexible enough to meet them."
Taking to task
now
is
number of newspapers which had implied conditions
a
approached those of 1932, Mr. Wallace said "their hatred must have
their desire for profit"; for, he argued, their advertising volume
overcome
dependent to
large extent
a
expectation business
men
the prosperity of the farmer and the
upon
have of selling their products.
history."
Cites Prices for Crops
Metropolitan Life Insurance Co. Denied Stay of SLRB
Order Requiring Company to Bargain
Collectively
With Union—Justice Steuer of New York
Court Rules, However, It May Bargain
With Agents Who Do Not Desire to Be
Supreme
Individually
Represented
by Union
Supreme Court on Aug. 24 a ruling was
by Justice Steuer interpreting a final order
Labor Relations Board to mean that the
handed down
the
State
Metropolitan Life Insurance Co. may bargain individually
with industrial agents who do not want to be represented
by Local 30 of the Industrial Insurance Agents, an affiliate
of the Committee for Industrial Organization and the United
The New York
Office and Professional Workers of America.
"Herald Tribune" of Aug. 25, in reporting
further stated:
this
above,
as
The court, however, refused to give the company a stay of the
order directing it
Board's
$179,000,000 in 1932, he reported.
•>
•
Cotton, he estimated, will bring the
Southern farmers $876,000,000 this year,
in
1932.
compared with $460,000,000
as
Tobacco, Mr. Wallace said, will give an income of $289,000,000
this year, while in
1932 farmers received only $115,000,000 for their crop.
He did not have ready the figures on corn, but gave a few totals for some
The 1938 calendar year income included price adjustment and soil con¬
servation payments of several hundred million dollars.
As for this wheat export plan, Mr. Wallace said
nounce
Purchase of
surplus American wheat for export and domestic relief pur¬
poses was made yesterday (Aug. 26).
Advices (Associated
Press) from Washington yesterday said:
j
The Department said it was undetermined yet how much of the bread
Government intended to buy.
the
dealers in
be
and it hereby is
denied, and the coross motion of
(Labor Relations Board and the union) to enforce in whole
the order of said Board dated June 7, 1938. be, and it hereby is, granted,
with the condition that the direction of the petitioner in the order of the
1938, in so far as it
Local 30, is deemed
to mean with no other person as a representative of another, but not to
prevent negotiations between the petitioner and any of its employees each
acting for himself, and with the foregoing interpretation petitioner is
directed to carry out the order of said Board of June 7. 1938.
telegraphic
messages
The Department asked grain
today to submit offers.-
The purchases will be the first step in a program designed to place 100,000,000 bushels of the surplus grain into foreign markets through a subsidy.
The purchases will be made by the Federal Surplus Commodities Corpora¬
respondents
New York 8tate Labor Relations Board dated June 7,
directs that negotiations be carried on exclusively with
Surplus Wheat by U. S. to Begin at Once
Announcement by the U. S. Department of Agriculture
that it will begin this week and Monday the purchase of
Ordered that the motion of the petitioner (Metropolitan Life) to modify,
vacate and set aside orders and decisions of the New York State Labor
Board
speech he
Saturday morning.
■
grain
Justice Steuer's decision said in part:
he would probably an¬
it later this week and would discuss it more fully in a
is to make in Montreal
The company
to bargain collectively with the union.
had sought a stay pending appeal.
Relations
'-/fi
The wheat crop his year will bring the farmers $490,000,000, as against
of the States.
In the New York
of
the New York
Washington to
1935, Mr. Wallace said he had warned the Congress that
as
ural Adjustment Act, huge crops and low prices would result.
Indeed, during the last five years we have had
own
exporting country, and
substantial
in
from
surplus.
no
normal
population increase.
meat
a
steadily
have
we
says,
1275
"Times" had the following to say in part:
for grains depends
export market
Adjustment
Advices
almost
plains
report,
the
production and marketing control and on loan and price
on
the
in
series
be able to
Chronicle
tion from customs receipts made
available to it to bolster farm prices by
of export subsidies and the distribution of surpluses to
means
persons on
:
relief.
The
Government will buy the following grades of wheat:
hard Winter, No.
I hard Winter, No.
Southwest; and No.
1
No. 2 dark
1 dark hard Winter, mainly in the
hard Winter, No.
1 soft white and No.
1 western
-A;'
white, in the Pacific Northwest.
Samuel Seabury, as counsel to the
Metropolitan, filed notice of appeal
immediately.
order
The
of the
Labor
State
Railroads Ask ICC to Continue Higher Soft Coal Rates
Board
Relations
was
re¬
our issue of June 18, page 3890 and on page 657
July 30 issue the action of Justice Steuer in sustaining
Because
ferred ti in
of
our
the Board
noted.
was
their
desperate need for additional revenue,
a petition filed through the Association
Railroads on Aug. 19 asked the Interstate
of
American
Commerce Commission to continue in effect the increases in
Signing in Washington of Federal-State Milk Pact
Fixing Minimum Prices to Producers in New York
Metropolitan Area
A Federal-State
of
Class I railroads in
marketing order fixing minimum prices
freight rates on bituminous coal which were granted on
Oct. 19, 1937, but which terminate on Dec. 31, next.
The
railroads however, are hot asking for any new increases.
The increases which the railroads seek to keep in effect
amount to three cents per net ton in rates of 75 cents or less,
producers for milk in the New York metropolitan market
was signed in the office of Secretary Wallace, in Washington
yesterday (Aug. 26). Mr. Wallace and the New York State
five cents in rates from 76 cents to
Commissioner, Holton Y. Noyes, signed the
of a delegation of producers repre¬
senting the Metropolitan Cooperative Milk Producers Bar¬
gaining Agency of New York, the prime mover in the demand
for a marketing agreement, according to the Associated
Press advices from Washington, which also stated:
two dollars.
to
Agriculture
in rates
to Western
document in the presence
The order affects
more
a
1937.
CAA
for
The Federal and State agencies announced the diarymen had voted over-
Transferring Federal Aviation Employees to Juris¬
whelmingly in favor of the order in a referendum conducted last week in
necessary to
Vermont.
The
make the Federal order effective and 75%
of the State
dairymen had to approve to make the complementary State order effective.
♦
Wallace
Secretary
Conditions
are
"
.
Reports that
Denies
"Back to 1932"
vices to the New York "Journal of Commerce."
we
should take
a
very
well rounded view of the situation" he
"We are not back to 1932 in any sense, but it is conceivable
could be a combination of a series of years of good weather and a
series of bad
which
business conditions,
would put the country back to
1932, but I am rather surprised that so many people assume we are now in
that
strait.. It is not true.
were
made at his weekly
conference, according to Clarence L. Linz,
press
Washington
cor¬
respondent to the "Journal of Commerce," who reported
that the Secretary said that statistics showed the farmer in
far better position than was the case in the earlier year.
From the
Total
he said,
same
advices
we
$4,328,000,000 in 1932.
far now as in the latter period, but
125 in May, compared with 107 in
non-agricultural commodities was
that month six yers ago.
It is conceivable that if we do not
keep ourselves continually in a position
purchasing power in
to meet the effects of business
get back to 1932.
And
that does not
and weather upon
agriculture, we could easily
But it is not true yet. and it has not begun to be true.
mean that the farmers should not be always alert,
by
the
over
Interstate
sonnel, facilities and appropriations of the Bureau of Air
the air mail bureau of the Interstate Com¬
Commission to the new Civil Aeronautics Authority,
Commerce and
said
a
dispatch from Washington to the New York "Herald
Tribune," which also stated, in part:
the order,
Under
States and
control
of all
civil aviation activities in
the United
five-man
under the American flag abroad are vested in the new
Authority created by the last Congress in the
into
effect
Today's
order
Civil Aeronautics Act, which
yesterday.
affects
more
than
3,000 employees of the two aviation
Washington and in the field.
»
Although the Authority also will take over certain duties of the Post
Office Department relating to financial record of air-mail contractors, no
transfer of employees or equipment from the Poet Office is involved.
organizations in
The
$7,500,000,
He admitted that the
this year will approximate
farmer's dollar would not go quite as
the index of farm
civil aviation
formerly
Commerce Commission, the
Bureau of Air Commerce of the Department of Commerce,
and the Post Office Department.
On Aug. 23 President
Roosevelt, by executive order, officially transferred all per¬
functions
regulatory
handled
quote:
agricultural income for
compared with
regulation of the aviation industry.
The Authority, which
was created at the last session of Congress, will administer
went
Mr. Wallace's comments
Civil Aeronautics Authority assumed control of
merce
said today.
that there
new
civil aviation in the United States on Aug. 22 and began its
the
Agricultural
Reports that the agricultural situation is "back to 1932"
brought from Secretary of Agriculture Wallace on Aug. 24
a rejoinder which we quote as follows from Washington ad¬
"I think
diction of Authority
New Jersey, Maryland, Connecticut,
Under the Federal marketing act approval of two-thirds of the dairymen
was
Regulation of Civil Aviation—President
Appoints National Advisory Committee
Aeronautics — Issuance
of
Executive Order
Begins
Roosevelt
New York metropolitan area, the richest milk market in the world.
Massachusetts and
an
dollar and ten cents
case
The railroads in their petition pointed out that costs are on
higher level and traffic is on a much lower level than in
than 60,000 dairymen in seven States serving the
New York and parts of Pennsylvania,
territory,
one
of rates within and
increase of 15 cents in rates over
dollar, and, in the
over one
Authority is made up of a five-man
board, headed
Edward J. Noble of Connecticut, the other members
being:
Harllee Branch, Vice-Chairman, of Georgia; G.
Grant Mason of Washington, D. C.; Oswald Ryan of In¬
by
M. Hester
which will
also have the assistance of a three-man Air Safety Board.
Two members of the new Safety Board, Colonel W. Sempter
Smith and Thomas Hardin, were sworn into office on
diana, and Robert Hinckley of Utah.
Clinton
of Montana is Administrator of the Authority,
1276
Financial Chronicle
President Roosevelt has not
Aug. 22.
yet named
as
the
Elmer
On
17 President Roosevelt
Joseph S. Ames, Edward P.
Lindbergh and Jerome C. Hunsaker
reappointed Orville
Warner, Charles A.
as members of the
National Advisory Committee for Aeronautics.
The Presi¬
Aug.
Representatives of Industry and Labor
Wright,
also named
dent
additional
as
Committee
Advisory
Vannevan
members
the
National
Hester, and Prof.
of Technology.
the members of the new Aeronautics
Noble and
Messrs.
Institute
of Massachusetts
Bush
of
An item bearing on
Authority appeared in our Aug. 13 issue, page 980.
1938
Administrator of Wage-Hour Law,
Decides on Committee of 21 to Draft Regulations
for
Textile
Industry
Following
Meeting
with
member.
third
Aug. 27,
F. Andrews,
his
Following
assumption,
Aug.
on
16,
of
office
the
of
Administrator of the Federal wage and hour law, Elmer F.
Andrews announced that his first conference would have
reference to the textile
This conference, at which
industry.
employer and labor representatives of the textile industry,
as well as representatives of the public,' were present, was
held on Aug. 19, at which time a statement issued by Mr.
Andrews said:
$8,745,000 Made Available by CCC for Loans
Prune Crop
The
on
1938
Varying views
the
textile
when
Commodity Credit Corporation announced Aug. 25
it
be
appointed,
whether
is
committees
with
that $8,745,(XX) had been made available for loans on the
1938 prune crop at the rate of 13^2 cents per pound basis
representation
price for Three District Type prunes. A reduction of % cent
per pound will be made on outside District prunes.
The
basis price is for prunes of a size 80 to the pound and such
basis price will be increased or decreased, as the case may be,
at the rate of $1.00 per ton for each point larger or smaller
than 80, according to the Corporation's announcement,
drews
conferences
which went
and
to say:
on
The loans will be made through the Prune Credit Corporation of Cali¬
fornia, San Francisco, California, to producers
and
be available until June
will
or
associations of producers
It
of
The loan program is conditioned
the prune industry, through
upon
a
Program Committee operating under authority of the California Agricul¬
Prorate Commission, establishing a prorate covering the 1938 crop
tural
prunes
produced in
of this tonnage, which
excess
come under
All
the control of
for
of
work
employers,
the
five
representative
manufacturer
of
and
addition
4%
and mature Oct. 1, 1939.
pooled and held
as
After such date all prunes will be
security to all indebtedness.
Approval of additional loans up to $7,250,000 to the
Dairy Products Marketing Association at Chicago for buying
up to 25,000,000 pounds of butter to help stabilize dairy
prices was announced by the Agricultural Adjustment As¬
sociation on Aug. 20, according to Associated Press advices
from Washington on that date, which added:
Through Aug. 19, the Association had
bought about 43,000,000 pounds.
Purchases by the Association
when
prices
improve
handling and storage and
of
a
to
cover
the
purchase
price,
costs
of
small additional amount.
The Dairy Products Marketing Association is a
non-profit organization
producer owned and producer controlled regional dairy co-operative
of
by
F.
K.
drawn
Wilcox, AAA marketing official, said the supply of butter with¬
from the market by the Association
during the present record
A.
Roy
price adjustment
it is provided that
producers
of all
no
payments,
farms
on
under
payments are to
knowingly overplanted their
The maximum amount of 1937 cotton
may receive payment is
produced in 1937
will
not
be
on
law,
was
be made in
1938" cotton
on
are
more
where failure to produce
60%
from specified causes.
applicable to
grown in
case
1937, but
the producer
acreage
or
allotments.
which the producers on a farm
60% of the base production, and in
less than
was
made
the
which cotton
case
the
amount
actually
produced, except
of the base production.as due to crop failures
a
farm
was
of its base
Under the payment legislation
eligible cotton
was
established
of ys-inch middling cotton
was
below 12 cents
a
pound
on
as
originally passed, the rate of payment
as
the amount
by which the
average
price
the 10 designated spot markets in the South
the date of the sale of the cotton
by the pro¬
ducer, the rate not to exceed 3 cents a pound in
any case.
on
An amendment later provided that the
maximum rate of 3 cents
would apply to eligible cotton produced in
ducer prior to Sept.
10, 1937, the date
on
a
pound
1937 and not sold by the pro¬
which the spot market
fell below 9 cents in the 1937-38
marketing season.
another
for
industry.
said that to
limits
flexible
committees
a
textile
cotton
textiles, Mr. An¬
the Associated Press)
within
have
principally
which
"it
is
assist"
will
Those subcommittees would represent
M.
Nelson,
Vice-President
Sears,
of
meeting on Aug. 19, according to Wash¬
the New York "Journal of Commerce,"
Workers'
National
Dall,
E.
Organizing
Federation
Institute,
of
Henry,
H.
Dorr,
Duncan
Amalgamated
Rayon
Cotton
Mills,
New
Committee,
Textiles,
New York
President, National
Goldthwaite
H.
D.
Inc.,
York
City;
New York City;
City.
Association, New
Weavers'
Textile
Greenville,
Institute,
S.
Washington,
Sidney
C.;
Clothing Workers of America,
A.
Schrader,
International
Association
C.; Robert T. Stevens, J. P.
Robert West,
From
Hillman,
New
York
its
of
Machinists,
Washing¬
Stevens & Co., Inc., New York City,
Dan River Cotton Mills, Danville, Va.
Washington
bureau,
Aug.
19,
New
the
York
"Herald Tribune" had the following to say, in part:
As
administration of the Wage-Hour Act passed the preliminary
stage,
Sidney Hillman, Vice-Chairman of the Committee for Industrial Organiza¬
disclosed
counsel
Mr.
and
in
The
and
advise
of
the
cotton
the
to
bureau
of
to
of
Justice
Mr.
O.
Chicago
I.
Attorney
Abt,
special
as
O.
General
Homer
prior
to
S.
division
anti-trust
to
affiliation
his
is
and
Bond
&
Commission
Exchange
Share
the
in
famous
of
the
C.
I.
industries in which
I.
O.
wages
will
in
workers.
O.
they
John
the
A
unions
are
as
Lewis
L.
wage-hour law,"
C.
for
case
being organized by Mr. Hillman to assist
with
the
garment
other
Securities
Electric
fight.
affiliated
bureau
presentation
I.
the
to
bureau
benefits under
new
C.
against
case
new
textile and
for
the
counsel
its
unions
"maximum
The
O.'s
I.
with
court
company
C.
Abt
Department, had been associated in legal capacities with
Adjustment Administration, Works Progress Administra¬
preparation of
holding
J.
assistant
of the Department
special
was
special
as
post
new
Justice
John
of
the Wage-Hour Bureau of the C.
charge
Agricultural
and
appointment
of
resigned
in
his
the
the
head
Abt
Cummings
assist
excess
union
in
securing
he 6aid.
of
in
the
the
preparation
and
25c.
minimum
for
will
be offered
by
similar service
industry committees
are
appointed
organized.
Action toward the naming of a committee for the tobacco
industry will follow that of the completion of arrangements
of the textile industry, it is stated.
taking of the oath
of
trator
Fair
of
the
and
hour
page
new
office
by Mr.
Labor
Andrews
Standards
as
The
Adminis¬
Act—the
wage
1134.
law—was
noted
in
our
issue
of
a
week
ago,
♦
L.
A.
Kelly of Office of Comptroller of Currency DisInvestment
and
Regulatory
Policy
of
Federal
Banking
Supervisory
Agencies
Before
Arkansas Banking Seminar
t
cusses
Despite recent changes in banking laws, the primary func¬
the adjusted normal production
acreage, the base acreage representing the normal devoted to
cotton, adjusted to bring the base acreage of all such
farms within State
and county allotments.
on
have
committee
group
Underwear
President,
Also
ton,
1937 Base Production
The 1937 base production of
will
public,
may
the amount
60% of the farm's base production, payment
than
South
will'be
time
same
England
representative of the silk
technical
for the regulation
Cotton
the base production
that New
City; Fred Morrison, counsel, Cotton Textile Institute, Washington, D. C.;
Murchison, Cotton Textile Institute, Washington, D. C.
tion
in part:
the
one
order
the
at
five representing the
and
in
Claudius
the
Aug. 22 by the Agricultural Adjustment Administration.
The payments, totaling
approximately $127,000,000 are
provided for in an appropriation of $130,000,000 made
by
Congress in 1937.
About 1,400,000 applications will be
handled, covering about 14,648,000 bales, said Washington
advices Aug. 22 to the New York "Times" which also stated
W.
R.
general
with
Cotton price adjustment payments
averaging about 2.89
pound will begin next month to farmers who planted
within their 1938 acreage
allotments, it was announced on
C.
C.;
accept
cents per
the
Textile
City;
Association expire April 30, 1939.
Adjustment Payment to Cotton Growers Totaling
Approximately $127,000,000 to Begin Next Month
establish¬
include
to
Blunt,
Cheney,
Also
York
D.
the
Abt,
Irene
production period would be available for sale later if the market
improved
enough to absorb the butter at reasonable price levels.
Loans made to the
Price
21,
who
Donald
advices
John
Miss
tion,
marketing associations.
rayon
in agreement
are
attended by:
was
available for resale in the open market
are
should
the main
have
to
Headed
and
sufficiently
further
Roebuck & Co., Chairman-designate of the Textile Industry
In June the Government lent $14,500,000 to the Association for
purchase
of 50,000,000 pounds of butter.
[Aug. 19]
after
and
Institute and
committee
employees,
will be
to
size
Committee,
Approves Additional Loans of $7,250,000 to Dairy
Products Marketing Association for Purchase of
Butter with View to Stabilizing Prices
and
this,
throwsters.
ington
AAA
hour
branches of the industry as finishers, mercerizers and
silk
Producers may obtain the release of
all prunes delivered prior to June 1,1939.
Textile
that all
(we quote from
the
such
public,
the
Cotton
announce
while
rayon,
There
manufacturer.
drews
and
industry
representing
the main committee.
and will bear interest at the
the
announcing
for the manufacture of all three products.
the committee as small as 15, five representing
planned
recourse
draft
In
happy to
textile
wages
may
The loans will be made without
by Administrator An¬
would
labor
increasing the number to
another
with
committee
hoped to keep
loans made by
been fully liquidated by that date.
21
industry.
the
am
keep
rate of
of
employers,
the Program Committee, are to be pledged as additional security for the
Commodity Credit Corporation, and such surplus prunes
be sold after Oct. 31, 1938, by the Corporation if the loans have not
general
a
Aug. 22
on
representatives of the
organizations, I
the
In
by
or
said:
with
While I
which will provide that the total available supply of prunes for the market¬
ing year Sept. 1, 1938, to Sept. 1, 1939, will not exceed 235,000 tons.
silk
am
textile industry committee,
should be by separate
a
coverage
considering the views expressed at last Friday's meeting
ment of minimum
I
by approved warehouses.
known
representatives of
that
by
the
jurisdiction
committee
a
Andrews
After
covered
the different branches.
regulations
wage
1939, upon the security of standard
1,
quality natural condition prunes represented by warehouse receipts issued
that
and
limited
from
made
was
Mr.
expressed by those present as to what branches of
were
industry should
average
tion
of bank supervision is still the protection of the de¬
positors' funds, Linus A. Kelly of the office of the Comp¬
troller of the
Meeting
of
on
Currency, told the Arkansas Bankers Seminar
Aug. 18, at Fayetteville, Ark., at the University
Arkansas.
The
absence
of public
fear regarding banks,
Mr. Kelly said, depends upon the maintenance of confidence
in the soundness of the concept of bank deposit insurance.
"In the last analysis," he said, "the maintenance of
banking structure depends
ment,"
selves."
which
In
upon
competent
bank
a
sound
manage¬
"can be provided only by the bankers them¬
discussing the problem of whether there should
•
Volume
be
Financial
147
reallocation of the powers, functions and duties
a
of the
Federal banking agencies, Mr. Kelly said:
Would it contribute to a sound banking structure in the Nation to
make the examination of banks for all purposes of the Federal Govern¬
ment, the execution of all Federal banking laws and the insurance of
bank deposits, serve as instruments of the monetary and credit control
agency?
Before reaching an answer to that question, your inquiries
naturally will include the consideration of the latent possibilities of the
use of
such supervisory and insuring powers by the monetary and credit
control agency to enforce compliance with its monetary and credit policies.
Your inquiries will include also the consideration of the conflicts of interest
present in a situation where the same agency is responsible for the
protection of depositors in banks and, at the same time, is itself interested
respective
the
in
banks
same
Would
their
as
contribute
it
to
insurer
and/or
sound
a
creditor.
banking
place the examination of banks for all
in
structure
the
Nation
to
of the Federal Government
purposes
Federal supervisory
agency,
which is independent of the insurer of bank deposits and inde¬
pendent of the monetary and credit control agency?
Why does the law provide for the examination of banks?
So as to
and
the
of
execution
Federal
all
banking laws in
tions
the
the
disclosed
fact
mines
This is
those obligations which
perform
of
his supervision.
under
what
bank,
if
what
or
the supervisory authority deter¬
it
action
may
be
directors of
for him to take in the
make to the
shall
he
any,
On the basis
him.
the law imposes upon
by the examination,
recommendations,
institu¬
that he may intelligently
necessary so
necessary
performance of his legal responsibilities.
examination
An
of
bank is
a
Banking
the
reports
laws
place
selection
and
directors
to
the
upon
directors of
officers,
of
retention
their
for
its
a
for
prescribing the
William Green, President of
C.
I.
the
by law and
Directors
tinue to
information to assist them in forming
A.
by
Wage
to
it
every
would
the
C.
F.
A.
be
I.
F.
L.—Also
of
impossible
for
such
without
0.
organize,
to
facing
of all parts of their service under
tie-up
a
control, Mr. Green indicated.
.
.
.
impeded past efforts by the A. F. of L.
be
will
workers
sea
dock workers and fishermen
of L. maritime department,
dropped
the
in
new
set-up.
Instead
to
of
having separate organizations for the Atlantic and Gulf regions, the Pacific
Coast
the Great
and
union,
Mr.
Green
Lakes, the A. F.
of L. will charter a single sailors'
reported.
Sharing interest with the maritime situation at the first meeting of the
Executive Council
Roosevelt
a
was
by Mr. Green of his talk with President
summary
Saturday about the desirability of amending the Wagner Act.
While the A. F. of L. head declined to divulge the nature of his report,
he
said
had
on
that his
associates
greatly" the information he
"appreciated very
given them.
Mr. Green said
Aug. 24 tbat he would not attend the
Union Congress in Mexico City be¬
on
Trade
American
of "extreme leftists and Com¬
were reported as follows
United Press advices of Aug. 24 from Atlantic City:
it
would be composed
munists."
in
Green
Mr.
bardo
not
invitation from Vicente LomConfederation of Mexican Work¬
which plans for the formation of a new
accept
meeting
at
are
me
the
In the New York "Times"
of Aug. 24 it was stated that
National Maritime Union,
accepted
the
"Times"
was
President Green of the A. F. of L.
said:
issued at the offices of his union,
statement
a
marine which
American merchant
the
of
seamen
The
C. I. 0. affiliate of seamen,
Aug. 23 the challenge to a battle for control of
on
issued in Atlantic City by
In
A similar
scheduled to be discussed.
was
that
hear
the
an
the
formed twenty years ago by Samuel Gompers.
C. I. 0. will be represented there and it is reported
that those at the conference are extreme leftists," Mr. Green said.
organization
to
would
labor organization
Pan-American
"I
he
general secretary of
the
attend
remarks
Green's
said
Toledano,
to
ers,
Mr.
126 Eleventh Avenue,
M. U., said the seamen who
quit the A. F. of L. seamen's union in May, 1937, to form the N. M. U.
to
Be Sought
Amend
to
it
employers to deal with one or more units of
for
Geographic boundaries that
Curran, national President of the N.
Joseph
Hour Law
Seeks
make
jurisdiction of the A. F.
impossible
L.
of
captains
ship
from
one
the technical
cause
that judgment.
and
would
Joseph Curran's National Maritime Union and Harry
as
remembered too well
Amendments
the A. F. of L., predicted that the inclusive
organization
new
function.
With
under
bank the responsibility for
defining their duties, and
that
the
affiliates
Latin
in which its business shall
manner
of
Board
of
O.
Bridges's International Longshoremen's and Warehousemen's Union to con¬
short, the responsibility for the proper management of the bank is
upon
Aug.
on
character
and consideration.
information
be conducted.
In
placed
responsibility cannot be
passed by them to the officers, of the bank, to the bank examiners, or to
the supervising authority.
The supervising authority has no place in
bank management.
Under our system, a director, as such, is not a fulltime salaried officer, and does not and cannot give all his time to the
bank.
While some directors are thoroughly familiar with the affairs of
their
institutions, many have come to rely almost
entirely upon the
examiner's report for their information on how the business of the bank
is being conducted.
It is just as important for the directors of a bank
to be thoroughly familiar with its affairs in order that they may discharge
their legal responsibilities as it is for the supervisory authority to be
accurately informed in order that he may discharge his legal responsi¬
bilities.
And neither the directors nor the supervisor are being furnished
with adequate and accurate information upon which to base their respective
judgments if the reports of examination do not contain all pertinent
for
Federation's
the action, an Atlantic City dispatch of Aug. 22 to the New
York "Times" from a staff correspondent said:
The practice has developed of furnishing copies of
supervisory authority.
examination
primarily for the information of the
made
Executive Council at its Atlantic City
22 authorized the establishment of an
integrated maritime department to cover 500.000 seamen,
longshoremen,
truckmen,
radio
telegraphers
and
other
classes of maritime workers on all coasts.
In reporting
The
meeting
one
accurately inform the supervising authority on the condition of the
1277
Chronicle
affairs to
their
of
their unsuccessful efforts to obtain
return
now
democratic control
of L.
F.
to the A.
National
Atlantic Gity
Establish Inte¬
Labor Relations Act—At Meeting in
Also
Council
Executive
Acts
to
Urges Ford Motor Co.£ Be? Directed
Bargain^ with C. I. O.
Union—Examiner Asks Recognition of U.[A. WVA.
Report to NLRB
to
grated Maritime Department
At
its
meeting in
of
Council
Executive
Atlantic City, N. J., on Aug. 23, the
the American Federation of Labor
agreed to propose to Congress amendments to the
wage-and-
Reinstate 400 Strikers and
A trial examiner for the National
on
Labor Relations Board
22 recommended that the Board order the Ford
Aug.
is said, some of the discretionary
Motor Co. to reinstate 400 strikers at its Long Beach, Calif.,
lodged with the Administrator of the Act.
William
Green, President of the Federation, is quoted as saying:
The wage-hour law as now written leaves the impression the Adminis¬
assembly plant, and grant sole collective bargaining rights
hour
to curtail, it
law,
powers
dictatorial
has
trator
We will prepare and introduce in the next
powers.
Congress amendments designed to overcome its defects.
to the United Automobile
the
of
Committee
legislation
passed at the recent session of Con¬
was
noted in these columns a week ago, page 1134,
on Aug.
16 took the oath of office as
Administrator of the law, which is designated the Fair
Labor Standards Act of 1938.
In Associated Press accounts
and,
gress
Elmer
as
Board,
to
Atlantic City, Aug. 23, it was
from
The
stated:
and
chief,
with John P. Frey, the metals trade department
discussion
a
about alleged Communist
his congressional committee testimony
of
Mr.
outlining the Council's attitude toward amending the Wage-Hour Act,
Green said the Federation's proposals were no criticism of the Act's
new
have
ence
In
of L.
the two
to
Smith
and
however,
leader,
Smiths
Donald
discussing
Council
Andrews.
in Mr. Andrews," he said.
was less complimentary in his refer¬
great confidence
F.
A.
F.
Elmer
Administrator,
"We
The
analysis
an
by Joseph A.
Labor Relations Board, Edwin S.
the National
on
Wakefield
Smith.
Labor
of
Board
decisions presented to the
legal adviser, Mr. Green
Padway, chief A. F. of L.
said:
"Edwin
sary
S.
Smith
is
The other Mr. Smith lacks the neces¬
impossible.
qualifications to serve as a member of the Board."
Questioned
Warren
of the
The
Madden
Board
Mr.
Mr.
has
the Federation's attitude toward Board Chairman J.
Green said:
shown a better attitude and a better understanding
Act."
Council
National
Board
about
Madden,
"Mr.
or
Labor
to
next
week
Relations
define
them
will
consider
suggested
curb
amendments
to
the
the powers vested in the
F. of L. criticism of
Act,
either to
more
clearly to meet A.
rulings.
Padway's
Board setup and
analysis,
President
Green
said,
"showed that the whole
administrative staff was hostile to the A. F. of L."
Yesterday (Aug. 26); as we note in another item in this
issue, President Roosevelt reappointed Donald W. Smith as
a member of the NLRB, despite the request to the President
that someone other than Mr. Smith be named.
In another item in this issue reference is made to Mr.
Green's conference with President Roosevelt on Aug:. 20.
and Mr. Green's statement that "we were in accord on the
necessity of some changes" in the National Labor Rela¬
tions Act.
examiner, R.
N. Denham, ruled that the company had violated the
three occasions to bargain with the U. A. W.,
he said, represented a majority of the company's employees.
He recommended that the company be required to withdraw all recog¬
from
nition
bargaining
unaffiliated
the
agency
of
Independent
workers
its
and
Auto
Workers
"completely
as
a
collective
disestablish"
the
organization "as such representative, either in its present form or in any
other form identified with or traceable to its present roganization, manage¬
ment
activities in the Committee for Industrial Organization.
In
The
on
United Press said:
which,
day's session of the Council, which included a review of purported "incon¬
sistencies" in Labor Relations Board decisions involving A. F. of L. craft
unions,
the
referred to in the "Chronicle" of June 18,
In summarizing the recommendations to the
Aug. 22, a Washington dispatch of that date
Wagner Act by refusing on
changes in the Wage-Hour Act highlighted the
agreement to seek
Previous
was
3890.
page
Andrews
F.
Organization.
legal action in connection with NLRB charges against the
company
The
Workers of America, an affiliate
Industriai
for
of
Mr.
administration."
Denham's
report marked
the fifth Ford case in which either the
found the company guilty of violat¬
Board itself or one of its examiners had
ing the labor relations statute.
The O. I. 0. union called a strike in the Long Beach plant, April
15,
refused to meet with its bargaining commit¬
tee to discuss seniority provisions and proposed layoffs, Mr. Denham said.
The examiner's report was made public by the Board a few hours after
it had taken under advisement the sole issue in the "little steel" strike
of 1937—whether the Wagner Act required an employer to. sign a union
contract if agreement was reached in collective bargaining.
Attorneys for the Inland Steel Co., the C. I. O.'s Steel Workers Organiz¬
ing Committee and the unaffiliated Steel Workers' Independent Union
presented conflicting views on the question during three and one-half
hours of oral argument before J. Warren Madden, NLRB Chairman, and
Donald Wakefield Smith, Board member. '
Ernest
S. Ballard,
chief counsel for Inland, challenged the Board's
constitutional authority to require it to gTant sole bargaining rights to
the S. W. 0. C. and to sign a contract with that organization for a
definite term if agreement was reached during negotiations.
Mr. Ballard said that if the Board were correct in condemning Inland's
"anti-union reasons" for not signing a contract "it has a right to condemn
1938, after the company had
anti-union
reasons
for
not
raising wages."
"What, may we ask, does the Board mean by 'anti-union reasons'?"
asked.
"If this expression means anything it means that, on
Ballard
question
its
own
of a signed agreement, an employer has no right to
interest, but must bargain in the employees' interest.
Mr.
the
bargain in
hours and working conditions?
pro-union reasons in determining
"Why is that not equally true of wages,
If
the
employee
must
be
actuated by
sign or not, must he not also be actuated by pro-union reasons
determining whether to increase wages or not?
He has a legal right
whether to
in
to
to
bargain
wages."
as
to
signing
just
as
he
has
a
legal
right to bargain as
1278
Financial
Chronicle
Asserting that its constitutional rights had been violated
by a prejudiced trial examiner, Ford Motor Co. on Aug. 15
asked the NLRB to dismiss a complaint that it had violated
the
Wagner Act in its St. Louis, Mo., assembly plant.
United X3ress advices from Washington on that date, from
which we also quote, added, in part:
The
Tilford E.
that
denied
company
violations
O.'s United Automobile
I.
bargaining
as
law
charged
by
Trial
Dudley's intermediate report and disputed Mr.
the C.
nated
all
representative
Workers of
by
majority
a
had been
Ford's
of
Louis
in
pages,
recommended
reinstatement
placing
another
of
three
opposition
of
57
law
the
to
192
firms,
trial
workers,
former
96
employees
573
filed
examiner's
them
of
with
back
preferential
a
on
which
list.
ment
the
At
The
time,
same
to
the
This
oral
and
taken
was
filed
company
briefs
prepare
mendations.
under
motion
a
argument
requesting
Mr.
on
60
Dudley's
days
but that the order was withdrawn at 5 p. m. Monday, shortly after the vote
Neither the
to Ford
management
the union would discuss the report, nor
nor
would either side admit that negotiations, which were resumed immediately
Monday's meeting,
V.
■J
Local
Pact Denounced
102, meeting in Labor Lyceum, 2nd and Cambria Sts.,
was
even
emphatic than Local 101 in rejecting the principal provisions of the
more
only
continuing.
were
.
Scores of speakers denounced the entire contract, and
one
urged its acceptance.
advisement.
took exception particularly to Mr. Dudley's ruling that it
law through Henry Ford's newspaper
interviews in
which he opposed labor unions, and through the distribution of "Fordisms"
the
prepared to start
was
recom¬
company
violated
difficulty that has kept thousands from jobs and closed
also was circulated yesterday that Philco
proposed agreement.
additional
the
by Local 101.
pay,
employ¬
but it is understood
production on the manufacture of 30,000 radios for the European trade,
exceptions,
report,
Earle's offer of mediation,
has convinced the management that the only hope for
plant lies in that direction.
A report
after
by
represented
company,
covering 321
and
the
desig¬
St.
Governor
accept
solution of the
a
Examiner
workers.
The
to
stand of the union
Dudley's finding
America
Aug. 27, 1938 '
Shortly after the dispute began May 1, the Philco management refused
Closer
Co-operation Between
Industry
Urged by Gov. Lehman Before New
labor
Branch
employees.
of
A.
F.
of
Administration of
and
Labor
York
L.—Convention
State
Disapproves
NLRB
^
NLRB
.Chooses New Trial Examiner for Weirton Steel
Co.
.
Hearing—Republic
National
clares
Steel
Labor
Corp.
Relations
Counsel
Act
De¬
Unconsti¬
It
announced
on
Board has
was
chosen
Aug.
24 that the National
James
C.
Batten
of
Labor
Camden,
N. J., to preside over hearings of the Board's case against
Weirton Steel Co.
Mr. Batten will succeed Edward G.
the
Smith
trial
as
examiner
when
the
hearing
reopens
on
Sept. 12.
Another steel case before the NLRB attracted
Aug. 11 when Luther A. Day, attorney for the
Republic Steel Corp., charged that the National Labor Rela¬
attention
on
tions Act is unconstitutional.
in
the
His arguments
following Associated
Press
Attorneys
and
during oral argument
the
to
Republic
for
Board's
Board
decision
took
the
in
the
the
in
advices
Steel"
under
with
the
first
Speaking before the convention
labor
filed
charges
He said
Supreme
the
strued
its
make
change in
a
second
by
Court
Wagner
the
decisions
Labor
Board,
Relations
and
the
the
to
Act
Board
the
contrary,
unconstitutional,
was
therefore
had
de¬
corporation
as
con¬
jurisdiction
no
in
case.
Demurring
about
against
Board's
the
strikers with
5,000
tested that constituted
back
proposal
the
Day,
Republic
Luther
pay,
injection of
that
issue because
a new
reinstate
company
no
counsel,
The
previously except 27 named specifically in the union's complaint.
Anthony Wayne Smith, C. I. 0. attorney, told the Board that many
the
strikers
strike
men
and
had
been
Government
on
urged that the Board word
would
from
accrue
the
date
"The order should be worked
lifting
Mr.
from
Smith
the
public
the
they
its
of
union
order
so
relief
that
rolls
back
since
the
for the
pay
applied for reinstatement.
that
so
cost
and
there
the
will
be
respondent's
some
possibility of
unlawful
Mr.
impose
Smith
of
some
sort."
pledged C. I. O. cooperation
in effecting the reinstatements
any
cost
which
might
result.
Another Associated
Press
Washington dispatch,
Aug. 20, discussed the Weirton case as follows:
G.
Board
Smith
The
it
at
recessed
the
more
time
announced
his
last
night that it had relieved Examiner Edward
request.
which
for
only through
a determination
to cooperate
intelligently
"Fair wages to
case was
to
based
"Government, industry and labor together," he said, "should
encourage
which is the enly source of employment,
wages and profits.
production
But production is,
obviously, limited by the field of distribution.
"In my opinion, the greatest
problem both of industry and of agriculture
today is distribution. In this, we unfortunately have made far less
progress
in
recent
decades
in
which
it
than
in
production.
The solution
that calls for the utmost efforts and
one
of the
problem
of
through government,
management and worker.
"In this State," he said,
Our
"I am happy to report that business and labor
We have been signally free of major conflicts and
strikes.
employers and
workers
have
differences by rational methods.
learned
how
to
adjust many of their
Much of the economic wastage to
industry,
government
and
society that
comes
in the
wake of
labor conflict has been avoided."
He said the State had issued
more
than 7,500,000 checks to 850,000
un¬
employed.
Employers have contributed approximately $180,000,000 since
1936, and $62,000,000 has been distributed since Jan. 29.
Attorney General John
J.
Bennett
Jr.,
warned
Gompers, founder of the American
"forming its
political party."
own
At the
labor in
Federation
same
the
convention.
urged the formation of
a
words
of Labor
of
against
time, Mr. Bennett, in his
address to the convention, boomed his
candidacy for Governor.
In another
speech before the
Senator
Robert
F.
Wagner
government-directed national health policy.
John L. Lewis and the C. I. O." Mr.
Bennett declared:
"To the last your great
leader, Samuel Gompers, warned labor against
case.
forming its
item
greater opportunity for them to par¬
through their efforts in increasing pro¬
The steel firm then asked
its
by the C. I. 0.
July 25 upheld
a
come
charges of unfair labor practices brought
prepare
on
workers and
Apparently striking at the American Labor Party, which has been crit¬
icized by George Meany, President of the
State Federation, as a "tool of
upheld Mr. Smith's ruling.
counsel
new
Weirton
An
progress can come
"Legitimate and reasonable profits for capital and management."
Samuel
subsequently removed the hearing to Pittsburgh and ordered
until Aug. 24.
Meanwhile, Mr. Armstrong appealed his ouster
Board
The
Governor
3. "A determination by government to hold a fair
balance between indus¬
try and labor, safeguarding the fundamental rights of both and
encouraging
increased production and consumption."
dated
Board
to
23,
duction and profits."
He asserted, however, that
additional
on
program:
workers, consumers,
if the corporation showed a similar
disposition.
the men could not be expected to bear
The
Governor's
have cooperated.
penalties
the
mutually productive partnership."
a
ticipate in the benefits that
actions,"
declared.
is going to fight the order, there will be ho possibility
of settling the reinstatement
problem without a court order under which
can
"prosperity and
distribution is
"If the company
we
with
Labor
1.
pro¬
strikers had been
involved
of
of
2.
Despite
the
Aug.
on
the part of industry, labor and government
on
procedure.
clared
harmony
industry and labor. In a summary of Governor Lehman's
speech, United Press advices of Aug. 23 from Buffalo said:
had
issuing
to
one
thoroughly in
attitude of the Executive Council of the American Federation
this subject.
with each other in
before
declaring:
Resolved, That this convention of the New York State Federation of
Labor roundly condemns the present administration of the National
Labor
Relations Board and proclaims itself
Lehman of New York had urged closer
cooperation between
groups
unfair
to the administration of the NLRB—its resolution
of
strike.
advisement
withdrew
It
both
rule-or-ruin
a
Organization
Industrial
which
connection
"Little
case
matter.
Committee for
exceptions
on
order
proposed
growing out of last year's
The
as "the political adjunct
minority group," and to create a State-wide
non-partisan committee to indorse political candidates.
On Aug. 25 the State Federation recorded its
opposition
described
were
Washington
Aug. 11:
clashed
Federation of Labor at Buffalo, N. Y., on Aug. 24, voted to
repudiate the American Labor Party
of
tutional
Relations
Delegates to the annual meeting of the New York State
was
reported
that
the
NLRB
on
own
movement.
political party.
Samuel
He knew the dangers and pitfalls of such
Gompers always advised labor
never
a
to become par¬
ruling by Trial Examiner Edward G. Smith
barring Clyde A. Armstrong, chief counsel of the Weirton
Steel Co., from further
participation in the action by the
tisan, but with
Board against the company appeared in
candidacy for the Democratic nomination for Governor,
the Attorney General
pointed to his record as "attorney for all State de¬
page
a
our
July 30 issue,
661.
Proposed Strike Settlement Rejected by 10,800 "Philco"
Employees—Wage Cut and Job Reclassification
Among Suggestions Turned Down
10,800
this week
Philadelphia Storage Battery
Co.
employees
rejected the basic provisions of a proposed contract
designed to end a strike which has affected the company's
plants for more than three months.
The strikers, members
of an affiliate of the Committee for Industrial
Organization,
refused to accept a wage reduction, reclassification of
jobs, a
preferential instead of a closed shop, and the purchase of
radio parts from outside
companies instead of their manu¬
facture by the parent firm.
In outlining the issues of the
strike, the Philadelphia "Record" of Aug. 24 said:
The
not
management,
nevertheless, informed union representatives it
budge from its stand
on
L nited States May
With
neither
side
willing to
give
Step In
ground,
Neither management
opinion on the suggestion.
nor
office
the
the union
officials
eye
who
only to the welfare of labor, to support and elect
and
administrations
which,
would
give
labor
a
square deal."
In support of his
partments for eight years."
"In previous years, I have had the
privilege of reporting to your con¬
vention on the work of my office with reference to labor. On
every occasion
I have supported
progressive labor legislation.
Before all the courts I
have fought for liberal
interpretations of laws designed to better the
ditions of labor."
con¬
Senator Wagner, after
summing up the gains of labor through legislation
in recent years,
pointed out that "we are approaching the problem of health
and medical care."
"The medical society of our State," he said, "has
adopted as a first prin¬
ciple that 'the health of the people is a direct concern of the
government,
and
national health policy, directed toward all
groups of the population,
should be formulated.'
a
"We
sources
we are
are
in
only
now
this field
realizing the extent of
serve
the greatest
our
failure to
a
our
our social
re¬
So
security
field while touches the well-being of us all."
As to the
the
make
good of the greatest number.
going ahead, planning and working to round out
program in
which
adoption of resolutions by the State convention
Associated Press Buffalo advices of
following
Aug. 24 said:
opinion
unofficially that the time has arrived for the intercession of
mediator.
will
disputed points.
to
an
was
a
expressed
Federal labor
would express an
official
A
short, but bitter debate from the floor preceded adoption of the
antiAmerican Labor Party resolution in the second
day of the State conclave.
Earlier in the day Mayor Fiorello H. LaGuardia, in a
speech, urged the
settlement of labor's internal difficulties.
Financial
Volume^ 147
Questionnaire to Be Sent to Insurance and Trade
Organizations Incident to Congressional Inquiry
into Monopolies—Memorandum of Assistant Sec¬
retary of State Berle Points to Public Misconcep¬
tions of Problem—Refers to New Deal as Indulging
in
In
tion
"Shotgun" Regulation
by
Berle
Jr., Assistant
Secretary
State,
of
A. A.
into monopolies,
congressional committee
a
asserts that "all
investigations of this kind have commonly commenced with
preconceptions," and he adds:
"There is reason
to believe that the present investigation may be in danger
of doing the same thing.
It is appropriate," he said, "to
note a few of them."
In Washington advices, Aug. 18, to
of
set
a
"Provide
Not only
from
the New Deal and
structive
Some
examination
critical
the
memorandum
appeared
problem, but he
of the pet panaceas of its leaders
which he subjected the situation.
His
some
to
effort
an
to
put
and
"Provide
of
sub-titles
in
as
.
.
attacked
Business
"Small
follows:
Not
Is
Necessarily
Necessarily Competitive" and "Small Business Is By No Means
that large-
out also that it is incorrect to hold dogmatically
enterprise is more efficient, or that as an enterprise grows larger
scale
becomes
it
efficient.
less
"Leading Family" Theory
Hits
is," said Mr. Berle, "whether a few large-scale
"The problem
competing
relatively large number of smallparticular district.
"Much of the thinking today tends toward the feeling that local monopo¬
lies would be preferable, but a close study of the life of, say, West
Virginia, compared to the life of, say, Toledo and Flint, might lead to a
units
are
scale
monopolies
revision
socially
the
of
desirable than
more
a
dominating the lives of a
theory."
presenting his memorandum Mr. Berle is reported as
In
stating that he was acting unofficially and not as
Assistant
It is further said that it was not in¬
memorandum should become public, to
Secretary of State.
the
that
tended
Mr. Berle, disturbed by the piece¬
quote from the "Times."
of parts of his memorandum in the news¬
meal appearance
made a limited number of copies of the memoran¬
Aug. 18.
The memorandum was prepared by Mr. Berle at the re¬
papers,
dum available to the press on
National Economics
Committee, said advices to the New York "Journal of Com¬
merce" from its Washington bureau, on Aug. 17, from which
people as they appear;
"Third, that this involves the provision of an adequate supply of goods;
developing
the
to
ington Aug. 23 said:
As
in
SEC,
the
the
mittee
case
of
of
their
the
system
method of organization that docs not
individual
individuality than they suppress),
unduly, actually or potentially with the liberty of the
controls
its
release
must
more
will
but
point."
.
.
.
Views
that
Berle declared
Mr.
provided
merely
declared
New Deal
has been
that it
shotgun imposition of regulation without adequate definition of
standard," he declared.
"The possibility of recapture or perversion of an
indulged
like
agency
Securities and Exchange Commission, for example, gives
By consequence, before the problem of ultimate control
the
for thought.
the purpose and design ought to be definitely worked out, so
the normal method of enforcement can cover the great bulk of the
is taken
that
up,
administrative processes
the cloudy areas."
leaving
area,
and
experimental,
be
should
There
an
investigation
of
deal
to
.
with
the
doubtful,
the
.
the way
the commercial
banking
of the industries
that certain com¬
panies have access to short-term credit, others do not, he said.
This is
in part due to relationship of management to the banks, the assets and
size of the company, and the success of the company.
However, the larger
the corporation, the less it relies on short-term credit machinery, at least
directly, though it frequently does so indirectly by pushing the burden of
carrying inventory onto its agents or selling outlets.
He advocates a real
system of capital credit banks, backed by a capital reserve bank (pre¬
sumably a division of the Federal Reserve Bank), able to create credit,
works
system
investigated,
and
in extending short-term credit in each
Mr. Berle continued.
It would be found
join in
to
"Until
this
contracting it when necessary.
is done it is mere waste of time to
he said.
Street,"
one
grouch about Wall
"The Wall Street banking system is doing exactly what
less and no more/ If anything real is to be
would expect it to do—no
the foundation has to be laid for a capital
works."
accomplished along this line,
credit
system
really
that
Associated
In
Press
accounts
from Washington
it was
stated:
Mr.
seek
be
the
conjunction
sole
method
with
other
by
used
the
such
methods
—Sharp Rise in Federal Employment Since 1933
Although total employment has dropped off by 3,340,000
persons in June, 1938, as contrasted with September, 1937,
the recovery high, during the same period 79,000 employees
were added to regular Federal, State and local government
payrolls, according to
recent study by the Statistical
a
Division of the National Industrial Conference Board.
Since
1929, while total employment has varied with changes in
business conditions, total government employment has lisen
steadily, until in June, 1938, approximately 1 person in
every 16 is regularly employed by the Federal government,
or
by State or local governments, said an announcement
issued by the Board on Aug. 16, which went on to say:
Total employment in the United States reached its
when
highest level in 1929,
accounted for 2,070,000 individuals.
government employment
In
June, 1938, when total employment figures showed 4,930,000 fewer workers
than
in
1929,
government
employment
showed the opposite tendency,
rising toa new high of2,590,000 employees, and increase of 25.1% over 1929.
The employment of State and local government workers has more close¬
ly paralleled the trends of general employment, even though
total employment.
decline in
the
Works Progress
excluding the emergency
employees,
Federal
Regular
workers of the
Administration and Civilian Conservation Corps, who are
not considered at all in these totals,
1929.
State and
increased their payrolls in recent months in contrast to
local governments
have been
The most rapid rise in
more numerous every year
regular Federal employment figures
1934, and the total of regular Federal employees,
occurred since
194,000 in June, 1938, is 43.3%
over
1,-
Federal employment in 1929.
of Federal authority in agriculture, manufacturing
all the other fields of industry is reflected in the sharp rise in regular
The rapid extension
and
Federal employment since
1933.
The increase in the regular Federal pay¬
rolls indicates both an extension and centralization
as
of government authority
the recent trend, shown in the table below.
GOVERNMENT
EMPLOYMENT AND TOTAL EMPLOYMENT
Average Monthly
Government
as
Regular
State and
Total
Total
Federal
Local
Government
Employment
Per Cent
of Total
Employment
1929
833,000
1,237,000
2,070,000
47,885.000
4.3%
1930
846,000
1,277,000
2,123,000
45,176,000
4.7
1931
855,000
1,251,000
2,106,000
41,516,000
5.1
1932
845,000
1,237,000
37,666,000
5.5
841,000
1,187,000
2,082,000
2,028,000
38,057,000
5.3
Berle
said
1934
928,000
40,901,000
5.2
1935
1,018,000
1,240,000
2,258,000
42.208,000
5.3
1936
1,104,000
1,292,000
2,396,000
44.545,000
1,167,000
1,344,000
2,511,000
46,295,000
5.4
1,194,000
1,396,000
2.590,000
42,955,000
6.0
National
any
governmental attempt to control monopoly should
to:
1,208,000
2,136,000
5.4
Industrial
Conference
Board
Surveys
Ex¬
Opinion of Big Business—Maintains Free
Competition and Working of Economic Laws Will
ecutive
dictator; we should merely replace a more or less
by a more or less responsible political control unless
economic
an
better machinery is simultaneously
careful standards are laid down.
fair criticism of the technique of the
pause
not
in
interruption of habits and social machinery
Discussing the O'Mahoney bill to license corpora¬
that "the individual licensing corporations would be
management control
"A
will
used
hearings.
Study by National Industrial Conference Board Re¬
veals One Person of Every 16 Employed Held Federal
State or Local Government Position in June, 1938
1938, June.....
O'Mahoney Bill
suggested.
or
he
tions,
very
mere
on
nothing unless an equivalent or
means
be
private
and
1937..
single system or any single standard of size or
given
ar.y
method
questionnaire
public
1933...
will be met
set of practices at
"Eighth, that there is no need to assume that those tests
any
handled by the Com¬
be
not
itself, but by the Department of Commerce.
wants;
and,
by
will
associations
must
"Seventh, the system must evolve a
interfere
(that
questionnaires which are to be sent out by
insurance
trade
to
query
Committee,
as
a
that
in furtherance of the investi¬
The "Journal of Commerce" reporting from Wash¬
gation.
provide a maximum number of people
with means of satisfying those wants through a contribution to the system;
"Sixth, that the system must provide the people engaged in the process
with a manner of life, which at least tends to satisfy a 'fair proportion
"Fifth,
of the arts."
inquiry to be undertaken by the Con¬
information deemed necessary
distribution system that takes these goods toward known
maximum degree possible;
"Fourth, and
wants
the
of
wants
to create
3884; July 9, page 210; and July 16, page 364. The
it is stated, plans to send questionnaires to
trade associations as well as insurance companies, to secure
has
Berle said it seemed to him that:
"First, the general scope of the investigation ought to be a search for
organization of business that actually works;
"Second, the standard must be whether it supplies the existing and
Summarizing his observations, Mr.
an
development
continuous
the
to
capital financing needed
to
plants.
Committee,
since
in part, as follows:
also quote,
the
for
access
page
quest of two members of the temporary
we
ready
gressional Committee was made in these columns June 18,
Humane."
He pointed
better paying and steadier jobs.
additional
maintain
grades and cheaper goods.
better
goods,
jobs,
the committee on a con¬
by discrediting fallacious economic thinking.
.
these "unwarranted asssumptions"
which Mr. Berle
path
contradicted
were
be
to
continuous
The
did he point to public misconceptions of the
spare
more
"Provide
the New York "Times" it was stated:
did not
more
"Provide
Reference
"confidential memorandum" incident to the investiga¬
a
1279
Chronicle
Control Size of Big Business
competition and the working of economic laws will
adequately control the size of big business, while the govern¬
ment should step in only where monopolistic practices and
price-fixing agreements exist, according to the consensus of
opinion of business executives revealed in a recent study by
the Economic Research -Division of the National Industrial
Conference Board.
As to the opinions expressed, the Con¬
ference Board's announcement, made public Aug. 22, had
Free
the following to say:
The survey
of executive opinion about large-scale business enterprises
showed that many
tain
definite
business men agree that large operating units have cer¬
advantages.
Mass marketing, with more extensive adver¬
in reciprocity, leads to increased sales by big business'
Also, the greater stability, mass purchasing power and assembly-line pro¬
duction techniques of large companies often result in lower prices to the
consumer.
It was generally thought that large operations showed greater
tising and advantages
economies and more efficient management con¬
substantial profits and a net gain in the national income. Big
finds it easier to obtain capital and also to deal with labor organi¬
price stability, with tax
tributing to
business
zations, according to
executive opinion.
From the investor's standpoint,
often favored because of the diversification represented.
agreed that big business has rendered a definite
service to the public in fostering research, and that industrial progress
would be hampered without the large sums spent on research and techni¬
large enterprises are
Practically all executives
cal development
Many
by big companies.
business men, however, cited
bad features in the operation of
large-scale enterprise.
Big business, with its concentration of power, tends
to disregard public opinion and to sap the independent spirit of individ¬
ually controlled
business, while big companies spend lavishly on public
popular esteem, according to some opinions expressed
relations to influence
1280
Financial
to the Conference Board.
Among executives there
the management of big business.
self-satisfied, with
a
It
The
disadvan¬
ally agreed that
It
which
to
suggestions were made by business men.
smaller
into
should
units
various
The dissolution of big business
be accomplished
a
industry
purge
of undesirable
elements,
without
the
intervention
It
majority
that
opinion
large-scale
automotive where
activities business has grown unwieldy and uneconomical.
dictator
apparently alive to the danger of government collectivism
ism, if business units in all fields tend to reach the size of
social¬
or
public
rather
history
is
Enter
Primaries
President
of
Another
Party
"A
of
Roosevelt
his
at
press
one
In
reporting the President's remarks, a Hyde Park, N. Y.,
dispatch of Aug. 23 to the New York "Herald Tribune"
from John
The
C.
"Tory"
O'Brien said:
press
having failed,
as
in for
came
The
construe
the President put it, to protest against the destruction
only
Executive
as
a
the independence
has never been
of
particular
a
national
problems.
party,
He
sees
this
on
independence of thought
dictatorship already noted
the trend toward
Over Legislature
he
explained,
"that
impotent,
the
the
first
step
of
the
branch
legislative
of
the
is
of
of
that
the
Chief
He
is elected
the
this
is
is
the
to
directly
by
whether
so
Executive
branches.
Representative
a
his country.
accountable—and
member
denied
legislative
or
responsibility to the President,"
no
responsibility
a
Representative, that he is the 'respon¬
O'Connor
the judicial
over
he
is
the
on
Mr.
he told his
people
the
whom
people—to
the
not
or
Chief
political party."
same
States'
of
promptings that
he disclose his plans, the President re¬
plied that he had but two engagements for next month, the 150th anni¬
versary celebration here on Sept. 17 of the adoption of the Constitution
by
New York, and
anniversary celebration of the battles of Chickamauga
an
Lookout Mountain, at Chattanooga,
As to the
announced
against
Tenn., on Sept. 21.
he pointed out that Senator Pope had not
Idaho situation,
whether
he
Representative
D.
would
run
Worth
independently in the fall election
Clark,
the
primary, and the Republican candidate.
as
The
"if" question.
an
President
role of
Senator
answer
that
the
Democratic
rights
ing
had
to rim,
the
few
next
nation-wide
a
President's
weeks.
radio
press
come
to
Baltimore
he
conference statement
Representative David J. Lewis, 100%
for
James
Fay,
New
New
his
Deal opponent of Representative
insisted
his
plans
were
preference
O'Connor in
uncertain,
a
George in Georgia several days
question as to what went
off
on
the
ethics
on
ago.
.
the
belief
Maryland and give
treatment
was
.
he gave Sena¬
.
that conference that started
at
of intervention
in
primaries.
He said
the chief question involved public morality.
He recalled that 28 years ago,
when he first entered public life as a member of the
State Senate, the burn¬
ing issue in the State was whether a direct primary law should be enacted.
President
pointed
that
out
he
objective of the direct primary, which
of getting rid of the old-fashioned
primary, he noted,
gave
the
President
Aug. 20 is¬
our
is
from
Baltimore
reminiscent
of
the
that
the
"carpet-bag¬
Tydings compared the New Deal activities against off-the-reservain
the current "purge" with the coercion of
Southern
exercised by military forces
during the reconstruction period which
followed
the
Civil
the sovereignty
War, and called
had
was,
taken
a
great
interest in
the
he put it, the very simple
as
boss-controlled conventions.
the actual voters within
Democrats of Maryland to preserve
by renominating him.
on
of' the "free State"
Warns
Voters
of Rights
His
seek
the senatorial
nomination
until urged from
Washington to change
plans.
If
Representative Lewis is nominated to displace
him, he warned, he would be merely losing an office, but the State would
be losing its constitutional
right to choose its own Representatives and
his
.
.
.
Senators.
"If
of
>
lose
we
our
States.
the
but
I
intervention
situation
a
am
against
a
party the right to choose
where
to
running
the
in
branch
the
of
Govern¬
I
against
Maryland
primary, he said, has
running against the candidate
not
am
the
represent
the
Demicratic
of
power
voters
the
of
Federal
Maryland,
Government
by the Chief Executive and his advisers."
me
Warns of Flag
"Purging"
Predicting that "Maryland will not permit her star in the flag to be
'purged' from the constellation of the States," Senator
Tydings said:
"I
believe the day will
he
destroy
the
nor
when
come
other
any
President Roosevelt will realize that
executive,
independence
ernment."
and
Federal
usefulness
or
of
State,
other
6hould
branches
attempt to
of
the
Gov¬
.
The
Maryland Senator challenged the President's right under the Con¬
stitution to enter a State
primary.
Against Mr. Roosevelt's declaration
of
a
right,
bers
head of the party, to work for the selection of
party mem¬
toward his policies and against those who have shown
as
sympathetic
resistance to them, the Senator declared that
by the terms of the Constitu¬
tion "he is
required to advise Congress from time to time on the state
of the Nation and to recommend
such legislation as he
may
to
the
country.
This
is
the
limit
of
the
President's
contended.
The
their candidates for public office.
place the representative
Executive."
principle
on
where
directed
■
We
Chief
President's
seeks
\
right," he said, "we surrender the sovereign authority
destroy its traditions; we create a precedent which will
we
other
under
••
■
that
State;
weaken
ment
Labor
on
New Dealer, in Maryland, and
persisted among his associates that he would go into
Senator Tydings substantially the same kind of
President
of
Democrats
neither
tor Walter F.
remarks
reported in
Senator
tion
York.
President
The
were
broadcast
intervention
The Presi¬
the
to curtail
move
by Senator Tydings
of the objects of the President's
ging" days of the Civil War reconstruction period.
The
speech of Senator Tydings was summarized, in part, as fol¬
lows in a Washington dispatch of Aug. 21 to the New York
the President turned
telegrams from
many
playing the
Although
a
Aug. 21
on
1132-33. In his reply, Senator Tydings declared in
sue, pages
who
had
for
The
alleged
was
regarding Senator Tydings
The
was
H.
Inter¬
Maryland, who is one
"purge" directed at certain Democratic Senators
Representatives seeking renomination in primaries dur¬
"brought about
he
Tydings's accusation that
a
Roosevelt's
and
Sen¬
carpet-bagger in intervening in the Maryland primary.
recently made clear in
New
in
■
admitted
Deal supporters in Maryland urging him to
Day and
victor
A question as to whether
Pope would have his help if he decided
aside
President
current
to
repeated
Says
opponent, Representative David J. Lewis, whom President Roosevelt
has publicly indorsed for the
nomination, he emphasized, had not intended
Only Two Dates So Far
To
Tydings
Rights
by further efforts to defeat Senator Millard E. Tydings of Maryland and
Representative O'Connor.
one
within
vention in Democratic Primaries Threatens States'
voters
Republican challenge by coining to the aid of Senator
James P. Pope, the defeated New Deal candidate in the
Idaho primary,
It
Senator Tydings's answer to the President's attack
on
deem beneficial
authority,"
him
he
delivered
was
tonight
over a
network of the National Broadcasting
System from Balti¬
Representative Lewis, meanwhile, had engaged a network of Mary¬
land radio stations for a
period three hours later to broadcast a reply to
more.
Representative O'Connor Replies to President Roose¬
velt's "Purge"
Challenge—Says Executive Is Taking
Road to
Dictatorship
his
placed
wide
recent
on
list
of
Democrats in
Congress whom he had
his "purge" list, declared on Aug. 18 in
address that the President's attacks
radio
cratic
Senators and
Representatives constitute
to the American form of government.
lenge, he said,
was
"an escalator to
a
a
nation¬
Demo¬
on
challenge
Mr. Roosevelt's chal¬
a
dictatorship."
Mr.
Roosevelt's opposition to Mr. O'Connor in the
primaries was
mentioned in the "Chronicle" of
Aug. 20, pages 1132-33.
In
reporting
Representative O'Connor's reply,
"Sun" of Aug. 19 said:
"It
is not
President's
the
challenge to
attacks
on
me
me
and
the New
State's voters,
The
here
members
of
Congress
York
as
one
is
a
"The
challenge
also
Maryland
of
a
to
from
Senator's
Baltimore.
active
counter-attack
pledge of support from
Representative O'Connor,
of the
most
denounced Senator
effective New
Tydings.
the announcement
Roosevelt yesterday
at Hyde
oppose
in
a
coincided
major American
whom
Deal
with
Federation
President
Roosevelt
oppositionists at the
release
of Labor
denounced
time he
same
The labor support for Mr. O'Connor followed
by Mayor F.
would
H.
LaGuardia, after
a
talk with
President
Park, that he and the American Labor party
New York contest.
his
the
renomination
of
the
House
Rules
Committee
Chairman
President Roosevelt was expected to speak in Baltimore
on Labor
Day against Senator Tydings. A Hyde Park, N. Y.,
dispatch of Aug. 22 to the New York "Times" said:
The President is expected to
the
of
Senator
in
Georgia.
The
personally that matters," he said.
other
the
union
Representative John J. O'Connor, Chairman of the House
Rules Committee, who was included
by President Roosevelt
in
a
does, and
"Herald Tribune":
The President declined to say whether he would answer
what he seemed
the
solution
make
or
Nation,
and
represents
tbem
share of the Presidential castigation
a
of the direct primary principle.
dent
continued,
representatives
even
deadly attack
Control
Representative has
listeners.
he
the
control
any
Idaho,
close friend of his.
ator
to the
a
his recent attack
in
head'
Are
conference on Aug. 23
party in the primary of
another as a violation of public
morality and an attack on the
principle of the direct primary.
He charged that the Re¬
publicans had entered the Democratic primaries in Idaho
and that they we~e planning to
help Democratic enemies of
the New Deal in Georgia and Maryland.
Mr. Roosevelt
said that his objections would apply
equally if Republicans
would enter a Democratic primary in
any State to aid a
yet
opinion,
Interference by President Roosevelt in
criticized the intervention of
and
become
to
dictator
a
That step is indispensable to the fulfillment of his program."
Referring to the statement, adopted by the President from a newspaper
Maryland and Georgia
or
[Mr. O'Connor]
records,"
abolish,
to
Senator
Who
Criticized by President Roosevelt—Mentions
to
as
private enterprises.
Voters
for
Com¬
government.
or
Most business
dictator is
a
governmental
likens it to
and
"Current
many
the steel
as
a
countries.
editorial
large capital investment is required, but that in many
a
purge
No
had
enterprise offers
advantages and economies, particularly in industries such
than
action,
other
in
sible
the
was
men are
and
greatly
President's
the
of
while differences of
of
government.
our
to
.
.
action
contributed
have
maintained that free competition and economic laws are
sufficient
ness men
.
and
challenged,
code
policies, monopolistic practices, surplus
profits and executives' earnings; maintenance of free competition and aboli¬
tion of price-fixing agreements are governmental functions.
Other busi¬
to
argued, in effect, that
by governmental coercion, if
business does not act voluntarily; the government should formulate
of industrial ethics to control labor
and
thought
in
governmental control should exist,
escalator
an
great deal to do with the defeat of the President's reorgan¬
upon his head the wrath of the New Deal
a
he says.
as
of
as
the extent
challenge to
a
is
'
Up to the present time, he
was gener¬
control of all business activity.
to
had
dictator
not
the size of business units increases, the trend is toward
business collectivism, and the next step is governmental collectivism
or
As
It
high command, scoffed at denials that the President intended
business units offer decided ad¬
and unemployment, could be blamed on big business.
of representative government.
eystem
Congressman, who as Chairman of the powerful House Rules
mittee
Some business executives also thought that many of the peaks
valleys in production, with attendant problems of employee rutn-
over
It is
ization bill, and thus drew down
vantages.
and
present form of government.
dictatorship."
tages in absentee management, unfamiliar with local conditions, thart top
executives have little or no contact with employees, and that in labor
re¬
lations and flexibility of control smaller
Aug. 27, 1938
its
and
established
prone to
A general opinion expressed was that big business offers serious
America
to
was pictured as inefficient, overpaid,
be influenced by company politics, and
corresponding decrease in progressive thinking.
hampered by red tape, too
too
Chronicle
much criticism of
was
President
the capital
which
much
.
and
might
.
the
go
same
to Baltimore
terms
as
he
on
used
Labor Day to denounce
against
Senator
George
.
plans
has
cause
no
to
leave
Hyde
Park
Monday night to
engagements other than the Baltimore
him to interrupt his stay here.
return
to
appearance
Volume
Should
mental
David
Mr.
Lewis,
American
pioneers
Charles
the
he
whom
the
in
has
hailed
cause
of
as
"one
progressive and
a
of the
Interior, was one of
Roosevelt received a
report on Democratic prospects in about thirty States west of
York which he said he had visited during the past few
months.
West,
President's
former
callers
Assistant
today.
Secretary
From
the
of
President
him
"The TVA within
few weeks of the election announced establishment
a
of the Electric Home &
large force of
Farm headquarters at Chattanooga,
employing a
although immediately after the election these head¬
persons,
quarters were closed.
security."
social
1281
Chronicle
Roosevelt carry out his present plan and go to the Monu¬
he will give his unqualified endorsement to Representative
City,
J.
Financial
147
"It
that
likewise proclaimed in the public press that
was
only in the event
Chattanooga voted in favor of municipal ownership could Chicamauga
first-hand
Dam be built
New
ward of $25,000.000.
Mr.
West
said
he
would
the
campaigns
on
behalf of
soon
candidates, Senator Robert
return
to
Ohio
take
to
part in
active
an
Gubernatorial
Bulkley and Lieutenant Governor Charles Sawyer.
Senatorial
the Democratic
and
the outskirts of Chattanooga, involving expenditures
on
of up¬
"Relief workers and others under obligation to the Federal Government
urged to vote in favor of the proposal.
were
"A committee of citizens opposed to municipal ownership and the
sidized TVA power program was formed to present to
sub¬
the voters of Chat¬
tanooga the facts."
Take No
Jesse H. Jones Requests Employees of RFC to
Active Part in Political Campaigns
The
Reconstruction
Corporation on Aug. 20
Aug. 1, 1938, and
at the direction of
of its loan agencies throughout
Finance
Senator
made public the following letter dated
addressed by Jesse H. Jones, Chairman,
to
the Board to the managers
the country:
ville said:
The
RFC
is
a
bi-partisan
take no active part,
voting their convictions, either in the primaries or the Fall
gardless of their political affiliation, are requested to
from
aside
elections.
well
as
Please
deposits covered by ,the reservoir of the TVA
United Press advices of Aug. 16 from Knoxv
12-page statement to a Congressional committee investigat¬
a
ing TVA, but he did not specify the exact manner in which
The Senator, who was defeated recently for renomination, again denied
convey
nomination by the same political party,
opposing each other in the general elections.
to nominees
this request
to
everyone
connected with your agency,
Berry said the
sension
still
the resignation of Edgar B. Dunlap,
as Counsel of the RFC Loan Agency at Atlanta,
Ga., in¬
cident to political activities was noted in our issue of last week,
page 1134.
bearing
had been fraudulent.
"trouble"
over
his claims was due "primarily" to dis¬
TVA directors—including
among
Dr.
on
before
suit that the marble covered by
were
valid when he testified
Berry
contended
TVA,
by
into
entering
a
conciliation
Business
United
by
Thwarted
Looked for in September
Chamber of Commerce Unless
Activity
States
by Politicians
value.
Commerce
of
the
States,
United
business conditions, issued
to the
which in a
according
them,"
thwart
to
politicians
Chamber of
summary of
been
has
This
statistics show that, in the absence of a disturbing
an
in
unusual
as
as
the
course
of
manufacturing
production
For all indications
point to an upturn in July that has since persisted.
It is to be expected
that when data have been collected and analyzed, and are made public later
in August, they will make clear there was an increase in industrial pro¬
when
June,
duction
in
There
apparently this trend ran its course.
public-owned power facilities while minority members of the Committee
objected to methods of his investigators in examining private bank ac¬
L.
not
many
years
in
which
such
an
Normally activities decline further in July.
Before all of the statistics have been compiled
indications of
increase
has
occurred.
there are pretty sure
The figures
for use of electric power have now been rising for six weeks or more.
If the rise should continue at its recent pace, use of electric power will
later in the year exceed all earlier records.
During the same period ship¬
ments of package freight by rail have shown as strong an increase as last
year, which was unusual in this respect.
There has appeared a tendency
in the output of bituminous coal to rise from its low level of the spring.
In general, statistics which become available week by week show improve¬
ment, frequently contra-seasonal.
1
oration Tennessee
Fred B. Frazier, head of the Citizens and
fight public power,
to
Holland House Corporation
sterdam
was
nounced
Committee
Willkie
a
This
trator
Among the directors are:
L.
Cities Service Co.
G. A. Dunlop, Managing Director, Netherlands Indies Commercial Bank.
W. S. Farish, President, Standard Oil Co. "'(New Jersey).
H. R. Jolles, Vice-President, Brown Harriman & Co., Inc.
Howard C. Shepard, Vice-President, National City Bank of New York.
Robert Stanley, President, International Nickel Co. of Canada, Ltd.
G. S. Walden, Chairman, Standard-Vacuum Oil Co.
Thomas J. Watson, President, International Business Machines Corp.
R. G. A. van der Woude, President, Shell Union Oil Corp.
.
duplicating
Administration,
Jones, First
Alton
Co.
F.
(New
F.
John
Dr.
Canada,
H.
F.
Thompson,
Vice-President,
Pocahontas Fuel Co., Inc.
Vice-President, National City Bank of New York.
Department, Brown Harriman & Co., Inc.
Manager Foreign
Stevenson, White & Case.
D.
Adrian
Hendrick
Van
W.
Loon.
P.
J.
York Representative Standard Oil Co.
Kooiman, Bigham, Englar, Jones & Houston.
J.
A.
G.
L.
J.
Quinn,
J.
Dr.
"<i
W.
Work
of California.
H.
von
Baumhauer,
Netherlands
American
Chamber of Com¬
Amsterdam.
de
Harold
tion,
New
Sandberg, Director, Heldring & Pierson.
R.
Dr.
merce,
of
Hawthorne, Vice-President,
Regan, Assistant
Cortesi,
Dr.
Standard
Business Machines Corp.
International Nickel Co.
Ltd.
R.
E.
R.
charge of Foreign Finance,
Jersey).
Nichol, Vice-President, International
W.
Bank, New York.
Vice-President, Cities Service Co.
Crane, Assistant Treasurer in
E.
J.
Vice-President, Chase National
Vice-President, Standard-Vacuum Oil Co.
Dundas,
W.
Oil
Rovensky,
C.
H.
distribution plant.
Mr. Willkie said:
"Immediately prior to the municipal ownership election in Chattanooga
in the spring of 1935, the Federal Government and the TVA, in order to
induce citizens of Chattanooga to vote for municipal ownership, offered to
electric distribution system
those of the private companies operating in such cities.
The other directors are:
J.
explaining the company's position,
cities through the Public Works
Bank of New York.
Alexander, Chairman, American
Henry L. Doherty, President,
legitimately and frankly can to
of the cost of building an
Aldrich, Chairman of Chase National
Enka Corp.
Winthrop W.
provide for a municipal
give Chattanooga and other
with American Radiator.
tive post
(
absolutely free, 45%
President of
Mr. Turck will function as adminis¬
of Holland House without salary, retaining his execu¬
House Corp.
Holland
of these properties by government to which last
year we paid over $19,000,000 in taxes."
On Tuesday Francis Biddle, chief TVA counsel, called attention to the
fact that Commonwealth & Southern in 1935 had contributed $20,000 in
an unsuccessful drive to defeat a referendum on an 88,000,000 bond issue
In
Jr., Vice-President of Amer¬
Standard Sanitary Corp., as
Radiator &
ican
with the announcement of
revealed coincident
was
the election of Fenton B. Turck
prevent the destruction
to
International
Rockefeller Center, pending completion of plans
permanent home.
Offices also will be opened in
Amsterdam.
expect to continue in the future," Mr.
emphasized, "to do all that we
New York.
corporation, which will function as a non-profit organ¬
for
had
the past and we
relationship between Amsterdam and
ization, has engaged temporary quarters in the
Investigating
in part:
have in
of the Netherlands, recently formed
Aug. 23 plans to develop a closer business and
on
financial
participated in the Chattanooga,
Tenn., power referendum in 1935, and expressed regret that
the concern had not made additional contributions, if they
would
have
defeated Federally subsidized competition.
Previous hearings by the Committee were reported in the
"Chronicle" of July 30, page 656. In describing Mr. Willkie's
statement, the New York "Herald Tribune" of Aug/23 said,
"We
B.
by leading Dutch and American commercial and banking
interests with the support of the Dutch Government, an¬
Regrets
company
Between Am¬
Turck Jr. Elected
Relations
York—F.
New
President
higher in July than in June.
Congressional
and
Holland House Corp.
Congressional Committee investigating the Tennessee
his
for it.
Formed to Develop Closer
Financial
and
Business
Valley Authority this week continued its hearings at Knoxville, Tenn., as Wendell L. Willkie, President of the Com¬
monwealth & Southern Corporation, admitted in New York
that
Taxpayers Association formed
denied that he had, as a witness charged today,
discussed the distribution of liquor to voters or spent money
TVA
The
properties to the TVA did not justify delay in the munici¬
pal program.'
0.
Willkie
Before
Corp¬
negotiations involving possible sale of Commonwealth and Southern
Company Failed to Give More
Funds in Fight Against TVA—-Head of Common¬
wealth
& Southern Issues Statement—Hearings
L.
publicly-owned transmission system, told the committee that
is erecting a
Building,
Activity of cotton mills, both in
what has been occurring.
the South and in the North,
W.
...
Wilhoite, head of the Chattanooga Electric Power Board, which
J.
The
July.
are
said;
Investigating
delved today into efforts of citizens to block the erection of
Committee,
spring of
persisted until it was literally beaten down.
In the corresponding months of 1938 industrial activity was at a level
at least a third lower and had a tendency to go down.
This continued
into
TVA Congressional
Counsel for the
Biddle,
♦
1937.
For three months manufacturing then maintained
unusually even volume at a high level.
This activity was protracted
the face of adverse influences which had been brought to bear and
the
H.
to say:
goes on
in
Francis
counts.
Aug. 20, said:
influ¬
ence of
major proportions, invariably a turn comes during the dog days,
and activity ascends
into September, at least.
There was such a turn
last year, but it unfortunately went into reverse before September was out.
"Any attempt to forecast the probable course of business
activity during the autumn must take into account what has
happened in recent months," the Chamber observes, and it
Over the years
reporting the Committee hearing on Aug. 24, an As¬
In
improvement in busi¬
be looked for in September unless "the
may
manage
because the authority
did not wish to acknowledge its quality.
sociated Press dispatch of that date from Chattanooga
Some further results in the way of
ness
agreement—
had admitted his marble to be of
out—with him,
carried
not
was
Berry's leases was worthless.
He charged TVA finally had ' 'boycotted'' his marble
Further
who then
U. S. District Court Commission which finally decided in a con¬
a
demnation
which
A. Morgan,
E.
Chairman.
was
The Senator had contended that his claims
including attorneys on retainer.
An item
TVA had violated
the Constitution.
that his claims for damages
This applies to candidates seeking
as
marble
Norris Dam.
Berry read
Government Agency and its employees, re¬
the Com¬
Berry of Tennessee appeared before
mittee Aug. 16 and charged that the TVA violated the Federal
Constitution in handling his claims for $5,000,000 damages
Wolf
Fuller,
Secretary,
the
Netherlands-America
Founda¬
Inc.
Asiatic Petroleum Co.
J. C. A. Everwyn, former Netherlands Minister at Washington.
van
Doom, Assistant Commissioner-General and President of
Committee, Netherlands New York World's Fair Committee.
A.
de
Lanoy, Purchasing Director,
the
Financial
1282
Prof.
Dr.
J.
A.
Wilhelmina Professor,
Queen
Barnouw,
Columbia
Chronicle
Uni¬
One
W.
M,
President,
Mcserole,
G.
Evans Hubbard,
A.
Ph.
C.
R.
Baron
Foundation,
the Netherland-America
from
Inc.
be
Vice-President, the Netherland Club.
Heraert,
von
T.
Society of New York.
Holland
the
Krayenhoff,
President,
Tourist
the
Com¬
P.
John
T,
Messrs.
Scheepere.
and
the
which
now
exists
commercial
nations
three
Holland
of
purpose
States
that
to
the
the
of
world;
into
between
and
will
Britain
countries
New
Mr. Turck stated:
be to
community
a
Great
these
and
develop
of
between
the
interest comparable
and
Netherlands.
are
the
three
London
York,
and
Amsterdam
From
great
trading
the
are
close
a
viewpoint have brought London and
common
a
working arrangement, expressed in sharing
mutual
advantage of British
London
there
been
has
comparatively
and
and Dutch business.
Between
developing in recent year6
British
and
but
both
interests
acting
when
little such
both
New York and
similar trend
a
in
co-partners
as
intercourse
the
States
and
amply supplied
Dutch
Netherlands
with capital
toward
New
aggressively
in contrast to
contribute
to
upon
the directors and
support of the Dutch
House, with the
York
and
trade
Holland
other
Government,
earlier
an
substantially
sponsors
believe
of
will
as
serve
clearing
a
the two countries,
between
house
for
providing
for the establishment of contacts
lacking,
Louis
of
that the time
and
for
trade
and
financial
focal point, heretofore
a
Zelm, President of the Netherlands Chamber
van
New
in
York,
Inc., have been elected
dam, has been named Treasurer, and Dr. R. D.
Secretary.
Vice-
Royen,
van
P.
Montyn, Consul-General of the Netherlands, New
B. Kleijn Holekamp, Commercial Counsellor of the
Setting
of
a
Group of 300 British Metal Men
October—To
Make
to
Tour
Plants—Committees Formed
Visit United States
of
to
I'ron
and
Steel
Welcome Delegation
Leaders of the steel industry in this country will serve on
local committees which
will
producing cities in October
welcome to the
principal steel
group of nearly 300 prominent
industrialists, engineers and metallurgists, it was
announced
tute.
a
Aug. 23 by the American Iron and
The itinerary of
the visitors
also
was
Steel
Insti¬
announced
by
the Institute.
The visiting group, consisting of members
of the Iron and Steel Institute and the Institute of
Metals,
both of Great
of
Mining
visitors will make
and
non-ferrous
New
in
York
and
Metallurgical
Engineers.
The
extensive tour of iron and steel plants
an
metal
with
Steel Institute, and the American
works, after holding
the
American
two
joint meeting
a
Institutes
Oct.
on
3
and 4.
The chairman of the committee in charge of arrangements
in New York City is W. A. Irvin, Vice-Chairman of United
States
E.
of
Steel Corp.
R.
that
T.
The
Girdler,
Iron
M.
F.
B.
F.
B.
Arthur
Chairman
and
Schwab
Bethlehem
Steel
E.
and
Steel
in
the
are:
Fairless, respectively Chairman and President
of
Repubic Steel
Corp.
States
Washington, Aug. 19, said:
described by
was
the
last
18
the
with
Secretary Hull
made
in
last
as
organization of the
months.
division
would
handle
tele-communications
international
(radio,
cable,
aspects
of
telegraph and
aviation and shipping.
of
Treasury
after
Morgenthau
Vacation
in
France
Sails
and
for
United
Switzerland
Secretary of the Treasury Henry Morgenthau Jr. sailed
York on Aug. 24 aboara the liner "Normandie"
after spending a month's vacation in France and Switzerland.
Mr. Morgenthau was accompanied by his
family.
for New
♦
President
and
of the
Appointed Deputy Chairman of Federal
Reserve Bank ofKansas City
The Board of Governors of the Federal Reserve
System
on Aug. 24 announced the
appointment of R. B. Caldwell,
member of the law firm of McCune, Caldwell &
Downing,
Kansas City, Mo., as Deputy Chairman of the Federal Re¬
serve
year.
Bank of Kansas
City for.the remainder of the
current
.
..
Roswell
Magill Resigns Effective Sept. 16 as UnderSecretary of Treasury—President Roosevelt Ex¬
presses Regret
President Roosevelt
Magill
as
on
Aug. 24 accepted the resignation
Under-Secretary of the Treasury with
"very genuine regret."
Mr. Magill, in his letter to the
President, pointed out that he had accepted the appoint¬
ment in
January^ 1937, with the understanding that he
would return to his law
professorship in Columbia Univer¬
sity, New York, in September, 1938. He also stated that if
the occasion arosb where he
might serve the Treasury again
he hoped the President would call
upon him.
In his reply,
the President expressed his
appreciation for the time Mr.
Magill gave to the Treasury and of his offer to gferve again
"on call."
The resignation becomes effective
Sept. 15, 1938.
Mr. Magill's letter, made
public by the President on
Aug. 24 at his Hyde Park, N. Y. home, follows:
My Dear Mr. President:
You will recall that
when I accepted appointment as
Under-Secretary
Treasury in January, 1937, r arranged for a leave of absence from
la University Law School to permit me to serve until September,
1938.
I, therefore, desire to submit my resignation as Under-Secretary,
to be effective as of September
15, next.
I have thoroughly
enjoyed my services in the Treasury, and in particular
the privilege of association with
you and with Secretary Morgenthau.
The
of the
Vr?oo
attainment of the ideals of a fair and
adequate Federal tax system, co¬
ordinated with the revenue system of the
States; and of a tax administration
organized to determine the citizens' liability promptly and economically, is
a
complex task, requiring planning on a broad front, and co-operation
among many Governmental agencies and officials.
Problems of this sort
cannot be quickly solved, or indeed solved once
and for all, but they must
be constantly attacked.
I am glad to have had an opportunity to participate
in the
Treasury's work upon them.
If occasion arises when I
may serve you again,
I hope
you
will call upon
me.
Institute.
G.
the State Department at
on
Secretary said
Secretary
corporation.
American
C.
Other members of this committee
Stettinius and
M.
at
Division
in
major changes which have been
problems connected
Britain, is coming here at the joint invitation
of he American Iron and
Institute
of
of Roswell
*
British
of
of the new division
up
series
Department
Legation, Washington, D. C., and E. C. Zim¬
Trade Commissioner for the Netherlands Indies,
have been elected Honorary Directors.
in
here
25.
E. Saugstad,, of State Department staff, as assistant chief.
Netherlands
merman,
R. H. Norton,
held
Division
new
a
R. B. Caldwell
Commerce
W.
inspect
initiating and carrying
Presidents of Holland House; Jonkheer P. J. Six, Secretary
of Netherlands American Chamber of Commerce, Amster¬
York;
Head
Associated Press advices from
W. H. de Monchy, Managing Director of Holland-America
Line; D. Pyzel, Vice-President, Shell Union Oil Corp., and
J.
banquet wil be
will return to New York Oct.
announced
was
to
negotiations.
on
A
Holland
finance.
House
transactions
will
trade-
opportune for effecting a more intimate association of the two countries
in
York,
Washing¬
of International Communications
Aug. 19 by Secretary of State Hull.
Thomas Burke, who has been chief of Specialties
Division,
Bureau of Foreign and Domestic
Commerce, Department of
Commerce, was named chief of the new division, with Jesse
of
ton
joint enterprises,
between
exists
now
the
called
were
building American railroads,
is
New
Kimball, Hayward Niedringhaus,
Ryerson Jr.
telephone communication),
United
the
minded—with
period
back to
20.
oppor¬
Amsterdam.
With
C.
L.
Oct.
The establishment
innumerable transactions engaged in for joint profit, to the
tunities and in
American
G.
E.
on
Burke
Royen.
van
markets.
traditions
Amsterdam
House
Netherlands
standpoint,
great capital
Common
way
on
E.
New Division of International Communications Created
in
State
Department at Washington — Thomas
Pyzel, Van Zelm, de Monchy, Six, and
Turck,
principal
United
and
House
The group
\
In announcing the organization's plans,
A
Palmer
Munching.
von
are:
Rose
L.
Carroll.
B.
Mitchell
E.
its
on
Oct. 19. The main gruop will be in Chicago
Block, Chairman of the Inland Steel Co., will
of
the committee in
this
city.
Other members of the
P. D. Block, C. D. Caldwell, A. T.
Clarage, W. E. Hadley,
Howland Jr.,
I.
G.
Holland-America Line, New York.
F. B. Loom is, Standard Oil Co. of California.
Floris W. ter Meulen, Cities Service Co.
L.
Chairman
W.
den Toorn, Manager,
van
in Buffalo
to 25.
Oct. 20
committee
Propaganda
1
mittee.
Dr.
of the visitors,
group
industrial plants
versity.
Aug. 27, 1938
The President
Grace, respectively Chairman and President of
replied:
My Dear Ross:
Corp.
It is with very genuine
regret that
effective as of September 15, 1938.
I want you to know how much I
Hufnagel, Chairman of Crucible Steel Co. of America.
Roeder, President of Colorado Fuel & Iron Corp.
E.
T.
Weir,
Chairman
of
National
C.
R.
Hook,
President
of
the American
Steel
Corp.
Rolling Mill
I accept your tendered resignation,
appreciate your giving the time you
have, and your generous offer to serve again "on call."
It has been grand
having you work with us rendering such splendid service to the Govern¬
Co.
ment.
The following regarding the group's itinerary is from the
Institute's announcement:
After
leaving
New
York
the
British
will
group
go
F.
Washington and
to
Fischerauer,
In
Pittsburgh, which will be visited Oct. 10, 11 and 12, the welcoming
will be headed by B. F. Fairless and will include W. F. Det-
committee
wiler,
F.
Lewis,
R.
T.
E.
Roemer.
Penn
A
Frost, B.
Millsop,
Hotel, Oct.
committee
of
the
C.
F.
H.
H.
L.
Parker,
W.
J.
visitors
Holloway, W. F. Ingals, H. E.
Perry, L. F. Rains and H. A.
L.
will
be
held
there
at
the
William
11.
will
for
be
visited
both
cities
Oct.
will
13,
and
be headed
Cleveland
Oct.
14
and
15.
by H. G. Dalton, Chairman
Youngstown Sheet & Tube Co., and will include T. M. Girdler,
Hood, Elton Hoyt II, G. M. Humphrey, E. J. Kulas, Frank Purnell,
Timken and R. J. Wysor.
will
Detroit
city will
and
W.
be
C.
by
visited
Oct.
16,
17
and
18.
The
committee
be headed by G. R. Fink, President of Great Lakes
include
will
and
given
E.
Harris, W.
banquet for the
Youngstown
The
F.
A.
Schrage.
the metals
J.
Steel
in
Friedrich
New York
division
of
the
American
Institute
of
Metallurgical Engineers at the Book-Cadillac Hotel in Detroit.
Mining
General
tion of Austria
Reference to the
annexa¬
by Germany appeared in these columns of
March 19, page 1797.
Kenneth
this
and
Consulate
Fischerauer, former Austrian Consul General in
City, sailed for Europe on Aug. 24 aboard the
trian consulate has been closed.
Condit
Appointed
Executive
Assistant
to
President of National Industrial Conference Board
Corp.,
Craine, D. B. McLouth, H. M. Naugle
18 the visiting group will attend a banquet
Austrian
City, Sails for Europe
Cunard White Star liner "Queen Mary."
Mr. Fischerauer
is returning to Vienna after
having served in New York since
the World War.
He said he expects to retire since the Aus¬
Appointment of Kenneth H. Condit
Bopp, C. P.
On Oct.
Former
in New York
Baltimore.
to
the
Board
President
was
President
of
of
the
announced
the
on
National
Aug.
Conference
17
Board.
as
executive assistant
Industrial
by
Dr.
Mr.
Conference
Virgil
Condit
Jordan,
has
been
Volume
Financial
147
editor of "American Machinist" for
first
editor
"Product
of
publications,
and
Bank of America National Trust and Savings Association
(California), has inaugurated an advertising campaign to
explain the comprehensive lending services for individuals,
commerce
and industry that the bank makes available.
A. P. Giannini, Chairman of the Board of Directors, stated:
17 years, was the
McGraw-Hill
connection as consulting
retains a
now
over
Engineering,"
both
editor of both papers.
v>
♦
H.
G.
S.
of New York Stock
Exchange, Posts Seat for Transfer to Grandson—
Former President of Exchange Held Membership
for
H.
Noble,
Oldest
Years
66
The lending policy of Bank of America is to provide the soundest type
Member
.
credit best suited to the need of every individual and of every
business
further announced:
April 20,
1882, at which time he inherited the membership of his grandfather, Henry
Stebbins, who joined the Exchange in 1831.
He was President of the
Exchange during the World War period, serving from May, 1914, to May,
1919.
His
more
war
a
Governor in
Stebbins, also served
as
President of the
period, having been President in 1863, as well as
Mr. Noble served
1858.
37
than
Mr.
grandfather,
of the 56
as
a
Governor of the Exchange for
of his membership, retiring as an active
years
If elected to membership, Henry Stebbins Noble will make his
character and proved ability requires money
for personal
been
associated for the last several months.
B. B. Elmer
Appointed a Governor of New York Stock
Exchange—Fills Vacancy Created by Election of
Bartlett Jr.
Chairman
as
The Board of Governors of the New York Stock
uses, no
matter how
type of credit that will be most helpful.
Regarding the broadened services the bank
available,
now
makes
announcement in the matter said:
an
Profiting from its large-scale
success
in the field of personal loans and
automobile financing, the bank has applied similar methods in the field of
loans to business and industry.
For large firms there is provided a convenient method of making amortized
or
note form, such loans
being particularly fitted for expansion
of operations or the refinancing of present indebtedness.
For small businesses, term loans are available in amounts from $500 to
$5,000, repayable in from
stances.
one
to five years, depending upon the circum¬
Primary purpose of these loans is to furnish working capital for
established businesses, not to finance new ventures or liquidate past-due
indebtedness to creditors.
which will be handled
as
They do not replace ordinary seasonal financing,
in the past.
An "accounts receivable"
plan also is offered, to provide working capital
jobbers.
office at
the odd lot firm of De Coppet & Doremus, with which firm he has
E. E.
large or small.
in any amount to manufacturers, wholesalers and
1935.
of
established
specialized the need, Bank of America has, or will endeavor to provide, the
loans in bond
H. G. S. Noble has been a member of the Stock Exchange since
Exchange during
matter how
for any worthy purpose—for business or
G. S. Noble, senior member of the New
in 1851 and
no
If any man or woman of good
h
York Stock
Exchange and a former President, has posted his member¬
ship for transfer to his grandson, Henry Stebbins Noble, the
Exchange announced, on Aug, 25.
Mr. Noble, who is 79
years of age, was active in the management of the Exchange
until his retirement as a Governor three years ago.
He has
maintained an office at De Coppet & Doreums since his
withdrawal in 1928 as a partner of the firm. The Exchange
G.
1283
Chronicle
Exchange,
Charles
W.
Parcell,
Assistant
Vice-President
of
the
United States National Bank of Portland, Ore., since 1934,
died on Aug. 17, following an emergency operation.
Mr.
Parcell, who
was
44 years old, had worked
up
to the position
he held at the bank after starting as a messenger in 1913,
and successively served as teller, credit manager, Assistant
Cashier and finally as Assistant Vice-President.
at its
meeting on Aug. 24, appointed Basil B. Elmer, Ex¬
change member of Eastman, Dillon & Co., as a Governor of
the Exchange, to fill, until the next annual election, the
vacancy created by the election of Edward E. Bartlett Jr.,
to Chairman of the Board.
Mr. Elmer has been
a
member
of the
Exchange since Aug. 7, 1930, and the board member
of Eastman, Dillon & Co. since May 1, 1938.
In 1919 he
became associated with the Northern Trust Co., in Chicago,
and from 1923 to 1930
hattan
ITEMS
At
a
was
an
officer of the Bank of Man¬
Co., in New York.
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
meeting of the Board of Directors of the Chemical
Bank & Trust
Frank Wood
Company of New York, held Aug. 25, John
appointed an Assistant Trust Officer in the
was
Personal Trust
Department.
.
■■■
«
E.
James
Thompson, President of the Phenix National
Bank of Providence, R. I., died of a heart attack on Aug. 20.
He was 73 years old.
Mr. Thompson began his banking
career as a clerk and in 1904 after 24 years of service was
elected
Cashier
of
bank.
the
In
1910
he
Director and twelve years later was elected
and Cashier.
He held this position until
became President.
was
named
a
Vice-President
1933 when he
;
THE
Price movements
on
CURB
EXCHANGE
the New York Curb Exchange were
dull and irregular
during the fore part of the week but the
trend gradually shifted upward, and as prices strengthened,
active issues, particularly those among the preferred
public utility list, the industrial specialties and
the aluminum group, moved smartly forward to higher
levels. Prices were erratic at times but as interest increased,
the volume of sales slowly improved.
Some slow moving
shares appeared on the tape from time to time at higher
prices but the sales were generally small.
Public utility stocks, particularly those in the preferred
section, moved briskly forward during the abbreviated
session on Saturday.
There were occasional soft spots
scattered through the list but the market at the close was
somewhat higher though the gains were small and without
special significance. The aluminum stocks were in moderate
demand and closed somewhat higher. Industrial specialties
were quiet and oil issues made comparatively little change
either way. The volume of sales was light, the total transfers
dropping to 35,000 shares with only 172 issues traded in.
The advances and declines in the general list were largely
many
stocks in the
in minor fractions.
Light trading and small price changes were the outstanding
of the curb market dealings on Monday.
The initial hour was particularly dull the transfers falling
off all along the line. As the session progressed price move¬
ments continued mixed and without definite trend, and
while there were a few moderately strong spots, these were
characteristics
George H. Kirchner, President of the Union Guardian
Trust Co., Detroit, Mich., died on Aug. 22 at the age of 72.
A native of Detroit, Mr. Kirchner was appointed conservator
of the Union Guardian Trust Co. in March, 1933 by Gov¬
ernor Comstock and in May, 1934 when the bank was re¬
opened, was elected President.
The following regarding
Mr.
Kirchner's
career
is from the Detroit "Free Press" of
Aug. 23:
Mr. Kirchner became
that
position
until
a
1894
teller in the City Savings Bank in 1889, holding
when
Its
German-American Bank.
of Detroit in 1917.
In 1897 he
in 1912 was elevated to the
When
the
First
State
he became
name
was
was
Assistant Cashier of the old
changed to the First State Bank
made a Director, in 1901, Cashier, and
Presidency.
Bank's stock control
National Bank in 1927, Mr. Kirchner became
combined institutions,
1929.
was
sold to the
called the Griswold-First State Bank,
he retired from executive positions in
Griswold
Chairman of the Board of the
In March.
the commercial and
savings
bank fields to become Chairman of the Board of the Bankers' Securities Co.
Milton L. Bouden, Director
of Publicity of the Whitney
National Bank, New Orleans, La., died on Aug. 20 in a
hospital in New Rochelle, N. Y. He was 69 years old and
had been on his vacation when he became ill with pneumonia.
Mr. Bouden, who had been associated with the bank for the
past 28 years, was also Manager of the Whitney National
Bank building at the time of his death. He was a brother of
the late John E. Bouden, former President of the Whitney
National Bank, and of W. W. Bouden who is Vice-President
of the Bank.
The Directors of the
Rapides Bank & Trust Co. of Alex¬
andria, La. has elected J. G. Thompson as a Director to
fill the vacancy caused by the death of his father, the late
Ben F. Thompson.
The Directors did not elect a successor
to the elder Mr. Thompson as Chairman of the Board, said
Alexandria advices Aug. 17 to the New Orleans "TimesPicayune," which stated that officers of the Rapides Bank
are James C. Bolton, President; F. P. Bolton, R. S. Thorn¬
ton, and John W. Hathorn, Vice-Presidents; Robert H.
Bolton, Cashier, and Rqy Albert, Assistant Cashier.
generally among the preferred stocks of the public utilities
and industrial specialties. The transfers for the day totaled
approximately 65,900 shares. Prominent afnong the stocks
closing on the side of the advance were Aluminum Co. of
America, 1 point to 113; Georgia Power $6. pref., 3 points
to 77; Pittsburgh & Lake Erie, 2 points to 54 and United
Gas pref., 1 Y% points to 97K. Bell Tel. of Canada was down
2 y% points to 163 H and Consolidated Gas & Electric of
Baltimore dipped 1 point to 71.
Curb market stocks moved briskly forward on Tuesday,
and while price movements were somewhat mixed at times,
there were a number of slow moving issues that continued
good demand throughout the session and kept the trend
pointing upward.
Industrial specialties atti-acted some
buying, Pepperell Manufacturing Co. climbing upward 1%
points to 77
while Pittsburgh Plate Glass surged forward
2 points to 99%.
The transfers for the day were approxi¬
mately 107,610 shares as compared with 65,900 on Monday.
The gains included among others Brown Co.,
pref., 3
points to 28; Celanese 1st pref., 4 points to 81; Gulf Oil
Corp., 1 Yz points to 4434>; Jones & Laughlin Steel, 2l/i
points to 3234; United Shoe Machinery 2% points to 43;
Consolidated Gas & Electric of Baltimore, 2 points to 73 and
in
Montgomery Ward A, 53^ points to 156.
Renewed buying was apparent all along
.
the line on
Wednesday as trading followed a rapid pace with many
active stocks moving into new high ground.
The aluminum
issues again led the upward push followed by the industrial
specialties which were in good demand at higher prices.
The volume of sales totaled 147,130 shares against 107,610
on
Tuesday.
Outstanding in the general advance were
Royal Typewriter which moved up 4 points to 52 on a small
turnover,
Pittsburgh Plate Glass gained 2^ points to
102^ and Benson & Hedges forged ahead 4 points to 1534b
Automotive issues were stronger and some of the more active
1284
stocks
Financial
in
the
advances
as
public
utility
registered
group
Chronicle
substantial
the market closed.
Irregularly lower prices prevailed as the market came to
on
Thursday. There was comparatively little selling
pressure apparent during the day, and while trading was
lighter, there were a number of moderately strong spots
scattered through the list that held price movements to
nearly even levels for the greater part of the day.
Fisk
Rubber Corp. reached a new top as it moved up to 8%. Ford
of Canada A also reached new high ground for 1938 as it
advanced to 21.
Other noteworthy gains were Axton-Fisher
A 2 points to 35; Singer Manufacturing Co., 3 points to 347;
Bell Tel. of Canada, 1% points to 165: Celluloid 1
pref.
2% points to 55M; G. A. Fuller Co., 3 points to 18; General
Tire & Rubber pref. A 5 points to 88 and Mead Johnson,
2
points to 123%.
Moderate trading and mixed price movements were the
outstanding characteristics of the curb market dealings on
Friday. Price swings were small and despite the occasional
rallies, the trend continued to point downward.
Scattered
through the list were a number of slow moving stocks that
worked against the trend but the market, as a whole, was
lower at the close.
As compared with Friday of last week
prices were generally higher, Aluminum Co. of America
closing last night at 115% against 11324 on Friday a week
ago;
Aluminium Ltd. at 125 against 12124; American
Cyanamid B at 22 24 against 2224; Electric Bond & Share
at 7 % against 734; Fisk Rubber Corp. at
824 against 7;
Ford of Canada A at 21 against 1924; Gulf Oil Corp. at
42%
against 42 and Newmont Mining Corp. at 74% against 73.
DAILY
TRANSACTIONS
AT
THE
NEW
YORK
CURB
EXCHANGE
manufacturers, merchants and others
Bankers,
interested in trade abroad will find it advanta¬
close
a
Aug. 27, 1938
geous
PRINCIPAL OFFICE AND FOREIGN
Member Federal Reserve
Member New York
Member Federal
FOREIGN
Week Ended
of
Shares)
Saturday
Monday
Tuesday
Foreign
35,060
65,800
....
J.
Corporate
$421,000
$3,000
780,000
1,011,000
Total
$4,000
$428,000
107,710
146,630
Thursday....
Friday
102,670
104,560
18,000
22,000
820,000
17,000
28,000
1,265,000
1,248,000
32,000
32,000
9,000
19,000
1,001,000
Wednesday..
CERTIFIED
B*
BANK8 TO TREASURY UNDER TARIFF
AUG.
20,
1938,
TO AUG. 26,
RESERVE
fc'EOERAL
ACT
OF 1930
INCLUSIVE
1938,
Noon Buying Rate for Cable Transfers In New
Value
\n
United Statts Money
Country and Monetary
York
Vnu
Aug. 20
Aug. 22
Aug. 23
Aug. 24
Aug. 25
$
$
*
$
S
Belgium, belga
.168406
.168511
.168655
.168666
.168722
Bulgaria,
.012350*
.012350*
.012350*
.012375*
.012350*,
Europe—
lev
Aug. 26
*
.012350*
.034512
.034.507
.034553
I
034558
.217803
Denmark, krone
Engl'd, pound steri'g 4.880069
.217800
.217771
.217822
.217837
•
217656
4.879652
4.878680
4.881666
1.881111
Czechoslov'la, koruna
.0214.56
.034514
.034516
'4 .876597
.021500
Finland, markka...
France, franc..
.021491
.021490
.021491
.027296
.027321
.027340
.027368
.027363
.027346
Germany, relchsmark
.400925
.400766
.400605
.400744
.400825
.400766
Greece, drachma...
.008942*
.008944*
.008941:
.008944*
.008944*;
.008935*
Hungary,
.196650*
.196650*
.196650*
.196650*
.196625*
.196625*
.052603
.052601
.052600
.052604
.052606
.546816
.546983
.546933
.547150
.547100
.546772
.245175
.245178
.245121
.245205
.246231
.188366
.188366
.245006 |
.188333
Italy,
pengo...
lira
Netherlands, guilder.
Norway, krone
I
.021468
.052616
Sales at
York
4,000
32,000
1,056,000
1,329,000
1,276,000
1,037,000
Week Ended Aug. 26
.188375
.188450
.188300
.044218
.044191
.044191
.044191
.044183
.044183
.007335*
.007321*
.007275*
.007317*
.007321
,007321*
.057500*
.057500*
.057500
.057500*
.057500*
.057500*
.251.556
.251553
!
.229227
Switzerland, franc...
Yugoslavia, dinar...
.251594
.251500
.251618
.251400
.229077
.229077
.229155
.229175
.229100
.023175*,
.023150*
.023120
.023125*
.023100*
.023125*
Chefoo (yuan) dol'r
Hankow (yuan) dol
.169333*:
.170000*
.170416*
.172083*
.171916
.171916*
.169333*.
.170000*
.171916
169.500*1
.169687*
.170416*
.169687*
.172083*
Shanghai (yuan) dol
.171875*
.171750*
.171437*
Asia—
China—
.171916*
Tientsin (yuan) dol.
.168562*
.168750*
.169062*
.170625*
.170812*
.170500*
Hongkong,
.304578
.304578
.304656
.304968
.304812
.304812
dollar.
Jan. 1 to Aug. 26
Exchange
1938
1937
1937
562,430
860,540
28,320,523
74,972,302
$5,088,000
$218,625,000
83,000
115,000
4,558,000
137,000
Total
101,000
4,084,000
$295,356,000
8.809,000
7,214,000
$5,304,000
$227,207,000
$311,379,000
$5,946,000
THE
LONDON
.362882
.362729
.284375
.284208
.284339
.284421
.284143
.568000
.568312
.568500
.568625
.568625
.568000
3.889765
3.888046
3.887812
3.889218
1.889375
3.885208
3.917937
3.916750
3.920156
.919531
3.916458
South Africa, pound. 4.831666
North America
4.832500
4.833000
4.833125
4.832812
4.829062
.996230
.996269
.996428
.997167
Canada, dollar
Cuba,
.996116
Sat.,
Aug. 20
Boots Pure Drugs.....
5/£23*£
75/31/-
Beers
Distillers
£23**
75/31/6
DAY
A
Hudsoas Bay Co
Imp Tob of G B & I
London Midland Ry_.
Box
Rand Mines
Rio Tlnto
Roan Antelope Cop M.
Rolls Royce
Royal Dutch Co
Shell Transport
Unilever Ltd...
Unlted Molasses
£8**
97/12/17/6
4/9
1/9
21/140/6
£13**
75/6
97/3
12/6
17/3
4/6
1/6
£37 %
£47n
HOLI-
Gaumont Pictures ord.
£8«u
£38**
£38
£9'n
£14
17/6
98/9
21/6
19/10**
22/19/10**
38/3
21/9
20/-
£7
£7
ENGLISH
FINANCIAL
£47
5/6
£23**
75/31/3
£8**
97/6
12/9
17/4/6
1/6
21/140/-
£4**
38/-
£4**
38/6
£7**
£7**
Witwatersrand
Areas
102/6
£13?*
£4"ai
MARKET—PER
75/£9**
18/98/9
Silver, per
oz..
Mon..
Aug. 22
19 5-16d.
19 5-16d
Gold, p. fine oz,142s.5**d. 142s. 5d.
Consols, 2**%. Holiday
British 3**%
War Loan...
£75**
.999333
.196666*
.194166*
.993671
.993789
.993906
.993945
.994726
.995234
.325100*
Uruguay,
.325280*
.325400*
.325380
.058240*
.058625*
.058500*
.058440*
.051766*
.051766*
.051766*
.051820*
.051766*
.051766*
.040000*
.040000*
.040000*
.040000*
.040000*
.040000*
.567400*
.567400*
.566600*1
.567400*
.568200*
.642164*
peso
.325360*
.058540*
.642200*
.642066*
.642216*1
.642280*
.642100*
Tues.,
Wed.,
Aug. 24
Aug. 23
COURSE OF BANK
pared with
21/6
2013
1428.6**d. 142s. 6d.
£75**
£75 7-16
Thurs.,
142s.5**d.
£75**
com¬
us,
based upon telegraphic advices from the chief cities of the
country, indicate that for the week ended today (Saturday,
Aug. 27) bank clearings from all cities of the United States
from which it is possible to obtain
weekly returns will be
15.4% below those for the corresponding week last
Our
preliminary
total
$5,287,037,151 for the
there is
a
stands
same
at
comparative
summary
$4,474,893,597,
week in 1937.
loss for the week ended
year.
against
At this center
Friday of 15.4%.
Our
for the week follows:
Clearings—Returns by Telegraph
Per
Week Ending Aug. 27
1938
Philadelphia..
$2,348,142,755
248,388,479
261,000,000
149,374,000
82,705,510
70,100,000
124,672,000
111,445,525
84,141,275
81,649,473
252,000,000
135,253,433
Boston
62,347,099
58,200,000
102,940,000
76,046,242
59,637,074
59,846,659
41,587,349
San Francisco.
Pittsburgh
Detroit
Cleveland
Frt.,
Aug. 26
19 5-16d.
1937
$1,985,525,001
192,842,286
New York
Chicago
£78i«
CABLE
19**d.
CLEARINGS
Preliminary figures compiled by
a year ago.
Kansas City..
St. Louis
Aug. 25
19J*d.
.058440*
Bank clearings this week will again show a decrease
Baltimore
19 5-16d.
Cent
—15.4
—22.4
—3.4
—9.5
—24.6
—17.0
—17.4
—31.8
—29.1
—26.7
49,023,957
—15.2
Eleven cities, five days
Other cities, five days,
$3,026,225,143
702,852,855
$3,610,642,974
698,898,570
-16.2
Total all cities, five
days
All cities, one day.,
$3,729,077,998
745,815,599
$4,309,541,544
977,495,607
—13.5
—23.7
$4,474,893,597
$5,287,037,151
—15.4
+0.6
142s.7d.
£75**
Holiday
£102?*
£102?*
£102**
£102**
£102**
1960-90
Holiday
£113**
£113**
£114
£114
£114
The
price of silver
British 4%
States
Bar
on
the
same
Total all cities for week
per
(in cents)
in the United
days has been:
N.Y.(for'n) Closed
64.64
42?*
42**
42**
42**
42?*
64.64
64.64
64.64
64.64
FOREIGN EXCHANGE
in
issue of next week.
our
by the
We cannot
them today, inasmuch as the week ends
today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly in the above the last day of
the week in all
RATES
daily to the Secretary of the Treasury the
buying rate for
cable transfers in the different countries of
the world.
lowing we give a record for the week just passed:
exact details for the week covered
appear
furnish
Pursuant to the requirements of Section 522
of the Taiiff
Act of 1930, the Federal Reserve Bank
is now
certifying
Complete and
foregoing will
64.64
U. S. Treasury
(newly mined)
ounce
|
.325265*
£387i«
daily closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
Sat.,
Aug. 20
.999333
.198750*
£13**
The
as
.999333
.199000*
.566600*
peso
£47
£13**
75/£9**
£13**
18/98/9
£38?*
£4**
38/6
38/21/9
19/7**
Vickers
21/141 /3
Colombia,
Aug. 26
£47**
5/9
40•/103/-
.999333
.198500*
Frl.,
Aug. 25
40/102/£47**
5/9
£8**
•
96/9
96/9
11/10*^
12/17/4**
17/4**
4/9
4/9
1/9
1/9
21 /6
21/140/139/6
£13*£
£13**
75 /9
75/£9M
£9**
£135*
£13**
17/3
17/6
98/9
98/9
Co
Electric & Musical Ind.
Ford Ltd
West
£46**
5/3
£23**
75 h
30/9
£8*i
Courtaulds 8 & Co
Thurs.,
£23**
75/31/3
100/9
£47
Marconi
Central Mln & Invest.
Cons Goldflelds ol S A.
Wed.,
Aug. 24
39/10**
101
Canadian
Metal
Tues.,
Aug. 23
40//10 lA
British Amer Tobacco.
Cable & W ordinary...
De
Mon.,
Aug. 22
received by cable
.999333
.198000*
South America—
export.
as
.997675
.999333
peso
Mexico, peso
Newfoundl'd, dollar.
"
Quotations of representative stocks
each day of the past week:
.361976
New Zealand, pound. 3.920703
Africa—
Argentina, peso
Brazil, mllrels
Chile, peso—official.
STOCK EXCHANGE
.363681
'
Australia, pound
1938
$5,726,000
Foreign corporate
.363178
.284351
Australasia—
Bonds
Domestic
Foreign government...
.363818
Japan, yen
Str its Settlem'ts, dol
Curb
Stocks—No. of shares.
|
J
Poland, zloty
Portugal, escudo
British India, rupee..
New
4
I .168841
Spain, peseta
Sweden, krona
Foreign
Government
Domestic
Deposit Insurance Corporation
RAPES
EA.CtiA.SUE
System
Clearing House Association
Rumania, leu
Bonds (Par Value)
(.Number
Aug. 26. 1938
Cornhill, London, E.C.3
European Representative Office: 1,
i
DEPARTMENT
NEW YORK
BROAD STREET,
55
COMPANY
TRUST
MANUFACTURERS
.
Stocks
banking facilities.
to use our world-wide
Fol¬
cases has to be estimated.
In the elaborate detailed statement, however, which we
present further below, we are able to give final and complete
results for the week previous—the week ended
Aug. 20.
For that week there
of clearings for the
was
a
decrease of 8.5%, the aggregate
whole
country
having amounted
$5,006,648,914, against $5,469,373,775 in the
same
to
week in
Volume
1285
Financial Chronicle
147
decrease of 13.4%,
having recorded a loss of
4.0%.
We group the cities according to the Federal Re¬
serve districts in which they are located, and from this it
appears that in the New York Reserve District (including
this city) the totals show a decrease of 4.3%, in the Boston
Reserve District of 12.5% and in the Philadelphia Reserve
District of 0.8%.
In the Cleveland Reserve District the
totals have fallen behind by 22.5%, in the Richmond Re¬
serve District by 5.9% and in the Atlanta Reserve District
by 8.5%.
In the Chicago Reserve District the totals record
a loss of 19.9%, in the St. Louis Reserve District of 11.5%
and in the Minneapolis Reserve District of 7.7%.
The Kan¬
sas City Reserve District registers a falling off of 16.9%,
the Dallas Reserve District of 4.2% and the San Francisco
Outside of this city there was a
1937.
Week Ended Aug. 20
the bank clearings at this center
Inc. or
1938
1937
Dec.
$
%
furnish
by Federal Reserve
a summary
$
Seventh Feder a! Reserve D istrict—Chic ago—
406,628 —14.9
346,026
SUMMARY OF BANK CLEARINGS
$
297,432
353,030
—22.3
94,705.941
—37.1
2,530,267
1,466.182
1,045,381
14,533,000
1,213,505
74,133,977
2,259,280
1,091,278
Mich.—Ann Arbor
'
Detroit-
74,758,626
Grand Rapids.
Lansing
2,438,029
1,217,184
2,011,611
__
Ind.—Ft. Wayne
Indianapolis..
Terre Haute...
15,756.000
1,189,259
4,035,323
W is.—M il waukee
18,108,277
South
_
Bend
la.—Ced. Rapids
944,134
Des Moines.
7.529,007
Sioux City
3 109,199
.
.
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
—23.3
+83.5
—0.6
—19.1
671,132
11,862,000
794,324
4,555,073
4,204,437
20,681,039
14,181,230
—10.9
1,113,737
8,581,300
6,581 874
—3.6
3,437,193
2,882,715
—9.1
v
—11.0
—14.8
3,225,425
929,865
357,023
287,450
+ 24.2
364,712
271,120
256,342,835
Ill.—Bloomington
Chicago
327.142,033
777,144
—21.6
283,574,568
—16.0
750,245
229,272,031
539,227
,
652,690
Peoria
3,536,231
963,741
Rockford
1,099,766
Springfield
districts:
1935
1936
S
Decatur
Reserve District of 18.9%.
In the following we
Clearings at-
Total (18 cities)
394,394,961
3,608,308
1,277,850
1,215,002
—2.0
3,941,493
2,318,016
—24.6
1,209,962
1,150,101
:649,573
—9.5
492,368,722
—19.9
445,151,131
353,877.515
73,700,000
23,693,350
11,649,300
882,406
Inc.or
1938
1937
Dec.
1936
1935
S
Week End. Aug. 20,1938
$
%
S
$
Eighth Federa
1 Reserve Dis trict—St
Lo uis—
Mo.—St. Louis..
Federal
1st
Dists.
Reserve
Boston..
_.
208,526,355
12 cities
82,400,000
93,200,000
—11.6
88,600,000
Ky.—Louisville..
30.786,107
34,403,625
—10.5
28,038,117
14,523,503
16,612,575
—12.6
14,434,688
—12.5
238,247,382
222.247,303
193,380,509
Tenn.—Memphis
111.— Jacksonville
2nd
New
York. 13
"
2,854,203,327
2,983,936,919
—4.3
2,815,441,296
3,042.037,004
3rd
PhiladelpbialO
"
359,915,442
362.814,135
—0.8
331,883,923
315,868,865
—22.5
266,797,666
X
X
X
X
500,000
597,000
—16.2
520,000
392,000
128,209,610
144,813,200
—11.5
131,592,805
109,434,650
X
201.356,465
5
"
236.379.200
304,852,631
5th
Richmond .6
"
122,772,558
130,494,478
—5.9
124,299,152
101,461,356
6th
Atlanta
.10
"
144,829,895
158,264,576
—8.5
138.800,474
109,329,028
7th
Chicago ...18
"
394,394,961
492.368,722
—19.9
445,151,131
353,877,515
8th
St. Louis...
4
"
128,209,610
144,813,200
—11.5
131,592,805
109,434,650
9th
Minneapolis 7
"
112,542,038
121,888,989
—7.7
114,313,118
93,453,269
10th Kansas City 10
"
129,166,700
155,497,156
—16.9
144,519,223
136,131,245
6
"
68,393,030
71,404,163
—42
52,860,349
40,073,673
Fran.. 11
"
247,315,798
304,791,424
—18.9
254,563,448
218,713,722
5,042,469,888
4,915.117,301
Quincy
Cleveland..
4th
11th Dallas
12th San
,
5,469,373,775
—8.5
2,251,000,729
2,599,004,058
—13.4
2,326,921,670
1,967,806,282
283,829,126
364,970.589
—22.2
337,685,615
314,401,967
..32 cities
add
now
'J
■
5,006.648.914
Outside N. Y. City
We
.
Ninth Federal
Reserve
our
Minneapolis..
—14.9
St.
31,352,676
28,087,736
+ 11.6
N. D.—Fargo
2,185,857
2,226,066
836,719
841,561
—0.6
Mont.—Billings
689,893
793,863
—13.1
691,124
572,194
2,442.065
2,715,530
—10.1
2,791,226
2,496,289
112,542,038
121,888,989
—7.7
114,313,118
93,453,269
.
Helena
Total (7 cities).
Y
Reserve Dis trict
Tenth Federal
Week Ended Aug. 20
146,097
2,263,565
Lincoln
Omaha.
Clearings at—
Inc.or
1938
1937
29,074,200
2,308,923
__
1935
Wichita.
%
■S
$
519,806
517,652
+0.4
574,414
476,827
1,560,950
1,993,986
206,145,000
—21.7
1,986,770
191,712,024
167,411,935
Fall
179.388,663
--
*
Springfield.
w,
112,348
108,900
—2.1
138,214
99,429
2,704,695
—16.3
32,626,267
—10.9
2,509,778
32,177,415
2,177,414
31,306,733
2,285,196
1,736,444
2,586,910
93,888,269
2,982,251
—22.6
2,923,314
—12.3
3,500,465
109,335,408
—18.5
3,315,625
692,186
—20.4
644,037
338,569
Pueblo
Total (10
129,166,700
cities)
511,013
New Bedford..
City
—20.2
2,640,869
St. Joseph
Colo.—Col. Sprgs
586,262
—12.8
665,541
—7.0
99,393,740
2,993,828
701,320
660,247
—48.7
710,367
484,588
155,497,156
—16^9
144,519,223
136,131,245
392,504
—9.7
309,967
3,151,980
587,130
825,686
—17.5
737,997
559,083
2,793,936
—2.4
2,532,918
2,137.161
1,849,338
—12.0
1,715,246
1,020,760
—8.8
9,375,651
8,999,916
3,134,366
9,147,100
2,768,496
It.
7,408,900
Galveston
Mtial
258.238
681,226
2,726,856
1,626,869
V
497,626
354,483
River....
Lowell
as
1,487,756
—13.0
s
Reserve Dist rict—Boston
Portland
Kans
107,924
149,239
89,101,377
....
Mo.—Kan. City
Me.—Bangor
688,801
704,327
2,562,929
Kan.—Topeka...
1936
Dec.
—
"86,134
N eb.—Fremo nt..
Hastings.,
Mass.—Boston
—1.8
2,554,199
62,826,348
22,515,709
1,799,729
3,487,591
78,829,917
25,546,418
2,262,515
detailed statement showing last week's
figures for each city separately for the four years:
First Federal
+6.2
3,739,379
83,484,854
Paul..
■
Dis trict—Minn eapolis
3,970,975
71,063,853
Minn.—Duluth.
S.D.—Aberdeen.
Total....... 112 cities
Canada
Total (4 cities)
;
Eleventh Fede ral
Reserve
District— Da Has—
_
8,992,132
9,861,308
*
*
723,201
30,160,323
New Haven.._
3,516,174
3,661,632
—4.0
R.I.—Providence
8,165,100
9,158,400
—10.8
461,678
+4.6
355,309
353,811
238,247,382
—12.5
222,247,303
Feder al Reserve D istrict—New
895,210
—2.4
40,006,669
—10.5
5,736,216
3,72.3.000
888,542
3,855,000
—3.4
950,075
6.5
2,366,000
642,954
3,204,517
3,765,455
—14.9
3,213,300
1,888,476
68,393,030
71,404,163
—4.2
52,860,349
40,073.673
Dallas
....
7,090,934
Worth...
5,312,312
1,348,000
641,361
York-
483,083
208,526,355
Total (12 cities)
4,413,574
Elmira
—13.4
965,001
794.639
—11.7
32,200,000
25,900,000
482 342
—16.7
460.371
735,370
—14.8
636,877
542,952
626,715
Jamestown
Wichita Falls.
5,175,114
+43.5
1,247,480
35,100,000
401,576
Buffalo
6,302,758
1,079,711
Binghamton
9,047,338
31,000,000
N. Y.—Albany..
New
—9.8
Texas—Austin..
193,380,509
N. H.—M anches'r
Second
1,469,043
53,437.841
7,926,749
Total (6 cities).
Conn.—Hartford
1,324,938
52,161,099
La.—Shre veport.
Worcester
York.... 2,755,648,185 2,870,369,717
454,397
—4.0 2,715.548,218 2,947,311,109
Twelfth Feder al Reserve D istrict—San
35,852,709
Wash.—Seattle--
8,326,000
925,728
Spokane
6,104,716
7,696,912
—20.7
6,467,932
5,486,155
3,248,443
5,101,964
—36.3
3,693,116
3,469,968
Utah—S. L. City
WestchesterCo.
3,440,377
2,731,007
+ 26.0
2,366,327
1,980.536
Calif.—L'g Beach
4,689,456
—17.3
3,421,716
4,376,099
Conn.—Statu ford
3,877,823
906,943
—19.6
16,936,029
—17.5
4,181,928
3,844,471
—13.3
176 073,000
—19.0
3,519,874
841,551
32,595,367
+2.1
39,058,950
—21.3
3,335,034
Pasadena
37,384,082
9,787,000
—17.1
4,170.030
Ore.—Portland..
Syracuse
Franc isco—
—22.5
31,402,673
13,978,361
Yakima
Rochester.
46,250,573
10,039,000
15,045,756
3,653,093
—0.3
2,957,928
145,502,367
29,718,123
9,297,000
494,306
27,899,212
13,444,205
3,359,039
2,548,254
126,797,073
2,575,583
1,031,829
403,404
288,435
+ 39.9
*400,000
350,000
Newark..
14,737,390
17,488,495
—15.7
16,512.035
13.515,164
San Jose
Northern N. J.
24,587,649
31,702,983
—22.4
28,273,548
32,763,542
Santa Barbara.
1,626,201
1,591,996
+2.1
Stockton
2,237,658
2,388,660
—6.3
2,131,655
1,549,098
—18.9
2,54,563,448
218,713,722
N.
J.—Montclalr
Total (13 cities) 2,854,203,327 2,983,936,919
4.3
Reserve Dis trict—Phlla
delphl
485,747
529,611
—24.9
142,691,000
2,770,404
San Francisco.
2,815,441,296 3,042,037,004
247,315,798
Total (11 cities)
Third
Federal
364,597
Pa.—Altoona
473,398
Bethlehem
—10.6
a—
267,417
362,962
*400,000
218,180
388,478
Lancaster
Philadelphia.-.
306,463
+ 26.8
269,374
1,467,179
—15.8
1,127,877
879.223
348,000,000
351,000,000
—0.9
321.000.000
.
York
1,205,854
+7.8
961,200
5,006,648,914 5,469,373,775
cities)
2,284,817
—14.0
2,111,120
1.789,274
738,023
1,362,117
—45.8
1,711,347
—12.1
1,478,434
1,279,956
1,086,043
Outside NewYork 2,251,000,729 2,599,004,058
854,706
N. J.—-Trenton..
3,948,400
2,461,000
+49.5
2,893,000
359,915,442
362,814,135
—0.8
331,883,923
315,868,865
Week Ended Aug.
X
49,578,026
80,902,761
Cincinnati
Cleveland
Columbus..
7,963,100
Mansfield.....
1,566,575
Youngstown...
Pa.—Pittsburgh
.
X
X
X
—18.9
52,984,599
41,678,011
—22.8
83,423,857
59,720,761
9,868,900
2,061,976
—19.3
9,120,100
8,664.500
—24.0
1,880,078
1,279,890
X
X
X
127,062,959
—24.2
119,389,032
90,013 303
236 379,200
304,852,631
—22.5
266,797,666
201,356,465
•
Richmond
S.C.—Charleston
Md.—Baltimore
D.
.
C.—Wash'g'n
Total (6 cities).
361,405
459,494
—21.3
324,700
142,865
2,006,000
42,760,986
Va.—Norfolk
2,564,000
—21.8
2,.563,000
1,844,000
39,321,372
+8.7
40,523,556
36,258,267
876,947
1,104.311
—20.6
845,480
844,444
57,623,301
66,098,942
—12.8
62,341,842
47,356,156
19,143,919
20,946,359
—8.6
17,700,574
15,015,624
122,772,558
130,494,478
—5.9
124,299,152
101,461,356
$
—16.4
114,987,657
93,018,357
—65.3
65,046,437
—8.2
17,689,469
13,608,576
3,802,301
2,130,987
4,150,160
4,954,509
—12.3
4,672,528
Halifax
2,307,694
2,374,534
—2.8
5,383,238
4,650,069
—11.2
1,896,813
1,726,144
2,807,623
3,913,234
2,943,828
—5.9
1,728,173
—7.2
1,667,904
2,757,319
3,736,665
4,733.053
301,864
+ 14.7
Vancouver
Ottawa
.......
13,821,087
Hamilton.......
4,780.212
Colgary
4,411,629
1,784,723
Victoria
1,601,449
2,659,479
3,790,132
London
Reserve Dist rict—Richm ond—
Fifth Federal
W.Va.—Hunt'ton
1936
Quebec..-...--.
Winnipeg
X
96,368,738
Dec.
112,364.634
107,634,462
68,411,934
17,584,657
14,439,828
4,815,579
98,526,930
89,957,771
23,733,713
16,135,828
X
X
61,111,141
1937
Canada—
Montreal
104,747,655
18
%
1938
St. John........
Total (5 cities).
Edmondon
2,898,432
346,353
Regina
Brandon
—4.3
—3.0
—5.1
—5.3
—3.1
—1.5
336.310
Tenn.—Knoxville
Reserve Dist rict—Atlant
a—
3,823,555
4,423.186
—13.6
3,391,652
2,731,003
—2.8
14,904,550
11,627,736
16,695,317
17.174,987
56,400,000
56,900,000
—0.9
53,700,000
41,100,000
868,624
1,068.620
—18.7
929,540
953.483
*775,000
858,221
—9.7
804,988
782,255
Fla.—Jack'nville.
15,277,000
19,576,000
—22.0
14,090,000
12,848,000
Ala.—Birm'ham.
16,663,828
20,446,731
—18.5
18,142,438
14,500,851
1,315,072
1,628,298
—19.2
1,243,733
1,118.457
>
Nashville
Ga.—Atlanta
^ Augusta
*
Macon
Mobile
Miss.—Jackson..
X
X
X
—14.3
X
149,805
Vicksburg.....
117,280
136,896
La—New Orleans
32,894,219
36,051,637
—8.8
31,443,768
23,580,275
Total (10 cities)
144,829,895
158,264,576
—8.5
138,800,474
13,892,160
3,544,556
2,076,557
3,597,727
5,533,021
1,866,648
1,461,590
2,595,487
3,564,755
3,064,153
312,373
457,453
+ 0.2
431,562
414,712
1,187,920
—2.5
1,522,652
1,361,773
533.890
Moose Jaw
540.454
669,368
—19.3
662,167
Brantford
781,949
884,492
—11.6
809,010
671,541
761,775
612,856
726,934
691,122
+4.8
823,600
682.148
—11.3
686,258
518,648
—23.2
263,299
251,769
644.531
540,989
547,519
896.802
Fort
William
New Westminster
179,729
234,061
Peterborough
537,072
630,716
—14.8
Sherbrooke.
641,607
+ 13.0
566,459
—7.4
970.227
567,816
1,047,654
2,353,520
3,007,869
—21.8
1,014.135
2,370,539
Prince Albert
296,912
379,363
—21.7
345,404
Moncton........
700,961
758,010
-7.5
757,932
Kingston
522,201
537,973
—2.9
528.340
Chatham
470,288
639,216
—12.8
484,399
Barn fa
407,9.50
442,555
—7.8
422,891
1,007,394
959,626
+ 5.0
998,560
473,663
711,602
283,829,126
364,970,589
—22.2
337,685,615
314,401,967
Kitchener..^....
Windsor........
Sudbury.
109,329,028
•$
91,190,818
87,443,019
68,411,934
14,598,669
1,158,100
Saskatoon
X
86,968
1935
458,171
Lethbridge.....
Medicine Hat
Sixth Federal
1.967,806,282
Inc. or
Toronto
Feder al Reserve D istrict—Clev eland—
Ohio—Canton...
5,042,469,888 4,915,117,301
Clearings at-
3,543,000
Total (10 cities)
Fourth
—8.5
—13.4 2,326,921,670
982 840
1,964,292
1,503,548
Scranton..--..
(112
total
306,000,000
1,299,954
Reading
Wilkes-Barre.
Grand
248,182
1,234,752
Chester
304,791,424
3,110,407
1,554,242
Total (32
*
cities)
Estimated,
x
No figures available.
1,859.530
319,742
637,813
484,486
341,873
1286
THE
We
Financial
ENGLISH
reprint
Samuel
GOLD
AND
the following
SILVER
from
the
Chronicle
MARKETS
in
he found a list of bonds, notes and
preferred
corporations called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number
gives the
no
the
change
as compared with the previous
market assumed
open
abnormal
£326,411,750
location in which the details
Wednesday.
proportions, demand
Bear Mountain Hudson River Bridge Co.. 1st mtge
sterling price
7yd. being the highest
1937.
__142s.
__142s.
142s.
142s.
142s.
-_142s.
-
.
——
—
-
-
yd.
0d.
Dominion Gas Co., 5% coll. trust bonds,.
East St. Louis & Interurban Water Co.—
First mortgage bonds, series A & B__-
lMd.
3d.
7Md.
_
Imports
France
Switzerland
Sweden
France
Finland
33,771
14,429
Switzerland
Venezuela
Morocco
3,877
5,531
Other countries
6,300
8,631
Other countries.
the value of about £529.000.
The
Southern
s
Rhodesian
68,383 fine
ounces as
66,330 fine
ounces for
output
for
on
compared with 68,988 fine
1938
ounces
for
amounted
May, 1938 and
June, 1937.
Prices have fluctuated only within narrow limits
and rather quiet con¬
ditions have ruled during the past week.
so
that
occasion
on
Buyers
market and quotations show
The
Indian
Bazaars
a
continued
a steadying influence
improvement on the week.
give support,
on
although resales
made by the same quarter and further
supplies were provided
the
were
by sales
on
Continental account.
Nov.
Nov.
Imports
c
-
British Guiana
Kenya
Canada
CzechoslovakiaOther countries
1,090
8,520
1,408
2,020
4.534
Germany
19,282
9.058
14,100
4,141
-
Netherlands
Sweden
Other cuontries
£19.772
Coin of legal tender in the United
in the United Kingdom,
c
Kingdom,
1
the United Kingdom.
x2383
1
1
1349
1
*39
901
x3679
1206
Oct.
3
Toledo Edison Co., 1st mtge. bonds, 1962
(Raphael) Weill & Co., 8% preferred stock
Wheeling & Lake Erie Ry., series D ref. bonds, 1966-Announcements this week
x
Pages In Vol.
AUCTION
following securities
were
coin not of legal tender in
904
585
905
Oct.
13
1209
Sept.
Sept.
1
xl898
1
137
146.
SALES
sold at auction
on
of the current week:
Wednesday
By R. L. Day & Co., Boston:
Shares
Stocks
% per Share
6 2-8 West Boylston
Mfg. Co.
common.-
8H
6-10 Sierra Pacific Power Co..—-
12K
Percent
$1,000 DallasRy. & Terminal 6s, July, 1951.--—62M & int.
$250 Robert Gair Co., Inc., 6e, April, 1972
53 M flat
b Coin not of legal tender
Including £280,199 in
1044
J 349
751
-Sept. 15
Bonds—
£331,473
a
1349
1349
1
Southern Gas Utilities, Inc., 1st mtge. 6
Ms,1939
Southern Light & Traction Co. 5% bonds, 1949
The
b£2 200
al.OOO
Belgium
Germany.
£280,730
a3,162
1
1
Oct.
584
inst.:
Exports
Prance
Eire
1349
755
silver,
on the 8th
896
1
1
♦
the 30th ult. to midday
1040
424
1
1
1
fairly steady and for the immediate future the market
is likely to reflect the
tendency of the dollar.
The following were the United
Kingdom imports and exports of
on
1040
Sept.
Sept.
Sept.
The tone appears
registered from midday
573
1038
272
Sept.
the absence of
to
Nov.
Scott Paper Co. 3 J4% deb. bonds. 1952
Southern California Edison Co., Ltd., debs, series
1940
and 1945
reluctant at the
small
113
Spang Chalfont& Co., Inc., lstmtge.5s. 1948
were more
prices eased slightly in
buying, but the firmness of the dollar exerted
741
1
Ottawa Lt., Heat & Pow. Co., Ltd., 5% ref.
mtge. bonds -Oct.
Pearl River Valley Lumber Co. ref. inc.
bonds, 1945
Sept.
♦Provincial Paper, Ltd., 20-year 1st mtge.
5M«
Nov.
Public Service Co. of Nor. 111., 1st & ref. mtge. bonds
Oct.
San Antonio Public Service Co.. 1st
mtge. 6s
Jan. 1
8an Antonio Gas & Electric Co.list
mtge 5s, 1949
Sept.
San Antonio Traction Co.
/
to
SILVER
higher rates,
Sept. 19
Railway Co., 6His, 1950
♦Ohio Oil Co. 6% preferred stock
Aug. 6 carries gold to
June,
890
SeDfc.
Nord
:
gold
890
890
1340
Oct.
1st mtge. 58, 1951
1st mtge. 58, 1956
£3,155,524
Jlanpura which sailed from Bombay
1030
Sept.
Sept.
Sept.
♦New York Steam Corp.—
1st mtge. 6s, 1947
£4,890,836
The SS.
268
Oct.
(Walter E.) Heller & Co. 7% cum. pref. stock and 10-year
4% notes
Sept. 14
Indianapolis Power & Light Co., 1st mtge. 5s, 1957
Oct. 11
Langendorf United Bakeries, Inc.. 6 M % 1st mtge. bonds-_Sept.
1
Luzerne County Gas & Electric Corp., 1st
mtge. 6s, '54--Sept.
1
Mc Coll Frontenac Oil Co., Ltd.,
6% 20-year bonds-Oct.
1
Mengel Co. 1st mtge. 4 Ms
Sept.
1
Morgan Engineering Co., 1st mtge. 8s, 1941
Sept. 1
£1,339,055
412,840
502,293
93,679
775,578
22,671
Netherlands
.
--Jan. 1/39
-----
Hamilton Cotton Co.. Ltd.. 1st mtge.,
5Ms, 1948
Hazleton Water Co. 1st mtge. 5s,
United States of
America
108
566
x3332
736
736
111
1034
Oct.
.
Exports
£3,984,167
11,633
British India-,---*.-—-698,487
Australia
11,122
Canada.-.158,333
Germany
8,118
Netherlands
55,845
1332
Oct. 15
Jan. 1, *39
-
The
British South Africa
727
Sept.
Sept.
1927
Firestone Cotton Mills, 20-year 5s
Firestone Tire & Rubber Co. of Calif., 15-year 5s
Gelsenkirchen Mining Corp
6-year 6% notes
♦Gulf States Utilities Co. 10-year 4Ms, 1946
following were the United Kingdom imports and
exports of gold,
registered from midday on the 30th ulto. to midday on the 8th inst.:
British East Africa
727
1330
1
♦Empire Oil & Refining Co. (Cities Service Oil Co.) 5Ms,
6d.
--142s. 3.08d.
-
Average
7s
Des Moines Gas Co.. 5% bonds, 1956
Detroit Edison Co., 5% bonds series E, 1952
Diamond State Telephone Co. 6M% Pref. stock
Per Fine Oz.
—
—
Page
Sept. I
Sept. 12
Oct.
♦Chesapeake & Potomac Telep. Co. of Va. 1st M. bonds__Nov.
Chicago Union Station Co. 3 Ms guar, bonds. 1951
Sept.
Cleveland-Cliffs Iron Co. lstnitge. 4Ms, 1950
Sept.
Dakota Power Co. 1st mtge. 6s, 1938
the dollar and the consequent firmness of that
exchange, the
of gold rose sharply, yesterday's quotation of 142s.
Quotations;
Date
AIlentown-Bethlehem Gas Co.. 1st mtge. 3 Ms, 1965♦Baton Rouge Electric Co. $6 preferred
to
Aug.
4
Aug.
6Aug.
6
Aug.
8Aug.
9.
Aug. 10
given in the "Chronicle":
were
Company and Issue—
from the Continent during the past week
absorbing about £10,180,000 of
bar gold offered at the daily fixing,
mainly from official quarters; there
were also operations on a
large scale after fixing. With a flight of funds
since March
FUND
Below will
GOLD
Business
SINKING
stocks of
The Bank of England gold reserve against notes amounted
to
.
AND
NOTICES
Montagu & Co. of London, written under date of
Aug. 3 showing
CALLS
weekly circular of
Aug. 10, 1938:
on
Aug. 21, 1938
REDEMPTION
By Crockett & Co., Boston:
Shares
Stocks
"
$ per Share
Ludlow Manufacturing Associates, ex-divldend-_-12 Draper Corp.---—.——-—
1
Quotations during the week:
105
61M
-----
IN
LONDON
(Bar Silver per Oz. Std.)
Cash
2 Mos.
Aug.
4
Aug.
5
Aug.
6
Aug.
8Aug.
9_
Aug. 10-Average
19Md.
19jH»d.
19 5-16d.
19Md.
19yd.
19Md.
19V*d.
19 9-16d.
19 7-16d.
19.458d.
NEW
(Per Ounce
19Md.
19Md.
19 7-16d.
IN
10 Graton &
YORK
3
4
5
6
8
9
-----
-
-
5M
43 cents
DIVIDENDS
43 cents
43 cents
43 cents
43 cents
43 cents
The highest rate of
exchange on New York recorded during the period
from Aug. 4 to Aug. 10 was
$4.90M and the lowest $4.87M-
Dividends
first
we
BANKS
we
show
following information regarding National banks is
Comptroller of the Currency, Treasury
Department:
grouped in two separate tables.
bring together
the
Then
we
dividends
all
dividends
the
follow with
a
In the
announced
the
second table in which
previously announced,
but
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are
given under the com¬
News
The
are
current week.
pany
NATIONAL
common
.999 Fine)
19.333d.
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Knight Co.
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
from the office of the
CHARTER
ISSUED
Amount
Aug. 15—The Farmers National Bank of
Belvidere, Belvidere, 111. $100,000
Capital stock consists of $100,000, all common
stock.
Presidebt, Hugh K. Funderburg; Cashier, E.
Charles Harvey.
Conversion of the Farmers State Bank
of Belvidere, 111.
COMMON
CAPITAL
STOCK
„
COMMON
CAPITAL
STOCK INCREASED
Amt of Increase
Aug. 18—The Memorial National Bank of
Collingswood, Collings¬
wood, N. J.
From $25,000 to
$50,000
25,000
CHANGES IN NATIONAL BANK
NOTES
The
afloat
following shows the
(all of which
are
amount of National
bank notes
secured
by legal tender deposits)
at the beginning of
July and August, and the amount of the
decrease in notes afloat
during the month of July, for the
current year and last year:
National Bank Notes—All Legal Tender
Notes—
Amount afloat July 1__
Net decrease during July
Amount of bank notes afloat Aug. 1
*
Includes proceeds for called bonds redeemed
by
1938
1937
$220,687,930
$272,164,454
3,386,420
6,072,295
*$217,301,510
*$266,092,159
common
(quar,)
40c
— --
Preferred (quar.)
$5 preferred
American Shipbuilding Co
American States Insurance
10c
Aug.
1,
1938,
25c
20c
25c
25c
t75c
t62Hc
1
Sept.10 Aug. 31
1 Sept. 15
1 Sept. 14*
Sept. 24 Sept. 7
Sept. 15 Sept. 5
Oct.
1 Sept.
8
Oct.
1 Sept.
8
Oct.
Oct.
Nov.
1 Oct.
30c
Oct.
1
Sept.15 Sept.
40c
Sept. 15 Aug. 31
Oct.
1 Sept. 10
50c
—
—
common
15 Oct.
1 Sept. 16
Sept. 15 Sept. 5
Oct.
1 Sept. 10
25c
(Ind.) (quar.)——
Francisco) (quar.)
Armour & Co. of Del. 7%
pref. gtd. (quar.)
Armour & Co. of 111. (no action taken on commo
Arnold Constable Corp
Associated Breweries of Canada com. (quar.)
7% preferred (quar.)
Atlantic Building Trust (Boston) (s.-a.)
Baldwin Co. series A pref. (quar.)
6% preferred (quar.)
on
Oct.
held.
American Sumatra Tobacco
Corp. (quar.)
American Toll Bridge (dividend passed)
American Trust Co. (San
No action
Oct.
$1M
34 He
American Hawaiian Steam
Ship Co. (quar.)
American Home Products
Corp. (monthly)
American Ice Co. preferred
preferred
Holders1
Sept. 30 Sept. 14
$im
_
(reduced)
American Cities Power & Light class A pref
Optional div. at rate of 1-32d sh. for each sh.
American Factors Ltd.
American News Co.
(bi-monthly)
American Power & Light Co., $6
When
Payable of Record
37 He
-
Aero Supply Mfg. class A
(quar.)
Alexander & Baldwin, Ltd.
SIM
n
or
15
Sept.15
1
pr ef.
12Mc
Sept. 20 Sept. 10
20c
Sept. 30 Sept. 15
Oct.
1 Sept. 15
Sept, 15 Aug. 31
Sept, 15 Aug. 31
Oct.
15 Sept. 30
SIM
50c
$1M
$1M
stock.
Balfour Building v. t. c.
(quar.)
Baton Rouge Elec. $6 pref.
(final)
Beech Creek RR. Co. (quar.)
Bell Telephone of Canada
SIM
—
20c
Aug. 31 Aug. 20
Sept. 12 Sept. 12
5dc
(quar.)
Telep. Co. of Penna. 6M% pref. (qu.)
Black & Decker
Mfg
Boston & Albany RR.
(quar.)
Boston Elevated
Railway (quar.)
Brazilian Traction, Lt. & Pow.,
pref. (quar.)
British-American Tobacco Co., Ltd.,
-
-
—
—
Oct.
$2
Oct.
$l5/g
-
Bell
—„
Secretary of the Treasury.
Note—$2,235,026.50 Federal Reserve bank notes
outstanding
secured by lawful money, against $2,279,182 on
Aug. 1, 1937.
Abbott Laboratories
Share
Company
(monthly)
REDUCED
Ami. of Reduction
Aug. 18—The Memorial National Bank of
Collingswood, Collingswood, N. J.
From $50,000 to
$25,000
$25,000
„
Per
Name of
Oct.
1 Sept. 15
15 Sept.23
15 Sept. 20
25c
Sept. 24 Sept. 10
$2
SIM
SIM
Sept. 30 Aug. 31
Oct.
1 Sept.10
Oct.
1 Sept.15
lOd.
Sept. 30 Sept.
3
Volume
Bright (T. G.) & Co., Ltd. (quar.)
6% preferred (quarterly)
_
%1H
____
25c
Calamba Sugar Estate common (extra)
Preferred (quar.)
California Ink Co. (quar.)
40c
__
35c
50c
Canada Permanent Mortgage (Toronto) (quar.).
Canadian Cottons, Ltd., common (quar.)
$2
_
6% preferred (quar.)
Capital Wire Cloth & Mfg. Co., Ltd.—$1.50conv. preferred (quar.)___
;
Carpenter Steel Co. (interim)
Central Steel &Wire Co., 6% pref. tquar.)
Champion Hardware (quar.)..
^
38c
.___
10c
75c
$2
Cleveland Theatre $4 partic. preferredClorox Chemical (quar.)
$4
75c
_;
_
Cluett, Pea body & Co., Inc. (interim)
Preferred (quar.)..
Commercial Credit Co. (quar.)
Preferred (quar.)
Commercial Investment Trust Corp. (quar.)
$4*4 conv. preference (quar.)___
...
Commonwealth & Southern $6 preferred
_
Compo Shoe Machinery (quar.)
Consolidated Biscuit (increased)
Consolidated Investment Trust (quar.)
Consumers Power $5 pref. (quar.)
$4.50 preferred (quar.)
Continental Telep. 7% partic. pref. (quar.)
6*4 % preferred (quar.)
Creameries of America, Inc. (quar.)__
Crown Cork International Corp.—
,
15c
$1*4
1 Aug. 20
Sept.
Sept. 20 Sept. 10
Sept. 20, Sept. 10
Aug.
5
Aug.
Aug. 24
Aug.
Sept. 15
Sept.
Sept. 15
Sept.
Oct.
Sept. 20
f25c
,__
____
_
_
lf'c
Ex-Cell-O Corp.;
Falconbridge Nickel Mines (quar.)
Firestone Petroleum Ltd. (increased)
Foreign Light & Power 6% 1st pref. (quar.)
$6.5^ cum. 2d preferred
Foster & Kleiser, preferred (quar.)
Foundation Petroleum Ltd. (in< reused)-Gamewell Co., $6 conv. pref. (quar.).
Gannett Co. $6 conv pref (quar.)
Gas Securities Co. (monthly)
6% preferred (monthly)
General Box Co. (quar.)
General Reinsurance Corp. (quar.)..;
*7*4c
t2c
$134
.
15c
In
Goebel Brewing Co
Group No. 1 Oil Corp
Haverty Furniture Cos., Inc
Hollinger Cons. Gold Mines, Ltd.
_____
Holmes (D. H.) Co., Ltd. (quar.)
Honolulu Plantation (dividend passed)
Idaho-Marvlend Mines Corp
__
Illinois Bell Telephone
Illinois Water Service 6% pref. (quar.)
Imperial Paper & Color Corp. (s.-a.)
Indianapolis Power & Light 6*4 % pref. (quar.).
6% preferred (quar.)
International Ocean Teleg. Co. (quar.).i
International Salt Co. (quar.)
Johns-Manville, preferred (quar.)
Common (omitted)
Oct.
Sept. 30
Penn-Federal Corp., common
Aug. 27
Sept.
Oct.
Oct.
1 Aug. 27
1'Sept. 20
1 Sept. 15
Sept. 15 Aug. 31
Sept. 10 Aug. 31
Oct.
1 Sept. 12
Sept. 29 Sept. 14
Sept. 3!Aug. 20
31 Aug.
Sept. 15,Sept.
Sept.
20
3
Sept. 15
Oct.
1
Sept.
Sept.
llAug. 15
1 Aug. 15
1 Sept. 10
Sept. 15 Sept. 8
Sept. 15 Sept.
8
Oct.
Sept. 30 Sept.
Oct.
Nov.
Sept.
Oct.
6
1
1 Sept. 15
1 Sept. 16
1 Aug. 22
1 Sept. 20
Sept. 30 Sept. 10
1 Sept. 30
....
Joslyn Mfg. & Supply
Preferred (quarterly)
Kalamazoo Vegetable Parchment (quar.)..
Kansas City Power & Light Co.—
$6 1st preferred series B (quar.)
Kansas City Structural Steel 6% preferred
Kimberly-Clark common (quar.)
6% preferred (quar.)
...
Kings County Ltg. 7% preferred B (quar.)
6% preferred, series C (quar.)
5% preferred, series D (quar.)
Kingston.Products Co., preferred (quar.)..
Lang (J. A.) & Sons, Ltd. (quar.)
....
Lehigh Power Securities Corp
Lessing's, Inc. (quar.)...
...
Liggett & Myers Tobacco preferred (quar.)
Lincoln Service Corp. (quar.)
...
$100
Sept. 30 Sept.
Aug. 25 Aug.
Sept. 9 Aug.
Oct.
1 Sept.
19
19
26
17
Sept.,
Sept.
Aug.
Sept.
Sept.
10
19
19
20
6
Sept.
6
+5c
$134
5c
$2
Sept.
Sept.
$134
Sept.
75c
$1.6234
81 V2
$134
3734c
$134
50c
$134
_
15c
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Oct.
Preferred
Oct.
•5c
10c
50c
4% convertible preferred
Tilford, Inc., common (omitted).
12
$134
(quar.)
40c
Oct.
Oct.
*4
$134
Sept. 30
Sept. 15*
Sept. 16
'Sept. 15 Sept.
3
Sept. 15 Sept.
1
Sept. 30 Sept. 19
(quarterly)
...
... - - (resumed)__
Pennsylvania Glass Sand, oref. (quar.)
Pennsylvania Power Co. $6 preferred (quar.) —
$6.60 preferred (monthly)
$6.60 preferred (monthly)
$6.60 preferred (monthly)
Pennsylvania Telephone, 6% pref. (quar.)
Peoples Thrift & Imvestment Co., Ltd.—
7 % preferred (accumulated)
— Philadelphia Co., $5 preferred (quar.)
$6 preferred
—
Prarie Royalties, Ltd—
Publication Corp., voting common... — _
Non-voting common
_ _. _
4. - *
7% preferred (quar.)
Original preferred (quarterly).,
Public Service Co. of Oklahoma—
rice
7% prior lien (quarterly).
6% prior lien (quarterly)
—
Quaker Oats Co., common (quar.)
Preferred (quarterly)
Reliance Steel Corp. $134 conv. pref. (quar.) —
Remington Rand, Inc. common (interim)
$4.50 preferred (quarterly). — — .......
Robertson (H. H.) Co. (reduced)
St. Louis Screw & Bolt, 7% preferred
Sanford Mills (resumed)-.— -San Gabriel River Improvement (monthly).
—
...
__
Oct.
1 Sept. 14
Sept.
5 Aug. 31
25c
Oct.
1
$134
$134
$134
$134
$134
117 34c
Oct.
20c
"V
$134
7% preferred (quar.).
6% preferred (quar
Liquid Carbonic Co
Lindsay Light & Chemical Co. pref. (quar.)....
Little Long Lac Gold Mines, Ltd
Long Island Ltg. 7% preferred A (quar.)..
6% preferred, series B (quar.)
Magnin (I.) & Co. (quar.)
Marsn (M.) & Sons, Inc. (quar.)
Mathieson Alkali Works (quar.)
Preferred (quar.)
Memphis Natural Gas, preferred (quar.)
Mercantile Trust & Savings Bank (Chic.) quar.
Merchants Fire Ins. (Denver) (quar.)
Mergenthaler Linotype Co
Oct.
1 Sept.
1 Aug.
1 Sept.
Sept.
1 Aug.
Sent. 10 Sept.
Oct.
15
20
15
22
3
Oct.
1 Sept. 13
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Oct.
134%
tlOc
3734c
$134
$134
$1
Midvale Co.
1
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Sent. 17
Sept. 30 Sept. 7
Sept. 30 Sept. 7
Oct.
1 Sept. 20
Sent. 24
Sept. 3
3oc
Aug. 15 Aunr.
50c
Sept. 20 Aug. 31
Sept.
1 Aug. 24
Sept.
1 Aug. 24
50c
Mesta Machine Co
Metropolitan Edison Co. $7 prior pref. (quar.)..
$6 prior preferred (quar."
$5 prior preferred (quar.
$7 cum. preferred (quar.
$6 cum. preferred (quar.
$5 cum. preferred (quar..
Meyer (H. H.) Packing Co. 634% Pref. (quar.)
12
12
12
12
26
20
40c
20c
$1
8% preferred (quar.)
1 Sept. 15
2.5c
8734c
3734c
25c
Merrimac Hat Corp
Oct.
31
31
31
31
19
3
Sept. It
31
Oct.
1 Sept. 15
Oct.
I Sept. 15
Sept. 15 Aug. 31
25c
2.5c
Extra
Oct.
Sept. 12
1 Sept. 12
1 Sept. 15
Oct.
$134
$134
$134
$134
$134
$134
$154
$1
Sent. 16
Aug.
Aug.
Aug.
Aug.
Aug.
Aug.
Oct.
Oct.
Oct.
Oct.
31
31
31
31
31
31
Oct.
1
Sent.
1
Oct.
1 Sept. 17
$1
Sept.
1 Aug. 20
$134
Sept.
1 Aug. 25
Aug. 20
Mid-West Rubber Reclaiming Co.—
$4 preferred (quar.)
Milwaukee Gas Lt. 7% preferred
——
A (quar.)
Minneapolis Gas Light Co. (Del.)—
6% preferred (quar.)
534% preferred (quar.)
5% preferred (quar.)
$5.10 series preferred (quar.)
____
Sept.
$134
$134
Sept.
$134
Sept.
$1,275 'Sept.
Aug.
Aug.
1 Aug.
1 Aug.
Dec.
Nov. 21
55c
Oct.
Sept. 20
55c
Nov.
Oct.
55c
Dec.
Nov. 21
Oct.
Sept.15
$134
Oct.
50c
$134
(quar.)
(quar.)..——
Smith (H.) Paper Mills, preferred (quar.)
Southern & Atlantic Teleg. Co. (s.-a.)
Southwestern Light & Power $6 pref. (quar.) —
Sterchi Bros. Stores 1st preferred (quar.)
Sunray Oil 534 % conv. pref. (quar.) _ —
Sunset-McKee Salesbook Co.,
Oct.
3734c
2UC
$134
15c
Sept.
Sept.
Sept. 15 Sept. 5
Sept. 15 Aug. 31
Oct.
15 Sept. 30
75c
6834 c
Oct.
Oct.
1 Sept.15
Sept. 20
1
Sept. 30 Sept. 20
Oct.
1 Sept.
5
Sept.
Oct.
15c
Sept.
25c
Oct.
25c
Aug.
Sept. 4
Sept. 4
Aug. 16
Sept. 3
Sept. 9
Sept. 9
Sept. 15
Aug. 20
40c
Oct.
Sept.
95c
Oct.
$134
Oct.
Sept. 24
Sept. 3
$2
........—...
Oct.
----
preferred (quar.)___.—
Union Pacific RR
Preferred (s.-a.)
25c
25c
Extra
v
Victor-Monaghan Co, 7% pref.
Waldorf System, I nc.
-
—
(quar.)
-
Oct.
Sept. 20
Sept.
Sept.
Sept.
Aug. 26
Aug. 26
Aug. 25
10c
— _______
Aug.
Aug.
Sent.
Sept.15
Sept. 15
Aug. 31
Aug. 20
Aug. 31
Aug. 31
Sept. 15
—
-
2 34c
20c
Oct.
lie
Sept.
35c
Sept.
$1.3134 Sept.
Sept.
t$l*4
7 % pref.
6% preferred
Oct.
Mfg. 7% pref
give the dividends
paid.
1
1
Sept.20
Sept.
Sept.
$1,34
; — - -
— -
7% pref. (quar.)
/ -/o\\much ./_
Yel low Truck k Coach
Sept. 3
Sept.20
Sept.20
t$l
pref. (quar.)
(quar.)
(quar.)
Wisconsin Power & Light
Oct.
2
JOc
25c
(quar.)
Washington Water Power
Sept.
$134
.___
-
(H.)-Gooderhanx & Worts, Ltd
Welch Grape Juice
Western Exploration Co.
Sept.
Sept.
Sept.
$134
7% preferred (quar.)
Veeder-Root Inc. (quar.)
-
Sept.
Sept.
Aug.
25c
(quar.)
Union Twist Drill Co.
we
J5c
$134
6234c
$134
Sept.
50c
—
Troy Sunshade Co.
Union Carbide & Carbon Corp
Below
Oct.
1
1 Aug. 25
1 dept.
9
1 Sept.
9
15 Aug. 31
1 Aug. 25
1 Aug. 22
25 Aug. 24
1 Aug. 20
1 Aug. 25
6 Aug. 25
40c
(extra).
Corp. (quar.)
Texon Oil & Land (quar.)
Thatcher Manufacturing Co
Texas
and not yet
Jet.
3734 c
4334c
25c
50c
Sutherland Paper (quar.)
w iiuer & Hirsch
Winter « rwr»i;n
Nov. 30 Nov.
Sept.
Sept.
Sept.
Sept.
Aug.
12 34c
3734 c
(quar.)
Class B (quar.)
Weston (Geo.), Ltd.
Will son Products Inc
1 Sept.20
1 Sept. 20
3ept.24 3ept. 1
Oct.
$134
$134
$134
Ltd.—
Class A
Preferred
Sept. 3
Sept. 28
Sept. 28
Sept.15
Oct.
Ltd.—
6% participating preferred A
Walker
Sept.
Sept.
Oct.
$134
_____
Siscoe Gold Mines, Ltd.
ClassB
30
1
1
Aug. 20
Sept.14
Sept. 28
Sept. 6
Sept.20
Aug. 15 July
$134
t5 34c
5uc
15c
........
preferred (quar.)
Selby Shoe 'quarterly)
Sherwood Swan & Co.,
20
25c
San Jose Water Works....
Savannah Gas Co. 7%
1
15 Oct.
1
Sept. 20 Sept.
Aug. 29 Aug. 26
Oct.
~ Sept.15
19
announced in previous weeks
The list does not include dividends an¬
being given in the preceding table.
nounced this week, these
9
1
Oct.
12c
$134
$134
-
Union Investment Co.,
$134
t$4
75c
_
.
...
Sept.15 Aug. 31
Sept. 15 \ug. 31
Sept. 23 Sept. 7
Oct.
1 Sept. 15
Oct.
1 Sept.15
Oct.
1 Aug. 30
Sept. 27 Sept.10
30c
Oct.
Oct.
8°
Globe-WernickeCo., 7% preferred (quar.)
10
Park &
56 Ac
Globe A Rutgers Fire Insurance 5% r d or of
Sept.10
1 Sept.
Sept. 30 Sept. 15
$134
$134
.....
(quar.)
Sept. 15
Sept. 30
4)c
Glen Falls Insurance Co. (quar.)...
Glidden Co. 4*4% conv. pref. (quar.)-..-..
Oct.
75c
Oct.
l'Sept. 15
•$1 *4
Oct.
/ 0c
Co.—
Electric
Indemnity
1 Aug. 27
Aug. 25 Aug. 21
Sept.15 Sept. 1
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
Oct.
Sept. 15
30c
Nov.
Oct.
2 5c
_
_
$134
30
15
15
30
31
20
31
31
19
9
31
Sept.
$134
Oct.
3734c
$2c
$1*4
$134
34 %
Extra
Sept.
Sept.
40c
Paraffine Companies, Inc..
II Sept. 20
lc
Sept.
niH
Extra
l|Sept.20
50c
$4
I.*..
Sept.
Sept.
Oct.
25c-
Oct.
$134
$1.65
$134
$1.80
Ohio Water Service Co. A
Sept.
Sept.
Oct.
_____
Sept.
Oct.
50c
Pacific
8
8
Sept.
$134
Outboard Marine & Mfg
Pacific Finance Corp
t$2
__
$134
$134
$7.20 preferred (quar.)
Sept.30
15 Aug. 31
Oct.
20c
Ohio Finance Co. (quar.)
Preferred (quar.)
15
Oct.
25c
;
1
31
15 Aug. 31
Oct.
3734c
preferred (quar.)
$6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
7% preferred (quarterly)..
6% preferred (quarterly)
Sept.30 Sept. 15
Sept. 30 Sept. 15
Oct.
1 Sept. 20
______
Gold & Stock Teleg. Co.
1 Sept. 10
Sept. 24 Sept. 14
10c
Extra, payable in cash or class B stock
De Long Hook & Eye Co. (quar.)
$1*4
Dewey & Almy Chemical Co.—
$1*4
$7 prior preferred (quar.)
....
$1*4
$7 preferred B (quar.)
_■
Dominion Tar & Chemical preferred (quar.)
«l*4
Dominion Textile Co. (quar.)
t$i *4
Preferred (quarterly)_
Dover & Rockaway RR. Co. (s.-a.)
.....
Draper Corp. (aurr.)
75c
Eastern Gas & Fuel Assoc. 4*4 % pref. (omitted)
40c
El Dorado Oil Works (quar.)
75c
Electric Controller &Mfg
25c
Emporium Capwell Corp. coiPmon (quar.)
English Electric Co. of Canada, Ltd.—
$3 non-cum. class A (quar.)
t62 34 c
Erie& Pittsburgh RR. (quar.)
87 34c
Gillette Safety Razor (quar.)
Preferred (quar.)
Oct.
50c
15c
Publishing Co. (reduced)
50c
Oakland Title Insur. & Guar. Co. (Calif.) (qu.)_
Ohio Confection Co., class A
&
3 Aug.
1 Sept.
1 Sept.
15 Sept.
20 Aug.
30 Sept.
1 Aug.
1 Aug.
1 Aug.
21 Sept.
15 Aug.
1
3 Aug. 20
Sept.10
Sept 21 Sept.10
44c
(quar.)
National Cash Register
National Funding Corp. 6% A preferred (quar.)_
National Oil Products (interim)
New Jersey Pow. & Lt. Co. $6 preferred (quar.).
$5 preferred (quar.).
:
Newport Trust Co. (R. I.) s.-a__
Niagara Share Corp., 6% pref. A (quar.).
Northern N. Y. Trust (Watertown) quar....
Northwestern Utilities, Ltd.—
6% prior preferred (quarterly)
______
Gas
21
__
Preferred
Oklahoma
Sept
$134
5% preferred A (quar.)
Ohio Edison Co. $5
Oct.
Sept.
National Breweries, Ltd. (quar.)
Oct.
6c
National Bond & Share (stock dividend)—
One add'lsh. com. for each share held
Sept. 30 Sept. 9
$1.06*4 Sept. 30 Sept. 9
Oct.
Sept. 10*
$1
Oct.
Sept. 10*
$ 1-0634
Oct.
Sept. 9
t75c
Sept. 3
25c
Sept.
Sept.
1
15c
Sept.
Sept.
1
30c
Sept.
Oct.
Sept. 10
$134
Oct.
Sept. 10
$134
Oct.
Sept. 15
$1:34
Oct.
Sept. 15
$1*4
Sept. 10
lOp Sept.
David & Frere, Ltd., class A (quar.)
50c
_
National Bond & Investment, common
$1
Class A (quar.)
Crowell
t$l
i$iA
Sept
Sept
15 Sept.
15 Aug.
20c
_
Montreal Cottons, Ltd. (quar.)
Preferred (quar.)
Mutual System, preferred (quar.)
_
Sept
$134
Monsanto Chemical Co. (quar.)
Common (quar.)
Sept
Sept
50c
Monarch Life Insurance (Mass.) s. -a
Monarch Royalties Ltd
15 Sept.
tic
5 >c
$134
Sept. 15 Aug. 31
31
Sept. 30 Sept.16
Sept. 30 Sept. 16
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Sept. 20 Sept. 8
Oct.
1 Sept. 15
Oct.
1 Sept. 16
Oct.
1 Sept. 16
I®Sept. 15 Aug.
_
of Record
Payable
Share
Name of Company
Holders
When
Per
j
Payable of Record
Share
Budd Wheel $7 partic. pref. (quar.)
Extra
;
Holders
When
Per
Name of Company
1287
Chronicle
Financial
147
25
25
25
25
25c
(quar.)
(quarterly)
.
Addressograph-Multigraph (quar.).
Agnew-Surpass Shoe Stores (s.-a.)
Abbott's Dairies, Inc.
25c
Acme Steel Co.
Preferred"
(quar-
----
35c
30c
20c
-■--■-
Agricultural Insurance Co. (Watertown. N.
Alabama & Vicksburg Ry. Co. (semi-ann.)
Alabama Water Service, $6 pref. (quar.)
Allied Laboratories, Inc. (quar.)
Allied Products Corp. class A com. (quar.)
Allied Stores Con>., 5% pref. (quar.).
Allegheny Steel Co., preferred (quar.)__
Alpha Portland Cement
Aluminium Ltd., pref. (quar.)
Aluminum Mfrs., Inc. (quar.)
Quarterly
7% preferred (quarterly)
7% preferred (quarterly)
Y.).
$]*4
75c
$3
$1*4
Sept.
1 Aug. 15
Sept. 12 Aug. 22
Sept. 22 Sept. 2
Sept.
1 Aug. 15
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Oct.
1 Sept. 20
Oct.
1 Sept.
8
Sept.
1 Aug. 20
15c
Oct.
43 *4c
Oct.
$1*4
Oct.
1 Sept.15
1 Sept.14
1 Sept. 16
Sept.
1 Aug. 15
$1*4
50c
1
Sept. 24 Sept.
Sept.
1 Aug. 15
Sept. 30 Sept. 15
Dec. 31 Dec. 15
$1*4
$1*4
Sept. 30 Sept. 15
Dec. 15
25c
$m
50c
1288
Financial Chronicle
Per
Name of
Company
American Arch Co
American Box Board Co., 7%
American Business Shares
25c
preferred (quar.)_
IH%
6c
—
American Can Co.. pref .(qnar.)
American Capital
Corp.,
American Chain & Cable
5%
conv.
SI M
preferred (quar.)
50c
5c
SIM
SIM
12Mc
(qu.)
7% preferred A (quarterly)
American Forging & Socket Co
American Home Products Corp.
(monthly)-American Indemnity (increased)
Oct.
Metal Co., Ltd
40c
1 Aug. 20
1
Sept.
1 Aug. 19
1 Aug. 19
SIM
Sept.
(quarJ
com.
&
com.
B
Anglo-Canadian Telephone, class A
50c
S 1M
$2 A
(quar.)__
m
25c
-
SI
$1%
5Uc
5uc
Extra
Associated Dry Goods 7% preferred
6% preferred (quar.)
Associates Investment (quar.)
5% preferred w. w. (quar.)
5% preferred ex-w
Atlantic Refinine Co
WH
;
W
SIM
SIM
25c
»
Corp., 8%pref. (quar.)
75c
5oc
-
Avery (B. F.) & Sons
40c
Baldwin Locomotive Works
preferred (s.-a.)
Bangor & Aroostook RR. Co
$1.05
63c
5% conv. preferred
Bangor Hydro-Electric Co. 7% pref. (quar.).-.
6% preferred (quar.).
Barlow & beelig xvifg. class A
arloi
(quar.)
;
Bayuk Cigars, Inc
1st preferred (quar.)
Beech-Nut Packing Co. (quar.)
SIM
SIM
SIM
3uc
18Mc
S1I1
Extra.
25c
Belding Heminway Co
12Mc
Bellows & Co. class A (quar.)_Class A (quar.)
2oc
25c
Berghoff Brewing (quar.)
Bethlehem Steel Corp. 7%
preferred (quar.)
5% preferred (quar.)
pr
25c
SIM
25c
_
t$3M
SIM
preierreu__-
pref. (quar.)
Birmingham Water Works, 6% pref. (quar.)___.
Blue Iiidge Corp., $3
pref. (quar.).
Opt. div. of 1-32"sh: ol com. or cash,
Borden Co., common
orde
(interim)
Briggs & Stratton Corp. (quar.)_____
SIM
75c
15 Sept. 30
1 Sept.10
Oct.
1 Sept.10
£usSept
31 Aug.
16 Sept.
Dec.
16 Dec.
3
SeDt. 15 Sept.
Oct.
1 Sept.
Oct.
1 Sept.
Oct.
_
1 Sept. 20
Sept. 1 Aug. 20
Sept. 15 Sept. 1
Sept. 1 Aug.
5
1 Aug.
15
2
1 Aug.
Sept.
Aug. 31 Aug.
Sept. 1 Aug.
Aug. 31 Aug.
Aug. 31 Aug.
1 Aug.
Sept.
Sept. 15 Aug.
Oct.
15
12
22
15
22
20
26
1 Sept.15
SIM
Nov.
1 Oct.
50c
Sept.
1
S3
25c
25c
Power, pref. (quar.)
40c
50c
SIM
SIM
I
(final)
rec.
annas
10c
Butler Bros. 5% conv. pref.
(quar.)
Butler Water Co., 7% pref.
__
(quar.)
Calamba Sugar Estates (quar.)
California Art Tile Corp, class A
pref
Cambria Irou Co. (semi-annual)
Canada Cement Co., 6
37Mc
SIM
40c
t25c
SI
M % preferred
Canada & Dominion Sugar Co.
(new)_
t$l
U2Mc
-
Canadian Fairbanks Morse
(resumed)
Canadian Industries, Ltd. A & B
x
isi
JS1M
Preferred
(quar.)
IS1M
Canadian Int'l Investors Trust,
5% preferred_. ttSIM
Canadian Oil Ltd., 8% prefe'red
(quar.)
+S2
Canadian Western Natural Gas,
Lt., Ht. & Pow_
6% preferred (quar.)
__
Canadian Wire & Cable, preferred
(quar.)
Canfield Oil Co. 7% preferred
(quar.)
Carman & Co. class A
Case (J. I.) Co., preferred
(quar.)_-1111111111
Central Arkansas Public Service
7% pref..
Central Cold Storage Co.
(quar.)
Central Illinois Public Service
$6 pref
6% preferred..
Central Ohio Steel Products
.
SIM
tSl
SIM
SIM
tSl
tsi
25c
.
Chesebrough Mfg Co, (quar.)__
tSIM
tilH
25c
Centrifugal IMpe Corp tquar.)
Century Ribbon Mills, preferred (quar.)
Champion Paper & Fiber Co. 6% pref. (quar.)..
Chartered Investors, pref.
(quar.)
Chesapeake & Ohio Ry. Co
i
Preferred A (quar.)
_I
_
Extra
Chestnut Hill RR.
(quar.)
IIIIIIIIIIIIII
Chicago Corp., preference
Chicago District Electric
Generating
IOC
Oct.
Sept.
Dec.
Oct.
Aug. 11
1 Sept. 15
1 Aug. 26
1 Nov. 25
6 Aug. 12
Sept. 6 July
1 Aug.
Sept.
Sept. 15 Sept.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 20 Aug.
1 Aug.
Sept.
Sept. 30 Aug.
Oct.
Oct.
Sept.
Oct.
15
30
11
1
15
23
16
31
15
15
31 Sept. 30
15 Sept. 30
1 Aug. 15
1
Sept. 20
Sept. 1 Aug. 15
Sept. 15 Aug. 31
Sept. 30 Sept. 20
Sept. 1 Aug. 15
Oct.
1 Sept. 12
1 Aug. 15
Sept.
Sept. 15 Sept. 5
Sept. 15 Aug. 20
Sept. 15 Aug. 20
1 Aug. 10
Sept.
Nov. 15 Nov.
5
SIM
SIM
SIM
Oct.
Sept.
1 Aug.
I
25c
Oct.
SI
SI
Oct.
1 Sept.
1 Sept.
8
8
2
50c
75c
50c
Sept.
1 Aug. 19
1 Sept. 15
Sept. 26 Sept.
Sept. 26 Sept.
Sept.
Sept.
2
6 Aug. 20
1
Aug.
Christiana Securities Co
Chrysler Com
SIM
SI
10c
25c
$13 M
Ill"
Texas Pacific Ry
5% pref.
6% preferred (quar.)
Citizens Finance (Lowell)
(quar.)
City Ice & Fuel 6M % pref. (quar.)
_
__
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
1
Aug.
15
30 Sept. 20
15 Aug. 29
1 Aug. 19
15 Aug. 22
14 Aug. 16
30 Sept. 15
SIM
SIM
SIM
SI
I"
(quar.)
luar.)
o pref. (quar.)
Colgate-Palmolive-Peet Co., 6% pref
Collins & Aikman Corp. (quar.)
5% conv. preferred (quar.)
Columbia Broadcasting A&B-Columbia Pictures Corp. v.t.c (payable in stock)
(quar.)
SIM
SIM
25c
87 Mc
50c
87 Mc
50c
Sept.
1
Oct
1 Sept. 19
1 Dec. 19
Jan.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Dec.
Dec.
Aug. 15
1 Aug. 20
1 Aug. 22
1
Aug.
1 Aug.
1 Aug.
1 Aug.
20
20
10
10
1 Nov. 10
1 Nov. 10
A (quar.)_
$6M preferred C (quar.)
Compania Swift International (quar.)
Confederation Life Assoc. (Toronto) (quar.)
Quarterly
Connecticut Light & Power common
5M% preferred (quar.)
Connecticut Power Co. (quar.)
,
-
or
SIM
SIM
SIM
m
tti
75c
SIM
62 Mc
Cigar Corp. preferred (quar.)
Consolidated Edison Co.
25c
2M%
5bc
,.
..-
$5.80
SIM
25c
SIM
N. Y., Inc
50c
Consolidated Gas of Bait, (quar.)
Preferred A (quar.).
Consolidated Oil Corp., S5 pref. (quar.)
Cushman's Sons 7% preferred
Dayton Power & Light Co., 4M% pref.
SIM
tSIM
SIM
87 Mc
56Mc
SIM
12 Mc
30c
87 Mc
SI M
35c
75c
75c
15c
Quarterly.
7% preferred (quar.).
7% preferred (quar
•.).
M
'
Stockyards pref.
(quar.)
Detroit Gasket & Mfg. preferred (quar.)
Detroit Gray Iron Foundry (semi-annual)
SIM
30c
$2
Devonian Oil Co
Diamond Match Company (quar.)
25c
25c
Quarterly.
25c
75c
75c
-
Dictaphone Corp
Preferred (quar.)
Dixie-Vortex Co., class A (quar.)
Dr. Pepper Co. (quar.)
Quarterly
Dominguez Oil Fields (monthly)
Dominion Foundries & Steel, preferred
(quar.)__
Dominion-Scottish Investors 5% preferred
Du Pont de Nemours (E. 1.)
(interim)
Preferred (quar.)
Debenture stock (quar.)
Duquesne Light Co. (quar.)
Early & Daniel Co., pref. (quar.)
Preferred (quar.)
Preferred (quar.)
Preferred (quar.)
Eastern Shore Public Service, $6 pref.
(quar.)
62||c
15
15
15
15
Aug. 12
F Sept. 15
lj Sept. 15
15
Sept. 30 Sept.
6
Oct.
1 Sept. 15
Sept.
Sept.
1 Aug. 19
1 Aug. 19
Sept. ITSept.
1
Oct.
15 Sept. 30
Sept. 15 Sept.
1
Sept.
1 Aug. 10
Sept. 15 Aug. 31
Sept.
1 Aug. 13
Oct.
1 Sept.13
Aug. 31 Aug. 19
Sept 30 8ept.20
Sept. 15 Sept. 1
Oct.
Aug. 31
Sept.
1 Aug. 15
Sept.
1 Aug. 20
Sept. 1 Aug. 15
Sept. 15 Sept.
1
Sept.
1 Aug. 22
-
Dec.
1
Nov. 19
Oct.
1 Oct.
Dec.
23 Dec.
23
1 Aug.
20
1 Aug.
15
20
Sept.
Sept.
Jan.
1
_
5 Dec.
-
Sept. 15 Aug. 31
Sept.
1 Aug. 10
Dec.
1 Nov. lO
Sept.
1 Aug. 10
3-1-39
12 10-39
1 Aug. 12
1 Aug. 12
FSept. 10
Sept.
Sept.
Oct.
1 Aug. 18
IjNov. 18
Sept.
D«c.
tSIM
Sept. 1 Aug. 20
Sept.
1 Aug. 20
Sept. 14 Aug. 22
tt50c
75c
SIM
SIM
Oct.
25 Oct.
10
Oct.
25 Oct.
10
SIM
Oct.
15 Sept. 15
SIM
SIM
SIM
SIM
Sept. 3d Sept. 20
Dec
31
Dee.
20
3-31-39 3-20-39
6-30-39 6-20-39
Sept.
Sept.
1 Aug. 10
1 Aug. 10
Oct.
Oct.
Sept.
1 Aug. 20
Sent.
1 Aug. 20
Sept. 10 Aug. 27
Sept. 24 Aug. 31
Sept. 15 Aug. 31
Sept. 1 Aug.
5
25c
SIM
Oct.
15
1 Sept.
1 Sept.
cash.
com. or
25c
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
22
22
15
31
20
20
20
Sept.
Sept.
1
50c
Sept.
Sept.
25c
Oct.
sept. 15
Oct
Sept. 17
40c
Sept.
Sept.
.Sept.
25c
„
'Sept.
$1
.
(qqar.)
SIM
SIM
Oct.
Oct.
25c
Ely & Walker Dry Goods (auar.)
Empire Casualty (Dallas) (quar )
cum. preferred (quar.)
Empire Power Corp., $6
Participating stock
Emporium Cap well Corp
-
4M% pref
A (quar.)
4M% preferred A (quar.)
Sept.
Sept.
25c
Nov
SIM
56 Mc
56 Mc
75c
Equity Corp $3 preferred (quar.)
Esquire-Coronet, Inc. (quar.)
SIM
50c
;
——.
50c
Sept.
3c
& Traders Life Insurance
Oct.
S2M
Oct.
(Syracuse)--Federal Compress & Warehouse (quar.)
Federal Insurance Co. (J. C.. N. J.) (quar.)
Federal Light & Traction $6 pref. (quar.)
Federal Mining & Smelting, pref. (quar.)
Feltman & Curme Shoe
Shop, preferred (quar.)
SIM
SIM
87 Mc
Finance Co. of Amer. (Bait.), class A&B (quar.)
Class A preferred (quar.)
Firestone Tire & Rubber 6% pref. A (quar.)
First National Stores, Inc.
(quar.)
Fiscal Fund, Inc., stock dividend
8Mc
SIM
62 Mc
2M%
Fifth Avenue Coach
Aug.
Sept.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept
Aug.
Sept.
Aug.
Aug.
Sent.
50c
Falstaff Brewing Corp. preferred (s.-a.)
Dec.
3-3-
Sept.
Sept.
Sept.
Sept.
30c
-
Faber, Coe & Gregg, Inc. (quar.)
Fairbanks, Morse & Co., 6% conv. pref.
Fajardo Sugar Co. (Porto Rico)
40c
Sept.
35c
Oct.
Sent.
Sept.
20
1
24
15
20
15
17
15
15
15
10
20
20
15
25
Sept. 1
Oct.
50c
__
in
beneficial
Sept.
Sept. 15
15c
Sept.
Sept.
Sept.
Sept. 20
Aug. 15
Sept. 20
Oct.
Sept. 10
Sept.
Aug. 15
15c
Sept.
SIM
Sept.
Sept.
Sept.
Aug.
Aug.
Aug.
Aug.
15
15
15
27
shares
bank and insurance stock series.
Fishman (M. H.) Co. (quar.)
Florida Power Corp. 7% preferred A (quar.)
7% preferred (quar.)
Ford Motor Co., Ltd. (Canada) A&B (quar.)__
Ford Motor of Canada
> n
25
Sept.
Aug.
Aug.
Aug.
Aug. 31lAug. 22
62 Mc
.
Frankl
1
25c
25c
Elizabeth & Trenton RR. Co. (semi-ann.)
5% preferred taemi-ann.)
El Paso Natural Gas Co.,
7% preferred
on
31 Dec.
25c
SIM
Electrolux Corp. (quar.)
Elgin National watch Co
payable
Dec.
Oct.
Sept. 1
Sept. 1
Sept. 1
Sept. 15
SIM
SIM
(quar.)
div..
Sept. 15
llAug. 15
Sept. 30 Sept. 25
Sept.
SIM
SIM
:
Electrographic Corp. (quar.)
Stock
1 Nov. 15
36c
7% preferred (quar.)
6% preferred (quar.)
Economy Grocery Stores
Edison Bros. Stores, Inc. (quar.)
5% cumulative preferred (quar.)
Electric Shareholdings, preferred
rs
$2
SIM
East St. Louis & Interurban Water Co.—
Extra
25c
SIM
S6M preferred (quar.)
Farm
1
Dec.
llAug.
25c
Dentist's Supply Co. of N. Y. (quar.)..
Opt. div. 44-1000th sh. of
1 Sept. 15
Oct.
1 ISept. 10
Deere & Co.. preferred (quar.)
Delaware Fund. Inc. (initial)
Preferred
Oct.
Oct.
$2
Eastern Township Telephone.
Eastman Kodak Co. common (quar.)
Preferred (quar.)
Aug. 26
Sept. 16 Sept. 2
Sept. lOiAug. 19
Sept. lOiAug. 25
Oct.
SI
Crura & Forster pref. tquar )Ouneo Press, Inc. pref. (quar.)
Curtis Publishing Co. $7 preferred
Partic.
6
Aug. 19
Aug. 19
Sept.
Sept.
Sept.
Sept.
15c
preferred
preferred
1 Sept. 12
Oct.
3 uc
Partic.
1 Sept.
SIM
SIM
Copperweid Steel Co
Cosmos Imperial Mills, Ltd., 5% pref. (quar.)__
Crane Co.. 5% cum. conv. preferred (quar.)
Creameries of America, Inc.. preferred (quar.)_.
Crown Cork & Seal Co., Ltd., S2M % Pref. (qu.)
Crown Zellerbach Corp. $5 pref. (quar.)
(interim)
Crum & Forster Insurance Shares A&B
Union
1 Sept. 12
Oct.
90c
Cook Paint & Varnish (quar.)
Preferred (quar.)
Denver
Oct.
Oct.
SIM
Continental Can Co., Inc., $4M pref. (quar.)_.
Continental Oil Co
Continental Steel pref (quar.)
'
1938
Sept. 15 Aug. 31
Sept. 15 Aug. 15
SIM
$1
SI.10
Commonwealth Utilities $7 preferred
$6 preferred B (quar.)
Consolidated
SIM
SIM
27,
When | Holders
Payable of Record
75c
Coca-Cola International Corp
5M% Pref (semi-ann.)
Rayon Corp., $2 M prior pref. (quar.)
Freeport Sulphur
_
common
(quar.)_-
_
87 Mc
J25c
S2M
62 Mc
50c
Fuller (Geo. A.) 7% pref. (quar.)
Gamewell Co., preferred (quar.)
Gatineau Power Co. (initial quar.)__
SIM
SIM
Preferred (quar.)
Gaylord Container Corp
5 M % con verti ble preferred
General Cigar Co
SIM
—
—
11111
City of New Castle Water Co., 6% pref. (au.)
Ciark (D. L.) Co.
(irregular)........._____
Cleveland & Pittsb. RR Co.,
reg. guar,
Special guaranteed (quarterly)
Regular guaranteed (quarterly)
Special (guaranteed) (quarterly)
25c
(qu.)""
__
Clark Equipment Co., preferred
Coast Counties Gas & Electric, 6
Coca-Cola Co
15
Corp.—
$6 preferred (quar.)
Chicago Flexible Shaft (quar.).jriIIIIIIIIIII
Chicago Rivet & Machine
Chicago Yellow Cab Co.
(quar.)
.I_III-___
Oct.
Oct.
Sept. 15 sept.
$2
pref. (s.-a.)
(quar.)
5% pref. (quar.)
Burma Corp., Ltd., Amer.
dep.
Burroughs Adding Machine
Cincinnati New Orleans &
Preferred (quar.)
Cincinnati Union Terminal
Sept.15
Sept. 30 Sept. 15
Sept. 15 Aug. 22
1 Aug. 20
Sept.
Sept. 10 Aug. 31
1 Aug. 20
Sept.
Sept. 1 Aug. 20
Oct.
1 Aug. 31
Oct.
1 Aug. 31
Oct.
1 Sept. 10
Oct.
1 Sept. 10
1 Aug. 18
Sept.
Sept. 15 Aug. 31
Sept.
$7.
Bullock
Churngold Corp
Aug. 12
2C
6oc
Brooklyn Edison Co. (quar.)
Brooklyn Teleg. & Messenger Co. (quar.)
.
1
Sept. 30 Sept. 15
75c
Brown Fence & Wire class A
(s.-a.)
Brown Oil Corp., 6% cum.
First preferred
(quar.)
s, Inc
Bulova Watch Co. (quar.)
Bunte Bros., 5% pref,
Sept.
Sept.
30c
Bristol-Myers Co. (quar.)
Brown Shoe Co., Inc
Buckeye Pipe Line Co
Buffalo Niagara & Eastern
Sept. 1 Aug. 26
Sept. 30 Sept.10
Aug. 31 Aug.
5
Oct.
3 Sept.
6
Oct. 15 Sept. 15
Sept. 1 Aug. 10
Sept. 1 Aug. 15
1 Aug. 20
sept.
Sept. 15 Sept. 1
Sept. 1 Aug. 15
Sept. 30 sept. 15
Sept. 30 Sept. 15
1 Aug. 12
Sept.
40c
Archer-Daniels-M idland.
Armstrong Cork Co. 4% preferred (initial)
Art loom Corp. preferred
Asbestos Corp., Ltd. (quar.)
Inc.. 5%
6
2bC
American Safety Razor (quar.)
American Smelting & Refining Co.
American Sugar Refining preferred
(quar.)
American Telephone & Telegraph
(quar.)
/~/p
1 Sept.
Sept.
Sept.
25c
Preferred (quar.)
xue.,
1
2
1 Sept.15
1 Sept.
6
Oct.
Oct.
5c
Investment Co (111.) (quar.)
Laundrv Machinery (quar.)
B—G FoOuo,
Bird & Son,
6
1 Nov. 25
1 Aug. 15
1 Aug. 15*
Sept.
Sept.
20c
Insurance (Newark) (s.-a.)
Atlas Powder Co
6
Sept.
Dec.
American Radiator & Standard Sanitary—No ac tlon
Preferred
SIM
Atlas
Sept.
Sept.
Sept.
Sept. 30 Sept. 15
Aug. 30 Aug. 20
Sept. 1 Aug. 17
Sept. 1 Aug. 17
Sept. 1 Aug. 17
1 Aug. 20*
Sept.
Sept. 1 Aug. 25
62 Mc
American Elec. Hecur. Corp. partic. pref
American Envelope Co., 7% pref. A
American Tobacco Co.
Aug. 18
Per
Share
of Company
Columbus & Xenia RR
sim
S2
$2M preferred (quar.).*
$3 preferred (quar.)
'
Aug. 19
Aug. 15
Sept.16
Aug. 15
Name
Columbian Carbon Co.
American Dock Co. 8% preferred (quar.)
American General Corp. $2 preferred
(quar.)
6%
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
•SI K
SI
Holders
Payable of Record
Oct.
prior pref. (quar.)
American Chicle Co. (quar.)__
American Cigarette fie Cigar (stock dividend)..
Payable l-40th sh. of Amer. Tobacco Co.
com. for each sh. of
Am.Cigarette & Cigar held
Preferred (quar.)--_--_
American
Extra
American
American
American
When
Share
Aug.
Preferred
20c
Aug
20
Nov.
Oct.
25
Sept.
Aug. 15
Sept. 22
Sept.
Oct
Sept.
Sept.
Sept.
Aug. 20
Sept.
1
Aug. 31
Oct.
5
25c
Sent.
Aug. 31
Sept.
Sept.
Aug. 26
Aug
16
SIM
-
General Candy Corp., class A (quar.)
General Motors Corp
$5 preferred
Georgia Power Co. $6 pref. (quar.)
So preferred (quar.)
Sept.
68 Mc
50c
_
_
25c
25c
SIM
SIM
SIM
Sent. 10
Sent.
Sept. 12 Aug. 11
Nov.
1 Oct.
10
Oct.
1
Oct.
1 Sept. 15
Sept. 15
Volume
Financial
147
SIX
SIX
$1
Globe Democrat Pub. Co. 7% pref. (quar.)
Globe-W ernicke Co., 7% pref. (quar.)
Golden Cycle Corp
Goodyear Tire & Rubber Co. $5 conv. pref. (qu.)
Gorham Mfg. Co
Gossard (H. W.) Co
Grace National Bank (N. Y.)
Grand Union Co. $3conv. preferred
Great Atlantic & Pacific Tea
_
Preferred
25c
25c
3%
25c
$1
SIX
(quar.)
Great Northern Paper
Extra
25c
(quar.)_!
12c
35c
Life Insurance Co
Great Southern
MX
(quar.)
Co.—
Great Western Electro-Chemical
Louisiana
Aug.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
10
19
19
20
McColl-Frontenac Oil
McKenzie Red Lake Gold Mines
McKesson & Robbins
1
MacKinnon Steel Corp., 7% cum.
Macassa Mines. Ltd. (quar.)
Sept. 20
15
pref
Haloid Co. (resumed)
Hamilton Cotton Co., Ltd.,$2 conv.
Aug.
Oct.
Sept. 30 Sept
Manhattan Shirt Co
1 Aug. 15
Sept.
1
Sept. 15 Sept.
Maryland Fund, Inc
Masonite Corp. (extra)
Preferred (quar.)
May Dept. Stores (quar.)
May Hosiery Mills, class A (quar.)
$4 Preferred (quar.)
Mayer (O.) & Co., Inc
8% preferred (quar.)
8% preferred (participating div.)_.
t5bc
pref..
25c
SIX
25c
Hancock Oil (Califj class A & B (quar.)
Class A & B (extra)
Hanes (P. H.) Knitting
Class B (quar.)___
c
c
(quar.)
Co. (quar.)
50c
15c
_
—_
7% preferred (quar.)
Hanna (M. A.) Co., $5 preferred
Harbison-Walker Refractories Co. 6% pf. (qu.)_
Harrisburg Gas Co., 7% pref. (quar.)
Hart-Carter Co. conv. preferred (quar.)
Hartman Tobacco Co., pref. (quar.)
Hazel-Atlas Glass Co. (quar.)
15c
20 Oct.
Oct.
15 Sept.30
5c
15c
6
Middlesex Water Co.
15
7
Sept. 15 Sept.
Oct.
1 Sept. 16
1 Aug.
Sept.
25c
$1H
2bc
1
Sept. 15 Sept.
Sept. 15 Aug. 15
5
Sept. 15 Sept.
Preferred
76c
$1
25c
$2
25c
81Mc
2c
75c
10c
10c
Sept. 10 Aug. 27
Moore (W.
50c
5uc
Dec.
25c
Monarch Machine Tool
1 Aug. 22
Sept.
Sept. 30 Sept. 20
1 Aug. 15
Sept.
A com. (quar.)
Class B common & management
Hobart Mfg. classA (quar.)
Holt (Henry) & Co. participating
Honolulu Oil Corp
$2
37 He
stock
10c
A
25c
(reduced)
preferred (quar.)
Co.,7% non-cum.pr. partic. pf.(qu.)
6% non-cum. 2d partic. preferred (quar.)
Horn & Hardart (N. Y.) pref. (quar.)
Hoskins Mfg. Co
Hooker Electrochemical Co.
Hooven & Allison Co. 5%
Horn (A.C.)
6% preferred (quar.)
Huron & Erie Mtge. Corp. (quar.)
Imperial Life Assurance Co. (Canada) (quar.) —
Quarterly......
—...
— —
Indianapolis Water Co., 5% pref. A (quar.)
Ingersoll-Rand Co ... . _. _ .——
— -
Inland Steel Co..
—
International Business Machines
International Harvester
Preferred (quar.)
Corp. (quar.).
JIM
SIX
40c
—_—....
Iron Fireman Mfg. v. t. c. conv.
SIX
tlOc
J 50c
30c
(quar.)
15
16
11
Sept. 15 Sept. 2
Aug. 31 Aug. 11
1 Aug. 15
Sept.
Sept. 1 Aug. 15
1 Aug. 15
Sept.
1 Aug.12
Sept.
Sept. 26 Sept. 11
Oct.
Sept. 1
Aug. 19
Sept.
Aug. 19
Sept.
Oct.
Sept.15
Sept. 30
jOct.
Dec
31
'Jan.
1 Aug.
Oct.
Sept.12
^ug. 8
Sept.
Aug. 15
Sept.
Oct.
Sept. 22
Oct.
Sept.20
Aug.
5
Sept.
Sept. 20 Aug. 31
Sept. 30jAug. 31
Sept. 1 Aug. 10
10
30c
quarterly
class A (quar.)
Irving (John) Shoe Corp., 6% pref. (quar.)..__
Jantzen Knitting Mills pref. (quar.)
Jewel Tea Co., Inc. (quar.)
Katz Drug Co., pref. (quar.).
—
Kaufmann Dept. Stores, pref. (quar.)
Keith-Albee-Orpheum 7% conv. preferred
Kemper-Thomas, 7% special pref. (quar.)
7% special preferred (quar.)—
Kendall Co. cum. pref. series A (quar.)
International Safety Razor,
Copper Corp
Dec.
Nov
60c
Sept.
Sept.
Aug.
Sept.
Aug. 25
Aug. 31
Oct.
Sept.15
37Hc
SIX
$1
SIX
District Power, 7% pf.
Sept.10
Sept,
Dec
Sept.
1 Aug.
25c
Sept.
3o|^e|)t.
Nov. 2i
Oct.
Oct.
30c
2
1 Sept. 12
Oct.
1 Aug. 20
Sept.
1
Sept. 12 Sept.
Dec.
40c
SIX
SIX
nri
six
Six
25c
SIX
six
mx
31
(quar.)
Le Tourneau (R.
25c
GJ (quar.)
SIX
SIX
25c
Libby-Owens-Ford Glass
Life & Casualty Insurance
Life Savers Corp.
12c
Co. (Tenn.)__
40c
(quar.)
Special
Liggett & Myers Tobacco (quar.)
Class B (quar.)
Lily-Tulip Cup
-Lincoln National Life Insurance (Ft. Wayne)
Lincoln Stores, Inc. (quar.)_
40c
(quar.).
Little Miami RR. special
guaranteed (quar.)
Special guaranteed (quar.)
Original capital
Original capital
Loblaw Groceterias class A and B (quar.)
Lockhart Power 7% pref. (s.-a.)
Lock Joint Pipe (monthly)
Aug
Nov. 15 Nov.
5
Sept. 15 Sept.
3
Dec.
5
15 Dec.
Sept.10
1 Sept.15
Oct.
1 Sept.14
Oct.
Sept. 15 Aug. 31
1 Aug. 14
Sept.
Sept. 15 Sept. 8
1 Aug. 20
Sept.
Sept. 15 Aug. 31
Oct.
1 Sept. 15
1 Aug.
1
Sept.
1 Aug
1
Sept.
Aug.
Aug.
16
yept. 15 Sept
Nov.
1 Oct.
1
Sept.
Sept.
Sept.
1
16
26
1
Aug. 24
Aug. 24
1
Aug.
50c
10
1 Sept
Oct.
15
Sept. 10 Aug. 25
50c
Dec.
$1.10
$1.10
25c
$3 H
67c
10 Nov. 25
Sept. 10 Aug. 25
Dec.
10 Nov. 25
1 Aug. 10
Sept.
Sept. 30 Sept 30
Aug. 30 Aug. 20
Sept. 30 Sept.20
Monthly
66c
Monthly
Monthly
67c
Oct.
67c
Nov. 30 Nov.19
—
66c
Monthly
8% preterred
Lone Star Cement
5%
3 Dec
Aug. 25 Aug
15
Aug. 27 Aug. 22
Sept. 29 Sept. 15
Sept
21
24
Co.—
pref. (quar.)
SIX
Sept.
25c
Sept.
1 Aug. 20
1 Aug. 20
(quar.)
SIX
Dec.
1 Nov
refunding participating pref
Extra
5% pref. (quar.)
Jan.
75c
Corp..
refunding participating
Loose-Wiles Biscuit Co.,
1
$1
Extra.
5%
Dec. 31 Dec. 21
Oct
$1.35
(extra)
Longhorn Portland Cement
21
$2
8% preferred (quarterly)
Loew's Inc. •ommon
Loew's Boston Theatres
31 Oct.
$2
(quarterly)..
25c
six
SIX
(pemi-annual)...—
32 He
50c
$1H
New York & Queens Electric Light & Power
Preferred (quar.)
Niles-Bement-Pond Co
Nineteen Hundred Corp. class A (quar.)
Norfolk & Western Ry. (quar.)
North American Edison Co., pref. (quar.)
Northeastern Water & Electric Co. pref. (quar.)
North River Insurance (N.Y.)
Northwestern Public Service, 7% pref
6% preferred..
(liquidating)
Ry. & Land Co.
pref. (quar.)
(monthly)
21
Dec.
1 Nov. 21
Oct.
1 Sept. 17
Co., Ltd. (monthly)
Ogilvie Flour Mills preferred (quar.)
Ohio Oil Co. preferred (quar.)..
Ohio Power Co. preferred (quar.).
------412-3c
Ohio Public Service Co. 5% pref. (monthly).. .
6% preferred
50c
(monthly)
7% preferred (monthly)
Omnibus Corp. 8% pref. A
58 l-3c
$2
(quar.)
12Hc
Oneida,Ltd. (quar.)..
7% preferred (quar.)
Oshkosh B'Gosh, Inc. (quar.)
—
43 He
luc
5bc
preferred (quar.)..
Otis Elevator Co
6% Preferred (quar.;
$2 conv.
15c
$1H
50c
Paraffine Cos., Inc
Preferred (quarterly)
—
(quar.)
Parker Rust-Proof Co..
Parkersburg Rig & Reel (quar.)
Preferred (quar.)...
Pa ton Mfg. Co. 7% preferred (quar.)
Patterson Sargent Co. (quar.)
....--
Parker Pen Co.
Paymaster Consol.
Peerless Corp
$1
—
40c
six
25c
lc
Mines, Ltd. (initial).
75c
—
Grocery, class A (quar.)
Penick & Ford Ltd....Peninsular Telephone Co. common (quar.)
Quarterly.
7% A preferred
Penn State Water Corp., $7 pref. (quar.)
Pennsylvania Electric Service, class A (quar.)..
c
Pender (D.)
Pennsylvania Power Co. $6 preferred
$6.60preferred (monthly)
Pennsylvania Salt Mfg....—
Pennsylvania Water & Power (quar.)
Preferred (quar.)
Peoples Drug Stores (quar.)..
6H% Preferred
Peoples Gas Light
Peoples Telephone
(quar.)...
Oct.
Aug.
Aug.
Aug.
Aug.
Aug.
14
20
1
12
12
31
1 Sept. 16
Sept. 1 Aug. 16
Sept. 15 Aug. 31
Oct.
1 Sept.
l5
Sept. 30 Sept. 9
Sept. 10 Aug. 19
Sept. 14 Sept. 2
Sept.
1 Aug. 17
Sept. 15 Sept. 3
Nov. 15 Nov.
1
Aug. 31
Aug. 15
Aug. 10
Aug. 25
Sept.
LAug. 20
Sept.
1 Aug. 20
Sept.15
Dec. 151
Sept.
l;Aug. 13
Sept. 158ept. 12
Sept. 15 Sept. 5
Aug. 19
Sept.
Sept.15 Aug. 15
Aug.
8
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Aug. 15
Sept.
Oct.
Sept. 15
Sept.15 Aug. 31
Sept. 15 Aug. 31
Sept.
1 Aug. 19
Sept.
1 Aug. 19
Sept.20 Aug. 31
Sept.20 Auk. 31
Sept. 27 Sept. 10
Oct.
15 Oct.
1
Sept.
Sept.
Sept.
1 Dec.
15
Jan.
Nov
SIX
Sept.
1 Aug. 20
1
Sept.15 Sept.
30c
«1H
55c
$1
25c
SIX
$1
15 Nov.
5
Sept. 1 Aug. 20
Sept. 1 Aug. 20
Sept.15 Aug. 31
Oct.
1 Sept. 15
Oct.
1 Sept. 15
Oct.
1 Sept.
8
Sept. 15 Sept.
1
Sept.
1 Aug. 10
...
Co. (Butler, Pa.)—
of Amer. (stock dividend)
Payable at the rate of one share of Consol.
Oil Corp. com. for each five share of Petro¬
leum Corp. of America held.
Pfaudler Co. 6% preferred (quar.)
Phelps Dodge Corp
- - vcj,--Philadelphia Germantown & Norristown RR.—
six
mx
25c
Six
Petroleum Corp.
(quar.)
1 Oct.
Sept. 1
Sept. 1
Sept. 1
Sept. 1
Sept. 15
4bc
SIX
6% preferred (quarPeoples Water & Gas $6 preferred.
Pet Milk Co. (quar.)..-.-..
Peterborough RR Co. (s.-a.
Common
Nov.
SIX
$1
(quarterly)
& Coke Co
Sept.30 Sept. 16
Sept. 15 Sept. 2
40c
20c
—
6
Aug. 15 Sept. 16
Aug. 31 Aug. 12*
Sept.
1 Aug. 10
Oct.
1 Sept.
1
Oct.
1 Sept.
1
Sept. 15 Sept.
1 Aug. 15
1 Aug.I 0
1 Aug. 20
Sept.
1 Aug. 20
Sept.15 Aug. 31
Sept. 1 Aug. 15
1
Sept. 15 Sept.
1
Sept. 15 Sept.
Sept. 1 Aug. 20
Sept.15 Sept. 1
Oct.
1 Sept. 15
25c
-
3 Sept. 15
Sept.
1 Aug. 15
Aug. 31 Aug. 19
Sept. 15 Sept.
1
Sept.
1 Aug. 20
Sept. 1 Aug.
9
Sept. 28 Sept.15
Dec. 28 Dec. 15
Sept. 19
Sept.
1
Sept. 1
Sept. 10
—
—
Northwestern Yeast
15
1
$1 X
Preferred
50c
—
50c
New Amsterdam Casualty
20
Sept.
25c
25c
(quar.)
New England Telep. & Teleg. (quar.).:
New Jersey Zinc Co..— ——--—
1
1
25c
15c
SIX
SIX
Preferred (quar.)
Newmont Mining Corp
1 Oct.
Sept.
SIX
7% preferred (quar.)
Link Belt Co
...
Inc
Newberry (J. J ) Co.
Sept.
81
---
Bros..
Nov.
Sept. 15 Sept. 1
1 Aug. 15
Sept.
1 Aug. 15
Sept.
SI
37 He
30c
25c
(quar.)
National Power & Light Co., (quar.)...
Nebraska Power Co. 7% pref. (quar.)..
6% preferred (quar.)
Oahu Sugar
Sept. 3
Leslie Salt Co
(quar.).
National Oats Co.
Oahu
10
Sept.20
$i
Lexington Utilities Co. $6H pref. (quar.)
Lexington W ater Co., 7% pref. (quar.)
20c
12Hc
SIX
$1 H
Preferred B (quar
\).
Neisner
$2
75c
MX
SIX
SIX
(Del.)
National Lead Co
Preferred A
25c
1 Nov. 26
Oct.
10c
20c
7% preferred (quar.)
1! Aug 15
1 Aug. 27
Dec.
$1
40c
National Dairy Products
Preferred A and B (quar.)..
1
2
1 Oct.
2 Jan.
Sept.
Sept.
84c
$1
SIX
National Container Corp.
1 Aug.
3c
62 He
$1
65c
6% preferred (quar.)
Mutual Telephone (Hawaii) (quar.)
National Biscuit Co. common
1
Lava Cap
pref.
—
(quar.)
Murphy (G. C.) Co
Muskogee Co 6% cum. pref. (quar.)
Mutual Chemical Co. of Am. 6% pref. (quar.)..
Oct.
Lanston Monotype
pref—
Development
(quar.)..
Muncie Water Works Co., 8% pref.
1 Nov. 10
Oct.
Jan.
lc
Mt. Diablo Oil Mining &
Motor Finance Corp.
Sept.
Sept. 22 Aug. 24
Aug. 31 Aug. 19
Machine
Gold Mining
Leath & Co., pref. (quar.)
Lehigh Portland Cement Co., 4%
Morristown Securities Corp..
Dec.
S2X
$1H
$1H
Liquidating
Nova Scotia Light & Power
Sept. 30
SIX
6% preferred (quar.)
(quar.)
10*
1 Sept.10
1 Sept. 12
SIX
(quar.)_.
6
Sept.15
Aug
22
SIX
six
SIX
25c
Lanciis Machine
7% preferred (quar.)
7% preferred (quar.)
Langley's, Ltd., 7% conv.
Sept.
Sept.
SIX
SIX
--
Aug. 25
Oct.
8Xc
(quar.)
Kimberly Clark Corp. (quar.)
6% Preferred (quar.)
Kobacker Stores, 7% pref. (quar.)
Kresge (8. S.) Co
KroehlerMfg. Co. 6% class A pref. (quar.)
6% class A preferred (quar.)
Kroger Grocery & Baking Co
6% preferred (quar.)
7% preferred (quar.)
Lake of Woods Milling, pref. (quar.).^
Lake Shore Mines, Ltd. (quar.)
Lake Superior
10c
50c
......
International Mining
International Nickel Co. (Canada)
Kerlyn Oil Co. class A
SIX
SIX
Six
pref. (quar.)
Huntington Water Co., 7%
Kennecott
45c
62 He
Humble Oil & Refining
vtc com.
$1
SIX
8Xc
1 Aug.
1 Aug.
Sept.
Sept.
Sept.
A pref. (qu.)
R.) Dry Goods (quar.)
Quarterly
Morris (Philip) & Co.. Ltd., Inc.—
5% conv rum preferred Reri*^ A (Initial)
Morris Plan Insurance Society (quar.)
—
Quarterly
Monsanto Chemical Co. $4M class
1 Nov. 15
1 Aug. 20
Sept.12 Sept. 1
Oct.
1 Sept. 15
llAug. 23
Sept.
Sept.
15c
$1H
(quar.)
30c
1 (Aug. 19
15lAug. 31
Aug. 22 Aug. 10
Sept. 1 Aug. 10
Sept.
1 Aug. 15
Aug. 30 Aug. 24
Aug. 30 Aug. 24
Sept.
1 Aug. 24
Sept.
1 Aug. 24
Sept.
1 Aug. 24
Aug. 15
Sept.
Sept. 1 Aug. 15
Sept.
1 Aug. 20
Sept.15 Sept. 1
Sept.
1 Aug. 24
Sept.
1 Aug. 20
50c
Milnor, Inc
Minneapolis-Honeywell Regulator—
4% class B preferred (quar.)
Mock Judson Voehringer common
Heyden Chemical Corp. (interim)
Hibbard, Spencer, Bartlett & Co. (monthly)
Hires (Chas. E.) Co., class
Class A common (quar.)
Sept.
50c
(quar.)
Hewitt Rubber Corp
15c
Sept.
2c
-
Corp. $6 preferred A (quar.)
$5 H preferred B (quar.)
Metal Textile Corp., partic. pref. (quar.)
Michigan Cities Natural Gas (quar.)
18
Oct.
SI
...
-
1 Aug.
Sept.
20c
Mead
1 Sept. 20
SIX
SIX
SIX
Hein-Werner Motor Parts Corp.
1 Sept.15
Sept. 15 Sept. 2
Sept. 1 Aug. 19
Sept. 1 Aug. 15
Sept. 1 Aug. 15
1 Aug. 22
Sept.
1 Aug. 22
Sept.
Oct.
50c
...
...
SIM
75c
(quar.)
Hecla Mining Co
Macy (R. H.) & Co (quar.)
Madison Square Garden
Magma Copper Co
Magnin (I.) & Co. 6% pref. (quar.)
1
Aug. 31
'5 Aug. 31
16
Sept.
Sept.
Oct.
50c
Hazeltine Corp.
mx
5c
Sept.
Oct.
4oc
(quar.)
...
30
29
Sept 15 Sept. 1
Sept. 15 Sept. 1
Sept.15 Aug. 31
Sept.15 Aug. 31
Sept.
1 Aug. 12
Aug. 31 Aug. 16
Sept.15 Aug. 31
Nov. 15 Nov.
5
75c
Oct.
$5H preferred (quar.)
Hackensack Water Co. 7% preferred (quar.)
Hale Bros. Stores (quar.)
3c
75c
$3 preferred
30 Nov
21
Sept. 15 Aug. 15
1
Sept.
1 Aug.
Sept.15 Sept. 1
J50c
(quar.)
preferred (quar.)
l|Dec.
Aug. 31 Aug.
Nov
1*
1 Sept. 21
Jan.
43 He
10c
(quar.)
Mclntypre Porcupine Mines Ltd.
20
Oct.
Oct.
SIX
Six
43 He
(quarterly)
McClatchy Newspapers 7 % pref. (quar.)
7% preferred (quarterly)
15iSept
Sept.
Oct.
loc
(quar.)
(quar.)
Exploration Co.
&
l|Aug. 17
Sept.
1 Aug. 13
Sept. 24;Aug. 31
37 He
HH% preferred
Aug. 25
Sept.
Sept.
Land
Lunkenneimer Co. 6M % pref.
43
pref. (quar.)
(quar.)
Griggs Cooper & Co. 7%
Preferred
Sept.
Sept.
Sept.
30c
Gulf States Utilities $6 pref.
6%
Aug. 31
Aug. 15
Sept.
1
Aug. 15
Sept.
Sept.
Sept.
t$lH
$1*4
$1H
6% preferred (quar.)
Green Mountain Power Corp., $6 pref
Hamilton Watch Co.
Sept. 20
Sept
SIX
SIX
Lord & Taylor 1st oreferred (quar.)
Ludlow Mfg. Associates
Louisville Gas & Electric A & B *.quar.)
Aug. 20
.Sept.
lOct.
When I Holders
Payable of Record
Per
Share
Name of Company
Payable of Record
Share
of Company
I Holders
When
Per
Name
1289
Chronicle
1 Aug. 31
1 Aug. 19
1 Sept. 10
Oct.
I Sept. 24
Sept. 26 Aug. 22
Sept.
Sept.
Oct.
1 Aug. 20
20c
Sept.
Sept.
9 Aug.
SIX
Sept.
6 Aug. 20
SIX
19
Financial
1290
Per
Name of
When
Share
Company
Oct,
81 X
..
5dc
Oct.
1
1
10
Sept. 9
Sept.
Aug. 12
Sept.
July 29
Aug. 19
Sept.
81H
Sept.
40c
Pioneer Gold Alines of British Columbia..
thfc
Pittsburgh Bessemer & Lake Erie (s.-a.)..
Pittsburgh Coke & iron, 85 pref. (quar.).
75c
v
--
...
7% preferred (quar.)
—
—
—
5H% preferred (quar.)
Prentice-Hall, Inc. (quar.).
83 preferred (quar.)..
Procter & Gamble 5% pref. (quar.)
Public Electric Light Co., 6% pref. (quar.)
Public Finance Service, Inc., 86 pref. (quar.)
Public National Bank & Trust (N. Y.) (quar.)..
Public Service of Colorado 7% pref. (monthly)..
6% preferred (monthly)
5% preferred (monthly)
Public 8ervice Electric & Gas., 7% pref. (quar.)
$5 preferred (quar.)
Puuho service Co. (N. H.), 86 pref. (quar.)
85 preferred (quar.).—
......
Public Service of New Jersey
8% preferred (quar.)
7% preferred (quar.)
85preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
Pullman, Inc....
Purity Bakeries Corp. (quar.)
Quaker Oats Co. pref. (quar.).
Radio Corp. of America. B pref. (quar.)
83.5 conv. 1st pref. (quar.)
Raybestos-Manhattan, fnc
Reading Co., 1st preferred (quar.)
knd preferred (quar.)
Regent Knitting Mills, $2 pref. (quar.)-.
Reeves (Daniel) Inc. (quar.)
Opt. dlv. cash or I sh.jpref. for each $100 div.
Reynolds Metals Co. 5H% conv. pref. (quar.)_„
Rheem Mfg. Co. (quar.)
Rich's, Inc., 6H% preferred (quar.)
Rochester Button Co. preferred (quar.)
Rochester Gas & Electric 5% prer. (quar.).-...
6% preferred C & D (quar.)
Rolland Paper Co., Ltd., 6% pref. (quar.)
Roxborougn Knitting Mills, Inc.—
Participating preferred (quar.)
Ruberoid Co. (no action).
—
—
—
Russell & Co
.
Joaquin Light & Power 7% prior pref. A(qu)
7% prior preferred (quar.)
6% prior preferred A (quar.)
6% preferred B (quar.)
Savannah Electric & Power 8% deb. A (quar.)._
7H% debenture B (quar.)
7% debenture C (quar.)
6H% debenture D ^quar.).
ehenle;
Schenley Distillers (no action).
5H% Preferred (quarterly).,
SchifT Co. (quarterly)
»
preferred (quar.).
|o preferred (quarterly).
Paper Co. (quar.)
Co. (Del.) (quar.)
Sears. Roebuck & Co (quar.)
Second Canadian Investment Co. preferred
Second Investors Corp. (R. I.), $3
pref. (quar.).
Secord (L.) Candy Shops
(quar.)
Seeman Bros., Inc.
(quar.)
Selby Shoe Co. (quar.)
...
1-2-40
$1H
Sept.
Nov. 21
81X
81X
Sept
Sept. 15
Dec.
Dec.
Aug.
Oct.
30c
Oct.
81H
81H
Sept.
Sept.
70c
Sept.
Aug. 19
75c
Sept.
Aug. 19
Sept. 15 Aug. 25
1 Aug. 20
Sept.
1 Aug. 31
Sept.
Oct.
Sept. 20
81X
81H
81H
37Hc
58 l-3c Sept.
50c
Sept.
8IH
81X
50c
82
SIX
Hp
50c
ic
SIX
SIX
87 He
15c
5uc
12Mc
Oct.
1 Sept.
Sept 15 Sept.
Sept. 30,8ept.
Sept. 1 Aug.
Sept.
1 Aug.
Sept. 1 Aug.
Sept. 1 Aug.
81X
20c
SIX
37 He
81X
81H
81H
8c
25c
1 Aug.
15
Sept. 20 Sept.
75c
9
Sept.
1 Aug. 19
Sept. 30 Sept. 14
75c
Dec.
15 Nov. 30
Sept.15
Sept. 15
Sept. 15
Sept. 15
SIX
SIX
81H
M
IIS
Oct.
1
Oct.
1
Oct.
1
SIX
Oct.
1
SIX
Aug. 31
Aug. 31
Aug. 31
Aug. 31
Sept. 15
Sept.15
Sept.15
Sept. 5
Oct.
1 Sept. 22
Sept. 15 Aug. 31
Sept. 15 Aug. 31
3
Sept. 15 Aug.
Septl5. Sept.
1
25c
SIX
SIX
25c
Sept. 15
Sept. 10
Sept. 1
Sept. 1
Sept. 1
Sept.15
Oct.
U0c
75c
75c
25c
Sept.
Aug.
Aug.
Aug.
Aug.
Aug.
6 Aug.
1 Aug.
1 Sept.
Jan.
75c
3 Dec
Sept.
Sept.
1
26
15
15
15
31
25
18
15
17
Sept.22
Sept. 1
Sept. 1
Aug. 31
Aug. 31
Sept. 15
Aug.
Aug.
Aug.
Aug.
Aug.
2
20
15
18
18
27
Nov.
Nov.
1
1
Sept.
Sept. 15 Aug. 18
1 Sept.12
Sept. 1 Aug. 20
Sept.
Oct.
1 Aug.
15
Oct.
1 Sept. 15
Sept.20 Sept. 2
Sept. 20 Sept. 2
Sept.
1 Aug. 19
82
37 He
30c
Sept.
1 Aug. 20
37 He
Sept.
Aug. 20
15c
25c
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
Sept.
25c
Sept.
25c
Sept.
Aug. 15
Aug. 31
Aug. 15
Aug. 24
Sept.
1
Sept. 10
Sept.
1
Aug. 15
Aug. 15
Aug. 20
Aug. 15
Aug. 15
Aug. 15
Aug. 31
Aug. 31
Sept. 30
Sept.
1
Aug. 15*
Aug. 19
Aug. 15
Aug. 15
Aug. 15
10c
81 X
30c
Cap & Seal (quar.)
(quar.)
Standard Dredging Co. preferred (quar.)I!
Standard Oil Co. of Calif, (quar.)
Extra
(quar.)IIII!
(Ky.) (quar.)
Standard Oil Co. (Ohio) common
(quar.)
5% cum. preferred (quar.)
Sterling Brewers, Inc
Sterling Products, Inc. (quar.)
_
1
Furniture
Strawbridge & Clothier prior pref. A
"
Stromberg-Carlson Teleg. Mfg. pref. (quar.)"
Stuart (D. A.) Oil, Ltd.. partlc.
pref. A
1 Sept. 15
Sept.
62Hc
25c
Standard Brands, Inc., 84.5u pref. (quar.).
Standard
Indiana)
15
1 Aug. 26
Oct.
81H
Spear & Co. 1st & 2d preferred (quar.)
Spencer Kellogg & Sons, Inc. (quar.)
Spiegel, Inc., 84 H conv. pref. (quar.)
Staley (A. E.) Mfg Co. cum. pref. (quar.)
Standard Oil Co.
19
12
12
30c
6% preferred series B (quar.)
Standard Oil Co. (of
15
Sept.
SIX
SIX
six
40c
40c
40c
25c
10c
Oct.
SIX
l()c
Sept.
95c
12 He
81 H
SIX
20c
Sept.
i
Aug.
Sept.
Sept.
Sept.
Sept.
Sept.
1 Aug. 20
1 Aug. 20
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Sept. 15
1 Aug. 15
1 Sept. 15
1 Aug. 15
1 Sept. 15
1 Aug. 20
SIX
SIX
81H
SIX
81.80
50c
50c
60c
60c
SIX
50c
10c
SIX
25c
81X
25c
SIX
25c
.
_
Sept.
Oct.
Sept.
Sept. 15 Sept.1
Sept. 1 Auk. 11
1
Sept. 15 Sept.
Sept. 1 Aug. 19
Oct.
1
sept.
12
Sept.15 Aug. 25
Sept. 1 Aug. 20
Sef>t. 6 Aug. 17
Aug. 31 Aug. 20
1
1
1
Sept. 1
Sept.15
Sept.15
Dec.
SIX
six
six
m
50c
10c
SIX
—
(quar.)
25c
SIX
Oct.
1 Sept.
3 Dec.
Jan.
;
United Verde Extension Mining
Liquidating dividend.
Universal Insurance Co. (quar.)
2.5c
Upressit Metal Cap Corp. 8% pref. (quar.)
82
Upper Michigan Power & Light Co.
6% preferred (quar.)
81H
6% preferred (quar.)
81H
Utah Power & Light, 7% preferred
__t 81.16 2-3
6% preferred
t81
Valley Mould & Iron, $5H prior pref. (quar.)..
SIX
Van Norman Machine Tool Co
Van Raalte Co., Inc
7% preferred (quar.)
Vapor Car Heating Co., Inc., 7% pref. (quar.).
7% preferred (quar.)..
Vick Chemical Co. (quar.)
Extra
Vicksburg, Shreveport & Pacific Ry
Preferred (s.-a.)
Viking Pump Co
Preferred (quarterly)
Virginia Electric & Power, 86 pref. (quar.)
Virginia Fire & Marine Insurance
Virginia Public Service, 7% preferred (quar.)..
(quar)
Waialua
Agricultural Co
Walgreen Co., 4H % pref. with warrants
Walker (H.) Gooderham & Worts, Ltd
82 H
82 H
25c
60c
81H
50c
SIX
SIX
20c
81H
81
Prsfcrrcd
25c
Walt ham Watch Co. 6% pref. (quar.)
Prior preferred (quar.)
81H
SIX
Warren (Northam) Corp. 83 Dref. (quar.)
Washington Railway & Electric Co.
5% preferred (quar.)
5% preferred (quar.)
5% preferred (s.-a.)
Weill (Raphael) & Co. 8% pref. (s.-a.)
75c
89
—
81H
81X
82 H
84
Weisbaum Bros.-Brower
Wentworth Mfg. Co. (resumed)
West Coast Telephone Co. 6% preferred
West Virginia Water Service Co. $6 pref. (qu.)
Western Auto Supply Co
Westinghouse Air Brake Co.. quarterly
Westinghouse Electric & Mfg
10c
10c
t75c
81H
25c
25c
50c
Preferred
87Hc
Westmoreland, Inc. (quar.)
Westvaco Chlorine Products, (quar.)__—
Whitaker Paper Co. 7% pref. (quar.)
Will & Baumer Candle Co., Inc., pref. (quar.)__
Williamsport Water Co., 86 pref. (quar.)
Winsted Hosier Co (quarterly)
—
7% preferred (quar.)
Woolworth (F. W.) Co. (quar.)
Worthington Pump & Mach. 4H% pr. pref. (qu)
4H% conv. prior pref. (quar.)
Wright-Hargreaves Mines, Ltd. (quar.)
—
—
Extra
Wrigley (Wm.) Jr. Co. (monthly)
Monthly
Yale & Towne Manufacturing Co
Yellow Truck & Coach Mfg., preferred—
Youngstown Sheet & Tube, pref. A (quar.)
25c
25c
SIX
82
81H
81H
50c
10c
35c
60c
SIX
SIX
10c
5c
25c
25c
15c
SIX
SIX
9
9
Aug.
Aug.
Aug.
Aug.
20
29
26
20*
Sept.
1 Aug. 15
Oct.
1 Sept. 15
Nov.
1
Feb.
1
Oct.
1 Sept.
1 Sept.
Oct.
Dec.
10c
14
1 Sept. 15
1 Sept. 15
Sept. 1
Sept.15
Sept.15
Sept.15
SIX
50c
15
16
Dec. 20 Nov. 30*
SIX
SIX
40c
12*
20
15
1
1
9
12
31
31
15
15
15
15
15
15
20
15
Oct.
1 Sept. 15
Oct.
1 Sept. 15 I
Sept.30 Sept. 18
Sept. 20 Aug 31*
Sept.
1
Sept.20
Sept. 1
Sept. 1
Sept. 10
50c
1
17
1 Aug.
7 Sept.
Sept.15 Sept.
Sept*. 24 Sept.
Sept. 1 Aug.
Sept. 30 Aug.
Sept. 30 Aug.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Sept. 1 Aug.
Oct.
1 Sept.
Oct. 10 Sept.
Sept. 1 Aug.
Oct.
43 He
6uc
1
1
Sept.
Sept.
Oct.
32c
Preferred
Sept.
Aug.
Aug.
Aug.
1 Oct.
25c
37 He
1 Sept
Nov.
25c
...
Sept.
Sept.
15 Dec
Sept. 30
Sept.15
Sept. 1
Sept. 1
SIX
;
United States Playing Card (quar.)
Extra.
United States Plywood Corp. conv. pref
United States Tobacco common
*
Sept.
Oct.
Oct.
25c
(quar.)
Extra
Winter & Hirsch, Inc.
Oct.
Oct.
Oct.
Aug. 15
30c
.
Vulcan Detinning Co. pref.
Oct.
Aug. 15
Aug. 15
581-3c
7% prior preierred (monthly)
6 36% prior preferred (monthly)
53c
53c
6-36% prior preferred (monthly)
50c
6% prior preferred (monthly)
50c
6% prior preferred (monthly)
United New Jersey Railroad & Canal (quar.)..
82 H
United States Envelope preferred (s.-a.)
83 H
United States Gypsum Co. (quar.)
50c
Preferred (quar.)
SIX
United States Guarantee (quar.).
30c
United States Pipe & Foundry Co.. com. (quar.)
50c
Common (quarterly)—
50c
20*
1
25c
Southern Pipe Line Co
Southland Royalty Co
J'referred
1 Sept.15
United Light & Railways, 7% prior pref. (mo.). 58 l~3c
Sept. l!Aug. 15
Sept. 15 Aug. 31
40c
1 Sept. 17
1 Sept. 15
Oct.
20c
-
preferred (quar.)
United Gas Improvement (quar.)
Sept.
8|Aug. IS
Oct.
13 Sept. 22
50c
15c
preferred (quar J
Southern California Edison Co., Ltd.—
Preferred
Oct.
50c
United Fuel Investment. Ltd., 6% preferred..
United Gas & Electric Corp. common (quar.)
United Elastic Corp
United Gas Corp., 87
Nov.
15c
50c
(quar.)
(quarterly!
5
68 He
82
SIX
SIX
(quar.)
United Dyewood Corp. pref. (quar )
I'referred
75c
$1X
81H
Preferred
15
15
24
15
1
14
Oct.
1 Sept.
7
Sept. 15 Aug. 31
5c
5c
75c
81H
United Biscuit Co. of Amer. (quar.)
Sept. 15 Aug.
Oct. 15 Sept.
Sept. 15 Aug.
1 Aug.
Sept.
Aug. 31 Aug.
Oct.
1 Sept.
50c
81
25c
non-con v.
Union Tank Car Co.
50c
15 Oct.
Sept. 15 Sept. 3
Oct.
1 Sept.
1
Sept.
1 Aug. 15
Sept.30 Aug. 20
Sept. 30 Aug. 20
Sept. 30 Sept. 15
Sept. 30 Sept.15
41 2-3c Sept.
preferred (monthly)
preferred (monthly)
Trane Co. preferred (quar.)
Truax-Traer Coal 6% pref. (quar.)
5H% preferred (quar.K
Troy & Greenbush KR. Assoc. (s.-a.).
208 8o. La Salle St. Corp. (quar.)
Underwood Elliott Fisher Co. (quar.)
Union Gas Co. of Canada (quar.)
6%
5%
.
40c
3uc
Sept. 15 Aug. 25
Sept. 1 Aug. 10
Oct.
58 l-3c Sept.
50c
Sept.
Toledo Edison Co. 7% pref. (monthly)
Aug. 15
25c
81H
12Hc
12 He
Title Insurance Corp. of St. Louis
Sept. 15 Aug. 15
Sept. 15 Aug. 15
Sept. 15 Aug. 15
10c
Ihreferred (quar.).
South Shore Utilities Assoc.,
81H pref. (quar.)_.
Southeastern Greyhound Lines—
—
...
Aug. 15
Aug. 15
Sept. 30 Sept.
1
Sept. 30; Sept.
1
Sept. 15 Aug. 31
Sept. 15!Aug. 31
Sept. 30 Sept. 1
41 2-3c Sept.
2c
8%
—
.
10c
(quar.)
15
Aug. 20
Sept.15
Sept.15
Aug. 15
Aug. 15
81H
SIX
Socony-Vacuum Oil Co., Inc
Sonotone Corp. pref. (quar.)
Sontag Chain Stores Co., Ltd. (quar.)
South Bend Lathe Works (quar.)
South Carolina Power Co. 86
pref. (quar.)
South Porto Rico Sugar Co. (quar.)
Aug. 20
Dec
2c
Steel
Smith (S. Morgan) Co.
—
6-10-39
9-1B-39
12-10-39
81 X
SIX
SIX
Extra
Simonds Saw &
Storkline
10-1-39
25c
(quarterly)
Preferred (quarterly)
Shattuck (Frank G.) (quar.)
Shenango Valley Water 6% pref. (quar.)
Sh -i v» n-Williams Co. 5% pref.
(quar.).
Simon (Wm ) Brewery (quar.)
10
12-10-38
3-10-39
62 He
Servel, Inc
Preferred
Sept
4-1-39
7-1-39
40c
SeaboarcfOll
4
1-3-39
SIX
8 IK
81*
81X
25c
Payment is made to common stockholders of
South Porto Rico Sugar Co.
Rustless Iron & Steel, pref. (quar.)
St. Joseph Lead Go
St. Joseph Water Co.. 6% pref. (quar.)__
San Francisco Remedial Loan Assn. (quar.)
Quarterly
Preferred
Oct.
81X
81 X
50c
Preferred (semi-annual)
Potomac Electric Power Co. 6% pref. (quar.)
6%
Sept.
50c
Portland & Ogdensburg Ry. (quar.)
Potash Co. of America (increased)
Scott
Sept. 15
Aug. 19*
Ft
7% preferred (quar.)
7% preferred (quar.)
7% preferred (quar.)..
—
7% preferred (quar.)
7% preferred (quar
Pittsburgh Youngstown & Ashtabula Ry.—
7% preferred (quar.)
-7% preferred iquarterly)
.....
Pollock Paper & Box Co. 7% preferred (quar.).i
San
Oct.
81X
W. & Chicago Ry.—
7% preferred (quar
Pitts
Aug. 15
Aug. 15
wept.
Oct.
Payable of Record
Company
Sun Oil Co. (quar.)
6% Preferred (quar.)
Superheater Co
Sutherland Paper Co
—
Swift <& Co. (quar.)-—.—
Swift International Co., deposit certificates
Sylvanite Gold Mines (quar.)
Sylvanite Gold Mines (registered)
Tacony-Palmyra Bridge (quar.)
Class A (quar.)__
Preferred (quar.)
Taicott (James), Inc
—
First preferred (quar.)
Tampa Gas Co. 8% preferred (quar.)
7% preferred (quar.)
Tennessee Electric Power Co. 5% pref. (quar.)
6% preferred (quar.)
—
7% preferred (quar.)
7.2% preferred (quar.)
6% preferred (monthly)
6% preferred (monthly)
7.2% preferred (monthly)
7.2% preferred (monthly)
Terre Haute Water Works Corp., 7% pref.-..-Texas Gulf Sulphur (quar.)
Texas Pacific Coal & Oil Co. (quar.)
Thew Shovel Co., preferred (quar.)
Tidewater Assoc. Oil Co (quar.)
84.50conv. pref. (quar.)
Tilo Roofing Co. (quar.)
Tiinken Detroit Axle pref. (quar.)
Timken Roller Bearing Co
Aug.
1938
Holders
When
Name of
Sept.
Sept.
Sept.
5oc
Phillips Petroleum Co
Phoenix Hosiery Co.. 7% preferred.
Photo-Engraving & Electrotypers, Ltd..
1-Idsoury r lour Willis Co
j
Oct.
25c
81H
Aug. 27,
Holders
Payable of Record
87 He
50c
Philadelphia Co., 85 preferred (quar.)......
86 preferred (quar.)
Preferred (semi-annual)—
Philadelphia Electric Power 8% pref. (quar.;..
Philadelphia Suburban Water, 6% pref..
Chrowrle
Aug. 20
Sept.
9
Aug. 17
Aug. 17
Sept.
10 Dec.
1
1
Oct.
1 Aug. 15
1 Aug. 15
1 Sept.
8
1 Sept.
8
15 Sept. 1
1
15 Sept.
2u Aug. 31
1 Aug. 20
1 Sept. 10
Oct.
20 Oct
Sept.
Sept.
Oct.
Oct.
Sept.
Sept.
Sept.
Sept.
Aug. 31
Sept.15
Sept. 15
Sept. 15
Oct.
3
Oct.
3
Sept.
1
Aug. 31
Sept. 1
Dec.
Aug.
Aug.
Aug.
Aug.
Sept.
Sept.
Aug.
Aug.
Aug.
10
20
26
26
26
24
24
15
15
15
1 Nov. 15
Dec.
1 Nov. 15
Sept.
1 Aug.
1
Sept. 1 Aug. 16
Sept. 10 Sept. 1
Sept. 1 Aug. 20
Oct.
1 Sept.15
Sept. 1 Aug. 19
Oct. 31 Sept. 30
Aug. 31 Aug.
9
Aug. 31 Aug.
9
Oct.
1 Sept. 15
Sept. 1 Aug. 10
Oct.
1 Sept. 17
Oct.
1 Sept. 15
Sept.
1 Aug. 20
Nov.
Nov.
1 Oct.
15
1 Oct.
15
Aug. 31 Aug. 18
Sept.
1 Aug. 18
Sept. 1 Aug. 10
Sept. 15 Sept. 6
Sept.15 Sept. 6
Oct.
1 Aug. 26
1 Aug. 26
Sept. 1 Aug. 20
Oct.
I Sept. 20
Oct.
1 Sept.
9
Oct.
5 Sept.
5
Oct.
1 Sept. 10
Oct.
Transfer books not closed for this dividend,
t On account of accumulated dividends.
X Payable in Canadian funds, and in the case of non-residents of Canada;
deduction of a tax of 5% of the amount of such dividend will be made.
Financial
147
Volume
STATEMENT
*
Deposits,
Averaye
Average
Assets—■
6,000,000
13,479, 700
Bank of Manhattan Co.
20,000,000
25,920, 500
409 ,167,000
Natlonal City Bank
77,500,000
20.000,000
Cliem Bank & Trust Co.
/58.700, 000 al,468 ,176,000
Manufacturers Trust Co
Cent Hanover Bk&Tr Co
21,000,000
Com Exch Bank Tr Co.
15,000,000
First National Bank
483 ,650,000
54,904, 400
182,010, 400 &1.326 ,031.000
477 448,000
45,129, 400
C744 ,499,000
71,027, 500
90.000,000
42,355,000
10,000,000
50,000.000
4,000,000
Guaranty Trust Co
Irving Trust Co
..
Continental Bk & Tr Co.
18,409, 400
108,772, 300
248 ,292,000
61,411, 100
467 ,353,000
497 ,448,000
39
4,238, eoo
500,000
Bankers Trust Co
25,000.000
Title Guar & Trust Co..
10,000,000
1,086, 700
Marine Midland Tr Co.
5,000,000
12,500,000
27,846, 700
7,000,000
8,176, 500
00
9,084, 100
523,125.000
912.881,700
.
New Yoik Trust Co
Comra'l Nat Bk & Tr Co
7,000,
Public Nat Bk & Tr Co
Totals..
,854,000
132,268, 700 <22,009 ,123,000
44 ,638,000
3,705, 900
C786 073,000
77 650, 900
100.270,000
Chase National Bank
Fifth Avenue Bank
Gold certificates
,210,000
per
Total
not
following
by
direct
or
U. S. Govt, obligations,
fully guaranteed.
1,443,000
362,000
96 ,610,000
9,058, 600
289 .681,000
74 406 000
y
81
1,494,000
294,000
6,406,000
5,238,000
1,805,000
1,788,000
11,644,000
210,000
213,000
1,092,000
3,687,000
3,690,000
5,422,000
226,408,000
363,960,000
189,779,000
226,408,000
363,960,000
189,779,000
211,543,000
332,270,000
181,216,000
780,147,000
780,147,000
725,029,000
785,849,000
785,838,000
743,187,000
70,000
66,000
84,000
4,225,000
4,565,000
149,134,000
121,133,000
9,857,000
9,857,000
15,369,000
15,630,000 >
6,020,000
135,034,000
10,038,000
12,739,000
Other bills discounted
Total
discounted
bills
Bills bought In open market
Industrial
advances
-
666.804,000
12 ,869,000
States Government securities:
United
Bonds
Treasury
notes
Treasury
bills
Total U. S. Government securities..
reports:
Total bills and securities.
Due from foreign banks
Federal Reserve notes of other banks...
the figures for the week
are
Uncollected items
Bank premises..
All other assets...
ended Aug. 19:
NATIONAL
STATE
AND
Trust Cos.
Liabilities—
$
S
Grace National
21,416 600
145,700
6,886,400
2,764,100
21,081,000
468,000
2,323,000
26,559,000
4,995,713
247,354
6,387,000
1,839,236
178,060
6,082,410
Brooklyn—
253,000
4,979.000
People's National
1,510,000
375,900
602,000
704.000
119,714,000
50,956,000
51,943,000
7,744,000
8,210,000
2,705,000
Deferred availability items..
Capital paid in
Surplus (Section 7)...
8,097,000
84,000
6,805,200
Lafayette National-_
4,454,445,000 4,444,478,000 3,084,646,000
Total deposits.
27,254,700
Sterling National
Trade Bank ol N. Y.
5,707,000
Surplus (Section 13-B)
Reserve for contingencies
....
All other liabilities
Dep. Other
Y. and
Banks and
Gross
Elsewhere
Trust Cos.
Deposits
$
$
$
N.
Cash
Investments
of
Ratio
deposit
liabilities combined
total
to
reserve
50,213,500
9,592,763
12,419,817
18,759,400
27,343,700
64,879,918
Fiduciary
Lawyers
_
Brooklyn—
Brooklyn
77,200,000
♦
...
32,926.510
Includes amount with Federal
87.0%
64,954,500
10,746,823
12,330,700
1,492,479
3,249,500
186,835
*1,378,642
826,439
24,801
11,741.275
*5,354,200
*9,927,000
1,025,500
336,100
86.9%
83.8%
217,000
224,000
697,000
3,878,000
5,338,000
bills purchased
for foreign correspondents
21,035,900
*8.313,500
1,514,492
Commitments
35,830,200
80,015,864
654,000
*44,613,200
10,132,031
Reserve notes or a bank's own
Federa
for the gold taken
over from the Reserve banks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the Treasury
Empire, $6,371,200: Fidu¬
$9,344,100; United States, $27,424,123
Reserve as follows:
ciary, $728,876; Fulton, $5,044,400; Lawyers,
ad-
t "Other cash" does not Include Federal
Reserve bank notes.
62,000 110,608,000
39,816,328
37,935,000
3,013,000
2,238,128
industrial
make
to
vances
x
Kings County
and
3,853,000
F. R. note
Contingent liability on
$
$
Manhattan—
Fulton.
51,474,000
7,744,000
9,117,000
1,294,000
8,210,000
2,499,000
5,603,346,000 5,619,956,000 4,274,969,000
liabilities-
Total
Res. Dep.,
Loans,
Disc, and
Empire........
133,178,000
51,072,000
141,912,000
50,959,000
51,943,000
7,744,000
COMPANIES—AVERAGE FIGURES
TRUST
Federation
936,444,000
912,211,000
2,890,900,000
Deposits—Member bank reserve acc't.. 3,907,583,000 3,846,859,000
31,858,000
376,940,000
361,242,000
U. S. Treasurer—General account
72,216,000
41,044,000
42,526,000
Foreign bank..
89,672,000
179,635,000
143,094,000
Other deposits
Deposits
$
907,629,000
F. R. notes in actual circulation
Gross
Elsewhere
$
%
Manhattan—
N. Y. and
Including
and
Investments
Res. Dep.,
Bank Notes
Loans.
Disc,
Dep. Other
Banks and
Other Cash,
5,603,346,000 5,619,956,000 4,274,969,000
Total assets
THE CLOSING OF
AUG. 12, 1938
BANKS—AVERAGE FIGURES
INSTITUTIONS NOT IN CLEARING HOUSE WITH
BUSINESS FOR THE WEEK ENDED FRIDAY,
United States
1,555,000
76,445,000
1,237,000
110,289,000
4,666,242,000 4,655,467,000 3,367,867,000
reserves
Secured
publishes regularly each week
of a number of banks and, trust companies which
members of the New York Clearing House.
The
returns
1,237,000
113,890,000
t-
Bills discounted:
2,395,000
8,130,000
28,899,000
2,300,000
49,910,000
9,701.663.000
Other cash
New York "Times"
The
are
official
4,551,115,000 4,543,941,000 3,289,867,000
Redemption fund—F. R. notes....
National, June 30, 1938: State, June 30, 1938; trust
compa ies. June 30, 1938.
f As of July 5, 1938.
Includes deposits in foreign branches as follows:
a S266.644.000:' $86,946,000;
c $7,479,000: d $122,497,000: e $37,463,000.
♦As
hand and due from
on
United States Treasury-x...
9,103,000
39,659.000
171,124,000
7,530,000
57,759,000
91,683,000
48,436,000
24,560,000
2,824,000
5,429,000
2,822,000
68,994,000
2,295,000
42,952,000
145 135 000
Bank ol New York
1937
S
$
5
$
$
S
$
1938,
corresponding
date last year:
Time
Deposits
Profits
Members
week and the
comparison with the previous
Aug. 24, 1938 Aug. 17, 1938 Aug. 25,
Net Demand
Surplus and
Undivided
Capital
of the Federal Reserve
of business Aug. 24,
Bank of New York at the close
in
FOR THE
Clearing House
following shows the condition
The
MEMBERS OF THE NEW YORK CLEARING HOUSE
WEEK ENDED SATURDAY, AUG. 20, 1938
OF
ASSOCIATION
York
New
York City
New
weekly statement issued by the
Clearing House is given in full below:
Bank of
Condition of the Federal Reserve
Weekly Return of the New York City
Clearing House
The
1291
Chronicle
These are certificates given
under the provisions of
by the United States Treasury
the Gold Reserve Act of 1934.
Banks of the Federal Reserve System
Weekly Return for the Member
issued by the Board of Governors of the Federal Reserve System, giving the priDcipal
of the resources and liabilities of the reporting member banks in 101 leading cities from which weekly returns are obtained.
Following is the weekly statement
items
These figures are
always a week behind those
for the Reserve banks themselves.
The comment of the Board of Governors
of
the latest week appears in our department of"Current Events and Discussions,"
immediately preceding which we also give the figures of New York and Chicago reporting member banks for a week later.
Commencing with the statement of May 19,1937, various changes were made in the breakdown of loans as reported in this statement, which were
the Federal Reserve
described in
an
System upon the figures for
announcement of the
Federal Reserve Bank of New York of April
20,1937, as follows:
of loans and discounts. This classification has been changed primarily to show the
loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and dealers in securities located in New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with "acceptances and commer¬
cial paper bought in open market" under the revised caption "open market paper," instead of in "all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and agricultural loans" and "other loans'
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the May 29,1937, issue of the "Chronicle," page 3590.
The changes in the report form are confined to the classification
amounts of (1) commercial, industrial and agricultural loans, and (2)
ASSETS AND LIABILITIES OF
Federal Reserve
WEEKLY REPORTING MEMBER BANKS IN 101
Total
Districts—
LEADING CITIES BY DISTRICTS ON
Cleveland Richmond
Phila.
$
S
$
1,106
8,358
1,133
1,765
8.223
583
3.332
419
662
3,900
271
1,583
193
255
$
Loans—total
Commercial, indus. and agricul.
loans
Open market paper
Loans to brokers and dealers in securs.
Other loans for purchasing or
San Fran.
$
2,122
2,865
655
354
624
491
282
284
153
245
227
977
229
830
99
154
474
175
71
151
144
330
3
34
5
5
16
2
23
5
31
5
1
4
2
10
13
8
12
14
55
6
22
21
378
1
1
337
63
144
20
11
632
21
513
16
21
3
578
31
265
34
36
16
15
79
82
221
58
172
32
27
93
48
1,160
securities
Real estate loans
$
Dallas
$
Minneap. Kan. City
$
$
$
AUG. 17, 1938 (In Millions of Dollars)
551
608
11
carrying
St. Louis
Chicago
Atlanta
$
$
$
20,632
ASSETS
Loans and investments—total
1
4
4
6
2
115
Other loans
United States Government
3
89
2
2
115
179
165
74
43
96
67
39
517
62
112
32
1,501
Loans to banks
142
1,352
210
147
209
172
713
securities..
745
283
94
34
47
820
91
14
30
63
1,628
84
98
52
304
283
62
123
1,205
267
40
130
459
3,107
obligations
Obligations fully guar, by U. S. Govt.
Other
New York
Boston
159
102
340
148
81
349
1,060
164
6.568
103
7,674
363
3,001
3.471
337
224
367
43
224
40
128
11
59
10
19
36
17
11
65
16
5
123
10
382
231
268
428
223
161
133
302
163
119
134
131
2,437
144
Balances with domestic banks
105
83
Other assets—net
74
39
208
1,268
33
26
82
16
22
557
23
335
2,229
411
904
1,045
413
495
751
262
1,018
6,743
414
15,020
186
874
132
1,023
748
199
144
1,052
294
120
257
186
5,215
2
18
25
92
425
8
112
20
128
363
197
266
Reserve with Federal Reserve
Cash in
Bank..
vault
LIABILITIES
Demand deposits—adjusted
Time deposits
-
United States Government
deposits..
Inter-bank deposits:
Domestic
5,953
Capital
305
5
1
.
„
-
79
211
351
281
909
272
1
7
......
19
6
6
3
4
288
90
56
95
83
334
m -
•
1
1
.
697
20
292
15
17
21
6
3,656
liabilities.
account
2,523
11
23
196
1
13
......
—
Borrowings
Other
232
320
banks
Foreign banks
13
18
15
240
1,610
226
361
93
90
378'
..
<
1292
Financial
Chronicle
Aug.
27,
1938
Weekly Return of the Board of Governors of the Federal Reserve System
The following was
issued by the Board of Governors of the Federal Reserve System
showing the condition of the 12 Reserve banks at the close of business
for the System as a
week last year.
Wednesday.
on
Thursday afternoon, Aug 25,
on
The first table presents the results
whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
The second table shows the
resources and liabilities separately for each of the 12 banks.
The Federal
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System upon the
returns for the latest week appear in our department of "Current Events and Discussions."
Reserve note statement
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS AUG. 24
24,
Aug.
Three Ciphers (000) Omitted
1938
ASSETS
Gold ctfs.
on
%
hand and due from U. S. Treas. x.
$
$
10,632,411
9,112
396,893
10,632,407
9,112
390,598
11,032,117
6,741
-
Aug. 10,
1938
3,699
3,042
Other cash *
reserves
17,
1938
11,038,416
Redemption fund (Federal Reserve notes)
Total
Aug.
Aug.
3,
1938
$
10,632,907
8,680
t394,085
July 27.
July 20,
July 13,
July 6,
1938
1938
1938
1938
*
9
29,
1938
25,
Aug.
1937
$
S
$
$
8,831,948
374,414
10,635.929
9,387
406,523
11,045,935
11,019,225
11,051,839
9,150,236
4,467
6,005
3,261
4,704
3,254
6,111
3.580
11,312
3,118
7,585
9,266
7,958
9,691
18,703
10.632,904
10,633,400
10,633,423
9,437
9,098
9,996
397,013
421,229
1,035,672
11,039,354
3,724
2,908
3,775
3,099
3,339
3,127
6,632
6,874
6,466
7,322
tl
1938
June
10,634,927
406,959
10,634,922
9,884
401,129
11,063,727
11,050,378
t4,162
t3,160
9,884
9,423
308,865
Bills discounted:
Secured
by
direct
or
U. S. Government obligations,
fully guaranteed
Other bills discounted
Total bills discounted
-
Bills bought in open market
537
securities
Foreign loans
on
540
540
537
537
3,077
16,308
16,214
16,274
16,361
16,590
20,929
744,105
1,196,188
744,105
1,196,188
744,105
1,196.188
744,105
744,105
1,190,870
629.040
744,105
744,105
1,174,105
744,105
1,165.105
744,105
1,165,105
623,722
1,196,188
623,722
1,174.105
623,722
645,805
645,805
654,805
654.805
1,157,713
631,404
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,664,015
2.564,015
2,526,190
2,587,003
2,587,394
2,586,667
2,588,184
2,588,354
2,590.095
2,588,871
2,590,833
2,568,899
737,073
....
„
gold
-
Total bills and securities
Gold held abroad
...
...
Due from foreign banks
184
Uncollected items
premises
All other assets
180
180
181
"""180
"""l80
183
24,955
501,237
44,462
Federal Reserve notes of other banks
Bank
539
15.647
2,587,145
Total U. S. Government securities
539
15,965
2,564,015
Treasury notes
Treasury bills
540
15,816
623,722
United States Government securities—Bonds..
540
15,852
Industrial advances
Other
7,391
23,032
23,587
507,628
44,486
22,948
23,516
26,602
19,505
24,200
547,727
534,141
593,833
585.667
44,559
44,581
520.057
44,616
580,791
44,486
25,552
644,090
44,578
20,252
589,565
44,486
181
"""220
183
44.677
45,479
51,950
51,280
•50.674
49,585
49,113
47,486
46,027
44,837
44,953
44,726
14,248,349
14.327,663
14,249,621
14,290,948
14.303.421
14,351.414
14,396,457
14,303,512
14,271,986
12,414,551
Federal Reserve notes in actual circulation....
4,144,760
4,150,214
4,135.656
4,138,706
4,109,643
4,124,138
4,134,161
4,174,869
4,124,442
4,234,680
Deposits—Member banks'
8,156,037
770,784
8,045,525
838,820
8,074,340
8,187,723
8,201,896
774,757
123,966
723,989
126,908
226,518
8,073,675
770,193
134,865
227,997
8,040,951
863,897
117,267
247,425
8,273,069
627,928
128,957
242,816
6,729,546
160,885
200,205
Total assets
LIABILITIES
reserve account....
-
195,662
8,085,198
802,104
115,867
233,198
267,742
732,462
125.243
257,455
-
9,241,649
9,236,367
9,249.037
9,240.795
9,302,883
9,279,311
9,272,770
9,206,730
9,270,901
7,246,695
509,855
133,991
147,739
589,541
513,223
539.276
133,785
638,000
133,706
571,624
521.301
133,670
584,978
132,531
145,854
27,683
32,774
133,667
147,739
27,683
147.739
27,683
32,775
27,t>83
32,846
27,490
32,846
9,897
9,392
133,829
147,739
27,683
32,809
9,645
560.292
133,814
147,739
597,151
133,953
14,248,349
14,327,663
82.5 %
604
United States Treasurer—General account--
Foreign banks
Other
119,166
deposits
Total deposits
Deferred availability Items
Capital paid In
Surplus (Section 7)
Surplus (Section 13-B)
Reserve for contingencies
reserves
foreign
14,249,621
14,290,948
14,303,421
14,351,414
14,396,457
14,303,512
14,271,986
12,414,551
82.4%
82.4%
82.5%
82.5%
82.4%
82.4%
82.3%
82.5%
79.7%
697
704
727
879
975
1,097
1.368
1,506
1,932
13,684
13,740
13,767
13,809
13,731
13,432
13,500
13,468
13,649
15,179
5,031
5,340
4,916
5,478
5,662
7,369
6,286
7,807
16,546
325
302
255
529
612
418
247
471
362
824
743
694
426
418
417
536
527
477
914
373
411
383
628
613
570
528
503
355
742
146
122
155
241
284
324
415
395
581
139
6,741
to
6,632
6,874
6,466
7,322
7,585
9,266
7,958
9,691
18,703
137
125
201
105
307
239
69
107
110
569
117
137
125
105
168
275
216
69
,333
70
90
23
86
83
229
391
239
37
110
110
131
129
784
3,077
27,682
32,810
147.739
27,683
32,810
8,822
27.683
32.845
9,553
8,354
13.504
6,485
35,838
deposits and Federal
Reserve note liabilities combined
liability
9,110
147,739
27,683
32,810
9,602
418
Total liabilities
Contingent
133,760
147,739
156,059
4,980
-
All other liabilities
Ratio of total
147,739
138,612
227,441
bills
on
correspondents
purchased
for
....
Commitments to make industrial advances
Maturity Distribution of Bills and
Short-Term Securities—
16-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-15 days bills bought in open market
16-30 days bills bought In
31-60 days bills bought In
61-90 days bills bought in
Over 90 days bills bought
open market
open market
""118
23
open market
282
275
"""202
in open market
Total bills bought In open market
1-15 days industrial advances
16-30 days industrial advances
31-60 days Industrial advances
•
537
540
539
539
540
540
537
537
1,201
1,046
1,123
1,728
1,885
1,269
1,239
184
249
1,233
132
61-90 days Industrial advances
Over 90 days industrial advances
540
1,241
193
47
58
277
305
171
584
...........
563
614
469
380
367
283
229
286
1,150
13,331
1,034
13,524
934
564
13,960
18,556
762
Total industrial advances
767
569
730
626
13,133
13,101
13,487
13,132
13,527
611
13,293
649
15,852
1-15 days other securities
16-30 days other securities
31-60 days other securities
61-90 days other securities
16,308
16,214
16,274
16,361
16;590
20,929
86,493
87,710
81,361
92,271
106,776
28,546
112,246
106,880
213,650
192,780
172,432
229,401
236,036
181,285
215,480
215 480
59,729
1,985,153
193,257
1,973,993
215,480
223,779
1.950,553
86,493
171,040
118,893
81,361
1,968,138
1,978,175
1,966,996
1,955.310
2,276,299
2,564,015
Total U. 8. Government securities
15,647
87,710
83,330
237,520
160,187
1,995,268
92,335
1,983,143
61-90 days U. 8. Government securities
Over 90 days U.S. Government securities
15,965
88,950
159,113
Government securities
31-60 days U. S. Government securities
15,816
83,330
131,150
207,279
1-15 days U. S. Government securities
16-30 days U. 8
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,564,015
2,526,190
103,830
88,950
215,480
92,335
174,203
54,736
_
-A-
S
\
\
Over 90 days other securities
Total
936
224
'
\
other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R.
Agent
Held by Federal Reserve Bank
In actual circulation
Collateral Held by Agent
....
as
4,443,342
298,582
4,448,170
4,445,959
310,303
4,431,040
292,334
4,433,662
324,019
4,455,659
331,521
4.472,648
338,487
4,458,193
283,324
4,418,328
297,956
293,886
326,291
4,144,760
4,150,214
4,135.656
4,138.706
4,109,643
4,124,138
4,134,161
4.174,869
4,124,442
4,234,680
4,544,632
4,539,632
4,539,632
4,528,632
4,528.632
4,528,632
4,542,632
4,543.632
4,533,632
4,594,632
5,727
5,629
5,694
5,449
6,292
6,615
8,267
6,986
7,810
4,560,971
Security for
Notes Issued to Bank—
Gold ctfs
on
hand and due from U. 8.
Treas..
By eligible paper
United States Government securities
18,277
20,000
Total
collateral
*
"Other cash
z
These
4,550.359
4,545,261
4,545.326
4,534.081
4.534.924
4.535.247
4,550,899
4.550.618
4,541.442
4,632,909
does not include Federal
Reserve notes,
t Revised ligure.
certificates given by the United
States Treasury for the gold taken over from the Reserve banzs when the dollar was devalued from 100 cents
to 59.08
ents on Jan. 31. 1934. these certificates
being worthless to the extent of the difference, the difference Itself having been
appropriated as profit tby the Treasury under
provisions of the Gold Reserve Act of 1934.
are
Volume
Three Ciphers (000)
Omitted
Total
Boston
New York
ASSETS
$
$
$
Gold
certificates
and
hand
on
Total
709,168
182,966
291,362
219,331
309,556
$
$
$
$
992
1,151
901
635
577
368
814
315
1,093
1,237
202
827
31,386
25,104
22,414
14,527
51,503
15,565
9,621
18,770
39,130
113,890
13,476
41,507
496.010
740,910
337,201
246,872
2,d83,324
325,489
229,766
310,334
196,757
749,391
656,120 4,666,242
165
9,112
396,893
.
11,038,416
reserves
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
$
231,710 2,031,244
313,886
714,655
463,632
613,786 4,551.115
from United States Treasury...... 10,632,411
Redemption fund—Fed. Res. notes..
Chicago
%
$
$
due
Other cash *
Atlanta
Cleveland Richmond
Phila.
$
BUSINESS AUG. 24, 1938
OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
LIABILITIES OF EACH
Federal Reserve Agent at—
(Covcluded)
of the Federal Reserve System
Weekly Return of the Board of Governors
WEEKLY STATEMENT OF RESOURCES AND
1293
Chronicle
Financial
147
Bills discounted:
Secured by U. S.
Govt, obligations
guaranteed..
1.
357
93
120
41
278
1,443
439
257
90
73
3,699
343
direct and (or) fully
597
140
393
60
159
245
362
406
40
56
3,042
584
Other bills discounted
129
200
663
523
2
16
16
bills discounted.
Total
677
165
55
23
19
67
2
210
3,302
735
1,476
115
441
135
1,118
427
846
3,687
1,197
226,408
69,727
36,921
32,270
33,204
21,310
34,428
24,657
91,535
107,662
112,089
59,355
51,876
53,375
34,257
55,345
39,638
56,137
58,446
30,948
27,050
67,828
27,832
17,863
28,858
20,668
97,013
50,585
47,728
363,960
189,779
80,920
130,083
60,348
56,940
66,972
1,196,188
623,722
780,147
230,771
240,262
127,224
111,196
278,831
114,411
73,430
84,963
207,946
196,203
118,631
2,564,015
Treasury notes
Treasury bills..
Total U. S. Govt, securities.....
74,679
119,274
86,488
209,704
114,728
279,504
2,587,145
198,746
785,849
235,164
241,529
129,473
112,007
70
18
17
8
7
22
3
5
5
14
2
184
Total bills and securities
1,724
1,572
1,705
512
3,812
14,894
1,545
27,116
19,889
23,163
3,115
1,266
3,277
1,625
2,221
1,692
4,294
463,770
306,609
993,654
Due from foreign banks
24,955
1,893
4,565
1,573
1,239
1,446
2,341
2,573
501,237
50.281
121,133
40,085
56,032
44,935
17,165
64,530
22,014
banks.
notes of other
items
44,462
2,968
9,857
4,741
6,117
2,654
2,090
4,518
premises
51,950
3,417
15,630
5,029
5.419
3,142
2,416
4,998
2,314
2,067
All other assets
324,083
Bank
518,859
382,898 2,439,469
468,339
408,707
196,093
139,805
957,124
171,194
132,100
165,173
75,583
333,698
166,237 1,276,142
78,869
37,449
225,821
117,640
228,253
164,649
547,771
27,707
43,359
26,937
26,596
38,828
14,228
3,587
2,750
3,467
3,467
8,489
2,184
13,535
LIABILITIES
302,136
907,629
355,518
4,144,760
F. R. notes in actual circulation.....
Deposits:
351,668
770,784
502,141
224,664
42,031
443,468 3,907,583
361,242
26.515
8,156,037
Member bank reserve account
U. S. Treasurer—General account..
29,822
31,429
5,141
4,185
bank
119,166
8,609
42,526
11,717
11,000
deposits
Other
195.662
4,711
143,094
2,263
10,420
2,051
483,303 41454,445
407,679
553,383
263,285
44,294
16,959
9,241,649
Total deposits..
13
782,620 1,051,263
913,439 5,603,346
14,248,349
Total assets
Foreign
38
40
2,373
U. S. Government securities—Bonds
Uncollected
750
49
537
Industrial advances
Res.
483
15,852
744,105
Bills bought in open market
Fed
1,036
1,805
130
6,741
...
180
1,617
5,914
3,970
725
213,049 1,370,856
263,029
167,719
259,382
196,896
608,623
66,037
23,396
14,746
28,874
26,308
5,178
Deferred availability Items
509,855
50,236
119,714
39,958
56,377
9,408
12,215
13,388
4,988
4,473
13,267
2.908
4,190
133,991
147,739
3,918
Capital paid in
50,956
22,956
3,938
51,943
14,323
4,964
5,626
4,667
3,153
3,613
4,411
1,007
3,409
730
1,142
9,805
2,121
7,744
1,001
1,270
2,874
545
27,683
22,387
1,429
3,892
9,900
13,466
3,176
1,401
1,603
7,118
1,215
1,894
1,776
2,000
32,775
755
902
425
653
1,251
562
462
298
757
752
375
9,897
8,210
2,705
2,000
934
1,448
782,620 1,051,263
518,859
382,898 2,439,469
468,339
324,083
463,770
306,609
993,654
4.3
3,27
Surplus
(Section 7)
Surplus
(Section
13-B)
Reserve for contingencies
All other liabilities
913,439 5,603,346
14,248,349
Total liabilities
'
Contingent liability on bills purchased
55
26
21
72
18
18
59
18
43
217
14
604
340
1,532
1,811
180
19
585
437
51
1,360
3,853
237
13,684
Chicago
St. Louis
for foreign correspondents
Commitments to make Indus, ad vs...
*
10,342
"Other cash" does not Include Federal Reserve notes.
RESERVE NOTE
FEDERAL
Three Ciphers (000)
Omitted
Held by Federal
Collateral
held
by
138,221
175,450
82,650
380,923
27,803
184,952
13,758
6,121
10,277
7,067
47,225
957,124
171,194
132,100
165,173
75,583
333,698
164,000 1,010,000
188,632
141,500
180,000
85,500
404,000
165
120
106
191
663
523
164,534 1,010,165
188,752
141,606
180,191
86,163
404,523
379,630 1,002,640
24,112
95,011
19,138
21,471
8,763
17,836
4,144,760
355,518
907,629
302,136
408,707
196,093
139,805
4,544,632
Reserve Bank
In actual circulation
$
S
1
*
San Ft an.
Dallas
Minneap. Kan. City
%
s
984,927
157,641
204,856
430,178
321,274
S
$
S
$
S
4.443,342
298,582
Bank by F. R. Agent
Issued to F. R
S
$
Federal Reserve notes:
Atlanta
Cleveland Richmond
Phila.
New York
Boston
Total
Federal Reserve Bant, of—
STATEMENT
390,000 1,010,000
90
1,775
327,000
434,000
210,000
546
383
631
Agent as security
for notes issued to banks:
Gold
certificates on
hand and
due
from United States Treasury
5,727
Eligible paper
210,631
434,383
327,546
390,090 1,011,775
4,550,359
Total collateral
534
Rates
quoted
1938
1938
1938...
1938
00
Oct.
19 1938
0.09%
0
00
Oct.
26 1938
0
—
OC
NOV.
0
0
Oct.
5 1938
0
Oct.
13 1938
0
00
1 • ft t •
1 » ft 1 •
00
1
1
fe
a
•
C.
Nov.
9 1938
NOV.
16 1938
on
the New
0.09%
New
the
York Stock
Exchange,
Yearly—See page 1309.
Averages—See page 1309.
0.09%
Nov. 23 1938
00
at
Daily, Weekly and
Stock and Bond
0.09%
0.09%
0.09%
Securities
Exchange—See following page.
Transactions
Ashed
Bid
Asked
0*
Aug. 31 1938
York Stock
for discount at purchase.
are
Bid
Sept. 7
Sept. 14
Sept. 21
Sept.28
Bills—Friday, Aug. 26
Government
States
United
United States Treasury
2
1938
PARIS BOURSE
THE
OS
stocks as
Quotations of representative
day of the past week:
received by cable
each
Aug. 20
Quotations for United States Treasury
Aug. 26
et Dee Pays Bas
l'Union Parlslenne—
Banque de Paris
32ds of
point.
Banque de
Pacific
Canadian
Maturity
June
Bid
15 1943...
Dec.
15 1938...
Dec.
15 1941...
IX%
ltf %
101.14
1
101.21
Bid
Rate
Maturity
Asked
101.16
June
101.26
102.12
15 1940...
IX%
102.14
102.16
15 1940—.
Dec.
Asked
H%
102.16
102.18
Mar. 15 1940...
ix%
102.13
102.15
1H%
101.25
101.27
Mar. 15 1942...
IX %
103.18
103.20
Dec.
15 1939...
IX %
101.27
102.29
Dec.
15 1942...
IX %
103.30
104
June
15 1941...
IX %
102.17
102.19
Sept. 15 1942...
2%
2X%
2X%
104 3
105.1
102.11
102.13
15 1939
Mar. 15 1939...
1X%
101.23
101.25
Mar. 15 1941...
1H%
102.22
102.24
Sept. 15 1938...
d'Electrlclte
Generale
100.3
Transatlantlque..
Citroen B
Eaux des
TT/-vTT
stocks
as
Pathe
j
Aug.
20
Aug.
22
Aug.
23
Aug.
24
Per Cent of
Allgemelne
Elektrlzltaets-Gesellschaft (4%)108
(8%)
145
(6%)
113
Berliner Kraft u. Licht
Deutsche Bank
Rys.pf.7%)_122
Dresdner Bank (5%)
.... 106
Farbenlndustrie I. G. (7%)
—147
Mannesmann Roehren (5%)..
-105
RelchsbankP (H%)
178
Siemens & Halske (8%)
182
Verelnlgte Stahlwerke (5%)
101
Deutsche Relchsbahn (German
—
108
145
113
122
106
147
105
179
179
101
Aug.
25
Aug.
26
Par
.
-
Perpetual 3%.
1917
Rentes 4%. 1918
Rentes 4}^%. 1932, A...
Rentes 4H%. 1332. B
Rentes, 5%. 1920—
Rentes
Rentes 4%
of the past week:
280
495
.
548
.
,
107
106
106
105
Royal Dutch
144
144
143
143
Saint
113
113
113
113
122
122
122
122
Soclete
106
106
106
106
146
146
145
144
102
101
101
101
180
179
179
178
177
176
176
175
Generale Fonciere
Soclete l yonnalse
Societe Marseilles
Tublze Artificial Silk preferred..
Union d'Electrlclte...
99
98
98
98
.£0
-
FrancalRe
Ford
—
Societe
Wagon-Llts—
—
371
.
JO
1,571
74.10
72.10
70.90
77.90
78.00
97.00
1,606
74.40
72.60
71.50
78.70
78.70
97.75
6.810
2,010
6,770
2,039
Schneider & Cle
Gobain C & C
778
748
747
371
-
6%
Capital—
Orleans Ry
received by cable
51!
1,340
775
DAY
M)
Pechlney
Closing prices of representative
t
460
1,570
Liquide
NordRy
each day
765
8?
560
1,560
1,320
289
498
Commercial de France...
LyonnaLse
Lyonnalse cap
Energie Electrique du Nord
Energie Electrique du Littoral—
Credit
Kuhlmann
*
232
21,200
635
1,340
28
508
766
d'Escompte
Credit
Lyon (P L
BERLIN STOCK EXCHANGE
1,224
460
"8?
Comptolr Natlonale
L'Alr
THE
6,700
1,205
459
232
21,300
632
1,330
27
514
102.18
Sept. 15 1939...
June
Cle
.........
d'Electrlclte
Cle Generale
Int.
Int.
Rate
*
....
Canal de Suez cap
Cle Dlstr
Aug. 22 Aug. 2% Aug. 24 Aug. 25 Aug. 26
Francs
Francs
Francs
Francs
Francs
6,700
Bank of France
Figures after decimal point represent one or more
a
Francs
Notes—Friday,
69
74
1,325
562
127
400
85
1.040
69
72
1,336
563
128
404
84
6,700
6,660
1,230
6,600
1,202
459
452
237
234
233
21,300
21,100
20,800
627
628
1,360
1,310
28
WOO
28
508
509
767
765
200
200
230
200
225
459
458
1,570
1,550
1,540
1,330
1,320
1,310
280
280
495
482
648
635
1,230
1,210
775
770
744
749
371
373
30
1,585
74.70
74.90
"374
30
1,615
1,200
75.12
72.90
73.30
73.50
71.60
71.80
72.00
79.00
72.90
79.50
79.10
79.25
79.40
97.60
97.90
98.10
6,890
6,820
6,810
2,039
1,980
1,049
1,035
59
58
71
70
1,332
1,316
563
562
130
125
405
395
86
84
57
Aug.
1294
27,
1938
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
the New York Stock Exchange
on
Federal Farm Mortgage
daily record of the transactions in Treasury, Home Owners' Loan and
Corporation bonds on the New York Stock Exchange during the current week.
•
Quotations after decimal point represeni one or more 32ds of a point.
furnish
we
a
PncestAug. 20
Daily Record of U. S. Bond
119.3
119.4
119.3
119.3
119.4
119.3
119.4
High
Treasury
119.5
119.3
119.5
119.3
Low.
119.2
Close
119.5
/
,
Daily Record of U. S. Bond Prices Aug. 20 Aug. 22 Aug. 23 Aug. 24 Aug. 25 Aug. 26
Aug. 22 Aug. 23 Aug, 24 Aug. 25 Aug. 26
119.5
High
Treasury
4^8. 1947-52
No
_
United States Government Securities
Below
of the day.
unless they are the only transaction
in the day's range,
such sales in computing the range for the year
account is taken of
119.5
1 <348-61
o«/o
105.6
:
■
mm —
m
105.5
Low.
"
Close
114.20
114.16
114.18
114.16
tClose
114.18
114.16
1
Total sales in $1,000 units...
2
Total sales in $1,000 units..
113.12
High
103.25
-
-
-
High
'
103.7
Low.
—,
113.12
Low.
113.12
Close
103.7
1
Total sales in $1,000 units...
Total sales in $1,000 units..
2*AH, 1956-59
(High
103.23
103.23
....
103.23
1
103.2
103.2
103.4
103.2
103.4
103.6
102:11-
High
106
....
....
....
103.4
103.6
1
103.2
....
103.2
103.2
....
3
2
1
*1
102.11
"
-
2
103.6
103.7
Close
3HB, 1946-50
.
....
103.22
6
-
103.22
103.27
Low.
.
....
103.22
103.27
Close
2HB, 1951-54
i
5
....
....
High
fHlgh
(Low.
4s, 1944-54
105.5
mm
Total sales in $1,000 units...
10
Total sales in $1,000 units...
;.W
102.11
102.10
102.11
102.11
Low.
105.31
Low.
102.11
102.11
102.7
102.8
102.10
102.9
Close
3^8.1940-43
105.31
Close
102.11
102.11
102.7
102.10
102.10
102.9
6
Total sales in $1,000 units...
55
5
48
160
High
Total sales in $1,000 units...
2X9,1958-63*.
fHlgh
107.12
107.14
107.10
f Low.
107.12
107.14
107.10
[Close
3Hb, 1941-43
107.12
107.14
107.10
Total sales in $1,000 units...
:«r: ''
y:,;
1
High
_•
110.8
110.9
Low
110.7
110.7
110.8
110.8
Close
3Hs, 1943-47
110.7
110.8
110.8
■
•
104.26
......
106.2
6
104.26
104.26
2Xs, 1948
-
Low.
104.26
Close
'
M.
m
150
104.26
......
....
1
1
'
Total sales in $1,000 units...
1
106.2
106
104.26
110.8
35
106
' WW--
106.3
17
106.2
5
110.8
Total sales in $1,000 units...
106.3
»
Close
Total sales in $1,000 units...
High
i;l
110.7
106.2
106.3
Low.
2Hb, 1945
103
......
"
......
High
107.25
[High
2X*,1941———' Low
107.25
[Close
■f:
1
Federal Farm Mortgage
[High
109.27
109.27
109.28
109.27
109.27
109.27
109.26
109.27
109.27
109.20
109.27
109.26
1
3
9
3
102.8
102.9
102.9
102.6
102.7
102.9
102.7
102.9
102.9
102.8
102.7
102.9
29
_
5
Low.
107.6
....
(High
109.29
109.28
109.31
109.27
''L
109.28
109.28
109.31
109.27
109.26
[Close
109.28
109.28
109.31
109.27
12
3
1
1
High
108.28
108.28
108.29
108.28
108.29
108.28
Low.
108.28
108.28
108.29
108.28
108.29
Close
108.28
108.28
108.29
108.28
108.29
108.28
3
4
5
1
1
1
109.26
1
"v;,.-
:
m,'im
—
106.1
High
108.9
108.7
108.9
'
■
....
....
....
2
105.2
....
105.2
....
105.2
....
....
2
106.12
106.10
106.11
106.12
106.12
106.11
106.10
106.11
106.12
106.12
106.11
106.10
106.11
106.12
^
w
—
106.12
1
11
3
3
102.27
102.28
102.28
102.28
102.25
102.25
102.26
102.28
7
High
....
Low.
108.9
—
«•
~
102.27
m
Total sales in $1,000 units...
102.28
102.28
(102.28
8
10
7
2
106.23
106.24
106.24
Low.
106.23
108.21
106.24
Close
106.23
106.24
106.24
ales in $1,000 units...
2
15
*2
High
104.7
104.9
104.8
104.8
Low.
104.7
104.8
104.6
104.6
Close
104.7
104.8
104.7
High
106.20
104.11
104.8
104.7
104.10
104.7
104.8
104.6"
104.4
104.5
104.5
'104.5
Ixiw.
104.4
104.6
104.4
104.1
104.4
104.5
104.4
104.6
104.4
104.5
104.5
Total sales in $1,000 units...
*
bonds.
1
4
71
106.22
106.23
Odd lot sales,
2
1
10
104.5
36
11
::vvy/"-i
t Deferred delivery sale.
Note—The
5
104.7
4
above
includes
table
only sales
of coupon
Transactions in registered bonds were:
Treasury 4s, 1944-1946
Treasury 2]/ss. 1955-1960
__._114.15to 114.15
———
-
_104.2
to 104.2
106.21
■
106.22
104".4"
1 Close
High
17
High
\
2^s. 1942-44:
30
Total sales in $1,000 units...
1
Home Owners' Loan
Total sales in $1,000 units...
2%s. 1945-47.-
106.3
....
.
•
J'
Close
108.9
108.9
....
*
....
....
m
Total sales in $1,000 units...
Home Owners' Loan
———-{Low.
(Close
2^s. 1955-60
.
106.3
....
Low.
2^8. Beries B. 1939-49..
Total
100.3
High
Low.
Close
3s, 1951-65
.
2
3
-
Close
Total sales in $1,000 units...
3s, series A, 1944-52
Total sales in $1,000 units...
3s, 1946-48—
....
106.1
106.2
5
....
....
'
-
Low.
Home Owners' Loan
[High
...
106.14
2
106.2
Close
2^8,1942-47
106.13
106.1
Low.
106.14
106.14
----
Close
Total sales in $1,000 units
3^8. 1949-52
-
106.2
Total sales in $1,000 units.
Federal Farm Mortgage
High
......
....
106.13
19
m.
.
3 His. 1940-49
V'"\
High
3s, 1942-47
108.28
Total sales in $1,000 units.
106.13
m,
......
....
106.13
106.13
000 units...
Federal Farm Mortgage
——
■
m
106.15
Low.
Total sales in $ 1
109.29
$Kb, 1944-40—— Low.
....
....
....
5
High
38. 1944-49
16
-
.£
....
Close
[Close
Total sales in $1 000 units.
102.7
5
14
7
107.6
Total sales in $1,000 units...
Federal Farm Mortgage
30
107.6
Close
109.26
109.27
•
109.27
Low.
-
102.9
High
3Xs, 1944-64—
3^8. 1943-45.—
102.8
Total sales in $1,000 units.
107.2,5
Total sales in $1,000 units.
102.9
Low.
—
102.9
Close
2Hs, 1949-53
102.9
Low.
106.20
106.21
106.22
106.21
106.20
Close
106.20
106.22
106.22
106.23
106.21
Total sales in $1,000 units...
16
55
3
8
2
United States Treasury Bills—See
United States
previous
page.
Treasury Notes, &c.—See previous
page.
New York Stock Record
LOW
AND
Saturday
Aug. 20
$ per share
*51%
*119
52
HIGH
SALE
PRICES—PER
*39%
*39%
*11%
20%
28%
61%
62
*1
41%
11%
20%
28%
1%
10%
10%
1
1
*11%
*9%
11%
*8%
*11%
18
*8%
*178
52
52
51%
51%
123% *118
123%
44
*39% 44
*39%
*39%
41
11%
*20%
11%
11%
21%
*20%
10%
*39
*1
1134
*20%
12%
21
21
12%
21
*20%
"2,800
100
6% Mar 30
A dams-Mill Is
No par
14% Mar 31
16% Mar 31|
40
May 2
% Mar 30
25
29
29
29
1,600
63%
1%
63
64%
6,500
1%
1,000
Air
10%
10%
1034
10%
*113%
1034
1034
1034
5,800
Alaska Juneau Gold Min
1%
1,900
Albany & Sasq RR__
Allegheny Corp
28
Air Reduction Inc.—No
par
*1
10%
....
"l%
9%
13
18%
9%
179%
1
11%
*9%
91-1
*11%
18
9%
12%
1134
9%
934
978
9%
12%
18%
9%
179% 181
10%
10%
10
10%
10%
11%
64%
64%
64%
64%
66%
49%
50
49
50
59%
51
*17%
18
*17%
18
18
18
2%
*17%
19
19
72%
*17%
69%
19
*71
71
71%
71%
79
*78
79%
80%
80%
2%
19
18%
56
2%
18%
55%
2%
19%
55%
*lli4
1878
9i2
180
*9%
13i8
11%
66%
5034
1778
*258
*19
72i2
80S4
19U
*55
1
1
12
1%
12%
934
1234
934
3,700
934
*9%
10%
*9%
10%
400
12
12
12
12
12
19t4
19
19%
19
10
10%
1234
18178
1038
13i8
180
180
*9%
10%
13
1112
673s
13
11%
*66
11%
68
1134
19%
14%
181% I8H2
1234
400
200
4,700
5,200
1,400
10%
12%
11
700
11%
*9%
1278
23,400
68
*66
900
Address-Multlgr
Corp
10
Way El Appliance.No par
Alabama A Vicksb'g Ry Co 100
June
3
56
56
t
Jan
80%
Jan
Oct
5%
Jan
16%
Oct
59%
Feb
5)
Feb
war. 100
5% June 17
10
Oct
Feb
$2.50 prior conv pref.No par
Alghny Lud Stl Corp .No par
734June I*
17% Aug 19
4% Mar 3d
10%
Oct
58%
52%
19% Aug 26
14% Aug 26
6%
Oct
23% Apr
Nov
258% Mar
17% Aug
Allen Industries Inc
'
Allied Chemical & Dye_Ar« par
Allied Kid Co
5
Allied Mills Co Iue
Allied Stores Corp
124
Mar 31
7
Mar 31
11% July 20
8% Mar 2h
No par
14% July 25
4% Mar 26
No par
5% preferred.
38
100
71
2,000
Amerada
8034
1,200
No pur
19%
20
2,800
56
56
55
40
.1
Am
6%
184
12
July
19
July 19
85
34
Oct
83%
Oct
3% Jan 1 1
39% Jan
8% Mar
Mar 3d
24
Jan 12
May 27
Mar 26
78
July 13
10
Mar 30
preferred
.
r
.
50
Cash sale.
33% Jan
21% Mar
54% July 25
1934 July 26
10
New stock,
Oct
I
pr
49
n
Oct
Feb
Dec
55
6 %
6%
Dec
Feb
49
5°
No
7%
10
Feb
Aug
5%
68% July 2h
par
Corp V
145
15%
166
Mar 31
Agric Chem (Del). -No par
American Bank Note..10
conv preferred.
%
1% Mar 26
..100
Amalgam leather Co Inc.
20
Def. delivery,
36
44% Nov
Oct
80%
19%
a
29% Aug 11
6534 July 25
Oct
Oct
69
In receivership,
17%
11
11% A
19%
Aug
22% Mar
28% Feb
11
Mar 30
3»% Mar 31
1912
85
7% Nov
5
Alpha Portland Cem
81%
Mar
Dec
43%
war. 100
A Ills-Chalmers Mfg....No
P"r
2034
72
14
war. 100
5\4% Pf A with $30
543% pf A with $40
5%S% pf A without
1,300
81
Jan
1234 July 19
22
Aug
9
Oct
9,700
7134
69
Oct
18
*17%
Nov
Oct
51%
81
Mar
37
1
1778
72t2
52
1
8
491*
20
42% Aug
146
17%
21
500
55
1% Jan 7
177g Jan 12
17% Jan 12
17% Jan 12
17% Jan 12
No par
5078
2%
share
Nov
9934 July 25
3
1778
*2%
*18%
per
36
7g Mar 31
6% June 17
Aug
834 Mar 31
95
49%
2%
Highest
share $
Apr 16
67
10
100
18
234
per
l%Juiy 11
67
Aug 3
13% Feb 2
5134
Bid and asked prices; no sales on this day.
1
12%
934
978
5234 Aug 26
No par
1%
$
share
11934 July 2.
Feb
Adams Express
29
per
4
36%
No par
63
10%
$
share
Abraham & Straus
Acme Steel Co
1%
13
*54
12%
per
Lowest
Highest
119% July 19
30% Mar 23
100
6438
13
56
41
*39
$
No par
pref.__,
1%
*9%
*
*20%
12l8
21
20
conv
6378
13
*54
12
41
4^%
1%
10%
18%
*39
Abbott Laboratories
63%
13
18%
800
1%
*9%
2%
52%
5234
5234
123% *118
12334
*35
44
3934
3934
41
11%
52-%
*118
Par
■
1%
9%
*178
5212
12334
*
62%
*8%
*11%
18%
*8%
52%
"118
44
13
18%
Sharep
*39
10%
79
$ per share
Year 1937
of 100-Share Lots
Lowest
29
9%
2%
$ per share
*3934
*9
10%
$ per share
41
13
*63
Week
29
9%
9%
Aug.2Q
29%
11%
18
Aug. 24
Range for Previous
Range Since Jan. 1
On Basis
29%
62%
11%
*8%
180
EXCHANGE
$ per share
....
13
STOCKS
NEW YORK STOCK
the
$ per share
*1
Sales
for
Aug. 23
29
CENT
Friday
Wednesday
*28%
62%
NOT PER
Thursday
Aug. 25
Tuesday
123% *116
44
SHARE,
Monday
Aug. 22
46%
z
Apr 27
Ex-dlv.
8%
1%
19
Oct
Oct
51% Nov
Oct
Mar
Jan
52% Mar
114% Mar
101% Jan
K4% Aug 5
23% Inly 19
53%
10
Oct
41%
Jan
'"Oi* July
50
D'»c
75%
Feb
y Ex-rlgbts.
% Called for redemption
Volume
LOW
AND
HIGH
SALE
PRICES—PER
NOT PER
SHARE,
NEW YORK
$
ver
Monday
share
*38%
♦132%
j
38%
3878
38i4
38%
132% 13212 *134% 135
lOlig 102l2
10012 101
170
170
171
*167
170
103
2858
28
2834!
4578
44
45
2078
*10914
*1175g 120lS *1183g
2U2
207g
21%'
26
2634
42lg
43
43l2
20
1934
*109U
28
2734
42
20
*10914
1934
*15
21
1934
*15
.._
115s
113s
12i2
117g
75
75
75"
*5
5
51S
*534
*334
15l4
1514
1112
*10%
37g
4%
27
4234
*235g
*42
134
9
105g
178
4l4
25
4234
*2312
23%
42l2
178
*4112
1%
16
16
178
|
16
16
12
414
25
4234
178
16
778
2138
64l2
15l4
434
3478
*1034
7
7i8
20%
20
2034
20
21
2034
65
155g
*60
6318
62
62
6412
678
20i2
*5978
*15
14l2
378
15
15
15
4
7%
7l2
145g
*3414
*155
19
1914
19
*77
7818
*76
*18I2
19
78
77lg
19
t
28
1
734
8
*1314
*24
14
24
*18
86%
7l4
7*8
97g
10%
934
*80
89
734
*30'8
3412
57g
*55g
*38
3934
734
38
35
*42
7*8
*30*8
1
33*8
*41
43%
*19
7*2
87*2
1934
19lg
'109
10934 10934
*15
16l2
*
15*2
*234
3%
29
*29 ig
2934
*12018--.. *120%
*234
89
57g
57g
534
57g
*46
50
*48
6
40
23*4
*103
*183g
86*4
8934
7*4
10
*80*8
5%
40
40*2
14
534
50
29
29
---
19
110
*16
3*2
*3
2934
*28
*120%
—
100*4 100*4 *100*2 102*2
53.1
578
534
57g
100
48
4234
48*2
90ig
44
10
10
50
*47
48*2
9018
42*2
97g
40*2
93g
6*4
*50i8
6*2
*50*8
*6
*27*2
*120*2
6%
534
24
10
84
*70
80
*70
75
*70
*65
75
*65
75
*66
10
10*8
35
35
1034
*34%
100
20
6% preferred
100
"2,466
American Stores
Wo par
American Stove Co
800
No par
12
25
58
Mar 30
90%
....
7%
10%
7%
13,600
*3834
1,400
6*4
5%
6,400
7%
734
$6 1st preferred..
7% preferred.....
100
Armour&Co(Del)pf7% Rtd 100
3.400
5%
90*8
200
48
10%
"¥, 000
900
2,700
7%
78
11
*70
75
*70
75
"65
"5",300
75
36*2
85%
*34*4
36*2
*34*4
88
*85
88
*84
90
*84
100
36*2
*85
90
Andes
90
*83
88
90
*84
90
37
37
36'4
37
36*2
38
37%
39
3734
39%
37%
3934
"lV,600
54l2
2II4
5434
.2.112
55
55
56
2134
59
57*2
59
22%
22
23
59%
23*8
3,400
Atlantic Coast Line
*6*4
7l2
1178
23*4
1087g
109
*108
8
*108
8
*45*2
*eo
*53 "
co
53
*116
....
*6*4
4l2
634
*3%
*6
4*8
8*4
*2%
*18*2
9%
9l2
9*4
77g
93g
20
19*2
2014
11
11
1134
*27
30
*26
9
35
*90
94
*90
8ig
834
*3334
94
57
4*4
3
*2%
19*2
19*2
438
4%
9%
934
9%
8*8
8%
8%
834
9%
10
2*2
*18*2
4*4
9%
17*2
*9678
*9678 100*8
99%
*28*2
30
*28*2 30
*112% 115
*11212 115
*7%
778
*7%
7%
934
10
*74
227g
4534
57
*22l2
16*8
23
24
23%
18
18
17%
46%
46*2
08%
46*i
17%
48
60%
48%
60
*45
56%
*74
23%
58%
7%
76%
*7%
7678
*7%
*73%
17%
*73*2
2334
18
18
18
4934
49
49
59%
61
59*4
61%
24*4
24*4
900
20
20
20
20%
2,100
17%
1734
17*2
17%
5,600
24
23%
24
24*4
24%;
*18*2
19*2
19*4
16
16%
25
16*8
19%
17%
19%
18%
*18
25
*45
19*4
17
25
5212
*47*2
52%' *45%
26
26%
26%
27%
26%
27
28%
28
28%
27%
*2678
27*4
j
52%
26
26*2 27
*16%
Bid and asked prices: no
...
sales on this day.
1,300
2,800
52.400
600
*2219
25%
55" 500
16
165g
*17
100
300
24
24
19*2
,
*18
25
*18
52*2 *45*2
26%
26%
2834*
28*2
X In receivership,
Jan
100
July
2434 Mar
58
Dec
101
Jan
72*2 July 29
83
Nov
125
Mar
36*2 Aug 10
87
Aug .6
33
Dec
7134
Dec
70
Dec
57*2
Feb
106
Feb
88
June
Aug ,6
42
Jan 12
32% Nov
May 27
Mar 31
71
J»n 14
66*2
Dec
27%
Jan 12
18
Oct
55% Mar
7
14% Jan 10
5
Oct
29
9
Oct
18
Oct
4% Mar 25
6% Mar 26
s% July
4% conv pref series A...100
No par
36
100
105
1,300
25
52%
27
29%
No par
$5 prior A
of Del (The). .3
C..13
100
50
100
10
4% preferred
Bangor & Aroostook
Conv 5% preferred
Barber Asphalt Corp
Barke
No par
Brothers...
50
5
Barnsdall Oil Co..
Mar 29
Jan
3
4% Apr
I
2
101% Sept
Jan 10
7*s
48*2 Aug 8
58
July 25
39%
9%
119
Mar
9484 May
104
44
Jan
37
Mar
116%
Feb
Dec
18*2 Mar
Oct
52% Mar
38
Nov
94
101
.
Feb
Mar
Dec
133
Mar
Jan
7% July 19
4*2
Oct
18*8
Jan
Dec
3634
Feb
Mar 25
6% Jan 12
3-% July 13
3*8
12% Mar 30
2% Mar 29
2%June
2
2
Sept
D"C
9% Feb
52% Mar
6,500
4,000
a Def. delivery,
Oct
45
Feb
89
Dec
110*2
Feb
12% Mar 30
5
Mar 23
23% July 25
10%
Oct
4338 Mar
13*8 'illy 2*'
734
Dec
32
21% Mar 29
30% Aug
42
Jan
35%
20%
Feb
20
Nov
10% Mar 30
2i%July 19
10
Oct
Mar 30
9
17% July 19
115
Jan 3l
11% Mar 30
18% July 25
13*4
25
Boeing Airplane Co
20
100
par
stock,
Apr
r Cash sale,
Jan
Aug
Feb
10534 Mar
92
30'4 Mar I.
29*2
Dec
9034
Oct
Oct
11434 July
Dec
Oct
88i8 July
30% Feb
2334 Jan
6234 Jan
105% Mar
75% June 27
8% Mar 29
83
7%
Jan I I
82*8
24% Aug 24
8%
2
15
Oct
2fi7« Mar 31
50% July 2f
29
Dec
39%May 27
12% June 14
65%
Jan 1'
41
Oct
15% Mar 31
75
Mar 31
I7%.lune
3
19
16%
Mar
Jan 12
99% Aug
29
6
July ?5
1734 Jan 20
5
2834
96% Jan 17
5% Mar 31
Nov
115
115% July 18
9
July 19
20% Aug 26
5
Oct
2
9% Mar 30
100
Oct
9
10% Mar 31
13% Apr 4
37
May 10
—
108
Oct
Apr
par
par
9*4
Jan
94% Apr
90% Apr 29
par
Bohn Aluminum & Brass
n New
Jan 21
2
....50
Beech-Nut Packing Co. —-.20
Belding-Heminway
No par
Belgian Nat Rys part pref....
Bendix Aviation
5
Beneficial Indus Loan..No par
Best & Co..
No par
Bethlehem Steel (Del) .No par
5% preferred.....
4734 Mar
30
109
7% preferred......
Bigelow-Sanf Carp Inc.A'o
Black
Decker Mfg Co No
Blaw-Knox Co
No
BloomlngdalP Brothers. Wo
Blumenthal & Co pref
Oct
Jan
13% Jan 11
July 2
July .9
preferred........—100
.25
preferred w w
No par
—
10
9%
36
86
Bayuk Cigars Inc....-Wo par
Beatrice Creamery
7
July
98
5% Mar 29
Mar 3)
29
9
$5
99*2
*99
Dec
Mar 30
27% July 20
Beech Creek RR
16
16
99*2
Oct
Nov
6
Feb
July
109% Aug 11
1st
24
16
99
*45
1,500
"""166
99
16
99
25
9,900
16
16
99
16%
17%
July 19
Aug 9
17% Mar 31
5H% preferred
99%
16
16%
26%
30
99%
*98
30
*28*2 30
120
*115*4 120
7%
7%
7%
76*2 *73*2
76%
23%
24%
24%
18
99
1534
99%
49
*97%
155g
26*4
*
7%
61%
2234
51*2
*16*8
*115*4
18
23l2
99
*19
*115*4 120
4534
*74
57*2
155g
*97
*28%
7%
76%
24%
18
49%
767s
*17%
*98
115
400
30
*27
18
115
3,600
900
30
70% Mar
40*2 Mar
5,300
99%
Jan
Oct
Oct
2334 Aug
12*4
*28%
2%
Feb
99*2 Mar
126
Oct
21*4
*98
4%
Mar
1334
Oct
12*4
30
30
Feb
111
Oct
20%
99%
47% July 25
11
July 19
7-% July 13
121%
8%
12*2
*28*2
Oct
11
21
*98
Oct
84
14
Nichols......—Wo par
4%
Jan 22
.
40
% Auburn Automobile.. Wo par
Feb
Feb
I017g Apr 12
6% Mar 30
38% Mar 26
Austin
46
22% Mar 31
-100
..No par
Feb
Dec
Dec
Mar 29
5% conv preferred
Jan
10%
80
RR—100
Atlas Powder.
37*2
11634 May
93
Feb
Oct
96
72
50
22
Feb
2434 Aug
111
Dec
57
72
I
-.1
7
2%
Jan 3*
75
...
Oct
Jan I?
May 12
6% preferred
Oct
94G
25
Atlas Corp
Oct
10
96
72
27
Atlantic Refining
39
Mar 31
12%
18
31% Aug
l21%Mar t
100% Jan 18
7
July 19
56
100
7
8
4%July
z52
5% preferred
Jan 11
19
Wo par
Atl G & W I SB Lines. .Wo par
5
5
4
20
20%
30
2,78 Aug
110% Aug
Tl 84
100
Topeka <fc Santa Fe..l00
Jan 11
50
Baltimore & Ohio.—..... 100
93
*27
Feb
97
7,600
34*2
*27%
7938
69% Mar
11,700
93
3034
*27
Oct
24% Nov
5
34
1 ] 34
*27%
Jan
2%
93
21%
12%
30
Feb
15
35
12%
20
II84 July 25
93
20%
Oct
20*2 Jan 25
4% Aug 6
*3334
12
3*4
Mar 30
34
20%
Jan
9*2 July 2!
5
94
12
79
Aviation Corp
18*4
17%
18%' 18% 1834| 18
18*2
16
16
16
16%'
16%
16%
*15
16
1534
16
1578
157«
*112% 113% *112% 113*4 *112% 113*4
*11214 113*4 *11214 113i4 *112% 113%
*16
*16%
17*8
*16*4
17*4:
16% 16%
17*4
*16
*16*4
17*4
1714
18
18
•
-
Feb
1438
Dec
Baldwin Loco Works v t
34
19*2
2% Mar 30
107
Oct
25*4
5,800
94
*92
24% Mar 26
Oct
June 29
43
8%
8*2
10*4
Mar 19
Oct
82
Aug
10*4
9%
834
2*2
20
4*4
4*4
*92
19%
30
3
20
10
20
300
8%
10%
500
50
Oct
8
128% May
3*2
100
100
Atlas Tack Corp
35
*34
300
"""466
9*2
10
8%
....
*
4%
*2*2
4*4
300
2,100
8
46
57
*6%
*18*2
3
19*2
4%
5.400
108%
8
46*4!
4%
2%
9t2
*55
8%j
500
13
July 14
Mar 30
4%
99% Feb
150% Jan
20*8 Feb
29*2 Jan
7% July 19
Mar 29
$5 pref without warrants
995o
a
46
56*2
57
57
116% 116% *116%
*45*2
46
*4
4%
8%
8
8*4
*11
991
4%
\19%
35
108*2 *107
46
7*2
13
23%
108% *106
4*4
*3%
27g
8
22%
7
4*8
*9
8%
*11*2
*6%
*18*2
*34
c«
56
108
7*2
7%
12%
23%
634
19*2
43g
3
4612
7%
12*4
2234
116*4 116% *116*4
7%
*6*4
*6*4
4%
*234
*1812
12
23*4
108l2
8
46*8
53
54
*3&s
*108
8
46%
o
*53
*U5l4
23*8
46*8
8ig
*45l2
7
7
*in4
8% July 27
12% Jan 12
4
5% preferred..
21%
58%
22%
4,200
21*2
55i2
2134
56
2078
2278
Aug 26
91
1
5% pref with warrants..100
Atch
1
5% Mar 25
.
Assoc Investments Co.
88
*101.1
82
Apr
28% Mar 28
Dry Goods
3612
7i2
116
No par
Preferred............-.100
*84
300
20
Artloom Corp
Associated
*83
8
Mar 31
Coastable Corp
*3414
10
Mar 31
2
3% Mar 26
7% preferred...........100
Armstrong Cork Co
No par
Arnold
10
Wo par
$6 conv pref
90
*7
Apr 16
5
Armour & Co of Illinois
6% 1st preferred
7% 2d preferred.
73
'65
Dec
10% Mar 31
97
Apr
"
""306
6%
Jan
5834
29
*120*8
1034
99
AnchorHockGlass Corp No par
100*2 *100% 104%
....
Dec
Anaconda W & Cable.-Wo par
100
78
Jan
57
600
$6.50 conv preferred.No par
45*4
9%
187
2,200
300
934
Oct
July 25
420
44%
Jan
140
July 25
16
10*2
6%
jan
25%
43
110
5%
14384
Oct
38
16
Jan
Jan
Oct
Mar 26
110
56%
14
May 26
Mar 29
19*4
Jan
104%
21
19*4
Jan
Feb
Dec
24
25
43
Jan
68*2
148
July 30
Jan 11
154
Dec
Oct
7%
Jan 18
10534 Mar
73%
26*2
22%
25
Anaconda Copper
600
5%
Mar 30
4% Mar 30
3
—-
Nov
Mining..50
72,300
3
6
1
$5 prior conv pref
36%
43*4
*27
3% Mar 28
68
23% Mar 31
2934
3%
29
125
149
No par
Copper Mining
20
A P W Paper Co
No par
Archer Daniels Mldl'd.Wo par
17*2
58% Mar 31
Apr
1
Preferred....._........100
Amer Zinc Lead & Smelt
Oct
9i% Aug 26
3% Mar 31
American Woolen
36%
*31
No par
Dec
14984 Jan 10
88*4 Aug c
130
Am Water Wks & Elec. Wo par
1,600
39
100
10
6% preferred...
Am Type Founders Inc
100
87
40
110
1,900
10%
7*4
10%
86
6
8
100
149
*82
40
4,800
91*4
90
149
25
Nov
Feb
20*4 July 2
American Tobacco....
Common class B_
Mar
117*8 Mar 11
1,500
87
Feb
58
46
31
21% Mar 30
Mar 30
87
29
41
11%
111
86*2
36
Oct
122
14
June 10
American Sugar Refining.. 100
Preferred
Dec
7*2
Aug 19
56
7
15% Mar 31
6% Mar 31
88
12
23i8
pr
Jan 17
130
Amer Steel Foundries. _Wo par
35
*7i8
*10l2
23i8
45% A
15%
Aug 2
101% Aug
145% Aug *9
3,34 Jan 10
Mar 29
103
100
25
8,800
16
45% Mar
Dec
24% Dec
Jan 12
20%
Oct
63*8
35% Jan 11
56% Jan 12
136
Aug 11
1
Jan
15*2
8()34 July 20
28% Mar 31
Refg.Wo par
Preferred
*84
85%
22% Apr
American Snuff
*83
*84
22%
Mar 29
58
100
*34l4
•
Oct
1
13% Mar 30
140
Jan 12
Jan 15
,65%
148% July
9%
July 20
17
Amer Telep & Tel eg Co... 100
90's
44%
10%
75
97g
26
7,400
*50%
*
74*2
75
37% July 20
7%
19*2
*18
*934
6%
11 *8
"_934
*68%
*6334
Oct
16% Mar 31
414% conv pref
Amer Smelting &
170
Oct
No par
American Rolling Mill.....25
600
Oct
Dec
3
31
100
Jan
Oct
26
29%
Mar 30
Feb
6834 Mar
Jan 18
Jan 12
9
Feb
129% Feb
31% Dec
16*2 Jan
87% Feb
72% Jan
29*2 Feb
41% July 20
Am Rad & Stand San'y-Wo par
125
Feb
Nov
No par
$6preferred..
$5 preferred
58%
2434 Nov
Mar 31
Mar 29
3% Mar 29
No par
434 Mar
100
Jan *2
19
20
No par
new
Amer Power & Light
14434 145*2
19*2
*50*8
43*2
7*8
78
78
78
100
14
Aug 25
38*4
115
12% Mar 30
43*2
19*4
*120*8
Mar 30
101% Mar 31
43*2
----
2% Mar 31
23
99% Mar 30
100
44*8
20lg
*3
13%
Am Sumatra Tobacco..No par
19l2
*234
Oct
100
44*8
16*2
3
300
1934
110
Jan 12
5%
*103% 105%
437g
7%
*32
17,600
14
2384
2334
107
19*4
16*2
29% Mar
preferred
American News Co
500
8
8
*13%
43
*109
Oct
ITeferred
30*4
29*4
734
19*4
16lg
3l2
Oct
10%
Amer Metal Co Ltd. ..Wo par
1 A U
146
34%
110
53
Mar 31
Amer Mach & Metals.-Wo par
5534
*55*4
* 1 A t\
*140
36*8
90l8
934
5534
3434
16*8
74% Jan 17
17% July 25
June 17
Amer Ship Building Co. Wo par
36
110
14%
60
36
16*8
312
29*8
2484 July 21
7% Mar 26
35ig
110
534
2%June 23
15% Mar 31
*34*2
8*8
1734 Mar
884 July 19
American Seating Co..Wo par
35*8
77g
27%
20% July 20
4% Mar 30
12% Mar 29
American Safety Razor. .18.50
3334
7*2
Oct
Dec
Oct
Jan
13% Mar 28
700
145% 146
6
5534 Mar
52% Mar
3,300
*30*8
734
40%
10
*914
*13*2
88
11% Mar
1834
34-r>8
43%
41
40
6%
*80
Oct
Oct
Oct
Oct
1538
16
31
31
48
4 97g
135% 136
29%
734
7*2
2%
20%
32%
1*8
*18
141
29
10*2
5% July 19
15
*147%
7*4
578
39*2
*50
9%
1163,
89*4
10*4
84
578
41*4
78
883g
Feb
21
77l2
13934 141
19*2
7*2
84
90lg
9l2
847g
88*2
19*2
21
20%
*75i2
31%
*55%
145% 146*8
85
85
Oct
19
14%
*30
103
7%
21
77U
2014
7714
14
24*8
Jan
12
5% July
25%
100
800
"9",600
Jan
No par
1,400
51,100
Mar
Jan
10
1,300
Jan
225
58%
44
1,200
17
Oct
Dec
100
160
*154
160
*18
10*8
7
41
*6
I6I4
"147
934
*50
*
31i4
3978
7%
38
39%
10418 *100i.i 10418
*100
35l2
Oct
Aug 26
Preferred
conv
5
175
14%
Amer Mach & Fdy Co..Wo par
6%
7
Jan 22
13%
July 1'
5,500
120
Oct
43
American Locomotive..Wo par
8,200
Nov
2
27
6% non-cum pref
200
28
534
36i2
3134
16%
2734
5I4
36i2
31^2
157g
28%
558
3634
3134
1658
Jan
99*4 Mar
80
Mar 29
Amer Internat Corp
600
33%
Jan 18
30% Mar 26
1% Mar 30
50
Products... 1
American Ice..
1,500
1,200
3034 Mar
..No par
6% preferred
American Home
1,000
115
115
115
538
2978
8
2334
103
*146*2
7*4
10
*414
35%
*27%
5534
*13*2
24U
>
434
357g
15
45g
35%
15
115
146
734
14
8412
*146*2
....
714
*3712
8412
1434
35%
14£
29*4
18*2
19*4
143*4 145
14212 142%
*83
*5514
*141
*141
103*4 107
19
62
48%
497g
4934
5038
135*2
13412 134l2 *135
8
24
21
63
*414
31
31
2138
1434
1434
29
*734
*13*2
*10284 107
14112 142
8312
83%
85l2
85%
57g
28
27%
77g
24
243g
*102i2 107
*18%
19
*80
*141
An
*13*4
14
*146
1
277g
28*8
*734
A
1414
2934
137g
31
1312
*29l2
HI4
31
8is
21%
62
8
62
19
1434
19
14%
30
47
48
47l2
4958
4712
48l2
*132
13412
133*8 133*8 *132l2 134%,
*55%
5534
5534 5534
*5512
5614
1R!
146
*141 " 146
i*141
*141
146
*13l2
*29l2
77l2
20%
20%
773g
185s
18%
1958
143g
8l4
2012
2114
7712
19
1912
17g
143g
* 134
17g
1478
8
12%
23% Mar
2
Jan lo
12
300
Jan
8*4
2078July
Mar 29
600
29
Mar 26
May 26
1,800
Dec
Oct
Oct
Oct
Jan
2
25
Apr
Aug
20*2
5%
38*2
1
43
112
68%
9
2434
150
Oct
Oct
10
42
3334 Aug
Oct
90
Dec
10
American Hide & Leather
Oct
86
17*2
534
No par
100
11%
Fob
2
$6 preferred
1,800
104*2
Jan
Feb 25
1,200
12
4I4
Oct
6%July
13% Mar 29
5% Mar 30
25
*154
160
*155
160
*155
160
*155
160
* 10%
4I4
36
177
2% Mar 30
No par
Amer Hawaiian SS Co.
Feb
12% July 20
No par
j
Jan
71
Feb
1334
No par
17
*1514
174
Oct
$7 preferred
200
Oct
Oct
2*2
$7 2d preferred A
43
*134
Jan 22
1,100
25
147g
Mar 29
177
~2,200
1038
97g
4%
4%
4
100
Amer & For'n Power
151%
15%
6% July 25
No par
Amer European Sees
Amer Express Co
121
83
2% Mar 25
418
*4134
4
418
4l2
4%
34
34
34
347g
34i2
35
*115
118
11712
*115
118% *115
118i2 *115
28
28
27%
27%
*28%
2834
*27i8
2834
53g
5I4
538
5ig
514
5%
518
518
35
34
34
3514
36ig
3534
3312 3312
30
31
32
30r»8
30
3012
*287g
30
I6I4
16%
1512
16l2
15i8
15%
1514
15%
*4
200
Dec
984 July 19
69
.100
Encaustic Tiling..1
8
69
1484 July 20
16% Jan 12
8% Mar 30
June 20
10
6% 1st preferred
American
160
July in
20
5
20i8
4
19&8
12
*15
*10i2
414
2434
4234
*134
15lg
105g
4
17l2
4,100
500
17l2
*1434
7
6%
93g
9i2
American Crystal Sugar
Aug
4% Mar 29
9
Mar 29
Corp..26
Am Comm'l Alcohol
220
9
*170
197g
97g
"
19%
10,700
512
512
*6
4%
4
4ig
113s
500
1,400
17
J(AllegCo)25
American Colortype Co
10
Oct
Dec
22% July 25
104% July 19
1173g Aug i9
88% Mar 31
Feb
28
109
170% Aug 2o
32% July 25
53
July 25
89% Feb 18
share
per
8034
3
104% Aug
9% Mar 29
100
No par
American Chicle
Highest
share $
per
Aug 24
135
Mar 31
27
Am Chain & Cable Inc.Wo par
""560
13U
1134
7412
1314
9
*170
19%
9i2
15
15
15%
lll2
4
23l2
42i4
184
16l2
*16
500
*6
100
5% preferred
87g
*73
5i2
5i2
714
19%
8,500
No par
Preferred
""166
1
*15
*10i2
4
1934
9
75
534
4
*37g
1114
5%
*170
19i2
1234
74i2
*6i8
534
578
500
*170
834
9
4
5%
334
19%
*19
19l2
5ig
500
334
4
*1812
*85S
5
♦170
500
1214
10
*534
10
*170
13
11%
75
12
12
*8i4
100
$
share
per
42% Jan
23% Mar 31
Apr21
70% Jan 3
160% Mar 30
12% Mar 30
25
American Car & Fdy
$
share
per
114
...100
Preferred
...
*8%
834
1314
1134
812
pref
Am Coal Co of N
*15
—
75
1H2
75
8I4
2112
*1185s 121
*15
115s
12%
*8%.
734
734
20U
*118%
8I4
1234
IH4
8i4
3,400
45
conv
American Can
400
*10914 125
*15
....
76
8U
*12i8
1012
75%
5H%
900
45
*10914 125
*109U
—
11612 11612 *116% 125
*15
170i8 170i8
*443g
26
45
2,500
99l2 100
170
170
27l2 28%
10034 IOH2
171
Am Brake Shoe A Fdy.Wo par
40
*135
135
135
10312
*168
2678
26%
*42i2
135
135
$
Lowest
Highest
Lowest
Par
1,200
3934
3934
39
383g
Previous
Year 1937
100-Share Lots
On Basis of
Week
Shares
$ per share
$ per share
3878
3878
\
STOCK
EXCHANGE
the
Friday
Awf.26
Aug. 25
5 per share
$ per share
101%
170
Thursday
Aug. 23
? per share
39
*100
Wednesday
AW0.24
Tuesday
/
Aug. 22
Range for
Range Since Jan. 1
STOCKS
Sales
CENT
for
Saturday
Aug. 20
1295
New York Stock Record—Continued—Page 2
147
20%May 27
15% Mar 31
z Ex-dlv.
19% July 25
55
July 25
14
Oct
85% Nov
22%
Dec
13% Nov
43%
1534
Feb
Feb
20
Jan
129%
6934
Feb
Feb
38
Jan
Oct
29% Mar
1 5%
Dec
32%
50
D"C
9
Jan
94%
Jan
Jan 17
16
Oct
4934 Mar
303s July 27
21
Oct
48%
35i»
y Ex-rights.
Feb
1 Called for redemption.
1*Jew York Stock Record—Continued— Page 3
1296
AND
LOW
SALE PRICES—PER
HIGH
SHARE,
NOT PER CENT
Monday
Tuesday
Wednesday
Thursday
Aug. 20
Aug. 22
Aug. 23
Aug. 24
Aug. 25
$ per share
*94
96
% per share
95
95
$ per share
$ per share
$ per share
94
94
94
*45
46
45%
94%
46
12%
13
13
16%
16%
34%
3%
34%
16%
36
3 s!
*45
46%
40
46
*11%
12%
11%
17
17%
32%
32%
4
24%
16%
31%
11%
16%
32%
3%
24%
12%
16%
32%
*3%
24%
11%
33%
11
33
*36%
39%
*38
40
*39%
1%
41
1%
*39%
*1%
7%
9%
7%
10
*7%
10%
*3%
*24
*37
11%
34
39%
*39%
41
11%
33%
1%
1%
8
*3%
*24
11%
8
10%
31%
*16%
*32%
*9%
10%
31%
17%
34%
9%
*30%
*32%
9%
*30
33
17
*16%
16%
11
11
93
93
5%
*39
5%
5%
40%
*38
40
4%
4%
34%
20%
34%
21%
4%
34%
21%
35
20%
15
15
15
15
15
19
19
18%
19
3%
10
16
*2%
18%
*2%
4%
34
*2%
*7%
*15%
*8%
21%
3%
*3%
*10%
*33%
*18%
20%
35
19
20%
*49%
1%
7%
17%
18%
50
1%
8
17%
19
6%
80
*16%
*3%
40%
40%
*39%
40
3978
*1%
*1%
*8%
2
9
10%
^
8%
10%
10%
*30
17%
0%
6%
39%
7%
*38
*40
*80
18%
3%
*16%
*3%
*7%
17
10
5%
4384
5%
35%
22%
5%
35%
22%
18%
19%
19%
2%
8%
3%
3
3%
12%
38%
19%
20%
19%
20%
*49
50
1434
10
15%
8%
12%
•
15
8%
*22
3%
13%
39%
20
21%
9
19%
18%
19
20%
19%
45%
45%
19%
18%
*37%
6%
6%
0%
*40
0%
39%
9%
44%
*80%
81%
81%
*16%
*3%
17%
3%
*16%
*3%
*80
*16%
*3%
*38
*7%
8%
44%
83%
18%
334
92%
,
51
18%
39%
3%
9
1300
3%
13%
39%
1978
20%
51
2
*4934
178
8
8%
19%
20%
19%
19
19%
18%
*37%
*37%
8%
....
6%
8%
20%
19%
*8
6%
39%
8%
*38
*40
49
49
*65
81%
17%
*80
83%
*16%
*65
67
67
67
67
67
*65
3%
3%
70
66%
20%
67
20%
20
20%
20%
20%
20%
*20%
20%
20% 20%
5
4%
5%
5%
5%
4%
5
47g
47g
4%
4%
*106% 107% *106
107% *106
107% *106% 107% *106% 107%
107% *106
*11
*11
*10%
*11%
13%
13%
13%
13%
13%
13%
13%
13%
*6
8
*6%
7
*6%
7%
*5%
8
*6%
778
*6%
7%
*5
*5
5
5
*4%
*4%
5%
5%
*4%
5%
5%
5%
90
90
91
91
88
88
88%
*88% 99
88%
*88%- 95
43
45
43%
43%
44%
43% 44%
45%
44%
45
45%
45%
*20%
4%
9%
10
9%
9%
9%
*37
38
*96
100
*25
26
25
25
12%
39%
30%
*9
12%
37%
30%
*9
*37
30%
37
37%
30%
*76%
*%
*2%
%
*76%
*%
*2%
%
3
%
*3%
*13%
38
38%
*98
*97% 100
%
*3%
4
*13%
%
14
%
%
1%
1%
10%
41%
10%
40%
100
25%
*10
37%
30%
*98
25%
12%
37%
31%
*%
*2%
3
39
31%
%
%
%
*3%
4
14
41%
*9%
39%
31%
1134
39%
*9%
11%
40
41
31%
327g
317g
%
3
*2%
%
3
%
%
4
4
14%
14%
*14%
%
%
%
%
%
*1%
*1%
1%
1%
4%
15%
35%
*34
43-%
43
1
%
%
4
4
*4%
14%
14%
*33%
14%
35%
14%
*40%
*%
1%
43%
%
*33%
*42%
*%
1%
*1%
2
*1%
2
*1%
*10%
16%
1%
11%
10%
*1%
1%
10%
9%
*32%
71%
10%
*70%
9%
45
73
10%
71%
17%
9%
17%
10
134
10%
17%
934
*49
62
43%
%
%
1%
1%
*1%
*10%
72%
1%
11%
17%
9%
45
73%
11
11
71
71
*17
9%
*32%
*49
62
4%
*22%
*113%
*26%
*59%
*4%
4%
*23
25
73
1
*4
15%
11%
*92
12
11%
95
35
99%
16%
*6%
26%
16%
7%
*92
35%
*97%
*
*8
8%
*6
8%
20
35
*97%
*
16%
*6
8
*6
1,240
100
2,400
13,900
"2366
600
1.800
700
*43
43%
1%
*1%
1%
100
9,000
7g
200
200
300
2
200
100
9%
71
70
70
70
*70
71
62
*49
*49
62
*49
62
4%
*24%
4%
""POO
25%
1,000
4%
4%
3884
23%
12234
434
25%
*113% 114%
28%
28%
28%
93
*59%
93
41
41%
41%
23
23%
2334
123%
12234 *123
135
137%
24%
24%
114% 114% *11334
27% 28
28%
*59%
38%
12
*92
36
*97%
*
16%
*6
8%
19
90
13%
13%
*32%
6%
66
*32%
0%
38
6%
*64%
66
66
*32%
6%
*63%
93
*59%
4%
1234
95
*94
37%
3734
100
99
7%
8%
8
19%
19
91%
13%
38
6%
69
59
*43
60
58%
48
47%
48%
47%
49%
*104
104% *104
104% *104% 104%
53
54
*52%
53
52% 53
*107
*107% 110
109% *107
109%
*10%
10%
10%
10%
10%
11%
1%
1%
1%
1%
1%
1%
47%
37%
26%
114
10%
114
28%
*59%
40%
28%
93
41%
23%
23%
123% 123%
Jan
Jan
13% Jan 13
7
53
Jan
1,900
50
2,700
90
50
800
10
6,200
3,800
30
37
21
Jan 13
6
6%
?6% July 21
76
8
13% Mar 31
Burroughs Add Mach-.No par
14% Mar 31
1% Mar 28
4% Mar 26
6% Mar 30
5%May 31
16% Mar 30
2% Mar 30
...No par
100
Debentures
10
5% conv preferred
Oct
*
*7
8%fl
*6%
20
13
95
38%
104%l
*101
*
j
26%
17%
13%
9478
38%
12~606
104%
26%
17%
10
947g
37%
*101
*
*17
500
9,600
""600
17%
7%
*17
*7
7%
7
7
10
8%
*8
8%
8%
8%
80
*7%
19%
778
20
19%
1,400
8
7
20
Xl9
19
19
*17%
*92%
93
93
13%
*32%
634
*64%
1334
37%
7
14%
*32%
6%
7
19%
19%
19
92
14%
35%
7%
14%
*66
69
69
*48
58%
57% *48
49%
49%
49%
50%
104%
104% 104% *104
54%
5478
5434
55%
*107
111
*108% 111
11%
11%
11%
11%
1%
1%
1%
1%
37
37
37
37
26%
2634
26%
26%
Bid and asked prices: no sales on this day
*18
93
93%
15%
35%
7%
*32%
7
*66
69
*48
100
500
104
50
104
55%
111
5578
111
Oct
143s
98
Jan
13
Feb
134
Jan 17
6%
107g
11%
1%
*37%
1%
38
26%
26%
In receivership.
a
5,900
Del. delivery,
45% Jan
18% July
Oct
35%
Oct
Dec
1134
Jan
39
Feb
Feb
Feb
17% June 30
10
Oct
45%
10
July 19
July 19
5%
16%
Oct
Oct
36% Mar
4% July 25
2%
Oct
24
18% Mar
6
Oct
9% Feb
3334 Mar
June 30
24
Oct
91
Byron Jackson Co
13
Mar 30
22
California
5%
No par
Calumet & Hecla Cons Cop..5
5
100
25
5
30
27
30
21
Canadian Pacific Ry
Capital Admin class A
May
4% Mar
34% Mar
6312 Apr
12%June
1
10
Carolina Clinch & Ohio Ry 100
5
Carriers & General Corp
1
Case (J
I) Co
100
No par
preferred..
100
Celanese Corp of Amer.No par
7% prior preferred
100
Celotex Co
9
82
No par
Dec
9%
678
28
Oct
61
Oct
Nov
Apr 18
4% Doc
37% Dec
14
89
Jan 17
90
13
Mar 30
July
5
July 25
8% Aug
3
Oct
13% Nov
18% July 20
4% Jan 12
107% July 25
Nov
4
97
Dec
12934
Jan
25
40
NOV
100
Feb
11
97
Doc
105% Aug
24
23
13
Dec
90
Doc
19%
Dec
72% July 21
52
Oct
28
Aug
July
106
May
25% Aug
95
Aug
25% Jan
80
7
Oct
2
Oct
108% Aug 17
14
July 25
96
June
8
Oct
8% Jan 10
678 July 25
4
Oct
Mar 29
3% Mar 31
88
Aug 20
26% Mar 29
1
4% Mar 30
17% Mar 31
100
Jan
104
Apr
49% Aug
3%
2
95
8
3434
41% Aug 23
94
June
1
18
May
4
30% Jan 12
5
6
June 14
1234 July 20
5
Oct
27% Mar 30
48% Mar 2
38% Jan 17
z40
Nov
Chesapeake
Corp
No par
Chesapeake & Ohio Ry
25
A
22
June 18
70
100
Apr 26
100
% Mar 18
preferred
100
tChicago Great Western.. 100
1% Mar 23
% Aug 7
2% Mar 26
4% preferred
100
tChic Ind & LouLsv 4% pf. 100
Chicago Mail Order Co
5
1
July
89
Mar
Doc
3% Oct
18% Oct
103% Doc
25% Nov
1078 Aug 24
106
Oct
Sept
No par
Cab..
Jan
4
31
878 Mar 31
Oct
89
5
Dec
1% Feb 23
4
July
2
7
June
48% Mar
82%
39%
12%
107%
4134
Jan
Jan
Jan
Jan
Jan
2434 Jan
14% Mar
115
Jan
86% Mar
23%
Feb
82
Feb
111
Feb
63% June
48
Feb
90% Mar
6878 Mar
100
Mar
Oct
434 Mar
13% Mar
1
Oct
3
1% Jan 10
5% Jan 10
41% May
115
Oct
34
Oct
2% Dec
234 July 8
1578 July 19
1
Feb
35%June
58
24
4
18% Mar
52% Jan
102
120
Oct
3
Mar 26
Jan
17% Mar
61% Jan
9% Apr
19134 Aug
278
5% July 25
8
52% Sept
6% Feb
D"C
42
7
100
Common
Checker
10
44
Feb
20% Jan
37% Feb
38% Mar
99% Apr 11
Cerro de Pasco Copper.No par
6% prior preferred
Oct
Oct
Mar 26
2
Century Ribbon Mills ..No par
Certain-Teed Products
Dec
1
4
40
19% Aug
Central Foundry Co
1
Central 111 Lt 4)4% pref-_100
Central RR of New Jersey. 100
Preferred..
48%
2
12% Mar 26
46
Mar 28
5% preferred
100
Central Agulrre Assoc..No par
34% Mar
31
28
2% Mar 25
62% Mar 31
98% Jan 3
29% Mar 31
100% Jan 4
—100
Preferred-
Caterpillar Tractor
Oct
D »c
4978
8% Jan 10
Mar 31
5% Mar
8%May
12% Mar
37% Apr
Campbell W & C Fdy__No par
Canada Dry Ginger Ale
Canada Sou Ry Co
Mar 30
Mar 31
1
1
.
29
45
preferred....——.50
Callahan Zinc Bead.
Jan
12%
18%
July 25
24% Jan 11
51
Aug 8
2% Jan 10
10% Jan 11
20% Aug 24
21% July 22
45% Aug 23
15% Mar 30
Packing—.No par
10
Dec
4
Mar
18% Mar
12% May
32
Jan
par
%Mar 28
1
5
%
Doc
3% Mar
5% preferred..—
-.100
XChicago & North West'n.lOO
% Mar 26
178 Jan 10
134 Jan 10
5% July 22
1%
78
Oct
7% Mar
6% Mar
JChic Mil 8t P & Pac..No
% Mar 29
100
Preferred
Chicago Pneumat Tool.No
S3 conv preferred
No
2
par
678Mar31
22
par
Pr pf ($2.50) cum div No par
tChic Rock Isl & Pacific—.100
7% preferred
100
Childs Co
8
Mar 25
Mar 29
3% Mar 30
25
.5
May 31
35% Mar 31
No par
934 Aug 26
6
100
59
.100
M% preferred
City Investing Co.
City Stores
54
Mar 22
2
Mar 24
5
Equipment
No par
Clev El Ilium $4.50 pf.No par
Clev Graph Bronze Co (The). 1
106
Apr 7
15% Mar 26
67% July 2
32% Mar 29
10% Mar 31
Cluett Peabody & Co..No par
100
5
10% Mar 26
Clev & Pitts RR Co 7% gtd.50
Climax Molybdenum..No par
Preferred
Jan
111
Jan
3
July
Dec
2% Dec
6% Oct
28% Dec
34
1% Jan 20
Mar 28
12
25
Jan
1678 July 20
37
July 22
44
July 27
3
1
No par
Corp
City Ice & Fuel
Clark
9
% Mar 31
10
Copper Co.
Chrysler
Mar 30
1% Mar 28
6%
Chile
Mar 31
37%June
Coca-Cola Co (The)
Class A
No
par
105% Mar 30
No par
57% July
976
May
8
5
Colgate-Palmolive-Peet No
par
6% preferred
Collins & Aikman
100
7% Mar 30
78
May 31
No par
13% Mar 31
Dec
1%
Oct
1
Oct
6%
7
2% Jan 12
1234 Jan 12
19% July 26
10% Aug 6
42
July 27
Oct
12
3
Oct
Oct
19%
Feb
33
Feb
45
Aug
3% Mar
10% Feb
834 Mar
27% Jan
22% Jan
1578 Mar
36
Oct
80
Mar
77% Aug 26
13% Jan 12
46%
Dec
11
Oct
135%
21%
Feb
74% July 19
57
Dec
92
Feb
Feb 28
58
Dec
74
July
2
Oct
60
5% July
July
114% Aug
28% Aug
27
76
19
17% Dec
10234 June
21
23
14234 Aug
90
Jan
41
Dec
24% Nov
13%
Dec
Dec
3
9334
Oct
56%
Jan
1334 July 25
8%
Oct
8
95
Dec
3834 Aug 24
18
Dec
96
Aug
Jan
Oct
May 17
May 5
60
Aug
48% Aug
110%
1
976
113
Dec
82
Jan 27
Aug
10% Mar
48
19%
24
45%May 11
2534 July 22
124
Feb
2978 July
13278 June
170% Apr
59
June
2434 Mar
104% Jan
6234 Feb
11234 Mar
45
Apr
5% conv preferred
100
Colonial Beacon Oil.—No par
8734June 29
Aug 24
9834 Nov
June 24
29
Feb
26
Jan
Colo Fuel & Iron Corp .No par
Colorado & Southern
100
9% Mar 30
20
Jan 15
11%
834 Jan 12
5%
Oct
Dec
5I78 Feb
27% Mar
8
Dec
30
Jan
June 30
7%
Jan
1634
Dec
Dec
29
2234 July 19
22% July 19
4%
4%
1st preferred
2d preferred
20
3% Mar 31
4% Mar 29
4
Apr 1
13% Mar 29
100
100
Columb Br'd Sys Inc cl A.2.50
Class B___
2.50
__
13
...
6% preferred series A...100
5% preferred
100
500
65% Mar
13% Aug 26
100
13,700
11,800
Jan
41
$2.75
100
Feb
Mar 31
Columbia Gas & Elec.-No par
200
Jan
25%
Mar 31
21~ 800
8,400
24%
117% Mar
6
Columbian Carbon vtcNo par
Columbia Pict v t c
No par
"7", 800
Jan
Jan
Jan
20
3,800
59%
49%
50
...30
5
Byers Co (A M)
No par
Participating preferred.. 100
Butte Copper & Zinc
Coca-Cola Inter Corp..No par
12%
95
37
95
3834
100
500
200
*1000
12%
13%
135% 135%
*59%
59%
59%
*1000
26%
17%
136
*133
—
102%
5234
Oct
15
22% July 25
3% Jan 15
11
Oct
Dec
10% Oct
5% D ec
6
16% Aug
Dec
2% Oct
24% Dec
2%
35
23% July 25
6% Mar 29
..
Dec
1278 July 25
15% Mar 26
Dec
Dec
10% July 13
Aug
Oct
15%
Jan 24
93
;
34
21% Jan 11
41
1
JBush Terminal
Jan
8
-No par
CO
Burlington Mills Corp
47
38%
1
547s Jan 11
5% Jan 20
39
July 25
Bullard
Dec
Feb
5% D *c
'
*59%
12%
26%
16%
*4%
25%
25
*1000
*43
37%
26%
62
978
28
Mar 26
Chickasha Cotton Oil
10%
978
8
40% Aug
Mar 26
100
10%
*16%
Feb
3
500
10%
70%
17
Dec
3% Mar 31
preferred
100
Chicago Yellow Cab...No par
10%
10%
11
17
Feb
22
25
tChic & East 111 Ry Co
77% 116,600
91
20,400
40
*13
*
50
4,200
10
*18
37
26%
""206
23%
5978
53%
-.100
Bulova Watch.
Aug
Oct
Oct
2% Jan 13
10% July 8
75
No par
preferred..
34
7
No par
No par
7%
D"C
1578
578Mar31
Apr 18
5
100
Budd Wheel.
Oct
18
•
Bruns-Balke-Collender.No par
Budd (E G) Mfg
3
zl6%Mar31
10% Mar 29
27% May 27
5% Mar 26
Brown Shoe Co.——No jwr
preferred
Jan
3
50% Aug
15% Mar
5% Mar 30
Transit..No par
$6 preferred series A.No par
Brooklyn Union Gas—No par
7%
Aug
28
Aug 24
12% July 26
1% Mar 25
Bklyn-Manh
Bucyrus-Erle Co
25
Dae
26
Mar 30
F^b
D *c
16
3% Mar 26
Central Vloleta Sugar Co... 19
75%
*86
*36%
26%
""206
40
19
37
26%
1,300
6,100
77%
91%
13%
38
*35%
20%
120
40
*18
*43
700
3,600
75%
*4%
95
6%
3b~,600
40
23
35%
8%
19%
35
*10%
18
28
5%
77
*87%
*13
19%
70
3,700
45
*6%
19%
*18%
*19%
3,400
*49
12%
8
*34
%
34%
43%
%
*1%
*10%
-5
Carpenter Steel Co
""360
75%
*40
45
*1000
7%
~30
4%
*%
18
$3 preferred A
71
73
16%
""loo
16%
15%
No par
11
2234 Dec
37% Aug 26
40% Aug 26
5% Mar 31
Brlggs & Stratton
Highest
share $ per share
93
Jan
76% Oct
39
Oct
46% Apr
per
434 Jan 10
12% Mar 30
Cannon Mills.........No par
8,900
1,400
*4
%
8,300
10%
4%
98%
26%
1
1
1
434
1578
*1%
43
100
1,600
4,200
10,800
75%
10%
72%
25
*1000
14%
%
1%
14%
1
34%
43%
1,000
1,900
100
*4%
> 15
35%
*%
%
39
39
38% 39%
39%
22
*21% 22%
21% 22%
23%
*121% 123% *121% 123% *122% 123%
*133
136% *134% 136% *134% 136%
*59
59%
59%
*59%
*1000
1
4%
15%
530
178
11%
17%
10%
*37
113% 113%
*26% 27%
27%
93
1
14%
*1%
*10%
1%
11
*40%
%
Mar 29
Bridgeport Brass Co...No par
6%
4
%
1%
%
1%
%
1%
*%
4
900
6,800
3
*338
14
Bearing Co.. 17
Roller
Bower
Butler Bros
7g
%
4
Mar 23
Brlggs Manufacturing..No par
Preferred series
*%
*234
2
$
share
96
July 28
48
July 12
14% July 19
per
19% Jan 12
36% Aug 26
May 31
16% Mar 31
Boston & Maine RR——IOC
800
*77
78
*%
15
—15
5
Cham Pap & Fib Co 6 % pf. 100
26
....
Borden Co (The)
Borg-Warner Corp...
JBush Term Bldg gu pf ctfs 100
"l",I66
25%
1
36
2
100
100
*97
25%
*3%
14%
*34
40%
3978
100
1%
14
1
10%
10%
25%
*77
%
*3%
14
39%
31%
%
4
1034
*97
25%
11%
40%
*76%
*%
*2%
3
10%
100
25%
11%
*76%
%
10%
41%
100
17%
3%
*8
49
67
12,100
3,500
2,900
42
6%
39%
8%
6%
92
93
95
92
90
92
93%
117
117
*118
120
117% 118
*118% 120
50
49%
49%
50%
51%
49%
50%
49%
50%
*105
100% *105
106% *105
106% *105
100% *105
100%
103% *105
24%
24%
25%
23% 24
23% 24%
25%
24%
25%
24% 25%
93
95
*93
*94%
*90% 93
96% *93
92%
92%
96%
96%
23% 24%
24%
*22% 23
22% 22%
25%
24%
25%
24%
24%
92
92
*90% 92
115% 115% *116% 116%
500
10
42
*38
*40
10,600
22%
*22
19%
20%
18%
*7%
5
40
38,500
1,000
19%
21
18%
*38
8%
*48
2,300
4,500
20%
2%
10
1578
8%
3%
1278
39%
1%
100
19%
2%
*8%
1578
8%
19%
20%
51
4,500
1,000
2,800
2,800
13%
8%
*40
f
Jan
June
Bristol-Myers Co
14%
40
1%
6%
39%
8%
44%
83%
18
? 3%
Apr
9
Brooklyn & Queens Tr.No par
$6 preferred
No par
14%
3%
12%
8%
—
82
40
1
500
600
$
share
No par
Class B
Bond Stores Inc
809
23
39
1%
700
5%
35%
23
8
2,600
23
15
8%
22
100
6
45
•
5%
36
5%
44%
2%
8%
3
38
11%
5%
36
22%
14%
20%
*8
2%
10%
*93% 100
6
15
10
32%
44%
5%
36%
23
15%
8
*1%
34%
10%
11«4
11%
*93% 100
6
22
50
10
31%
18%
45
8%
22
19
10%
312
5%
5%
35^4
22
15%
18%
2
8%
10%
31 ?8
18%
32%
10%
12
8%
934
43%
5%
43
8%
37%
40%
40
31%
17%
*32%
18%
*32%
34%
10
10%
11%
12%
*93% 100
17%
8%
*21%
3%
11%
35%
19%
20%
20%
50
1%
8
*1%
8% ;
32
32
*15
80
7%
41
1%
15%
44%
*38
*40
36
40
*15
19
*40
37%
16
20%
*49%
1%
7%
17%
18%
*37%
12,800
42,000
39%
10
8%
12%
35%
*8
22
3%
11
34%
12
*38%
10
10%
32%
11
2%
21%
25%
12
4,000
34,800
12%
26
16%
36%
3%
20
per
Bon Ami class A——.No par
100
10%
34%
*3%
25%
39%
*8
8%
*21%
*3%
8%
21%
4%
16%
36
3%
36%
5%
5%
40%
170
300
35%
*38%
35%
11%
11%
*93% 100
11%
93
16%
96
46%
13%
*12
13%
34%
*3%
25%
12
*32% ,34%
9%
10%
*87
46
12%
24%
3%
25%
34%
9%
*11
93
93%
$
Par
Lowest
Highest
Lowest
'
12
33%
Shares
46%
93%
46
*12%
Year 1937
EXCHANGE
Week
$ per share
I
Range for Previous
100-Share Lots
On Basis of
NEW YORK
the
Friday
Aug. 26
Range Since Jan. 1
STOCKS
STOCK
Sales
for
Saturday
Aug. 27, 1938
conv
Commercial
9
conv
Commercial
D°c
65
Nov
10
Oct
35% July 19
25%
9% Jan 13
z4%
Dec
Oct
2:68%
64%
303)}
Jan 15
May 16
65
Jan 18
Mar 30
84
Mar 38
90
Jan 31
50% Aug 24
105% Aug 11
56
Aug 6
11J
Aug 2 *
Oct
Dec
80
Dec
Dec
34
D*H5
86
Dec
32
Aug
31% Aug
12534 Apr
39%
46%
2078
Jan
Jan
Jan
108
Jan
101
Jan
69%
114
80%
120
Jan
Tan
Jan
Jan
5
Oct
3
1
Oct
4%
Jan
Mar 31
45
May 11
34
Oct
75%
Jan
22% Mar 30
Solvents..No par
28
May 11
578 Mar 30
IV Mar 29
25
No par
Commonwealth Edison Co. .25
Cash sale,
16%
98% July 25
16% July 19
79
31% Mar 31
$6 preferred series
r
10
23
pf ser *35.No par
New stock,
1134 Jan 10
50
10
Commonw'lth & Sou..No par
n
8
1
5% Mar 30
57
May 3
4M% conv preferred
100
Comm'l Invest Trust.-No par
$4.25
1
Mar 30
27% Apr
preferred.No par
Credit
Mar 29
53% Apr
100
x
Ex-dlv.
y
12% July 29
2
Jan
Ex-rights,
21%
Jan
f Called lor redemption.
Volume
LOW
AND
SALE PRICES—PER
HIGH
NEW YORK
for
Aug. 20
Aug. 22
Aug. 23
Friday
Aug. 26
$ per share
$ per share
Week
$ per share
$ per share
Shares
Thursday
Aug. 24
$ per share
*7%
8
25
24%
11
13%
*7%
*12
1412
14%
14%
9
*734
68
*65%
*86
87
*8
*114
1%
8
8
26%
26%
9934
9934
5h
5h
534
9%
93$
9%
*102%
*102i4 no
99%
*3%
%
%
418
8
*4
*17
18*4
*17
*87
88
15%
15%
*15%
15%
22%
2%
2U
97%
*96
43%
*11134
44
9%
9%
*33
34
1%
32%
17%
Us
32%
*16
*8%
*65%
68
*64%
85
83
14%
*1%
8%
13%
14%
22
•
22%
4
*17
15%
16%
16%
23%
2%
*96%
43%
21%
23%
2%
2%
2%
2%
*95%
4%
18%
87%
97
97
97%
44
43
43%
43%
112%
112% 112% *112
*9
9%
9%
9%
34
34
34
34%
1%
1%
1%
1%
33%
32%
32%
33%
*16
4%
18%
87%
1%
32%
23%
No par
107
10%
1,700
Continental Diamond Fibre. .5
6
1%
32%
17%
*77%
34%
*79%
88
*62%
16
7%
*53%
5
22%
6%
6%
6
4%
69%
4%
*62%
7%
54%
5%
8
54
54%
54
5
5%
5%
23%
23
*72
76
*46
50
*15
15%
*24
24%
7
*6
*15
15%
16
7%
22%
76
*72
46%
24%
46%
25%
7
*6
15%
15%
10%
10
10%
10
10%
10%
*108% 10834 *108% 108% *108% 108%
19
19
19%
18%
19%
19%
24%
24%
24%
24%
*24%
25
14
22%
*12%
21%
7%
7%
1%
1%
104
*100
3%
3%
*6
9%
21%
14
21%
7
*12%
21%
7
7%
1
1
14
22%
7%
%
1
*10%
11%
3%
13%
3%
*9%
115
*105
130% 131%
134% 135
119
*118
115% 115%
5%
174% 174%
*5%
170
*160
32
*20%
32%
*5%
47%
130
18
*10%
130
*133
53%
22%
34
33
61
3%
3%
13%
115
4
*2%
10%
35%
32
29%
*1%
22%
7%
7%
1%
104
*1%
*100
*1
3%
9%
*6
*34
28%
40
39%
10%
17%
16%
9%
7%
1%I
*5%
*75%
*23
33%
3%
9%
7%
1%
*1
3%
*6
Curtis Pub Co
176
24%
48
25
*43
50
Preferred
Delaware & Hudson
Delaware Lack &
{Denv & R G West 6%
10%
1,000
17
4,400
Distil
5% pref with warrants.. 100
Co
No par
78%
90
24
23
23
341.1
34%
34%
*5
48%
Dixie-Vortex
18%
19%
500
10%
10%
Dresser (SR)
600
4%
200
Class B
135
133% 135%
Duplan
8,200
136
Du P de Nem
300
116
6%
174
50
1,200
1,200
64%
*62
68
*63
65
5
3
*3
4
4
15
15%
2
*1%
*6%
7
6%
36%
30%
12%
*35
*29
12%
*12%
*63
36%
*29%
2
5%
3%
13%
15%
2
a6-
Eastman
57%
30%
38
38
30%
30
30
*29%
300
2,100
""156
5,200
1%
1%
15%
*1%
7%
7%
7
Electric Power &
Battery..Wo par
Elk Horn Coal Corp new No par
El Paso Natural Gas
—.3
Endicott-Johnson Corp
50
5% preferred
100
Engineers Public Service
1
$5 conv preferred
Wo par
$5H preferred w w__Wo par
$6
Equitable Office
800
{Erie Railroad
4% 1st preferred
4% 2d preferred
Eureka Vacuum Cleaner
Evans Products Co
1,500
3
500
4%
500
14
16%
6,300
4,800
Ex-Cell-O
200
Exchange Buffet
120
Fairbanks Co 8%
37%
37%
2,400
30
30%
400
12%
*11%
*75%
12
400
82
81
*87
93
*87
93
*87
93
*85
93
*87
93
5%
"5%
4
3%
3%
*1%
1%
1%
1%
*1%
*2234
23%
*22%
23%
23%
«112
24
"5%
5%
5%
"¥%
2,300
3%
*3%
4
*3%
3%
400
*1%
1%
24%
*1%
1%
*1%
1%
200
24
*23
24%
24
24
1,000
*83%
86
85
85
85
85
85
85
89
700
33%
22
*33%
34
34
34
33%
33%
*33%
34
33%
33%
600
*20%
22
*20%
22
*20%
22%
*20%
21
20%
20%
10
*83%
Bid and asked prices; no
85
sales on this day,
{
In receivership,
Co. Wo par
$6
-100
preferred
Smelting Co 100
.....100
Truck..No par
Works.-Wo par
Federal Water Serv A.Wo par
Federated Dept Stores.Wo par
Fed Dept Stores AM % pf-.lOO
Fidel Phen Fire las N Y..2.50
Fllene's (Wm) Sous Co. Wo par
Preferred....
5%
*3%
~5%
5
5
3
Fajardo Sug Co of Pr Rico..20
Federal Light & Traction... 15
Federal Mln &
*95
*95
*95
*95
5%
100
100
100
Corp.Wo par
pref
100
Fairbanks Morse &
20
93
Corp
1%
7%
*11%
*85
preferred.....—Wo par
Bldg-.Wo par
600
*75%
76
preferred......--Wo par
preferred......--Wo par
Elec Storage
200
12%
12
shares....
Light. Wo par
2%
82
82
Electric
3
*75
*77
"
38
500
8
Jan 11
48%
Mar 31
18
6%June
102% Jan
13%May 27
_
19% Mar 29
Federal Motor
Federal Screw
a Def. delivery,
n New
stock,
r Cash sale.
Jan
2
Oct
8% Mar
8%
Oct
2334 Mar
24% Aug 5
76
Aug 25
54% Dec
86
Jan
48
Aug 20
28% July 25
8% July 20
24
Nov
62
Feb
18% Nov
27
15% Aug 17
11% July 29
12%
108% Aug
25% Feb 25
25
Jan 20
Oct
Oct
18%
Jan
Oct
24
Feb
96% Oct
19% Nov
20% Nov
109
Jan
27
Nov
29
6
3184 Mar
Jan
15% Jan 11
23% Aug 8
8
Oct
7% Mar 29
13
Oct
5838 Mar
Mar 31
8% Feb 25
5
Oct
24% Mar
1078 Feb
Mar 30
9
4
Mar 31
Mar 30
20% Jan
31% Jan
7% July
39% Feb
29% Aug
40% Aug
10% July
5
Mar 30
11
Mar 18
17% Aug
76% Aug
Mar 30
5
2
Mar 30
Mar 26
6% Mar 25
l%May 6
8% Mar 28
Apr 23
102
Jan
5
10% Mar 30
Mar 23
13% Mar 30
Mar 30
6
May
30
May
30
Oct
Oct
76%
36%
40%
Jan
Feb
Feb
Feb
Dec
23
Apr
10
Oct
29
Mar
60%
Oct
96
Mar
584
Jan 12
15
Oct
25
Feb
Jan 12
27
Oct
24
July 29
16%
Oct
41%
4634
Feb
16
20
25
7
19
5
Dec
26%
Oct
July 19
11
8
July 18
10
115
Jan 27
106
Nov
122
Jan
135% Aug 26
98
Nov
Mar 16
130
Oct
180%
135%
Jah
Feb
17
34% Aug
8% Jan
54% July
140% July
24% July
14
4% Aug
137
39%
Jan
Oct
8%
Jan
17%
Jan
Oct
112
Nov
115%
17
Mar
144
Nov
198
Aug
171
150
Apr
164
Nov
Apr 20
Jan
23% Aug 25
5% July 25
15%
Dec
37%
234
16
31% Aug 26
10% Jan 17
1478
Dec
Dec
334
Oct
Jan 11
3%
Oct
7%
Feb
6%
Oct
4
13% July 20
31% Mar
%Mar 26
2
26
6
Dec
1%
Oct
Oct
21%Mar 31
Apr
Jan
8%
Oct
4134 July
33
55
2%
Mar 31
3
Jan
Dec
21
107%
109%
45% July
Feb
1238 Mar
77%
14334 July
7% Jan 12
181
July 25
6% Mar 29
22% Mar 31
17
79% Nov
Jan
118% Aug 25
116% Mar 1
2%May 27
18
6
28
3
5
29
3
3
34
Aug 23
28% June
15
22
Oct
Dec
88%
4% Jan 24
65%June 17
12
146%
Oct
12%
29%
18%
134
Jan 12
108
2%May 31
4%June11
25
Oct
Dec
5
2% Jan 10
% «.ug 23
76
2
$6
12%
82
5%
37%
3
13%
Jan
157
1,700
100
*4
109%
No par
Auto-Lite (The)
5
Boat
3
Eltingon Schild..
3,400
64
5%
Deo
June
3% Mar 30
12% Mar 30
6% cum preferred..
100
Manufacturing Co.—
Eaton
$7
64
68
39%
4% Mar 31
35
121% Mar 31
Elec & Mus Ind Am
100
2%
5%
Feb
5
1,100
20,500
12%
*77
*3%
4%
5%
20%
Kodak (N J).No par
Electric
58
16%
*3
*7
15%
*1%
5%
Jan
Oct
111% Jan 3
3% Mar 31
pf-100
Jan
4
100
No par
Jan
Mar
90% Mar 31
$4.50 preferred
Jan
43
130% Mar 31
109% Apr 1
Duquesne Light 5% 1st
Eastern Rolling Mills
Oct
Dec
(E I) & Co. .20
43,100
3,100
58
*2
4%
14%
16%
1%
8%
4%
13%
108% 108%
68
2%
5%
1,500
47
16
5%
3%
*3
*44
2%
2%
5%
3%
4%
13%
*1%
3
5%
25
68
*63
2%
3
68
25
12%
68
2
77
*95
*63
66
2%
4
12%
12%
15%
12%
*63
68
5%
5
*12%
48
108% 108% *108% 108% *108% 108%
5%
5%
5%
5%
5%
5%
59
*56% 59
*56%
*56% 60
4
30%
24 %
"moo
100
6% non-voting deb
500
118%
No par
Silk
preferred
8%
234
Mar
3
1738
143s
12
87% Jan 27
1
Oct
21% July 18
8% Aug 11
56
Aug 10
6
July 19
May 25
31
Mfg conv A Wo par
No par
3
■
8D4 Mar
135
12
No par
Dunhlll International
Dec
127
No par
Douglas Aircraft
Dow Chemical Co
Jan
Dec
27% July
4%June
Dominion Stores Ltd..No par
Jan
70
Dome Mines Ltd new ..Wo par
600
Jan
'
Oct
Nov
%
56%
47%
3
Doehler Die Casting Co No par
"6*766
Feb
Aug
87
700
10%
*3%
No par
Class A
Jan
2834
100%
58%May 3
10,500
18%
4%
Mar 29
3
12
5%
49%
133
Corp-Seagr's Ltd. No par
37
7
13% Feb 7
6% July 14
5% Mar 31
pf-100
100
Co...100
16%
10
*44
Western..50
*9%
18%
48
—20
10
100
10
60
*2%
*29%
*43
No par
Deere & Co new
115
Dec
28% Nov
1% Jan
4% Mar 29
13% Mar 29
Conv 5%
Jan
Dec
Nov
6%
"
19% Mar 31
Apr 8
%June 30
5
Davega Stores Corp
16%
""560
Mar 29
13% Mar 31
39%
130% 131% *130
24%
preferred
6% partlcpreferred
25
Diamond T Motor Car Co—2
12%
1
7% Mar 29
Cutler-Hammer Inc new Wo par
600
5%
25%
pref..100
No par
Cushman's Sons 7%
900
*133
135
134
*132% 135
118% 118% *117
*117% 118%
*115%
*115% 116
*115% 116
6%
6%
6%
6%
6%
174
174
174
174
176%
24%
1
....
""I76
*160
170
168
*160
*160
168
*160% 170
22%
23%
23%
21%
22%
21%
21%
20%
4%
4%
4%
4%
4%
4
4%
4%
4%
30
30%
31%
30%
29%
28%
29%
27%
27%
9
9:
9
9
*8%
9%
9%
8%
8%
3
3
3
3
2%
3
*2%
2%
2%
11%
10%
11%
10%
11%
10%
10%
10%
10%
37
39
39%
37% 38%
36
37%
37%
36%
34
34%
35%
34%
34%
32
33%
33%
32%
*31
31
31%
30%
30%
29% *30%
29%
29%
1%
1%
*1%
1%
1%
*1%
1%
1%
1%
25
-1
.
preferred
100
Devoe & Raynolds A_.Wo par
Diamond Match
No par
12
175
A
.
39%
48%
133
No par
.
28
*5
133% 135%
(The).-Wo par
Preferred..
Curtiss-Wrlght-
34
48
*3
.....50
Cudahy Packing..
27%
5%
4%
80
5%
32%
88%
21 ~
""loo
12
22% Nov
94% Jan 17
Det & Mackinac Ry
*32%
Jan
44% Jan 11
34
*76%
Oct
108% Apr
*39%
76%
3
Feb
71%
171% Jan
10% Mar
56% Feb
Dec
...100
Preferred
Detroit Edison
9%
Oct
Apr
57%
(The)
No par
Cuba RR 6% preferred
100
Cuban-American Sugar
10
Dlesel-Wemmer-Gilbert
3,100
1,200
50%
153
July
77
July 19
Dayton Pow & Lt 4 M % pf-100
103
9%
4634 Nov
82
34%
28%
50%
131% 131%
20
*18%
11
11%
*3%
7%
*1%
103% *100
35% Mar
24
Jan 12
25% Apr
10
14*706
49
Oct
Oct
7g
Oct
1,300
13%
21%
Oct
23
Jan
Dec
preferred..
25
Davison Chemical Co (The).l
20,500
1,600
Jan
Jan
Feb
Oct
8%
Cuba Co
115
*1%
*
*12%
22%
*10
1%
*20%
13%
21%
*105
6%
33%
*13%
12
1%
*83%
13%
22%
23%
34%
49
100
700
Oct
Dec
70% Aug 17
167% July 22
5% July 25
70
$8
Dec
2534
4234
3%
Dec
5%
30%
25% Apr
100
20
7
24%
23
33
30
1,600
15%
115
6%
*3%
*39%
10%
15%
*10
2%
4
7%
1%
*100
*6
10
10%
10
*9%
108% 108% *108% 108%
20%
19%
20%
19%
24%
24%
24%
24%
10%
10%
108% 108%
19% 21
24%
*13%
21%
25%
7%
15%
*105
*1%
"5%
15%
12
1%
*5%
*6
115
2%
*95
25
7
15%
*10
1%
35
25%
*105
2%
35
7
20%
*63
15
25%
25%
12
3
15
50
25
69%
108%
37%
106%
Jan
34% July 25
14% July 19
conv
Class
Feb
Dec
5
Corp
Preferred
7,100
115
2
13
80
*46%
23%
22%
33%
135
*56%
68
12%
*76
49
22%
*11
*2%
4%
76
*46%
23%
*105
*1%
3
76
53
18,200
Jan
109%
19% July 25
22% Mar 30
29
Apr 13
58
1,800
5%
12
135
24%
*63
5%
75
4,500
5%
32%
135
*61
3
75
*47
7%
54
5%
12
135
*43
64%
*4
23%
54
300
37%
5%
Oct
June 30
56
2% Mar 26
pref erred... No par
Crucible Steel of America.. 100
170
*60
*5
54
5%
22%
32%
130
175
17
54
8
Crown Zellerbach
10
5%
23%
12%
3%
2,200
8
32%
11%
5%
69%
54%
80
130%
108%
108% 108% *108
5%
5%
5%
5%
*57
*10%
5
69%
*16%
7%
6,300
Oct
34
$2.25 conv pref w w..No par
Pref ex-warrants
No par
100
90
17
16%
*32
*5
5%
5%
49%
47%
47%
130% *127% 130
18
18%
18%
174
8%
25
22%
11%
5%
69%
12
79
12
*32
*160
26%
*42
4%
*62%
32%
*75
12
119
*117% 119
*115% 116
115% 116
6
5%
5%
*5%
8%
2%
10%
37
32%
29%
1%
*23%
6%
7
16%
*75%
*12%
*118
27%
*1%
79
32
*3
*10
*105
*8%
29%
240
34
26%
32%
7%
7
28%
*4
10%
*36%
*6%
34
20
*2%
500
28%
20%
4%
20%
%
34
*10%
21
*%
40
*75
*10%
%
28
10%
*17
%
%
34
16%
22%
33%
33%
*5%
5%
*47%
47%
*130
131%
37%
*80%
28
15%
*20%
78
36%
85%
9%
33%
10%
32
32
78
36%
28
12%
*74
78
36
33%
39%
100
78
85%
1
65
37
9,400
No par
86
16
25
21
Crown Cork & Seal
36%
3738 Apr
25% Aug
10% July
39% Jan 17
No par
$5
Oct
Oct
37% Aug 26
Crosley Radio Corp
8,200
1034
7%
114% Aug 26
200
""266
92% Aug
19
27
Jan 31
9%
13%
Dec
Mar 31
No par
*9
79%
19
Cream of Wheat ctfs
preferred
conv
Mar 26
Feb
21% Apr 5
5% Mar 31
300
5%
Oct
Jan
1%
13% Apr
5234 Apr
85
24%
24%
16
10%
1
25
Co..
700
*16%
7%
*15
Crane
Oct
1778 Apr
105% Jan
100
Coty Inc
23,600
34
28
10
"4"% "2*166
37%
36%
12%
*6
16
24%
4%
113% 114%
*32%
*2
39%
1
Apr 12
12%
9%
*9%
Apr
162
34i4
6
39%
z53
12%
*1
*15%
25
.100
Corn Products Refining
Preferred
*32%
*6
78%
39%
9%
*15%
3,600
37%
3%
3%
70
37%
104
*6
1
36%
103% *100
*100
33%
28
39%
9%
16
33%
*27%
.
*12%
Apr
*32%
5
16
40
37
69%
16
10
Corn Exch Bank Trust Co..20
37
5
*62%
16%
7%
48
7%
4%
69%
Continental Steel Corp.A'o par
20
35
%
*6%
400
*32%
77%
36%
*80%
I
80
25
36%
*%
%
%
6%
4%
*75
80
88
10,200
17%
50
35%
13%
33%
4%
9%
*9
21% Mar 30
31%
69%
37%
24%
21% Mar 30
%xMay 26
5
Continental Oil of Del
Oct
3
Jan 12
49
1
Motors
Oct
38
112%June 28
11% July 26
36
July 25
1% Jan 15
35% July 25
5
June 17
*48%
113% 113%
12%
48
*6
4%
36
22
*16
*169%
*169%
Jan
Dec
2%
5% Jan 12
36% Mar 30
17
33%
80
20
$4.50 preferred
31%
13%
32%
Continental Can Inc
200
Oct
100
Jan
Feb
13%
Oct
% Jan
Jan
108
Nov
7
10% July 13
103% July
7% Jan
Jan
19%
3%
6% July 21
Mar 30
6,300
100
33%
34
Jan
Jan
92
June 30
100
1% Mar 29
65% Mar 31
No par
preferred....
Continental
12%
4978
43%
42%
43%
112% *111% 112%
Class B
8%
Continental Insurance...$2.50
34
*32%
*32%
Dec
17% July
26% July
2% July
103% July
1,300
9%
21%
8% Mar 26
2,300
13
*72
*24
33%
37%
9%
34%
30% July 25
Mar 31
9%May 27
1%
24%
18%
America.20
34%
34
*75
2234
8%
*24%
Oct
Continental Bak cl A..No par
1%
30%
12%
*75%
5%
24%
4%
89% July
34%
4%
Jan
8
8% Aug
Apr 18
1%
36%
Mar
534
Mar 31
10
113
Mar
95
Oct
86% Aug 17.
1% Jan 11
10
34%
*32%
88
7%
*53%
*24%
8%
33%
4%
35%
113
87
Oct
1
.
78
10
*34%
80
34
*15%
35%
Oct
63
Jan
% Aug 18
2% Mar 19
34%
37%
33%
*75
*62%
*4%
65
Apr
Mar 26
98% Mar 24
2% Mar 31
34%
1%
32%
37%
32%
*33%
4%
4%
33%
112% 112%
1878
400
70%
4%
34%
Oct
2%
2%
97
98
49%
4%
434
97%
23%
2%
70%
33%
5% preferred vtc
100
Consumers P Co$4.50 pfWo par
Container Corp of
*48%
112% 11234 *112% 112%
*24
24%
*24%
24%
*8
*8
8%
8%
Consol Coal Co (Del) v t C..25
No par
No par
preferred.
10
*169%
10% July 21
68
Jan 15
9,300
1,800
70%
*168%
{Consolidated Textile..No par
$5
5,200
49%
*168%
Consol RR of Cuba 6% pf.100
16%
9%
July
7
Consol Oil Corp
16%
22%
70
7%
4'4
69%
17
8
54%
5%
23%
.5
18
9%
34
Jan
26
88% Apr 16
2% Mar 30
10,800
16%
42%
22
Oct
17
"""266
100
*48%
*6%
Consol Laundries Corp..
300
*112
Dec
8
4% Mar 29
preferred..No par
17%
69%
!•»
$5
87%
44
Dec
5%
4% Mar 26
17%
2%
*96%
98
7%
Mar 29
$2 partic pref
No par
Consol Edison of N Y..No par
87%
16%
22%
8% July 13
14% July 6
19% Jan 17
4% Mar 30
11
500
4
4
28
Mar 29
Consol Film Industries
2,200
2,200
Mar 29
1
4%
48%
%
1,100
27,200
__
18%
69
*7334
900
.
preferred
9% Aug 3
July 21
1
share $ per share
19% Feb
4% Oct
45% Mar
20
Dec
per
6
pref.100
6H% prior pref w w
88%
48%
34
37%
1234
7%
""150
4%
68%
12%
10
68
84
*17%
*87%
16%
23%
2%
112
112
*17
17
17
17
87%
48
*32%
71
*83
$
share
15
Congoleum-Nairn Inc..Wo par
Congress Cigar
No par
Conn Ry & Ltg 4 ^ %
1%
68%
*32%
55
100
*7%
8%
48
34
No par
100
1%
69%
*33
200
Consolidated Cigar..
1%
*1%
50
4%
33%
1
*64%
*68%
4%
32%
Consol Aircraft Corp
8%
68
83%
*48
*168%
8,100
8%
1%
8%
28%
99%
3% Apr
10
13%
15
14%
15
8%
No par
400
6,000
*7%
*11%
10
*7%
*11%
87%
*4
*17
4%
18%
88t2'
22%
10
13%
15%
9
*11%
Conde Nast Pub Inc
7%
26%
per
Highest
Lowest
Highest
$
share
per
7%
8%
8%
*8%
8%
28
28%
28%
27% 28%
26%
27%
26%
99
99%
99%
99%
99%
99%
99%
99%
6
6
5%
5%
5%
5%
6
5%
9%
9%
9%
9%
9%
9
9%
9%
9%
*103% 110
*102% 110
*103% 110
*102% 110
110
*3%
4
*3%
4
3%
3%
*3%
3%
4
*87%
*334
*7%
26
%
4,700
*3%
4
1%
1%
26%
84
86
85
26
Range for Previous
Year 1937
100-Share Lots
Lowest
Par
26%
8
26%
7%
8%
68
8%
*65%
1%
1%
*734
26%
*7%
*11%
14%
86
86
8
25%
12
13%
14%
24%
12
13%
14%
834
68
*734
*11%
*65i2
*7%.
7%
24%
*7%
»2334
On Basis of
STOCK
EXCHANGE
the
Aug.25
Monday
Range Since Jan. 1
STOCKS
Sales
NOT PER CENT
SHARE,
Wednesday
Tuesday
Saturday
$ per share
1297
New York Stock Record—Continued—Page 4
147
2
2
7
Feb
Mar
45%
Feb
16
Feb
Oct
26%
92%
Jan
27
24
Oct
87
Jan
22
Oct
44%
Jan
14%
Oct
29
Jan
Jan
July 20
July
7
1
Aug 13
44% Aug
33
Nov
60
Feb
100
Nov
Jan
5
2% Mar 29
109
1
3
Oct
115%
1734
38% Mar 31
58
Aug 26
41
Oct
78%
Jan
40
Mar 31
64
Aug 26
45
Nov
81
Feb
46
Mar 29
68
Aug 29
51
Nov
86%
Feb
934
Jan
94% Apr
7
2% Jan 11
l%Mar 29
l%June 21
2% Mar 30
2
June
2%
5%
10%
1%
3%
Mar 31
9
Mar 31
Mar 30
19%May 27
22%May 31
6% Mar 30
67
April
52% Apr 5
96% Feb 2
2% Mar 30
Apr
1%
Dec
3
6
6
13
25
27
19
4%
Oct
Oct
6% Jan
8% Jan
6% Jan
4
Mar 26
July
5%
14%
16%
2%
11%
Jan
July
July
July
Jan 12
Aug 8
34% Feb 19
39
14% July 20
82
July 1
92
July 6
99%May 17
5% Aug 10
22% Mar 30
4% July 25
2% July 1
26
July 21
90
July 27
35% July 25
1
2:21% July 14
1% Mar 30
1% Mar 31
12% Mar 30
67% Jan
15
June
4
v
8%
5
3
Oct
Oct
Jan
23% Mar
353g Mar
28% Mar
14% Jan
34% Mar
6%
Dec
1%
Oct
Oct
Oct
28
Jan
23%
7178
Jan
26
Oct
70
Jan
7%
Oct
293s
7234
Dec
103
Jan
60
Nov
150
Mar
90
Oct
129
Apr
7%
634
Jan
Jan
Oct
11%
Feb
2%
Oct
11%
Feb
1%
Oct
6
Jan
2
1434 Dec
z65
Oct
4334 Mar
10878 Mar
22%
Oct
45%
Jan
20
Dec
3984
Feb
zEx-dlv. y Ex-rlghts. ^ Called for redemption.
New York Stock Record-Continued—Page 5
1298
AND
SALE PRICES—PER SHARE.
HIGH
Range Since Jan. 1
Saturday
Aug. 20
$ per share
$ per share
*89
213*
93V
•21%
2178
2134
9178
*90%
3334
*33
34's
33
33
22V
*2484
2234
25V
22
2234
*2434
25V
*20
22
*20
22
2
»134
*134
22%
25V
*20
*134
2
29V
30
*101
102
*101
10178
101
19
75
*66
*2%
*4%
*12%
*14*4
*9334
6%
47«
*3%
*29V
2*2
4%
14
17
95
65,
*15
15V
*49
51
*7i2
734
*98&$ 100
47
47
10
10%
*131
29V
*2
4V
14
*14%
*9334
6V
15%
*49
10
*131
..
18V
18%
*66
75
*3%
47$
*32
42
2934
29%
2%
2%
4%
4V
15%
15%
*49
51
734
*98% 100
47
477$
10
10%
47
10
*131
...
...
*58
68
36
36
*35
67V
68
69
*123
47V
477S
123
50
*38
42
42
42
*40
43
934
8%
97$
8%
07$
106
947g
*85
IV
*21V
32
23
14%
17*4
99%
19%
10%
14
20V
21
*85
947$
*85
IV
*2IV
1%
22 V
32
32
23
24
14
14V
20V
64
13%
597$
2334
18V
934
*58%
13%
5834
2334
34%
24V
14V
17%
99%
19V
10%
63
14%
59
24%
50
*45
18V
978
99%
19
10%
*15V
17%
*56
60
*50
*23
23%
50
*45
23%
IV
22%
3434
87$
*
884
*1034
*105
*178
22
21
947$
*85
1434
*15%
17%
99%
19%
10
63V
1434
61V
2434
*
19%
97$
*59
14%
60
24%
*45
48
49%
10%
*73%
24V
*57%
2478
5878
28%
2834
96V
458
62V
1%
2V
*94
*4V
*61%
1%
*6%
*1%
*11%
16%
28V
*23%
634
134
12%
10%
28V
2334
12%
215$
26V
12%
21%
26V
*135V
*37%
*2212
2%
*73%
2%
2%
83
*73%
24
247$
24
25%
58V
5834
2834
58
58V
28
96
95V
29V
96V
2V
27%
*92
*2%
234
4V
4%
4V
*61%
62V
*61%
1%
1%
6%
1%
11%
17%
1%
6-8
1%
*6%
1%
11%
*16
28V
*23%
*12%
28V
2334
12%
1634
46
17%
11%
1%
16%
11V
*16%
*414
18V
*26V
2134
5
*16%
22V
*4
18V
27
*18%
19V
*26V
27
*33
34
*33
34
*78
*8
8V
*17%
1734
98
*94V
*1
*8%
17%
17
11%
8V
17%
10%
5,300
4,900
General
24%
24%
2,100
42%
43%
35%
114% 114%
S4
7$
35
50
*35
100
3,300
20
1,200
140
123
487$
50% 167,400
700
123%
100
*40% 43
123
834
11
834
19%
10%
*105
2
106
90
2
*17$
21%
21V
947$
100
15%
*15%
17%
*15%
17%
99%
19%
1%
*22
99% *.—
19%
18%
10%
9%
62
*58
62
14%
*95
234
99
778
778
*96
105
*61
2%
96
7%
*96
70
2V
96
7%
105
*147V 149V *147V 149V
*16'%
17%
*16%
17%
62
62
*60%
62
*133
134
*56%
*97
60
105
133V 134
*56% 60
*98
105
106
65
65
30V
1478
66%
1%
4,900
Graham-Paige
7%
1%
4,400
1,200
Granby-Consol M S & P
1%
1%
1%
1%
634
*1%
67$
67$
*1V
16V
7
1%
1134
16V
2
12%
16V
29
29
2334
12%
22%
2684
2334
127$
23%
27
40
24%
*40
*11
11
17%
29
*15%
400
300
29
29
287$
24
*23%
24
200
1234
13
12%
13
22%
23%
26%
27
3,500
17,800
1,000
22%
*2634
233$
27V
*37%
136% 136%
50
24
24
45i
*40
45
24V
1%
11
*2334
*136
40
6%
*37%
50
24%
24%
*40
1,900
60
20
1,100
55*900
11%
2,500
1
1
1
1
1
1%
300
22%
5V
*16%
20
*16%
5
5
*4%
"306
20
27%
*18%
22%
5%
20
*26%
27%
34
*33
34
50
9
9
1,300
17%
*16%
*5
20
*18%
20
.27
27
*26%
27%
*18%
*26%
34
34
*33
34
*33
8V
177$
8V
*17
834
1734
98
884
*17
1
9
1734
*1
*17
177$
98
70
*73
2V
2%
*93
*93
7%
734
105
*96
70
2%
99
734
105
147V 147% *147% 149%
17%
1734
1734 18%
*62
6334 64
134
134
*132% 134
*56% 60
*56% 60
*98% 105
*98% 105
*96
8%
44
44
2%
*684
297S
9
1%
II84
*19V
*36V
*5%
*
8%
1434
*65%
66
66
99
*97%
8
8
8
43%
45V
2%
*6
8
30
30V
9V
14%
2%
*2
*634
4334
2%
8%
30
9%
30
30
1%
12
1%
II84
.19%
20V
37V
6%
9
*35
*5%
106
*105
64%
6434
31%
15%
31%
16%
99
977$
8%
463$
8%
46
2
2%
'
9%
1%
12
12
19%
*20
37V
6%
36
9%
1%
*584
106
64%
32
1519
66%
1%
*6%
30V
9V
1%
100
100
20
40
*98
105
*98
105
149% 150
*149% 160
1734
1734
*17%
18%
62
63
62% 627$
134
134
134V
1341
*56%
60
*56%
60
*98% 105
*98% 105
*18
19
19
19
47
47% 48V
4834
*110
117
115V 117
12
13
1234
13%
16%
165$
16%
16%
*105
106
*105
""80
1,500
900
100
16.300
40
1,600
700
106
"e'ooo
64%
32
500
16%
17
16%
17
22,600
67
99
*66%
67
400
977$
83$
47
2%
8%
307$
*66%
*98
8%
46%
2
*6
3034
*98
99
97$
93$
12%
2034
36%
6%
*37%
39
6%
64%
*32
1%
*37
*6%
35
No par
.....100
Preferred...
.1
Motors..
.5
Grant (W T)_._
5%
126% Mar
52% Jan
27% Mar 31
227$ Mar 30
108%June28
45%
36%
114%
1%
Jan 10
July 20
34
% Mar 30
118
Jan
3
4
25% Mar 31
12% Mar 30
85% Mar 19
Mar 25
Mar 31
8% Mar 23
14i$May 23
98
June
1
Mar 29
9
6%Junc13
37%June 18
Mar 30
13
37
Apr
1
1-% Mar 26
Mar 31
Mar 30
35
L) Co lnc
5H% preferred
8
Apr 12
July
6
Oct
117
May
50% Aug 26
Aug 22
111
97$ July 23
12% July 22
3%
Oct
15%
Oct
19
Dec
110
106
Feb
~
95
85
Nov
1
Oct
14
Oct
July 21
2% July 25
24% July 25
37% July 20
2834 Jan 10
16% July 20
8
Oct
24
Aug
8
Oct
207$
56
Oct
88% Feb
29% Mar
90% Mar
19% Aug 24
1U$ Feb 26
100
Jan 17
65
June 29
2
Jan 12
7% Aug 6
2% July 19
13% Jan 11
18% Jan 10
30
July 18
23% Aug 23
15% Jan 12
24
Aug 6
Jan 14
32
136% Apg 26
22
40
25% July 19
50
June 30
28
28
1
35
10% July 20
12
Mar 31
21% Jan 15
5%
10
preferred
par
40
Mar 19
par
80
Mar 28
No par
5
No par
100
Homestake Mining
12.50
Houdaille-Hershey cl A.No
Class B
Household Fin
com
stk.A'o par
100
2,000
Howe Sound Co.
*17$
*6%
30%
2%
500
8%
31
"5",800
9%
9%
1%
127$
*20%
1%
6,000
8,800
13V
13,600
21%
300
6% preferred series A...100
*37
39%
90
Leased lines 4%
100
RR Sec ctfs series A... 1000
v t c.
.25
5
Hudson & Manhattan
100
5% preferred
100
Hudson Bay Mln & Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp..
Central
n New stock,
.1
100
r
Cash sale,
16% Mar 25
17
Jan 31
98
Jan 10
534 Mar 26
11% June 1
102
Marl6
1
17% Mar 31
481$ Apr
par
....No par
5% preferred
Illinois
Mar 26
126% Jan 19
conv
x
Oct
191$
Dec
6
Mar 30
46% Jan 4
83% Jan 26
5
Mar 31
23% Mar 30
1
3
May
7
Mar 29
20% Mar 30
Oct
2
Oct
2:83% Dec
12% Dec
46
Dec
16%
72%
Dec
55
Ex-div.
y
2
Feb
141
Mar
13%
Jan
96
Jan
434
Feb
1%
Oct
3
Oct
15
Jan
1%
Oct
10
Oct
5%
27%
Feb
13
Dec
48%
Feb
22
Dec
47%
Jan
19%
Dec
22% Dec
28% Mar
10
Oct
20% Dec
23% Oct
129
Dec
Jan
56% May
42% Jan
145% Mar
50% Sept
64% Mar
15%
39% Mar
60
Oct
Nov
7% Oct
7% Dec
98
Mar
167$
Feb
11% Mar
7$
Oct
Oct
59
3%
Oct
17% Mar
Oct
59% Mar
3434 Feb
12
Dec
26% Apr
4% Oct
17% Dec
434
Jan
Jan
36
Jan
20%
Feb
31
Feb
Feb
Nov
108
Oct
105
18
Oct
121
Dec
130
Aug
8
z734 Jan 19
71% Aug 12
3% Aug 25
98
July 29
8% July 25
95
July 23
152% Feb 17
19% Aug 6
65% July 20
134% Aug 25
58% Aug 11
99
Aug 10
20
Mar
2
4834 Aug 26
117
Aug 25
1334 July 19
25% Jan 12
108 May 27
66
Aug 15
32
Aug 23
Jan
58% Mar
140
Feb
5
Oct
55%
Dec
1734
106%
Jan
Feb
1%
Oct
8
Jan
81
5%
Nov
Dec
117% Aug
157$
86
Dec
Nov
Jan
126
129
166
Feb
Jan
11
Oct
39%
Feb
50
Nov
64
Dec
125
May
135%
Feb
39%
Dec
6734
Jan
Nov
111
Jan
16% Dec
15% Oct
37
June
83
93
Nov
7% Dec
15% Oct
109
2:3934
Oct
Oct
52% Feb
120% Jan
30% Mar
43% Jan
11434 Mar
5334 Dec
21
Dec
41
Jan
Aug 25
6
Oct
277$
Feb
6634 Aug 25
44
Oct
73
Jan
78% Dec
484 Oct
94
Mar
37
17
100
9%
53%
3%
9%
31%
June 28
July 20
Jan 13
Oct
17%
Jan
July 14
1%
Oct
July 14
3%
Oct
90% Mar
57$ Jan
157$ Jan
4
Oct
"23% "Feb
11$ Dec
4% Aug
38
Mar
Aug 25
Jan 13
14
Mar 30
Jan
Feb
50% Mar
87% Mar
47% Mar
95
VJune15
6% Mar 30
12
Apr 6
3% Apr
Jan
Feb
115
92
10
23
Oct
23%
6
Oct
3% Dec
Feb
51%
58%
67$
8%
Jan 18
Mar 30
5
Oct
11$
Mar 11
98
Mar 29
preferred......100
Holly Sugar Corp
7% preferred..
49%
43
12
June
Dec
July 21
34% July 25
June 23
15
42% Mar 31
Hollander & Sons (A)..
6%
7
July 25
100
83
Hinde & Dauche Paper Co. 10
Holland Furnace...
No par
Jan 12
6% July
88%June 30
2
Def. delivery,
80
2534 Aug 9
61% July 19
30% Aug 24
9934 Aug 6
5% July 19
Apr 28
Houston Oil of Texas
150
Feb 26
Mar 25
Motors......Aro par
new. .No par
Jan
Nov
5
cum
Feb
95
30
6%
Jan
437$
Nov
24
Hercules Powder
33%
95
25
Hercules
88
Oct
8
25
8
Feb
Oct
9%
June
7% preferred class A
Jan
Jan
100
Hackensack Water...
140
Jan
Jan
487$
70%
Dec
Hall Printing..
10
Hamilton Watch Co...No par
100
117%
534
16
22
Preferred.
Jan
Feb
13%
134 Jan 10
Apr 7
4%June 3
50% Mar 31
l%June 14
76%June 1
5% Mar 25
81
May 5
Oct
Jan
5%
65%
6
Mar 29
25
18
Jan
Feb
Mar
Jan
8
Hecker Prod Corp....
1
Helme (G W)____._.______25
1% Dec
Feb
20
...100
Hazel-Atlas Glass Co
8%
z99
Oct
Mar 25
.....100
Oct
17
.
Mar 28
preferred
28% Dec
2% July
26% Jan 15
3
6%
Feb
Oct
177$ Aug 24
117$ Aug 10
Apr
Feb
21%
12
preferred..
124
July 22
100
6%
Jan
Jan
70%
122%
60%
Gulf Mobile & Northern... 100
preferred
Jan
Nov
4
7% Feb
.No par
3%
64%
657$
%
33
48
7$ Mar 31
10
__
3
13% Mar 30
34% Mar 29
7% Mar 31
1
Greyhound Corp (The) .No par
Guantanamo Sugar.
Jan
23% Apr
100
Green Bay & West RR
Green (H
25$ Mar 30
52% Mar 30
34Mar 29
2% Mar 31
Oct
Jan 11
Aug
45
6% Mar 29
101% Apr 9
1% May 21
Jan
Feb
2
21% Mar 30
Mar 31
647$
44%
Aug 26
123
4
Jan
Oct
28% Nov
69% Aug 26
125
Aug 3
37
1117$ Apr 25
122
4,000
a
Mar 25
50% Jan
100
Pre ferred..—
Mar
152
9% Mar 30
12% Mar 31
Great Western Sugar..Aro par
65
Oct
20
20
Oct
Dec
10i$May 26
19
Apr 5
.....10
preferred
14%
Dec
1
Gt Nor Iron Ore Prop..ATo par
Great Northern pref100
32% Mar
66
8
Grand Union (The) Co.
1
S3 conv pref series...Aro par
Granite City Steel.....No par
Feb
Oct
Oct
22
15% Mar 31
69% June 17
preferred...No par
conv
Feb
14
2%
6%
2:99
25
Jan 24
5
117
Feb 23
Mar 31
Gotham Silk Hose
153
Oct
Nov
Aug 11
June 18
Goodyear Tire & Rubb.No par
Oct
15% Mar
105% Jan
96% Feb
19% Jan
Oct
5%
28
10
8%
467$
t In receivership,
4
72
32
8%
46%
1%
138$
21
39V
6V
Aug
8% July 27
121
No par
8%
467$
8%
313$
9V
50
Jan
Feb
Mar 30
5% pref erred.... ...No par
Goodrich Co (B F)
Hershey Chocolate....No
84 conv preferred
No
100
Jan
19%
207$ Mar 31
1
2,700
200
33
106%
Oct
35
957$
77$
7%
Oct
108% Apr
5,500
70
Jan
Nov
Mar 30
120
32
Bid and asked prices; no sales on this day.
734
27$
*93%
10%
88
11
3%
*62
3%
98%
77$
18
5% July 25
13% July 19
26% July 20
6% Mar 31
Apr 12
2% Mar 31
534 Mar 31
6% preferred
.100
Hat Corp of Amer class A..1
GH% preferred w w_.__i00
Hayes Body Corp
.—..2
64
*20
6%
*93
70
Jan
Jan
32%
7% Mar
115
Hanna (M A) Co 85 pf.No par
Harbison-Walk Refrac.No par
34
21
13
25$
Jan
183$
83
15% July
z39% June
91
800
64%
1%
13%
2034
1278
*62
Gold & Stock Telegraph Co 100
8%
100
135
Oct
Dec
31% Nov
2%May 27
60% Apr 26
1
Greene Cananea Copper... 100
45
17%
30%
1434
50
1
4J$% conv preferred
Gobel (Adolf)
Goebel Brewing Co
260
60
800
Feb
Apr
Sept
54% Feb
Dec
1%
3
94
86 preferred..
No par
Glidden Co. (The)....No par
conv
58%
60
7
15% July 19
67
July 20
27% Jan 11
51% Jan 19
3% July 18
37$ Jan 11
11%
63%
Gillette Safety Razor. .No par
61
28%
95%
4%
58%
1%
11%
July
Mar 29
17%
*105
General Tire & Rubber Co..5
600
4%
18
5
11%
30V
100
95%
4%
4%
Oct
Oct
Gimbel Brothers .....-No par
10
Oct
Dec
2%
18
14", 166
1,300
11%
66
317$ Aug 8
2% July 2
57$ July 19
61
17 84
65
preferred-
97
27$
76
98
51% July 25
11% July 27
135
July 28
1
1
..No par
4%
61%
50
106
100
36 preferred
587$
297$
23%
63
*29
No par
No par
97
*136
*105
86 preferred..
Gen Public Service
29%
67$
*96
*2834
1434
*6512
1
General Printing Ink
97
*17%
20
*17%
19V *17%
19% *1734 19%
*43V 44
4334 45V
4478 4734
4634 48
113V H3V ♦111V 115% *112i2 115% *113
115%
11%
11%
12
11%
12
11%
11V
11V
*1534
16V *16
16V
16%
16%
16% 167$
*105
.....No par
Common
96V
46
.100
10
85 preferred........ No par
Gen Outdoor Adv A...No par
31,000
1,700
43,600
*234
*73%
97$
58
Oct
Dec
Mar 29
""400
Oct
80
40
51
17%
*96
6% preferred.....
77
25$
Oct
per share
41% Mar
107% Feb
52% Mar
46% Feb
58% Feb
39% Mar
27
July 15
43
preferred-..-No par
*113$
7%
No par
General Motors Corp..
$5
177$
11%
2V
pref series A.No par
General Mills
6%
11V
.
preferred.....No par
conv
25%
587$
297$
*2%
Die
1%
Mar 29
13
1,200
Dec
15
29
Gen Steel Cast 36 pref. No par
2,000
22
1001 July 12
General Refractories ...No par
62%
26% Dec
11% Oct
Mar 29
Gen Gas & Elec A.....No par
36
June 15
4% Mar 31
Gen Theatre Eq Corp.A'o par
Gen Time Instru Corp. No par
11,000
15,000
Oct
Nov
82
270
17%
11V
*62
84,50
..No par
MarlO
1,200
4,500
■
70
Electric ......No par
General Foods..
9% Mar 29
85
13% Mar 29
15% Mar 31
24%
47%
2%
234
100
*2V
General
6% preferred
2334
*447$
2%
234
*30
*60
No par
7% preferred..........100
Gen Realty & Utilities
200
16V
11V
*17
100
General Cigar lnc
58%
12%
22%
26V
8V
No par
Class A
2,400
~
*59%
24V
48
No par
Gen Railway Signal...No par
60
14
14V
Cable
2,200
22%
*85
1%
23
1,300
2,000
834
98
98
*94% 98
*96%
*9612 98
*96%
93
93
9234 93
*9234 94
*9234 94
*92%
94
31% *30
31V *30
31V
30% 31V
303$
3034
31%
31%
*120% 140
*120% 140
*120% 140
*120% 140
*120V 140
*120% 140
*5%
6%
*5%
6%
*5%
6%
*5%
6V
*5%
6V
*5%
6%
*93
42,800
7,300
69%
123
_.._5
7% cum preferred
30
50
69
No par
77
2978
2334
*18%
38 1st preferred
Bronze
24%
4%
62%
Hi
22%
...No par
Gen Am Transportation.....5
General Baking..
.....5
12%
"206
6
48
86 preferred.
12%
26%
Aug
5% Jan 12
5H% conv preferred
50
Gen Ainer Investors...No par
General
68
74
16%
90
15% July 19
20
120
33% Jan 10
103% Aug 4
22
July 25
13%June25
700
*24
Mar 30
5
Gaylord Container Corp....5
5
*61
10
Jan
Jan 10
July 20
Aug 2
77$ July 25
130
120
2% Mar 31
25
Apr 13
197$ Mar 30
1% Mar 29
2% Mar 31
347$ Feb 11
4% Mar 29
25%
12%
21%
26%
*16%
83
587$
2834
2334
1%
Freeport Sulphur Co.—...10
Gabriel Co (The) cl A ..No par
Gatr Co lnc (Robert).....-.1
24V
5
11%
Mar 29
25V
587$
30%
*16%
*40
Mar 31
....
...
24%
58%
29%
83
16
*40
11
50
Foster-Wheeler
*73%
234
16
23%
10
$7 conv preferred. ...No par
Francisco Sugar Co....No par
F'k'n Simon&Co lnc 7% of. 100
2V
234
83
*11
2078 21V
26
26V
13534 13534 *136
*37%
49
*37%
23
23%
23%
49
2V
1%
12%
*11
46
*40
2V
234
Mar 25
5
'
2V
258
83 ;
85
y2% conv pref
130
23
24%
100
2,900
15
62
150
4934
34%
*45
400
100
23
14%
—.100
4
"24OO
77$
*98
1434
97$
Mar 29
700
24
19
18
140
900
1,800
Apr
100
1,200
34V
*587$
3,000
% Foliansbee Brothers. .No par
Food Machinery Corp
7
1434
*
3
94
24
15%
21
7
947$
1%
23%
35
1%
*22
22V
35%
2434
7
1% Mar 26
*92
100
106
15
preferred____10
Gamewell Co (The)....No par
Gannet Co conv 86 pt..No par
Gar Wood Industries Inc.—3
34
IV
24
50
*15V
*58%
13%
884
8%
10
10%
11
*105
106
*104V 106
178
178
*17$
2
IV
23
*4578
*2%
493$
4934
123
IV
23
3234
24%
13.%
123
124
247$ July 20
2934 July 20
76
Hi ghest
$ per share $
share
24% Mar 30
107$ Mar 26
19%June 13
(The)....No par
307$
2%
45$
15%
14%
734
per
Florence Stove Co.....No par
Fllntkote Co
*14%
137$
*68V 69%
12334 124
487$
50
123% 123V
*40V 43
123
*U2
1534
51
68V
125
*104
*15%
40
4%
8
*35
*123
IV
*21V
3234
60
68V
20
47$
*49
*734
50
123
8%
*4%
*29%
30%
2%
48% 48%
48V 49V
1038
1034
10% 1034
131V 131V *130
131V
5
5
*434
5
12%
12% 12%
12V
24
25
*24V 25%
*64
68
*647$ 68
26
26
X26h
26V
*119
120
*118% 120
4178
42% 43%
427$
35
3512
35% 35%
*113
114V *113
114%
34
84
a4 ■
a4
*35
4,400
70
15V
*49
*98
123
*85
19
8
69
124
15V
51
8
50
20
978
*58%
13%
15%
7
*49
7%
197$
19
210
51
*92
51
2,100
102%
*66
47a
""300
15V
*2%
4V
15
16V
*15
2
101
70
600
31
*1%
31
07$
30%
284
434
9334I
7
ia4
500
22,500
22
40
30*4
2%
484
16%
16
94
67$
*29%
30%
16%
178
20V
94 78
*22
47$
40
93
2
20V
*13V
*15V
*4
16
68
106
*1%
20V
*66
9334
*60
8V
934
70
16
6%
*20
31V
101V 102
19
1978
9334
23
46%
134
15 V
94
6V
12
237$
*123
24%
25
S
Florsheim Shoe class A.No par
33
24%
*15%
*14%
11%
23%
124
106
2%
4%
15
1434
11%
23V
47%
48V
12234 12234
*38% 42
8%
934
2984
33
2334
share
16% Mar 31
per
25J$ Jan 15
96% July 25
6% preferred series A—100
First National Stores ..No par
Year 1937
Lowest
Highest
Apr 14
Firestone Tire & Rubber___10
100
33
31
8
5,200
26
1434
68V
124
*3%
*30
2%
50
68V
70
4%
*2514
27V *2514
27V *25% 26
*117
120
*118% 120
♦116V 120
41%
42%
4134
43
41%
42V
35V 3614
35%
3534
*35% 36
*112
118
*113
114V
*11134 118
34
%
\
34
34
*35
22
30
68
*01
*20
Par
937$
24%
1938
Range for Previous
of 1W-Share Lots
Lowest
23%
23%
*93%
2334
17$
30V
100
100V
19V 20
478
5
1168
22
23
93?8
33
*134
*30%
42
5
11%
22V
*25
*20
1934
4
434
2234
*90%
70
434
1112
*22V
434
23%
9378
33V
24V
26
14
*7V
734
*98% 100
47
Shares
23%
*25%
101
42
2934
$ per share
*33
30
*3%
*29%
2934
8 per share
On Basis
Week
23
2
*29
18%
Aug. 26
*90%
22
30
*65
Friday
Aug. 25
$ per share
23
9378
3334
24%
25V
*29
*18%
Thursday
,
27,
EXCHANGE
Aug. 24
5 per share
21V
STOCKS
NEW YORK STOCK
the
'Aug. 23
917$
NOT PER CENT
Wednesday
Tuesday
Monday
Aug. 22
Sales
for
LOW
Aug.
17$ Jan 10
July 25
24% July 25
387$ Aug 8
8
July 25
Ex-rights.
8
Oct
16
Oct
34
Dec
72
5
Dec
25% Mar
67% Mar
If Called for redemption.
Jan
Volume
LOW
AND
New York Stock
147
HIGH
SALE
PRICES—PER
SHARE.
NOT PER
Record—Continued—Page 6
Sales
CENT
STOCKS
NEW
for
Saturday
Aug. 20
Monday
Tuesday
Wednesday
Thursday
Friday
the
Aug. 22
Aug. 23
Aug. 24
Aug. 25
Aug. 26
$ per share
$ per share
$ per share
S per share
Range Since Jan. 1
STOCK
Shares
$
per
share
*714
8%
28i2
28%
28
28
29
29%
*734
2834
30%
2834
9914
99%
99
100
99
99
99%
99%
99%. 100
7214
147g
*4%
72%
*143%
*72%
6
6
*21%
*8 584
22%
90
*143%
4%
12%
3
25%
168
*20%
90
90
5
*4%
12%
234
*23%
58%
57%
*156
534
584
*3i2
334
9U
9%
4914
49%
140
9lg
4034
4I2
*45
*23i2
9%
41%
4%
47%
2434
*32
3384
*20
23
*65i4
69
8%
87g
1334
*7314
14%
4%
4%
12%
2%
*23%
234
26
57%
----
8%
13%
12
5%
534
23
77."
2,700
15%
15%
12,600
5%
5%
5%
5%
700
5%
5%
5%
5%
2,100
23%
*86
90
4%
13%
234
25%
234
25%
166% 168%
6034
59%
*156
23
*86
20%
*116
6734
9434
*127i2 128
90
4%
4%
T,206
13%
13%
16,600
234
234
800
*2434
25%
100
165% 165%
1,300
14,000
3
25%
*2434
166%
5934
60%
*156
60
156
60%
6
6%
6%
~6%
6
6%
4,400
3%
334
3%
4
*3%
900
9
9%
9%
9%
9%
9%
3%
9%
9%
8%
8%
65
21
8%
8%
67
68
68
9
884
9
14%
75
75
12
*11
1134
11
20%
20%
20%
123
20%
*116
6734
96
8%
20%
123
*67%
95
70
9734
*116
9%
70
8%
884
120%
1112
*193g
*834
*19
*13
22
22
20
*19
14
*12%
*78
84
*78
84
*10!%
11%
7%
*10%
*7%
11%
734
92
92
40%
*1034
11
19
19
14
13%
13%
*78
84
12%
8%
40%
1034
11
28%
*28
95
40%
10%
95
4134
11
28%
*2i2
2%
*24%
....
*27
15
16
19%
19%
*634
7%
2934
3
*2%
*24%
14%
19%
*29
29
*2%
32
*25
2%
....
14%
15
19%
73g
2934
19%
*634
2934
3,800
95
98
98
-
-
-
4,900
9S34
64%
23
-
1,600
10
~
22
22
*20
23
100
20
*19
20
100
*13%
14
*18%
*13%
20
14
14
500
84
*78
84
*78
84
13%
13%
9
13%
834
95
1134
*92%
8%
13%
8%
12%
3,400
9
6,300
10,400
11
11%
11
11%
29%
2%
2%
*28
29%
*28
29%
*2%
3
25%
*2434
1584
25%
1534
19%
19%
19%
*6%
20
2%
2%
17
17%
17%
17%
17%
13
13
14
14
13
14%
*13
15
*20
24
*20
24
*21
*22
24
*2234
24
*21
24
*1234
1334
*13
1334
*5%
6%
20%
23
....
*6
20
20%
20%
23
23
23
*11734
*11734
5%
5%
5
47g
5%
*34
%
*3%
26%
26%
26
27
*87g
934
9
9
4
99%
100% 100%
180
4
4
4
4
500
27
27
27
4,000
*834
9
9
7
7
7
*30%
33%
*32
*96%
99%
99%
99%
180
99%
*96%
31%
*31
53%
53
54%
13,600
7%
7%
7%
7%
1,500
*32%
33
*30%
9%
31%
51%
7%
33%
98%
*32%
33%
98%
98%
98%
100
100
100
100
100
100
*168
180
*172
180
*172
*17%
17%
*17%
17%
17%
17%
*31
32
*31
32
31
32%
32
*44
47
*45
__l
Tea Inc....
500
700
"""466
16
17%
17%
*17%
32%
32%
33%
32%
Jan 21
6%
Dec
7338 Mar
13534
Jan
1914 Sept
2912 Dec
2i4 Oct
68i2 Sept
10
Feb
57i2
2834
Feb
Jan
4414 Mar 30
72
58
Jan 24
4934 Apr
118
Mar
8
63
3
Dec
65% Nov
87ig
155
Jan
136
Feb
15i8 Dec
115i2 Apr
46
Jan
121
Mar
Oct
29
Mar
Oct
447g
Oct
5
35
14%
15
13
Nov
May 27
80
Nov
7
Oct
233g
Feb
Aug 24
4
Oct
19i2
Jan
Dec
109%
Jan
6
95
Aug 26
80
44
July 25
28% Nov
27i4
110
1784 Dec
134 Oct
4634 Apr
3038 July 23
20
Dec
71
19
11
Dec
35i2 July
3
Mar 30
9
July 25
Jan 22
15ig Mar 31
2l2 Mar 26
1958 Aug 25
22
31
8% July 13
Mar 26
123g Mar 31
July 23
177g Aug
8
Oct
2012 Mar
15% Dec
93g Mar
29%
Oct
157g
Jan
Dec
47i2
Jan
14
Dec
Jan
18
Jan 12
6
Oct
Mar 26
30
Jan 12
8
Oct
4H2
Lane
3igMay 13
IOI4 Mar 31
2378 Aug 24
13i2Mar 30
25
Bryant
25
4% conv preferred...... 100
Lehigh Valley RR
60
95
3
Jan
4
Mar 29
No par
i2 Mar 26
..50
178Mar 29
193g Mar 30
1
5
678Mar 29
1934 Mar 30
23I4 Mar 31
par
Libbey Owens Ford Gl.No par
Libby McNeill & Libby No par
Life Savers Corp
5
Liggett & Myers Tobacco..25
6
25
Lily Tulip Cup Corp...No par
3334
2,200
Mar 30
117*4
714
D8
5%
5
Dec
934
14
July 28
97
.
Oct
Oct
Dec
24
Jan
Jan
Mar
1784 Mar
277g Mar
51i2
203
Feb
Feb
July 25
4%
Oct
24% Mar
Jan 12
38
Dec
334 Jan
18i2 Jan
43i2 June
213g Feb
58% Jan
Jan 13
29
July 25
11
Jan 14
33*2 July 28
54% Aug 26
9
10% Dec
7
July
278 Dec
2234 Dec
8
23
'Oct
Oct
33% Dec
79
Jan
Jan 10
5
Oct
153g Mar
33i2 July 28
23
Oct
29
Aug
Dec
11314
Feb
114
Jan
10014 Aug
8
10334 July 25
8112 Mar 31
Apr 9
14% Mar 31
157
100
""566
Mar 30
81
25
Mar 29
1434 July 25
7*2 July 20
Jan
4
Mar 29
8I2 Mar 31
Feb
22
8
Series B
Jan
3
Feb
125g Jan
4i2
15
Preferred
Jan
lUg Aug 24
30% July 19
preferred
..100
Lambert Co (The)....No par
1,600
Jan
Mar
6938 Mar
2414
2778
Corp
Lerner Stores Corp....No
Jan
6434 Nov
ll4 Mar 29
7
1
Lehn & Fink Prod
Jan
126
July 19
9
6i2Mar31
No par
Lehigh Valley Coal
6% conv preferred
Lehman Corp (The)
Jan
Apr
Aug
Mar
263gMay 27
...No par
preferred
30
133s Aug 24
Mar 26
Jan
26i2
127
85
5
434 Mar 29
i
Jan
107i2 Apr
Oct
120
Feb
8% Nov
36ig
15
Mar 29
Apr
7
Jan 10
15%
Jan
I3ig July 25
24l2 July 21
213g July 15
2
6
cl A_1
July
493g
Sept
20i2
49
24i2 July 20
120l2 Aug 11
5lgMar 29
12l2 Apr
lO^May
Nov
zll6
78
1
12
Dec
9
9
July
130
12i2Mar 25
100
Jan 15
Oct
70
Aug 8
9914 July 25
Mar 29
122
conv
Oct
Dec
24
4% preferred
100
Kaufmann Dept Stores.$12,50
Kayser (J) & Co....
5
Kelsey Hayes Wh'l
Class B
638
120
100
City Southern
July 22
Dec
8%
8
June
No par
.
Preferred
18
46%
17%
Nov
12778 May
4
H3I4 Apr 30
No par
Jones & Laughlin St'l pref. 100
Kalamazoo Stove & Furn
10
Kan City P & L pf ser B No par
180
17
Mar 31
Lehigh Portland Cement
26%
Jan
37
July 23
1534 July 19
77
Aug 3
1234 July 25
Feb 10
8
1,300
9
1834
1034 July
107g July
4
63
7,800
1,000
7%
Feb
6i8 Mar 30
.100
22%
%
*67g
6
No par
1
Corp
23%
4
*32%
No par
22%
27%
5%
%
3%
2634
*834
Oct
Feb
22%
*116% 120
*34
53
*168
2234
120
6
Mar
..No par
Lee Rubber & Tire..
5
%
31%
98
23%
22%
Apr
62
300
34
5134
180
23%
*117
Jan
1514
110
7%
*6
1678
Oct
Oct
"""766
%
31
100%
7%
Jan
Oct
Oct
5%
"3", 100
51%
98
*5%
162
Oct
1334
1334
Aug
Nov
16
Laclede Gas Lt Co St Louis 100
534
30
100
1334
Jan
120
138
65
130
534
48%
*168
13%
Apr
30
3,400
1734
9i8
63i2 Apr
189
72
200
17%
28i2 Mar
3534 Aan 24
23i2 July 23
7%
700
Oct
Mar 28
Kresge (S S) Co
10
Kresge Dept Stores
No par
Kress (8 H) & Co.....No par
Kroger Grocery & Bak.No par
30
Oct
June 17
3,900
30
6
2
18% Oct
127% Nov
53*2 Nov
Jan 21
6
4612 Mar 30
5i2 Ftl» 4
$5 prior preferred...No par
534
30%
49%
33%
634
30
2i8 Dec
12
200
5%
30
4
6%
30
llli2 July
lli2 Mar
28
100
15%
19%
5%
9
4
48
*98
-
-
27%
34
30%
*168
-
9
49%
34
23%
*3%
26%
4834
*30%
23%
.
34
34
*3%
30
7%
23
2234
*11634
5%
34
30
*7
1334
7%
1334
23
20%
23
*11734
29
15%
Dec
Oct
preferred
$8
92
19%
Preferred
10
64i4 Apr
34
19
25,600
Jan
Oct
25i2 Aug 26
Kimberly-Clark
Kinney (GR) Co
42%
Jan
20
4812 Jan 21
""300
4134
Feb
6
1334
19i2Mar31
Foreign share ctfs_..Aro par
Interstate Dept Stores.No par
Kansas
July
33i8
2i4 Mar 30
2812 Mai 25
....100
Johns-Manville
143
131i4 Mar
No par
Shoe
preferred
Inter Telep & Teleg
Jewel
Feb
100
1,200
95
42%
17
6%
22%
7%
Jan
144
No par
80
95
41%
11%
*25%
15%
19%
*634
4% Mar 29
Kendall Co $6 pt pf A..No par
Kennecott Copper
No par
Keystone Steel & W Co No par
95
4234
14
6%
conv pref
Kelth-Albee-Orpheum pf__100
"
13%
140
share
4712 Apr
1%
5234 Feb 23
Jan 19
per
22i4
3
Internat Rys of Cent Am..100
90
160
36% Mar 31
132
Oct
5834 Nov
6% Oct
378 Oct
1% Oct
;
Jan 11
478
117g
11% July 20
473g July 25
$6
128
Mar 25
18% Mar 31
*116% 123
"""266
July 30
734 Jan 12
....100
5%
Island Creek Coal
22
*28
1
..........100
Inter Paper & Power Co
15
20
70
2
Int Nickel of Canada_.No par
Intertype
*67%
156
9
634 Mar 31
500
6834
Mar
Jan 11
70
May 27
141
Jan 17
16812 Aug 24
Internat'l Mining Corp
300
6834
Mar 31
3i8 Mar 31
11%
*116% 123
6% Mar 30
Int Hydro-Elec Sys class A.25
Int Mercnatile Marine.No
par
76
*12
*5%
.100
21
12
41%
11%
13%
Preferred
11%
*20%
11%
8%
*92%
6
29
*74
11%
1234
13%
Mar 26
12
15
23%
Prior preferred
15
100
Int Business Machines.No par zl30
Internat'l Harvester...No par
48
International Silver
3,700
17
16%
Mar 26
International
14,400
17
*6%
Mar 29
2
700'
9%
*12
*29
2
"""260
8%
15%
19%
7%
2934
17%
15%
19%
7%
2934
No par
Interlake Iron
No par
Internat Agricultural..No par
76
'
*27
June 10
21
98%
*78
11%
7%
*92%
40%
7%
*92
41%
22
19%
80
*11%
*20%
70
11%
*21%
*19%
*13%
11%
100
preferred.....
Intercont'l Rubber
*73%
123
1
Nov
32
June 30
167s July 25
Mar 30
5% preferred
International Salt
14%
14
82
Dec
72
15
300
80
8
15
5ig July 21
634 Jan 13
26% July 21
98
Apr 25
5% July 7
13% Aug 6
378 Jan 17
16,800
440
Feb
56%June 17
7% Mar 30
3% Apr 1
278 Mar 26
Highest
share
5% Oct
per
IOI4 July 13
303g Aug 24
100
Aug 22
143
Aug 12
Mar 25
135
20
t Interboro Rap Transit...100
Interchemical Corp
No par
11
1434
60
Preferred
"V, 500
$ per share
share
Mar 29
4
100
75
*67%
96%
11%
*19%
22,600
_
per
Lowest
Highest
143g Mar 31
No par
14
•
11%
preferred
Inland Steel....
15
128
128
127% *126% 129% *126!% 129% 128
65
65
64
64
64
66%
66%
63%
21
21
20%
*19%
22%
20%
22%
22% 22%
120
120
*119%
*119%
*119%
*119%
*1034
*19%
11%
3,100
70
8%
9%
834
8%
13%
*73%
14%
75
1334
68
64
*20i8
68
io
Inspiration Cons Copper
Insuranshares Ctfs Inc
100
156
6%
3%
68
Indian Refining
$
Industrial Rayon......No par
Ingersoll Rand
No par
6%
4%
*234
127
6412
*120
600
23
13%
4%
13
166
Par
6%
76
15%
*22
434
Lowest
*143%
77
15%
90
13
800
100
76%
23%
*86
100
4,600
5%
69
*11
95
59%
*98
*143%
7634
15%
8%
29%
*7
28%
3%
8%
77%
95
57%
*156
29%
5%
8%
20%
69%
167
8%
fc
49
49%
49%
50
50%
4934 50%
4934
50%
50%
*136
139
*136% 140
*136
*136% 140
*136
139
139
10
9%
9%
9%
9%
10%
9%
10%
9%
10%
41
40%
41%
4234
43% 4434
44%
42%
44%
43%
4
4%
4%
4%
4%
4%
4%
4%
*4%
4%
*45
47
47
47% *45% 47%
47
46%
47% 4734
2434 2434 *24
26
24% 24% *25
24%
25%
25%
33
33
33
34
32%
3234
33%
*32%
*31% 33%
*19
23
*19
23
*21
23
*2034 22%
22% *21
*20l4
123
2%
25%
*143%
75%
15%
5%
534
*7
9
*66
834
167
4%
13
9
Year 1937
EXCHANGE
3%
5%
*3%
8%
*11
*67%
*86
12%
13%
*73%
*116
8%
75%
15%
5%
534
22%
73
166% 167%
*156
*136
8%
*143%
7234
14%
5
5%
584
534
22
22%
14%
534
414
57i4
8%
*86
15%
5%
12I4
*234
*23%
*165
*7%
Range for Previous
On Basis of 100-Share Lots
Week
S per share
YORK
1299
175
218
Aug 16
Feb 28
82
8312
151
Oct
May
175
Jan
1512
Oct
23i2 May
Oct
83i2
100
Lima Locomotive Wks.No par
Link Belt Co...No par
48
19
19
2,000
Liquid Carbonic Corp..No par
12i8 Mar 31
July 5
2112 July 21
33
19
14
Oct
2678 July
47
4734
47
8,200
Loew's
...No par
33
Mar 31
56i4 July 18
43%
Dec
877g Aug
No par
102
Apr 18
34 Mar 26
1071s July 1
234June 25
56
July 25
534 July 25
*46
*44
4634
46% 46% *45% 46%
46%
19
19
19%
19%
18%
19%
19%
19%
19%
49
47
49
49
47%
49%
48%
50%
48%
*105% 108
*105% 108
*105% 108
*105% 108
*105% 108
*105% 108
*2
2
2
2
2%
2%
2%
2%
2%
2%
2%
2%
52
5234
5234
52%
5134
55
53% 54%
5434
53%
54%
5434
434
434
434
4%
4%
4%
4%
434
4%
434
4%
434
21
*20
*101
101%
20
20
138% 138%
173i
*16%
*40% 41%
*20
2034
101% 101%
20
20%
138
20% 20%
20% 20%
101%
101% 101% *101
20
20%
20% 20%
138% *138
1734
*1634
*3934
41%
*28
29
17%
40%
139
139
139
21
20%
139
17%
17%
17%
41
42
4234
29
*28
21
101% 101%
20%
139
*17
*21
102
20%
139
21%
103
20%
139
$6.60
il", 700
3,600
Loft
Long Bell Lumber A ...No
Loose-Wiles Biscuit
180
2,800
17%
17%
400
42%
42%
1,000
preferred
Lorillard (P) Co
7%
29
*123
tmm.
25
25%
45
4534
*13%
30%
1%
*6
*123
45
14%
31%
1%
*1%
*6
13
--
45%
14%
31%
134
*1334
30%
8
*1134
-
26
*25%
12
8
12
*28
*123
26
45%
*1334
32
*1%
*6%
1134
'
7
734
*13
1334
634
*13
7%
14%
2
*1%
1%
*134
5%
5%
5%
14%
14%
1434
*13
5%
14%
7%
*134
5%
*123
27
47%
14%
32
*28
1
«.«.
-
-
*123
29
*28
29
100
Steel
6%
preferred
13%
12%
12%
23%
23
23%
4%
*3%
4
53%
27%
52%
28%
52%
29%
12%
23%
*3%
52
*85
95
*85
95
*13%
*11%
14
*13%
1334
11%
*78
91
*
1134
11%
*78
91
*85
13%
11%
*78
26%
26%
"V, 600
Mack Trucks Inc
4634
*1334
47%
47%
4734
47%
49%
12,400
Macy (R H) Co Inc.—.No par
Madison Square GardenNo par
247gMar 30
18% Mar 31
8
*6%
12%
7%
12
14
14
7%
*134
14%
14%
14%
32
31
31%
1»4
2
3134
*
1.84
*7%
8
*7
8
12
12
12
7%
14
2
*7
*14
2
7%
14%
200
2,100
Magma Copper...
10
1%
300
Manati Sugar Co..
1
*85
95
49%
634
*23%
91
161
49%
634
24
91
161
50
634
24
*90
Jan
Feb
Oct
1414
Feb
Marine
Midland
Corp
Market Street Ry.
%May
2
3% Feb
7
MasoniteCorp
1,700
Mathieson Alkali Wks.A'0 par
634
1,100
7%
13%
13%
800
11%
12
12
*11%
11%
1134
1134
2,100
*78
91
*78
91
100
10
No par
$3 preferred w w
No par
$3 preferred ex-warr.No par
$6 1st
McCall
cum
6% conv preferred
delivery,
n
New stock,
30
30
30
30
2i4May 24
25
Mar 29
1984 Mar 31
156
Aug 2
28i2Mar31
,3% Mar 26
16%June 1
20
Mar 29
9
234 Jan
7i2 Jan
111 May
734 May
16
Aug
11
11
12
11
6
2t4May 11
2978July 6
14i2 July 25
27% July 25
4% Jan 24
34 Dec
3
634
138
24
714
10
134
20
Jan
39
Jan
Oct
678 Mar
Dec
5134 Mar
307g Mar
2914 Apr
1378 Jan
Dec
Oct
Oct
20
Oct
22
Dec
142
May
165
Jan
66
Mar
8
3334 Dec
4l2 Oct
15i2
Jan
28% July 26
20U Dec
44
Jan
21
Apr 22
35
June
45
Jan
Nov
577g Aug 24
30i2 July 19
165
Feb 23
51
July 19
778 Aug
9112 Feb 10
93
834Mar 31
16
1
6
Mar 23
1234 July 26
IH4 Dec
734 Oct
-.100
61
Mar 31
83
r Cash sale,
x
Ex-div.
5
y
3i2 Mar
Oct
75
Apr
Jan
Dec
No par
.No par
pref
Corp
McCrory Stores Corp
91
a Def.
preferred...
Maytag Co
30
14
1
No par
No par
May Department Stores
200
*1312
L.) Co
Jan 28
7g Mar
1834 Mar
5i2Mar
14ig Mar
100
1
5,100
900
7
100
Marshall Meld <fc Co...No par
Martin-Parry Corp
20
Mar 31
100
prior preferred
56%
2934
50%
5
..100
preferred
6%
Martin (Glenn
Mar 30
1% Mar 31
5
100
6,300
13%
X In receivership,
Jan
Mar
634
13%
*78
63
Oct
8,700
95
153g
Oct
ll4
5l2
25
3%
24
Oct
18i2
Maracaibo Oil Exploration..]
Bros
13%
23%
161
8l4
3334 July 25
2i4 July 19
Jan
14
Bid and asked prices; no sales on this day.
161
58i4 Mar
Oct
1,110
29%
Dec
912
14%
29%
25
July 23
14%
57%
49i8 Aug 26
15i4 Feb 25
16
14%
56
Feb
62i4 Mar
9
1434
57%
Feb
Dec
Manhattan Shirt
14%
56
36
132%
173g
100
14%
3%
56%
2934
123ig Nov
Jan
14%
12%
4134 Mar
Oct
Oct
16*2
29%
6,000
23%
Jan
13i8
2634
Mar
1678
5%
3%
Jan
99
39
5%
13%
2834
Oct
5%
23%
Oct
4812 Nov
Oct
5%
*3%
1412
Jan
Feb
Dec
5%
12%
125
28%
14734
Dec
412
5%
23%
July 27
Oct
1538
Jan
May
6
200
4
Jan 21
29
1034
4314
110
10
134
13%
31% July 19
126
Oct
Jan
Feb
Jan 13
134
24%
5
7
Jan 10
Jan 12
Oct
Dec
37g
7514 Mar
Jan 10
2
13%
July
2%
17ig
101
110
9
*13%
*
I84
*3%
July
Oct
20% Jan 13
14%
23%
143i2
18%
5612
2114
June
534 Mar 26
25g Mar 26
2,000
3%
54%
2934
21 % July 25
I
Aug
..No par
Mandel
"iio
7%
14%
13%
Mar 26
Jan 18
9934 Nov
32
63
t Manhattan Ry 1% guar. 100
Modified 5% guar......100
8
12
2334
10
Mar 29
22% July 22
106
Nov
Feb
34 Mar 29
45sMar 30
7%
*13%
12
16
..No par
32%
5%
91
116% Mar 30
27"
31%
134
95
Mar 29
2634
29% 29%
161
*156
161
*157
161
*157
*158% 161
49
49
*49
49%
49%
50%
*4934 50%
6%
*6%
634
634
6%
6%
634
6%
25
24%
*22%
*23%
23% 23% *23% 24
29%
1
27%
6% 2d preferred
Corp
*3%
*5234
27%
22
10
.No par
Apr
12i2Mar 31
297g Apr 20
12i2May 27
1
Marlin-Rockwell
1234
23%
125
100
MacAndrews & Forbes
6%
14
100
June 22
1334 Mar 31
Louisville Gas & El A ..No par
*123
_
1434 Mar 31
92
i0
preferred...
Mar 31
2i2 Mar 28
par
100
Louisville & Nashville
Mar 25
2634
134
2
29
26
25
5%
260
17%
I8I4
.......No par
700
Ludlum
29
preferred
Inc..
37i2 July 25
29
Lone Star Cement Corp No par
900
43
42%
Inc
20i4Mar26
Jan 18
Aug 11
Ex-rlghts.
3-66
Oct
74
41 s4
111
36
Feb
Jan
Jan
Jan
24ig Feb
106U Mar
If Called for redemption.
New York Stock Record—Continued—Page 7
1300
AND
LOW
HIGH
SALE PRICES—PER SHARE,
NOT PER
CENT
Auy. 20
$ per share
$ per share
17%
10%
407,
197s
07g
17%
10*8
4078
20'2
07g
*3412
3434
9%
90
14%
69>2
80
49
6
197g
14
9%
*8512
14%
6912
*03%
*477g
*4%
197S
*1314
*17%
*10%
46%
20
.
Tuesday
Aug. 23
5 per share
17%
11
40%
6%
*34%
9%
20%
0%
35
9%
*85%
90
1734
1778
18%
11
11
11
46%
47
46%
4778
20%
6%
21
7
35
3434
9%
*85%
14
*6684
77
76%
*6634
*64%
49
*48
49
47g
20%
14
5%
20%
*13%
21%
14
44
44
45
45
10i2
18%
10%
10%
10%
11
18%
18%
18
25
24
24
*101
108
*101
108
*102
*88
90
*88
90
89
79
79
80%
81
*110
111
6%
*6
60%
*64%
*%
*%
1%
*1
134
*6
111
110
*64%
*%
67%
6%
63%
*%
134
*1
134
*34
15%
2%
*14%
15%
2%
9%
15%
2%
*9
9%
9%
*1
1%
*1%
2%
*2
1%
2%
*1%
*2%
*15%
*92%
15%
*2%
9%
16%
95%
*114
114%
46%
47%
30%
36
*36
20%
*14%
36%
21
14%
*20
2734
*20
*7%
7%
*13
46
14%
*53
57%
*106% 110
9%
9%
*50
56
10
10%
36
20
20%
14%
27%
7%
14%
113
113
*834
9%
*5%
5%
24
24
*19
19%
1334
1334
25
25
*163
167
*142
6%
59%
14%
*53
57%
57
9
9
*50
52
9%
27%
*19
13%
24%
*50
54
10
13
13%
13%
...
834
5%
24%
19%
13%
25
*113
13%
24%
14%
25%
111
207«
22
6%
6%
6%
634
59%
17%
59%
17%
60%
18
*3
108
9%
*50
11%
14%
137g
*14
838
25%
*72
"¥%
1034
8%
25
100
150
8%
*113
121
...
8%
25% 26
160% 160%
*16
17%
*83
33", 100
100
6,000
600
15,100
200
200
88
47
""800
28
29
10,200
13%
13%
10,400
112
112
*112
...
20
20
2,200
3%
12
22%
75
*60
75
*60
*38
40
*38
102% 102%
*5%
11%
*3%
1178
2234
104
*5%
17
18
1734
*72
3%
117g
2234
*3
3%
117g
227g
75
*60
75
40%
*38
40
104
32
32
32%
33
33
34%
19%
17%
18%
16%
18%
16%
18%
16%
19%
17%
28%
28%
27
27%
27%
28%
19%
17%
28%
20%
17%
29%
28%
35%
*34%
*3%
35%
4
35%
*334
978
3578
4
978
36
36%
36%
*9
10
*9
10
*112
115
112
112
*109
115
*%
*112
%
*60
1%
*5%
1
634
*41
115
*109
115
134
*5%
is4
5%
1
1
1
634
44%
7
7
44
44
*134
*20
234
24
10%
27%
16%
10%
27%
16%
106
106
*7%
*23%
7%
24
140
*136
7%
24
24
136
136
10
10%
46
71
*7%
8
5
19%
19%
*7%
7%
14%
27%
•
107
40
...
71
*13
7%
10%
*20% 21%
*46%. 60
*114
*27%
105
2%
23%
1034
27
16%
46
9%
*42
*4
2%
*20%
10%
2634
16%
*20%
*45%
*114
70
7%
*4
21%
60
...
70
7%
4%
1834
7%
*2%
7%
278
23%
1034
2734
17%
108%
8%
23%
24%
*20%
10%
27
I684
108
*136
10%
*43%
2034
*45%
*114
140
IO84
48
2034
60
...
6934
*7%
72%
*4
4%
19
*18%
8
1834
*6%
12%
13%
14
14
27
27
26%
2078
7%
7%
5%
*1
678
42
534
1%
7%
134
134
*5%
534
1%
7%
44
44
44
5%
5%
1
*7
*44
1
734
50
27g
*20%
10%
27g
23%
11
28
29
1734
18%
10934110
8%
834
24% 247g
*136
107g
*46
21%
*45%
*114
72%
7%
*4
19%
*7%
13%
20%
140
11%
49
22%
60
...
737g
7%
4%
19%
77g
14
2034
278
23%
*2%
*20%
10%
28
1734
110
*8%
24
*136
107g
*46
22
*45%
l
10%
28%
18
110
834
2478
140
11%
48%
22%
60
72
74
*7%
77g
4%
19%
77g
13%
2634
*13
26%
27g
23%
10%
28%
17%2 18
*106
834
24%
*136
11%
47%
*22%
*45%
114%
834
25
140
11%
47%
23
73
*7%
*4%
*19
*7%
8
5
778
Jan
10
07
May
2
111
Jan
5
Montg Ward 4 Co Inc No par
Morrell (J) 4 Co
No par
Morris 4 Essex
50
6
30
Oct
69
Mar
38% Aug
Dec
46
Feb
Mar 31
3
39% Jan 13
21
25
10% Mar 31
2234 July 25
36% Dec
12% Oct
preferred
$4.50
25
Corp..No par
Wheel
Brass Co
Mueller
8
6
—
1
Corp
National
7%
Mar
50
Oct
15% Aug
Dec
4%
9%
99% Mar
Dec
36%
58
July 22
50
Nov
90
Aug 25
102
Apr
10% July 27
July 29
3
Oct
108%
20%
64
44
Deo
Mar 25
Jan 17
12% Jan 10
18
July 21
1434 Aug
1034 Jan
Jan
Feb
Mar
Oct
24%
10
Oct
47% Mar
8
Oct
24
5
6
6
Aug 26
17
Dec
160% Aug 20
145
May
26
71
Feb
Mar
0%
Oct
Jan
Mar
18% Jan
33% Mar
107
Jan
18
Aug
6
13
Dec
33%
Jan
Mar 31
85
July 25
90
Aug
103%
Feb
37% Apr 12
47
Aug 23
39
Oct
12% Mar 31
30% July 29
16% July 27
13
Oct
12
Oct
106%
104%
Dec
117g Mar 31
100% Mar 30
105% Mar 30
3% Mar 29
3% Mar 30
17% Mar 31
11% Apr 1
100
100
10
No par
Nat Enam 4 Stamping.No par
6
..1
Lead
51
10%May 27
No par
Co
Dec
05
Nat Bond 4 Share Corp No par
Nat Cash Register
No par
Nat Dairy Products...No par
Nat Distillers Prod
15%
108
15% Mar 31
100
preferred
Feb
Apr
M»r29
150
Nat Bond 4 Invest Co .No par
6%
20
15% July 22
0
5
100
7% pref class A.
7% pref class B
Jan
Oct
64% Jan 13
_
Jan
38%
8%
Mar 25
7% Mar 22
8% Mar 30
...10
Nat Dept 8tores
66%
Aug 26
Mar 30
4
5
pref
15
Aug
107% Aug
109
Sfpt
37% Mar 29
0% Mar 30
_.l
Biscuit
cum
50
30% Aug 25
8% July 26
95
Nashv Chatt 4 St Louis—100
Nat Aviation Corp
Oct
4
No par
preferred
100
Murray Corp of America—10
Myers (F 4 E) Bros..-No par
Acme
Nov
105
.9% Apr
34% Mar 26
.No par
5%
National
r71
26
preferred...No par
Nash-Kelvlnator
Mar 31
11% Mar 29
Mull Ins Mfg Co class B.....1
$7 conv
Mar 31
22%May 27
8
July 19
98% Aug
116
10
Mar 30
113
Aug 10
113
July 29
1034July 19
6% July 9
26% Aug 3
20% July 26
15% Aug 25
July 7
31
Oct
5%
Oct
4
Oct
57% Aug
38% Feb
26% Feb
112% Mar
112
May
24% Mar
10?a Jan
17
Oct
35
Mar
17%
Dec
38
Mar
412
Oct
18% Apr
18
Oct
44
Mar
preferred A
..100
154
June
3
164
Aug 18
153
Oct
171
Jan
preferred B
100
127
June
1
143
Aug 17
127
July
150
Jan
25
July 25
17% Mar 29
23
30
July
July 25
Feb 23
17% Dec
20% Dec
03% Dec
30
82
75
Deo
75
Deo
3
Dec
Oct
12%
13%
Feb
22% Dec
57%
Feb
300
1,600
400
5
Corp
25
National Supply (The) Pa..10
$2 preferred..
40
6H% prior preferred...100
6% prior preferred
100
National Tea Co
70
No par
1
Co
1,300
61,700
1,800
N Y Chic 4 St Louis Co
Industries
.
900
400
150
""566
30
18,800
100
7,900
200
18* 500
11,300
4,300
7,700
190
1,300
4,100
10
7,000
200
1,700
200
50
40
10
13
13
1,100
27%
5,800
a Def. delivery,
Jan
70
Feb 11
02
Deo
40
Jan 14
32
Dec
Jan 18
99% Nov
109
Jan
Nov
37
Mar
9
12% July 21
19% July 23
10%
29
87
Sept
04% Mar
Oct
41%
Nov
98%
Jan
20
Mar 26
40
No par
10
Mar 29
21% July 25
15%
Oct
Feb
55% Mar
100
7
Mar 25
22% Jan 10
14
Oct
72
Mar
12% Mar 31
38% Jan 12
30% Nov
100
Jan
Mar 30
37% July 23
4% Jan 11
15
5%
preferred
No par
50
N Y 4 Harlem
10% pref—
50
X N Y Investors Inc.—No par
N Y Lack 4 West Ry Co..100
X N Y N H 4 Hartford
100
18
2
Mar 25
5% Mar 26
101
Aug
54
June
100
Norfolk 4 Western
100
133
100
American Co ...No par
100
6%
38
100
preferred
Mar 31
%June 16
North Amer Aviation
1
No Amer Edison $0 pf.No par
Northern Central Ry Co.-.50
2%
Oct
6
Oct
Oct
135
Jan
Nov
137
Mar
Oct
2
Jan
54% Dec
97
Feb
110
113
% Jan 10
01
Jan 18
2% Jan 10
7% July 7
1% Jan 15
10% Jan 24
62
Jan 10
%
2
Oct
Oct
26%
Feb
1
Oct
6%
Feb
Oct
15%
76%
Jan
.
30
%
Oct
Oct
Jan 13
180
Oct
102
Apr
24% July 20
14%
Oct
34%
Jan
55% Aug
48% June
Feb
87%May
75
3
June 21
6% Mar 31
100
Aug 17
93% Jan 13
8
May 12
32% July 13
25
50
11
4
July 13
14% July 25
95
July 15
93% July
Oct
93
Oct
104%
Jan
Oct
105
Jan
91
978
30
30% Mar
Deo
53%
9
May 26
19%May 31
7% Mar 30
14% Jan 10
9
Oct
32% Feb 23
19% July 25
24
Nov
No par
Oliver Farm Equip....No par
Omnibus Corp(.The)vto No par
100
Otis Elevator
0%
Otis
100
28% July 19
20%
Oct
Jan 14
136
Aug 22
12
Jan 12
56
Jan 11
10
Mar 30
39% Apr 28
115
Apr 19
Owens-Illinois Glass Co-.12.50
Pacific Amer Fisheries Inc
5
40
Mar 30
0
Mar 30
10
2d
preferred
2% Mar 20
No par
No par
10% Mar 25
Pacific Finance Corp (Cal).lO
Pacific Gas 4 Electric
25
n New stock,
r
Cash sale,
Oct
Nov
Oct
6% Mar 31
30% Apr 1
No par
Coast
6%
90
5%
....100
1st preferred
Aug 24
9% July 19
122
No par
1st pref..No par
Outboard Marine 4 Mfg
5
Pacific
110
Oct
1334 Mar 25
conv
Co
1
Oct
Mar 28
4
par
No par
preferred
Steel
$5.50
83% Apr
1%
15
334 Mar 29
9% Mar 20
x22% Mar 30
x
Ex-dlv.
v
22% Aug 25
125
0%
48
12%
Jan
Oct
Ohio Oil Co
July 29
Jan
3
25
3% July 29
114
57%
17%
1% Mar 30
12% Mar 30
8% preferred A
Jan
4»i Mar
272
Jan
100% Jan 17
3
Nor walk Tire 4 Rubber No par'
Preferred
50
Oppenhelm Coll 4 Co..No
9% Mar
4%
3
1% Jan 11
198
31% Mar
12% Jan
25% Jan
Mar 29
June
57g Mar 30
100
Telegraph
1
Apr 25
Apr 28
Oct
13% Mar 31
45% Apr 1
50
Northern Pacific
1
l%June 10
2% Mar 30
% Jan 5
4% Mar 29
Corp part stk..l
Adjust 4% pref
111
% Mar 20
7% preferred
{Norfolk Southern
North
120
9
July 19
11% Mar
Mar 30
110
Conv preferred
100
t N Y Ontario 4 Western. .100
N Y Shlpbldg
Outlet
5,600
Oct
Oct
106
NorthernStatesPowerCo.$5pf 1
20
0%
80%
Mar 31
Northwestern
300
July 20
Jan
99% Aug
26% Nov
No par
6% preferred series A...100
1,100
4% Jan 14
12% Aug 2
26
Jan
14%
New York Central
NYC Omnibus Corp ..No par
New York Dock......No par
~l",7o6
75
7
61%
N Y Air Brake—
3,900
"i",§66
1
Feb 25
10% Dec
99% Apr 26
4%June 28
978 Mar 31
28
1
2,100
80
Feb
2%May 24
7% Mar 31
14% June 17
58
Apr 5
4H% conv serial pref... 100
Newberry Co (J J)
No par
5% pref series A..
100
$ New Orl Tex 4 Mex
100
Newport
Jan
63
No par
Natomas
Nelsner Bros Inc
"9~666
26%
{ In receivership,
0% Mar
No par
Monsanto Chemical Co
Preferred
19%
40%
4
60
7334
Dec
Mar 31
*114
*114
4%
19%
*7%
*2%
23%
10%
27%
12%
14% Mar 31
500
*60
2
12% Mar
18% July 25
21
9,500
2,000
115
178
Oct
Oct
*109
%
Oct
Dec
55
L115
%
5%
1%
1%
66%June 30
10
3g
Mar 30
2% Jan 8
3% Jan 11
44«4 Mar 31
70
*1
10
11% July 21
National Steel
115
*7%
100
Jan
Apr
6,100
i 10
*60
Bid and asked prloes: no sales on this day.
100
20
0%
34
Oct
*
*2%
100
Aug
2% Jan
5% Mar
5
*9
*%
%
*%
%
*%
%
*%
%
*%
1
*168
176
169
171
*166% 171
168% 168% *168% 169
*168% 173
*105
*104% 109
*105% 106%
*104% 109
106% *105
106%
105% 106
20%
20%
21%
20%
20%
2078
20%
21
20% 20%
20%
21%
*54%
55
*54%
547g
*54%
55
5478
547g
*54% 5434
*54%
5478
9 %
9%
9%
9%
9%
934
9%
95g
9%
978
98
98
*98
100
*98% 100
*98% 100
*98% 100
*98% 100
*83
*83
92
*83
92
92
*83
92 :
*83
92
*83%
92
1234
13%
12%
12%
12%
12%
12%
127g
13%
127g
127g
13%
*92
*94
97
97
*95%
96
*95% 96
*9484 97
*94% 97
*33
*33
*33
3934
39%
39% *33
39%
*34%
39% *3434 39%
4
34% Mar
Preferred series A
$ Missouri Pacific
5% conv preferred
Mohawk Carpet Mills
108
8% Jan 12
*112
%
16% Mar
9% Mar
%
Oct
Mar 29
20
36%
334
July 19
Oct
% Feb
13% Mar 29
40
3578
3%
72
Dec
35
Nat Mall 4 Sti Cast Co No par
National Power 4 Light No par
75
*38
11%
18%
33%
20%
18
30
11%
177g
934
*109
%
2
*60
8
Mar 31
Oct
1,300
9,800
115
*9
*60
*60
1%
5%
*3%
*112
%
3%
12
23
*102%
*5%
17%
33%
19%
17%
29%
34%
20%
19%
17%
10
115
*109
%
*%
*33
115
97g
*112
117g
36%
4
34
4
*3
*22%
Mar 20
98%
6%
|__.
17%
29%
*102%
11%
*5%
1734
18%
1834
17%
4
117g
23
Mar
Aug 17
7%
167
*72
124
111
Jan
2
National
.
Mar
15
13,800
*72
120
3% Jan 12
14%
15%
25%
25%
*164% 167
*142
144% *142
144%
144%
2234
23
223g
23
22%
22%
7
7%
7%
67g
7
7%
61%
617g
61% 62
61%
62%
18 1 1834
17%
18%
19
18%
27
27
2634 267g
267g
27
*69
70
*08%
7378
*70%
737g
15%
25%
14%
25
*164
Nov
17% Jan 13
Nat Gypsum
107
Jan
63
48% Mar
1% Mar 20
484 Mar 29
'4 Mar 30
1% Mar 25
200
4,000
100
10%May 27
64,400
600
Oct
10
19%
*5%
91
No par
19%
*19
9%
94% Jan 20
87
July 13
Dec
Oct
25
*5%
2434
9%
6
122
Oct/
84
20
15
25%
9%
Nov
1% Jan 11
1% July 25
5% pref series A w w
4634
15
87
%June 22
% Mar 28
Motor
11%
15%
14%
8%
14
35% Mar
25
July 28
111
Dec
3,300
7,100
12,000
Feb
Dec
15
5,000
Oct
Jan
72% Mar
26%
%
Mission Corp
42,200
4
1
Apr
Oct
4%
50
Mo-Kan-Texas RR
210
100
11
4%
14
Feb
July 21
Motor Products
10%
*13%
1434
2584
13%
Apr 25
49% Jan 28
No par
600
2,900
Apr
3
101
»4 Jan 10
6,800
11%
41
16% Jan
47% July
12% July
227g Jan
28% July
Dec
2
$6 .60 preferred
400
54
15
137g
Dec
Jan 25
July 21
{Minn St Paul 4 S S M...100
7% preferred
100
4% leased line ctfs..
100
22%
*50
14
33% Nov
June 13
89
Murphy Co (G C)
*12%
13
2
25
11
pf-100
25%
40
40
*40
37
54
*112
14%
25%
*38
73
*38
*% "
634
49%
36%
*36
Feb
47% Mar
Mllw El Ry 4 Lt 6%
9%
6
25%
*60
*65
134
5%
1%
6%
44%
47%
*35%
10%
Dec
10
700
115
Oct
10%
I
16%
90%
96
Jan
6% July 25
24% July 25
May 31
4
3,000
115
86
15% June
""600
16
Dec
70
2%
Apr
37%
100
20
34%
57% July 27
No par
2%
97g
1%
Jan
93% Aug
8% cum 1st pref
7,
1534
112%
Dec
Midland Steel Prod
*2%
9%
*1%
2%
.
Jan
Dec
Dec
Mld-Contlnent Petroleum.. 10
7g
*15%
Jan
19
78it
10
20
*
10% Mar
4712
Oct
50
1,900
134
Oct
6
66%
2,700
300
Dec
1534 July 22
534 Mar 31
12% Mar 30
4,000
18%
5%
28% Dec
Sept
72
20% Mar 30
10
4034
29
14
3%
1178
*20%
12
*101% 102% *101% 102%
*5%
11%
*5%
11%
17
17%
17%
17%
65
6%
Oct
68
14
4% conv pref series B...100
Minn Molloe Pow Imp?
1
67
30%
28% Jan
42% Jan
42% Mar
Jan
32% Apr
3% Mar 30
Minn-Honeywell Regu.No par
*%
*%
9
Aug
21
Dec
Apr
0% Mar 20
5
80
87
share
pa
Dec
7%
11
55
6
2,500
8% Jan 10
35% July 25
10% July 18
Highest
share S
50
Miami Copper
600
100
28%
9%
57g
25%
19%
6%
*64
Apr 12
Meets Machine Co
.
111
84%
*110
70
Mercb 4 Mln Trans Co.No par
50
Mar 26
7,700
90
85
*557g
57
*106% 110
10%
9%
10%
159
121
*88%
6% conv 1st pref
June 14
5
1
50
(The)
Co
Mengel
57
*44%
22%
12
*20%
*1%
5%
640
1,600
Munslngwear Inc.._
2938
14%
21
2234
*60
217g
100
4634
21
*73
%
21%
18% Aug 24
12% July 27
48% Aug 26
26% Jan 12
5% Mar 29
27
No par
Melville Sboe
360
28%
1334
145
71
115
""800
*142
26%
%
10
14
*44%
*163
70
*109
/1.400
48
13%
88
145
26
4
14
77
76%
49%
534
46
48
*83
167
70
*3%
20
30%
8
88
*142
26
*35
3,200
21%
147S
2834
734
♦83
*163
70
*32%
9%
No par
McLellan Stores
1
0% conv preferred...—100
Mead Corp
No par
S6 pref series A
No par
S5.50 pref ser B w w.No par
S3 conv preferred
108
47%
13%
*55%
35% Mar 25
13%May 27
McKeesport Tin Plate.....10
McKesson A Robblns
5
600
*6634
*64%
49%
534
6%
6034
*17%
•
7,500
2,700
14
*15878 160%
*17
17%
17%
*113
7%
35%
45
i 80%
6%
6034
*%
*%
54
8%
107
26
3%
13%
57%
2478
159
121
1734
12
4034
I078
2134
7%
*44
134
134
134
*34
1%
15%
15%
15%
2%
2%
2%
10
9%
10
1%
*1%
1%
*2
2%
2%
16% *16
16%
95
9534
9534
115
114% *112
48
49
49%
38
36% *36
*36
37
36%
22
21%
22%
1478
1434
1434
28%
2734
30%
8
734
77g
111% 112% *111
9
9%
9%
*5%
5%
5%
24%
2434
247g
*19
19%
19%
72
12
■
1334
1034
13%
13%
8%
8%
8%
25
25%
25%
*157% 159
159
17%
17%
17%
*85
89%
89%
46% 47
47
2734
27%
28%
13%
14
14
20
*3
034
14
1234
85
*110
66
*52
10%
13%
*112% 121
8%
6%
24%
67
72
*20
111
*106% 110
*106% 110
9
9%
934
10%
26
*74%
86%
Jan 31
21
$ pa
% per share
Mar 26
35%
9%
*12
share
7
Mclntyre Porcupine Mines..5
11%
11%
11%
18%
18%
18%
27%
27%
27% 27%!
109 '
105% 105% *105
per
10
8,200
534
21%
137g
90
$
1
90
Year 1937
Lowest
Highest
McGraw-HIil Pub Co ..No par
McGraw Elec Co new
4834
45
*88%
Par
48%
13
49
Lowest
2,700
11
Range for Previous
100-Share Lots
300
18%
11%
1734
90
*55
*106% 110
14
70
76%
49
18%
27%
45
18
*1034
*86
137g
*6634
45
105
*12%
5834
17%
59%
175g
734
46
*1234
*142
2134
03g
7%
*42
14%
*163
145
*20
7%
2734
44
*112
*112
7%
27
1434
28%
*123g
*8
*8%
8%
25
25%
2534
*157%
*157% 159
*15%
*15%
17
*85
*80
89%
*46%
*46%
47
28%
48%
36%
36%
21%
1434
*40
12%
1334
95
114%
21%
14%
20%
14%
13
28
2%
16%
36
15%
13
1%
15%
2%
9%
1%
2%
Shares
934
*64%
5%
*%
*%
*84
*15%
2%
9%
*1%
86
21%
*12%
6%
134
18%
11
48%
21%
7%
1938
EXCHANGE
Week
S per share
86
11%
66
Aug. 20
On Basis of
STOCK
YORK
NEW
the
35%
45
85
6%
63%
2034
Friday
,
7%
35%
9%
534
13
*110
48
21%
13%
*88%
110
37
13
*13%
2%
16%
5%
21
105
*15%
17
10%
94
96%
9334
94
114% 114% *112
114%
46%
48%
45»4
46%
*35% 36% *35% 36%
*35%
*41%
2%
49
18%
26%
*%
*%
6%
77
76%
27
82%
*110
*6634
*04%
11
89
79%
934
90
14%
*44
108
24%
9%
*85%
14%
49
1334
45
18
35
5%
10%
18%
22
7%
21%
7%
18%
*1034
a35
9%
45
*24%
$ per share
11
*13
47{j
1934
*13%
Thursday
Aug. 25
17%
90
14%
77
75
*03%
♦47%
Wednesday
Aug. 24
8 per share
i
Range Since Jan. 1
STOCKS
Sales
for
Monday
Aug. 22
Saturday
Aug. 27,
Nov
Oct
Dec
Deo
Jan
6% Mar
40
Jan
22% Apr
Apr
20% Feb
73
114
Feb
19% Mar
45% Jan
140
Feb
24% Mar
97
28
Mar
Jan
50
Jan 12
44
Dec
75
Jan
115
Apr 19
114
May
115
June
74% July 29
11% Jan 17
5% Jan 11
20
July 28
51% Nov
x9%
2%
7%
4
Dec
Oct
Oct
Oct
103% Aug
23
15%
40
Jan
Feb
Mar
9% July 19
15% July 23
27%
32%
xeb
10% Dec
29% July
22
38
Jan
Ex-rlghts.
1
Oct
Jan
5 Called for redemption.
Volume
AND
Saturday
$ per share
38
15%
15
15%
146
*25
27
*12«4
13%
Thursday
Friday
Aug. 24
Aug. 25
Aug. 26
146
*144
146
*25
26
*25
25%
25
*12%
13%
5%
734
1»4
*12%
5%
*12%
*6%
1%
13%
5%
8%
134
5
5%
5
5%
5
734
7%
7%
*634
1%
1%
134
46
9%
9%
*25
J1*
28
88
28
40
18
*11
40
18%
18%
2
9
2%
8%
8%
ii
11
11
8%
8%
8%
56%
56%
8334
83%
*2
#2
2%
*414
*2
28%
*24
28%
*30
*14
15
14%
*9%
*7%
35%
*3534
*4%
*33
*10
*4%
1334
*7%
36%
36%
%
*121% 123%
*124
35%
36%
4
*36%
7%
*5
*6
*784
*13
14
"
47
47
*46
*25%
30
*25
*35
38«4
38
684
778
13%
47%
3034
8
*3
*11%
*%
1284
%
23
10%
10%
%
22%
10%
*9%
10%
2%
10%
2%
*9%
*84
%
*2%
*8%
27,
8%
9
*8
*24
25%
56%
56%
118
118
47%
*25
*96
11%
86
*6%
48
48
*48
49
*26%
29
*26%
29
*5
8
*3
8
*3
13
14
13
23%
*%
23%
*9%
10%
*9%
24
10
10
10%
10%
10%
3
*284
3
%
8%
*117
*8%
25%
56%
8%
25
25
56%
5634
118
29%
97%
117
118
*2984
30
*96
98
111% *111
32
3284
111%
*32
9%
*884
9%
100
*25%
2684
56%
56%
1,500
3,700
33%
34
85%
13%
*85%
85%
12%
*11%
7%
734
2%
2%
12%
20%
1534
5%
*45%
*7%
978
14
153,
15%
♦67
74
68
*65
68
*80
60
60
100
22
60
6034
2%
2%
2%
2%
*80
22
*22%
1234
11%
12%
5,400
19
20
18%
19%
4,700
16
*16%
17
17
17
1,000
233g
*20
2434
*20
24
*21
20
*18
20
*18
21
*18
5%
5%
5%
*5%
*45%
*45%
69%
*45%
69
57%
*6%
10
*6
*12
15%
69%
*65
10
IO84
16%
69%
*67
71
69
69
*65%
71
68
*66
68
*65
68
*65
2%
19%
59
2%
18%
*55%
55
55
*53%
57
*54
57
57
57
14%
15
1484
15%
16
2%
62
33
72%
*69
*68
72
14
30%
*70
13%
14
97%
*93
1034
107,
10
97%
10S4
4134
42
4178
13%
*93
42
*93
*53
57%
*5
6
2%
18%
10%
11
42
42%
57%
57%
*5
5734
5
*53
5
77,
77,
734
"7%
734
7%
*10%
11%
*10%
11%
*10%
11%
*1678
18%
26%
*1634
1734
17
17
*25%
26%
28
1*4
*1%
4034
78
26%
134
41
%
26%
*1%
1
1
*2%
2%
2%
2%
*403,
*%
2%
•
41
1
2%
Bid and asked prices
1%
41
97%
11%
11%
42%
*55
42%
57%
*5
5%
8
8%
11%
*10%
*17%
27%
59
*93
11%
41%
57%
""600
8
11%
42%
5734
42
4284
%
42%
*%
2%
*2%
100
200
62
17%
34%
9,400
600
30
78
42%
55
55
{ In receivership
*1%
11%
18
29
Pressed
Steel
Car
Co
pf.100
Ino-.l
—.5
5% conv 1st pref
50
5% conv 2d pref
No par
Procter A Gamble
5% Pf (ser of Feb 1
'29). 100
N J.-No par
No par
Pub Serv Corp of
100
100
100
7% preferred.
8% preferred
pf 65.No par
No par
Pub Ser El A Gas
Pullman Ino
No par
Pure Oil (The)
6%
100
100
preferred
5% conv preferred
Purity Bakeries
No par
Quaker State Oil Ref Corp. .10
Radio Corp of Amer—No par
62
par
par
par
par
-1
25
60
50
50
preferred
Reading
——
4% 1st preferred-
5
—.——100
(Robt) A Co 1st pref. 100
Real Silk Hosiery
Preferred
Reliable Stores
Corp—No par
10
Remington-Rand
Aug 16
2
Mar 31
Oct
20
Nov
Jan
Jan
87%
July
Oct
64
1%
37g July 20
July 19
9
3% Feb
95% Aug
30%
Dec
9% Jan
74% Jan
20»4 Apr
33% Jan
27
July
Oct
4
43
Mar 29
4
Oct
60
9
44% July 19
»7«4 *Aug 17
30% Jan 18
Oct
6%
8% July 23
50% Mar
Preferred with
warrants—25
RR Co.—100
5
Republic Steel Corp.—No par
6% conv preferred
100
6 % conv prior pref ser A. 100
Revere Copper A Brass
5
Class A
10
7% preferred
—100
5%% preferred—
100
Reynolds Metals Co—No par
5H% conv pref-.100
Reo Motor
Car
Reynolds Spring
Reynolds (R J) Tob class
1
B.10
{St Louis-San Francisco—100
6% preferred
-—100
""106
34
%
2%
2%
200
a Def delivery
Jan
Oct
20%
3% Mar 31
May
5
3% Mar 30
Common
w New
stock
r Cash sale
7% Jan 17
Jan 17
20
85
41
Mar 30
7% July 25
67
July 20
145
June 21
4%May 26
7% Mar 29
May 28
Mar 29
6
18%
25
Oct
70%
4
Dec
48'4
Dec
% Mar 31
,97% Apr
141
July
4%
Oct
20
Mar
8
Oct
43
Mar
32
Dec
122
Mar
July 29
23
Dec
30
Dec
6
30
Dec
45
8
% Nov
Dec
•28
45
12
Jan
Jan 13
Jan
8
16% Jan 10
% Jan 19
Oct
Oct
8%
%
15
Mar 31
Oct
Mar 28
25% July 25
11
Jan 5
13
8
9
Dec
5% Mar 29
l%Mar 26
12% July 21
3% Jan 13
7
Oct
%June 6
1% Mar 30
4% Mar 25
4% Mar 25
13% Mar 30
39% Mar 31
1%
Oct
1% Jan 22
34
Oct
4% Jan 17
2%
5%
5%
Oct
10% July 21
10% July 25
81% Jan 17
20
Feb
Jan
8%May 26
Apr 19
98% Jan 18
88% July 19
1434 July 29
112
Jan 12
7
Mar 29
9
June 16
4% Mar 31
60% Jan 31
37% Mar 31
178June 2
14%June 20
8%May 26
18
Mar 30
13% July 20
Jan
80
74% June 18
8
Jan
05%
Oct
81
Apr
Mar 29
29% Apr
22% Aug
Feb
33%
11%
3%
Feb
21%May 27
112
132
JB1'
31
116% Aug 25
367« Jan 17
86% Mar 31
101% Apr 23
3
Oct
103%
8
Jan
47% Mar
Feb
111% Aug 25
123% Jan 13
143
Jan 14
Aug
Mar 25
/Jan
f
Oct
43% Oct
114% Mar
30% Oct
25
Deo
4
15%
31%
57% Aug 5
122%May 18
35% Jan 13
98% Jan 12
115
Jan
Jan
14% Aug
100% Aug
Aug
1
%June
6
Feb
Aug
Oct
4%
30
May 21
23
174
Mar 14
9% July 25
16% Jan 12
Oct
52
20% Apr
11% Apr
118%
Jan
Jan
117
Oct
132
Sept
110
June
5284
112%
128%
140%
162%
113%
25%
Oct
72%
Feb
834
Oct
24%
Feb
91
Oct
Oct
85
Oct
107
Jan
Feb
Jan
Jan
Jan
Jan
Feb
23»4 Feb
18% Jan
1284 Mar
5%
Oct
16% Jan 14
8
Aug 25
13%
Dec
434
Oct
May 11
96%
Dec
115
Nov
62«4 Aug 25
5% Jan 11
44
Dec
80
Jan
2%
Oct
24
19%
Dec
10% \pr
37% Aug
20
Dec
26
Dec
29%
18%
Dec
47
Mar
80
July 21
24% Jan 11
29% Jan 18
Jan 13
26
Lsc
Dec
10% June 17
18
Mar 22
22
80% Jan 15
30
Dec
49
Jan
13%June 21
2% Mar 25
27% Jan 25
23
Dec
4334
Oct
13%
Jan
Jan
Dec
83
Jan
Mar
34% Mar 29
5
6% Mar 30
9
6% July 19
58
July 26
June 10
7%
Deo
30
7%
22%
9%
Dec
Oct
8%
Oct
13% July 13
17% July 25
July 22
74
40 '
2
Apr 28
68
Aug 16
1% Mar 30
3
Jan 10
ll%May 31
38
May 26
7% Mar 30
17% Mar 30
65
Apr 27
62% Feb 24
10%June 9
84% Apr 25
4% Mar 30
33% Mar 30
51% Jan 31
5
Aug 23
5
Mar 25
7% Apr 11
14% Mar 30
13
Mar 31
l%June 18
25%May 27
fi8June 13
1% Mar 25
s Ex-dlv
39
Jan 10
49% May
39% Mar 29
3%
11% July 20
11
Apr
9% Mar 30
—
1,100
1,000
17,000
2,800
134
44
43
{Postal Tel A Cable 7%
4.000
8%
28%
Class B-.
10
Rhine Westphalia Elec A Pow.
Richfield Oil Corp
No par
Ritter Dental Mfg
No par
Roan Antelope Copper Mines.
Ruberold Co (The)
No par
{Rutland RR 7% pref.—100
St. Joseph Lead
10
100
8
8%
6,200
160
*5
*1634
42%
27,000
~4"4(K)
18
28
1%
4384
1
2%
1%
5,600
19%
11%
43%
1034
*10%
*17%
27%
' 2%
"moo
*93
Porto Rio-Am Tob cl
Rensselaer A Sar
13%
97%
11%
1%
this day.
97%
"7" 100
59
1384
*10%
29%
%
2%
*71%
*
14
*5
*1
18%
16%
34%
78
1334
1%
no sales on
IE=
10
300
62
*56%
61%
1634
*71%
14%
2%
18%
B__—No par
A-No par
---No par
Poor A Co class
Reliance Mb? Co
16%
*54
33
>
59
*93
2%
19%
62
33
72
n
13%
97%
*56%
16%
34
72
72
1834
*55
16%
*30
30%
59
59
59
14
15
""266
14
16
Creek Pocahon.-No par
4% 2d preferred
68
*12
Corp.—-1
6% preferred
100
Pittsburgh A West Va
100
Pittston Co (The)——No par
Plymouth Oil Co
5
Rels
10%
16%
18
15%
*12
16%
*54
2
*1034
14
10%
13%
16
*1084
14
18
2
1034
*12
16%
10%
57
*28
100
10
*7
10
1784
28%
16,300
12%
*7%
*9%
4% Mar 30
May
4
27% Mar 31
14
%
38
Term Coal
Rayonler Inc
2%
22%
1384
*5%
5H 1st scr conv prior preflOO
1,300
"3",800
20%
17
584
100
100
7% Pref class B
No
63.50 conv 1st pref ..No
{ Radlo-Keith-Orph
No
Raybeetos Manhattan-No
13
57
28%
2%
*22
No par
65 preferred B
62%
62
2%
23
300
100
*80
62%
7,100
155,700
8
2O84
I684
57
2
100
13%
12%
133g
18%
2
784
21
*55
2
13%
*11
8
69%
71
*65
100
7%
784
*5%
15%
71
700
23%
20%
584
57%
10
14
*12
*12
85%
233g
10
*15%
11
85
22
*18
5%
697g
11
200
16
24
20
11%
7,600
13,600
89%
13%
11
11
20
1234
2034
16
*18
13%
12%
Pittsburgh Steel Co
6% preferred
*88%
85%
No par
gtd pf 100
pref...
65 preferred
2178
12%
22
*23
85%
1384
85%
14
85%
135g
33%
10%
1034
conv
300
200
33
33%
Flour
400
100
89
*80
3,600
116% 116% *115% 116%
116%
7%
310
90
10%
2%
*20%
116% 11634
2934 30%
97%
97%
140% 140% *140% 140%
89
100
*80
5,900
56%
113g
13%
600
26%
89
243,
18
100
600
*9
7%
7
moo
56%
140%
-100
pref.—100
Mills
25
Plttsb Screw A Bolt—No par
Pond
~
26
10%
2%
23
127,
934
33
"2", 900
5634
89
20
9%
10
30%
9784
97%
97% *97
111
111
111
11134
111% 111%
II984 11984 *11934 123% *11934 124
33
40
%
2334
3
11%
57%
10
8
13%
26
29%
5
Phoenix Hosiery
Pitts
34
10%
91
10%
577g
697,
50
40
*234
30
114
Oct
65
»ia
5% pref class A
10%
*89
11
70
29
3
91
10%
*18
*7%
200
10%
30
3
Rights w 1
65
2,800
1334
4834
*9%
*115% 116%
Aug
No par
100
No par
Pitts Ft W A Chi 7%
8%
*12%
*%
2384
9%
*115% 117
136
Jan
Jan
2%
4% Jan 12
500
10
9%
June 25
Jan
Feb
Pitts Coke A Iron Corp No par
8%
9
3
54%
400
6%
25%
634
9
56%
7
Aug
59% Mar
100%
7%
60
2%
25
Mar
1% Dec
Feb
117
2%
56%
1
Dec
Dec
2%
*24
62
Aug
*2%
8%
18% Nov
34% Nov
37% Jan 12
July 12
2% July 26
67
36
24
10
*234
13%
117
2%
*23
*45
%
Oct
July 12
*9%
23%
3
July
2%
*2%
*57%
57,
*%
23
Apr 12
21% Mar
8% July 13
38
Aug 26
Mar 28
Oct
May 10
*3
13
Jan
9%
90
*%
8
13
Jan
25
52
*38
84
*12
577,
*5%
*%
7
*%
%
3834
Jan
91
11
25
*26%
14
3884
87
Oct
15% Aug 23
13% Jan 11
8
69
14
39
48% Mar
Dec
3
*57
*13%
39
Oct
Dec
30%
July 12
8%
1334
4834
38%
9
30
Jan 16
90
*155l2
8%
*1384
17% July 25
July 25
40
278
*11%
17%
8
8%
Jan
Feb
Mar
20% Jan
*6%
6%
7%
13%
47%
8
17
Pirelli Co of Italy "Am shares"
24%
69
Oct
Pltts.C.C.St.L.RR.Co.—100
Pittsburgh Coal of Pa.—100
6% preferred
100
*2%
7%
*1584
6%
*57
65%
PUlsbury
*5%
6%
25%
*155%
—
Mar
Oct
3
133
5% conv pref series A-..100
Preferred
63
116%
22
2% Mar 26
% Mar 26
75% Mar 29
No par
7% preferred..
Philll pe Petroleum
Feb
Feb
2984 Feb
50% Mar
110% Sept
1% Arp 25
Philip Morris A Co Ltd.-10
Phillips Jones Corp
Oct
Dec
Jan
12%
76%
700
2%
8%
12%
207,
6%
69
*57
Phlla & Read C & I
24%
2%
8%
*8%
13%
*20%
12%
20%
*584
25%
13% Dec
27
60
7% preferred
Oct
20
Feb
50
{Phlla Rapid Trans Co
Oct
Jan
6%
38%
17% Mar 31
60
2%
43
Mar 23
30
15
64
10384 Mar
43
*91
%
7%
2%
6!
25%
*5%
No par
25
11
15
36% July 20
6% July 22
7% Mar 30
4% Jan 3
Phelps-Dodge Corp.—
25
Philadelphia Co 6% pref.-50
66 preferred
No par
Nov
57% Nov
1% Oct
115
*24%
*
43
115
Pfelffer Brewing Co
Oct
2%
25
10
25
112% Feb
26
26
26
26
5
Pierce Oil 8% conv
%
13%
*57
24%
*91
15
31
8% Mar 29
Petroleum Corp of Am
800
%
*11%
*80
24
*.__.
22% Mar
1>4 Mar
5% Mar
17% Mar
No par
200
60
*8
100
100
100
-
Pet Milk
8%
*38
8%
5% prior preferred
5% preferred
3%
*2%
3%
«4
85%
13%
100
282,400
84
*89
*85%
*2%
24%
16,300
a
34
97%
91
200
100
*%
29%
32%
107,
5,800
40
39%
39%
39%
115
*118% 123% *118% 123% *118% 123%
140% *140
*140
140% *140
140% *140
116% *116
*116
116% *116
116% *116
32
200
84
29%
*89
%
129% 130%
*129
134
3
111% *111
*111
40S4
*15534
*%
10
3%
%
*3
7
684
*%
"""206
*2%
34
97%
29%
134
3034
13%
8
1234
6534
134
55
*24
69
*38
*3
23
J
17,700
200
7
43
...
778
%
36
7%
*44
*91
6
25%
600
7%
38
36
7
*24%
115
*57
*11%
*%
36%
55
43
6%
*%
*9%
1,700
132
21,.
24
*5%
*24%
38
23
10%
384
%
*8
%
*%
10
*38
*153
*12%
300
*6
8
69
734
16%
*44
3
*155
778
33
33
7
40
*91
270
55
8%
24
700
*15%
132
*
15
37%
140
130
8
6%
*57
Pere Marquette
15
36
*6
3
25
6%
6%
69
*57
200
*44
40
115
*5
4%
130
4
8
25
4%
2
%
40
24
*91
*154%
*3
39%
100
14% Mar 31
19% Mar 28
110
Mar 29
People's GL&C (Chic)-100
Peoria & Eastern
100
132
778
43
6%
26%
*24
378
"«4
50
Pennsylvania RR
Mar 30
10
Penn G1 Sand Corp v t c No par
6% cum pref—
-
6534
*3
*734
115
*91
*
2%
4034
No par
A ...No par
ser
500
12634 130%
»«4
pref
3434
%
129%
39%
conv
3434
7%
37%
36%
*7%
3634
*36
*3
7%
67
Peoples Drug Stores-—No par
10%
10%
*134
59
100
16,900
28%
16%
*184
*%
100
15
21%
*24%
32
32
*15%
66%
"moo
4%
13%
35%
4%
13%
*33
40
*23«4
45
15
21
28%
*113
40
*3
40
7%
2334
Penn-Dlxle Cement
l%June 13
2% Mar 30
10% Mar 30
85% July
2% Jan
5% July
30
July
15% Jan
24% Jan
127
*6
f
58% Aug 25
35%
4
*3
*36%
2334
36%
36%
%
*44
u„
Mar 30
Mar 31
127%
*%
3978
39%
10%
7%
4
123
7%
"««
►
4
55
40%
%
*134
*129
130
*44
*15%
7%
Mar 26
65
35
14
36%
6534
2
4
41
534
27%
Jan
23% Mar
7% Feb
37
3
No par
Penn Coal &. Coke Corp.—10
*4%
10%
Oct
8
No par
*25%
*13%
2034
Jan
Oct
4
Penney (J. C)
434
7%
10% Aug 26
Penick & Ford
20%
36%
32%
15%
10%
7%
37%
36%
35%
1»4
*6
7%
69
40
*3534
6534 *
*124
130
*6
*44
10%
7%
*3%
4
^2
121U I22I2
3%
*27g
*%
15
10%
734
14
35%
32%
32%
15%
10%
*31%
14%
134
134
*4%
14
8% Mar 31
Peerlees Corp
*113
35%
34
31%
*
66
134
*4%
*12%
34
31
1034
7%
36%
*3534
5%
1334
34
3% Mar 30
1,100
*24
35%
434
35%
35%
484
35%
No par
Patlno Mines & EnterprNo par
4,600
*1384
*113
*113
34%
15
21%
2878
Feb
29% Aug
Oct
4.800
27
34%
1%
8484
484
Oct
Oct
Pathe Film Corp
2%
Jan
12
2% July 19
58
*2
Jan
26'4
18%
20% Feb 23
84%
8%
200%
Oct
Jan
Feb
58
8%
Jan
Oct
8
8%
2,400
11
8%
2884
4484
Mar 31
20,500
10%
Mar
90
109% Mar
Oct
1% Mar 29
13
Feb
Jan
Oct
Parmelee Trans porta'n. No par
2.50
17%
1
Parker
Co
12%
28
800
Proof
Oct
Oct
July 27
41
900
Rust
Apr
80%
3% Jan 10
1% Mar 30
31% Mar 31
2984
32% Nov
Sept
8% Oct
13% July 20
30
July 29
58%
*24
20 84
*24
1,500
9
1034
11%
2%
26
1
Parke Davis & Co
Jan
Dec
z95
13% July 23
8% Aug 24
*2
484
4%
*13%
20%
*12%
2%
1
No par
Park Utah CM
Jan
7
July 19
100
6% Mar 31
16
Mar 29
10
84%
58%
8334
14
20
*24
*34
934
58%
8434
2078
*13%
28%
*23%
*113
9%
8%
58%
84%
14
14
20%
*24
34l2
5%
1334
35%
3134
9%
11%
8%
20
*13*2
203s
*34
9
26
*23
*113
18%
9
9%
26
27
14
40%
183g
9
11%
4%
4%
*22
26
40%
18%
100
6% 2d preferred
Park & TUford Ino
_3~ 600
234
40%
18%
2%
234
29
No par
preferred
conv
6% 1st preferred
200
4.200
28
*26
28
234
11%
84%
2%
*2
4%
4%
4%
8%
10%
40
9
11%
8%
58%
58
83
10%
37,800
11%
10%
*26
4%
Paramount Pictures Inc
149
4
13% July 19
Parafflne Co Inc
20
No par
share
Jan
Jan
152
Apr
11%
99% Aug 25
5% Mar 31
65
Mar 26
1% Aug 12
88
10%
18%
2%
2%
»
10%
87
234
40%
40
2
10%
27%
2%
18%
56%
83%
2%
8*8
56
*83
10%
Mar 31
88%June 21
1
3% Mar 30
7
Mar 29
Packard Motor Car
Nov
133
100
Pan-Amer Petrol <fc Transp._5
Panhandle Prod & Ref New—1
44%
June 27
30
1578 Jan 10
578 July 7
9% Feb 25
2
Aug 3
50
July 22
100
5334
Oct
110
116% Aug 17
147
Aug 11
Mar 18
10
10
Oct
10%
1978 July 19
.
per
*34%
41% July
1,800
27,600
99%
87%
6 per share
share
per
No par
.
Pac Western Oil Corp
200
49
99%
10
10%
6
8 per share $
No par
Corp
Ltg
1,500
49
*85
10%
88
*26
2%
2%
*8%
11%
10%
28
*25
*2
2%
8%
*85
40
18
I84
1%
5%
99%
99%
10
10
""160
49
*47%
99%
2%
40
*39%
1734
8*2
48%
18
40
*2
*85
*6%
I84
47
*95
9
*2%
234
*2%
1,600
12%
5%
8%
is4
12%
8%
5%
Pacific
Pacific Mills
Highest
Lowest
Highest
32% Mar 31
9% Mar 30
87
Pacific Telep & Tel eg
Apr
1
100
6% preferred
100 *132% Mar 30
PaclflcTln Corp.(sp.stk)No par
18% June 18
3,400
25
13%
5%
*7
88
9%
9%
*23
25
47%
99%
10
47%
*95
99%
9%
*83%
9%
9%
88
*25
46
*95
99%
*84
134
46
46
Shares
Year 1937
100-Share Lots
Lowest
Par
146
*144
146
*144
12%
12%
*7*2
1*4
*95
146
*144
26
*25
On Basis of
Week
37%
1434
15
*144
Previous
EXCHANGE
Wednesday
$ per share
$ per share
$ per share
37%
3778
37%
36%
37%
373g 37%
15%
15%
16
1584
1534 *15% 16%
121%
116% 116% *111% 121% *111% 121% *112
Range for
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
S per share
38i2
*116% 121% *116% 12112
*144
CENT
NOT PER
SHARE,
Tuesday
$ per share
38
PRICES—PER
Aug. 23
Monday
Aug. 22
Aug. 20
38
SALE
HIGH
Sales
for
LOW
1301
New York Stock Record—Continued—Page 8
147
2078 July 25
75% Jan 15
73
Jan 13
61% Nov
69
Dec
35% Mar
29% Mar
94%
110
12%
Oct
65
Dec
60
Deo
110% Mar
Oct
18% July
7
9
Oct
Jan
8
26
Dec
98
85
Jan 21
76'4
Dec
139
17% Jan
7
9»% July 27
12% July 26
46% Jan 8
58% Jan 11
8% Jan
7
8% July 30
13% July 21
2034 Jan 19
29% Aug 24
2% Jan 10
46% July 25
1% July 20
3% July 20
9 Ex-rights
Jan
Feb
9% Feb
47% Mar
124
Apr
1%
87
64% Jan 21
Feb
60
12%
80
Nov
Oct
Nov
49%
Apr
Apr
Apr
95*4
30%
Jan
Jan
112
Jan
Jan
5%
Dec
34%
40%
Dec
68
55
Oct
67
Jan
10% Nov
14
Feb
Oct
6%
8*4
Dec
18%
31%
19%
17%
Dec
Oct
1
Oct
4%
20% Nov
38
Jan
Oct
Feb
Dec
June
Feb
9«4
05
Mar
1
Oct
4»4
Mar
1%
Oct
11%
Feb
If Called for redemption
New York Stock Record—Continued—Page 9
1302
and man
low
sale prices—per
share,
not per
cent
Sales
Monday
Aug. 20
Aug. 22
$ per share
*3
6*g
$ per share
*6%
*19%
....
1912
*3
6%
*6%
Tuesday
Aug. 23
Wednesday
Thursday
Aug. 24
S per share
*3
6%
$ per share
*6%
19
19
19
19%
*3
*6%
18%
Aug. 25
63*
19%
Friday
Aug. 26
$ per share
*3
*6%
18%
6*>
*3
63*
19
19%
19%
76
*76
77
76
76
*70
76
*70
77
76
76
*86
94
*86
94
*86
94
*86
94
*86
94
*86
101
*100
101
100
100
100
100
*99
101
100
Lowest
Par
2
6
May 28
i2
Mar 30
23% Jan
68
Mar 29
81
68
Mar 24
94
100
7% preferred
100
Savage Arms Corp
No par
Schenley Distillers Corp
5
79
Mar 26
105
Feb 11
Jan
4
11
Oct
14% June 10
27% Jan
8
22
Dec
5H% preferred
100
JSchulte Retail Stores
1
8% preferred
100
Scott Paper Co
No par
62
85
Feb 23
71
tSt Louis Southwestern.._100
5% preferred
—100
Safeway Stores
No par
5% preferred
100
100
13%
*12%
18
18%
18
*7412
%
4%
47%
%
1%
7612
J2
76
22%
*3%
72%
4%
47%
%
1%
22%
37g
73
16
16
*16%
*59%
16%
62
5
13%
18
76
%
*4%
_
47%
%
*1%
21%
*3%
71%
15%
16%
*59%
*75
13%
18%
76
%
6
48%
48
*10%
*26
*75
48%
%
%
2%
21%
*3%
72%
16%
17
*59%
4
73%
16%
17%
61%
*5
5%
5%
5%
39%
10%
27%
*37%
10%
40
10%
37%
10%
37%
*26
27
29
*278
*18
7%
29%
3
20
*26%
27%
*90
91%
93
99%
22%
17
13
14%
*85%
*95%
*21%
*15%
*12%
14%
*113
114
2%
*19%
*135
2%
21
150
*22%
18%
13%
6%
28%
2%
*18
26%
91%
29
2%
20
27
91%
90
*95%
21%
*15%
12%
14%
21%
17
12%
2%
20%
*135
99
14%
114
%
20%
144
15%
*103% 104
7
29
*2%
*18
66
5%
41%
5%
*39%
10%
10%
27%
16%
*27
16%
5%
41%
3%
9%
*38%
3%
*8%
*22
3%
41%
13%
66
27%
7%
104
7
31%
32%
1,700
22,100
3
32%
33%
*2%
*18%
20%
3
8
91
88
99
23
*95%
22%
98%
22%
96
96
22
2134
22%
6,700
16
17
17
98%
23
17%
13%
14%
*95%
21%
17^4
18%
18%
19%
2,400
13
13
12%
14%
12%
14%
900
*113
2%
20%
*135
12%
15
114
2%
20%
144
13
*3
3%
10
23
*23
23%
15%
*40
13%
13%
66
66
7%
'7%
54%
25
26
67%
67%
10%
8%
9-%
8%
57
*125%
12
26%
3%
16%
29%
15
7%
5%
18%
27
7%
5%
*7%
8%
*35%
43%
4%
4%
7
46%
4%
35%
*11%
10%
11%
10%
*21
23
*17
19
22
*%
31
31
*30
%
31%
31%
42
7%
13
14%
*113
2%
21
*135
114
14%
*113
2%
21%
144
7%
2
21%
*135
26%
*91
1434
114
2%
2134
144
30%
30%
31%
31%
8%
9
42
*135
144
23%
2434
16
23%
16%
23%
24%
15%
*6%
*38
*4%
*6%
44%
4%
35%
11%
978
56
8%
57
8%
41%
4%
*56%
42
42
42%
10%
8%
*6%
*38
4%
7
46
4%
8
41%
4%
6%
45
4%
434
•*6%
*38
4%
6%
45%
4%
35%
35
36
36
11%
1158
10
10
12
10%
23%
11%
9%
8%
19%
4%
*11%
*1%
4%
25
*5
18%
2%
*13
*4
4%
*14
2
5%
18%
*4*4
18%
2%
5*8
19*4
15
15
2%
15
13%
96
13*4
*92%
14%
97
96
14%
14%
14%
14%
49%
10%
49%
50
50
50
10%
10%
10%
10*8
6%
6%
9%
63
*9%
4%
81
*5
*7%
25
*32%
*4
31
10%
*2
*61
5
20%
*1*4
13%
*6
5%
45
2
13%
10%
2%
8%
6%
9%
4%
81
5%
10%
25%
33%
4%
31
10%
2%
63
6*8
10
4
*81%
5%
*7%
25%
33%
*3%
*28%
10%
*2
6134
3%
13%
96
*4%
*45
*93
15%
15%
51%.
10*4
51%
10%
6%
10%
4%
*81%
5%
634
10
4%
8234
5%
10%
2534
33%
4%
32%
11%
2%
62
*10
25%
33%
4%
*28%
11
2%
*61%
14%
600
12,000
11,100
100
9%
10%
*8%
10%
8%
11%
8% '
8%
10%
11%
8%
834
1,300
8
57
7
41%
*6%
*38
4%
6%
4%
46%
4434
7
41%
4%
7
7
*38
12,800
2,000
20,500
25,500
600
5
634
1,000
3,900
6,800
400
500
"""500
45%
11%
11%
5,000
10
9%
23%
11%
10
23%
200
*21%
23%
22
*19%
22
*5712
60
*57%
60
16
14
95%
50
5%
10
*21
*88
*76
3% Mar 30
119% Feb
15
26
5
34
50
25
par
Texas Gulf Sulphur
No par
Texas Paciflo Coal A Oil...10
Texas Pacific Land Trust
1
20
Mar 30
7
Mar 30
6*4 Mar 31
13
Mar 31
No par
15
Mar 30
No par
No par
53%June 23
278 Apr 13
35
Apr 12
100
..100
Dec
35
Aug
25
39
Dec
50
Jan
Dec
28*4 Feb
95% Apr
48% Mar
16% Jan
19
Thermoid Co
8%
49
Nov
July 25
10
Nov
9% Jan 10
107% Feb 5
101
3% Jan 10
5% Jan 12
11% Jan 12
7%
Oct
Oct
Oct
65
72%
Jan
4
Jan
27% Dec
20% Oct
30% May
60
Feb
43
Dec
58% July 25
42
70
Mar
19%
Dec
48
Mar
53%
Dec
75
Jan
5%
Oct
21
Feb
6%
Dec
Jan
6%
Oct
17%
33%
3
Oct
20
Feb
77%
Jan
347g July 25
35% Jan 7
37
Aug 20
878 July 29
59
July 20
126
Aug 8
14% Mar 10
30% July 25
4% Aug 1
1978 Aug 26
32
July 20
%
Nov
44% Dec
118
Aug
9
Oct
18
Oct
1%
Oct
8
Oct
17% Dec
7*4 Oct
Jan
17%
15*4
Jan
Jan 10
41
5% June 29
4
Oct
Jan 11
5%
Oct
49%
5%
37%
12%
11%
Aug 6
July 29
34*4
Oct
2
Oct
Aug 6
Aug 6
Feb 10
July 22
23*4 Oct
6% Oct
5% Oct
16% Nov
18% Dec
48
Feb
55
Oct
64
Jan
Oct
13*4 Mar
93% Jan
13% Feb
26
24% July 25
July 26
57g July 13
59
56
Jan 13
3%
55
Dec
Nov
Mar 24
15
Mar 24
36
1
Mar 31
4
Dec
19%
"4",600
10
Oct
3%
1,100
Thompson (J R)
Thompson Prods Ino..No
Thornpson-Starrett Co.No
2% Jan 13
5% July 19
20
Aug 9
Oct
18%
3%
*13%
1334
13%
95%
13%
13%
4,800
95%
95%
200
*95
15
100
1534
1538
1534
9,200
52
52%
3,400
10%
10%
10%
8,100
6%
6%
634
634
7%
5,700
10%
4%
88
5%
10%
25%
33%
10%
10%
10%
10%
1,000
4%
4%
4%
5,500
4
81%
5%
81%
82
82
538
5%
5%
300
600
*7%
10%
*7%
10
25%
2534
2534
26%
*33%
34%
3434
3434
700
4%
29%
4%
29%
11%
2%
4%
29%
4%
29%
300
11
11%
7,100
*2
2%
200
64
64
11%
2%
*62
64
par
8% Mar 28
par
1% Mar 28
4
July 25
No par
10
5% Mar 30
19
July 25
30
300
pref
No par
Tlmken Detroit Axle.......10
77% Apr 29
98
July 13
72
16
Aug 24
Tlmken Roller Bearing. No par
Transamerlca Corp
2
Transcont A West'n Air Ino.5
31% Mar 30
Transue A Williams St'l No par
Tri-Continental Corp..No par
Tide Water Assoc Oil.
$4.50
conv
$6 preferred
Truax Traer Coal
8
40*4 Jan
21% Feb
98% Aug
28% Feb
52*4 Aug 8
12*4 Jan 12
30
79
Feb
Mar 30
10
Oct
17
Aug
Mar 30
8% July 12
4
Oct
4% Apr 1
2% Mar 30
11% Aug 6
47g July 19
22%
27%
June 27
87% July 29
6% Jan 10
10% Jan 11
82
7
Dec
267g July 19
38
July 19
18%
Oct
77
Oct
5% Oct
3% Dec
4%
Dec
Oct
Jan
Jan
11% Mar
109% Jan
12
6
Jan 13
16
Mar 30
44
Jan 11
39
Dec
94
Jan
1
0
Mar 25
12
July 25
7
Oct
25
Mar
Oct
46% Nov
6%
100%
Jan
111
Twin Coach Co
Ulen A Co
No par
Under Elliott Fisher Co No par
Union Bag A Pap new.No par
*20%
20%
2034
2034
1,500
92
92
92
92
92%
2,200
Union Pacific
80
80
80
81
79
80
22%
21
%
21%
21%
21%
900
27%
27%
27%
27%
27%
12,000
Union Tank Car
United Aircraft Corp
9%
9%
9%
14,000
Un Air Lines Transport
Mar
Mar
Mar
Mar
31
29
25
29
1% Mar 26
41
Mar 31
2% July 26
66
July 23
25
2*4
Nov
Oct
1%
r
22% July 21
100
17% Mar 31
55% Mar 31
87g Dec
61% Nov
17% Oct
93
80
Nov
.100
4% preferred.
New stock,
Sept
8% Jan
15% Mar
28% Feb
10% Jan
100
Preferred
n
40
Mar 28
21%
Def. delivery,
Oct
Mar
16% Jan
15% Jan
54% Mar
3%
5%
10%
25%
2%
20%
91%
a
8*4
Oct
Oct
Dec
9% Mar
44
4
10
20th Cen Fox Film CorpNo par
$1.50 preferred
No par
Twin City Rap Trans.-No par
21%
i In receivership
Mar 31
Oct
Sept
Oct
67% Feb
8% Jan
15% Mar
66% Apr
8
..No par
No par
21
9
1%
15*4 July 25
pref
21
700
2%
10% Mar 29
cum
Truscon Steel
15", 500
5% July 25
1%
6%
13%
$3.50
Jan
8
47
15
3%
Jan
20% July
61*4 Feb
7*4 Mar
47% Mar
39% Jan
23*4
5%
15%
125
Oct
*4%
*3%
Jan
4% Oct
0% Dec
5%
19%
19
Feb
20% Jan
28% Mar
33% Mar
*4%
*13%
50
Oct
Oct
15%
22%
4*4
10
3% Mar 30
Jan
Oct
Dec
Jan 13
100
25
Deo
5
pref
2% Mar 31
Jan
12% Jan
14% Mar
32% Mar
Oct
Third Avenue Ry
1
Jan
Oct
3,400
conv
Feb
Oct 107%
""206
$3 div
31
2%
2%
5%
20%
10
20%
2
51%
Bid and asked prices: no sales on this
day.
36
*134
*16
10%
9%
4
Apr
4% Mar 31
37g Mar 30
32% Mar 30
2% Mar 29
5
5
Union Carbide «fe Carb.No par
Union Oil California
25
9
Mar 30
22% Mar 30
6,800
*21%
27%
8
978Mar3l
17% Mar 31
1*4 Mar 26
6% June 13
9,500
8*4
Mar 29
Mar
Jan
Mar
Mar
Jan
23*4
1
50
14%
27
Mar
Mar
14
8*4 Mar 31
177s Mar 30
84
8%
05%
43%
60%
65%
117g
77%
9%
10
5% Mar 29
1
1334
27%
Jan
Oct
Oct
2
Mar 31
Mar 29
Jan
9
7
8
Jan
17
July
Apr
Feb
155
32%
July
Mar 30
June
6%
42%
Oct
70% July 18
31
23% Aug
115
Oct
23
10
83
9
Oct
17*4
28
25% Mar 31
..100
Preferred..
130
Mar 29
24*4
32%
39*4
17%
100
pref
Oct
%June 21
Swift International Ltd
conv
20%
13
Sunshine Mining Co.^
10
Superheater Co (The)..No par
Texas A Paciflo Ry Co
Oct
Feb
10
Mar 14
July 25
14%
27%
•
4% Mar 30
24
25*4 July
17% July
42% Aug
15% July
12
5X% preferred
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g Co No
Oct
Mar
1%
Feb
26
25
Jan 21
4% July 25
July 19
11
45
Sutherland Paper Co
Sweets Co of Amer (The)
Swift A Co
110
Jan
54%
40%
29*4
1% Oct
35% Oct
1% Oct
6% Dec
19% Dec
Stone A Webster
No par
Studebaker Corp (The)
1
Sun Oil
...No par
84%
27
Mar 31
Aug 23
378 July 21
Jan 13
14%
91 %
July 25
11
S3
7634
21%.
27%
9%
15
June 17
14%
89%
76*4
22% Jan 12
5
84%
21%
7
1
84
77
July
30% Aug 26
69% Aug 26
12% July 26
14*8
88
25
Mar 29
843S
22%
140% Mar 26
May 28
14
88
Jan 10
0
82
*75%
22%
2634
8%
9
Aug
3% Jan 13
49
14%
91
16*s Jan 10
5
81%
79%
Oct
10
13%
81%
22
9*4
13
10% Mar 30
Standard OH of New Jersey.25
Starrett Co (The) L S..No par
14%
82%
22
Dec
1%
15%
64
2
10
21%
82
10
1%
51
2%
Mar 18
l%June 13
No par
No par
The Fair
10%
11%
94
Standard Oil of Calif. .No par
Standard Oil of Indiana....25
$3.60
51%
4%
1
No par
JStand Comm Tobacco
1
Standard Oil of Kansas
Mar 30
6% Mar 31
48%May 26
12% Mar 31
6% Mar 31
No par
Thatcher Mfg
5%
*45
5%
2,700
16
31%
Mar
19% Aug 26
1378 Jan 15
7*4 July 25
4,000
20%
Mar
8% Jan 11
20,100
4,500
5
197
120
Oct
Mar31
4%
*16
Nov
June
3%May 27
36%
50
29
Oct
Apr
Feb
13
4*4 Mar 30
4%
*20
*45
7*4 Mar 31
Apr
60%
102%
96
Symington-Gould Corp ww__l
3634
9%
50
par
Mar
4%
67
Without warrants........1
Talcott Inc (James)..
9
100
44
*4
19*4 Mar 26
16% Mar 30
68
26
7
Aug
1,700
4538
4%
36%
4%
36%
11%
5%
1
par
$4.50 preferred
Superior Oil.....
Superior Steel
Nov
34*4 Feb
105% Feb
177g Mar
8
July
2,000
600
700
4%
*4
Mar 26
Sterling Products Ino
Stewart-Warner....
Stokely Bros A Co Ino
Oct
June 30
15% Aug 9
19% July 19
29% July 25
10% Jan 11
2,100
634
37%
11%
5%
Mar 25
4
6% preferred
"7,500
41%
*434
634
Mar 30
2
$4 preferred
$6 cum prior pref
No par
$7 cum prior pref
No par
Stand Investing Corp..No par
31%
Nov
5%
46
29
3,200
\
91
Oct
3,300
300
Feb
Dec
$3 conv preferred A..No par
Spiegel Inc
2
Conv $4.50 preferred.No par
A El Co
Jan
Feb
44
15
1
Square D Co class B
Standard Brands
Feb
17%
27
100
Spencer Kellogg A Sons No
Sperry Corp (The) v t c
Splcer Mfg Co
No
14
21*4 Jan 10
No par
Sparks Wellington
Spear A Co
Feb
65
36
9
42
4
Feb
34
42% Mar
Oct
0% Oct
24% Dec
147g Nov
17% June 17
2% Mar 29
18%
2334
30-%
31
*35
Jan
Jan 13
64% Apr
11% Mar
98% Aug
Dec
3*4
44
par
Mobile A Ohio Stk tr ctfs 100
jstand Gas
1,800
5%
5%
20%
2
*1%
*4%
19% .19%
3%
3%
13%
400
15,500
*16
*14
5% preferred
Spalding (A G) A Bros.No
1,100
*%
30
3,400
14,300
12%
60
4%
31
29
600
69%
*21%
*19%
5%
10%
24%
33%
28%
7%
734
103% 103%
2%
2%
334
4
30,900
11%
*57
4%
94
68
68
22
3
14
29%
60
15
300
12
*54
3
42
67%
*20
45
500
28
*22%
5%
300
11
60
*13
42
"7,9C6
1,800
68
No par
100
1st preferred
67%
24%
22
50
100
11%
*18%
*4
Southern Calif Edison
200
1634
42%
14%
128
-.100
9% Mar 31
6% Mar 30
8% Mar 30
67%
*54
5%
19
30%
10*4 Mar 31
Southern Railway
28
24
4%
25
31
30%
8% Mar 29
17,500
10,900
55%
30%
60
*45
111
Snider Packing Corp
So cony Vacuum Oil Co Inc. 15
..
42,700
16
8%
30%
*35
24
Southern Pacific Co——.100
54%
*19
5%
8%
*18
98
102
19% Mar 31
55%
*54
50
10
20
27% Mar
51*4 Mar
98% Mar
3% Feb
23% Feb
45% Jan
2% Jan
8% Jan
Mar
88
2
May
25
54%
2734
10%
24
22
*21
3 ,800
16,700
31%
31%
42
55%
*57
No par
No par
8% preferred
23%
2434
8%
8%
56
*56%
57
56%
*125% 126% *125% 126% *125% 126% *125% 126% *125% 126%
12
12
12%
12%
11%
12%
11%
1134,
113S
11%
*25% 27
2534 27%
27% 28
27%
27%
2734
28
3%
3%
3%
3'
3%
3%
3%
3%
3%
3%
*16% 17
17
16% 17
17%
17%
18%
18%
19%
28% 28% *28% 30
29
29
*29
30
29%
30
*14%
15
15
*14% 15
15%
1434
15%
*1434
15%
18%
19
18% 19
18%
18%
*18%
18%
18%
18%
26% 26%
26% 27
27% 27% *27% 28
27%
27%
*7%
7%
8
8
7%
7%
784
7%
8
8%
6
6
5%
5%
6
6%
6%
6%
6%
6%
56
13
19
Jan 14
20*4 Mar
37% Mar
120
1
Apr 8
Mar 31
91
Oct
Dec
93
Mar 28
45
10
~
24%
30%
8%
20%
46
4%
834
34
9%
100
No par
$6 preferred
41%
*%
67%
11%
22%
3%
34
28
10%
19%
*3414
18%
11%
8
22%
23
67%
SIoss Sheff Steel A Iron
Smith (A O) Corp
Smith A Cor Typewr
15
60
34*4 Jan 10
28
41%
4
100
-
11
17% Oct
2% Nov
15*4 Dec
26% Dec
22
l0%May 24
19%
10%
6% preferred
18% Mar 31
z84
Apr 1
Oct
Jan 14
33% Aug 26
3% Jan 17
So Porto Rico Sugar. ..iVo par
*38%
4
25
July 19
Aug 2
9% Jan 11
1,700
23%
67%
Skelly Oil Co
Oct
Oct
3% Oct
49*4 Nov
12*4 Dec
105
22%
23%
55%
27%
2% Apr
14% Mar 30
10
*4
1%
14
25
27
22
23%
30%
*38%
5.4%
Sim ma Petroleum...
Oct
16
27*4 Jan
18% July
114
8%
4
Mar 20
Mar 30
4% Mar 31
12% Mar 30
3
25
Apr 14
1% Mar 29
*3
14%
14%
68% 68%
2834
29
7%
734
103% 103%
*2%
2%
10
93
Dec
%
25
ll%July
South Am Gold A Platinum. 1
23%
*%
27
9%
8%
8%
*18
25,400
1
23
Oct
3% Oct
34% Nov
July 22
6% July
48
'H,HOO
3%
14%
14%
68% 68%
29%
29% 29%
7%
7%
7%
102% *102% 103%
2%
2%
2%
preferred--.100
18
2%
3
3%
conv
20% Apr
Silver King Coalition Mines.5
Simmons Co
No par
10
114
*38%
14%
68%
4
5M%
3
Mar 30
Aug 11
6*4 Mar 12
Solvay Am Corp 5M% preflOO
250
6
4812 Aug
78 Jan
2
4
16
*41
Sheaffer (W A) Pen Co.No par
Shell Union Oil
..No par
100
89
10
24%
42
20%
46
1*866
27
*9
24%
%
8%
9
23%
15%
*%
54
4
3
Jan
36
conv
Simonds Saw A Steel. .No par
~
91%
*113
3
41%
4%
9%
23
8%
19
23
54%
26%
67%
10%
*38%
3%
23
18%
22%
*38
*3
23
4
54%
26%
67%
10%
9%
7%
3%
*38% 41%
3%
3%
*8%. 10
22
19%
700
91%
12%
14%
No par
pref ser A.No par
G.)__No par
$3.50
Shattuck (Frank
500
7
*91
13%
7%
7,200
104
*87
66
*27%
10
91
*95%
Sharpe A Dohme
200
1,300
7
46%
*3
2,000
104
20%
27%
1
%
No par
No par
7*4 Jan 11
Mar 30
34% Mar 28
*5 oonv pref
41%
10%
27%
16%
19
54%
14
20*4 Jan
*34%
37
*62
9% Mar 30
10
Mar 26
45% Mar 31
19
31%
31%
*2
Sharon Steel Corp
17%
61%
36
37
4%
Servel Inc
1,300
17
*59%
18
31%
31%
*81%
*5%
*7%
24%
*32%
*3%
*28%
10%
4,400
16
17%
61%
36
%
*9%
Mar 30
1434
*%
*93
June 16
20%
22
13%
3
47
91%
27%
*4%
*11%
*1%
*5%
18%
Seagrave Corp
No par
Sears, Roebuck A Co..No par
*87
102%
2%
*4
100
15,500
4
No par
100
J Sea board Air Line
4-2% preferred
3
3%
4
Jan
73%
16%
7
26%
1
% Feb 10
72%
4
73%
16%
91%
85
27%
Feb
27% Feb
5% Jan
75% July
89
27%
*90%
113
1% Mar 29
16% Mar 29
104
*2%
*18%
Dec
Seaboard Oil Co of Del.No par
20%
28%
28
7%
*45
16
*98
19
100
1,800
*18%
27%
*90%
*102% 103% *102% 103%
*2%
2%
*2%
2%
*3%
4%
3%
35
16%
16%
*103% 104
7
7%
30% 32%
2%
2%
Jan
1,200
%
19%
42
*6%
46%
4%
*27
Mar
113
2%
14
42
18%
27
103
Dec
22%
%
14%
42
*26%
27
5%
10%
Dec
*1%
20%
*40
15
*38
10%
Jan
70
86
22%
*3%
14%
19%
12%
14%
16%
*28%
5%
39%
40
Jan 20
July 28
22%
19%
1334
18%
*34%
14%
3%
5%
39%
10%
Dec
1,180
20%
15%
12
3
20
16%
*16%
*59%
Nov
18
48%
19%
13%
*14%
*25%
7%
30%
61%
10
12
48%
2,200
Highest
% per share $ per share
5% Jan 26
7% July 12
48%
>%
2%
*3%
X73
June 14
share
per
300
1
19%
13%
23%
*56
27%
16%
3%
75
16%
17%
200
8% Mar 29
$
5%
18%
23%
8%
*9%
8%
2%
22%
48%
*%
*1%
22%
76
per
%
*5%
18
23%
10%
*1%
:
18%
13%
23%
22
10%
*75
22%
23
7%
*18
48%
3%
73%
16%
17%
*59%
6
22%
35
7%
48
22
76
*5
22%
17%
13%
*75
%
5
22
35
*63%
27%
76
22%
18%
3%
500
3,600
22%
35%
3%
*8%
14%
1834
22%
18
*22
14%
18%
22%
*26
*38
14
18%
23
18%
13%
18
*3
*27
7
*80
*113
14
18%
%
*1%
21%
80
13%
18%
%
434
6
2%
21%
3%
72%
16%
17
61%
15
16
16%
16%
*103% 104
*103% 104
7%
13%
18%
%
*5
5
*38
'
13%
17%
30
$
Lowest
Highest
share
Mar 26
94
*100
3,900
Year 1937
EXCHANGE
6% preferred
*6%
-
Range for Previous
On Basis of 100-Share Lots
STOCK
Shares
the
76
*12%
YORK
Week
$ per share
Range Since Jan. 1
STOCKS
NEW
for
Saturday
Aug. 27, 1938
59*4 Apr 20
81
6
78
Oct
20
Mar 30
23% Jan 12
22
Nov
19% Mar 30
30% July 25
11% July 19
10*4
Oct
5%
Oct
7% Mar 30
57
No par
Cash sale,
5
5
5
r
Mar 31
Mar 30
Ex-dlv.
y
15% Aug
87
6
July 25
Aug 10
Jan
Ex-rlghts.
Mar
26% Mar
40% Mar
50
17%
Mar
Jan
Jan
18% Sept
Feb
28% Feb
148*4 Mar
99*4 Jan
31% Feb
35% Mar
24% Jan
*f Called for redemption
I
Volume
AND
HIGH
SALE
Aug. 20
Aug 22
$ per share
S per share
*11%
*1634
*117
*15*2
2%
3]
*534
*8%
7%
7%
7%
*76
80
7%
36
35
35%
60%
10%
6OI2
10%
60%
6034
10%
109%
9%
6%
10%
6%
*8%
8%
84
*80
10
109
9%.
*6%
*8%
*80
7%
*35%
7%
36%
60%
61
10%
10
10
9%
7
7
8%
8%
*80
84
*34
94
*8%
*30%
19%
*5%
*9%
834
34
20
5%
10%
70%
40%
41%
41
534
5%
*40%
5-%
45
46
87
87%
*62%
63
44%
86%
*62%
*65
67%
*67
59%
10934 10934
35%
35%
58%
*46
*5%
49%
5%
*9%
9%
57%
*35
*46
2%
2%
*42%
5234
*42%
*10
10%
*10
*75
77
76
*151
...
*41%
*40%
46
*%
3
*%
18%
*26%
*103%
*35
*16
*21
18%
18%
*26%
*103%
36%
*35%
16%
*15%
4
4
26
*113% 113%
*3%
3%
*10%
13
*101% 113
64%
4
*1%
1%
*58%
*3%
3%
*2
3
7%
*17%
7%
18
*1%
3%
*2
88%
9134
64
65
49%
5%
*9%
2%
9%
2%
*44%
5234
11
74%
76
11%
77
*151
...
...
*40%
46
46
%
%
3
a
%
26
21
21
18%
27%
18%
27%
19%
27%
....
36%
16%
*103% 104
15%
4
113
64%
35%
15%
4%
*35%
4%
*11
14
113
*107
*59
64%
3%
*3%
3
*2
3
*6%
*3%
3%
*11
15
*27%
19%
28%
19%
*29%
*234
*%
29%
*35
*79%
3
1%
36%
82%
3%
*11
27%
19%
29%
234
*%
35
16
3%
43
*39
5%
36%
3%
15
*11
28%
19%
28%
1934
29%
234
1%
234
*%
28%
21
29%
2%
1%
35
35
35
6%
38
338
82%
*80
86%
95%
a83
83
86%
87
*95
*95
95%
95
95
*86
89
*86
89
86
*83%
27%
*2434
2734
25%
102% 103%
27
25
102
*134
*134
139
15
15
*14%
37%
*35
*35
19%
*18
29%
18%
29%
30%
28
27%
3
6%
3%
*10%
28
15
28%
400
3%
500
28%
28%
lJOO
21%
2134
22%
5,100
30
1,100
3
500
34%
80%
*80
85%
86%
95%
85%
*95
210
28%
*%
34%
*79%
95%
7%
30
*2%
*%
33%
l3g
*80
82%
86%
95%
*86%
9412
!■'%
34%
82%
89%
-
7%
*6%
7%
*6-%
h
%
*%
%
*%
2%
29%
2%
30%
2%
29
2%
*2%
30
30
95
1
2%
30%
82
70
*1234
13%
*12%
13%
14%
7%
13%
*7%
1%
1%
13%
*7%
7%
*7%
*1%
2
1%
23%
1%
24
54
54
70
70
24%
*
70
"
~"i",666
90
70
"24"
10
3%
234
5%
*4%
6
16
3%
~
*1834
44%
20%
*3%
234
5%
5
48
*45
*15
19%
45%
20%
*64
80
*36
37
5%
434
*45
19%
45%
20%
*64%
*15%
5%
5%
4*%
4%
4%
48%
19%
45%
20%
80
*45%
47%
20
45%
21%
*36
3%
2%
19%
45%
20%
West Penn
"loo
200
10
55
*12%
13%
14
14
14%
7%
14%
7%
13%
14%
7%
7%
6%
7
900
%%
1%
*1%
1%
1%
1%
500
36
46%
46
46
48%
97%
*92%
96%
98
*69%
*29%
71
32
20%
104
*20
20%
4>%
45%
20
45%
20%
45%
21%
*66%
45%
46%
46
461
21%
71
21
21%
21
22-%
*67%
71
71
71
*37
19%
20%
104
104
20%
20%
20%
21%
3534
36%
39
85
106
71
33
21
107
21%
22%
3834
*74%
85
*74%
36%
85
*68%
*1734
18%
*17%
18%
19
19%
1934
39%
85
1934
20%
20%
20%
20%
22-%
22%
23
*3%
4
4
*3%
4
35%
•
36%
20
*3%
Bid and asked prices, no
*68%
4
5i->
4-%
46%
*49
20
5%
4%
19%
50
32%
20%
2%
3%
2%
20
38
*70
16
3%
2%
20
*45
97%
19-%
*69%
16
5%
4%
47%
19%
97%
31
104
5%
5
38
31
*103
534
2%
49%
31
71
16
3%
48%
98%
71
32%
71
*15%
*3%
234
5%
4%
4
sales on this day.
%June 22
1% Jan 10
16
97
*70
33%
20%
*106
22%
38%
*70
47%
*45
2,400
300
"i, 000
39
400
700
6,200
2,200
1,800
100
1,200
16,300
5,600
20
39
300
51
51%
800
97%
*95
99%
60
71
*70
38%
51
33%
20%
33%
1934
107
107
25
40
25
85
38%
*73
71
100
34
3,600
20%
107
25%
40%
63,200
230
8,100
22,300
85
""960
19%
19%
19%
20%
22
23%
22%
23
15,300
3%
*3%
4
200
3%
t In receivership,
Mar 26
11% Mar 31
14% Mar 31
Am.No par
6
78
Aug
54
Jan 12
1% Jan
25
7
Jan 17
2138 July 25
30% Aug 11
June 19
107
June 22
30% Mar 30
14
Apr 9
2% Mar 29
16% Mar 30
42
Jan 22
97
100
6
100
100
105
84
%
Oct
Oct
4%
Jan
2% Jan
68% Jan
3988 Mar
44% Jan
16
Oct
9%
14%
Oct
97
Oct
115
Mar
3534 Nov
47
May
Oct
100
Power 7% pref.100
——100
a Def. delivery.
Mfg
60
60
50
Deo
98
Mar
Mar 21
65% July 22
118% Mar 21
2% Jan 11
2
Oct
122% Jan
10% Mar
l%Mar 23
438 July 23
2%
Oct
188s Mar
3% Feb
2%
116% July 19
1
1% Apr 22
6% Mar 31
13% June 10
74
30
r
4
8% July 25
20% Jan 10
II734 Feb
Oct
6% Deo
Oct
18
16
Mar
19% Feb
49
Feb
71»4 Deo
3% Oct
92% Aug
18<4 Mar
45
32
19% Aug 26
19% July 27
17
51% July
19% Jan
86
Aug 10
10% July 22
July 21
Oct
Oct
60»s
Feb
2
Mar 26
4
July 16
2
Oot
IO84
Feb
23
Mar 31
51
July 20
26%
99% Mar
8
July 19
484
33
Deo
Oct
18
Jan
Deo
69%
2%
Oct
12%
35%
Jan
Jan
Jan
Mar 26
8
3% Mar 26
20
Mar 26
1% Mar 31
5
Mar 31
16% Mar 31
11
Mar 30
17
Mar 30
1% Mar 26
78June
9
25% Mar 31
71
Apr
70
Apr
8
1
82%May 28
74
Mar 29
116
Mar 31
45
Aug
6
4% July 15
1634 July 15
29% July 21
22% Aug 26
31% July 25
3% Aug 5
1% Jan 28
39
July 30
82% July 29
102% Jan 3
102% Jan 3
9734 Jan
3
Oct
7%
9
Nov
16
Oct
46
11%
Oct
38%
20
Oct
6O84 Aug
2%
1
23%
Oct
July
Oct
73% Nov
109
Feb
76
Oot
103
Aug
Oct
123%
115%
29%
H84
23%
Mar
Jan
July
Mar
Mar
Mar
Mar
Jan
Mar
Jan
July 19
117%
June 27
Feb 23
110% Apr
14% Dec
Mar 31
31% Mar 28
10
Mar 31
20
Mar 31
65
Apr 12
14% Mar 26
42
May 27
12
Mar 26
6% Mar 31
4% Jan 10
2%
Oct
Jan 10
6%
Oct
1
Oct
4*4
Oct
Deo
17»4 Oct
87% Nov
11%
83%
5784
167%
1% Jan 11
3% July 22
34% July 20
28'4 July 21
10978 Jan 15
140
Jan 27
18% July 23
July 13
20% July 25
30% Aug 22
35
90
Jan
4
2734 Jan 12
59
Jan 14
15% July 19
15% July 25
1%
22%
Oct
113
10«4 Oct
31% Nov
10»4 Oct
21% Dec
Mar
55
Dec
90'4 Aug
14%
Oct
6
Oct
23% May
33% Feb
8%
1%
Oct
Oct
18%
Oot
46%
6% Jan
6% Sept
12
Sept
11
I84
Oct
7
2
Dec
10% Mar 29
36
Jan
3
11% Mar 29
678
578
60%
2134
4834
2234
Jan 10
July 19
Jan 21
July 25
July 13
Aug 26
42
Mar 29
72% July 19
27
Mar 28
40
28% Mar 30
55% Mar 30
102
61% Mar 31
20% Jan 31
8% Jan
71
3
Mar 30
9% Mar 31
24
July 20
x
Deo
65%
Jan
12
Oct
47
Jan
64%
Oct
34
Dec
3934
112% Mar
40«4 Deo
54
Nov
128
Mar
Oct
76
Jan
Dec
21% July 25
7%
Oct
62%
37%
Feb
39
July
107
Aug 24
2578 Aug 26
2534 July
3
534 Mar
y
Deo
34
Oct
Mar 31
Ex-div.
Feb
Mar
1384
Dec
80% July 20
22% Jan 15
Jan
91 »4
68%
2184
Aug
4334 Jan 12
2%
12%
Jan
38
July 20
72
Mar 30
9
Dec
Oct
Dec
10% Dec
43s
4%
4984
Jan
684 Mar
1
5
5184 Aug 26
62% Mar 31
11% Mar 29
No par
...1
Jan
65
Jan 22
Mar 30
Feb
Oot
Jan 21
Mar 24
34%
19
3
3
27%
Jan
Jan
May
Aug
11
32
39
126
21% Jan 24
3% Aug 6
Jan
30%
Dec
8% Mar 31
l%Mar 30
3
170
90
6% June 20
1% Mar 31
l%June16
3%June 16
Feb
Aug
Oct
19
9
Mar
88
118
9% Mar 30
84%
108
122
103
2%
56
Feb
Feb
Jan
Oct
6
.2% Mar 31
3 Mar 25
% Mar 23
1% Mar 18
16% Mar 31
15% Mar 31
61% Mar 31
9«4
Nov
84
12%May 31
111% Jan
10
Cash sale,
Mar 31
17%May 18
Aeronautical...No par
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach cl B.-l
Preferred....
100
Young Spring A Wire.-No par
Youngstown 8 A T
No par
5)4% preferred
...100
Youngst'wn Steel Door .No par
New stock,
Mar 29
4% Mar 30
Wright
n
Jan
Mar 31
Co Ino
No par
$6 preferred
—100
Woodward Iron Co—
10
Woolworth (F W) Co
10
WorthlngtonPAM(Del) No par
Preferred A 7%---^95
Prior pref 4)4% series...10
Prior pf 414 % conv series. 10
Corp
Feb
37
Wilson A
Radio Corp
1284
Mar
$4 conv preferred—No par
Oil A Gas...
6
Willys-Overland Motors...—l
Zenith
Apr
135
Wilcox
Zonlte Products
i2%
748s Apr
115
Deo
Instrum't.No par
Class A
...No par
Westvaco Chi or Prod..No par
5% conv preferred
.---30
Wheeling & L E 5)4 conv pfl OO
Wheeling Steel Corp...No par
$5 conv prior pref. --No par
White Dent'l Mfg (The 8 8).20
White Motor Co..------—-1
White Rock Mln Spr ctf No par
White Sewing Mach...No par
preferred
Oct
Oct
June
113
Weston Eleo
6% conv
18%
120% Feb 26
Union Telegraph.100
Westlngh'se Air Brake. No par
preferred
"2%
105
Mar 29
Western
Westinghouse El A
Mar 30
18% Aug
100
Supply Co...10
Western Maryland
100
4% 2d preferred
100
Western Pacific
100
6% preferred.—
—100
1st
*12%
15%
3%
Jan
1
.
preferred
6%
"""366
*52
15%
3%
2%
Jan
108
Western Auto
1,700
7,000
2,800
7,300
13%
38%
36
46%
104
2%
71
*65
*93%
1934
16%
3%
15%
3%
2%
5%
164
Oct
preferred
6%
'
*15%
Jan
Nov
29
100
900
54
52
May
135
No par
Walgreen Co
No par
4 H % pref with warrants 100
Walworth Co
No par
Walk(H)Good A W Ltd No par
Preferred
No par
Ward Baking class A—No par
Class B
No par
Preferred..
—
100
Warner Bros Pictures.
6
$3.85 conv pref
No par
1 Warren Bros..
No par
$3 convertible pref.-No par
Warren Fdy A Pipe
No par
Waukesha Motor Co
6
Wayne Pump Co..
1
Webster Elsenlohr
No par
Wells Fargo A Co..
1
Wesson Oil A Snowdrift No par
$4 conv pref erred... No par
West Penn El class A..No par
7% preferred
..—100
""300
24%
24%
Jan
21
152% Aug 24
Waldorf System
80
1,800
54
52
Feb
Deo
May 11
27% Mar 30
% Mar 30
Mar 31
134
100
..100
160
24
23%
84%
984
86
tWabash Railway
5% preferredA
7%
25
25
25%
25%
25%
25%
24%
104
104
104
105%
105%
105%
103% 105
*132
*132
139
139
138% *134
*130% 139
15%
15%
*14%
16% *14%
16%
15%
15%
16
*35
*35
*35
37%
37%
37%
37%
37% *35
19
*18
19
*17%
*17%
19%
19%
18% *18
*29
30i.|
*29%
301.1
30%
30% *29%
30% *29
25
2,100
„
85%
*6%
1
2%
29%
25%
86
86
13,900
6%
39
28%
29%
3
1%
400
41
31.1
15
29%
*234
35
300
3%
*11%
3
13% Jan 14
Oct
46
Nov
6% preferred B
1%
3%
16%
_
July 21 I
Feb
Jan
3%
15
29%
*%
7%June13
50
8%
37
*3%
*10%
_
3
9%
Oct
Oct
200
6;%
Feb
Oct
1
Deo
1,300
38
3
35
Co Ino
7%
139
23%
54
13%
13%
7%
13%
3%
37
2%
3% July 25
8
14" 166
41
534 July 21
10% July 29
9% July 20
1% Mar 26
3
19%
36
6%
36
45% July 29
1584 Jan 11
4334
42
42
6%
38
Jan
June 20
36
Apr 26
1% Apr 13
400
*3
Jan
150
6% Mar 26
....
103%
*22%
*52%
*12%
13%
14
3%
29%
*70
54
3%
Oct
100
pref—100
17%
9%
43*%
16%
2134
23%
23
*15%
21%
82
*12-%
16
.
21
*70
*52
*19
41
41
82
*70
a;42%
19%
3%
*36
9%
44
100%
753s
126% Mar
5% preferred
Virginia Ry Co 6%
Vulcan Detlnnlng
Preferred
64%
86
86
86%
120% 120% *120% 121%
12034 120% 120-%
*116% 117
*116% 117
116% *116% 117
17%
17%
17%
17%
17% 18
16%
4
4
4
3%
3-%
3%
3%
86
*120% 12034 *120% 120% *120%
116%
116% 116% *116% 117
16%
16%
16%
16%
1634
3%
334
3%
*334
*3%
*5
*5
*6%
7%
7%
1
1
7,
*%
#34
*2
2%
2%
2%
2%
16
Van Raalte
Deo
48% Nov
Virginia Iron Coal A Coke. 100
86%
9%
19%
*15%
44
*19%
Mar
58
10
*86%
19%
934
9%
44%
19%
105
8
70
*17
17%
62% Nov
Mar
71
70% Mar 5
63% July 25
114% Jan 10
Jan
40
""400
86%
9%
43
Feb
7238 Mar
2
5% Jan 21
32% Jan 21
114
July 16
4% Jan 20
7%
7%
7%
7%
118
3% Mar 30
100
Vanadium Corp of
3
*86%
8%
28
82%
*2
2%
*17
44%
6
*79%
*2
17%
*19%
38
3%
15
...
...
Deo
Works
6
Va-Carollna Chem
No par
6% preferred
—100
Va El A Pow $6 pref.—No par
113
*58%
*118%
*1-%
1%
*3%
3%
Oct
43%
193s
47
Preferred
1,000
1,200
*111
20
Oct
No par
4%
4%
4%
4%
26
27
*26%
27
113% 113% *113% 114
*3%
4
3%
3%
13%
13%
*10%
13%
64%
48
Aug 24
92% Aug 10
Mar 31
40
Victor Chem.
113
Mar
3%
6
Light A
600
*58%
*118%
*1-%
1%
3%
*3%
■
Mar
72%
100
16%
*111
112
Oct
48
preferred
*15%
64%
3
400
Dec
24
No par
Universal Leaf Tob
100
8834
*3
43
3%
28
17%
*87
3
5%
*2
4,100
20-%
17%
*87
3
*35%
*1%
1934
28
43% Feb
16% Mar
22% Mar
65
91%May 31
29% Mar 30
Universal-Cyclops Steel Corp 1
10
30
Mar
70
44% July 25
7
July 25
3
x44% Mar 31
No par
36%
*15%
113
*21
1,000
Feb
Feb
23% Mar
Mar 29
46% Jan
100
106%
16
*58%
5
3
137
172
53
678 July 13
12
July 19
70% Aug 24
No par
1 Utilities Pow A
Vadsco Sales..
Nov
154% Nov
5'4 Dec
297a Deo
16% Oct
384 Oct
6% Oct
21
Universal Pictures 1st pref.100
"""700
100% Feb
10% July 19
35% Jan 12
24% July 20
June 20
U 8 Tobacco new
8%
Nov
70
97% Aug 26
July 2
Mar 31
10
2484 Mar
172
Mar 31
*35%
36%
16%
Mar 31
38
1st pref
Vlck Chemical Co
16
*111
800
Dec
Jan
x65
20
*104
12%
"""366
Feb
Oct
5%
21% Mar 30
2% Mar 31
United Stores class A..No par
46
106% *104
*35%
*11
11%
76%
"Jan
113%
16%
3%
Jan
Jan
60
$6 conv pref A
Oct
7
3%
No par
600
101
Mar
3478
U 8 Steel Corp
Preferred
700
8684 Mar
17
Jan
20%
60
....25
United Stockyards Corp
1
Conv pref (70c)
.No par
1~, 100
5%
%
34
19%
35%
434
*10
*41
30
20
28%
1st preferred
..100
U 8 Smelting Ref A Mln
50
8%
Oct
Oct
24
No par
10
U 8 Rubber
63
Oct
9
Oct
55
7% pref. new
*152%
46
*27%
35%
*4%
800
JU 52%
*74
77
1,800
~
2-%
*43
17%
17%
*39
49%
7%
16
6%
*4534
5%
9%
| 5234
*10%
11%
U 8 Realty A Imp
Preferred
35
*7%
16
38
28
900
88" 500
112
7%
*15
43
112
7%
7%
*17%
20%
104
*118%
*118%
*1%
1%
3%
1%
19%
28
104
61%
100
20
preferred
Foundry
U 8 Pipe A
68%
60
3,200
86,300
11,400
64%
*68
x35
5%
9%
2%
*5%
JL 9%
2%
152% 152% *152%
*41
*40% 46
%
%
*%
%
%
*21%
*21% 30
27
27%
26% 26%
113% 113% *113% 113%
*3%
4
*3%
3%
16
6
76%
*63%
49%
77
76
6
35%
112
*43
10%
5234
10%
*2%
8%
43%
19%
*36
90
*46%
5%
8%
43%
*19%
*39
47%
88
934
2%
19%
3%
46%
5%
43
*3
47%
89%
6434
68%
61'%
534
Prior
100
Oct
62
Oct
162% Mar 28
4% Mar 29
Partlc & conv class A .No par
1,100
24
84
5%
6,500
2634 Apr
106% Feb
9% Mar
6%
3% Mar 30
5% Mar 26
44'%
Oct
6
Aug 26
July
81
13% Mar 31
46<%
88%
64%
*67%
59%
49%
*43
*5%
Oct
Deo
2%
438
No par
60
6%
Mar
1% Jan 18
U 8 Industrial Alcohol-No par
5H% conv pref
16
74
Jan
Jan
4678
Oct
9% July 23
100
U 8 Leather
Oct
5
12% July 25
"5",800
9%
33%
23
25%
9% Aug
6
23%
*30%
8%
8
1
U S Hoffman Mach Corp...5
534
*46
20
100
preferred
7%
Oct
%May 16
No par
Freight
Feb
Mar
Dec
Deo
2
3% Mar 26
5% Mar 30
100
prererred
US Gypsum
30
43
35%
100
No par
preferred
4% Apr
62 May
1,600
44%
6
68%
61%
110% 111% *111
35
*34
35%
60%
Conv
3,500
*8%
10
46%
first
97%
170
*168
$5
U S
75
5%
5234
10%
No par
1,600
10
9034
*46
Mar 26
10%
*66
47%
35%
Mar 14
USA Foreign Secur
91
35
36«4
17%
10% Aug 20
109% July 7
9% Aug 23
3
110
8
Mar 31
8% Mar 30
100
Oct
8% July 25
36% July 20
67% Aug 8
1138 Jan 5
21% Mar 31
10
preferred
110
10% July 18
80% Jan 10
Mar 26
50
31%
30%
11734
7% Jan 12
.22% Mar 31
4%June 18
4% Mar 29
60
Apr 1
No par
$5
U 8 Dlstrlb Corp..
%
*34
6
No par
Feb
Jan
Feb
Oct
Oct
3% Jan 8
34% July 20
1
3
share
7
15
65% July 25
19% Jan 10
4
Mar 26
2
United Pa per board.
100
81
81
6-%
45%
*67%
9%
9%
10
87
Jan
12% Apr
per
14% July 29
19% Jan 11
118% Aug 19
6% Mar 31
14% Mar 31
110% Jan 20
39
$ per share $
share
per
Highest
Loioest
Highest
$
share
per
United Mer & Manu Inc. vtc.l
75
6%
48
*19%
16
200
9
6
8%
*42%
8
7,600
$
United Gas Improvt__.No par
10
934
*87
*85%
United Eng & Fdy
United Fruit
34
23%
*5%
9%
2%
*118
*118
1,100
*66
5%
49%
2534 26
113% 113%
*3%
3%
*11
18%
*107
8%
*30%
2234
6
63
100
6
2,200
169% 170
4234
68%
603g
Preferred....
60%
.
43 34
58%
5
10
36
734 1*7%
10%
10%
9612 f 97
43
63
No par
60
i;
*34j
*7%
10%
95:%
70%
*67
$3 preferred
United Drug Ino
United Dyewood Corp
36
9%
82%
9%
70%
5%
No par
United Carr Fast Corp.JVo par
United Corp
No par
36
70%
43
109% 110
3534
*%
27%
26
*58%
534
45%
87
63
68%
58%
*%
26
*21
*65
40%
109% 110
*5%
*934
*2%
*151
1
7%
9%
10%
10%
94
95
97
9434
96%
94%
*168
169%
169% *168
169% *168
9
9%
834
9
834
834
*30% 3334
*30% 33
*30% 34
20% 2134
22% 2338
19% 20
534
534
*5%
6
*5%
6
10
10%
10%
10%
*934
10
*65
United Carbon
61%
*81
84
7%
9%
9%
70%
*64
1
100
United Electric Coal Cos
2,900
4,100
*81
7
Preferred
2,300
9%
No par
No par
3,000
7%
9%
1
634
United Amer Bosch
United Biscuit..
100
80
7%
7%
734
600
9%
*9%
*76
10%
10%
10%
10%
10%
112% *109
110% *109% 110%
9%
10
9%
9%
10
7%
7%
7%
734
7%
7%
*34
1
7
169%
36
*61
6
9%
84
*%
*6%
93
734
36%
3
10
9%
1
9%
10
2,100
IMOO
2,700
2,300
32%
6
80
Par
20
2%
32%
6%
*9
600
61%
17
*15%
32%
5%
6134
734
61
9%
7%
7
934
2%
32
2,700
118
60%
62
17
2%
6134
*16%
*76
80
*3534
*117
118
118
100-Share Lots
Lowest
Week
Shares
17%
17%
On Basis of
.EXCHANGE
12%
*12
13
17%
12%
*17%
Range for Previous
Year 1937
Range Since Jan. 1
STOCKS
109% 109% *109
109
*34
*168
S per share
*76
80
*6%
9%
Aug. 25
S per share
■
36
*108
Aug.24
Thursday
NEW YORK STOCK
the
S per share
$ per share...
11
11%
11%
12
12%
12%
17%
17%
173s
*1634
17% *17
*117% 118
*117% 118
*117% 118
60
60
61
60
60l2
61% 6234
*16
18
17% *16% 1734 *15%
17
2%
2%
234
234
234
2%
234
31
3034 32
*3034 31%
32% 32%
*
6
534
534
5%
534
534
5%
10
10
10
934
10
*9%
79
CENT
Friday
Aug. 26
12
17%
79
*76
NOT PER
SHARE,
Wednesday
Aug. 23
....
*59
PRICES—PER
Tuesday
Monday
Sales
for
LOW
Saturday
1303
New York Stock Record—Concluded—Page 10
147
Ex-rlghts.
7
7
Dec
68
12% Dec
34% Nov
Oct
70
11%
2%
Dec
? Called for
Oct
142
46%
Jan
Jan
Feb
101% Mar
115
Jan
4384 Aug
9%
Jan
redemption.
Aug.
1304
NEW
YORK
27,
1938
EXCHANGE
STOCK
Record, Bond
Friday, Weekly and Yearly
NOTICE—Prices are "and
mterwt"—except for income and defaulted bonds
Cash and deferred delivery sales are disregarded in tbe weers range,
they are tbe only transactions of tbe week, and when selling outside of the regular weekly range are shown In a footnote in tbe week In which they
No account is taken of such sales in computing the range for the year
unices
occur.
5
BONDS
N.
Y.
Week Ended Aug. 26
Weeks
Frumv
il'-is
*£
EXCHANGE
STOCK
FTice
Range
Since
Bid
A
Low
Asked
High
Low
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
Treasury
O
119.2
119.5
D
114.16
114.20
3
111 .22114.23
1
110 .8
6
105 .21 106.27
4
106 .29108.2
108.28 108.28
-.1946-1949
3 Ms
3s
Treasury 3s
108.29
i*108.24
108.9
21
Price
Week Ended Aug. 26
...1951-1955 M S 106.24 106.21
No.
43
116 .4
119.5
113.14
1952
—1963
|♦Cordoba (City) 7s
1957
§♦78 stamped
1957
Cordoba (Prov) Argentina 7s„1942
Copenhagen (City) 6s
25-year gold 4 Ms
J
D
IH N
F
F
J
1951 M
80
80
58
43
62 X
90
80
90
19%
*102%
N
107 4
108.14
♦Costa
110.5
110.3
Cuba (Republic) 5s of 1904
External 6s of 1914 ser A
1944
107
105 .27108.29
External loan 4Mb ser C
1949
105 .19108.23
4Mb external debt
1977
"54%
105 .2
Sinking fund 6Ms—Jan 16 1963
♦Public wks 5Ms..-June 30 1945
102%
108.10
19
103 .26106.26
Rica (Rep of) 7s
M
S
1949 F
A
19%
99%
52%
102%
63%
65
103
100
52
100
101 .24104.15
Csechoslovak (Rep of) 8a
1951
68
103 .25106.23
Sinking fund 8s ser B
1942
68
70
D
105.6
5
9
100 .26103.27
103.7
8
100 .14103.10
102.7
102.11
383
101
161
102 14106.7
103.23 103.22
D
106
106.3
S
104.26
104.26
102.6
102.9
D
102.7
8
107.6
107.6
8s
May
16 1944-1949 M N
106.14 106.13
106.15
8s
Jan.
16 1942-1947 J
106.3
106.3
J
106.1
105.2
2KB
Mar.
1 1942-1947 M 8 105.2
Home Owners' Loan Corp—
8s series A
May
1 1944-1952 M N 106.12 106.10
•
1 1939-1949 F
1942-1944
J
A
J
105.2
2
101
5
26
7
2
19102.16
101
104.28
99 18102.11
1942 J
1955 F
-Apr 151962 A
Deutsche Bk Am part ctf 6s—.1932
|*Stamped extd to Sept 1 1935.. M
Dominican Rep Oust Ad 6 Ms.-1942 M
1st ser 6 Ms of 1926
1940 A
102.13 105.10
23
103.9
105%
102%
103
98
104
100
100%
94 M
103
83
100;
102.28
20
101.9
103.13
104.5
104.6
61
101.5
104.15
t
S
8
104.1
25%
96%
24%
25%
94%
8
f 7s series B
1946
8%
*8%
8%
7%
7%
♦External
s
f7s series C
1945
♦External
s
f 7s series D
1945
♦External
s
f 7s 1st series
1967
sec s f
sec s
7« 2d series. 1957
7%
1958
Argentine (National Government)—
S f external 4Mb..
..1971 M N
8 f extl conv loan 4s Feb
8 f extl conv loan 4s
S
*61 %
—.1969 A O
1969 A O
♦Dresden (City) external 7«—1945 M N
61%
O
5Ms 1st series
5 Ms 2d series
1948 J
dep
Eaton la (Republic of) 7s
Finland (Republic) ext 6s
♦El Salvador 8s ctfs of
A
1972 A
O
82 %
82 %
1956 J
Apr
J
105%
1957 M S
1956 M N
External g 4%s of 1928
♦Austrian (Govt's) s f 7s
1957 J
♦Bavaria (Free State) 6 Ms
Belgium 26-yr extl 6 Ms
External sf6s
s
"m"
J
1945 F A
1949 M 8
J
1956 J
1955 J D
TBergeD (Norway) extl s f 5s.. 1960 M S
♦Berlin (Germany) s f 6 Ms
1950 A O
External 30-year
1 7s
♦External sinking fund 6s... 1968 J
♦Brasi! (U 8 of) external 8s
1941 J
♦External s t 6 Ms of 1926—1957 A
♦External s f 6 Ms of 1927—.1957 A
63%
63%
63%
70
61%
55
67
55
03 X
04
65
64
55 X
62
51
62
20%
19
22
24
20%
56
65
.
*59
20%
J
12
16M
25%
3
17K
25%
96%
8%
8%
3
94%
96%
16
stamped. 1941 J
7 Ms unstamped
1941
External 7s stamped
.—1949 J
7s unstamped
1949
21K
30
8%
7%
7%
2
♦German Rep extl 7s stamped
24
5M
8M
8M
14
90 M
90 M
82 %
69
88
62
82%
101%
31%
33
78%
78%
106
35
99
106
8
102 %
49
31%
2
96 %
88%
88%
106%
98% 106M
96 M 102M
28
105M
20%
2
107%
4
100
104 M
20%
106%
103%
104%
25
100
111M
111 M
112
10
*99%
100 %
20%
20%
20%
21
11
"20 H
D
19 M
107M
107 M 116X
100
"2
23
108
102 M
100 M
19X
99
108M
22
108M
93M 101 %
*114
104% 114
99 X 101
*100X
D
♦78
24 M
22 %
22%
1949 A
O
23 %
D
27%
34X
24M
27M
27%
27%
24
*29
1968
F"
A
28
77
20%
22 K
29
19 M
27
70
85
i77K
20%
20%
*17%
16M
J
1946
J
9%
11%
*9%
18
4
f g
10M
24
Irish Free State extl
11M
18M
13K
-V
19
IVI N
12
12
l!
12M
11M
F
A
a39
a39
4
37
69 M
F
A
36
37
3
32M
43
•
18
23 M
18%
9%
4
9%
12
IVI N
s
18
106X
104
♦Hungarian Land M Inst 7 Ms. 1961
♦Sinking fund 7 Ms ser B
1961
♦Hungary (Kingdom of) 7M0--1944
Extended at 4Mb to
...1979
♦7s secured
22 M
19
19%
*104
Hungarian Cons Municipal Loan—
♦7 Ms secured s f g
1946
29
33
30 M
21M
21%
Haiti (Republic) s f 6s ser A
1952
♦Hamburg (State) 6s
1946
♦Heidelberg (German) extl 7 Ms '50
Helslngfors (City) ext 6 Ms
1960
X
29 X
20 M
"37%
*24%
..—1968
23
30 M
a25%
*33
paid
24H
"31%
a 25%
...1964
28 M
21%
23
31
31%
a25%
f ser 7s.. 1964 M N
s
part paid
♦6s part
24 %
24%
*21%
1958 J
♦(Cons Agrlc Loan) 8Mb
100M
90%
81%
81%
105%
105%
.
♦Greek Government
8
96
,
D
♦7s unstamped...
1949
German Prov A Communal Bks
7%
20 M
106X
106K
<zl02K al02X
Holder) *65
8%
4%
5
1965 J
1965
stamped
♦6 Ms unstamped
♦5 Ms stamp(Canad'n
9%
9%
"I
2
♦5 Ms of 1930
10
9%
D
95
104 M
20 X
20%
German Govt International—
10
6
4
22%
*95%
*106M
J
1987 J
1945 M S
♦Sink fund secured 6a
90 M
1972 F
Australia 30-year 6s
External 6s of 1927
25%
25%
95%
f 7s 8d series. 1957
Antwerp (City) external 6s
61%
O
1940 A
101M 106M
*100
61%
63%
63%
—
M
105%
106.23
102.28 102.25
105%
102%
Customs Admins 6 %t 2d ser. 1961 M
106.17
103.22 106.18
J
100%
103.4
106.13
A
Akersbus (King of Norway) 4s. 1968
♦Antloqula (Dept) coll 7s A...1945
78 M
A
2d series sink fund 6 Ms
IMtge Bank (Colombia)
O
104
105
O
French Republic 7 Ms
1047
50
56
External g 4 Ms
103.28 107.7
& Municipals—
1948
62 %
106
External gold 5 Ms
Denmark 20-year extl 6s
♦Frankfort (City of) s f 8Ms—1963 M N
♦Gtd sink fund 6s
♦Gtd sink fund 6s
%
62 M
101 .27105.6
103.27
103.2
110M
96M 102
55%
102%
79
104.6
24
101X 104
103%
103
1949-1953 J
♦External
16 M
104
103 %
103%
106.23
104.7
1948 M
♦External
1
High
107 18110.25
18
15
58
58
107 2
106.24
1945 J
Govt
Low
92% 101%
92% 100M
97
104.11
S
1956-1959 M S 103.2
1958-1963 J D 102.9
2«s series B..Aug.
2Kb series Q
Jan
*81%
1
"35
99%
♦
A
J
99%
96%
97
A
1951-1954 J
:
Treasury 2 Mia
s
High
Since
IS
1945-1947 M S 106.21 106.20
105.5
1948-1951 M S
Federal Farm Mortgage Corp—
8 lis
Mar. 16 1944-1964 M
♦External
Ask
&
66%
70%
1955-1960 IVI
Treasury 2Xs
Treasury 2Kb
Treasury 2 Ms
Treasury 2 Mia
Agricultur
Range
or
Friday's
Bid
Low
21
108.26
1108.7
1949-1952
1946-1948
Treasury 2Ks
Treasury 2Xs
Treasury 2X0
Treasury 2Kb
Foreign
Range
Sale
EXCHANGE
High
113.12 *113.12
1946-1956 M S
105.31
106
1940-1943 J D
1941-1943 IVI 8 107.10 107.10 107.14
110.9
110.7
1943-1947 J D 110.8
1941 F A 107.25 107.25 107.25
109.26 109.26 109.28
1943-1945
109.26 109.26 109.31
1944-1946
3%s
3Xs
3X0
3X0
3 Ms
STOCK
Foreign Govt. & Mun. {Com.)
1947-1952 A
1944-1954 J
3%s
Y.
Jan. 1
No.
Last
BONDS
N.
U. S. Government
Treasury 4Xs
Treasury 4a,
3Xs
3Hs
Week's
Friday
Range or
Friday's
s
1980 M N
D
1951 J
f 5s
"15"
15
15M
22
12%
23
Italy (Kingdom of) extl 7s
O
13%
13
13 %
36
13%
13
33
♦7s (Central Ry)
1952 J D
Brisbane (City) s f 5s........1967 M 8
Sinking fund gold 5s
1958 F A
Italian Cred Consortium 7s ser B '47 M
Italian Public Utility extl 7s...1952 J
15
10X
Ioom
19M
99 M
13%
13%
100%
10%
10%
19K
O
100 %
100 %
3
102%
10
98
16
11%
85
65
64
78 M
79 M
51
70 %
112X 117M
23
78 %
*110K
20-year
s
f 6s
I960 J
D
D
♦Budapest (City of) 6s
1962 J D
♦Buenos Aires (Prov) extl 6s... 1961 M 8
♦6s stamped
1961 M 8
♦6 Ms stamped
..1961 F A
External e f 4M-4M>
1977 M 8
Refunding • f 4 Xs-4 Ms
1976
External re-adj 4Ms-4Ms—1976
External
s
f
8% external
10
96% 102
J
Japanese Govt 30-yr s f 0 Ms—.1954 F A
Extl sinking fund 5 Ms
1965 IVI N
13
101%
12%
13
*80
106
*65
78
*65
95
101M
102 M
1945 Q
"6om
"60%
60%
60%
52 M
53
70 X
70 M
♦Assenting 5s of 1899.
♦Assenting 6s large
♦Assenting 5s small
63
54 M
72 M
♦4« of 1904
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
60%
*62
1954 J
-.1964 J
110M
23
105M 110M
Milan (City. Italy) extl
112
112N
21
109 M
102 %
102 %
10
98
Mlnas Geraee (State)—
♦Sec ext! s f 6 Ms
103 %
103%
21
98% 104M
97% 102 %
♦Sec extl s f 0 Ms
♦Montevideo (City) 7s
92 M
99%
20
62%
34M
38
IX
29
32
63
31M
34 M
35
32M
36M
102 %
1944 J
103M
*102
*99 %
1067 J
J
J
A
30%
30%
O
A
f 6a
Jan
1961
J
J
♦Extl sinking fund
6s..Sept 1961 M S
•External sinking fund 6s.. 1962 A O
♦External sinking fund 6s... 1963 M N
♦Chile Mtge Bank 6 Ms
♦81nk fund 0X«of 1926
♦Guar sink fund 6s
♦Guar sink fund 6s
♦Chilean Cons Munlo 7s
♦Chinese (Hukuang Ry) 5e
19%
19%
19%
19%
19%
19%
D
J
D
17%
17%
A
O
17%
17%
16%
17%
17%
16%
1961
1962 M N
I960 M
S
J
8
♦6" of 1928
Oct 1961 A
O
♦6s extl a f gold
Jan
J
J
17%
D
M
1951
♦Cologne (City) Germany 5 Ms 1950
1961
♦Colombia Mtge Bank 6Ms._.1947 A ()
♦Sinking fund 7s of 1926
1946 M N
♦Sinking fund 7s of 1927
1947 F A
For footnotes
set page
1309.
28
4
32
26 M
14M
19M
19%
19%
19%
28
MX
19K
23
15
19%
42
15
19K
19K
19%
19%
19%
17%
17%
17%
17%
16%
15
15
19M
4
15
19 %
11
14K
19 M
8
12K
18K
20
1958 M
1959 M
Oriental Devel guar 0s..—.
Extl deb 6 Ms
Oslo (City) ■ f 4Mb
♦Panama (Rep) extl 5 Ms
♦Extl 8 f 5s
1%
"l%
*1%
2%
J
15
4
3
8
S
1965
12%
12%
13
50
101%
101%
106 %
A
106%
IVI
S
106%
A
O
104
A
1970 J
D
1962 F
A
IVI
103
♦102M
20K
S
51M
50%
195« M N
46%
46
1953
1955
A
O
1953
J
D
IVI N
1963
1963 IVI N
12M
18M
12K
18
13
4
11M
16H
♦Pernambuco (State of) 7i
24 %
30
19M
21M
27
10
20 %
♦Peru (Rep of) external 7s
1959 M S
D
♦Nat Loan extl a f 6s 1st ser. -1960 J
♦Nat Loan extl s f 6a 2d ser. .1961 A O
♦Poland (Rep of) gold 6s
1940 A O
30
10
20%
101%
1
3X
2X
1M
3X
a
50%
101%
101%
106%
106%
107%
104%
103%
103%
20%
51%
47
57
3
67
6%
7
13
13
38%
37
61
57 M
97%
104 X
98% 103 M
103% 107 H
104
107M
99 X 107M
99M 104 M
98 M
103K
102 %
103 X
20
21M
43 %
62 X
41
57 M
90
M 103 M
93
95
86
104 M
"55%
52 %
55 %
46%
55%
48%
40
48%
32
48%
102%
102%
18K
10
13
50
a
A
1944 F
60
50
13
D
1943 F
1956
4X
I"
IK
"57"
O
1963 F
f ext loan
1M
1%
J
21
20 %
'20%
18
17%
17%
18%
18%
25
25
5
17%
25%
25%
25%
1
16M
25
25%
25
25
2
17
25
17%
s
A
...1952 J
Municipal Bank extl s f 5s
♦Nuremburg (City) extl 6s
,
2X
1M
IX
1M
1
6MS...1952
External sink fund 4 Ms
External t f 4%s
4s
11
1M
5
"1%
♦ITreas 6s oi '13 assent(large) '33 J
J
♦§ Small
Norway 20-year extl 6s
20-year external 6s
D
26
*19
Colombia (Republic of)—
vr
19%
19%
19%
19%
1957 J
..1961
30%
30%
104
25M
..
«
30
O
♦Chile (Rep)—Extl « f 7s.
1942 M N
♦External sinking fund 6s..11960 A O
♦Extl sinking fund 6s...Feb 1961 F A
♦Ry ref extl
"66
99
*27 M
*34 %
M
102%
113M
27 M
6
*1
♦6s series A
1959 M N
New 80 Wales (State) extl 5s. .1957 F A
A O
External s f 5s
...Apr 1958
36M
9M
1%
.....
110
42 M
34M
20%
64M
45 %
23
35
21%
*1%
*1%
1%
D
Canada (Dom of) 80-yr 4s....1960 A O
68-—-1952 M N
10-year 2 Ms
Aug 15 1945 F A
40 %
21%
J
%
69
"21%
81
44
54%
41%
*40
61M
24X
51
51%
J
35
♦Carlsbad (City) sf 8s
..1954
♦Cent Agrlc Bank
(Ger) 7s
1950
♦Farm Loan s f
8s..July 15 1960
♦Farm Loan « f 6s
Oct 15 1960
♦6s Oct coupon on..
i960
152
82
IX
♦Mexico (U8) extl 6s of 1899 £.1945 Q
1968 M N
1961 J
72
72
9
*33
7 year 2Ma
30-year 3s
66 M
♦Medellln (Colombia) 6 Ms
1954 J D
♦Mexican Irrlg assenting 4MS.1943 M N
J
25-year 3Xs
80 M
56
74
*26
J
♦Stabilisation loar 7 Ms
70
9
D
A
1984 J
bonds
f 7s
1
68
O
1967 J
s
72
a71
57
73 %
"57%
♦Jugoslavia (State Mtge Bk) 7s 1957 A
♦Lelpslg (Germany) s f 7s
1947 F
60 %
59 %
Bulgaria (Kingdom of)-—
♦Secured
41
a7i
73%
8
♦Lower Austria (Province) 7 Mb I960 J
102%
1976 M N
4Ms-4Xs
s f $
13
19M
ser
A......
♦Stamped
♦Stabilisation loan
1947 M
1947 A
J
f 7s
♦External link fund g 8s....I960
s
S
O
J
9%
9%
"55"
30
6%
5%
10%
9%
9%
7M
9%
9%
43 K
10
6%
9%
43 M
37
54%
55%
36M
54X
82 X
36
62
36
9X
11M
7X
11X
7X
11M
07X
Volume 147
Friday
Week's
Last
Range or
Sale
Friday's
Bid
&
Asl
£S
High
No.
BONDS
N.
Y
STOCK
EXCHANGE
Week Ended Aug. 26
Price
Foreign Govt. &Munlc. (Concl.)
♦Porto Alegre (City of)8s
1961
♦ExtI loan 7%i
Low
D
1947 F
25-year external fle
Belvldere Delaware
*7%
a78
♦Berlin City Elec Co deb 6%s..l951
♦Deb sinking fund 6%s
1959
20 M
106%
107"
107
106%
107
4
62
10%
98%
14
19
22%
19
23
6
12
102% 108%
103% 109%
2
36%
8%
8%
"l
6%
8
8%
21
5%
10%
O
9%
9%
2
D
7%
8%
8%
20
8%
9%
4
1953 F
1968 J
♦7b extl loan of 1926
1967 J
♦7a municipal loan
1937
coupon
D
*8 %
1952 A O
1959 F
61H
A
"22"
§♦88 extl loan of 1921
♦8a external
8%s
1st M 5s series II
10%
1st g4%s aeries JJ
5%
10%
10%
6%
"39
73%
20%
38
20
22
4
"22"
60
22
8%
2
7%
11%
8%
1
6%
10%
11
13%
9%
10%
8
7H
13%
9H
16
10 H
71
13
16
"~9%
16
17
♦8s extl Dollar loan
1968
9
9
10
9
Secured
1940
25
25
27H
4
24%
47%
26
26
1
23
26
26
26
1
24
26
f 7a
1945
1946
♦Sinking fund g 6 Ha
Serbs Croats A Slovenes (Kingdom
♦8s secured extl
1962 M N
♦7a series B sec extl
1962 M N
♦Sliesla (Prov of) extl 7s...
1958 J
♦Slleslan Landowners Assn 68..1947 F
Sydney (City) »f 5 Ha
1965 F
Taiwan Else Pow at 6Ma
1971
Tokyo City 5s loan of 1912
1962
External a f 5Ha guar
1961
♦Uruguay (Republic) extl 8s.-.1946
27%
A
27%
24 H
25H
D
25 M
*33
11%
20%
Debenture gold 5s
1st lien A ref 6s aeries B
Brown Shoes f deb 8%s
M N
M N
J
AND
of
162
92%
99%
185
82
96%
1950 F
30%
102%
1
Canada Sou
46
25
41
40
27
38
46 %
47%
17
42,
Canadian Nat gold 4%a
Guaranteed gold 5s
60
50
50
41
60%
54%
*44 H
48%
38%
54
46
40%
63%
42 H
43
37%
43 %
44
38
63
50
42
38
42%
69%
67%
69%
46
42 H
*_
"21%
18
30
37
36
62
51%
51
52%
43%
65
.....
A
D
21%
1957
Guar gold 4%s
June 15
Guaranteed gold 4%s
Guaranteed gold 4%s..Sept
1955
1950
1951
37%
70
99
86
99
94
'104%
"70"
Adriatic,Elec Co extl 7s
1952 A
Ala Gt Sou 1st cons A 5a
1943 J
104%
104%
1943 J
101%
101%
4s series B
Albany Perfor Wrap Pap 6s
I
1948 A
43
..1948 A
assented
*40%
A
Alb 4 Susq 1st guar 3 Hs
*8%
1949 J
....I960 A
♦Coll 4 conv 5a
..1998 A
1942 M S
Allied Stores Corp deb 4 Ha.—1950 A O
4%s debentures
1951 F A
A Ills-Chalmers Mfg conv 4s
1952 M S
Allegb 4 West lit gu 4s
Allegb Val gen guar g 4a
25%
105
60
*25
54
57
63
70
90
16
45
78
2
44
25
67%
41%
16%
38
37
29
104%
,
59%
104%
"85
92
113%
112
16!
109"*
3
94%
"95"
"ii
e95
1955
2030
Foreign Pow deb 5s
Amer I G Chem
conv
113%
79
94%
10
79
95
165
96
72%
S
*32
54 %
27
100
37
53%
56
105
D
99%
100
10
103%
100%
5%s_. .1949
J
20-year sinking fund 5 Ha
1943 MN
3He debentures
......1961 A O
3%s debentures
....1966 J D
113%
103%
J
Type Founders conv deb. 1950 J
Amer Wat Wka 4 Elec 6s ssr A.1975 M N
•Am
Anaconda Cop Mln a f deb 4Ha 1950 A
113%
103%
103 H
103
100%
33
99%
105%
24
80
101%
113%
55
104
83
103%
73
115
101
106 M
95
63
101
99
O
38%
103%
*105
112% 113%
99% 104%
99% 103%
97% 115
84
101
! 102% 106%
106%
68
35%
36%
5
25%
37%
30
30
3
23
41
98
100
105%
108%
*110%
S f Income deb...
{Ann Arbor let g 4s
1967
1995 Q
,
J
,
Ark 4 Mem Bridge 4 Term 5s. 1964 M
8
*60
96%
Armour 4 Co (Del) 4s aeries B.1955 F
lstMaf4aserC (Del)
1957 J
A
99%
98
99%
205
88
99%
J
99%
98
99%
310
80%
99%
O
106 %
105%
106%
71
*88
101
4a
Conv gold 4a of 1909
Conv 4a of 1905
Conv gold 4a of 1910
Conv deb 4 Ha
78%
105% 108%
111
110
111%
107
31
16%
8%
7
7%
9
45
47
9
115
115%
11
116%
117
119%
11
119%
119%
117%
115%
114%
115
124%
125%
14
61
79
"29
85%
49%
35%
61%
92%
88%
90%
10
20%
11
86
*56
44
6%
68%
75
88%
96%
108%
*69
"90%
108%
95% 100%
76
59%
106
8%
J
118
F
115%
M S
S
J
J
94
74% 109
J
J
J
1950
1981
1947
1948
M
F
J
J
4S..1951
♦Mac A Nor Dlv 1st g 5s
1946
♦Mid Ga A At Dlv pur m 5S.1947
♦Mobile Dlv lat g 5s
1940
Central Foundry mtge 6s
1041
Gen mortgage 6s..
1041
112%
98%
93%
121
120
7
116
120%
118
23
114% 118%
115%
19
112% 116%
111
115%
120% 125%
6
4
80
102
97
12
90
112%
8
111
98%
28
52
92
112
97%
92%
105%
88
*45
82%
82%
93%
73
105%
90
,8
14
63
9%
9%
*4%
5%
*8%
*6%
J
J
*6%
J
♦8%
M S
108
M
S
S
"10
56
88
26
50
8
12%
v:
7
3%
7%
7
9
~16~"
0
9%
10
12
9
10
108
95
118
54
79
107
*109%
42
89
109%
102
100%
30%
27%
"9
20
5
18
30%
106%
10
101
106%
71%
27%
106%
35
29%
27%
106%
30
.....1987
101%
116
*30
100%
8%a—....I960
{♦Cent New Eng lat gu 4s
1961
Central of N J gen g 6s..
1987
Cent Illinois Light
General 4s
92
59
110
1951
Cent 111 Elec A Gas 1st 6s
80%
4
*70
Cent Hud G A E 1st A ref 3%s.l965 M
47%
35
"1
6%
5%
99
94% 108
19%
"16,
20%
*27
104
80%
35
54%
83
89
103%
114%
35
60
*18
D
J
115%
114% 117%
117
96%
*39
N
A
D
D
111
4
77%
79%
{♦Central of Ga 1st g 6s..Nov 1945 F A
♦Consol gold 6s
1945 M N
♦Ref A gen 5 %s series B
1959 A O
O
♦Ref A gen 5s series C
1959
1962
Central N Y Power 8%s
F
75%
60
97%
A
A
gold 4a__1949
O
Through Short L 1st gu 4s...1964
Guaranteed g 6s
1960 F
{♦Cent RR A Bkg of Oa coll 5s 1937
5s extended to May 1 1942
Central Steel 1st g a f 8s
1941
Certaln-teed Prod 5 %s A
1948
1
105% 110
25
40
34%
A
*65
50%
53%
32
75
64%
54%
*43
"54"
"I
72
35%
74%
M Ni
M N
54
M N
M
8
*115%
79
"64" "04"
112% 117
116
75%
78% j
"SI
49
80
Champion Paper A Fibre—
(1935 Issue)
1950
s f deb 4%s (1938 Issue)
1950
Ches A Ohio 1st con g 6s
1939
General gold 4%s
1992
Ref A Imp mtge 3%s ser D..1990
8
f deb4%a
M S
M
S
M N
M
*98
97%
97% •
1996
E
M N
1989
1989
RAA Dlv 1st con g 4s
2d consol gold 4s
Warm Spring
V 1st g 5s
..1941
28
103%
7
118%
19
94%
25
94%
12
A
93%
94%
J
*104%
J
98
103
F
Craig Valley 1st 6s
May 1940
J
Potta Creek Branch 1st 4s...1946
95% 100
100
117%
103
S
J
94%
97
103
99%
106
110% 121
85%
85%
97
97
106
100
100
109%
101%
1I5""
J
J
109%
J
J
*104%
M
8
*
104% 104%
109%
I
Atchison Top 4 Santa Fe—
♦Adjustment gold 4a.
♦Stamped 4a
100
74
~28%
27
47
39%
"59" "80""
*108
28
73%
20
116%
M
Ref A lmpt M 3 %s ser
♦Anglo-Chilean Nitrate—
Jan
35%
95
94
95
1 106%
115
1949 M N
5 Ha
Corp conv
Amer Telep A Teleg—
S
M
1963 J
f deb 5s
Am Internat
M
101
237
115
J
J
Cent Pacific lat ref gu
Alplne-Mon.tan Steel 7a
22
104%
A
A
D
N
O
12
54
30
105%
65%
39%
79
79
72%
45
95
*35
79
....
48
48
"63%
1
107
♦Chatt Dlv pur money g
95% 103%
35
*37%
104%
78
100
75
60%
28%
64
35
72
*33
1950 A
♦6a stamped
99
45
71
11
105%
J
4% deb atk perpet
1946
6s equip trust ctfa
1944
Coll trust gold 5s
Deo 1 1954
Collateral trust 4%s
1900
{♦Car Cent 1st guar 4s
1949
♦Cent Branch U P 1st g 4s
104%
43
*73
1946
Alleghany Corp coll trust 6a...1944 F
Coll 4 conv 58
.
70
87% 100
100
1947 J
10-year deb 4 Ha a tamped. ..194 6 F
Coll trust 4s of 1907
41
103
J
Canadian Pac Ry
Coll trust 4 %s
Cart A Adlr 1st gu gold 4s
Celotex Corp deb 4 %s w w
65
45%
20%
18%
5%
106%
July 1909 J
Oct I960 A
-.1970 F
Guaranteed gold 6s
Guaranteed gold 6s...
Carriers A Gen Corp deb 6s w w
INDUSTRIAL
68 %
19%
16
28%
104
Canadian Northern deb 6 %s.._1940 J
100
36
..1952 M N
36
33
99% 104%
38
%
5a A.
cons gu
31%
107
1960 A O
1966 A O
1962 A O
Calif-Oregon Power 4s
33
104% 107%
30%
28%
31
*6%
{Bush Term Bldga 6s gu
60%
4
106
N
1952 A O
......1955 J
J
34%
*45
Paper 1st 58.1953 J D
Adams Express coll tr g 4a.....1948 MS
General
22%
29
99% 105%
95%
deposit
25
44 H
47
Abltlbl Pow 4
a
28%
A
N
1950 J D
1957 M N
F
J
Buff Roch A Pitts consol 4 %s_.1957 M
{{♦Burl C R A Nor 1st A coll 5a 1934 A
Consol 6s
COMPANIES
American Ice
29%
29%
21
99%
"28%
Caro Clinch A Ohio 1st 6s ser A1952 J
Am 4
20%
7
"41
106
M N
Buffalo Gen Elec 4 %sser B....1981
Buff Nlag Elec 3%s aeries C..1967
20%
40
1979 M N
1978 F A
3 Ha extl readjustment
1984 J
Venetian Prov Mtge Bank 7S--1952 A O
warr
5
High
105%
A
J
F
J
1941 J
Bklyn Union El 1st g 6a..
1950 F
Bklyn Un Gas 1st cona g 5s....1946 M
1st lien A ref 6s series A
1947 M
♦Certificates
35
46
J
J
M S
A O
F A
1968 F
1961 J
{♦BostOD A N Y Air Line 1st 4a 1955
Brooklyn City RR 1st 5s
1941
Bklyn Edison cons mtge 3%s._1906
Bklyn Manhat Transit 4%s...I960
Bklyn Qu Co A Sub con gtd 58.1941
39
"'2
1984 M N
Vienna (City of) 6s
103
39%
29%
102%
A
extl read)
4-4%%%% extl read)
♦Warsaw (City) external 7a
Yokohama (City) extl 6a
28
29%
"29 %
3 % -4-4 % %
cons
20%
Low
95%
{Bush Terminal lat 4a..
1960 M N
f 6a
♦External a f 6a
1st
2
105%
98%
99%
95%
1961 A O
1st 5s stamped..^
8%
1950
...1956
♦Saxon State Mtge Inat 7a
6s with
No.
28%
27%
27%
*27%
105%
.1944 J D
1967 M S
1955 M N
Big Sandy 1st 4s
13
7%
6%
RAILROAD
High
28%
27%
27%
27%
A O
J J
1960 A O
1952 A O
s f conv debs...
7%
%
8
1936
......
♦7a extl Water loan
62%
O30
22
1957 M N
♦6 Ha extl secured a t
San Paulo (State of)—
31
6
*21
}~"j
1952 Ml N
♦8a extl secured a f
25
19
61 Cc
a30
paid
♦Saarbruecken (City) 6s...... 1953
Sao Paulo (City of. Braxll)—
♦
O
♦Berlin Elec El A Undergr 6 %s 1956
Beth Steel cona M 4%s aer D..1960
Cona mtge 3%b series E
Since
Jan. 1
*101
J
J D
F A
1956 A
♦Debenture 6s
Boston A Maine 1st 5s A C
....1966 M N
Rome (city) extl 6Ha
♦Roumanla (Kingdom of) 7a
s
J
3 %s._1943
cons
!i
12
A
Friday'*
de
Asked
Low
11%
20M
20%
Bid
High
7H
20 M
Sale
Price
Range
Ranoe or
Last
Sis
Nft.
5%
*29%
a f g
♦External
EXCHANGE
9
8%
20 %
A
Rio Grande do Bui (State of)—
♦8a extl loan of 1921
1946 A
a
STOCK
Week Ended Aug. 26
1950 M S
♦Extl 8ec 0%a
♦February
Low
1
(City ot) 88—1940 A O
♦Rhine-Main-Danube 7a A
♦6s extl
Jan.
NY
Week's
Friday
ll
BONDS
Since
a77%
1952 M N
Prague (Greater City) 7 %s
Range
c2
8H
8H
J
1966
•Prussia (Free 8tate) extl 0%a.l951 M S
♦External a f 6a
1952 A O
Queensland (State) extl a f 78.-1941 A O
♦Rio de Janeiro
1305
New York Bond Record—Continued—Page 2
1995 A
1995 Nov
94 M
D
"35
94%
94%
10
82
102
General 4s.
94%
1955 J
96%
95
7
81
104%
lat A ref 4 %a series
79% 101
1960
1948
1965
1968
Cal-Aris 1st 4 ref 4 Ha A
1962
1946
Atl 4 Cbarl A L lat 4 Ha A
1944
1st 30-year 5a teriea B
1944
At! Coast Line 1st cons 4s July 1952
General unified 4 Ha A
1964
10-year coll tr 6s
May 1 1945
L 4 N coll gold 4a
Oct 1952
Atl 4 Dan 1st g 4a
1948
Second mortgage 4s
1948
Atl Knox 4 Nor lat g 5s
166%
101%
173
97%
100%
97%
10
*106%
M
S
106%
J
D
J
J
J
J
*78%
84%
M
8
87%
D
67%
112
*106%
J
J
87% 106%
95% 103%
100
112%
98% 112
106%
105
84%
108
97
85
67
87
87%
69
94
67%
104%
J
53
77%
80
63
88
60
"62"
67%
*78
M N
MN
1949
3%s...l949
1949
62
45
76%
35
32%
35
14%
35
32 H
27
32%
14
1969
52%
{♦Auburn Auto conv deb 4%s.l939
Austin 4 N W 1st gu g 5s
1941
*20
4s
.....1958
1977
1971
M
{{♦Chicago A East 111 1st 6s...1934
{♦C A E 111 Ry {new Co) gen 86.1951
♦Certificates of deposit
B
.
1st A ref 58 series A
Chicago A Erie lat gold
6s
1982
18
18%
J
J
96
J
102"
101%
19
18
11%
97
31
85
102
21
90% 111%
20%
107%
S
96%
94%
96%
62
81% 109
F
A
88
87
88
16
68
105
F
A
93
91%
93%
90
75
109%
A
O
90
90%
17%
*75
100
*14%
13
14%
"51
8%
13%
M N
12
12
7%
82%
13%
82%
12
16%
56% 108
20%
22
72
15%
12
*12
12%
13%
*12
12%
MN
M
S
{♦Chicago Great West 1st 4s...1959
J
J
{♦Chic Ind A Louisv ref 6s....1947
J
♦Refunding g 6s aeries B
1947 J
J
♦Refunding 4a aeries C
1947 J
M N
♦1st A gen 6a series A
1900
J
J
♦lat A gen 6s series B—May 1960
Chic Ind A Sou 50-yr 4a
1950 J J
J D
Chic L S A East 1st 4%S
1909
"21"
22%
9
15
8%
13
9
5
14%
5
5
3
7%
5
5
3
*50
72
7%
86%
60"
111%
*112
12
32%
51
Illinois Division
O
3s
Chic Burl A Q—III Dlv
93%
—1966
Trans-Con Short L lat 4a
Chic A Alton RR ref g
*96%
1996 M N
Rocky Mtn Dlv 1st 4a
98% 110%
75% 103
75% 103%
Atl Gulf 4 W I 88 coll tr 5s
4
A
Bait 4 Ohio lat g 4a.
July 1948
Refund 4 gen 6s series A
1996 J
1st gold 5s
July 1948 A
1995 J
Ref 4 gen 5a aeries D
Conv
4 Ha
Rei 4 gen M 6c series
F
Bnngor 4 Aroostook lat 5a
2000 M
1960 F
1996 M
1943 J
44%
223
34%
21%
136
15%
O
44%
22H
44%
135
37
78%
39%
82%
21
22%
52
15%
46
37
34
37
61
27%
70
31
28%
32
34
19
59%
33
37
16
17%
40
18%
21
D
J
J
S
A
8
J
"21
lat 4 ref 5a series C
For footnote« see cage
A
19%
*108%
103
106 %
106%
J
1960 A
1309
,
40
16%
21
O
98
358
52
14
38%
34
39
112%
104%
"~9
95
106
106%
5
99
108
2
40
48
40
....
117%
11%
103
O
J
15
16%
21
D
3Ha.—..1961
Bell Telep of Pa 6a series B
1948
97% 102
19%
40%
Battle Creek 4 Btur lat gu 3a.. 1989 J
Beech Creek ext 1st g
9
40
J
1961
98%
21
J
stamped
A..—May 11989
B..May 11989
♦Gen 4%s aeries C.—May 1 1989
♦Gen 4 %a series E—May 1 1989
♦Gen 4%s series F—May 1 1989
{♦Chic Mllw Bt P A Pac 5s A..1975
•Conv adj 6a
....Jan 1 2000
{♦Chic A No West gen g 3%s..l987
♦General 4s...
1987
♦Stpd 4s non-p Fed lnc tax 1987
♦Gen 4%s stpd Fed Ino tax..1987
♦Gen 6s stpd Fed lnc tax
1987
♦4%s stamped
1987
{♦Secured 0%s..
1936
♦lat ref g 6a
May I 2037
♦1st A ref 4%s stpd.May 1 2037
♦ 1st A ref 4%a ser C.May 1 2037
♦Conv 4%s series A
1949
43%
J
4a
85
D
....1951 J
Con ref 4a
{Cblc Milwaukee A
30
81%
O
1941 M N
Southwest Dlv lat 3Hs-5a...l960 J
Tol 4 Cln Dlv 1st ref 4a A—1969 J
98
60
15
78
Baldwin Loco Works 5s atmpd.1940 M N
Ref 4 gen 6s aerlea C
P L E 4 W VaSyaref 4a
St Paul—
60%
35
117%
117%
*128%
128%
99%
100
115% 119%
125% 129%
J
♦Gen 4s series
22%
23%
J
♦Gen g 3 %a aerlea
*20
J
J
23%
*23%
J
*22
A
O
10
9%
3
3%
M N
12
M N
15%
M N
M N
M N
19%
20%
20%
35%
30
24%
21
26
10%
35%
34%
24%
16
23%
24%
*35
10%
67
3%
111
17%
M N
12
4%
18
16
18
13%
13%
18%
14%
J
.
J
D
9%
D
*8%
18%
2
9%
10%
1
D
9
9
MN
5
5%
18%
15%
18%
*15
18
13%
2%
24
"l7
M N
7%
15
*12
n
36
17%
22
16%
15
18%
22%
7
12%
7
"_5
101
11%
0%
3%
11%
7%
New York Bond Record—Continued—Page 3
1306
Aug.
Last
BONDS
N.
STOCK EXCHANGE
26
Y.
Sf
Week Ended Aug.
Bennett 'Bros. & Johnson
{♦Des M A Ft Dodge 4s CtfS—1935
{♦Des Plains Val 1st gu 4 >*8—1947
Detroit Edison Co 4%s ser D..1961
J
F
A
A
1965 A
O
M
S
Gen A ref mtge 3%s ser G—1966
♦Detroit A Mac 1st lien g 4s.—1995 J
J
{{♦Dul Sou 8hore A Atl g 5s„ 1937 J
J
Friday
BONDS
N.
STOCK
Y.
p
Range or
£
Friday's
c
Sale
t
•sft.
Bid
Price
Since
Jan.
1
4s
Ed El 111 Bklyn 1st cons
♦Certificates
deposit
of
14%
14%
6%
8
7%
8
20
5
8%
*7%
9
6
9
3%
5%
6%
----
35
4%
11
8%
3
65
65
----
86
55
1963 J
1st A ref M
4%« series D....
Cbllds Co deb 6s
45
J
*102%
39%
40%
J
1st mtge guar 3 Ha series D.. 1971
o
♦Gen conv 4s series D
1953
n
1967 M
1975 A
1955 J
N
78%
♦Ref A lmpt 5s of
67
36
64%
♦Ref A lmpt 5s of 1930.
♦Erie A Jersey 1st s f 6s
105
1
102% 107%
6
103
1927
f 6S..1957 J
s
1943 J
1993
Ernesto Breda 7s
General 5s series B
1993
19
71
92%
48%
80
1st lien
14
16%
1st lien 6s stamped
30-year deb 6s series B
1977
106%
109%
1930
—
1977
Gen A ref mtge 4 Ha series B. 1981
Cleve Short Line 1st gu 4 Ha.
1961 A
--
Cleve Union Term gu 6Ha
1st s f 6s series B guar
1
Flat deb
102
100
102
•
•
11
1
99%
-
60
-
----
3
64%
64%
*97%
98
--
-
-
*91..
------
93
-
-
-
*106%
-
-
-
-
-
-
—
"
69
a
1
•
-
-
iio%
3
*105%
*106%
---
--
-
41
A
-----
101%
*101%
_
"85""
*87"
87%
o
95
50
57
61
78%
97%
97%
103% 106%
107% 112%
.
4.
N
im
-
-
stamped
1974 IVI
(Amended) 1st cons 2 4s
{{♦Proof of claim filed by
66%
..
"96%
♦Certificates of deposit
194] j""j
Francisco Sugar coll trust 6s...1956 M N
Fort St U D Co 1st g 4%s
Gas A El of Berg Co cons g 5s. 1949 J
Gen Amer Investors deb 5s A..1952 F
.
Gen Cable 1st
40
J
50
J
D
49%
♦Sinking fund deb 6%s
♦20-year s f deb 6s
1940
1948 IVI N
Gen Motors Accept Corp deb 3s.'46 F
15-year 3%s deb
D
86
98
Gt
85
96%
93
30
20
16
Cons
El Pow (Japan) 7s
_
106%
"
109%
1960
*108
104%
105%
103%
127
107% 108%
104% 108%
100
105%
104
105%
29
97% 103%
102%
174
99% 102%
"26"
1970 M N
------
103%
103%
103%
1946 J
D
1943 J
D
Crane Co s f deb 3 Ha
Crown Cork A 8eal s f 4s
Crown Willamette Paper 6s
1951 F
A
1950 M N
------
103
1951 J
------
Cuba Nor Ry 1st
5%s
*106
1942
-
105
*
-
-
-
108
55
1969 J
as to Penua tax
1936
1309.
55
*106%
106%
*105%
"13%
-
12
12
12
33
1
96%
97%
31
99%
97%
27
103%
92%
104%
33
101%
92%
5
74%
99
104%
92%
65
99
99%
106%
102
94%
94%
106%
"60% "77"
101
17
80
94%
85
2
67
99%
76%
76%
15
64
J
76
76%
29
68
90%
89%
103%
1946
J
95%
94%
96
58
74
Gen mtge 4s series H
1946
J
87%
46
69%
95
1967
J
87%
70%
85%
Gen mtge
69
70%
14
60
82
54
60
3%s series 1
♦Green Bay A West deb ctfs A—
♦Debentures ctfs B
Feb
......
Feb
....
1940 M N
103%
*45
8%
103%
60
9
103%
"~6
2
*70
77%
55
O
*72
74
55
82
J
93
93
90%
93
J
*45
93
Gulf States Steel n f 4%s
Gulf States Utll 4s series C
91%
1961 A
O
76
95%
1966 A
O
10-year deb 4%s.
Hackensack Water 1st 4s
♦Harpen Mining 6s
1946 A
O
95%
93%
"95%
18
105%
105%
14
104%
104%
6
.1952 J
J
104%
106%
1949 J
J
*30
Hocking Val 1st cons g 4%s—1999 J
J
Hoe (R) A Co 1st mtge
...1944 A O
{{♦Housatonlc Ry cons g 5s
1937 M N
118
20%
24%
92% 104
Houston Oil sink gund 5%s A.1940 IVI N
Hudson Coal 1st s f 5s ser A—.1962 J D
10
17%
10%
Hudson Co Gas 1st g 5s
Hudson A Manhat 1st 5s
11%
16%
11%
13
66
2
106% 109
27
31%
118""
"29
106% 119%
70
70
*28
1
40
104% 109
!
*102
34%
1949 M N
A.1957 F A
"53"
♦Adjustment Income Ss.Feb. 1957 A O
ser
Illinois Bell Telep 3%s ser B—1970 A
Illinois Central 1st gold 4s
1951 J
O
32%
102%
35%
87
122
1
53
55
26
40
16%
16%
17%
63
11%
109%
109%
106% 110%
110
*85
89
85
98
93
88
93%
77%
77%
38
100% 106%
98% 103%
6
98% 105%
6
83
-
"l3
98
99% 105%
100
106%
102% 106%
31
43
7
31%
1
41
54%
58%
35
"3
108
123
57%
108%
------
-
70
-
—
-
—
-
-
106%
13%
13%
-
70
106%
-
—
-
-
46
15
52
105% 109%
28
59
106% 108%
103
105
106
108
106% 108%
107% 108%
8%
15
9
16
1951 IVI s
1952 A O
1955 M N
1952
Collateral trust gold 4s
1953
Refunding 5s
1955
40-year 4%s
Aug 1 1966
Cairo Bridge gold 4s
.1950
Litchfield Dlv 1st gold 3s...1951
J
Gold 3%s._
Springfield Dlv 1st
75
48%
A
J
D
J
J
J
53
34%
54
44%
47
51%
47
*47
31
57%
58
2
39
60
38%
42%
129
23
45%
84
49
41
~
48
*65
74
78
*62%
75
61
63
47
72
54
A
58%
J
59%
J
*46
J
J
*65
95
A
*52
60
3%8—1951
Western Lines 1st g 4s
14
"37% "64*
"43%
1951 J
g
6
51%
M N
F
«51 %
"45%
J
MN
Louisv Dlv A Term g 3%s._ 1953 J
Omaha Dlv 1st gold 3s
1951 F
St Louis Dlv A Term g 3s
1951 J
te
61%
24%
*80
29
Collateral trust gold 4s
Refunding 4s..
Purchased lines 3%s
13
35%
118% 122
122
J
106%
---
81
J
103%
104%
-
62
29
38%
99% 103
15%
40
99% 106%
100% 104%
106%
1951 A O
-
10
81
1952 J
Stamped
Extended 1st gold 3%a
1st gold 3s sterUng
18
7
103% 103%
O
102% 106%
20
104
92%
85
1
96
71%
95% 111%
J
1951 J
105%
104%
49
29
J
1st gold 3%s
-
84
100
85
100%
101% 107%
45
108""
*105
1951
..1936
-
-
51%
108%
1st mortgage 4 %8-._
1969
Den Gas A El 1st A ref sf 5s...1951
-
—
38
------
S
8
35"
*
O
—
-
'
-
"6
37%
4.
-
56
51%
-
2
-
-
108%
106%
106%
34%
34%
1971 J
{{♦Den ARG 1st cons g 4s
{♦Consol gold 4%s_..
104%
95%
_
1
""58
—
55
108%
106%
*
21
25
29%
Container Corp 1st 6s
16-year deb 6s...
1943 IVI
"2
103%
12%
106%
Cuba RR 1st 5s g
1952 J
7 Ha series A extended to
1946— J
6s series B extended to 1946
J
105% 105%
100% 101
107% 108%
1
------
Dayton Pow A Lt 1st A ref 3%s 1960 A
_
12%
55
*
-
108"
*11%
*11%
1966 M N
-
-
107%
*11%
J
494
—
110%
108
1965 Ml N
1967 M N
33
'
105%
.1977
General 4%s series E
General mtge 4s series G
105%
107%
1965 IVI N
37%
100%
105%
J
89
11
J
100
o
101
15
59%
J
Great Northern 4%s series A.. 1961
General 5%s series B
1952
General 5s series C...
1973
General 4%s series D
..1976
*61
1956
22
99
57%
6
105%
♦Debenture 4s
•Consolidation Coal s f 6s
Consumers Power 3%s.May 1
1st mtge 3%s.
May 1
1st mtge 3 Ha
105%
99
~59~"
2
105%
103
105%
55%
Gulf Mob A Nor 1st 5%s B...1950 A
1st mtge 5s series C
1950 A
Gulf A S I 1st ref A ter 6s Feb 1952 J
103%
101% 106%
67%
Greenbrier Ry 1st gu 4s
------
50
37
55%
105
J
50
101%
105%
"65%
104% 105%
J
39
55%
102% 108%
{♦Consol Ry non-conv deb 4s.. 1954
♦Debenture 4s
1955
♦Debenture 4s
1955
5
J
16
108
*22%
50
A
152
J
50
49%
105%
104%
1944 F
440
D
39
1950 J
let A gen s f 6%s
105
1951
5
104% 112%
107%
deb 3 Ha
50
*25
105%
102%
39
*104
gu 5s... 1947 J
104%
♦Consolidated Hydro-Elec Works
of Upper
Wuertemberg 7s
1956
85
4
J
Grays Point Term 1st
106
J
3
50
D
49
99
105
1958
50
101
49%
49%
D
30
86
J
3 Ha debentures
104
104%
100%
Gotham Silk Hosiery deb 5s w w '46 IVI
D
104%
100%
A
J
1968 J
103%
101%
100
104%
J
f 5%s A
Conv debs 3%s
1958 J
Conv debs 3 Ha (interest waived
to Sept 3
1938) due
1958
105
A
1947 J
s
42
*121
65
29
105%
103%
*38%
D
D
109
104%
103% 103%
34
49%
IVI N
103
109% 112%
109% 112%
105
109%
O
2%
2
%
99%
1st mtge 4%s
1956
Goodyear Tire A Rub 1st 5s. .1957
92%
_____
4
O
2%
1%
21
10
O
2%
2%
4%
34
110%
110%
1956
17%
25%
78%
110%
108%
107%
1948
*3%
25
110%
3 Ha debentures
3 Ha debentures
8
13
100
108
3%
28
8
------
8%
5
*16%
105%
---
6%
*1%
*i%
M N
s
J
3%
J
110%
108%
J
148
1982
owner
O
A
8
O
105%
------
40
64%
6%
6%
7%
♦Good Hope Steel A Ir sec 7s.. 1945
Goodrich (B F) conv deb 6s...1945
110%
J
49
102%
77
105%
O
100%
35%
62%
1952
1965 A
1943
Conn Ry A L 1st A ref 4 Ha
1951
Stamped guar 4 Ha
1951
Conn Rlv Pow s
13He A
1961
Consol Edison (N Y) deb 3%s.l946
93%
45
*50
1981 IVI
Conn A Passum Rlv 1st 4s
2
29
14%
99% 103%
------
1
91%
100%
104
89%
98%
91%
95
89%
98%
89% 100
75
91%
23%
63
-
"97%
100
74
97
*18
43
-
5
J
103%
—
59
32
96%
{♦Ga A Ala Ry 1st cons 5s Oct 1 '45
{{♦Ga Caro A Nor 1st ext 6s..1934
101%
u
85
101%
104%
106%
109%
101%
103%
-
43
42%
105
J
109%
105
109%
95% 101%
101%
•
J
9%
9%
38
*35%
10
*107
D
104
100
1943
48
2
80
103%
100
1st mtge 3%s series H.
1st mtge 3%s series I
see page
75
96
1946
f 7s
J
For footnotes
36
90
*60
91%
O
Stamped
50
*85
*95%
1957
1st A ref 4%s__
*41%
1
*90%
1956
Del A Hudson 1st A ref 4s
Del Power A Light 1st 4%s
J
S
100
1st mtge g 4 Ha series C
1st mtge g 4 Ha series D
1st mtge g 4s series F
1st mtge 3 Ha
1st mtge 3%s
12
14
96%
Gouv A Oswegatchle 1st 5s
1942 J
Grand R A I ext 1st gu g 4%s..l941 J
95%
15
1951
110
109
19
36%
21%
*72%
94%
94
92%
Columbus A Tol 1st ext 4s
1955 F A
Columbus Ry Pow A Lt 4s
1965 M N
Commercial Credit deb 3%s._.1951 A O
4
51
12%
Gen Pub Serv deb 6%s
...1939
Gen Steel Cast 5 %s with warr. 1949
101% 101%
-
6
63
13
65
104
44%
92%
94
O
-
"
—
53%
44
44%
Columbia G A E deb 6s
May 1952 M N
Debenture 5s
Apr 15 1952 A O
Debenture 6s
Jan 16 1961 J
J
-
103
53%
-
19
-----
16
18%
A
106% 108
100
106%
71
74
72%
103
-
15
48
18%
99
96
73
80% 19
*104
A
—
87%
80
----
D
O
—
„
_
„
3
101%
*
J
(>
25
103
100% 103
33%
70%
15
{{♦Proof of claim filed by owner. M N
73%
102%
105% 106%
104% 108
.....
45
15
♦Gen Elec (Germany) 7s Jan 15 1945 J
110%
101
40%
44%
♦Certificates of deposit-
•
*105%
J
o
s
f 5s
♦1st A ref 5s series A
90%
92%
75
.
12
59%
95%
102%
14
{♦Florida East Coast 1st 4%s._ 1959
108%
1
s
{♦Fla Cent A Penln 5s
107% 110%
t
88
*98%
*52%
O
2%s debentures
1942 J
Commercial Invest Tr deb 3 Ha 1951 J
Commonwealth Edison Co—
--
16
102% 107%
106% 109%
O
1973
Columbia A H V 1st extg 4a... 1948 A
—
75
74%
58
O
1972
lBt s f 4 Ha series C
1977
Coal River Ry 1st gu 4s
1946
Colo Fuel A Iron Co gen s f 5s.. 1943
♦6s Income mtge
1970
Colo A South 4 Ha series A
1980 Ml
75
*74
J
1948 M N
1950 F A
Series D 3 Ha guar
Gen 4 Ha series A
107
"
100
Fonda Johns A Glov 4%s
1940 M S
1942 J
Series A 4 Ha guar
Series C 3 Ha guar
10
*35
J
J
W W Val Dlv 1st g 4s
1940 J
Cleve-CllffB Iron 1st mtge 4%s- 1950 M N
Cleve Elec Ilium 1st M 3%s._. 1965 J
J
Cleve A Pgh gen gu 4%s ser B. 1942 A
Series B 3Ha guar..
1942 A
109%
101%
108%
107
1990 M N
8t L Dlv 1st coll tr g 4s
25
*100%
J
Cln Wabash A M Dlv 1st 4s. 1091 J
107
108%
107"
J
..
8
17
79%
44%
14%
1954
76
94% 108
109%
106
102% 105%
J
1942
1942
73
131% 132%
*14
O
1956
D
Ref A Impt 4%s series E
Cairo Dlv 1st gold 4s.
Ml
90%
103%
*15%
Federal Light A Traction 1st 5s 1942
6s International series
1942
88%
132
108
68%
101
1
*15%
1954
Fairbanks Morse deb 4s
71
*14%
81%
102%
110
25
D
4s.
.....1938
{♦3d mtge 4%s
99
109%
97% 106%
M N
Cleve Cln Chic A St L gen
conv
23
O
1953
19
73%
Clearfield A Mah 1st gu 5s
Consol Oil
*45
*45
J
1953
♦Series B
46
108%
■;
*102%
24
1st mtge 3 >4s
1967 J D
Cln Leb A Nor 1st con gu 4s... 1942 M N
Cln Un Term 1st gu 5s ser C... 1957 N N
Spr A Col Dlv 1st g 4s
132
J
105
88%
100
77 >
69
101%
90%
89%
1943 A
......
105
*101%
*101%
"lO
104
cons
23
110
107%
2
■
108%
6s... 1952 IVI N
Cincinnati Gas A Elec 3%s
1966 F A
{♦Choc Okla A Gulf
14
106
107%
105%
101%
89%
1962 M
102% 106
109%
106%
105
Chic A West Indiana con 4g... 1952 J
13
19%
109
105%
101%
89%
1961 M
105%
*15
*106%
20
63%
45
105
1963 J
109
105%
109%
♦N Y A Erie RR ext 1st 4s__1947 IVI N
....
.'N 33
D
♦Genessee River 1st
let mtge 4s series D
40
20
88
IVI N
♦Conv 4s series A
Chicago Union Station—
1st mtge 3%s series E
3J4s guaranteed
112%
103% 109%
32
1941
45
"61%
1944 A
107
10
O
86
...
Guaranteed 4s
42
111% 114%
1051Ia2lC9%
"5
O
71
-
61%
45
4%
25%
1965
6%
----
*45
D
3
12
93%
1965
3%B ser B—1940
Series C 3%s
1940
{♦Erie RR 1st cons g 4s prior.. 1996
♦1st consol gen Hen g 4a
1996
9
80
♦
Dec 1 1960
5s
8
7%
5%
93%
5s stamped...
10%
D
3
4%s ser A—1951
El Paso A 8 W 1st 5s
19%
27
*71%
Memphis Dlv 1st g 4s
1951 J
Chic T H A So'eastern 1st 6s.. 1960 J
4
25%
93%
Erie A Pitts g gu
22%
16
9%
June 16 1951 J
Gold 3%s
Inc gu
18
8%
4
45
107
20
19%
1960 M N
23
109
*25
A
1952 F
18
1951 J
Ch St L & New Orleans 6a
112%
109
132
Electric Auto Lite conv 4s
18%
1952 M~S
111%
J
El Paso Nat Gas
3%
O
U2"
109
J
51
Low
A
"is %
A
8
J
High
46%
------
J
"66
J
41
NO.
High
46%
..
{♦Secured 4 %s series A
♦Certificates of deposit.
♦Convg 4%s
1939
g 5s.. 1995
Elgin Jollet A East 1st g 5s
Low
F
High
4%
42
114%
105u»2
East Ry Minn Nor Dlv 1st 4s—1948 A O
East T Va A Ga Dlv 1st 5s—1956 M N
Range
2
Asked
&
Ed El 111 (N Y) 1st cons
{{♦Chicago Railways 1st 6s stpd
Feb 1 1938 25% part paid
{♦Chlc R I A P Ry gen 4s
1988
♦Certificates of deposit
{♦Refunding gold 4s
—1934
Low
Week's
.
Last
EXCHANGE
Week Ended Aug. 26
2
*20%
113%
J
J
Duquesne Light 1st M 3%s—1965
89-j
105 »32
113%
D
1995
♦Second gold 4s
Detroit Term A Tunnel 4%s__196l IVI N
D
Dow Chemical deb 3s
1951 J
°N^. T. 1-761 -<• "Bell System Teletype •>- Cgo. 543
5
3%
3%
D
Randolph 7711
<Dlgby 4-5200
12
11%
Jan. 1
No.
'
Since
1
20
5
9%
5
05
7
4%
O
Gen & ref M 4s ser F
Chtcago,Ill.
135 So. La Salle St.
High
6%
5
s
1952
Ask
&
7
J
IVI
TGen A ref 5s ser E.._
"Mew York, V^.Y,
A
Range
Friday's
Bid
Low
F
{♦Den A R G West gen 6a.Aug 1955
♦Assented (subj to plan) —
♦Ref A lmpt 5s ser B._.Apr 1978 AO
MUNICIPAL "BONDS
One Wall Street
Range or
Sale
Price
1938
27,
Week's
Friday
1951 F
55
52
52
'50"
"75"
3^
Volume
New York Bond
147
BONDS
Y.
N.
II
Last
Nft.
EXCHANGE
STOCK
Week Ended Aug. 26
Price
A
1963
D
1st A ref 4%s series C
1963
D
III & Iowa 1st g 4s
1950
{♦Ind A Louisville 1st gu 4s
1956 J
Ind Union Ry 3%s series B—1986 IVI
Inland Steel 3%s series D
1961 F
{lnterboro Rap Tran 1st 5s—1966
47
95
29
49%
42
44
30
28
46%
106%
30%
J
♦
J
J
A
o
"31
Interlake Iron conv deb 4s.---1947 A
O
stamped
1942 M
{♦Int-Grt Nor 1st 6s ser A
1952 J
A
♦Adjustment 6s ser A_.July 1952
♦1st 5s series B
1956 J
1956
C
Internat
6s
Paper 5s ser A & B—1947
1955
Ref S f 6s series A
Int Rys Cent Amer 1st
1st Hen & ref 6%s
Int Telep A Teleg
Conv deb 4 Vis
5s B—1972
1947
1977
10
34
♦Mlag Mill Mach 1st
60%
59
City Air Line 4s
1940
J
*70
Jack Lans & Sag 3 Via
1st gold 3%s
1951
1952
1979
M S
*60
IVI N
*93%
95
*70
85
1940
A
O
J
D
"16"
65
87
86%
*102
100
16
16
7
4%
13
4
102%
13
102%
19%
2%
5%
12
19
f 7s
Ref & lmpt 4%s series C
{♦Mid of N J 1st ext 5s
Milw El Ry & Lt 1st 5s B
1961
1st mtge 5s
1971
{{♦Mil A No 1st ext4%s(1880) 1934
♦1st ext 4 %s
1939
12
19
72
48%
80%
46%
45
35%
51
J
96
96
97%
4
80%
98
IVI
87
85%
87%
25
54
89%
1939
{♦Mil Spar A N W 1st gu 4s.—1947
{♦Mllw A State Line 1st 3%S-.1941
78%
85%
69%
78%
1
77
82
{♦Minn A St Louis 5s ctfs
IVI N
F
A
"85 >i
J
J
J
J
70 Vi
100 Vi
F
A
72Vi
100%
14
75
94
66
39%
74%
436
74
74
96 Vi
96%
*83%
26%
22
J
J
J
106%
23%
73%
72%
107%
104%
O
J
"27%
77%
2
40
78%
42
88
98%
90
20%
16%
30%
105
72
D
71 Vi
107
70
60
75%
"6
4
13
23
3%
27%
74
44%
103% 108%
103% 106%
46
9
stmp (par
1961
1961
1997
Kings County Elev 1st g 4s—1949
Kings Co Lighting 1st 6s
1954
1st A ref 6 Vis
-1954
Kinney (G R) 5ViB ext to
1941
Koppers Co 4s ser A
-1951
Kresge Foundation coll tr 48—1945
3 Vis collateral trust notes. - .1947
{♦Kreuger A Toll secured 6s
Uniform ctfs of deposit
1959
Laclede Gas Light ref A ext 68-1939
Coll A ret 5 Vis series C
1953
Coll A ref 5 Vis series D
1960
Coll tr 8s series A-1942
Coll tr 68 series B
1942
unguaranteed
Kings County El L A P 6s
*23
*89%
102%
itn
40
27%
91
103
99% 108%
*60
~72**n; "72"
84%
91%
A
J
80
J
J
D
103%
103%
J
102%
F
A
102%
99%
100
"37
16
18
95
158
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 5s ser A
Prior lien 4 %s series D
♦Cum adjust 5s ser A
Sec 6% notes
95% 103%
85% 100
O
IVI
8
M N
J
D
1946
—.1952
Lombard Elec 7s ser A
♦Long Dock Co 3Vis ext
46 Vi
18
19%
IVI N
4s stamped
1st mtge
70
90%
95%
95%
78
24%
102
34
48
71
48
65
85
95
27
42%
4%s
♦Secured 5% notes
Mohawk A Malone 1st gu g
C.
1st A ref 4s series D
1st A ref 3Vis
29
1946
St Louis Dlv 2d gold 3s—-.1980
Mob A Montg 1st g 4 Vis
1945
South Ry Joint Monon 4s—1952
Atl Knox A Cir Dlv 4s
1955
♦Lower Austria Hydro E16Vis-1944
A—1945
1960
Feb 11957
{♦Manhat Ry (N Y) cons 4s.-1990
Gen mtge 4 Vis ser
A
79%
72
85
43%
30
62
F
1309
20
31
15
25%
19
19
1
15
23
4%
19%
4%
20%
20
3
19
20%
44
19%
7
8%s.l906
Montreal Tram 1st A ref 5s
1941
Gen A ref s f 58 series A
1955
Gen A ref s f 5s series B
1955
Gen A ref s f 4%s series C—1955
v
Gen A ref s f 5s series D
1955
Morris A Essex 1st gu 3%s
2000
Constr M 5s series A
1955
60%
*75
96
50
F
90
13%
8%
26
A
S
t
24
50%
64
102%
28%
28%
07%
98% 107%
102%
106%
9
106%
D
6
85
99
95
47
84
96
99%
1
99%
O
84
o
75
90% 101
73
o
75
72%
72%
09
o
D
107%
69
74
80
74
47
71%
6
62
1955
T3%s-1968
MN
53
51
53
34%
34%
Constr M 4 %s series B
T A
J
99
99
94%
95
24
99
106%
4
States
1978
Nash Chatt A St L 4s ser A
4s stpd
1951
extended to
1946
Dairy Prod deb 3%s w w__1951
Distillers Prod deb 4%s—1945
Nassau Elec gu g
Nat
32
102%
12
32
102%
55%
102% 102%
114%
112
'114%
F
Nat
♦4%s Jan 1914 coup on
45
54%
♦4%s July 1914 coup on
A
66
66
2
J
34
35
14
D
J
*101%
50
18
68
39
96% 101
IVI N
103%
103%
104"
*82
IVI N
105%
105%
105%
3
92%
104
National Rys of Mexlco-
40
60
112
94% 101%
55%
63%
1957
1957
1957
♦4%$ July 1914 coup off
♦Assent warr A rets No 4 on *57
♦4s April 1914 coupon
♦4s April
1914 coupon
on——1977
off
1977
55
90
84
80%
87
♦4s April 1914 coupon
80%
82%
81%
5
73%
73%
88%
88%
♦Assent warr A rets
7
8
J
81%
19
M S
106 Vi
105%
106%
8
105%
106
4
100%
100%
80
95%
95Vi
3
90
90%
84
86
80
126
129%
115% 125
82%
81%
*98
85
107%
96
82
109
112
76
*73
76
111
*81
*109%
69
80
98
105%
*26
111%
22
*100
98%
106
105%
106
22
97% 106
103 Vi
103%
103%
19
93% 103%
J
D
70
1
J
D
48
48%
3
37
MN
27
27%
32%
8
20
31%
49
17%
34%
28%
5
70
29%
28%
*14%
74
,
16%
32%
10
23%
•
20
O
1%
108
107%
*55
D
*120%
J
*25%
65
-
27%
24
24
3
126
126
2
122% 126
123%
123%
3
120% 124
108
108%
IVI N
F
*
A
O
95
J
*45%
48
1st 5s ser A—1952
o
100%
---1965
New Orleans Term 1st gu 4s—1953
{{♦N O Tex A Mex n-c Inc 5s.-1935
♦ 1st 6s series B
-.1954
D
100%
1st A ref 6s series B
21
69%
*
o
*
Newport A C Bdge gen gu
4s series A
84% 100%
10
47
76
23
35
70
35
5s series C
3%s
-
m'mJm
m
-
-
-
A
F
*23
35%
O
A
32
34%
J
38
24
*30%
J
22
--
-
-
36
22
A
4 %s 1945
10-year 3%s sec s f
Ref A Imot 4%s series A
50
29
1956
1954
N Y Cent RR
65
101
100%
35
*
38
80%
F
deposit—
104% 108%
34
•
-
38
35%
*30%
9
•
-
100%
1950
A
Ref A lmpt
99%
99%
J
O
♦Certificates of deposit—
D
31
J
D
Almp4%s A 1952
♦Certificates qf
32%
24
—
-
122
65
♦1st 5%s series
108%
m"
24%
-
103
110 %
25
108%
64%
♦1st 5s series C
1%
"T" "2%
1
J
New Orl Pub Serv
3%
1%
*%
New England Tel
91%
55
O
A
D
NO ANE 1st ref
65
1%
A
IVI N
74
96
2%
2%
""% "2%
1%
1%
*%
1954
154
13
*1%
J
6s—1948
172
99%
1%
2%
1%
*%
*%
O
-1965
4s
{♦Naugatuck RR 1st g 4s
Newark Consol Gas cons
98% 105
83% 102
75
93%
90
*1
*1
AO
A
107
*1
J
No 4 on '61
{♦New England RR guar 5s—1945
♦Consol guar 4s
-1945
A Tel 5s A—1952
1st g 4 %s series B
1961
N J Junction RR guar lBt 4s—1986
N J Pow A Light 1st 4%s
1960
New Orl Great Nor 5s A—
1983
84
60
101% 100%
102
107%
J
J
100
*1
4%s—
4 onl926
1951
off—-1951
61
15
J
No 5 on '77
Nat RR of Mex prior lien
{♦Assent warr A rets No
♦4s April 1914 coupon on
60
127%
30
23
60%
54%
33%
121%
A
25%
14%
85
57%
17
126%
IVI N
15
*60%
53%
13
121%
86
25%
23
57
11%
121%
80%
~90"
A
6%
15%
15%
33
54%
22
80
100%
19%
57
*82
8
"4%
8
MN
♦Assent warr A rets
82%
"19%
18%
Montana Power 1st A rei
Conv secured
For footnotes see page
19
MN
O
*51
D
23
O
20%
101%
60
J
15
A
20%
50%
100%
58%
101%
28%
2013
29
A
34
M N
♦Certificates of deposit
♦Second 4a
19
4%s.—————1960
47
D
O
25%
18%
debentures.-------------1965
46%
17%
19%
J
A
15
Monongahela West Penn Pub Serv
♦1st 4%s series
Manatl Sugar 4s s f
78
IVI N
124%
124%
Paducah A Mem Dlv 4s
Maine CeDtral RR 4s ser
20%
19%
5%-.1941
123%
110%
IVI N
23
4
Mut Un Tel gtd 6s ext at
A
McCrory Stores Corp s f deb 68-1951
McKesson A Robblns deb 5 ViS-1950 IVI N
25%
15%
40
F
F
15%
71
39%
105% 118
2003
series E
30
6%
20%
18%
19%
30
Louisville A Nashville RR—
1st A ref 4 Vis series
20%
5%
18%
5%
MN
128% 131
121% 128
99
112%
1940
2003
2003
2003
19%
"20%
Monongahela Ry 1st M 4s ser A *00 IVI N
Nat Steel 1st coll s f
1st A ref 5s series B
24
6S--.1947
129%
O
Unified gold 4s
10
Mutual Fuel Gas 1st gu g
110
J
21
Mountain
129%
IVI
20%
99%
110
A
45%
19
45
*52%
F
25
66
O
A
3
M S
6s
O
1951
Louisiana A Ark 1st 5s ser A--.1969
Louisville Gas A Elec 3 Vis
1966
Louis A Jeff Bdge Co gu 4s
1945
deb 7s
6s
37
4s.l991
49%
O
1944
LorUlard (P) Co
37
240
53%
A
Long Island Unified 4s.—
Guar ref gold 4s
28
28%
60
'41%
A
to.—1950
1949
1949
1949
5
J
1981
22
IVI N
IVI N
A
35%
26
44
37
50
42%
34%
26%
47
37
67
J
M
5
"4
16
220
2
58
48
28%
59%
43
26
54
88%
*18% "34%
"24%
42
43
22%
49
*35%
F
*56
J
Nat Acme 4 %s
Loews Inc s f deb 3Vis—
*24"
J
19
53%
60
5%
70%
23%
53
16
0%
2%
60%
24
90%
61%
32%
3%
3
M S
31%
31%
*55%
*55%
3%
75
1977
1938
14%
21
7%
3
M S
75
88%
8%
3%
{♦Mobile A Ohio gen gold 4s—1938
♦Montgomery Dlv 1st g 5s—1947
48
*75%
Liquid Carbonic 4s conv debs.-1947
Little Miami gen 4s series A—1962
*65%
♦Certificates of deposit
29
25
A
3
J
1978
♦1st A ref 5s series I
33
*90"
A
J
9%
14%
*3%
deposit
of
♦1st A ref 5s series G
15%
30
J
5%
8
8%
1977
♦1st A ref 6s series F
53%
40%
37
1940
Lehigh Val (Pa) cons
2003
General cons 4 Vis
2003
General cons 5s
2003
Leh Val Term Ry 1st gu g 5s—1941
Lex A East 1st 50-yr 5s gu—1965
Liggett A Myers Tobacco 7s—1944
6a
1951
7%
J
J
A
86%
M S
extend to-—-1943
1954
4 Vis
g 4s.
14
-
14%
83%
52%
88%
32
Leh Val Harbor Term gu 5s
Leh Val N Y 1st gu g
7
{♦Mo Pac 1st A ref 5s ser A
1905 F
♦Certificates of deposit—
♦General 4s
1975
13
90
1954
1964
1974
f 5s..-
1st A ref s f 5s
8%
O
85
Lehigh C A Nav s f 4 Vis A
Cons sink fund 4 Vis ser C—1954
1st A ref. sf 5s
8%
*6%
A
49
F
1%
J
1990
1962
1962
1978
Jan 1967
40-year 4s series B
*49
A
1%
3
J
con
-
♦Ref A lmpt
1975
1954
A—1965
A N Y 1st gu g 4s
1945
Val Coal 1st A ref s f 58.1944
3%
103%
100
87%
8%
3%
*1%
{♦Mo Pac 3d 7s ext at 4%-July 1938 MN
12
"4
F
-—1949
A——1962 Q
88% 100%
95
103%
95
98%
95
99
17%
8%
7%
5
J
38%
Lehigh A New Eng RR 4s
20
45
7%
8
IVI
81%
103
1997
♦1st mtge income reg
13%
*20
J
M N
71
1941
3 Vis
Lautaro Nitrate Co Ltd—
52
00
6
93%
77
31%
60
80
102
77
31%
80
to—1947
2d gold 5s
95
8
IVI
Lake Erie A Western RR—
Lake 8h A Mich So g
97
49%
150
103
53 Vi
104%
"31%
11
M N
52%
103%*
104%
104%
*31%
17%
158
101%
*96%
86 Vi
19%
98%
k
♦Certificates of deposit-♦Conv gold 5%s
1949 MN
♦1st A ref g 5s series H
1980 A O
♦Certificates of deposit—
93
J
J
14%
103%
J
155
O
89%
60
103
15%
D
1934
g4s Int gu *38
{♦1st cons 5s
-1938
{♦1st cons 5s gu as to Int
1938
♦1st A ref 6s series A
1946
♦25-year 5 Vis
1949
♦1st ref 5%s series B
1978
{1st Chicago Term s f 4s
1941
{♦Mo-Ill RR 1st 58 series A
1959
{{♦MSt P A SS M
♦Certificates
82
*60
"79% 103"
104
J
D
101
103%
15%
-
♦1st A ref gold 4s..
♦Ref A ext 50-yr feser
92%
*65 "
F
25
27
80
J
J
28%
94
92
20%
"93"
J
A
41
40
*25
♦Con ext 4 %s
24
*26%
100%
42%
1%
3%
57%
97%
J
4 Vis—1980
3
78
*2%
57%
O
A
73
71
S
A
1950
Apr 1950
1960
85%
70%
100%
D
48-1936
0%
5%
89%
89
86 Vi
s
80%
J
104%
Michigan Central Detroit & Bay
40
13%
IVI
91
5
6%
D
77%
s
Plain
s
99% 103%
40
20
1st A ref
103% 110%
5
26
41
Lehigh
15
78
*18
Lehigh
56
110
102
M S
1956
♦4s (Sept 1914 coupon)
44
4s —1959
6s 1937 extended at 3%
104
34
*37
4 Vis
"
58
M N
w w
102
60
$645)—1943
♦Ctfa w w stmp (par $925)--1943 M N
♦Ctfs with warr (par $925)--1943
Keith (B F) Corp 1st 6s
1946 m's
Kentucky Central gold 4s
1987 J J
J
Kentucky A Ind Term 4 Ha—1961
Stamped
1961 J
♦Ctfs
O
13%
95
97
102
B
A
13%
72
6
82%
103%
109%
104
IVI
{{♦Met West Side El (Chic) 4s.l938 F A
*Mex Internat 1st 4s asstd
1977 M S
79 Vi
1st 6s—1943
♦Karstadt (Rudolph)
IVI N
98
71%
65
91
33%
O
Kansas Gas A Electric
80
82%
75
85
68
"~7
20
*75%
J
53%
16%
A
1st 4s
*
O
1
High
70
71%
55
3%
IVI
1st gold 3s
Kansas City Term
J
4%s A—1961
4s.-1990
Ref A lmpt 5s
63
42%
44 %
Kanawha A Mich 1st gu g
Kan City Sou
101% 108
42%
65
2
A
{♦Iowa Central Ry 1st A ret 48.1951
{{♦K C Ft 8 A M Ry ref g
♦Certificates of deposit
16
84
1st 6s with warr—1945
Metrop Ed 1st 4%s ser D._
1968
Metrop Wat Sew & D 5%s
1950
A
1955
Debenture 5s
Jones A Laughlln Steel
56
Mead Corp
Ta)w
"99"
30%
Vi
J
deb 9 4%f—1952
—1939
James Frankl A Clear 1st
63%
18
100%
12%
96
Ho.
*81
J
{♦Man G B & N W 1st 3%s_—1941
Marion Steam Shovel s f 6s
1947 A
Market St Ry 7s ser A...April 1940 Q
Jan.
03 <0
High
*97%
71%
1959 IVI N
16%
15%
1944
1941
Internat Hydro El deb 6a
f
108
90"
"87
2
Manila Elec RR A Lt s f 5s—1953 IVI s
Manila RR (South Lines) 4s
1939 IVI N
Since
§1
Asked
55 H
N
Int Agrlc Corp 5s
s
30%
Friday's
Bid
Low
1st ext 4s.
Range
Range or
Sale
Price
a.
>-<
57
M S
♦Certificates of deposit
Marine
107%
56%
98%
56
1932
notes.-1932
7%
conv
30%
20
"98%
59 Vi
105% 107%
1
86
*
A
11
100
*55~~
J
s
♦Certificates of deposit
!♦ 10-year 6s
106%
30%
Last
fcl
EXCHANGE
STOCK
High
Low
41%
O
Ind
Mere
Ho.
Y.
Week Ended Aug. 26
46%
A
Ilseder Steel Corp 6s
1948
Ind. Bloom A West 1st ext 4s.-1940
♦1st g 58 series
High
N
Since
Jan. 1
43 Vi
O
1940
Illinois Steel deb 4%s
Int
5
Asked
St L A N O—
Joint 1st ref 6s series A
{♦10-year
BONDS
Range
c
Friday's
Hid
Week's
Friday
Range or
Sate
Imw
111 Cent and Chic
1307
Record—Continued—Page 4
tti's
eriday
37
23
36%
40
35%
110%
*110%
22
26%
12
37
111%
69
48%
82
76
77%
29
62
91%
53
56%
136
38%
65%
62%
59%
02%
103
42
73
69%
69%
7.0%
38
51
84
1998
F
A
1946
A
O
2013
2013
1952
A
O
"56%
A
O
IVI N
65%
64%
New Yorh Bond Record—Continued—Page 5
1308
BONDS
Last
EXCHANOE
N. y. STOCK
Range or
Sid
Price
A
Low
N Y Cent A
Hud Itlver 3 Xs.
Ref 5X« series A
-
Ref 4 An series C
------
83 X
85
65
67
94 A
Penn-Dlxle Cement 1st 6s
81
10
64
57
158
38
98 A
65 A
Penn Glass Sand 1st
53
68
68
4
63
82)4
67
67
1
58)4
84
O
F
A
F
A
1978 M
1st guar 6s
102'
102
D-
1966
E
RR
4s
Purchase money gold
m
31
mm
D
A
124
56 X
33
49 X
9
104X
105 X
106
1948 J
1949 F
6s_.
N Y Gas El Lt H & Pow g
mm
48 X
1966
1st lien A ret 3 tie ser
N Y A Erie—See Erie
76 X
55 X
1947
N Y Edison 3X8 ser
62
102 X
*105X
1951
Cony 5% notes
140
61
*70 X
1953
series B
4s
N Y Dock 1st gold
217
48 X
58 X
30
77
51)4
90
Consol sinking fund
95)4
General 4 An series A
105X
14
7
100
123X
124
5
115X
115X
1
30
74
26)4
62
98
108
102)4 109 A
39)4
56)4
50 A
46
101
106
General 5s series B.
Debenture g
Lake 58—1946
N Y A Harlem gold 3Xs
2000
N Y Lack A West 4s ser A
1973
4
.1973
An series B
M N
18
18
121)4 125
112)4 115)4
*90
M N
M N
"60 ~
60
IVI N
RR 6 X81942 M N
J
♦N Y L E A W Dock A lmpt 6b 1943 J
N Y A Long Branch gen 4s
1941 M S
A O
{♦N Y A N E (Bost Term) 4s.. 1939
{♦N Y N H A H n-c deb 4s
1947 M 8
♦Non-conv debenture 3Xs—1947 M 8
♦Non-coDV debenture 3X8—1964 A O
J
♦Non-conv debenture 4s—..1955 J
♦Non-conv debenture 4s
1966 M N
♦Conv debenture 3 An
..1956 J J
J
♦Conv debenture 6s——-—1948 J
♦Collateral trust 6s
1940 A O
♦Debenture 4s
1967 M N
D
♦1st A rel 4 An ser of 1927—1967 J
{♦Harlem R A Pt Ches 1st 4sl954 M N
95
22
m
95
103
mm
75
*
45
*50
mm
76
80
93
D
Gen mtge 4)4s series E
1992
*70
84
95
*13
17 X
mmmm
m
m
m
mm
85
96k
mm
'l§"
11)4
19)4
17)4
4s.,
1951
1956
1937
1940
{♦2d gold 4Xs
♦General gold 6s
♦Terminal 1st gold 5s
1943
F
1946
{{♦N Y Westch A Bost lst4Xs 1946
Niagara Falls Power 3X»—.-1966
Nlag Lock A O Pow 1st 5b A..1966
Niagara Share (Mo) deb 6)48.1950
Nord Ry ext sink fund 6 An—1950
{{♦Norfolk South 1st A ref 58.1961
A
S
O
*48 X
*6X
7X
4
104 X
68
104 X
68 X
100
F
A
J
J
J
J
113
60
8H
107
53 X
49 X
108 X
109 X
80X
75X
60
64 X
108X
107
40
114X
105X
106
General 4 An series D
1981
D
104X
104 X
95 X
5
13
1037
J
19)4
36
t Pillsbury Flour Mills 20-yr 6s. 1943
1952
Pirelli Co (Italy) conv 7s
Pitts Coke A Iron conv 4 An A. 1952
O
18 X
67
26
8
8%
18%
6
12
9
13
23
61
5
51
70
99X 115
♦Conv deb 6s
{}♦ Philippine Ry 1st s f 4s
95 X
94
108 X
109
.13
14
4X
5X
15
105X 110
104
10
1
66
115
97 X 110X
99
109X
78 X
96 X
14
106
18
10
39
3
15
5
55
20
0X
11
105
109X
31
79
12
9
7
6)4
4
11J4
8
A
1940
1942
1942
1945
1949
1953
1957
1960
1963
1904
1970
1975
1977
Series B 4 A» guar
Series C 4 Xs guar
Series D 4s guar
v
gold
gold.
Series E 3Xs guar
68
7
49
58
108X
2
108
109
Series F 4s guar
2
92
104)4
Series G 4s guar
70
5
104
105 X
4
94)4
106*4
100)4
106 A
Series H
105X
iox
2
7
10
mmrnim
10
104X
94
103
8X
mmmm
52
mm
m
m
5)4
40)4
cons
...
4s
guar
Series I cons 4 An
Series J
cons guar
4 An
Gen mtge 5s series A
104)4 108)4
1st mtge 4Xs series
C
3
4 A
5
108X
94 X
mm
m
95
m
10
99X elOIX
8
13
13 X
5
12 X
1
*45
52
02
60
75
82
95 X
9
17
111
49
97
7
A
104 A
104X
105X
103X
30
*110
IVI N
J
O
J
i07X 117*"
*110X
D
A
107
uox
102 X
102 X
94 X
112X
101X
102 X
95
102X
90
112X
94 X
95
71X 104 X
*106
106
108
50X
40
52
46
46
38
55 X
O
48
48
32
65 X
D
100
109X
109
116X
D
A
O
A
1948 J
Pitts Y A Ash 1st 4s ser A
*44
46
Port Gen Elec 1st 4 An
1st 5s 1935 extended to 1950
59X
60 X
33
43" "64"
*104
J
43
43
15)4
{{♦Postal Teleg A Cable coll 5s.1953
J
16X
15X
16X
110
J
107 X
106 X
84
107X
17
103X
108
53
Potomac Elec Pow 1st M 3X8-1966
Pressed Steel Car deb 5s
1951
3
74 X
85
Porto Rlcan Am Tob
conv
J
J
107X
84
...
101
104 X
55
40
9
A
18X
119)4
100
107
90)4 104)4
{♦Providence Sec guar deb 4s.. 1957 IVI N
*5
8
1956 IVI
S
*33
42
1948
J
{♦Providence Term 1st 4s
s f deb 6s
Purity Bakeries
{♦Radlo-Keltb-Orph
pt
110
113 A
for deb 0s A com stk
116)4
23
....
4X
8
32
42
14
97 X
82 X
98
pd ctfs
{♦Debenture gold 0s
23
60
J
99)4 104
101
1960 M S
107
82
109
*101
A
6s. .1942
86)4 101)4
8)4
10H
118
*30
100
A
*109
105X
34
♦104X
F
A
103X
....
M N
F
D
102 X
110
104
109
D
43)4
115
104
1977 J
105
102X
*104X
1962 F
1974 J
117X
*113
104X
105 A
D
1st 4 An series D
103)4
*107
103 X
105 X
F
1st gen 5s series C
117)4
8
105
A
*104X
*105 X
1st gen 6s series B
105)4
8
a 107 X
*106
M N
107)4 108%
S
IVI
93
M N
3)4
6)4
104)4 109)4
A
IVI
A...1958
..1950
1960
77 A
ioix 108 X
103
nox
*107 X
*109
A
1974
O
88
106 X
67
F
1974
A
*105X
a!07X
Pitts A W Va 1st 4Xs ser
11
2
O
Pitts Va A Char 1st 4s guar...1943 M N
107X
74 X
A
52
B
mmm
"85""
Gen 4 An series C....
1st mtge 4Xs series
102 ll»»109X
97
_
s
11)4
8)4
104)4 107
m
*
IVI
Gen mtge 5s series B
14
80
102 *«m
IVI N
10
104 X
O
(65% pd)...
1941
*70 X
71X
62,
61X
62 X
14
48X
76
74 X
73 X
75
29
58
93 X
74
Reading Co Jersey Cent coll 4s. 1951
Gen A ref 4Xs series A
1997
Gen A ref 4Xs series B
1997
52 X
74
4
68
93
79 X
stamped
*30
Northwestern Teleg 4 An ext.. 1944 J
Rensselaer A Saratoga 6s gu—1941 M N
Republic Steel Corp 4 An ser A. 1950 M S
57
39
71
84
56 A
56 X
70
68X
61
63 X
J
J
J
51X
62 H
J
J
1938 A
1967 F
93 A
41
28
49X
J
Northern State Power 3 Xs
67
92
82 X
61
Ref A lmpt 6s series
Nor Ry of Calif guar g 6s
Remington Rand deb 4Xs w w.1956 IVI
62
50
84 A
J
A....2047
...2047
C—...2047
lmpt 6s series D
2047
28
85 X
J
F
Ref A lmpt 4 An series
Ref A lmpt 6s series B
76
53)4
88X
79
Gen mtge 4Xs series B
1961 F A
Purch money 1st M conv 5 An '54 M N
100 H
J
*61X
3
102
Gen mtge 4Xs series C
195e IVI N
Revere Cop A Br 1st mtge 4X8.1956 J
J
♦Rhelnelbe Union s 1 7s
..1946 J
J
"29
102
104)4
♦Rhine-Ruhr Water Service 68.1953 J
45
67
O
A
40
46
8
1~04 ~~
104)4
J
*
104 X
80
{•Og A L Cham 1st gu g 4s... 1948 J
J
J
J
.........
...
Ohio Connecting Ry 1st 4s
Ohio Edison 1st mtge 4s
1965 M N
1st
4s debentures
1946 J
104 X
104X
22
104X
106
84
103 X
4
100
118X
106
47
90 X
58
25
98 X
99 X
39 X
23
28 X
20
24
*30
33
27
31X
29 X
27
32
29 X
29X
92
101
40
mm
5
13
♦Cons mtge 6s of 1928
1953 F
A
29X
29 X
26
32
4)4
12
♦Cons mtge 6s of 1930
Richfield OH Corp—
1955 A
O
29X
29X
26 X
32 X
1952 IVI
S
108)4 108)4
98
104)4
98
4s
s
f conv debentures
106
105X
89 X 107
106
104)4
Rlchm Term Ry 1st gen 5s
100
47
91)4 100
103X
101X
23
98)4 104)4
♦Rlma Steel 1st 8 f 7s
1955
A
102
99
98)4 102
♦Rio Grande June 1st gu 6s
1939
D
*35
114
7
{♦Rto Grande West 1st gold 4s. 1939
J
39
*uox
71X
93X
94 X 112
72
94X
*38 X
23
99 X
113 X
102
90 X
107
78
89 X
90 X
104 X
99 X
Ontario Power N F 1st g 6s
1943 F A
Ontario Transmission 1st 6s...1946 IVI N
Oregon RR A Nav
mmmm
103 X
D
D
4X
*107
1967 M S
J
....1972 J
mtge 4s
1st mtge 3)48
Oklahoma Gas A Elec 3J4S----1966 J
112
5H
6X
*4X
104%
1952 IVI N
103X
87 X
90 X
107
♦Rhine-Westphalia El Pr 7S...1950 M N
100
*5X
1943 M S
102 X
111
103X
J
♦Direct mtge 6s
♦Stamped
15
66
113X
89
113X 117
51
64
114
6
4 X
103
113
*
S
D
H6X
111X
91
65 X
Apr
A
1949
IVI
Apr '33 to Oct 84 coups...1945
North Pacific prior lien 4s__...1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
Ref A
60
11
108
♦{Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub coupons. 1946
♦Oct 1938 and sub coupons..1946
♦CtfB of dep
85
2
*108X
IVI N
Nov 16 1969 MN
82 X
*116X
112X
112X
13 X
12X
Deb 5s series C
North Cent gen A ref 5s
Gen A ref 4 An series A
O
14
*07
O
F
101X
*106 X
107 X
A
Aug 15 1963
84 X
109
*7X
IVI N
Deb 5 An series B
15
85
1974 F
104 X
♦Certificates of deposit—
{{♦Norfolk A South 1st g 6s... 1941
Norf A W Ry 1st cons g 4s
1996
North Amer Co deb 6s.......1961
No Am Edison deb 6s ser A... 1957
93 X
J
*40
108)4
F
93 X
J
*8
O
A
101X
93 X
5
12
103
4A
M
75
D
74 X
J
67
A
10X
6s stamped
96 X
89 X
1977
C
General g 4 An series
105X
104 A
111X
32
1943 M N
4s
Phlla Bait A Wash 1st g
105 X
IVI N
A gen s f 4X8—1939 M N
J
Ref mtge 3XB ser B
1967 J
N Y Trap Rock 1st 6s
1946 J D
N Y Telep 1st
74
109 X 120 X
82
106
37
1967
103 X
A
102 X
92
{♦Phlla A Reading C A I ref 6s. 1973
*84
A
F
92 X
103 X 109 X
103 X 114
95
Phlla Electric 1st A ref 3X8— 1967
108 X
J
104X
85 X
Phlla Co sec 5s series A
M N
J
106
19
'58
IVI N
1st mtge 6s
94
83
94
21
8X
104)4
77
100X 105X
81X
20)4
18)4
23)4
*6X
IVI N
1st mtge
104 X
11
*75
IVI N
{♦{N Y Subq A West 1st ref 68.1937
112
11
*6X
108)
J
97 X
1
17
N
J
11
"94""
1980 IVI
3 An deb... 1952
conv
"l9
116X
105 X
1956 J
1st 4s series B
1
High
103 X
~88~~
116X
96 X
O
116X
....
1st g 4J4s series C.._
1
97 X
A
3
mmmm
01
8
1947
*109X
86 X
M N
15
25
25
D
JN Y Rys prior lien 6s stamp.. 1958
6s A
1951
25
15
13
16X
58
N Y A Rlchm Gas 1st
176
107 X
110 X
13 X
O
N Y Steam 6s series A
Ioix
107 x
110
101X
IVI N
15
O
El Lt A Pow 3X8-1965 M
ioix
2
93
Low
J
O
M N
15
A
4s. 1942
2
1947 M
4s... 1940
April 1990
Peoria A Pekln Un 1st 5 An—. 1974
Pere Marquette 1st ser A 5s... 1956
Income
General 5s series B
m
-mmm
15
*11 x
1st con gu 4s.. 1993 A
N Y A Putnam
N Y Queens
M
1955 J
♦General 4s
{♦N Y Providence A Boston
5
95 X
1943 A
60
Peoria A Eastern 1st cons
Pitts C C C A St L4Xs
{♦N Y Ont A West ref g 4s
105X
95 X
1984
1952
Conv deb 3X8
Peop Gas L A C 1st cons
Refunding gold 5s
Phelps Dodge
mm
105 X
O
Since
Jan.
mm.mm
*60
*
60
75
2
60
*51
♦NYLE&W Coal A
„
16
92%
D
A
1960
1965
1968
1970
—1981
101)4 106)4
1
18
4 An
General 4)4s series
♦
♦N Y A Greenwood
4 An
No
J
J
4s—.i.1943
Consolld gold 4s
..1948
4s sterl stpd dollar May 1 1948
Gen mtge 3%b series C
1970
High
1|
«5 65
M S
4 An series B
1981
A
Pennsylvania PAL 1st 4 An—1981
65
40 X
45 X
61
3Xs extended to...
1963
N Y Connect 1st gu 4 As A
105
36 X
O
1947
1st mtge
46
43 X
S
1938 A
A...1941
M 4)4s._1960
4 An A. 1977
Pa Ohio A Det 1st A ref
Pennsylvania RR cons g
.1974 A O
Asked
Low
High
80 X
A
3-year 6s—
—Oct 1
1946
4s collateral trust..
—
Low
A
Range
or
Friday's
bta
Price
Week Ended Aug.
J
.1942 J
2013
He aer A
Lake Shore coll gold 3X8—. 1998
.1998
Mich Cent coll gold 3Xs
N Y Chic A 8t Louis—
lief & lmpt 4
No
High
Range
Sale
EXCHANGE
26
N. Y. STOCK
Since
Jan. 1
J
.1997 J
Debenture 4s——
Bonds Sold
Asked
Last
BONDS
Range
Friday'sv
Sale
26
Week Ended Aug.
Aug. 27, 1938
Week's
Friday
Week's
v
111)4 114)4
110
115
113
103
110
109
116 A
4s__..1946 J
D
Ore Short Line lBt cons g 6s... 1946 J
Guar stpd cons 6s
1946 J
J
Ore-Wash RR A Nav 4s
J
J
102%
♦115X
ioix
116X
1961
Otis Steel 1st mtge A 4 He
1962 J
J
74 A
74 X
75%
50 X
110X
50X
1
110X
22
108X
31
102 X 108%
104
104 X
85
con
A coll trust 4s A
1949 A
O
105 X
*101X
103 X
104
20 X
20 X
34
50
41
41
28 X
44X
20 X
17
"40""
5
16 X
17X
42
13X
*120 X
109 X
ll«X
121
109X
""3
107 X
110
16 X
68
20 X
106)4 111X
107 X
♦1st
J
1952
con g
107X
107 X
,13
*115X
J
•
-
-
mmm
103
m
59
35
110)4 118)4
90 H 106 H
59
78%
Rocb G A E 4 Xs series D
Gen mtge 5s series E
110)4
108)4
1st A ref mtge 3Xs ser H._. 1961
1st A ref mtge 3 An ser 1
1966
{♦Pae RR of Mo 1st ext
{♦2d ext gold 5s
g
104
4s.. 1938
*73
1938
*66
Pacific Tel A Tel 3*8 Ber B._. 1966
Ref mtge 3Xs ser C
1966
Paducah A 111 1st s I g 4XB—.. 1965
Panhandle Eastern Pipe L 4s
Paramount Broadway Corp—
1st M s f g 3s loan ctfs
106
*100X
1962
103 X
1955
63
Paramount Pictures deb 6s... 1955
3)4s
conv debentures
cons
~8l" A
1947
Parle-Orleans RR ext 5 An
Parmelee Trans deb 6s
Pat A Passaic G A E
1968
{♦ Rut-Can ad Uin
70A
Guar a An trust ctfs D
1944
1952 IVI N
ser
E trust ctfs
1963 F
A
1309,
s
f deb 4s
1947 J
*7X
*6X
D
Saguenay Pow Ltd 1st M 4X8.1966 A
St Jos A Grand Island 1st 4s
1947
1996
J
102)4 106
102 H 106)4
98% 103
98
103)4
66)4
•»
63
2
81
81 X
7
57
83 A
78 A
92 H
92 X
9
,
47
1
122 X
70 X
-
-
-
-
2
102 X
m
m
mm
mm
mm
100
50
31)4
118)4 120
60
70 A
97 A 103 H
99)4 103 A
90
96
94
103 H
88)4 104
24
105
J
8t Lawr A Adlr 1st g 6s
2d gold 6S
96 X
1
For footnotes see page
con
J
J
1st
70
80 X
92 X
*5 X
82
9
-
14
*22 X
69
3
70 X
*101 x
S
98)4 104 A
5
106
103
103 X
*93 X
94
m
8
105X
*100 x
*97
Guar 4*
m
-
63
47
1949
4X8—1941
O
J
1948 A
4s stmp
♦Stamped
Safeway Stores
S
60
98
-
70
*120 X
♦Paullsta Ry 1st ref s f 7s
1942
Penn Co gu 3Xs coll tr ser B_. 1941
Guar 3 An trust ctfs C—... 1942
57
62 X
95 X
91X
1944
5s... 1949
2a-yeai 4s
105X
105 X
45
1962 IVI
{{♦R I Ark A Louis 1st 4X8—1934 IVI
♦Ruhr Chemical s f 6s
{♦Rutla. .1 RR
Pacific Coast Co 1st g 5s
1946
Pacific Gas A El 4s series G__. 1964
1977 M S
83
100)4
1966 A
O
103X
♦105X
*
7X
20 X
.....
5X
12 X
14
6
7X
16X
23
10X
15
12X
104X
100X 106X
99X 104X
107 X
103
105
109
94
O
88 X
St Louis iron Mm A Southern—
♦f Rlv A G Dlv 1st g 4s
1933 IVI N
56 X
♦Certificates ot deposit
♦Certificate
nr
11X
of deposit
♦Certificates of deposit
♦Con M 4 Xs series A
10
62
12
50
63
12 X
64
18)
69
"39
8X
15
10X
13
7X
13)
11X
13
20
8X
15)
10
10X
5
7
13)
10X
11X
27
7X
10
29
6 X
9X
1950 J
1978
J
Si's
♦Ctfs of deposit stamped
{♦St L 8W 1st 4s bond ctfs
15X
42 X
46
12
59 X
*55
lien 4s A..1950
♦Prior lien 5s series B
58
15
{♦S L Peor * N W 1st gu 5s...1948
8t L Rocky Alt A P 5s stpd
1955
{♦St L-8an Fran
56 X
*50
11
9X
1989 MN
8X
59 X
59 X
59 X
14
11)
1
38
67)
♦2d g 4s lnc bond ctfs...Nov 1989 J
J
31
34 X
14
20
38
{♦1st terminal A unifying 6s. 1952 J
♦Gen A ref g 5s series A
1990 J
J
20 X
15 X
23
58
13
27)
J
5
9
18)
15X
Volume
New York Bond
147
BONDS
N. Y
Last
Price
Range or
Friday's
Sale
Hid
D
{♦St Paul A K C Sh L gu 4 Hs.1941 F
a
St Paul
Range
cS
Jan
No.
High
88
8H
7H
J
1940 J
1972 J
tPaclflc ext gu 4s (large)
7H
6H
Vlrglnlan Ry 3 H a series A
{{♦Wabash RR let gold 5s
9H
1943 J
S A & Ar Paaa lstgu g 4s
J
Santa Fe Pres A Phen 1st 6s...1942 m
A
110H
110H
7
108
111H
no
110
7
104
112H
3
15
20
12
24
30
Walker(Hiram)GAW deb 4Ha. 1945
24
31
Walworth Co 1st M 4a
18
♦27
29
A
♦Certificates of deposit
♦let & cons 6a aeries A
mm
mm
14 H
13 H
3H
5H
m's
1935 F
7
1935
♦Debenture
s
a
f 7a
J
♦Silesia Elec Corp 6Ha
Slleslan-Am Corp coll tr 7a
1946
1941
Simmons Co deb 4a
30
104 H
104 H
8kelly Oil deb 4s...
51H
51H
♦98H
79 H
A
1951
South Bell Tel A Tel 3 Ha
Southern Calif Gaa 4 Ha
1st mtge A ref 4a
10H
Wash Term 1st gu 3Hs
9H
48
106H
26
107
107 H
10
108 H
109
42
98
12
87 H 100
94 H
45
83
25
91
1955
1955
1994
1956
1956
1956
1996
1951
.1938
4a stamped
Southern Ry 1st cons g 6s
Devel A gen 4a aeries A
101 H
Devel A gen 6s
Devel A gen 6 Ha
Mem Dlv 1st g 6a
St Louis Dlv 1st g 4a
East Tenn reorg lien g 5s
Staley (A E) Mfg let M 4s
Standard Oil N J deb 3a
51
155
30
50 H
149
30 H
30-year 5a
61
62
75
43 H
90
11
77
45 H
46H
120
23H
83
49 H
60
57
62 H
173
26
65
A
64 H
60H
67
110
28
106
161
12
71X
74
57
77
23
22 H
23
4
20 H
J
56 H
56
56 H
17
48
J
49 H
49 H
50
10
46 H
101
23
6
77
11X
10H
11
104 H
105
102H
104H
102 H
106
84 H
79
IVI N
106H
106
102 %
♦103H
85
---
58 H
ser
M
D...
S
S
5H
15
J
101H
100 H
94
101H
21
96 H 101H
O
94 H
16
71
J
*107
J
11
101H
102
6
93
31
'
103 %
103 X
♦111H
112H
103 H
103
103 H
84 H
—
106H
*
100
103H
1
102H
85
106H
13
---
-
70 H
107H
5
102 X
102
5H
96
109
102X
week and not Included In the yearly
during
week,
current
n
week,
23
99
10
70
6xch&n^6 rate of $4 ^484
27
Bergen (Norway) 5s 1960, Sept. 1 at
Detroit Edison 5s series E 1952, Oct.
Exchange bond issues which have
90
103 H 107 X
112 H
"22
1977
85H
84
85 H
22
70
85 H
83
85 H
32
69
1980
85H
85
85 H
13
71H
87
97
97
36 H
37
Tex Pac Mo Pac Ter 6 Ha A. ..1964 M S
1960
7
— —
7H
*85
7
89 X
104 H
104H
105
1
16
59
----
101
I04H
90
H0H
*
104
24H
3H
110.
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.
88 H
Gen A ref 6a series D
112 H
1 at 105.
{ Companies reported as being in
88 H
1979
100.
Pillsbury Flour Mills 6s 1943, Oct. 1 at 102 H.
San Antonio Pub. Serv. 6s 1952, Jan. 1, 1939 at
108H
Si 14
.
Deferred delivery sale; only
In year's range,
a
not Included
Odd lot sale,
Ex-interest.
103 H 106 H
109H 114
Gen A ref 6a aeries C
1952
6H
104
been called In their entirety:
94
Gen A ref 5a aeries B
—
8H
5H
15
{ Negotiability Impaired by maturity,
t The price represented la
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
x
119H 125
95
Cash sale; only transaction during current
r
transaction
Texas A Pac 1st gold 6s
-
7
AUied Stores 4Hs 1950, Aug. 23 at 100.
Nord. Rys. 6Hs 1950, Aug. 23 at 102H.
102
<->*■72
-
16H
14H
5H
9H
102 H
Cash sales transacted during the current
105
1943
2000
-
8
0X
6H
*3H
f The following Is a list of the New York Stock
92
92 H
Jan 1960
94 H
105 H 109 H
1
107 H
J
7 H
4
6
9H
106H
107 H
D
-
11
*5H
1961 J
---
-----
*6
IVI N
101
85
120H
1937
4H
J
e
108
J
106H
94H
100H
100H
4H
9H
Wlaoonsln Publo Service 4s
S
—
79 H
91 H
*99 H
D
range
105 H
S
mmmmmm
110X
J
15
43
M
—
11
91H
63
105H
105
99X
46 H
M
4Ha...1939 A O
100
-
10
109
91
A
-
-----
10!)
J
9
95
-
J
1944
1953
*102H
------
24
75X
J
Wilson A Co 1st M 4a series A..
106*
69
106H
120X
D
77 H
106H HO
J
Tide Water Aaso Oil 3 Ha
73 H
J
65
34
D
♦AdJ Income 5a
8
97 H
99H
D
{♦Third Ave RR let g 5a.
25
74 H
61
75
106
J
Third Ave Ry 1st ref 4a
15H
Youngatown Sheet A Tube—
35
109 H
J
Tex A N O con gold 5s
64
-
2
95 %
109 H
1961 J
1 g 4a
--
109H
105 H
------
------
-
35
26
2361 J
69 H
----
25
-
51 H
♦Certificates of deposit
127
75
16
-
48 H
47 H
IVI N
78 H
60 H
12
-
2361 J
Registered
93
102
108H
M
104H
15
♦Certificates of deposit.
52
98 H
97 H
88
104
1953 J
83 H
224
93
73 H
24
26
*87 H
39
..I960 IVI
104H
70H
08 H
27
84 H
80 H
84 H
♦Westphalia Un El Power 6s
68
60 H
101X 105H
A
46 H
46H
8taten Island Ry 1st 4 Ha
gold 5a
27
72 H
J
47 H
Texarkana A Ft S gu 6Ha A... 1950
Texas Corp deb 3 Ha
1951
105H
75
F
74 H
Tenn Elec Pow 1st 6s aer A—.1947 J
105H
105H
M N
03 H
63 H
♦Studebaker Corp conv
1943
deb 6s.l945
8wlft A Co 1st M 3Ha
1950
Tenn Coal Iron A RR gen 5a
1951
TenD Cop A Chem deb 6a B
1944
Tennessee Corp deb 6s aer C
1944
106H 110
68
76
A
1946
3
73 %
69 H
87
J
109H
103H
20 H
31H
62
A
111H
109H
------
98H
74 H
41
43 H
F
120H
106 H
25
M
77
♦{Spokane Internat 1st g 5a.—1955 J
116
7
8
1951 J
100
A
1938 M S
Mobile A Ohio coll tr 4a
2
West Shore 1st 4a guar
50 H
D
So'western Bell Tel 3 Hs aer B..1964 J
So'western Gas A Elec 4a aer D.1960 M N
46
.1950 IVI N
35H
*97 H
110
123
D
1946 IVI
Western Union g 4 Ha
25- year gold 5s
17
*65
121H
-----
23H
24
S
107H
103H 105H
119X
106H
26
J
M
108H
104
-
103 H
8
78
J
--
106 H
1946 IVI
aer A
SIX
J
-
104
119 H
{♦Western Pac 1st 5s
94X
50
J
3
109H
102 H
104
56 H
66 H
--
103 H
------
J
52 H
69 H
48
29
'
—
-
*122H
O
53 H
47
O
-
85 X
------
O
50
51H
-
106
1977 J
56
J
106
D
52 H
1950 A
So Pac RR 1st ref guar 4a
100
100
13
37
82
63 H
91
1943 A
Wheeling A L E Ry 4a
10-year secured 3Ha
a
120X
105
105 H 108 H
106H 109H
107
100
San Fran Term 1st 4a
cons
1st A ref 5Hs series A
♦5a assented
110
105
8
08H
13
50
mm
71
55 H
-
-
13
107H
100
53
-
-
34 X
6X
2
77 H
*108H
♦103H
J
A
90H 103 H
104H
....
mm
J
1952 J
13
*40
8
1966 J
7
4
*
D
1961 J
6H
11
West N Y A Pa gen gold 4a
104 H 108
♦110H
93 H
1st
98
104 H
-----
1967 J
27
10
69 H
36
-
-
D
E..1963 IVI
aer
10X
10
76 H
J
24
------
93 H
JL
-
14H
13H
68 H
A
J
1st mtge 3Hs series 1
West Va Pulp A Paper 4 Ha
77 H
79 H
39
30
1977
1968
1969 M N
1981 MN
J
1946 J
-
-
42
6X
82
20 H
106H
^'m'mmmm
Gen refund
mmm mm
64
103 H
1946
Term Aasn of St L 1st g
"61H
....
106 H
Southern Kraft Corp 4Ha
Southern Natural Gas—
1st
70 H
-----
2
102 H
97 %
let 4Ha (Oregon Lines) A
30
-
42
*73
—
A
F
1st mtge 4a ser H
-
A
J
Westchester Ltg 5a atpd gtd
Gen mtge 3 Ha
-
8
F
1945 F
1st 40-year guar 4s
104H
....
1941 IVI
Ha...2000
22
37
98
97
1947
Gold 4 Ha
Gold 4 Ha—
-
10
106 H
77 H
Washington Cent 1st gold 4a. —1948 Q IVI
96 H
102 H
1st mtge pipe line 4 Ha..-...1951
So Pac coll 48 (Cent Pac coll)--1949
».
10H
106H
69
-
-
S
8
6H
4H
76H
98
O
1939 M
Certificates ol deposit
{♦Warren Bros Co deb 6s
2H
2H
80
28
Southern Colo Power 6a A
Gold 4 Ha
-----
♦21H
1962
1961 IVI S
...1965 F A
-
9H
106H
O
1955 A
Warner Bros Plct deb 6s
Warren RR 1st ref gu g 3
13
3H
♦75H
Socony-Vacuum Oil 3 Ha
1950
South A North Ala RR gu 58—1963
15X
-
-
9H
D
J
1955 A
6s debentures
20
45
104H
53 H
1952
-
-
9H
9H
8X
6H
14
3X
J
F
-
-
45
39
-
-
35
-----
--
91H
9H
O
4H
5H
4
.
3H
*3H
1951 m s
f 6Ha
H
28
*30
1978 A O
1980 A
4
18H
3H
♦Ref A gen 4He aeries C
♦Ref A gen 6a series D
Weat Penn Power 1st 5s
{♦Siemens A Halake
24
------
4
24
7
6H
18
A
Shlnyetau El Pow 1st 6 Ha
*18H
*
-
67H
16 H
----
48
105H
32
5
45
*30
2H
-----
8
7H
7H
------
1951 M S
1952 J D
Shell Union Oil deb 3 Ha
10
-
1941 M B
{♦Wabash Ry ref A gen 6 Ha A .1975 IVI 8
♦Ref A gen 5a series B
1976 F A
17 H
9
5
6X
*5
11H
----
6
81H
109H 116
mm
44
14H
♦2H
5H
mm
mmmm
19
------
♦Certificates of deposit
{♦Alt & Blrna 1st gu 4a
1933 m"s
{♦Seaboard All Fla 6a A ctfa...l935 F A
♦Series B certificates..
----
■'mmmmm
♦13
------
1945
—-
30
*27X
♦114H
------
1959 a o
99 H
113
47 H
29
23
15X
15H
.
♦15H
O
1950
— -
.„
High
Lox
104 H
*
-
O
109H 113»„
N
Oct 1949 F
{♦Refunding 4s
29
J
1941 A
3
O
{♦Gold 4a stamped
♦Adjustment 5a
1939 J
No
High
27
J
4
o
a
.1941 J
60 H
J
1989 m
J
llli7«
o
{{♦Seaboard Air Line let g 4s.. 1950 A
45
1954 J
60 H
*
-
15H
a
♦Stamped
Scioto V 4 N E 1st gu 4a
—
110
J
J
1946
-
110H
s
1946 J
{♦Schulco Co guar 6 Ha
♦Stamped
♦Guar s f 6Hs aeries B
-
-
A
♦Omaha Dlv 1st g 3 Ha
♦Toledo A Chic Dlv g 4a
1
Jan.
47 H
1939 F
111"32
60 H
j
USan Antonio Pub Serv 1st 6s.. 1962 j
San Diego Consol G A E 4a.-.-1966 M N
102H
Since
Bonds -SoW
Asked
A
103 H
104
1939 IVI N
♦1st Hen g term 4s
♦Det A Chic Ext let 5a
♦Des Molnea Dlv 1st g 4a
109 H 118H
116H
*116H
8
1966 IVI
Ranae
or
Friday's
Bid
|
♦2d gold 6a
11
98
10
99
99
J
Sale
Price
Loic
Minn A Man—
St Paul Un Dep 6 6 guar
Range
Last
Inter st 'Period
Y. 8TOCK EXCHANGE
Week Ended Aug. 26
98
mm
mm
Week's
High
14
15H
*8H
N
1
Low
*88
J
BONDS
Since
§ <§
Asked
A
Loir
8t Paul A Duluth let con g 4a..1968 J
{♦St Paul E Gr Trk 1st 4Ha... 1947 J
1309
6
Friday
00
fcl
St
STOCK EXCHANGE
Week Ended Aug. 26
Record—Concluded—Page
Week's
Friday
♦
Bonds selling flat.
t
in
Deferred
during the current week and not Included
delivery sales transacted
the yearly range:
No sales.
39X
9
71
90
98
Transactions
105
New
the
at
York
Stock Exchange,
Daily, Weekly and Yearly
Tokyo Elec Light Co Ltd—
1953 J
I960 J
1950 A
1942 M
1st 6s dollar aeries
Tol A Ohio Cent ref A Imp 3Ha
Tol St Louis A Weat let 4a
Tol W V A Ohio 4a aer C
Toronto Ham A Buff let g 4a..
1946
J
Trenton G A EI 1st g 5s
1949
IM
Trl-Cont Corp 5s conv deb A.. J953 J
D
O
86 H
...1952
F
74
4
63
*57
------
S
*104
mmmmm
D
*95
40 H
03X
80
-----
mmmm
117H 120
103H
mmmm
103
110
mmmm
20
97
18
90
*24
7
26H
26H
A
109 H
let Hen A ref 4a
let Hen A ref 5a
U N J RR A Canal gen 4a
80
109H
O
8H
116H
116
63
104 X
107H H4H
97
107H
111H
85
105 H
106 H
20
114H
9H
U4H
2
"92H
92
92 K
38
92 H
92
H
92 H
11
82
107 H
74 H
4
103
107 H
73 H
76 H
*108H
mmmmm
Fdy conv deb 3 Ha. 1946
U S Steel Corp 3Ha deba
1948
♦Un Steel Works Corp 6 Ha A..1951
♦Sec s f 6Ha aeries C
1951
♦Sink fund deb 6H« ser A
1947
26
*22H
—
----
♦112H
103 H
38
103 H
*37
H
16
83 H
69H
23
60
107
----
1
19H
40
38
39
196
14
----
7
77H
81H
109 H
27
27 H
41
92 H
93
10
91H
94
92 H
91H
92 H
19
73
92 X
Utah Power A Light 1st 5a
1944
1947
93 H
92
93 H
47
46 H
46 H
1959
46 H
Vandalla cons g 4a series
Cons
a
A
f 4a series B
{♦Vera Crux A P 1st gu 4 Ha—1934
J
J
Va A Southwest let gu
5s
1st cons 5a—
.2003
1958
A
45
mmmmmm
57
77
105 H
105 X
13
mm
-----
mm
m
105 X
*30
*65
"
57 H
5,270,000
598,000
149,000
4,424,000
4,600,550
$22,221,000
$3,214,000
$1,213,000
$26,648,000
i:.
Jan. 1 to Aug.
Week Ended Aug. 26
26
York Stock
New
Exchange
1937
1938
1937
1938
4,600,550
3,770,230
173,975,658
265,496,225
$7,170,000
$90,193,000
$297,030,000
State and foreign
$1,213,000
3,214,000
5,299,000
155,079,000
237,615,000
Railroad and industrial
22,221,000
23,723,000
907,027,000
1.466.724,000
$26,648,000
$36,192,000
$1,152,299,000
$2,001,369,000
Stocks—No. of shares.
Bon is
Government
Total
-
Stock and Bond Averages
Below
are
the
stocks and bonds
daily closing averages of representative
listed on the New York Stock Exchange
99 H
*1
J
397,000
Sales at
55
99 H
IX
J
593,000
3,454,000
65H
45
55
IX
-----
9
....
Total
105H 109H
15
Indus¬
Date
2H
20
Rail¬
Utili¬
65
roads
ties
Stocks
30
10
First
Second
10
Indus
Ora<ie
Grade
Utili¬
40
trials
Rails
Rails
ties
Bonds
10
Total
3
29.31
20.12
106.87
93.04
52.56
105.05
89.38
45
142.94
46.87
35
144.07
29.61
20.25
106.86
93.09
52.46
105.01
89.36
75
Aug. 25.
47.25
75
102
57 X
104
X
....
35 H
\
10
trials
104
1
106 X
Bonds
Stocks
104 H 106 H
'
N
6,483,000
94 H
7
57
97
{♦July coupon off
Virginia El A Pow 4a aer A
1955 M N
Va Iron Coal A Coke 1st g 5s... 1949 M 8
J
78 H
47 H
47 H
46 H
ToIh
5,117,000
170,000
39
27 H
"92H
5a.1941
1955
.1957 M
146,000
596,000
826,570
820,110
41
27 H
1944
Vanadium Corp of Am cbnv
217,000
464,000
5,717,000
4,280,000
3,677,000
102 H 103 H
w—1951
{♦Debenture 5a
586,000
4,507,000
110H
107
103 X
39
96
Utah Lt A Trac 1st A ref 5a
{♦Utll Pow A Light 5 Ha
Total,
2,651,000
1,235,100
—
$1,389,000
109H 116
----
73
73
$1,900,000
245,580
Friday
95 H
107 H
6s... 1952
1953
1944
{{♦United Rys St L 1st g 4a.-.1934
7
-
8
111H
O
Sales
$134,000
$377,000
1.076,510
Tuesday...
Wednesday
113H
---
106
U S Pipe A
United Shipyards 4Hs w
Bond
119
112
111H
M N
United Biscuit of Am deb 6s—1950 A
United Drug Co (Del) 5s
59 H
105
*7H
June 2008 M S
United Cigar-Whelan sta
4
13
111
------
4s...1947
June 2008 M S
35-year 3 Ha debenture
109H
116H
------
A
Stales
Bonds
Thursday
71
70
71
1952
1970
1971
Total
Municipal &
For'n Bonds
Monday
-----
{{♦Union Elev Ry (Chic) 6a...1945
34-year 3 Ha deb
United,
Bonds
Saturday
*108H
Union Oil of Calif 6s series A—1942
Union Pac RR 1st A Id gr
State,
Miscell.
390,620
*120H
J
1962
debentures
Railroad A
Shares
Enaed
"95" 103H
N*
3 Ha
Week
Aug. 26 1938
----
S
1945
UJlgawa Elec Power a f 7a
Union Electric (Mo) 3Ha
Stocks,
Number oj
84H 102
50
97 H
♦Tyrol Hydro-Elec Pow 7H8--1955 IVI N
♦Guar sec a f 7a
52H
86 H
49 H
85 H
49H
D
29.25
20.08
46.97
106.91
93.09
105.00
89.32
61
143.53
52.29
Aug. 24.
143.70
28.96
20.11
46.93
107.04
92.36
51.93
104.96
89.07
Aug. 23.
140.92
28.25
19.69
45.97
107.11
91.95
51.31
104.95
88.83
Aug. 22.
28.45
19.79
46.12
107.05
92.03
51.03
104.93
88.91
Aug. 20.
141.20
39
Aug. 26-
New York Curb
1310
NOTICE—Cash and deferred delivery sales
Exchange—Weekly and Yearly Record
Aug.
27,
1938
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.
are
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. 20, 1938) and ending the present Friday (Aug. 26,1938). It is compiled entirely
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether stock or bond, in
which any dealings occurred during the week covered:
week
Friday
Last
I
STOCKS
Far,
2u
Acme wire v t c com
Kan ye
of Price*
Price
Low
for
Week
!
High
.
Low
Shares
27%
26
17%
Agfa Ansco Corp com
1
Alnsworth Mfg common—5
Air Associates Inc corn—1
Air Devices Corp com
1
Air Investors
30
9
8%
9%
10
34
Feb
17
Apr
400
36
36
June
2%
100
3%
3 %
3%
200
5%
Mar
common
1
10%
Aug
Bliss A Laughlln com
5
10
Aug
Blue Ridge Corp com
1
June
%
Mar
1K
200
Mar
Mar
16%
%
July
%
33%
Apr
53
July
Borne Scrymser Co
Bourjols Inc
Bowman-Blltmore
Mar
*
66 %
MX
57%
Invest
Mar
08%
May
Mar
63
May
8%
11
11
50
8%
Aluminum Industries com *
11
100
103 %
14 &
Breeze Corp
Brewster
Mar
18%
Mar
Aug
Aug
U7~~
2,350
106
450
93
15
100
15
Apr
Apr
200
3
June
100%
10%
5%
2,250
07
Mar
127%
Feb
107%
Aug
Aug
Mar
15%
July
94%
8
400
117
Jan
Mar
Feb
%
Mar
Mar
56
July
6%
Mar
12%
July
44
9%
800
10
Jan
10c
%
%
100
*
*
Amer Centrifugal Corp.-l
23%
23%
100
S3
preferred---15.60 prior pref
Mar
%
10%
Class
1
2
10
Preferred
*
*
American General Corp 10c
preferred
12.50 preferred
111
112%
5%
5
112%
5%
25%
2
Mar
19%
Mar
12%
31%
112%
25
25
17%
18%
14%
24%
6%
14%
13%
25
preferred
24%
25
300
1,900
100
Amer Mfg Co common 100
Preferred
100
Amer Maracalbo Co
»i«
%
10
Heal-Kap com
2
Am Superpower Corp com *
1st preferred
—*
Republics
Amer
Preferred
*
American Thread pref
Anchor Post Fence
Angostura
Wupperman—1
3
*
Arkansas P A L $7 pref--.*
Art Metal Works com
6
Ashland Oil & Ref Co
1
Jan
Feb
Bruce (E L) Co
July
Feb
May
Aug
July
Austin
Silver
Automatic
25
Aug
Mar
20
Aug
10
Mar
16
July
22
June
24%
May
H
10
Apr
%
55%
8%
3%
June
1%
Mar
400
3%
June
200
%
Jan
75
19%
4
July
Feb
2%
4
July
Jan
Mar
78
Jan
17%
17%
2
2
2
2
2%
31%
35
25%
25
26%
4%
Jan
Jan
%
%
Mar
%
Jan
Mar
2%
Jan
Mar
9%
July
4
Mar
50
15
Apr
25
13
Mar
7,600
1,400
3,300
Jan
Jan
Jan
17%
Aug
May
1%
65%
Mar
60
23
3,500
24%
85
18%
~23%
¥,700
Mar
80
17%
Apr
32
4%
24
May
6%
Mar
7%
23%
17
'
"3% "3%
'700
Apr
1%
19
2%
25
82%
4%
Aug
Mar
23%
Feb
1st preferred
*
56%
53
56%
280
50
June
warr
Jan
May
10%
Mar
14
08%
May
84
Feb
Apr
June
92
June
86
100
10
75%
7
200
4%
80
%
86
7
Cent Pow A Lt 7% preflOO
Cent A South West Utll 50c
Cent States Elec com
1
6% pref without
7% preferred
80
1%
%
5
100
13%
Mar
Mar
2%
Jar
7%
May
25
64
1%
300
1
%
2,400
5%
13%
325
3
Mar
100
0
Mar
17
Apr
10
Conv preferred
100
Conv pref opt ser '29.100
Mar
Apr
Mar
June
1
Mar
7
June
June
%
8
Strip Co
3%
4
800
7%
Feb
Mar
4%
Aug
6%
6%
100
5
Charis Corp
10
Cherry-Burrell com
5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
8%
7%
Jan
Chic Rivet A Mach
Chief Consol Mining
113%
69
4
1
Chllds Co preferred
100
Cities Service common..10
June
5
5
Mar
12%
113% 113%
69
72%
9
9
7i«
48%
7%
39%
47%
7%
39%
June
200
97
Mar
400
40
Jan
100
5%
%
48%
1,300
%
175
8%
40%
2,900
20%
7%
Mar
June
21
9%
Jan
July
May
11
5
Feb
72
67
5%
18%
July
City Auto Stamping
*
City & Suburban Homes. 10
9%
1%
2%
Jan
Jan
Jan
1%
12%
6%
4,900
63%
166%
163% 166%
40
1%
Mar
8%
2%
Mar
147
July
6%
12
Jan
Colon Developmen lord
6% conv pref
£1
Colorado Fuel A Iron warr.
Colt's Patent Fire Arms.25
2%
Mar
7%
Aug
Conv 5%
11%
%
%
*
pref
For footnotes see page 1315
18
Columbia OU A Gas
1
Columbia Pictures Corp. .*
Commonwealth A Southern
Apr
166%
Aug
July
119%
Feb
5%
14%
Mar
18
Mar
29%
Aug
300
%
May
1%
Jan
Commonw Dlstrlbut
300
**6 May
%
Jan
Community P A L $6 pref *
Community Pub Service 25
Community Water Serv.-l
700
%
9%
30
1%
1%
Feb
4
Mar
8%
July
Mar
4%
June
June
1,900
1
Jan
2%
Feb
20
Jan
2%
Jan
Mar
4
Mar
36
Feb
39
Aug
50
36
30%
400
3%
Mar
0%
Feb
1%
36
Aug
Mar
11
July
Mar
34%
July
5%
5%
June
3%
2%
Aug
900
1
Mar
7
2%
Mar
2%
2%
2%
1,100
1%
June
12%
3%
4%
4%
4%
400
3%
Mar
4%
6%
56
1,000
3%
Mar
7%
6
*55%
55%
200
45
Mar
47%
preferred..100
113%
18
Feb
20
500
Columbia Gas A Elec—
Jan
July
16
May
May
13%
1%
8%
Cockshutt Plow Co com._*
Mar
47%
25
48
7%
Club Alum Utensil Co.—*
July
Mar
Jan
May
May
2%
48
8%
Cleveland Tractor com...*
Cllnchfleld Coal Corp.-100
Jan
Mar
July
400
Clark Controller Co
1
Claude Neon Lights Inc.. 1
Clayton A Lambert Mfg—*
Cleveland Elec Ilium
*
July
Jan
May
400
July
July
**i6
53
29
21%
Aug
Mar
July
June
900
Jan
Jan
113%
79%
40
3
1%
Apr
Mar
3%
Mar
May
July
4%
July
3
3%
Mar
0%
9%
4%
June
Jan
Apr
2
10
Jan
8%
83
20
30%
Feb
69
Cities 8erv P A L $7 pref.*
$6 preferred
*
36%
Jan
Mar
»
Mar
%
"moo
Jan
Aug
June
*
July
12
"7% "8%
Jan
Aug
Aug
*
Jan
2%
4%
80
Jan
3%
Preferred
2%
Mar
500
1,700
Jan
Jan
Apr
Preferred B
May
June
13%
4%
Purchase warrants
8%
21
51
8%
Berkey A Gay Furniture. 1
common
1%
1%
5
1%
8%
6
*
%
Apr
July
Chamberlin Metal Weather
1%
15%
11%
Conv pref
conv
1%
1%
8%
12
100
Apr
3
July
30
""560
l
Bell Tel of Pa 6% % pf.100
$2.50
4%
1
Benson A Hedges com
Bickfords Inc
3%
com_..l
com
5%
Mar
20
Corp
Bellanca Aircraft
17%
3%
24%
14
Centrifugal Pipe.
Mar
100
Bell Tel of Canada
Jan
Mar
Mar
com.. 10
Beech Aircraft Corp
16
50
June
%
130
1
Baumann (L) & Co com..*
pref
Mar
%
'it
80
6%
100
35
Barium Stainless Steel--.1
conv
Mar
Jan
700
1,900
July
Feb
Aug
Preferred BB
7% preferred
_;i0
Baldwin Rubber Co com.l
Bardstown Distill Inc
1
Bell Aircraft
17%
17%
2'
7% 1st pref
*u
Mar
Mar
July
1,600
12,100
"T% "6% ""160
Baldwin Locomotive—
$1.50
%
%
10
6%
1%
1%
J an
2
Cent N Y Pow 5% pref. 100
Cent Ohio Steel Prod
1
Mar
1%
10%
July
Jan
200
Jan
3%
5
Apr
%
Jan
1%
15
2,000
Jan
3%
Mar
"150
11%
300
%
4%
Mar
"11
*500
1%
Mar
Jan
82%
Mar
7
%
1
Cent Hud G A E com
•
Cent Maine Pw 7% preflOO
5%
1
Aug
20%
Aug
10
Jan
29
81
July
Jan
30
5
22
Mar
20
4%
2%
Apr
Apr
19
82%
9
,
July
July
"20%
Mar
07
Jan
%
*
Mar
100
3%
3%
$7 dlv preferred
5
Jan
1%
15%
%
1%
18%
Jan
7
1
3%
400
2,100
1%
23
Mar
Mar
July
July
Aug
800
1%
10
7% 1st partlc pref.-.100
Celluloid Corp common. 15
1
Mines.
Beaunlt Mills Inc
Castle (A M) com
Catalln Corp of Amer
Jan
Jan
May
Aug
Apr
1
Jan
22%
101%
Apr
Aug
July
39
Mar
2%
1%
21
4%
4%
7%
Aug
Barlow & Seelig Mfg A
5
Basic Dolomite Inc com._l
Bath Iron Works Corp
1
25
1
common.
Mar
%
22%
5%
15
Jan
May
Celanese Corp of Amerjea
%
*
*
Feb
600
com.
Carrier Corp
Carter (J W)Co
Casco Products
Feb
Mar
14%
Purch warrants for
29
1
com
July
Mar
"3% "4% "moo
Jan
40
1%
600
Carnation Co common.—*
*16
2%
15%
Babcock A Wilcox Co
%
*
10%
2,200
10
Class B
104%
4%
*
common
300
*
Apr
2%
Automatic Voting Mach__*
Class A
3%
4%
Carlb Syndicate
—25c
Carman A Co class A
*
Mar
800
%
Apr
May
Aug
Mar
3%
Apr
2
Apr
7%
90
600
Mar
June
400
%
6
May
May
July
18
29
1
Capital City Products
1
Warrants
%
3%
%
Canadian Indus Alcohol A*
8%
17%
13,400
shs.£i
Jan
%
Aviation A Trans Corp—. 1
Axton-Flsher Tobacco—
Amer dep rets pref
1
3,300
11
Apr
2%
Calamba Sugar Estate. .20
Canadian Car A Fdy pfd 25
Mar
3%
6%
8%
4%
2%
10
15
5%
B non-voting
%
25
40
Burma Corp Am dep rets..
•Canadian Marconi
3%
4%
1%
700
3%
1,900
Bunker Hill A Sullivan 2.50
Jan
3
6%
.5
8
88
Feb
200
190
July
22
450
03%
3
6%
25
Jan
Apr
400
Jan
Corp
w
3
6
14
20%
104% 101%
14%
15
Carnegie Metals
*16
Jan
Aug
May
21
100
Carolina P A L $7 prel— *
$6 preferred
%
Jan
Jan
Jan
21% June
100
6%
ioi%
Jan
*
6% preferred w
0% pref xw_.
3%
400
28
20
*
$5 1st preferred
23
*»j
Avery (B F)
6%
28%
18%
Apr
Apr
*
Products
25
20
100
1%
4%
Atlas Corp warrants
200
21%
500
Mar
3%
11%
101% 102%
Jan
Cables A Wireless Ltd—
June
14%
59
Atlantic Coast Line Co..50
21
15
July
Mar
21
4,200
Assoc Laundries of Amer.*
Atlas Plywood
21%
28%
Jan
100
9
30
4%
7%
200
Mar
13%
Mar
3%
Apr
4%
27%
Mar
28%
20%
3
15
15
5%
100
65
Apr
"28%
5
6%
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries. .*
100
24
2
Jan
May
Mar
%
2%
6%
5
Aug
1
Common vtc
1
com
com
Mar
July
-.1
15 preferred
Option warrants
100
100
Buckeye Pipe Llne.--_.50
Buff Nlag A East Pr pref25
Aug
3%
11%
I
1%
3%
*
$6 preferred
Brown Rubber Co
Jan
Assoc Gas <fe Elec—
Class A—
Brown Forman Distillery-1
Aug
%
27%
28%
*
11%
*16
3%
1%
3%
23%
24
Burry Biscuit Corp—12%c
Cable Elec Prods vtc.—*
£1
Common
Class A pref
20%
47%
100
Apr
July
June
M ar
Mar
Industries
Amer deposit rets
1%
reg—10s
|BrownCo6% pref.---100
5%
100
10
1,200
7%
Am dep rets ord
Jan
3%
162"
Common class A
25
£1
Mar
15
Appalachian El Pow pref.*
lArcturus Radio Tube-—1
7
Amer Tobacco—
5
%
3%
Mar
15%
Registered.-.
4,000
65
Arkansas Nat Gas com...*
Elec
British Amer Oil coupon—*
11
%
15
2%
*
23%
*
Preferred
100
5
Apex Elec Mfg Co com-—*
Associated
7% preferred
Class A
30
6
1,300
Brlllo Mfg Co common.—*
10
5
5%
Mar
23%
10%
7%
5%
5%
4%
14
%
*
28%
30%
14%
1,200
Amer Potash & Chemical.*
American
Aug
10%
Apr
11%
*
3%
400
88
Mar
54
1
Amer Meter Co.—-
Mar
1,200
3%
12
Jan
Aug
8
Amer Invest of 111 com..-*
Mach
-20
Amer Lt & Trac com----25
Apr
2%
Amer Hard Rubber Co.-50
Amer Laundry
Jan
7%
4%
2%
May
23
600
1
1%
1,000
4%
12
Jan
Feb
July
July
June
27%
20%
Mar
104
4%
1%
17
*»i6
33
Mar
50
Jan
July
July
350
Mar
May
June
25
25%
Apr
%
7
50
%
15%
8%
1
$2
2%
300
4%
.....
Jan
26%
25
V,000
Aug
May
3%
"*20%'*27%
13
British Celanese Ltd—
Mar
Amer Fork & Hoe com—*
Amer Gas A Elec com
4%
....
*
Apr
1%
700
Mar
10
%
B
July
July
'4,500
July
5%
76
Class A.
%
29
'
July
17%
*
Amer dep rets reg
Apr
1%
1%
12%
2%
Mar
27%
10%
"22% "24"
22%
Mar
Mar
Mar
800
A. 10
n-v
Amer Foreign Pow warr—
1,000
22%
25%
100
2
4%
1
Brown Fence A Wire com.l
B
Amer Cyanamld class
Class B
Brill Corp class
Jan
Am dep rets ord bearer£l
July
25%
42
Aug
30%
Class A with warrants.26
July
July
Apr
Apr
Apr
50
1%
200
26%
25%
1%
June
Apr
July
1%
26%
%
34
Mar
18
Am Cities Power A I.t—
A
200
Aug
Mar
300
1%
40%
11%
Feb
12%
21%
19%
16
1%
25
Apr
11
9
11
Mar
*
24%
70%
3%
60
IK
Mar
Mar
4%
175
June
100
Preferred
Bright Star Elec cl B
British
2
High
Mar
4%
2,800
10%
Bridgeport Gas Light Co.*
Bridgeport Machine---—*
Capital—
Common class B
Aeronautical.—1
Aug
lis"
9%
39%
10%
1
11
58
100
1%
40%
Brazilian Tr Lt A Pow—J*
May
Class A common.-—10c
Class
2d preferred
Feb
American Beverage com-.l
American
20
100
100
Jan
July
11 h
19%
com..*
7% 1st preferred
%
Apr
11
—
10%
6
600
11
*
100
25
*
Aug
100
4
4%
122% 127%
105% 105%
14%
14%
125
American Airlines Inc.-.10
Amer Box Board Co com.l
C) Co com.
1st preferred
Aug
103 %
15
115%
100
American Book Co
Jan
7%
12%
Aluminum Goods Mfg---*
6% preferred
2%
1%
Bohack (H
%
%
pref
Aluminium Ltd common.*
Mar
$3 opt. conv pref
*
Blumenthal (8) A Co-—-*
8%
Allied Internet Invest com*
preference
Jai>
44%
com
10
Class A conv com
25
Aluminum Co common..*
Jan
50%
06%
57%
2
Allied Products com
2
1, 1938
Low
6%
Bliss (E W)
Jan
Range Since Jan
10
com
July
1%
for
Machine Co com
Cauner's
37
7%
1
Price
Blrdsboro Steel Foundry a
11%
preferred..
6%
Jan
Jan
500
Gt Southern-.50
conv
Feb
4%
300
Alles A Fisher Inc com..
13
Par
1%
common-.
Ala Power $7 pref
Alliance
of Prices
I Week
Low
High Shares
%
10
Warrants..
$6
Week's Range
Sale
%
Conv preferred
Alabama
Jan
23
2,100
9%
Sales
Last
High
14%
27%
B.
Friday
STOCKS
(Continued)
Ranot Since Jan. 1. 1938
Mfg class A_*
Aero Supply
Class
tarn*
Weel's
Sale
3%
3
Warrants
16
*16
25
21%
21
2%
Mar
13%
July
4,000
%
200
25
25
2,400
%
%
1
60
25
3%
16
01
June
50
*16
%
1
28
25%
100
18%
Mar
»1«
100
%
Apr
1
Jan
Aug
Feb
21%
*16
Jan
Jan
4%
16
Aug
Aug
June
Feb
Mar
%
10
Jan
Aug
Jan
July
Jan
May
Jan
Volume
New York Curb Exchange—Continued—Page 2
147
Last
I Friday
Week's
Sale
Price
Range
Fox
V t c ext to 1946
i-
Consol Biscuit Co
Consol Copper Mines
1
7%
6X
7X
1,600
5
m
5%
6%
8,500
*
com
73
71
100
5% pref class A
Consol Gas Utilities
Mar
11
3%
3%
Sale
Par
High
Low
Shares
Feb
15
Jan
7%
Aug
Mar
6%
July
(Peter) Brew Co
Common
114% 114%
55
Mar
Aug
116%
June
Conv preferred
Fruehauf Trailer Co
•h
Apr
1%
May
Fuller (Geo A) Co com
48%
Apr
64%
Jan
8%
15
Apr
6%
July
7%
500
6%
Mar
Aug
200
14 %
125
5%
6%
Jan
Mar
Mar
8%
17%
17%
"l5"
1
200
Consol Min & Smelt Ltd-5
58%
60%
4%
350
600
July
4% conv preferred--.100
July
81%
Jan
'"lli "lX
"loo
1%
June
Jan
600
2%
Mar
100
"is"
Gamewell Co $6 conv pf..*
Gatlneau Power Co com..*
5%
73%
1%
5%
Consol Retail Stores
1
4
2%
70
8% preferred
100
Consol Royalty Oil..---10
Consol Steel Corp com...*
Mar
5%
4 Va
Cont G A E 7% prior pf 100
Continental Oil of Mex
1
73 %
73%
67%
Apr
Va
Va
Va
300
3i«
May
Cont Roll A Steel Fdy—*
8%
7%
8%
800
4%
May
6%
61
Cook Paint A Varnish--.*
*
Cooper Bessemer com
*
$3 prior preference
*
Copper Range Co
*
Copperweld Steel com..10
$4 preferred
100
1%
53%
May
1,100
%
June
2%
Jan
50
4%
June
13%
Jan
6% preferred A
7%
%
July
12
Jan
Gen Water G & E
May
1%
Mar
27%
8%
Jan
Aug
Mar
%
July
5
22 X
*
6%
1
Crowley. Milner A Co—*
X
Croft Brewing Co
22
5%
22%
6%
2,700
%
%
3
Crown Cork Internat A--*
100
3
10%
10%
200
1%
1%
700
25
*
-.10
com v
*
34%
9%
Jan
6
Jan
8%
Mar
1
Mar
June
%
Jan
Mar
150
35
9%
Jan
25
10
102
800
May
13%
13%
13%
200
10
40
40
2X
2%
2%
25
600
2
2%
2%
1%
May
1%
200
14
25
11
3%
3%
3%
300
62%
10
Duro-Test Corp com
Duval Texas Sulphur
Eagle Plcher Lead
East Gas A Fuel Assoc—
"Sx
Eastern States Corp
3%
3%
July
Aug
16
Jan
Jan
Feb
Hall Lamp Co
Haloid Co.
Jan
Hartford
Jan
Hartford Rayon v
Mar
Mar
Mar
9
24%
3%
13
Mar
16%
June
110
Mar
1
Mar
2
Feb
58%
59%
125
64
Mar
66
Jan
Jan
3
July
3%
Apr
Jan
Jan
May
6%
9%
7
Mar
13%
Feb
21%
3%
100
100
2
31
Jan
12
July
Mar
4%
14
16%
Mar
Mar
Mar
2%
Mar
4%
4%
35
July
July
July
1%
Apr
2%
Apr
"50
12
11
3
May
6
10
Mar
13
Jan
76
49%
Jan
Jan
55
May
47%
48%
50
28
Jan
66
May
48%
25
28
Feb
May
48%
49%
300
28
Jan
55%
57%
50%
50%
51%
250
32
Jan
58
May
May
17%
6%
%
May
22
Feb
200
4,800
1
5%
1
7%
Feb
Jan
3,100
7
May
13
Jan
50
21
Aug
31
Jan
*
5
1
4%
7%
56%
8%
1
69
100
49%
»
300
600
19%
100
300
50
5%
64
1
Apr
"II
Apr
2%
June
Mar
^4%
20
Mar
Jan
July
2%
Aug
1%
1%
Jan
6
9
Jan
30
Jan
10%
Jan
100
3%
2%
5%
5%
Mar
7
Apr
7%
Mar
6%
Feb
Mar
21%
June
6
10
10
200
Mar
*11%
Mar
37%
40
300
Zll% zll%
Mar
52
5%
11%
Mar
13%
15%
Mar
AUg
16%
July
June
20%
Aug
70
98%
Jan
Feb
Aug
102%
8
Mar
11%
May
July
56
Mar
72%
July
Mar
6%
Jan
%
Mar
%
4%
Mar
3
Mar
""67% "70%
2^300
4%
4%
100
2%
Va
Va
200
100
6%
6%
100
1%
.....
1%
1%
20%
20%
3%
3
15%
4%
15%
4%
16
K%
16%
15%
9
Jan
July
150
15
June
5%
2%
33%
1,800
1,500
2
Mar
4%
July
12
Mar
18%
July
200
1%
June
6
July
Jan
Jan
8%
Jan
17
1,000
3%
Mar
100
4%
12
12
*
5%
Mar
13%
Jan
100
7%
Feb
8%
19%
Mar
19
Mar
15%
July
1,100
15%
400
15
Mar
15%
13%
June
Mar
Jan
pq
32
Mar
400
Jan
37%
9%
10
8%
10
6% pf.100
preferred
Feb
May
I
Imperial Tobacco of Great
Britain <fe Ireland
£1
Feb
16
6%
Jan
19%
100
10
May
82
Apr
Non-voting class A....*
1
June
1%
98
Aug
Mar
Indpls P <& L 6%% pf-.lOO
Indian Ter Ilium Oil—
7%
Aug
July
July
9
100
Indiana Service
Jan
18
1
Indiana Pipe Line
Jan
27
11%
100
Zinc
Aug
May
Apr
4
Div arrear ctfs
Jan
Jan
19%
32
50
July
-
May
May
Aug
Jan
*
1%
Mar
1%
Feb
V 10 common
—1
%
Mar
preferred
100
Feb
%
11%
July
June
1,050
48%
Mar
67%
June
400
16%
Mar
22
8%
%
Apr
Feb
1%
Class
B
2
Mar
200
6%
Mar
10
Apr
Insurance Co of No Am. 10
64%
64%
16%
Mar
20%
Jan
International Cigar Mach *
22
22
Mar
6%
July
1,900
7%
July
5%
July
7%
Pref 33.50 series
50
7%
100
4%
Mar
300
14%
June
13
100
11%
Mar
14%
Mar
*ie
300
%
Jan
he
Jan
Internat Paper A Pow warr
56%
20
39%
Apr
9,200
4%
48%
Mar
Aug
Mar
69
Aug
56
7
68%
48%
69
49%
75
350
26
Mar
Jan
Jan
49%
Aug
A stock
Registered
International Products.
20%
1,000
2%
2%
2%
1,100
26
26%
700
23
3%
10%
3%
400
24%
2%
11%
1,800
Internat
400
3%
May
5%
Jan
1,800
14%
15
Mar
Class
A
Mar
21%
20%
Aug
200
Aug
Class
B
$1,75 preferred
Apr
*
—
3%
11%
1
%
8%
3%
May
Mar
31%
Mar
Apr
June
31
Aug
July
Mar
%
Mar
4%
Feb
Mar
5
200
%
Aug
11%
July
Jan
%
June
International Utility—
4%
20%
2%
6
A *
*
Radio Corp
1
Safety Razor B_.*
21%
Mar
Jan
29%
Mar
19%
purch warrants.
Internat Metal Indus cl
20
1%
7
19%
International Petroleum..*
8%
60%
8%
Jan
S16
8%
22%
Internat Hydro-Elec—
19%
23
25
11
11
Mar
6
*
1
*
»i«
Ml
200
Jan
9
Jan
1
1,300
Vitamin-—1
4%
4%
4%
500
3%
3%
4%
1,000
Mar
May
9%
Jan
24%
33.50 prior pref
*
Warrants series of 1940—
%
%
7%
%
Interstate Home Equip. .1
12
Apr
18
67%
preferred
International
naffA
Mar
6%
Inc.—5
7% pref stamped
4
21
rets...100 frcs
oaa
Mar
1,700
200
5%
20
*n
Motor of France—
AAinAtao
3%
1%
9
Jan
Common
20%
reg..£l
B
f
Aug
July
300
9
Hummel-Ross Fibre Corp 5
Internat
Ford Motor of Can cl A..*
Amer dep
u
1
Mar
300
Ltd—
Am dep rets ord
7
Aug
19%
5i«
(Phlla).lO
Florida P A L 57 pref
June
2%
7%
19%
1
56 preferred
Jan
94
100
6%
July
80
Jan
21%
13
Flsk Rubber Corp
ljob
4
he
3ie
4
Flat Amer dep rights
Ford
»u
12
20
Fanny Farmer Candy com I
Class
10%
21
3i«
falstaff Brewing
Motor Co
Mar
11%
-
Fidelio Brewery
46%
Feb
Industrial Finance—
Falrchlld Aviation
Ford
Mar
21
11%
100
"l% "2%
uie
15%
24
%
100
2%
12
1
8%
Jan
9%
Mar
72
4
Illinois
"48%
Esquire-Coronet
1
Eureka Pipe Line com—50
European Electric Corp—
Corp
'1%
Imperial Chem Indus.-£1
Imperial Oil (Can) coup..*
Registered
*
June
%
tt'1'
50
2%
12
12
Feb
81 %
9%
Jan
Aug
% June
5
Jan
1%
48%
47%
100
100
—100
100
Empire Power part stock.*
Emsco Derrick A Equip. .5
Equity Corp com
10c
preferred
% preferred
preferred
preferred
4",300
44%
42
Aug
12%
Feb
75
July
July
Empire Gas A Fuel Co—
Fodders Mfg Co
42% |
May
t
|
Hygrade Sylvanla Corp..*
Illinois Iowa Power Co...*
16%
49%
12%
32
July
50
15
11%
32
Hydro Electric Securities.*
Hygrade Food Prod
5
Jan
5%
1
Empire Diet El 6% Pf-100
Fansteel Metallurgical
12% j
Jan
(Huylers of Del Inc—
60
1
Option warrants
3
*
Hardart
Humble Oil & Ref
1,400
3"
'H"
Mar
9,300
%
8%
—25
Jan
2
800
8%
Heller Co common——2
1%
July
2%
33
3%
preferred
Hubbell (Harvey)
Aug
125
Apr
*
w w
July
Apr
A...
10%
15%
1
Fire Association
Class
65
Mar
26%
Rubensteln
Helena
Aug
Mar
4%
26%
Apr
61%
.....
Jan
Jan
Jan
Mar
25%
Imperial Tobacco of Can.5
Electrographic Corp
Electrol Inc vtc
Ferro Enamel
preferred
Mar
Electric Shareholding—
6%
6%
7%
8%
6%
Hecla Mining Co
Mar
Mar
2
20%
1%
9%
10%
Mar
117%
6%
4%
42
2%
Mar
100
6%
Horn A
2
......1
Mar
300
19%
Jan
Jan
1,000
pref ww
*
Elec Shovel Coal 54 pref--*
Aug
July
1,000
com...6
50
25c
Jan
June
56%'
conv
24
8
7%
Holllnger Consol G M...5
54
900
1,600
Holophane Co common..*
Hormel (Geo A) A Co com*
Horn (A C) Co common.. 1
55%
4
Jan
3
Apr
30
Corp
Hearn Dept Store
Jan
Mar
4
Feb
122
*
Jan
36
*
*ii
29
1
com.l
Jan
1%
500
Option warrants
Feb
June
122
Brewing Co
24
49% j
-.1
Elec P & L 2d pref A
Elgin Nat Watch Co
Harvard
26
56
56 preferred
*
Elec Power Assoc com—1
Jan
17%
95
30
*
5
25
t C-.-.l
Mar
49
16,300
9
Light
Mar
July
July
8%
Apr
81
13
2%
35
Mar
Jan
122
Heyden Chemical
10
Hires (Chas E) Co cl A—*
Hoe (R) A Co class A...10
49
Common
Elec
%
7%
100
—
10%
7%
15 preferred
56
preferred
Hewitt Rubber common..5
Apr
1
Elec Bond A Share com
Class A
86
Jan
June
13
Economy Grocery Stores.*
Mar
%
5%
3%
3,300
Gulf States Utll 85.50 pref
May
3%
62
%
21%
3%
Easy Washing Mach B_.
Elsler Electric Corp
25
~
Gulf Oil Corp
14
*
._*
B—*
Edison Bros Stores
1 %
Aug
33% June
11
*16
8%
9%
Gypsum Lime A Alabast.*
Jan
700
950
9%
7%
33%
1%
15%
%
8%
1
Hazeltlne
12%
July
36
May
6%
13%
Feb
7
13%
Guardian Investors
Hartman Tobacco Co
1,400
1,050
41
May
2
100
July
15
July
Hat Corp of Am cl B
2%
June
6%
Mi May
100
25
7% 1st preferred
Gt Northern Paper
July
38%
June
10
*
stock
com
July
July
$7 preferred series A
$6 preferred series
Non-vot
64%
1%
Aug
62
26
100
200
extend.*
23
28%
77
Mfg Co—
Vtc agreement
Mar
1%
13
*
Mar
28%
4%% Prior preferrd-100
6% preferred
-.100
Eastern Malleable Iron.25
30%
13
preferred
Gorham
Apr
16
Gorham Inc class A
June
89
30%
preferred
Goldfleld Consol Mines. 1Q
$3
Jan
June
6
31%
May
Mar
4%
1,500
6%
31
13%
87
Preferred
Common
88
30
Godchaux Sugars class A.*
Class B
*
11%
4,300
July
58
75
77
6
47
11%
72
10
*
Preferred
100
10%
Mar
4%
July
9%
6
11%
Jan
44
57
75%
Glen Alden Coal
250
2~200
88
Gilbert (A C) common..
200
"T%
Jan
14
Mar
Apr
13%
"5"
88
Greenfield Tap A Die—
%
59%
*
1
*
10
1%
Mar
Mar
Jan
Jan
3%
58
103
100
Duke Power Co
May
4%
63
Durham Hosiery cl B com
July
26%
Feb
40
1%
Dubllier Condenser Corp. 1
53
*
Georgia Power $6 pre!.—*
85 preferred
*
21
100
7% preferred..
100
com
preferred
58
13%
*
Diaper Corp
Driver Harris Co
Mar
1
$3
21
Dominion Steel A Coal B 25
Aug
July
General Tire A Rubber—
2%
Mar
2%
9%
9%
Mar
*««
80
1
Grocery Sts Prod com..25c
Grumman Aircraft Engr._l
May
3
50
Feb
,
8%
Mar
14
July
Great Atl & Pac Tea—
Mar
200
Apr
Jan
Aug
%
Apr
40
Jan
Mar
1,100
%
*
preferred.
conv
Aug
1%
2%
15
200
30
July
10%
2%
Mar
9
1,000
%
19%
Mi May
7%
100
32%
14%
2%
Mar
..—_ -
.
.
14
600
1
Dobeckmun Co com-
S3
....
22%
14%
1%
22%
Dlvco-Twin Truck com_.l
Warrants
Apr
June
2%
13%
%
Mar
5%
£1
July
Mar
Mar
14
com.*
Liquors Corp—5
35
July
13%
Mar
32%
Diamond Shoe Corp
14
(Grand Natlon'I Films Ino 1
Grand Rapids Varnish...*
Gray Telep Pay Station..*
100
2%
Aug
5%
Aug
14%
Detroit Paper Prod
1
Detroit Steel Products.—*
24
July
Aug
37%
Det Mich Stove Co com_.l
1%
10%
8%
1%
Feb
108%
8%
1
6% pref ww..
20
Detroit Gray Iron Fdy—1
Jan
Mar
June
Preferred
Detroit Gasket <k Mfg
July
Mar
16%
Apr
5%
3%
100
July
1%
18
May
17
Derby Oil A Ref Corp com*
11%
Jan
5%
10
Dejay Stores
Distillers Co Ltd
Jan
5
400
1
108% 108%
Dayton Rubber Mfg com.*
Class A
35
Distilled
Feb
Jan
7
6%% preferred
100
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dennison Mfg 7% pre!.
Jan
Aug
2%
%
t o. *
Cuneo Press Inc
3%
72
3
14
com.-25c
com
3
Mar
3
Crown Cent Petrol (Md)-5
Preferred
17%
800
800
Aug
June
Gen Rayon Co A stock
*
General Telephone com.20
100
1%
Jan
12
83%
July
20%
1%
87
Mar
Apr
Aug
preferred
30
IX
37
Aug
65
$6
June
1
Mar
7%
41
Jan
July
18%
com
28
*
9%
20%
200
70
50
Gen Outdoor Adv 6% DflOO
Gen Pub Serv J6 pref
Mar
July
70
37
General Investment com.l
8
Crocker Wheeler Elec
6% preferred
Cuban Tobacco
Mar
May
Creole Petroleum
Crystal Oil Ref
June
54%
4%
Cramp (Wm) A Sons com.l
Co
10%
Arp
200
*
21%
1%
Mar
800
3
Mar
—
8%
3
18
80
Amer dep rets ord reg.£l
Gen Fireproofing com
*
5%
29
May
Aug
125
Gen Electric Co Ltd—
July
5%
14
Aug
21
75
%
10%
•7%
-1
6% conv preferred
Courtaulds Ltd
Crown Drug
Jan
Jau
18
20
21
100
Jan
80
Mar
4%
5%
Aug
11
35
*
preferred
General Alloys Co
July
£1
Corroon A Reynolds—
Common
$6 preferred A
Cosden Petroleum
5
June
2%
17
"is
preferred
10%
200
1
l'i«
conv
Jan
4%
1
$3
High
LOW
Shares
7%
1
113
July
Range Since Jan. 1, 1938
for
Week
of Prices
High
Low
Franklin Rayon Corp
1
Froedtert Grain A Malt—
170
74
Price
5
900
73
Week's Range
Last
(Continued)
Week
High
Compo Shoe Mach—
Consol G E L P Bait
STOCKS
Range Since Jan. 1. 1938
for
of Prices
Loic
1311
Sales
Friday
Sales
Apr
Feb
30%
July
%
Jan
2% Mar
2% June
4%
July
5
Julv
»n
New York Curb
1312
Sales
Friday
Last
Far
for
of Prices
Low
High
Price
4%
Royalty
-1
Mfg v t c—10
~n"*$
Iron Fireman
1
•
Irving Aur Chute
A
Italian Superpower
Jacobs (P L) Co--
4*$
Jones & Laughlln
Mar
19
Aug
Nat Bellas Hess com
13H
2,200
'<%
Mar
13?$
Aug
H
Mar
?$
7*$
'
*$
Jan
4%
1%
5 *$
2
8,600
I
May
*$
<
800
fune
*$
52 >$
Jan
Jan
National Fuel Gas——
67*$
Aug
National OH Products—
Apr
75
Aug
Apr
86
Jan
21
Mar
Jan
Aug
43 *$
32 *$
106
May
pref.—*
Co—25
Nat Rubber Mach
*
Nat Service common
1
Conv part preferred—*
4
Mar
100
5*$
d'A
Apr
Aug
400
•
H
Apr
Feb
111
7 >$
1J
%$
106
Aug
July
Mar
Jan
Aug
Jan
)
44
39
80
~~2% "T"
T.IOO
3?$
800
3 *$
3*$
28*$
Mar
44
Aug
22
44
.....
Mar
33
July
Nebel (Oscar) Co com
Feb
Nebraska Pow 7% pref.
Jan
Nehl Corp common
J
5*$
Mar
12?$
11*$
98*$
12*$
99?$
400
175
x5?$
Mar
8*$
14*$
July
July
95
Mar
102*$
Jun
Kresge Dept Stores
Lakey Foundry & Mach—1
7% pre!. .100
6%
0A
300
53*$
0*$
6,500
2*$
900
5*$
Mar
May
11
4uU
49
Aug
New England Tel &
68*$
Feb
52
New Idea Inc
46*$
Mar
2*$
1?$
Mar
3*$
Jan
03*$
2H
July
85?$
Jan
Laugendorf United Bak—
Class
A
*
14
May
*
3
Apr
-
Lefcourt Realty common.
Preferred
4%
Develop—25
OH
Le Tourneau (R G)
%
H
%
5H
ht
1,200
6%
*
14
5*$ May
1*$ July
15
July
5*$ July
Mar
Mar
May
11i»
Jan
29
Aug
14
July
11*$
22%
23?$
3,000
2*$
2*$
2*$
500
June
16?$
Mar
26*$
Jan
10*$
19?$
22%
--25
preferred
May
?$
13
Llpton (Thos J) class A— 1
Lit Brothers common
2?$
1,100
Line Material Co—.—..5
*
Jan
Feb
100
Inc.-l
Lion Oil Refining
?$
12 H
%
*
Lehigh Coal A Nav
Leonard
1
*
——
Jan
14
Feb
Apr
26
Jan
1
Mar
3
July
Aug
Locke Steel Chain..--—5
10
141$
10*$
3,250
7*$
Mar
16*$
-.1
14
14 *$
15
7,300
5?$
Mar
16*$
Aug
1,100
6?$
Mar
10*$
July
Lockheed Aircraft
Lone Star Gas Corp
*
9%
9?$
9?$
Island Lighting—
Ix)ng
*
Common
100
0% pref class B
100
Loudon Packing.
*
Louisiana Land <fe Explor.l
7%
l
*$
1*$
preferred..
31
24
27*$
Manati Sugar opt warr—.
N Y Pr & Lt 7%
Mar
Mar
July
?$
*$
*$
Msr
100
2?$
35
400
Mar
9?$
88
Mar
24
1,200
30
*$
Jan
1?$
July
July
39
Aug
%
1?$
29*$
June
46
May
19?$
6*$
—*
10
Apr
Master Electric Co
Aug
June
5*$
200
3?$
Mar
1>$
Mar
"7?$ "8*$
1*366
4J$
Mar
Mar
5*$
Mass Utll Assoc v't 0—1
36 preferred
Niagara Hudson Power—
Common
10
Jan
Mar
May
"1.
100
16*$
1,000
12*$
"""Id
15
3*$
July
Jan
Feb
Mar
7*$
6
Class B common
Class A pref
Jan
53*$
105
105
7*$
12
63*$
*74?$
*
36 preferred
Class B
No Am
July
Noi
July
7% preferred
Northern Pipe Line
Aug
18*$
19?$
700
123?$
3*$
3*$
350
1*$
4
20
5
Mar
28
Mar
5
?$
Mesabl Iron Co.
"hi "" ~"l«
1
Mar
*$
Mar
400
25c
Partlclpat preferred
Metropolitan Edison—
_
_
25
82*$
82*$
25
74*$
%
%
100
*i6
?$
«w
400
2?$
3*$
4,500
2
8*$
8*$
100
5
*$
ht
2,500
Bumper Corp.. 1
Gas A OH
1
■
*$
10
Class A vto
*
3H
Midland Oil Corp—
12 conv pref
Mai
Apr
10
Jan
"40
91*$
Apr
106
Aug
Apr
95
July
Mar
Jan
Mar
20?$
30
July
Jan
9*$
7*$
80?$
7?$
4 *$
Jan
20?$
July
Mar
July
July
70
4,000
81*$
525
""*$ ""ht
Mar
9J$
89*$
May
70
5*$
"1,200
Jan
Jan
Mar
July
*$
Feb
*i«
Jan
Apr
1?$
June
5?$
5?$
600
0
39
July
1,100
1*$
1*$
1,000
H
40*$
28*$
25?$
42
28*$
200
31
100
12*$
25?$
100
11?$
300
3
Jan
42*$
Aug
Mar
2*$
Feb
4J$
July
Mar
2*$
43*$
May
Aug
Mar
29
Aug
Mar
27*$
Aug
Apr
1?$
4*$
7*$
89*$
Mar
24*$
1?$
1,900
Apr
Mar
80
42*$
Mar
July
3?$
I
;
41
42
42
43?$
Aug
H
4?$
100
'70*$ "72"
"ie5
4?$
Mar
1*$
July
3*$
Mar
4?$
Re
July
Re June
Ollstocks Ltd
Jan
47
Apr
74
July
50
Apr
80
July
4
10?$
11?$
800
Mar
0?$
Mar
14*$
Jan
8*$
10?$
Mar
15*$
July
Mar
28
6
Feb
Aug
200
113*$ 113*$
10
.5
com
50
34?$
Jan
May
May
97*$
113
July
109*$
Apr
113*$
June
104?$
July
Apr
94*$
July
100
85
July
Aug
8?$
Oklahoma Nat Gas com. 15
33 preferred
June
93*$
225
29
109?$ 109?$
20*$
87
109?$
9
34*$
34
Mar
2,500
10
34*$
6?$
Mar
250
21 H
Jan
35
July
May
100
July
10?$
10*$
July
Jan
Overseas Securities
*
2*4.
June
2%$
4*$
July
Feb
Pacific Can Co com
*
4 A
Mar
8?$
Aug
Mar
May
July
85
May
Jan
*$
Jan
89
..100
1
1?$
1?$
100
Mar
Jan
Apr
30
30
30*$
1,800
27 V$
5*$% 1st preferred
Pacific Ltg 36 pref
27*$
27*$
27?$
650
25?$
Apt-
27%$
Jan
98*$
Mar
108*$
July
25
*
Pacific PAL 7% pref. 100
Pacific Public Service
*
5?$
8?$
Jan
May
*ii
Mar
?$
Jan
May
Feb
Pan-Amer Airways
♦
1
4*$
5
300
1?$
Mar
1*$
5*$
Apr
7?$
May
1
?$
.....
...
Apr
4?$
July
com.l
6*$
Aug
Peninsular Telph com
Preferred
10
13*$
July
2*
Feb
24?$
Feb
*$
Aug
Penn Traffic Co
Mar
4?$
June
Aug
July
11*$
200
6*4
Jan
11*$
Aug
6?$
2,300
3*$
Mar
6*$
July
20
100
12*$
Mar
1,300
1?$
Mar
1*$
June
2*$
2*$
2*$
2*$
100
6
100
156?$
154
330
Montreal Lt Ht A Pow..»
"29*$ "29*$
'""loo
17
32.80 preferred
jMoore (Tom) Distillery.)
Mountain City Cop com 5c
Mountain Producers
10
*$
*$
6?$
6?$
7
w
5*$
5:
Muskogee Co
"io?$
*
♦
For footnotes see page 1315.
"16
H
*11
35 preferred
*
.
July-
50
8?$
Feb
1?$
June
July
2*$
Mar
2?$
8*$
93*$
84?$
2.50
Pennroad Corp vto
1
Penn Cent Airlines com.. 1
PaPrALt 37 pref
36 preferred
2*$
2*$
100
7*$
2*$
3,900
1?$
Mar
7*$
8
1,200
4*$
May
90
325
79*$
Mar
2
20
84
84
157
157
25
68
700
59
54?$
68
67*$
50
2 J$
1
7
Philadelphia Co
*
6
Aug
Aug
Aug
Phila Elec Co 35 pref...
Feb
Phila Elec Pow 8% pref 25
com
May
29*$
Mar
Phillips Packing Co
May
34?$
July
74
84
157
475
156?$
2*$
88*$
2
*
*
Penn Salt Mfg Co
50
Pa Water A Power Co..
20*$
July
Apr
Aug
79
Mar
121*$
May
Mar
160
72*$
Jan
July
July
Aug
July
Jan
Apr
86
July
Mar
24
28
Aug
Apr
8?$
July
4?$
Aug
7?$
May
Feb
117*$
29*$
1,100
3?$
112%$
7?$
Mar
3m
Feb
21$
Mar
4?$
July
1
Mar
4?$
July
July
Phoenix Securities—
2
May
Mar
9*$
5?$
100
Feb
July
1
28
June
8?$
Jan
2?$
70
*$
8?$
45
28
4*$
50
Jan
*
*
3?$
io?$
July
1
100
100
io?$
26
110
26*$
Pepperell Mfg Co
800
""400
Jan
Apr
Mar
Perfect Circle Co
Pharts Tire A Rubber
31
Mar
16
24
Apr
Apr
2*$
21
107*$
Aug
Jan
500
3*$
%
20*$
4
20?$
3,100
20*$
150
10*$
Mar
23
July
20*$
19?$
20?$
800
xl0%$
Mar
21*$
Aug
Pioneer Gold Mines Ltd-.l
3*$
3*$
500
2?$
Mar
3*$
Jan
121
Jan
6
Mai
12
July
June
12*$
Jan
Aug
J0?$
Aug
June
8?$
Aug
7
Common
3*$
Conv pref series A
lb
Pieree Governor common
Jan
Mar
10?$
3%
•
July
6
"II
50
July
100
Murray Ohio Mfg Co
*
Muskegon Piston Rlng_2*$
400
3*$
3,900
Mountain Sts Tel A Tel 100
0*$
25*$
Feb
♦
28*$
Moore Corp Ltd com
5?$
25*$
5J$
*
Mar
4*$
122
28
Moody Investors pref
*
100
Penn Gas A Elec cl A
Penn Mex Fuel Co..
6
Montgomery Ward A
*
14
Penn Edison Co—
Mar
Jan
20
2*$
Jan
Jan
11?$
5?$
l
Jan
Aug
Mock, Jud, Voehrlnger—
1
4%$
35*$
Mar
78
*2.60
Feb
June
Mar
Feb
110
Monarch Machine Tool..*
7?$
18
Mar
May
May
Pender (D) Grocery A
Class B
8*$
1*$
June
3?$
l<*
6H
2*$
5,400
23
100
69
5
May
800
103
4?$
June
8?$
Miss River Power pref. 100
Missouri Pub Serv com
19?$
13
11*$
Minnesota P A L 7% pf 100
May
12*$
Aug
10
39
12*$
50
8*$
200
Aug
1,000
3*$
4?$
15
400
11*$
38*$
July
14?$
15
80*$
l*$
9*$
37*$
July
19
90
18
June
38*$
7*$
Apr
15
J$
....10
Mar
June
16
Jan
Midwest Piping & Sup
*
Mining Corp of Canada. *
Minnesota Mining A Mfg
3?$
15*$
87
100
Patchogue-Ply mouth M ills*
May
50e
200
Parkersburg Rig A Reel—1
59?$
25
'
July
Mar
65
7
18
July
July
*14 *$
65
7
18
*
65
July
June
Apr
65
31.30 1st preferred
Apr
31
Paramount Motors Corp.l
Parker Pen Co.
10
June
Co
40
Page-Hersey Tubes com..*
Jan
7*$
2
Feb
3?$
.
Jan
July
*
Nachman-SpringflUed
July
*$
Midland Steel Products—
$2 non-cum dlv shs
*
com
77*$
1*$
*$
Montana Dakota Utll
Mar
29*$
Ti« June
Warrants
Monroe Loan Soc A
Jan
42
Jan
Jan
"l*66
,'....*
3 Vs
Middle West Corp com...5
Common
2?$
6% conv pref
Oldetyme Distillers
60
*•11
Middle States Petrol—
Molybdenum Corp
72*$
00
7?$
28*$
100
Ohio Power 6% pref
100
Ohio PS7% 1st pref—.100
6% 1st preferred
100
Panfepec Oil of Venez——
*
Mid-West Abrasive
July
Mar
Mar
18
3*$
Steel Tube.,2.50
t c
14
May
Pacific G & E 0% let pf.25
♦
*
Oil
Sugar Co..
Preferred
July
Aug
Aug
July
July
Jan
Apr
*$
15
Mar
?$
Apr
30*$
0*$% A preferred... 100
Metal Textile Corp
2
J$
Jan
July
10
5*$
*
Ohio 011 6% pref
Mar
62
108
Mar
400
19
Ohio Edison 36 pref
Mar
Mar
4
Ohio Brass Co cl B com.
Mar
900
4
Jan
Aug
July
3*$
21
3?$
3*$
13*$
Participating preferred.*
Merrltt Chapman A Scott *
Warrants
100
20*$
124*$
100
3
_
Mar
200
1
Pow com cl A.
Northwest
Mar
Mar
July
Mar
100
10
9<*£$
7*$
Apr
July
12*$
Mar
10*$
Nor lnd Pub Ser 6% pf-100
July
Aug
90
5*$
51
45*$
1>$
European Oil com—1
2?$
99
16*$
Apr
12
300
60
Utility Securities.*
25
16
Aug
June
Jan
5
*
com
99
10*$
Mar
81
cl A..*
99
Merchants A Mfg cl A
Jan
?i
0>$
Common.—..—.—-1
North Amer Rayon
Nor St
Memphis Nat Gas com...5
6
7?$
Aug
20
4*$
Engineering.
Novadel-Agene Corp
Mercantile Stores com...*
June
4*$
1,650
105"" 106"
105
4*$
July
121
Jan
June
85
1,000
1
55
McCord Rad A Mfg B___*
111
Nor Amer Lt A Pow—
Feb
19
July
30
75?$
Noma Electric
47
123?$
79
25
73*$
1?$
11*$
♦
July
20
100
1?$
200
Dredging..
Mar
July
300
1?$
5
600
Mead Johnson & Co
?$
8
12?$
53*$
65
Niplssing Mines..
8 J$
Jan
July
1*$
Central Texas OH—6
16*$
Feb
July
50*$
105?$
63*$
1?$
*
No
10
Jan
1?$
17
Mar
May
45
25
50
100
Mar
24
3
29*$
105
800
5
Nlles-Bement Pond
52*$
Monogram Pictures
9*$
Jan
Feb
Niagara Share—
16
Midwest Oil Co
June
1*$
?<
2
*$
14?$
Mid vale
7*$
900
50
*$
52
v
600
Aug
?$
100
100
5% 1st pref
6% 2d preferred
52
Class B
Jan
8*$
2*$
pf-100
N Y Water Serv 0%
10
Michigan
Michigan
Michigan
Michigan
18*$
6
New York Transit Co
1
$0 pref
Mexico-Ohio
65?$
May
1
Founders shares
May Hosiery Mills Ino—
$4 preierred w w
*
McColl-Frontenac Oil.. 100
McWilliams
Mar
10?$
N Y Shipbuilding Corp—
Jan
Jan
July
1?$
5*$
15
8*$
Aug
I
32
10
2N
*$
*
Feb
25
17?$
pref—100
-*
Jan
Communlca'ns ord reg £1
Massey Harris common..*
•u
300
6% prior preferred
Marlon Steam Shovel
Aug
Mar
3*$
-
Y Merchandise
N
34*$
1*$
Marconi Intl Marine
Margay Oil Corp
7*$
3,900
1
N Y & Honduras Rosario 10
Aug
250
35
......
23?$
2*$
*
Mapes Consol Mfg Co...*
preferred
Warrants
200
200
*$
-.1
Stores—
conv
Jan
Mar
Class B opt warr
1,000
t%
July
4 *4
2*4
sioo
4*$
Class A opt warr
1?$
1*$
38
64*$
38*$
150
N Y City Omnibus-
Jan
7?$
30
1J$
Mining Corp. 10
N Y Auction Co com
*
Newmont
Jan
*$
30*$
Mar
Mar
May
15
500
33*$
63
79
—*
2o
Feb
Aug
July
T»i
*
com
42
Mar
88
5
1
$5
3?$
10
New Jersey Zinc
Aug
1?$
7*$
1
Lucky Tiger Comb G M.10
Mangel
Mar
—
-100
Tel 100
6% preferred
28*$
1,400
71$
—
Lynch Corp common
New Engl Pow Assoc
70
1*$
30
Louisiana P A L $6 pref..*
Majestic Radio <fe Tel
Jan
109?$ 109?$
43*$
45*$
New Mex & Ariz Land—1
—
B—
14%$
14*$
"u
16*$
100
—*
New Haven Clock Co
38
52
Lane Bryant
Class
Aug
65?$
1
100
7% preferred
37*$ June
12*$
Feb
Jan
11%
A—*
Calif Elec com .100
June
Jan
1,400
12?$
Nestle Le Mur Co cl
11*$
Lackawanna RR (N J). 100
9
Jan
June
1st pref
Nevada
37*$ June
37
July
5H
—*
Nelson (Herman) Corp.-5
Neptune Meter class A---*
n
Apr
*
Jan
15*$
11*$
11*$
7?$
1*$
May
Apr
1
65?$
13*$
2
5
July
7?f
Mar
400
7
"5*$ "7*$
7J$
3*$
13*$
June
10
H
3
2
June
Co com
*
Kielnert (1B) Rubber ColO
Knott Corp common
1
Koppers Co 6% pref. —100
98 *$
62?$
Nat Tunnel & Mines
June
Mar
Klein (D Emll)
Transit....12.50
*
Nat Union Radio Corp. —1
Navarro Oil Co
——•
31?$
National
1?$
»ii
Ltd—1
6?$
12*$
.....
National Steel Car Ltd—*
Refining.*
High
Mar
ht
33*$
National Refining
3
Ltd 1
100
10
1
4~600
%
25
National P & L S6
National Sugar
3*$
2
61
Kimberly-Clark 6% pf-100
Co
Kreuger Brewing Co
Low
1,300
9*$
(>H
12*$
08
*
--5
4% conv 1st pre!
Shares
4
"h
National Container (Del)-l
350
pref. 100
Lake Shores Mines
S3 conv
24
33
Kress (H IDA
9
Range Since Jan. 1. 1938
for
Week
High
com.l
pref..—
o0
1,900
29%
Klrkl'd Lake G M Co
1
80
33
Klrby Petroleum
Range
of Prices
Nat Mfg & Stores com..
Steel. 100
100
1
1
9%
Week's
Low
National City Lines
75
6% preferre
D
Kingston Products
Price
Co com.l
National Baking
May
82 X
Kingsbury breweries
1
Kings Co Ltg 7% Pi B 100
Nat Auto Fibre com——1
*u
71
Kennedy's Inc—
July
Jan
11 ?$
81
Kansas G A E 7%
7?$
300
72*$
Ken-Itad Tul e & Lamp A
Mar
1,200
82
—
2*$
?$
100
100
Julian & Kokenge com.
Sale
High
11*$
13 H
\
pielerred
preferred
Low
Shares
Par
17*$
?$
Co,.----*
Jersey Central Pow A Lt—
6*$% preferred
100
7%
Last
STOCKS
(Continued)
17
Jeannette Glass
6%
Range Since Jan. 1, 1938
150
5
Sales
Friday
Week
$7 pref—*
Interstate Power
Investors
Wee ft Range
Sale
STOCKS
(Continued.)
Aug. 27, 1938
Exchange—Continued—Page 3
4
3
Volume
Range Since Jan.
Last
Week's Range
for
Sale
of Prices
Low
High
Price
25
37%
Mar
40
8%
8%
700
4%
Mar
10
July
53%
55%
7%
102%
70
34%
4%
Mar
200
Mar
8%
Aug
South Perm oil
2,100
55
Mar
106%
July
So West Pa
%
8%
June
1%
June
8%
Jan
Aug
3%
Mar
3 joo
2%
%
Feb
""% ""%
Aug
1 %
' Jan
800
2%
m
5%
Aug
55
40
7%
101 %
97
%
7%
Inc
5
Powdrell A Alexander
5
%
100
5%
6
62%
ar
Canada—*
10
16%
Feb
97
17
24
July
Providence Gas..
Prudential Investors
2,800
2%
2%
1%
preferred
%
200
ht
Apr
*i»
Jan
1,400
3%
Mar
6%
Jan
Standard Oil (Ky)
6%
Mar
7%
Jan
Standard
3%
Mar
7%
July
7%
2,500
Aug
98
Jan
95
Mar
103
July
Jan
106
Feb
103%
22
37
Jan
11%
20
20
Jan
75%
450
19
18%
100
150 %
i'50%
Quebec Power Co
Ry A Light Secur com..
Railway A Util Invest a..1
10%
5%
5%
Raymond Concrete
24
"90
"ioo
19%
650
Reynolds Investing
Rice Stlx Dry Goods
5%
5
32%
5%
300
33%
5%
600
%
%
100
3%
%
3%
3%
3,700
Steel
pref
Rustless Iron A
{2.50 conv
700
100
52
7
7%
7%
8%
500
1,600
1%
"66"
Corp com 1
"T%
preferred
66
1%
Jan
16
July
Mar
10%
Aug
Sullivan Machinery
Feb
Sunray Drug Co
Feb
Feb
10%
34
May
Mar
5
July
2%
Mar
4
July
Teck-Hughes
%
June
1%
Aug
Jan
Mar
Mar
1
3%
Aug
Texon Oil & Land Co
%
Aug
Tilo
96%
Feb
Apr
Aug
9%
July
Jan
2%
July
Mar
3%
Jan
9%
Jan
7ie
Feb
46%
July
1%
Mar
June
46%
30%
July
Aw
55
Aug
Lux
Trans
13%
Mar
3%
2%
39
2%
34%
3,600
700
"23%
5%
»16
I
22%
23%
99
99
4%
Mar
8%
July
5
Mar
9%
Jan
May
7%
July
2%
26%
Mar
6%
July
Feb
31%
June
300
%
Mar
%
14%
4%
Mar
%
1%
26%
Jan
July
5%
Jan
5,300
Tubize Chatillon
Jan
July
July
Mar
4%
Jan
July
Class
A
Mar
1%
Mar
3%
Aug
700
1%
May
2%
Jan
Union Gas of Canada
Jan
Union
1,000
Unexcelled Mfg Co
Jan
July
113
Jan
United
25
Feb
June
29%
8
25
75
16%
Jan
26%
Aug
8
23%
100
3%
Mar
9%
July
%
300
%
Mar
June
Va.
3%
%
3%
600
Mar
%
May
2
Mar
11
1,800
June
1%
1%
35
Jan
July
Mar
1 %
Jan
4% June
17
Jan
%
"ioo
48%
71%
Mar
June
June
Mar
5
"71%
1%
10
Mar
75%
100
3
Apr
50
50
Mar
300
55%
150
20
Mar
75%
Aug
1%
May
1%
Feb
%
June
July
7%
7%
100
2%
2%
1,300
m
7%
3,000
com..25
100
Shreveport el Dorado Pipe
Line stamped
25
4
4
Mar
7%
Aug
1%
5%
Jan
3%
Apr
Mar
10 %
Jan
1,500
400
2
Apr
3%
7%
July
4%
1%
Mar
3%
July
2
Mar
3
July
1%
Mar
1%
100
14
300
13%
13%
2,300
3%
%
3%
500
%
""2% ""2%
2%
23%
1,500
13
Mar
16
4 %
4
4%
400
1 %
Mar
4%
j
1%
1%
1
400
1%
Mar
1%
2,200
3%
Mar
7
100
2%
Mar
3%
5%
5%
2%
South Coast Corp com._.l
7
2%
Aug
Aug
Jan
Aug
Jan
Calif Edison—
39
May
20%
25
a.25
1315
Jan
Jan
24
Aug
Apr
70
May
5%
212
June
6%
Jan
9%
1,300
9%
Jun
Jan
Feb
3
1,300
%
May
975
50%
Mar
90
6
1,100
6%
Jan
1,700
2%
3%
July
6%
%
June
8%
July
400
%
Mar
1%
61%
400
42
Mar
1%
600
1
Mar
com._.l
1
1st pref with warr
1*
*
10
"h"
5
6
6
%
61 %
United Wall Paper
2
10
Universal Corp vto
1
Universal Insurance
8
Universal Pictures com—.l
Apr
Mar
28%
Aug
Universal Products Co..
20%
Mar
26%
Aug
Utah-Idaho Sugar
Mar
2%
July
5
Utah Pow A Lt {7 pref...*
Jan
39
81%
July
43
Aug
62
Jau
July
1%
31
Jan
Aug
31
50
22
Feb
5%
6
500
2
Mar
6%
Aug
3%
3%
100
Mar
3%
Aug
%
%
900
31
1%
2%
2%
2%
1,700
Jan
%
3
Feb
6%
Aug
%
1%
1%
Feb
*18
Mar
%
7
Universal Consol Oil
23%
60
1%
...1
U S Rubber Reclaiming..*
U S Stores Corp com
•
{7 conv 1st pref
*
United Stores v tc
*
United Verde Exten—_50c
25%
May
July
1%
100
45
28%
43
1,000
June
Jan
Mar
Jan
80%
28%
30
100
4%
77
1%
1 %
28%
3%
Apr
Apr
42
34%
5% original preferred.25
6% preferred b
25
Mar
1%
13%
77%
Jan
-i
1%
200
17%
U S Radiator com
(h) Paper Mills.
"MOO
65
25
U S Lines pref
Jan
Jan
Mar
1%
...
U S Playing Card
6%
Jan
Jan
1%
*ie
62
"2%
5%
100
80%
B
Preferred..
Aug
July
Mar
—1
Class
July
4%
Mar
United Shoe Mach com.25
2%
July
Jan
2%
69
Aug
13%
5%
254
%
10%
Jan
Mar
Mar
Jan
Mar
Mar
July
200
%
Feb
'*18
10
Preferred
United Shipyards cl A...1
1%
2%
5,100
4
97%
Aug
Mar
700
96
97
4%
34
%
%
2,800
%
Mar
July
5%
reg.£l
18
Mar
8%
100
212
July
Mar
July
200
40
14%
4%
2
10%
Jan
8%
2%
12%
2%
900
July
30
9%
U S and Int'l Securities..*
4%
14%
United Profit Sharing—25c
300
249
Jan
Jan
10
1
%
4
6%
15
230
%
244
Mar
July
U S Foil Co class B
4
Mar
June
United Specialties
249
Mar
%
Aug
100
%
3%
100
4
dep rets ord reg...
July
Singer Mfg Co Ltd—
Jan
11%
1%
4
United N J RR A Canal 100
July
Simplicity Pattern com... 1
i>*u*
100
A.*
Aug
100
.*
114%
2%
1
1
Aug
Aug
600
Molasses Co—
115
12%
Mar
8
12%
35%
7
Products...*
preferred
*22%
2%
Mar
June
3%
22%
Jan
12%
July
5%
18
Jan
7
2%
Apr
*
Aug
2%
22%
Apr
Paint.*
Jan
June
7
12
35
*
18%
•16 May
3%
7%
1%
June
*
66
Jan
Jan
Mar
June
{6 1st preferred
107
%
1%
%
2%
150
100
Aug
Mar
4%
11%
Option warrants
United Lt A Pow com
1,200
21
July
Aug
400
United G & E 7% pref.
105%
104
114
63
%
1,500
%
113% 114%
21
Shawlnigan Wat A Pow._*
Sherwln-Williams
6% cum pref ser aaa
Aug
July
Jan
6%
1
%
pref non-voting.*
Milk
Feb
Aug
5
Mar
98%
2
33
35
10
Corp warrants
United Gas Corp com
{3
5
62%
*96%
107%
Apr
1,200
United
United
Mar
2%
*
Un Cigar-Whelan Sts..l0c
United
44
Mar
2%
{3 cum & part pref
Aug
July
600
Common class B
600
1
1
11%
Mar
11%
3%
Transport
Warrants.
1st {7
July
%
Investment
Aircraft
July
21
6%
*
June
15%
5
Mar
3%
850
62%
4%
%
com..*
Union Premier Foods Sts.l
15
Jan
Mar
300
2%
70% June
102
4%
18%
7%
Jan
,ie
*
10
Series B pref
~2~206
Mar
Mar
June
105% 107%
Tung-Sol Lamp Works... 1
80c div. preferred.
*
Ulen & Co ser A pref
*
1%
8
May
92%
85%
2%
Inc—*
Corp.-.l
....1
"3%
100
Mar
20
Trunz Pork Stores
6
Jan
5%
5%
Common
Jan
18%
Aug
"ioo
53%
4%
Jan
11
3%
Trl-Continental warrants..
92
Apr
Feb
39
62%
4%
10%
Aug
Apr
44
16%
July
400
30
%
1
13
11%
300
6
%
4%
Mar
2%
29%
Feb
600
"7% "7%
29%
5%
..———1
Transwestern Oil Co
10
48
Mar
2
Screen—
Plct
Jan
7%
For footnotes see
Jan
Mar
Roofing Inc
1%
2%
preferred..
7
Tobacco Allied Stocks
4
7%
7%
200
Tlshman Realty A
17
Mar
4
3
5%% Pref ser es c
200
30
1
Constr*
*
Tobacco Prod Exports—*
Todd Shipyards Corp
*
Toledo Edison 6% pref. 100
7% preferred A
100
Tonopah Belmont Devel 10c
Tonopah Mining of Nev.l
Mar
Apr
%
May
Boss Mfg com.
12
11%
1%
7%
2
5
Thew Shovel Co com
Am
Sonotone Corj
300
1
100
pref...100
Texas P A L 7%
49%
Solar Mfg. Co
1%
Mines
July
38
£1
Singer Mfg Co
1%
Tenn El Pow 7% 1st pf.
6
Jan
5%
"7%
Technicolor Inc common.*
5%
Jan
Aug
150
8
Corp com
65%
23%
Mar
Jan
3%
9%
8%
39
Swan Finch Oil Corp
Mar
5
Southern Colo Pow cl
5%% conv pref
50
Superior Ptld Cement B._*
July
July
"3% "3% "2,500
13
Mar
8%
2%
*u June
May
May
*i« June
Jan
Aug
2
8
13
8
35
2%
7%
4%
2%
11%
11%
May
Jan
Mar
3%
19
Apr
3%
1,700
1%
Oil
Taggart
July
8%
15
1
Tampa Electric Co com..*
Tasty east Inc class A—1
Taylor Distilling Co
1
1%
7%
300
3%
Jan
Jan
29
June
3,500
3
*
Apr
"3"
7%
Mar
Jan
4%
6
50
7%
7%
7%
6%
*3%
Sterling
Mar
July
July
12%
Apr
24%
3%
3%
50
2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Inc
.1
May
20
69
Apr
2%
100
1st preferred
7%
%
June
10%
(Hugo) Corp
Siroock (S) Co
Feb
Jan
2%
62
*
Mar
common...*
Southern
5
Stein (A) A Co common.
Mar
Seversky Aircraft Corp. —1
Shattuck Denn Mining..5
Smith
4%
Steel Co of Can Ltd
%
Serrick Corp (The)
Amer dep rets ord
4%
Starrett (The) Corp
Apr
Stlnnes
Sentry Safety Control...
,
vtc.l
*
July
Apr
2%
Allotment certificates.
Simmons h'ware A
Jan
July
Aug
1
1
July
4%
5%
150%
136
29%
3%
10%
Apr
2
United Chemicals com...*
8
July
1,100
1,500
15
25
Jan
Jan
25
3%
110
25
Silex Co common
June
3%
Aug
%
Selfridge Prov Stores—
Seton Leather
17%
3%
9%
*
5
*
*
June
»1«
dep rets reg
1%
200
23
1 %
June
1
Aug
4%
23
general...*
Seernan Bros Inc
*
Segal Lock a Hardware.. 1
Seiberllng Rubber com...*
Selby Shoe Co
*
Selected Industries Inc—
Common
1
Amer
21
May
%
•is
7
12%
2%
5%
13
Warrants
stock
*
1
"is
100
12%
109
35
Securities Corp
15.50 prior stock
Aug
1,100
1
l»ie
Mar
Mar
300
1%
5
Schlff Co common
*
Scovill Mfg
25
Scranton Elec {6 pref-.--*
Scranton Lace common..*
Scranton Spring Brook
Water Service pref
*
Scullin Steel Co com
*
Convertible
%
»u
Mar
Mar
4%
42
Savoy Oil Co
June
101%
Mar
300
125
67
5%
"314
Mar
June
22%
90
3ie
"""500
"2%
50
.5
100
16%
150
6%
Fel
.....
St Regis Paper com
7%
"2% "2%
48
*
com__l
Safety Car Heat A Lt
*
St Lawrence Corp Ltd...*
12 conv pref a
1
*
Inc
Stetson (J B) Co com
%
Ryeraon A Haynee
Aug
600
3%
Jan
3%
8%
8%
700
June
1
Ryan Consol Petrol
Samson United
200
8
8
2%
1
Russeks Fifth Ave
Mar
400
9
11%
20
*
Royalite Oil Co Ltd.. — *
Royal Typewriter
*
Mar
6%
1,300
300
7%
90
2%
Jan
July
15
Feb
14%
18%
316
May
400
he
1
July
Apr
Mar
9%
May
100
Roeser A
Co
11.20 conv pref
Rossla International
2%
*14%
12%
10%
800
g<te6%pfD 100
Root Petroleum
Apr
318
July
8%
*
Pendleton Inc..*
Rome Cable Corp com...5
Roosevelt Field Inc
5
Aug
2
11%
23%
4
Radiator.
1
Rio Grande Valley Gas CoVoting trust ctfs
1
Aug
23%
1
Mar
100
11
3%
Richmond
18%
Jan
5
July
1,100
%
11
11
Jan
Silver Lead
47%
29
100
3
3
1
1
Reybarn Co Inc
Rochester
150%
"io% "io%
18%
*
*
common.*
Reiter-Foster Oil-——60c
Reliance Elec A Eng'g.—5
Aug
Standard Steel Spring
Standard
Sunray
Reeves (Daniel)
'
%
Mar
5
21%
Mar
%
50c
Jan
5
Mar
11
13%
Co
Reed Roller Bit
100
j
$3 conv preferred
Raytheon Mfg com
Red Bank Oil Co
July
""56
98% 101%
23%
90
1
%
Aug
%
12%
2%
2%
21%
July
86
95
July
Pile—
Common
June
"l2" "l2"
21%
Preferred
%
700
100
Common class B
Jan
Feb
18
"l7% "I§"
Standard Oil (Ohio) com 25
preferred
Mar
22%
*18
1,200
5%
Jan
39
Apr
3
"566
7%
Mar
%
200
18%
8%
7
175
43
42
Pyrene Manufacturing.. 10
Quaker Oats common
*
preferred
4%
Aug
May
200
17%
6%
4%
18%
%
17%
8%
Standard Products Co
July
Aug
39%
A l—
42 %
28%
10
25
(Neb)
Oil
Sterchl Bros Stores
Puget Sound Pulp A tim.*
Pyle-Natlonal Co com—5
6%
Apr
May
87
%
preferred
$6
10
95
95
pref...ipo
|Pub UtU Secur *7 pt pf.
--
Jan
Apr
14%
Standard Tube ol B
37
20
5%
200
35%
4%
pref*
Standard Pow A Lt..
7% prior lien
preferred
July
{1.60 conv preferred..20
6H
7%
6% prior lien pref. —100
jo
3
%
I
Common
%
Public Service of okla—
Puget Sound i
5%
Mar
19
£1
Am dep rets ord bearer £1
Spencer Shoe Co
*
Standard Brewing Co
*
Standard Cap it Seal com.l
Conv
preierred
...10
Standard Dredging Corp—
5%
m
35
Am dep rets ord reg
%
*
—*
17 prior preferred
$6
Aug
Indiana—
Public Service of
Mar
2
"266
"6% ""6%
25
m
100
100
1st preferred
7%
Aug
22%
Colorado-
1st preferred
Aug
3%
Pipe Line..50
Standard Invest {5%
preferred
16
2%
Mar
83
Public Service of
6%
Mar
9%
2%
---1
*
*
*
Corp
Producers
June
2%
Southland Royalty Co...5
July
June
6%
Prosperity Co class b
3%
2%
95
Preferred A
Aug
95
of
151
100
200
10
3%
*'
Southern Union Gas..
Jan
1st preferred
100
Pratt & Lambert Co
*
Premier Gold Mining
1
Pressed Metals of Amer..*
Power Corp
June
135
10
151
High
Low
Spanish A Gen Corp—
400
40
8%
* "7%
Polaris Mining Co
25c
Potrero Sugar common—5 ""%
Week
Shares
High
151
1. 1938
Range Since Jan.
for
Range
of Prices
Tmw
Price
South New Engl Tel... 100
Southern Pipe Line
10
July
Aug
7%
Jan
5%
600
6%
6%
Pittsburgh Plate Glass..25
Pleasant Valley Wine Co. 1
Sale
Par
High
Low
Shares
Week's
Last
(Continued)
Postage
Meter.—.—--——-*
Pitta Bess A l e rr
50
Pittsburgh Forgings
1
Pittsburgh & Lake Erie. 50
Pittsburgh Metallurgical 10
Plough
^STOCKS
1, 1938
Week
Par
Sales
Friday
Sales
Friday
stocks
(Continued)
Pitney-Bowes
1313
New York Curb Exchange—Continued—Page 4
147
Jan
Mar
Jan
Jan
1%
Aug
2%
July
19
*15%
i",200
Aug
June
3%
Jan
May
8%
June
3
"3% "3%
1%
7
"3%
Mar
150
9
May
1
1
100
1
Mar
43
43
25
31
Mar
15%
15%
8
16%
1%
44%
Jan
Feb
Jan
Aug
New York Curb
1314
Friday
Last
STOCKS
Sales
Week's
Sale
(Concluded)
Par
Utah Radio Products
Range
of Prices
High
Low
Price
Range Since Jan. 1, 1938
j
how
1
3
Utility Equities Corp.-,.
Priority stock
Utility A Ind Corp com—
3
100
45
43%
150
%
2
June
%
Mar
2%
Jan
%
Mar
•is
%
Mar
%
200
TT%
10%
2%
11%
200
Valspar Corp com
$4 conv pref—
2%
32
700
31%
24
24
100
2%
32
—
Van Norman Mach Tool-5
Venezuela Mex OH Co--10
Venezuelan
"4H
4%
Petroleum...
Va Pub Herv 7%
l
7
July
♦Certificates of deposit
July
Eastern Gas A Fuel 4s. 1956
25
Aug
July
Edison El 111 (Bost) 3 %s 05
Elec Power A Light 5s. 2030
July
Elmlra Wat Lt & RR 5s '56
400
2%
Mar
4%
%
Mar
1%
77%
10%
59
67%
10
8%
2%
8%
2%
100
100
4%
1%
7
7
100
5%
7
7
100
0
8%
Waco Aircraft Co
—
Wagner Baking v t c
♦
Waltt A Bond class A
*
Class B
Apr
June
Mar
3%
11%
Mar
7
Apr
%
%
100
1
1 %
1 %
300
Wayne Knitting Mills—
8%
8%
6
7
7
8%
7%
200
Welsbaum Bros-Brower.-l
400
4%
3%
Apr
June
Walker Mining Co
1
Wellington 011 Co
Western Air Express
Western Maryland
1
4%
Mar
West Texas Utll *6
—*
10%
pref--*
Weyenberg Shoe Mfg
WUliams (R C) A Co
80%
*
80%
10
1%
1%
4,700
1
*
114
67%
%
4%
4%
Oll-O-Mat Ht
•
Willson Products Inc
9%
9%
9%
400
"ojjoo
83%
Mar
98
July
July
93,000
71%
Apr
52%
52%
107% 107%
{74%
76
2,000
43
Apr
16,000
102%
104
104
103%
1,000
104
% Firestone Tire A R 5s 1942
101
101
First Bohemian Glass 7s '57
{53
72
Aug
78%
July
22,000
1,000
101%
May
105
101%
July
Aug
105%
Jan
105%
Jan
101
78%
June
86%
85
86%
~9"66O
70
Apr
92%
92%
93%
80,000
74
Mar
94%
95%
104%
3,000
78
33,000
102
03
Apr
Apr
Apr
16T666
75%
Jan
General Pub Serv 5s.-1953
89
89
100
2
Mar
100
Mar
6%
6%
200
3%
6%
14%
Petroleum
1
10
5c
0% preferred
£1
Wright Hargreaves Ltd—*
58%
Apr
70
Aug
Gen Pub Utll 0%s A. 1950
July
July
July
Jan
May
July
July
Mar
16%
Jan
Georgia Power ref 6s. .1967
Georgia Pow A Lt 5S--1978
♦Gesfurel
6s
7H
x7%
1%
8
200
Feb
Guantanamo A West 0s '58
Jan
Guardian Investors 5s_1948
103%
Feb
♦Hamburg Elec 7s
Hall Print 0s stpd
......
1946
1951
.1950
xSt A ref 6s
"82
105%
Amer G A El debt 6S..2028
109
86%
Amer Radiator 4%s—1947
91
91%
90%
91
88%
81%
91%
90%
Aluminium Ltd debt 5sl948
Am Pow A Lt deb 08—2010
102
104
98% 100% $33,000
1908
1st A ref 4Mb—„ .1907
{103
88%
89
Jan
101
♦Hamburg El Underground
A 8t Ry 6%s.
1938
Heller (W E) 4s w w —1946
96%
May
94
Houston Gulf Gas 0S--1943
103
104
21,000
Apr
0%s ex-warrants—1943
{102
36,000
65
Jan
July
Houston Lt A Pr 3%s.l966
107
105% 105%
109%
86
87%
Apr
Aug
♦Hungarian Ital Bk 7 %s'03
56,000
4,000
109
15,000
105%
100
58%
June
107%
Apr
109%
Mar
90
105
1,000
104
Aug
96
90
2,000
79
Jan
97
Feb
Apr
118%
102
102%
34~000
107%
90%
July
0s series B
July
111 Pr & Lt 1st 0s ser A.1953
99%
117
Aug
96%
103
July
1st A ref 5%s ser B.1954
1st A ret 5s ser C
1956
Sf deb5%s—May 1957
98%
99
104,000
80
Jan
99
Aug
42%
43%
26,000
30
Mar
40
July
95%
95
95%
12,000
62
Jan
90
July
0%s series B
28
28
28
Mar
34
July
5s series C
Electric Corp—
0s series A
1947
5,000
14,000
02
92%
Feb
101
Aug
17,000
90%
Apr
101%
Aug
90
Feb
57
Mar
1951
5s
1957
Mar
84
17,000
89%
July
1st M 6s series A...1955
113
112
113
54,000
110%
Apr
1st M 5s series B...1957
5s series C
1900
121
120% 121
121% 122%
137% 137%
4,000
117%
120%
Apr
3,000
86
80%
1,000
16,000
71%
72%
3,000
80
80
94%
95%
113% 113%
20,000
1,000
98%
103
103% 103%
98%
99%
102% 103
7,000
77,000
31.000
Aug
85
Mar
99
July
99
July
94
Aug
94%
94%
34%
62,000
17,000
79%
Mar
95%
Aug
23%
Mar
41
34
61,000
24
3,000
Mar
41
Mar
57%
4,000
32%
105%
Jan
107%
1,000
104%
Aug
107%
53%
106% 106%
19,000
104% 104%
96
97
49%
72
1955
105% 105%
45
49%
8,000
72
{74%
7,000
31,000
72
75
101%
-----
64%
65
101% 101%
Mar
43
86%
Apr
3,000
63% 169,000
63%
17,000
91%
Mar
79
Apr
98%
Aug
79
Mar
95%
3,000
84
Aug
July
64
Apr
Apr
97%
21,000
86
July
107
Aug
75
Mar
107
10,000
88
88
1,000
107% 107%
110% 110%
"53
1,000
4,000
104%
109%
Apr
Apr
Mar
43
Mar
Jan
100%
Apr
ser A
50%
1957
109%
88
Mar
Aug
Jan
107%
Jan
111%
03% May
01% May
74
July
Jan
100%
International Power Sec—
-1955
{49
Apr
52
52
1,000
52
Aug
05%
Mar
June
1952
-
50
53
5,000
50
Aug
60%
June
International Salt 5s.. 1951
Interstate Power 5s_.. 1957
Debenture 0s......1952
Interstate Publi
c
{108% 109
53%
55%
107
Jan
58%
109
35
Mar
58%
36
17,000
18%
Mar
37%
78
35
29:666
35
53%
79%
10,000
Apr
Aug
July
Service—
1950
78
64
Mar
July
73
13,000
57%
Mar
76%
98%
11,000
90
Mar
99
July
July
98
fis series B
1901
Iowa Pow A Lt 4%s—1958
Iowa Pub Serv 5s
1957
83
71%
97%
1958
Iowa-Neb LAP 5s. —1957
98
91
June
2,000
98%
Aug
107% 107%
1,000
105%
Mar
108
Aug
104% 104%
55%
55%
Isarco Hydro Eleo 7s. 1952
Isotta Fraachinl 7s.-.1942
Jacksonville
48
50
1957
7s series F
12,000
98%
Jan
105
July
1,000
52%
Apr
03
{78%
41
41
94
42
Jan
78
i"2",666
Jan
85
Feb
39
Jan
53
July
July
Gas—
6s stamped
1942
43%
43%
1,000
32
Feb
50
105%
22,000
100
Apr
100
Apr
105%
Jan
Mar
101%
July
Mar
117%
Aug
Apr
102%
July
Jersey Central Pow A Lt—
fis series B
1947
4%s series C__
1901
Kansas Elec Pow 3 %s. 1900
Kansas Gas A Eleo 08.2022
Jan
Kansas Power 5s
Jan
104%
105
105
104% 105
35,000
98%
101% 101%
10.000
97
4,000
112
'II5"
115
117
101
101%
3,000
83
83%
10,000
Jan
Kentucky Utilities Co—
1947
July
1st mtge 5s ser H
May
Jan
0%s series D
.1948
5%s series F
1955
190P
1901
95%
65
Mar
84
July
98
98
4,000
84%
Apr
100%
Aug
89%
5,000
78
Mar
90%
July
82%
89%
82%
83
4,000
05
Mar
84
July
98%
99%
35,000
99%
July
99% 100%
32,000
100
62%
Jan
"~97%
104%
104% 104%
4,000
101
Feb
Lexington Utilities 5s. 1952
Llbby McN A Llbby 5s '42
Long Island Ltg 0s.-.1945
Apr
Apr
Louisiana Pow A Lt 5s 1957
104%
{86%
87%
104% 105
76
July
23:660
100
Mar
07%
July
Mansfield Mln A 8melt—
07
July
♦7s without warr'ts.1941
Marlon Res Pow 4%s_1954
{28
July
12,000
July
McCord Rad A Mfg 0s '45
{62
Mar
10,000
July
99
91%
65,000
101%
99
70
37,000
Feb
Apr
Lake Sup Dlst Pow 3 %s *66
July
65
64%
Debenture 5s
1969
Cities Service Gas 5%s *42
Cities
Service
Gas
Pipe
Aug
85%
Lehigh Pow Secur 08.-2020
♦Leonard Tletz 7%s—1940
Mar
64
110
27,000
Jan
July
Mar
June
Aug
97
74
65% 179,000
106
100%
71
64%
1958
Apr
July
47%
43%
42%
65
Debenture 6s
41
Apr
7 J)00
68%
1950
101%
2,000
"
68
Conv deb 5s
84
July
67%
45%
fis series 1
'104%
1906
87
67%
102%
Jan
97
93
Jan
"98% "7:666
84
Apr
103
25
{28
Mar
28
Aug
84
Apr
98%.
Aug
24%
Apr
104%
Jan
Aug
100
Feb
106
July
28%
June
97
Jan
104
70
55
Apr
83
95%
87
Apr
95%
Aug
92%
May
102% 103%
July
Jan
Memphis Comml Appeal—
102%
63%
63%
-----
75
Conn Lt A Pr 7s A —.1951
Consol Gas El Lt A Power
(B.tlt) 3%s ger N...1971
102% 102%
63
63%
{100%
74%
75%
100% 100%
128% 129
108% 109
Consol Gas (Bait City)—
40
Mar
103
July
65
July
65
July
Deb 4%s
"l6",666
15,000
10.000
37,000
Memphis P A L 5s A—1948
Mengel Co conv 4%s.l947
Metropolitan Ed 4s E.1971
40
Mar
Jan
52
Mar
100%
75%
Jan
100%
Aug
Apr
129
July
Aug
Mllw Gas Light 4%s—1967
Minn PAL 4%s
1978
123
Jan
Mississippi Power 58—1955
123%
4,000
91
90%
Middle States Pet 0%s '45
Midland VaUey RR 5s 1943
94%
125%
103%
Jan
103%
{103% 105
123%
95
1952
70
Aug
100%
120%
Feb
124
110
July
June
4s series G
1st A ref fis
5s
For footnotes see page
July
July
Jan
1940
1944
105
99%
103%
Apr
98%
Cblo Jet Ry A Union Stock
Cudahy Packing 3%s_1955
Apr
Apr
88
Mcago A Illinois Midland
Ry 4%sA
.1956
0s ser A stamped...1943
Cont'l Gas A El 6s—-1958
Crucible Steel 5s
1940
Cuban Telephone 7%s 1941
Mar
92
60%
5,000
52
1939
Gen mtge 4%s
1954
Consol Gas Utll Co—
94%
85%
65,000
53%
Community Pr A Lt 5s *57
Community P 8 5s...1900
May
94
34
Cities Serv P A L 5 %s. 1952
5%«
1949
♦Commerz A Prlvat 5%s'37
115%
Jan
82
33%
——1943
98
91
5%s ex-warrants...1954
Cent States P & L5%s '53
Chic Dlst Elec Gen 4%s'70
fis series B...
Mar
98%
Cent States Eleo 5s.—1948
Cities Service 5s
113%
Mar
98%
98%
94%
33%
33%
J*Chlc Rys 6s ctfs
1927
Cincinnati St Ry 5 %s A *62
73
June
68
Mar
49%
Aug
Jan
15
Mar
2,000
72%
Jan
"4:600
May
9,000
Jan
Mar
12%
43
10,000
65%
87
Aug
43
"5:606
107
4%sserle8 F
104%
108%
July
52%
6s series D
Mar
107%
66
July
Mar
Apr
50%
Mar
Mar
103
50%
87%
71%
Feb
Aug
66
Apr
101%
100%
"4:666
103%
49
May
6,000
6,000
June
97
1950
70
3,000
103% 103%
104
104%
28
104
1903
129
140
Aug
Feb
1st lien A ret fis
Italian Superpower 08.1903
58 series E
1901
Jan
114%
Jan
122%
Feb
122% June
Mar
May
Apr
Apr
Indiana Service 5s
7s series E
82
Feb
98
34%
90
3,000
33,000
♦Indianapolis Gas 5s A 1952
0%s series C.
84
4%s series H
1981
Cent Ohio Lt A Pr 5s.. 1950
Cent Power 6s ser D..1957
Cent Pow A Lt 1st 58.1950
97
July
Works—
1908
95%
84%
41
Brfll Telep of Canada—
i960
1st A rel 4J4s ser F.1907
94%
83%
Apr
95
Jan
14,000
95%
83%
23
91%
88
21%
83%
97%
Aug
June
July
.1953
f Ind'polls P L fis
95
33
Jan
Feb
July
July
1,000
Jan
102%
70%
59
42%
107%
94
88
80%
Mar
86%
107
Apr
June
Mar
Indiana Gen Serv 5s. .1948
{88%
{79%
104
6:660
16,000
51
29
"
Mar
July
Mar
Indiana Hydro Elec 5s 1958
Indiana A Mich Eleo fis '55
101%
65
70
July
Avery A Sons (B F)—
1998
7T600
Apr
08
101
Birmingham Eleo 4%sl908
Birmingham Gas 5s.-.1959
50%
~
21,000
July
34%
July
93%
108
45,000
July
1977
66
Jan
93%
35
Conv deb 6%s
Apr
81% June
Jan
Feb
84
33%
32%
July
68
82
Mar
Mar
75
83%
Mar
40,000
66%
107% 107%
94% 100%
Feb
107
25
64
33%
62
93
21
32
6s with warrants... 1947
11T600
49% June
80%
Apr
53
4,000
Indiana
26,000
28
30%
30%
2,000
107%
Apr
12,000
26,000
27
32
1968
6s without warrantsl947
May
97
31
29%
34%
34%
75%
76%
100% 101
28
1950
Debenture 6s
Atlanta Gas Lt 4%s—1955
Atlantic City Elec 4%s '04
July
94
96%
92%
20%
20%
21%
Conv deb 5s
Assoc TAT deb 5 %s.A'55
86
Mar
{63
107%
Associated Eleo 4%s..1953
Associated Gas A El Co—
94%
{8
1949
HI Northern Utll 58—1957
107% May
94%
63
Hygrade Food 0s A—1949
Arkansas Pr A Lt 5s—1950
Carolina Pr A Lt 5s.— 1950
Cedar Raplda M A P 5s *53
Central 111 Public Service—
94%
July
77
78
103
82%
90%
83%
May
July
8,000
Aug
83
30
Apr
{117
Broad River Pow 5s..1954
Canada Northern Pr 5s '63
Canadian Pac Ry 0s..1942
{26
98
90
Jan
35
Apr
Ark-Loulslana Gas 48.1951
1950
97%
{29
78
Seating 0s stp—1940
Appalac Power Deb 0s 2024
Conv deb 5%s
1938
Conv deb 4Kb C.—1948
Conv deb 4%s
1949
103
1947
1935
Apr
Apr
46:600
55
76%
70%
27,000
105
Amer
May
54%
Feb
July
Mar
64%
{36%
39%
102% 103
Aug
81
65%
56
65
95%
104%
July
Aug
85,000
88%
88%
{107% 109
{55
87%
93%
75
"72%
{62
Jan
02
92%
71
95
11.000
78
91
Feb
"27:660
79
83%
55%
{30%
Gt Nor Pow 5s stpd..1950
Hackensack Water 5s_1977
1st A ref 5s
"92%
Gobel (Adolf) 4%s. —1941
Grand Trunk West 4a_1950
8%
2%
Mar
77
82
1905
Mar
104
{74
1953
Glen Alden Coal 4s
Jan
6%
1%
9,300
1%
BONDS
1st A ref 5s
78%
Grocery Store Prod 08.1945
Yukon-Pacific Mining Co.6
Abott'a Dairy 6s
-1942
Alabama Power Co—
104
♦General Rayon 6s A. 1948
Gen Wat Wks A EI 58.1943
3.%
7%
7%
Feb
107%
Florida Power A Lt 5s. 1954
Jan
56
Feb
Apr
58
103% 103%
Aug
7%
6%
5%
10%
9%
May
101»a Aug
Finland Residential Mtge
Firestone Cot Mills 6s_1948
Apr
7
2
Aug
104
1017i«10117.i2
Erie Lighting 5s
1967
Federal Wat Serv 6%s 1954
107
82
Apr
July
Apr
{80
Apr
May
May
Mar
General Bronze 6s..-.1940
2%
Cuban Tobacco 5s
Mar
98
Gatlneau Power 1st 5S.1950
60%
Line 6s
97%
Jan
7
Yards 5s
1,000
July
2%
0s series B
109%
79%
Mar
06%
6s series G
53%
2%
7
Bethlehem Steel 0a
32,000
22%
2%
Locom
74%
81%
Wolverine Portl Cement-10
♦Convertible 0s
81%
Apr
Jan
75
June
6
Wisconsin P A L 7% pf 100
Baldwin
Jsn
June
Mar
Wolverine Tube com
1st A ref 5s
%
05
May
Mar
6%
1
woolworth (F W) Ltd
Amer dep rets
July
May
Apr
100
Gary Electric A Gas—
5s ex-warr stamped.1944
2%
Wilson-Jones Co
Woodley
1%
1%
Florida Power 4s ser C I960
100
West Va Coal A Coke
Williams
5%
92,000
Jan
Western Tab A Stat—
Vot tr ctfs com
Feb
June
Feb
1
22,000
Jan
May
5%
73
1953
6%sseries A..
Banks 0s- 5s stpd—1901
2
Aug
105%
June
Ercoie Marelll Elec Mfg
Aug
300
May
Aug
1%
76%
Jan
8
2%
110
106%
109%
Jan
8%
Mar
>
96
Ry
7% 1st preferred
{1
70%
96
Mar
1%
July
Aug
109
Empire Dlst El 5s.---1952
Empire Oil & Ref 5 %s1942
July
July
700
104
Mar
3%
3%
4%
105
July
Aug
3%
3%
2%
91
9,000
5
1
106
Paso Elec 6s A
1
30%
1.25
Wentworth Mfg
105% 108,000
High
Mar
Mar
107%
93
106
Jan
6%
3%
2,000
18,000
{103
El
1%
Apr
Low
97 %
107%
116
1950
Jan
June
%
Week
Shares
igh
103%
3%
{%
{3%
1952
36
Mar
07%
Vogt Manufacturing
Aug 1
♦Deb 7s—
Jan
3%
1950
Aug 1 1952
♦Certificates of deposit
♦0%s
Jan
17%
H
Detroit Internet Bridge—
11
200
1
2
Mar
Jan
1% Mar
20% June
75
4%
1
pref—100
%
5s 1st series B
Jan
!,»«
-.100
"
Det City Gas 0s ser A. 1947
1%
*ie
Low
{102%
107%
105%
105%
Denver Gas A Elec 58.1949
July
400
IK
H
;
Delaware El Pow 5 %s. 1959
July
2,000
IH
7% preferred
June
3%
45%
'
Codv preferred
I Utll Pow A Lt commonClass B———-
Price
Range Since Jan. 1, 1938
for
Range
of Prices
Sale
(Continued)
High
1% June
1%
Apr
31% June
Week's
Last
BONDS
:
Shares
1938
Sales
Friday
J
for
Week
Aug. 27,
Exchange—Continued—Page 5
May
Miss Power A Lt 58
1905
1955
91
106
"2",66O
108
108
108
6.000
1957
5,000
50
Apr
64%
22:666
88%
Jan
99%
94%
95%
46,000
83
Apr
97%
103%
90
65
101% 112%
80
84
84%
107% 108
108"
73%
71%
74
98%
98%
79%
80%
76,000
101% 101%
97%
97%
80
12,000
11.000
03%
100%
2,000
87%
Jan
♦Munson SS 6%s ctfs. 1937
2,000
47
Mar
72%
July
Nassau A Suffolk Ltg 5s '45
90%
Mar
98%
Aug
07
65
68
98%
97%
98%
1315.
40,000
54
Apr
Mar
May
Apr
05%
Jan
83%
July
103
100
Jan
Mar
93
107%
108%
98%
79
79
Apr
98
89%
102%
Feb
June
100
101%
75%
{64
98%
98%
67%
7n
92
105
Missouri Pub Serv 58.1900
61
50,000
{90
l06"
Miss River Pow 1st 58.1951
60%
9,000
Jan
25.000
87%
Apr
20,000
61%
Mar
70
Mar
12,000
10,000
107%
Aug
95
81
89
110%
Jan
July
July
Apr
Aug
July
July
Aug
May
May
Apr
21,000
54
Apr
74
Aug
98%
6,000
80
Apr
100
July
3%
4.000
Montana Dakota Power—
5%s
1944
3%
84
"
S3
84
4.000
1%
June
81% May
5%
95
Feb
Jan
Volume
Last
Week's
Sale
of Prices
Low
High
Continued)
Price
Nat Pow & Lt 6s A.-.2026
92
90
80%
^
Nevada-Calif Elec 5s. 1956
..
-
81
New Amsterdam Gas 5s '48
wV
N E Gas & El Assn 5s 1947
96
81%
*117% 118%
1954
_
May
120
June
96
Aug
United Elec N J 4s
July
Apr
Jan
115M
85 %
Jan
118
1945
127%
5%s
70
Mar
89 %
July
Mar
91M
July
Feb
93 H
Aug
89%
88
89
89%
90%
61,000
74
92
1942
♦Income 6s series A. 1949
N Y Central Elec 5%s
83
93
21.000
86 M
20,000
64
Feb
93
June
1950
83
80%
*101%
....
NYP&L Corp 1st 4
*72%
United Lt & Pow 6s... 1975
70%
1974
1959
73%
UnLt&Rys (Del) 5%s'52
United Lt & Rys (Mel¬
80%
1*07%
N Y & Westch'r
107% 107%
*32.666
94%
%s*67
1980
N Y State E & G 4%8
95%
104% 105
21,000
94%
Ltg 4s 2004
1954
*114
Nippon El Pow 6%s—1953
50
Debenture
5s
6,000
May
105
Apr
88
Apr
84 M
101
1.000
84
193,%
98
45
Nor Cont'l Utll 5%S_-1948
109
5s series
113%
Apr
July
62 M
Mar
86
85
86
12,000
75
Apr
87
July
1946
84
84
84%
9,000
65
Apr
23%
23
24
6s
Aug
July
105 %
July
♦5s
income
Wash Gas & Light 5s. 1958
Wash Ry & Elec 4s...1951
90
July
West Penn Elec 5s
48
54
July
7,000
West Texas Utll 5s A 1957
Apr
109%
Aug
Feb
105
July
West United G & E 5%s'56
108
May
Jan
104% 104%
95
95%
2.000
Feb
105 M
May
86%
Apr
107%
97%
July
July
29,000
80 M
Apr
95 M
July
Yadkin River Power 5s '41
102% 103
21,000
96
Feb
105%
Jan
Aug
July
107%
July
♦York Rys Co 5s
103%
115% 115%
1941
A-1948
*92 io
Pacific Ltg & Pow 5S..1942
114%
Pacific Pow & Ltg 58—1955
76%
94
114% 114%
74%
77
107
106%
Jan
Apr
100
Mar
103M
Aug
9,000
114
Mar
116%
79
Apr
93%
Feb
July
1,000
113
Apr
115
55
Mar
77
1,000
28
Mar
34%
74 M
Mar
90%
Mar
98
94 %
July
11,000
Apr
99%
96%
July
♦7s
June
Feb
Jan
9,000
1,000
75
Mar
99
Mar
3,000
93
Mar
108 M
3,000
106 %
Apr
109
11,000
78 %
Mar
105%
94 M
95 M
96 %
50,000
11,000
+70 M
Phlla Rapid Transit 6s
53 %
53 %
Antloquia
+
105
86 M
♦Pomeranian Elec 6s. .1953
+20%
65 M
108
64 %
108
53 M
"7*666
66 M
Mar
96%
113%
53
Apr
61
108
Aug
100
19
Jan
22
"7,000
Jan
7,000
105 M
Apr
69%
108%
1,000
3,000
107
Apr
109
Jan
33 %
29 H
June
65
3,000
98%
June
103
22M
15,000
20%
Jan
143 %
143% 144%
10,000
130
Jan
145
Aug
IIOU32
110"« 110%
10,000
110
Apr
113
11,000
103 M
Apr
Apr
107
Mar
104% 104%
7
Aug
1,000
July
7
July
105
105 %
May
106 %
104 %
104% 105
12,000
Apr
106%
Feb
98 %
Mar
40,000
18,000
60 %
59
Mar
70%
72 M
23,000
53
80
Queens Boro Gas A Elec—
5 He series A
1952
♦Ruhr Gas Corp 6 Ms.1953
6,000
74 %
80
103 % 103%
77
78 %
73
*29%
+24 M
6%8—1958
109
109
*14%
+130%
Han Joaquin
"ilOM
110%
26
1937
+30 M
♦Schulte Real Est 6s—1951
58
10,000
32
58%
July
Jan
73
June
93 %
Jan
Feb
29%
May
Mar
107
June
26%
110%
Aug
Mar
Apr
15
Mar
105
63%
4,000
Mar
84
Mar
97%
14,000
101 %
Apr
107
25,000
102%
102%
Apr
Apr
Apr
108%
108%
Apr
106%
56%
108% 108%
25,000
110% 111
4,000
104% 105
9,000
106%
103%
47
2,000
35%
Apr
47
98 %
84M
103
83 M
111
May
July
July
22%
Apr
July
13%
18%
10%
10%
Jan
10%
Mar
Jan
Feb
Aug
1951
19
13
♦6%8 ctfs of dep
1954
♦Mendoza 4s stamped-.1951
19
11%
80
80
24%
25
♦Medellln 7s stamped.!951
♦7s ctfs of dep
♦7s ctfs of dep. May
♦7s ctfs of dep. Oct
♦5%s
♦Santiago 7s
♦7s
Aug
the
July
range,
85
4,000
56%
Mar
103
1,000
93
Mar
105%
Jan
51
53
40,000
50
Aug
54%
31,000
50%
Aug
54
119,000
37%
Mar
57
July
52
9,000
36%
Mar
56%
78
78
78
2,000
64
Apr
79
{Standard Pow A Lt 6sl957
50%
48%
38
Mar
55%
32 %
24,000
18%
Mar
35
12%
Apr
17% June
30
30
8
Apr
102%
Mar
10%
6
Apr
10%
Jan
Jan
J an
%
Mar
%
Mar
"3*600
%
%
%
6,000
%
1,000
%
161
116%
45
64
20
20
Jan
Mar
1
%
Jan
Mar
43
60
Jan
51
18,000
39
Jan
105M 106
3,000
104
Apr
58
Feb
July
June
July
May
103%
Apr
65%
67%
Feb
107%
91%
Feb
100
61
Aug
Feb
48%
Apr
46,000
82%
Mar
100%
94
Mar
104%
May
101% 101 %
3,000
90%
Mar
5,000
75%
Apr
101%
86%
Aug
Jan
84 M
96
85
Jan
16%
Unde
year'
week
receivership.
In
No sales.
New York Curb bond Issues which have been called
101.
u
.
'
weekly or
...
Under-the-rule sales transacted during
the current week and not Included In
weekly or yearly range:
No sales.
Jan
18,000
95M
104 %
Jan
11%
yearly range:
Aug
104 M
95 M
104 M
11%
16%
Indianapolis Pow. & Lt. 5s 1957, Oct. 11 at 104.
5s 1956, Oct. 1, at 110.
Toledo Edison 5s 1942. Oct. 13 at 105.
e Cash sales transacted during the current week
and not included In
Jan
20,000
86 M
Jan
65
Pub. Serv. of Nor. 111.
Aug
55
106%
87% 21,000
407,000
96% 100
u
11,000
54M
105% 106 %
Jan
x
Empire Oil & Ref. 5%s 1942, Oct. 5 at 101.
Firestone Tire & Rubber 5s 1942, Sept. 1 at
(Hugo)
+57%
50%
116%
Feb
96
7
2,000
11%
%
1921
..1921
1945
1949
1961
f The following Is a list of the
Aug
"<%666
in their entirety:
July
34
51
35
37,000
♦Starrett Corp Inc 5s_1950
54 M
Aug
rule sales
{ Reported
July
July
Hydro-El 6 Ms—1953
5s.1960
5s—1956
6s series A.
2022
Tide Water Power 5s..1979
Aug
24%
No par
Aug
52
Ternl
25
Jan
value,
a Deferred delivery sales not Included In year's range,
n
not Included In year's range,
r Cash sales not Included In
Ex-dividend.
t Friday's bid and asked price.
No sales were transacted during current
♦
Bonds being traded flat.
»
99%
53
Texas Power A Lt
Feb
16%
5.000
Apr
52
Texas Elec Service
21
2,000
4,000
Feb
51
100
4,000
%
85
51
1956
1970
80% June
%
93
49 M
Tenn Public Service 5s
Feb
0%s...l919
10,000
52%
Tennessee Elec Pow 6s
10
64
100
8
♦Santa Fe 7s stamped.
Aug
Aug
♦6%s certificates... 1919
10,000
52
1946
Super Power of 111 4Ms 68
1st 4 Ms
1970
7%
10
30
*10
de Janeiro 6%s.l959
10
"2,000
18
100
9%
Mar
23
1,000
30
24%
30
17%
*24
*24
*24
19%
'2*666
11%
17%
dep.-.1947
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s... 1958
99 M
Debenture 6s
Corp—
4s
1940
10%
115%
♦6%s ctfs of
7,000
Aug
Conv 6s (stpd)
2d stamped 4s
'47
6s
Aug
Aug
53
22
124
24%
}24
'47
♦Issue of Oct 1927
July
103
So'west Pub Serv 6s.. 1945
80
Mtge Bk of Bogota 7s. 1947
♦Issue of May 1927
103%
103%
85%
Mar
Mar
25
•
Mar
Jan
105
Jan
-
Jan
JuJv
105 M
59%
22%
Jan
July
71%
June
19
♦Russian Govt
May
70
39
21%
Jan
54
3,000
120%
10%
110
Apr
2,000
100%
Jan
Jan
♦Rio
102
Aug
102
May
19%
July
21,000
Apr
98
20
61%
107%
Aug
98%
9,000
103
Apr
2,000
4,000
Apr
108M 108M
103
Aug
July
21
♦5 %s certificates
Sou Indiana Ry 4s
14%
24%
Apr
Sou Calif Edison Ltd—
108 M
18%
24%
96%
36%
1968
1st 4 M8 series D
1970
Sheridan Wyo Coal 6s 1947
Sou Counties Gas 4 Ms 1968
Aug
July
20%
24%
(City) 7s—.1939
♦Hanover (Prov) 6%s.l949
♦Lima (City) Peru 6%s '58
♦Maranhao 7s
1958
♦Hanover
July
Aug
16,000
18%
14%
41
21%
21
1947
♦Secured 6s
31%
Mar
2d stamped
1952
External 6%s
Jan
May
92
Mar
99%
41
♦German Con Munlo 7s '47
21%
105%
81 M
Jan
28
13
stamped
..1931
Mtge Bank of Columbia—
♦7s ctfs of dep
1946
♦7s ctfs of dep
1947
105%
90
27
Jan
5,000
101
199%
♦Mtge Bk of Chile 6S.1931
Mer
105
19
101
Feb
Mar
Stinnes
1959
Mar
102
81M
Apr
25
Danzig Port A Waterways
July
101%
92
22%
5,000
18%
22
1955
1953
5s
28
10,000
1948
1951
Debenture 6s. Deo 11966
Standard Invests 5 Ms 1939
35
26%
July
ll~6o6
—
26%
6%s ctfs of dep
Danish 6%s
May
103% 103%
104
104%
81M
Aug
126%
24%
106%
58
11%
B—1951
♦6s series A
2,000
131%
104 M
57
Apr
1952
♦Prov Banks 6s
112
104
104%
Jan
6%
3,000
10%
Columbia (Republic of)-
July
Shawinigan W A P 4Mb '67
1st 4Mb series B
Feb
80%
12%
12%
Feb
3,000
May
Apr
76
65
1,000
20%
19%
19%
1948
♦7s ctfs of dep
*7%a ctfs of dep
1946
Cent Bk of German State A
June
6*666
68
75
14
172
19%
10%
1952
1947
♦Caldas 7%s ctfs of dep.'46
♦Cauca Valley 7s
194?
106%
"
80
170
♦7 %s stamped
126%
26
Feb
16
12,000
*107%
1948
June
July
75%
72 %
9%
15
iii"
102% 102 %
58 %
80
21
27
109
103 %
Apr
25%
1,000
33
21%
110%
July
74
May
20%
July
Apr
Mar
102M
*
20%
1951
Cundinamarca (Dept of)
101 %
104
1st A ref 4Hb ser D.1950
{Standard Gas A Elec—
6s
(stpd)
1948
7
Aug
6
18%
101M
72 M
So'west Pow A Lt 6s..2022
Aug
7
117%
7,666
78M
1951
S'western Assoc Tel 5s 1961
8'western Lt A Pow 5s 1957
7
1.000
7
♦6s ctfs of dep-.Oct '61
32,000
1966
1945
Ref M 3%s.May 1 1960
Ref M 3%s B.July 1 '60
1st A ref mtge 4s...I960
1,000
7
♦6s ctfs of dep..July '61
103
103
Aug
7
Apr
102% 103
*102% 104
Aug
8%
7
June
102 %
"163"
Aug
7
Feb
25%
8%
7
July
July
98 M
Puget Sound P A L 5 Hb '49
1st A ref 5s ser C—.1950
Debenture 3 Ms
11%
♦7s stamped
1
Pub Serv of Oklahoma—
2025
11
17%
Bogota (see Mtge Bank of)
Buenos Aires (Province)—
Jan
Apr
July
33 %
1978
Southeast PAL 6s
10
17%
♦Baden 7s._
Feb
Pub 8erv of Nor Illinois—
8ou Carolina Pow 5s. 1957
11%
17%
ser
♦7s 3d ser ctfs of dep.'57
Feb
June
Public Service of N J—
Servel Inc 5s
17%
C ctfs of dep. 1945
ser
♦7s 2d ser ctfs of dep.'57
Feb
22M
104%
Aug
Aug
24
♦7s 1st ser ctfs of dep.'57
Mar
79
98M
98 M
♦Prussian Electric 6s—1954
Aug
♦7s ser D ctfs of dep. 1945
Aug
Jan
May
82%
48
108
24
A ctfs of dep. 1945
♦78
Aug
111
86
28%
108M 108M
F
94%
6,660
90
1,000
24
'47
Apr '48
of) Co¬
Bogota (City) 8s ctfs.. 1945
104%
"
(Dept
'47
lumbia—
May
Jan
65
73 %
108
107 %
103 M
Aug
9,000
112M 112%
Phlla Elec Pow 5%s..1972
July
25%
♦7s ser B ctfs of dep. 1945
Peoples Gas L <fc Coke—
93 M
24
Jan
124
Apr
93%
1968
Jan
20
30
30
76
108% 108%
Penn Water <fe Pow 5s .1940
17%
24
82
92 M
July
2,000
24
July
105
May
82%
30
25%
♦6sctfsofdep
Jan
July
78
101% 103
105% 106
Feb
85
26
124
♦78ctfsof dep.Jan
July
11,WO
105
103
Apr
May
124
25%
'46
Jan 1947
♦6s ctfs of dep...Aug
May
67,000
92
92 M
B„1959
C—1947
72
125
Apr 1946
♦7sctfsof dep.Apr
♦20-year 7s
Penn Ohio Edison—
1950
58%
2,000
GOVERNMENT
♦20-year 7s
40,000
99
1,000
80%
Agricultural Mtge Bk (Coll
31
91%
81
80%
May
69
5,000
90
95 %
*93
81
1937
1947
MUNICIPALITIES—
31
89 M
.
106
Jan
2,000
«
1966
Stamped 5s
89
1964
Penn Cent L <k P 4%s.l977
8crlpp (E W) Co 5M8.1943
Scullln Steel 3s
1951
July
106
Pacific Gas & Elec Co—
♦Saxon Pub Wks 6s
June
105%
98%
Pacific Coast Power 5s '40
{♦St L Gas A Coke 6s_1947
L A P 6s B '52
1955
Aug
55
5,000
FOREIGN
Sauda Falls 5s
June
95
105%
8,000
AND
Safe Harbor Water 4 Ms '79
Apr
Mar
74%
23,000
82
♦Ruhr Housing
June
103
106% 107
97
97%
1946
Okla Power & Water 5s *48
4s series A
32
7,000
57,000
106
Aug
1960
26.000
Wise Pow A Lt 4s
Aug
I
52%
48%
105% 105%
Wheeling Elec Co 5s..1941
99%
4 Ha series
94
105%
Wiso-Minn Lt A Pow 5s '44
105%
series D
Mar
July
Jan
4Mb series E
.1980
1st <fe ref 4%s ser F.1981
96
105% 107%
94%
93%
July
Apr
4 Hb
1,000
23,000
102% June
108% July
100
83
1966
Jan
106
Feb
6,000
104M
96
5s series C
July
Apr
97
105% 105%
102% 102%
Apr
103 M
1956
July
July
109
Apr
8,000
fist & ref 5s
107
86 M
102
10,000
6% perpetual certificates
Apr
June
93 %
25,000
.1961
Potrero Sug 7s stmpd.1947
PowerCorp(Can)4%sB *59
14.000
5,000
99%
78%
78%
103% 103%
E.1956
July
26
28.000
104%
4 %s series
109
12%
103%
106%
99%
26,000
104
Potomac Edison 5s
"105%
4,000
106%
109
West Penn Traction 5s *60
109
15,000
106
2030
Apr
Mar
103% 104
Portland Gas & Coke 5s '40
1954
deb
70
93
86%
Mar
Waldorf-Astoria Hotel—
104%
1962
Pledm't Hydro El 6%s '60
Pittsburgh Coal 68—1949
Pittsburgh Bteel 6s.—1948
Aug
Aug
92
104
1981
1961
90
95%
1951
4s series D
Feb
Apr
1st <fcref 4%s ser D.1956
4s series B
75
103% 104%
99% 100
5s conv debs
series B
July
82%
75
103%
4 %s
July
80
7,000
49*666
103 %
1954
109
Jan
Feb
89%
12,000
5s series D
Feb
64
87
27,000
Deb 5Ms series
96
53%
Aug
1st ref 5s series B...1950
Feb
Jan
Jan
July
"88%
107%
Penn Pub Serv 6s
July
91
104% 105%
6s series A
83
4,000
1,000
188
107
1979
1971
July
82%
64%
1944
Va Pub Serv 5%s A..1946
4%s
105%
1st 5s
80%
105%
18,000
Aug
107
Penn Electric 4s F
Mar
81
July
Ogden Gas 5s
1945
Ohio Power 1st 5s B..1952
Park Lexington 3s
56
lb'ooo
Apr
103% 104%
N'western Elec 6s stmpd'45
N'western Pub Serv 5s 1957
Pacific Invest 5s ser
Mar
99%
1970
1st 6s series B
28
104%
1969
OklaNat Gas4%s
Jan
82
West Newspaper Un 6s '44
1966
D
4%s series E
23
70
Northern Indiana P S—
5s series C
June
108% 108%
Wash Water Power 5s 1960
105 M
27%
Apr
Feb
Feb
70
30
47%
47%
No Indiana G & E 6s.-1952
Feb
57%
94%
80
6,000
88%
24
1.000
79%
82
Aug
1,000
62
15,000
1952
19,000
87
88
1956
July
115%
73%
...1973
No Amer Lt & Power—
5%s series A
47%
Apr
Mar
104%
73%
6s series A
Aug
103 H
112%
—
50
70
104
ds series A
45
76
57
Utah Pow & Lt 6s A-.2022
New York Penn <fe Ohio—
♦Ext 4%b etamped.1950
f 6s
6%s
July
New Orleans Pub Serv—
5s stamped
s
July
27.000
Mar
52
32
70%
♦1st
July
106%
30
6,000
27%
July
Feb
Jan
July
"3",666
27%
60
102
65%
112%
♦United Industrial 6%s '41
59 M
2.000
108%
Mar
44%
57
61%
Mar
39%
Aug
44
$115%
55
Apr
40
05%
"
Conv 6s 4th stamp. 1950
Mar
40
8,000
-
High
Low
22,000
58
42%
1956
1938
Range Since Jan. 1.
64,000
55%
57%
i949
United El Serv 7s
105% 105%
105%
5%s
«
69
for
Week
Shares
105% 105°i6
105%
'52
Range
of Prices
High
Low
Ulen Co—
110M
43,000
53%
Debenture
-+
1962
Twin City Rap Tr 5%s
Apr
67.000
54
54
New
+.
Tletz (L) see Leonard
Toledo Edison 5s
Apr
80 M
54%
54
1950
57
56
1948
Conv deb 5s
3%s_1961
Eng Pow Assn 6s_1948
'i
Jan
54%
56%
5s
New Eng Power
12,000
»
Aug
44%
111
1.000
96
80%
+.
„
2.000
115% 115%
115%
^
83 %
Mar
108
*109% 110
2022
6s series A
Neisner Bros Realty 6s '48
41%
*37%
July
Apr
July
38
■
—
92
Mar
58 M
31,000
.
Sale
Pr ce
High
Loto
62 %
4.000
Week's
Laxt
BONDS
1938
(Concluded)
Shares
81
{♦Nat Pub Serv 5s ctts 1978
Nebraska Power 4 Ha. 1981
Range Since Jan. l,
for
Week
92
80%
2030
Deb 5s series B
Range
Sales
Friday
Sales
Friday
BONDS
t
1315
New York Curb Exchange—Concluded—Page 6
147
z
In
Deferred
delivery sales transacted during the current
week and not included
weekly or yearly range:
No sales.
Abbreviations
Used Above—"cod," certificates of deposit:
•cum," cumulative; "conv,"
"v t
without warrants.
"cons," consolidated
convertible; "M," mortgage; "n-v," non-voting
1," when Issued; "w w," with warrants:
c," voting trust certi«* tes; "w
stor*'
"x-w"
Financial
1316
Chronicle
Aug. 27, 1938
Other Stock Exchanges
New York
Estate Securities
Real
Exchange
Closing bid and asked quotations, Friday, Aug. 26
Bid
Unlisted Bonds
B'way 38th St Bldg 7s 1945
75
Bryant Park Bldg 0*4« '45
11 West 42d St Bldg—
33
Unlisted Bonds
24
1945
Ask
6*48 unstamped
Listed and Unlisted
Ask
Internat Commerce Bldg—
6*4s
Paal PL Davi s & €&
1943
Park Place Dodge Corp—
Income 5s 1962 v t c
10 East 40th 8t Bldg 5s '53
1250 West 39th St Bldg 6s'37
SECURITIES
CHICAGO
Bid
Members
6
New York Stock
77
Exchange
Chicago Stock Exchange
Chicago Board of Trade
New York Curb (Associate)
9
10 So. La Salle
Baltimore Stock
St., CHICAGO
Exchange
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Fridai/
Last
Sale
Par
Stocks—
Price
Arundel Corp...
Bait Transit Co com v t c
1st
Range
of Prices
IjOw
High
19
10K
*4
*4
Range Since Jan. 1. 1938
for
Shares
Low
205
12K
5
K
K
1*4
IK
121
19*4
255
9*4
Mar
71
20 X
72
39
65 K
Mar
114
114*4
124
112K
Apr
Consol Gas E L A Pow— *
100
6% preferred
114*4
Fidelity A Deposit
7
4K
Mar
110*4
30*4
30*4
10
9*4
Fidelity A Guar FlreCorplO
Finance Co of Am A com.5
Houston OH pref
100
37
76 K
Mar
51
27 *4
18
100
June
104
9*4
May
1,125
11*4
Mar
18
*
Mfrs Finance com v t
*4
Mfrs Finance 1st pref.-.25
Second pref
com.
Mercantile Trust Co
50
217
Merch A Miners Transp..*
Preferred
100
Casualty 6
North Amer Oil com.
1
Northern Central Ry
2
24
217
l K
40
40
11*4
12
83
*4
69
13*4
25
Preferred
U S Fidelity A Guar
34*4
15*4
13*4
34*4
16*4
32
Western National Bank.50
Mar
1K
35 K
Jan
10
Aug
July
18K
Jan
*4
8
Aug
3
35
Jan
220
June
Jan
16K
Apr
3
Jan
June
1
72
47*4
12 K
July
IK
Jan
June
K
Apr
94 K
Aug
59 K
Jan
Jan
*4
75
15
12*4 June
30
34 *4
Aue
37
1,018
8K
Mar
17K
Mar
Jan
13*4
33
85
30
Abbott
Aug
Jan
July
Jan
*
Common (new)
19
19K
21*4
22
1975
53 flat
84,500
15
Mar
15 *4
2,000
Range Since Jan. 1, 1938
for
Week
Shares
Low
High
51K
52 *4
710
7K
Apr
52 K
10*4
1,600
Mar
10*4
3
3K
600
2
Mar
4*4
Aetna Ball Bearing com—1
7
7
50
4
Mar
8
Allied Laboratories com—*
11
11
50
7
June
6
June
Adams OH A Gas com
*
10
Advanced Alum Castings.5
10
11
25
19*4
Allied Products com
Class
3*4
A...
Amer Tel A Tel Co cap. 100
5*4
com
1
750
19K
50
12*4
Mar
19K
Aug
10
45
62
July
724
140*4
5K
5K
960
3*4
Mar
146*4
6*4
Aug
Jan
8K
8K
300
5*4
Apr
8*4
Aug
Jan
141 K
.
146*4
IK
IK
100
35 K
35 K
100
Mar
IK
Mar
36 *4
2*4 June
4*4
Jan
1*4
2K
July
*4
27
4
4
IK
IK
850
1
Mar
2K
2K
700
IK
Mar
Athey Truss Wheel cap—4
Automatic Products com.5
Aug
Api
Aug
*
_
Jan
Aug
11K
1
—
Aug
July
59
9K
8*4
Associates Invest
11*4
11K
Aug
19K
144*4
Armour A Co common—6
Aro Equlp Corp com
Asbestos Mfg Co com
_
36*4
4*4
59
Amer Pub Serv pref... .100
IX
Aviation A Trans C cap.l
50
Mar
23 K
27
Jan
Jan
9
*
9
Bastian-Blessing com
*
11
Beiden M fg Co com
Bendlx Aviation com
10
Berghoff Brewing Co
1
IX
7K
Bliss A Laughlin lnc com.5
19*4
19*4
21
5
35
32
36
6,500
5
15*4
Backstay Welt Co com
Jan
July
5
~2i"
50
9
8*4
10
Jan
Jan
10*4
10*4
11K
250
8
Mar
13
Jan
11K
200
6K June
13
Jan
22 K
24 K
8*4
5*4
24 *4
Aug
500
Mar
8K
May
1,000
12*4
Mar
22*4
16 K
Mar
36
Aug
8
Mar
7K
10,650
»
Mar
Jan
Borg Warner Corp—
(New) common
Brown Fence A Wire—
19K
Ring com
1
..10
Butler Brothers
6%
conv
,
5*4
Class A
Burd Piston
Baltimore City Bonds—
A
Price
Range
Laboratories—
Bruce Co (EL) com..
Bonds—
Bait Transit 4s flat. 1975
of Prices
Low
High
Jan
Mar
June
7K
100
32
2
Apr
137
10
Aug
July
10
8
K
112
26*4
215
53
69
67*4
July
Jan
1,625
83
10*4
K
811
1 *4
1*4
July
June
May
13
12
50
Seaboard Comml com
IK
40
.IX
Ownings Mills Distillery.. 1
Penna Water A Pow com.*
10
80
1*4
Aug
73 K
IK Aug
22K June
25
13 K
20K
Par
Stocks—
Week's
Sale
Jan
Apr
116
June
K
1,992
*4
217
13
MtVern-Woodb M com 100
New Amsterdam
1*4
1
Apr
6
15
*4
24*4
IX
1
.
*4
155
8
*4
1
Co
7
*4
8
*
Mar Tex Oil
18 K
Last
July
2K
Mar
7K
110
20
19K
Apr
1%
20 X
Eastern Sugar Assoc com. 1
Sales
High
Mar
*
com
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Week
*
pref vtc
Black & Decker
Martin (Glen L)
Chicago Stock Exchange
Sales
Week's
pref
19 X
50
14
13
15*4
1,050
3K
100
3K
"sx
CamphellWyantACan cap*
8K
8*4
2,0.50
21K
..30
Jan
6
22 *4
72
340
Apr
22 K
Jan
May
2*4 May
5*4 Mar
15*4
Aug
5*4
Jan
10
July
24 K
July
17*4
Mar
16
July
20
Apr
25
Boston Stock
Exchange
Last
Sale
Stocks—
Par
Price
Amer Pneumatic Ser com
6% non-cuin pref
100
144*4
Blgelow-Sanf Carpet com. *
Preferred
..100
Range Since Jan. 1, 1938
for
Week
1,374
24
*4
32c
135
1
80c
55*4
130
41*4
Mar
57 *4
June
K
1,000
54
Aug
IK
July
200
3*4
June
7*4
July
1,450
1
Mar
2K
1
Apr
17
IK
Mar
149 K
Jan
27*4
July
72
10
72
Aug
86
88
693
60
Mar
233
108
94
Mar
Jan
K
50
*
X
6*4
6K
7
1
com
IX
IK
IK
51*4 conv pref
Central S W—
Preferred
V-
*
41
41
20
*
com
14*4
15
100
Cherry-Burrell Corp com.5
Chicago Corp common..*
Feb
June
110K
95
High
Mar
72
86
23
53
Chain Belt Co
Low
50
1*4
1*4
140*4 146 K
23
55*4
Common..
Shares
45c
23 X
—100
Boston A Albany
of Prices
High
Low
45c
50
Amer Tel A Tel
Sales
Week's Range
20
"23"
Central 111 Sec
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Friday
19K
Castle A Co (A M) com. .10
Cent 111 Pub Ser $6 pref.. *
13*4
12K
13K
50
2K
11,450
Aug
Jan
Jan
25K June
50
July
12
16K
July
Mar
12*4 June
IK Mar
21 *4
*
35
33 K
35
650
25*4
35
Aug
Chic Flexible 8haft com..5
69
69
73
450
38 K
Mar
Jan
80 X
July
10 K
10*4
32
Mar
12X
Jan
7K
8K
550
26 K
Preferred
Chicago-Yellow Cab
2
*
cap
2
8
Jan
2K June
Cities Service Co—
(New) com
..10
Commonwealth Edison—
8
100
131*4
Apr
108 K
134
25
26*4
26 K
1,700
..100
50*4
210
48 K
Jan
58 K
May
26c
24c
27c
Boston Herald Traveler—*
83,800
16*4
16*4
16*4
10
13 K
Mar
20 *4
Jan
Compressed Ind Gases cap*
16 K
17 K
500
6K
7*4
2,450
10
16*4
7*4
10
10K
221
5*4
12
Jan
1
7*4
June
10K May
Mar
28
Consumers Co—
IK
Mar
Mar
Boston Edison Co
Boston Elevated
130*4 131*4
50 *4
50*4
Jan
July
Boston A Maine—
100
Class A 1st pref (stpd) 100
Class A 1st pref
100
1st pref class B
Class D 1st pref
2*4
3*4
45
2*4
30
2
(stpd) 100
3
2*4
100
2
2K
July
3K
July
1K
Apr
3*4
July
3*4
3*4
10
2*4
June
5*4
July
12*4
150
8*4
Apr
12*4
Jan
6K
Mar
10K
Jan
K
July
K
25
7*4
8*4
190
25
X
270
5X
*4
5*4
28*4
1*4
28*4
12
12
2f
*
100
....100
East Mass St Ry—
Common.
100
1st pref
6
100
Employers Group
*
Georgian Ind cl A pref—.20
31
7K
Jan
June
3
Jan
3K
7K
Feb
4
Mar
11K
May
Aug
Jan
Aug
8K
IK
16K
1*4
50
*4
Feb
16*4
300
14*4
Aug
17*4
July
100
10
Mar
18*4
July
65
15 X
65
10
48
May
14 X
50
11*4
Apr
13K
2
July
July
18 X
73
July
16K
July
35 K
15
557
33
June
52
May
11K
June
30*4
Jan
Eddy Paper Corp
X
28
*4
IK
Feb
Elec Household Utll cap. 5
Elgin National Watch...15
20
13K
3*4
400
2*4
15K
20
57
394
July
Apr
Apr
Apr
33
3K
20
Aug
Jan
Mar
com
5*4
Mar
14
July
150
20*4
Aug
50
18*4
11K
Aug
12
Aug
16*4
32
32
100
29
May
34
Jan
*
16
16
450
10K
2K
Mar
Mar
21
Feb
15
Mar
24
5
20*4
4K
20*4
5*4
21
8
8
9*4
9K
(Peter) Brewing com.5
F'our Wheel Dr Auto cap 10
35
IK
July
IK
Feb
Fuller Mfg Co com
4K
June
7*4
Jan
Gardner-Denver
9*4
119
6K
June
Feb
Gen Finance Corp com
com
5
5
4,050
350
Fitz Sim A Con D A D cm*
Fox
190
11
800
20
12
_*
com
1*4
10
13 X
18*4
*
..*
Dixie-Vortex Co
Class A
7K
*
5X
*
*
Copper Co...15
"2*4
50
100
150
5
.1
2
2
2*4
700
*
12
12
12 b
,200
2*4
100
IK
4*4
8
2K.
5*4
Apr
1 *4
10
Aug
Jan
June
6*4
Aug
Mar
Mar
2*4
Mar
2K
Jan
8*4
11K
Mar
4*4
1,400
1
__1
5
*
New England Tel A Tel 100
16
104*4
100
2.50
Old Colony RR
45c
2K
14
5
200
100
100
IK
27c
350
43
Feb
Jan
Mar
19
X
10
June
June
5*4
Aug
60c
July
40
3K
18
Aug
July
Feb
Common
1*4
Goldblatt Bros Inc com..*
Goodyear T A Rub com.. *
Gossard Co (H W) com
Great Lakes DAD com
*
*
25
4K
June
2*4
2*4
947
IK
Mar
25*4
2*4
Linotype..*
Narragansett Racing Ass'n
NYNHAHRR
2*4
5
Mass Utilities Assoc v t c.l
Inc
5K
38
13
Mergenthaler
New Eng G A E pref
5K
45c
38
Loew'sTheatres (Boston)25
Maine Central com.:..100
26 K
155
18K
Mar
28
July
HeUeraan Brew Co O cap.l
Hein-Werner Motor Parts 3
1,125
3K
Jan
6
July
Houdaille-Hershey cl B
4*4
16
5
(Ctfsofdep)
Jan
Aug
16
10
16
191
81
Mar
109K
July
25
1
June
2K
16
June
4K
July
Jan
Jan
Jan
37o
Mar
79c
Jan
2
Apr
5
Jan
1
May
9
20*4
Hall Printing Co com
10
Harnischfeger Corp com. 10
48c
52c
1,800
2*4
IK
40
IK
20
Aug
23
Feb
3K
Jan
Jan
60c
May
19 K
July
19*4
21 *4
584
May
24 K
3K
11K
460
IK
June
4*4
Jan
1,220
8
May
11K
Aug
5H
12
7*4
13
110*4
Kentucky UtU Jr cum pf 50
6% cumul pref
100
KerlynOilcl A com
..5
Kingsbury Breweries cap 1
Torrington Co (The)
*
Union Twist Drill Co
3
10*4
25*4
11
555
24*4
25*4
577
17
Mar
Apr
28
July
July
20
25
15
Apr
22 K
July
Mar
80 *4
9*4
Corp.25
~80~"
77
25
42*4
41
Preferred
Jan
20
5
Utah Metal A Tunnel Co.l
80
623
50
K
42 K
110
38*4
Jan
88c
90c
600
55c
43
July
May
Mar
IK
Jan
Corp—1
55c
55c
54
55c
Apr
1.25
Feb
*
7K
7*4
60
5K
Mar
Jan
3*4
3K
30
IK
Mar
8K
4K
Waldorf System
Warren Brothers
July
Bonds
Eastern Mass Street Ry
1948
For footnotes see page 1319.
3,200
8K
6
6K
Kellogg Switchboard com. *
10*4
21
8*4
6
250
30
ex
6
Illinois Brick Co cap
10
Illinois Central RR com 100
Illinois Nor Utilities pfd 100
Mar
*
19*4
IK
30c
Stone A Webster
Mar
11K
9*4
13 *4
3*4
6
"1*4
10
11*4
450
9
Hubbell. Harvey Inc com.5
Hupp Motors com
1
40
20 X
Aug
9K
23*4
30*4
9*4
17
41c
*
Aug
7*4
14*4
25
June
28
14 K
41c
...50
Jan
13
1,153
7*4
14*4
Shawmut Assn T C
2*4
200
30*4
16*4
25
Quiucy Mining Co
May
15
28 K
*
...»
Old Dominion Co..
1
15
"20"
7*4
K
Jan
Aug
Mar
21
Aug
5
Mar
10 K
July
5*4
Mar
12K
8*4 June
650
5K
200
4
Mar
5*4
Mar
17
Aug
S*4
Mar
12
July
K June
2
Jan
8,300
11K
50
iK
650
7K
1.100
13*4
630
110K 110K
30
Jan
7K
Apr
7*4
Aug
Jan
IK
2*4
"52c
9
2*4
103*4 105
1*4
100
Pennsylvania RR
25
Gen Household UtU—
A
Series B 5s
13*4
May
1*4
1*4
Preferred
Venezuela Holding
Dayton Rubber Mfg com.*
4K
6*4
Class B
United Shoe Mach
65
50
Hathaway Bakeries—
Pacific Mills Co
27c
Aug
May
14K
Cudahy Packing pre?.. 100
Cunningham Drug com2*4
*
Gillette Safety Razor
30
24c
12
8K
16*4
15K
230
31
3*4
20
.50
Common....
_*
...
North Butte
.
1*4
X
Eastern Steamship L com. *
Isle Royal
vtc pref part shares
1
V t c B conv paitshs—_*
Container Corp of Amer. 20
Continental Steel—
Deere A Co com
Common...
4*4% prior pref
6% preferred
com.
22
'
East Gas A Fuel Assn—
Class
Rights (Sept debs)
June
Calumet A Hecla
Cliff Mining Co—
Copper Range
4*4
Mar
7
12*4
Boston Personal Prop Tr_*
Gilchrist Co..
New capital
Consolidated Biscuit
Prior pref
f,
14
Indiana Steel Prod com
Inland Steel Co cap
73
SI,500
50
Apr
75
Jan
200
Mar
6*4
Mar
100
Mar
3K June
•
8K
14
110K
7
Jan
July
Aug
1
4K
*
International Harvest com*
Iron Fireman Mfg vtc
*
72 K
76 K
402
69*4
July
76 K
Aug
57 *4
17
60 X
381
Aug
60 *4
Aug
May
1854
Aug
16K
June
18*4
Mar
5*4
Jan
Mar
8K
July
Jar vis (W B) Co cap
Katz Drug Co com
Preferred.
4K
18
I
4
"73"
17K
100
55*4
12*4
18*4
2,050
10*4
4
4K
500
7K
1
100
8K
3,000
220
20
Mar
10
53
24 *4
68
68
4
1,400
X
150
2K
2K
350
3*4
3*4
3*4
50
Llbby McNeill A Ltbby.. *
Lincoln Printing com....*
53*4 div pref
*
7*4
7
7K
650
Lynch Corp
com
com
K
5K
F'eb
23 K
5
•
65
73
3K
3
20
73
_*
La Salle Ext Unlv com
Leath A Co com
Lion Oil Ref Co
72
11K
5
3K
4*4
300
30 *4
30 K
10
*
23
23*4
150
5
36
36
50
Apr
3K June
81
28 K
Jan
Jan
July
Jan
70
Aug
5
Mar
IK
Mar
Feb
X
IK May
2K Mar
3*4
Feb
4*4
Aug
6
9
2
Mar
Jan
Apr
4*4
Aug
Mar
31 *4
July
16K
Mar
25K
Aug
24*4
Mar
38
July
24 K
Volume
1317
Chronicle
Financial
147
in
Sales
Friday
Week's
Last
Sale
11%
*
4,900
5%
Mar
12%
220
Mar
5%
2,150
5%
2%
Mar
14%
5%
27
20
19%
Mar
28%
Aug
purchase warrants
550
1%
Mar
4%
6%
2,450
4%
Mar
7%
%
750
%
Mar
2
%
July
%
Jan
Feb
6%
July
1
Feb
2
May
1
Mar
2
Jan
5%
Aug
7
July
%
.
150
%
%
3
1,250
6
5
6
*
Midland Utll—
100
100
1%
1
—*
Modlne Mfg com
30
1%
1%
6%
1%
1%
7% prior lien
1%
6%
6% prior lien
50
100
,
•
Jan
18
24%
25
50
1,050
Apr
Aug
50
Jan
27%
45%
150
46%
-
01 RUSSELL A
July
~
~
CILUS
July
*
Minn Brewing Co com
Aug
3%
Midland United CoConv preferred A
Jan
6%
6%
Members Cleveland Stock Exchange
July
3%
Middle West Corp cap...5
Common
Jan
1%
14%
Mar
%
%
13%
11%
5%
13
Mlckelberry's Food Prod—
Common
1
Stock
400
Ohio Listed and Unlisted Securities
High
Low
Shares
27
*
*
Mer A Mfrs Sec cl A com.l
McCord Rad A Mfg A
Partic pref
Jan. 1, 1938
Week
High
%
12%
Manhatt-Dearborn com..*
Marshall Field com
Range Since
<or
Range
of Prices
Low
Price
Par
Stocks (Concluded)
9
Montgomery Ward—
A. T. & T. CLEV. 565&
Telephone: CHerry 5050
26
10
20
National Standard com.
.
Cleveland Stock Exchange
official sales lists
Sales
Friday
Aug
Noblltt-Sparks Ind com-.5
Northwest Bancorp com..*
Northwest Eng Co
Northw Util 7%
7% prior lien
Apr
530
20
Mar
Apr
Aug
28
25
July
2,000
12
Mar
26%
July
950
5
Mar
8%
Jan
7%
13%
14
8%
Mar
15%
July
14%
10
8%
Mar
19%
May
44
45
50
46
70
46
17%
25
18%
15%
Apr
17%
pref..100
100
*
Omnibus Corp (The) v t c.
14
14%
cap—*
Last
Par
Stocks—
Aug
19%
Aug
July
Airway Electric pret
Jan
36%
July
386
14%
111
24%
Mar
Jan
29
50
28
22
May
3
Mar
4%
Jan
3%
3%
150
250
%
Mar
1%
Jan
1
%
%
%
1
300
%
May
1%
Jan
1
8%
9
285
8%
Aug
10%
%
Pines Wlnterfront Co com!
com
Pressed Steel Car
*
2%
*
53 %
24
23
18%
19
12%
_1
Clark Controller
Cleve Builders Realty
Cleve Cliffs Iron pref
Cleveland Railway
100
-*
.1
Cliffs Corp v t C-.
_
.
151
109%
270
85
Mar
109%
Aug
149
151
100
129
Mar
151
Aug
Elect Controller & Mfg
Halle Bros
Aug
2%
89
41%
June
64%
135
19
May
32
Jan
585
11
Mar
21
July
215
10
May
13
Mar
109
5
60
Jan
15
100
15
May
17%
Jan
10
5
Jan
6%
Jan
35
13
June
18%
Mar
Apr
6%
Jan
Jan
4
Jan
5%
5%
17
National Tile....
12%
2%
7,050
%
Mar
2%
Aug
24%
50
15%
Mar
27%
July
6% May
47% Mar
13%
Jan
75%
12%
11%
1,850
12%
71%
75
986
;
3%
100
12%
50
19%
750
102% 103%
50
2%
2%
500
13%
14%
3%
Slvyer Steel Castings com *
«
m,
M
-
So Bend Lathe, Wks cap..5
103%
South w Gas A El 7 % pf 100
5%
Jan
Mar
17%
Jan
14
Aug
Mar
19%
Aug
Apr
104%
Aug
1%
Mar
3%
14%
2%
Common
.1
20
Standard Gas & Elec coin.*
May
7%
Mar
61
2%
Mar
7%
Apr
13
Jan
22%
Mar
29
July
15
Mar
19%
Mar
5%
July
Feb
17%
July
11%
11%
15
27%
26%
28
200
25
18%
18%
19
1,415
Thompson (J R) com...25
Trane Co (The) common.2
4%
4%
5%
550
17%
1,150
3%
14%
84%
149
63%
Mar
86%
95%
87
77%
June
95%
2%
2%
1,350
%
Mar
3%
1%
200
1%
Mar
2
14%
Mar
18
13%
June
29%
17
*
1
Western Un Teleg com. 100
W'house El & Mfg com..50
17%
17%
29%
29%
10
-
-
27%
102
Wleboldt Stores Inc com.. *
WlsconsinBankshares corn*
10%
„
_
m
4%
f* -
«
4%
20%
4%
2
20%
46%
49
150
3%
2%
1,333
i6%
100
8%
3%
2
Peerless Corp
825
29%
Aug
35 %
3%
*
100
38
.1
8% cum pref
4
Troxel Mfg
33%
Aug
30%
105%
65
99%
Aug
10%
4%
50
9%
June
12%
4%
14%
*
Weinberger Drug Inc
600
3%
May
1.250
2%
Mar
July
23
7,050
9%
May
25%
July
49
SI 0.000
41%
49
July
Aug
BUILDING,
July
36 %
July
3%
38
58
2
Mar
180
12
Apr
25
3
Aug
100
4
June
1%
June
CO.
4%
65
20
14%
Churngold
Par
Stocks—
P/ice
Shares
1%
1%
45c
200
Baldwin Rubber com
1
5
Bower Roller
■
Mar
Mar
12%
Aug
3
82
Dow Drug
Eagle-Picher
...
Kresge (S S) com
3
May
7%
Gibson Art
*
1
Hilton-Davis
1st
26%
—
*
Kahn
17%
*
56%"
*
100
8% preferred
-
^
-r
„
♦
Randall B
26%
^
-
U S Playing Card
31
Wurlitzer
10
9
Aug
27
10
22%
Apr
28
July
16%
65
14%
Apr
17
Jan
8%
50
7
Apr
10
92
Jan
17%
320
12%
Mar
2%
10
2%
Mar
56%
56%
295
39%
Mar
215
3%
17
31
31%
For footnotes see page
1319.
9%
100
17%
5
57%
Mar
Feb
Aug
Jan
Aug
217
Apr
25
1% June
5
June
5
13% June
27
Jan
1
55
9
9
42
90
Kemper-Thomson spl pref.
Jan
27
-
10
Jan
Apr
17
3%
5%
12%
20
93
215
100%
25
17
*
Rapid
27
Mar
2%
*
Procter & Gamble...
300
93
,
-
National Pumps
11%
8
8
100
preferred
Kroger
11
16
11%
*
Early A Daniel
3%
103
3%
10
12%
12%
1,360
1%
1%
772
70C May
15%
1%
495
95c
Aug
1%
95c
Gar Wood Indcom.
General Motors com....
90
8
211
Jan
21%
Jan
7%
90
31%
Aug
Mar
10%
July
Aue
90
Aug
_
103
1.00
104
116
Mar
77
Aug
July
July
Aug
Aug
Feb
June
Jan
Jan
108
1%
Mar
2%
July
3%
3%
July
1%
1%
525
"*2%
2%
2%
650
1%
May
2%
2%
2%
535
1%
June
Jan
Jan
13
13
200
May
16
15%
16
425
9
Mar
16
Aug
14
com......*
*
Jan
27
*
72
i03~"
Jan
Aug
July
12%
...
Jan
84
2
22%
76%
1%
10
July
Jan
Jan
9%
25%
37%
21%
3%
22%
76%
5
_
5
7
6%
May
11
36
85
Jan
10
1
350
2,724
Jan
Apr
June
1%
Apr
Mar
9%
7
94%
Jan
105%
Feb
6%
3
31
May
112
84
July
June
5
9%
97%
Mar
1
18%
97%
Cincinnati Telephone- -50
5
Feb
94
25
9%
Cln Gas A Elec pref.. .100
Clncinnatl Street Ry.. ...50
Aug
June
1%
5
May
1%
Mar
15%
22
3
30
3
13%
20%
1%
75
3
200
37%
18%
19%
3%
96
1%
33
36%
22%
61
High
12%
*
61
.
815
.12%
Frankenmuth Brew com__l
Low
Mar
2,964
8%
26%
Aug
Jan
Mar
8%
25%
8%
25%
14
395
6
Mar
14
Aug
10
5%
Fed Motor Truck com—.
Week
Shares
1, 1938
35c June
4%
4,288
2,440
1,055
1,975
10
—100
Det Cray Iron com
6
Det-Mlch Stove com
1
Det Paper Prod com ..... 1
Det Steel Corp com
5
Ex-Cell-O Aircraft com. ..3
Range Since Jan. 1, 1938
for
7
«.
Jan
High
Low
465
42c
1%
7
5%
225
2%
Mar
5%
Aug
1%
1%
400
1
Mar
2
July
7%
July
6%
7%
1,460
2%
General Finance com
97%
97%
*
Apr
Week
1
Det & Cleve Nav com
CINCINNATI, O.
25
*
...
Feb
3%
20
Range Since Jan.
for
of Prices
Low
High
1
306
3
1%
*
Cln Advertising Prod.
July
Sales
Week's Range
Allen Electric com
3%
3
.
14
DETROIT
Sale
97%
of Prices
High
Low
1%
~
July
7
Chicago Stock Exchange
Last
3
1
10
Goebel Brewing com
1
Graham-Paige com
1
Grand Valley Brew com
1
Hall Lamp com
*
Koskins Mfg com
*
Houdaille-Hershey B
*
Hudson Motor Car com..*
Hurd Lock & Mfg com
1
Kingston Prod com
1
Kinsel Drug corn..
1
Week's Range
8
*
Aug
5%
New York Curb Associate
Friday
.
-
July
38
Detroit Stock Exchange
both inclusive, compiled from official sales lists
Consumers Stl
Sales
Sale
-
4%
Aug. 20 to Aug. 26,
Chrysler Corp com..
Consolidated Paper com
compiled from official sales lists
Friday
-
8%
Telephone: Randolph 5530
Casco Prod com
Teletype: CIN 68
Aug. 29 to Aug. 26, both inclusive,
100
8%
13
Buhl Building
Federal Mogul
.
Mar
39
Detroit Stock Exchange
Burry Biscuit com
Brown McLaren—
Securities
Cincinnati Stock Exchange
Champ Paper & Flbre.
4
Feb
Aug
Apr
Exchange
Detroit Edison com
Telephone: Main 4884
HPreferred.
June
19%
Members
New York Stock
Jan
5
5%
5%
New York Stock Exchange
Cincinnati Stock Exchange
*
3%
Aug
Watling, Lerchen a Hayes
Aug
Members
Price
Jan
Aug
15
Mar
3
3
Van Dorn Ironworks....*
Jan
26
W. D. GRADISON &
Par
4%
30
10
4
4
Upson-Walton
Aug
30%
106%
Cincinnati Listed and Unlisted
Last
July
12
474
11
11
36
*
RichmanBros
8
8%
11
Briggs Mfg com
...__*
Burroughs Add Mach
*
DIXIE TERMINAL
1%
11
16%
*
3
Patterson-Sargent
Jan
Aug
135
Bonds—
1927
Mar
11
Auto City Brew com
22
Zenith Radio Corp com..*
2%
2%
Jan
600
1%
17
—
3%
5%
July
Apr
20%
Mar
Mar
100
100
Jan
31
Feb
10
1%
-4
Apr
Mar
40
3
*
July
Viking Pump Co com....*
Walgreen Co common
Wayne Pump Co cap
13
19
3
25
Reliance Electric........6
Aug
2%
7
22%
19
July
94%
-
5%
81%
Union Carb & Carbon cap *
Utility & Ind. Corp—
Convertible pref
35
29
Jan
16
17%
...20
2
3
July
Sunstraud Mach Tool com5
1.50
Utah Radio Products com *
420
July
500
3%
11
-
3%
Jan
10
13%
90
Standard Dredge—
Convertible pref
3%
29
Murray Ohio Mfg
Seiberling Rubber
*
Mar
8%
50
15%
18%
Signode Steel Strap com.. *
Aug
14
2
3%
15%
12%
Serrlck Corp cl B corn.. —1
Burger Brewing
July
75
July
2
24%
15%
200
11
National Refining...
Mar
5%
3
3%
*
July
Jan
7%
5
1
Brick
1%
%
100
17
*
1%
100
72%
Baldwin
July
117%
5
65
*
Metro Paving
Aug
230
Sears Roebuck A Co com. *
ff Stocks—
Jan
115
Medusa Ptld Cement
July
1%
Schwitser Cummins cap.. 1
Chicago Rys 5s ctfs
Jan
15
Lima Cord Sole & Heel
4%
12%
2%
1
Woodall Ind Inc com
Jan
2%
65
Kelley Isld Lime & Tr_...»
Lamson & Sessions
24%
1%
3
Sangamo Electric Co com. *
U S Gypsum Co com
Jan
July
118
115
__*
Harbauer Co..
Jan
3
50c
6% preferred
5
Reliance Mfg Co com... 10
Swift A Co
12%
12%
12%
20%
100
*
i
Mar
Raytheon Mfg Co—
Swift International
15%
July
13
Apr
Aug
June
14
110
5
Dow Chemical prel
16%
100
24%
24
Rath Packing Co com... 10
Rolling Hos Mills com
101
24
18 %
9%
1 5%
4%
9%
60
10
9%
10
im
2%
55
*
McKee (A G) B
108
Quaker Oats Co common.*
Preferred.
100
Common v t c
High
Low
Shares
July
3%
Pictorial Paper Pakge cm 5
Potter Co
Jan
Mar
35%
28
-
-
Week
Jan
9%
24%
Apr
21%
20%
34%
Pennsylvania RR cap...50
Peoples G Lt&Coke cap 100
Perfect Circle Co com
*
3
8%
100
City Ice & Fuel
Colonial Finance.
1
June
%
250
4
4
4
100
%
%
Peabody Coal Co cl B com 5
Penn Gas & Elec A com..*
of Prices
Low
High
Price
1, 1938
Range Since Jan.
Week's Range
Aug
150
26
7
7
7
20
26
18%
22%
25%
50
8%
8%
24%
Nachman-Springfllled cm *
National Battery Co pref.*
566
Aug. 20 to Aug. 26, both inclusive, compiled from
Sale
48%
*
Common
Cleveland
Union Commerce Building,
"49%
3
286
48%
50
5,979
2%
2%
901
4%
2
Mar
June
4%
Jan
Aug
50
25%
Mar
2%
May
3%
70c June
Jan
"T%
1%
1%
1,350
1%
Jan
50c
50c
50c
400
47c
Aug
70c
Feb
2%
100
2
Mar
3%
Jan
17%
Aug
17
Aug
2%
17
16%
16%
17
220
15
Feb
14%
17
5,898
6
Mar
6%
Apr
9%
Jan
9%
9%
605
62c
64c
1,400
37c
Apr
%
Jan
2%
2%
590
1%
Mar
3%
55c
62c
57c
600
40c
Mar
%
Jan
Jan
19%
19%
545
15%
Mar
19%
July
2%
2%
2%
350
1%
Mar
3%
Jan
1
McAlter Mfg com...
*
McClanahan Oil com.
1
McClanahan Ref com
1
Mich Steel Tube Prod .2.50
1%
1%
1%
l,93f>
80c June
1%
99c
99c
99c
100
60c
Mar
40c
30c
45c
16.572
%
Mar
70c
75c
200
69c
Mar
1%
Jan
8%
8%
200
5
May
8%
Aug
50c
%
Jan
*
com—1
Mid-West Abrasive com50c
Motor Products com
*
Motor Wheel corn
5
Murray Corp com
10
Packard Motor Car com .. *
Parke Davis com
__*
Parker Rust-Proof com 2.50
Parker Wolverine com—*
Penin Metal Prod com__.l
Pfelffer Brewing com
*
Mar
Lakey Fdy A Mach
Masco Screw
10
com__l
Prod com
—
—
Mich Sugar com
Mlcromatic Hone
70c
1%
Jan
Jan
Apr
55
50c
50c
400
40c
3%
3%
300
2%
Mar
4%
Feb
1%
200
87c June
2.00
Jan
1%
21%
15 •
22
14%
15
343
1,357
11
Mar
15
Aug
10%
July
5%
July
3.483
4%
Mar
5%
3.410
3%
Mar
40%
1.131
31%
Mar
18
18
9
5%
18
9%
9%
10
9%
100
525
July
June
40
9%
22%
8%
14% June
41
Aug
20%
Jan
12
Jan
6%
Apr
3%
Jan
8%
July
2%
2%
2%
815
1%
May
7%
7%
7%
410
4%
Mar
1318
Financial
Friday
Reo Motor com
Rlckel (II
Week's Range
for
Sale
Par
of Prices
Low
High
Week
Price
5
....
com.
„
Tivoli Brewing com.... -.1
Union
investment
com.
*
.
1%
2)4
Mar
2%
Jan
Mar
4
Jan
300
Members
2
Mar
454
Jan
202
22
New York Stock, Exchange
26
354
16
,
Jan
27
1)4
1.005
8%
Mar
1,873
254
June
4%
0%
Jan
5
Jan
4
4
720
3%
354
275
5%
4%
2)4
Apr
5%
150
5%
1)4
154
1.300
1%
Aug
Mar
70c
70c
375
65c
Wayne Screw Prod com -.4
2)4
2%
400
1 %.
Wolverine Brew com... ..1
20c
20c
200
18c
Julv
"'
V
„...
v
-.1
-TV
70c
Julv
10
May
354
1
*
Universal Cooler B
Philadelphia Stock. Exchange
Aug
Mar
Apr
3%
.v.::".'
Feb
3,010
3%
♦
United Specialties
Warner Aircraft com
Si Townsend
264
215
15
_
*
United Shirt Dlstcom..
DeHaven
2%
354
3%
3%
New York Curb Exchange (Associate)
PHILADELPHIA
NEW
1513 Walnut Street
5%
3)4
Jan
Mar
154
Jan
June
3 %
Jan
54
Jan
Philadelphia Stock Exchange
Aug. 20
to Aug. 26, both
inclusive, compiled from official sales lists
Sales
Last
Stocks—
Wm.Cavalier&Co.
American Stores
523 W. 6th St.
San Francitco Stock Exchange
Teletype L.A. 290
—
Elec Storage
..5
Sale
Far
Stocks—
Price
of Prices
High
IjOW
Range Since Jan. 1, 1938
for
Week
Low
Bandlnl Petroleum
Co_-.l
4%
4%
4%
300
2%
May
454
Aug
26c
25c
20c
400
25c
Apr
45c
Jan
4%
10%
5,400
154
Mar
4%
Aug
70%
9%
300
1,300
Bolaa-Chlca OH A coin..10
354
354
16 %
10%
Chrysler Corp
75 %
—...5
Claude Neon Elec Prods._*
Consolidated Oil Corp
*
Consolidated Steel Corp..*
Preferred...
....._.*
Creameries of Amer vtc.l
Emsco Derrick & Equip..5
Exeter Oil Co A com
1
General Motors
15
10
Apr
36
Mar
76 54
954
1054
954
75)4
9%
0%
Mar
9%
9)4
9%
200
7%
Mar
5
5
5
100
2%
Mar
014
454
9
9%
900
8
4%
454
Apr
200
3%
Mar
0%
Mar
m
954
954
200
1.05
97 %C
1.10
14.100
52c May
10
49 x
47%
50
Gladding-McBean & Co..*
10 54
10%
1054
100
7
Globe Grain & Milling..25
o%
5%
054
600
354
Goodyear Tire & Rub Co. *
29V*
29%
29%
100
17
Apr
Hancock Oil Co A corn—*
38%
38%
39
700
25
May
Holly Development Co
1
Hupp Motor Car Corp„..l
Intercoast Pete Corp.....
1.15
1.10
1.15
2,600
1.25
1.25
1.25
100
35c
35c
35c
500
8c
7c
8c
2,000
com
Jade Oil Co
10c
Klnner Alrpl & Motor
1
Lincoln Petroleum Co. 10c
5c
5c
700
2554
18
6
Jan
Aug
438
1,782
8
501
8
Mar
14954
Jan
July
119%
Jan
Jan
Aug
654
Jan
Mar
36
554
7754
Aug
Aug
Mar
20
454
Mar
8)4
Aug
2954
3054
221
Mar
3154
Mar
40%
50%
4.610
21%
25%
Mar
50)4
Aug
454
100
3
May
5)4
July
5%
754
2%
21%
234
3
Mar
300
4%
Mar
7%
8%
July
Jan
403
1%
14%
Mar
5
,.*
7
654
Pennroad Corp vtc.....l
Pennsylvania RR..
50
"21
19%
Phila Elec of Pa $5 pref..
Phlla Rapid Transit. ...50
1%
117%
1%
...
1,248
117
61
117%
;■ 1%
154
2%
2%
2%
Mar
30%
Jan
Jan
Feb
Aug
July
July
May
112
230
1%
Apr
200
154
Apr
117%
2%
254
1,046
1054
Jan
27%
292
35%
Mar
1,000
1954
1854
20
.....*
Scott Paper
1
48%
47 54
li«
Jan
34
49
1
nt
Tonopah-Belmont Devel.l
Tonopah Mining
11
1
Transit Invest Corp..
Preferred
49
Aug
Feb
100
%
May
1 %
Jan
54
135
Mar
1%
July
1%
242
%
%
Apr
2%
Mar
41ie
54
_...
.......
July
Union Traction........ 50
United Corp common....*
11%
July
454
1054
1.10
Jan
July
Preferred.....
254
2%
3254
3054
United Gas Improvcom..*
Preferred..
2%
2%
._.*
10%
*
9%
1054
108% 110
243
237
154
1%
Mar
354
Jan
401
22%
Mar
3354
July
5,436
854
Mar
11%
150
99 J4
Mar
y
3)4
Jan
Mar
Jan
110
Aug
Aug
Mar
50
Aug
12
July
Mai
7
Boads—
July
29%
41
Elec & Pepls tr ctfs 4s. 1945
5%
0
SI 1,000
Jan
Aug
Aug
Aug
Mar
1.25
1.50
Jan
June
57%c
Apr
Jan
8c
Aug
5c
0%
554
7754
1154
454
July
50c June
36c
0%
7254
49%
July
Jan
65c
111%
11254
454
2%
201
High
Mar
High
Consul
Central Invest Corp.-.100
586
'"554
Salt Dome Oil Corp.
Barnhart-Morrow
14154 140%
115% 110%
454
10
Reo Motor Car Co..
Shares
0%
7454
.50
Nat'l Power & Light
Sales
Week's Range
116)4
Low
55
Battery.. 100
Lehigh Coal & Nav
Lehigh Valley
Angeles Stock Exchange
Last
144%
Range Since Jan. 1, 1938
Week
8%
Curtis Pub Co common..*
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Friday
754
Budd (E G) Mfg Co
.*
Wheel Co.......
Chrysler Corp.....,
General Motors
Los
Shares
Price
Budd
Chicago Board of Trade
Los Angeles
for
of Prices '
Low
High
*
American Tel & Tel....100
Bell Tel Co of Pa pref. .100
MEMBERS
Lot Angelet Stock Exchange
Par
Week's Range
Sale
New York Stock Exchange
YORK
30 Broad Street
Friday
V
1874
\
354
26
354
.10
_
High
3%
Standard TubeB com.. ..1
Tlmken-Det Axle
Established
Low
2
♦
.10
Scotten-Dtllon com
Range Since Jan. 1. 1938
Shares
354
2%
..2
W) com
River Raisin Paper com
Aug. 27, 193S
sales
Last
Stocks 0Concluded.)
Chronicle
H. S. EDWARDS
Aug
5c
1,100
10c
10c
11c
2,200
10c
Apr
18c
14)4
14)4
1454
900
554
Mar
1554
Aug
2%
3
900
2
3%
4)4
4%
4%
100
3%
June
0%
July
2%
254
254
1,800
80c
Mar
354
July
•50c
31c
50c
600
25c
Aug
50c
NordonCorp Ltd
11c
11c
12c
2,000
6c
May
21c
Occidental Petroleum
July
1
22c
22c
22c
1,500
18c June
30c
Jan
Oceanic Oil Co
1
95c
90c
95c
400
75c May
1.20
Jan
Pacific Clay Products
Pacific Distillers Inc
*
9
9
9
300
5
9%
July
CO.
PITTSBURGH, PA.
Aug
1
BLDG.,
Mar
Los Ang Investment Co. 10
Menasco Mfg Co..
1
Merchants Petroleum Co.l
BANK
Jan
Lockheed Aircraft Corp-.l
Los Ang Industries Inc
2
UNION
2)4
2c May
Jan
Jan
12c
Tel. Court-6800
Apr
1
40c
40c
200
30c
Mar
49c
13%
1354
14
200
9%
Mar
1554
6% 1st pref
25
5% % 1st pred
..25
Pacific Indemnity Co... 10
Pacific Lighting corn
*
30%
30%
30%
200
Mar
30%
July
Pittsburgh Stock Exchange
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
July
0 % prefer red
*
Republic Petroleum com.l
Richfield Oil Corp com
*
Richfield OH Corpwarra nts
Roberts Public Markets..2
Ryan Aeronautical Co
1
San
JL&P7% pr pref. 100
6% prior pref..
100
Security Co units ben Int.*
Sierra Trading Corp...25c
Signal Oil & Gas Co A
*
40c
Friday
2754
2754
100
27%
200
Mar
26%
Aug
38%
38%
100
3254
Mar
41
Jan
10
101%
Mar
107
Aug
3
Mar
654
Mar
854
254
Stocks—
Par
Week's Range
for
of Prices
Low
High
Week
Price
Jan
20%
20%
1854
Apr
2554
38%
107
5
5
8
107
5)4
7%
400
8)4
1,400
5
Allegheny Steel com
Armstrong Cork Co
*
..*
0%
Mar
65c
500
50c
May
154
Jan
285
354
Jan
July
0%
7%
453
5
Mar
7%
9%
28%
29%
20
19
June
30%
Aug
19
19
100
17
Mar
20
F'eb
12%
12%
3
July
118%
Copperweld Steel
195
Jan
120
Aug
Devonian Oil
Jan
106
106
106
25
104%
Aug
106
Aug
29
29
29
19
23%
Mar
31
10
13%
29%
.10
July
31
31
Duquesne Brewing com..5
Follansbee Bros pref...100
12c
167
Jan
Fort Pitt Brewing
1
Jones & Laughling Stl pflOO
Hoppers Gas & Coke pf 100
31%
200
May
33%
*
Aug
10%
10%
10%
200
So Calif Edison Co Ltd. .26
754
Jan
22%
22
22%
800
1954
Mar
10%
24%
25
July
28%
28
28%
1,100
2554
Apr
28%
July
..25
30%
3054
300
28%
Apr
3054
Aug
19%
30%
20)4
1,500
9%
Mar
30%
31%
1,800
Sunray Oil Corp
1
Superior Oil Co (The)...25
Transamerlca Corp
2
25%
Mar
2154
3454
2%
2%
600
3%
Jan
44
43
1054
20%
17%
10%
1054
1,000
2054
21%
1,500
44
200
2% June
26
Aug
Jan
Mar
8%
46
Mar
1254
Jan
Mar
22%
July
20%
July
*
Mountain Fuel Supply..10
Nat Flreproofing Corp...5
8
Apr
14
100
5
Mar
11%
June
90c
300
95c
July
1,200
654
Jan
9
9
9
200
554
Mar
9
July
5
5
5
25
Apr
5
Wellington 011 Co of Del. .1
3%
July
Renner
4
4
4
100
354
June
6)4
12c
Mar
39c
Aug
Universal Consol Oil
10
1754
19%
17%
Aug
Jan
Mining—
Blk Mammoth Cons MIOc
25c
25c
26c
2,000
12c 1454c
11,000
%c May
1034c
Aug
600
6c June
22c
Jan
454
Apr
654
Jan
1%
Mar
354
July
1%
1%
50
2c
2,500
2c
May
125
19)4
Mar
2c
26
97
8%
26
10154
75
1
May
56
Apr
1%
Mar
Jan
5c
30
100%
July-
July
July-
July
Jan
1
2%
254
300
1
United Engine & Foundry 5
United States Glass Co__25
35%
105
22
334c
Apr
9c
Jan
Westlnghouse El
3554
35%
3554
200
21%
May
Jan
Lone Star Gas 6 % % pf.100
30
July
36%
32%
50c
& Mfg.50
26
36
50c
400
26
10
%
Apr
Mar
4
Aug
Aug
50c
26
36)4
1%
Jan
July
45
Jan
Jan
40c
370
40c
Aug
65c
Feb
24%
25%
150
28%
July
170
15%
62%
Mar
10354 10554
Mar
10754
Jan
11054 11054
24%
50c
265
112
Jan
Unlisted—
36
33
36
300
5
300
1
General Electric Co
Intl Tel & Tel Corp.
*
43%
43%
*
8%
49%
8%
8%
100
Mar
10
July
4754
49%
200
29
Mar
49
20
July
1954
20%
700
1054
Mar
21X
July
Mar
11
July
5
9%
5
43%
954
5%
10%
100
400
3%
28
5%
6
Mar
6
4554
554
300
354
Mar
5%
July
800
654
Apr
1154
8
800
5
2%
2%
100
1%
1854
1854
100
7%
8%
7%
854
100
300
13%
13%
200
10%
2%
200
Mar
8
5%
Jan
13
May
20%
July
7
May
9%
Jan
5
to
Exchange
Aug. 26, both inclusive, compiled from official sales lists
Friday
Sales
Last
Week's Range
for
of Prices
Low
High
Week
Stocks-
Par
A 8 Aloe Co pfd
100
American Inv common...*
Brown Shoe
*
common
Burkhart Mfg pref
Price
Range Since Jan. 1, 1938
Shares
109
109)4
40
25
25
25%
315
34
3354
34
..*
Low
High
103
Aug
20
June
109%
25%
40
27%
May
40%
29
32
32
25
17
23
487
32
Aug
23
Aug
354
Apr
Aug
July
3%
July
Chic & Sou Air L pref.
10
4254
0%
6%
July
July
Coca-Cola Bottling com__l
Columbia Brew com.
5
33%
33%
65
Jan
7%
35%
354
13C
July
Dr Pepper com
354
254
Jan
4%
27
100
23%
Jan
33%
46
46
46
100
2% June
2554 June
01%
61%
01%
100
38%
Mar
03%
5%
0%
400
3%
Mar
8
1
_.
*
23
27
150
Jan
Feb
June
854
15%
Common...^
Aug
Aug
10%
Apr
Mar
U S Steel Corp
For footnotes see page 1319,
Aug
June
Tide Water Assoc Oil...10
United Corp (The) (Del).
US Rubber Co
...10
Warner Bros Pictures
Aug. 20
July
754
254
St. Louis Stock
Jan
10%
7%
Apr
July
Sale
2%
18%
7%
854
13)$
2%
Mar
108
July
Curtlss-Wrlght Corp
454
500
1%
Mar
1
300
2%
9%
Mar
Studebaker Corp
454
254
Jan
25%
lc
*
Feb
Mar
3c
_*
1%
May
1,000
Republic Steel Corp
Apr
May
3,000
Standard Brands Inc
90c
75c
4c
*
100
454
4c
Radio Corp of Amer
1%
Jan
1554
4c
Radio-Keith-Orpheum
July
100
Vanadium Alloy Steel
*
Victor Brewing Co
Westlnghouse Air Brake. .*
Paramount Pictures Inc.. 1
10 X
140
10c
Packard Motor Car Co
Mar
245
1 %c
& Co.*
New York Central RR
North Amer Aviation
1
654
80c
9c
Montgomery Ward
881
854
1%c
.5
9)4
73%
105
23%
9c
50
Apr
80c
13c
Unlisted—
Apr
96
8%
1 %c
Anaconda Copper
Borg-Warner Corp
54
609
23%
Imperial Development.25c
...1
2
9954
954
1)4
2%
65
1
Co
Shamrock Oil & Gas
Calumet Gold Mines.. 10c
Cardinal Gold Mining...1
ZendaGold
Feb
70c
Jan
99
_
Van deKampsH D Bakers *
Weber Shwcse & Fix 1st pf *
25
Jan
65
99
Penn Federal Corp ._..._*
Phoenix Oil common. .25c
Pittsburgh Brewing pref..*
Pittsburgh Plate Glass. .25
Pittsburgh Screw & Bolt.*
Plymouth OH Co....
5
Union Oil of Calif
July-
161
July
2%
6% pref B
6% pref A
18
July
8
90c
McKinney Mfg Co
Southern Pacific Co
100
Standard Oil Co of Calif..*
30%
18%
11
8
Lone Star Gas Co.
Sontag Chain Stores
Jan
July
7
Apr
Mar
Mar
65c
Mar
5c
Mar
1054
654
2%
37,000
24%
70
*
common
1.05
16c
329
17%
13%
Clark (D L) Candy Co
*
Columbia Gas & Electric.*
1,100
10c
45%
21%
4754
19%
1354
Carnegie Metals Co.-.-.l
254
16c
40
Mar
Byers (A M)
2%
112
11%
Aug
200
400
117
215
July
2%
3%
3%
High
1954
July
254
3%
Mar
Low
18
17%
1954
45%
*
2%
1.10
Range Since Jan. 1, 1938
Shares
Blaw-Knox Co.
3%
2%
117
Sales
Last
Sale
28
27%
20%
107
A. T. & T. Tel. Pitb-391
BROADWAY, NEW YORK
Specialists in Pittsburgh Securities
Jan
Pacific Finance Corp corn 10
Pacific Gas & Elec—
120
26
June
Aug
Julv
Ma
v
Volume
1319
Chronicle
Financial
147
Sales
Friday
Range Since Jan. 1,
Last
Stocks
ST. LOUIS MARKETS
(Concluded)
Low
Price
Par
1938
Week
High
Low
Shares
High
Feb
6*4
Jan
182
5
34
34
34 *4
40
34
Aug
12*4
12*4
13*4
557
8
May
25
25
28*4
28*4
20*4
1,682
17*4
June
29*4
Jan
Republic Petroleum com.l
5*4
858
2*4
Mar
8*4
2.30
1,990
4*4
Mar
6*4
8*4
July
8
4*4
7*4
5*4
Ricbfleld Oil Corp com.—*
Preferred—.
Rayonier Inc
Business Established 1874
on
for
of Prices
l
R E & R Co Ltd
I. M. SIMON &, CO.
Enquiries Invited
Week's Range
Sale
*
com
—
_
Preferred.
all
Mid-Wettern and Southern Securitiet
Ryan Aeronautical Co...l
New York Curb (Associate)
St. Louis Stock Exchange
Chicago Board of
San J
Trade
1.25
106
106*4
400
1.05
102*4
Apr
3
June
Aug
2.30
Aug
3 00
Apr
31
July
Apr
500
Feb
56*4
Mar
2.40
2.40
2.40
L&P6% prior pf 100
106*4
2.30
2.30
Warrants
MEMBERS
New York Stock Exchange
5*4
5*4
5*4
.100
_
_
com
Aug
106
Schlesinger Co B F—
7%
Chicago Stock Exchange
preferred
5*4
25
5*4
5*4
80
6*4
July
*
16*4
16*4
32*4
10
Apr
18
July
31*4
16*4
31*4
362
*
520
18
May
33*4
Aug
22
21
22
625
11*4
Mar
30*4
30*4
30*4
110
28
Apr
25*4
30*4
Aug
Southern Pacific Co... 100
Louis, Mo.
5
So Cal Gas Co pref ser A.25
315 North Fourth St., St.
20*4
19*4
20*4
2,835
9*4
Mar
22*4
Shell Union Oil
,
com
Signal Oil & Gas Co A
Soundvlew Pulp com
Telephone Central 3350
Aug
Jan
So Pac Gold Gate Co A..*
West's Range
Last
.
Sale
Price
Par
Stocks (Concluded)
of Prices
High
Low
..
_
_
112
11
June
50
85
27
Jan
50
Aug
33
50
Jan
1434
2834
May
10
25
9*4
Mar
13
11
218
1034
Jan
30
914
May
2034
14
Aug
36
9
June
115
5
105*4 105 *4
5
2*4
100
12
'-vv
8*4
2H
7*4
July
14
Aug
1334
July
Mar
10
July
99
June
106
Aug
2
June
3
Jan
4
Apr
334
7
7
Aug
8
Apr
934
July
714
260
4>4 June
734
Jan
7
115
7
Aug
834
Feb
45c June
1.23
Jan
3634
Aug
•'■-■7'/■
Stix. Baer & Fuller com. 10
98
40
85c
85c
July
70c
Aug
Mar
34*4
July
21*4
21*4
13
Mar
23*4 June
21*4
125
65c
65c
65c
100
60c
TideWater Ass'd Oil com 10
13*4
13*4
13*4
445
10*4
Transamertca Corp
2
Treadwell Yuk Corp Ltd.l
Union Oil Co of Calif—25
10*4
10*4
10*4
7,460
Union Sugar com
United Air Lines Corp
8
Jan
16*4
July
12*4
Jan
73c
1,213
45c
Feb
21
21*4
1,047
17*4
Mar
22*4
July
8
8
9*4
385
9*4
Mar
8*4
205
5*4
Mai
July
1,935
6*4
Jan
22*4
10*4
20*4
70c
70c
5
Universal Consol Oil
1.20
Mar
Mar
Aug
21
...25
8*4
17*4
8*4
18
10
19
83c June
Mar
Aug
1
3*4
3*4
3*4
100
2*4
Mar
4*4
July
5
8
8
8*4
486
6
May
10*4
June
25
Preferred
Waialua Agrlcul Co
May
41*4
Jan
0
290
290
10
257*4
Apr
19
19
120
14*4
Mar
295*4
23*4
July
19
2
520
28
27*4
27*4
20
Western Pipe <fe Steel...10
■
100
10c
25*4
Wells Fargo Bk & Un TrlOO
7
*
1
200
2,577
Mar
7%
7
7
5
60c
31*4
Jan
June
634
14
10
14
Jan
Jan
11%
11
100
18
60c
30*4
Victor Equip Co com
36
8*4
8*4
Rice-Stix I) Gds 1st pfd-100
:
12
12
"
St Louis Bk Bdg Eqpt cm-*
Scullin Steel common
Aug
7
Apr
914
*
Scruggs-V-B inc com
Apr
Aug
1
14
14
.
Sterling Alum com
10
4734
2,380
18
20
Meyer Blanke com _;
*
Mo Prtland Cement cm.25
Natl Candy com
Jan
11
"ii
*
Laclede-Christy CI Pd cm-*
Laclede Steel com
Mar
7
33
■
_*
.
634
27 %
10
33
International Shoe com..*
_
60
5
97
48*4
50
Hyde Park Brew com... 10
Knapp Monarch com
May
Aug
180
4734
6*4
com.*
Johnson-S-S Shoe com
Aug
70
12
Hamilton-Brown Shoe cm-*
Hus.smann-Llgonier
102
8
7*4
45
.......
July
95
10
70
70
Griesedieck-West Brw cm-*
High
Low
60c
30*4
Texas Consolidated Oil—1
West
Shares
102
102
Ely & Walker D G 2d pf 100
Emerson Electric pfd-.lOO
Falstaff Brew com
1
1,
Range Since Jan.
for
1938
Standard Oil Co of Calif..*
Super Mold Corp cap... 10
Sales
Friday
1
July
Unlisted—
Mar
16*4
July
111*4
Apr
149*4
Jan
1
100
Aug
52c
875
5
5
240
2
8*4
8*4
137
4 *4
50C
100
Mar
June
Aug
5*4
•
July
11
4*4
1,752
Mar
23*4
24*4
500
13*4 June
23*4
15
15
.15
600
10*4
Calif Oreg P 6% pf 1927 100
60
60
60
10
Aug
5*4
24*4
Bunker Hill & Sullivan2.50
Bancamerica-Blalr Corp.. 1
Bendlx Aviation Corp
4
4*4
5
3
Jan
70c
42c June
50c
5
5
Bait & Ohio RR com
Jan
10*4
185
146
144
8*4
Amer Toll Bridge (Del).. 1
Argonaut Mining Co
1*4
250
16*4
16*4
16*4
146
American Tel & Tel Co. 100
1
1
1
Alleghany Corp com.....*
Amer Rad & Stand Sani._*
Mar
Apr
50
18
Aug
66
July
610
35
33
33
15
Wagner Electric com
1634
June
Jan
Bonds
23%
T4s C D s
22
23*4
.1934
tU"nited Railways 4s
22*4
23*4
2334
10.000
3,000
1934
June
28
Jan
19
June
27
Jan
Claude Neon Lights com.l
1*4
1*4
1*4
2,235
2*4
Jan
Columbia River Packers.. *
4
4
4*4
20
2)4
June
6
Feb
Curtlss-Wrlght Corp
-i
Scullin Steel warrants,
1
5*4
5*4
5*4
213
3*4
Mai'
6
July
Dominguez Oil Co
*
42
42
42
10
39*4
pref.20
23
23
23
60
21
Great West Elec Ch
Idaho-Maryland
Italo Pet of Amer
com
Francisco Stock Exchange
San
Last
Sale
of Prices
Low
High
Price
Par
Stocks—
West's
Range
30c
27c
434
5
Week
High
Low
Shares
475
•
16c June
45c
560
2*4
Jan
5*4
713
Jan
Aug
Jan
10
May
36c
36c
100
23c
Aug
50c
Jan
2.90
1,008
1.50
Mar
3*4
July
42*4
42*4
42*4
322
28*4
Aug
1,000
May
July
43*4
10c
17c
Feb
Aug
34*4
Navigation Co
Mar
38c
*
10C
10c
90
32
32
32
18C
18C
19c
Montgomery Ward & Co.*
49*4
49*4
49*4
241
6*4
6*4
7
9*4
9*4
9*4
.
Byron Jackson Co---—.-*
Calamba Sugar com....20
1934
20
834
8
196
196
30
196
Mar
1934
1934
550
20
20
530
414
171
197
Aug
13 >4
Mar
22
July
17
Mar
15c June
Jan
21
37c
Jan
20c
1,400
Calif Packing Corp com..*
20
20
2134
384
15*4
Mar
24
Jan
50
50
50
52
July
20c
1
Calif-Engels Mining
Preferred
25c
Carson Hill Gold Mln cap 1
20c
5034
220
45*4
Apr
23c
25c
1,400
15c
Apr
30c
Jan
576
Mar
57*4
July
30
1
Oahu Sugar Co Ltd cap.
25
25
25*4
24*4
6*4
Mar
iV
25*4
5*4
.20
Co——20
5*4
5*4
7*4
7*4
8
Riverside Cement Co A._*
8
8
8
4*4
4
4*4
510
26*4
280
374
25*4
12
11*4
12
1
8*4
8*4
10*4
10*4
10
34
34
34
Sou Pac
95
2.85
Aug
Mar
2.80
Aug
77*4
Aug
Sup Port Cement com B.. *
*
U S Petroleum Co
1
United States Steel com..*
61*4
60*4
61*4
1,286
33
July
Vlca Co common
.....25
1.25
1.25
1.25
100
7734
1,333
37*4
25
1,032
22*4
May
434
434
500
3*4
Mar
4*4
1234
1334
1,778
7*4
Mar
14*4
July
*
7734
75
7734
170
Mar
82*4
July
2
75c
75c
500
75c
July
95c
July
40
18*4
Mar
Creameries of Am Inc vtc. 1
Crown Zellerbach com...5
Preferred
.........
Cypress Abbey Co..
D1
Giorgio Fruit pref-.lOO
434
56
23
23
1234
1234
1334
1,360
9*4
Mar
Preferred (w w)......50
3234
3234
3534
160
26 *4
Mar
Emsco Derrick & Equip..5
934
934
934
189
614
Mar
Fireman's Fund Indem. .10
38
38
38
Firemen's Fund Ins Co..25
82
82
54
33
62
8334
160
Foster & Kleiser com...234
2.00
2.00
2.0U
100
Gen Metals Corp cap..2 %
1034
1034
1034
125
49
4534
5034
3,937
834
980
10
General Paint Corp com.. *
834
8
120
28
14*4
37*4
July
Mar
88
June
Mar
49*4
Aug
since its formation in
Mar
10
July
Mar
28
Mai
6*4 June
July
July
Hancock Oil Co of Calif A*
3834
2134
3834
2134
3834
2134
140
25*4
Mar
39*4
July
393
20*4
Apr
29*4
1.05
1.05
Hudson Motor Car Co
*
.10
Lanzend'fUtdBakAunstpd*
Pref...
50
*
B
10
Inc.—1
CQ
i
«
4
1
1
1
1
934
75c
.
934
220
75c
360
1734
515
13*4
Mar
1.20
24
Jan
Aug
July
8
Feb
75c
Aug
1.50
Jan
Apr
17*4
1
»
»
1
1
Aug
12
9*4
July
»•
be followed by a campaign
40
4034
40
41
Jan
"marks a
1034
1034
1034
1,636
3*4
Apr
10*4
Aug
sociation to cooperate
40
40
40
0
32*4
Apr
40
273-4
2734
2734
215
14
14
3
35*4 June
13
of advertising.
definite step forward in
officials that industry do
Mar
29*4
Aug
Mar
16
Aug
unemployment slack.
Aug
relations program," Mr. Titus says,
everything in its power to take up the existing
dustry and the
2,033
100
5
Jan
5*4
*
50c
50c
50e
100
42c June
55c
July
2 34
60c
60c
60 c
270
50c
Jan
1.13
Jan
8*4
Mar
and
the
Traders As¬
governmental agencies and
the efforts of the Security
with the suggestions of
Jan
534
5*4
the opinion of the association's officers
development of this public
"The
40
1434
1
1937 in securing positions for
have been sufficient, in
17
534
»
members of the associa¬
and
directors, to warrant carrying on the work with considerably greater ag¬
gressiveness in the future, particularly in view of the anticipated improve¬
ment in prevailing market conditions this fall.
The announcement is made by William A. Titus Jr., of John Melady &
Co., first Vice-President of the association and Chairman of the employ¬
ment council, who states that the publicity program will in ail likelihood
tion
17
.
•'
1
75c-
212
66c June
534
I-ockheed Aircraft Corp.. 1
1
934
22
plans for
publicity for its employment council in
journals. The results obtained by the council
6*4
25
4*4
22
x
Association of New York is formulating
25*4
12*4
22
—The Security Traders
various financial trade
Apr
Honolulu Oil Corp cap...*
b Ex-stock dividend.
Ex-dividend, y Ex-rights.
inauguration of a program of
2*4
1
Jan
Jan
notices
CURRENT
the
3,963
2,100
for year,
the
534
Lyons-Magnus A
m
f In default,
July
12
1,15
Listed,
July
434
1
Cash sale—Not included in range
2.60
1034
709
r
11*4
434
LeTourneau (R G)
Apr
1.00
2nd Liq. DIv. Pay. Endorsed,
Mar
6
12
Holly Develop Co
a
Mar
1.25
Gladding McBean & Co..*
Golden State Co Ltd—... *
Class
Mar
July
Feb
Ma
28
Hawaiian Pine Co Ltd...*
No par value.
July
27
Leslie Salt Co..
36 H
1.55
62*4
July
37
'10*4
28
Hunt Brothers com.
40
Mar
May
76c
300
90c
Jan
*
Preferred..
•
2
23
75c
Emporium Capwell Corp. *
General Motors com
Aug
Jan
13
90c
90c
Feb
10*4
June
Jan
1.65
Aug
Aug
25*4
1.65
5.421
18
8*4
10
12,735
2.80
Title Guaranty Co pref
Apr
Mar
Apr
2.75
2434
Aug
Aug
7*4
2.20
75
22*4
26*4
28*4
Apr
20
2.20
Jan
Mar
8*4
4
266
8*4
5034
2434
July
24
28*4
2.50
76
4
Apr
22
28*4
2.50
*
July
Feb
7*4
20
26*4
5034
5
7*4
8*4
5
28*4
Preferred..-—..--....!
Cons Chern Ind A
5*4
Mar
2.00
26*4
Studebaker Corp com
Jan
July
Jan
Apr
3*4
4*4
22
.*
Mar
3
35
...25
Gold Gt 6% pf.100
6% pref
Jan
July
May
75
550
Jan
11
May
South Cal Ed 5*4 % pref. 25
Preferred
9*4
19*4
1,478
Jan
Aug
22
430
Packard Motor Car com..*
*
is
210
Radio Corp of America...
50
May
140
25
Onomeau Sugar
June
31
3*4
Caterpillar Tractor corn..*
Central Eureka Mining... 1
Chrysler Corp com
15c
1,555
5034
Mar
10c
32
700
1
Schumach Wall Bd com..*
834
Diesel Engine..5
Atlas Imp
Bank of California N A.80
Aug
2.75
North Amer Aviation
Range Since Jan. 1, 1938
Aug
8
Apr
36c
10
M J & M & M Cons
for
30c
434
Anglo Arner Min Corp.-.l
Assoc Insur Fund Inc... 10
Kleiber Motor Co
Matson
Feb
23
Mar
2.75
Mountain City Copper..5c
Sales
Friday
44%
Mar
4.95
1
Kennecott Copper com...*
compiled from official sales lists
600
7*4
1
Preferred
Aug. 20 to Aug. 26, both inclusive,
7*4
7*4
Mines.. 1
1*4 IJan
The program will also serve to
public with the facilities offered
work accomplished to date."
familiarize the in¬
by the employment council
:
Magna vox Co Ltd
Marchant Cal
Machine..5
15
1434
1534
1,114
16*4
July
Security
Traders employment
by the New York Stock
Market Street Railway—
Prior pref
council was formed in the fall of
the recent organization of a similar body
Exchange. The council maintains contact with
the employment group of the stock exchange and that of the New York
Curb Exchange and follows a policy of exchanging information with these
The
1937, some eight months prior to
10c
Meier & Frank Co Inc... 10
Menasco Mfg Co com
1
30
9*4
934
934
934
400
7*4
Mar
2.60
2.40
2.65
3,877
80c
Mar
934
4,149
3*4
Mar
10
July
560
7*4
Mar
12*4
Aug
Mar
4.3
Feb
N. Y., was
Mar
13*4
Feb
represent the company
Mar
28*4
Jan
17c June
30c
Jan
7*4
July
1434
1434
1434
Feb
16*4
Aug
10
July
3*4
July
agencies.
National Auto Fibres com l
934
8H
*
12
1134
12
No Am Invest 6% pref 100
34
32
34
40
No American Oil Cons.. 10
12
12
12
266
Occidental Insur Co
10
2634
2634
2634
50
1
21c
21c
21c
200
Oliver United Filters B....
634
634
634
232
3*4
Mar
Paauhau Sugar Plant... 15
6
6
6
50
4*4
May
4*4
Mar
Natomas Co..
Occidental Petroleum
23
9*4
23
—Continued expansion of
.acific Can Co corn
—
*
Pacific Gas & Elec com..25
6% 1st pref
534% 1st pref
Pac Light Corp com
25
-25
*
Pac Pub Ser non-v com..*
8
1.80
Jan
2.05
Jan
3,732
23
Mar
29*4
July
2,129
27
Mar
30*4
July
rounding territoties.
8*g
Aug
30
2934
3034
2734
2734
2734
441
25*4
Mar
28
3634
3634
3734
1,070
32*4
Mar
41*4
With the recent
July
7
1834
11634
9934
1.40
2634
*
Philips Petroleum rts w i 10
350
1,840
Jan
2634
100
1st preferred
8
1.90
7
1734
734
19
11634 11634
9" 34
in the State Tower
organization of Chandler &
is now one of the
largest retail security houses in the East.
Through the new Syracuse office,
the facilities of Burr & Co. on utility, municipal, industrial and real estate
securities will be made available to security holders in Syracuse and sur¬
12
27
Paraffine Co's pief .....100
Pac Tel & Tel com
734
1.70
in Syracuse, N. Y. with an office
Building.
Cq. and Eli
Pacific Coast Aggregates 10
St., New York,
that P. Lawsoi) Bennett will
Burr & Co., Inc., 57 William
revealed with the announcement
Jan
707
3*4
Mar
7*4
July
469
13*4
Mar
19*4
July
130
87*4
9934
10
«««
3,030
89
2064
Apr
119*4
Jan
June
99*4
»«<
Aug
Mr. Bennett has
comes
as
an
to Burr &
—Donald
corporate bonds.
K. Stevenson has become
& Co. as manager
for a number of years and
Gardner. He is recognized
been in the securities business
Co. from Schlater, Noyes and
authority on municipal and
Aug
Aug
acquisition of the retail sales
T. Watson & Co., the Burr organization
associated with G. M.-P.
of their Municipal Bond Department.
Murphy
Financial
1320
Chronicle
Aug. 21, 1938
Canadian Markets
LISTED AND
Provincial and
UNLISTED
Municipal Issues
Montreal Stock
Closing bid and asked quotations, Friday, Aug. 26
Province ol Alberta—
BUI
Ask
Province of Ontario—
.Jan
1 1948
/61
62 K
6s.
Oct
Oct
6s
1 1956
/60
61
6s
Sept
100
101
4Kb
Prov of British Columbia—
July
5s
12 1949
.Oct
4K»
1 1953
Bid
1942
I
15 1943
111
Ask
May
1
1959
June
1
1962
109
110
4Kb
Jan
15 1965
116
117%
l 1941
15 1954
June
6s
97
93 K
95 K
4Kb
Mar
2 1950
2 J 959
5a
94
95 K
4b
Feb
1
1958
4%s
May
1
1961
Dec
99
Province of Quebec—
Prov of New Brunawick4 Kb
15 1960
106%
Apr
15 1961
Province of Nova Scotia—
103%
104 K
15 1952
109K
109
110
108% 109%
111K 112%
4Kb
4Kb
Sept
5b
Mar
1960
1
Mont LH&P Gonad
»
Telegraph
40
Montreal Tram ways.-.100
National Breweries
*
Prov of Saskatchewan—
5b
117
5K8
...
Nov
4Kb
ill
June 15 1943
Oct
15 1946
1
1951
85 K
86 K
87
80
82
88 K
Railway Bonds
Bid
4Kb
Sept
Dec
15 1942
15 1944
5s
July
1 1944
79%
103%
96
112
80
Sept
1 1951
4Kb......Jane 15 1955
1 1956
4Kb..-..-Feb
116
118
115%
118K
115%
116%
115
116%
4KB
July
1
5s
July
1 1969
5b
Oct
1 1969
5s
Feb
1
120
1970
93%
94
Bonds
Bid
Ask
125 K
Sale
Agnew-Surpass Shoe
Preferred
Price
109
98%
Exchange
*
107
Alberta Pac Gr pref
Arnal Electric Corp
100
"27%
*
2%
Amal Elec Corp pref
Associated Breweries
Low
40
107
107
21
107
July
107 K
10
2
Mar
5
20
12
Jan
28
35
2
Apr
3
5
26
Mar
30
283
2%
16
25
535
6K
May
June
43%
11%
1.75
175
1.15
Mar
2%
165
165%
400
12%
11K
34
147
867
31
769
3%
sflkMliiall 1111111*
3%
Apr
Mar
Mar
14%
Apr
33%
4K
570
80
38
Apr
60
30
85
Aug
85
Aug
10%
10%
325
Mar
12%
96
96
330
87
17
17
139
16%
10%
■j y3%
7%
June
Feb
Aug
2%
Mar
6%
July
8%
Mar
20%
Apr
58%
July
23
July
5%
5%
2,341
17%
19%
2,090
51
53
626
21
1,315
14%
108
Mar
10
Mar
108
225
70%
67%
5%
17%
30
12%
159
-
~
24
110
14%
108
67%
Aug
17
July
56
Mar
Aug
15
71
June
Aug
Mar
68
Aug
150
Apr
160
July
3
6
5%
Feb
108%
Mar
54%
-
6
159
Aug
11%
395
Mar
7
July
6
195
17
50
15
Jan
20
Jan
107
2
107
Aug
107
Aug
5
5
50
5
Auc
8
Jan
2
2%
25
1.50
Apr
2
107
17
107
''
«
2
85
1.25
Mar
2
*
Commerce
100
175
3
Jan
2%
June
175
100
~m.~M.rn.-.
177
130
212
213
147
197
Mar
223
July
310
100
Nova Scotia
310
52
295
June
310
Aug
160
Apr
178
Jan
Canadian Government Municipal
Public
Utility and Industrial Bonds
HANSON BROS., Inc.
Established
255
56
Sparks St., Ottawa
110
Jan
4,550
16%
18
28%
29%
896
14
14K
210
100
96
7%
18%
Mar
50
J.l
Mar
30
July
9
June
20
J&D
96
95
90
July
106
Jan
18
25
16%
Mar
20
Jan
99
99
10
99
Aug
108
Jan
14
14K
125
11
June
19
Feb
2%
1,055
2%
2K
99
Cndn Foreign Invest
*
Canadian Indus Alcohol..*
2%
400
1.50
8
8
2%
*
Canadian Locomotive.... *
8
Canadian Pacific Ry
Cockshutt Plow
25
6%
Con Mln A Smelt
25
*
"59"
*
6%
10K
10%
59
60
6%
"17"
*
36K
25
18
100
Mar
6
6
Mar
2,887
5
Mar
6%
4K
4
"iiH
*
8
100
*
1
Mar
20
108
Jan
Jan
16%
4%
455
Mar
Mar
10
Jan
Feb
80
10
75
June
84
64
64
75
58
May
70
8
10
4
Mai
8%
July
Jan
Jan
,
110
Preferred
*
~
~
~
~~
~
"20%
Commercial
Alcohols
Consol Bakeries of Can
David & Frere Ltee A
l"05
*
86%
Jan
July
Feb
*
*
9
195
45
Mar
10%
80
55
53
Mar
56%
Aug
21%
50c
17
19"
500
,
2,025
50c
100
17
18
19%
65
65
35
5
Mar
9%
July
90
Mar
98
20%
Mar
15
Mar
Feb
Massey-Har5% cum pf 100
McColl-Fron 6% cm pf.100
Melcher* Distiller* Ltd pf*
Mitchell (Robt) Co Ltd..*
1,642
4,435
276
Jan
31%
19%
15%
75
23
Apr
31%
13%
Aug
Lake Sulphite
Lake St John P & P
Feb
Mackenzie Air Service
*
Aug
Macl.aren Pow & Paper.. *
July
Aug
49 %
50%
4,069
37
Mar
52%
Feb
26%
26 %
26 K
1,147
23%
Mar
31%
Mar
10
74
May
84
10
32
Mar
36
Aug
10%
Mar
17%
July
Mar
13
Jamaica Public Serv Ltd.. *
37
37
Lake of the W oods.
14
14K
210
12%
12%
15
11
11
85
650
1,722
9
7K
4%
10
80
"
*
June
"50"
8K
11
19%
1,420
3
30
,
July
5
6%
9%
91
7K
7%
8%
6%
12%
6%
3
31%
17%
10%
July
8
91
8%
July
7%
International Utilities A..*
Intl Utilities Corp B
1
30
Lang A Sons Ltd (J A)...*
Legare pref..
*
8%
Mar
Intl Paints (Can) Ltd A..*
10%
80
Mar
3
12
Goodyear T & Rub of Can*
18
80
3%
235
Jan
*
*
425
June
100
100
7%
6%
8%
8%
15%
International Power—
Jan
7%
6%
6%
Mar
Mar
Feb
June
Aue
11
Aug
Mar
10%
14
6% cum 1st pref
2d preferred
Provincial Trans.
Quebec Tel & Power A
Reliance Grain Co
July
June
Page-Hersey Tubes
Power Corp of Canada
Feb
*
No par value
"3%
3%
26
1.20
"13%
13%
57
"100"
99
80
3%
26
3%
3
4%
14%
40c
Apr
Mar
July
Mar
21
Aug
Feb
50c
100
Feb
31
9
Mar
20
Aug
815
10
Mar
21%
July
30
64
July
65
July
Mar
4%
July
96
6
Mar
9%
Aug
50
55c
Mar
1.00
25
2%
Mar
12%
Mar
34
5
4
1.70
13
Jan
Jan
June
1.30
1,180
13%
325
59%
362
32%
Apr
63
July
80
87%
Jan
101
July
5%
June
7%
Mar
21
Aug
Apr
96
July
100
40c
Mar
7
Mar
1.45
17
5%
283
19%
20%
1,037
93
93
100
93
Jan
15
5%
"19%
July
Jan
100
97
92
Mar
100
45
*
Aug
8%
Mar
Mar
8
48%
June
5
11%
Apr
May
4%
4
91
3
21
Mar
5
75
1,995
15K
85
100
13
70c
5%
525
15%
31
9
41
25c May
5%
'
*
15K
17
8
41
*
15
31
Aug
14%
15K
15%
10
•
May
Ford Motor Co of Can A. *
17 %
Apr
50
6,816
Foreign Power Sec Corp..*
Fr&ser Companies Ltd...*
15K
7
10
Feb
8%
Aug
*
July
8%
July
*
11%
8%
June
Imperial Tobacco of Can.5
Mar
145
*
5%
"i S%
Jan
3
9
Mar
35c
Mar
*
2.00
1.85
Mar
7
Jan
Mar
June
8
1.00
Mar
5
6K
96
15c
3
7
1.05
June
90c
75
6%
1.00
1.00
150
275
6K
15
100
Dom Eng Works Ltd.;
Dominion Stores Ltd
Donnacona Paper A
Voting trust ctfs
Jan
500
345
July
Mar
20c
333
56 K
1.00
14
25c
5
75
Apr
50
75
1.35
8K
75
14%
1.00
1.25
15c
8K
66 K
22
Jan
Feb
June
25c
4%
75
425
2%
1.25
"21%
84
21%
50
25c
""8%
Aug
20%
10
Feb
"V.25
Eastern Dalries7% cm pflOO
Falrcblld Aircraft Ltd
5
Fleet Aircraft Ltd
*
July
Mar
*
July
16
13%
May
2%
10
Jan
Mar
6
17
110
2
8%
6%
Mar
109
415
1,290
1.00
~7%
7
5%
21%
21%
1.20
_
*
8
•
Jan
Mar
m
~
~
~
*
8K
Hamilton Bridge
*
103
900 1.10
Can Breweries Ltd
"4 %
Goodyear T pref lnc '27.50
Gurd (Charles)
...»
Massey-H arris
Aug
*
7%
July
Aug
Donnacona Paper B
8%
Jan
7%
21%
14%
July
.
5%
36
11
70
Mar
27%
17
50
2%
1,842
Jan
Apr
186
June
Apr
Mar
7%
Aug
4%
Aug
55c
13%
90%
June
26%
11%
14
Mar
2
29%
60
12%
47
70
19
270
84
12%
June
8,284
577
1.00
14
*
July
1,335
15K
Jan
29
4%
27
5
15K
1.35
3%
9%
Mar
14
5
Catelli Fd Prods5%cm pfl5
City Gas & Elec Corp Ltd *
Claude Neon Gen Adv
*
June
4
Mar
31%
July
9
91%
4
825
14
Can Vlckers Ltd
39
82
1.00
9,639
30%
July-
Mar
3%
27
26%
July
Mar
3%
25
14
Mar
16
1, 1938
High
26%
Canada Malting Co Ltd..*
Can Nor P 7% cum pf.100
16
96%
Low
British Columbia Packers *
Canada & Dom Sug (new) *
5
5
Ranoe Since Jan
Shares
21%
Cndn Intl Inv Trust Ltd. *
Cndn Light & Pow Co.. 100
Cndn Pow & Paper Inv
*
311
High
Brewers & Distill of Van..5
Brit Amer Oil Co Ltd
*
Jan
2,966
IjOW
3
*
July
11
7%
;*
-.100
McColl-Frontenac Oil
25%
89%
......
1.00
15K
*
*
3%
*
*
8%
8
"64"
.*
Asbestos Corp Ltd
Bathurst P&P Ltd B
Beauharnois Pow Corp
13%
21
8
Co--*
64%
940
7K
Price
...100
Mar
720
14K
6% cum pref
Mar
80
Dominion Textile
Internat Pet Co Ltd
Sates
for
Week
1
Abltlbl Pow & Paper
47
310
17
18K
Par
1,431
37%
105
Stocks—
Jan
15%
34%
13K
Jan
Mar
19%
17%
18
Jan
10%
19K
105
Dominion Steel A Coal B 25
b
Mar
19K
*
Howard Smith Paper
Preferred
Friday
Aug
41
105% Mar
18% July
18
Rights
Canadian Cottons pref. 100
Holnnger Gold Mines
Aug. 26, both inclusive, compiled from official sales lists
July
14K
Gypsum Lime A Alabas..*
to
16%
50
Bay Street, Toronto
Montreal Curb Market
Aug. 20
Jan
Mar
16%
..100
330
7
29K
*
1883
St., Montreal
286
»
Electrolux Corp
English Electric
James
14K
25
Eastern Dairies
St.
14K
Aug
95
of Prices
Aug
Preferred
40
101
Week's Range
Mar
Industrial Accept Corp
Intl Nickel of Canada
Feb
102
102%
102%
Sale
30
Hudson Bay Mining
Imperial Oil Ltd
17%
Apr
Last
48
Preferred
May
Jan
103
Rights
General Steel Wares
12%
99
June
2
Preferred
10
35
4%
10
Foundation Co of Can
Mar
14
13%
19 K
60
Gatineau
July
36
Jan
99
Aug
40
Paper
19
18
8%
34
13%
Mar
50
Preferred
July
2
103
Dom Tar A Chemical
July
55%
30
40
Dominion Coal pref
Dominion Glass
20
3K
103
Distill Corp Seagrams
Dominion Bridge
Mar
Mar
205
3%
*
new
July
16%
♦
Aug
85
»
Crown Cork & Seal Co
Jan
49
July
4
54
50
Class B
86
Aug
Mar
2,121
*
July
4
(new).*
Preferred 7%
Mar
9%
July
85
100
Celanese
80
46%
380
Feb
5%
54
*
Preferred
10
20
15%
19
~~~~~~
*
Jan
3% Mar
2% June
7K
27%
30
Canadian Bronze pref-100
Canadian Car & Foundry. *
Dryden
166
*
Can Wire & Cable cl A...*
Canadian
81
54
26
Cotton.
Feb
46%
5%
*
Wabasso
Jan
100
Canadian Bronze
Mar
69
July
1.50
11%
Can Northern Power
33%
17%
102
July
9%
30%
Canada Steamship
Preferred
June
69
July
37
10
37
9%
11%
Preferred
25
Jan
16
30 K
Canada Cement
104
53
100
June
25
16
British Col Power Corp A. *
Building Products A
16
Aug
Jan
25
*
100
Calgary Power
Aug
Steel Co of
July
11
27%
Brazilian Tr Lt & Power.*
Brack
155%
12
July
Apr
*
Bell Telephone
Mar
12
July
4
9%
50
(N) Grain
150
High
11
27%
2%
Assoc Tel & Tel pref.....*
Bathurst Power & Paper A *
Bawif
760
WA*1C
Shares
4
—100
155
20%
Montreal.
Range Since Jan. 1, 1938
10
Alberta Pacific Grain A..*
31
Banks—
Sales
for
Mar
19
United Steel Corp
98%
120%
High
23
17%
Western Grocers pref.. 100
Windsor Hotel pref
100
of Prices
672
54
Preferred
Low
30
99
Tuckett Tobacco pref-.100
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Par
75%
21
B
Stocks-
Mar
St Lawrence Paper pref 100
Shawlnlgan W A Pow
»
Canada../
Aug
June
48
Southern Canada Power.. *
i25
Aug
34
Mar
24
*
60
Preferred
67
31
50
18%
13%
St Lawrence Corp
Aug
July
14%
100
......
Feb
43
43
5,378
54
Saguenay Power pref... 100
Preferred..
89
Apr
81
•
1 1960
Week's Range
3,705
AUg
Mar
46
*
Winnipeg Electric A
Last
66
15
.100
July
Friday
38
2,440
154
Holland Paper v t
Montreal Stock
95
*
97%
98%
1962
43
100
96 K
1
42%
16
98 %
Jan
74%
34%
69
43
*
1954
3a
89
69
42
43
100
4Kb
116% 117%
120
120%
1967
Jan
29
1 1946
Grand Trunk Pacific Ry—
4b
Jan
1 1962
May
62
29%
Sherwln-Williams of Can.*
4Kb
28
Jan
42%
*
1
Canadian Northern Ry—
6Kb
July
1 1946
July
56
Ogllvie Flour Mills
Dec
Ask
27
15
34
A preferred..
Bid
113
68%
75%
5% preferred
Quebec Power
112K
Canadian National Ry—
Jan
27
74
Sept
Dominion Government Guaranteed
31
62
4Kb
97
Mar
34
6s.
104%
27
74%
Atl
Canadian Pacific Ry—
4b perpetual debentures.
~
4.021
62
Ottawa Electric Ry...
Ottawa L H & P..
High
31
34
Preferred
Low
30%
National Steel Car Corp..*
Price Bros & Co Ltd
Bid
Range Since Jan. 1, 1938
Shares
58
-
-
m
~~~~~~
Power Corp of Canada...*
Ask
Canadian Pacific Ry—
~
-25
Preferred
Pen mans
6s
~~
«
for
Week
Hio>
27
30%
25
Mont Loan & Mtge.
Low
Price
Par
Uanae
of Prices
Niagara Wire Weaving— *
Noranda Mines
*
107%
Apr
Stocks (Concluded)
Montreal
Province of Manitoba—
4Kb......Aug
Sales
Wteks
Sale
%
116% 117%
121 K 123
4b
97K
Last
111
5b
96 K
Exchange
Friday
45
50
44
June
45
70
78
6%
July
Jan
Jan
Aug
Aug
6%
*
*
4%
6%
30
6%
July
7%
4%
6%
4%
95
4%
May
4%
Jan
6%
15
5
May
7%
July
July
Volume
Financial
147
1321
Chronicle
Canadian Markets—Listed and Unlisted
Toronto Stock
Montreal Curb Market
Friday
Last
Week's Range
of Prices
Low
High
Week
Price
Par
Sarnla Bridge Co Ltd A..*
Sou Can Pow 6% cm pf
Shares
;
Stoclu (Continued)
High
V Low
Mar
104
June
106
Aug
Canada Permanent
100
15
10
May
15
Mar
Canada Steamships
'
3H
'
6%
1.10
•
1.60
1.75
44%
50
Apr
2
Mar
45
July
19%
105
49c
50c
4.903
12c
15c
17c
19%
49c
Copper Corp— *
..1
24c
Mar
33c
Feb
24 %c
Feb
46c
32c
7c
1,025
7,300
8c
1,200
1
31c
31c
-1
6c
6c
7c
Bouscadlllac Gold
Brazil Gold & Diamond. _1
Bornwlee Mines (1936)
2.60
20%
20 X
-21X
550
14H
Mar
21%
5X
200
4
18 X
200
16
16%
18
2,715
7%
Apr
Apr
Apr
Mar
18%
July
29 H
29
30
730
18%
Mar
30
July
22
22
23
160
21
July
35
Jan
6
June
10
July
74c
Mar
Can Car A Foundry
Canadian Dredge
*
Canadian Locomotive..100
Canadian
10c
Feb
93c
1.03
_.*
12H
12H
12H
*
93c
1.03
2,400
77c
Mar
1.27
Capitol-Rouyn Gold
1
3%c
3%'C
5,000
3c
July
9%C
Jan
Cdn Wirebound Box
15c
Feb
Caribou Gold
1
300
1
32c
32c
34c
6,750
24c
Mar
62c May
*
1.40
1.40
1.40
300
1.35
May
1.71
Jan
Castle-Trethewey..—...i
30c
30c
1,400
20c
Mar
41c
Feb
Central Patricia
34%
Cons Cblbougamau Glfds. 1
Jan
Conlaurum Mines
*
1
5,700
3%c
Aug
6%c
East Malartic Mines
1
2.10
2.00
2.20
13,500
1.05
Jan
2.37
Aug
Eldorado Gold M Ltd
1
2.40
2.25
2.40
2,700
1 96
Mar
3.25
Mar
5.85
5.85
270
4.90
Mar
6.95
Jan
28c
Mar
55 %c
Feb
Francoeur Gold M Ltd—.*
35
340
35c
1,600
40c
40c
45c
3,700
35c
July
45c June
lie
Inspiration.—.——
J-M Consol Gold (New)
11c
11c
1,864
10c June
Cons
Cons
2.52
2.62
7,000
10c 10Hc
Consumers
1.50
Jan
58%
Feb
Dark water
Lee Gold————-1
2%c
48c
Mackenzie-Red
52c
2,500
48c
Aug
62c
Aug
Davles Petroleum
»
2%c
2%c
2,500
1%C
Mar
2%c
Aug
Denlson Nickel Mines
1
1
5.25
5.30
1,600
3 50
Mar
5.50
Jan
1.20
1.20
50
June
1.27
July
Distillers Seagrams
Preferred
*
1
Lake
Aug
Dome Mines
73o
6
48%
46%
48%
1,525
35%
Mar
48%
1
3.60
3.60
3.70
825
2.75
Mar
5.40
Jan
*
4.50
4.45
4.50
1,900
2.90
Mar
4 65
July
1
18c
18c
20c
5,500
17c
Aug
62c
Pato Consol Gd Dredging 1
2.45
2.30
2.45
2,200
1.55
Apr
2.70
Mclntyre Porcupine
Gold
O'Brien
Pamour-Porcupine
Cad
Pandora
(new)...
33
33
13H
14H
1.37 May
1.02
Jan
2.65
Jan
Dom Scot Invest pref
1.77
Feb
Dominion Steel Coal B..25
3.90
Mar
5.25
Aug
Dominion Stores
15%
Dominion Tar pref..._100
Dorval Slscoe
50
"l4H
*
1,000
13%
Mar
17%
Feb
1
1.60
1.55
1.80
9,600
72c
Mar
1.93
Aug
Read Authler Mine..
1
2.65
2.65
2.66
950
2.50
Aug
4.50
Jan
East Crest Oil.
8c
8c
8c
2,300
7c June
42c
Jan
3%c
3%c
1,000
3%c
Apr
6%c
Feb
Easy Washing......
l%c
4%c
Aug
Aug
3c
Feb
Economic Invest
33c
Mar
Bberritt-Gordon
1
Slscoe Gold Mines Ltd
1
1.30
900
2.22
75,405
1.05
Mar
2.39
Aug
3%
3%
100
2%
Mar
5
Feb
Aug
32
f Jan
*
2.35
l
5.75
19%
22c
4.85
175
4.40
Apr
30c
79,110
19c
Mar
Faulkenham Lake Gold.
Feb
5.60
Jan
Ford
Jan
Foundation Petroluem
1.20
*
53,920
3 He
May
25,100
18c
July
30c
May
4c
4c
Aug
20c
Feb
19%
21%
*
*
16c
12%
83%
13%
84 H
4%
125
7
Apr
July
Jan
Mar
8.10
Jan
Gatlneau Power
33c
1,100
34c June
Apr
General Steel Wares
48c
101
40c
Mar
58 %c
70c
Jan
Gillies Lake Gold
1
50C
16 %c
95c
Aug
16%c
Aug
Glenora
1
3c
3%c
Mar
1.45
Apr
God's Lake
.-..*
48c
49c
10,361
46
590
600
1.08 June
520
47
46
33%
Mar
2.20
49
Jan
July
Exchange
12%
.100
——
—
4%
— — —
Week's Ranyt
Sale
Stocks—
Par
Price
14c
of Prices
High
Low
for
Goldale Mines..
1
23 He
Gold Eagle—
1
1
18c
50
3%
100
preferred
Great West Saddlery
Preferred....
Week
Low
High
3%
4,405
1.00
Mar
26%
315
8%
Mar
4%
29
July
July
20c
*
Alberta Pacific Grain
3c
3%c
10,000
20c 20 He
1,000
3%
4
35
27%
29
222
I%c June
4%C
Mar
18c June
32c
100
27 %
1
13%c
10c
16c
64,100
*
*
1.38
1.38
1.40
2,550
3.25
Gold Mines
Anglo Can Hold Dev
Anglo-Huronlan
—
3.20
1,413
2,300
10c
1
Ashley Gold
3.30
15c 16Hc
1
Arntfteld Gold
Astoria Quebec
9c 10He
"28c
6c
2,400
32c
38,300
19c'
....1
63c
1
Bank of Toronto
100
306 %
*
Bathurst Power A
*
Beattle Gold
4,250
5,839
215
69
5%
Aug
Apr
*
34c
32c
1.34
1.25
10c
95c
Aug
Mar
2.90 June
15c
f>c
Apr
M ar
4 %c
Mar
13c
61c
195
Aug
Mar
14c 105,337
5 He
304
636
1H
9%
11
15
20
9%
40
16
1%
33
9%
Aug
Aug
12
Jan
Mar
6%
885
Mar
8%
Jan
Apr
4%c
4%
20c
Mai
6%
June
1.00 May
45c
11%
1.45
July
July
Jan
Mar
68c
Jan
Aug
Mar
12c
18,900
7c
Mar
...*
9.55
9.50
9.60
1,115
8.00
Mar
10.25 June
..*
11%
11H
12%
1,022
7%
Mar
14%
July
5%
904
4% June
7%
Feb
21
21H
4,772
30H
30 H
225
Prittsh American Oil
*
Brit Col Power A
5
*
21*2
3%
Brown OH
30c
•
30c
3c
*
To He
...
Apr
Jan
5
July
June
.
15
May
3,500
1.80
Mar
31c
3,200
25c
June
49
10
10H
*
3
32
Jan
10
62c
Lava
.50
40
.June
.50
Aug
15
7
Mar
13
Jan
95H
5
89
June
108
30 X
32
135
29
Apr
38
17
17
20
17
Aug
20
15%
39%
15 H
1,620
13%
15%
July
45
2,000
Mar
July
8
180
......
7
79%
79%
80%
10
75
75
75
20
1C1
101
Jan
Jan
Aug
62
May
75
Aug
98%
May
Mar
102%
52%
Mar
37
23
Mar
31%
Mar
9%
8
9%
190
5
May
9%
Aug
85c
85c
90c
110
36c
36c
40c
10.200
32c
Feb
60C
17c
21c
16,433
13%o
May
40C
43c 48 He
72,920
33c
Aug
82c
Mar
9%c June
16c
May
"~50~
48 He
6
50c
Mar
1.00
10Hc 11 He
"
4,542
2.15
43,111
1.25
June
51c
600
50c
Auv
60c
4,000
55c
Aug
1.37
20,685
95c
Mar
27c
7,300
25c
Aug
69c
53%
4,371
Mar
58%
Mar
13
2.06
1.95
51c
60c
60c
1.25
1.25
25c
25c
52%
52%
46
2
2.50
Feb
July
July
Mar
Aug
55c June
1.50
1.50
Jan
Jan
Mar
Feb
1
*
1
47c
Jan
3%
3%
25
3%C
3%
A
Lee Gold
Legare Ltd pref
No par
49c June
9%
81
1,591
Lebel Oro
*
Mar
June
3%c
1,100
2%c
July
5c
Feb
45c
54c
73,300
37 He
Jan
74c
Mar
65
Aug
63
10
63
Mar
56
Apr
1.13
Feb
value.
25
90c
95c
5,700
85c
6%c
Cap Gold
Jan
Ma
38c
4%
65
6,383
—
La pa Cadillac
Laura Secord..
Jan
15%
Lamaoue Contact...—
Jan
Aug
Ma
1
July
Jan
9%
19%
)
Lake Sulphite
Feb
10
214
Mar
1
Aug
25
95 H
100
..*
Aug
Mar
15
A
Lake Shore
22c
May
190
26%
1
Gold
60
Aug
5
6%
18
Jan
Jan
Aug
A
1
Klrkland Lake
Apr
31%
3,176
Kerr Lake...———1
Aug
Mar
50%
Consol (New stock). 1
Laguna
20%
Apr
*
Kerr Addison
Feb
47
33o
49
1
6%c May
2.35
49
J M
10
25
212
1
37o
Mar
15c
26
Cons
17%c
14%
*
Jellicoe
5
9%
Mar
Maj
22c
17%
1
Mar
Mar
June
26%
*
Mines
Mar
10c
15%
17
100
.....:
—
lie
9%
180
B
Jacola
2 %c
50
Mar
1.40
17%
100
Kirkland-Hudson
2.25
210
..100
Jack Walte
Jan
37
9%
*
Intl Utilities A
68 He
20,600
23
1
...
Aug
10c
82
Inspiration
Inter. Metals A
30c
13H
50
...
...
July
34
30c
2.30
Calgary A Edmonton...
Canada Bread B
22
14,500
56
10Hc
22
25
2%
July
Mar
3c
13H
Burt (F N)
396
'
3c
55
Products
Hill..
Burlington Steel
11,200
16
15 %
...1
Buffalo Canadian.......*
25
33c
Brit Columbia Power B..*
16%
28
July
91c
5
International Nickel
Mines
5
Jan
17%
II
210
International Pete
Tract It n
5
20c
Apr
1.16
*
6
Intl Milling pref—.
11%
14%C
Distillers
Mar
13%
2,103
__.*
Imperial Oil
Imperial Tobacco
Jan
Feb
May
8c
290
15%
100
100
—
Feb
5%
Mar
20c
Jan
106
1.00
3,300
976
20%
Imperial Bank.
Feb
1,200
10c
31%
Huron A Erie
July
Mar
1.20
15%
30
Aug
2.93
17c
15%
1,335
60c
146%
37,626
10c
100
5,350
166%
377
33c
11c
1.16
15
15H
Intl Metals pref
A preferred
166%
Bobjo Mires
....
Holllnger Consolidated—.5
Home Oil Co
—...»
Jan
30 He
30c
.
„
24,500
Feb
8
Hedley-Mascot—.
1.21
Aug
45
Mar
26c 26 He
249
2,300
Jan
9c
20c 24 He
306%
165
32c
I 10
15,350
26c
May
30%c
8
26,275
Hunts B
166 X
31c
2.27
10%c llHc
Jan
Bidgood
8
2c
2.12
11 He
Feb
Bell Tel Co of Canada. 100
"~S
1,500
2.15
1
July
Apr
........1
..*
4c
1
Harker
1.03
Mar
BUtmore Hats......
3 He
222%
2
1
4c
Aug
95
Klrkland
6%
1
24%c
June
1,400
6H
Halcrow-Bwayze
1
227
9,400
Gypsum Lime A Alabas—*
1
285
Jan
10c
Mar
27C
Jan
1.09
Hudson Bay Mln A 8m..*
Mar
Jan
Mar
Aug
Howey Gold
Aug
2%
25
Mar
Homestead Oil
Aug
7c
*
3%c
Feb
lie
July
61c
Jan
44 c
Jan
13
Au"
20
Aug
11c
Mar
Mar
4%
Feb
14c
5c June
5,500
10
June
9%c
8,200
Mar
10
Preferred.......
5c
Jan
12o
Mar
July
68
3%c
2,000
33c
118
Canada MaJtJng—...
Can North Power
July
51%
4c
4.15
3H
C* nada Cement
3%c
33
1,200
70c
*
101%
Oils
5,200
65c
1
*
3%
Buffalo Ankerite—
July
Feb
40c
3Hc
Hlnde A Dauch
101H
Beauharnols
Brewers A
Jan
40 Ho
1
H Igh wood-Sarcee
101%
3%
100
Beatty Bros 1st pref
Big Missouri
1H
Mar
1
........
Gold
Jan
33c June
1.65
Aug
20c
29
3
85
10
9%
1.27
10% rjan
12
300%
232 H 237
...100
Bane Met sis Corp
20c
63c
61c
212
Bank of Montreal.....100
Pank of Nova Scotia
50,650
6c
28c
Mines....1
Auglte PorcuplDe Gold- —1
Bag a mac Mines...
BankfleJd Cons
Gunnar
68c
4c
Apr
2
Alberts Pacific Grain—
Preferred
Grull-Wljksne—
Mar
31c
23
8%
Apr
5c
4%c
20
"M
July
2c June
56 %
56
22
1H
July
Mar
5c
*
4%
10%
Maj
10%c
50
86% June
32o
16o
5c
23
Aug
Mar
14c
lie
ox
Apr
Feb
14
8c
14,100
4o
*
Aug
22c
53c
Mar
12,400
1
Great Lakes Paper
Preferred
Jum
21
5
22c
18c
1
Gramloro Mines
Mar
3%
23c 25He
4c
"56"
74%
Hard Rock
"~3c
__1
AJax Oil A Gas
3
25%
...1
Alton Mines Ltd
Mar
5
13 He 17Hc 191,900
"..*
GranadaMlnes
Range Since Jan. 1. 1938
Shares
i
Greening Wire
AbltibI
Mar
13c
76
143
8
Graham-Bousquet
Sales
Fridau
Last
14%
7,300
Toronto Stock
Calmont
Mar
20c
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
Bunker
27o
6.55
Goodyear Tire pref
Building
600
375
Goodflsh Mining..
Brazil
34c
23,400
1.30 r i .so
....*
RoyalltefOil Co
Braiorne
16c 16Hc
34c
A
3,000
4,576
7,770
27c
1.2C
Jan
14c
8c
25c
7.95
1.15
Aug
4c
16%c 16%'
Co
Jan
24c
23c
48c
Pete......
Okalta Oils Ltd
A mm
Aug
Francoeur
Preferred
Foundation
21% | Jan
22c
6%c
Fontana Gold.......... .1
Rights.
:__*
6.95
Mai
15,400
32c
Dalhousie Oil Co...
Mar
16
24c
21X
Mar
Oil-
Mar
4c
1.23
3.60
43c
3.25
May
4.70
2,523
935
20
«
1.97
7c
1
Fernland Gold
Mar
Mar
380
6.00
24
20,302
23c
Feder&l-Klrkland
May
2.42
23c
Brown Oil
6%
2.26
73
99
26
24
26
25
Eldorado
25
7.95
*
Wright Hargreaves
Home Oil
Jan
1.95
24c
22c
1
1
Gold
Thompson Cad
Wood Cad
Mar
15c
5.90
4.70
Sylvanlte Gold
July
26o
19%
78c
May
84
*
39c June
July
Jan
Aug
1
2.70
16%
8%
Aug
Fanny Farmer
80c
Aug
June
6C
Falconbridge
200
33
Mar
4%
50
Jan
2,725
Apr
9
1,000
Jan
6,012
29
5
27 200
Mar
1.11
50
June
8C
1.39
3.25
44
6Hc
3.40
46c 49 %c
Mar
857
79
Aug
1.78
Feb
7c
6c
Mar
91 %c May
Aug
19%
3%c June
25%
Jan
70
79
2.00
46,325
34%
212
6c
*
88c
6,345
1.07
1.06
*
1
Sullivan Consolidated
Teck-Hughes
2.15
3.25
(new)
Stadacona
1.33
2.06
86c
2.06
Sladen Mai...
Aug
Aug
Aug
78
7%c
East Malartic
500
Jan
17%
Apr
16
446
5
5
5
Mar
46c
2.09
15%
Preston-East Dome
3,400
7
43
400
l%c
4,150
Feb
73
Mar
66%
Jan
27% June
189
Apr
42
Dominion Foundry.....
1,500
5%c
34%
209
Feb
June
11
92
33 X
Jan
38
23 %c
June
17c
77 H
199
Apr
30
9,200
2.530
42
Jan
4,200
l%c
21c
17
2 500
5.25
5%c
31c
June
9c June
3 He
1.50
Shawkey Gold......—.
29
3%c
1
1.90
Ritchie Gold
176
50
3%c
Dominion Explorers
5.05
Co..
135
1,600
1,925
100
1.41
Reward Mining
Jan
18%
1.90
Red Crest Gold
Feb
64%
18
l".42
"
42c
Mar
209
5.05
Placer Development
Mar
15X
34
Pickle Crow Gd M Ltd—.1
"
Mai
20c
9 He
20c
Jan
16
11%
46%
25
Perron Gold Mines Ltd..
Pend-Orellle M A M Co..1
150
100
Jan
July
Jan
1,500
75%
*
Dominion Bank
Aug
1.84
32H
31c
20c
17
100
Dominion Coal pref
80o
13%
1.529
32c
179
178
1
July
Mar
32H
Crows Nest Coal......100
Mar
1.73
Mar
7
1.10
3,350
9c
Feb
Mar
Feb
Feb
16c
35c June
360
178%
Aug
99c
46%
v
10,500
100
6%c
1,245
Mines
70c
1.45
July
3.20
Aug
14%
1,100
Gas
Jan
Mar
60
1.30
July
2.10
1.18
14H
32c
53%
Aug
1.19
8 He
58 H
8c
104%
16,750
59%
1.27
2.60
Jan
23,100
11
Feb
Jan
64c
1.23
1.10
1
53%
Macassa
2.55
20
Mar
1.65
98%
*
8c
Lapa-Cadlllac
May
..5
Chibougama
Smelters...
*53%
27c
17
65c
1
1,100
20
1.32
1
,
20
10X
Lake Shore Mines
8c
July
35
1.11
Kirkland Lake Gold
Klrkland Gold Rand Ltd-1
Jan
3%
1.40
Bakeries
Consol
8%
Apr
1,000
*
Cockshutt Plow.........*
15%c May
Mar
2,900
10Hc
Aug
Duparquet Mining Co
4c
Falconbridge Nickel—.—*
..1
1
774
4c
Jan
May
5
2
1.00
2.52
Central Porcupine
34%
4c
27% June
1
Chestervllle-Larder Lake
Chromium Mining
34%
16
10
90c
95c
Aug
*
Dome Mines Ltd
Feb
25
102 H 104 H
Carnation pref........ 100
Conlaurum Mines
5c
1.28
3
2.45
6c
Central Cadillac Gold
6c
Jan
9
4,390
*
Cartler-Malartlc G M Ltd 1
25
Aug
July
3
6H
3
*
Cndn Malartic Gold
11,775
6
19
20
25
Wineries
Feb
6%
20
8
8
94c
C P R
Canadian
135
8H
*
Malartic
Canadian Oil
Jan
108
175H
8
...25
Jan
30
174
*
Preferred
Feb
3c June
Jan
Mar
5H
18%
Feb
24% June
177
157
5H
18 H
174
8c
100
May
Aug
*
57C
3,129
Jan
Mar
13%c
4c
July
22
June
1.15
Aug
28%
June
16%
Apr
15
1,615
May
28%
28 %
6H
25
2.00
3c
4c
1
5
DrcKlglng
17
Jan
Jan
4%
1.75
6c
32c June
160
Mar
Canadian Cannere 1st pf 20
2d preferred...
..*
Mar
30%c
Big Missouri Mines
Bulolo Gold
Aug
17c
2,500
.1
Bldgood-Kirk Gold
July
2,000
1,300
12c
17c
30c 30 %c
AM M Gold
Beaulor Gold
Jan
67c
Mar
42c
May
2
*
Canadian Canners
Mines—
128
18
1.75
Cndn Bk of Commerce. 100
i
Aldermae
72
49
14%
17
Mar
*
Breweries
Preferred
Aug
17% May ;: 19%
13 X
—50
;
58
16
3H
3H
High
125
71%
136
136
Low
Shares
High
70 H
Canada Wire B
Canadian
*
pre!
*
Preferred
July
32%
250
42%
cum
Low
23
7%
Jan
Walker Good & Worts(H)*
SI
Week
Price
Par
Canada Packers
for
of Prices
71 %
136
107
8%
Range Since Jan. 1, 1938
Week's Range
11
25
(H) Walk-Gooder & Worts*
Walkervllle Brewery
1.1938
Range Since Jan.
8%
7%
107
100
United Securities Ltd-.100
Sales
Last
Scue
for
Salt
Stocks (Concluded)
Exchange
Friday
Sales
6%c
7c
9,200
5%c June
2%C
2%c
10 H
5c
6,500
lc
June
3%c
Aug
10%
25
7%
Auv
10%
Aug
90c
15c
Jan
1322
Financial
Chronicle
Aug. 27,
1938
Canadian Markets—Listed and Unlisted
Toronto Stock
Leltch
Pai
Week's Range
for
Sa*e
of Prices
Low
High
Gold
80c
80c
89c
Shares
Low
21,150
60c
Mar
Little i^ong Lac
*
3.50
3.60
7,075
3.20
*
23
23
23%
598
19%
Aug
Mar
24
21
20%
18
Mar
21%
Jan
3.50
Mar
5.55
Jan
B
Macassa
316
5.40
8,785
3.70
26,680
Jan
4.45
...1
52c
50c
56c
48,775
Mar
57c
45 %c
45c
55c
22.000
45c
Aug
55c
2c
2%C
3,000
4c
Mar
3%
4%
lie 14%c
163
July
May
~~3
Maple Leaf Milling
Preferred..
4%
....
Mines
11c
1
3
24,900
Apr
Mar
9c
6
19%c
July
Aug
23c
27c
17,100
7.80
7.80
7.95
11,227
6.50
Ymir Yankee Girl
16c
2,600
14c
May
Toronto Stock
Mar
Friday
1,360
Mar
10%
Week's Range
for
28
Mar
63
July
July
Lasi
759
Sale
of Prices
11
10%
11
2,560
10
June
14
Feb
99
98% 100
48%
46%
48%
7,503
86%
35%
Mar
48%
1.21
1.20
1.23
9,125
69c
14c
14c
16c
4,750
McKenzle Red Lake...,
1
McWatters Gold
65c
Corp
63c
67c
500
2.10
1.90
2.10
12c
13c
1,000
1.55
*
1
1.45
1.77
39,930
1(H)
101
32c
1.29
Aug
July
Mar
24c
Mar
Canada Bud
Aug
Apr
Canada Vinegars
Jan
82C
5c
Mar
8c
1.45
Mar
2.49
12c
Aug
20c
Apr
1.45
10,340
160
Aug
Apr
2.56
Mar
Jan
Bruck Silk
Canadian
*
1
Aug
Consolidated Paper,
Apr
160
Aug
179%
Mar
216
Aug
Dominion Bridge
10c
2,200
9c
Aug
15c
July
l%c July
3%C
July
Hamilton Bridge.-----Humberstone————
42%
4%
Aug
42%
Aug
Malro ble
June
7%
Feb
Mandy------
Murphy Gold
1
2c
1%C
2c
4,000
42%
42%
5%
42%
5
38
Naybob Gold
Newbec Mines...
5
90
118
40
115
Apr
126%
193
193
12
190
Aug
210
...
-
-
-...
38c
Mar
1.75
1.70
1.75
1,305
1.65
Mar
2.15
Jan
73%
75%
12c
12c
1,000
5c
6c
4,500
77c
10,990
6c
Normetal
74c
Northern Canada
74c
6,648
*
35c
35c
37c
8.60
8.60
8.65)
1.25
1.35
79c
11%C- July
Aug
19c
7%c
July
July
50C
Mar
1.14
Jan
27c
Apr
40c
July
Shawl nigan
7.50 May
1.00 May
8.95
Aug
150
1.50
Feb
275
3%
Aug
3%
Aug
Thayers
3,800
2.75
Mar
5.45
Jan
1.25
Oro
*
63c
60c
6c
Plata
1.32
2%C
1,000
23,547
31c
70c
15,400
46c
7c
7,050
93%
255
Pacalta Oils....
Page-Hersey
_
2,900
1.07 June
2.30
2c June
5%c
10c June
24c
Jan
June
17c
Jan
4.40
2.90
Mar
19c
19c
19c
500
15c
Aug
63c
11c
15c
14,100
7%c
Jan
24%c
July
5c
June
4.55
8 He
9c
48c
50c
13,350
13 He
Perron Gold.
8c
48%c
Paymaster Cons
Payore Gold..
78
12,735
13c 13%c
18,000
Apr
98
4.65
Aug
July
i
Bid
Mar
16c
Jan
lc
July
2c
July
1.95
4,470
1.30
Mar
2.62
Jan
2c
3,000
l%c
4,000
3
May
50
18
May
23
July
31
Apr
38
Aug
9%c
Aug
Beauharnols Pr Corp 5s *73
95%
Feb
Bell Tel Co of Can 68.1955
112%
Burns & Co 5s
1958
1.02
Jan
Feb
4,000
50c
Mar
1.75
Jan
Canada Bread 6s
11,760
3.80
Mar
5.30
Aug
1.76
3.10
4,585
2.80
Mar
3.30
2.40
2.60
21,800
1.37
Mar
2.65
15
225
9%
Apr
16%
July
52c
Apr
Aug
31c
34c
1.60
7,500
2.52
2.32
22
5,590
22
1.55
30c
1.79 170,590
Mar
1.81
Mar
10
100
2
Apr
4
Aug
30
Apr
43
July
July
Mar1
67c May
2.52
23
1.90
96
65
99% 100%
1941
104
100
100
Aug
114%
87
,
55c
55c
600
41c
Mar
70c
July
2.65
2.75
1,950
2.55
July
4.55
Jan
8c
8c
1,000
7c June
45c
Jan
Eastern Dairies 6s
Relnhardt Brew
Reno Gold
*
2%
Feb
Fraser Co 6s
64c
Feb
Mar
Int Pr & Pap of Nfld 5s '68
Lake St John Pr & Pap Co
87%
104
24c
Gatlneau Power 5s_—1956
Gt Lakes Pap Co 1st 5s '65
101
i
}
Lac!!21
7™
Royallte Oil..
8t Anthony
St Lawrence
40c
UHc
188
Aug
36c 44 %C
20,995
36c
Aug
11c
17,005
187
*
!
1%
-----
13c
189
46%
36
47
345
13c
13c
2,000
5
5%
453
19
19%
75
9c June
•
170
Feb
48%
10c
Mar
20c
Mar
6%
19%
July
1.27
1.25
1.29
3,883
1.11
Mar
5%c
5%c
5%c
4,000
££
4%C
Aug
95c
95c
97c
5,750
i
1.26
1.25
1.35
10,314
1.00
1.25
150
3%
3%
95
Corp.".*
Lawrence A..
Sheep Creek...
Sherrltt-Gordon.
.
!""
Silver woods
*
Silverwoods
pref!!!!"""*
inn
Simpsons pref...
Slscoe Gold
Sladen Malartlc!
i
f
}
Slave Lake
Southwest
Pete"."."."
77
78
110
2!05
2.04
93c
84c
7Hc
7%c
9%c
6,800
40c
40c
800
*
stadacona
2.16
46c
46c 50%c
*
Chemical"
Standard Paving..!
8
8
"♦
3
8
"Inn
2
■•Preferred
&T La£e Beach"!!!!»
Sudbury Basin..
*
SuJUvaif Oontact-:;;;::;i
£
Supersilk A
Gold!!!!!!!!!!!
16,566
60
3
3%
23
23
23%
69
69
71
67
Preferred
Steel of Canada.!
17,765
1.07 141,545
,
Standard
Sylvanite
3%
67
285
3
June
12% June
1.55
34c
91c May
1.80
Aug
1% May
71
Apr
2.00 May
84c
Aug
7c
Apr
40c
Aug
39%c May
4
Mar
2
Mar
95
Jan
1.38
Mar
24c
70c
77c
4%
Apr
68%
Apr
15%c
Jan
Mar
3.80
Jan
12c
13%c
4,900
Mar
19c
5,650
85c
Mar
1.25
40
1%
Mar
2%
Aug
2,865
2.60
Mar
3.60
Feb
75
12%
Aug
16
10c
*
4.80
4.75
4.85
5,470
4.40
Mar
Twascanadlan!!!!!"-*
5.70
1.36
1.40
1,750
1.05
June
1.68
Union
£
Gas
June
2.10
1,000
16%
15
16%
390
12
Mar
43
44
170
40
June
2.15
2.10
2.31
14
14
14%
413
12c 12%c
1,200
13,650
*
5%
5%
6%
640
*
5.75
5.70
5.80
1,165
1.78
Mar
108
Wendlgo..
2.90
Jan
2.45
Mar
15%
12c
Aug
26c
3
Mar
7
90c
11
4.00
Mar
8.50
6.20
27,728
1.02
Mar
44%
1,719
30%
Mar
45
July
19%
694
17
Mar
19%
Aug
14c 14%c
5,400
"35"
iic.
White Eagle..
Whitewater..
Ton
90
28
1,000
10c
4,500
8c
Mar
14 %c
9
Mar
13%
20
74
%c
an
Apr
651
July
Aug
Apr
5c
2,500
11c
13c
17,200
Apr
lc
90
Aug
3%c
4c May
3c
Apr
NOTICES
8c
Jan
18c
July
point-by-point summary of many major factors,
statistically,
its
probable effect of World's Fair business on the
hotel
The leading hotel securities are
companies.
specific
and
conclusions
are
reached
and re¬
Co.,
Grand Rapids, Mich., announce that they
Peoples National Bank Building.
The following men have been
announce
that they have purchased the assets
Reeve Co. of Winona, Minn., which firm has
was
Mr.
Mr. Reeve is retiring
supervision of A. B. Youmans, who pre¬
Reeve's associate.
Gentry & Co., Inc., has opened offices at 42 Broadway, New
City, to
transact
a
general securities
business including corporate
Frank M. Gentry is President and Russell A. Spalding is
Inc., Calhoun,
Ga.,
Cherokee Candle-
manufacturers of caDdlewick bedspreads and
Mills, Germantown, Pa., manufacturers of nets and laces.
—Hartshorne, Fales & Co., 71 Broadway, New York City, have issued
Jan
12%
4,500
Nominal.
—James Talcott, Inc., has been appointed factor for
wicks,
July
34c
90
4c
11
37
Aug
a
Yander Moere &
for Murray
July
May
6c
5
12%
l%c
n
Manager of the trading and retail sales department.
20c June
Mai
90
lc
,
9c
•
2
10
35
7c
9%c
"12%
*
Wiltsey-Coghian."."."!!!!! 1
35
7c
8c June
100
of different
underwriting.
July
5.25
19%
WestflanktOli!
Preferred
York
jad
42%
5
/Flat price,
It evaluates the
—F. M.
Jan
Jan
July
7.40
the
viously
Aug
5.90
5
No par value.
and the office is to be under the
Feb
19%
14c
65
72%
—Barney Johnson & Co.
July
43 H
——
95
Winnipeg Elec 6s Oct 2 '54
been their correspondents for the
past five years.
Jan
18%
48
*
Canada" Flow! !! *
98
63
and good will of the Fred W
Aug
*
Preferred.!!
97
Verseput & Co.
Jan
t
Walkers
Western
100
44
*
103% 104%
Smith H Pa Mills 4%s *51
United Grain Grow 5s. 1948
to their sales
organization: Walter Nitz, Fred Vander Perel and
Raymond Renehan, all formerly associated with Thompson, Ross Securities
Co., and Homer Schrier and Clarence Roetman, both formerly with Roger
July
United Oil..!!
United Steel..
Ventures..
Walte Amulet!!
-
added
Jan
1.40
2.05
90%
m
62
—~J.
Aug
2%
3.35
*
89%
—
103%
have moved from their old Ionia Avenue address to new and larger quarters
in
Mar
1.10
2%
13
5?
104%
97
104%
commendations made.
Aug
6c
2.00
3.25
Toronto Elevators
Preferred..
103%
1951
compared
12%
Ucbl Gold..
Saguenay Power 4%8 A *66
4%a series B
1966
Shawinlgan W & P 4%s '67
64
Jan
July
1.06
15
99%
96
1957
93
securities
13c
108
98%
4s
United Securs Ltd 5%s *52
securities.
May
2%
105
100%
2nd conv deb
92%
Aug
8
1.08
2.05
98
Provincial Pap Ltd 5 %s *47
favorable and unfavorable, affecting the New York hotel business and
Jan
3.30
*
97
Price Brothers 1st 58—1957
55
91%
The analysis contains
Jan
13
Tamblyns
Teck Hughes._
103
1957
76%
CURRENT
Jan
3.40
54
21
102
102
1
—Hartley Rogers & Co., Inc., 14 Wall St., N. Y. C.. has prepared an
analysis entitled "New York Hotel Bonds and the 1939 World's Fair."
Aug
100
106
100
Dec
Aug
3% June
27
44,150
105
Power Corp. of Can 4%s'59
1.25
71
12c
101% 102%
95%
96%
99%
99%
1956
53
75%
Jan 11950
50
1973
Montreal Tramway 5s 1941
96
1949
Jan
1.00
Mar
2.66
49%
.1939
3s
3%s
Feb
Mar
68%
par value)
3 %8
1961
*
Jan
1.21
12
10c
38%
103% 104%
/38
Mar
91c May
66
2.66
68.1945
Montreal L H & P ($50
6s
Aug
15
2.66
Minn & Ont Paper
-
,
50
99% 100%
5%s
Jan
720
10 He
48
Massey-Harrls Co 5s.-1947
5s
_
Jan
Mar
*j
""hn
San Antonio
?!
Shawkey Gold..!!!!""}
Bt
190
34%
2%s to '38-5 %s to *49—
Ask
103%
71
53
54
f
30
Bid
103
98%
51%
Quebec Mining..
2
Utility Bonds
Ottawa Valley Pow 5%s '70
113
Consol Pap Corp 5%s 1961
5%s ex-stock
1961
Dom Gas & Elec 6%s.l945
Aug
Read Authier
Red Crest...
2
2.50
1.00 May
MacLaren-Que Pr 5%s '61
Manitoba Power 5%s_1951
Maple Leaf Milling—
102
99
Donnacona Paper Co—
4s
1956
East Kootenay Pow 7s 1942
£
5
1.50
Montreal Island Pr 5 %s '57
106
103%
97%
Canadian Lt & Pow 5s 1949
Canadian Vlckers Co 6s *47
Cedar Rapids M & P 6s '53
July
14%
31c
Jan
25c
20
90
Canada North Pow 5s_ 1953
Canadian Inter Pap 6s 1949
Mar
2.43
2.52
5,300
Aug
4%
4
112%
63
Calgary Power Co 5s_.1960
1.25
22
4%
39
69
Mar
15
Metals!"
*
Preston E Dome.!!!!!!!i
Aug
263
88
Mar
22c
*
Pressed
115
June
Ask
69c
5.30
3.00
335
Jan
Feb
2%C
lc June
105
21
68%
23c
1 40
3.00
3c
l%c June
5
115
38
87
Mar
38c
i
Rouyn.!!
Apr
4%
5c
1.50
L50
Abitlbl P & Pap ctfs 5s 1953
Alberta Pac Grain 6s. .1946
1.00
Power Corp...
2% June
1,500
1,000
4
12c June
3,000
3,085
Aug
39
*
5.00
1.48
Mar
67
14c
11c ll%c
1.41
Pickle Crow..
Pioneer Gold.
31
20%
100
5.00
Pete-Cobalt..."
Mar
Mar
Closing bid and asked quotations, Friday, Aug. 26
Feb
11 He
!""
27
32
1,000
3
Industrial and Public
Feb
93
4.45
Porcupine!"
Jan
105
3,327
l%c
4
United Fuel pref
Waterloo MfgA
Mar
6c
Mar
93
.
Pandora-Cadillac
Partanen-Malartlo
Paulore Gold..
Jan
4,800
Aug
1.45
Feb
18c
12%c
Jan
68C
Mar
July
Temlskamlng Mines
3%
55c 57 %c
.50
525
2c
4
3.80
1.20
July
12
9%
20%
38
3%
2%c
Mar
23c
115
"26%
3.50
55c
5
Aug
Rogers Majestic
3%
*
July
%c June
l%c
l%c
1%C
115
10
3.50
1
Jan
39
1.84
1%c
-
—
*
Olga Gas
Omega Gold
July
69c
Mar
14c
Su pert est Ord
Ritchie Gold
Robb-Montbray
Robt Simpson pref
1
PreferredO'Brien Gold
Okalta Oils
9%
40c June
21%
1,500
"LOO
—5
-
18
Jan
l%c
14c
.—
Pend Oreille.—.
75%
Mar
15
1%C
—
Pawnee-Klrkland
Apr
Jan
1%C
1%C
l%c
3
Oslsko Lake Mines.
Mar
7c
1,200
16
12 %C 12%C
-
:
2c
1,600
Northern Empires Mines. 1
North Star OU
Mar
48
-i-
OU Selections
May
-1
-
July
12c
4.00
%c June
Aug
3% Mar
95
66
7,600
Nor gold Mines
7%
7%
30%
6,800
July
800
62
17c
Feb
1.65
10
614
30
7%c
17%
June
2,353
45c
62
5c
6
8%
30%
5.5c
June
2.00 June
5
Montreal LH&P
74%
Nlplsslng
140
37%
Jan
15
10,700
45c
34
9
90c
425
2.60
National Steel Car
16c
13 %c
Apr
2c
May
35
Jan
59c
67c 104,450
Aug
Mar
"16c
*
New Golden Rose
Aug
May
18c
Ktrkland-Townsite-
118
45c
36%
Jan
4%
2%
10
8%
8%
*
12c
4%
1%C
lc
Dalho usie Oil————
9
National Brewing pref-100
National Grocers
193
10
—
Aug
90
1.25
2.60
*
Cobalt Contact
31
9c
High
2%c
160
16
5
1
Coast Copper
70
1
Low
8,500
4
1.25
37
25
Range Since Jan. 1, 1938
Shares
5
.*
Marconi
Co asoli dated Press
2%C
4%
16
160
143
High
2%c
3%
2%c
216
MorrLs-Klrkland
National Grocers pref._100
National Trust
100
Low
Price
Brett-Treth ewey.
160
....100
Sates
July
216
36%
A
B
JaD
Par
Stocks—
Mar
10c
5,350
5%c
....25c
Moneta Porcupine
Moore Corp
4%
145
5%c
!
—
Jan
FeD
Feb
Week
McKlnley Mines
Noranda Mines
Nordon OH
43c
8.20
30c
Exchange—Curb Section
*
Oils
Jan
Aug. 20 to Aug. 26, both inclusive, compiled from official sales lists
8%
5
Merland Oil
July
16
Mar
14%c
Wright Hargreaves—
Jan
2%
Mar
60%
Mines
Roche Long
Royal Bank
1%
7% May
20c July
100
Preferred
Powell
23c
79
20
14%c
1
Wood-Cad lilac
Aug
11%
1%
11%
^
3%
May
8
8%
100
McColl Frontenac
Pamour
2
^
_
High
1%
56
*
Preferred
Mining
*
Low
70
2%
2%
2%
Range Since Jan. 1, 1938
Shares
60
Massey Harris..
Monarch
3
4
2%
100
Preferred.—
Jan
360
1%C
1%
Aug
3%
Manitoba & Eastern
1.30
25c
*
Winnipeg Electric A..
Jan
21%
5.05
3.60
——1
Gold...
Mclntyre
Feb
Week
Feb
5.20
1
Madsen Red Lake
Maralgo
1.12
6.00
3.60
Mines
MacLeod Cockshutt
Malartlc
3.45
for
of Prices
Low
High
Price
Par
Stocks (Concluded)
High
Week's Range
Sale
Range Since Jan. 1, 1938
Loblaw
A
Sales
Last
Week
Price
Exchange
Friday
Hales
Last
Stocks (Continued)
Toronto Stock
Exchange
Friday
analysis
on
"Continental Baking Corp.—A Stock" and will send a copy
to all those interested
—Morse Bros.
j
&
on
associated with the firm.
securities.
requested.
Co., Inc.,
announce
that Harry J. Peiser has become
Mr. Peiser will specialize in New Jersey municipal
Volume
Financial
147
New York
Bid
a3s
Jan
1 1977
New York Bank Stocks
City Bonds
101
Ask
Bid
Ask
99M 100M
03Ms July 1 1975
a3Ms May 1 1954
1323
Chronicle
a4
102
Merchants
17%
15%
Bank of Yorktown_.66 2-3
M s Apr 15 1972.
a4MsJune 1 1974.
117M 118M
118M 119%
40
48
Bensonhurst National. ..50
Chase....
13.55
75
100
119%
30
32
104M 105 M
Ask
Bid
Par
Ask
Bid
Par
Bank of Manhattan Co. 10
117
116
1 1966.
o4Ms Apr
103
.100
Bank
97
50
35
40
24 %
25 %
National Bronx Bank
National City..
12M
14
12
National Safety Bank_12M
03 Ms Nov
1 1954
104M 105
o4Ms Feb 15 1976.
118M
a3 Ms Mar
1 1960
103 %
104M
a4MsJan
120
Commercial National..100
130
136
Penn
Exchange.
10
11
13
a3Ms Jan 15 1976
105
119M
120M
Fifth
700
730
48
52
108
109 M
Peoples National
Public National.
50
a3%s July 1 1975
a4s
May 1 1957
27%
28%
109M 110M
1 1977.
a4MsNov 15 '78.
a4MsMar 1 1981
a4 Ms May 1 1957
119
104
24
26
15M
18M
o4s
Nov
109M 110M
a4MsNov
1 1957.
120M 121M
116M 117M
116M 117M
a4s
May 1 1959
110
111
o4Ms Mar
1 1963.
119
a 4s
May 1 1977
113 M
1
a4s
Oct
1 1967.
1 1958
114M
1 1980
114M 115M
a4M8July
114M 115M
a4Ms Dec 15 1971
a4%s Mar
1 1960
1 1962...
114M 115M
a4MsDec
a4Ms Mar
1 1964
First National of N Y..100 1630
Kingsboro
National... 100
1670
65
..25
Sterling Nat Bank & Tr 25
Bank
12 M
....
Trade
120
115M 116M
a4%sSept
100
119M 120M
120M 121M
1965.
a4 Ms June
Avenue
122M
Chicago & San Francisco Banks
123M
124M 125M
1 1979
Par
& Trust
AsJfc
Bid
Par
Ask
Bid
Harris Trust & Savings. 100
100
290
310
Northern Trust Co
American National Bank
510
530
230
210
100
Continental Illinois Natl
Bank & Trust
New York State Bonds
Bid
Ask
3s 1974
52.30 less
1
3s 1981
52.35 less
1
Canal & Highway—
52.50
-
-
„
•
4Ms April 1940 to
138
Can & High Imp 4Ms 1965
135M
138
_
«.
....
51.60
1949..
Improvement—
1958 to '67
SAN
73 %
71%
.100
FRANCISCO—
50 M
48 M
Bk of AmerNT&SA 12M
239
234
'67
130
Barge C T 4s Jan '42 & '46.
113
....
130
4s Mar & Sept
Canal Imp 4s J&J *60 to
Highway Imp 4 Ms Sept '63
Canal Imp 4Ms Jan 1964..
33 1-3
National
World War Bonus—
Highway
5s Jan & Mar 1964 to '71
First
Ask
Bid
Barge C T 4Ms Jan 1
TRADING MARKETS
Banks—Insurance—Industrials—Utilities
■
.....
All Over-the-Counter Securities
116M
1945.
Eugene J. Hynes & Co.
Port of New York Authority
Bid
Incorporated
Bonds
61
Bid
Ask
Ask
New York City
Broadway
Bel Teletype N. Y. 1—2845
Whitehall 4—8234-8
Holland Tunnel 4Ms ser E
Port of New York—
Gen & ref 2d ser 3Ms '65
107M 108 M
104 M 105M
Gen & ref 3d ser 3 Ms '76
102
Gen & ref 4s Mar 1 1975.
Gen & ref 4th ser 3s 1976
Gen & ref 3 Ms
1977
George Washington Bridge
4 Ms ser B 1940-53.M&N
97 M
M&S 60.50 to 1.20%
112
—M&S 111
1939-1941
1942-1960
Insurance
103
98 M
99M 100M
Bid
Par
M&S 60.75 to 1.75%
1939-1941
Companies
D
Inland Terminal 4Ms ser
Bid
Par
Ask
91M
Home Fire Security
10
2%
46
48
Homestead Fire
10
15%
10
23 %
25%
7M
25
82 M
85M
Importers & Exporters.-.5
Ins Co of North Amer___10
American Alliance
108M
107% 109
10
Agricultural
M&S
1942-1960
95 M
10
21%
23 %
Knickerbocker
5
26
27 M
Lincoln Fire
5
Aetna Cas & Surety.... 10
Aetna
109M
Aetna
United States insular Bonds
Life
American
5
Equitable
American of Newark...2M
12
53.50
58
100
4s 1946
101M
Honolulu
105
U S Panama 3s June 1
Oct
July
1959
104
4 Ms
1952.
5s
Apr
1955.
104
105
100M 102
5s
Feb
1952.
106
5 Ms Aug
1941.
4 Ms
Bid
Ask
4 Ms
5s
108
108M 110
3.00
1961
120
122
July 1952
July 1948 opt 1243.
113
116
111
13 M
American Re-Insurance. 10
34 M
36 %
Merch Fire Assur
109
Conversion 3s 1947
111
109M
U S conversion 3s 1946
11%
2%
4%
Maryland Casualty
1
Mass Bonding & Ins..12M
8
112M
Govt of Puerto Rico—
115M 117M
Hawaii 4 Ms Oct 1956.
Ask
6M
10
American Home
Bid
Philippine Government—
64
3M
17M
8M
65M
12M
2M
5%
52
55 M
44 M
5
com
Ask
48 M
8M
9M
American Reserve
10
28
29 M
Merch & Mfrs Fire New'k 5
American Surety
25
46 %
48 %
Merchants (Providence)-.5
31%
33 %
National Casualty
10
Z21M
23 M
National lire
10
62%
64M
7M
8M
lllM
7%
6%
Baltimore American...2M
86
589
89 M
2
National Liberty
National Union Fire....20
2
New Amsterdam Cas
599
5
7
124% 130M
11M
12M
21%
New Brunswick
10
31M
33 M
23
24 M
New Hampshire Fire... 10
43%
45 M
City of New York
18%
20%
New Jersey
40
42M
Connecticut Gen Life
23%
25%
New York Fire
31M
33 M
Northern
Camden
Federal Land Bank Bonds
Bid
3s 1950 opt 1946
.
M&N
.
104
1043i«
3 Ms
104
3s 1955 opt 1945.. ....J&J
3s 1958 opt 1946.
Bid
Ask
104*16
4s
104
104*16
4%s 1958 opt 1938...M&N
1955 opt 1945...M&N
1946 opt 1944
J&J
Ask
105516 105M
111716
100% 1001»16
19%
Fire..
Continental Casualty
5
43 M
45 M
40 M
109
42%
57 M
82
Joint Stock Land Bank Bonds
3s
...
100
Lafayette 5s
99% 100 M
Lincoln 4Mb
99 M
Atlanta 3s
Atlantic
Bid
Ask
100 M
—
32
Central Illinois 5a
/30
33
Chicago 4Mb and 5s
5
/3M
100M 101M
99 M 100M
Oregon-Washington 5s
99
97 M
102
100
4Ms
32
99 M
New York 5s
Denver 5s
First Carollnas 5s.
First of Fort Wayne 4Ms..
First of Montgomery 5s
99 M 100 M
First of New Orleans 5s
99 M
100 M
First Texas of Houston 5s.
99 M
100 M
Southwest
32
/30
100M 101M
69
5s.
42 M
44 M
/10M
Southern Minnesota 5s
12
99
100
99M
5s
100M
Iowa of Sioux City 4Ms.—
93
96
Virginia-Carolina 3s
99 M
101
40
50
North
70
Springfield Fire & Mar..26
Stuyvesant
5
119
9M
100
480
530
23%
24%
..100
448
458
32 M
"
40
Potomac
50
60
San Antonio
...
10
34 M
U S Fidelity &
10
74 M
76 M
54%
29%
30%
Westchester
5
9
3M
Virginia-Carolina
Bid
85
'53
78
1
1
1
«
58
1
1
1
68
100
100
81
86
1945
Interstate Deb Corp 2-5s'55
58
62
1%
85
1953
Inc 2-6s_._-
102
100
10
344
354
Guaranty
County—
7
Brooklyn ............100
Central Hanover
20
6
77
82
80 M
39
41
Manufacturers
Clinton Trust
50
57
65
ITef erred—
Colonial Trust
25
10
13
New York
Title Guarantee & Tr. -20
.100
Underwr iters
13
14M
Corn Exch Bk & Tr
20
48 %
Empire
10
15%
49%
16%
Continental Bank & Tr.10
77
50
76 M
Realty Bond & Mortgage
deb 3-6s
1953
60
49
Unified Deben Corp 5s 1955
40
98
Bid
1939.
27M
-10
100
County
Lawyers
United States-
Bid
Ask
98%
42
104
Ask
New York City Park¬
Authority 3 Ms '08
3 Ms revenue
1944
104M
3 Ms
revenue---.-1949
105M
6
2.40
less
1
6
2.90
less
1
100.19 100.21
Reconstruction Finance
244
..25
20
-
101.11
10M
1550
29
33
39M
50%
52 %
82 M
5%
80
1535
85 M
100.11
Dec 15 1938
100.15 100.17
Fed! Home Loan Banks
11M
1580
1M%
li % notes July 20 1941
210
37M
...
Corp 3-6s
Deb Corp 3-6s
way
101.9
Ask
190
83 M
Chemical Bank & Trust-10
Kings
48 M
1953
Bid
Bear-Mountain-Hudson
River Bridge 7s...195:
Commodity Credit Corp
239
100
90
7%
52 M
48 M
Corp—
Par
Banca Comm Itallana. .100
Bronx
50
'53
Co
1953
1963
Atlantic
ture
'53
Nat Deben Corp 3-68.1953
77
Potomac Maryland Deben¬
85
Potomac Realty
Nat Cons Bd Corp 2-5s
77
1953
3-6s...
38
Companies
Fulton
Irving
(all
Issues) 2-5s
1953
Potomac Cons Deb Corp—
Potomac Franklin Deb
51
/24M
/20
....
M % notes Nov 2
45 %
Series B 2-5s
Miscellaneous Bonds
15 1939 6 .25%
15 1939 6 .30%
June 15 1939 6 .35%
July 15 1939 b .35%
Aug 15 1939 6 .40%
Ask
Ask
56
Ask
■
New York Trust
1954
.1954
Series A 3-6s
3-6s
Nat Bondholders part ctfa
FIClMs.—Feb
F I C lMs
Apr
%
52 M
Central Funding
Federal Intermediate Credit Bank Debentures
F I C 1
34 M
Potomac Deb Corp 3-6s
2-3s
series A & D
1%.
1
Mortgage Bond Co of Md
3-6s
series B & C
F I C
1
Empire Properties Corp—
26
6
F IC 1%
32%
Potomac Bond Corp
23
Bid
2.50
Fire
1
60
Ask
56
Bid
1953
All series 2~5s
1
78 M
58
1%
10M
64
Nat Union Mtge Corp—
1
Debenture
75
15M
52
4
Ask
Allied Mtge Cos Inc—
49M
100
5%
Surety Guaranteed Mortgage Bonds and Debentures
1953
Virginia
2
4
122
52 M
U S Guarantee
Home
4%
10
Guar Co..2
U S Fire-
52 %
Cont'l Inv DebCorp3-0s *53
5
5
Bankers
Travelers
Hanover
100
Pennsy 1 vanla
30
Des
43 %
Sun Life Assurance
Hartford Fire
Cont'l Inv Bd Corp 2-52 '53
10
100
Carolina
Denver
Bank of New York
35M
26%
14
Bid
100
New York
45
Bid
24M
33%
8M
Ask
Par
Ask
39
Par
8M
22M
10
25%
Associated Mtge Cos Ino—
Joint Stock Land Bank Stocks
16 1939 5 .25%
6%
10
Surety
Seaboard
Security New Haven
Arundel Deb Corp 3-6s '53
15 1938 5 .20%
15 1938 5 .20%
15 1938 5 .25%
15 1938 5 .25%
Seaboard Fire & Marine..5
14%
32 M
Great Amer Indemnity... 1
Arundel Bond Corp 2-5s
FI CI Ms—Sept
FI C 1 Ms
Oct
FIClMs—Nov
FIClMs-.-Dee
FI C 1 Ms
Jan
8
13%
100M
99 M
Bid
6
73
Virginian 5s...
100
10
23 M
30
Globe &
Hartford 8teamboller_._10
100M
91
Fremont.
25M
22%
6
88
Lincoln
8
24
213
Illinois Midwest 5s
First Carollnas
6M
10
5
100M
99 M
—
Union of Detroit 4 Ms
100
(N Y)_2
Republic (Texas)
Revere (Paul) Fire
207
107M 108 M
5s
Potomac 3s
83
95
Reinsurance Corp
5
107M
81
100
18M
35M
5
105 M
4Mb
San Antonio 3s
...
16%
33 M
Accident
St Paul Fire & Marine...25
Phoenix
St Louis 5s
Moines.
83 M
5
Providence-Washington .10
67
82
Dallas
79 M
23%
101
102M
100
126
110M 114
22
101
101
Atlantic
120
Rhode Island
100
80
Atlanta
10
Rossia..
100
101
Bid
25
Phoenix
22
Pennsylvania 5s
100
Par
Natlonal.25
Northwestern
38%
Pacific Coast of Portland 5s
Fletcher 3Ms
99 M 100 M
28
20
42
Fremont 4Ms
3s
26M
36 %
/38
First Trust of Chicago 4 Ms
5s
96M
2.50
90
100 M
Greensboro
93 M
91
100 M
99 M
Ohio-Pennsylvania 5s
28M
101
99 M
North Carolina 5a
Dallas 3s
88
89
5s
/27
/27
Burlington 5s
9%
26 %
Ask
12.50
85
8M
Bid
15M
River
Preferred
113
56 %
17
6
Pacific Fire
7
6
Excess.
North
3
2
2M
Eagle Fire
20
1940
2s
Apr
1 1943
Federal Natl. Mtge Assn
2s May 16 1943_opt'39
Home Owners' L'n Corp
2s
1 Ms
..Dec
June 1 1939
100.17 100.19
102.10 102.13
see
page
Triborough Bridge—
4s s f revenue '77 A&O
4s serial
101.2
6%
For footnotes
64
101.25 101.28
101.19 101.22
90
1585
61
Reynolds Invest'g 5s 1948
1325
101.4
revenue..1942
.1968
4s serial revenue.
110M
111M
1
6
2.10
less
6
3.50
less II2
Financial
1324
Chronicle
Aug.
27,
1938
Railroad Bonds
Asked
Guaranteed Railroad Stocks
63
—. — _
3o$epb Walkers Sons
—
-1955
95
-1956
69
Chicago St. Louis & New Orleans 58—— -1951
-1961
Chicago Stock Yards 5s
185^
70
—......
-1951
106)4
..1962
102)4
455)))44s88 545))488
Florida Southern 4s._
—
Terminal 3)4s...
100
Atled
100
6.00
100
,.1940
99
101
.2000
100
102
.1948
Canada Southern (New York Central)
100
50
2.00
25
2.00
100
5.60
Delaware (Pennsylvania)
Georgia RR & Banking (L A N-A C L)
Lackawanna RR of N J (Del Lack A Western)
100
50.00
100
(Pennsylvania)
50
4.50
50
1.50
50
3.00
Pittsburgh Fort Wayne A Chicago (Pennsylvania).. 100
Preferred
.....100
7.00
Preferred
100
100
6.00
...100
3.00
preferred
Tunnel RR St Louis (Terminal RR)
97)4
Boston A
Maine 44s—
5s
...100
6.00
United New Jersey RR A Canal (Pennsylvania)
100
10.00
Utlca Chenango A Susquehanna (D L & W)
100
6.00
Valley (Delaware Lackawanna A Western)
100
5.00
VIcksburg Shreveport A Pacific (Illinois Central)..-100
5.00
Canadian Pacific 4)4s
Preferred
100
Ask
1.75
New Orl Tex A Mex
New York Central 44 s
5s
67.50
6.50
6.50
65.25
4.00
4.00
Original preferred
*
24
*
$7 preferred
*
64
54
Atlantic City El 6% pref. *
Birmingham Elec $7 pref.*
Buffalo Niagara A Electern
34
i
Par
Bid
47
Ask
*
50 4
50 a
53 X
59 X
604
Mississippi Power $6 pref
$7 preferred
Miss Rlv Pow 6% pref. 100
64
Missouri Kan Pipe Line..5
7
Monongahela
1084 1114
654
674
115
44
117
5X
Penn
West
Pub Serv 7% pref
25
24 X
26
25
27X
Mountain States Power—
7% preferred
100
25
204
21
Carolina Pr A Lt $7 pref.. *
804
704
824
Nassau <fc Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
1094 1114
724
Newark Consol Gas
128
$1.60
preferred
6% preferred
*
Central Maine Power—
79 4
814
...100
694
794
714
Cent Pr & Lt 7% pref.. 100
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Consumers Power $5 pref*
4
414
964
814
6
454
974
Continental Gas A El—
7% preferred
100
724
1154
Derby Gas A El $7 pref..*
100
Federal Water Serv
22
cum preferred...100
States
193
20
214
21
224
25
Gas A Elec of Bergen.. 100
Hudson County Gas...100
128
193
144
lb"
30
83 X
85
*
100
7% preferred
Interstate Natural
103
111
Gas..*
224
Interstate Power $7 pref. *
Iowa Southern Utilities—
44
944
96
104 X
1064
58 X
564
*
95 X
96)4
93
94 X
*
Ohio Power 6% pref... 100
Ohio Pub Serv 6% pf_.100
100
101X
112)4 114
7% preferred
100
Okla G & E 7% pref..100
Pacific Pr A Lt 7% pf..l00
102
103
102 4
104)4
60 4
62)4
89)4
7% preferred
100
334
6% preferred
Republic Natural Gas
244
6
35
Supply—
74% preferred
*
96 X
88
98
4
214
1
44
54
6% preferred D
100
31oux City G & E $7 pf.100
934
954
1.75
65.50
4.50
2.00
Paul"44s
St
88,
904
5.25
67.00
67.00
6.00
82
85
B
/G Foods
Inc common *
Blckfords Inc
$2.50
conv
*
5.25
5.25
94
95
90
5s
Great Northern 4)48
5s
98
90
Erie RR 6s
95
62.00
—
1.25
61.75
pref
*
Bohack (H C) common...*
7% preferred
Illinois Central 4)4s
Internat Great Nor 44s.
64.50
3,50
Union
65.00
4.00
3.25
61.75
1.10
61.75
1.10
Loulsv & Nash 4)4s
5s
Fl&hman (M H) Co Inc..*
74
Maine Central 5s
64.40
64.40
3.50
Missouri Pacific 4)4s
5s
64 75
3 50
64 75
3 50
64.75
3.50
5)4s
Public
Bid
Cuoan Atlantic Sugar... 10
Preferred
For footnotes
1
16
see page
1325
104
1.50
5.00
66.00
5)4s—
66.00
5.00
414
69
Bid
Federated Utll
.1963
1074 1084
549—1967
1952
Idaho Power 349
1967
Indianapolis Pow A Lt—
s f debenture 4)4s.. 1948
Associated Electric 5s. 1961
1034 1034
494
484
Inland Gas
Appalachian Elec Power—
Havana E'eo Ry 5s
68
224
234
23 4
1968
103 4
Corp 648-1938
/434
Kan City Pub Serv 4s. 1957
24 4
349 w 1
Ask
694
42
/.—
1064 107
Missouri Pr A Lt 34a. 1966
1014
Mtn States Pow 1st 63.1938
844
Conv deb 5)4s
8-year 8s with
1973
56
58
1940
83
85
8s without warrants. 1940
83
85
1034
454
264
Mountain States Tel A Tel
*
68
*414
132
99
1064
71
43
137
warr.
214
Kan Pow A Lt
1st 4 4s
34a—1968 t
Debentures
Narragansett Elec 3 4a "66
N Y, Pa A N J UtU 5s 1958
110
354
1104
36
1034 1044
70 4
724
1024
854
—
106
1064
574
59
94 4
95
N Y State Elec A Gas Corp
Cons ref deb 4)4s_.1958
Sink fund inc 4s
1983
Par
Bid
Ast
100
68
75
Kress (8 H) 6% pref
Miller (I) Sous common. .*
114
124
64% preferred
100
Murphy (G C) $5 pref. 100
17
22
106
no
Reeves 'Daniel) pref
100
United Cigar-Whelan Stores
$5 preferred
*
A
64
98
28
26
23
mm*
Sink fund Inc
Kobacker Stores
Par
Savannah Sug Ref
85
62.50
494
Ask
4)4s._ 1983
25
mmm
81nk fund inc 5s
1983
Sink fund inc 5)4s.. 1983
27
Secured notes 3 4a.-1947
»08
1064
29
Ohio Pub Service 4s..1962
104
23
Old Dominion par 6s..1951
65
1044
564
25
Peoples Light A Power
Sink fund Inc 4-5s—1986
S f Inc 4)4s-5)48.
1980
—
Sink fund inc 5-6s—1986
S f Inc 5)4s-6)4s.
1986
Blackstone V G A E 4s 1965
—
Cent Ark Pub Serv 5s. 1948
Central G A E 5)4s—1946
1st lien coll trust 6s. 1946
294
Cent Maine Pr 4s ser G '60
Central Public Utility—
Bid
Ask
Cons Cities Lt Pow A Trac
5s
1962
Consol E A G 6s A...1962
com
1
304
334
West Indies Sugar Corp_.l
34
29
44
B
1962
Coll Inc 6a (w-s)
1954
Cumberl'd Co PAL 3 )4s'66
Dallas Pow A Lt 3 4s 10«7
Dallas Ry A Term 6s. 1951
1 on r»
4s
N Y Steam Corp 3 4a.1963
North Boston
Ltg Prop's
994 1004
—
1961
734
Portland Elec Power 6" '50
27
r 134
1st
29
Hen
3-6s
Pub Serv El & Gas 3 4a *68
109 4
85
86"
Pub Utll Cons 54a
704
754
724
774
Republic Service coll 5s *51
St Joseph Ry Lt Heat A Pow
44a
1947
1054 106
..
194s
754
144
1054 1054
72
74
674
69
103
—
San Antonio Pub Serv—
1st mtge 4s—
1963
/14
24
644
654
784
79
8*western
39
40
Tel Bond A Share 5a.. 1958
39
40
Crescent Public Service—
841
18
85
75
Western Maryland 4)4s—
Western Pacific 5s
Utility Bonds
67
6s series
94
74
1
75
6s
85
47
974
105
Sugar Stocks
Eastern Sugar Assoc
1.00
85
75
Ask
Auier
Utility Serv 68.1964
1.00
75
4)4s
3.50
43
...
Bid
61.70
5s
Wabash Ry
5s-
Income 54s with stk
Cities Service deb 5s.. 1963
Par
1.00
61.70
Virginia Ry 4)4s
54
7% preferred
94
1.00
47 4
Ask
3
44s
514
100
17
1.50
3.25
64.25
Pacific
5s
64.25
.....
45
100
106
2.75
61.50
61.50
53
1973
7% preferred
Utah Pow A Lt $7 pref
2
2.75
62.25
Texas Pacific 4a
1973
Virginian Ry
14
3.50
63.25
1.00
3.50
64.50
63.25
-
Conv deb 4)4s
Conv deb 5s
29
100
64.50
Southern Ry 4)4s
5s-
29
634
100
2.50
234
614
100
Diamond Shoe pref
63.00
284
27
35
4.50
2.25
254
United Gas A El (Conn)
33
4.50
63.50
1978
Texas Pow A Lt 7% pf.100
Toledo Edison 7% pf A. 100
24
65.50
65.50
Southern Pacific 4)4s
5s
Income deb 4)4s_..1978
Conv deb 4s
1973
464
28 4
124
St Louis Southwestern 5s..
95
1.50
61.80
2.00
94
92
5.25
66.25
58
66.25
66.25
Denver & R G West 4)4s.
2.25
90
Income deb 4s
344
14
114
62.50
624
324
75
63.00
574
27
100
Reading Co 4)4 s
St Louis-San Fran 4a
614
274
193
Chain Store Stocks
preferred
2.65
5s
Trustees' ctfs 3)4s—-
Assoc Gas A Elec Co—
7%
2.10
63.25
100
7% preferred
9
62.75
Dec 1 1937-50
284
Tenn Elec Pow 6%
7
2Kb series G non-call
Pere Marquette 4)4s
56 4
South Jersey Gas A El. 100
83
Bid
2.10
pf.100
554
*
1.10
62.75
*65
Leblgh Valley Transit 5s *60
Lone Star Gas 34s --1958
Lexington Water Pow 5s '68
53
Par
July 1937-49
Income deb 3)48—1978
Income deb 3)43...1978
25
814
Berland 8hoe Stores
Jan <fc
6.00
Chicago R I A Pacific—
Hocking Valley 5s
61.75
5s
5.25
Assoc Gas A Elec Corp—
Southern Calif Edison—
112
Mass Utilities Associates—
1.00
66.50
66.50
ChlcMllw"A
...
4s series E due
61.50
1st mtge 48..
50
5% conv partlc pref..50
Memphis Pr <fe Lt $7 pref. *
19
Rochester Gas & Elec—
Jer Cent P A L 7% pf._100
Kan Gas A El 7% pref. 100
43 4
5.00
1.50
Amer Gas A Power 3-5s *53
100
6% pref series B
Kings Co Ltg 7% pref. 100
Long Island Ltg 6% pr.100
7% preferred100
5.00
66.00
62.25
5s.
Queens Borough G A E—
$6 preferred
66.00
Pennsylvania RR 4)48
Long Island 4)4 s
100
Penn Pow A Lt $7 pref
Idaho Power—
14X
Power—
(Del) 7% pref
(Minn) 5% pref
23
preferred
Jamaica Water
7%
*
preferred
Ohio Edison $6 pref
$7 preferred
*
preferred
cum
cum
cum
27"
*
$7
New Orl Pub Serv $7 pf..*
New York Power A Light—
744
Corp—
$6 cum preferred
$6.50
$7 prior lien pref
$6
114
28 X
54 % pf-*
New Eng Pub Serv Co—
Northern
Dallas Pr <fc Lt 7% pref. 100
Essex Hudson Gas
100
New Eng G & E
100
7% preferred
$6 preferred
5.00
2.25
58
Mississippi P A L $6 pref.*
$6.50 preferred—
5.00
63.00
—
5s
764
1.25
65.75
65.75
2.50
Chicago A Nor West 4)4s
Ask
744
N Y Chic & St L 4)48
5s—
62.50
Utility Stocks
Electric
2.75
62.25
63.10
5s
5s
Gas &
3.50
63 50
62.50
Chesapeake A Ohio—
Associated
—
Ask
64 75
Northern Pacific 4)4s
Cent RR New Jersey 4)4s
67
44s—
N Y N H & Hartf 4)4s
5s
3.50
654
Bid
52.25
4.00
5.00
Alabama Power 17 pref.
38
2.50
3.00
Arkansas Pr & Lt 7% pref *
41
36
65.00
50
Bid
39
.1990
63.10
50
Par
-1954
3)4s Dec 1 1936-1944..
Warren RR of N J (Del Lack A Western)
Public
67
Canadian National 4)4s.
West Jersey & Seashore
(Penn-Readlng)
.1940
Equipment Bonds
65.25
5s
102
104)4
.1951
-
67.50
Baltimore A Ohio 4)4s—
84)4
100)4
.1946
....
————
Atlantic Coast Line 44 s.
~6~82
St Louis Bridge 1st pref (Terminal RR)
106"
95
Canal 3)4s
Bid
100
Rensselaer A Saratoga (Delaware A Hudson)
105
Railroad
7.00
Pgh Ygtn A Ashtabula pref (Penn)
88
.1957
Washington County Ry 3)4s
4.00
50
Pittsburgh Bessemer A Lake Erie (U S Steel)
.1967
63"
104
62
.1947
West Virginia A Pittsburgh 4s
5.00
Oswego A Syracuse (Del Lack A Western)
.1942
Vermont Valley 4J4s—
3.875
50
.1961
Toronto Hamilton A Buffalo 4s
4.00
100
Michigan Central (New York Central)
Morris A Essex (Del Lack & Western)
New York Lackawanna A Western (D L A W)
114)4
United New Jersey Railroad A
9.00
100
103)4
.1947
Toledo Terminal 4)4s
3.50
.1941
Toledo Peoria A Western 4s..
5.00
80
61
Terre Haute A Pecorla 53
2.85
L)
..100
Central)-.100
Cleveland <fc Pittsburgh (Pennsylvania)..
..50
.1947
.1939
Pittsburgh Bessemer A Lake Erie 5s
Portland Terminal 4s
Providence & Worcester 4s
5.00
Cleve Cinn Chicago & St Louis pref (N Y
92)4
90)4
Philadelphia A Reading Terminal 5s
8.50
Carolina Clinchfleld & Ohio com (L & N-A C
...—
Norwich A Worcester 4)4s
8.75
100
110)4
Pennsylvania A New York Canal 5s_.......
2.00
Boston & Providence (New Haven)
78
92
91
109
New York Philadelphia A Norfolk 4s
10.50
ZOO
50
72
.1978
-1959
—
Memphis Union Station 5s
New York A Harlem 3)4s
6.00
Albany & Susquehanna (Delaware & Hudson)
Allegheny A Western (Buff Roch A Pitta)
Beech Creek (New York Central)
Fort Wayne A Jackson pref (N Y Central)
54
..1950
—
Kansas Oklahoma A Gulf 5s.........
Bid
New London Northern 4s...
Alabama & Vicksburg (Illinois Central)
stock
72
69
.1953
-
Indiana Illinois & Iowa 4s
Dividend
(New York Central)
-1945
—
102)4
Illinois Central—
Par in Dollars
Second
38)4
..1995
Louisville Div. A
Central
95)4
37
Cleveland Terminal A Valley 4s
(Guarantor In Parentheses)
Northern
96)4
Connecting Railway of Philadelphia 4s
Duluth Missabe A Iron Range lst3)4s
Guaranteed Railroad Stocks
Betterment
75
28
Chicago Indiana A Southern 4s
2-6600
^SSSSASABBBSSSSSmr
Boston A Albany
36~
72
33
——...
4)4
Cambria & Clearfield 4s—
Tel. REctor
STOCKS
Since
35
-1940
....
Boston A Maine 5s..-——
GUARANTEED
NEW YORK
35
93
—
;
-
Dealers in
120 Broadway
30
..1939
-1944
* —
4s.
Boston A Albany 4)48
35
-1945
-
Baltimore & Ohio 4)£s..
Member* 7\[rw York Stock Exchange
30
54a
— —
Atlantic Coast Line
-.1945
wi——-. -1939
-1943
Akron Canton and Youngstown
Sioux City G A E 48—1966
Sou Cities Utll
5s A.. 1958
404
Bell Tel 3s. 1968
1004
Texas Public Serv 5s
.1961
Toledo Edison 349—1968
40
384
1024 103
Utlca Gas A El Co 5s. 1957
1084 109
Wisconsin G A E 3 4». 1966
Wis Mich Pow 34"
-1961
624
63 4
1014 1014
1004 1014
Western Pub Serv 54a *60
404
101
62
65
88
88
1024 1024
122 4
82
•
••
84
106 4
107
10"»4
1074
Volume
Industrial Stocks and Bonds
Water Bonds
99
Ashtabula Wat Wks 5s
58
New Jersey
101H 102H
Atlantic County Wat 5s *68
99
Birmingham Water Wka—
1957
5s series C
1954
101
5 Ha series A
1954
104
Butler Wat*" Co 5s...1957
105
101
5s series B
1951
SO
85
5Hs
1951
84
88
92
94
Newport Water Co 5s 1953
Ohio Cities Water 5Hs '53
98
76
Ohio Valley Water 5s. 1954
Ohio Water Service 5s_1958
100
104% 106%
Ore Wash Wat Serv 5s 1957
1951
102
5Hs series A
1951
103%
105"
Prior lien 5s_.
1954
101H
1948
100
mmm
1st 5s series C
1957
105
107
108H
Pinelias Water Co 5Hs. '59
65
60
1946
63
ConnelJavllle Water 5a 1939
100
6s series A
68
96
105
99
1962
101
5 Hs series B
1977
....1954
cuin
Conv
80
80
Federal
72H
103
105
5s series A
1960
103
105
5s series B
.1960
105
..1954
103%
5a
..1962
105
Sprlngf City Wat 4s A '56
36 %
100
4%
*
*
63 %
6
18
24
*
16%
17%
2H
3H
Shops
30
*
Gen Fire Extinguisher...*
Good Humor Corp
1
Graton & Knight com
*
98 % 100
*
*
Trlco Products Corp
*
Tublze Chatillon
cum
United Artists Theat
Packing com
pf.10
com.
*
10
34
39 %
6H
41%
7H
14%
16 %
7%
2H
1H
130 H 134 H
32H
34H
70
80
1H
2H
%
—100
3H
com
*
49 %
51%
Warren (Northam)—
$3 conv preferred
*
42 H
46 H
14H
17
Preferred
Welch Grape Juice com-.5
3H
2H
*
shares
American
Gar lock
101
8%
%
5H
60 %
5
Bake
..*
common
Veeder-Root Inc
Fohs Oil Co...
75%
5
4H
31H
United Piece Dye Works.*
36"
Foundation Co For shs...*
100H
Wat 6s '.50
South Pittsburgh Water—
1st mtge 5s
1955
246
37
33 H
32
Preferred
South Bay Cons
6s
59 H
33
116
Draper Corp
77
—
1%
%
56 H
prior pref
76
Steel
Tennessee Products
Time Inc
100
1967
Shenango Val 4s ser B 1961
...
15H
32H
Douglas (W L) Shoe—
105
101H
13H
109
*
Dixon (Jos) Crucible
98 H 100
25
Stromberg-Carmon Tel Mfg
Sylvanla Indus Corp.....*
4
23 %
251
Taylor Wharton Iron A
30H
*
preferred
Preferred
...
102
Huntington Water—
6s series B...
8
Stanley Works li'C
9H
4
Water Service 5s. 1961
1st A ref 5s A
6
6
com
10
Devoe A Rayuolds B com *
Gas & Water Co
1958
Scranton-Spring Brook
98
Hackenaack Wat Co 5a. '77
106%
"66
.
Singer Manufacturing..100
Singer Mfg Ltd
54 H
3
com
Skenandoa Rayon Corp..*
-tandard Screw
20
46
Deqtlst's Supply
---
St Joseph Wat 4s ser A
5%
4H
preferred
..100
Dennison Mfg class A... 10
...
4Hs
1952
53 %
S7
107
100H
Scranton
5s series B
*
Dictaphone Corp
96 H 100H
6s series A
~4 %
42
$1
100
A Gas—
Greenwich Water
*
Corp
Crowell Publishing com..*
101
103 H
Roch A L Ont Wat 5s. 1938
1958
1958
1st rntge 5a
101
Richmond W W Co 5s. 1957
Consol Water of Utlca
4Hs
99
Pittsburgh Sub Wat 5s '58
Plalnfield Union Wat 5s '61
Community Water Service
22%
2 H
Columbia Baking com...*
---
104
Manufacturing..25
24 %
Chic Burl A Qulncy.-_100
Chilton Co common
10
••
Phlla Suburb Wat 48—1965
5s aeries B
..1946
•
2%
41
Burdlnes Inc common....I
....
..1948
1st consol 5s
City Water (Chattanooga)
5Hs series B
99
*
Scovill
22 H
Beneficial Indus Loan pf
101
...1948
1st consol 4s
8
Remington Arms
39
5%
12
11
68
Radio
4%
1
28%
17%
58
Belmont
97%
%
*
Exploration
15%
27
*
14H
100
1
Petroleum Heat A Power.*
Pilgrim
25
Products
Ask
13
*
Pollack Manufacturing
Art Metal Construction.10
86%
Pathe Film 7% pref
Petroleum Conversion
12%
90
American Mfg. 5% pref 100
Andlan National Corp...*
102
Pan Amer Match Corp..25
Rubber—
Hardware
Maize
Amer
...
96%
5s.—...1950
101
1941
11H
10
pref
Bankers Indus Service A.*
trust
1st A ref
City of New Castle Water
conv
American
---
83 H
4%s__1966
Peoria Water Works Co—
1st coll
5a
4%
31%
Bid
Par
,
3%
26 H
8% cum pref.......100
Penna State Water—
Citizen* Wat Co (Wash)—
5s
5%
American Hard
80
105
104 %
_,»iif Water Service 4a 1961
'f Cnester Wat Serv 4 He '58
Inc
American Cynamld—
New York Wat Serv 5s '51
105"
Ask
Bid
♦
*
Mills
American Arch
103
101
Water 5s 1950
Alabama
mmm
New Rochelie Water—
105
5b series B
105
Muncle Water Works 5s '65
99%
Par
Ask
Bid
Ask
Bid
1325
Chronicle
Financial
147
7%
100
West Va Pulp A Pap com.*
preferred
Preferred
100
West Dairies Inc
39
41
13%
14%
5H
5%
6%
com v t c
$3 cum preferred
1
*
"
14
16
95
97
1%
16%
2
18%
White Rock Mln Spring—
$7
7
104
1st preferred
100
Wlckwlre Spencer Steel--*
Wilcox A Glbbs com....50
78
Illinois Water Serv 5s A '52
101H
Terre Haute Water 5s B '56
Indianapolis Water
1st rntge 3Hs
1949
103 %
100
57 H
Texarkana Wat 1st 5s. 1958
102%
C.reat Lakes SS Co com..*
25 %
27~"
11
14
105% 107
101 H
Great Northern
Paper..25
5
Corp
1
King Seeley Corp com
1
Landers Frary & Clark..25
28%
31%
8H
WJR The Goodwill Sta._.5
21
23
.100
43
%
10%
26 H
18%
York Ice Machinery
6s series A
—
1966
UDlon Water Serv 5%s *51
Indianapolis W W Securs
90
1958
5s
W
93
Va Water Serv 4s..1961
•
Preferred
••
.
-
-
100H 102
Joplln W W Co 5s
1957
Klldun Mining
...
93
---
Long Island Wat 6%s.l955
Middlesex Wat Co 5%s '57
Monmouth Consol W 5s '56
104
97
Lawrence Portl Cement 100
103
Long Bell Lumber
14%
47
48 H
1st 6% preferred
2d 8% preferred
100
100
$5 preferred
..1956
1960
1949
mmm
104H
---
6s series A
101 H
...
104H
.
1952
5s series C
101 H
102 H
W'msport Water 5s
104
..
...
—
Adminls'd Fund 2nd Inc. *
&
13.48
12.67
4.41
Series B-l
25.82
28.24
24%
Series B-2
22.JO
24.21
3.47
3.83
Series B-3
13.82
15.22
7
Series K-l......
13.78
15.16
57c
65c
Series K-2
10.93
12.14
4%
5
Series S-2
14.49
16 03
5%
Assoc. Stand OH Shares..2
6%
Series 8-4
5.09
5.76
10c
5.67
6.22
9%
7
♦Class A new
17.01
44c
1
29c
24.79
26.51
1
14%
15%
British Type Invest A
.—.
1
21.20
22.49
10
11.70
12.79
3.95
4.30
Century Shares Trust
*
22.52
24.21
Commonwealth Invest
3.88
1
3.49
♦Continental Shares pflOO
7%
25c
3.28
National Investors Corp.l
5.75
6.12
1
13.18
Corporate Trust Shares-.1
Series A A..
;
__1
2.33
series
8.14
8.81
7.48
8.10
7.36
7.97
m
N Y Stocks Inc—
Aviation
—
Building supplies
8.33
7.90
8.55
Insurance stock
9.41
10.17
Machinery
8.60
9.30
Metals
8.89
9.61
Oils
m-
„
—
mmm
8.91
9.63
'
2,76
.1
Series A A mod
♦8% preferred
-
10
-
-
26
24
100
♦Crum A Forstef com
-
m
«.
2.76
1
Series ACC mod
115
♦7% preferred
10
32
100
♦Common B share
110
mmm
—
Cumulative Trust Shares. *
4.64
Deposited Bank Shsser A1
Deposited lnsur Shs A
1
Deposited lnsur Shs ser B1
3.01
2.73
No Amer Bond Trust ctfs.
52 H
No Amer Tr Shares 1953.*
2.20
Series 1955
-
—
mmm
-
»
-
*
«
1
2.70
Series 1956—.
~
—
1.41
1
35%
33
39%
34 %
Crown Cork A Seal 4Hs '48
24
26
1
8.54
mmm
2.35
Pacific Southern Inv pref.
*
*
Class B
....*
mmmm
5.70
6.35
Plymouth Fund Inc.—10c
47c
53c
1.26
1.37
♦Putnam (Geo) Fund
14.53
15.54
Quarterly Inc Shares—10c
10.87
17 32
ment Fund series A-l__
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
Fidelity Fund Inc
*
18.60
28.17
29.97
5% deb series A —
Representative TrustShslO
27%
30 %
Republic Invest Fund.25c
98
11.90
103
9.97
10.47
31c
34c
19.29
20.77
Royalties Management-.1
40c
60c
Bank stock series.._10c
2.33
2.58
Selected Amer Shares—2 H
9.46
10.32
3.66
Selected Income Shares
4.20
Fiscal Fund Inc—
series.10c
3.30
Fixed Trust Shares A... 10
9.53
10
7.54
Insurance stk
B
6.99
Foreign Bd Associates Inc.
-
~
-
7.58
Foundation Trust Shs A.l
4.05
4.35
Fundamental Invest Inc.2
17.55
18.97
Fundamental Tr Shares A2
4.99
5.63
...
71c
78c
*
15.69
16.65
Standard Am Trust Shares
3.10
3.60
Sovereign
-
Investors
Spencer Trask Fund
Standard Utilities
♦State St Invest
Inc.50c
Corp... *
4.49
*
^
Super Corp of Am Tr ShsA
79%
3.17
AA
BB
2.17
C
5.91
30.98
33.31
4.89
5.32
1.22
Supervised Shares
1.14
3
10.01
Automobile shares
1.04
Aviation shares
1.17
1.28
Series C
1
2.47
Building shares
1.50
1.63
Series D...
1
2.41
Chemical shares..
-
*.
Trustee Stand Oil Shs A.l
6.16
1
5.64
10.88
Investing shares
79c
87c
Trusteed Amer Bank Shs B
58c
65c
98c
1.08
Series B
Merchandise shares
1.10
1.20
Trusteed Industry Shares.
Mining shares
1.35
1.47
U S El Lt A Pr Shares A
Petroleum shares
1.06
1.16
1.67
85c
Voting shares
79c
87c
Steel shares
1.18
1.29
Un N Y Bank Trust C-3_*
2
1.04
1.14
Un N Y Tr Shs ser F
*
1
%
H
1
50c
95c
17.79
19.13
1.03
Bank Group shares
Insurance Group
Investors Fund O.
1.32
Shares.
1
1
Inveatm't Banking Corp
♦Bancamerica-Blalr Corpl
Wellington Fund
♦Central Nat Corp cl A_.»
30
Invest Co. of Amer com. 10
10 93
1.14
1.46
11
66
107
108 H
1953
100
100%
62
36 %
39 H
ist 5s
*
8%
10%
2d conv income 5s—1962
m
13.20
....
m
2%
1%
39 H
1962
43
102
102% 104 %
B'way Barclay 1st 2s—1956
23%
B'way A 41st Street—
1st 3s
1944
31%
33%
019*
63%
54 H
57%
Chesebrough Bldg 1st 6s '48
47 H
50
Colonade Constr'n 4s. 1948
34 H
5
35
*
2H
5
20 H
22
♦Class B
Inc 00m
1 %
-
mmm
33%
27
mmm
9%
7%
—...
54
Eqult Off Bldg deb 5S-1952
Deb 5s 1952 legended...
40 Wall St Corp 6s
1400
Broadway
1st
6Hs
stamped-.1948
56
25
/6
/51%
5%s series C-2
5%b series F-l
5%s series Q_
—
(w-s)
Graybar Bldg 5s
1st 2H-4s
/49%
/39
51%
40%
July 7 1939
/19
—
29%
mmm
Oliver Cromwell (The)—
Nov 15 1939
1st 6s
f6%
...
1 Park Avenue—
r
2d
6s
1951
35%
40%
40%
44
103 E 57th St 1st 0s.-1941
45
46%
165 Bway Bldg 1st
Prudence
62
36H
mtge
5%s '51
5s
40%
...
15%
18%
51
53
Co—
5%s stamped
1901
Realty Assoc Sec Corp—
39
lncome---------1943
/6
7%
33
37%
37
67%
72H
1951
31
32H
Savoy Plaza Corp—
3s with stock.
'..1956
41%
43 H
59%
...
48%
/46
40
Sherneth Corp—
1957
—1944
1949
Harriman Bldg 1st 6s.
/33
53%
34%
19th A Walnut Sts (Phlla)
1946
Income 3s
7
N Y Title A Mtge Co—
1st 6s
20"
Bldg—
Fuller Bldg deb 6s..
Hearst Brisbane Prop 6s
Hotel
23
trg
23
Bldg—
Fox Theatre & Off
1946
2s
N Y Majestic Corp—
bo
inc '46
-.1939
6s
42 Bway 1st
'42
50
Lexington units
Hotel St George 4s.♦. 1950
52 %
48
50
1948
Roxy Theatre—
.1957
1st 4s
2s
1956
with stock
55
58
31
33
23%
/22
60 Park Place (Newark)—
1st fee A leasehold
Lefcourt Manhattan Bldg
1947
39 %
...
1950
3%s
57
40%
42%
60
68%
41
44
63
50
61 Broadway Bldg—
3%s with stock
35%
"...
67%
72
1st 6s
92
93%
Textile Bldg—
1952
44
46
Trinity Bldgs Corp—
1947
54 H
—
mm
1951
Hotel—
62%
—
mm
—
.....1950
Syracuse Hotel (Syracuse)
Lincoln Building—
1947
1st A gen
3s w-s
(Bklyn)
1st 5s (LI)
Madison Ave Apt
1st 4s (w-s)
mmm
2 Park Ave
...1958
1939
Bldg 1st 4s 1946
Walbridge Bldg (Buffalo)—
3s with stock
.1950
58%
53H
17H
-
...
Wall A Beaver St Corp—
5H
7%
Metropolitan Chain Prop—
1948
6s
1955
1st 3s
1st 5%s
32
1st 3s 1957 w-s
Majestic Apt Inc—
4s w-s 1948 stamped
89
91
1951
20 H
Westlnghouse Bldg—
1st fee A leasehold 4s '48
68%
1st 4%s
w-s
22%
—
2%
b Basis price, d Coupon, e Ex-interest.
w i When Issued,
w-s With stock, x ExCurb Exchange, z Ex-llquldatlng dividend.
Exchange.
Quotations per 100 gold rouble bond, equivalent to 77.4234 grams of pure gold.
Quotation not furnished by sponsor or Issuer.
No
/Flat
value,
par
price,
n
a
Interchangeable,
Nominal quotation,
Now selling on NewjYork
t Now listed on New York Stock
dividend.
t
♦
10c
30H
1950
'52
4s '43
1958
67%
5Hs series BK
Dorset 1st A fixed 2s._ 1957
1st leasehold 3s. Jan 1
65%
4s with stock strap.. 1956
Court A Remsen St Off Bid
Film Center Bldg 1st
95
1945
S f deb 5s...
N Y Athletic Club—
..1948
ChanlnBIdg inc 4s... 1945
4_0a
Hotel units
91
.1947
6s
Metropol Playhouses Inc—
Broadway Motors Bldg—
3%s
Ask
Metropolitan Corp (Can)—
32%
J21%
1st
Bid
Ask
1957
*
3%
32
Title Co. Mortgage Certificates
Bid
14.48
♦First Boston Corp..—10
Pomerny
Real Estate Bonds and
1st 5s
m
♦Schoelkopf. Hutton A
32
1945
Mfg 6H3-
Standard Oil of N J—
..5
t
13%
B
Tobacco shares
Investors. _*
Institutional becurltles Ltd
SCOv111
2%s
Ludwig Baumann—
91c
Incorporated
90
106% 100%
Woodward Iron¬
mmm.
1.42
♦Huron Holding Corp
4%
20%
London Terrace Apts—
mmmm
83c
Guardian Inv Trust com.*
25
53—1946
100
5Hs w-s—1963
Loew's Theatre Rlty Corp
1.30
RR equipment shares—
/22
1946
5s
Phillips Petroleum 3s. 1948
62
Ohio Match Co
1st 4s
«
Food shares
v
11H
Income
Trustee Stand Invest Shs—
Agricultural shares
73%
75
Wither bee Sherman 6s 1963
Preferred 6H%
Pharmacal
97
60
25
Norwich
93
96 H
1948
deb 6s
23
*
New Britain Machine
90
/9H
Nat Radiator
18%
90
/72
N Y Shipbuilding
Lewis Morris Apt Bldg—
5.91
D
Group Securities—
108
3H
.1940
f 6s
11H
New Haven Clock—
1st 4-5s extended to
2.17
3.31
1.12
General Capital Corp
»
General Investors Trust- *
50c
46c
76
B.
B
preferred
5%
conv s
48
111
52d A Madison Off Bldg—
9H
1
Eaton & Howard Manage¬
*
100
Preferred
Nat Paper A Type com—
lst
Conv.
99
10H
45
500 Fifth Avenue 6 Hs.1949
33
8H
25c
D
100
Muskegon PLston Ring.2 H
Casket
*
National
50 Bway Bldg 1st 3s
2.22
31
3.50
C
Dividend Shares
113
89
mmm
Deep Rock Oil 7s
1937
Haytlan Corp 8s
1938
Kelsey Hayes Wheel Co—
Eastern Ambassador
mmmm
3.65
--mm.
100
100
•
2.65
Series 1958—
Class A
Diversified Trustee Shares
7.97
7.89
Steel
mm'rnm
9.01
7.36
Railroad equipment
♦Crum A Forster Insurance
95
1
Alden 1st 3s—
Agriculture
Electrical equipment
—
V
2.29
1.46
1.33
Voting shares
'
2.29
1
85
*
14.17
Common
Bank siock
8
85
Nation Wide Securities—
New England Fund
Canadian Inv Fund Ltd—1
56 H
mmmm
Mass Investors Trust
Mutual Invest Fund
3.51
15.90
Broad St Invest Co Ino_.5
Bullock Fund Ltd
—
Maryland Fund Inc
♦Bankers Nat Invest Corp*
Basic Industry Shares..Ill
Boston Fund Inc
...
6
Continental Corp
11
75
108
Inc common. .1
7% preferred..
Keystone Custodian Funds
3.99
22%
Amer Gen Equities Inc 25c
Am Insurance Stock Corp*
Accumulative
Ask
Bid
1%
Amer Business Shares
Amer
Par
200
100
Mock Judson & Voehrlnger
Corp..*
Affiliated Fund Inc
49
•
Bonds—
4H
6% preferred
Ask
160
preferred
3H
Preferred...
♦Amerex Holding
10
53%
122
7%
com
Macfadden Pub common.*
Merck Co
Investing Companies
24
Chicago Stock Yds 5s. 1961
Cont'l Roll A Steel Fdy-
Marlin Rockwell Corp
Bid
*
..100
100
100
15H
Lord A Taylor com
*
100
100
5s series B
99
7% preferred
Young (J S) Co
Am Wire Fabrics 7s..1942
102
101
Wichita Water—
107
Monongahela Valley Water
Worcester Salt
American Tobacco 4s_1951
100
16%
1st mtge 5H8
104H
far
m
Westmoreland Water 5s '52
KokomoW W Co 5s..1958
1950
Morgantown Water 5s 1965
93 H
1950
1951
—1950
5s series B
104 H
1st mtge 5s
5Hs
7
Harrlsburg Steel Corp
Western N V Water Co—
m
0%
v
Financial
1326
Quotations
Chronicle
Aug. 27, 1938
Over-the-Counter Securities—Friday August 26—Concluded
on
Foreign Unlisted Dollar Bonds
Foreign Stocks* Bonds and Coupons
Bid
Hansa SS 6s..—.
Inactive Exchanges
BRAUNL &
52 William
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7 Ms '32
Hungarian Discount & Ex¬
change Bank 7s
1936
CO., INC.
Hlseder Steel 6s
1948
Jugoslavia 5s funding. 1956
Jugoslavia 2d series 5s. 1956
Tel. HAnover 2-5422
St., N. Y.
1939
Housing & Real Imp 7s '46
Bid
Ask
Protestant Church
/21M
/II
many) 7s
1946
Prov Bk Westphalia 0s '33
/H
Prov Bk Westphalia 6s *36
/14
/29M
Rhine Westph Elec 7% '36
6s1941
45 M
47M
47 M
Rio de Janeiro 6%
Nov 1932 to May 1935
/56M
nx
/21M
/21M
/21
/13M
/12M
Saarbruecken M Bk 6s '47
Nov 1935 to May 1937
Foreign Unlisted Dollar Bonds
/25
.1933
Rom Cath Church 0Ms '46
R C Church Welfare 7s '46
Coupons—
/42M
/22
Salvador 7%
Koholyt 6 Ms
1943
1957
deposit-1957
7s ctfs of
4s scrip
Anhalt 7s to
6
/20
Antloqula 8s
6
Bid
Ask
Bid
/3l
Dortmund Mun Util 0s '48
22
120
..1945
f20
f2l
f23
/23
Duisburg 7% to
7
7s
/24M
/24M
/19M
/20M
8
8
5
26
East Prussian Pow 08.1953
26
Electric Pr (Ger'y) 0Ms '50
22M
6Ms..
..—1953
European Mortgage & In¬
21M
5
/19
7Ms Income..—1900
/19
m
5
8s.
/12
flX
8
flX
9.
HX
13
7
ollv
7s.
7s.
0
/6
3
f20X
flHX
1
Brazil funding scrip.
1967
7s Income
5M
1945
5M
7M
22%
19 X
/18
/17
fl3
...
1948
/21M
23
/2 m
80M
Funding 3s
/25
fl 6
1940
Dec 1934 stamped
...
Apr 15 '35 to Apr 15 *38.
*
Ceara
/IIX
1
Cauca Valley 7Ms--—194<
(Brazil) 8s
194^
/18
f5X
mx
/2M
12%
(
6M
Young coupons:
Dec 1 '35 stamped
June 1 '35 to June '38...
1954
(Austria) 8s
July to Dec 1937
Jan to June 1938
116
165
67
July to Aug 1938
C reat Britain & Ireland—
.
City Savings Bank
111
Colombia 4s
/40
/26
/2 5
July 1934 to Dec 1936.—
Jan to June 1937.
116
Chile Govt 0s assented
II
Cordoba 7s stamped..II
Costa Rica funding 6s.
5s.
For footnotes see page
_
.....1960-1990
4s.
__
48
116
167
117
f 17
fl7
110
1948
Mannheim & Palat 7s. 1941
Merldlonale Elec 7s.—1957
Montevideo scrip
Munich 7s to
8
16
10 M
8s ctfs of deposit-1948
122
Santa Catharlna (Brazil)
22 M
/13
Santa Fe 7s stamped. 1942
Santander (Colom) 7s. 1948
14
69
.1947
8%
/22
73
16M
21M
21M
1951
Saxon State Mtge 6s..1947
Slem & Halske deb 08.2930
/15M
17 X
122H
122%
/25M
/600
24
/21M
State Mtge Bk Jugoslavia
5s
1956
62
65
1956
62
65
74 M
73
/20M
/20
Municipal Gas & Elec Corp
Recklinghausen 7s..1947
Nassau Landbank 6 Ms '38
Sao Paulo
(Brazil) 6s..1943
Saxon Pub Works 7s—1945
/40
1945
10
/23
-
121
J2 8
Nat Bank Panama
6 Ms
-
2d series 5a
(A & B) 6M8-1946-1947
(C & D) 6 MS-1948-1949
Nat Central Savings Bk of
/91
/9i
Oct 1932 to April 1935
/68
Oct 1935 to April 1937
/50
..1962
National Hungarian & Ind
Mtge 7s
1948
North German Lloyd 6s '47
/II
Stettin Pub Util 7s—.1946
/II
Stlnnes 7s unstamped. 1936
Certificates 4s
1936
8X
/22
J72
jm
4s................1947
Oberpfais
Coupons—
/98M
05M
05 M
/21M
1945
City 6Ms.--.1952
Panama 5% scrip..
/20M
/29M
/36
40
Poland 3s
1956
/27
31
Coupons.....1936-1937
Porto Alegre 7s
1968.
/35
37
7s to
Panama
7s unstamped
Certificates 4s
Tolima 7s
m
1946
1946
Toho Electric 7s.. ...1955
Elec 7a
1940
Oldenburg-Free State
1947
24
/74
162
61
56
nx
/10M
Union of Soviet Boc Repub
7% gold ruble
Uruguay
Conversion scrip
Unterelbe Electric 6s
8M
Vesten Elec Ry 7s
Wurtemberg 7s to
12M
1943 J86.60 91.20
/40
1953
1947
1945
23 X
/21M
/21
/20M
23
22
/ Flat price.
/58
Jan to June 1934
193^
C
/26
m
18
28
Par
28
Am Dlst Teleg (N J) com.*
Preferred
par
Bid
Ask
.
New York Mutual Tel. 100
17
21
167
Pac & Atl
15
18
114
116
Peninsular Telep com
30
40
48
55
27
33
96 M
120
100
163
Cuban Telep 7% pref-_100
Emp & Bay State Tel.. 100
Franklin Telegraph
100
Gen Telep Allied Corp—
$6 preferred
*
Bell Telep of Canada.
uoh 111M
1957
/20
1953
I
11
Ask
92
118
Telegraph
Preferred A.
25
*
..100
26 X
21X
110X 115
/20
21 M
67
08.
18
Bid
100
Bell Telep of Pa pref--_100
/25
m
1
18
Telephone and Telegraph Stocks
28
70
I
121
Int Ocean Telegraph...100
Mtn 8tates Tel & Tel.. 100
Rochester
Telephone—
91%
64
100
149 M 151M
•
-
-
19
14
71
117
Sou New Eng Telep
$6.50 1st pref..
94 M
113
100
25
111
So & Atl Telegraph
Wisconsin Telep 7% pf. 100
118
115
1325,
General
Corporation and Investment News
RAILROAD—PUBLIC
NOTE—For
mechanical
reasons
However,
OF
/10
/12
/22
July to Dec 1933-
German Central Bk
FILING
17 X
115X
Water 7s
13 X
16
1948
8s
/49
/24M
122
8X
23
22 M
( erman defaulted coupons:
4
Central German Power
Madgeburg 0s
6M
lerrnan
Iras
12M
Central Agric Bank
see
31M
49
) /119
194^ I
m
16 M
...
Leipzig O'land Pr 0Ms '40
Leipzig Trade Fair 7s_1953
Luneberg Power Light <fc
Hungary 7Ms
20
195 3
(Peru) 7Ms
/"
/20M 22
/98M 102M
& Land-
bank 6Ms..
Land M Bk Warsaw 8s '41
Munlc Bk Hessen 7s to '45
22""
Agricultural 6s-....1938
erman Conversion Office
20
D
Callao
22
/47
ng
5
British Hungarian Bank
7Mfl
jgf 2
Brown Coal Ind Corp—
6 Ha
24 H
5M
130
-
0s.
7s
14M
21H
21M
22 H
24M
/H
1907
20
/18
/13
7
7 Ms
1906
vestment
Cities 7s to
/22M
Duesseldorf 7s to—..1945
---
Ask
23
J21
/2l
/21
/20
/70
1941
5s
45 M
Ask
(Ger¬
/91
REGISTRATION
it
they
is
UTILITY—INDUSTRIAL—MISCELLANEOUS
not
are
always possible to arrange companies in exact alphabetical order.
as near alphabetical
position as possible.
always
STATEMENTS
Decca
UNDER
Records, Inc. (2-3795, Form A-l), of New York, N. Y., has filed
registration statement covering 393,325 shares of common stock, Slflpar.
Of the shares registered, 17,000 shares will be offered by issuer and 133,000
shares will be offered by two stockholders, at $5.25
per share, through under¬
a
SECURITIES
ACT
The
following additional registration statements (Nos. 3790
3795, inclusive, and 3755, a refiling) have been filed with
the Securities and Exchange Commission under the Securities
Act of 1933.
The total involved is approximately $4,547,006.
to
Lane Wells Co. (*>-3790, Form A-l), of Los Angeles, Calif., has filed a
registration statement covering 308,006 shares of common stock, $1 par.
Of the shares registered 68,006 will be offered by issuer first to stockholders
through pre-emptive rights and any unsubscribed for shares wiU be offered
through underwriters.
The remaining shares are outstanding and not
presently to he offered.
Proceeds will be used for payment of bank loans,
purchase of equipment and for working capital.
Blyth & Co., Inc. and
others will be underwriters.
W.
T.
writers; 20,000 shares will be optioned to four directors at $5 per share, but
not to be presently offered.
The remaining 223,325 shares are outstanding.
Proceeds will be used for working capital.
Reynolds & Co. and others will
be underwriters.
Jack Kapp is President of the company.—Filed Aug. 23,
1938.
Misers Cheat Mining & Milling Co. Inc. (2-3755, Form AO-l, refiling),
of
Lordsburg, New Mexico, has filed a registration statement covering 115,000 shares of common stock, $1 par, to be offered at par.
Proceeds will
be used for mill, exploration, development, leases and for working capital.
H. B. Hening will be underwriter.
pany.
Wells is President of the company.
Filed Aug. 17, 1938.
in
Forest Lawn Co. (2-3791, Form A-2), of Glendale, Calif., has filed a
statement covering $2,000,000 of 3% 30-year convertible
sinking fund debentures, due 1968.
The debentures are to be offered at
par.
Proceeds will be used to redeem outstanding 6% first mortgage bonds
and for capital improvements and investments.
According to the registra¬
tion statement, holders of the debentures have the right to exchange or
convert them in payment of the sales price of any grave of other services.
Forest Lawn Memorial Park Association, Inc. will be underwriter.
Hubert
Eaton is President of the company.
Filed Aug. 19, 1938.
Filed Aug. 22,
W. H. Black is President of the
com¬
1938.
The last previous list of registration statements was
our issue of
Aug. 20, page 1180.
given
registration
Robot Products Corp. (2-3792, Form A-l), of Detroit, Mich., has filed
a registration statement covering
62,500 shares common stock, $1 par.
Of the shares registered, 50,000 are to be offered at $3 each, and the remain¬
ing shares will be reserved for exercise of warrants attached to the stock
being offered.
Proceeds wUl be used for payment of mortgage, plant
improvements, machinery, equipment, and working capital.
No under¬
writer was named in the registration.
L. C. Benedict is President of the
company.
Filed Aug. 20, 1938.
Inspirator Corp. (2-3793, Form A-l), of New Haven, Conn., has filed
registration statement covering 100,000 shares capital stock $10 par value.
According to the registration statement, the company is planning to offer
publicly 50,000 shares at $10 each and keep 10,000 shares in its treasury
for subsequent offering at the market, but not below the par value.
The
remaining 40,000 shares have been issued to Hammond Co. in exchange for
patent rights.
Hammond Co. has agreed not to dispose of any of the
40,000 shares for a period of six months and not to sell more than 25%
a
of the stock within two years.
rights,
Proceeds
are
to be used for
purchase of
buildings, land, machinery and equipment and working capital.
No underwriter
was
named in the registration statement.
is President of the company.
Grant Hammond
Filed Aug. 22, 1938.
(2-3794, Form A-2), of Minneapolis, Minn., has filed a
registration statement covering 50,000 shares of common stock, $10 par,
to be offered mainly to employees of Gamble Skogmo, Inc., Gamble Stores,
Inc., and issuer, at book value or at a maximum of $16 per share.
Proceeds
President of the company.
No underwriter named.
Filed Aug. 22, 1938.
P-
880.
Akron
B.
C. Gamble is
Canton
&
Youngstown Ry.—Amended Plan of
Reorganization Approved by ICC—
The
Interstate Commerce Commission
reorganization for the Akron
on Aug. 12 approved a plan of
Canton & Youngstown Ry. and Northern
Ohio Ry., pursuant to Section 77 of the Bankruptcy Act, as amended.
The plan provides as follows:
Effective date of the plan will be Oct. 1, 1938.
Debtor and the intervening debtor (Northern Ohio Ry.) will be con¬
a new corporation to be known as the Akron,
Canton &
Youngstown RR. Co., or other appropriate name.
The lease of the inter¬
vening debtor's property assumed by the debtor, all liabilities of each to
the other thereunder, and all intercorporate accounts between the debtor
(a)
(b)
solidated into
and the Intervening debtor, will
new
company,
be canceled.
Appropriate securities of the
consistent with the other provisions of the plan, with which
the New York Chicago & St. Louis RR. for the debtor's and
the intervening debtor's liability to it for amounts expended in the per¬
formance of its guaranty of the first mortgage bonds of the intervening
debtor, shall be issued and held in treasury.
to recompense
(c) The new company shall assume the trustees' certificates of indebted¬
($266,000), the equipment-trust certificates of 1926 ($40,000), and
obligation in respect of the equipment lease of 1936 ($18,500);
(d) The new company shall issue and deliver immediately $1,500,000 of
new consolidated mortgage 4% series A bonds due Oct. 1, 1988; $2,173,000
of new consolidated mortgage 4M% series B bonds due Oct. 1, 1988;
22,038 shares of new 5% preferred stock (par $100); approximately 16,149.1
shares of new common stock (par $100); approximately 6,393.58 class A
ness
Filbert Corp.
will be used for investment.
Advance-Rumely Corp.—Delisting Hearing—
The Securities and Exchange Commission announced Aug. 18 that a public
hearing will be held Sept. 20 in the Commission's Washington office on the
application of the New Yprk Stock Exchange to strike from listing and
registration the no par vaiue common stock of this corporation.—V. 147,
Volume
conditional
or
any part
Financial
147
warrants
cf
pro rata participation in the future issue of all
of about 4,93o.48 shares of additional common stock (par $100);
dated May .17, 1938, between Allegheny Steel
Steel Co.—V. 147, p. 1181.
merger,
and 15,000 class B conditional warrants of pro rata participation in the future
issue of all or any part of about 1,901.42 shares of additional common stock
Allied
It should also issue immediately and hold for future delivery,
(par $100).
and when it shall be ascertained who shall be entitled to delivery,
shares of additional common stock (par $100).
as
Holders of general and refunding mortgage 6% bonds of the debtor
$1,000 bond accompanied by all interest
coupons due April 1, 1935 to April, 1945, inch, $620 of new consolidated
mortgage 4^6% series B bonds due Oct. 1, 1988; $372 par value of new 5%
preferred stock, and $248 par value of new common stock; except that
scrip may be issued in lieu of fractional shares and in lieu of bonds in denom¬
(e)
refunding mortgage 5H % bonds of the debtor
accompanied by all interest
coupons due April 1, 1935 to April 1, 1945, inch, $610 of new consolidated
mortgage 4>£% series B bonds due Oct. 1, 1988; $366 par value of new 5%
preferred stock, and $244 par value of new common stock; except that
scrip may be issued in lieu of fractional shares and in lieu of bonds of de¬
Holders of general and
nominations less than $100.
Holders of first
bonds of the intervening debtor accom¬
mortgage
panied by all interest coupons due April 1, 1939 to Oct. 1, 1945, shall
receive for each $1,000 bond, $500 of new consolidated mortgage 4 % series A
bonds due Oct. 1,1988; $300 par value of new 5% preferred stock, and $200
par value of new common stock.
Holders of interest coupons detached
from the first mortgage bonds of the intervening debtor due April 1, or
Oct. 1, 1935, 1936, 1937 or 1938, shall receive for each such coupon $12.50
of
consolidated mortgage 4% series A bonds due Oct.
new
1, 1988; $7.50
par value of new 5% preferred stock, and $5 par value of new common
stock, except that scrip may be issued in lieu of franctional shares and in
lieu of bonds of denominations less than $100.
Holders of sued bonds and coupons presenting them
for the new securities
upon request, receive back the old bonds and coupons
presented
appropriately stamped to show that the new securities issued in respect
thereof shall have been delivered.
Acceptance of the plan may not be
conditioned on any action being taken by New York, Chicago & St. Louis
shall,
Gross profit from oper.
$5,821,903 x$6,030,691 x$5,313,816
2,114,751
1,909,555
1,741,491
621,714
665,756
630,334
$1,152,004
59,226
$3,085,437
176,866
$3,455,379
178,430
$2,941,990
140,626
Total profit
$1,211,230
Depreciation
402,624
Interest and exhehange.
15,480
$3,262,304
377,231
$3,633,810
361,051
27,389
$3,082,616
5,000
667,829
25,000
6,000
442,298
125,000
expenses
expenses
Net profit from oper..
Miscell. income
St. Louis RR., upon presentation to the
of appropriate proof of loss sustained in the
performance of its contract of guaranty of bonds of the intervening debtor,
shall receive of the new company stock issued in reorganization and held in
Treasury, for each $100 of loss so proved, $22.79 par value of new common
stock, and shall participate equally and ratably with the holders of class A
warrants in any distribution of stock pursuant thereto, each $100 of proved
loss entitling tne New York Chicago & St. Louis RR. to participate in the
distribution to the same extent as one class A warrant.
(h) Holders of stock of the debtor shall receive in exchange therefor one
class B conditional warrant for each share of stock of the debtor.
(i) Holders of miscellaneous claims shall receive payment in full without
interest in cash; and holders of the preferred stock of the intervening debtor
outstanding in the hands of the public shall receive $1 in cash for each share
The
quoted value
Provision for taxes
Prov. for contingencies.
Loss
The expenses of reorganization not to exceed $100,000 shall be paid
in cash.
Reorganization managers, three in number, shall be appointed, one
by the protective committee for holders of the general and refunding bonds
by the protective committee for holders of first mortgage bonds of the
intervening debtor and one by the Cleveland Trust Co. and the liquidator
of the Guardian Trust Co. jointly.
They shall have power (a) to take such
steps as may be necessary and appropriate to consummate the plan; (b) to
incorporate the new company and make commitments for its account
subject to confirmation by the new company; (c) to determine the terms
and form of all indebtedness and other instruments provided for or required
in connection with the consummation of the plan; and (d) to provide the
one
method of participation in
the plan by the security holders.
Earnings for Month of July and Year to Date
July—
Gross from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 147, p.
1938
$133,483
30,662
8,242
Period End. July 31—
Gross revenue
11,155
profit
Ssh.cap.stk.out.(no par)
Earnings per share
1,466
7,837
$606,771
Net
$2,354,955
942,879
z$2.50
$2,539,702
886,888
$2.86
946,000
$0.64
875,037
144,820
def38.425
Gross income
Net income
Divs.
on
No
1,306,607
466,929
216,260
1938—Month—1937
$1,614,582
1935
$140,125
34,042
15,132
1,281,253
474,844
259,492
1,117,255
363,946
204,280
1938—12 Mos.—1937
$1,664,662 $19,640,269 $20,183,088
707,658
217.690
825,334
227,325
x8,685,584
2,664,805
x8,993,327
2,256,081
$689,235
407,630
$612,003
383,065
$8,289,880
4,829,539
$8,933,680
4,814,157
$281,605
$228,937
$3,460,341
$4,119,522
195,178
195,178
2,342,138
2,342,138
pref. stock....
Balance........
x
1936
$179,094
63,942
33,219
Co.—Earnings—
exps.
Int. & other fixed charges
$2,090,963
886,888
.
$2.35
x After
deducting all manufacturing expense, incl. reductions of inven¬
or market,
z On average number of shares (886,888
shares) earnings per share was $2.66.
a Includes
$34,538 in 1938 and $14,878 in 1937 provision for surtax on
undistributed earnings.
tories to lower of cost
Consolidated Balance Sheet June 30
a
1,474,648
Accounts payable.
1,829,685
Reserves
5,366,965
5,163,994
Accrued liabilities.
147,212
153,888
32,391
40,182
&equipm't 4.383,486
4,486,586
Inventories
Prepaid insur., &c.
Investments, &c._
Total
215,139
260,119
253,704
Capital stock
d Surplus
591,154
5,685,711
6,167,391
12,953,036 13,148,984
Total
12,953,036 13,148,984
S
143,157
301,451
5,748,131
6,301,162
Prov. for taxes
c
1937
73,993
360,907
1,510,118
1,512,864
Accts.& notes rec
b Plant
S
Liabilities—
§
$
Cash
1938
1937
1938
After
reserve for bad debts of $226,048 in 1938 and $203,693 in 1937.
depreciation of $2,688,403 in 1938 and $2,394,842 in 1937.
c Represented by 946,000 no par shares in 1938 and 942,879 no par shares
in 1937.
d Initial surplus, $662,250 in 1938 and 1937; discount on stock
purchased for treasury, $167,323 in 1938 and 1937; earned surplus, $5,471.589 in 1938 and $5,337,818 in 1937.—V. 146, p. 3487.
a
b After
American
Agricultural
Chemical Co.
(Del.)—Change
in Stock—
•
Aug. 3, 1938 voted to recommend to the stockholders
be split up so that after the
split-up stockholders would hold three no par shares for each no par share
held prior to the split-up.
This is designed to create a broader market for
The directors
on
that the 209,329 issued shares of the company
shares
the
the
of
company.
voted to recommend to the stockholders that the
500,000 no par shares to 700,000 no
The stockholders will be asked to vote upon these recommenda¬
the special meeting of stockholders to be held on Sept. 21.
The board further
authorized stock be increased from
par
shares.
tions at
Consolidated Balance Sheet June 30 {.Incl, Subsidiaries)
1937
1936
1935
$3,955,921
1,577,190
$4,072,160
1,607,799
$4,249,688
1,635,284
1938
Assets—
Land, bldgs., mach. &
equipment
$4,146,793
x Phosphate rock depos.
1,554,933
Property not required for
operating purposes
1,150,386
x Pur.money oblig., &c.
406,765
Accts. & notes receivable
Inventories
Brands, pats. & g'dwill.
Unexp'd ins., taxes, &c.
$86,426
provision was made in
$33,759
$1,118,203
1936 for Federal surtax
on
1,086,106
708,617
5,338,569
2,801,479
5,092,637
1
116,913
157,776
207,221
^
-
Capital stock
$8,373,160
Capital & earned surplus 10,035,542
Accts. pay. & accr. liab.
1,121,334
Res've for contingencies.
1,687,951
Reserve for insurance
641,767
Deferred credits.
10,665
$8,437,280
10,230,787
1,304,945
1,685,937
$8,549,360
9,443,500
825,607
$8,969,560
9,203,851
749,284
1,676,346
1,611,972
615,773
80,512
595,650
84,004
547,160
37,774
$21,870,419 $22,355,235 $21,174,467 $21,119,603
x After deducting reserves,
y Represented by 209,329 shares in 1938
210,932 shares in 1937, 213,734 shares in 1936 and 224,239 in 19.35, after
deducting 1,605 shares in 1938, 2 shares in 1937, 10,505 shares in 1936 and
8,967 shares in 1935 held in treasury for retirement.
Note—Earnings for the year ended June 30 appeared in V. 147, p. 1181.
American&Foreign Power Co., Inc. (& Subs.)—Earns—
Period End. June 30—
1938—3 Mos—1937
1938—12 Mos—1937
Operating revenues
$14,827,465
Oper. exps., incl. taxes..
8,926,192
Prop, retire, res. approp,
1,188,858
$16,004,347 $60,820,191 $60,041,470
$4,712,415
$5,255,208 $18,253,407 $19,934,057
Rent
a9,490,346 a37,229,925 a35.407,039
1,258,793
5,336,859
4,700,374
for lease of plants
(net)
9,656
5,805
...
$1,777,384
undistributed
1,158,681
645,126
5,881,750
2,520,904
5,130,269
1
$21,870,419 $22,355,235 $21,174,467 $21,119,603
Total assets
Liabilities
1,114,978
499,057
6,100,183
2,677,337
6,313,655
1
4,675,177
3,087,652
6,665,800
1
182,910
Cash
Total liabilities
and taxes..
Prov. for depreciation..
Oper.
1937
X
$171,090
50,447
23,449
726.
Alabama Power
a508,6Q6
bldgs. & mach'y
on
y
Net from railway
362,786
55,569
x
of such stock surrendered.
(j)
al75,201
abandonded
York Chicago &
New
20,046
Writedown of invest, to
warrants.
Treasurer of the new company
Not available
$3,863,910
2,167,919
543,987
Selling
Administrative
Assets—
The Railroad Credit Corporation and the banks holding obligations
of the debtor, upon surrender of such obligations, the evidence thereof, and
the collateral security therefor, except the notes of the A. C. & Y. Terminal
Properties Co., shall each receive $22.79 par value of new common stock
and one class A conditional warrant for each $100 of claim approved and
allowed.
The RCC shall be permitted to retain the notes of the A. C. & Y.
Terminal Properties Co. and receive such assurances of title as may be
appropriate.
The RCC shall also be permitted to retain the debtor's dis¬
tributive share in the fund provided in the "marshaling and distributing
plan, 1931," delivering back to the new company, as additional distribu¬
tions are made from the fund, $22.79 par value of the new common stock
and one class A conditional warrant, or the proceeds of the sale thereof,
for. each $100 in cash that would otherwise be paid or placed to the credit
of the new company.
Class A warrants returned by the RCC shall be
canceled.
Stocks so returned shall be held subject to the class A and class B
1935
1936
1937
$26,068,113 $35,923,1701
22,204,203
30,101,267/
Cost of sales
RR.
(g)
for Years Ended June 30
1938
Net sales
inations less than $100.
shall receive in exchange for each $1,000 bond
Co. and Ludlum
Mills, Inc. (& Subs.)—Earnings—
Consolidated Income Account
6,837.9
shall receive in exchange for each
(f)
1327
Chronicle
46,207
45,171
(net).
as all taxable income was distributed. No provision was made in
except for a small amount provided by a subsidiary company.—V.
$5,245,552 $18,207,200 $19,888,886
888,677
835,956
131,313
$4,802,183
Other income
$4,706,610
95,573
$5,376,865 $19,095,877 $20,724,842
profits
1937
147, p. 727.
Int.
to
public
&
other
deductions
Alden
Hotel Corp., N. Y.
City—Earnings—
Int. chgd. to
constructs
Earnings of the Alden Hotel, located at the northwest corner of Central
Park West and 82nd St., for the first fiscal year since reorganization, were
the rate of 4.2% on the $2,599,000 first mortgage.
During the year,
according to the Amott, Baker & Co., Inc., data, the property showed a
gross income of $510,000 and a net income of $108,000 before 3% fixed
interest but after operating expenses and taxes.
This 15-story hotel,
containing 323 apartments, was completed in 1926 and is now assessed for
$2,710,006.
Taxes are paid to date and interest was paid this month at the
at
annual
$3,909,894
633,436
Pref. divs. to public
Portion
applic.
to
Directors have declared a dividend of $1.50 per share on the capital stock,
payable Sept. 15 to holders of record Sept. 5.
This compares with $2.25
paid on June 15 and on March 15 last; a dividend of $8.25 was paid on
Dec. 15, 1937, and a regular quarterly dividend of $2.25 was paid on
Sept. 15, 1937.—V. 146. p. 1535.
Alleghany Corp.—To Buy Bonds—
Co., as trustee for the 20-year collateral trust con¬
bonds, series of 1930, due April 1, 1950, has available $50,000
deposited cash with which to buy the bonds in the open market at a price
to be set by the value of the collateral under the formula agreed upon by
the bondholders.
Guaranty Trust Co. will start its buying operations on
Aug. 29—V. 147, p. 880.
The Guaranty Trust
vertible 5%
CY86.521
3,865.008
Cr65,750
$4,420,786 $15,321,810 $16,925,584
2,617,857
2,664,021
667,606
210,986
511,919
8,593
96,579
$3,267,865
$3,656,601
$12,492,967 $13,749,644
$3,656,601
21,120
$12,492,967 $13,749,644
54,082
69,115
b Net equity of A. &
& F. P. Co., Inc. in
inc. of subs—before
exch. adjustments..
Ltd.—Smaller Dividend—-
3,860,588
min.
interests.
3% rate.—Y. 145, p. 3488.
Alexander & Baldwin,
971,939
Cr 15,860
911,170
Crl8,881
Ainer. & For. Pow. Co. Inc.:
Net equity in inc.
Other income
—
of subs $3,267,865
20,931
$3,288,796
Total....
Expenses, incl. taxes
Int. to
pub. & oth. deds.
Bal.—-bef.
exch.
justments...
155,827
1,552,122
$3,677,721 $12,547,049 $13,818,759
a593,715
a689,714
al.86,670
6,299,569
6.711,049
1,601,703
ad¬
—
$1,580,847
$1,889,348
$5,653,765
$6,417,996
for Federal surtax on undistributed profits for
periods where applicable, b Not all of which is available in United States
a
Includes
provision
currency.
Note—The above statement, which reflects foreign currency conversions
United States currency, presents the income results before taking into
the exchange profits or losses—both realized and unrealized—on
into
Allegheny Ludlum Steel Co.— Unlisted Trading—
The New York Curb Exchange
has admitted to unlisted trading privileges
new 7% cumulative preferred stock, $100 par, issued, share for share,
exchange for 7% cumulative preferred stock, $100 par, of Allegheny
Steel Co., in accordance with the terms of a joint plan and agreement of
the
in
account
foreign currency accounts.
The amount of such exchange adjustments
relating to foreign currency accounts of operating subsidiaries is computed
at the close of each year and included in the summary of consolidated earned
surplus appearing in the annual report.
In the preparation of the following
Financial
1328
national currency earnings generally have been calculated in
United States dollars each month at an average of the daily rates of exchange
for that month; these rates closely approximate the rates at which funds were
transferred to New York.
statement the
Income Account
Income—From subs
Other
——
Total income
1938—12 Mos.—1937
$9,458,898
$9,786,443
54,082
69,115
$2,350,344
$2,925,525
$9,512,980
$9,855,558
155,827
-
al80,67O
a593,715
a689,714
Expenses, inci. taxes—
Int.
(inch interco.)
&
other deductions—..
1,552,122
1,601,703
6,299,569
6,710,947
Bal. (bef. exch. of
adjustments) carried
earned surplus.-.
$642,395
$1,137,152
$2,619,696
$2,454,897
b
Aug.
American Locomotive Co.
Asms—
■
$
■
-1'
1938
—...
9,511,926
4,917,131
after reserves...
46.273
Other accts. rec'le.
7,775,278
531,058
fnventorles
...
—
12,008,830
544,098
Earned surplus. July 1.1937
Bal. from statement of income for 12 mos. ended
before exchange adjustments.
Miscellaneous adjustments (net)
Exchange adjustments (net)
Total
of
Total--..
-----
-
Prov. for deficit of sub. company
liquidated in 1937
..59,123.935 65,721,327
...
3,839,500
31,842
2.701,720
1,347,810
452,244
2,662,304
4,500,000
413,814
357,712
2.371,936
1.477,039
rec'd on
contracts
Accounts payable.
Loans payable....
Res. for Federal «fc
State taxes
Res. for contlng'8.
619,828
Res. for poss. losses
2,500,000
4,065
interest.
4,678,250
—
Total
4,178.250
8,348,542 10,128,708
59,123,935 65,721,327
—
x Represented by 767,900 no par shares,
y After depreciation reserves.
Note—Earnings for six months ended June 30 appeared in the "Chronicle"
270
-
%
35.196,100
3.839.500
Earned surplus...
1,196
—— — _
Adv. pay.
Minority
--$23,247,154
June 30,1938,
—
2,619,696
— —
Common stock.,
Capital surplus.
——
-
—...
x
in other sec. Inv.
b Before exchange adjustments carried to earned surplus.
applicable,
Summary of Earned Surplus for the 12 Months Ended June 30, 1938
1937
$
Preferred stock...35,196,100
Sundry accr. exps.
Accts. & notes rec.,
Deferred charges
Liabilities—-
.
Cost of property 35,914,906 35.864,476
Investment: Gen'l
Steel Castings..
2,500,000
Other Investments 5,164,423
2,100,477
Cash.
4,032,994
2,438,158
Marketable securs.
741,870
753,363
y
Includes provision for Federal surtax on undistributed profits for periods
a
where
1938
(& Subs.)—Bal. Sheet June 3Q
1937
1938
— -
to
27,
paid on Sept. 25, June 25 and March 25,1937, Dec. 19, July 25,
April 25 and Jan. 25, 1936, and on Oct. 25, 1935; prior thereto regular
quarterly dividends of $1.50 per share were distributed.—V. 147. p. 1026.
share were
(Company Only)
1938—3 Mos.—1937
$2,329,413
$2,904,405
20,931
21,120
Period End. June 30—
Chronicle
Aug. 20, p. 1182.
$25,868,316
92,138
'
American Power &
':
Light Co.— Accumulated Dividends—
The directors have declared a dividend of 75 cents per share on
Earned surplus, June 30, 1938—
$25,776,178
-
Comparative Balance Sheet June 30 (Company Only)
1938
Investments in subsidiaries, &c—-
Cash.
Special deposit
1937
$
$
515.469,984 517,164,251
8,731,538
8.250,134
63,613
63,613
3,975,057
4,216,524
654.990
1,657,095
12,708
7,094
6,852,170
6,926,921
6,640
11.068
Assets—
-
Notes & loans receiv. for advs. to subs
Accounts receivable—subsidiaries—
receivable—others
Unamortized discount & expense
Accounts
Sundry debits
535,766,701
Total
Liabilities—*
538,296,701
Sept. 8.
paid on
the $6 and $5 stocks on July 1, and April 1 last and on Dec. 20, 1937.
See V. 146, p. 1389 for record of previous dividend payments.—V. 147,
p. 263.
A'^
.
American
Railways Corp.—Earnings—
1938
3.678
Net earnings
Interest on funded debt
$191,780
99.613
3,739
$62,330
.
$196,960
$163,799
97,790
Expenses and taxes
1937
$172,280
8,481
12 Months Ended June 30—
Gross earnings
$88,427
Amortization of bond discount and expense
--.x393.940,452 393,940,452
50.000,000
50,000,000
Capital stock
Gold debentures. 5% series due 2030
Notes and loans payable—To banks
To Electric Bond & Share Co
Contracts payable—
Accounts payable
Accrued accounts
Earned surplus--
22,800,000
538,296,701
-
-
American
Smelting & Refining Co. (& Subs.)—Earns.
Consolidated Income Account Six Months Ended June 30
2.578,781
23,247,154
1938
1937
1936
1935
$10,191,875 $18,440,840 $13,935,761 $10,936,068
Total net earnings
Total
—
-
x Represented
as follows:
Capital stock (no par value) Preferred ($7)
cumulative (entitled upon liquidation to $100 a share and accumulated
dividends); pari passu with $6 preferred; authorized, 900,000 shares: Issued
and outstanding. 478,995 shares.
$6 preferred cumulative (entitled upon
liquidation to $100 a share and accumulated dividends); pari passu with
preferred ($7); authorized, 2,000,000 shares; issued and outstanding, 387,025.65 shares, including scrip equivalent to 4.65 shares. Second preferred,
series A ($7), cumulative (entitled upon liquidation to $100 a share and
accumulated dividends); authorized, 3,000,000 shares,
issued and out¬
standing, 2,607,836 shares. Common authorized, 10,000,000 shares; issued
and outstanding, 2,040,838 shares. Option warrants to purchase 6,684,894.8
shares of common stock for $25 per share (one share of 2d preferred stock,
series A ($7), acceptable, in lieu of cash, with warrants for four shares, in
full payment for four shares of common stock), capital stock subscribed—
Allotment certificates, $480.—V. 146, p. 3657,
American Chain & Cable Co., Inc. (&
6 Months Ended June 30—
Subs.)---Earns\
1938
Gross sales, less discounts, returns & allowances
$8,917,632
Cost of sales (incl. shipping exp. & freight & cartage
outward)
6,782,895
334,663
—
Depreciation of plants, mach. & equip
1937
$15,228,887
10,670,975
27,141
1,710,742
-
Amortization of patents.—
Selling, adminis. and general expenses
$2,025,563
251,330
Int.,
rents,
dividends,
commissions, &c-—
Gross Income—
Gen'l & adm. expenses.
274.811
581,152
443,411
272.106
$10,466,686 $19,021,991 $14,379,172 $11,208,173
926.061
1,088.137
940,745
894,735
Research & exam. exps.
170,275
136,356
241,984
564,667
Corporate
taxes
(incl.
est. U. S. and foreign
income taxes)..
1,146,355
1,275,237
2,090,939
4,617,565
Bond interest <& prem—_
909.582
479,590
448,450
Unamort. bond disc., &c
313.323
2,744,971
2,678,175
2,890,095
Deprec., obsolescence, &c 2,910.735
_
---
Net Income—
$7,807,529
1,750,000
552,000
1.646,946
$5,062,850
2.625.000
c2,484,000
Bal., def. for 6months
$472,753 sr$4127,494 sr$3858,583
Total profit & loss sur_- 23,669,821
24,006,535
20,182,324
$46,150
11.572,415
—
1st pref. dividends—
2d
pref.
Common
Shares
$5,112,668
1,750,000
c
$9,624,998
1,750,000
460.000
dividends.
dividends
3,835,421
3,287,504
stock
common
outstanding (no par).
Earnings per share
492,141
30,641
2,009,567
$62,191
137,926
5,180
-V. 146, p. 2354.
41,700.000
3,344
26.969
-535,766,701
Net income.....
26,800,000
40,700,000
1,586
7,226
2,541,260
25,776.177
—
the no
$6 cum. pref. stock and a dividend of 62% cents per share on the no
par
par $5 cum. pref. stock, both payable Oct. 1 to holders of record
Dividends of $1.12 % and 98% cents per share, respectively, were
2,191,669
2,191,669
1,829,940
1,829,940
$1.54
$3.38
$3.01
$1.51
Being accumulations amounting to 13 % %.
Consolidated Balance Sheet June 30
1938
Profit
-
—
Other income (net).
-
.
—-
Consolidated net income
Earned surplus, Jan. 1__
a
Refund
_
-
——
-
cum. conv.
$2,276,893
11,379
345,266
$1,920,247
1,414,629
$3,087,922
143.134
394,959
$3,728,822
90,265
710,938
393,946
————-
Total
5%
$200,117
3,062
41,862
$155,193
2,932,729
-
(net)
expense
Prov. for Federal & foreign income tax-—
pref. stock divs.,—
—
Common stock dividends——
-
Balance, earned surplus, June 30
—
$2,549,830
$2,927,619
—V. 147, p. 1181.
American Cities Power & Light
Corp.—Optional Div.—
Directors have declared an optional dividend of 34 % cents per share on
the convertible class A stock, optional dividend series, payable Oct. 1 to
holders of record Sept. 10.
Holders have the option of receiving 1-32 of a
share of class B stock in lieu of the cash dividend.
were
paid
on
Aug. 1 and
Dividends of 37% cents
May 2 last and previously regular quarterly
on
dividends of 75 cents per share were distributed.—V. 147, p. 561.
American Gas & Power
46,843,560
3,405,516
12 Months Ended June 30—
Gross
1938
revenues
1936
$683,532
202,061
$850,842
357,151
386.997
$756,612
380.299
394,168
$481,471
384.660
370,451
prof$106,694
$17,856
$273,640
Operating expenses
Gross income-Unconditional interest
-
Conditional interest
Net lore-.—
1937
-
—
—V. 146, p. 3797.
Period End. July 31—
Operating earnings
Operating expenses
1938—Month—1937
$1,531,888
$1,514,300
1,404,850
1,381,815
1938—7 Mos.—1937
$9,086,358
$8,158,202
7,855.880
8,745,311
Net profit from oper—
Other income
$127,039
368
$132,485
1,220
$341,047
18.261
$302,323
35.412
Total profit---—
Prov. for depreciation—
$127,407
$133,705
$359,308
77,681
67,392
531.483
$337,734
455,130
——
Balance, profitProfit
•
on
$49,726
sale of secure-
$66.312loss$172,175 loss$ll7.396
15.058
5.764
Exps. incident to mari¬
time strike-—
-Dr158,582
Net profit before Fed.
w
V
*
on
on
hand
&c., received but
ores,
Notes receivable, not current.
Mine examination and development expenses
Prepaid taxes, insurance and royalties
Miscellaneous deferred charges
WaS'
14/f p. iIoa.
American Ice
$49,726
$66,312 loss$157,118 loss$270.214
,
Co,—Preferred Dividend—
The directors have declared a dividend of 25 cents
per share on the
6% non-cum. pref. stock, par $100. payable Sept. 24 to holders of record
Sept. 7.
Dividends of 50 cents were paid on June 25 and on March 25 last.
A dividend of $1 was paid on Dec. 20,1937, and dividends of 50 cents
per
68,017
—
214,337
352,039
198,696
38,113
56,135,500
Interplant accounts in transit
Property
c
Investments.
21,931,324
Total
.....163,136,764
$
Liabilities—
Accounts and drafts payable—Trade
Other
984,406
510,608
on
bank loans
Dividends—Unclaimed
Payable on 7 % preferred stock
Payable on common stock
——
Accrued taxes not due (U. S. andfor. inc. taxes est.)
Unearned treatment charges
toll basis).
Miscellaneous liabilities-
...—
—
Profit and loss surplus.
—
433,661
29,692
37,941
875,000
1,095,835
7,828,173
473,427
48,947
34,090
875,000
1,643.752
9,743,780
1,657,281
8,341,671
17,231,530 el7,380,93l
50,000,000
50,000,000
43,620,430
43,620,430
24,006,536
23,669,821
1,499,445
d5,923,301
Reserves.
-
170,987,421
$
9,876,049
2,600,160
685,368
(metals treated on
——
Total—
69,758
713,567
406,775
372,012
45,789
53.973,403
19,878,648
incl. in consolidation, whether
not controlled
Interest accrued
9,396,921
—
;
assoc. cos. not
Common stock
Steamship Co. (& Subs.)—Earns.
toll
basis), less unearned treatment charges
f Ore and concentrates
Advance to customers
not settled for
7% cumulative preferred stock.
American-Hawaiian
2,188,058
J
Due from assoc. cos. not incl. in consolidation
Materials and supplies, at cost or less
b Metal stocks (not incl. metals treated on
or
$786,448
29,836
..
Accounts receivable (net)
Notes receivable, due in 1937------
Due to
$898,617
47,774
49,220,216
4,971,122
3,001,066
—
Wages payable
Co.—Earnings—
294,392
5,969,683
11,289,155
5,901,870
14,773,736
718,377
307,156
6.157,781
$
Cash
U. S. Governmental securities
Total
Interest
1937
10,469,669
6,663,389
\ 7,551,462 f
Assets—
.—— — -
163,136,764
170,987,421
b Valued at the lower of cost or market, except that refined metals sold
under firm contracts for delivery after June 30, are valued at sales contract
prices.
c
Segregated and valued as of Dec. 31, 1934, in accordance with author¬
ity and direction of the stockholders at a special meeting held on May 21,
1935: Plants, mines and other trangible 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, $2,062,602; balance, $50,024,498;
additions at cost since Dec. 31,1934, $18,578,300; less retirements and (or)
sales of additions since Dec. 31, 1934, $100,095, balance, $18,478,205.
Total, $68,502,703.
Depreciation and depletion since Dec. 31, 1934,
$17,126,705; less depreciation since Dec. 31, 1934, on property retired and
(or) sold after that date, $427,228: net tangible property, $51,803,226.
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:
Goodwill, patents, licenses, &c., at Dec. 31, 1934, $4,478,391 amortiza¬
tion since Dec. 31,1934, $1,071; total $4,479,461 amortization since Dec. 31,
1934 $147,187; net intangible property, $4,332,275; total net property,
$56,135,500.
d Bank loans, due after 1937, $2,705,000;notes payable for peoperty
purchased, due after 1938, $200,000; notes payable six months after demand
to American Smelting & Refining Co., trustee under employees' pension
Volume
Financial
147
plan, $2,082,288; minority interest in subsidiary companies included in
consolidation, $202,110, and otber miscellaneous liabilities, $773,904'.
e Metal
stock, $12,845,698; extraordinary obsolescence, contingencies,
«c., $2,834,191; mine and new business
investigations, $342,894, and other
reserves, $1,208,748.
Ores
f
and
concentrates
hand
on
smelters, at cost of production
contracts for their sale.—V.
at
mines and in
company
conservative
or
values
based
transit to
existing
on
146, p. 2675.
1938—Month—1937
Sales...
$9,222,298
1938—7 Mas—1937
$9,681,287 $63,427,189 $66,872,268
—V. 147, p. 1182.
Boston & Providence RR.
Corp.—Trustees Appointed—
Bentley W. Warren and Charles W. Mulcahy were appointed trustees
Judge Francis J. W. Ford in Federal court at Boston
Aug. 22.
Mr. Warren is President of the corporation.
Judge Ford set
of the corporation by
Oct 1
as the date for
filing proof of claims against the corporation.
The appointment of trustees followed
filing with the court by the
Provi¬
Savings of Boston of a creditor's claim against the
holds $2,170,000 Boston & Providence bonds, on
which the July 1 interest payment was defaulted.—V.
147, p. 1028.
dent
Institution
railroad.
This
Water Works
& Electric
Co., Inc.—Weekly
follows:
Week Ended—
years
1938
1937
1936
1935
1934
40,463,000
41,210,000
41,250,000
41,555,000
50,318,000
50,291,000
50,767,000
50,626,000
47,181,000
46,795,000
46,707,000
47,032,000
38,145,000
36,622,000
37,242,000
38,696,000
32,758,000
31,950,000
31,136,000
31,342,000
Associated Dry Goods Corp.—Sales—
Sales reported by subsidiary store companies for the 13-week
period ended
July 30, 1938, were $11,182,630 compared with sales of $12,347,793 in
the corresponding period last
year.
Total sales for the 26-week period
ended July 30, 1938 were $24,106,343,
compared with saxes of $26,054,666
In the corresponding
period last year, a decrease of 7.5%.—V. 147, p. 881.
Associated Electric Co. (& Subs.)—Earnings—
12 Months Ended June 30—
Operating
Operating
taxes
income
$7,553,332
2,040,876
3,550,000
11,002
247,863
funded debt
on
Interest
_
$7,056,471
496,861
$7,308,749
2,017,299
------
on
unfunded
debt
Amortization of debt discount and
—V.
months ended July 31, 1938, power output totaled
322,096 kilowatt-hours, as against. 1,526,423,765 kilowatt-hours
period last year, a decrease of 23%.—V. 147, p. 1182.
1,179,for
the
same
146,
p.
expense
3488.
Associated Gas & Electric Co.—Weekly Output—
For the week ended Aug. 19, Associated
Gas & Electric System reports
of 90,265,516 units (kwh.).
This is a decline of 3,655,874
3.9%
below production for the comparable week a year ago.
This is the largest net output reported for
any week so far this year.—
V. 147, p. 1183.
net electric output
units,
or
Associated Gas & Electric
Armstrong Cork Co.—Semi-Annual Report—
Briefly summarized, the company's operations for the six-month period,
Corp.—Earnings—
[Including Associated Gas & Electric Co.]
with the exceptions noted, show the following results:
Statement of Consolidated Earnings and Expenses
Companies Operating in the United States—
Net profit after interest & deprec., but before Federal income tax. .$187,398
Reserve for Federal income tax
33,388
Net profit for six months
$154,010
Companies Operating Abroad (Except the Spanish Sub.)—
Net profit after interest, depreciation, taxes and all charges
131,083
Total net income for first six months of 1938 (20 cents per share) .$285,093
as
$6,978,418
330,331
3,549,195
8,808
247,631
-..
Deductions from income—Subsidiary companies.
Associated Electric Co.—
Interest
1937
$25,231,614 $24,282,930
15,908,481
15,039,353
2,344,715
2,187,106
&c-_
Operating income
Other income (net)---Gross
1938
revenues.
expenses,
$1,703,591
July Output—
The power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of July totaled 168,050,550 kilowatthours, against 216,423,756 kilowatt-hours for the corresponding month
of 1937, a decrease of 22%. '
seven
18,686,794 shares
Directors at their recent meeting took no action on the common dividend
ordinarily due at this time. A regular quarterly dividend of two cents was
paid on March 15, last, at which time the directors decided to
pay dividends
semi-annually instead of quarterly.—V. 145, p. 3489.
Provision for
Output of electric energy of the electric properties of American Water
and Electric Co. for the week ended
Aug. 20, 1938, totaled 41,555,000 kilowatt hours, a decrease of 17.9% under the output Of 50,626,000 kilowatt hours for the corresponding week of 1937.
Comparative table of weekly output of electric energy for the last five
Works
For the
American Telephone & Telegraph Co.—Listing—
The Chicago Stock Exchange has admitted to
trading
of capita! stock, $100
par.—V. 147. p. 1026.
for
Output—
July 30
Aug.
6_
Aug. 13
Aug. 20
Note—The accounts of Whitail Tatum Oo. whose capital stock was
^Quired on June 20, 1938 are included in 1938 balance sheet.—V. 147,
p. 1183.
bank
American
1329
American Toll Bridge Co.—Dividend Passed—
American Stores Co.—Sales—
Period End. July 31—
n
Chronicle
The total income for the first six months of 1938 amounted to $285,094
against net earnings of $3,825,031 for the first half of 1937—on a com¬
parable basis.
The domestic earnings for the first six months totaled
$154,010 in comparison with $3,629,406 for the first half year of 1937.
Foreign companies earned $131,083 as contrasted with $195,625 in the first
six months of last year.
In neither year are the operating results of the
Spanish subsidiary included.
As stated in semi-annual report covering six months ended June 30,
1937, contingency reserves totaling $879,117 (for miscellaneous• purposes
including possible inventory write-downs) were charged against domestic
operations during that period. Of these reserves, $735,671 were returned to
profits at the end of the fiscal year on Dec. 31, 1937. If these reserves had
been actually applied at June 30, 1937, the earnings for the half year would
have been $3,825,031 as shown above.
For the period now under review
and in future, it has been decided to make a complete closing of the com¬
pany's domestic books on June 30 of each year.
Increase in Capitalization—At a special meeting of the stockholders on
June 13, 1938, it was voted to authorize the issuance of 60,000 shares of
4% cumulative convertible preferred stock (par $100), and to increase the
authorized common stock (no par) from 1,524,693 shares to 1,624,693
shares, of which 1,410,644 were outstanding.
After such action, there re¬
mained authorized but unissued 214,049 shares of common stock which, by
vote at the same meeting, were placed at the disposition of the board of
directors, which was authorized to issue and dispose of the shares for such
consideration and value as the board from time to time may determine.
Of the new stock that was thus authorized, the only shares issued have been
34,500 shares of the 4% convertible preferred that were used for the pur¬
chase of the business of the Whitail Tatum Co., Millville, N. J.
Consolidated Earnings for 6 Months Ended June 30, 1938
Incl. All Subs. Regardless of
Voting Trust Agreements
or
Other Restrictions
(Actual—Since Acquisition—Basis)
12 Months Ended June 30—
Total electric revenue.
Total gas revenue
Total miscellaneous
1938
revenue
Total operating revenues
Operating
$127,576,588 $121222,522
57,271,007
51,671,207
8,703,137
9,121,015
16,260,504
14,277,996
expenses
Maintenance
Provision for taxes (including Fed. inc. taxes)
Net operating revenue
.$45,341,939 $46,152,303
10,961,183
10,672,881
Provision for retirements
Operating income
Non-operating income
$34,380,756 $35,479,421
1,551,274
1,881,525
Gross income
$35,932,031
$37,360,947
18,379,887
1,416,783
Cr242,964
1,433,296
18,091,997
1,231,486
C'r97,177
1,401,202
4,242,960
243,432
4,165,738
324,418
131,464
Fixed charges & other deductions of subsidiaries:
Interest on funded debt
unfunded debt.
Interest
on
Interest
charged to construction.
Amortization of debt discount and expense
Dividends on preferred stocks:
Paid
accrued
or
1937
$101,866,944 $97,741,383
14,126,267
13,279,723
11,583,376
10,201,415
—
Accrued but not being paid currently
Minority interest in net earnings.
Balance of income
—
238,170
--_-.-____._..$10,220,467 $12,111,818
Corporation interest, &c.:
8% bonds, due 1940—
Convertible debentures, due 1973
Income debentures, due 1978—
630,005
— — -
669,158
1,539,214
89,438
—
-
1,356,252
4,271,755
3,925,694
71,094
$3,873,015
176,572
—
$5,906,658
202,326
-
....
Amortization of debt discount and expense...
Balance of income,
corporation.
Expenses and taxes of company._
~
[Including domestic subsidiaries and operating profits of foreign subs.]
Net sales
—
Cost of sales
—
Selling and administrative expenses
—
Net profit from operations
Other income..
$16,507,757
12,521,730
3,170,211
$815,816
Balance before interest of company.
________
310,331
$88,139
$976,297
574,237
51,825
—
Provision for depreciation and obsolescence—
on
sundry investments
_.■
Federal and State capital stock and loans taxes......
Provision for State income tax..
Loss on sales of marketable securities
______
..
Miscellaneous charges..
_;
Provision for Federal income taxes (no surtax payable)
—
-
_
.
.....
Net profit, domestic operations..;
_.:
Foreign subs, (except Spanish sub.) combined net profit.
'
Common dividends
90,054
2,517
5.362
64,904
33,388
$154,010
131,083
......
Net income
$285,094
paid
352.661
Note—The operations of Whitail
for the 10
Tatum Co. (acquired June 20, 1938)
days from date of acquisition to June 30, 1938 are not included
.
Cash...
3 ,376,383
Notes & accts. rec.
4 ,257,752
1938
2,700,521
5,550,506
of
raw
348,192
511,333
76,570
materials
Notes & accts.
12 171,008
14,964,350
224,606
non-current
expenses.
188,629
598",032
515,599
31,831
Invest.in and adv.
3,333,340
1,027,227
18,246,988
74,373
84,990
870,955
3 566,467
Other investments
960,143
x Prop., pi't & eq.20 698,844
to foreign subs..
Paid-up licenses..
Deb. disc. & exp..
1
Goodwill, <tc.
Total
accrued expenses
156,810
advances
Capital stock and surplus.. a$284,446,851
to
Surplus
cluding entire cap.
1,751
for conversions.
stocks at co.'s option
on
202,588
(contra)..—..
Unamort. debt disct. & exp.
6,627,016
65,802
convertible obligations
Funded debt
Matured
div.
236,251
&c.
unpresented
&
matured
202,588
(contra)...
payable (lncl. $337,-
cap.stk.& other
998 matured scrip).----Accrued taxes
Accrued interest
407,801
661,495
376,196
After reserve for
620,217
60,453
1,175,865
1,055,809
Res. for taxes & miscell....
Provision for Fed'l
8,400,000
M iscell reserves...
879,117
Res. for wage earns.
unempl. benefits
300,000
4% cum. pf. stock 3,450,000
y Common stock. 8,123,465
300,000
7,623,465
Paid-in surplus
27,042,901 18,481,901
Earned surplus... 9,911,602 11,184,436
.$445,381,678
Total
a
Total
138,862
.$445,381,678
Represented in part by unsurrendered convertible debenture certificates,
for conversion into stocks, as explained in
&c., which have been called
previous reports.—V. 147, p.
Atchison Topeka
102.
& Santa Fe Ry. System—Earnings—
[Includes Gulf Colorado & Santa Fe Ry.—Panhandle & Santa Fe Ry. .
1938—Month—1937
1938—7 Mos.—"1937
$18,821,711 $85,412,499 $99,907,032
12,427,899
68,526,022 79,065,304
Period End. July 31—
Railway oper. re venues. $16,906,929
Railway oper. expenses. 10,144,344
1
..50,948.076 51,105,212
10,270,021
71,453,620
int.,
checks,
scrip,
Accts.
Prov. for State inc.
income tax
27,590,695
49,422,505
Scrip certificates for interest
lor matured Int.
payable, & matured
scrip, <fcc.
res.
stock).$438,484,520 Obligations convertible into
2,282,737
Total
50,948,076 51,105,212
depreciation of $17,662,480 in 1938 ($14,349,599 in
1937), and less reserve for revaluations effected as of Jan. 1, 1933 of $4,362,569 in 1938 and $4,637,651 in 1937.
y Represented by 1,410,644 no-par
shares in 1938, and 1,209,124 no-par shares in 1937.
x
&
Miscell. items in suspense..
1 .179,299
15-yr. 4% debs
rec.
Indebt.of empi'ees
Prepaid
in
Assoc. G. & E. Corp. (in¬
taxes
3,002,371
Ad vs. for purchases
Inventories
$
Accts. payable and
Due to for'n subs.
4 672,273
Due from for. subs.
1937
$
Liabilities—
$
U. S. Govt. & oth.
securities
Liabilities—
A
Invest,
divs.
1937
$
periods.
Subsidiaries acquired during the two-year period are included
only from dates of such acquisition.
The statement for the 12 months
ended June 30, 1937, has been revised for comparative purposes by the
inclusion of pension expense of $246,630 applicable to the 1937 period but
provided for subsequently, and other items aggregating $216,846 which in
Up to Dec. 31, 1937, non-recurring
1937 were treated as surplus items.
expenses are not included in expenses above.
In the period ended in 1938
above, the amount excluded was $61,498, and in the period ended in 1937
above, the amount excluded was $1,362,867.
Balance Sheet June 30, 1938
Deposits
Consolidated Balance Sheet June 30
Assets—
Note—The foregoing statement shows the actual results of operations for
both
Cash & special deposits.
in the foregoing income account.
1938
$2,072,034
160,481
....
Total income
3,141,307
99,790
71,997
319,203
152,963
142,466
Sinking fund income debentures
Interesb-bearing scrip and unfunded debt
Amortization of debt discount and expense.....
Balance of income
Provision for loss
$5,704,332
$3,696,442
Company fixed interest, &c.:
Fixed interest debentures..—3,002,543
Railway tax accruals...
credits..
Other debits or
xl,273,137
xl,808,794
y8,458.991
Dr257,248
Pr26,077
Dr952,985
y7,070,851
Pr25b,840
$7,474,501 $13,514,037
x Railway tax accruals for 1938 and 1937 include $364,152 and $341,983.
respectively, representing accruals under the Carriers Taxing Act of 193/
Net ry. oper.
income.
$5,232,200
$4,558,941
Financial
1330
Unemployment Insurance Acts,
y Railway tax accruals for
1937 include $2,445,382 and $2,248,876, respectively, represent¬
ing accruals under the Carriers Taxing Act of 1937 and the Unemployment
Insurance Acts, with a credit in 1937 of $2,234,363 adjusting accruals under
the Railroad Retirement Taxing Act of 1935 —V. 147, p. 728.
and
the
1938 and
Associates Investment
[Including wholly-owned
$
$
Liabilities—
6c
demand deposits 8,146,434
on,
Notes
8,372,487
receivable..48,888,746 70,151,922
Repossessed autos.
98,384
96.444
Accts. receivable..
1,877
11,953
in
subs.
(notconsol.)
898,000
696,931
cos.
Accts. pay. & accr.
1.342,175
1,486.609
496,041
687,717
1,222,483
2,522.365
taxes
from automobile
for losses
Res.
reposs'd
income.
104,195
119,899
autos
293.991
385,672
Unearned
equipment
Deferred charges..
on
&
1,745,369
e
general recovery in business occurs.
son e
surplus)... 2,796,946
Earned surplus
9,201,616
cap.
1938—Month—1937
Period End. July 24—
Operating revenues:
6,000,000
$9,722,324 $12,403,460 $61,879,579
970,144
1,220,034
6,182,120
244,630
256,422
1,800,374
56,844
86,704
609,335
331,371
45>,871
2,466,046
Freight
Passenger
2,792,338
Mail
8,244,988
Express
All other oper. revenues.
58.431,627 79,835,309
Total.
58,431,627 79.835,309
Total
Depreciated value,
b Generally held until collection of the related
notes receivable,
c Represented by 418,247 no-par shares in 1938 and
418,152 no-par shares in 1937.
Note—Earnings for six months ended June 30 appeared in Volume 147,
a
page
1183.
J938
a$561,095
Dividends and interest
Net earnings
$464,294
373,197
$486,875
381,021
Net income....
a
..... —
—-
preferred stocks
Including $34,208 other income.
on
Balance Sheet June 30,
1
1,099,759
2,661
395,253
415,131
Other deferred charges.——.
Due from subsidiaries
Cash in banks
12,246
Accounts receivable
$25,598,151
Total
.-'Aii.A;
Due to subsidiary.
Reserves............
9,318
...
$25,598,151
Intang. develop, costs..
Deplet. & lease amort...
Depreciation, &c
.
Net oper.
Prop,
income
earns,
affil.
.
922,615
5,022,668
202,644
2,452,510
543,996
622,327
4,611,268
203,434
1,864,391
545,008
607,817
4,367,892
$2,689,420
$2,712,323
$3,153,182
$531,905
cos.
12,233
282,116
969",252
681",987
417,300
$2,971,536
Profit
Loss on foreign exchangei
$3,681,575
$3,835,169
102,672
592,581
2,525
$961,438
335,651
370,409
Non-oper. income
.....
105,209
2,816
Interest
Minority interest
...
241",428
3,391
$2,863,511
$3,436,756
296,000
Common dividends
1,331,999
296,000
1,331,999
Net
profit
$1,235,512
$0.96
Surplus..
Earns, per sh. on com
Note—No
P.
x
$1,808,757
provision made ofr surtax on
$3,137,391
147,325
1,332,000
Interest
$1,658,066df$l ,077,572
$1.18
$1.12
$0.09
undistributed profits.—V. 147,
Co.—Earnings—
July 31—
Operating revenues
Operating expenses
1938—Month—1937
$873,102
$940,879
794,409
838,353
$1,169,483
Dr33,770
def$66,624
63,053
3,194
$16,186
59,017
3,474
$879,829
428,609
13,964
$1,135,713
413,158
14,107
def$46,305
$437,256
$708,448
July,' 1937, included adjustment account
repeal of Excise Tax Act of .-*ug. 29. 1935, credit to cancel accruals ia 1936
$64,988. and credit adjustment in rate for six months, January-June,
1937. $8,615, a total of $73,602—V. 147, p. 883.
Bangor Gas Light Co .—Earnings—
1936
$134,878
96,688
$134,503
100,424
$30,382
1,767
$38,189
$34,079
684
100
$32,149
23,634
8,484
$38,873
22,776
6,157
$34,179
$31
$9,939
$6,474
1938
...
Operating expenses.
Net operating income......
Non-operating income
Gross income
Interest deductions
Provision for retirem't &
1937
$142,173
111,791
Years Ended June 30—
replacem't..
Baton
Net income
ser.
(Ludwig) Baumann & Co
.
12.
Regular
last.—V. 147,
(& Subs.)—Earnings—
1937
1936
1938
$12,291,070 $13,260,510 $10,834,506
11,515,850
9,595,266
11,556,064
185,255
170,460
186,330
sales
Cost of goods
sold
1935
$9,276,518
8,179,857
157,688
Profit from red. & resale
1938—7 Mos.—1937
$6,712,884 $6,969,823
5,827,949
5,849,405
of Elbeco Realty Corp.
bonds and notes
CY18.421
CY8.540
CY16.855
CY16.725
490,234
271,999
5,500
524,957
264,390
149,433
12,441
477,698
319,007
48,941
538,844
323,107
12,156
$616,723
$239,989
$81,591
Bad accounts written off
and provided for
Interest
paid
$268,581
15,173
$429,982
15,482
Over-accrual exp.
1,608
$13,670
5,398
$283,754
38,925
$445,464
52,413
Net profit
Earns. per sh. on
$8,272
$244,829
$393,052
235,243
353,077
$9,585
$39,975
I'rov. for Fed. inc. tax..
Surtax
undist. profits
on
ceding
shares
in pre¬
year.
....
150,000
$2.68
$0.17
.
Nil
operating, administrative and other expenses, less
(no par) com..
Including selling,
a
CY29.000
loss$171,637
Nil
miscellaneous income.
A
Remainder
......
Note—Interest deductions for series A 4%
RR.—Institutional
Interest Cut—Details to Be
Comparative Balance Sheet
1938
Investors
Made Public After Plan
Is
Take
Filed
with ICC—
Reaching of an agreement in principle with savings banks and insurance
companies for a temporary reduction in the rate of interest on the com¬
pany's bonds was announced Aug. 23 at the office of the company.
The
Reconstruction Finance Corporation, through Jesse Jones, its
Chairman, already has indicated that the adjustment will meet its approval.
The exact terms of the adjustment will be made public in the petition
to be filed with the Interstate Commerce Comn issoin.
In view of the
semi-judicial character of the Commission, it is not the intention of the
B. & O. to divulge details of the adjustment in advance of the filing of
the petition.
On good authority, however, it was learned that the period of interest
deferment would extend eight to ten years and that the plan contemplates
the setting up of a sinking fund to provide for the retirement of funded
debt.
The latter step is in accord with recommendations of the ICC
that railroads reduce their interest burden.
Discussing the plan, Daniel Willard, President of the B, & O., said that
.'preservation of the principal and interest of those who have invested
1938
$
Accts. receivable
302,654
9,117,773
9,008,108
1,398,441
946,188
Inventories
Cash
surr.
val.
of
life insurance...
87,742
43,720
Lease deposit.....
2,500
2,500
Prepaid ins.,
payable.—
3,450,000
3,375,000
Accounts payable.
369,968
477,940
820,000
770,794
Notes
Prov.
contin¬
65,738
78,415
1,947,500
1,947,500
6M% non-cum. 2d
pref. stock—.. 1,189,800
1,189,800
178,000
178,000
1,800,642
1,809,726
.
Conv. 7% cum.
1st
pref. stock;
107,713
172,744
1,805,642
1,814,726
333,271
1
356,693
supplies, &c__._
worth of El¬
beco R'lty Corp.
for
gent liability ...
Provis'n for taxes
int.,
Net
Fixed assets
Goodwill
1937
$
Liabilities—
291,214
x
June 30
1937
$
Assets—
and 5% debentures, in the
cumulative figures, are for 6 months to June 30 only.
Interest for July,
1938 at the full stipulated rates, for which no deduction is made above,
is approximately $78,415.—V. 147, p. 729.
share on tue $6
Years Ended June 30—
90,409
Ohio
Called-
Final Dividend—
Directors have declared a final dividend of 20 cents per
preferred stock, payable Sept. 12 to holders of record Sept.
quarterly dividend of $1.50 per share was paid on June 1,
p. 1028.-
$12,116
1,554
4% & 5% debentures.
&
5,667
Stock
Co.—Preferred
Electric
Rouge
def$15,108
Fixed charges
22,037
Merger Completed- -See Gulf States Utilities Co.
def$9,668
5,441
Gross income
•
-V. 145, p. 3339.
$1,120,417
690,435
$102,525
income.I
Baltimore
21,440
funded debt.
on
$884,934
616,353
$78,693
89,970
def$l 1,277
Net oper. revenues...
Taxes
'■
on
def$87,737
21,113
$900,007
Dr20,178
Depreciation
[Including Baltimore Coach Co.]
declared
402,343
def$5,254
.....
Note—Railway tax accruals for
Net
4106.
Baltimore Transit
Int.
2,457,289
$1,516,448
346,965
Other deductions
a
Non-operating
2,620,488
$1,302,350
Operating income
$255,378
Auburn Automobile Co. (& Subs.)—Earnings—
Period End. May 31— 1938—3 Mos.—1937
1938—6 Mos.—1937
Net loss...
$161,604
$322,584
$376,985
$715,168
x After depreciation, interest,
taxes, minority interest and other deduc¬
Period End.
314,623
def$45,541
6Y40.287
Other income.!
1,332",950
1183.
tions.—V. 146, p.
334,466
Net income
Preferred dividends
1938—7 Mos.—1937
$3,922,838
$3,973,737
def$70,240
17,497
Gross operating revenues.
consolidated
not
140,415
2,403,750
642,665
784,780
5,022,428
$4,364,462 $15,697,298
$1,933,438
_._._def$132,871
Tax accruals
Net income
1938
1937
1936
1935
$61,986,525 $61,991,780 $54,488,270 $48,966,068
49,597,117 50,285,419 42,902,343
40,845,621
224,779
2,585,761
944,165
$25,147,642
6,595,319
1,717,559
1,137,466
1938—Month—1937
$264,226
$269,082
31—
and depreciation)...
Co. (& Subs.)—Earnings—
6 Mos. End. June 30—
Insur. & other reserves..
988,626
3,739,025
CY2.454
Oper. exps. (incl. maint.
no par,
at $4 &
$1 par, $1,038,308.
£artic., no par, $2,231,482; and 147, p. or ordinary,
contingencies.—V. com. 412.
Period End. July
75,000
522,433
.
—
For general
Fed. income tax, &c_
155,102
$1,850,142
955,867
Represented by 7% cum., $100 par. $3,296,700; $6 cum.,
$4,050,805; $4 preference cum., no par, $1,194,300; class A, cum.
Gross oper. income
Costs and expense.
271,482
Gross oper. revenues
155,937
..
.......
Earned surplus....
Total
12,068,000
—
Current liabilities.....
reserved
..
a
Atlantic Refining
Gr5,l73
$3,314,535 $13,166,815
937,086
6,237,088
228,121
1,400,062
115,890
1,165,203
$3,115,286
838,560
from ry. opers
Net ry. oper. income.
-V. 147, p. 1183.
a$l1,8II,595
-
Funded debt....
b Surplus
864,378
2,927,134
Crl08
Bangor & Aroostook RR.—Earnings-
$23,673,098 Capital stock
Pats., patent rights,
Unamort. debt disct. & exp_.
rev.
Railway tax accruals.
Equipment rents (net)..
Joint facility rents (net).
1938
Liabilities
Assets—
I n vestments..
.. .
Transptn. for investm't.
Net
166,202
426,098
119,696
410,907
CY143
operations.
General expenses
$105,855
71,951
.....
Interest and other deductions. ... .......
Misceil.
84,211
$91,097
35,975
received
1937
$571,088
96,800
Ended June SO—•
Operating expenses and taxes
Dividend
Transportation-rail line.
1,797,412
l,0t>7,403
3,156,539
$72,937,454$102,432,160
6,566,821
10,225,756
16,368,027 24,128,177
2,608,282
2,859,951
30,351,170
35,345,437
$14,420,491
1,626,126
3,261,978
429,072
373,284
5,196,588
4,206,738
Railway oper. revs—$11,325,313
Maint. of way & struct's
933,512
Maint. of equipment- _ .
2,166,033
Traffic
$89,693,989
6,71t>,tl7
Transporta'n-water line.
Telegraph Co.—Earnings—
Associated Telephone &
§ Months
Year to Date
1938—7 Mos.—1937
Earnings for Month of July and
3%
5% cum. pref. stk.
($100 par)
6,000,000
cCom. stk. (inci.
Baltimore &
in the
of its interest burden on a
Mr. Willard pointed out also
son
deb.,
Dec. 1, '46.12,000,000 12,000,000
10-year
due
Ohio RR. is the primary duty of the
and that for this reason a plan for placing
contingent basis has been considered.
that stockholders of the road already have
contributed their share to the adjustment through a total lack of di vidends
for ju any years.
He noted also that the coi> pany.s stock is of $100 par
value and that its issuance is controlled rigidly by its charter.
"It would have see
ed much easier," continued Mr. Willard,
for the
railroad to have sought recourse to Section 77 of the bankruptcy Act
rather than the slower method of negotiations.
However, such an action
would have i> eant that our security holders it igbt be called on to sacrifice
a part of their principal andh uch of their interest.
....
"Also, the delays attendant on legal procedure would mean that during
a Jong period security holders n ight receive no return on their investn ent.
It was for this reason, Mr. Willard said, that the manager ent believed
the better course was to seek a voluntary n ethod of adjusting interest
payri ents.
Moreover, Mr. Willard pointed out, having in x, ind the earning
capacity of the road as den onstrated in the last 35 years, it was not un¬
reasonable to expect that all interest would be earned and paid when
their money
management of the company
4,534,788
withheld
b Funds
recs.
&
furn.
22.850.000 42,343,500
dealers
Invests,
Office
$
\
Notes payable
hand
Cash
a
1937
$
1038
1037
;C
Assets—
Co.-—Balance Sheet June 30—
subsidiary, Associates Discount Corp.]
1938
Aug. 27, 1938
Chronicle
y
Common stock. _
arising from
Surp.
reval.
1
of invest,
of Elbeco Realty
Corp..
Surp.
approp.
for
pref. stock sink¬
300,000
ing fund
Earned surplus—
z
...12.692,045
Total
13,099,587
Treasury stock..
Total
........
300,000
2,610,461
Z>r40,064
2,972,412
.12,692,045 13.099,587
doubtful accounts of $940,042 in 1938 and $946,513
Represented by 150,000 no par shares,
z 439 shares of 1st
pref. stock and 231 shares of voting trust certificates for 1st pref. stuck, at
x
in
After allowance for
1937.
cost,—Y.
y
145,
p.
4110.
Volume
Financial
147
Bath Iron Works
1331
Chronicle
Boston & Maine RR.—Earnings—
Corp.—Earnings—
""
After
x
United
$139,921
x$69,737
construction of five fishing
losses
and
trawlers
&c
amounting to $194,527 on
ferryboat.
Profits on construction of destroyers
a
Period
1937'
1938
6 Months Ended June 30—
Net income after charges, Federal income taxes,
for the
^States Navy amounted to $284,151 for the six months ended June
Uncompleted contracts amounted to $16,025,037 as of June 30, 1938,
and in July 1938, the company was awarded contracts for the construction
of two destroyers for the United States Navy at an aggregate price of $10,134,000, subject to adjustments for material and labor costs.—V. 147, p. 413
Bessemer & Lake Erie
RR.—Earnings—
1937
$2,328,090
1,561,097
$1,747,822
1,084,434
$1,082,043
497,429
251 908
1,252,907
799,424
407,634
3,440,238
258,140
10,706,202
5,622,181
7.315,300
2,972,768
2,486,701
5,155,374
1,422,532
...
Net after rents
_
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
4,840,078
defl8,798
—V. 147, p. 729.
1.276.746
/•;.
;
Black & Decker Mfg. Co.— To Pay 25-Cent Common Div.
Directors have declared a dividend of 25 cents per share on the common
stock, payable Sept. 24 to holders of record Sept. 10,
This will be the first
dividend paid since Dec. 31, 1937, when a regular quarterly dividend of
25 cents per share was distributed.—V. 147, p. 1028.
73,441
27,277
$168,894
82,687
20,001
$67,211
127,292
$108,807
78,185
$66,206
71,678
$59,504
71,874
$194,503
59.700
$186,992
59,700
$137,885
59,700
$131,378
59,700
$134,803
inc. taxes..
$209,525
$102,756
$127,292
$78,185
$71,678
Net income
Previous surplus
Total surplus..
dividends.
Preferred
Balance. June30
u
32,211
11,041
814,353
515,875
1,025,753
.50,110
50,110
buildings,
rna"h. & equip..
1.704,915
1,733,434
rights & goodwill
4,756
28,048
Deferred charges..
55,868
Preferred stock
x
for
After reserve,
y
stock
1,492,500
839,067
839,067
134,803
.
127,292
$3,417,363
1938—Month-*-1937
$7,562,086
5,718,348
$7,330,938
5,473,154
3,715
670,000
2,201
480,000
311
314
50,000
40,000
$79,004
$112,933
793
$1,170,023
5,122
$1,375,583
272
$79,276
$113,726
$1,175,145
$1,381,100
mortgage bonds.
45,750
4,366
45,750
4,368
549,000
Other int. & deductions.
.52,126
549,000
51,684
$29,160
$63,608
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
_
$574,019
$780,416
429,174
429,174
investments
Prop, retire, res. approps
Net oper. revenues
(net)
Other income
Gross income
Int.
on
710,578
$4,387,718
679.376
$469,293
$628,652
$1,568,889
$5,067,094
620,514
623,586
4,354,259
4,407,322
$5,066 df.$2785,370
$659,772
Total
deductions
(rtls.
'
int. &c
Net income
_.def$J51.221
—V. 147, p. 730.
Brazilian Traction, Light & Power
1,539,797
1.508,664
Operating expenses.....
$2,034,905 $11,526,645 $12,188,403
$1,761,218
x
Net earnings
x
Before depreciation
excluding subsidiaries,
Co., Ltd.—Earns.
1938—7 Mos.—1937
$21,743,007 $22,109,317
10,216,362
9,920,904
Period Ended July 31—
1938—Month—1937
earns, from oper..
$3,269,882
$3,574,702
Gross
and amortization.—Y. 147, p. 730.
Inc.—Sales—Outlook—
.Tune 30, 1938, were $1,290,624,
compared with $772,287 for the same period of
as
1937; and. including subsidiaries, were $1,526,967, as compared with $1,204.361 for the same period of 1937.
The net sales for the seven months ended Tuly 31, 1938 were $1,505,728,
$86.3.775 for the same period of
1937: and, including subsidiary, were $1,785,913, as compared with
$1,346,541 for the same period of 1937.
The unfilled orders on hand as at June 30, 1938, for this cornoration,
excluding subsidiaries, as compared w'th
including subsidiaries, were $1,771,773.
we'e $215,104. excluding subsidiaries: and,
.Shipments for July. 1937. excluding
$91,538: and, including subsidiaries, were $142,180.
amounted to $1,640,441 and,
Shipments for July, 1938,
including subsidiaries, were $258,946.
were
of this corporation has improved considerably for 1938 over
that of 1937, and it is confidently expected that the business for the last
six months of this year will show a considerable Improvement over that of
Business
19.37.
5,517
consideration sales made by Breeze
this corporation has a 40% interest.
This corporation is preparing an amendment to file with the Securities
and Exchange Commission to conform with its regulations, so that the
stop order may be lifted.
The listing of the shares of this
the New York Curb Exchange is not affected.—V. 147, p.
Brown Oil Corn.—Initial
corporation on
1029.
Preferred Dividend—
semi-annual dividend of $3 per share
preferred stock payable Agu. 31 to holders of record
Directors have declared an initial
on
the 6% cumulative
Aug. 22.—V. 147, p. 264.
Brunswick-Balke-Collender Co.—Options—
1938—12 Mos.—1937
$628,364
475,117
$593,957
464,642
$858,311
143,669
The above figures do not take into
Surplus..--.....-
Birmingham Electric Co.—Earnings
Period End. July 31—
$484,983
Corn, of Great Britain, Ltd., in which
Represented by 63,475 no par shares,
Operating revenues
Oper. exps., incl. taxes..
Amort, of limited-term
$353,086
116,207
93,011
Total$3,299,087 $3,417,363
r After reserve
depreciation of $535,178 in 1938 and $486,109 in 1937 —V. 147, p. 563.
...-$3,299,087
Total
Net ry oper. income--
Other income.
190,612
49,791
Common
y
patent
Tr. marks,
1,331.933
83,869
201,983
income
Federal
Mtge. on land sub.
Min.int.in sub. co.
Land,
z
2,131,854
1,291,452
62,295
87,011
129,022
1,492,500
.
tax
w
$7,935,374
2,183,563
179,750
13.515
$472,892
Accts., pay., incl.,
948,724
cust. cos..
$4,395,621
289,143
175,027
11.264
209,778
Cash.$16,192
x Accts.
receivable
518,522
Stocks & bonds of
$967,391
312,997
operating rev
$406,906
Bank advances..
Inventory
$852,374
Net
J. J. Ma8cuch. President, says:
1937
1938
Liabilities—
1937
$28,128,265
20,192.891
Taxes
subsidiaries,
Cmsolidated Balance Sheet June 30
1938
.1 sselx—
18,219,927
Net sales for the first six months ended
$157,865
65,388
25,265
Profit for year
Depreciation
Fed. & pro v.
1935
1936
1937
1938
2,884,009
$3,851,400 $22,615,458
Eouipment rents (Dr)_.
Joint fac. rents (dr)
Breeze Connotations,
Ltd.- -Earnings-
Blue Ribbon Corp.,
Years End. June 30—
I $3,277,571
2.425,197
expenses
1938—7 Mos.—1937
1938—MontM937
July 31—
revenues
Gross income
1935
1936
1938
$855,257
324,555
July—
Gross from railway
Net from railway
End.
Operating
Operating
Company has notified the New York Stock Exchange that the options
previously granted to 8. E. Meyers and C. G. Bonner to purchase 530 shares
each of common stock were canceled May 26, 1938, and that new options
were granted to said optionees to purchase 530 shares each of common stock
at a price of $11 ner share from time to time during a period of two years
from June 1, 1938, that as of the same date an option was granted to
William C. Lawson to purchase 530 shares on the same terms, and that the
option granted to Harold Wessel, Vice-President, to purchase 6,000 shares,
of which 500 shares were taken up in 1937, expired on June 30, 1938.—
V. 147, p. 1029.
Budd Wheel Co.—Participation Dividend—
directors have declared a participating dividend of 25 cents per
quarterly dividend of $1,7.5 per share on
the 1st pref. stock, both payable Sept. 30 to holders of record Sept. 16.
Similar payments were made on June 30 and March 31, last, Dec. 31, Sept.
30 and on June 30, 1937—V. 147, p. 1029
The
Net income
x
$144,845
$351,242
x Dividends
accumulated and unpaid to July 31, 1938, amounted to
$250,352,
Latest dividends, amounting to $1.75 a share on $7 preferred
stock and $1.50 a share on $6 preferred stock, were paid on July 1, 1938.
Balance
share in addition to the regular
,
563.
—V. 147, p.
Birmingham Fire Insurance Co. of Pa.—Smaller Div.—•
Company paid a dividend of $1 per share on the common stock on Aug. 20
to holders or record Aug. 10.
A dividend of $1.50 was paid on Dec. 18,
1937 and on June 19,
1937.—V. 140, p. 1303.
Bush Terminal Co.—To Return Bonds—
Department of Guaranty Trust Co. of New York
Bush Terminal Co. consolidated mortgage 5%
gold bonds due Jan. 1, 1955, unon surrender of certificates of deposit ac¬
companied by payment of $12.79 for each $1,000 principal amount of bonds
The Corporate Trust
is now prepared to return
so
withdrawn.—V. 147, p. 730.
Estate—AO-Cent Extra Dividend—
Calamba Sugar
The directors have declared an extra
dividend of 40 cents per share in
the regular quarterly dividend of 40 cents per share on
stock, par $20, both payable Oct. 1 to holders of record Sept.
of 60 cents was paid on Jan. 3, last. See also V. 145, p. 3341.
addition to
Birmingham Gas Co.—Earnings—
common
1938
1937
$2,116,985
1,448,538
$2,074,299
1,503,176
12 Months Ended J une 30—
Gross
operating revenues
Operating expenses
An extra
$668,444
19,155
$571,123
11,047
$687,600
354,580
—27,765
Provision for retirements and replacements
194,542
Amortization of debt discount and expense—
6,184
Int. on indebt. of Amer. Gas & Pow. Co., accrued.
aCr65,204
$582,171
375,686
18,726
213,602
7,747
aCr65,216
$169,731
$22,489
$31,626
$20,100
Net operating income
Non-operating income
income
Gross
Interest on long-term
debt
Interest on other debt...
— ....
Net income
a
-—-----
—
Received on account of prior years'
—V.
146,
3798.
p.
Boston
accruals
Fund, Inc.-—Earnings-
Statement of Income for
[Exclusive of gains
Income—Dividends
Interest--
or
Fiscal Year Ended July 31,1938
losses on investment Securities]
$80,492
693
...— —
$81,185
13,709
Total.
Expenses.
stock
sales and repurchases of capital
representing participation in undivided earnings
of net proceeds from
Undivided earnings, Aug.
1, 1937.
Distributions aggregating
68c. a share.
Undivided earnings, July
22,980
$93,721
68,341
Total
$25,379
31, 1938
Balance Sheet July 31,
,
Divs. and interest
$2,349
Accrued expenses
at market quota¬
tions..---
Cash
$1,968,675
392.058
receivable.
2.235
"
-
347
Accrued taxes
Due to brokers
35.974
Distribution payable
20,176
25,379
Undivided earnings
y
Surplus
721,720
Capital stock.
z
x
-
Net after rents
—V. 147, p. 731.
628,145
181,054
524,268
California
Water
& Telephone Co.—Bonds
Offered—
627,331
144.526
397,832
739,861
277,030
554,374
Blyth & Co.; H. M. Byllesby & Co.; E. H. Rollins & Sons,
Inc.; Wm. Cavalier & Co., and Central Republic Co. are
offering at 100 and interest $400,000 1st mtge. bonds,
5% s^ri^s of 1935.
Dated Sept. 1, 1935: due Sept. 1, 1965.
Interest payable M. & S.
Company may at its option redeem all or any of the bonds, at any time,
upon 30 days' notice, at principal amount thereof and int. to date of re¬
demption. plus a premium of 5% of principal amount if red. on or before
Sept. 1, 1940 and thereafter at a premium of 4% of principal amount
reduced by 1-5 of 1% of such princ'pal amount for each fuil year which
Sept. 1, 1940, to date of such redemption.
Company—Company was incorp. in California on Dec. 27, 1926, under
of Sweetwater Water Corp.
On Aug. 20, 1935 name changed to
California Water fc Telephone Co.
Company, an operating public utility,
is engaged principally In the business of supplying and selling water for
domestic, agricultural and industrial purposes and in the telephone business.
The proportion of gross operating revenue derived from each class of
business, for the year ended Dec. 31, 1937, was approximately as follows:
Water service, 64%.
Telephone service. 36%
The principal territories served are in four general geographical areas
In California, namely, the Monterey Peninsula, parts of Los Angeles County,
parts
of San Bernardino and
-
...
1.557,023
-----
$2,362,968
$2,068,121.
y Authorized
outstanding 144,344 shares,
729.
Cost
—V. 146, p.
Total
$2,352,968
1,000,000 shares of a par value of $5
z Exclusive of undivided earnings.
Riverside Counties, and portions of the San
,
...
Purpose—Net proceeds, exclusive of accrued interest, to be received
by the company from the saie of the bonds, after deducting the estimated
expenses of the company in connection with such sale, are expected to ap¬
proximate $378,560. 'Company Intends to use such net proceeds for:
(1) Partial reimbursement or treasury for sums expended from .Tan. 1. 1935
to May 31, 1938 for net additions to plant totalling $829,772, which net
additions to the extent of $304,401 (after making provision in the amount of
$65,625 for the instalment due the special trust fund on Tuiy 1, 1938)
used as the basis for the issuance of bonds or for any other
under the provisions of the indenture securing the bonds.
portion of the funds required to finance contemplated
capital expenditures having an estimated total cost of $689,268, which, after
deducting retirements, will result in net additions to plant of approximately
have not been
purpose
Total
each;
683,946
66,076
408,644
From Jan. 1—
Gross from railway
Net from railway--
Diego Bay region.
1938
Liabilities—
JL SS€t S"1"
Securities,
1935
$68,403
4,984
54,523
name
$90,455
3,265
Total
X
1936
$98,256
27,302
60,386
July—
Gross from railway
shall have elapsed after
$67,475
Net income
Portion
Cambria & Indiana RR.—Earnings—
1938
1937
$83,961
$81,322
Net from railway
22,088
13,047
Net after rents
57,598
61,529
the
15.
(2) Provision for a
$491,548.
1332
Financial
Chronicle
Earnings for Slated Periods
1935
Years Ended Dec. 31
1936
5
1937
Mos
End.
$1,397,843
$529,819
1,299
.-
the Dreyfus patent but reversed the lower court in the
matter of infringement.
In the second suit the Circuit Court upheld the lower court in the action
brought by the Trubenizing Process Corp. against F. Jacooson & Sons,
in which the latter company was held to be infringing the
Dreyfus patent.
In both cases the majority opinions were written by
Juuge H. B. Chase,
with Judge A. N. Hand concurring.
The third member of the Coprt,
Judge Learned Hand, filed a dissenting opinion.—V. 147, p. 884.
May 31, '38
$1,274,588
744,768
2,899
2,443
615
$531,119
Operating revenues—
Operating expenses—
$648,487
15,916
$621,984
\
19,050
$185,975
Net income from oper—
Other income (net)
Total
Other deductions
Balance
$529,442
752,254
$1,422,923
803,383
$645,589
14,020
$619,541
$185,360
344,082
Central Arizona Light & Power
6,584
Period End. July 31—
Charges to constr.
$602,934
255,334
10.010
109,651
4,234
Amortiz. of limited-term
9,909
1,199
1,015
C'r9,088
41,232
1,172
518
Prop, retire't res. approp
20,000
2,979
31,500
35,026
330,200
35,765
301.270
Net oper. revenues.--
$75,046
$78,321
10,010
11,383
$895,445
135,113
$882,486
151,606
$85,056
18,958
1,058
$89,704
18,958
$1,030,558
227.500
11,108
Cr5,137
$1,034,092
$65,040
$69,969
$797,087
$732,152
acc__
Federal Income taxes—
13,301
Net income
Underwriters—The
$179,391
GV665
investments
34,530
5,600
$302,553
$338,394
$59,388
of the several underwriters and the respective
they have severally agreed to purchase, are
names
2.913
_
Other income (net)
$272,809
amounts of the bonds
Gross Income
which
Int.
follows:
Int.
$140,000
80,000
100,000
40,000
-
...
-
mtge. bonds
interest.--
on
Other
Biyfch & Co., Inc., San Francisco
H. M. Byllesby & Co., Chicago
E. H. Rollins Sc Sons, Inc., San Francisco
Wm. Cavalier & Co., San Francisco
Central Republic Co., Chicago
—V. 147, p. 884.
-
Canada & Dominion Sugar
New Shares—
Net
income
*
Dividends applicable to preferred stocks for
period, whether paid
40,000
Co., Ltd.- -Initial Dividend
—V.
at their recent meeting voted a dividend of 12 }4 cents per
the larger amount of no par common shares now outstanding
pay
able Sept. 1 to holders of record Aug. 15.
Ry.—Earnings—
Gross revenues
147, p.
$3,370,391
*
1Qt7
$3,668,070
fleer en
<<e
Canadian
Other
Net
Earnings for Week Ended Aug. 31
1QQW
Carolina Power &
Period End.
Operating
July 31—
1 Q^7
$2,617,000
Traffic earnings
—V. 147, p. 1185.
$2,562,000
$55,000
Light Co.—Earnings—
1938—Month—1937
1938—12 Mos—1937
$986,698
$977,487 $12,142,188 $11,758,259
revenues
$273,263
107,142
6,171
14,964
$3,179,822
deductions
$281,669
110,200
4,195
15,498
income.
$151,776
$144,986
108,099
(net)
549,020
6,188,964
90,000
1,130,000
5,922,911
980,000
Net oper. revenues,__
$361,739
$338,467
194
764
$4,823,224
23,195
$4,855,348
33,020
Operating revenues
Oper. exps. & taxes
$361,933
191,667
6,291
$339,231
191,667
$4,846,419
2,300,000
74,595
$4,888,368
2,300,090
70,036
Net oper. income
Other income (net)
Central Power
Other int. & deductions_
Int. charged to constr'n.
Net
income
6,002
GY817
$163,975
$141,562
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
—
-
CY481
$2,472,641
1,255,237
Balance
—
...
..
$1,217,404
$1,263,576
The directors have declared
an interim dividend of 10 cents
per share on
$5, payable Sept. 20 to holders of record Sept. 10.
paid on June 20 and on March 21, last; dividends of
25 cents were paid on Dec. 20, and op Sept. 20, 1937; a final dividend of
$1 was paid on June 20, 1937, and an interim dividend of 25 cents was paid
on March 20, 1937.—V. 146, p. 3662.
common
stock,
par
were
Carrier
Corp.—To
Issue $2;500,000
Capital Stock—New Directors—
Increase
Debentures
and
Stockholders will vote on Sept. 12 on a financing program recommended
by the directors, comprising an issue of $2,500,000 of 10-year convertible
Negotiations are proceeding with underwriters for distribution
of the debentures, the proceeds of which will be used to
pay off $1,500,000
in bank loans and provide working capital.
The debentures will be con¬
debentures.
vertible into common stock.
It is proposed further to change the authorized capital stock from
500,000
shares of no par value common to 700,000 of $1
par value to provide for
conversion of debentures and for future needs.
As a result of the change in
par value an excess of
$4,858,086 in the capital account will be carried
to
capital surplus.
The company will be able to charge against capital
surplus a net deficit
of $952,138 on
July 31.
It is expected that the changes will remove re¬
existing against the payment of dividends on the stock,
permit dividends subject to the terms of the contemplated indenture,
and as net earnings warrant.
In addition, the company proposes to
charge against capital surplus
$150,000 for design, development and research accounts, and $600,000
strictions
now
and
patent account, carried on the books at these figures since 1932 and 1930,
respectively.
Herbert E. Smith, Vice-President of the United States Rubber
Co.;
Fred F. Hoyt, Comptroller, and M. E. Snyder, Treasurer of the Carrier
Corp., have been elected directors to succeed Howard P. Ingels, Clifford
Hemphill and E. O. Wampler, who resigned.
No one has been elected to
the vacancy on the board cuased by the
resignation of Bayard F. Pope,
Chairman of the Marine Midland Corp.—V. 147,
p. 1029.
—
1938
A
<??/>/ c—
Cash
a
Notes,
1937
<£
1938
<C
5,846,892
Liabilities—
4,907,248
warrants
15,179,272
(est.).16,337,366 16,503,764
Pats., trade-marks
Inventories
<fe goodwill
b
.
1
1
Land,
bldgs.,
mach'y & equlp.20,443,405
18 .938,215
Miscel's prop'ys
Pre'd ins., tax., &c
c
Total
a
Accts.
payable
Accrued
& accts. receiv..10,079,806
$
1,548,784
expenses
456,651
Res. for Fed. taxes
1,472,381
Dlvs. payable
3,026,669
606,223
2,415,420
1,085,060
5% preferred stk.
($100 par)
11,515,200
d Common stock..
Capital surplus
26,910
Earned surplus
9,411,200
6,014,776
9,411,200
13,733,577 13,733,577
13,528,535 20,407,310
a
$1,539,941
$90,540
$97,790
3
1
$403,699
177
$419,043
528
.r
$90,543
63,747
$97,791
64,887
$403,877
258,940
$419,571
264,264
1,120,898
.In
a
letter which
was
forwarded to the Central Nebraska Public Power
and
Irrigation District, the Platte Valley Public Power and Irrigation
District, and the Loup River Public Power and Irrigation District late last
month, the company outlined the conditions under which it would enter a
contract of sale.
By Sept. 1 these public ownership projects were to procure consent or
acquiescence of the governing bodies of Grand Island, Kearney, and
Nebraska City together with that of other cities which
might object to the
The public authorities were also to obtain
approval of the sale by at
sale.
least
90% of the bondholders and their deposit of the bonds in exchange
for repayment at par plus accrued interest to date of
repayment
They also are to obtain consent of at least 90% of the preferred stock to
the sale and the deposit of that stock in
exchange for full payment thereof,
plus dividends thereon from the date the last dividend was paid to the date
of payment therefor but no
payment is to be made for accumulated unpaid
preferred dividends.
The offer to sell also calls for consent of 90% of the
common stockholders to the sale.
Cities involved are to be given 90 days
notice before any contract of sale is entered into.
.
Prior to making a formal offer of sale to the power and
irrigation projects
were had between the owners of Central Power and the
projects
to the price the former would
accept for their
discussions
as
equity interest therein.
—V. 147, p. 107.
Central Vermont Public Service
Period End. July 31—
Operating revenues
Operating expenses
State & municipal taxes.
Social security taxes.-..
Fed. taxes (incl. income)
Net oper. income
Non-oper. income (net).
....
Bond interest
Other interest (net)
Other deductions
was
given in
147, p. 1185.
Corp. of America—Wins Patent Suits—
Company has been upheld by the U. S. Circuit Court of
Appeals in two
suits on its Dreyfus patent covering the
manufacture of fused collars and
other permanently stiff fabrics which do not need
starch.
The Celanese
management expects that substantial
royalties and back
royalty payments will be eventually received as a result of the court decision.
The first sui* decided was fought by the Celanese
Corp. of America against
the Essley Shirt Co., in which it was
charged that the defendants had in¬
fringed the Dreyfus patent.
In this case the lower court upheld the
but ruled that the Essley company had not
infringed.
Net
income
Pref. div. requirements-
Corp.—Earnings—
1938—Month—1937
$176,992
$180,917
113,476
107,146
13,013
14,406
1,289
996
7,694
8,592
$41,520
912
$49,777
$42,432
20,417
1,138
1,756
$50,350
$19,121
573
20,417
68
1938—12 Mos.—1937
$2,157,029
1,286,325
150,888
14,726
93,716
$2,107,397
$611,374
3,652
$765,011
3,500
$615,026
245,000
$768,511
249,436
1,117,213
156,878
8,097
60,198
10,602
GY236
1,830
21,713
75,423
patent,
The Circuit Court
18,928
$28,035
18,928
$337,711
227,134
$443,888
227,136
147, p/564.
Charleston Transit Co.—Interest Payment—
An instalment of contingent
interest, amounting to 214 % of the principal
amount, on the outstanding general mortgage and adjustment bonds haw
been declared due and payable in cash, at Central Trust
Co., Charleston,
W. Va., on Sept. 1, 1938, upon the
presentation and surrender of Coupon
No. 11.—V. 147, p. 416.
Chesapeake Corp.—Corrected Dividend—
Represented by
Note—The income account for 12 months ended
July 31
"Chronicle" of Aug. 20. page 1185.—V.
$1,568,992
1,165,292
mentally sponsored and financed power projects, provided they can meet
certain terms and conditions.
The company has not as yet been advised
as to the
willingness or ability of the projects to meet the proffered terms.
—V.
Total
52,751,387 55,615,176
b After reserve for depreciation of
$12,210,966 in 1938.
$11,695,120 in 1937.
c At estimated realizable values,
1,882,240 no par shares.
Celanese
1938—12 Mos.—al937
$365,909
268,119
Offers to Sell Properties to Federal Projects—
Gross income
1937
$
52,751,387 55,615,176
Less reserves,
$1,858,203
1,297,182
payroll &
59,765
43,916
$1,623,796
1,297,182
64,470
income--..
$26,796
$32,904
$144,937
$155,307
a
Adjustments made subsequent to June 30, 1937, but applicable to the
periods ended that date have been given effect to in these figures
Caterpillar Tractor Co.—Balance Sheet July 31
P
303,179
The company partially owned by Middle West
Corp., has offered to
sell its electric and water properties in certain Nebraska cities to
govern-
Carpenter Steel Co.—Interim Dividend—
the
$3,541,162
1,315,310
42,438
223,252
$367,456
276,916
Gross income
Int. & other deductions.
147, p. 732.
Like amounts
1,290,336
Net
--
-V.
1938—3 Mos.—al937
$2,518,813
1,255,237
$3,502,169
38,993
43,286
Co.—Earnings—
Period End. June SO—
-
39,302
344,249
quarters ended Sept. 30, 1934;
Dec. 31, 1934; March 31, 1935; June 30, 1935;
Sept. 30, 1935; Dec. 31,
1935, and March 31, 1936, were paid on Jan. 1, 1937; April 1, 1937; July 1,
1937; Oct. 1, 1937; Jan. 1, 1938; April 1, 1938, and July 1, 1938, re¬
spectively.—V. 147, p. 1030.
534,959
90,000
Gross income,Int. on mortgage bonds.
108,099
3,927
Note—Preferred dividends have been paid at one-half the
regular rate
since Oct. 1, 1934, and arrearage for the
Oper. exps., incl. taxes-Prop, retire, res. approp.
Other income (net)
$6,870,613
2,409,876
685,000
28,547
245,021
2,420,277
699,293
$3,136,536
Pref. div. requirements.
Tnrfpn
1938—12 Mos.—1937
$6,639,657
$269,621
3,642
Bond interest
Ry.—Earnings—
Co.—Earnings—
1938—Month—1937
$570,899
$557,254
194,927
197,041
59,049
57,597
$277,908
3,761
Other interest
Pacific
$624,098
29,068
Gross income
$297,679
1185.
108,054
$689,033
4,166
34,849
Non-oper. income (net)-
103k
108.054
147, p. 884.
Net oper. income...-
Earnings of System for Week Ended Aug. 21
297,563
7,670
Cr3,293
the
unpaid--
—
Period End. July 31—
Operating revenues—...
Operating expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl. income)
on
Company's stock had recently been split up on a three-for-one basis.
A regular quarterly dividend of 37 H cents per share was
paid on the
smaller amount of stock previously outstanding on June 1, last.—V. 147,
p. 884.
—V.
or
Central Maine Power
Directors
Canadian National
777
charged to construe.
Balance
share
1938—12 Mos.—1937
$4,079,174
$3,747 008
2,818,503
2,527,487
$632,572
251,109
4,737
Interest
on
Co.—Earnings—
1938—Month—1937
$350,133
$353,255
252,174
240.455
Operating revenues
Oper. exps. incl. taxes._
$517,099
225,053
»
Amort, of debt dis. & exp
Fed. tax. on bd. int. &c
as
Aug. 27, 1938
likewise upheld
Company paid a dividend of 35 cents per share on the capital stock on
July 15 (not Aug. 1, as stated in the "Chronicle" of July 2, page 108) to
holders of record July 11 (not July 15).
Previously regular quarterly
dividends of 75 cents per share had been distributed.—V. x47. p. 885.
Chesapeake & Potomac Telephone Co. of Virginia—
Bonds Called—
This company has elected to redeem and pay off, on Nov. 1,
1938, all
of its outstanding first mortgage bonds issued under and secured
by the
indenture executed by it to Ola Dominion Trust Co., Inc., trustee, dated
April 30, 1913.
of
Payment of said bonds will be made at the principal office
State-Planters Bank & Trust Co. (fiscal agency of the company) in
Richmond, Virginia, at the rate of 103 and accrued interest, as provided
in said indenture.—V. 146, p. 1705.
Volume
Financial
147
bonds will be in coupon form in the
Chicago & Illinois Midland Ry.—Earnings—
59,761
1,960.759
524,359
2,254.290
759,854
350,946
534,906
$311,102
95,554
Net after rents
From Jan. 1—
Gross from railway
Net from railway
1936
1937
$311,964
91,953
69,221
1938
July—
Gross from railway
Net from railway
Net after rents
1333
Chronicle
1935
$267,026
76.397
„
$328,328
141,375
119,349
63,166
2,006,183
680,388
575,733
1,894,625
562,260
501,455
—V. I47.P, 733.
Paul & Pacific RR.—Merger
Chicago & North Western Suggested—See latter company
147, p. 733.
Chicago Milwaukee St.
with
below.—V.
Chicago & North Western Ry.—Merger
and Milwaukee
of North Western
Suggested by Stock Committees—
A proposal to consolidate the Chicago & North Western Ry. and the
Chicago Milwaukee St. Paul & Pacific RR. into a new and closely-inte¬
grated system has been laid before the managements of both reads for com¬
ment before formal submission to the Interstate
Commission.
Commerce
>
the committees for the North Western's
common stock and for the Milwaukee road's preferred stock.
Savings in
operating expenses, it is estimated, would exceed $10,000,000 under the
Sponsors
of the
are
merger
program.
Details of the plan were withheld.
It was emphasized, however, that
In its present form the merger details are purely tentative, "because not
•only must they be criticized by the managements but by a number of other
interested parties before a final draft appears."—V. 147, p. 886.
denom. of $1,000,
Purposes of Issues
Proceeds of the lsf Morlgnae
3y% Bonds, Series J—Net proceeds to com¬
$33,000,000 bonds of series I will aggregate $33,350,000, exclusive of accrued int, but after deducting expenses estimated at
$145,000. Of such net proceeds, $33,0i'0,U00 will be deposited in trust with
the trustee under the mortgage and will be applied to the following purposes:
For redemption of $15,000,000 1st mortgage 4
% bonds, series
C, due April 1, 1956, at 110
$16,500,000
For redemption of $15,000,000 1st mortgage 4H % bonds, series
D, due July 1, 1957 at 110
— — — —
16,500,000
The $350,000 balance of such net proceeds will lie placed in the general
funds of the company and used for general corporate purposes.
Proceeds of the Convertible Debentures, 3M% Series due 1958—The gross
proceeds to the company from the sale of the debentures underwritten
($39,250,000 principal amount) will aggregate $39,250,000.
.Such gross
proceeds will be applied toward the following purposes or to reimburse the
company for funds hereafter applied to such purposes:
For redemption of $29,410,000 bonds of Public Service Co. as
pany from the sale of the
-
follows;
$18,876,000 1st & ref. mtge.5%bonds clue Oct.
Chicago Pneumatic Tool Co.—Earnings—
$375,192
$861,458
y Before Federal surtax on undistributed profits and exclusive of profits
earned in foreign countries having exchange restrictions.—V. 146, p. 3330.
Net profit after all chgs
$440,321
$153,908
Chicago Rock Island & Pacific Ry.—Earnings—
Rock Island and Gulf Ry.]
[Including Chicago,
Total ry. operating revenue
Total ry. oper. expense.
$8,191,859
5,822,605
$6,676,179
5.660,608
$8,808,730
6.221,852
Net revenue from operations
Railway tax accruals
$2,369,254
508,232
$1,015,571
575,877
491,287
442,102
$1,285,145
$76,941
$1,653,489
Netry operating income
—V. 147, p. 732.
1st lien
& ref.
mtge.
8,250,000
2,284,000
by the public as follows:
41,383 shares of 6 % cum. pref. stock at 110 % of the par value
thereof—par value
6,176 shares of $7 junior cum. pref. stock at $110 per share—
stated and 1 iq uidating value. —■
-----For redemption of certain securities of Chicago District Co. as
$2,586,878
509,081
429,549
Rentals
-$18,876,000
5% bonds, series C, due
May 1, 1966 at 104—principal amount-- —
—
$2,284,000 1st lien & ref. mtge. 4y2% bonds, series I, due
July 1,1960 at 104—principal amount
For redemption of all pref. stocks of Illinois Northern Co. held
$8,250,000
4,138,300
-
Month End Month End
June 30, '38 July 31, *37
Month End
July 31. '38
Period—
1,1956 at 110,—
principal amount.
1938—6 Mos —1937
1938—3 Mos.—1937
Period. End. June 30—
y
registerable as to
principal only, and in fully registered form in denom. of $1,000 and auth¬
Red. as a whole at any time, or in part from time
to time, at the option of company, on 40 days' notice by payment of prin¬
cipal amount thereof, accrued int., and a premium of 6y% of such prin¬
cipal amount if redeemed on or before May 31, 1939; with successive re¬
ductions in such premium of M of 1% on June 1 of each of the years 1939
to and incl. the year 1962; with a further reduction in such premium of %
of 1% on each of the dates Dec. 1, 1962 and June 1, 1963; and if redeemed
on or after June 1,
1963, without premium.
It is expected that bonds in
definitive form will be ready for delivery on or about Aug. 31, 1938.
Issuance—Authorized by Illinois Commerce Commission.
orized multiples thereof.
617,600
follows:
$2,250,000 of 1st mtge. 6% bonds, series B, due Nov.
at 104—principal amount
—
- 33,388 shs. of $6 cum. pref. stock at $107.50 per
1, 1961
2,250,000
-
stated and 1
iquidating value
share-
3,338,800
— _ —
$39,754,700
Total
If
Subsidiary Corp. of the company's
of Illinois Northern Co. reduce the
Commonwealth
by
exchanges
shares for shares of the preferred stocks
Citizens Utilities Co.
(& Subs.)—Earnings—
[Exclusive of Central America Power Corp.]
$161,107
112.917
$42,310
2,188
$503,709
10,745
$464,571
18,572
$44,498
27,746
$514,455
$483,143
27,741
332,906
329.853
681
590
400
439
7,977
5,219
8,144
5,287
64
16
1,341
137
350
Other income
Gross income
Int.
on
$48,539
long-term debt—
on
int
Other interest charges.
Misc. income deductions
_
>
Int. charged to
Net
x
per
Crl ,057
Cr509
constr'n.
income
Earnings
$161,541
119,231
.
$48,189
Operating income
Taxes assumed
1938—12 Mos.—1937
$1,950,456
$1,819,368
1,446,746
1.354.797
1938— Month—1937
Period End. June 30—
Operating revenues
Oper. rev deductions---
$15,706
$0.08
common
$0.67
-V.
stock
Colgate-Palmolive-Peet
$168,067
$0.06
$20,161
share
$139,721
$0.55
147, p. 265.
(& Subs.)—Balance Sheet
Co.
June 30—
1938
Assets—
x
6% cum. pf. stock24,288,200
Land, buildings,
Cash
20,166,088
11,384,184
7,323,139
1,793,774
3,845,461
Notes & accounts
Common
10,477,156
Deferred charges.
$
stock.24,.535,087 24,534,772
Bank loans foreign
10,003,147
522,780
494,868
2,543,315
Mlscell.
3,963,824
3,190,842
2,890,383
3,738,190
3,681,949
2,974,829
accr.,
—
&c.
Prov. for taxes...
1,565,151
Def. liabil. & res..
_
1,420,449
609,590
629,076
Palmolive building 2,398,171
2,422,504
Invest. & advs....
Minority
Interests
Earned surplus
1,131,978
7,922,100
1,140,467
Total...70,988,509 73,414,231
Columbus & Greenville
Total
.....70,988,509 73,414,231
Ry.—Earnings
$93,139
13,635
1937
$102,766
4,290
1936
$85,941
6,111
1935
$71,254
defl,165
7.388
def7,013
2,711
Net after rents
Issued
Authorized
$
16,000,000 shs. 8,641,415 shs. 216,035,375
Capital stock ($25 par)
I>ess:
y
Issued
to
Commonwealth
Subsidiary Corp.—
Reserved for exchange offers-
605,555 shs. 15,138,875
-
-----7,850,320 shs. 196,258,000
x 1,564,544 shares are reserved for issuance upon conversion of debentures
previously authenticated.
A maximum of 2,008,350 shares and a minimum
of 1,570,064 shares will be reserved for issuance upon conversion of the
debentures being offered.
21,330 shares were reserved at July 31, 1938,
for issuance pursuant to exchange offer to the holders of the stock of Public
Service Co.
y Reserved for delivery, pursuant to exchange offers, to holders
of the preferred stocks of Western United Co. and Illinois Northern Co.
Preferred Stocks of Company's Subsidiaries Held by the Public at
Held by
public
July 31, 1938
[Adjusted
to Reflect
the Proposed Redemption
Illinois Northern Co. and Chicago
of the Preferred Stocks
District C'o.l
Outstanding
Gross from railway
Net from railway-.-...
Net after rents
654,435
78,457
742,478
105,682
608.340
45,081
18,674
14,403
def29,958
—A Nation-wide
banking
group
headed by Halsey, Stuart
Co., Inc., offered Aug. 25 $33,000,000 1st intge. 3H>%
bonds, series I, due June 1, 1968, at 1033^ and accrued int.
Other leading members of the group of 88 underwriters are:
Brown IJarriman & Co., Inc.; Glore, Forgan & Co.; Harris,
Hall & Co., Inc.; Lee Higginson Corp.; Lehman Brothers;
A. G. Becker & Co., Inc.; Bonbright & Co., Inc.; Central
&
Republic Co.; The First Boston Corp.; Kidder,
and F. S. Moseley & Co.
Peabody
& Co.,
The
same group
Aggregate
Par Value
Shares
:
Western United Co.—
Commonwealth Edison Co.—$30,000,000 Bonds Offered
which has underwritten the $33,000,000 first mortgage
underwriting any unsubscribed portion of $39,250,000 con¬
vertible debentures, 3y2% series due 1958, the right to subscribe to which
will shortly be offered to stockholders.
The debentures will be convertible
Sept. 1, 1938 and at or before maturity into shares of the company
conversion price of $25 per share, which price is subject to adjustment
in certain cases as provided in the indenture. Subscription warrants will be
issued to stockholders of record (other than Commonwealth Subsidiary
after
at the
Corp.) at the close of business Sept. 2, 1938 evidencing rights to subscribe
basis of $5 principal amount of debentures
for each share held.
The subscription warrants, which will be transferable,
will expire at 3:00 p. m. Chicago Daylight Saving Time, Sept. 21, 1938.
Company—Does substantially all the electric public utility business in
Chicago.
It also controls, through direct and indirect stock ownership,
Public Service Co. of Northern Illinois, Western United Gas & Electric
Co., Illinois Northern Utilities Co., Super-Power Co. of Illinois, Chicago
District Electric Generating Corp., Chicago & Illinois Midland Ry., and
Commonwealth Subsidiary Corp.
*Dated June 1, 1938; due June 1, 1968.
Principal and int. (J. & D.)
for the debentures at 100 on the
payable at office or agency of company in Chicago and New
York. Definitive
of
on
-Above Basis
484,259
def25,345
34,030
734.
bonds is also
4,638,500
185,540 shs.
-
From Jan. 1—
—V. 147, p.
Reservation
Aggregate
Par Value
,
x
defl,254
1938
July—
Capital Stock of Company Outstanding at July il, 1938, (Reflecting
of Shares for Conversion of the Debentures)
Not reserved-
x After
depreciation,
y Represented by
1,962,807 no "par shares ex¬
cluding 37,163 in treasury,
z After reserve for doubtful accounts of $1.325,872 in 1938 and $1,215,702 in 1937.
Note—Ear tings for 6 months ended June 30 appeared in the "Chronicle"
of Aug. 20 page 1188.—V. 147 p. 1188.
of any debentures in
to aggregate not more
$10,958,745.
Proceeds from any such debentures will be applied,
first, to provide or reimburse the company for any amounts required for the
above purposes over the gross proceeds or the debentures underwritten, and
then, to the redemption of a like principal amount of the 1st & ref. mtge.
5% bonds, due April 1, 1957, of Illinois Northern Co.
If there is any remainder of gross proceeds, such remainder will be placed
in the general funds of the company and used for general corporate purposes.
In order to effect the above application of the gross proceeds of the
debentures, the company will purchase;
(1) From Public Service Co. at the principal amount thereof, an aggre¬
gate of $29,410,000 of first lien & ref. mtge, 4^% bonds. Series D, due
Nov. 1, 1978, or, in lieu thereof, a like principal amount of 5% unsecured
promissory notes due Nov. 1978.
(2) From Illinois Northern Co. at the principal amount thereof, its 5%
unsecured promissory notes duo Oct. 1, 1943.
The amount of gross pro¬
ceeds to be applied to this purpose will be equal to the aggregate par or
stated value of Illinois Northern Co.'s preferred stocks held by the public
on the redemption dates thereof.
(3) From Chicago District Co. at the principal amount thereof $5,588,800
of its 5% unsecured promissory notes due Oct. 1, 1948.
than
/
1
1
Gross from railway..
Net from railway
The gross proceeds to the company from the sale
of the $39,250,000 underwritten are estimated
excess
9,153,277
patents,
trademarks, &c.
sum
3,078,278
subsidiaries-.
22,574,544 27,459,663
Inventories
Goodwill,
y
1937
24,617,600
Accounts payable.
Marketable secure.
receivable
$
Liabilities—
$
mach. & equip. .20,330,635
z
1938
1937
$
required for the above purposes below the $39,250,000
proceeds of the debentures underwritten, the excess proceeds will be applied
to the redemption,
at 105% of the principal amount thereof, of alike
principal amount of the 1st & ref. mtge. 5% bonds, due April I, 1957, of
Illinois Northern Co. of which $9,704,000 was outstanding at July 31, 1938.
aggregate
nnn
6lA% cum. pref. stock (par $100)
63,196 $6,319,600
6% cum. pref. stock (par $100) — —
59,543
5,954,300
Funded Debt of Company and Subsidiaries Outstanding July 31, 1938
Other Than Amounts Owned by the Company and Its Subsidiaries and
Adjusted to Reflect the Issuance and Sale of the Bonds
Being Offered and Application of the Proceeds
Commonwealth Electric Co. 1st mtge. 5s, 1943
First mortgage
and Debentures
Thereof
a
bonds—Series F, 4s, 1981
Series H 3^8, 1965Series I 3^8, 1968-
$566,000
85,000,000
—,
—
-
-
_
Series due 1958
Company—(c)
Light & Power Co. 1st 5s, 1956—
. — — —
ref. mtge. bonds—Series D 4^8, 1978-—-
b 78,365,200
Convertible debentures,
Public Service
Economy
1st lien &
Series E 4^8, 1980--- —
Series F 4^s, 1981-- — Series I 4^8, 1960
Wpv/ptm
228,000
_—
11,284,000
15,000,000
40,000,000
13,716,000
-
—
United Ufi
First mortgage bonds—Series
Series B 5s, 1957
24,300,000
A 5^8, 1955———-—
1,500,000
-
Illinois Northern Co.—
1st & ref. 5s, 1957
-
-
c
9,704,000
Super-Power Co.—
/ _
bonds—Series of 1928 4^8, 1968
10,000,000
Series of 1930 4Vs, 1970- ——
----9,8o8,500
Chicago District Co.—
„,
1st mtge. 4Mb, 1970— —
14,950,000
Promissory note 5s, 1942
150,000
Promissory notes 5s, 1942—
—
600,000
a Not callable but funds are on deposit under the mortgage to cover the
principal amount outstanding and interest to maturity,
b The above
$78,365,200 debentures includes the $39,113,600 authenticated on July 1,
1938, and the $39,251,600 minimum principal amount to be offered.
Such
minimum principal amount is based on the number of shares of the com¬
pany's stock held by the public on July 31, 1938, and does not give effect
First mortgage
—
Financial
1334
to the issuance
of
Consolidated balance Sheet-
debentures upon exercise of subscription warrants
shares of the company's stock issuable after July 31,
any
with respect to any
19?&, pursuant to the exchange offers or upon conversion of any of the
debentures authenticated on July 1,
1938The principal amount of
debentures thus issuable with respect to shares which may be issued pur¬
suant to exchange offers is S3,134,425.
Conversion of any of the debentures
authenticated on July 1, 1938, would reduce the principal amount of
debentures outstanding by more than the principal amount to be offered
with respect to the shares issued upon such conversion.
Accordingly, the
maximum principal amount of debentures which may be outstanding
upon the issuance of the debentures now being offered is S81.499.625.
c Part or all of these bonds may be redeemed by application of part of the
proceeds of the debentures
being offered.
12 Mos. End.
1937
$
1936
June 30, '38
S ''
|
130,744,241 140,120,882 140,080,289
96,312,057 102,361,274 102,948,867
<j
Tangible properties
-
$642,957 ,960
23,138 ,837
— —
Intangibles.--
...
27,
1938
(Including Subs.)
with trustees
Common stocks.
771 ,412
—
(net)
22,318 ,090
—
hand
on
.749,320
—
312,243
Surplus..
20 370,200
Preferred stocks of subs
Investments—at cost or less
Cash
$195 .582,975
Capital stock ($25 par)
Minority interests:
Cash & securities on deposit
Funded debt
400 ,101,700
-
—
3 ,771,848
Accounts payable.--------
and demand
44,705 ,586
1,563 609
deposits
Deposits for bond Int., etc..
U. S. Govt, obllgs., at cost-.
2,192 124
18,138, 654
9,845, 695
993, 803
39,746, 568
1,371, 354
Materials and supplies..—
Years Ended Dec. 31—
■
June 30, 1938,
Liabilities—
a
Receivables
Earnings Summary for Slated Periods
1935
Aug.
Chronicle
Prepaid Ins., taxes & exps...
Debt disc, and expense.—
Other deferred charges
Accrued Interest.
—-----
5 ,118,335
Accrued taxes...
-—-——
19 ,664,213
Customers' deposits.,-
1
—.
Pref. stock dlvs. of subs..
753,264
315,713
—
stocks
Sundry current & del. liabs..
2 450,255
Reserves—Depreciation.Undetrmd. liabl. for add.
—
113, 914,134
------
6, 826,512
Dlvs. pay. on com.
taxes
2. 700,513
Net operating
Other income
income. 35,686,063
34,432,184
37,759,608
1,203,469
1,143,701
1,172,869.
------
36,889,532
35,57,5,885
38,932,477
Consolidated Annual Interest and Dividend Charges:
Total interest and dividend charges of subsidiaries
a
Gross income--..--
Contrlbs. in aid of constrn..
37,131,422
1,393,713
38,525,135
Total.
— .--.,
...-$18,679,767
...
If the policy of capitalizing all indirect construction expenditures had
been in effect since Jan. 1, 1935, gross income for the years 1935 and 1936
a
have
been
increased
approximately
$1,300,000
and
$1,600,000,
respectively.
Deducting the above total annual consolidated charges of $18,679,767
from
gross income of $36,889,532 for 1935, $35,575,885 for 1936, $38,932,477 for 1937, and $38,525,135 for the 12 months ended June 30, 1938,
would result in a balance of pro forma net income for the shares of the
company
1937,
of $18,209,765 for 1935, $16,896,118 for 1936, $20,252,710 for
$19,845,368 for the 12 months ended June 30, 1938.
Huch
equivalent to $2.32, $2.15, $2.58, and $2.53 per share, respec¬
the 7,850,320 shares of the company held by the public at July
and
balance is
tively, on
31,1938.
Net operating income of the company from its own operations amounted
to $17,790,208 in 1935, $17,117,732 in 1936, $20,069,767 in 1937, and $20,123,677 for the 12 months ended June 30, 1938.
The annual interest on
$18i,066,000 of first mortgage bonds of the company to be outstanding
upon the completion of the present financing will amount to $6,844,550.
Underwriters
The names of the several underwriters and the principaramount of bonds
of Series 1 and the percentage of unsubscribed debentures agreed to be
purchased by them, respectively, are as follows:
Bonds
Halsey, Stuart & Co., Inc., Chicago—
3,700,000
2,550,000
Glore, Forgan & Co., Chicago
1,100,000
Harris, Hall & Co., Inc. Chicago.,--1,100,000
Lee Higginson Corp., Chicago
LlOOJIOO
Lehman Brothers, New York
1,100,000
A. G. Becker & Co., Inc., Chicago...-900,000
Bonbright & Co., Inc., New York,...900,000
Central Republic Co., Chicago
900,000
First Boston Corp., New York.
900,000
Kidder, Peabody & Co., New York
900,000
F. S. Moseley & Co., Boston
900,000
Bacon, Whipple & Co., Chicago.
450,000
Bancamerica-Blair Corp., New York
450,000
Blair, Bonner & Co., Chicago
——:
450,000
Clark, Dodge & Co., New York
450,000
Coffin & Burr, Inc., Boston
450,000
Goldman, Sachs & Co., New York
450,000
Hayden, Stone & Co., New York
450,000
Hemphill, Noyes & Co., New York450,000
Hornblower & Weeks, New York
."
450 000
Illinois Company of Chicago, Chicago.
—I
450^000
Ladenburg, Thalmann & Co., New York
450,000
W. C. Langley & Co., New York
450,000
Lazard Freres & Co., New York
450 000
Paine, Webber & Co., Bostorr
"III"--""
459/100
E. H. Rollins & Sons, Inc., New York.
450!000
Schroder Rockefeller & Co., Inc., New York.
450,000
J. & W. Seligman & Co., New York—
459 000
Stern, Wampler & Co., Inc., Chicago
450 000
Stone & Webster and Blodget, Inc., New York!450,000
G. H. Walker & Co., St. Louis
450 000
White, Weld & Co., New York
450 000
Dean Witter & Co., San Francisco
I_I~I—
450,000
Mitchell, Hutchins & Co., Chicago
v
250 000
A. C. Allyn & Co., Inc.,
200 00
—
Brown Harriman & Co., Inc., New York
.....
-------
..
,
-
.
.
__
„
-
—
—
183:8Bo
Dominick & Dominick, New York—
""""
Estabrook & Co., New York—
Graham, Parsons & Co., New York ""IIII"I"I""
Hall gar ten & Co., New York
Newton, Abbe & Co., Boston
.111"""""
Schoellkopf, Hutton & Pomeroy, Inc
New York ~
Sehwabacher & Co., San Francisco
'
Speyer & Co., New York.
Spencer Trask & Co., New York—I"
Wertheim & Co., New York-..
Babcock, Rushton & Co., Chicago".".'"."—11111111
Alfred L. Baker & Co., Chicago...
J. E. Baker & Co., New York
Baker, Weeks & Harden, New York"""
"
Bartlett Knight & Co.,
Chicago--III"!""""
_
Cassatt & Co
inc.. Philadelphia.....IIHIIII"
R. L. Day & Co., Boston
Dempsey-Detmer & Co., Chicago
""
Dick & Merle-Smith, New York
I""'
"
Equitable Securities Corp., Nashville
Harwell, Chapman & Co., Chicago
Fust
First Cleveland Corp. r,i—1—j
Corp., Cleveland.
Fuller, Cruttenden & Co., Chicago
IIHIII""
Carter II. FTarrison &
Co., Chicago..
"
Hickey & Co., Chicago
•
Hoyne, Mellinger & Co., Chicago.!IIIII
Jackson & Curtis, Boston
Kean, Taylor & Co., New
Laurence M. Marks & Co
bnn'noo
200 000
200*000
200 of f
ono'nof)
200 000
200 000
2
in
orn'nnn
fno
000
100*000
nnn
inn
100*000
10000O
100 000
100*000
1 nnnnn
{MR
fag
inn
inn*
iuu.uou
100*000
100
100*
jnn'(
100*000
{RR'RRR
loo'ooo
100,oou
XT—
New
"
100,000
100 000
gS:: fe
\znz
oJ.!'cTevelaiidkmSOn' lDC" ChicaK°—
lOO.OOO
&
&
900 nnn
100.000
York..'"."'"""
York.
Mitchum, Tully <& Co., San Francisco
Otfs
Arthur Perry & Co., Inc.,
liSsto'n."II
R. W. Pressprich & Co., New
1 no
Smith Bros. & Co.,
Chicago..--g
"""
Straus Securities Co., Chicago
Stroud & Co., Inc., Philadelphia
11.28%
7.79%
3.33%
3.33%
3.33%
3.33%
2.73%
2.73%
2.73%
2.73%
2.73%
2.73%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
1.36%
------
-
1.36%
1.36%
.61%
.61%
ill
.61%
.61%
.61%
.61%
.61%
.61%
.61%
.61%
.61%
.61%
.61%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
I00R000
100.00%
inn'nnn
.
—
..$807,743,692
postponed power
the
Stockholders to Subscribe to Debentures,
Total Not to Exceed
$>0,208,745—
Directors on Aug. 18 authorized the offering to stockholders of the
right to subscribe pro rata at par to not less than $39,251,600 or more than
$50,208,745 principal amount of additional convertible debentures, 3H%
series due 1958.
Each $100 of debentures will be convertible into four
shares of the company's stock of the par value of $25 each, subject to the
limitations of the indenture under which the debentures will be issued.
A
registration statement covering the proposed issuance of the debentures has
been filed with Securities and Exchange Commission.
Illinois Commerce
Commission has authorized the issuance of the additional debentures.
Subscription warrants will be issued to stockholders of record at the close
2, 1938. These warrants will evidence rights to subscribe
$5 principal amount of debentures for each share of stock held on
that date.
Since the debentures will not be Issued in denoms. of less than
of business Sept.
for
$100. The rights of
$100, subscriptions will have to be made in multiples of
stockholders to subscribe will expire on Sept.
will be payable in full.on.or before that date.
Debenture Holders
A
notice
_____
Notified of Conversion Rights-—
by'
been sent
has
21, 1938, and subscriptions
company
to subscribers to
its convertible
debentures, 3j^% series, due 1958 stating as follows:
Company's outstanding convertible debentures may be converted on and
after Sept. 1, 1938, at the rate of four shares (par $25) for each $100 of
debentures.
Debentures may be surrendered for conversion either at the
office of the company, 72 West Adams St., Chicago, 111., or at the office
of City Bank Farmers Trust Co., 22 William St., New York City.
Deben¬
tures may be forwarded to either address prior to Sept. 1,1938, with instruc¬
tions to convert on that date.
.
before
Debenture holders who surrender their debentures for conversion
Sept. 2, 1938, will be stockholders of record at the close
of business on that date, and thus will be entitled with other stockholders
to receive warrants evidencing the right to subscribe to additional convertible
debentures of the 3j^% series due 1958.
the close of business
Weekly Gutftut——
of the Commonwealth Edison Co.
deducted) for the week ended Aug. 20, 1938 was
compared with 142,382,000 kilowatt-hours in
ponding period last year, a decrease of 7.4%.
The following are the output and percentage comparisons
four weeks and the corresponding periods last year:
-Kilowatt-Hour OutputThe electricity output
company sales
kilowatt-hours
131,901,000
the corres¬
..
,
Aug.
6
July
30
Per Cent
Decrease
7.4%
4.3%
7.0%
142,382,000
137,859,000
138,572,000
134,358,000
131.901,000
131,913,000
128,902,000
124,997,000
,
for the last
193?
1938
Week Ended—
Aug. 20
Aug. 13--
7.0%
—V. 147, p. 1188.
Cluett, Peabody & Co., Inc.—Interim Dividend—
Directors have declared
stock,
a
dividend of 15 cents per share on
the common
value, payable Sept. 26 to holders of record Sept. 15.
A like
paid on May 2, last and previously quarterly dividends of 25
share were distributed.—V. 147, p. 1030.
no par
amount was
cents per
Commonwealth Securities, Inc.—Earnings—
1938
x$18,332
$58,235
16,975
1,303
16,380
transactions..$1,357
$40,552
6 Mos. Ended June 30—
Income from dividends
Interest expense,.
General expense
•7$Z°
$33,000,000
MR
iRn'nRn
Total
—$807,743,692
1.36%
1.36%
1.36%
1.36%
1.36%
.30%
.30%
.30%
.30%
.30%
.30%
.30%
-30%
.30%
inOnnn
"Ill"
Debentures
.30%
inn nnn
Company, Minneapolis "I
Washburn & Co., Inc., Boston...
nnn
inn nnn
_
Whiting, Weeks <fc Knowles, Inc., Boston.
nnn
inn
York
KT^NeS^::::
:::::
IiM».rTroxS°'oTfe ChtegoIWaUkee""""
Thrall West
-
§8,277,628
—10,402,139
-.
Total annual consolidated charges-
would
-
Including $6,921,081 of uncompleted construction on
plant projects—estimated cost to complete $17,060,000.
a
Rights Given
charges-— —
28 586,770
Insurance & reserves
Company:
Net interest
2, 528,958
996,739
Earned surplus...—..—
Operating revenues...- -122,396,200
Operatingexp. & taxes.. 86,710,137
Net profit exclusive of security
Includes other income of $1,308.
x
Note—No provision has been made for Federal taxes on income for the
period of six months ended June 30, 1938, as the corporation has allowable
deductions sufficient to exempt its income from such taxes.
Balance Sheet June 30
Asseis—
Cash
on
1938
deposit-..
Demand
deposits.
Due from brokers.
Investments
....
Prepaid interest.
$416,519
------
1,985
-
4,368,323
1,916,090
.
-
—
349
—.
Note pay. to
$80,000
bank.
Accts. payable and
accrued taxes
Common
7,419,700
74,197
$2,332,609 $4,397,344
Represented by 318,428
no par
I,937,075df3,423,593
——$2,332,609 $4,397,344
Total.
shares,
y
Par $1.—V. 146, p. 1236.
Commonwealth & Southern Corp. (&
Period End. July 31—
Gross
revenue
Oper,
expenses & taxes
Prov. for
deprec.
tirement
&
1,342,314
on
16,328,367
13,949,025
$4,040,119 $52,204,758 $55,140,626
3,258,548
39,862,110
39,479,714
$546,093
749,796
$781,571 $12,342,647 $15,660,911
749,866
8,997,347
8,997,349
pref. stock
Balance
x
and
1,344,745
$3,890,530
3,344,437
Net income
Divs.
Subs.)—Earns.
1938—Month—1937
1938—12 Mos.—1937
$11,388,433 $11,966,047 $146082,911 $144244,479
6,581,182 x77,549,787 x75,154,828
'6,155,589
"
'
'
re¬
reserve
Gross income
Int. & other fixed chgs__
y
x318,428
y318,428
stock
Surplus
x
2,809
$2,909
...
6% cum. pref. stk.
(par $100)
Pref. stock (par $1)
Total
1937
1938
Liabilities—
1937
$26,687
—
def$203,704
$31,705
$3,345,300
$6,663,562
Includes provision lor Federal surtax on undistributed profits for 1936
1937.
y Reflects deduction for full preferred stock dividend require¬
ment at the rate of
$6 per share per annum.
Dividends were paid in full to
Jan. 1, 1935, and at the rate of $3 per share per annum since that date.
Accumulated Dividend—
The directors on Aug. 23 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable Oct. 1 to holders of record Sept. 9.
A payment of like amount (which is one-half of the regular rate) was made
in each of the 13 preceding
quarters.—V. 147. p. 1189.
Community Power & Lisfht Co.—Sale of Bonds—
The Securities and Exchange Commission on Aug. 16 approved the
application of Community Power & Light Co., a registered holding company
and its wholly owned non-utility subsidiary, Southwestern Electric Co.,
for the sale of $300,000 New Mexico Utilities Co.
5% general mortgage
bonds, due Nov. 1, 1955, to William Rosenblatt, 27 William St., New York.
N. Y., at 92H % net, together with accrued interest.
The applicants have stated that they desire to sell such 5% general
mortgage bonds to enable Southwestern Electric Co. to pay a note given to
Community Power & Light Co. for advances which
were made
by that
Financial
Volume 147
company. Community Power & Light Co. has stated that it intends to use
the funds obtained through the repayment of this loan, together with other
funds, to lend to its utility subsidiaries in order to enable them to carry
out certain construction work.
The application states that funds are to be
lent to the following subsidiaries in the stated amounts: Texas-New Mexico
Utilities Co., $736,620; Missouri Utilities Co., $229,792; The Kansas
Utilities Co., $300,170.
William Rosenblatt, the purchaser, states that he is purchasing such
bonds for investment and not for resale.—V. 147, p. 1031.
The directors have declared
a dividend of 15 cents per share on the com¬
stock, payable Sept. 23 to holders of record Sept. 1.
This compares
a dividend of 10 cents per share paid in preceding quarters.—V. 147,
p. 1189.
mon
with
Consolidated
Edison
Co.
of
N.
Inc.—Definitive
Y.,
Crowell Publishing
Debentures—
The City Bank Farmers Trust Co., as trustee, has announced that
ginning Aug. 25, 1938, it will be prepared to deliver 10-year 3Yi %
bentures. series due 1948, due April 1, 1948, in definitive form against
surrender and cancellation of temporary bonds.—V. 147, p. 734.
be¬
de¬
the
Co.—Dividend Reduced—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Sept. 24 to holders of record Sept. 14.
Previously regular
quarterly dividends of 75 cents per share were distributed.—V. 146, p. 2846.
Crown Cork International
The directors have declared
of accumulations
on
a
Corp.—25-Cent Class A Div.
dividend of 25 cents per share on account
the $1 cum. class A stock, no par value,
holders of record Sept. 10.
a
Crown Zellerbach
Corp. (& Subs.)—Earnings—*
3 Months Ended July 31—
Sales, net of returns, discounts,
$11,732,900 $14,172,051
137,654
357,389
freight, &c
Other operating income, net
Company paid
a
par value, on Aug. 22 to holders of record Aug. 15.
Irevious
tions were as follows:
$1 on Nov. 1, Oct. 4 and Sept. 7, 1937; 50
distribu¬
June 7 and March
16. 1936;
no
cents on
1, 1937; $12 on Dec. 21, 1936; $1.50 on Nov.
Oct. 12 and Aug. 10, 1936; $1.50 paid on Sept. 14, 1936 and 25 cents
distributed on June 1 and March 2, 1936 and Dec. 2, 1935, this last being
the first dividend paid since Jan. 6, 1930 when $1 per share was distributed.
$1
on
—V. 146, p. 274.
Cost of
$11,870,554 $14,529,440
8,145,781
1,417,072
810,882
144,503
$1,352,316
Depreciation
Depletion
Profit from operations
Net operating profit..
Income from investments
of other income
Minority stockholders' proportion,
$195,154
61,993
21,498
Total income
Pacific Mills,
$111,663
57,015
Net profit.
dividends.
__
Preferred
$54,648
Surplus.
Balance Sheet, March 31,
...
_
_
.
133,556
_
Accounts
crued charges ..A—.....
Reserve for Federal and Provincial income taxes......
$18,607
7% cum. conv. pref. stock..
Common stock
Revenue surplus.
Capital surplus
797,000
Accrued interest on invest
receivable..
1,671
26,103
_.._
Inventories..
39,126
Deferred charges..
Advs. to assoc. co. (secured).
7,841
44,360
b
Land, bldgs., plant, equip,
and automobiles, Ac
$1,124,607
ae-
21,400
70,000
54,648
c
162,951
796,305
Total...................
W
and
payable
$75,646
.....
Investments
1938
Liabilities—
/,
.
....
Accounts
After
a
reserve
Total.
$1,124,607
—
for doubtful accounts of $9,000.
b After reserve against
appraisal increase and for depletion and depreciation of
resented by 70,000 no par share/—V. 147, p. 735.
Consumers Power
GrossreVenue
and taxes
depreciation..
exps.
Prov. for
335,500
$911,765
390,497
Int. & other fixed chgs__
on
!$1,030,128 $13,840,148
4,499,207
365,217
$14,112,855
$9,867,912
4,139,708
261,113
$5,467,091
65,278
65,278
$314,100
$5,144,226
pref. stk. exp.
No provision
was
$664,911
285,532
4,244,943
made in 1936 or 1937 for Federal surtax on undis¬
income was distributed.—V. 147, p. 735.
tributed profits as all taxable
Continental Baking
Corp.—Recapitalization Postponed—
It is reported that this company is abandoning, for the time being, its
plans for readjustment its capital structure.
Some time ago a committee
of directors was formed to consider plans for recapitalization with the idea
of refunding the $40,090,000 8% preferred so as to reduce dividend charges
and if possible leave a greater equity in earnings for the class A shares.
After exploring a number of suggested plans directors were unable to
find any which they believe would be acceptable to stockholders and also
be of substantial benefit to the company in saving overhead charges.—V.
147, p. 735.
Continental Can Co.,
Inc.—Stock Offered—Blyth & Co.,
Inc., recently distributed a block of 15,000 shares of common
stock at the Aug. 16 closing price on the New York Stock
Exchange plus commission.—V. 147, p. 567.
Continental-Diamond Fibre Co.—Earnings—
1938—3 Mos.—1937
Period End. June 30—
1 938—6 Mos.—1937
Sales, less returns, allow¬
ances, &c.
Cost oi sales exclusive of
$965,305
$1,903,054
$1,949,833
$3,859,566
depreciation
Sell., admin. & gen. exp.
875,127
226,563
1,392,011
1,807,066
2,799,728
266,878
458,609
533,439
$136,385
4,546
a$244,165
3,715
$315,842
9,142
a$526,399
$131,839
62,136
4,396
a$247,880
71,152
32,291
$306,700
124,130
6,296
a$533,828
140,363
64,840
$198,371
a$142,437
$0.31
$437,126
a$323,625
$0.71
—
Loss
Other income (net)
Loss bef. depr., &c
Prov. for depreciation..
Prov. for income taxes..
adva.to partial¬
ly-owned
subsidiary,
Haveg Corp
7,429
Res.for
Earns, per sh. on cap
5,000
2,000
Net loss
a
Nil
.stk
Nil
Profit.
Net
current assets
on
1938 amounted to approximately $2,represented cash.
June 30,
467,000 of which $401,000
During the six months ended June. 1938 there were purchased,
treasury 6,000 shares of capital stock for $41,692.
There are now
shares of stock in the treasury of the company.—V. 146, p. 3332.
for the
55,000
10,474
Directors at their recent
meeting decided to defer action on payment of
ordinarily due at this time on the
dend of $1.75 per share was
7% preferred stock.
A divi¬
paid on June 1. last.—V. 143, p. 268.
Net profit for the period
Earnings per share on 2,261,199 common shares..
dividend of four cents per share on the Ameri¬
Aug. 23 to holders of
Receipts for registered stock on
19.—V. 147, p. 417.
Depository
record July
Crane Co.
(& Subs.)—Earnings—
12 Months Ended June 30—
x
Net
profit
1938
1937
$3,880,944
$9,944,354
2,348,628 shs. com. stock
$1.24
$3.78
x After
depreciation and Federal income taxes but before surtax on
undistributed profits.—V. 146. p. 2203, 1547.
Earns, per share on
$970,055
$0.13
$2,507,711
$0.81
of
represents the net equity in consolidated earnings
Fibreboard Products, Inc., and its subsidiaries.—V. 147, p. 1190.
This
amount
Steel
Crucible
Co.
of
Bonds
America—$10,000,000
Offered—Public offering by means of a prospectus of a new
issue of $10,000,000 of 10-year sinking fund 4^% debentures,
series A, was made Aug. 24 by a banking syndicate headed
by Hallgarten & Co.
The debentures mature Aug. 1, 1948,
and are priced at 99and accrued interest.
Associated
with Hallgarten & Co. in the offering are Brown Harriman
& Co., Inc.; Blyth & Co., Inc.; A. G. Becker & Co., Inc.;
Hayden, Stone & Co.; Paine, Webber & Co.; Merrill Lynch
& Co., Inc.; Schoellkopf, Hutton & Pomeroy, Inc.; H. M.
Byllesby & Co., Inc.; Granbery, Mar ache & Lord; Hemphill,
Noyes & Co.; G. M.-P. Murphy & Co.; Otis & Co., and
Tucker, Anthony & Co.
due Aug. 1,1948.
Coupon debentures in the denom.
principal.
Coupon debentures and registered
Interest payable Feb. 1 and Aug. 1.
K0deemable, other than for sinking fund, at company's option, as a whole at
any time, or in part from time to time, on at least 30 days' notice by pubjlication, at 105% if red. prior to Aug. 1, 1940; on and after Aug. 1, 1940
and prior to Aug. 1, 1942, at 104%; on or after Aug. 1, 1942, and prior to
Aug. 1,1944, at 103%; on or after Aug. 1, 1944, and prior to Aug. 1,1946,
at 102%; and on and after Aug. 1, 1946, and prior to maturity, at 101 %;
in every case with accrued int. to the redemption date.
Also redeemable
through operation of the sinking fund on any interest date on or after
Aug. 1,1940, on at least 30 days' notice by publication, at 102% if red. on
or prior to Feb.
1, 1942; thereafter and on or prior to Feb. 1, 1944, at
101
thereafter and on or prior to Feb. 1, 1946, at 101%; thereafter
and prior to maturity at 100 j^%; in every case with accrued interest
to
the redemption date.
.
.
!Taxes—Company agrees to reimburse to the respective owners of the
series A debentures resident in the following respective States the amounts
of the following taxes which may be paid with respect to such debentures,
but in each case only upon application made in the manner provided in the
indenture and subject to the terms and conditions thereof; any personal
property or exemption tax in Conn, not exceeding 4-10ths of 1% of the face
amount thereof in any year; any securitias or personal property taxes in
Maryland not exceeding in the aggregate 45 cents on each $100 of assessed,
value thereof in any year; any tax in Mass. assessed or measured on income,
not exceeding 6.6% of the interest thereon in any year; any personal prop¬
erty tax in Ohio not exceeding 5% of the interest thereon in any year; and
any personal property taxes or, if any such owner by a corporation
or
Pennsylvania, any capital stock tax in Pennsylvania not exceeding 8 mills
on each dollar of assessed value thereof in any year.
Sinking Fund—Sinking fund payable in cash or in series A debentures,
on or before June 20 and Dec. 20 in each year,
beginning June 20, 1940,
to and incl. Dec. 20, 1947, as long as any of the series A debentures remain
outstanding.
The principal amounts of series A debentures to be retired
at the above sinking fund redemption prices by the sinking fund payments
and the dates of the sinking fund payments are as follows; June 20, 1940,
$200,000; Dec. 20, 1940, $250,000; June 20, 1941, $250,000; Dec, 20, 1941,
$250,000; June 20, 1942, $250,000; Dec. 20. 1942, $250,000; June 20, 1943,
$250,000; Dec. 20, 1943, $300,000; June 20, 1944, $300,000; Dec. 20, 1944,
$350,000; June 20, 1945, $350,000; Dec. 20, 1945, $400,000; June 20,
$400,000; Dec. 20, 1946, $400,000; June 20, 1947, $400,000; Dec. 20, 1947.
$400,000.
Indenture provides for additional payments to the sinking tuna,
contingent on the amount of net earnings.
Listing—Company has agreed to make application for the listing of tne
debentures on the New York Stock Exchange.
01
History and Business—Company was incorp. in New Jersey on July zi,
1900.
Company, with subsidiaries, is engaged primarily in the manufac¬
ture and sale of alloy and carbon steels produced in electric, open heartn
and, to a minor extent, crucible furnaces.
The steel manufacturing activi¬
ties may be dividedinto two major classifications; (1) the manufacture or
high-grade steels, and (2) the manufacture of other alloy and carbon steels
for general purposes and for specialties,
,
Company ranks as one of the leading manufacturers of high-grade steels
in the United States.
The high-grade steels produced by the company
include high-speed, tool and die steels, stainless and heat-resisting steels,
electric alloy steels, and a wide variety of special steels.
1 hese high-grade
steels are produced almost entirely in electric furnaces and are sold in various
forms, including hot rolled and cold drawn bars, sheets and light plates,
cold rolled strip, forgings, wire, and specialties such as navai ordnance ana
of $1,000, reglsterable as to
debentures interchangeable.
.
^
,
1946,
^Fhtfother
alloy and carbon steels are produced in open hearth furnaces
various forms, including blooms and billets; hot rolled, coia
and are sold in
cialties such as
treated bars; rough upset forgings: rolled
agricultural shapes, springs, and forging
an»SubstantfaHygall ofCthe coal
and coke and ah of the basic
shapes; and spe¬
blanks for axles
pig iron required
manufacturing operations are produced by subsidiaries, and in
pig iron, coke and by-products of coke are sold.
Nearly
all of the iron ore requirements are purchased under contract from snyaer
Mining Co., 50% of the capital stock of which is owned by the company.
All of the normal limestone requirements for blast furnace operations are
purchased under contract by a subsidiary from Lake Erie Limestone Co.,
which has no coiporate affiliation with the company but which, under the
contract, is given the right to possession of the limestone quarries owned by
such subsidiary.
A substantial portion of the iron and steel scrap and
all of the low phosphorous and Bessemer pig iron required are purchased
in the open market.
Other raw materials, such as tungsten, nickel, chro¬
mium, manganese, tin, copper, molybdenum, vanadium and cobalt, some
of which are mined principally in foreign countries, are also purchased in
the open market.
in the steel
addition surplus
Courtauld's, Ltd.—Interim Dividend—
Company paid an interim
can
17,039
449,168
United States and Canadian income
drawn and heat
Corrugated Paper Box Co., Ltd—Pref. Dividend Deferred
dividend
230,942
106,873
Dated Aug. 1,1938;
$170,600
285,389
pref. stock....
Balance
x
Rep¬
1938—12 Mos.—1937
$3,021,402 $37,230,602 $35,628,003
1,655,774 xl9,364,454 xl8,004,148
335.500
4,026,000
3,511,000
$9,340,941
3.413,375
783,339
$521,267
Divs.
c
Co.—Earnings—
$2,816,809
1,569,544
Gross income....
Amort, of
$1,025,622.
1938—Month—1937
Period End. July 31—
Oper.
220,023
36,126
,
232,870
Ltd....
Provision for
x
a
$3,311,733
Other expenses net
$189,537
5,617
...
Reserve for depreciation and depletion.
Provision for income tax
.
x308,880
$1,469,548
Total
taxes
:
117,232
Dividends from Fibreboard Products, Inc
paid on bonds and on notes payable issued
in connection with redemption of bonds and debs.
Ltd.—Earnings—
Earnings for Year Ended March 31, 1938
Assets—
$3,002,853
expenses
Interest
Consolidated Sand & Gravel,
Cash....
9,007,906
1,479,625
835,363
203,693
goods sold
Operating
1937
1938
allowances, out¬
ward
Total....
Rendering Co.—Pays 70-Cent Dividend—dividend of 70 cents per share on the common stock of
Consolidated
payable Oct. 1
Like amount was paid on July 1 and Jan. 3
dividend of 75 cents was paid on Oct. 1, 1937; dividends of 25 cents
were paid in each of the six preceding quarters; on Dec. 20, Aug. 30, and
May 22, 1935, and on Dec. 21, 1934, and 50 cents paid on March 30, 1934,
and Nov. 1, 1933.
The last regular quarterly dividend of 25 cents per
share was paid on April 1, 1931.—Y. .146, p. 3332.
to
last;
Consolidated Biscuit Co.—1 fy-Cent Dividend—
1335
Chronicle
1336
Financial
Funded Debt and
Capitalization
Chronicle
of June 30,1938
as
Dallas Power &
'
Authorized
10-year5% gold debs.,due May 1,1940 (a)..
d Outstanding
$4,500,000
$10,000,000
Preferred stock 7% cum. ($100 par) b
Common stock ($100 par)—
250,000 shs.
750,000 shs.
Pittsburgh Crucible Steel Co. lstmtge. 5s (c)—
238,800 shs.
445,197.73 shs.
e$l,750,000
a Company will redeem
outstanding 5% gold debentures out of the pro¬
ceeds of the debentures offered.
b As of June 30, 1938, accumulated and unpaid dividends on the out¬
193654
standing preferred stock (exclusive of shares held in treasury) amounted to
$6,387,900, equivalent to $26.75 per share.
c Principal
and interest guaranteed by the company.
These bonds
mature serially, $250,000 due each March 1 to 1945, inclusive.
d Exclusive of 11,200 shares of preferred stock and
104,802.27 shares of
common stock held in treasury, but inclusive of
3,500 shares of common
stock reacquired and reserved for officers and employees.
e Exclusive of $22,000 of matured bonds
which, as of June 30, 1938, had
not been presented for payment but for the payment of which cash is held
by the trustee under the indenture securing the same.
Note—There are also outstanding as of June 30,1938, $200,000 (including
$100,000 of bonds which matured Aug. 1, 1938, for payment of which cash
has been deposited with trustee under the indenture
securing the same) of
first mortgage 5% gold bonds (maturing serially, $100,000 due each
Aug. 1
to 1939, incl.) of St. Clair Furnace Co. (succeeded
by the Carnegie-Illinois
Steel Corp.), which bonds are guaranteed as to principal and interest by
company.
By an agreement dated April 29, 1904, between company and
the United States Steel Corp., the latter agreed to hold the
company harm¬
less from any obligation theretofore assumed by the
company for the pay¬
ment of principal and interest on these bonds.
Earnings Summary
Gross Sales
b Operating
b Operating
Depreciation
and
Inajrne After
Discounts, Income Before
Returns, &c.
Deprec. cfe Depl.
Depletion Depr. & Depl.
$19,427,682
$1,597,294
$1,228,274
$369,020
27.376,240
2,001,361
716,144
1,285,217
32,713,346
3,328,361
1,983,146
1,345,215
46,624,121
5,802,537
1,445,503
4,357,034
59,852,703
7,269,189
1,630,886
5,638,303
12,716,948
c590,333
771,232
cl,361,566
Calendar
Less
Years—
.
_
1937-1938 a.....
Six months ended June 30.
a
income
b
Operating income is given before "other
before deductions for interest, amortization of debt expense
taxes,
on or before Nov. 1, 1938, $4,500,000 10-year
5% gold debentures outstanding, at 101, which, exclusive
of accrued int. to date of redemption (to be paid out of cur¬
Underwriting—The
principal underwriters and the
by them, respectively, are as follows:
Hallgarten & Co., N. Y. .-...$2,000,000
Brown Harriman & Co.
Inc.,
2,000,000
Blyth & Co., Inc., N. Y.
2,000,000
A. G. Becker & Co.,Inc.,N.Y.
Hayden, 8tone & Co., N. Y.J
600,000
Paine, Webber & Co., N. Y—
Merrill Lynch & Co.,
Inc.,
600,000
Inc., N. Y._.
Byllesby & Co., Inc.,
Chicago_. —, i'.. —'> V.viGranbery, Marache & Lord,
II.
500,000
....
500,000
M.
-
N.
500,000
Y
-
Y
-
200,000
&c._...—
'
ad vs.
to
46,667
39,909
$210,251
46,667
32,141
$2,607,322
560,000
431,136
$2,375,877
753,583
82,395
Net income
Divs. applic. to pref. stks
for the period, whether
$132,720
$131,443
$1,616,186
$1,539,899
paid
unpaid
or
507,386
Common
1
Funded
Notes
Mining Co
4,261,478
common
28,000
and $27,000 for the respective one month periods and $364,500 and $27,000
for the respective 12 month periods covered by this statement.—V. 147,
570.
p.
Dallas
Ry. & Terminal Co,—-Earnings—
Period End. July 31—
1938—Month—1937
Operating revenues
Oper. exps. incl. taxes..
Prop, retire, res. approp
$239,123
183,004
15,310
$251,521
197,246
11,622
Net bper. revenues—
$40,809
15,505
$25,304
stock held for
$643,627
186,063
$27,146
1,041
$306,840
$457,564
21,480
12 500
2,239
$28,187
23,852
2,265
$328,320
284,602
25,812
$470,064
286,230
24,896
$1,216
$2,070
$17,906
$158,938
......
Operating income.—
$492,093
186,063
......
Other income
15,505
1,666
Gross income
$26,970
23,515
Interest on mtge. bonds.
Other deductions
Net income
x
Divs. applic to pref stk.
for the period, whether
paid
or
unpaid—«...
Balance
x
2,475,083
200,060
------
Deferred charges-......
•
—
...
6,000,000
....
—
2,000,000
payable.
accounts-
—
-
-
_
-
895,840
1,483,903
—
1,1939—
—
.
Contingent liability.—
accident
insurance-.-
2.50,000
97,875
376,427
19,633,320
surplus
Capital surplus—. _.I..—-
~
7,250,453
14,213,580
294,892
$106,387,5921
Total
...$106,387,592
After depreciation of $35,918,736 and depletion of
$1,290,191.
b After
$271,381.
c Credits relating to company's common stock held
—
—
...—
reserve of
for issuance under employment agreements.—V.
147,
p.
was
accumulated and unpaid to July 31, 1938,
amounted to
Latest dividend amounting to $1.75 a share on 7% preferred
paid
on
Nov. 1, 1933.—V. 147,
and Berwick
Electric Co. for all periods]
Period End. July 31Operating revenues.
Operating expenses
State & municipal taxes.
Social security taxes
Fed. taxes (incl. income)
_
1938—Month—1937
$369,861
$392,348
214,840
230,730
31,264
30,783
3,421
3,014
21,100
25,848
has
disposed
$99,236
Non-oper. income (net).
6.307
Bond interest
$101,973
5,564
&
Salmon
Falls
Dennison Mfg. Co.
365,908
36,418
301,798
$1,243,979
58,236
$107,537
32.749
33,729
Cr 157
9
$1,302,215
397,680
Cr 19,986
12,732
11,994
174,746
...
deductions
Net
income
Pref. div. requirements.
$60,219
29,165
$61,805
24,580
$4,712,425
2,723,166
364,029
23.797
Public
$749,775
319,896
56,536
$1,495,266
436,069
1,989
269,688
$787,520
281,214
Commission has authorized this company
to pay a stock dividexid of 7,500 shares of
common stock, no par value, and
to charge the stock dividend
against existing surplus at the rate of $100 a
There are 47,199 shares of common stock
outstanding, over 99%
of which is owned by the New
England Public Service
Co.—V. 147, p. 570.
Dakota Power Co.—Issuance
of
Securities—
The Interstate Commerce Commission has
approved the issuance and
50,000 of general mtge. 7% gold bonds, (now first mtge.
bonds).
$337,000 of 4% promissory notes due April 1, 1956, and
13,222 shares of
stock ($10 par) to General Public
Utilities, Inc.—Y. 146, p.3332.
common
David & Frere, Ltd.—Extra Dividend—
Directors have declared an extra dividend of
10 cents per share in ad¬
dition 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.—V. 146, p. 1238.
Decca
Records, Inc.—Registers with SEC—
first
1032.
Mmlhs Ended June 30, 1938
Profit before depreciation
Provision for
$22,000
228,000
depreciation
Loss
Dividends
on
a
York
This
ago.
p.
$206,000
157,000
debenture stock.
$363,000
Estimated Balance Sheet June 30,1938 (In Nearest Even Thousand Dollars)
Liabilities—
Cash..
Notes
$599,000
■
100,000
Trade notes & accts. re., net.
Merchandise & mat's (est.)
988,000
Accounts
bank
to
by
—
—
$20,000
_
pay'le & estimated
accrued expenses„
3,149,000
....
552,000
Minority int. In subsidiaries.
b Capital stock.
181,000
property (net)
payable
subsidiary
S.580.000
—
3,994,000
Estimated surplus
.
187,000
868.000
—
trade¬
patents,
...
<1,027,000
169,000
Total-...-...
$10,207,000
Total
$10,207,000
a Unaudited figures
prepared from books without verfication by physical
inventory,
b Capital stock (net outstanding, exclusive of treasury stock):
Debenture, $3,929,000; preferred, $2,563,000; class A, $907,000: manage¬
ment, $793,000; employee, $256,000; interim optional receipts, $132,000.
—V. 145, p. 4115.
Detroit & Mackinac
July—
Ry.~ Earning s-
1936
1937
1938
Gross from railway
Net from railway
Net after rents
1935
From Jan. 1—
Gross from railway..
Net from railway
Net after rents
$70,889
13,046
5,389
$80,367
12,818
3,969
$78,722
21,983
15,541
424,755
59,469
14,963
_
501,045
99,684
44,152
383,947
$53,119
4,740
1,376
324,959
46,940
9,119
16,525
defl 1,123
—V. 147, p. 736.
July—
R
R.—Earnings—
1937
1938
Gross from railway-....
Net from railway...
1935
1936
$346,568
$500,454
$644,125
103,110
71,284
186,946
118,697
321,813
234,386
2,792,611
4,813,375
4,727,347
905,234
540,000
2,450,918
1,578,773
2,476,460
1,733,212
$467,184
217,147
165,070
From Jan. 1—
Gross from railway._:
Net from railway......
Net after rents-.-
—V.
147,
p.
5,184,524
2.856,308
2.081,857
736.
RR.—-Earnings—
1937
1938
July—
Gross from
$255,872
124,144
57,703
$253,415
117,008
1,323,950
Net from railway
513.200
Net after rents-.v—102,807
—V. 147, p. 736.
2,305,084
1,293,817
681,106
2,322,532
1,283,178
661,473
Net from
Net after rents
From Jan. 1—
Gross from railway
....
—
1935
1936
$139,018
39,575
defl 1,435
railway—.
railway
48,350
$216,647
95,339
42,030
2,052,678
1,112,913
586.327
'';>•> w;i{.;
Dewey & Almy Chemical Co.—Earnings—
Utilities
share.
See list given on
years
162,703
$1,438,730
Stock Dividend—
Maine
90,000 New
(& Subs.)—Earnings—
Estimated Earnings for 6
Net after rents
1938—12 Mos.—1937
$4,618,085
2,669,982
$105,543
Other interest (net)
of about
iiii. shares acquired in the stock market some
Detroit & Toledo Shore Line
Net oper. income....
Gross income
Corp.
736.
p.
Delaware & Hudson Co.—Sells New York Central Slock—
Detroit Toledo & Ironton
Securities
$55,037
1032.
Cumberland County Power & Light
Co.—Earnings-—
Cumberland
103,901
def$85,995
Dividends
$493,530.
stock
Investments, &c
Reserves for fire, marine and
Earned
103,901
........
Plant, equipment and similar
...
debt
Accounts
c
204,000
receivable....--....42,038
receivable--bl,879,467
Inventories-
The
1938—12 Mos.—1937
$2,994,967
$3,057,514
2,304,442
2,303,520
197,622
110,367
$42,651
Kent for lease of plant
200,000
...$23,880,000
—} 44,519,773
stock—...
Bonds due Mar.
Accounts
Other
$1,032,513
x Includes amount required to amortize debt discount and
expense over
the life of the outstanding debt plus an additional amortization of $34,500
marks, &c. (net)
payable—banks
Accrued
7,597
Issuance to officers & empl's
Cash
[Including
507,386
$1,108,800
.
Balance
Deferred charges
7% preferred stock..--.
Snyder
U. S. Government securities.
Other securities...-.
a
$2,374,201
1,676
$219,296
200,00C
Liabilities—
Property, plant & equipm't.a$82,981,476
Goodwill, pats., trademarks,
Total
563
Int. on mtge. bonds
xOther int. and deduct'st
Goodwill,
Notes
$2,606,759
45
Finance note receivable.....
Consolidated Balance Sheet June 30, 1938
Co.'s
$210,206
60
—
Assets—
200,000
200,000
Hemphill, Noyes & Co,, N. Y.
G. M. P. Murphy & Co., N.Y.
Otis <fe Co., Cleveland
—
Tucker, Anthony & Co., N.Y.
Assets—
&
——
$219,236
Balance, deficit.«_«
Schoeilkopf, Button & Pomeroy,
Y.
in
1938—12 Mos.—1937
$6,620,912
$6,369,013
3,473,509
3,315,763
535,193
679,049
5,451
*
314,726
78,366
brings company's holdings to about 320,000 shares.—V. 147,
names of the several
several amounts underwritten
Inv.
approp'n..
Net oper. revenues—
Other income—
Central
rent funds) will require
$4,545,000
(b) To retire a note of company dated July 7, 1938, payable
to Chase National Bank of New
York, at 100, which will
require...
1,000,000
(c) To retire a note dated March 26, 1938, payable to Mellon
National Bank, Pittsburgh, at 100, which will require
1,000,000
(d) To increase working capital.
3,001,100
N.
324,532
73,475
Company, it is understood,
(a) To redeem,
N.
1938—Month~1937
$617,243
$603,298
Loss.
c
Giving effect to the issuance of the series A debentures now offered, the
payment of the bank loans and the retirement of the company's 10-year
5% gold debentures, the annual interest on the funded debt of the company
and its subsidiary, Pittsburgh Crucible Steel Co., will amount to $537,500,
subject to reduction through (1) operation of the sinking fund applicable to
series A debentures now offered, and (2) the serial maturities, amounting to
$250,000 per annum, of Pittsburgh Crucible Steel Co. first mortgage 5%
serial gold bonds.
Purpose—Total net proceeds to company from the issue and sale of the
series A debentures after deducting estimated expenses in connection there¬
with, will amount to $9,546,100.
The company intends to apply, or cause
to be applied, such total net proceeds
substantially as follows:
-
res.
1938
Light Co.—Earnings—
Period End. July 31—
Operating revenues
Oper. exps. incl. taxes._
Prop, retire, res. approps
Accident
27,
.....
income" and
and
Aug.
page
of this department.
6 Months Ended June 30—
Sales
.....
Consolidated net profit after depreciation,
State and foreign taxes
1938
$1,764,983
1937
$2,291,264
77,620
—
290,700
Federal
—V. 146, p. 594; V. 145, p. 4115.
Dollar
Steamship Lines,
Inc.,
Ltd.—Plans to Resume
Service—Two Loans Arranged—The round-the-world service of the Dollar Line, which has been suspended
will be resumed in midSeptember after the company's ships have been renovated to conform to
Federal safety requirements.
Bids have been asked of Atlantic Coast shipyards for the mstalation of
fire screens, fire doors and bulkheads and for the improvement of crews'
quarters on the four ships which are tied up in New York.
Bids will be
asked on the Pacific Coast for similar work on six ships tied up there.
The Dollar Line service first encountered difficulties several months ago
when the withdrawal of Federal mail subsidies reduced the company's
for several weeks because of financial difficulties,
,
„
.
.
.
operating funds to such an extent that the improvements required by the
government's safety laws could not be financed.
Volume
The
147
Maritime
Financial
Commission
announced
Chronicle
19 in Washington a plan
calling for the transfer of Dollar securities which will give the government
control of 90% of the
company, the award of an operating differential
which will give the line $3,000,000 a
year for five years, a loan of $1.500,000
by the Commission and another loan of $2,500,000 by the Reconstruction
Finance Corporation.
The loan by the Commission is to be used
to finance the repair of the
ships and the RFC loan is intended to provide working capital to supple¬
Aug.
Electric
1937
1936
$50,268
$65,349
3,991
3,769
$48,797
3,835
8,015
$45,535
4,440
1,464
$44,470
$57,589
$36,948
$36,171
4,334
Net profit.
Cash
....
1938
.
.
_
.
_
.
$41,544
1,596.150
.
Investments
Acct.
$25,536
1,139,892
„
1937
receivable..
3,411
Total
x
$1,184,848 $1,621,6871
$70,000
——
...-.$1,184,848 $1,621,687
Represented by 5,000 no par shares,
y Represented by 75,000 no par
of which 25,000 shares are held in the
company's treasury to be
Dominion
1938—4 Wto.—1937
$1,344,634
W.
Fed'l
taxes
1938—32
loss65,276
107.079
56,883
50,105
49,867
100,031
99,357
loss5,848
lossl4,113
lossl4,777
lossl0,590
lossl3,041
loss27,486
loss37,369
loss24,347
$1,452,738 $11,596,960 $11,997,362
loss$35,131
$131,579
$116,388
$330,205
19,702
20,975
48.244
$111,877
$95,413
$281,961
8,761
101,250
Gen'l admin, exp.—-net.
taxes on income
for all
Fed'l taxes
(estimated)
Meeting of directors scheduled for Aug.
on
income
Net profit before accrd
divs. to minority in¬
18 has been indefinitely post¬
Consideration was to be given dividend policy for the balance of
the current fiscal year end ng Nov. 30.
Deferment of the meeting was stated to be due to the absence from the
terests in
Pref. stock of
subsidiary loss$35,131
subsidiary
3,777
4,380
7.566
50,625
50,625
101,250
Consol. net profit
loss$89,533
Surplus balance begin¬
ning of period
2,722,780
$56,872
loss$13,403
$171,951
3,420,191
2,652,244
3,408,326
$3,477,063
$2,638,841
$3,580,276
Preference stock of sub-_
,
city of
a number of directors.
Present indications are that no meeting will
be held until the next regular scheduled
meeting in November.
Unless a special meeting is called in the meantime it now
appears likely
that any dividend action will be in the form of a
year-end disbursement.
—V. 147, p. 418.
Total
Duluth Missabe & Iron Range Ry.July—
—V.
147,
p.
Duluth
1937
1936
1935
$1,412,518
808,974
703,715
$4,728,384
$2,720,376
$1,864,356
3,674,459
1,933,019
3,128,083
1,707,673
1,196,608
1,065,841
4,265,573
292,449
defll3,363
16,078,132
10,130,971
8,214,915
8,237,498
3,891,688
2,805,873
Winnipeg & Pacific Ry.1938
Gross from railway
Net from railway
$88,721
defl3,642
def30,817
Net after rents..
From Jan. 1—
Groas from railway
Net from railway
Net after rents....
147,
1.807,237
p.
Earnings—
1937
taxes
$105,109
8,360
def6,828
644,273
def36,830
defl90,074
838,182
171,810
7,173
782.552
113,979
def51,461
defl05,021
Duro-Test
Corp.—Rights Extended—
balance
of period—V. 146, p. 3498.
Eastern Gas & Fuel
Associates—Pref. Div. Omitted—
"The omission of any payment was decided upon in view of unfavorable
earnings for the first seven months of 1938 and because of the uncertain
immediate outlook," the trustees stated.
"For the first seven months of
1938 earnings are approximately $1,500,000 less than in the same period
of 1937.
"To offset the unfavorable trend," the trustees announced, "every pos¬
sible
economy has been introduced including reductions in
of the officers and of the office and administrative staff."—V.
Eastern
Massachusetts Street
Period End. July 31—
Railway
Railway
oper.
expenses-
Net ry. oper. revenues
Taxes
-
__
$159,258
salaries
1034.
p.
$1,446,767
286,281
$117,278
5,6.55
$111,445
5,664
$1,032,309
35,966
$1,160,486
43,626
$122,933
48,470
100,561
$117,109
52,310
106,416
$1,068,275
355,682
718,174
$1,204,112
373,875
731,043
41,980
Net after taxes
Othe. income
Gross corp. income—
Int. on fd. dt., rents, &e.
Depreciation
$2,536,614
$3,365,028
RR.—Earnings—
1937
1936
1935
$7,196,897
Net after rents
1,985,133
1,315,971
$7,286,527
2,307,270
1,458,984
$5,814,438
1,073,753
460,896
From Jan. 1—
Gross from railway
Net from railway
37,600,475
5,624,376
50,612,952
15,232,698
9,640,222
47,215,865
13,578,470
8,694,646
42,137,714
10,498,744
6.445,232
after rents
def69,960
To Pay Trust
Certificates—
The trustees for the road have filed petition in Federal Court, Cleveland,
seeking permission to pay to the Reconstruction Finance Corporation
before Aug. 25 a $350,000 instalment and before Sept. 25 a $153,000 instal¬
ment on the principal payment of $503,000 due March 1 on $11,833,000
trust certificates issued under the Erie RR. equipment trust of 1934.
If
payments are approved by the Court, the RFC will refrain for 90 days from
Sept. 1 from taking any action to terminate leases on property covered
or to accelerate
maturity date of the certificates.
Another principal pay¬
ment of $503,000 and dividends of $226,600 fall due
Sept. 1.—V. 147,
p. 1034.
Ex-Cell-O Corp.—Dividend—
Directors have declared
a dividend of 10 cents per share on the common
payable Oct. 1 to holders of record Sept. 12. Like amount was paid
July 1, last, and previously regular quar. dividends of 20 cents per snare
stock
on
were distributed.
In addition, an extra dividend of 30 cents
Dec. 22, 1937.
See also V. 145, p. 3496 for detailed record
dividend payments.-—V. 147, p. 571.
Period End. July 31—
Operating
$26,098
$41,617
$5,581
prof$99,194
1938—12 Mos.—1937
449,589
80,307
151,926
$11,228
$174,221
$186,158
100
178
$10,356
5,000
$11,231
$174,322
60,000
$186,336
60,000
$5,356
$6,231
885
959
$114,322
12,813
$126,336
11,480
$4,471
Ner oper. revenues—
505,440
54,210
154,093
2
Taxes
$867,980
38,197
5,724
11,795
$10,356
Maintenance
$887,965
39,914
4,027
12,707
Operation
$5,271
$101,509
105,889
$114,856
105,889
Non-oper. inc. (net)
Balance
Retirem't
paid on
of previous
was
Co.—Earnings-—
1938—Month—1937
$66,104
$66,944
revenues
reserv.
accru.
Gross income
Net loss bef. pro v. for
retirement losses
Chicago & Erie RR)
1938
Fall River Gas Works
1938—7 Mos.—1937
$3,727,129
$3,913,563
2,392,472
2,466.796
$153,017
$1,334,657
41,572.
302,348
-------
$3,365,028
$5,68o,065
1,015,698
209,245
Ry.—Earnings—
1938—Month—1937
$490,547
$524,126
331,289
371,109
oper. revenues-
the
147,
206,427
(Including
common
Trustees voted at their regular meeting to omit
payment on the 4H%
prior preference stock ordinarily payable Qct. 1.
Dividends on this class
of stock have been regularly paid since Oct. 1, 1929.
103,213
close
Gross from railway
Net from railway
The expiration date for the rights to subscribe to additional shares of
stock has been extended from the close of business on Aug. 29
Oct. 24.
Accordingly, the final date for trad¬
ing in such rights will be Oct. 22 instead of Aug. 27 and the rights will sell
for cash on Oct. 20, 21 and 22, instead of
Aug. 25, 26 and 27, the dates
previously announced by the exchange.—V. 147, p. 1034.
103,213
mos.
July—
Net
to the close of business on
8,822
$2,536,614
Surplus
defl9,783
def34,127
736.
Crl,041
period-.--
Erie
573,904
defl3,401
8,822
103,213
respectively for 6
$80,140
def7,182'
def26,536
Cr6,580
paid by corp'n at
25c. and 50c. per share
1935
1936
$96,576
55
Divs.
6,035,512
2,378,924
736.
July—
—V.
on purch.
of 7%
pref. stk. of subsidiary
Adjustm't of prior period
1—
...
$2,633,248
Prem.
-Earning s-
1938
Gross from railway
Net from railway—...
Net after rents.
292,564
Net profit before Fed'l
Prov.
poned.
From Jan.
,426,018 $11,735,037
dept. store operat'ns
Wks.—1937
Douglas Aircraft Co.—Meeting Postponed—
Net after rents
1938—6 Mos.—1937
Real estate used in de¬
1191.
Gross from railway
Net from railway—___
-Earnings—
inc.:
on
Department stores
,
F. Stewart has resigned as Vice-President and director of this com¬
p.
889.
1938—3 Mos.—1937
$5,071,040
$5,757,880
Net profit of units before
Official Resigns—
pany.—V. 147,
p.
Period Ended July 31—
Net sales of dept. stores.
Stores, Ltd.—Sales—
Sales.
147,
part. store operat'ns
Real estate not used in
*
,
Aug. 13—
par
Emporium Capwell Corp. (& Sub.)
delivered to holders of warrants attached to the
20-year 5H% debentures.
Period End.
no
Dec. 21, 1936—V.
968,313
1,478,271
..
a dividend of 75 cents
per share on the common
value, payable Oct. 1 to holders of record Sept. 12.
Like
paid on July 1, last, and previously regular quarterly dividends
of $1 per share were distributed.
In addition, an extra dividend of $4 was
paid on Dec. 20, 1937, and an extra dividend of $2.50 per share was paid on
shares
—V. 146, p. 2689.
and tele¬
amount was
...—
3,119
20-year 5)4% debs 2,490,000 $2,490,000
x $6 cum. pf. stock
25,000
25,000
y Common stock75,000
75,000
Total
power, transportation
Electric Controller & Mfg. Co.—Dividend—
stock
1937
1938
Note payable....Accts. payable...
—
affiliate
an
It operates vd San Jose and 32 adjacent
supplying light,
phone communication.—V. 147, p. 889.
Directors have declared
Liabilities—
Deficit.
'Approves
Utility Seizure
Foreign Po^ePT!o., Inc.,
of the Electric Bond & Share Co.
suburbs and communities,
4,924
Balance Sheet June 30
Assets—
-Cortes Favors
Rica
extend the period of new rate schedules until 1980.
Several disputes have
occurred between the company and the National Electm
Board."
The organization in Costa Rica is the Costa Rica
EJectric Light & Trac¬
tion Co., Ltd., owned by American &
1935
General expenses
Interest paid on loans
Co.—Costa
pay indemnity.
Earlier, a Government-appointed commission from Congress had approved
the porposal, which was advanced
by Communist representati vas.
The
commission said this was the only way to end
difficulties with the North
American corporation as a result of unification contracts
which, it asserted,
Foreign Investors Corp.- -Earnings1938
Share
Press dispatches from San Jose, Costa
Rica, Aug. 10, hatFthe following:
"Congress passed a measure authorizing the Government to expropriate
properties of the Electric Bond & Share Co.
The vote'was 40 to 1.
The
measure includes a grant of power to
negotiate a loan to
the company's funds, which are said to
be depleted.
The Dollar
Line will continue to operate the ships for the
government and it is expected
that its organization will be continued without
change.—V. 146, p. 4114.
Domestic &
&
Expropriation Plan-
ment
Years End. June 30—
Divs. & int. received
1337
Bond
Interest charges
5,000
—V. 147, p. 737.
Net income
Eastern Utilities
Dividends declared-
Associates—Earnings-
12 Mos. End. July 31—
Operating revenues-subsidiary companies
—V.
1938
$8,689,332
1.192,902
309,824
1,365,238
1,753,865
p.
890.
1937
$8,192,940
147,
Fashion
Co.—Earnings—
Net earnings of subsidiary companies applicable to
Eastern Utilities Associates
Other income of Eastern Utilities Associates
Balance for Eastern Utilities Assoc's divs & surplus
—V. 147, p. 889.
309,824
1,929,032
Earnings for 6 Months Ended July 31, 1938
Net
profit, before Federal income tax
Liabilities-
Cash....
Ebasco Services,
Inc.—Weekly Input—
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1937, was as follows:
"
Operating Subs, of—
1938
1937
Light Co
107,421,000 117,365,000
Light Corp-.-— 57,222,000
61,808.000
Nat. Power & Light Co
82,307,000
79,034,000
Elec. Power &
$117,502
—
Accounts receivable (net)
For the week ended Aug. 18. 1938, the kilowatt-hour system input of the
operating companies which are subsidiaries of American Power & Light
Amer. Power &
$8,902
Balance Sheet July 31, 1938
Assets—
1
Itictcclsc
Amount
*9.944,000
*4,586,000
3,273,000
■"
%
*8.4
*7.4
4.1
♦Decrease.—V. 147, p. 1191.
189,333
Notes receivable.
6,984
103,713
-----
Merchandise inventories
—
..
Merchandise in transit
8,746
Securities owned
100
Cash surrender value life insur.
28,974
Ohio sales tax stamps on hand.
2,634
a
Leaseholds at cost
b
Accounts payable for purchases
expenses, Ac.
Due leased departments.
Accrued taxes
...
Long- term Indebtedness.
Preferred stock
c
Common stock
Surplus.
$62,173
1,314
23,723
8,500
100.000
398,150
315,133
Improvements to leaseholds,
334,575
;
furniture and fixtures.-
110,278
Goodwill...
1
Unexpired lnsur'ce premiums,
prepaid rent & supply Invent
6,153
Economy Grocery Stores Corp.—To Pay 25-Cent Div.—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Sept. 10 to holders of record Aug. 27.
A regular quarterly
dividend of 25 cents per share was paid on April 15, last.—V. 147, p. 419.
$^08,993
Total.....
a
After
reserve
for
preciation of $119,566.
depreciation
c
34,015
Total
of
$908,993
$38,501.
b After reserve for
shares.—V. 133, p. 2769.
no par
de¬
Financial
1338
To
Exchange Buffet Corp.—Earnings-
Depreciation..
1936
$4,8.34
28.377
loss$l ,013
29,069
—-----—
..
1937
1938
Quarter Ended July 31—
Profit before depreciation
Chronicle
$15,151
26.825
Aug. 27,
bonds,
proposed
the
secure
mortgage on all its properties,
which t.ie Trust Co. of Georgia
first mortgage
as
the applicant
will create a
1938
first
new
which will be dated Jan. 1, 1938, and under
will be trustee. The bonds will be designated
The proposed mortgage provides for a sinking
4% bonus.
fund.
proposed bonds are to be pledged with the RFC as collateral security
for the loan aforesaid.—V. 144, p. 1279.
The
$30,082
Net loss
$23,543
$11,674.
1935
-V. 147, p. 571.
Froedtert Grain & Malting Co.,
(The) Fair, Chicago—Earnings—
6 Mos. End.
Net sales
1938
$7,131,527
1937
$8,463,278
$8,043,578
$7,.548,637
172,541
-
6,260
prof21,466
Net sales of
malt
sold
Cost of malt
y
depreciation, &c—-146, p. 3668.
x
Sell. & admin, expense
Filbert Corp .—Registers with SEC—
given on first page of this department.
Philadelphia—Balance Sheet. .June 30
1938,
$
Bonds and stocks. 16,599,308
Liabilities—
18,763,674
359,087
558,295
1,854,565
915,414
24,551
296,174
Net inc. for the year.
495,551
517,246
2,000,000
8,088.469
Total
$1,109,391
$915,129
672,000
252,000
$624,335
114,000
$573,742
2,188.504
$437,391
1,775,580
$663,129
1,112.451
$510,335
722.116
Gross surplus
Surplus charge- -
$2,212,970
$1,775,580
$1,232 451
9,052,409
2,000,000
20,783,870 22.470,774
Inc.—Earnings—
surplus at end
of the year__
Earn, per sh. on 420,000
$2,762,246
$2,188,504
$1,775,580
$1,112,451
$1.76
$2.24
$1.78
$1.09
shares
,
Including provision for depreciation,
x
$1;015,477
$1,211,502
Depreciation
239,206
262,285
128,294
142,382
$1,361,656
267,334
166,244
$1,115,637
279,828
104,350
$647,977
817,565
$806,835
817,065
$928,078
816,567
$731,459
816.067
$0.79
Shs.com.stk.out.(nopar)
per share.- — -
$0.93
$1.08
$0.84
and
Notes
Inventorles
Period End. June
30—
1938—3 Mos.—1937
20,000
-
-
-
1,375,639
_
K.
1,634,912
$13,548
$6,739
3345.
1936
1938
193*7
$322,678
defl53,006
def251,825
$383,309
defll9,185
def213,407
July—
Gross from railway—,
— •
Net from railway
Net after rents
$307,182
defl62,228
defl96,260
6,256,586
1,903,805
975,458
5,652,174
Net from railway
—
— -
2,327,603
1,268,008
114,430
96,392
47,439
8,786
106,130
5,296,927
1,159,037
344,175
64,541
of the present 20 year 6Vi°70 convertible gold notes, series A, due April 1,
1946 outstanding in the amount of $2,677,000.
Noteholders are to receive half of their par value in the new first mort¬
gage
bonds and half in new preferred stock and, in addition, common stock.
provides for a comparable scaling down of preferred and
The plan also
common stocks.
Securty hoders have been urged by the reorganization advisory com¬
promptly their letter of consent and approval.—V. 147,
1035.
mittee to send in
p.
,
Fonda Johnstown & Gloversville
Period End. July 31—
Operating revenues
Operating expense
Net revs, from oper_.
RR.—Earnings-—
19,38—Month—1937
$28,605
$42,112
x30,015
x34,384
1938—7 Mos.—1937
$257,828
$341,098
252,687
285,239
$7,728
x7,869
y$l,410
x4,340
Tax accruals
$5,141
29,723
$55,858
28,223
$140
y$24,582
$27,635
3,222
6,540
4,262
y$2,528
$6,399
y$20,320
$34,701
13.083
14,112
99,649
99,322
y
Deductions from grossI
income
Galveston Electric
$119,970
$7,713
$15,612
$64,621
comparable account transfer in 1937 of retirement pension charges
ordered by Interstate Commerce Commission,
y Deficit or loss.
Includes accruals on outstanding funded debt.—V. 147, p. 737.
x
2,100,000
420,000
2,188,504
Total.........$5,861.498 $7,281,458
Co.—Earnings—
1938—12 Mos.—1937
$323,366
189.455
2,402
4,569
1,796
1,531
2,520
28,312
20,104
35,769
$5,632
$5,779
$49,725
9,219
$44,878
4,434
$5,632
$5,779
$58,944
489
445
4,675
$49,312
1,103
$5,142
Operating revenues
Operation
$5,334
$54,269
$48,209
15,790
2,295
Maintenance
Net oper. revenues
Non-oper. income (net).
Balance
Interest
$278,051
$26,940
15,313
$30,688
on
equip, notes.
Net income
174,625
28,130
5,723
24,694
—V. 147, p. 572.
Garlock Packing Co.
(& Subs.)—Bal. Sheet June 301937
$830,598
Receivables......
392,648
636,415
Inventories......
1,489,056
1,451,775
Deferred charges—
215,631
208,489
2,141,471
Trademarks, &c_.
1
2,208,361
x
........
Land,
1938
Liabilities—
1938
$898,805
Assets—
Cash
Tax reserve..
$94,556
115,348
155,540
1st mtge. 4^s-...
400,000
$203,672
289,490
208,773
550,000
868,864
213,965
3.294,055
Dr4,715
437,450
213,965
3,437,003
Ur4,715
10-yr. 4*4 % conv.
buildings,
euuipment, &c_.
notes
1
y
Common stock..
Surplus..
z
Total........-$5,137,614 $5,335,639
x
Less
1937.
Treasury stock..
..$5,137,614 $5,335,639
Total...
$2,159,264 in 1938 and $1,952,895 in
Represented by 213,965 no-par shares,
z Represented by 4,715
reserve
y
1937
....
Accounts payable.
Accruals
for depreciation of
shares.
Note—Earnings for"6 months ended June 30, 1938
no-par
appeared in Yol. 147,
1192.
General
& Electric
Gas
Corp. (& Subs.)—Earnings—
1938
12 Months Ended June 30—
Operating revenues.
Operating expenses, &c
-—-
—
1937
$24,675,556 $23,633,482
13,639,859
12.365,944
w——3,133,093
Provision for taxes—
3,018,539
$7,902,604
Nob
to taxes,
x
(par $1)
surplus
1938—Month--1937
------
Net deficit
420,000
2,762,246
2,100,000
—V. 146, p. 4115.
p.
Gross income
partic.
137,557
7.067
y$o,750
Operating income
Other income.--
x
Earned
America, Inc.—Reorganization—
Reports indicate that the plan of reorganization is receiving satisfactory
support from the security holders of the company.
The plan is being proposed in contemplation or 77B proceedings.
Early
in June a survey of the company was mailed to ail security holders, followed
on June 20 by the plan of reorganization and letter of consent and approval.
The plan provides for a first mortgage issue in an amount equal to 50%
1,164
•
conv.
Com. stk.
—$5,861,498 $7,281,458
Total.
Taxes.
Flour Mills of
Res. for workmen's
2,472,839
Retirement accruals
737.
37,348
97,403
2,499,603
-
Period End. July 31—
5,621,359
1,691,613
818,121
430,071
pref. stock
Fixed assets (net).
From Jan. 1—
Gross from railway
465,386
accident compen¬
Teipel
Investments
1935
$378,922
def84,472
defl78,990
Income taxes, est.
Cum.
Notes & accts. rec.
Ry.—Earnings—
Florida East Coast
134,384
W.
A.
$33,789
46,151
90*683
Stockholders' accts
sation
R.
Messrs.
$1,925,000
—
$22,019
of
on
Deferred charges.-
ioss$2,951
Net after rents....
-.
Froedtert &
1938—6 Mos.- -1937
2,374,434
—---
1,1937
lives
ins.
_
Accrued accounts.
1,293,717
bonds,
mtge.
1937
1938
Notes payable.
Accounts payable-
Cash surr. value of
—V. 146, p. 4114.
Fitchburg & Leominster Street Ry.—Earnings-
Liabilities—
1937
$439,134
accts.
due Sept.
for Federal surtax on undistributed profits.
Note—No provision made
Including provision for doubt¬
Balance Sheet July 31
1938
$369,997
Assets—
Cash
receivable—trade
Earned
y
ful notes and accounts and capital stock tax.
1st
Net profit after depr.
and Federal taxes--
120.000
24,466
-
-
July 2, '38 June 26, '37 June 27, '36 June 29, '35
Federal taxes
—V. 147, p.
909,742
336,000
-
deprec.
and F'ederal taxes
Net profit
—V. 145, p.
,88,848
144,953
Net inc. added to surp.
common
Quarter Ended—
Net profit before
18,459
212,678
Previous surplus
1397.
First National Stores,
410,200
1,317,273
com¬
Capital
—20,783,870 22,470,774
146, p.
$858,135
$2,762,246
Income taxes—
Earned
Total-
20,825
$1,146,266
other
Surplus—.-
-V.
26,278
$1,591,298
71.707
Dividends declared
liabilities
1,603,169
1,286,578
268,917
-
Other assets.
29,248
$1,413,092
71.205
432,145
Income charges
9,583,846
1,169,105
of
_..
exps.,
and
taxes
Prenm. in course of
collection
for
missions,
-
1937
9,030,744
reserve^.
adjustment
Reserve
—
544,242
$837,310
%
losses 1 n process
990,580
Cash in banks and
office..
Premium
258,882
Mortgage loans..
Real estate------
1938
1937
$
590,434
$1,119,988
Gross income
,
672,291
SL562.050
'
Other income
See list
Fire Association of
710.790
$1,388,541
malt
Net profit from
sales-
—V.
Assets—
1935
$9,263,552
7.881,999
1938
1937
1936
$10,496,735 $11,749,310 $10,179,756
8,397,403
9,514,969
8,469,334
74,532
interest,
after
loss
Net
July 31—
Inc.—Earnings-
Years Ended July 31—
1936
104,129
Directors
have declared
on
a
dividend of $2
share on account of ac¬
preferred stock (70% paid)
payable Oct. 1 to holders of record Sept. 20.—V. 145, p. 1585.
Forest Lawn
See list given on
1936
1935
358,664
266,803
Gross from railway
-.
$1,127,630
697,815
589,537
$553,354
211,304
137,127
$462,063
124,994
66,406
3,919,074
1,164,467
569,023
4,497,096
1,853,343
1,384,908
3,251,699
2,782,563
926,093
478,529
503,962
113,949
$744,267
1—
Gross from railway. —
Net from railway—_
Net after rents-.
—V.
1937
147, p. 738.
'
Gainesville Midland RR.—Bonds—
The Interstate Commerce Commission
on
Aug. 18 authorized the com¬
not exceeding $78,000 of
pany to procure the authentication and delivery of
first mortgage 4% bonds, to be pledged with the
Corporation
as
collateral security for
a
Reconstruction Finance
loan of like amount.
The report of the Commission says in part:
The company filed an application on Dec. 17,
1937, as amended June 13,
1938, requesting authority to issue $78,000 of first mortgage 4% bonds.
Our certificate of Feb. 10, 1937, approved a loan of not exceeding $98,805
to the applicant by the RFC.
The RFC has approved a loan of $78,000,
disallowing that part of the loan which was to be used to purchase two
locomotives at a cost of $20,000, and reducing from $21,805 to $21,000 the
part of the loan which was to be applied to the payment of receiver's in¬
debtedness.
The applicant is a newly organized company having no assets excep*
subscriptions to 4,140 shares of capital stock, authority for the issue of
which was granted Jan. 19,1937.
It has, however, submitted a constructed
general balance sheet giving
properties of the Gainesville
acquire, and to the issue of the
the capitalizable assets will be
zation.
on
on
effect to the proposed acquisition of the
Midland Ry., which it was organized to
proposed stock and bonds.
It appears that
sufficient to support the proposed capitali¬
$8,467,138
6,951,732
181,248
$878,136
$1,125,884
scrip.
unfunded debt
$5 preferred stock
Balance of income
City Ry.—Earnings—
1938
Net from railway
Net after rents
From Jan.
Divs.
first page of this department.—V. 143, p. 110.
July—
.
General Gas & Electric Corp.:
Int. on 5% notes and int-bearing
Interest
Co.—Registers with SEC—
Fort Worth & Denver
.
per
the $6.50 cumulative second
$8,006,733
6,791,312
Other income (net).
Foreign Light & Power Co.—Accumulated Dividend—
cumulations
$8,248,999
218,140
29,918
7,447
299,919
.
—V. 146, p.
162.325
45,948
3803.
General
Insurance
Guaranty
Fund—Trustess
Ap¬
pointed—
Appointment of four trustees of the General Insurance Guaranty Fund,
Livingston-Piper Act to serve as an advisory board for
Superintendent of Insurance in directing the affairs
of this new phase of insurance, was announced Aug.
18 by Governor
Lehman, through State Superintendent of Insurance Louis H. Pink.
The men appointed are Andrew Mills Jr., President of Dry Dock Savings
Bank, New York City; Edward A. Richards, Pres. of East New York
Savings Bank, Brooklyn; William G. Green, Pres. of New York Savings
Bank, and Smith Sheldon, trustee of the Monroe County Savings Bank,
created under the
the assistance of the
Rochester.
^
„
Paul R. Taylor, who has already been named as Deputy Superintendent in
charge of savings bank life insurance, also is a trustee and will preside at
the fund's meetings.
These men will assume their duties at once and will
serve without compensation.
'
*
In a statement accompanying the announcement, Mr. Pink revealed that
practical work necessary for the setting up of these departments in such
savings banks as elect to make use of this privilege is going forward in the
Insurance Department's Albany office, where Mr. Taylor is in charge.
He is working with Carl F. Vietor, Assistant Actuary of savings bank life
insurance in Massachusetts, in the preparation of rate tables and other forms
necessary for the administration of the act.
....
General
™
^
Date of Bonds Ex¬
W±%—Sinking Fund Payment
Refractories Co.—Maturity
tended—Interest Rate Reduced to
Also Reduced—
Of the
$3,000,000 of first mortgage 4H% sinking fund bonds soid by
1935, the company has already redeemed
General Refractories Co. in Juiy,
Volume
SI .050,000 of bonds and has deposited with the
sufficient to redeem an additional
$150,000
on or
The action
corporate trustee a sum
before Jan. 1,
$50,000
Company has recently purchased $650,000 of bonds, of which
operation of the sinking fund on or before
was
taken to fill a vacancy
R. Williams, former President, because
1939.
will be retired through the
1339
Chronicle
Financial
147
(B. F.) Goodrich Co. (&
Jan. 1,
which
Subs.)—Earnings—
1939, after which date there will remain outstanding $1,800,000 of
$600,000 of bonds will belong to the company and will be heid in its Treasury
for retirement through the operation of the sinking fund or by cancellation,
Net
and $1,200,000 will be outstanding in the hands of the public.
As a result of recent negotiations with the holders of all of the
Mfg., selling & gen. admin, expenses.
Provision for depreciation
outstanding
if
4J^% per annum to 3^% per annum and the sinking fund payments,
earned, will be $181,800 per annum instead of $303,000.
,
,
Based upon bonds outstanding on Jan. 1, 1939, the above will result in
an annual interest saving of $38,250 and will reduce the annual sinking fund
payments out of earnings by an
additional $121,200.—V; 147, p.
1193.
in
Aug. 23 declared an extra dividend of 25 cents per share
addition to a dividend of like amount (or a total of 50 cents per share) on
the capital stock, both payable Sept. 15 to holders of record Sept. 8.
amounts were paid on June 15, last, and previously regular quarterly divs.
of 50 cents per share were distributed.—V. 146, p. 3669.
Like
$1,096,881
,178,870
$1,205,020
.,275,751
Net operating revenues
Other income
466,712
20,865
36,304
36,000
2,508
21,172
263,305
48,767
subsidiaries' funded debt
Interest on unfunded debt
Amortization of subsidiaries debt discount & exp__
on
.
Amortization of rate case expense
Other deductions
subsidiaries' preferred stocks
Interest on 15-year 1st lien & collateral trust bonds
Provision for Federal income tax (estimated)
Dividends
on
207,528
452,639
29,997
39,633
33,582
—
,
$380,116
preferred stock
61,983
267,365
58,888
$4.98
__—
$468,460
$6.14
$0.71
Sl.JLO
'Note—The operatingrevenues for each period are stated after deducting
$120,000 in respect of estimated annual reduction which will result if the
race case decision of the Public Service Commission of the State of New
York, adverse to Consolidated Water Co. of Utica, N. Y., a subsidiary,
is finally upheld.
This decision has been affirmed by the Appellate Division
and the Court of Appeais of the State of New York.
An appeal by the
company to the Supreme Court of the United States has been dismissed
by that Court on the ground that the company had a remedy in equity in
the State Courts.
The company has brought an action in equity to restrain
-
-
enforcing said order.
Service Commission from
the Public
Consolidated Balance Sheet June
....
.
Reacquired secure.,
value
Special deposits.
hand
come
Cash
on
come
305,200
301,765
513,794
284,202
438,797
112,305
Inventories
122", 460
50,160
789,773
84,462
668,902
290,000
290,000
96,709
expenses.
48,275
52,085
Deferred charges..
1,181,161
of
sub.
publicly held—
Minority
int.
in
763
26,298
....... _
stk.
Pref.
non-current
1,146,828
capital
stock
&
surplus of subs.,
21,648
36,344
$3 cum.pref. stk.
Com. stk. (par $1)
3,814,400
3,814,400
217,622
y
Paid-in capital
217,622
and
3,059,325
surplus........
surplus—
327,836
Earned
y
330,721
..25,076,801 26,4r>6,288
of $3,818,514 in 1938 and $3,617,887 in
depreciation
Represented by 76,288
After reserve for
x
1937.
3,343,924
Total..
....25,076,801 26,456,288
Total
$3,510,696
5.727,181
2
424
no-par
shares,
z
Including accrued
expenses.—V. 146, p. 3500.
RR.—Earnings—
Georgia & Florida
14—
1937
-Week Ended Aug.
1938
$49,775
$50,550
Operatingrevenues
1193.
No
a
1937
-Jan. 1 to Aug.
1938
$675,553
1937
^
$845,074
1938—Month—1937
1938—12 Mos.—1937
$2,262,883 $2,328,212 $28,510,025 $28,314,907
1,161,391
1,242,004 x14,717,195 x14,433,895
231,250
230,000
2,761,250
2,307,500
Oper. exps. and taxes
Prov. for depreciation..
been
made for
$1.47
for
$1.90
the undistributed profits tax
1936.
or
Consolidated Balance Sheet June 30
Real
Liabilities—
plants.......
50,144,881
50,079,060
5,130,046
39,355,638
to other cos..
Inventory
held
trustee
$
d Pref. stock...
24,721,860
44,025,837
24,721,872
6,017,186
51,978,297
Bank
Inv. In and adv.
Funds
$
44,025,837
$
<fc
estate
1937
1938
1937
b Common stock
Assets—
a
loans
bills
and
5,781,958
gold debs
by
Accts. payable..
under
19,798,800
10,068,554
27,000,000
4,786,690
4>i % 1st M. bds 25,883,000
Bond, indebt. of
176,419
subsidiaries
sec.
8,353
4H% series..
5,451,081
19,054,200
payable.
15-yr. 6% conv.
1st mtge. bds.
.
246,971
_
20,355
21,799
liabilities....
2,045,131
3,497,369
Reserves..—.--
2,310,315
Surplus
3,217,128
2,539,977
9,270,425
Pur. fd. in hands
Mln. int. in subs
of agent lor re¬
cSundry accrued
tire.
of
15-yr.
6% conv. gold
debentures.._
600,000
..;
.
Trade notes and
accts. recelv..
23,901,235
27,226,133
Other notes and
982,367
Cash
1,052,269
9,176,114
6,809,221
Prepd. accts., &c
3,254,358
2,950,421
accts. recelv._
132,022,894 146,642,686
Total.......132,622,894 146,642,686
machinery and equipment, after deducting
depreciation and special reserves of $45,763,96? in 1938 and $47,157,454
in 1937.
b 1,303,255 no-par shares,
c Including provision for Federal
taxes,
d Represented by 412,031 shares of no par value.—V. 147, p.
1193; V. 146, p. 4116.
Real
buildings,
estate,
Co.—Changes in Collateral—
Co., as trustee under the mortgage
The Bankers Trust
refunding mortgage 4\i% gold bonds,
received the following securities:
securing 1st &
it has
due July 1, 1961, reports that
$40,847,000 principal amount (canceled) St.'Paul Minneapolis & Mani¬
toba Ry. Co. consolidated mortgage bonds dated May 1, 1883,
matured July 1, 1933 and extended to July 1, 1943.
2. $5,000 principal amount (canceled) St. Paul Minneapolis & Manitoba
Ry. Co. consolidated mortgage bonds,
July 1, 1933 (not extended).
$9,998,000 principal amount (canceled)
first mortgage 50-year gold bonds dated
3.
dated May 1, 1883, matured
Montana Central Ry. Co.
July 1, 1887, matured July 1,
1937.
$10,181,000 principal amount (canceled) St. Paul Minneapolis & Mani¬
toba Ry. Co. (Montana Extension) first mortgage 50-year gold bonds
dated June 1, 1887, matured June 1, 1937.
5. 913 shares of The Minnesota Transfer Ry. Co. capital stock (par value
4.
Saint Paul Union Depot Co.
1,036 shares of The
$100).
6.
capital st6ck (par value
further reports that the bonds represented by Items 1, 2
and 3 have been delivered to the trustee under the respective mortgages
and the latter has satisfied such mortgages and that the remainder of the
securities listed as Items 4, 5 and 6 are held by the Bankers Trust Co. as
additional collateral under the first and refunding, gold^bond mortgage
of the Great Northern Ry. Co.—V. 147, p. 740.
The trustee
Group No. One
Oil Corp.—To Pay
$100 Dividend—
dividend of $100 per share on the capital
payable Sept. 30 to holders of record Sept. 9. Like
June 30, last and compares with $50 paid on March 31
last; $100 paid on Jan. 3 last; dividends of $50 per share paid on Sept. 30,
1937 and in each of the four preceding quarters, and dividends of $100 per
share previously distributed each three months.
In addition, an extra
dividend of $100 was paid on Sept. 29, 1934; an extra of $200 paid on
Dec. 31, 1932, and an extra of $150 per share was paid on Sept. 30, 1932.—
The directors
Co.—Earnings—
Gross revenue.
has
Nil
stock.
share on common
per
provision
1938
V.
Georgia Power
651,626
Common dividends
have declared a
stock, no par value,
amount was paid on
—V. 147, p.
Period End. July 31—
loss$209,551 a$3,510,698 a$2,727,606
515,039
1,030,078
Preferred dividends
Earnings
28.006
500,000
Profit
4,733
4,733
deposits—refd'le
Reserves.
receivable,
Prepaid
loss$210,176
Net
loss
applicable to subsidiaries
capital stock now owned
625
contingencies
Provision for
Consumers'& other
17,857
152,447
Accrued int. rec..
57,499
for
revenue,
..
5,075
5,075
redemption.
Other curr. liabils.
112,815
less reserve-—u
550,000
-
1.
subs.'
payable on $3
preferred stock.
Funded
debt call
Accts. & notes rec.,
Accts.
63,026
50,630
tax (est.).
280,493
Marketable secure.
700,000
Great Northern Ry.
Div.
57,499
estimated....
72,570
pref. stock.....
1,
1937
Unbilled
71,289
Fed'l in¬
Accr. div. on
deposit for
div. pay. July
110,885
tax).
Prov. for
...
1,463.394
107,000
Provision for Federal income tax
in¬
than Federal
1,990,000
Cash in banks and
on
1,268,893
.
Accrd. taxes (other
Investm't in States
EI. & Gas Corp.
208,757
104,600
Accrued interest..
630,266
652,068
$4,768,581
01,604
a
Z150.413
570,000
_ _
$
payable bks
Notes
Acc'ts payable
par
1937
$
debt.....15,665,600 16,429,600
680,000
394,750
Funded
20,148,896
367,391
capitaL._20 ,221,199
1 ,798,220
Investments
$5,977,985
Cr84,693
1,259,331
value
company's bonds acquired
Int. on bonds, debs., bills payable, &c.
Total
1938
Liabilities—
$
$
Assets—
Fixed
x
321,402
$1,071,461
1
Miscellaneous income
30
1937 "
1938
18,132
136,667
218,602
indentire
Net income
Earned per share—$3
Common stock
---
$4,395,179
368", 589
$1,412,548
Total income
50,705,092
1,894,249
$5,089,779
519,616
212|500
Profit for the six months
$2,816,754
1,327,827
289,872
283,907
$2,801,145
1,414,391
_.
71,645,662
1,831,178
«e;q7
Net profit on foreign exchange
Profit on securities sold
1937
1938
12 Months Ended June 30—
Operating revenues
Operating expenses
Provision for depreciation
Interest
Subs.)—Earns.
Co. (&
General Water Gas & Electric
$78,566,619 $65,994,520
49,497,570
1,878,857
Profit
DiLerence between cost and face
Corp.—Extra Dividend—
General Reinsurance
sales
of
Directors on
1936
1937
,
(discounts, transportation
and excise tax deducted)
$51,913,986
from July 1, 1945 to Jan. 1,
interest will be reduced from
bonds, the maturity thereof will be extended
1949; and beginning Jan. 1, 1939, the rate of
1938
30—
6 Months Ended June
caused by the resignation of John
of ill health.—Y. 146, p. 1400.
147,
p.
3501.
Securities,Jlnc.—Proposes "Reverse Split-up" of
Group
Shares—
A special meeting of stockholders has been called for Sept. l^to^act upon
proposal for a "reverse split-up" of shares of all classes of
effected through a reduction of the authorized number of shares from
50,000,000 to 10,000,000 and an exchange of five shares of each, class
stock now outstanding for one new share of such class.
stock.
a
This
will be
Gross income
Int. & other fixed charges
$856,207 $11,031,580 $11,573,512
535,468
6,622,504
6,413,803
$870,242
546,275
of
announcement, Kenneth S. Gaston, President, stated that
each stockholder's relative ownership in the assets will remain unchanged,
each new combined share being worth approximately five times more than
each share now outstanding.
It is believed by the directors, he stated, that
the higher priced shares resulting from such combination will promote the
growth of the fund and that such increase in the size of the fund should
mean lower per share operating costs.
Stockholders will also be asked to vote at the special meeting on a pro¬
making the
In
$323,967
245,862
on
pref. stock
$320,740
245,862
$4,409,076
2,950,350
$5,159,709
2,949,764
$78,105
Net income
Divs.
$74,877
$1,458,726
$2,209,944
Balance
x
No
provision was made in 1936 or 1937 for Federal surtax on undis¬
profits as all taxable income was distributed.—V. 147, p. 740.
tributed
Goebel Brewing
Co.—Five-Cent Dividend—
dividend of five cents per share on the common
stock, payable Sept. 30 to holders of record Sept. 10.
Last regular quarterly
dividend was paid on March 28, last; this latter also amounted to five
cents per share.—V. 147, p. 1036.
Directors have declared a
Goodyear Tire & Rubber
The Chicago
Stock Exchange has
Co.—Listing—
admitted to trading 650,468 shares of
$5 cumulative convertible preferred stock, no
stock, no par.—V. 147, p. 1193.
par,
and 2,059,061 shares of
common
"Fully Administered
of stock repre¬
posal to create a new class of shares designated as
Shares."
Group Securities, Inc. at present has 18*classes
senting various industries.—V. 147, p. 1243.
Gulf Mobile & Northern RR.—Earnings—
Gross from
RR.—Earnings—
1938
1937
1936
$1,416,669 $1,982,816 $1,902,632
Net from
Grand Trunk Western
July—
Gross from railway
Net from railway
146,348
def37,200
Net after rents
From Jan.
Net from railway
Net after rents
147,
P.
397.816
211,428
391,750
9,435
14,990.444
3,899,128
2.033,433
14,206,400
3,627,569
2.224.956
$1,721,477
265,335
146,029
1—
Gross from railway
—V.
*
1935
9.642,121
132,762
defl.207,122
.
11,936,393
2,305,593
1,272,869
740.
Edward M. Markham,
& Dock Co.—New President, &c.—
Major-General .U.S.A., retired, has been elected
director and President
of this company, it was
Great Lakes Dredge
a
announced on Aug. 23.
1938
July—
Gross from railway—
Net from railway—.
Net after rents
From Jan. 1—
3,741,016
1,055,058
372,206
...
..
Net after rents
147,
—V.
p.
4,456,392
1,583,781
825,921
4,024,502
1,443,880
689,578
1938
July—
Net after rents
1—
Gross from railway.
Net from railway..,
Net after rents.'
1937
$91,230
def3,699
def28,589
$125,270
14,180
def 13,737
737,136
956,074
38,288
def 151,204
187.150
railway.
from railway. ..
Gross from
....
From Jan.
—V.
147, p.
220,434
110,793
1935
$504,164
159,169
82,993
3,308,189
1,016,348
487,179
1194.
Gulf & Ship Island RR.- -Earnings-
Net
1936
$590,645
154,047
71,127
railway. ..
railway
1937
$630,821
216,753
112,714
$515,623
..
741; Y
...
146,
p.
4116.
9,936
1936
$120,856
1935
$99,839
4,573
9.702
def20,502
defl3,916
840,778
116,765
def56,884
742,362
98,452
def64,170
1340
Financial
Gulf
Utilities
States
Co.—Final
Consummation
Chronicle
Aug. 27, 1938
Haverty Furniture Cos., Inc.—5-Cent Dividend—
of
Directors have declared a dividend
Acquisition of Properties Announced—
Company has announced the final consummation on Aug. 25 of the
stock,
ae-
par
$5,
amounts were
of five cents per share on the common
payable Aug. 25 to holders of record Aug. 19.
Similar
paid on June 24 and on May 25 last.—V. 144, p. 937.
(R.) Hoe & Co., Inc.—Sale of English Sub. Approved—
Fred L. McCarty, President of this company, announced that at a special
all other liabilities of Baton Itouge Electric Co. and Louisiana Steam Gen¬
meeting held Aug. 17 the company's stockholders by a substantial majority
erating Corp. have been assumed by Gulf States
Utilities Co,
These companies, all of which were subsidiaries of Engineers Public
Service Co. and operate in the Gulf coast area, have been interconnected
since 1930 and their operations have been coordinated.
It was deemed
desirable, from the standpoint of financial strength and operating economies,
that they be brought together under one corporate ownership.
The Se¬
curities and Exchange Commission and the Federal Power Commission
issued
both
have
the
necessary
authorizations under
the
Public
approved the proposed sale of the business and assets of the company's
English subsidiary, R. Hoe & Co., Ltd., which for many years has manufac¬
tured printing presses of British Hoe design and printers' machinery and
supplies.
Mr. McCarty stated further:
"More than 79% of the stock entitled to vote was voted today in favor
of the plan.
Numerically, 1,570 of a total of 2,263, or approximately
70 %, of the stockholders of R. Hoe & Co., Inc., entitled to vote, favored the
sale at today's meeting.
Consummation of the sale under the proposed
contract will proceed immediately.
"Under the plan approved today, practically all assets of R. Hoe & Co.,
Ltd., will be sold to R. W. Crabtree & Sons, Ltd., at a price approximating
£470,170 (aggregating roughly $2,280,000), the purchaser having the option
to pay £75,000 of the purchase price in notes."—V. 147, p. 573.
Utility
Act of 1935 to enable the accomplishment of this program.
Gulf States Utilities Co. has also announced the results of the exchange
offer made Aug. 11, to preferred stockholders of Baton Rouge Electric Co.,
under which such holders could obtain one share of Gulf States Utilities Co.
preferred stock plus $20.25 per share in exchange for each share of Baton
liouge Electric Co. $0 preferred stock.
At the close of the offer on Aug. 23,
the holders of 2,904 shares of Baton Kouge Electric Co. preferred stock,
of a total of 6,209 shares, had elected to make the exchange.
The
balance of the stock will be redeemed on Sept. 12, at 110 plus accrued divi¬
Hooker Electrochemical
out
Files Amendment with SEC
Designating Bonds as Series C—
has filed an amendment with the Securities and Exchange
The company
Co.—Dividend Reduced—
Directors have declared a dividend of $1 per share on the common stock,
payable Aug. 31 to holders of record Aug. 11.
Dividends of $1.50 per share
were paid on May 31 last and each three months previously.
In addition,
a special dividend of $2 was paid on Oct. 20, 1937.—V. 146, p. 3955.
dends.
Commission stating that its $10,000,000 4% first mortgage & refunding
bonds will mature Oct. 1, 1966.
The amendment also states that the new
bonds will be designated series C and issued under the indenture of mortgage
Honolulu Plantation Co.—Dividend Omitted—
Directors have decided to pass the dividend ordinarily due on the common
Dividends of 10 cents were paid on Aug. 10, last, and
shares at this time.
dated Sept. 1, 1926, to Chase National Bank as trustee.
It was originally
contemplated to designate the new bonds series D.
The bonds will be dated as of Oct. 1, 1936.
They will be red. at 106 to
and incl. Sept. 30, 1941; at 105 thereafter to and incl. Sept. 30, 1946;
at 104 thereafter to and incl. Sept. 30, 1951; at 103 thereafter to and incl.
Sept. 30,1956; at 102 thereafter to and incl. Sept. 30, I960; at 101 thereafter
to and incl. Sept. 30. 1963, and at 100 thereafter to maturity.
Underwriters of the new issue are: Stone & Webster and Blodget, Inc.,
$2,140,000; First Boston Corp., $1,475,000; Brown Harriman & Co.,
Inc., $1,275,000; Blyth & Co., Inc., $590,000; Bonbright & Co., Inc.,
Kidder, Peabcdy & Co., Mellon Securities Corp. and Schroder, Rocke¬
feller & Co., Inc., $475,000 each; Coffin & Burr, Inc., Glore, Forgan & Co..
Hayden, Stone & Co., W. C. Langley & Co. and Lazard Freres &Co.,
$350,000 each, and Bosworth, Chanute, Loughridge & Co., H. M. Byllesby
& Co., Inc., and White, Weld & Co., $290,000 each.
The approximate oate of public offering of the new bonds is Aug. 31,
Depreciation.
1938.
Profit & loss......
in
each
of the three
preceding months,
and previously regular monthly
146, p. 2853.
dividends of 15 cents per share were distributed.—V.
Honolulu Rapid
Transit Co., Ltd.—Earnings—
Period End. July 31—
rev. from transp..
1938—Month—1937
$116,643
$102,163
73,745
68,878
Gross
Oj>erating expenses
Net
rev.
from transp.
$42,898
1,639
rev.
from oper...
Taxes assign, to ry oper.
Interest.
i
.......
$33,286
3,498
$266,187
11,666
$213,953
23,965
$44,537
11,085
1,604
17,861
Rev. other than transpi
Net
$36,784
8,431
$277,853
77,311
11,604
120,580
$237,918
58,424
Net
1946, that $179,000 of the bonds have been drawn by lot and will be re¬
on Oct.
1, 1938 with funds held in the sinking fund, at
102^
The drawn bonds should be presented for payment at the
'
~
13,462
164
Crl51
4,256
5,424
$64,137
$14,890
$12,460
revenue.
16
87,618
GY.36
1,362
Replacements
$179,000 Bonds to Be Redeemed Oct. 1, 1938—
Company is notifying holders of its 10-year 4 H % debentures due Oct. 1,
1938—7 Mos—1937
$780,608
$659,119
514,421
445,165
$86,587
—V. 147, p. 742.
deemed
Houston Electric
and interest.
principal office of the trustee, Bank of New York, 48 Wall
St.,
N.
Y. City.
Operating
1938
1937
1936
$6,947,603
6,049,198
92,866
$5,614,331
4,937,496
180,491
395,180
352,821
280,406
110,520
99,810
54,083
29,828
62,741
22,280
25,351
and abandonments—
Fed.
income
and
taxes
miscell. deductions—
Miscell. income
Net
income....
Class A & B dividends..
$412,256
217,559
$503,894
$1,051,228
435,118
326.342
Net oper. revenues
Interest on bonds
Other interest, &c
Amortization of debt dis¬
$258,685
119,657
34,589
23,945
26,113
$2,657,629
1,309,359
370,697
286,819
$32,371
15,993
2,309
$424,433
187,260
25,258
$396,188
646
7,084
7,956
$17,592
Taxes
$13,423
$204,830
$173,681
count and expense
68,099
Net income
$616,110
$177,552
$194,697
$139,028
$4.83
$2.32
$1.90
$1.19
on
class A and B shares.,
Including State and Federal gasoline taxes.
a
Balance Sheet June
Assets—
a
1938
1937
Plant, prop., &c.$2,178,707
Cash
$1,667,399
1937
$323,769
4,162
$4,000,197
20,850
$3,839,240
16,860
Class B com.stk.
$343,675
$327,931
80,208
12,360
$4,021,047
962,500
156,790
$3,856,100
Deferred
Net income
$250,480
$235,363
$2,901,757
applicable to preferred stocks for the
period, whether paid or unpaid
315,078
$2,604,973
Balance
$2,289,895
341,093
c
436,486
.
335,252
Accounts payable.
523,003
321,409
Int.
744,466
Taxes payable....
348,631
203,954
Other int. & deductions.
50,806
Capital surplus...
724,058
chargeV.
48,823
Earned
:i'V
Power Co.—Earnings-
$339,365
4,310
Other income
1,069,917
rec.
Inventories
13,483
com.stk.$1,161,354 $1,161,354
369,268
Accts. & notes
201,068
.
Net oper. revenues
1938
294,566
Period Ended July Zl—
1938—Month—1937
1938—12 Mos.—1937
Operating revenues.^
$1,032,828
$958,588 $11,246,417 $10,273,502
Oper. exp., incl. taxes..
529,014
466,629
5,664.096
4,915,638
Prop, retir. res. approp.
164,449
158,190
1,582,124
1,518,624
30
Liabilities—
b Class A
117,197
—V. 147, p. 573.
Houston Lighting &
Balance, surplus
Earnings per share
1938—12 Mos.—1937
$2,965,499
1,459,685
406,347
330,032
345,001
541
Retirement accruals
1935
$7,694,390
6,600,801
170,260
452,899
Costs, oper. & gen.exp.
Intangible devel. exps..
Depreciation,
depletion
$234,217
$34,922
15,119
1,669
Maintenance.
$8,508,612
6,275,262
718,512
Years End. June 30—
Gross operating income,
1938—Month—1937
$243,053
120,791
32,897
27,578
26,864
revenues
Operation
(The) Hancock Oil Co. of Calif.—Earnings-
a
Co.—Earnings—
Period Ended July 31—
—V. 147, I>. 1194.
144,000
144,000
1,202,155
722,254
586,045
$4,103,201
surplus...
Gross income.....
$3,139,016
.
80,208
12,987
mortgage bonds_
on
1,130,000
121,127
Dividends
Total
a
in
$4,103,201
-
$3,139,016)
Total
315,078
After depreciation and depletion of $2,494,844 in 1938 and
b
1937.
Represented by 193,559 shares (no par),
24,000 shares (no par).—V. 147, p. 1037.
c
$2,165,150
Represented by
Hudson & Manhattan
Haverhill Gas Light Co.—Earnings—
Period End. July 31—
Operating
1938—Month
$44,569
27,543
2,635
Period
1938—12 Mos.-
$569,184
367,407
7.037
$46,332
28,848
3,477
7,239
87,607
84,469
Net oper. revenues...
$7,353
$6,768
$84,508
6
69
62
Balance
$7,353
2,916
$6,774
2,916
f
Operation
Maintenance
Taxes
;
Retirem't
res.
accru
29,661
$84,578
35,000
$565,388
360,093
27,090
..
$93,798
35,000
Interest charges
$4,436
$3,858
$49,578
124
174
2,083
$4,311
$3,684
$47,495
39,312
$56,524
58,968
Hayes Body Corp. (& Subs.)—Earnings—
June 30
Operating revenue...
Operating cost
12 Mos. End.
'38
June 30 '38
$201,281
203,799
$1,695,375
1,705,955
$2,518
Loss
Other income.
$10,580
3,162
304
Loss
$2,214
1,987
16,704
5,737
Other charges
Depreciation
Interest. 2.
_•
Net loss of subsidiaries.
$7,418
12,219
66,602
11,322
308
714
$26,950
Net loss
-V. 147, p.1194.
$98,275
$1,105,088
83,303
$1,614,753
86,072
287,528
$190,500
289,898
$1,188,392
2,015,371
$1,700,825
2,033,763
$165,767
Deficit
Including interest
$99,398
$826,979
$332,938
adjust, income bonds at 5%.- -V. 147,
on
Idaho Power Co.Operating
July 31—
revenues
Oper. exps., incl. taxes__
Prop, retire, res. approp.
Net oper. revenues...
3 Mos. End.
Period—
$177,708
12,791
$121,761
_
Gross income
Period End.
Net income
Dividends declared
1938—7 Mos.—1937
$4,203,539
$4,578,923
3,098,451
2,964,169
Income charges
$58,798
2,274
—V. 147. P. 741.
$598,736
421,027
$109,791
11,970
Operating income....
Non-operating income.
x
RR.—Earnings-—
1938—Month—1937
$541,549
431,758
31
Operating exp. & taxes..
x
Gross income..
Ended July
Gross oper. revenue..__
$93,736
revenues
$2,586,679
-V. 147, p. 573.
1938—Month—1937
$498,579
$465,870
233,027
232,171
37,500
44,500
$228,052
$189,199
935
Drl4
$228,987
$189,185
54,167
Other income (net)
Gross income
Int. on mtge. bonds
742.
1938—12 Mos.—1937
$5,669,158
2,846-487
431,000
$5,046,998
2,569.609
467.000
$2,391,671
2,240
$2,010,389
$2,009,501
650.000
$1,301,983
Cr597
11,585
Cr7,631
$165,094
$131,114
$1,603,276
Dr888
$2,393,911
693,494
11/,498
Cr30,357
56.250
Other int. & deductions.
Int. charged to construe-
8,240
Net income
Divs. applic. to pref. stks.
5
for the period, whether
paid or unpaid
p.
-Earnings—
83.010
Cr25,492
414,342
414,342
$1,188,934
Balance.
$887,641
-V. 147, p. 574.
Hupp Motor Car Corp.—May Increase Shares—
The company has notified the New York Stock Exchange of a proposed
Hecla
Mining Co.—Earnings
Period End. June 30—
Gross income
Operating
expenses
Taxes accrued
Depreciation
Depletion
Net
increase in authorized
shares.
income....
1938—3 Mos.—1937
y$254,781
"
132!076
x24,697
34,187
36,993
$749,409
348,552
x76,647
43.601
92,723
capital
x
stock
Contains
405,649
x68.002
71,627
116,607
212,383
$187,887
$78,833
$707,472
$0.03
$0.18
$0.08
$0.70
no provision for undistributed
profits tax.
147, p. 1038.
713,032
xl85,872
82,013
$26,829
Earns, per sh. on 1,000,000 shs. of (par 25c.)
Income.—V.
"1938—6 Mos.—1937
y$740,716
$1,900,772
y
Includes other
New
capital
stock from 2,000,000 shares to 3,000,000
President, &c.—
The Board of Directors following its meeting held
election of S. L. Davis of Chicago as President,
the
Bradley,
deVaux
also
as
as
a
Aug. 17, announced
succeeding Thomas
appointment of Norman
General Manager in Charge of Operations and deVaux's election
resigned.
Mr.
member of the
Davis
new
announced
the
Board.
Sir. Davis confirmed persistent rumors that Hupp had purchased dies,
tools; jigs, fixtures and inventory representing an approximate value of
more than $1,000,000.
Announcement was also made that in addition to its present line of
Sixes and Eights, which will be continued with improvements. the company
plans to build two new lines of low-priced cars for 1939—these to be in¬
troduced this Fall, in accordance with the usual practice in the industry.
Volume
147
Financial
Chronicle
Mr. Davis announced that W. A.
MacDonald continues as Vice-President
n
Charge of Sales.
P. L. Louks,
formerly Assistant Secretary, succeeds
John L. Cotter as Treasurer and
Assistant Secretary.
Edward Rothbart
of Chicago, General
Counsel, was elocted Secretary.
He was recently
elected to the Board.
The Hupp Board now consists of William B.
RR.—Earnings of System—
July—■"*
1938
Gross from railway
1937
1936
1935
$8,375,919
.
$9,109,296
1,849,378
830,416
$9,407,560
2,287,665
1,207,671
$7,368,276
1,005,149
186,669
65,689,528
13,820,248
7,671,702
63,075,204
14,365,772
7,149,874
54,230,469
10,458,088
5,338,065
2,240.888
.
1,343,805
From Jan. 1—
Gross from railway
13,893.224
6,945,726
.
.
Net
July—
1938
Net after rents
1936
_
_
_
$8,202,071
1,991,390
1,132,293
50,218,039
11,654,683
6,140,404
56,646,843
11,079,784
6,231,680
55,057,047
12,151,774
6,409,198
Net after rents
bonds
1935
$7,951,506
1,598,274
785,166
47,754,501
9,236,005
5,389,767
.
July—
1937
Net after rents...
2,951.513
3,616,314
Net from railway..
788,856
Net after rents........
—V. 147, p. 742.
358.882
1,309,879
818,104
Balance
Used for purch.
1935
78,686
Bal.—City &
Payable
2,898,041
863,191
573,662
Net income........
Interest charges
587,427
....
—
$1,300,090
625,604
$578,436
...
—
Other deductions
517,711
$1,186,814
483,945
124,433
$548,069
....
—
Balance available for dividends.i
126,417
$
Assets—
$
20,309,925
Cash
1,470,112
2,005.267
Marketable securs.
1,538,594
Notes receivable..
-i.
261
Accts. receivable-.
291,336
320,035
Mat'ls & supplies-
99,943
117,599
Investments—-gen' I
Prepayments.
l
Special deposits.—
Unamort- debt dis¬
21,420
1937
1938
.
Liabilities—
Fixed capital.-.-.20.480,005
V-,::
$
1,054,900
Common
5,250.000
13,827,000
stock
1,054,900
42,093
588,980
56,629
55,354
Other accrd.liabils.
24.868
25,794
Reserves1,792,032
Corporate surplus. 2,581,347
ing
509,347
2,263,044
1,103
Accrued
1,226,533
258,923
a$8,981,026
$86,204 a$7,693,703
10,303
68,288
$2,837,391
66,498
5%
Manhattan
a$8,914,527
$96,507 a$7,625,415
$2,861,032
guarantee stock
able if earned)
taxes.
—.
.25,351,987 24,873,744
Total
(pay-
2,782,450
2,782,450
—a$ll,696,977
$96,507 a$10407:865
$2,861,032
Passenger carried—-—-200,045,482 764,180,529 211,325,828 799,647,996
Daily average passengers
carried
548,070
2,093,645
678,975
2,190.816
Car mileage
52,275,413 162.521,742
54,343,530 173,946,982
1,717,947
__
-
Indicates loss
or
deficit.
25,351,987 24,873,744
Consolidated Balance Sheet—Estate and Receiver—June 30
-V. 147. p. 893.
Assets—
Ingersoll-Rand Co.—$1.50 Dividend—
The directors have declared
stock,
par
no
value,
Contracts Nos. 1 and 2 and cost of leases
Construction and
City of New York
Directors have declared a dividend of 28^ cents per share on the Bank
Group Shares, class A, payable Oct. 1 to holders of record Auc. 31.—v. 146,
4118.
Sold—Blyth & Co., Inc.,
Stifel, Nicolaus & Co. have completed the distribution
over-the-counter of around 15,000 shares of common stock.
It is understood that an additional block of 5,000 shares
Period End. June 30—
x
y
Net
profit-Earns per share
x
After
115.
1938—3 Mos.—1937
$10,276
Nil
—
—
Cash
depreciation, taxes & other charges,
y
$329,132
$1.32
On 91,198 shares
common
Interborough Rapid Transit Co.—Annual Report—
Comparative Statement of Income Account for the System
Year Ended June 30—
Gross operating revenue
1938
$52,711,967 $54,799,020
37,993,907
35,713,278
Operating expenses——-—-;
Net
operating
revenue
$14,718,060 $19,085,742
4,657,908
4,308,318
-
Income from operation.
—
$5,042,621
105,489
Balance, city and company
Payable to city under Contract No. 3
$4,937,132
Company's gross income from operationCompany's fixed chargas
—
$4,937,132
13,831,954
-
Company's net operating loss...-Non-operating income
$9,762,239
163,442
$9,598,797
$9,598,797
14,455,110
award
.——
—
Liquidation of substation insurance fund
Payment of pre-receivership claim allowed
—
$4,856,312
91,929
$8,818,020
15,423,998
CY598.469
$4,764,383
10,709.147
Cr71,874
by
special master
Adjustment for uncollectible charge for power to
Eighth & Ninth Ave. Ry. Co
Miscellaneous adjustments
Deficit at end of year.
39,070
695.728
170,000
8,730
8,718
17,130
560,649
334,867
103,964
3,266,350
100,446
5,661,826
33,873
57,033
Notel)
63,121,283
Receiver's 1st lien on property declared by agree¬
ment of Aug. 30,1929 to be assets of the elevated
extensions enterprise, consisting of material and
57,655,124
Prepayments (insurance, rents, taxes, &c.)
Deposits for specific purposes:
Unexpended balance with Bankers Trust Co.,
trustee, under collateral indenture.
under Manhattan lease
Sinking fund deposits with trustee under mortgage
securing the 1st and refunding 5% bonds (See
-
supplies and securities deposited with State In¬
dustrial Commission
and cash deposits on
1,461,220
1,380,122
6,784,266
6,674,289
425,000
400,000
79,224
20,937
216,834
58,618
21,537
216,834
Manhattan Ry. second mortgage 4% bonds for
amortization of discount thereon—
Expenditures for Queens Improvement
15,296
399,846
15,296
264,817
147,919
264,050
197,032
Investments, replacements
A-C
reserves:
Depreciation funds (cash and investments)—
Contract No. 3.-—----————
Elevated
extensions
certificate
Replacements-—
Of existing railroads, contracts Nos. 1 and 2-_
On Manhattan property
Capital retirements to be replaced from deprecia¬
tion reserve—
.
Subway
-
—
Accruals in suspense incident to default
on
10-
year 6% notes
Payments under court orders for receivership
expenses of Manhattan Ry. Co. (see Note 7)
Special deposit with N. Y. Trust Co. under
108,675
89,775
336,539
216,328
396,013
14,363
396.013
14,363
Article 7 of agreement with Transit Commis-
Cr250
23,063
CY721
-$23,682,370 $15,423,999
Involving property heretofore utilized in connection with the operation
59th Street power station.
of the
3,492,671
CV9.841
709,498
218,362
Manhattan
— —.
2,564,747
204,943
Accounts in suspense:
$8,894,822
76,801
Balance, loss
Deficit at beginning of year.
a
-
Queens improvement fundInvestment in I. R. T. Co. 5% mortgage bondsInvestment in securities for deposit with State
Industrial Commission
————
Balance
Used for purchase of assets of the enterprise.--..
Condemnation
Cash (See Note 4)
Manhattan Ry. construction cash
—$10,060,152 $14,777,424
5.017.531
5,015,185
-
Current rent deductions
a
1937
10,252
126,759
126,758
Deposits for interest on I. R. T. Co. securities
Deposits for interest and dividend rentals
stock (par $100).—V. 146, p. 3018.
Taxes
-
Securities
Current assets;
Accounts receivable including interest accrued._
1938—6 Afos\—1937
$165,404 loss$l 11,590
$0.67
Nil
33.511
Held in trust—
Bank balances equivalent to outstanding checks
Due corporate cash from construction funds
Subs.)—Earnings—
12,000
200,000
235,070
Voluntary relief fund:
,
International Shoe Co.—Stock
p.
12,3 01,278
12,000
200,000
235,069
Real estate mortgage
Real estate-
p.
being offered.—V. 147,
of
United States Government bonds deposited with
'
Securities, Ltd.—Dividend—
International Silver Co. (&
498,928
associated companies—stock and
bonds (See Note 9)
12,301,277
Inspirator Corp.—Registers with SEC—
now
44,630,687
450,550
con¬
Investments;
Securities
See list given on first page of this department.
is
44,630,500
—
equip, funds held for A-C
tract No. 3 and elevated certificates—
3339.
and
$60,652,808 $60,571,542
127,927,988 127,660,004
Contract No. 3---.:
Manhattan Divison—
Elevated certificates
Dec. 1, and on Sept. 1,1937, and previously regular quarterly
Institutional
1937
capital:
Subway Division—
dividends of 50 cents per share were distributed.
In addition, an extra
dividend of $4 was paid on Dec. 24, 1936, and an extra of $3 was paid on
Dec. 28, 1935, and an extra of $2 was paid on Dec. 28, 1934.—V. 146,
p.
1938
-Fixed
dividend of $1.50 per share on the common
payable Sept. 1 to holders of record Aug. 8.
This
a
compares with $1 paid on June 1, last; $1.50 on March 1. last; an extra
dividend of $1.50 per share on Dec. 24, 1937; quarterly dividends of $1.50
per share on
23,641
•
Balance-
a
Total
oper.
-
38,280
posits
318,891
net
dividend rental
Main extension de¬
12,224
527
1,123,048
—
Dividend rental at 5% on
Manhattan modified
39,315
38,280
bilities
21,872
163,442
gross
Balance before deduct-
92,761
Accrued interest.-
G
95,857
8,109
-.
under
Non-pper. income
5,250,000
indebted -13,827,000
Consumers' deps._
Other current lia¬
105,489
<•
$5,188,305 $10,125,437 a$3,724,727 $13,323,524
company
$
Preferred stock
Funded
of assets
income
Jr.-:- n.;
1937
a$5,188,305 $10,230,926 a$3,724.727 $13,486,966
.
city
Company's
Balance Sheet July 31
1938
50,000
227.883
-
income
from operation
a$5.188,305 $10,125,437 a$3,724,727 $13,323,524
Company's fixed charges:
Interest on 5% bonds.
1,563,077
6,850,773
1,563,077
6,850,773
Int. on 1st & ref. 5%
bonds
coll. to 7%
notes
1,271,800
1,477,650
1,271,800
1,477.650
Sink. fd. on 5% bonds
391,482
1,149,988
547,643
1,608,877
Int.
on
10-year 6%
notes..
112.653
517,347
112,653
517,347
Int. on unfunded debt,
&c
453,708
43,474
473.802
31,486
806,847
deprec'n..
to
Company
1937
$2,624,648
819,655
1938
All Federal and local taxes
_.
$2,593,897
-
or
304,570
50,000
230,229
contract No. 3-
Indianapolis Water Co.—Earnings—
Operation, maintenance & retirement
2,624,491
cash
of the enterprise
121,997
3,377.544
1,210,108
832,259
12 Months Ended July 31—
_
Ry.
rental..
.
Gross revenue.-.*-.—
-
2,624,491
304.570
Manhattan
From Jan. 1—
Gross from rail way.....
1,808,240
Manhattan guar't'd
stock
$422,527
$458,259
149,990
88,290
$16,111,458
on
con tracts
Nos. 1 and2 (rental)
Div. rental at 7% on
243,116
1936
$493,970
161,430
98,016
142,344
82,368
$12,855,417 a$l,334,033
city bonds,
Co.-—Earnings-
1938
$458,250
Gross from railway
Net from railway
$916,925 $18,168,817
2,250,958
2,057.359
1,808,240
Other oper. rent deduc.
Illinois Terminal RR.
count & expense
a$445,330 $15,163,390
2.349,935
2,307,972
(rental)
Int. and sink, fund
868,318
892.
Undistrib. debits
revenue...
Income from operationa$2,795,265
$6,456,155
1,874,747
1,175,024
From Jan. 1—
Gross from railway._
Net from railway
—V. 147, p.
1937
$7,248,958
.
.
Division
Current rent deductions;
Int. on Manhattan Ry.
Earnings of Company Only
Gross from railway
Net from railway
oper.
Taxes
.57,973,205
Net from railway..
Net after rents.
Ry. Division
Gross oper. revenue—$10,693,391
$42,018,575 $11,205,349 $43,593,670
Maint. of way & struct1,894,275
4,336.798
1,852,584
4,150.773
Maint. of equipment-2,005,965
4,773,869
1,902,038
4,585,216
Traffic
4,545
9,-48
2 533
4 128
Transportation expenses
5.981,579
15,313,950
5,377,468
14,481,755
General expenses
1,252,356
2.421,120
1,153.800
2,202,981
1195.
Net from railway
Net after rents
1937
Manhattan
Subway
Ry. Division
Division
Rev. from transportation$10,002,274
$38,209,026 $10,566,291 $39,982,400
Other st. ry. oper. rev-.
691,117
3,809,549
639.058
3,611,270
Mayo, J. Walter Drake and
Rapids, Iowa;
L.Davis, of Chicago.—V. 147,
Illinois Central
Years Ended June 30
1938
Manhattan
Subway
Year Ended June 30—
_
Norman deVaux, of Detroit, J. Scott
Mclntyre of Cedar
and S. W. Mozley, Edward Rothbart and S.
p.
1341
Comparative Statement of Resuhs from Operations for
mission dated Aug. 30, 1929
Federal taxes paid under protest
Guaranty Trust Co., trustee under 1st and
refunding mortgage, proceeds of mortgage
property.
—
— —-—
Items awaiting distribution..
—
.
...
——
—
.
186,653
29,979
——
28,553
Financial
1342
1938
Deferred charges:
Deferred
accounts:
847,104
24,596,858
■
receivable when earned by New York
Account
Transit
Rapid
under supplementary
Corp.
-—
5,182,946
4,714,772
Inc. deferred rental
900,000
378,805
contra:
Deficits under elevated extensions certificate.-229,304,423
Deficit accruals under elevated extensions certi¬
208,454,722
agreement
Collier Advertising Service
Accounts
per
Note 5)
of the Elevated Extensions Enterprise
912,765
ficate in suspense (see
Assets
which the I. R. T. Co. has 1st lien:
845,941
on
735,122
645.000
1,793,289
4,801,885
4,295,147
The interest on the bonds held in the sinking
aggregating $3,804,600.
aggregating $1,777,050 has not bedn ordered paid.
The sinking
1938, amounts to $1,116,330.
Of this amount the court
has ordered to be paid that portion payable in cash amounting to $174,330;
the balance of the sinking fund, which may be paid either in bonds or cash,
1,497,309
State
1,626,399
and the defaulted
Industrial
Deficits contract No. 3
Deferred charges covering Transit Commission's
objections to contract No.
3 (see Note 5)
-
with
deposited
State
(3)
Industrial
1,263,000
54,989,000
1,334,000
54,989,000
1,334,000
6,241,000
6,241,000
78,922
78,922
11,379,252
11,714,225
357,970
395,536
53.933
357,970
395,536
53,933
Profit and loss,
deficit...-
23,682,370
-
15,423,998
$172,683,000 $31,672,100 $10,500,000
1937
1938
Liabilities—
Capital stock (350,000 shares at $100 each)._
$35,000,000 $35,000,000
1st and refunding mortgage 5% gold bonds due
Jan. 1,1966 (see Notes 1 and3)
.172,683,000 172,683,000
Default under collateral indenture of Sept. 1, 1922
securing 10-year 7% notes (see Note3).
...
29,403,578
30,031,294
Default under indenture of Oct. 1, 1922, provid¬
ing for the issue of 10-year 6% notes (see Note 3) 14,546,175
13,839,472
Rapid Transit
Subway Construction Co. (see
Note
9)
8,731,360
377,323
56,526
-
Co. lease account
payable from construe, and equip, funds
Manhattan Ry.
Accounts
Current
7,33.3,458
377,323
312,704
1,116,330
1,116,330
5,581,650
984,441
5,581,650
998,266
4,229,666
430,923
8,730
2,905,235
796,063
1,016,597
96,642
100,002
6,834,108
1,105,473
liabilities:
Sinking fund on 1st and
refunding mortgage 5%
July 1 (see Note 2)
•
Interest on
1st and refunding mortgage 5%
bonds due July 1 (see Note 2)
Other interest and rentals
Interest and rentals accrued under Manhattan
lease (see Note 6)
.—
bonds due
—
—
Due for wages
Outstanding checks issued prior to receivership.
payable, audited vouchers and sundry
open accounts
—
Distribution in process under collateral indenture
ofSept. 1, 1922
489,493
8,718
Accounts
Taxes due and accrued
Interest
on
...
overdue taxes
—.
liens
relief fund
Manhattan Railway tax
Trustee for voluntary
Items awaiting distribution.
2,011,327
12,295
8,061,317
160,270
1,003,742
-
137,011
1,194,614
Deferred liabilities:
Pre-receivership tort claims
Dividend rental at 5% per annum on Manhattan
941,514
847,103
Ry. Co. stock payable if and when earned
Deferred credits to profit and loss:
Def. rental a-c New York Rapid Transit Corp..
Deferred advertising rental.
27,379,308
24,596,858
5,182,946
900,000
4,714,772
378,806
Special trust bonds to be withdrawn from sink¬
ing fund under court order of July 9, 1935
(see Note 1) —
Accruals in suspense incident to default on 10-year
7% notes
4,406,000
4,406,000
2,936,159
2,296,271
Reserves:
For
Balances
Current
Balances
x
under contract No. 3 and
certificates.
Elevated extensions certificate
53,842
1,297,870
Subway division
$2,564,747
$2,677,497
92,194
zll2,750
$2,769,690
$2,769,690
Total
x Subject to reduction upon settlement
tions to accounting under contract No. 3.
y
PreAfter
ferential
Adjustments
$82,987 y$l,252,536
y393,753
z82,987
1,031,208
$112,750
204,943
Queens improvement
of Transit Commission's objec¬
These balances are after the transfer from corporate cash to
Manhattan
operating cash of $8,385,000, divided as follows:
Prior to Aug. 26, 1932,
$600,000; subsequent to Aug. 26, 1932, $7,785,000.
z Indicates red figure.
(5) Pending final adjudication of Transit Commission's objections Nos.
to 72, inclusive, with interest claimed thereon to Dec. 31, 1933, and
advance, similar to those contained in the
specific objections, ail accounting will be maintained on the current basis
modified only to the extent of reflecting in the balance sheet and the con¬
tractual accountingthe transfers to suspense on account of contract No. 3
$4,801,885, and under the elevated extensions certificate $912,765, a
total of $5,714,650, this transfer being in accordance with the provisions of
the contracts as to the items in the contract accounting w hich have been
specifically objected to and objections in advance.
The effect on the general balance sheet is reflected only to the extent of
the items objected to on both the asset and liability sides under the caption
"Accounts per Contra."
(6) All payments which the court ordered be paid by Interborough
Receiver 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 Inter¬
borough Rapid Transit Co. and the Receiver.
These charges against the
accruals are not the final disposition of the items because the court reserved
the right to determine in the future the question as to what fund or property
such payments with or without 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 Inter¬
borough Rapid Transit Co. Such payments to June 30,1938, are as follows:
41
blanket objections to items in
on
Manhattan Ry.
Co.
con¬
$8,950,260
solidated mortgage bonds
Interest on Manhattan Ry. Co.
$8,950,260
271,380
271,380
second
mortgage bonds
Real estate and special franchise taxes
assessed against the Manhattan
Co
taxes
assessed
Total
Interest
Principal
Interest
against
Ry.
2,233,714
270,022
2,503,736
77,703
2,988
5,399
95
83,102
3,084
59,737
3,089
62,826
the
1,667,338
Manhattan Ry. Co
Ninth Avenue special franchise tax..
6,674,289
400,000
Compensation to City of New York
under third tracking certificate—
...
1,667,338
6,784,266
450,000
..—_
Contract No. 3
Adjustment
z$43,485
339,911
Z183.675
$1,213,034
Corporate
Manhattan division
Federal
depreciation—
Prior to operation
312,753
(4) The separation of the cash in the hands of the receiver into separate
of Aug. 30, 1929, resulted as of
June 30, 1938 in the following:
8717,255,962 $676079,491
-
$8,622,448
1,269,325
295,474
funds in accordance with the agreement
Actual
Total
notes
6% Notes
provide funds for:
5% Bonds
7% Notes
Construction and equip, under con¬
tract No. 3
$86,546,463 $17,021,563
Manhattan third tracking.
13,195,666
9,904,547
2,305,583
Elevated extensions
14,463,237
Manhattan
division power plant
2,440,407
improvements
3,602,634
Refunding of prior obligations
52,615,000
Refunding of obligations
to the
Rapid Transit Subway Construc¬
tion Co.—
2,260,000
Bankers
Guaranty Trust Co., trustee in special trust
under agreement dated Sept. 1, 1922
Deposited with the trustee under consolidated
mortgage of the Manhattan Ry. Co..
Advances to subway contribution cash—
For construction and equipment—
From corporate cash
For equipment—
From Manhattan third tracking cash
From Elevated extensions cash
From Manhattan division power house cash
ordered paid.
The 1st and refunding mortgage 5% bonds, the defaulted 7%
6% notes, were issued for the following purposes:
To
1,497,580
Commission
Trust Co., trustee under collateral
indenture, securing 7% notes
1st and refunding mortgage 5% bonds reacquired
fund,
fund due July 1,
has not been
No. 3 enterprise on which
has 1st lien:
the City of New York
Material and supplies
Securities
special trust bonds are 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 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, 1938, there were $75,488,000 par value of
1st and refunding mortgage 5% bonds in the sinking fund (which included
the $4,406,000 of bonds heireinabove referred to).
(2) Interest and sinking fund due July 1, 1938 on 1st and refunding
mortgage 5% bonds:
The total interest payable July 1, 1938 on the out¬
standing 5% bonds amounts to $5,581,650.
Of this amount, the court has
ordered the payment of the interest due July 1, 1938 on bonds outstanding
in the hands of the public and bonds pledged as collateral to 7% notes,
706,800
with
deposited
Commission
Assets of the contract
Relation to the General Balance Sheet Including Qualifications
Concerning the Corporate Surplus
Notes—(1) The amount of sinking fund deposit in excess of accruals to
Jan. 1,1938 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
754,420
6,525,524
Material and supplies
Securities
Notes in
1937
10,491.225
Unamortized debt discount and expense
10,489,541
Deferred charge to income for pro-receivership
tort claims (see Note 8)
941,514
Deferred charge to profit and loss for dividend
rental at 5% on Manhattan Ry. stock payable
if and when earned
27,379,308
Aug. 27, 1938
Chronicle
Cost of replacements "in kind" in excess of cost
of
23,740
Manhattan
Subway
Signals, subway
_______________
For replacement of property provided by city
retired from service—
23,740
87,477
316,132
87,477
92,223
35,590
Amortization
of debt
discount
and
expense,
25,013
bonds
25,449
Receipts from depreciation fund, contract No. 3
for Queens improvement
492,040
Sinking fund on 1st and refunding mortgage 5%
bonds accrued prior to Jan. l._
58,715,284
second mortgage
53,249,123
—_
Accounts per contra:
Deferred credit—accruals under elevated exten¬
5).
230,217,188 209,300,663
;
Reserve for the cost of the items which under the
agreement of Aug. 30, 1929 have become
assets of the Elevated Extensions Enterprise
Material and supplies
-
Deposit with State Industrial Commission
Deferred credit—accruals under contract No. 3
Transit Commission's objections to accounting
under contract No. 3 (see
v
4,295,147
1,497,580
1,626,399
1,263,000
54,989,000
54,989,000
Manhattan
Total
,
11,379,252
construction
funds
78,922
11,714,225
807,439
807,439
and
equipment
equipment
.
78,922
Co. property
From
1,334,000
6,241,000
1,334,000
6,241,000
for
..$717,255,962 $676079,491
what fund
to
or property
the total of the preapproved by orders
(8) The amount shown in these accounts represents
receivership tort claims, the settlement of which was
of the court, viz:—
Application No. 104, Order No. 248, March 30,1936_$847,103
Application No. 165, Order No. 348, June 23,1938..
94,411
$941,514
provide that they are claims against the Estate
Transit Co. but not against the Receiver, and
made by the Receiver, but are to be subject to
the further order of the court.
1,497,309
Contract No. 3 liability for advances—
From corporate fund for construction
$336,539
The aggregate of these last mentioned payments is reflected in the balance
on the assets' side and designated as "Payments under Court Orders
for Receivership Expenses of the Manhattan Ry. Co.," the court having
sheet
645,000
1,793,289
-i
—
735,122
706,801
754,420
6,525,524
agreement of Aug. 30, 1929 have become
assets of the contract No. 3 enterprise—
Material and supplies
Special master
Advances to receiver for current expenses
These orders specifically
Reserve for the cost of the items which under the
Deposit with State Industrial Commission...
1st and refunding mortgage 5% bonds—
Pledged as collateral to 10-year 7% notes
Released by Bankers Trust Co., trustee
Issued and held in special trust
Contingent liability to replace Manhattan Ry.
$69,000
168,758
49,781
20,500
8,500
20,000
...
Engineers for Receiver of the Manhattan Ry. Co
Accountants for Receiver of the Manhattan Ry. Co..
of the Interborough Rapid
the payments are not to be
4,801,885
Note 5)
~
also reserved the right to determine in the future as
these payments are finally to be charged.
....
sions certificates (see Note
-
-
480,091
216,834
Manhattan Ry.
Co.—Replacement of property retired
Capital account, additions and betterments
-----
Receiver of the Manhattan Ry. Co.
481,132
216,'834
Contract No. 3.
-
Counsel for Receiver of the Manhattan Ry. Co
92,223
36,440
Contracts Nos. 1 and 2
For account
$278,607 $11,874,390
(7) The payments referred to in Note No. 6, are exclusive of allowances
made by the court for compensation and expenses of the following:
*
v
$11,595,783
capital retired—
,
,
„
(9) "Securities of associated companies—stock and bonds,
includes the
$12,000,000 cost of capital stock of the Rapid Transit Subway Construction
Co., against which is the offsetting liability "Rapid Transit Subway Con¬
struction Co." for advances, interest thereon and liquidating dividends,
amounting to $8,731,360.
July Earnings—
Thomas E. Murray Jr.,
receiver, in his montly report, states:
Traffic—The Subway Division during the montn of July carried 52,008,passengers,
a decrease of 3,694,575,
or approximately 6.63%, as
compared with July, 1937.
All lines on the division carried less traffic
than in the corresponding month of last year, with losses ranging from
3.45% on the Pelham Bay Park Line to 7.24% on the Lexington Avenue
Line.
The rate of traffic during the month was actually about 2% better
than indicated by the above figures as the month had five Sundays as
against four in July, 1937.
The weather conditions during the latter part
of the month were unfavorable and resulted in considerable loss in traffic.
The Manhattan Division during the month of July carried 14,572,021
654
passengers, a decrease
pared with July, 1937.
of 1,791,482, or approximately 10.95%, as com¬
All lines on the division reported less traffic than
Volume
Financial
147
the corresponding month of last year.
Taking into account the irregu
slightly over 9%.
carried on the entire system in July was
66,580,675, a decrease of 5,486,057, or approximately 7.61%, as compared
with July, 1937.
•
in
larity of the calendar, the loss
The
number
of
was
passengers
1343
Chronicle
°f'profits of $2,996 and losses of $27,769 on sales of securities by a subsiaiary,
which amounts have been respectively credited or charged to reserve
provided out of capital surplus in prior year.
Note—No provision has been made for any possible Federal surtax on
undistributed profits.
Consolidated Balance Sheet June 30
Subway Division Operations
1938
$2,931,289
2,197,298
Operating
$807,100
$550,354
218,707
expenses.
1937
$3,061,381
2,254,281
$733,990
183,636
Month of July—
Gross operating revenue
$634,327
218,707
1938
Investments
Net operating revenue
Taxes
.
_
,
172,772
Cash
•
.———
strict.at
$415,620
Cr21,883
$331,647
37,419
Balance—City and company
Payable to city under Contract No. 3--
$294,228
879,324
_
$437,503
matured
$437,503
848,700
Divs.
-
&
Other
/Fixed;.; charges —! 2Jr+M;
$585,096
—
$411,196
774
Net deficit from operation
Non-operating income
780
$584,322
$410,416
1938
,$805,937
929,456
Queensboro Line
Lexington Avenue Line
5,098
3,876
4,975
3,737
White Plains Road Line--
3,815
6,359
6,539
$19 149
$18,817
$142,668
45,556
Manhattan Division
Month
Operating
expenses
-
22.513
169,008
22,80S
635,791
41.514
603,466
liabilities
1,001,060
pref. stks.
-
Other curr. ilabil..
25,0.52
Cons.
22,466
490,839
48,368
Inventories
441,336
other
&
re¬
fundable depos.
Deferred
26,532
1,668,703
1,655,657
.
.
_
of subs., paya. &
ap¬
ferred charges
on
expenses
accrued
Minority
ints.
Net operating deficit
895.548
Other rent items
Balance, deficit
3.565
Total
.—48,577,053 52,277,840
Represented
by
prior pref.
-.48,577,053 52,277,840
shares
600,000
$1 par value: issued, 1,252,294 shares,
Island Creek Coal Co. (&
Earnings
per
Subs.)—Earnings—
1938—3 Mos.—1937
$100,344
$213,487
$0.10
$0.30
Net profit
y
1936
1937
$41,906
28,180
$298,100
29,327
$83,715
26,591
22,911
operations
share.—.
1938—6 Mos.—1937
$427,563
$0.59
After depreciation, depletion, Federal income taxes, &c.
common stock ($1 par).—V. 147, p. 1196.
35,483
30,343
Jewel Tea Co.,
&
California properties)
$64,810
$56,934
loss$9,184
$233,289
y
$615,316
$0.90
On 593,865
Inc.—Earnings—
28 Weeks Ended—
July 16, '38 July 17, '37 July 11, '36 July 13, '35
$12,773,166 $12,387,736 $10,600,768 $10,010,241
Net sales
$51,091
par
value; issued 89,646 shares; class B: authorized, 2,500,000 shares of
y After reserves —V. 146, p. 2373.
par
x
6 Months Ended June 30—
without
$1.75 series of 1931, 71,767.96, class A authorized, 154,708 shares without
x
Intercontinental Rubber Co. (& Subs.)—- Earning s-
Total..
authorized.
2,249,115
value issued; $7 initial series, 3,668 shares; $3.50 series of 1931, 98,979.15
shares.
Pref.; authorized, 1 000,000 shares without par value; Issued,
W Period End. June 30—
-V. 147, p. 1195.
9,848,648
2,077,451
.
x
Gen. & sales exps. & miscell. taxes
Shut-down exps. (Mexican plants
9,437,765
...
1937
Rental of jointly operated lines:
Profit from
37,032
853,923
in
subsidiaries
8,674,578
Capital stock—_x9,331,162
Capital surplus..
479,459
Earned surplus
2,310,308
Operations
of July—
Gross operating revenue
191,729
404,817
Divs.
Other rec., not cur.
Prepaid exps. & de¬
$46,237
-
199,355
312,686
27,588
.—
proval, les res..
$27,420
Balance, deficit
205,374
& ac¬
pay.
crued
int.
or
169,323
190,264
913,919
$868,128
$123,519
rent,
28,955
161,220
&
accr. taxes—
Accts.
Appliances Instal'd
on
Fed.
Reserves-----.,.
897,655
recv
—
24,858
for
Dom. inc. taxes-
86,220
643,468
accr.
receivable.
Gross income from operation
Prov.
4,427,424
Securities sold and
Accts. & notes
fund, debt
yr. &
undelivered
$294,228
1,382,027
1
Accur. int. paya..
28,119
Loans rec.—eecurd
24,771,426
815,057
within
matur.
re¬
2,907,886
v
$
subs.24,202,201
Munic. deb. instsl.
783,018
______
1937
$
Notes pay. to bks
632,239
est.net
realizable values
Marketablesecurs.
Balance
Used for purchase of assets of enterprise— ———-
Fund. dbt. of
5,713,151
4,220,393
659,943
711,023
Special deposits
For'gn current
Income from operation
Current rent deductions
1938
Liabilities—
$1
Fixed capital- ...36,914,679 36,863,656
y
„
1937
a!SSCtS
$26,780
of sales,
Cost
de¬
exp.,
11,131,399
10,698,324
8,987,350
8,796,928
$1,641,767
preciation, &c
Net inc. before taxes & deprec
$1,689,412
$1,213,313
98,900
151,099
148,310
$1,613,418
115,486
$1,792,866
$1,837,722
$1,728,904
Reserved for taxes
593,041
Other
506,304
542,451
528,199
392,973
$1,312,213
330,217
377,307
$693,522
2,618,479
$767,074
2,410,674
$875,851
2,334,986
$604,687
1,860,613
$3,312,001
830,622
$3,177,747
827,832
$3,210,837
681,278
$2,465,301
405,582
Prov. for U. S. normal income tax also
3,855
foreign income & other taxes
33,000
-
loss$13,039
;
64,737
Depreciation.
V
Other income.
$26,780
$200,289
- 45.851
33.988
loss$77,776
surl08,742
$154,437
76,172
loss$7,207
92,542
$30,966
$78,265
reserves
def$99,750
Previous surplus
Earned surplus, June 30—
Note—Above does not include any provision
tributed profits.
for U. S. tax on undis¬
demand deposit
$430,655
59,106
74,402
$2,400,439
$2,576,472
$2,077,054
reserves.,
51,984
(no par) shares.——-
$2.48
$2.74
$3.13
$2.16
Minority int.in sub
7,200
7,200
95,517
ber Co..
2,980,020
3,328,993
Capital surplus...
1,003,312
2,980,020
1,003,312
30,966
78,265
Earned surplus
Assetsx
claims and
31,883
36,477
64,117
98,014
860
860
shares
at
a
$4,136,576 $4,173,538
Total
$4,136,576 $4,173,538
Total
30, 1938, 595,578 shares
be issued to complete exchanges under
(427 shares in 1937); total, 596,004,
share.—V. 146, p. 3340.
Authorized, 604,000 shares; issued to June
356,989
155,751
245,248
acceptances....
Accounts payable.;
1,885,701
248,676
Accrued wages and
.544,514
53,972
328,904
356,015
60,801
Divs. payable
280,000
837,627
Federal taxes, &C-
280,000
565,770
112,323
156,709
Sundry accruals..
Llabs. for real est ,
552,731
50,704
held
_
deposits
—
_
30,573
34,200
12,228
7,502
1,094,379
1,069,853
.—
Loans to em pi
Deferred charges.
-
bonuses
.
—
—
purchases
&
invest.
(595,577 shares in 1937) remaining to
1926 reorganization plan, 426 shares
shares, stated at $5 per
Res. for contlng.
Res.
70,179
285,000
.
for auto accland
dents
;
.
-
fire
198,021
183,267
225,160
losses
prove.
& devel'p
238,1.56
544,514
2,400,439
$588,016
355,748
Gross operating revenues.
Operating expenses
_
509,607
Surplus-.........
1938
2,510,158
1937
$577,996
342,906
Total...-...-10,548,164
10,297,2181
Total
—..-. —
x After
depreciation of $1,512,094 in 1938
Represented by 280,000 shares no par value,
for doubtful accounts.—V. 147, p. 894.
$232,268
12,259
Interest deductions
Other deductions
Interest
on
_ — -
— -
-
- — -
$239,732
124,022
125,197
— ———
$235,090
4,642
$244,527
—.
-
129,776
Co.—accrued-
—
—
-—. -
— -
aCY3,176
aCr3,212
$1,515
1,314
—
$13,794
1,187
z
Joslyn Mfg. & Supply Co.—-oO-Cent Dividend—
Directors have declared a dividend of 50 cents per
126,962
indebtedness of American Gas & Power
10,648,164 10,297,218
$1,353,038 in 1937.
After deducting reserve
and
y
Net operating income
Non-operating income—
73,331
285,000
Res. for alter., Im¬
Earning s-
30—
30,835
:<y
Surety deposits...
Jacksonville Gas Co.12 Months Ended June
4,935,462
Letters of credit &
2,960,731
237,274
509,607
for employees
Miscell.
$
4,935,462
1,102,676
stock
Com.
-t*1
JulynjZ7
$
Common stock.
213,151
2,372,361
IJfeinsur. policies.
Cash...
stated
value)
y
2,440,905
■—._
Accts, receivable
Trust funds
..—J
deposits
1
Investments
Prepaid & def. chgs
Treas. stock
(172
2,509,132
2,599,160
Goodwill..
z
740
Liabilities—
$
$
Capital assets.—
Inventories
1
-
Sees, owned
July 16,*38
July 16, *38 JulylT, *37
Rub¬
Intercont.
49,748
3,191,294
Pat'ts, trade names
Balance Sheet
Cap.stk.(no par)
108,615
230,584
hand, &c
Ad vs.,
Cr 17,335
$2,510,158
a
Materials & suppl.
Fixed assets (net).
—
Cr46,912
Profit & loss surplus—
Earns, per sh. on 280,000
Sundry
Shrub & rubber on
&c
Cr50,524
1937
$11,053
41,702
payable
Accounts payable-
$508,242
.
& notes receiVie
■
Cr28,779
1938
Drafts
Accts.,trade accept
—
$11,640
25,929
77,508
Liabilities—
1937
1938
Total surplusCommon dividends
Adjust, aris. from sale of
com. stk. to employees
Comparative Consolidated Balance Sheet June 30
Assets—
Cash on hand and
460,080
stock payable Sept.
share on the common
A regular quarterly
15 to holders of record Sept. 3.
dividend of 75 cents per share was paid on March 15, last.
In a letter to stockholders, M. L. Joslyn, President, stated that the com¬
return to a regular dividend basis, until conditions are
again normal, although it will consider the payment of such part of the
earnings as can readily be spared from operating capital.
Further consideration of dividends will be made toward the close of the
pany proposes no
Net loss.
a
Received
—V.
145,
——
on
p.
account of prior year
accruals——
3348.
year
International Utilities Corp. (&
Subs.)—Earnings—
1938
$3,708,312
1937
$3,783,417
222,240
247,133
$3,930,552
1,531,317
Operations
225,771
Maintenance
386,908
Taxes—other than Federal and Dominion income15,886
Provision for bad debts.--_———---------—368,184
Provision for amortization and depreciation.
624,684
Interest on funded dent of subsidiaries
27,372
Other interest
30,854
Amortization of deot discount & expense of subs—
18.580
Provision for amort, of deferred charges of subs...
139,799
Provision for Federal and Dominion income taxes.
221,325
Dividends on preferred stocks of subsidiaries
$4,030,550
1.521,259
240,766
348,763
17,944
365,546
617,644
41,392
34,731
16,482
142,535
237,096
$339,870
$446,393
11,832
6 Months Ended June 30—
Operating revenue
^
Other income
•
Total income
—
Non-recurr. inc.—propor. of inc. of subs,
sold in '37
Total
.
Propor. applic. to minority ints. in
com.stk of subs
Dividends paid on $7 prior preferred stock
Dividends paid on $3.50 prior preferred stockx
on
Net income is stated
x$320,459
20,466
258,480
p.
*
$458,226
46,222
$412,,004
36,693
340.692
losses of $23,454
view, he stated.
"Our outlook con¬
1196.
(Mead) Johnson & Co. (& Subs.)— ■Earnings—
profit from opers.
Shipping & selling exp._
Advertising
426,924
238,140
416,346
229,366
335,183
220,018
$1,491,163
352,618
330,078
199,849
$946,567
19,507
$906,642
20,992
$818,450
22,791
$608,618
49,931
$966,074
22,760
$927,634
40,630
$841,241
43,148
$658,549
23,894
161,531
127,176
116,495
82,619
19,590
23,640
$762,193
59,500
495,000
$736,187
59,500
495,000
$681,599
$552,035
59,500
412,500
59,500
330,000
$207,693
$181,687
$209,599
$162,535
...
..
Other income
Total income
—
Other deductions
Prov. for U.S.
Loss
of
1935
1937
$1,983,658
431,303
1938
Admin. & gen. expense..
Operating profit —
1936
$2,099,947
488,315
6 Mos. End. June 30—
Gross
$1,765,175
391,522
and Can.
income taxes.
$31,257 on securities written off, which
surplus, and
respectively credited or charged to capital
our
unconsolidated
subsidiary, &c
Preferred dividends
Common dividends
exclusive of profits of $60,166 and
sale~ of securities, and loss of
amounts have been
-.
$339,870
19,410
with the full year's operations in
be very favorable and further improvement will be reflected in
dividend record as rapidly as sound procedure warrants."—V. 147,
tinues to
Surplus..
Earns, per sh. on 165,000
shs.com. stk. (no par)
V
$3.77
$2.98
Note—Provision for depreciation of property, plant and equipment,
included in the above statement for 1938, amounted to $90,429.
$4.26
$4.10
Chronicle
Financial
1344
Aug. 27, 1938
Income Account
Consolidated Balance Sheet June 30
1938
Assets—
1 ,922,746
1,769,628
433,842
689,594
277,349
285,688
.626,965
1,842,446
_
-
Accts. receivable..
Inventories
Gash val.of life ins.
«fc
550,000
550,000
328,926
382,780
307,000
307,000
158,856
156,000
162.330
4 952,364
4,879,673
payable
Federal tax.
192,601
$2,602,008
85,785
$626,036
397,266
$2,734,289
1,591,211
$2,687,793
1,587,174
Net income
Divs.
114,016
$228,770
114,016
$1,143,078
456,066
$1,100,619
456,066
$143,109
...—
6% pref. stock-
$114,754
$687,012
$644,553
103,251
#
divs, on
7% junior pref. stk.
1
32,908
Deferred assets...
233,391
40,403
156,431
—
on
pa¬
$8,159,475 $8,106,290
Adjustments made subsequent to June 30, 1937, but applicable to the
periods ended that date have been given effect to in these figures.—V. 147,
p.271.
a
$8,159,475 $8,106,290
Total
1938
City Power & Light Co.—Earnings—
Gross earnings
Oper. exps. (incl. xnaint.
& gen. & property tax)
1937
1938—12 Mos.- -1937
1938—Month
$1,453,909 $17,406,277 $17,370,546
$1,373,981
Net earnings
Interest charges
Depreciation
Amort,
8,373,151
Investments .i
$666,693
113,394
8,540
191,042
$728,757
114,969
8,496
187,863
$8,898,683
1,380,789
102,479
2,274,069
$8,997,394
1,437.308
103.197
2,236,238
1937
514,350
559,252
1,832,989
Com. stk.(par $5).
1,960,000
2,000,000
1,720,159
1,728,051
1,427,866
Accounts payableRes. for additional
1,344,180
1,234,372
2,633
4,911
60,000
3,979
5,363
78,003
24.899
67,195
850,014
20,590
69,056
579,185
$286,173
$330,083
$0.59
$4,199,237
Liabilities—
Bonds
1,487,017
$4,551,819
$8.21
investments
Miscell. inc. deductions.
Fed. & State inc. taxes..
duties
(less reserve)
insurance cos...
72,176
Sundry debtors...
Inventories
...
Deferred charges
mtges.
bl,400
for
.
$0.51
$7.54
8,234
imposed
on
undistributed profits.—V. 147,
27,548
2,978,455
Sundry credits and
liabilities accr'd.
345,600
416,511
58,117
69,701
Taxes, prior years.
81,870
36,212
...
95,000
Res. for poss. duty
for'n purch—
Other reserve.
85,000
Earned surplus...
4,090,495
2,532,549
Capital surplus
Total.........
Kansas City Public
Period Ended July 31—
Service Co.—Earnings-
1938—Month—1937
1938—12 Mos.—1937
$501,420
435,807
$530,436
446,735
56.615,827
5,384,501
Net oper. revenue
General taxes
$65,613
22,780
$1,231,326
257,463
$1,492,111
Social security taxes
10,308
$83,701
24,912
8,322
revenues
expenses
Operating income.—
Non-operating income._
funded debt.
on
$860,928
3,135
$1,137,413
10,732
5,501
$864,063
487,730
79,103
72,275
857,662
$1,148,144
444,147
78,314
858,181
$560,433
$232,498
$50,466
Other fixed
charges
Depreciation
Net deficit
136
130
$32,660
40,379
8,260
70,806
$50,596
41.333
$86,786
Gross income.
Interest
$32,523
$68,514
'",//<
288,568
66,130
112,935
—V. 147, p. 576.
Kansas Electric Power
Period End.June30—
$604,678
445,374
$601,931
421,323
$2,491,084
1,794,800
$2,434,470
Net oper. income
Other income (net).....
$159,303
$180,607
$696,284
300
188
1,201
$783,933
2,484
Net oper.
$159,603
54,409
$180,795
82,868
$697,485
208,039
$97,927
44,682
$489,446
178.729
$432,982
178,729
Net
income..
$105,193
44,682
Pref. stock dividends
I
$668,062
505,298
$657,075
511,535
$39,098
1,953
$44,917
$162,763
3,290
$145,540
Dr42
$41,052
37,212
$44,875
37,835
$166,053
150,437
$144,942
145,867
$3,839
income.
Gross income
Int. & other deductions.
Net income
$7,040
$15,615
loss$925
Dr598
a Adjustments made
subsequent to June 30, 1937, but applicable to the
periods ended that date have been given effect to in these figures.
—V. 146, p.3808.
-Earnings-
1938
Net sale
$786,417
1,650,538
1938—12 Mos .—a 1937
$157,524
112,607
120,246
Other income.
1937
1936
$9,648,839 $12,163,667 $10,598,645
1935
$7,911,973
Net profit after deprec.,
Fed. income taxes and
all other
Gross income
$159,345
Keystone Steel & Wire Co.
Operating revenues
Oper. exps. and taxes...
Int. & other deduc'ns
1938—3 Mos,—a 1937
Years End. June 30—
1938—12 Mos.—1937
2,590,786
9,678,790 10,427,128
Kentucky Power & Light Co.—Earnings—
Period End. June 30—
Operating revenues
Operating exp. & taxes
Co.—Earnings-
1938—3 Mos—1937
Total
4,513,890
a After depreciation
of $6,399,350 in 1938 and $6,253,998 in 1937.
Note—Earnings for year ended June 30 appeared in the "Chronicle" of
Aug. 20, Vol. 147, page 1197.
$7,774,117
5.282,005
Operating
Operating
10,427,128!
9,678,790
85,000
7,537
„...
743.
p.
11,255
inc.
taxes curr. year.
63,195
121,490
4,190.497
N0ie—No deduction is made in the foregoing statement for the surtax if
any
114,822
prior
on
Fed.
on
Net profit and loss...
Earns, per share common
4,400
51,754
year's Imports—
Res.
mutual
with
and
$
of affiliated cos.
1
..
...
Notes & accts. rec.
Dep.
limited-term
of
1938
Employees' pref..
chinery & equip. 1.750,103
Pat'ts, tradern'ks,
Cash
Amort, of disct. & prem#
$
Land, bldgs,,ma¬
and goodwill.
8,507,593
725,152
707,287
1937
%
Assets—
a
Period End. July 31—
Bal. Sheet June 30—•
(Julius) Kayser & Co. (& Subs.)-
Represented by 165,000 no par shares.—V. 146, p. 3670.
Kansas
;
Balance before
1
tents & formulae
x
$2,600,972
133,317
$257,125
Gross income—
Interest and other deduc.
172.536
97,813
Total
4,187,475
$610,981
15,055
$654,506
397,380
Other income (net)
Reserve for Income
Surplus
premiums paid
in advance
Trade marks,
4.511,831
$640,033
14,472
income—
Net oper.
of
instal.
Unpaid
taxes...—
Other asset#
Goodwill
1938—12 Mos.—al937
$7,112,803
$6,789,483
130,835
expenses...—.
Dividends
Invest, in sub. not
consol
Common stock..
$1,700,000
Accts. pay. & accr.
Govt. & oth. mar¬
ketable secure.
x
(Company Only)
Period End. June 30— 1938—3 Mos.—al937
Operating revenues.... $1,741,800
$1,690,710
Oper. exps. and taxes...
1,101,767
1,079,729
1937
Pref. stock. ......$1 ,700,000
544,548
520,994
Cash
1938
Liabilities—
1937
Land.bldgs. & eq.$2 ,820,866 $2,501,762
Shares of
charges
common
x727,543
xl,160,857
1,501,493
1,167,790
757,632
$0.96
757,632
757,632
$1.90
189,408
stock
outstanding
Earnings per share
$1.53
After undistributed profits taxes.—V.
x
353,435
147,
$5.62
117.
p
Kroger Grocery & Baking Co.—Sales—
Period End. Aug. 13—
1938—4 Wks.—1937
1938—32 Whs.—1937
..........$16,222,849 $17,986,726S141,216,3128154,779,812
Average stores operated4,019
4,191
147, p. 743.
Sales...
Balance
-V.
$60,511
$53,245
$310,717
$254,253
146, p. 3957.
Kansas Gas & Electric
Period Ended July 31—
Operating revenues
Oper. exps., incl. taxes
Amort,
of
.
_
Prop'y retire,
1938—Month—1937
$521,553
$519,906
281,074
286,269
.;
res. approp
Net oper. revenues
Gross income
Int.
1938—12 Mos.—1937
$6,249,719
Operating
$184,948
on
mortgage bonds.
542
$185,490
debenture bonds
Other int. & deductions.
Int. charged to construe.
$112,807
Other income (net)
$177,047
8,677
$171,608
8,658
$338,112
14,904
$323,678
16,965
Oper. expenses and taxes
3,008
635,000
600,000
$353,016
$2,269,228
12,873
$2,308,229
16,444
Int. and other deductions;
$185,725
62,530
$180,266
$183,637
1,574
64,428
125.190
$340,643
127,255
$185,211
60,000
15,000
$2,282 101
720,000
Pref. stock divs. paid
$123,194
59,179
$115,837
59,179
$227,826
118,358
$213,388
118,358
$64,014
$56,658
$109,467
$95,029
93
$102,931
180,000
106,258
Cr27,583
7,280
$2 324 673
720,000
180,000
102,492
Cr2,034
$1,303,426
$1,324,215
520,784
$782,642
Balance
Lakey Foundry & Machine Co.—Earnings—
Period End. July 31—
Net profit....
x
520,784
$803,431
-
Bal. avail, to com. stk.
—V. 146, p. 3506.
After
x
p.
-V. 147, p. 743.
depreciation,
1938—3 Mos.—1937
$1,258
$62,166
&c.,
but before
1938—9 Mos.—1937
$11,366
$124,766
Federal
income
taxes.—V.
146,
3506.
Lamson & Sessions Co.—Earnings—
Kansas Power Co. (&
Operating revenues
Oper. expenses & taxes..
368,409
so,666
.
Dividends applicable to preferred stocks for the
period, whether paid or unpaid
Period End. June 30—
1938—6 Mos.—1937
$1,023,018
$965,972
684,906
642,294
$480,017
3,342,483
Crl 1,537
income
-Earnings—
1938—3 Mos.—1937
$501,028
323,981
revenues..—
Net oper. income
55,000
60,000
15,000
9,220
Net
Period End. June 30—
$6,084,298
3,175,976
531
...
Other income (net)
on
Lake Superior District Power Co.-
Co.—Earnings-
limited-term
investments.
Int.
—V.
6 Mos. End. June 30—
Loss after exps., taxes,
Subs.)—Earnings
1938—3 Mos.—1937
$395,984
283,405
$387,792
272,621
1938—12 Mos.—1937
$1,679,437
1,139,418
$1,590,656
1,078,201
1937
1938
depreciation,
$242,676
Earns. per sh. on 274,269
shares common stock.
'
1936
z $434,783
z$101,051
$1.46
Nil
Nil
1935
$104,340
Nil
Before Federal income taxes and before Federal surtax on undistributed
profits,
y Before
surtax on undistributed profits,
z Profits.
x
Net oper. income
Other income (net)
$112,578
$115,171
$540,019
129
191
841
951
Gross income
Int. & other deductions.
$112,708
79,078
$115,361
76,908
$540,860
315,330
$513,406
306,845
$33,630
29,885
$38,453
29,885
$225,530
119,540
$206,561
119,540
$3,745
$8,568
$105,990
$87,022
Net
income
Pref. stock dividends
Balance
-V.
147,
p.
$512,455
Consolidated Balance Sheet
Assets—
June 30 '38
Cash
x
Dec. 31 '37
$200,629
Accts. & notes
rec
Inventory.......
Other assets
$186,018
270,928
358,248
1,283,359
1,657,072
44,304
4,229,474
16,381
46,359
Permanent assets.
Deferred assets...
4,245,256
19,015
116.
Operating
revenues....
1938—12 Mos,
-al937
$9,045,796
5,750,988
,739,277
5,438,338
Other income (net)
$801,412
23,098
$762,446
25,977
$3,294,808
159,866
$3,300,938
113,766
Gross income.
Int. and other deductions
i
$824,510
546,938
$788,424
549,227
$3,454,674
2,194,802
$3,414,704
2,194,497
$277,572
114,016
$239,196
$1,259,872
456,066
$1,220,207
456,066
$163,556
$125,180
Net income
Divs.
on
6% pref. stock.
b Balance
114,016
Total..
x
After
...$6,065,547 $6,491,556
reserve
782,000
7% cum. pf. stock
950,800
3,715,796
157,775
554.820
795,000
950,800
3,715,796
157,775
554,820
Common stock
—
Total
of $16,963.—V. 147, p.
Lane Wells Co .—Registers
See list given on first page of this
—.
$139,479
65,000
De/242,676
Dr78,069
Dr78,069
$6,065,547 $6,491,556
1197.
with SEC—
department.—V. 147, p. 272.
Lehigh Power Securities Corp.—To Pay 20-Cent Div.—
Directors have declared
stock,
$803,806
$764,141
a
Adjustments made subsequent to June 30, 1937, but applicable to the
periods ended that date have been given effect to n these
figures,
b Before divs. on
7% junior pref. stock of Kentucky Utilities Co.
190,955
Long-term debt...
Treasury stock
$2,129,026
1,366,580
Net oper. income
138,541
Profit and loss
$2,188,781
1,387,369
Oper exps. and taxes
$86,561
Surplus
1938—3 Mos.—al937
June 30 '38 Dec. 31 '37
Accrued liabilities.
Capital surplus
Kentucky Utilities Co. (& Subs.)—Earning sPeriod End. June 3D—
Liabilities—
Accounts payable.
RFC payments
a
dividend of 20 cents per share on the
common
1 to holders of record Aug. 22.
Like
paid on June 1 and on Feb. 26 last; a dividend of 10 cents
was paid on Dec.
23,1937; 20 cents paid on Sept. 1, June 1, and on March 1,
1937; 33 cents paid on Dec. 23, 1936; 20 cents paid on Oct. 1, June 1, and
March 2, 1936, and on Dec. 30, 1935; 25 cents paid on Sept. 3, 1935;
34 cents paid on June 1 and March 1, 1935; 70 cents on Dec. 29, 1934,
and 25 cents per share distributed on the first day of March, June, Sep¬
tember and December of 1934, 1933, and 1932.—V. 145, p. 4119.
no
par
amounts were
value, payable Sept.
Volume
Financial
147
1345
Chronicle
Lehigh Valley RR .—Plan to Avert Bankruptcy Approved
by Institutional Investors and Government Agencies—
business activity analogous to departments of the Loft business or in a field
in which Loft has special problems; additional disinterested experts were
hired by the committee.
One of the members of the committee is a leading
D. J. Kerr, President, announced Aug. 25 that definite approval of its
to avert bankruptcy or receivership had been given by Government
agencies and a substantial number of institutional holders of its securities.
Institutional
holders
include
all
the larger
insurance companies and
chain store real estate expert; another is a reputable management and
financial adviser; the Chairman is probably the leading representative of
security holders in the United States.
These stockholders of Loft wanted
pian
interested savings banks and trust companies.
Agreements
and file of bondholders will now be actively sought.
For
months
from the rank
the
management of Lehigh Valley and the finance
committee of its boai d of directors has been considering a plan contemplating
the receipt of temporary financial assistance by, but with no ultimate
loss
some
the
to
company's bondholders.
Under this plan it is proposed to
company's subsidiary mortgages for 10 years as follows:
Pennsylvania & New York Canal & RR. mortgage, $8,500,000, covering
the line between Wilkes-Barre and the New York State line, from its
maturity date, April 1, 1939, to April 1, 1949.
Lehigh Valley Rail Way 4y2% mortgage, $15,000,000, generally speaking,
covering the company's line in New York State from its maturity date
on Juiy 1, 1940, to Jmy 1, 1950.
Lehigh Valley Terminal Ry. (now Lehigh Valley RR. of N. J.) 5%
mortgage, $10,000,000, covering the line from South Plainfield to the
Jersey City Terminal, from its maturity date on Oct. 1,1941, to Oct. 1,1951.
The plan further provides, in order to give the company immediate cash,
the extension of 75% of five interest maturities on the company's gen.
consol. mtge. bonds—$72,336,000 outstanding in the hands of the public—
for five years beginning with Nov. 1, 1938; in other words, 75% of the
Nov. 1, 1938, May 1 and Nov. 1, 1939, ajnd May 1 and Nov. 1, 1940,
interest maturities are to be extended for five years from their respective
due dates.
No interest is to be paid by the company on the extended
extend three of the
interest
maturities.
These
extensions
of the interest
payments will give
the company the use of $1,169,000 additional cash
on Nov. 1, 1938, and
$2,338,000 in each of the years of 1939 and 1940.
Arrangements with the holders of the present bank and Reconstruction
Finance Corporation loans whereby the fixed principal amounts required
to be paid on said loans during each of the years 1939-42 will be reduced
to $511,000, the remainder of the principal becoming payable in 1943.
A committee of institutional bondholders has been selected and close
between
cooperation
committee
the
and
the
railroad
expert advice with respect to business matters involving the Loft company.
Obviously the qualifications of the members of this committee to act as
not affected by their not being owners of Loft stock."—V.
147, p. 895.
.experts are
management
has
been provided for in the plan and agreement.
The plan contemplates a reasonable sinking
fund and the payment of
no
dividends on the company's stock until the deferred interest instal¬
ments on the gen. consol. mtge. bonds and the bank loans and the RFC
loans have been paid.
It is believed by the management that the plan outlined will, if adopted
by bondholders, fully protect them both as to principal and interest, and
assuming a reasonable increase in the company's business during the
next five years, make any reorganization of the company's finances unnec¬
essary.
"The railroad company
does not have the cash to meet its obligations
during the remainder of this year," Mr. Kerr stated, "and unless the
plan is consummated, the management has little hope of avoiding a reor¬
ganization through receivership or bankruptcy with the ^delays, waste and
expense incident thereto."—V. 147, p. 1039.
Lone Star Gas
Corp.—$20,000,000 Debentures Offered—
underwriters headed by Mellon Securities Corp.
Aug. 25 offered a new issue of $20,000,000 15-year 3^2%
sinking fund debentures, due Aug. 1, 1953.
The debentures,
dated Aug. 1, 1938, were offered at 102 and accrued interest.
A group of
on
Dated Aug. 1,
Principal
holders
of debentures for any Commonwealth of Pennsylvania or local
Pennsylvania personal property taxes not exceeding 5 mills.
Coupon bonds
denom. of $1,000, registerable as to principal only.
Sinking fund payments to be made, as provided in the indenture, on Dec.
20, 1942, and on each aune 20 and Dec. 20 thereafter to and incl. June 20,
1953, sufficient, in the aggregate, to retire the entire amount of the issue.
Debentures are redeemable for sinking fund purposes on Feb. 1, 1943, and
on any interest date thereafter, by lot,
upon 30 days' notice at 102 on or
before Aug. 1, 1945, at 101 thereafter on or before Aug. 1,1948, and without
in
premium thereafter; in each case with accrued interest.
Also redeemable
at option of corporation, otherwise than through the sinking fund, at any
time, in whole or in part on 30 days' notice at following percentages of prin¬
cipal amount: on or before Aug. 1, 1941, 105; thereafter on or before
Aug. 1, 1944, 104; thereafter on or before Aug. 1, 1947, 103; thereafter on
or before Aug.
1, 1949, 102; thereafter on or before Aug. 1, 1951, 101;
thereafter without premium; in each case with accrued interest.
Any of the debentures may be converted into common stock of the
corporation at any time before Aug. 1, 1945, at rate of $13-51-73 per share.
Listing—The corporation has agreed to make application, when requested
by Mellon Securities Corp., for the listing of the debentures on the New
York Stock Exchange and their registration under the Securities Exchange
Act of 1934,
Purpose—Net proceeds (approximately $19,871,440) together with net
proceeds of $11,300,000 new bank loan notes dated Aug. 22, 1938, will be
used for following purposes:
1 Reden ption on or before
Oper.
exps.
$430,696
313,107
_
$424,169
310,576
$1,773,943
1,255,809
$1,819,830
1,333,671
$117,588
9,711
$113,593
$518,134
2
10,968
41,867
$127,300
$560,001
278,321
_
$281,680
159,939
$255,138
160,914
69,288
70,382
$58,012
39,947
income,
Pref. stock div. require'ts
$.54,180
40,110
a Adjustments made
subsequent to June 30, 1937, but applicable to the
periods ended that date, have been given effect to in these figures.—V. 146,
p. 3958.
Liberty Loan Corp.—Earnings—
6 Months Ended June 30—
1938
Gross volume of business
50,845
Liquid Carbonic Corp.—-20-Cent Dividend—
Directors have declared a dividend of 20 cents per share on the capital
stock, payable Sept. 26 to holders of record Sept. 19.
Like amounts were
paid on July 1 and on April 1, last.
See V. 146, p. 3507 for record of
previous dividend payments.
W. K. Mcintosh, Chairman of the Board, stated that since the com¬
pany is still subject in year ended Sept. 30, to the undistributed profits
tax, directors will meet again Sept. 14 to consider the advisability of a
special year-end dividend, also to be payable Sept. 26.—V. 147, p. 1197.
Lockheed Aircraft
Corp.—Earnings1938
1937
1936
1935
$151,074
$281,563
$40,213
$152,935
6 Mos. End. June 30—
prof it
Earns,
mon
per sh.
stock
on
com¬
147, p.
$0.43
$0.08
1.37
amortization of development and Federal
118.
(second series) at 105% of principal amount thereof
To advance to Dallas Gas Co. for redemption on or before
Oct. 1, 1938, of $1,783,500 1st mtge. 6% gold bonds due 1941
1,680,000
5
(second series), at 102% of principal amount thereof
1,819,170
To advance to
Period End. June 30—
Consol. net loss......
x
After depreciation,
for redemption on
or
3,865.270
7
Payment on or before Sept. 1, 1938 of principal amount of
$8,400,000 old bank loan notes Aug. 2, 1937, due in instal¬
ments maturing Feb. 1, 1939, to Aug. 1, 1942, at 100% of the
principal amount thereof
8 To advance to Lone Star Gas Co. for payment on or before
Sept. 1, 1938, of principal amount of $5,100,000 old bank
Joan notes Aug. 2, 1937, due in instalments maturing Feb. 1,
1939, to Aug. I, 1942, at 100% of the principal amount thereof
9 To advance to subsidiaries for working capital purposes
8,400,000
-
5,100,000
453,100
Total.
$31,171,440
...
Capitalization—Upon the issue and sale of the $20,000,000 of debentures
being offered and application of net proceeds together with proceeds of the
$11,300,000 new bank loan notes, dated Aug. 22, 1938, to redemption or
retirement of preferred stocks and debt of the corporation and certain of
its subsidiaries, the outstanding capitalization of the corporation, con¬
solidated, tabulated as of June 30, 1938, but reflecting the issuance of the
obligations as aforesaid, will be as follows:
Authorized
15-year 3M% sinking fund debentures
Outstanding
$20,000,000
$20,000,000
11,300,000
66,432,907
Bank loan notes, dated Aug. 22, 19.38- —-__xll ,300,000
Common stock, (5,532,747 shs. (no par)
y7,000,000
shs.
x Concurrently with
the delivery by the corporation of the debentures
being offered herein, the corporation will borrow from the Union Trust Co.
of Pittsburgh $6,780,000; from Chase National Bank, New York, $2,486,000; from Mellon National Bank of Pittsburgh, $1,356,000; and from
Farmers Deposit National Bank, Pittsburgh, $678,000, and will deliver
new bank loan notes, dated Aug. 22, 1938.
The aggregate principal amount
of
such
notes,
$11,300,000,
will be
payable in instalments aggregating
Aug. 1, 1942,
inclusive, and $550,000 each six months thereafter to and incl. Aug. 1,
1945.
The new bank loan notes, dated Aug. 22, 1938, are to bear interest
at the rate of 2Vh% Per annum.
Corporation is to have the option to at
any
Sales,.
Texas Cities Gas Co.
before Oct. 1, 1938, of $3,827,000 1st mtge. 5% gold bonds,
series of 1928 (due 1948), at 101% of the principal amount*
thereof
;
1938—3 Mos.—1937
$2,309,750
$264,457
$2,319,512
$352,795
time accelerate all or any unmatured instalments, but the acceleration
be the san e as to all notes and a premium of 1% of the principal
accelerated is payable if accelerated maturity date shall be on or
must
Loft, Inc. (& Subs.)—Earnings-—
x
960,510
aggregating $1,000,000 each six months from Feb. 1, 1939, to
$0.23
After interest, depreciation,
x
income taxes.—V.
118,690
share
Oct. 1,1938, of $1,600,000 1st mtge. 5% gold bonds, due 1946
$1,816,166
51,238
for Fed.
—V. 145, p. 4120.
Net
per
To advance to Council Bluffs Gas Co. for redemption on or
before Nov. 1, 1938, of $951,000 1st mtge. 5% gold bonds,
series of 1938 (due 1948), at 101 % of principal amount thereof
4 To advance to County Gas Co. for redemption on or before
1937
$1,437,162
Net earnings after all charges, incl. pro v.
income taxes
x
$110
at
$531,552
276,414
Int. & other deductions.
Net
$8,774,700
To advance to Dallas Gas Co. for redemption on or before
Oct. 1, 1938, of 1,079 shares of 7% preferred stock, $100 par,
$486,158
45,394
$124,562
$110 per share..
at
6
and taxes
Net oper. income
Other income (net)
Gross Income.
1938-12 Mos.—al937
1938-3 Mos-al937
Period End. June 30—
Operating revenues
Nov. 1, 1938, of 79,770 shares of
$100 par
Lone Star Gas Corp. preferred stock (6V£% cum.)
3
Lexington Utilities Co. (& Subs.)-—Earnings—
1938; due Aug. 1, 1953.
and interest (F. & A.) payable at principal office of Union
Trust Co., Pittsburgh, trustee, or, at option of holder, at principal office
of Bankers Trust Co.,
New York.
Corporation agrrees to reimburse
amount
1938—6 Mos.—1937
$4,276,037
$4,891,341
$460,002
$496,515
amortization and setting up reserves for taxes and
other charges.
and a pren ium of y2 % if accelerated maturity date is
1940, and on or before Aug. 1, 1942.
Unmatured instalments
before Aug. 1, 1940,
after Aug. 1,
may be accelerated only in the inverse order of normal maturities.
The new bank loan notes, dated Aug. 22, 1938, are to provide
that if
shall redeem by call or otherwise retire any of the debentures
(other than through the operation of sinking fund provided for in indenture
or through conversion of debentures into common stock), the corporation
will at the san e time pay, in accordance with the provisions of the new
the corporation
Stockholders' Committee Issues Statement—
Indicating that action would be taken to attack the Phoenix options to
purchase 400,000 shares of Loft, Inc., stock, the stockholders committee
for Loft in a communication to stockholders responded to questions sug¬
gested by James W. Carkner, President of Loft, Inc., in a letter to stock¬
holders dated July 27, 1938.
Referring to the attitude of the committee in respect to the litigation of
Loft, Inc., against Guth, et al, involving the ownership of Pepsi-Cola Co.,
bank loan notes,
dated Aug. 22, 1938, for accelerated maturities, the same
amount then remaining unpaid on
dated Aug. 22, 1938, as the aggregate principal
to be redeemed or retired shall bear to the
proportion of the aggregate principal
all the new bank loan notes,
amount of the debentures so
aggregate principal an ount of debentures then outstanding.
The new bank loan notes, dated Aug. 22, 1938, are to provide
have
the right
to
that the
declare the entire unmatured aggregate
the letter states:
holders
(1) To make sure that any settlement of the litigation does not involve
any sacrifice of stockholders' rights and interests.
Because of the character
of the litigation, a decision favorable to Loft may still be followed by a
settlement of the many controversies between Loft, Inc., and Charles G.
Guth et al, which will survive such a decision.
The interests of Loft stock¬
holders in such settlement must be independently protected.
The interests
of most of Loft stockholders in such a settlement are very different from
principal amount thereof to be immediately due and payable if the cor¬
poration fails to pay any instalment of the face amount of, or the intereston, any of them when the sane is due and payable or if an event of default
as defined in the indenture shall occur.
those of Phoenix Securities Corp.
holder of options
to purchase a large amount of Loft stock at very low prices.
(2) As a result of the transactions with Phoenix Securities Corp. and as
a result of the reputedly tremendous contingent counsel fees that Loft has
as
a
creditor and
as
a
agreed to pay out of any recovery, it appears that the stockholders of Loft
Inc., will have left only a fraction of the ultimate recovery to be dvideid
themselves.
Since the suit against Guth et al. is one of the principal
of the company, stockholders at large must protect themselves
against a dissipation of their interests in this asset through options conferred
upon Phoenix Securities Corp. and through excessive and unconscionable
among
assets
counsel fees.
(3)
Stockholders must be alert to prevent a dissipation of proceeds of
the recovery in the Guth suit through the unf6rtunate management which
this company has suffered for many years.
The management has shown a
remarkable capacity for squandering and dissipating money.
Why permit
it to continue its waste when new funds are obtained?
The committee's letter states further that:
"The members of the committee are not stockholders of
were
Loft, but they
requested by stockholders to act as a committee because each of the
committee is qualified as an expert in a special field of
members of this
y
shall
By resolution of directors, corporation has reserved 1,460,000 shares
common stock for conversion of the debentures.
The number of
so reserved was determ ined on the assumption that the debentures
of its
shares
wpuld be converted into common stock on the basis of $13 51-73 per
the basic conversion price at which debentures are convertible.
share,
History and Business
Corporation was incorp. Jan. 23, 1926, in Delaware.
Business consists
chiefly of holding and owning stocks and obligations of eight operating
subsidiaries, all of the capital stock of which it owns (except directors'
qualifying shares and except 1,079 shares of preferred stock of Dallas Gas
Co. presently to be redeemed, and 66 shares out of 540,000 shares of out¬
standing common stock of Lone Star Gas Co.).
Corporation also owns 30%
of the capital stock of Northern Natural Gas Co.
The Lone Star System is principally engaged in the production, purchase,
transmission and distribution of natural gas in portions of the States of
Texas and Oklahom a and in the purchase and distribution of natural gas
in the city of Council Bluffs, Iowa.
The System sells natural gas at retail
in 293 cities and other communities, the largest of which are: Dallas,
Fort Wcrth, El Paso, Galveston, Waco, Wichita Falls, 8an Angelo and
Abilene, Texas, and Council Bluffs, Iowa.
The combined population of the
communities served, as shown by the 1930 Federal census, was 1,351,423.
Financial
1346
Earnings for Slated Periods
1935
Gross oper. revenues
Maintenance & repairs..
Taxes
1937
1936
$17,633,688 $20,086,247 $21,045,799 $20,048,829
1,099,326
908,864
915,434
1,003,852
(other than Fed.
1,494,279
7,934,397
1,621,178
8,053.666
$8,797,696 $10,483,860 $10,613,271
766,683
835,202
1,051,874
$9,274,659
985,656
1,373,782
1,288,581
6,638,547
Other Income.
taxes
on
7,313.171
$9,564,379 $11,319,062 $11,665,145 $10,260,315
2.362,301
2,519,405
2,747,977
2,741.392
464,366
494,486
533,978
451,044
Deprec. & depletion
Fed. inc.
Interest
of subs..
customers'
Other non-oper. charges.
49,055
106,877
370,459
112,737
209,722
112,760
307,997
Balance.
Interest on funded debt
and bank loans
Amortization
of
debt
$6,598,014
$7,827,835
$8,060,731
$6,647,122
1,266,444
1,233,490
1,109,749
Years Ended June 30—
Income—Dividends
Interest on bonds.—.
.—
83.097
77,504
64,172
42,689
$5,248,473
$6,516,841
316,210
$6,886,810
58,000
$5,612,841
345,748
discount and expense.
60,000
Prov. for Fed. inc. tax..
133,752
7,999
8.022
7,928
$5,054,721
$6,192,632
$6,820,788
$5,259,165
of subsidiaries..
Miscellaneous expenses
Prov. for Federal capital
$158,683
40,471
7,708
1,228
57,703
7,011
3,428
...........
.
stock and Massachusetts
11,902
10,110
Excess of income from
$151,489
278,023
$99,166
Cr334,542
3,351
758
Net loss..
$129,886 prf.$432,949
133,064
411,839
excise taxes ...
——
divs. and int. over exps__
Net loss on securities sold.....
Provision for Federal income taxes
Dividends paid---.
Excess
over
(deficiency) of income and realized gains
and dividends paid for the year
$262,951
expenses
sur$21,110
Note—The value of securities held, based on market quotations, was
$256 570 below cost as of June 30, 1938 as compared with an excess over
cost of $153,860 at June 30, 1937.
Comparative Balance Sheet June 30
Assets—
1937
1938
_
$6,407,888
1,150,298
7,475
19,831
*
—
Accrued interest receivable—
$5,144,133
168,134
12,314
7,352
$7,585,492
*—
Cash in bank--—-
Dividends receivable
Applicable to capital stock of Lone Star Gas Corp.
The initial annual interest charges on the $20,000,000 debentures and
$11,300,000 new bank loan notes dated Aug. 22, 1938, to be outstanding
upon the issuance and sale of the $20,000,000 debentures will amount to
$1,010,500 and the maximum amount of cash required for payment or
retirement of such obligations, exclusive of premiums payable upon the
call of such obligations, will amount to $2,000,000 annually for 13 years
and thereafter to $2,650,000 annually for the last two years prior to and
including the maturity of the debentures.
-
$150,454
8,229
$231,532
Securities at cost
Minority int. in net in¬
come
—
income
Total
1937
1938
$144,605
86,928
——
Management fees—
Custodian and transfer agent fees and expenses...
991,592
90,643
deposits
27,1938
Loomis-S^yles Second Fund, Inc.—-Earnings—
12 Mos.End.
June 30, '38
Calendar Years-
—
Aug.
Chronicle
$5,331,934
a
Principal Underwriters—The names of the underwriters and the respective
principal amounts of debentures, severally to be purchased by each, are
as
follows:
Mellon Securities Corp.,
Pittsburgh.
Smith, Barney & Co., New York
The First Boston Corp., New York
Kidder, Peabody & Co., New York..;
Blyth & Co., Inc., New York
Bonbright & Co., Inc., New York
Brown Harriman & Co.i Inc., New York
Halsey, Stuart & Co., Inc., Chicago.Glore, Forgan & Co., New York......
Ladenburg, Thalmann & Co., New York
W. O. Langley & Co., New York
Lazard Freres & Co., New York
Shields & Co., New York
—
— —— ——
— _
$6,000,000
2,000,000
1,500,000
1,250,000
1,000,000
—1,000,000
1,000,000
1,000,000
500,000
500,000
500,000
500,000
500,000
500,000
250,000
2,000,000
_ —.
—
...
—
—
J. E. Baker & Co., New
York
Kuhn, Loeb & Co., New York
-
———
16,334
11,833
7,569,158
5,320,100
$7,585,492
"$5,331,934
$6,151,318
and State taxes
Capital stock equity (par $10)
Total.
$5,297,993
$36.35
$41.30
$36.35
$41.28
...
——-
Notes—The value of the securities of the fund,
based on market quotations at the respective
dates, amounted to
net asset value per
share,
The
on
the basis
of
market quotations for the
The liquidating value per
securities, was.
*
share, on the basis of
market quotations for the securities and after
allowing for State tax on unrealized gains as of
June30,1937, Was....
__
Statement
of Capital Stock Equity as of June 30, 1938
Capital Stock
Shares
Par Value
132,554
$1,325,540
Capital Stock and Capital
Surplus—
— »
—
— —
Dean Witter & Co., San Francisco
Total
Provision for Federal
Balance, June 30, 1937—
Shares sold during the year
ended June 30,1938 (net)
Capital
Together
Surplus
1,870,583
$5,196,123
68,603
686,030
1,825,978
2,512,008
201,157
Balance, June 30, 1938.
$2,011,570
$5,696,561
$7,708,131
Deduct—Deficit:
Excess of expenses, realized losses and divs. paid
over income for the year ended June 30,1938,
as
per
$262,95_
statement attached
123,977
Less—Earned surplus balance June 30, 1937
Consolidated Balance Sheet, June 30, 1938
Balance, June 30, 1938
Liabilities—
Assets—
Product'n, transmission, dis-H
6)4% preferred stock
trlbut'n, & gen. properties $134,377,281
Franchises &* intangible as¬
sets
8,678,363
Common stock
Special deposits
Due from officers—not cur..
199,034
Cash
3,511,660
114,296
—
receivable
2,428,835
11,613
-_
materials
68,572
7,964,000
12,600,551
co
Deferred liabilities
Notes pay. to banks—unsec.
Notes, warrants, & accounts
Advances for expenses
Funded debt of sub.
Mortgage note payable.
2,500,000
14,100
345,402
1,238,438
1,921,654
2,250,122
27,204,208
....
Accounts payable
Dividends payable
and
1,193,799
Deferred debit items.
Customers'deposits
1,063,948
supplies, &c
Accrued accounts
Reserves—Deprec. & delp._
Amortiz. of franchises
Contingencies
Total capital stock equity as of June
—V.
146,
Accident and surplus
Contrlb. inaldof construct'n
$7,569,158
p.
3342.
Louisiana Power & Light
Period Ended July 31—
Operating revenues—..
Oper. exp., incl. taxesProp. retire, res. approp.
59.000
$159,764
$1,887,213
$1,919,155
$lo6,109
(net)
55,500
$156,109
Net oper. revenues...
Rent from lease of plant
$159,764
1,570
:$1,887,213
23 046
$1,921,865
21,724
$161,334
72,963
4,463
$1,910,259
875,547
62,202
$1,943,589
$972,510
$1,015,165
2,710
—
Operating income
Other income (net)
Gross income-
1,718
on
the
Ocean,
Inc.
(Lido
Club)-—No
Receiver
Appointed—Court Holds Nothing Could Be Accom¬
plished by Granting Move—
Supreme Court Justice Cuff recently handed down a decision in Mineola,
L. I., denying the application of the Title Guarantee & Trust Co. and
certificate holders for the appointment of a receiver of rents and profits in
connection with the foreclosure of a mortgage for $1,400,000 covering
the Lido Club at Long Beach, L. I.
The foreclosure suit has been brought
against Long Beach on the Ocean, Inc., the Lido Realty Corp. and others
because of alleged default in interest payments and principal.
In his decision/Justice Cuff pointed to Lido's popularity as a summer
resort and said:
"Nothing will be accomplished by injecting
a receiver at this time.
I
place is good.
The members
paid their dues and paid the charges for their cabanas while the present
regime was in control I feel that the situation should not be disturbed."
There is now pending before Supreme Court Justice Smith a plan for the
reorganization of the mortgage, a plan suggested by the Mortgage Com¬
mission and having to do with a reduction of interest and other changes.
am
satisfied that
mortgage bonds.
$157,827
72,960
4.635
Int.
on
-
_
—
Net income—
Dividends applicable
Beach
the management
1938—12 Mos.—1937
$7,415,683
$7,608,629
4,923,474
4,825,970
766,000
702.500
875,396
53,028
$157,447,937
Total...
-V. 147, p. 1197.
Long
Co.—Earnings—
1938—Month—1937
$585,175
$649,680
370,066
434,416
Other int. & deductions-
$157,447,937
balance
1,010,657
17,729,663
7,643,440
....
Capital surplus
Total
per
10,648
189,279
234,499
...
Earned surplus..
$138,973
------
30,1938,
sheet
Minority int. in capital and
surplus of subs
5,842,328 Unredeemed preference shs.
& scrip called
241,076
Investments
Appliances,
$7,975,500
66,432,907
—
$83,908
the
$80,232
to preferred stock for
period, whether paid or unpaid---------Balance.--
—V.
——
—
356,532
-
—
356,532
$615,978
—
$658,633
147, p. 744.
Lowell Gas
Light Co.—Earnings—
1936
61,467
124,870
1937
$747,066
438,062
47.070
139,761
$148,105
17,139
$122,172
8,940
$200,734
6,679
$165,244
42,750
8,911
$131,112
42,750
11,124
28,891
$207,413
12 Months Ended June 30—
Gross
operating revenues
Operations
:
1938
$742,685
408,242
—
Maintenance
Taxes—Local, State and Federal.
— -
Net operating income.
Non-operating income-
$745,402
415.955
35.021
93.691
of the
Justice Cuff said that he had been furnished with the copy of a proposed
agreement which the hotel owners had prepared, but which had not as yet
been signed.
The agreement was for the purpose of preserving the receipts
for the benefit of certificate holders, he said.
Counsel for the certificate holders was not satisfied with it and the
Mortgage Commission had suggested certain modifications to which the
owners had agreed.
The agreement, thought Justice Cuff, would protect
the certificate holders until the
plan for reorganization of the mortgage had
been disposed of.
Justice Cuff, accordingly, denied the motion for a receiver of rents and
Pli"'1,8 on condition that the agreement proposed be signed and made
effective immediately.
Gross income
Interest
on
long-term debt-
Interest
on
other debt
Prov.
for retirem'ts
45,028
Amort, of debt disct and expense
Interest on indebtedness of American
Utilities Associates
600
600
Cr765
Cr 1,526
Cr3,256
$68,719
152.405
$49,274
$112,755
152,405
Net income
Dividends on
—
stock
common
Balance Shee ; June 30
Assets—
193v
1938
1938
Liabilities—
1st
Cash in banks and
Notes payable-
on hand
17,469
Accts. receivable.-
178,579
15,983
110,507
mtge.
bonds, series A.
128,528
2,686
supplies
deposits—
167,175
Insur.
dividends
Manag't Corp..
Legal-term
appli¬
4,760
4,760
contracts-.
37,177
$950,000
51.000
60.000
Accounts payable.
60.931
83.186
117,733
86,627
mdse.
for
55,303
instal. accts
40.859
64,523
$950,000
Accrued liabilitiesLiabil.
The directors at a meeting held
Aug. 19 declared a dividend of 87.5 cents
share on the cum. pref. stock, series A
7%, and a dividend of 75 cents
a share on the cum.
pref. stock, series B 6%, both payable Oct. 1 to holders
or record Sept .15.
These payments represent one-naif the regular quarterly
1937
4H%
Property, plant,
equip., &c
83,610,249 S3,709,662
Mdse., materials &
Long Island Lighting Co.—Preferred Dividend—
49,085
14,031
31.891
2,909
replacem'ts
and
43,544
a
due
at
this
time
these
stocks.
Like
paid
July 1, April 1, and on Jan. 1 last, and prior thereto regular quarterly
distributions were made.—V. 147,
p. 895.
Louisiana Land &
on
Exploration Co.—Earnings—
1938
..
..
Other income.
.-
Depreciation and depletion.
-
Earnings per share.
were
from
3,166
Util. Associates-
—
52,628
Deferred
Reserves
Investment in P. U.
ance
Consumers'
meter
49,017
795.585
1,524.050
1,524,050
421,914
598,469
1.350
credits..
;
Common stock
Earned
47,238
815.800
& extension deps
Amer.
surplus.
—
Prepaid & deferred
3 Months Ended June 30—
—V. 147, p. 1198.
amounts
Due
charges
1937
$612,200
257,900
$795,900
253,800
$354,300
39,200
$542,100
Total...
$4,043,972 54,148,284
Total
-
$4,043,972 $4,148,284
-Y. 146, p. 3808.
McWilliams Dredging
Co,—Corrected Statement
600
$393,500
75,500
$542,700
74,700
$318,000
$0.11
$468,000
$0.16
6 Mos. End. June 30—
Net profit after deprec.,
y
per
share
No provision was
147, P. 1198.
—Y.
1937
1936
1935
„
$200,381
y$162,727
y$393,416
96,350
192,700
96,350
$3.11
$0.84
$4.08
made for Federal surtax on undistributed profits.
taxes, &c
I.—
Shares capital stock
Earnings
1938
y$130,655
192,700
$0.68
Volume
Financial
147
Lumbermen's Insurance Co. of Philadelphia-
-Balance
Income
Period End. June 30—
Dividends—
Sheet June 30—
Assets—
1938
1937
Bonds and stocks.$3,925,502 $4,462,353
Mortgage loans...
96,395
115,279
Real estate
147,440
146,440
Losses in process
Cash
Res.
.'
in
banks
office..
&
274,107
.....
213,212
.
__
for
commis-
VX-"
sions.exps.,taxes'
175,974
222,623
28,047
.
30,069
Capital
1,000,000
Surplus...
1,978,899
Total.........$4,647,466 $5,189,977
;<
110,942
1,000,000
2,407,423
81,033
2
meeting of the board of directors held on Aug. 17, Edward
Straus was elected as a member of the board.—V. 146, p. 2377.
Manila Electric
166,295
$1,991 *885
Other income...
22,457
65,542
2,467
28,908
8,420
21,946
10,528
38,637
14,732
32,586
$342,586
98.256
1,008,284
104,100
Crl,781
$791,442
unfunded debt...
Interest charged to construction
Balance of income.
no
have declared
$856,259
on
on
Minneapolis St. Paul & Sault Ste. Marie Ry.;—Earnings
[Including Wisconsin Central Ry.]
and
July—
'
Melville Shoe Corp .—Prices
From Jan. 1—
Gross from railway
12,864,224
937,155
defl.162,324
Net from railway
Reduced—
—V.
$186,282
$178,167
$2,634,168
5,767
Dr7
54.608
$192,049
61,448
3,050
$178,160
61,448
3,093
$2,688,776
737,375
39,211
Netincome...
$127,551
$113,619
$1,912,190
Dividends applicable to preferred stocks for the
period, whether paid or unpaid-...
394,876
$1,517,314
From Jan.
1936
$83,564
26,513
18,503
1935
$56,869
6,241
1,562
444,539
64,462
def2,392
525,158
72,152
16,913
512,627
129,666
80,060
394,636
55,688
12,193
1—
Gross from railway
—V.
$2,247,313
31,148
..
147.
746.
p.
Missouri Gas & Electric Service Co.—Earnings—
1938—3 Mos.—1937
June 30 *38
$151,714
$144,179
$641,097
125,195
112,705
511,309
Period Ended June 30—
Operating revenues
Operating expenses and taxes
42,564
Operating re venues
Operating expenses.
Pay 50-Cent Dividend—
avail,
for
....
1938—Monthr—1937
1938—'7 Mos.—1937
$3,104,573 $15,796,942 $18,380,074
2,272,373
13,088,840
13,767,753
$2,779,507
1,870,330
fixed
^
$477,144
363,655
charges
Fixed charges....
the common
Like amounts
dividend of 50 cents per share on
$113,489
Inc. after fixed chgs..
dividends of $1
for detailed record
■
x
Aug. 16 of
on
heart attack in Maine.—V. 144, p. 2488.
a
Co.—Obituary—
See Midland United Co., above.—V.
Middle West
147,
p.
v
896.
Corp. (& Subs.)-—Earnings—
Period End. June 30—
Operating revenues
Operation.
Maintenance
Depreciation.
State,
local
_
_
&
.
1938—3 Mos.—1937
1938—6 Mos.—1937
$14,563,222 $14,248,668 $29,337,755 $28,398,197
4,983,721
4,836,815
10,288.119
9,828,983
1,673,772
1,654,475
852,113
834,574
3,810,634
3,862,845
1,930,411
1,936,996
rniscell.
1,564,477
1,456,861
3,114,350
2,892,113
469,611
358,353
64,792
874,477
697,387
83,019
$4,762,889
90,188
Federal taxes,
$4,760,276
106,873
$9,524,191
188,574
$9,431,584
205,903
$4,853,077
2,359,988
33,732
$4,867,150
2,381,688
38,333
$9,712,765
4,724,835
71,134
$9,637,487
4,755,732
73,476
271,301
29,652
307,476
47,070
539,934
70,743
644,943
84,258
Fed. & State inc. taxes:
Normal tax
Undistrib. profits tax.
Net oper. income
Other income (net)
$2,229,771
2,453,625
$60,261 x$2,228,638
x$223,854
on
Int.
on
1,677,793
3,481
$4,990,300
Dr34,810
$6,625,219
24,417;
$463,156
$4,955,490
$6,649,636
160,980
162,012
1,933,116
1,788,772
44,125
33,978
44,125
34,515
529,495
423,874
613,413
359,592
039,509
020,681
0386,176
0186,600
$69,586
mtge. bonds
debentures
151,577
$459,675
$269,160
$243,185
$2,455,181
$4,074,459
,Y'.
Other int. & deduct's
Int. charged to construct
Net income
Divs. applic. to pref. stk.
for the period, whether
paid
or
—
--
......
Int.
long-term debt..
General interest (net)...
on
Amort, of bond discount
and expenses
Miscel. inc. deductions.
Co,—Earnings—
1938
Operating revenues
Operating expenses, maintenance
$2,158,403
Net income
a
$2,092,581
$4,306,118
,
1,680,993
1,723,292
3,343,583
3,356,898
retire, res.)... $1,433,017
243,412
1,308
Dr69,092
$1,293,358
Net oper. rev. & other
retirement reserve
inc. (before approp. for
125,646
135,372
259,918
302,560
$351,764
$233,917
$702,617
$'119,620
$1,308,646
477,521
22,958
374,511
deductions...14,791
$1,223,014
_6,000
477,521
45,917
379,975
lo,3o0
$418,863
$298,241
Gross income
property
.
funded debt
Amortization of debt discount and expense
Other interest (net)
Of subsidiary
companies for the period held by the public, and minority
b Of direct subsidiary companies held by the pub¬
interest in net income,
lic.
Note—The above income account has been prepared on the basis of de¬
ducting dividend requirements for the periods covered on all issues of
senior and junior preferred stock and does not take into consideration the
prior claim on income of such senior preferred stocks that have dividends
in arrears or other restrictions.
Because of such restrictions net income of
subsidiary companies, amounting to approximately $299,000 and
$230,000 in the respective 6 months' periods, could not have been dis¬
certain
tributed to Middle West Corp.
Interest on
^
$1,523,014
Rent for lease of electric
a
242,133
3,078
Drl5,554
$1,608,646
300,000
7-
Appropriation for retirement reserve
b Unearned div. require.
Balance of net income
— __
$4,079,078
Prov. for earned por¬
of divs. on pref.
tion
stocks
$3,849,034
2,555,676
and notes receivable, &c_.—
from merchandise and jobbing (net)
Interest on securities
1937
$4,187,741
2,754,723
-
and taxes....—.
Net oper. rev. (before approp. for
Rents from lease of properties—
Income
9o7,109
$3,117,350
896.
Mountain States Power
Years Ended June 30-—
Gross income
957,469
$1,497,712
unpaid
Balance.
—V. 147, P.
1,199,158
122,191
$273,425
£>r4,265
Gross income
Int.
(& Subs.)—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$885,249
$1,233,140 $13,653,408 $14,819,174
489,633
621,888
6,985,315
6,994,797
Period End. July 31—
Operating revenues
Oper. expes., incl. taxes.
Prop, retire. & depletion
reserve appropria'ns..
Net oper. revenues...
Other income (net)
[Exclusive of Central Illinois Public Service Co. and Lake Superior District
Power Co.]
$272,689
2,501,328
$413,142
352,881
Indicates deficit.—V. 147, p. 896.
Montana Power Co.
Co.—Obituary—r
John N. Shannahan co-trustee of this company and the Midland Utilities
Co. and President of this company and several subsidiaries of both com¬
Midland Utilities
$71,706
Missouri-Kansas-Texas Lines—Earnings—
Period End. July 31—
Income
Midland United
$16,405
—V. 146, p. 3672.
Aug. 25 declared a dividend of 50 cents per share on the
value, payable Sept. 20 to holders of record Aug. 31.
Dividends of 50 cents per share
the last payment having been
Dec. 15, 1937—V. 146, p. 1247.
per share were distributed.
See also V. 144, p. 3508,
of previous dividend payments .-r-V. 146, p. 3508.
$129,789
58,082
--—-
Gross income.$26,519
no par
stock, par $5, payable Oct. 1 to holders of record Sept. 16.
was paid on July
1 last and previously regular quarterly
$31,473
15,069
$26,519
Interest deductions
$1,103,646
on
a
$129,787
1
$12,168
..........
$31,473
14,351
Net operating income
Other income (net)
394,876
This will be the first dividend paid in 1938.
were distributed in each quarter of 1937,
panies died
department.—V. 147, p. 746.
Net income
Mesta Machine Co.—To
Inc.—Registers
1937
$75,484
9,336
11,524
railway
Net from railway
Net after rents
Mergenthaler Linotype Co.—To Pay 50-Cent Dividend—
Directors have declared
Co.,
12 Mos.End.
Balance
on
Milling
&
1938
$66,225
18,879
10,387
July
Gross from
-V. 147, p. 745.
made
Mining
Net from railway
Net after rents
$1,498,522
mtge. bonds
Other int. & deductions.
on
Chest
Mississippi Central RR.—Earnings—
$2,278,461
737,375
Gross income
12,491,466
1,376,162
325,209
746.
p.
See list given on first page of this
$9,065,596
5,680,590
750,838
Net oper. revenues—
Other income (net).
14,651,'627
2,635,247
612,304
15,540,960
2,790,923
1,247,723
'
1935
2,148,717
444,343
171,743
1936
'
with SEC—
1938—12 Mos.—1937
$8,343,333
5,394,358
701,662
1938—Month—1937
$628,266
392,249
64,583
57,850
$674,033
423,168
147,
Misers
Memphis Power & Light Co.—Earnings—
Period Ended July 31—
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. approp.
2,088,761
316,949
def7,637
Net after rents
2,443,636
644,830
310,236
1937
2,724,524
788,987
445,958
1938
Gross from railway
Net from railway......
The price of men's shoes in the 662 Thom McAn stores were reduced on
Aug. 24 from $3.30 to $3.15 and that of women's shoes from $3.50 to
$3.30.
Ward Melville, President expressed the conviction that increased
purchasing power through lower prices would furnish the key to returning
prosperity.
The new prices as compared with prices prevailing last fall show a drop
of 35 cents a pair for men's shoes, an average of 17K cents a pair for boys'
and girls' shoes, and 65 cents a pair for women's, reductions which average
higher than 10%.—V. 147, p. 1041.
Directors
dividend of $1
a dividend of 25 cents per share on the common stock,
Aug. 10 to holders of record Aug. 1.
Similar payments were
Dec. 7,1936 and on Oct. 9,1936, this latter being the first dividend
paid since the company was organized on May 23, 1933.—V. 147, p. 578.
$1,
made
Net after rents
capital stock,
a
value, payable Oct.
par
Minneapolis Brewing Co.—Pays 25-Cent Dividend—
Exchange Commission announced Aug. 19 that a
rehearing will be held Sept. 7, in the Commission's San Francisco Regional
Office on the application of the San Francisco Stock Exchange to extend
unlisted trading privileges to the 6% cumulative prior preference stock of
company.
The Exchange requested a rehearing in the matter after the
Commission, on Aug, 11, 1938, denied its application for unlisted trading
privileges in this security.—V. 147, p. 1199.
Int.
Pay $1 Dividend-—
Company paid
par
1040.
Securities
$243,657
$543,832
$196,749
;
Market Street Ry.—Rehearing—
The
83,019
_
per share on the capital
1 to holders of record Sept. 17.
This
and on April 2 last; $2.50 paid on
$1.25 paid on July 1, 1937; 75 cents
paid on April 3, 1937; $3 on Dec. 19, 1936; $1 on Oct. 1, 1936; 50 cents on
July 1 and April 1, 1936; $1 on Dec. 7, 1935, and on Nov. 7, 1934; 50 cents
on Jan. 1,
1933; 75 cents on Oct. 1,1932, and from Jan. 1, 1930 to and incl.
July 1, 1932, quarterly distributions of $1 per share were made.—V. 146,
p. 3672.
108,422
1,023,742
104,100
Cr3.198
funded debt
174.030
15,412
compares with 75 cents paid on July 1
Dec. 18 last; $1.50 paid on Oct. 1,1937;
$2,075,284
Amortization of debt discount and expense
1
64,792
income
stock,
31,316
$2,014,343
income.
147, p.
$439,537
68,920
The directors
$2,043,968
...
.Operating income
-V.
$661,918
36,122
—V. 147, p. 425.
1937
$5,149,741
2,954,068
151,705
1938
$5,510,947
3,352,766
Provision for taxes
on
$328,029
47,470
n
Midvale Co.—To
12 Months Ended June 30—
on
$421,431
Net
K.
Co.—Earnings—
Operat ing revenues
Operating expenses, &c
Interest
$166,517
66,375
17.202
Undistrib. profits tax
a
Interest
$292,046
198,187
56,842
100,982
13,860
Fed. normal income tax.
(R. H.) Macy & Co., Inc.—New Director—
Gross
$150,480
66,375
8,672
88,428
14,074
_
V. 146, p.1405.
At
1938—6 Mos.—1937
$146,736
184,125
33,600
50,492
6,478
State, local & misc. Fed'l
taxes
$4,647,466 $5,189,977
Total
Only
Total income
Gen. & admin, exps
'■
& other liab....
^...
154,927
156,163
of Company
Preferred stocks
Common stocks.___
Other companies
Interest
Other income
of
adjustment
Account
1938—3 Mos.—1937
Sub. cos. consolidated:
$1,516,685
Premium reserve. .$1,431,371
Prems. In oourse of
collection..
Other assets..
1937
1938
Liabilities—
1347
Chronicle
... ...
— —
Other income
Net income..
-
.....
300,000
In the above statement of income accounts net income for
ended June 30, 1937 has been reduced by $17,084, to reflect
adjustments applicable to the period of 1936 included therein of amortization
of debt discount and expense charged to surplus in 1937 and sundry other
items charged or credited to surplus in 1937 which have been applied re¬
troactively in the accounts.
Notes—(1)
the
year
1348
Financial
Chronicle
No provision has been made for Federal income tax or for surtax on
undistributed profits under the Revenue Act of 193ft for the years 1936 or
1937 as it is estimated that no such taxes will be payable for those years.—
V. 147, p. 425.
Aug. 27, 1938
(2)
Missouri-Kansas
Refused—•
Pipe
Line
be
until
premature
illegal.
expressed with the view of the Chicago group by
stockholder, who strongly advocated "any reasonable
compensation" for Mr. Maguire.—V. 146, p. 2399; V. 147, p. 121.
Disagreement was
Howard E. Hodge, a
Motor Bankers
$365,224
Sundry accts.
Acer.
40,000
16,432
Corporation bonds
Stocks
lAabililies—
1937
$244,712
U. S. Govt, oblig.
$7,427,734
134,111
$6,581,281
95,227
$1,448,503
112,739
$1,539,005
37,786
$7,561,845
248,435
$6,676,508
210,129
$1 335,764
Notes receivable—
6,276
3,614
612
2,361
1937
$1,501,219
$7,313,410
$6,466,379
337,979
338,303
1,358.278
1.357,734
$997,785
$0.10
$1,162,916
$5,955,132
$0.13
$0.78
$5,108,645
$0.62
Acer,
social
banks....
$3,659
3,805
2,475
12,953
59
35
accounts
1,241
670
488,341
101,304 sur!86,319
831
$591,860
79,218
604,825
1,3' 6
Prepd.ins. A exps.
78,118
Capital surplus—
3,882
$776,525
—
.
Total
...
$591,860
.........
$776,525
Note—Earnings for six months ended June 30, 1938 appeared in V. 147,
.1200.
-
Manufacturing profit
Expenses—
Depreciation
Earn.per sh.on com.stk.
Ml
1938
$1,493.968
ftOft ,09ft
63,454
Summary of Earned Surplus for 12 Months Ended June 30, 1938
Earned surplus July
on common
1937
1936
June
30,
$1,151,612
20,968
$879,849
7,646
$613,800
15,683
Time deposits..
$1,172,580
x 185,000
$887,495
128,000
$629,482
91,000
$726,154
$987,580
$759,495
Accts. rec., subs.
25,000
Unamortized dt.
500",000
550*666
350",666
Surplus
Earns.per sh.on 200,000
shs. com. stk. (no par)
$226,154
$437,580
$409,495
$265,982
1937
$
Investments
$3.63
$4.94
$3.80
1938
Liabilities—
$
.142,020,058
141,784,608
11,239,062
10,780,042
.
.....
250,000
Temp, cash inv.
1,497,022
a
419,574
Accts.
payable.
31,156
276,973
Accrued acc'ts._
454,252
395,350
National Bond & Share
Corp.—Stock Distribution—
by company of one additional share for each share held
Sept. 3 to holders of record Aug. 30.—V. 147, p. 1201.
4,202
292,872
Other income
346,90ft
Gross income
Income charges
profits taxes & surtax
undistributed profits—estimated
108,500
$745,115
341,407
...
Earned surplus, July 1,1937
...$1,086,522
562,989
.....
Cash dividends paid
-----
Earned surplus, June 30, 1938
-
$523,533
-
amount of the
depreciation provision deducted in computing
income was $329,444.—V. 147, p. 897.
National Power &
1938—3 Mos.—1937
$6,661,086
1,538
Operating income
$6,659,548
70,752
95,801
Gross income
$6,634,499
Int. to public and other
deductions
2,968,248
Int. charged to construe.
Balance....
Pref. divs. to public-...
Cr4,052
$3,670,303
1.515.416
Portion applicable to mi¬
$7,009,574 $27,982,120 $27,841,220
24,332
Cra34.258
131,086
National Rubber
Machinery Co.— Earnings—
Earnings for 6 Months Ended June 30, 1938
Net income after depreciation, int., Federal income taxes, &c_.
Earnings per share
on
154,000 shares capital stock (no par)
156
National Tea Co.—Sales—
Aug. 13, 1938 amounted to $3,874,808
compared with $4,623,972 for the corresponding four weeks in 1937, a
decrease of
16.20%.
The number of stores in operation
at
Aug.
13,
location.—V.
1938, resulting in
147, p. 748.
a
decreased from 1,244 in 1937 to 1,108
decrease of 6.08% in average sales per
Corp. (Del.) (& Subs.)—Earnings—
6 Months Ended June 30—
Profit from operation
Discount on purchases, &c
Net profit on other sales
Total income
on
$1,443,901
968,364
$1,201,017
a660,161
$647,904
418,173
$540,856
13,344
26,479
$229,730
7,128
al5,905
$580,679
46,231
$252,763
22,067
llOJOO
124~250
9.700
42,500
$410,199
138,388
$178,496
86,625
current
Preferred dividends
$3,990,438 $16,119,735 $15,568,508
1,515,764
6.061,782
6,063,109
a275.390
$497,989
56,100
_
a$923,295
463,323
$475,537
16,269
6,182
expenses.
$1,664,340
$331,188
43,314
Selling and administrative
3t
1936
1937
1938
$1,909,300
465,398
uncoil, accepts, and acc'ts rec
Prov. for Federal and State inc. taxes
1,364
1,592
RoclsssifiGci
Note—No provision made for Federal surtax on undistributed net income.
6,963
Assets—
a
1938
$895,239
$2,473,310 $10,056,361
$9,498,436
$2,473,310 $10,056,361
30.872
134,111
$9,498,436
95,227
$2,193,560
Expenses, incl. taxes.112,739
337,979
$2,504,182 $10,190,472
$9,593,663
37.786
248.435
210,129
338,303
1,358,278
1,357,734
State inc. taxes.
taxes
1...
Advertising mat'l.
9,835
9,383
6100,585
39,287
23,538
332,079
49,826
b Notes receivable
Fixed assets
G'dwill,
-
tax
claims, prior
45,123
years..
329,745
d 1st pref.
stock._
2,039,648
2,039,648
$2,128,093
$8,583,759
$8,025,800
$0.24
$0.31
$1.26
1,378,125
1,496,250
$8 conv. cum. pref.
stock
tr'marks,
Ac..
Prov. for unsettled
---
f Common stock..
Earned surplus
Earns .per sh .on com.stk.
45,770
202,396
Prov. for Fed. and
Bal. carried to consoli¬
$1,742,842
87,324
sions, taxes, Ac.
195,596
Capital surplus
dated earned surplus
1937
$67,311
290 001
183,487
insurance
(not current)-..
—-
$107,110
commis¬
Accrued
180,452
and
38,829
1938
Liabilities—
Accounts payable.
Inventories258,519
Prepaid
$2,154,731
1937
$587,357
Notes, accept'ces
A acc'ts rec'ble,
,154,731
National Pr. rfe Lt. Co.equity of company
Net
& other deduc'ns..
$0.54
Sales for the four weeks ended
as
Cash
in income of subs
Other income
$82,729
—V. 145, p. 1909.
$6,998,564 $28,062,145 $27,793,522
12,244.007
Cr 18,993
157,878,285
...
Co., Inc.—I nterim Dividend—
Cash discounts allowed
Allow, for possible losses
11,960,477
Crl8,067
158.327.3"5
Total
an interim dividend of 20 cents per share on the
Sept. 30 to holders of record Sept. 20.
Like amounts
were paid on June 30 and on
April 15 last.
See V. 146, p. 2053. for detailed
record of previous dividend payments.—V, 147, p. 1042.
$6,985,242 $28,016,378 $27,710,134
90,380
320,937
370,086
77,058
275,170
286.698
3,013,912
Cr5,786
281,378
•5,988,114
Consolidated Balance Sheet June 30
nority interestsNet equity of Nat. Pr.
& Lt. Co. in income
of subsidiaries
177,800
281,378
6.848,940
Gypsum Co.—Operations-—
Cost of sales.
(net)
Int.
157,878,285
1938—12 Mos.—1937
.$20,491,735 $20,452,268 $84,607,320 $81,601,032
12,001,888
11,583,193
48,912,857
46,734,066
1,828.761
1,859,501
7.712,343
7,025,746
Other income
Other inc. deductions...
junior
of Birm.
Electric Co
incl. taxes._
oper. revenues...
in
sees,
stock payable
Nehi
Rent for lease of plants
Total..
147,456
National Oil Products
Light Co. (& Subs.)—Earnings—
y retire, res. approp
Net
2,592,917
cash
Directors have declared
common
102,109
excess
Net income
_
liabils.
for add'l
inv.
2,559,574
13,223
debits._
National
$955,724
Prov. for Federal normal income &
exps
Contlng.
July business of this company was the best for any month this year,
according to Melvin H, Baker, President.
"Normally July volume is 10% under May, but this year the usual
experience was reversed," Mr. Baker said.
"Bookings thus far in August
make it appear that this month will be better than July.
Building seems
definitely on the upgrade."
Engineering details for the company's new
$1,000,000 plant at Savannah, Ga., are being completed, and construction
will get under way before long.—V. 147, p. 1201.
Cylinder Gas Co. (& Subs.)—Earnings—
Consolidated Net Income and Consolidated Statement for the 12 Months Ended
June 30, 1938
Net profit from operations
$608,818
Oper
Prop
-
Divs. declared..
Total .......158,327,395
dividend of 20 cents per share on tne common
The distribution
revenues
9,500,000
14,968,000
debs.,
x Represented by 279,716 shares $6
pref. stock (value in liquidation $100
share) and 5.456,117 shares of common stock.—V. 147, p. 122.
National Bond & Investment Co.—20-Cent Dividend—
Directors have declared
stock, payable Sept. 21 to holders of record Sept. 10.
Like amount was
paid on June 21 last, and previously regular quarterly dividends of 36
cents per share were distributed.
In addition an extra dividend of 3ft cents
was paid on Dec. 21, 1937,—V.
147, p. 1042.
Operating
gold
Reserve
a
Period End. June 30—
Subsidiaries
9,485,000
...
Surplus
x No
provision has been made for excess profits tax or for surtax on
profits,
y Includes
profit on sale of U. 8. Government
securities, in the amount of $14,281.—V. 14ft, p. 3345.
the consolidate net
5%
125,839,095
debs.,
177,800
5,630
Accts. rec., other
undistributed
Note—The
gold
15,000,000
419,574
$2.65
■_
6%
644,237
"
Other cur. assets
1937
$
Cap. stock (no
par value)... 125,839,095
series B
.
Sundry
x
series A
2,196,975
disc. A exp...
Total.
xl,818,154
$6,848,940
Contlng. right to
rec. junior see
Common dividends
Prem. on pf. stk. ret'd..
on
—
Balance Sheet June 30 (Company Only)
Assets—
of Birm.El.Co,
National
—
3,273,670
1938
58,507
$538,482
7,500
240,000
on
$11,940,764
—
—
stock
Short-term notes
will be made
$5,985,632
5,955,132
1938.
1935
Cash
Net profit
Preferred dividends
—
x
In compliance with the uniform system of accounts for public utility
holding companies promulgated by the Securities and Exchange Commission,
the practice of accruing dividends on tne $6 preferred stock monthly has
been discontinued and earned surplus is now charged when and as dividends
are declared.
Due to this change, the $6 pref. stock dividend appropriation
of $1,818,154 represents dividend requirements for 13 months instead of
12 months.
This is because earned surplus has been debited with the pref.
stock dividends declared for the three months ended July 31, 1938, which
date is one month in advance of the period covered by th is statement.
The
pref. stock dividend requirements for 12 months amount to $1,678,296,
which is the amount that should be used in determining the balance of net
income available for dividends on the common.(tock for the 12 months
$1,173,552
491,455
68,297
$824,419
Federal taxes.....
.....
$6 preferred stock
$1,454,282
515,926
Operating profit.....
$5,988,114
• :
2,481
.—.. —
—
on
Divio ends
$1,804,484
591,757
61,116
Other income
Total income
—
Balance
$858,154
x 1.32,000
..
1937-.
Net income for the 12 months ended June 30,1938-.---
y33,735
.
1.
Miscellaneous adjustments (net).
ended
(F> E.) Myers & Bro. Co.- Earning s9 Mos. End. July 31—
income-...-
Earned surplus June 30, 1938--
secur.
taxes.......
90,301
—
Net
6,000
Deficit
1,686
95,454
deduc'ns
other
Dividends
$3,882
Com. stk. (par $1)
Claims agst. closed
&
from Income-----
Total
1938
pay.
taxes.
A cap.stk. taxes
Acer. Int. receiv—
Real estate Invest.
Int.
Accrued Fed'l Inc.
84,519
224.397
184,776
prop,
-1937
$1,508,133
30,872
incl. taxes—
Expenses
Corp.—Balance Sheet June 30—
1938
Assets—
Cash
1938—12 Mos
$1,409,674
38,829
Other
certain
important developments
pending in connection with the company had been effected.
The option offered the company head covered a period of three years
at prices ranging from $5 to $10 a share.
On A ug. 17 a group of Chicago stockholders, represented by Julius M.
Rosenfield, wrote directors opposing the proposal which was described as
Total
subs.—consoL-
From
.
would
Only)
1938—3 Mos.—1937
_
arrangement
Property
Period End. June 30—
Income:
Co.—Option and Contract
.
William G. Maguire, President, refused a two-year contract to act as
General Manager of the company and an option to purchase 100,000 shares
of the company's stock, proferred him by tne board on Aug. 19.
In a letter to the board, Mr. Maguire stated that he felt that such an
planof
Statement of Income (Company
—
e507,100
206,000
165,432
1,592,875
201,337
1,008,218
117,851
Drl76,000
$1.16
Addition due to reclassification of accounts.
Notes—(1) The statement includes full revenues of
a
provision for possible
Total—
a
subsidiary without
losses, not exceeding $120,000 for each 12nl0/5t:'h Period, from natural gas rate reduction now involved in litigation.
(2) Figures for 1936 as previously published have in certain cases been
rearranged in the above statement.
revenue
Treasury
After
.$3,839,897 $3,434,329
stock...
Total....
Z>r68,000
$3,839,897 $3,434,329
for doubtful notes and accounts of $16,452 in 1938
in 1937.
b After allowance for doubtful notes of $34,254
in 1938 and $29,575 in 1937.
c After reserve for depreciation of $236,930
in 1938 and $203,252 in 1937.
d Represented by 17,500 no-par shares in
1938 and 19,000 no-par shares in 1937.
e Represented by 5,071 no-par
a
and
allowance
$40,609
Volume
Financial
147
shares,
shares
1937).
Chronicle
f Represented by 206,000 no-par shares in 1938
in
g
(165,432 on-par
Including deferred advertising expenses.—V. 147, p. 579.
National Tea Co.—Sales—
Period End. Aug. 13—
n
Sales
p.
1938—32 Wks.—1937
1938—4 Wks.—1937
S3.874.808
.
$4,623,972 $34,099,690 $39,029,936
1,108
1,244
Stores in operation
—V. 147
748.
New Jersey & New York
July—
RR.—Earnings—
$51,324
def6,086
def25,543
$60,283
def7,618
def27,579
$64,402
def8,117
def30,626
1935
$62,189
defl7,823
def35.189
392,779
def'32,862
defl72,313
441,543
def45,268
defl92,684
463,680
def38,071
defl83,905
460,010
defll5,559
def254,041
1938
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway.....
Net-rom railway
Net after rents.
1937
1936
New York Steam Corp.—Bonds Called—
Corporation through its President, David C. Johnson, announced on
Aug. 4 that it has elected to redeem on Nov. 1, 1938, at 105%, all of its
first mortgage gold bonds then outstanding of each of the following three
series: first mortgage gold bonds, series A,
6%, due 1947; first mortgage
gold bonds, 5% series, due 1951, and first mortgage gold bonds, 5% series
due 1956.
Payment will be made on Nov. 1 upon surrender of the bonds to
City Bank Farmers Trust Co., 22 William Street, New York, successor
trustee, or, at the option of the bondholders, these bonds may be surrendered
at any time prior to the redemption date with, in the case of coupon bonds,
all interest coupons maturing Nov. 1, 1938 and subsequently, for payment
*
the redemption price and the six months' interest due Nov. 1,
1938, in full.—Y. 147, p. 1043.
Norfolk & Portsmouth Belt Line RR.—Notes—
—V. 147, p. 748.
New York
1349
on
Aug.
on Aug. 12 authorized the com¬
promissory note or notes in the face amount of not
exceeding $700,000, the proceeds to be applied to the payment at maturity
on Oct. 1, 1938, of $450,000 of
promissory notes, and to the redemption
Srior to maturity of $250,000 of general and refunding mortgage 5%
onds, series A.—V. 146, p. 2543.
Chicago & St. Louis RR.—Notes—
The Interstate Commerce Commission
The Interstate Commerce Commission
pany to issue at par a
17 authorized the com¬
pany to issue not exceeding $15,000,000 of promissory notes in payment
or in exchange for an equal amount of notes which will mature on Oct.
North Texas Co. (&
of
1,
1938.
The report of the Commission says in part:
The applicant states that it whl not have available on Oct. 1, 1938 suf¬
ficient cash to pay any substantial part of these notes, nor does it believe
that the necessary funds cotud be borrowed on acceptable terms, if at all.
Subs.)—Earnings—
12 Months Ended June 30—
$1,389,387
a772,899
203,868
al32,899
$279,720
Maintenance-
It is therefore
proposed to extend the notes by the issue of new three-year
dated July 23, 1938,
of New York, as agent
or depositary, and such holders or registered owners of the maturing threeyear notes as shall become parties thereto.
Pursuant to this plan and agreement, all holders or registered owners of
the three-year notes due Oct. 1, 1938 who are willing to accept the terms
of the plan, will so indicate by
depositing their notes with the depositary
on or before Aug. 31, 1938, or such later date as the applicant may deter¬
mine, and wiJ receive in exchange therefor deposit receipts in registered
form.
When, in the judgment of the applicant, sufficient notes shall have
been deposited to so warrant, the plan will be declared operative.
The
applicant agrees that upon declaring the plan operative it will pay in full
the interest represented by the Oct. 1, 1938 coupons for the notes on de¬
posit at that time, unless such interest shall have been previously paid, and
will issue new notes, to be delivered at par by the depositary in exchange
for the deposit receipts.
The proposed notes are to be issued pursuant to an indenture dated as of
Oct. 1, 1938, between the applicant and the Manufacturers
Trust Co.,
as trustee: they will be in coupon form, registerable as to principal, in the
denominations of $250, $500, $750 and $1,000, which may be inter¬
changeable.
Notes will bear interest at rate of 6% per annum, payable
semi-annually (A. & O.), will be redeemable prior to maturity, either as a
whole or in part, at the option of the applicant, at par and accrued interest,
and will mature on Oct. 1, 1941.
notes, pursuant to a plan and deposit agreement
between the applicant, the Manufacturers Trust Co.
Net operating revenues.
1938
$2,970,829
831,532
railway
Net from railway
Netafterrents
985,531
632,337
1,271,508
732,471
25,240,288
8,530,127
4,991,381
23,112,518
8,175,262
4,889,917
411,612
Gross from railway
19,661,702
4,701,344
Net from railway
Netafterrents
147,
1936
$3,511,874
1,587,661
New York New Haven & Hartford
c
Northern States Power Co.
New York Ontario & Western
156
26,724
3,694,742
211,514
4,004,180
612,733
def378,550
35,529
Net after rents....
1936
$889,427
304,553
212,315
From Jan.
Net after rents
——
5,289,364
1,316,601
747,811
92,595
5,087,561
1,297,146
Period Ended July 31—
Operating
Gross
revenues
income
tirement
Net
after
Northwestern Public Service
July—
after rents.
From Jan.
20,612
6,621
300,425
142,159
278,192
124,561
1938
$215,834
54,017
1937
$233,275
59,272
1936
$273,774
1935
$300,301
92,201
defl4,668
10,349
39,301
82,869
39,851
1—
$688,998
495,055
$676,762
494,140
$2,869,839
2,090,627
$2,799,122
2,019,541
Net oper. income._.
Other income (net)
$193,942
2,139
$182,622
1,816
$779,212
9,160
$779,582
8,501
$196,081
108,500
$184,438
109,184
$788,372
438,627
$788,083
436,111
$87,581
$75,254
$349,745
$351,971
70,463
70,463
281,853
281,853
Gross income
Int. & other deductions.
Net income..-
Preferred stock dividend
requirements
—V. 147, p. 751.
Gross from railway.....
1,764,285
563,490
54,912
Ltd.—Exchange of Sees.
where.
Holders of
deposit receipts heretofore issued on behalf of the protective
pursuant to the terms
them exchanged under
plan.—V. 147, p. 899.
NY PA NJ Utilities Co. (&
Operating revenues
Operating expenses, &c
Subs.)—Earnings—
1,986,834
718,187
278,910
1,956,423
608.676
276,564
2,191,321
632,325
254,357
1937
1938
—
--.$72,905,272 $70,144,502
43,977,280 41,970,921
— - -
8.504,295
9,860,548
—
$19,067,444 $19,669,286
1,018.480
1,469,081
Operating income
Other income (net)
$20,085,924 $21,138,367
12,433,202
12,616,248
1,491,161
568,583
2,063,589
2,798,65a
98,628
22,107
18,415
18,415
Gross income
Income deductions (sub. cos.)
debt
Interest on unfunded debt
Amortization of debt discount and expense
Dividends on preferred stock
749.
Norfolk & Western
Note—This
Ohio Edison
Period End. July SI—
Traffic..
Transportation rail line.
Miscellaneous operations
General expenses
$6,015,159
614,437
1,199,845
132 479
1,526,381
16,768
172,491
Transp'n for0investment
Cr711
$7,840,797 $38,354,107 $55,897,791
863,488
4,671,187
5,958,035
1,532,828
8,805,496
10,044,753
140,801
968,962
935.172
1,799,477
16,919
182,686
Drl,414
10,766,315
112,360
1,224,687
Cr3.473
12,359,455
124,421
1,475,333
Cr20,642
$2,353,469
Railway tax accruals—
783 000
$3,303,183 $11,808,571 $25,021,263
1,156,469
5,765,187
8,284,170
Railway oper. income. $1,570,469
Equip, rents (net) (Cr).
119,494
Joint facility rents (net)
(Dr.)-..—.
12,969
$2,146,714
285,296
Net ry. oper. inc
Other inc. items (bal.)..
$1,676,993
77,599
$2,417,659
63,308
$7,071,063 $18,858,879
271,544
597,909
$1,754,593
178,453
$2,480,968
178,817
$7,342,607 $19,456,788
1,249,989
l,2ol,717
$1,576,139
$2,302,151
$6,092,618 $18,205,071
Net ry oper. rev-....
Gross income
funded debt
$6,043,384 $16,737,093
1,118,829
2,208,481
on
—V. 147, p. 750.
_
pref. stock....
Balance
x
$5,114,158
acquired
companies
from dates of acquisition oily.—V. 147, p. 427.
1938—Month—1937
1938—12 Mos.—1937
$1,555,026 $18,825,930 $19,177,161
701,142
749,204
x9,238,130 x9,201,015
200,000
200,000
2,400,000
1,900,000
$605,822
$8,076,146
3,271,509
-----
287,374
256,433
$7,187,800
3,339,271
$220,850
Int. & other fixed chgs..
Divs.
of all
$508,224
Gross income
155,577
$349,389
155,577
$3,848,529
1,866.923
$4,804,638
1,866,923
$65,273
$193,812
$1,981,606
$2,937,715
made in 1936 or 1937 for Federal surtax on undis¬
all taxable income was distributed.—V. 147, p. 751.
No provision was
tributed profits as
Ohio Oil
Co.—Preferred Stock Called—
notice dated Aug. 15, 1938, this company called for redemption on
15, 1938, at $110 per share, 30% of all of the issued and outstanding
shares of 6% preferred stock pro rata from all preferred stockholders of
record at the close of business on Aug. 15, 1938, or their assigns.
Prior to Sept. 15, 1938, stockholders may present their certificates to
the Chase National Bank of the City of New York for division into stamped
In
a
Sept
14,350
91.149
86,695
certificates, one representing the number of shares of the old certificate
called for redemption and the other representing the number of shares of
the old
certificate not called for redemption.
On Sept. 15, 1938, the certifi¬
which bear a notation to the effect that the shares
called for redemption may be presented to
Bank for redemption.—-YJ;147, p. 1202.
cates
Net income.
*
'
Net income-
operations
$1,409,366
& taxes...
Prov. for depreciation..
exps.
"
includes
Co.—Earnings—
Gross revenue.
Oper
Ry. oper. revenues...
statement
during the above periods
-
Maint. of way & struct..
Maint. of equipment...
$3,980,929
Balance of income---------
Ry.—Earnings—
July 31—
1938—Month—1937
1938—7 Mos—1937
Operating Revenues:
Freight-....
$5,667,259
$7,425,785 $35,993,356 $52,990,637
Passenger, mail and exp.
290,904
338,129
1,942,093
2,287,271
Other transportation
25,471
29,956
170,815
208,896
Incidental & joint facil—
31,524
46,926
247,842
410,986
Period End.
on
& Coal Co.,
Arrangements have been completed to proceed with the exchange of the
5% first mortgage bonds due July 1, 1959, with January, 1933, and later
coupons attached; the 6% debenture stock, and the 8% preferred shares of
the company, as set forth in the reorganization plan dated Feb. 14, 19,38.
This exchange of securities miy oe effected upon presentation at the
office of Eastern Trust Co., 184 Hollis St., Halifax, N. S. and not else
Interest on funded
Net from railway......
Int.
1938—12 Mos.—1937
Operating revenues
Oper. expenses and taxes
Provision for taxes..
Net after rents
—V. 147, p.
Co,—Earnings—
1938—3 Mos.—1937
Period End. June 30—
1938—12 Mos.—1937
$1,178,480
$1,154,708
Susquehanna & Western RR.—Earnings—
Net from railway
1,769,282
def4,075
defl49,506
—V.147, p.750.
the reorganization
1043.
Gross from rail way.....
2,029,049
191,722
69,034
12 Months Ended June 30—
27,902
14,957
income...
New York
2,202,282
173.141
def2,041
committee may withdraw their deposited securities
of the deposit agreement, and when withdrawn have
Co.—Earnings—
1938—Month—1937
$95,805
$94,109
1935
$329,327
54,620
31,723
1,581,184
def544,635
def760,883
Netafterrents
re-
accruals
—V. 147, p.
Net
■
1936
$375,970
102,534
83,683
1—
Gross from railway
Net from railway
769,462
—V. 147, P. 749.
New York & Richmond Gas
1937
$394,836
95,870
64,453
Nova Scotia Steel
1935
$743,824
163,577
RR.—Earnings—
1938
$311,891
9,860
def31,954
Netafterrents
19,092,051
5,797,153
3,232,371
From Jan. 1—
Gross from railway
Net from railway
20,
July—
RR.—Earnings—
1937
$580,305
102,679
Aug.
Gross from railway
Net from railway
Ry.—Earnings—
1938
$597,146
93,969
July—
Gross from railway
Net from railway
(Del.)—Weekly Output—
States Power Co. system for the week
1938, totaled 25,407,845 kilowatt-hours, a decrease of
2.5% compared with the corresponding week last year.—V. 147, p. 1202.
208,500
1201.
March 2,
Electric output of the Northern
ended
Northwestern Pacific
separately operated properties.—V. 147, p.
on
Northern Ohio Ry .—-Reorganization—
Youngstown Ry.—V. 146. p. 2703.
1935
$2,522,690
576,119
a
The leases of the following companies were rejected on dates stated
below, but net railway operating income includes the results of operations
these properties.
Old Colony RR. June 2, 1936; Hartford & Con¬
necticut Western RR., July 31, 1936; Providence, Warren & Bristol RR.,
Feb. 11, 1937; Boston & Providence RR., July 19, 1938.
b Effective as of
those dates no charges for the stated leased rentals are included covering
the Old Colony RR., Hartford & Connecticut Western RR., and Provi¬
dence, Warren & Bristol RR., and Boston & Providence RR. leases,
c Be¬
$30,629)
only from date of incorporation
See Akron Canton &
of
fore guarantees on
Includes North Texas Co.
1938—V. 147, p. 125.
1938—7 Mos.—1937
$40,676,805 $48,131,495
203,240 adef493,131
3,918,136
769,898
b7,649,849
2,871,283
al66,865
b840,926
rev...
Net def. after charges.
(3%)
Net income after income interest,
a
Period End. July 31—
1938—Month—1937
Total oper. revenue
$5,974,447
$6,846,149
Netry oper.
$368,848
$141,363
6,390 Prior year's
53,789 figures not
50,553 comparable
...
1st coll. lien bonds—Public Fixed int.
Income interest (3%)
on
48
$279,736
138,373
Equipment note interest, &c_
Int.
898.
p.
16
Retirement accruals.
1—
From Jan.
—V.
1937
$3,355,238
$368,799
_
Nonoperating income—Net.
Earnings for Month of July and Year to Date
July—
Gross from
1937
$1,435,019
749,954
176,510
139,755
1938
have been
represented thereby
the Chase National
Financial
1350
Oklahoma Natural Gas Co. (&
Aug. .27, 1938
Chronicle
Pennsylvania Power & Light Co.
Subs.)—Earnings—
Period End. July
Earnings—
1938—12 Mos.—1937
1938—Month—1937
31—•
1938
$8,028,211
1937
$8,032,498
2,945,694
1,464,226
2,949,010
1,393,540
Operating revenues
Oper. exps.. inci. taxes..
Amort,
of limited-term
$1.92
$1.79
Prop, retire, res. approp.
1,002
218,333
of $40,000 on undistributed profits for
fiscal year ended Nov. 30, 1937 (none in fiscal year ended Nov. 30, 1936),
charged to surplus.
.
Net oper. revenues—
$1,055,765
$1,096,958 $13,740,666 $14,073,436
8,620
$1,055,765
8.763
$1,096,958 $13,740,666 $14,064,816
21,633
161,794
233,811
$1,064,528
Int. on mortgage bonds.
453,750
Int. on debentures
50,000
Other int. & deductions.
14,376
Int. charged to constr'n.
Crl,641
$1,118,591 $13,902,460 $14,298,627
453,750
5,445,000
5,445,000
50,000
600,000
600,000
15,789
203,284
219,708
Cr2,705
Crl2,846
Crl8,067
12 Months Ended July 31—
Operating revenues
„
.
Gross income after retirement
accruals
aNetincome
.......
Earnings per common share without
surtax on undistributed profits
deduction for
1,786,079
investments
Without deduction for surtax
a
Note—No provision has been made for the Federal surtax on undistributed
profits for the fiscal year beginning Dec. 1, 1937 since any liability for such
tax cannot be determined until the end of the fiscal year.—V. 147, p. 899.
1938—12 Mos.—1937
1938—3 Mos.—1937
$306,554
202,734
$1,339,749
890,700
$110,076
$427,716
$449,049
192
141
935
$103,858
78,276
$110,268
78,715
$427,857
311,874
$31,553
$115,982
$125,250
Other income (net)
$544,761
Net- income
Dividends applicable to
324,735
899.
(& Subs.)—Earnings-
$8,051,986
3,846,546
3,846.544
$3,820,476
$4,205,442
147, p. 752.
Pennsylvania RR. Regional System—Earnings—
& E.
I. RR. and B.
1938—Month—1937
Period End. July 31—
RR.]
1938—7 Mos.-
-1937
1938-12 Mos. -al937
1938-3 Mos.--al937
$175,110
$184,193
137,779
141,140
Period End. June'SO—
Operating revenues
Oper. exps. and taxes
$7,667,022
unpaid
Excludes L.
Old Dominion Power Co.
$601,757
Baiance
-V.
Net income.
—V. 147, p.
2,415,000
•
preferred stocks for the
period, whether paid or
Gross income.
Int. & other deductions.
5,462
2,678,333
210,000
$449,985
$25,582
Net oper. income
$1,284,104
856,388
39
_
$328,218
218,142
$103,819
Operating re venues
Oper. expenses & taxes.
Operating income
Other Income (net)
Gross income
Co.—Earnings—
Oklahoma Power & Water
Period End. June 30—
of plant..
Rent for lease
$3,025,514 $38,394,381 $38,200,303
1,718,556
21,969,920
21,711,867
$775,183
602,351
$755,878
548,825
29,575,023
20,342,117
Railway oper. revenues.
Railway oper. expenses.
40,071,820 197,559,805 275,013,984
28,601,071 146,577,809 205,018,427
$207,053
49
195
125
$1,644
.
3.59,714
501,528
759,915
492,449
178,419
147,867
4,524,190
965,707
69,995,557
16,195,483
2,610,510
3,507,166
1,808,670
1,106,947
income.
1204.
5,008,982
7,315,944
24.495.390
44,766,781
9,232,906
2,534,500
11,470,749
2,629,863
Unemploy. ins. taxes—
Railroad retirem't taxes.
391,376
383,098
Net rev. from ry. oper.
Railway
taxes
1937, but applicable to
in computing these
the periods ended that date have been given effect to
figures.—Y. 147, p. 428.
Net ry. oper.
—V.
147, p.
Penobscot Valley Gas
1088 Park Avenue
50,981,996
15,605,400
2,827,027
2,564,282
$41,029
$6,353
1<oss$4,325
Adjustments made subsequent to June 30,
a
$207,178
166,148
$173,027
166,673
$37,380
41,705
$43,101
41,457
Int. & other deductions.
Net income.
$172,832
48
Gross income.
$37,331
Equip, rents—l)r. bal__
Jt.facil. rents—Dr. bal.
$43,052
Net oper. income....
Other income (net)..
Corp.—Earnings-
According to a late statistical report on the corporation prepared by
Amott, Baker & Co., Inc., the property is currently earning over 5H% oQ
its outstanding first mortgage.
The financial set-up of this company,
owning the 15-story apartment building located at the corner of Park Ave.
and 89th St., was reorganized in the Federal Courts last year.
Bondholders
in addition to receiving new first mortgage bonds on a par for par exchange,
also received shares of stock representing all of the ownership.
Taxes are
paid to date and the management reports the property in excellent physical
condition.
The building, which was completed in 1925, is now assessed at
$2,150,000, and the first mortgage issue is outstanding in the amount of
$1,850,000.
The first semi-annual Interest payment is expected on the
new bonds Sept. 1, 1938, at the present rate of 2%% Per year.
Remaining
earnings are applicable to bond retirement and the interest rate eventually
goes to 5%.—V. 143, p. 1730.
1936
1937
1938
Years Ended June 30—
Corp.—Earnings—
$20,110
14,213
$17,852
13,033
$17,027
—
$5,896
$4,819
$5,527
248
96
$4,915
6,270
Provision for retirem'ts & replacem'ts
$6,144
6,270
1,311
1,034
933
$1,437
$2,388
$1,675
Gross operating revenues
Operating expenses and taxes
Net operating income
Non-operating income
Gross income
Interest deductions
Net loss
-V. 145, p.
11,499
$5,527
6,270
3355.
Light
Peoples
&
Power
Fund
Co.—Sinking
Payment
Deferred—
Outboard Marine & Mfg. Co.—To
Pay lb-Cent Div.—
The directors have declared
a dividend of 75 cents per share on the com¬
stock, payable Sept. 23 to holders of record Sept. 7.
This compares
with 50 cents paid on Aug. 10, last; 30 cents paid on Feb. 10 last; $1 paid
on Sept. 25, 1937; 75 cents
paid on Aug. 10, 1937; 45 cents paid on May 10,
1937, and an initial dividend of 30 cents per share paid on Feb. 10, 1937.
—V. 147, p. 751.
mon
Pacific Can
v
Co.—Earnings—
12 Months Ended June 30—
Net profit
1938
$189,772
_
1937
x$154,254
1936
$322,768
$0.97
$0.79
$1.65
Earns, per sh. on 195,000shs. cap. stk.
x
tax
Before Federal surtax on undistributed profits,
y After Federal income
and excess tax and other charges.—V. 146, p. 3674.
The directors have declared
an
extra dividend of
10 cents per share in
Pan-American Petroleum & Transport Co. (& Subs.)
Period End. June 30—
Net loss
per
sh.
on
stock (par $5).
1938—6 Mos.—1937
1938—3 Mos.—1937
com.
$0.54
$0.08
$0.36
Nil
.
Panhandle Eastern Pipe Line Co.—-Revenues-—
D.
Creveling,
President
of
this
company,
announced
gross
for the 12 months endea July 31,1938 were $9,490,700, a gain of more than 9% as compared with revenues of $8,586,300 re¬
ported for the preceding 12 months.
Sales of gas by Panhandle Eastern
12 months ended July 31,
1938 were 39,983,000,000 cubic feet as
against 36,183,000,000 cubic feet in the preceding 12 months.—V. 147,
Net income
Pere
Park Utah Consolidated Mines Co.—Earnings—
6 Months Ended June 30—
Income from ore sales
Other income
Profit on bonds called and sold
$56,688
.
$84,193
Period Ended July 31—
1938—Month—1937
1938—7 Mos—1937
Operating revenues...__ $1,889,392
$2,666,187 $13,266,491 $19,005,633
Operating expenses
1.
1,701,760
2,075,677
12,265,143
14,353,915
.
$688,381
19,960
$178,742
235,975
16,668
$708,341
475,052
12,960
loss$73,901
30,000
76,381
_
Net ry oper. income._
Other income
loss$103,901
$3,016,137
263,392
$475,760 def$553,002
5,197
41,364
$3,279,529
41,995
65,709
21,042
def$53,571
Misc. ded. from income.
Rent for leased roads
4,924
5,810
43,087
274,597
1,913.747
41,945
1,910,716
$190,227 x$2.551,201
$1,284,874
575
debt
5,739
274.463
equipment
2,861
$190,227df.$2551,776
$1,272,012
" x$338,769
Net income
Inc. applied to sinking &
funds
to
bal.
transferable
def$338,769
profit & loss
$190,329
Mine operating and general
expense
Charges to res. (ins., stock transfer and taxes)
Earnings before depreciation
Depreciation (estimated)
x
Loss.—V. 147, 752.
Pet Milk Co.
(& Subs.)— Earnings—
$7,002,653
5,371,623
$7,463,459
6,011,007
$6,951,638
5,335,149
1935
$4,923,008
3,851.266
962,380
940,167
165,704
729,502
192,406
716,543
168,542
1,663
$346,581
3,987
$694,580
Dr 1,689
$186,656
1,853
$494,984
Sales.net
Cost of goods sold
$350,568
$692,891
$188,509
Sell., gen. & adminis. exp
Deprec. of plant & equip
175,330
$493,321
Total
Comparative Statement of Net Working Capital
profit
Reduction
value
in
1936
1937
1938
Other income.
of
51,180
capital assets
Interest paid
11,890
$229,734
Prov. for Fed. inc. tax..
67,428
22", 064
y72,211
xllTlSl
18,723
Prop, of profits applic. to
609
777
633
337
239'779
35,740
403,656
246,250
49,825
$1,070,610
78,039
$965,206
42,681
$992,571
$922,525
Dec. 31, '37
receivable.".TIIIIIIIIIIIII
June 30,'38
$96,076
Current Assets:
Cash
'
84 !849
403 656
Federal Land Bank bonds
246 250
"
Municipal bonds
~
ruin. int. in subs
Net
earns,
nSS, w5Tki.ng caPital
Decrease in inventory
3,904
the
for
3
surplus
as
$415,057
$255,515
$529,899
$169,448
2,726,009
2,545,156
2.445,310
$3,356,382
Earned
2,941,325
ended June 30
mos.
Current liabilities.
$2,981,524
$3,075,054
$2,614,759
.
at
March 31
Prem. paid on pref. stk.
175,305
retired
.
,
$918,621
,
Decrease in working capital
§73,951
Note—No provision has been made for depletion.—V.
146, p. 3350.
Penn-Federal
Corp.—-To Pay 12-Cent Dividend—
Directors have declared
dividend of 12 cents per share on the common
stock, payable Aug. 29 to holders of record Aug. 26. Previous payment was
a
6M cent distribution made
1,044,007
&
3 Mos. End. June 30—
Notes and accounts
U.S. Govt. bonds
$455,677 def$798,067
20,082
245,065
def$74,613
$220,329
30,000
_
Net income
$3,607,710
275,910
315,663
57.095
63,615
1937
$141,102
18,657
18,982
def$38,589
433,579
325,699
$533,415
12,027
Equipment rents—(net)
on
$4,651,718
$590,510
$65,383
_
Joint facility rents (net)
Interest
$1,001,347
1,039,936
$187,631
122,248
Net oper. revenue.
Railway tax accruals.
Inc.
1938
....
Total income...
a
$88,575
4,382
Marquette Ry.—Earnings—
reserve
■p.
$506,033
417,458
$59,280
2,591
Net earnings.
Total income
that
revenues of the company
in the
1937
1938
$470,670
411,391
Operating expenses and taxes—
Operating income
depreciation, depletion, taxes, and other charges, but before
provision for possible surtax on undistributed profits.—y Profit.—V. 146,
p. 3514.
J.
of said bonds, has been
Peoples Railway Co.—Earnings—
12 Months Ended June 30—
Gross earnings.______—
y$336.500 y$2,545,936
$529,840 y$l,676.438
After
x
payment of $66,250 due Oct. 1, 1938, in respect
deferred to Oct. 1, 1939.—V. 146, p. 1412.
Indemnity Co.—Extra Dividend—
addition to a quarterly dividend of 40 cents per share on the common
stock, par $10, both payable Oct. 1 to holders of record Sept. 15.
Similar
payments were made in each of the six preceding quarters.
An extra
dividend of 20 cents in addition to a quarterly dividend of 30 cents per
share was paid on Jan. 2, 1937.—V. 146, p. 3514.
Earns,
being notified that
by action of the board of directors of this company, as permitted by and
subject to the provisions of its trust indenture dated Jan. 1, 1936, under
which said bonds were issued, the sinking fund payment of $66,250 due
Oct. 1, 1937, in respect of said bonds, and deferred to Oct. 1, 1938, has again
been deferred to Oct. 1, 1939, and the whole amount of the sinking fund
Interest on unfunded debt.
Pacific
x
Holders of collateral lien bonds, series A, due 1961, are
on
June 1, 1931.—V. 144, p. 4357.
110,338
11,351
110.339
21,852
110,338
June 30 $3,246,044.. $2,871,185
$2,778,059
$2,482,568
$1.17
$0.33
Preferred dividends
Common dividends
Earned
surp.
Earns, per sh. on 441,354
shs. (no par) com stk.
x
Includes undistributed
profits.
110,338
$0.57
$0.94
profits taxes.
y
Before surtax on undistributed
Volume
Financial
147
Consolidated
1938
Balance
30
6)861,192
in subsidiaries
$
s
y
Common stock..
Minority
interest
7,798,534
,798,534
y
mach'y & equip. 7,056,296
Goodwill
914,109
1937
1938
Liabilities—
$
3,801
1,340,319
914,047
1,074,902
1,542,760
Due fr. empl., &c.
17,208
Inventorlea
4,353,245
16,380
5,347,072
2,700,000
64,116
Notes payable
4,005
,341,243
,100,000
Accounts payable-
1,468,070
Accts. & notes
rec.
Mlscel, accts.
25,376
29,420
accts. receivable
50,668
81,635
Invests. &advs—.
Mlscell. Invests,..
548,503
541,463
34,742
35,321
Deferred charges..
201,491
178,093
wages
rec.
Long-term notes &
.
.
......
1,681,004
105,428
800,000
75,460
55,115
(non-current)
..
Sundry acc'ts pay.
Divs. pay
110,399
Fed. tax reserve-.
171,919
235,658
16,010,027 16.622,285
150,000
Total..
2,871,185
depreciation of $6,543,994 in 1938 and $6,053,175
y Represented 441,354 no par shares.—V, 146, p. 3514.
1937.
in
Pepperell Mfg. Co.—Earnings—deprec.,
penses,
eral
xl938
1937
on cap.
x
y
Earnings
Gross profit.
Administrative and selling
Other deductions (net)
Federal and State income taxes (est.)
Net
a
$3,941,390
2,910,463
$496,801
752,896
Of
on
a
preferred stock
b$20,211
26,128
24,367
subsidiary companies,
expenses,
b No provision has been made in this state¬
on undistributed profits,
c Depreciation charges in the
$89,654 in 1938 and $82,736 in 1937 are included in costs and
y yyy'yy.:.- y.yy •yyo-y.yyy
1938
Marketable
1937
$192,136
1,900
1,900
Accounts
...A.
3,301
Acer'd
Accts. receivable
d537,597
627,976
Inventory
securs.
Other assets.
2,718,709
285,636
b Prop., pl't & eq.
2,165,300
4,095,909
287,368
2,285,342
Deferred charges..
5,077
5k %
$100,090 $1,000,000
payable-
416,936
$76,274
1938—6 Mos.—1937
$42,116prof$30,249
$10,400
1938—6 Mos.—1937
1938—3 Mos.—1937
$83,290
$166,612
$88,686
$192,612
Pressed Steel Car Co.,
187,445
Inc.—Earnings—
Period End. June 30— 1938—3 Mos.—1937
1938—6 Mos.—1937
x Net
profit
z$356,691
$218,653
z$692,772
y$606,416
Earns, per sh. on 415,379
shs. com. stk. ($1 par)
Nil
$0.37
Nil
$1.14
x After
depreciation, interest, normal Federal and State income taxes,
but before surtax on undsitributed profits,
y Including
non-recurring
profits of $185,073 arising from sale of patents,
z Loss.—V. 147, p. 753.
Provincial
Light,
Heat
&
Ltd.—Bonds
Co.,
Power
Called—
$60,000 first mortgage 40-year 5% bonds has been called for
redemption
on Sept. 1 at 105 and interest. Payment will be made at the
National Trust Co., Ltd., Montreal, Canada.—V. 131, p. 1257.
670,248
accounts..
151,497
Provincial
Paper, Ltd.—Bonds Called—
A total of $449,500 20-year first mortgage
been called for redemption on Nov. 1 at
pref.
cum.
stk.
1937
1938
Notes payable
Notes receivable..
On
a
Exclusive of company's proportionate share of net profit of its sub¬
sidiary, Congress Cigar Co., Inc.—V. 147, p. 278.
A total of
Liabilities—
$226,313
1938—3 Mos- -1937
interest, &c__._
Consolidated Balance Sheet June 30
Assets—
Cash............
a
Period End. June 30—
Net loss after taxes,
for surtax
amount of
June 30—
loss after deprec.,
deple., taxes, &c
—V. 147, p. 1205.
997,148
$256,095 prof$33,779
26,549
10,057
a6,831
3,510
.....
y
$1,030,927
profit................................ loss$289,476
Dividends
ment
cl937
cl938
Operating loss
$895,553
58,419
$0.49
Porto Rican-American Tobacco Co.- —Earnings—
$3,238,807
2,742,006
.......
............
Pond Creek Pocahontas Co.- -Earnings—
f
1085.
expense
'
12 Months
x
After charges and taxes, including undistributed profits tax.
(no par) capital stock.—V. 147, p. 128.
Phillips Packing Co., Inc. (& Subs.)—Earnings—
Cost of goods sold
per share
Period End.
y-Y>-yy.;:
p.
6 Months
$1,050,127
74,749
$0.62
Net
$l,796,000prf$2,104,116 prf$l,121,360 $438,067
stk.
Nil
$21.64
$1.21
Nil
6 Months Ended June 30—
Gross operating income
$1,362,996
1,050,000
$1.30
Co.—Earnings■—
Net profit
■-
Preliminary figures.—V. 146,
$0.62
Period Ended June 30,1938—
1935
1936
ex-
Fed-
taxes
Earns, per sh.
x
oper.
1938—6 Mos.—1937
$1,338,120
1,017,900
$1.31
1,050,000
$0.69
Net sales
16,010,027 16,622,285
...
1,017,900
share
per
Pollak Mfg.
150,000
,246,044
1938—3 Mos—1937
$625,228
$722,677
After depreciation, depletion, Federal taxes, &c.—V.
146, p. 4128.
x
con¬
After
Years End. June 30—
Period End. June 30—
Net profit
Shares capital stock
178,320
243,082
reserve.
for
tingencies, &c_.
Surplus
Net loss after
Plymouth Oil Co. (& Subs.)—Earnings—
x
Earnings
Insurance
x
than two years from the date or dates of the
original issue thereof, and not
later than Aug. 31, 1940."—V.
147, p. 901.
Notes pay. to bks.
Reserve
Total
periods.
To evidence such loan or loans,
the applicant seeks
authority to issue, reissue, extend, or renew its shortterm unsecured
promissory note or notes in a total face amount of not
exceeding $250,000 at any time outstanding, bearing interest at a rate not
exceeding 5% per annum, and oo mature not later than two years after
the date of order
authorizing the issue thereof.
Our order will provide
that the iast maturity date or dates of the note or
notes shail not be later
56,277
600,000
Acer, taces &c
1351
short period or
a
92,185
Accrued salaries &
Cash
Chronicle
$250,000 for
1937
S
Real est., bldgs.,
x
Sheet June
5H%
s.
f. bonds, series A,
has
16,887
.......
($100 par),
921,700
960,000
Common stock..
1,930,100
1,930,100
Surplus-.........
2,350,175
2,833,152
c
100H and accrued interest.
Payment will be made at any branch of the Canadian Bank of Commerce
or at the Bank of Montreal, in New York City.—V. 147, p. 129.
Public Service Co. of New
Total
a
After
—
.$5,906,356 $7,544,9971
reserve
Total
$5,906,356 $7,544,997
of $19,000 in 1938 and $16,800 in 1937.
b After allow¬
for depreciation of $1,469,944 in 1938 and $1,296,436 in 1937.
c Rep¬
resented by 475,000 no par shares,
d Includes notes receivable.—V. 147,
ance
p.
278.
Pillsbury Flour Mills Co.—To Vote on Refunding—
Stockholders at the annual meeting Sept. 13 will be asked to act upon a
proposition to authorize a new mortgage and pledge all or substantially all
part of the property and assets as security for a proposed bond issue
exceeding $7,500,000.
At the meeting stockholders will also be asked to authorize directors to
or any
Period End. July 31—
State & munic. taxes
Social security taxes
Federal taxes (incl. inc.)
Net oper.
fxx the terms of the bond issue.
The new issue wouid be used in part to refund the presently
income
Non-oper. inc. (net)
Gross income
Bond
interest
Other interest
outstanding
$4,317,000 20-year 6% bonds maturing Oct. 1, 1943.
The directors pian to issue $6,000,000 of the new bonds, maturing not
earlier than 15 years from the date of issuance, for the purpose of retiring
the old 6% bonds and securing additional working capital.
Accordingly
directors are negotiating for the sale of the $6,000,000 proposed bond issue
at a rate not in excess of 4% per annum.
The $1,500,000 additional bonds are included In the authorized amount
in order to be made available for issuance from time to time, according to
needs of the company.—V. 147, p. 1204.
(net)
Other deductions
_
Provision for
depreciation.Development and research expense
1938
Net income
Pref. div. requirements.
$1,386,291
885,260
145,123
66,126
$6,075,410
2,916,331
891,387
46,735
299,850
$5,885,088
2,815,062
822,628
28,416
199,999
$147,711
3,634
$150,302
5,780
$1,921,107
44,016
$2,018,983
35,999
$156,082
56,018
$1,965,123
676,900
Crl3,056
108,596
$2,054,982
652,389
Crl,750
9,297
$85,822
52,176
$92,517
52,176
$1,192,683
624,035
$1,240,559
602,455
'
Pullman, Inc.—Consolidated Balance Sheet June 30—
X
Invs. at costz
174,946,699
12,156,827
24,766,450
.--
Cash & U.
Govt,
.
$288,012
24,013
$289,782
23,571
S.
Equity
tr.
Prov. for income taxes (excl. undist. profit tax).
$312,025
59,500
$313,353
47,325
8,711,735
8,260,035
2,658,925
Conting. reserve
3,938,692
275,586
3.908.738
Surplus—...
6,525,895
—
421,427
—
1,625,615
Deferred charges
Gross from railway.
1936
$29,556
$50,738
$35,460
1,913
def4,434
def7,044
2,498
def2,804
$29,054
def7,671
def2,827
--
272,146
def45,147
def48,094
367,244
def9,542
300,851
def24,417
396,209
37,841
16,387
defl6,604
53,381
From Jan. 1—
Gross from railway
Net from railway....
Net
after rents
._
..
Quaker State Oil Refining Corp. (& Subs.)—Earnings
Period End. June 30—
Net sales
Cost of sales
Expenses
Loss
1938—3 Mos.—1937
1938—6 Mos.—l 937
$175,391
$243,589
1938—3 Mos.—1937
1938—6 Mos.—1937
$5,975,282
$8,040,392 $13,010,403 $15,889,762
5,288,057
6,216,172
11,286,503
12,595,059
^
Other income...
Depreciation
Federal income taxes..
1,056,975
y$767,245
26,133
y$ 105,596 y$l,413,777
78,627
62,162
$126,231
168,350
CY34.730
y$793,378
203,396
98,159
y$184,223 y$l,475,939
335,734
405,220
6,868
191,159
$259,851
-
1,618,304
y $491,823
Net loss after taxes, de¬
preciation,
&c
$98,897
$162,091
—V. 146, p. 3814.
x
Aug. 17 authorized the com¬
pany to pledge and repledge from titne to time to and including June 30,
1940, as collateral security for outstanding notes, or for notes issued in
renewal thereof or in substitution therefor (1) not exceeding $3,576,000 of
first mortgage gold bonds, series D, and $8,047,000 of general mortgage 6%
,
Promissory Note of $250,000 Authorized—
The ICC on Aug. 17 authorized the company to issue, reissue, extend, or
at par, a promissory note or notes in a total face amount of not
exceeding $250,000 at any time outstanding.
renew,
The report of the
"To pay the past
Commission says in part:
due vouchers and to retain approximately $100,000 net
working capital, the applicant proposes to borrow not to exceed
.
sh. on
$10)
$158,379
y$879,560
cap.
Nil
Exclusive of intercompany sales,
$0.53
y
Profit.—V. 146,
$0.95
Nil
p.
3201.
on
gold bonds, and (2) applicant's equity in such bonds.
cash
per
stock (par
Pittsburgh & West Virginia Ry.—Bonds—
The Interstate Commerce Commission
Net loss...
Earns,
1,880,926
860,575
$173,350
47,119
-
-
Loss
Pittsburgh Terminal Coal Corp. (& Subs.)—Earnings
Period End. June 30—
..257,565,618 273,383,533
published in V. 147, p. 1205.
x
Company has notified the New York Stock Exchange that on Juiy 25,
options were granted to 16 officers and employees of the company, none of
whom had heretofore been granted any such option, to purchase 9,500
shares of common stock at $12.50 per share on or before July 1, 1940.
—Y. 146, p. 3815.
Total
x After
depreciation,
y Represented
by 3,820,189
no
par
shares.
zU.S. Government securities and other marketable securities carried at cost
which in the aggregate is less than the market value.
The income statements for the 3, 6 and 12 months ended June 30 were
—V. 147, p. 753.
Pittsburgh Steel Co.—Options Granted—
3,350,000
4,648,616
37,808,376
191,984
...257,565,618 273,383,533
Total
1935
def7.455
..
Net from railway
Net after rents......
1937
— .
Res. fund assets,
Pittsburgh & Shawmut RR.—Earnings—
1938
6,448,436
12,365,241
3,350,000
3,331,483
43,688,799
8,970,517
Defd. credits...
Special deposits.
5,982,550
9,042,889
Income tax, &c
2,067,943
893,089
$0.30
&c
July—
.—
Federal
& other res've
securities
x$266,028
6,728
13,183,346
Pensions, interest
man
and
895.277
$0.28
6,728
Accrd.
Accts. pay., &c.
market
$252,525
*
191,009,500
5,717,009
9.182.737
&C.'_~
Earnings per share
—V. 146, p. 3515.
Co..
38,871,833
Inv. inaffil. cos.,
Net profits
Shares stock outstanding
-
43,323,178
other car accts
Other
*
*
Cap. stock Pull¬
man, Inc.
_yl91,009,450
Cap. stock, Pull¬
7,730,757
secure-
receivable
z
Liabilities—
$
§
Prop. & equip-173,413,578
1937
1938
1937
1938
j\.SSCtS1
Accounts & notes
Profit from operations
Profit from British affiliate and miscell. income.
Crl,220
112,554
50,700
Note—Figures for all periods include operations of the former wholly
owned subsidiary, Manchester Street Ry., which was merged with this
company as at Dec. 1, 1937.—V. 147, p. 582.
1937
$1,457,001
922,397
185,607
60,986
$504,205
252,435
75,250
3,761
22,467
Prov, for special reserve
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
6 Months Ended June 30—
Gross income, lessdiscts., returns and allowances.
Cost of sales, oper., selling & administrative exp__
1938—12 Mos.—1937
$490,825
240,683
76,073
4,915
21,443
$151,345
58,361
Crl,959
9,121
Operating revenues.
Operating expenses
of not
Hampshire—Earnings—
1938—Month—1937
Railroad
Employees' Corp.—Subscription Rights—
opening to subscription by holders of its preferred,
B common stocks, 150,000 newiy registered shares of its
stock at $8.25 per share for a period of 15 days.
Such
offering, made by a prospectus, grants to all stockholders unlimited subscrip¬
tion privilege subject to pro rata allotment in the event of over-subscription.
Upon the expiration of the stockholders' subscription period, the unsub¬
scribed balance, if any, will be offered publicly through Henizelman, Rip¬
ley & Co., Inc., at $8.75 per share.
Proceeds will be used to reduce loans due banks and note brokers and for
additional working capital.
The corporation reported consolidated net earnings of $64,450 for the six
months ended June 30, 1938, against $57,476 for the same period of 1937,
The corporation is
ciass A and class
class A common
1352
Financial Chronicle
equal to 73 cents and 60 cents per share of common stock for the respective
periods.—V. 147, p. 1206.
Raybestos-Manhattan,
(& Subs.)—Balance Sheet
Inc.
June 30—
Assets—
x
Liabilities—
$
$
Cash
1938
1937
1938
1,775,110
2,998,100
Prov. for taxes.
wages.
Other accts. rec—
30,545
19,554
Mdse. inventories.
4,373,479
5,173,997
306.749
342,926
Investments
Bund.
.....
(non-
rec.
340,262
fixed assets....
7,447,087
406,153
7,301,145
Deferred charges..
119,506
595,157
Fed.
..
1,114,465
for conting..
Capital stock
86,472
491,424
a395,115
12,019
250,000
9,721,800
Total..
b Treas.
—.....
$450,311
68,557
$216,607
$260,278
$381,753
48,880
17,209
12,685
32,192
51,169
25,622
39,583
90,230
32.079
27,060
64,361
95,443
35,216
42,035
69,516
7.207,646
8,083,316
$10,172
$81,083
$46,548
2,039
25,575
22,356
40,099
$139,543
9,378
9,157
17,191
$36,677
$103,818
Depletion
Depreciation
19,149
342,220
Oper. profit before ex¬
traordinary items &
350,000
stock.... Dr906.680 Dr840.012
taxes...
Other expense (net of other income)
Abandonments
Taxes, incl. prov. for normal Federal inc. tax
.17,226,762 19,479,290
Profit from subsidiaries....
x
Reading Co.—Earnings—
Period End. July 31—
oper. revenues.
oper. expenses.
1938—Month—1937
1938—/ Mos.—1937
$3,459,593
$4,496,786 $26,991,815 $36,265,107
2,689,225
3,273.531
20,730,037
24,507,760
from ry. oper.
$770,368
Railway tax accruals—
182,377
$6,261,778 $11,757,347
1,955,639
3,078,508
$1,223,255
267,907
Before tax
...
Net profit
x
....17.226,762 19,479,290
Total
by 44,012 shares, at cost in 1938, and 40,512 shares, at cost, in 1937.
Note—Earnings for six months ended June 30, appeared in the "Chronicle"
of Aug. 20, Vol. 147, page 1205.
rev.
42,515
General expense..
Market value $440,838 in 1938 and $452,715 in 1937.
y After depre¬
ciation of $11,006,802 in 1938, $10,450,517 in 1937.
z Represented by
676.012 shares (no par value), a Includes prior year's taxes, b Represented
Net
$302,794
$121,139
Net sales
x
Railway
Railway
$254,421
37,814
Production costs, excl. of
9,721,800
332,386
595,156
y
Surplus..
$140,864
19,725
taxes
&
State inc. taxes.
Revere
.......
undistributed prof its.- -V. 146, p. 3678.
on
Copper & Brass, Inc. (&. Subs.)—Earnings—
6 Mos. End..June 30— f
1938
1937
Railway oper. incomeEquipment rents (net)
Joint facility rents (net).
$587,991
53,601
5,503
$955,348
93,399
$4,306,139
191,805
45,171
$8,678,839
4,553
$647,095
_
$1,053,300
$4,543,115
$8,980,469
290,131
11,499
sales, less returns
& allowances...
|
Cost of goods sold, excl.-f
I
$15,314,401 $11,709,433
1 12,165,746
9,028,462
!
(
of depreciation
Operating expenses
(
Unavailable
1,314,531
1,159,572
$3,756,434
$1,834,122
$1,521,398
113,264
70,833
78,125
loss$790,678
Non-operating charges..
148,116
Depreciation
670,391
$3,869,698
180,472
189,195
$1,904,956
144,650
641,339
197,446
$1,599,524
147,071
605,434
.251,970
30,052
33,976
548,000
30,889
157,200
81,450
Net profit for period .loss$l ,819,709
Earns, per sh. on 7%
$2,122,838
$733,430
$513,598
$7.70
$5.39
$1.66
$0.75
Oper. profit before de¬
preciation—
Ioss$838,559
Non-operating income..
47.881
Interest
bonds
on
Amort, of bond prem.
let ry. op<
r. 147. p. 754.
Hosiery Mills, Inc. (& Subs.)—Earnings—
C)\Mos. End, June 30—
loss after charges,
depreciation, Fed. nor¬
1938
mal income taxes
$14,334
1937
1936
1935
Net
pref. stock
per sh.
$66,771 prf$110,285
cl. A
...
Earns,
Note—It is stated by the company that for the six months ended June 30,
mon
1938, the basis of the charge for depreciation has been changed to conform
substantially with the basis required for Federal income taxes.
This change
resulted in depreciation charges for the period being approximately $18,000
more than they would have been under the former basis.—V. 146, p. 3518.
Reece
Folding Machine Co.—Balance Sheet June 30-
Assets—•
1938
Cash
1937
$9,131
—
Accts. receivable-
$9,957
44,307
26,079
Notes receivable--
338
2,641
Accrued int. rec..
60
Mkt. sees, at cost-
25,579
30,401
Inventories
53,497
36,716
Other
J
invests,
cost
of
at
Liabilities—
Accts,
1938
payable...
$6,732
Notes payable....
1,067
Dlv. payable.
Res.
for
Fed.
$14,649
"
4,535
A
State taxes.....
3,712
.
Surplus....—
2,206
1,000,000
1,000,000
97,581
Capital stock.
in
94,166
own
Mach.,
fixtures.
24,405
Patents...
19,300
834,304
lease.
p.
903.
Byrne E. Baldwin and Ralph B. Johnson of New York, stock brokers and
C. Schmidt, an investment counsellor, also of New York, were
on Aug.
18 directors of this company, which is undergoing reor¬
ganization under Section 77-B of the Federal Bankruptcy Act.
The election was held in the offices of Furst & Furst, lawyers, at 60
Park Place, and carried out an agreement made on Aug. 16 before Federal
Judge Guy Fake by representatives of holders of stock and bonds of the
concern.
The new directors succeed former Federal Judge Charles F.
Lynch of Paterson, and Fred Stickel Jr. and Arthur T. Vanderbilt of
!N6W3,rk who rcsi^n6(i.
Irving Rossi, Vice-President of the concern, the other member of the
board, was elected several months ago.—V. 146, p. 4129.
'■*
_agl
elected
July—
150
Total
1,703
$1,109,092 $1,115,556
46,386
—
From Jan. 1—
Gross from railway
1,510
charges.....
railway.._..
railway....._
Net after rents.
A
1,360
RR.— -Earnings
4,724,361
945,961
Net from railway......
Net after rents........
Total-
—
$ 1,109,092
..
$ 1,115,556
x After reserve for depreciation.
Note—Earnings for six months ended June 30 appeared in the "Chronicle"
of Aug. 20, V. 147. p. 1205.
1936
$480,304
35,009
defl8,270
4,460,873
966,161
5,377,854
1,599,668
797,027
256,231
1935
$585,985
143.102
66,585
1937
$667,162
172,448
91,764
1938
$558,269
116,067
Gross from
Net from
812,986
-----
fixtures..
Def.
147,
Reynolds Investing Co., Inc.—Nem Directors—
A
furn.
com¬
Richmond Fredericksburg & Potomac
22,512
x
Office
on
12,590
x
Goodwill
profits.—V.
121,217
Machs.
tools
sh.
„
12,590
121,312
—
x
on
per
stock...
Nil
$2.56
Nil
Nil
Note—No provision has been made for Federal surtax on undistributed
William
1937
(9,293 shs.
stk.
co.)
x
on
stock
323,598
652,091
&
other expenses
Prov. for Fed. inc. taxes.
Earns,
$59,233
1935
1936
Gross
Total income
Real Silk
1938—6 Mos.—1937
1938—3 Mos.—1937
oil
sales,
crude
products
Less royalties paid
%
364,080
98,076
Trade-name, good"
will, Ac
for
Prov.
Res.
z
.....
curr,)
...
Period End. June 30—
Gross
Accrued salaries &
Notes, accts., Ac.,
receivable......
Republic Petroleum Co.—Earningsr
1937
$
2,139,948
404,232
Accounts payable.
425,447
1,813.418
Market, secure..
Aug. 27, 1938
4,022.568
766,476
286,307
355,357
—V. 147, p. 754.
(H.
H.) Robertson Co.—Dividend Reduced—
Directors have declared
a dividend of 12 M cents per share on the common
15 to holders of record Aug. 31.
Previously regular
quarterly dividends of 25 cents per share were distributed.-—V. 146, p.
stock, payable Sept.
Insurance
Reliance
Co.
of
Philadelphia—Balance
Sheet June 30—
1938
Assets—
Bonds and
1937
Htocks.$3,040,035 $3,294,964
75,580
96,858
143,320
142,965
Mortgage loans...
Real estate—
—
—
Cash In banks and
offices
Premium
1938
$920,203
290,790
123,551
146,468
1,000,000
1,699,665
1,000,000
1,936,212
Rochester Button
collection......
212,091
245,972
Other assets......
25,043
24,877
.—$3,825,588 $4,096,427
taxes and
liabilities-
Capital
SurplusTotal
...
Period End. June 30—
111.—Earnings—
1938—3 Mos.—1937
$114,601
$28,116
66,199
Manufacturing profit..
Selling, administrative and general expense..
222,055
$0.41
share
1938—6 Mos.■
loss$6,548 loss$60,776
222,055
Nil
deductions
-1937
$184,194
222,055
Nil
222,055
$0.61
—V. 146, p. 4129.
$49,144 prof$67,324
15,000
Loss
Reserve for Federal income tax.
$49,144 prof$52,324
4,046
10,167
108,209
Net loss
Dividends
Dividends
on
preferred stock
on
common
stock
Note—This statement does not give any effect to
Remington Rand, Inc. (& Subs.)—Earnings—
Quar. End. June 30—
Net income after charges
and Federal taxes
Earns, per sh. on com stk
x
Before surtax
on
1938
1937
1936
$443,959
$478,704
$0.12
$0.13
undistributed profits.
an interim cash dividend of 20 cents per share on
payable Oct. 1 to holders of record Sept. 9.
Like
amount was paid on July 1, last.
On March 25, last a dividend of 25 cents
was paid together with an extra dividend in stock of l-100th of a share o
$4.50 preferred stock for each share of common stock held.
A dividend of 25 cents was paid on Jan. 3, last; one of 35 cents was paid
on Oct. J, 1937; 25 cents paid on July 1, 1937; and
previously, quarterly
cash dividends of 15 cents and stock dividends of 1% were distributed.
In
addition, a special dividend of 15 cents was paid on March 26, 1937.—•
V. 146, p. 3678.
Co.—Officials Resign—
Resignations of Fred Glover, President, and Earl Goodnow and M. D.
Harrison, directors, were announced by Rowland Campbell, Chairman of
He declared that they were due to differences of opinion on
policy between these men and the other eight directors.
Mr. Campbell
the Board.
now
assumes
1937
$33,553
1938
1937
$49,289
$188,631
425
128
136,858
211,404
Accrued accounts.
12,746
14,515
570,090
540,179
Dividends payable
4,046
69,576
Res. for Fed. taxes
12,966
40,741
Pref. stk ($20 par)
215,800
227,400
Notes receivable.x
Accts.
receivable
Inventory..
y
Land,
buildings.
mach'y A equip.
Deferred charges..
623,720
652.361
35,365
6,666
shares
Reo Motor Car
1938
$22,283
35,000
Liabilities—
Assets—
Cash....—
$93,152 x$l,470,168
Nil
$0.81
Common Dividends—
common
undistributed profits tax.
Balance Sheet July 31
1935
Directors have declared
the
$147,269
76,782
$38,082 prof$70,486
12,025
5,693
965
2,531
_
Other income
No. of shs. of com. stock
outstanding-
$400,724
253,455
.$3,825,588 $4,096,427
..
Operating loss
Net profit after deprec.,
int. & Fed. inc. taxes.
1937
$247,541
$219,425
_
Cost of sales
Other
Reliance Mfg. Co. of
per
1938
Net sales
——
-V. 146, p. 1415.
Earnings
department.—V. 144, p. 1799, 465.
Co.—Earnings—
3 Months Ended July 31—
exps.,
other
,
Corn.—Registers with SEC—-
See list given on first page of this
76,238
Losses In process of
adjustment
■
Robot Products
$937,509
82,168
reserve-
3355.
1937
Res've for comm.,
329,519
-
Prems. in course of
Total
Liabilities—
the title of President.
A drastic economy program is under way at the Reo plant, including a
substantial cut in office personnel, sale of idle machinery and plans to raze
Accounts payable.
Notes payable
Com. stk. ($1
Earned
Total.
x
in
....$1,415,747 $1,599,370
131,025
130,625
669,556
par)
Capital surplus
668,355
414,604
surplus.312,325
—$1,415,747 $1 599,370
Total
After allowance for doubtful accounts of $34,727 in 1938 and $34,290
After allowance for depreciation
5,664 in 1937.—V. 146, p. 2059.
1937.
y
Rome Cable
of $248,814 in
1938 and
Corp.—Earnings—
3 Months Ended June 30—
Net loss after depreciation, taxes, etc.
—V. 147, p. 1048.
1938
1937
$10,898 prof$73,923
Safeway Stores, Inc.—Sales—
Period End. Aug. 6—
1938—4 Wks.—1937
Sales...
$28,684,522 $30,106,912
Stores in operation.
unused factory buildings.
The administration building will be rented and
the office force will oe moved into one of the remaining factory buildings,
Mr. Campbell said.
It is hoped by the management that these economies will make unneces¬
sary the raising of new working capital.
Production is at a low rate during
the current inventory and change-over period.
Sales of the recentlyintroduced new model buses, however, are reported to be encouraging.—
—V. 147, p. 1205.
V. 147, p. 583, 430.
dividend of $7
1938—32 Whs.—1937
$223526,242 $231195,665
3,227
3,351
St.
Louis Screw & Bolt Co.—Accumulated Dividend—
The directors have declared
a
dividend of $1.75 per share on account of
on the 7% cum. pref. stock, par $100, payable Sept. 1 to
holders of record Aug. 25.
A dividend of $5.25 was paid on June 25, last;
dividends of $1.75 were paid on Feb. 1, last, Nov. 1 and on Aug. 1, 1937 a
accumulations
was
paid
on
June 25, 1938, and dividends of $1.75 were paid
Volume 147
Financial
Chronicle
June 1, May 1, March 22 and Feb.
1, 1937; Nov. 1, Aug. 1, May 22
and Feb. 29, 1936, and on Nov.
30, 1935. Accumulations after the current
payment will amount to $14 per share.—V. 146,
p. 4129.
1353
on
St. Augustine Gas
debenture bonds and 20.98 shares reserved for
exchange for outstanding,
Co.—Earnings—
12 Months Ended June 30—
Gross operating revenues
Operating
$84,205
56,167
Gross Income
Interest deductions
Prov. for retirements & replacements
...
...........
$26,801
$29,148
6,150
4,179
_.
and the several amounts underwritten
by them, respectively, are as follows:
$78,708
51,906
$28,038
1,110
Net operating income.
Nonoperating income.
$27,246
6,056
Smith, Barney & Co., Philadelphia
Cassatt & Co., Philadelphia
Janney & Co., Philadelphia
445
...
preferred stock......
Assets—
$17,347
4,740
Dividends on common stock
—V. 145, p. 3357.
$14,475
20,000
1
12 Months Ended June 30—
1938
$517,276
302,487
216,000
Non-operating income.
$214,789
12,466
$180,910
5,012
$227,255
42,570
3;533
$185,922
43,155
1,531
32,920
3,632
Preferred dividends
$141,499
28.283
Net income after preferred dividends
Dividends on common stock
—V. 145, p. 3357.
$113,215
147,000
$76,453
56,000
193280
43,482
plant equipment
contracts....
23,882
5,426,678
...
1,743
'..i
37,909
......
Paper Co.—Preferred Stock Offered—A hanking
group headed by Smith, Barney & Co. and Cassatt & Co.,
Inc., on Aug. 23 offered a new issue of 30,000 shares of
$4.50 cum. pref. stock (no par) at $104.75
per share plus
dividends accrued from Sept. 1, 1938, to date of
payment.
Associated with them in the offering are
Janney & Co.;
W. H. Newbold's Son &
Co.; Yarnall & Co.; Boenning &
Co., and Harper & Turner, Inc.
The preferred shares are entitled to
preferential dividends of $4.50 per
share per annum and no more, cumulative from
Sept. 1, 1938 and payable
Q.-F.
The initial dividend, payable on Nov. 1,
1938, will cover only the
period from Sept. 1, 1938.
Red. at option of company at
whole, or from time to time in part by lot, upon not less than
30 days' notice, at $110 per share on or before
Aug. 31, 1943, and $107 per
share thereafter, plus divs.
Entitled in preference to common shares to
the then current redemption price
per share upon voluntary'liquidation,
and to $100 per share upon
involuntary liquidation, plus all accumulated
and unpaid dividends in each case, and no more.
Transfer agents: Drexel
& Co., Philadelphia, Pa., and J. P.
Morgan & Co., New York, N. Y.
Registrars: Provident Trust Co. of Philadelphia and Bankers Trust
Co.,
85,680
consisted
of
distributing
business
small
a
wholesale
and paper towels,
Company's immediate predecessor
was
sylvania in 1905 under the
1938
Servel, Inc. (& Subs.)—EarningsPeriod Ended July 31—
Net profit after deprec.,
int. and Fed'l taxes._
Earnings
x
share
per
1938—3 Mos.—1937
1938—9 Mos.—1937
x$595,252 x$2,158,946 x$l,231,619 x$4,451,375
1,781,426
1,781,426
1,781,426
1,781,426
$0.33
$1.20
$0.67
$2.48
After estimated undistributed profits taxes.—V.
147, p. 755.
Sheoard-Niles Crane & Hoist Com.—-Smaller Divide7id.
w
The directors
have declared a dividend of 25 cents per share on the
stock payable Sept. 1 to holders of record Aug. 21.
This compares
with 50 cents paid on June 1 and on March 1, last; and a dividend of $1.50
common
was
on
paid
on
Dec. 1, 1937.
The company paid
a
stock dividend of 100%
the common
stock, par $25 in common stock on June 1, 1937 and at
cash dividend of $1.50 per share was paid.
Previous dividend
payments were as follows: $1 on March 1, 1937, $3.50 on Dec. 1, 1936,
and 50 cents per share paid on Sept. 1, 1936, and in each of the three
same
date
a
pre¬
ceding quarters, the Dec. 15, 1935 dividend being the first paid since 1932.
—V. 147, p. 132.
Sierra Pacific Power
Period Ended July 31—
Operating
revenues
Operation
...
Maintenance.
Taxes
Co.—Earnings—
1938—Month—1937
$173,439
$164,248
54,428
46,813
7,877
8,274
25,389
23,519
Net oper. revenues
1938—12 Mos—1937
$1,949,470
738,166
115,056
268,029
$1,775,795
641,006
105,444
248,670
$85,744
1,166
Balance
Retirement accruals
r
Gross income
Int. & amortization, &c.
Net income
$828,218
3,730
$780,674
4,253
$86,910
6,760
$86,939
7,718
$831,948
91,168
$784,926
96,174
$80,149
10,822
_
$85,642
1,298
$79,222
10,393
$740,780
131,032
$688,752
127,367
$69,327
Non-oper, income (net)
$68,828
$609,748
210,000
237,811
$560,385
209,419
396,550
Pref. dividends declared
Com. dividends declared
—V. 147,P. 903.
Siscoe Gold Mines,
and
over
The company is engaged in manufacturing and
distributing toilet tissues
and paper towels.
Company's output is standardized to three grades of
each product, sold under the company's
registered trade names throughout
the United States and in many
foreign countries.
These products are manufactured under the
company's own formulae
from wood pulp, of which
approximately 97,000 tons were necessary to
supply the company's 1937 requirements.
In order to assure a supply of
pulp
of the
proper
quality and guard
against
fluctuating prices,
it is the practice of the company to contract in advance for this
under agreements covering various periods.
raw
material
Following this practice, the
company, in the ordinary course of its business has contracted to
purchase
at fixed prices approximately 65% of the current
year's estimated tonnage
requirements from six suppliers abroad. The balance of such
requirements
will be supplied from sources in the United States and Canada.
Company
has similar contracts with these six
foreign suppliers extending into 1939 and
covering approximately 50% of its 1939 estimated tonnage requirements.
For the purpose of assuring a domestic
supply of wood pulp, the company
by contract with Brunswick Pulp & Paper Co. and The Mead
Corp., has
agreed for a period of 26 weeks of each year for 15 years
commencing Jan. 1,
1938, to purchase and pay for the entire output of a sulphate
pulp mill
erected by Brunswick Pulp & Paper Co. near Brunswick, Ga.
At the pres¬
ent time the company and The Mead
Corp. are each taking one-half of the
output as produced.
It is estimated that the company will obtain approxi¬
mately 12 lA % of its pulp requirements from this source in 1938 and 17
1939.
Net Sales and Earnings
Net Sales
b Net Earns.
$6,750,437
-
taxes, etc..
Earns, per share on common stock
7,761,558
Year—
Net Sales
1935...
1932...
1933..
...
....
$911,268
956,473
10,206,961
11,624,476
8,483,361
......
b Net Earns.
$9,011,644
986,845
997,360
1937-.....
8,007,189
818,405
1938 (a).
7,612,940
1,014,427
..13,843,542
1,249,280
8,282,805
743.627
1936....
8,816,410
798,607
—
—
26 weeks ended July 2, 1938.
b Applicable to dividends.
Annual dividend charges on the proposed issue of 30,000 $4.50 cumu¬
lative preferred shares will be $135,000.
a
pm
Purpose—Company intends to use the net proceeds from sale of the $4.50
preferred shares (estimated at $3,022,770 after deducting expenses payable
by the company) for property improvements, purchase of machinery,
construction, purchase of additional capital stock of Brunswick Pulp &
Paper Co., and working capital.
'
► Capitalization—Capitalization of company as of July 2, 1938, adjusted
to reflect the issuance of the preferred shares, is as follows:
Authorized
3 %% debenture bonds, 1952
$4,000,000
—
$0.12
a
Cum. pref. shares (without par value)
$643,302
$0.14
Smith Agricultural Chemical
Company paid
dividend of $1
Co.—Pays $1 Dividend—
on the common stock, no par
This compares with 25 cents
paid on May 1 and on Feb. 1, last; $2 paid on Oct. 28, 1937; $1 paid on
Aug. 2, 1937, and previously dividends of 12H cents per share were dis¬
tributed each three months.
In addition, an extra dividend of $2.50 was
paid on Nov. 16, 1935.—V. 145, p. 4128.
a
per
share
value, on Aug. 1 to holders of record July 21.
South
American
Gold
&
Platinum
Co.
Earnings—
1938
6 Months Ended June 30—
xNet profit
y
Earnings
per
(& Subs.)-—
(
...
—
share
-
___
1937
1936
z$395,369
$0.22
z$226,126
$0.13
z$242,620
$0.13
x After
depreciation, depletion, United States and Colombian income
minority interest, &c.
y On 1,760,000 shares capital stock (par
$1).
z Before provision for surtax on undistributed profits.
During the six months ended June 30, subsidiaries of South American
Gold & Platinum Co. produced 28,816 ounces of crude gold and 8,804
ounces of crude platinum.—V. 146, p. 4130.
taxes,
South Penn Oil Co.
x
$
$
Props. & equip.. 15,895,124
Stocks In other cos 6,446,472
Market, secure..i
2,087,258
Material, mdse. &
stock oil-------
(& Subs.)—Bal. Sheet June 30—
1937
1938
Assets—
'
16,646,600
6,382,281
2,043,929
6,630,594
Notes receivable..
38,987
22,598
Acets. receivable..
773,803
1,083,425
Due from affll. cos.
162,633
304,941
$
Tax
$
1,160,782
1,521,621
422,347
661,717
83,188
88,181
12,924
liability....
7,262
payable
currently
Worktoans'
claims,
comp.
payable
currently
Due
1937
25,000,000 25,000,000
Accounts payable.
Annuities
'
6,408,412
1938
Liabilities—
Capital stock.
Other receivables.
308,161
268,653
Misc. stks. owned.
3,113,076
3,119,326
deed to Dec. 31.
Cash..-...--..-
1,997,749
2,566,6%
Deposits & accrued
Time deposits
2,566,809
2,533.501
12,786
8,157
Deferred charges..
to
contr.
interest
for
2,068
Other accr'd accts.
Res.
for
pay.
2,500
27,140
...
24,619
62,439
61,763
1,024,565
801,711
91,166
62,756
annuities
aft. Dec. 31
Workman's
comp.
claims pay. after
Dec.
Outstanding
$3,857,000
Due
on
31
...
deed
contr. aft.
Cum. pref. stock ($100 par) series B, 6% or
^ other series
1937
$547,451
—
—V. 147, p. 1049.
for Calendar Years
1934..
$761,953
893,250
1938
5
Net profit after deprec., Fed. & provincial income
The net earnings shown for certain years differ from those shown in
the
published annual reports by reason of retroactive adjustments for taxes, &c.
Year—
Ltd.—Earnings—
6 Months Ended June 30—
$13,843,000 in 1937.
in
$17,550
busi¬
ness has been under
substantially its present operating management,
its net sales have increased from
approximately $2,744,000 in 1922 to
wood
1 1937
$33,942
.
—V. 147, p. 1048.
incorp. in Penn¬
name of Scott Paper
Co., the name still used.
The present company was
incorp. in Pennsylvania on Dec. 5, 1922, by
the merger of the former Scott
Paper Co. with Chester Paper Co., its whollyowned subsidiary, also a Pennsylvania corporation.
Since then the
.....$12,702,348
Schumacher Wall Board Cqrp.—Earnings—
paper
converting and
further enlarged to include the manufacture of tissue
paper
or
was
business, later enlarged to include
distributing toilet tissues.
In
1910 the
4,662,762
....
Total...
3 Months Ended
July 31—
Net profit after all charges
months'
Listing—Company has agreed to make application for the listing of the
preferred shares on the New York and Philadelphia Stock
Exchanges.
History and Business—'Company's business, as first established in 1879
109,331
2,659,596
......
a Trade
acceptances receivable, $197,381; accounts receivable, customers.
domestic, $795,584; bills of exchange and accounts receivable from foreign
customers, $48,095; total, $1,041,062: less reserves for doubtful accounts
and discounts, $93,560.—Y.
147, p. 1206.
any time in
York.
3,714,000
Reserves..
Common stock (570,005 shs.)
Earned surplus
—$12,702,3481
Shs.com.stk.out.(par $1)
Scott
249,000
3H% debenture bonds.
1
.
-
——
76,063
43,431
Sinking fund instalments....
Pats., trademarks & goodwill
Deferred charges
Total.
396,326
capital stock taxes..
Accrued bond int. payable
on
purchase
$104,683
28,230
long-term debt
on
80,700
Prov. for Penna. Income and
3,474,007
$475,309
294,398
....
Provision for Federal income
and capital stock taxes....
Adv. pay.
1937
Gross operating revenues
Operating expenses
Net income..
$711,138
8,573
Plant assets (less deprecla'n).
.
payable, trade
1,553,277
Accrued wages, salaries, &c.,
compensation
60,287
766.
p.
Amortization of debt discount and expense...
Accounts
947,501
Receivable from employees..
Investments......
Savannah Gas Co.—Earnings—
New
900 shs.
Accrued int. receivable
Brunswick P. & P. Co. 1st 6s
Sanford Mills—Dividend Resumed—
other debt
i
Provision for retirements and replacements.
$862,978
Receivables..—
Inventories.....
Instalments receivable
$12,607
16,250
Directors have declared a dividend of $1
per share on the common stock,
payable Sept. 1 to holders of record Aug. 22.
Previous payment was the
$2 distribution made on Nov. 26, 1937.—V.
146,
two
2,100 shs,
11,500 shs.
Liabilities—
Cash
a
on
2,100 shs.
Yarnall & Co., Philadelphia.
Boenning & Co., Philadelphia
Harper & Turner, Inc., Philadelphia
3,843
$18,819
4,344
...
Net income after pref. dividends
Interest
Interest
14,200 shs.
7,100 shs.
2,100 shs.
W. H. Newbold's Son &
Co., Philadelphia
Consolidated Balance Sheet July 2, 1938
Net income
on
non-voting, non-participating common stock scrip covering 2,098 rights.
Underwriters—The names and addresses of the several underwriters
1937
1938
expenses
Dividends
130,000 cumulative preferred shares (no par), of which
30,000 shares are
Presently to be issued as $4.50 cumulative preferred shares (no
par).
b Not
including 100,000 shares reserved for conversion of the 3H%
for
Dec.31
29,858
33,500
11,894,795
13,345,070
39,811.271
41,610,702
al30.000 shs.
...
$4.50
cum.
■—•
pref. shares
——
133,305 shs.
July,
—
1938,
to
30,000 shs.
r
Com. shares, no par (stated value equivalent
to $4.67 per share)
--1,000,000 shs.
a The
articles of incorporation of the company were
Total... ......39,811,271 41,610,702
x
b569,985 shs.
amended
substitute for the cumulative preferred stock
Surplus...
None
after
($100 par)
.......
Total...
After reserve for depreication and depletion of $97,677,573 in 1938
and
$96 324 769 in 1937.
Nofe—Earnings for six months ended June 30 appeared In the "Chronicle"
of Aug. 20, V. 147, p. 1207.
Financial
1354
1938
1936
1937
1935
$13,103,958 $15,298,447 $13,531,982 $10,944,302
3,145.388
3,869,718
3,287,794
4,049,233
2,301,906
1,546,580
1,351,400
1,883,172
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
-
Netafterrents
82,480.833 100,146.401
14,119,120
24,031,630
809,441
11,176,466
81,672,037
67,795,637
16,847,992
7,695,342
20,990,637
10,678,233
—V. 147, p. 1207.
Lines—Earnings—
Southern Pacific SS.
1938
1937
1936
1935
$602,842
105,781
91,337
$597,196
22,113
4,086
$487,377
clef19,944
defl9,349
$385,730
def60.272
def61,112
Gross from railway..—
Net from railway
3,793,081
9,587
4,556,970
226,779
Net after rents....
—V. 147, P. 756.
def99,456
53,468
3,220.186
def98,023
135,853
July—
Gross from railway.-.—
Net from railway..
Net
after renta--.1—
From Jan.
,
2,722,765
def363,023
def368.698
Ry.—Not in Need of Financial Reorganization
Time—RFC Loan of $11,795,000 Approved—Loan of
Southern
This
at
$12,475,204 Extended—
tiring such bonds.
7. That tbe applicant should agree
maturing during each such
Commission on Aug. 19 found the company
"not to be in need of financial reorganization in the public interest at this
time, and, on the basis of present and prospective earnings, reasonably to
be expected to meet its fixed charges without reduction thereof through
judicial reorganization."
At the same time the ICC approved a loan of
$11,795,000 to the company by the Reconstruction Finance Corporation
for specific purposes, and authorized the extension of the time of payment
of a loan of $12,475,204 by the RFC, maturing Sept. 1, 1938.
The report of the Commission says in part:
The company, on July 18, 1938, filed an application with the RFC for
a
loan
of $11,795,000 to meet certain bonded indebtedness maturing
Sept. 1, 1938, and requesting the extension for five years of the time of
payment of a loan of $12,475,204 evidenced by the applicant's note to the
Finance Corporation maturing Sept. 1, 1938.
By our reports and certificates of Feb. 26, 1932, Aug. 26. 1932, and
April 14, 1936. we approved loans of $7,500,000, $7,251,000 and $4,859 000,
respectively, by the RFC.
The first loan, partly reduced by payments
thereon, has been extended twice, the second loan has been extended once,
and a substitution of collateral security therefor has been approved.
By
our report and certificate of July 7, 1938, we approved the purchase for
itself by the Finance Corboration, at a price not in excess of their principal
amount and accrued dividends, of not to exceed $13,500,000 of 4% equip¬
ment-trust certificates, series EE, obligations of the applicant.
Of the
total of $19,610,000 advanced on approved loans there remains $17,334,204
outstanding, of which $12,475,204 will be due on Sept. 1, 1938, and $4,859.000 on April 29, 1939.
The applicant requests a loan of $11,795,000 from the Finance Corpora¬
tion to mature Sept. 1, 1943, the proceeds ohereof to be used to retire
$4,500,000 of Southern Railway-East Tennessee reorganization-mortgage
5% bonds and $7,295,000 of Southern Railway-Mobile & Ohio collateraltrust 4% bonds, both issues maturing Sept. 1, 1938, and also requests an
extension of the time of payment, for a period of five years to Sept. 1, 1943,
of an outstanding loan of $12,475,204 from the Finance Corporation matur¬
ing Sept. 1, 1938.
The applicant asks that the additional loan of $11.795,000 and the extended loan of $12,475,204 be consolidated into one
obligation totaling $24,270,204, payable on or before Sept. 1, 1943, and that
it be given the right at any time and from time to time during the life of
the loan to sell, with the approval of the Finance Corporation and the
Commission, all or any part of the collateral pledged and apply the pro¬
ceeds to the reduction of the loan.
The matter of the consolidation of the
additional loan and the extended loan into one obligation, in our opinion
lies entirely within the discretion of the Finance Corporation.
The applicant believes that the loan of $7,295,000 to be used to retire a
like amount of Southern Railway-Mobile & Ohio col lateral-trust bonds will
only temporary.
It is expected that this item will be taken care of
through a sale by the applicant to the Gulf Mobile & Northern RR. of
$7,839,000 of Mooile & Ohio RR. general-mortgage 4% bonds, due Sept. 1,
1938, owned by the applicant and deposited as collateral under the above
bond issue of the applicant maturing on Sept. 1, 1938.
Negotiations to
that end are proceeding satisfactorily.
The board of directors of the Gulf Mobile & Northern and of the applicant
on
July 14 and July 26, 1938, respectively, passed resolutions authorizing
vice-presidents to enter into an agreement
<
,
...
.
that commencing with the calendar
1939 it will pay not later than Feb. 15 of the succeeding year and
annually thereafter, so long as the loans from the Finance Corporation are
outstanding and unpaid, in reduction of such loans from that corporation,
a sum equal to 2,5 % of the balance of net income as reported by the applicant
to this Commission in its annual report after deduction from net income of
the amount of the principal of the applicant's equipment-trust obligations
year
The Interstate Commerce
be
27,
by the court, $1,528,000 of Carolina & Northwestern Ry.
1st mtge
5% bonds of 1953, 59,794 shares of the common stock of the
New Orleans & Northeastern RR., and 3,252 shares of the common stock
of tbe Southwestern Construction Co.
5. That tbe applicant should agree that all collateral security now de¬
posited with the Finance Corporation and the additional security to be
deposited in accordance with the provisions of the certificate of approval,
shall apply equally and ratably to secure all obligations of the applicant
now or hereafter owing to, or held by, the Finance Corporation.
6. That the applicant should agree to establish from the time the credit
approved herein is availed of, a sinking fund under which there would be
paid annually in reduction of the principal amount of the loans from the
Finance Corporation, while such loans are outstanding and unpaid, the
following amounts:
Pro rata for the year 1938 and annually thereafter a
sum equal to the difference between the interest rate of 5% now paid by it
on the Southern Railway-East Tennessee reorganization-mortgage bonds of
1938, and the rate of interest charged applicant by the Finance Corporation
on the $4,500,000 borrowed from that corporation for the purpose of re¬
yet passed upon
Southern Pacific Go.—Earnings—
July—
Gross from railway
Aug.
Chronicle
calendar year.
September Maturities to Be Met—
The principal of East Tennessee reorganization 5% bonds of Southern
Ry. will be paid at maturity, Sept. 1, 1938, at the office of Central Hanover
Trust Co., 70 Broadway, New York.
Interest coupons payable
Bank &
of J. P. Morgan & Co., 23 Wall Street.
principal of Mobile & Ohio collateral 4% bonds of Southern Ry.
paid at maturity, Sept. 1, 1938, at the office of Guaranty Trust Co.,
140 Broadway, New York.
Interest coupons payable said date will be
paid at the office of J. P. Morgan & Co.—V. 147, p. 1207.
said date will be paid at the office
The
will be
Southwestern Associated Telephone Co.—Earnings—
1938—Month—1937
1938—7 Mos.—1937
Operating revenues
$102,843
$98,396
$716,605
$667,918
Uncollectible, oper. rev.
250
150
1,450
850
Period End. July 31—
Operating revenues...
Operating expenses—__
$102,593
62,647
$98,246
58,022
$715,155
436,550
$667,068
399,605
Net oper. revenues—
$39,946
11,348
$40,224
8,410
$278,605
64,992
$267,463
51,399
$28,598
$31,814
$213,613
Operating taxes
.
—
Net oper. income
—V. 147, p.' 756.
'
Southwestern Gas & Electric
,
$216,064
T V'x
■ ;
1938—12 Mos.—1937
$1,761,138
1,048,089
$7,649,706
4,725,855
$7,056,362
4,131,179
$666,830
7,222
$713,049
6,652
$2,923,851
30,038
$2,925,183
32,502
$674,052
249,598
$719,701
255,859
$2,953,889
1,001,373
$2,957,685
1,030,370
$424,455
154,605
$46,3,842
154,605
$1,952,516
618,422
$1,927,315
618,422
$269,849
Net oper.
$309,236
$1,334,094
$1,308,893
income
Other income
(net)
Gross income
...
Int. & other deductions.
income
Pref. stock dividends...
Balance
146,
.
$1,821,605
1,154,774
Operating revenues
Oper. exps. and taxes
—V.
•
Co.—Earnings—
1938—3 Mos.—1937
Period End. June 30—
Net
-
3523.
p.
Southwestern
Light & Power Co.—Accumulated Div.—
$1.12^ per share on account
pref. stock, no par value, payable Oct. 1
The directors have declared a dividend of
of accumulations on the $6 cum.
Sept. 20.
A like amount was paid on July 1 and
April 1 last; a dividend of $1.75 was paid on Dec. 18 last; dividends of
$ 1.12H were paid on July 1 and on April 1, 1937; a dividend of $1.75 was
paid on Dec. 19, 1936; S1.12H Paid on Oct. 1 and July 1, 1936; 75 cents
paid on April 1, 1936; dividends of 50 cents paid in eacn of the IP preceding
quarters; 75 cents on July 1, 1933, and $1.50 per share previously each
to
holders
of record
three months.—V.
147,
p.
756.
their presidents or any of their
for the purchase and sale of the $7,839,000 of Mobile &
mortgage 4% bonds, due Sept. 1,1938, together with the coupons appertain¬
ing thereto maturing on and after Sept. 1, 1932, at a price of not less than
$7,295,000 plus interest from Sept. 1, 1938, to the date of purchase, at
such rates as may be agreed upon.
The resolution of the board of directors
of the Gulf Mobile & Northern provided that the
pany
obligation of that com¬
under such agreement should be conditioned upon the negotiation of
loan to it
by the Finance Corporation on reasonable terms in the amount
approval, in so far as legally required, of
and the consummation of a plan of
reorganization of the Mobile & Ohio RR. providing for unified operation of
the properties of that company and the properties operated by the Gulf
Mobile & Northern RR.
On Aug. 4, 1938, the Gulf Mobile & Northern
and the applicant entered into such an agreement of purchase and sale,
binding on the parties thereto for a period of not exceeding six months from
the date thereof, pursuant to, and embodying the terms and conditions of,
a
of the purchase price, and the
stockholders and of the Commission,
the resolutions above described.
The applicant represents that it is unable at this time to
reasonable terms acceptable to
obtain funds on
it through banking channels or from the
to finance the bond maturities above described, and the
extension of the loan from the Finance Corporation maturing Sept. 1, 1938.
The additional loan and the extended loan would be secured by pledging
general
public
$42,769,000 of the applicant's development and general mortgage 4% bonds,
series A, of 1956, 4,584 shard? of the common stock of the Fruit Growers
Express Co. and 20,000 shares of the common stock of the Virginia &
Southwestern Ry., already pledged with the Finance Corporation for exist¬
ing loans to the applicant.
The applicant offers as additional security
$4,654,000 first consolidated mortgage 5% bonds of 1994, $7,839,500 of
Mobile & Ohio RR. general-mortgage 4% bonds of 1938 with coupons for
accrued and unpaid interest of $2,038,270,
$1,528,000 of Carolina &
Northwestern Ry. first-mortgage 5% bonds of 1953, and 59,794 shares of
common stock, par $5,979,400, of the New Orleans & Northeastern RR.
Inasmuch as the applicant has not included in its application a request for
funds to meet the loan of $4,859,000 from the Finance Corporation matur¬
ing April 29, 1939, it has not included in the collateral security offered the
$4,859,000 of its first consolidated mortgage 5% bonds of 1994, pledged in
connection with that loan.
However, it will be considered a part of the
collateral offered by the applicant as our certificates of approval of loans to
the applicant have provided that all collateral pledged by it with the
Finance Corporation should apply equally and ratably to secure all loans.
Consolusions
After
consideration
of
the
application
and
investigation
thereof,
we
Years Ended June 30—
x
Net
profit..
...
Earns, per share on common
x
After
stock..
1. That we should find and certify that the applicant is not at this time
in need of financial reorganization in the
public interest, and that it may
reasonably be expected, on the basis of present and prospective earnings, to
meet its fixed charges without reduction thereof through judicial reorgani¬
.
1938
loss $60,581
Nil
1937
1936
$466,067
$0.49
$154,561
profits.—V.
146,
p.
928.
Spokane International Ry.-—Earnings—
459,721
84,136
36,151
415,777
92,117
33,570
303,359
9,646
def29,125
1—
Gross from railway
Net from railway
Netafterrents
—V. 147, p.
5,896
1935
59,873
10,774
4,585
1937
68,544
14,034
404,310
44,930
def7,410
Netafterrents
From Jan.
1936
77,882
21,516
12,669
1938
69,229
15,498
7,359
July—
Gross from railway
Net from railway..
1206.
Standard Gas & Electric
Electric output of the public utility
Co.—Weekly Output—
operating companies in the Standard
the week ended Aug. 20, 1938. totaled 104,710,955 kilowatt-hours, a decrease of 7.6% compared with the correspond¬
ing week last year.—V. 147, p. 1207.
Gas & Electric Co. system for
Standard Oil Co. of
Ind.—Liquidates Employee Stock Plan
Company has liquidated its fifth and final employees' stock-purchasing
plan through distribution of 301,509 shares of stock to 12,977 employees
and division of a $187,360 cash balance.
Total cost of the shares over a three-year period was $10,019,460, or an
average of $33.23 a share.
Of this amount employees contributed $6,086,760, dividends of $756,658 were earned on the stock and $3,043,380 was
contributions at the rate of 50 cents for
provided by
company
invested by
employees.
contributions.
Of the 19,916 employees who at one
time or another participated in the
plan, 6,939 dropped out.—V. 147, p. 1207.
Standard Oil Co. of Kansas—Earnings—
6 Months Ended June 30—
Gross operating income
Operating income
Depreciation and depletion
Amort, of intang. devl. costs
Aband. leases and royalty
this report.
1937
1938
should approve an extension by the Finance Corporation for
the applicant, for a period ending not later than Sept. 1, 1943, through
we
renewal, substitution of new obligations, or otherwise, of the time of pay¬
of the loan of $12,475,204 maturing Sept. 1, 1938.
4. That the applicant should deposit and pledge with the Finance
Corporation as collateral security for the additional loan approved therein
and previous loans, the following additional securities:
$4,654,000 of its
first consolidated mortgage 5% bonds of 1994, $7,839,500 of Mobile &
Ohio RR. general-mortgage 4% bonds of 1938 with accrued and unpaid
ment
interest coupons attached, subject to a prior claim, if any, asserted
Railroad Credit Corporation in a petition filed May 20, 1936, in the
and Ohio RR. receivership proceedings pending before the U. S.
Court for the Southern District of Alabama, Southern Division,
by the
Mobile
District
but not
Profit.
Profit sale royalty, &c
1936
$635,364
222,971
$602,582
206,153
$412,393
60,948
56,839
21,254
$396,429
62,117
56,780
66,191
62,376
$415,345
2,101
$273,352
3,473
$148,965
4,590
19,108
332,660
$436,554
$846,284
247,488
$598,796
86,083
54,202
43,166
\
Intangible development costs
Other income.
That
each dollar
A general fund of $320,022 also accumulated as
their share in company
employees withdrew from the plan and relinquished
2. That we should approve a loan to the applicant by the Finance
Corporation of not to exceed $11,795,000 for a period not exceeding five
years from Sept. 1, 1938, for the purposes stated in the application and in
3.
$0.15
depreciation, Federal and Canadian income taxes and surtax on
undistributed
Costs exp. ord. tax
conclude:
zation
Sparks-Withington Co. (& Subs.)—Earnings—
Ohio RR. general-
43,315
44,385
$609,485
17,452
73,983
$153,555
Interest paid
Federal income tax
$348,854
$518,050
$129,757
Total income
Net profit...
—V. 146, p.
11,390
12,408
3203.
Standard Oil Co. of La.—Valuation Protested—
This company, successor to Standard Pipe
the Interstate Commerce Commission as to
tl etentative valuation of its
Line Co., Inc., protestedTto
the Commission's findings of
properties used for common carrier pur-
Volume 147
Financial
The Commission's report of the
poses.
valuation
of
the
oil
Chronicle
company's
properties was made as of Dec. 31, 1934.
The company contended that the
Commission erroneously excluded
property and failed to allow cash for working
capital in its valuation of the
properties.
Other objections to the ICC's
report included failure by the
Commission to make proper allowance for
engineering, general expenditure
during construction of the property ana reproduction costs of
physical property and depreciation.—V. 145, p. 2560.
and interest
Stein way Rys.—Assets Sold—
The company has notified the
City of Knoxville that it will be able to
fj^ke delivery °f its electric properties
Aug. 31.
Texas Electric Service
in
P.
Period End. July 31—
Sterling Brewers, Inc.—10-Cnnt Dividend—
dividend of 10 cents per share on the common
stock payable Sept. 15 to holders of record
Sept. 1.
Last previous pay¬
ment was the 15 cent dividend distributed on Dec.
22,1937.—V. 147, p. 134.
a
income
share in addition
to the regular quarterly dividend of 37
V* cents per share on the no par class
B shares.
The extra dividend will be paid on Aug. 26 to holders of record
Aug. 16, and the regular dividend will be distributed on Sept. 15 to holders
of record Sept. 4.—V. 145, p. 1275.
Superior Water, Light & Power Co.—Earnings—
Period End. July 31—
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
1938—Month—1937
$81,090
$78,075
63,736
59,944
4,000
4,000
Net oper. revenues
$14,131
$200,558
$210,307
60
234
536
$13,378
....
mtge. bonds
$14,191
454
$200,792
5,450
100,201
454
8,505
Other interest.
Int. charged to constr..
Net
$983,663
725,356
48,000
24
Gross income
on
$1,030,910
782,352
48,000
$13,354
Other income
Int.
1938—12 Mos —1937
8,467
$210,843
5,450
98,544
income
$4,419
$5,270
$95,141
$106,874
35,000
35,000
$60,141
$8,576,977
$284,358
536
$2,924,781
7,296
$3,151,865
4,387
$284,894
2,570
2,423
$2,932,077
1,686,500
31,095
$3,156,252
1,686,500
18,892
$1,214,482
$1,450,860
4,533,863
140,542
Net income—
$122,320
$141,929
Dividends applicable to pref. stock for the
period,
whether paid or unpaid.
375,678
375,678
""$838,804
$1,075,182
......
Balance..
147,
p.
757.
w.
Texas & Pacific
Ry.—Earnings—
Period End. July 31—
1938—Month—1937
1938—7 Mos.—1937
$2,623,902 $14,813,173 $17,762,863
1,758,183
10,544,943
11,905,020
194,127
1,033,238
1,331,257
1 53,526
860,677
911,327
Crl8,449
30,450
24,548
Operating revenues
$2,246,549
Operating expenses
1,580,217
Railway tax accruals...
151,095
Equip, rentals (net)
141,815
Jt. fac. rents (net)
7,161
Net ry. opr. income..
Other
$366,261
35,111
147,
p.
$2,343,865
258,064
$3,590,711
294,259
$583,895
5,697
333,375
$2,601,929
72,807
2,300,636
$3,884,970
60,240
2,313,546
$244,823
$228,486
$1,511,184
11,490
327,514
Netincome
—V.
$536,515
47,380
$401,372
income
Total income
Misc. deductions
Fixed charges.
Cr25
Dividends applicable to pref. stock for the period,
whether paid or unpaid
$8,004,655
4,191,960
660,830
$265,432
140,542
on mtge. bonds.
Other interest
1,118,333
522
Interest
65,000
$264,910
(net)....
Gross income
extra dividend of 50 cents per
an
1938—12 Mos.—1937
83,333
Net oper. revenues...
Other
—V.
Sunset-McKee Salesbook Co.—Extra Dividend—
Directors have declared
on
Co.—Earnings—
1938—Month—1937
$738,542
$733,776
390,299
384,418
Operating revenues
Oper. exps., incl. taxes.
Prop, retire, res. approp.
1105.
Directors have declared
under the purchase contract
More than 80% of the
company's bonds have been deposited under the
purchase agreement which was conditioned
upon the acceptance of at least
that amount of bonds.
Under the terms of the contract of
sale, the city may delay completion of
the transaction by not more than
10 days from Aug. 31.—V. 147, p. 1208.
^ The physical
assets of the company, which operates four surface car lines
Long Island City, Queens, one of which goes over the Queensboro
Bridge, were bought for $65,000 Aug. 22 by a reorganization committee of
bondholders at an auction in Queens
County Courthouse, Long Island City.
The sale was the result of foreclosure
proceedings on the mortgage held
since 1892 by the
Guaranty Trust Co.
*
The properties will be turned over to the
Queensboro Bridge Ry., which
will settle claims
against the Steinway company and formally seek permission
to continue the present operation of
trolley cars on the bridge.
Later a
subsidiary company, the Steinway Omnibus Corp., will seek a franchise
to operate buses in
Long Island City to replace the surface cars and connect
with those
operating across the bridge.
The terms of the sale provide
that the purchasers must assume all liabilities of the
receivers.—V. 127,
1355
Bondholders Accept Knoxville
Sale—Delivery Aua. 31—
$62,368
906.
;
Texas Power & Light Co
Period End. July 31—
Operating revenues
Oper. exps. incl. taxes..
$71,874
—Earnings—
1938—Month—1937
1938—12 Mos.—1937
$924,258
$947,013 $11,453,931 $10,541,219
497,498
446,935
5,611,468
5,361,490
Amort,
Balance
—V.
147,
p.
757.
Sylvania Industrial Corp. (& Subs.)—Earnings—
x
6 Months Ended .June 30—
Net profits.....
1938
x
per share.
After
surtax on
1937
1936
$185,903
435,066
$0.42
Shares capita! stock
-HEarnings
$353,177
435,091
$0.81
$524,426
435,091
$1.20
depreciation, Federal income taxes, &c., but before provision for
undistributed profits.—V. 146, p. 3681.
x
July 31—
1938—3 Mos.—1937
$205,610prof$302,602
32,449
89,847
Operating loss
Other income—net
y
Net loss...........
x
90,445
66,817
1,021
1,139,692
694,692
Net oper. revenues...
Other income (net)
$336,170
$433,261
Dr3
$4,701,750
».
6,445
$4,485,037
8,433
1...
$336,232
177,708
10,000
18,863
$433,258
$4,708,195
2,132,500
120,000
210,904
$4,493,470
2,132,500
120,000
199,133
$129,661
$225,449
$2,244,791
$2,041,837
865,050
865,050
171777
7777
$1,379,741
$1,176,787
Gross income
Int.
on
Int.
on
1938—6 Mos—1937
and
excess
profits taxes,
y
mtge. bonds
debenture bonds
$419,230prof$848,644
Before provision for surtax
on
10,000
20,101
period, whether
paid or unpaid
"
Balance
—V. 147, p. 757.
all selling and general ex¬
for State taxes and for Federal normal income
Thew Shovel
undistributed
profits.
177,708
for the
$478.440prof$689,957
59,209
158,687
$173,160prof$392,449
62
Other int. & deduct's...
After provision for depreciation of plant,
penses, provision for reserves,
145
approp
res.
NetincomeDivs. applic. to pref stks.
Symington-Gould Corp.—Earnings—
Period Ended
of limited-term
investments
Prop, retire,
Co.—Earnings-
Earnings for 6 Months Ended June 30, 1938—
Net income after depreciation and Federal income taxes
Note—The above figures are subject to adjustment and ioclude earnings
Symington-Gould Corp. and of Gould Coupler Corp. for the periods
of the
Earnings per share on
—V. 146, p. 3034.
151,982 shares
common
stock
$93,369
$0.42
above stated.—V. 146, p. 3525.
Tivoli Brewing
Tacony-Palmyra Bridge Co.—Dividend Increased—
Directors have declared dividends of 75 cents per share on the common
and class A stocks payaole Sept. 30 to holders of record Sept. 15.
Pre¬
viously regular quarterly dividends of 50 cents per share were distributed
on these issues.—V. 147, p. 586.
Co.—Earnings—
Period End. June 30—
a
Earnings
a
After
per
$85,683
$0.14
share
deductions
for
Period End. July 31—
Operating revenues
Operation.
1938—Month—1937
$334,061
$358,839
129,228
154,414
1938—12 Mos.—1937
$4,558,333
$4,404,103
1,735,463
1,742,131
269,146
238,660
604,293
542,111
Maintenance......
21,320
Taxes.
52,689
23,424
46.452
Net oper. revenues._.
$130,823
$134,549
$1,949,429
Non-oper. inc. (net)....
963
Dr367
158
^Balance'...
income
Preferred
divs.
....
$1,949,588
$95,953
1,817
Gross income
Interest..
$134,182
35,833
$98,349
1,075
$1,519,588
10,299
$1,448,969
12,553
$94,136
$97,274
$1,509,289
70,000
1,321,305
$1,436,416
70,000
1,269,547
430,000
decl
Common divs. declared.
$1,878,969
430,000
—V. 147, p. 757.
f
r
Co.—Earnings—
Period End. July 31—
1938—Month—1937
1938—12 Mos.—1937
Gross revenue..
$1,370,622
$1,354,528 $16,316,351 $15,776,416
Oper. exps. and taxes..
791,494
851,299
x9,370,725
x9,441,598
Prov. for depreciation..
105,000
105,000
1,260,000
1,260,000
Gross income.
Int. & other fixed charges
Net income
Divs.
on
$474,127
$398,229
$5,685,625
236,842
234,367
2,831.357
$5,074,818
2,748,886
$237,286
129,399
$163,862
129,359
$2,854,268
1,550,903
$34,503
$1,303,365
$2,325,932"
1,550,846
$775,087
f
x No provision was made in
1936 or 1937 for Federal surtax on undis¬
tributed profits as all taxable income was distributed.—V. 147, p. 757.
Toledo Edison Co.—Trustee—
Hanover Bank & Trust Co. has been appointed trustee of
The Central
Twin State Gas & Electric
Period End. July 31—
Operating revenues
Operating expenses..
State & municipal taxes.
Social security taxes
Federal taxes (incl. inc.)
1948, of the Toledo Edison
1209.
Co.-—Earnings-
1938—Month—1937
$202,027
$208,173
1938—12 Mos.—1937
$2,475,568
$2,441,423
1,647,458
1,614,949
164,299
170,850
13,649
.3,177
121,288
58,996
132,777
146,953
14,667
1,250
9,324
15,346
884
8,742
$44,009
742
$36,248
794
$528,874
40,867
$588,451
14,388
$44,751
11,161
7,423
2,606
""$37,042
$569,741
133,936
98,871
37,134
$602,839
11,161
8,095
2,114
Net income-
$23,561
$15,672
20,790
$299,800
249,475
$292,537
249,475
Net oper. income
Non-oper. inc. (net)
Gross income
Bondinterest
(net)
20,790
Pref. div. requirements—V.
Tennessee Public Service Co.—Earnings—
Period Ended July 31—
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. approp.
Net oper. revenues
Other income..
Union Pacific
Gross income.
mtge. bonds
Other int. & deductions.
on
1938—Month—1937
$314,599
$320,236
217,181
222,585
32,571
31,516
$64,847
1,181
1938—12 Mos.—1937
$3,860,478
$3,749,346
2,598,951
2,574,631
389,428
374.499
$872,099
$66,135
1,224
16,932
$66,028
29,167
RR.—Earnings—
July 31—
Passenger revenue
$800,216
12,779
Maint. of way & structs.
Maint. of equipment
Traffic
expenses
Transportation
expenses
Miscell. operations
General expenses
Transp. for investment-
.
1,732,272
2,045,819
352,600
4,231,512
293,036
423,059
C'r82
408
373
$3,802,919
$812,995
389,000
5,086
Railway tax accruals...
1,148,965
6,655
$67,359
32,417
Railwayoper. income.
$2,653,954
$418,909
Equipment rents (net)._
facility rents (net).
702,141
$506,642
Joint
$889,031
375,734
^
Net income
$36,453
$34,569
x" Dividends applicable to preferred stock for the
period, whether paid or unpaid
297,618
297,618
$209,024
$121,291
'
Net of items..
67,588
Fx
—
accumulated and unpaid to July 31. 1938, amounted to
Latest dividend amounting to $6.75ji share on the $6 preferred
Dividends
$669,641.
was
-
$1,884,225
paid on Dec. 9, 1937.
2,014,690
2,468,509
417,888
4,617,984
378,007
444,057
7,845,646
14,106,026
2,448,340
27,280,517
1,845,892
2,980,544
Cr3,800
$89,176,757
11,631,611
18,470,629
2,659,427
30,970,030
2,021,085
3,571,529
Dr2
$3,677,751 $18,678,089 $19,852,444
1,086,456
8,659,902
8,682,294
$2,591,295 $10,018,187 $11,170,150
794,043
3,941,845
3,741,318
41,961
339,000
341,555
$1,755,291
$5,737,342
$7,087,277
$286,700 was credited to railway tax
(similar amount was credited in June, 1937), representing oneseventh of the amount (approximately $1,801,000) charged to that account
from March 1 to Dec. 31, 1936, inclusive, that would have been payable
under the Taxing Act (companion to the Railroad Retriement Act of 1935)
Note—in July, 1937, approximately
Balance
stock,
98,282
61,376
1938—Month—1937
1938—7 Mos.—1937
$10,010,611 $10,949,918 $58,660,627 $71,606,032
1,806,002
1,823,470
9,402,686
9,618,766
Mail revenue
377,664
404,455
2,756,349
2,794,442
Express revenue.
132,681
149,711
1,140,638
1,295,000
All other transp. revenue
368,157
448,641
2,173,642
2,409,290
Incidental revenue
186,020
242,691
1,047,312
1,453,227
Period End.
Net rev. fromry.opers
Int.
150,644
147, p. 587.
Railway oper.revenues$12,881,135 $14,018,886 $75,181,254
|
r
and Federal
Freight revenue
$107,886
pref. stock
Balance
other charges
$204,945
$0.34
undistributed income.—V. 147, P. 1209.
the 4% sinking fund debentures due July 1,
Co.
Authorized issue $6,600,000.—Y. 147, p.
Other interest
Tennessee Electric Power
$113,181
$0.19
Other deductions
$131,786
35,833
Retirement accruals
I?Net
$1,881,200
Dr2,231
$120,509
$0.20
operating expenses,
income taxes, but before surtax on
Tampa Electric Co.—Earnings—
1938—6 Mos.—1937
1938—3 Mos—1937
Net income....
accruals
Financial
1356
by the Carriers' Taxing Act of 1937, and one-seventh
(approximately $206,000) between the amount charged to
accruals from Jan. 1 to May 31, 1937, inclusive, under the
repealed act, based on a tax rate of 3 A % and the amount accruing for that
period under the new act, based on a tax rate of 2% %.—V. 147, p. 758^
which was released
of the difference
railway tax
Corp.—Bank Loans Extended—
""""Onion Bag & Paper
plant,'..
-
postponement of maturities, the company will have no bank
maturities prior to 1940 and only $144,354 of equipment
With this
loans with fixed
due before that date.
As of Dec. 31, 1937 the company s
notes
..
.
outstanding bank loans and equip¬
ment notes totaled $6,996,069. Since that time these obligations have been
reduced by more than $800,000.
This rearrangement of indebtedness, Mr. Calder stated, should give
the company ample time to finance on a permanent basis, plans for which
are well under way.—V, 147, p. 907.
Union Carbide & Carbon Corp.—40-Cent Dividend—
declared a dividend of 40 cents per share on the com¬
stock, payable Oct. 1 to holders of record Sept. 2.
A like amount
was paid on July 1, last, and previously regular quarterly dividends of 80
cents per share were distributed.—V, 147, p. 1052.
Directors have
mon
United Air Lines Transport Corp. (&Subs.)—Earnings
1938—3 Mos.—1937
1938-—12 Mos.—1937
passenger-miles 29,177,434
26,128,749 104,484,699 99,807,687
Period End. June 30——
Revenue
1,242,845,295 1179,782084 4702,699242 4595,042655
pound-miles
Mail
Express
Revenue
pound-miles... 334,600,078 362,553,868 1492,761757 1605.323444
airplane-miles
4,151,752
3,827,384
15,451,430
16,099,811
-
Operating revenues.....
salvage
ment sold
Property,
1,339,198
1,279,990
Cr 19,499
Crl 16,956
(M83,376
1,868,353
334,856
439,585
409,403
Depreciation
Net
$9,684,645
307,073
1,991,365
Maintenance..
equip¬
on
$9,772,398
7,141,254
$2,503,230
$2,610,049
Operations..........—
Cr82,763
franchise and
7,656,495
1,666,227
1,267,317
15,226
14,650
61,810
56,381
Unemployment and old
age benefits taxes.—
48,895
Gasoline and oil taxes—
53,905
32,81,3
44,666
163,741
195,924
87,632
179,453
other taxes
109,250
— ...
Net
$1,281,795
79,192
$165,503
96,971
$243,031
loss
$79,683
19,833
$59,850
$1,202,603
'
- •• •
■
•'
* r.
*
*'*•" .1 • •
Each holder of any other debt affected by this plan shall receive
of debt one share of new common stock.
(4) Each holder of disputed claims (a) guaranteed notes of Utilities
Power & Light Securities Corp. and interest thereon, (b) commission
payable to Atlas Corp., (c) bonds of Utilities Elkhorn Coal Co., shall
receive for each $20 of original amount of such claims one share of new
common stock.
.
.
(5) Each share of 7% cum. pref. stock shall receive in respect of such
stock and all accrued and unpaid dividends thereon six shares of new
common stock.
(6) Each share of class A stock will receive A of a share of new common
"
.
stock (and [or] cash) in the manner herewith set forth
of the term, but is
a distribution of a portion of the assets of United States Oil & Royalties Co.
and is being made out of the "reduction surplus" created when the author¬
ized capital of United States Oil & Royalties Co. was reduced from $1,000,000 to $200,000, by amendment to the articles of incorporation adopted at
the annual stockholders' meeting held in Salt Lake City, Utah, on April 6,
1936, at which time a change was made in the par value of the stock from
25c. to 5c. a share, and company has been advised that it is the opinion of
counsel for this corporation that the same does not constitute a dividend
under the California Code Section authorizing same.—V. 145, p. 2410.
Lithographing
&
Printing
States
Co.
(&
Subs.)-—Earnings—
28 Weeks Ended July 16—
Net loss after depreciation,
—v. 147, P. 908.
1938
1937
$220,010 prof$28,392
V
&c
Light & Traction Co.—Earnings1938—Month—1937
$84,226
$90,669
87,912
91,394
Period End. July 31—
Operating revenues
Oper.exps.,incl. taxes._
1938—12 Mos.—1937
$1,121,845
$1,154,542
1,131,554
1,058,119
Net oper. revenues.._
x$3,686
55,499
x$725
52,824
mtge. bonds.
$51,813
51,629
$52,099
51,858
$624,809
620,209
Other int. & deductions.
511
569
$96,423
531,600
x$9,709
Rent from lease of plant.
8,528
Gross income.
on
1
$327
Balance, deficit...
$328
634,518
$628,023
622,300
9,664
$3,941
$3,928
original.applications will be held Aug. 29 at the Wash¬
the Commission, at which time hearing on the substitute
held.
" '■ ...
Hearings on the
ington offices of
plan will also be
Atlas Corp.
Seeks Permission to Acquire
Companies Formed Through Reorganization—
Securities of
announced Aug. 25 that Atlas Corp. has filed an application
(File 46-107) under the Holding Company Act for approval of the acquisition
of common stock and debentures of any new company formed as a result
of the reorganization of Utilities Power & Light Corp., which Atlas Corp.
and its subsidiaries, Wasatch Corp. and American Co., would be entitled
to receive under the terms of Atlas Corp.'s
plan of reorganization of
Utilities Power & Light Corp. dated July 15, 1938, or under any plan of
reorganization.
The application also covers the acquisition of securities
of any subsidiary companies of Utilities Power & Light Corp. which Atlas
Corp. or American Corp. may purchase or otherwise acuqire under the
terms of its plan of reorganization or under any plan of reorganization.
Atlas Corp. also filed an application for exemption as a holding company
for a period of three years in the event that it should become a holding
company by reason of the acquisition and ownership of 10% or more of
the voting securities of utilities Power & Light Corp. and any of its asso¬
ciate companies or of any company or companies formed as a result of the
reorganization of that company.—V. 147, p. 1054.
The 8EC
Vadsco Sales Corp. (& Subs.)—Earnings—
xl938
1937
1936
1935
$92,891
$45,854
$20,814
$153,419
preciation, &c
Exclusive of Vadsco Realty Corp.
wholly-owned subsidiary in first half
depreciation, against loss of $26,310 in first half
The loss of Vadsco Realty Corp., a
of 1938, was $32,526 after
of 1937.—V. 146, p. 3531.
provision has been made in the above statement for unpaid
interest on the 6% income demand note, payable if, as, and when earned,
amounting to $1,542,131 for the period from Jan. 1, 1934, to Dec. 31, 1937.
—V. 147, p. 908.
Note—No
Utah Power &
declared an extra dividend of 25 cents per share in
quarterly dividend of like amount on the common
stock, both payable Sept. 15 to
holders of record Sept. 1.
Similar amounts
paid on June 15 and on March 15, last, and an extra
share was paid on Dec. 15, last.—V. 147, p. 908.
were
per
dividend of $2
■To Consider
Virginia Electric & Power Co.-
Refunding
Plan—
Directors have authorized
refund¬
bonds due 1955.—V. 147,
the company's officers to consider the
ing of the first and refunding
p. 1054.
Waite Amulet Mines,
mortgage 4%
Ltd.—Earnings30, 1938
$1,218,284
990,241
Metal recovery
Cost of prod. & general expenses
Reserve for taxes
Net operating revenue
Miscellaneous income
19,500
—
...
$208,543
4,037
$212,580
40,000
72,130
Net revenue
Depreciation
Def. development & administration
Estimated net profit
Earnings per share
—V. 137, p. 3341.
$100,450
$0,033
-
Washington Water Power Co. (&
Subs.)—Earnings—
Period Ended July 31—
Operating revenues.....
Oper.exps., incl. taxes..
Property retirement re¬
serve appropriations..
1938—Month—1937
1938—12 Mos.—1937
$827,778
$918,704 $10,662,481 $10,715,577
453,733
500,888
6,230,597
5,962,593
92,411
83,486
1,071,581
1,020,445
Net oper. revenues
Other income (net)
$281,634
1,886
$334,330
1,993
1,360,303
33,817
$3,732,539
31,750
$283,520
82,963
13,086
$336,323
12,999
$3,394,120
995,550
57,678
$3,764,289
995,550
49,218
Cr5,793
Cr9,797
$187,471
$240,361
$2,346,685
$2,729,318
Int.
on mtge. bonds
Other int. & deductions.
82,963
Int. charged to construe.
Net income
to preferred stock for the
period, whether paid or unpaid
_.
622,518
—V. 147, p.
622,518
$1,724,167
Balance
$2,106,800
760.
Wayne Pump Co.—Listing—
Light Co. (& Subs.)—Earnings—
Period End. July 31—
Operating re venues.....
Oper.exps., incl. taxes..
Prop, retire, res. appros.
The directors have
addition to the regular
Dividends applicable
Indicates loss.
x
:-':"
Each share of class B stock will receive 1-10 of a share of new common
warrant to purchase new common stock.
(8) Each share of common stock will receive 1-30 of a share of new
common stock and 1-3 of a warrant to purchase new common stock.
(7)
stock and A of a
Gross income...
v.;y-/'/.
,
.
Interest
V..-:
StOCK; ;
Earnings for 6 Months Ended June
dividend within the usual or customary meaning
Utah
.
.
'*
The distribution of
United
-
•
(3)
for each $10
Veeder-Root, Inc.—Extra Dividend—
sh^r'fj interests.
a
debenture with June 1, 1937, coupons
shall receive 109 shares of new common
$68,532
757.
United States Oil & Royalties Co—Stock Distribution—
At a meeting held pn July 20, 1938, the board of directors authorized a
distribution out of reduction surplus in shares of U. S. Royalty Oil Corp.
to be made on or after Aug. 15, to this company's stockholders of record
as of July 25, on the basis of six shares of U. S. Royalty Oil Corp. stock
(par value $1 per share) on each one hundred shares of United States Oil &
Royalties Co. stock held.
The authorization for the distribution provides that no fractional shares
of stock of U. S. Royalty Oil Corp. will be issued and that stockholders
of this company holding less than one hundred shares, and those stock¬
holders owning "odd lots" of shares in excess of an amount divisible by one
hundred will receive a cash distribution on such excess in the amount of
6c. per share.
The cash distribution, as stated above, will be paid only on
the "odd lots" and is made to avoid the issuance of small or fractional
is not
treatment:
and
(2) Each $1,000 20-year 5 A %
and subsequent coupons attached
x
$265,567
22,537
Net loss from oper'ns.
Other income.
—V. 147, p.
the remaining outstanding securities
(1) Each $1,000 30-year 5% debenture with Feb. 1, 1937, coupon
subsequent coupons attached snail receive 110 shares of new common stock.
6 Mos. End. June 30—
Net loss after taxes, de¬
(incl.
surtaxonundlstributed
Fed'l income taxes
profits)
The plan, in effect, provides that
and claims shall receive the following
stock'
Calder, President, announced Aug. 23 that an agreement
completed for the extension to Jan. 30, 1940 cf $3,681,937 out¬
standing bank loans and equipment notes, originally maturing before
1940; subject to sinking fund payments based on a percentage of monthly
earnings, which payments start December,
1938 and carry minimum
requirements starting in March, 1939.
These loans were incurred in the
building of the second and third units of the company's new Savannah
Alexander
has been
Aug. 27, 1938
Chronicle
1938—Month—1937
1938—12 Mos.—1937
$982,980
$1,094,655 $12,989,546 $12,700,244
592,455
683,255
7,792,065
7,395,592
91,125
63,942
956,784
758,965
The Chicago Stock Exchange has admitted
stock, $1 par, to trading.—V. 147, p. 286.
Welch Grape
the 289,659 shares of capital
Juice Co.—10-Cent Dividend—
Directors have declared cash dividend
of 10 cents per share on the com-
shares, payable Aug. 27 to holders of record Aug. 19.
A stock dividend
of 5% was paid on June 20, last; a cash dividend of 15 cents was paid on
June 10, last; cash dividends of 25 cents per share were paid on March 21,
last, and on Dec. 10, 1937 a divided of 75 cents was paid on Aug. 24 and on
May 28, 1937, and cash dividends of 50 cents per share were distributed on
Feb. 27, 1937, Oct. 31 and June 15, 1936, and on Dec. 15, 1935, this latter
being the first dividend paid since 1933.—V. 146, p. 3532.
.mon
Gross income...
on
Int.
on
mortgage bonds.
debenture bonds
$347,458
393
3,255
$300,402
194,734
_
Int.
$4,240,697
$299,400
1,002
Net oper. revenues..
Other income (net).....
$347,851
$4,243,952
2,346,590
25,000
16,069
$64,599
Other int. & deductions.
195,879
25,000
15,801
$111,171
300,000
196,334
Int. chgd. to construct'n
$4,545,687
4,057
$4,549,744
2,350,550
300,000
204,960
Crl ,645
Wentworth Mfg.
Co.—Earnings
1938
9 Months Ended July 31—
Net.income.-------x
$1,401,028
$1,695,879
Dividends applicable to preferred stocks for the
period, whether paid
or
Dividends
accumulated
—
1,704,761
1,704,761
$303,733
unpaid.
Balance, deficit...
$8,882
and
unpaid to July 31, 1938, amounted to
$6,819,044.
Latest dividends, amounting to $1.16 2-3 a share on $7 pre¬
ferred stock and $1 a share on $6 preferred stock, were paid on July 1, 1938.
—V. 147, p. 1210.
x
Utilities Power &
Net profit after deprec. and Federal income
but before surtax on undistributive profits
Shares
common
$100,169
410,016
$0.18
stock
Earnings per share
147, p. 1210.
-
$171,989
409,895
$0.34
—V.
West Texas Utilities Co.—Earnings—
Period End. June 30—
1938—3 Mos.—1937
Operating revenues
$1,310,195
$1,250,818
Operating exps. & taxes.
850,448
792,635
1938—12 Mos.—1937
$5,549,629 $5,006,060
3,410,206
3,127,271
Light Corp.—New Plan—
Net operating income.
trustees
Securities and Exchange Commission announced Aug. 25 that the
of Public Utilties Securities Corp. and the trustee of Webster
Securities Corp. have filed an amendment to their applications (File Nos.
Other income (net)
34-8 and 52-3) for a report on and approval of a plan for the reorganization
of Utilities Power & Light Corp.
The applicants propose a new plan as
substitute for the plan filed on Oct. 14, 1937.
Int. & other deductions.
The
1937
taxes,
Gross income...
$459,747
3,055
$458,183
3,050
$2,139,423
24,065
$1,878,789
17,200
$462,802
310,727
$461,233
319,212
$2,163,488
1,252,879
$1,895,989
1,275,299
$152,075
$142,021
$910,608
$620,690
a
The new plan proposes that $10,000,000 be used to retire debentures on
tenders and $1.000,000 be used to retire preferred stock on similar tenders.
Net income
-V. 146, p. 3823.
Financial
Volume 147
West
Virginia Pulp & Paper Co. (& Subs.)—Earnings—
Consolidated Statement for 9
Profits from operations
Other income, net
Months Ending July 31, 1938
181,661
Total
$2,478,193
1,921,866
i
Provision for depreciation & depletion
I
Total
$556,326
Interest & amortization of debt expense
319,896
16,493
Provision for Federal income taxes
a
poor
$219,936
date still
comparison when contrasted with the like period last year
are more
favorable.—V. 146, p. 3683.
(S. S.) White Dental Mfg. Co. .(& Subs.)—Earnings—
6 Months Ended June 30—
Net sales
1938
$3,841,286
2,455.850
Cost of merchandise sold..
Gross profit
Selling, administrative, devel.
1937
<
$1,385,436
1,349,400
$391,356
50,482
$75,008
$441,838
611
&c
$1,641,235
1,249,879
$36,036
38,972
exps.,
70
5,015
106,583
Balance.
I
Profit
E. F. Wieboldt, President, stated that results of operations to
make
although current sales ternds
$2,296,532
...
1357
Chronicle
Other income!
Portion of valuation reserve for marketable securities charged
11,847
against income account in prior years
Total income
Interest
$231,783
Net profit
-V. 146, p.
4133.
Western Maryland
Period End. July 31—
Ry.—Earnings—
1938—Month—1937
$1,041,826
$1,495,389
727,670
982,926
Operating revenues.....
Operating expenses
Net oper. revenue
$314,156
71,621
Taxes
$512,463
106,621
1938—7 Mos.—1937
$7,464,719 $10,613,650
5,374,338
$3,652,154
741.349
Operating income
Equipment rents (Cr.)__
Jt. facil. rents (net Dr.)
$242,535
10,153
10,892
$405,842
20,808
11,058
$1,574,032
127,194
80,255
$2,910,805
Net ry. oper. income..
$241,796
$415,592
5,373
$1,620,971
73,264
$2,989,633
54,285
11,122
Other income
Net loss
$32,775
$252,918
276,260
Gross income
charges
$420,965
274,684
167,445
88,617
Willson
Products, Inc.—10-Cent Dividend—
Directors have declared
$3,043,918
1,935,019
$1,694,235
1,926,991
loss$23,342
income
$249,197
(est.)...
Jan. 1
1938
1937
1938
Gross earnings
$1,118,899
$146,281 loss$232,756
—Week End. Aug. 14
$309,013
to
$7,945,420 $11,291,129
Wisconsin Power & Light Co.
$2,273,724
Operating revenues
Oper. exps. & taxes
1938
Net operating
x
$360,389
105,661
—
Depreciation.,
y
Net earnings
$195,791
y
$210,978
Net earnings on common
$152,041
depreciation and income tax, but after provision for all interest
due and accrued on funded debt of subsidiaries.
^
x
Before
y
Before provision for income tax.—V. 146, p.
$996,004
348.013
439,182
5,522,154
1,227,248
814,015
after rents
$1,483,069
256,777
Net from railway
Net
1937
1938
July—
Gross from railway
9,801,402
3,220,328
2,984,937
489,064
Net from railway
Net after rents
—V. 147, p.
Net
sales
for
11,011
$2,873,755
$3,011,929
1,790,902
1,812,404
$273,007
$1,082,853
$1,199,525
have declared a dividend of $1.12
per share on the
cum. pref. stock (par $100), and a dividend of $1.3114 per share on
7% cum. pref. stock (par $100), both payable Sept. 15 to holders of
record Aug. 31.
Similar amounts were paid on June 15 and March 15
last; Dec. 15, Sept. 15, June 15, and March 15,1937.
See also V. 146,
p. 3683.
Yazoo &
Mississippi Valley RR.—Earnings-
$1,433,151
501,031
429,529
$992,272
8,441,537
7,445,841
1,655,812
1,077,401
211.387
1937
1938
$1,126,961
366.141
159,882
July—
Gross from railway
Net from railway
1935
$1,157,790
251,102
35,400
1936
$1,205,489
296,275
63,981
$912,172
136,882
def61,447
9,042,685
2,740,464
1,372,872
8,018,157
2,213,998
676,917
6,479,068
1,225,183
defl00,777
1—
7,755,166
2.238.541*
740,822
Net from railway
Net after rents
—V. 147, p. 761.
149,815
Yellow Truck & Coach Mfg.
Co.—Corrected Pref. Div.—
Directors have declared a quarterly dividend of $1,75 per share on the
7%
pref. stock, par $100, payable Oct. 3 (not Oct. 5 as stated in last
holders of record Sept, 15 (not Sept. 5).
cum.
week's "Chronicle" page 1211) to
Arrearages now amount to $14 per share.—V. 147, p. 910.
Youngstown Sheet & Tube Co.—Options Exercised—
Inc.—Sales—
ended
quarter
12,081
$723,557
450,550
the
From Jan.
1935
761.
Wieboldt Stores,
r
$3,000,918
1,495,064
6%
Gross from railway
2,257,183
1,619,443
$2,861,674
$273,390
Net income
From Jan. 1—
Gross from railway
$8,924,142
5,923,224
$720,231
3,326
$719,481
446,091
-
.
Net after rents
3362.
Wheeling & Lake Erie Ry.-—Earnings1936
$9,396,205
6,534,530
$716,444
3A36
Other income (net).
43,750
43,750
Preferred dividends
1938—12 Mos.—1937
$2,215,296
1,557,279
The'directors
1937_
$286,377
90,586
$254,728
profit
(& Subs.)—Earnings—
1938—3 Mos.—1937
Preferred Dividends—
(George) Weston, Ltd. (& Subs.)—Earnings—
S Months Ended June SO—
dividend of 10 cents per share on the $1 par
pares
Aug. 14—
1937
—V. 147. p. 1211.
a
stock
payable Sept. 10 to holders of record Aug. 31.
This com¬
with a dividend of 15 cents paid on March 10, last, and previously
regular quarterly dividends of 25 cents per share were distributed.
In
addition, a special dividend of 10 cents per share was paid on Sept. 10, 1937.
—V. 146, p. 3363.
common
-
Net
65,712
pf$264,458
-V. 147, p. 589.
Period End. June 30—
Fixed
95,467
11,705
6,961,496
$2,090,381
516,349
Foreign exchange loss
Depreciation
Federal, State and foreign income taxes
July 30,
1938, amounted to $5,185,908,
against $6,397,086 last year, a decline of 18.9%.
For the six months ended July 30. last, sales totaled
$12,933,555 for first six months 1937, a decrease
Company reports that during the first six months of 1938 certain officers
exercised options to purchase common shares held by the
company to the extent of 1,513 shares, leaving 9,791 shares subject to op¬
tions.—V. 147, p. 1211.
and employees
$10,757,522, against
of 16.8%.
The Commercial Markets and the
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—METALS—DRY GOODS—WOOL—ETC.
Santos 4s
COMMERCIAL EPITOME
Coffee—On
the
22d inst.
No. 7
Friday Night, Aug. 26, 1938
futures closed 5 to 6 points
totaling 43 lots. The
points lower, with sales totaling
lower in the Santos contract, with sales
Rio contract closed 2 to 5
The selling was liquidation and profit taking
markets in Brazil continue firm, cost and
freight offerings and mild markets here were easier. Arrival
only 19 lots.
While
the spot
of milds accounted for the weakness in that quarter,
while
a
reduction in asking prices of cost
and freights from Brazil.
Cables from Brazil reported that
railways
lack of demand forced
coffee stock in Sao Paulo interior warehouses and at
on|July 31 amounted to 5,734,000 bags, against 9,177,000
the same date a year ago, a decrease of 3,443,000 bags.
Onjthe 23d inst. futures closed 8 to 11 points higher in the
Santos contract, with sales totaling 98 lots.
The Rio con¬
tract closed 6 to 10 points higher, with sales totaling 4 lots.
The market in Brazil was unchanged, and cost and freight
offerings to the New York market ruled between 6.75c. and
7c. for well-described coffee.
Against the Brazilian and
scattered local buying there was some European and local
selling, the latter believed to be hedging against actual
purchases. A report was said to have been received in the
on
trade via air mail that the Brazilian Government will restrict
further destruction of coffee trees.
closed 10 to 14 points net
On the 24th inst. futures
higher in the Santos contract, with
The Rio contract closed 9 to
sales totaling 111 contracts.
points higher, with sales totaling 39 lots.
The market
advanced sharply in active dealings, with most months
within a few points of the seasonal highs.
Fresh reports of
damage to the Brazilian crop was the chief cause for the
upward movement. Santos was 8 to 12 points higher in the
early afternoon, while Rio was up 6 to 14 points at that time.
Cost and freight from Brazil were advanced as much as 20
11
points by some shippers, with Santos 4s at from 7.00 to
7.30c.
Milds were also higher, with Manizales quoted at
11
^c.,
up
In Brazil, the official spot price on hard
to
was
was
up
up a
100 rois per 10 kilos and the price of Rio
like amount.
Havre futures were up 3H
3% francs.
points net higher,
in the Santos contract. The Rio
contract closed 10 to 4 points net higher, with sales totaling
36 lots.
Heavy profit taking and hedging did much to hold
the coffee market down after futures had opened in new high
ground. Santos was 6 to 10 points higher in the early after¬
noon, and Rio was up 8 to 10 points at that time.
Brazilian
official spot prices on hard Santos 4s were 300 reis higher,
while soft 4s were up 200 reis and type 5 up 500 reis.
Milds
were
steady.
Havre prices were quiet, but nevertheless
showed gains of 3H to 4H francs per 50 kilos.
Today fu¬
tures closed 1 to 6 points down in the Santos contract, with
sales totaling 268 contracts.
The Rio contract closed 3 to
1 point off with sales totaling 26 lots.
Brazilian buying
again led coffee futures into new high ground for the fifth
consecutive day.
Santos was 7 to 10 points higher, while
Rio was 2 to 7 points higher.
The market gained strength
from the fact that no notices were posted against September
Santos contracts.
Brazilian official prices were again higher.
Cost and freight offers from Brazil were firm at 7.00 and 7.50
cents asked for Santos 4s.
Columbian coffees were reported
On the 25th inst. futures closed 6 to 3
with sales totaling 161 lots
scarce,
with Manizles quoted at 11H-
Distribution in this
from a year ago.
country continued to show a sharp increase
Rio coffee prices closed as follows:
December
■
Santos coffee
4.69
-_4.74
-4.651 May
September
March
4.63 (July
4.651
prices closed
as
follows:
September
6.661 May
December
6.85 July
March
7.01
6.971
_ _
...
7.01
Cocoa—On the 22d inst. futures closed 9 to 7 points net
lower.
Commission houses switched out of Sept. cocoa in
large volume today, and under the weight of offerings of the
near
month, as well as declines in the foreign markets,
prices slipped as much as 13 points.
Trade absorption made
1358
for
Financial
orderly decline, however, and a 4 point recovery late
day from the low, lifted Sept. to 5.11c. at the close.
An idea of the day's switching in cocoa futures will be seen
in total transactions of 688 lots, or 9,219 tons, of which 285
lots represented exchanges of Sept. for other months.
First
notice day on Sept. T.N.'s is set for Friday, by which time
long liquidation should be about completed, according to
close observers. London closed with declines of 134d to 6d.
Local closing: Sept., 5.11; Dec., 5.29; Jan. 5.35; Mar., 5.44;
May, 5.54; June, 5.58; July, 5.64. On the 23d inst. futures
closed 1 to 2 points net higher.
After starting the session
with losses of 4 to 5 points, the market firmed up moderately
for the remainder of the session.
Further switching out of
Sept. to more distant months was conducted by commission
houses, but these operations were on a smaller scale and led
to some belief that liquidation of the Sept. speculative
interest was nearing completion.
The day's transactions on
the exchange totaled 524 lots, or 7,022 tons, compared with
688 lots the day before.
Warehouse stocks of cocoa in¬
creased 1,286 bags to 754,419 bags, against 1,287,908 bags
one year ago and 718,552 two years ago.
London was steady
for both futures and actuals.
Local closing: Sept., 5.14;
Dec., 5.20; Jan., 5.36; Mar., 5.45; May, 5.55; July, 5.66.
On the 24th inst. futures closed 4 to 2 points net higher. A
large volume of transactions took place in cocoa futures
today, with the market showing a decidedly steady under¬
tone.
There was continued heavy switching from the Sept.
to distant deliveries.
With first notice day due Friday,
outside interests exchanged the near month for Dec. and
pivoted 1939 positions, trade representatives absorbing the
Septs, and supplying most of the forward months. The day's
sales on the exchange rose to 582 lots, or 7,792 tons, com¬
pared with 524 lots on Tuesday. Local closing: Sept., 5.15;
Oct., 5.21; Dec., 5.33; Jan., 5.38; Mar., 5.48; May, 5.58;
June, 5.63.
On the 25th inst. futures closed 6 to 3 points net lower.
Transactions totaled 565 lots.
The market held steady, with
the bulk of the business still consisting of switching.
Prices
were about unchanged to 1 point lower in the
early after¬
noon.
There was a 15,000 bag increase in New York ware¬
house stocks, bringing the total to 757,301 bags, a drop of
532,820 bags from the 1,290,121 a year ago.
Local closing:
Sept., 5.10; Dec., 5.29; March, 5.45; May, 5.55; July, 5.65.
Today futures closed 1 point up to 2 points down. Trans¬
actions totaled 303 contracts.
The cocoa market was steady
today in a fair-sized volume of business.
Prices in the after¬
noon were 4 to 5
points above yesterday's close, with Sept.
selling at 5.15, up 5 points. There were nine notices posted
this morning, first notice day, against the Sept. delivery,
but they were readily absorbed. New York warehouse stocks
were up 1,000 bags to 758,966
bags, compared with 1,297,706
a
year ago.
Local closing: Sept., 5.11; Dec., 5.27; March,
5.43; May, 5.53; July, 5.11.
an
in the
Sugar—On the 22d inst. futures closed 1 to 3 points
higher in the domestic contract. As the new week opened,
domestic sugar futures picked up where they left off follow¬
ing the late A.A.A. announcement on Friday, and moved
forward again but in a smaller way.
While prices at one
time showed gains of 2 to 6 points, the final
range was only
1 to 3 points higher.
Volume continued heavy at 442 lots.
In
the
raw
market
McCahan bought a cargo of Puerto
September arrival at 2.80c., an advance
As the market for raws closed, it was a trading
Ricos for second-half
of 5
points.
affair at the 2.80c.
basis.# The world sugar contract closed
point higher, with only 13 lots traded.
London closed unchanged to 24d higher, while raws there
were offered at 5s
424d. On the 23d inst. futures closed 1
point lower to 1 point higher.
After advances of 7 to 11
points from Thursday's seasonal low, domestic sugar futures
appeared to be marking time pending developments in the
actual market, trading
during the session being relatively
light. The only reported sale in the raw sugar market was
1,000 tons of Philippines, in port, at 2.80c. delivered, a new
spot price, to Arbuckle.
Sellers were asking 2.85c. on a
cargo of Puerto Rieos and Philippines for September ship¬
ment, although the Philippines were available at slightly
less on a
bid.^ World sugar contracts continued quiet but
steady, with final prices 24 to 1 point higher. Sales totaled
22 lots.
In London raws were held at 5s
434d, equal to
1.0024c. f.o.b. Cuba, and futures were 34<1 higher to 24d
lower.
On the 24th inst. futures closed
unchanged to 1
point up in the domestic contract, with sales totaling 299
contracts.
The world sugar contract closed
34 point down
to 24 point
up, with sales totaling 48 contracts.
Domestic
sugar
prices ruled within an extremely narrow range.
September switching into distant months and liquidation of
that position continued in
anticipation of tomorrow's first
notice day. The raw market was
again quiet, with offerings
light. It is believed refiners will pay 2.80c. for shipment sugars,
the price paid last night
by Arbuckle for 1,000 tons of
Philippines in port.
The world contract continues quiet,
with price range very narrow.
London futures were 34d
higher to 34d lower on sales of 3,000 tons, while raws there
unchanged to
were
1
still offered at 5s 434d.
3,335,000
acres, a
planted to the last
India's acreage is estimated at
drop of 460,000 from the number of acres
crop.
On the 25th inst. futures closed 4 to 2
points up
domestic contract, with sales
in the
totaling 525 lots.
The world
sugar contract closed 1 to 2 points net higher, with sales of
96 lots.
Aided by an improvement in the raw market,
Chronicle
sales
where
futures
were
Aug, 27,
were
reported
at
5
strong this afternoon.
1938
points higher, domestic
Prices were up 1 to 2
points after opening steady when 100 notices issued against
September were almost immediately stopped.
In the raw
market sales were reported at 2.83 and 2.85 cents, up 3 and
5 points, respectively.
Offers were still light, and in the
meanwhile the demand for the refined product was reported
as
heavier.
London prices were
}4 to 24d. higher
TodaY futures closed 7 to 3 points
day.
up
on
the
in the domestic
totaling 501 lots.
Domestic sugar
upward movement, which has been un¬
abated since a week ago.
In the early afternoon the list
was 3 to 4 points higher,
with March quoted at 1.05, up
4 points.
News that Great Western had withdrawn from
certain Eastern territory and reports that refiners had
cleared the market of all offers at 2.90c., proved to be the
opening incentive.
Only ten transferable notices were
posted against September, but they were soon stopped. In
the raw market a sale of 2,000 Philippines, Sept .-Oct. ship¬
ment was reported at 2.90, but further lots were known to
have been done at that level, with nothing offered under
2.95c.
Refiners are expected to raise the price at any time,
but are said to be worrying as to how to avoid taking too
much business at present levels.
The world contract was
unchanged to 134 higher.
The London market was un¬
changed.
Prices were as follows:
contract, with sales
futures continued the
-.1.94 May
2.02 July
2.04
September
January (new)
March (new)
Lard—On
the
2.08
2.12
..
22d inst. futures closed
unchanged to 5
points lower. There was not much activity in lard futures
and prices moved within fairly narrow limits.
Opening
prices were unchanged to 5 points lower. Export clearances
of lard from the Port of New York
were 18.750 pounds,
Hamburg.
Liverpool lard futures were 3d to
6d lower. Closing hog prices at Chicago were unchanged to
5c. lower.
Sales of hogs ranged from $6.75 to $8.90. The
late top price was $9.
Western hog marketings totaled
54,500 head, against 47,600 head for the same day last year.
On the 23rd inst. futures closed 7 to 10 points net lower.
The market was heavy throughout the session, due largely
to the continued downward trend of hog prices.
Opening
lard prices were 5 to 7 points lower, but later these declines
were extended
10 to 12 points under previous final quota¬
tions. No export clearances of lard were reported. Liverpool
lard prices were unchanged to 9d lower. Hog receipts at the
leading Western markets today were 54,300 head against
48,500 head for the same day last year. Hog prices declined
10c. to 15c., with sales ranging from $8 to $8.85.
On the
24th inst. futures closed 2 to 10 points net lower. The reac¬
tion in grains in the afternoon and the decline in cotton oil
prices influenced considerable selling and values declined|2
to 10 points, from which levels the market failed to rally.
Lard shipments from the Port of New York today totaled
295,680 pounds, destined for Liverpool, Manchester and
London.
Liverpool lard futures were unchanged to 3d
lower. Chicago hog quotations on the close were 10c. to 15c.
higher, with the top price reported as $9.
Sales of hogs
ranged from $8.20 to $8.90. Western hog marketings totaled
41,700 head, against 39,000 head for the same day last year.
On the 25th inst. futures closed 2 to 5 points net lower.
Lower action on grains and hogs during the early part of the
session influenced light selling in lard futures for speculative
account.
The market opened 2 to 5 points lower, these net
declines being later extended to 12 points, from which level
there was a slight recovery.
Export shipments of lard from
the Port of New York totaled 18,200 pounds, destined for
Glasgow and Southampton.
Liverpool lard futures were
quiet, unchanged to 3d. higher. Hog quotations at Chicago
today were 10c. lower, the top price registering $8.85. Sales
generally ranged from $8 to $8.85. Western hog marketings
totaled 45,900 head, against 31,000 head for the same day
last year.
Today futures closed 8 points down to un¬
changed. The declines were registered in the September and
October options, the other deliveries being unchanged.
destined for
DAILY CLOSING PRICES OF LARD
Sal.
September.
October
December
8.12
8.17
8.17
January
Mon.
FUTURES IN CHICAGO
Wed.
Thurs.
Fri.
Tues.
8.07
8.17
8.15
7.97
8.07
8.07
7.90
7.97
8.05
8.15
8.07
8.07
7.77
7.87
8.00
7.85
7.95
8.00
_
8.02
_
^8.02
Pork—(Export), mess, $26.3724 Per barrel (per 200
pounds); family, $23.25 (40-50 pieces to barrel), nominal,
per barrel.
Beef: (export), steady.
Family (export), $22
per barrel (200 pounds), nominal. Cut Meats: Pickled Hams:
Picnic, Loose, c.a.f.—4 to 6 lbs., 16c.; 6 to 8 lbs., 15c.; 8 to
10 lbs., 1334c. Skinned, Loose, c.a.f.—14 to 16 lbs., 2124c.;
18 to 20 lbs., 2034c.
Bellies: Clear, f.o.b. New York—-6 to
8 lbs., 19He.; 8 to 10 lbs., 1924c.; 10 to 12 lbs., 19c. Bellies:
Clear, Dry Salted, Boxed, N. Y.—16 to 18 lbs., 1334c.; 18
to 20 lbs., 1324c.; 20 to 25 lbs., 1224c.; 25 to 30 lbs., 1234c.
Butter: Creamery, Firsts to Higher than Extra and Premium
Marks—2534c. to 2624c. Cheese: State, Held '36, 22c. to
24c.; Held '37, 1934c. to 2134c. Eggs: Mixed Colors, Checks
to Special Packs: 16c. to 2434c.
Oils—The price of
Linseed Oil is still 7.6c. as a minimum
sellers, but lower by 1 to 2 points on desirable
Quotations: China Wood: Tanks,
nearby—12.8c.; Coconut: Crude, Tanks—.0334 to .0324c.;
Pacific Coast—.0224c. Corn: Crude, West, tanks, nearby—
.0724c,
Olive: Denatured: Spot, drums, Algerian—95c.
with
some
bids with other crushers.
Volume
Financial
147
Soy Bean: Crude, Tanks. West—.0534c.; L.C.L. N. Y.—
Edible: Coconut, 76 degrees—9^>c.
Lard: Prime—
9c.; Extra winter strained—8%c. Cod: Crude, Norwegian,
light filtered—31c.
Turpentine: 2834>c. to 3034c.
Rosins:
$4.90 to $7.85.
7.7c.
Cottonseed Oil sales,
Crude, S. E., 634c.
September
—...—
October
November
December
including switches, 176 contracts.
" Prices closed as follows:
7.90®
7.92®
7.95®
7.95®
7.96@ 7.97
(January.
7.951 February
n
7.98®
8.00®
n
8.03®
|March
1 April
n
points
Spot standard
new highs for the
Rubber—On the 22d inst. futures closed 4 to 12
net
higher.
Transactions totaled 6,620 tons.
No. 1 ribbed smoked sheets also
rose
to
at 16 7-16e., up 34c.
The opening call showed quota¬
tions 14 points lower to 6 points higher.
Very active trading
year
and advancing prices marked the session thereafter.
Com¬
mission houses switched the September position into forward
with
months
the
trade
absorbing September
and selling
distant months against shipment offerings in the outside
market.
Factories exchanged 294 May rubber contracts for
the actuals.
Local closing: Aug., 16.83; Sept., 16.39; Dec.,
16.59; Jan., 16.59; March, 16.69; May, 16.78.
On the 23d
unchanged to 15 points higher. Transac¬
tions totaled 6,370 tons.
Spot standard No. 1 ribbed smoked
inst. futures closed
sheets also moved to new
highs for the
year
to 16 9-16c., up
34c.
Opening prices in futures were 4 to 9 points lower.
Although the outside market continued quiet, there wras a
fair amount of shipment business done today.
Most of the
shipment offerings were from the Far East.
Local closing:
Aug., 16.49; Sept., 16.54; Dec., 16.09; Jan., 16.72; March,
16.82; May, 16.91.
On the 24th inst. futures closed 4 to 7
points net higher.
The market advanced to further new
highs on buying by houses with foreign connections and
Futures held about 7 to 12 points
other trade operators.
higher in the early afternoon after opening up 11 to 18
points. There was some heavy profit taking by trade and
commission houses, which caused a slight reaction, which was
later recovered.
Trading remained active, with 4,510 tons
1 ribbed smoked sheets in the
The outside market con¬
tinued generally quiet.
Local closing: Aug., 16.54; Sept.,
16.58; Dec., 16.74; Jan., 16.79; March, 16.89; May, 16.95;
July, 17.03.
On the 25th inst. futures closed 6 to 2 points net lower.
Transactions totaled 333 contracts.
The market showed a
downward tendency after advancing into new high ground
in the two preceding sessions.
By 1 o'clock the list was
down 4 to 11 points after opening 7 to 17 points easier.
Sept. sold at 16.47, off 11 points. Sales this morning totaled
2,000 tons. The London and Singapore markets closed quiet
and steady respectively, with prices 1-32 to yd. lower.
Local closing: Sept., 16.52; Oct., 16.58; Dec., 16.70; March,
16.85; May, 16.93; July, 16.98.
Today futures closed 5 to 8
points net higher. Transactions totaled 341 contracts. Rub¬
ber futures were 5 to 14 points higher in the early afternoon,
with prices holding firm throughout most of the session.
There was a fair response to the action of foreign cables, and
the better tone of securities.
The London and Singapore
markets closed steady and quiet, respectively, with prices
1-32 to yd. higher.
Local closing: Sept., 16.57; Dec., 16.78;
Jan., 16.83; March, 16.92; May, 17.00; July, 17.05.
sold.
Spot standard No.
trade advanced l-16e. to 1624c.
Hides—On the 22d inst. futures closed 2
points
up
to 5
points down in the old contract, while the new contract was
unchanged to 5 points lower. Trading was relatively light,
special feature. The old contract opened
points decline to 2 points advance, while the new
contract opened from 7 to 12 points lower.
Trading in the
old contract totaled 3,640,000 pounds, while the turnover
in the new contract totaled 1,240,000 pounds. Local closing:
and devoid of any
from 8
Sept.,
10.57;
Dec.,
10.85; March,
11.05; June,
11.10.
closed 13 to 20 points net higher in
and 18 to 20 points net higher in the new
contract.
Both contracts opened weak at 5 to 15 points
decline. The tone of the market revealed a marked improve¬
ment during the later dealings.
The creeping advance in
the securities market, which later became more pronounced,
had a strengthening influence on the hide futures list. New
buying orders increased steadily and the market worked
steadily higher. Trading in the old contract totaled 4,200,000 pounds, while the turnover in the new contract totaled
3,000 pounds. In the Argentine it was reported that 18,000
standard frigorifico steers sold at 10 9-16c.
Local closing:
Old Contract: Sept., 10.70; Dec., 10.03; March, 11.25;
June, 11.30.
New Contract: Dec., 11.63; March, 11.95;
June 12.14.
On the 24th inst. futures closed 3 to 4 points
net lower in the old contract, while the new contract closed
On the 23d inst. futures
the old contract,
points lower to 5 points higher. Opening prices ranged
unchanged to 5 points advance in the old contract,
and from 8 to 15 points higher in the new contract. Trading
around the local hide ring was moderate.
Transactions
totaled 3,600,000 pounds in the old contract, while in the
new contract they aggregated 2,760,000 pounds.
Business
in the domestic spot hide market has increased somewhat
and sales were reported of 32,600 hides at steady prices.
Local closing: Old Contract: Sept., 10.67; Dec., 11.01;
March, 11.22; June, 11.27.
New Contract: Dec., 11.61;
March, 11.94; June, 12.19.
On the 25th inst. futures closed 12 to 3 points off in the
old contract, with sales totaling 93 lots.
The new contract
2
from
1359
Chronicle
closed 9 to 14 points net lower, with sales
of 47 lots. In the
early afternoon futures were 2 to 7 points lower for the old
contract and 7 to 9 points lower in the new contract.
Trans¬
actions to noon totaled 1,480,000 pounds in the old and
80,000 pounds in the new contract.
Local closing: Old
contract:
Sept., 10.55; Dec., 10.92; March, 11.19.
New
contract:
Dec., 11.52; March, 11.85; June, 12.05. To-day
futures closed 2 to 7 points down in the old contract, with
sales totaling 153 contracts.
The new contract closed 9 to
4 points off, with sales totaling 59 contracts.
Raw hide
futures, after opening somewhat mixed, showed a firmer
tendency late in the afternoon, with the old contract 2 to 7
points advance, and the new up 3 to 4 points. Transactions
totaled 4,680,000 pounds in the old and 1,800,000 in the new.
There were 5,400,000 pounds tendered for delivery against
Sept. contracts. Local closing: Old contract: Sept., 10.53;
Dec., 10.86 March, 11.12.
New contract:
Dec., 11.45;
March, 11.76; June, 12.01.
Ocean
Freights—Shippers have been more or less on the
past week and the volume of chartering has
been very light.
Charters: included: Grain: St. Lawrence
to United Kingdom, including Ireland, last half Sept., basis
2s. 9d.
St. Lawrence to Marseilles,
prompt, 18c.
Sugar:
Cuba to Bordeaux mid-Sept., 16s. 3d.
Charters: Time—
Round trip Mediterranean trade, delivery north of Hatteras,
Oct., $1.35.
Round trip Amazon trade, delivery Sydney,
sidelines
the
N.;S., redelivery New Orleans, Aug., $1.10.
Trip down:
Trip down Canada to north of Hatteras or Gulf, early Sept.,
Trip across: Delivery Baltimore, redelivery United
Kingdom-Continent, Sept., $1.50.
Delivery Gulf, rede¬
livery United Kingdom-Continent, Sept., $1.60.
Sugar:
Cuba to L. L. G. A. R. A., Sept., 14s. 1034d.
San Dom¬
ingo to
Casablanca,' end Aug., early : Sept., 14s. 6d.,
option Marseilles, 15s.
$1.
Coal—According to figures furnished by the Association
American Railroads, the shipments of anthracite into
New York and New England for the week ended
Aug. 6 have amounted to 1,678 cars as compared with 960
cars during the same week in 1937, showing an increase of
718 cars, or approximately 35,900 tons.
Shipments of
of
eastern
anthracite for the current calendar year up to ana including
the week ended Aug. 6 have amounted to 48,781 cars as
compared with 51,534 cars during the same period in 1937,
showing a decrease or close to 137,650 tons. Shipments of
bituminous coal into this territory during the week ended
Aug. 6 have amounted to 1,729 cars as compared with 1,592
cars
during the corresponding week in 1937.
Calendar
year shipments of bituminous coal have amounted to 46,602
cars as compared with 61,142 cars during the same period
in 1937, indicating a decrease estimated at 727,000 tons.
The Board of Public Utility Commissioners of New Jersey
on
Wednesday asked the Interstate Commerce Commission
to intervene and remove "prejudicial" freight rates on
anthracite between Pennsylvania mines and New Jersey
points.
,
Wool—Very little change has taken place in the raw wool
situation the past week.
Interest in raw wool shows further
contraction at the mill end, it is reported.
However, there
anxiety on the part of the wool trade to move
holdings, realizing that when the mills have another
run on the sales of goods, they will come into the market
again for substantial quantities. With a decline in demand
in the last few weeks, buyers are offering figures lower than
those paid before the recent movement had become slower.
Some holders are unwilling to make concessions, others dis¬
posed to sell for slightly less. Meanwhile, fleece wools are
very inactive and constitute, perhaps, the only weak spot on
the market.
With the exception of delaine, all grades are
definitely easier. The fleece wool group has had a surprising
advance in values during the past three months of about
23 % at the highest rates and some reaction is now in progress.
Prices are also easier in the country districts of middle west.
Considerable interest continues in the opening of the Aus¬
tralian season on Monday next, with opinion general of
appears no
their
strong rates on the opening
day.
Silk—On the 22d inst. futures closed
34c. to 2c. net higher.
only 170 lots traded, including 80 bales on the
old contract, 70 bales on contract No. 1 and none on No. 2
contract.
Trade hedging and scattered buying and selling
There
were
the features on the ring. Yokohama was 3 to 10
and Kobe 3 to 9 yen higher. Grade D advanced 7 34
yen at Yokohama to 77234 yen, while the quotation from
Kobe is being verified. Spot sales in both markets amounted
to
700 bales, and futures transactions in the Japanese
markets totaled 2,075 bales.
Local closing: Old contract:
Aug., 1.71; Sept., 1.6934; Oct., 1.68; Nov., 1.6734; Dec.,
1.6734; Jan. (1939), 1.66; Feb., 1.66. No. 1 contract: Mar.,
1.66.
No. 2 contract: March, 1.62.
On the 24th inst.
futures closed 34c. higher to 34c. lower.
The opening range
was 134c. to 234c. higher.
The later decline was influenced
by the weakness in securities, which brought out importer
selling.
The trade and commission houses bought. Sales
totaled 500 bales, including 190 bales on the old contract,
made up
yen up
280
on
No.
Yokohama
4
to
11
markets,
1
was
yen
up
30 bales on No. 2 contract.
better, while Kobe came through
Grade D closed at 775 yen in both
contract and
3 to 5
higher.
734
yen
yen
at Yokohama and 5 yen up at
Kobe.
Spot sales in both Japanese markets totaled 1,750 bales,
while futures transactions totaled 4,000 bales. Local closing:
1360
Financial
Aug., 1.71; Sept., 1.70M; Oct., 1.70H; Nov., 1.69; Dec.,
1.673^; Jan., 1.66p£; Feb., 1.06. On the 23d inst. futures
closed unchanged to 2^c. higher in the old contract, No. 1
contract was le. lower and No. 2 contract %c. easier.
The
activity on the floor was confined to importer and dealer
selling, trade and commission house buying and some
Japanese short covering.
Transactions totaled 710 bales,
including 380 bales on the old contract, 290 bales on No. 1
contract and 40 bales
No. 2 contract.
on
Yokohama
was
2
lower, and Kobe was 1 to 5 yen off. Grade D at
Yokohama declined 5 yen to 76734 y«n and advanced 10 yen
at Kobe to 770 yen.
Spot sales in both Japanese markets
Week Ended
888
61t
6,355
2,042
5,073
22,020
228
2,519
1,600
6,884
233
433
500
1,057
V,'?. 56
"56
24
"l4
Sat.
Galveston
Mon.
682
Houston
Corpus Christi
1,769
3,863
6,790
1,839
5,973
__
New Orleans
Tues.
619
266
Pensacola, &c
75
#.
70
Fri.
5,431
7,300
8,372
9,468
6,221
14,221
12 280
8 692
5,197
4,722
827
7.52*
8,126
4,862
936
11,300
....
9,142
54,732
....
6,994
38,712
8.89?
41.651
Exported to—
Aug. 1,1938*0
Aug. 26, 1938
Exports from—
Great
Ger¬
Britain
France
Italy
many
China
Japan
Galveston....
2,026
Houston
5,235
689
Corp. Christi.
5,645
11,032
5,762
3,306
200
9,351
2,183
3,683
4,226
50
406
Brownsville
New
174
■_
-
Orleans.
Lake Charles
1.613
Other
4,441
778
187
498
156
224
2,450
2,585
2,768
14,591
3,667
1,029
139
10,487
27,579
29,019
6,905
1,403
352
1,204
160
-r
327
160
93
93
553
553
.
«.
«.
—
•
w
Norfolk
~
~
-
_
106
-
29
:
_
■
23
158
Mobile......
,048
10,478
3,301
,363
3.422
32,488
23,041
6,748
,877
62,565
",006
14,212
1,954
5,328
233
114
2,507
4,481
160
246
1,075
582
468
1,227
33
700
21
56
,
24
54
3,482
100
29,190
20,044
44,336
15,766
54,575
Total 1937...
40,256
25,252
45,901
Total 1936..
45.03
17.29.1
31."48
19,522
8,14-1
26,66'
I.OB
Angeles
San
9,362
541
■
--.-V
12.919
.....
10,075
10,854
11,159
541
23,733
78,102
The
following table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight,
compared
with last year:
■
1938
Receipts to
Aug. 26
1937
This
Week
Galveston
Since Any
1, 1938
17,714
Houston
27,579
Corpus Christ!.
29,019
50,66<
131,226
Stock
Since Aug
1. 1937
Week
10,487
u.
This
41,882
56,722
64,844
589,262
114,325
633.008
222,923
167,585
16,318
590,671
Beaumont
96
New Orleans
6", 905
Mobile
24", 511
1,403
16c
366
3,922
42,933
7,471
4,248
1
165
212
1,689
1,204
3,591
9,663
14,922
147,*55
~~93
153
5~,406
"8,329
30,410
553
65u
1
9,288
22,750
8
22
"i58
952
226
1,232
11,325
14,943
27,7o7
100
100
541
506
2,538
3,324
7/5
3,176
3,733
Jacksonville
Savannah
4,433
Brunswick
61,681
5,263
~
Charleston
...
Charles
Wilmington
Norfolk
New York
•Boston
Baltimore
......
Totals
v
1937
349,956
313,384
186,810
13,337
256,318
42,990
7,897
1,718
136,812
18,802
2,712
Pensacola, &c
Lake
1938
64,601
78.102
230,568 221,570
24427
27,624
8,570
18,331
850
506,602 2,301,316 1,392,000
In order that
we
comparison may be made with other years,
give b*4ow the totals at leading ports for six seasons:
Receipts at—
1938
Galveston
Houston
New
1937
10,487
27,579
6,9u5
1,403
Orleans-
Mobile
1936
41,882
56,722
24,511
1,204
4,433
9,663
93
Savannah
""5",456
1935
14,928
17,051
33,039
4,473
9,066
Brunswick
~
Charleston
Wilmington
43,603
16,757
27,684
3,007
19,608
.
""158
Norfolk
226
20,994
38,266
12,656
4,905
7,347
"
1,968
828
742
10
972
314
"79
1,417
100
20,610
29,711
193,622
008
Francisco
340
Total
-
10,340
200
8,883
39,541
179,563
20.965
149,982
In addition to above exports, our
telegrams tonight also
give us the following amounts of cotton on shipboard, not
cleared, at the ports named:
On
Shipboard Not Cleared for—
Aug. 26 at—
Leaving
Great
Ger¬
Britain
Galveston
Other
Coast¬
many
France
Foreign
wise
Stock
Total
200
1,000
1,080
7,500
7,972
1,500
"634
761
3,442,
3,844
11.30C
11,868
12,681
*3do
*300
186
"31
7,042
5,786
7,102
Orleans..
1,100
2,656
4,000
Houston
New
2.066
Savannah..
160
Charleston
Mobile-,-^Other
"70
287
Total 1938.
.
Total 1937--..
1,765
2,718
2,841
3,157
2,070
18,984
8,182
5,804
1,597
4,368
5,575
577,962
621,140
577,990
-147,255
30,110
61,394
27,707
221,322
36,436 2,264,880
21,440 1,370,560
21,181 1,248,067
Speculation
in cotton for future delivery during the
moderately active, with the price trend more
or less irregular and confined to a narrow
range.
Uncer¬
tainty concerning the Government loan provisions has done
past week
was
much to slow down
operations in the futures market, trad¬
taking to the sidelines until the situation
clarified.
~
generally
becomes
more
On the 20th inst.
prices closed 1 to 2 points net lower.
closing levels represented a drop of 10 to 15 points from
early highs. Hedge sales and aggressive local selling com¬
pletely discouraged the early bullish demonstration, and
prices ended at or about the lows of the day. Early strength
of the stock market, foreign
buying on balance, more or less
The
aggressive
accounts
trade
fixations
from various
and
sections
further
of
the
unfavorable
crop
belt
concerning the
extent of weevil infestation, all combined to
bring about a
gradual advance in the first hour or so, but prices yielded
later when securities failed to maintain
fully the gains and
renewed Southern selling
developed on the favorable im¬
mediate weather reports, which were
regarded as nearly
ideal for weevil control.
reported,
Southern spot markets
as
officially
unchanged to 4 points lower. Average price
of middling at the ten
designated spot markets was 8.33c.
On the 22d inst. prices closed 8 to 13
points net lower.
Selling from abroad was one of the chief factors in depressing
were
cotton values
today.
At the opening the market registered
With nothing in the news to buoy
drop, the market moved in a narrow range
and closed at about the lows of the
day. The foreign selling
was induced
by a combination of factors.
First, following
reports that Secretary Wallace would work for a wheat
export subsidy, there was talk abroad of similar action in
cotton. Such a
development would of course have a tendency
to narrow the
spread between Liverpool and New York.
The spread today was 100
points in contract to 140 points
on
July 1st, using October for a comparison.
The second
declines of 6 to 9 points.
it after the initial
reason
here
for the bearishness abroad and the
consequent selling
the situation in France, as the franc reached the
was
low level
3",273
78,725
18,102
221,570
141,365
Since Aug. 1-.
230,568
506,602
304,770
57,951
35",255
58,576
159,138
122,533
206,619
384,248
317,364
563,513
44,159
for the week ending this evening reach a total
of 54,732 bales, of which 7,300 were to Great
Britain, 8,372
to France, 9,468 to Germany, 6,229 to
Italy, 14,221 to
Japan, and 9,142 to other destinations.
Id the
correspond¬
ports
Totalil936
474
Total this wk.
The exports
27,000
73,453
20,549
2,785
13,709
1,100
8,231
3,348
N'port NewsAll others
1933
"4", 847
8
_
1934
2,846
56
_.
Norfolk
11,222
31,777
160
241
Pensacola, &c.
Savannah
Charleston...
17,122
186
1,704
Jacksonville..
ers
Totals this week.
Total
780
186
_
:
Total
'
Lake Charles
Baltimore.
—
Thurs.
1,884
2,716
3,965
1,946
2,372
245
-
Savannah
Charleston.
934
1,985
4,183
161
68
Mobile.
Wed.
9,171
5,431
6*203
Norfolk
Receipts at—
206
100
168
2,868
..
From
COTTON
Crop, as indicated by our tele¬
grams from tne South tonight, is given below.
Fo** the week
ending this evening the total receipts have reached 78,102
bales, against 73,033 bales last week and 51,885 bales the
previous week, making the total receipts since Aug. 1, 1938,
230,568 bales, against 506,602 bales for the same period of
1937, showing a decrease since Aug. 1, 1938, of 276,034 bales.
1,854
*557
Total 1936
.-ri-'?"'
Friday Night, Aug. 26, 1938
3,212
4.700
683
Total
Sept., 1.72; Oct., 1.72; Nov., 1.70; Dec.,
1.6834; Feb., 1.6834No. 1 contract, March
delivery closed at 1.6734; April, 1.6634-
the
3,119
"680
200
1.70; Jan.,
of
Total
7.692
~
D in the outside market advanced 10 yen to 790 yen a bale.
Movement
Other
1,736
Total 1937
Local closing:
The
China
Japan
780
956
Norfolk
Crack XX in the spot market was up 134 cents to $1.7934The Yokohama Bourse closed 1 to 6 yen higher, while Grade
V
Italy
many
2,513
.
Los Angeles
The No. 2 contract
n—MB—wr
France
603
Han Francisco
were
v.
Ger¬
Britain
Charleston
Sales
920 bales in the old contract,
70 bales in the No. 1, and no sales recorded for the No. 2.
f
period of the previous
Exported to—
Great
Mobile
the old contract to lc. higher on the No. 2.
on
same
the exports foi the week:
are
Aug. 26. 1938
Exports from—
morning.
to the late afternoon
up
Below
New Orleans
The No. 1 contract closed lc. up, with sales of 19 contracts.
The raw silk market was steady today after
opening 34c.
lower
179,563 bales in the
against
season.
Savannah
Switching operations comprised
the bulk of business.
Crack double extra in the spot market
was
134 cents higher at $1.78.
The Yokohama Bourse
closed 3 to 11 yen higher, while the price of grade D in the
outside market was up 5 yen to 780 yen a bale.
Local clos¬
ing:
Old contract: Sept., 1.71; Oct., 1.71; Nov., 1.6934;
Dec., 1.68; Jan., 1.67; Feb., 1.67.
Today futures closed
34c. to 2 cents net higher.
Transactions totaled 115 lots.
1938
27,
year total exports were 38,712 bales.
For tbe
date aggregate exports have been 193,622 bales,
to
Houston
bales, while futures transactions amounted to
1,825 bales. Local closing: Old Contract: Aug., 1.72; Sept.,
1.7034; Oct., 1.71; Nov.,1.70; Jan. (1939) 1.6634; Feb., 1.66.
On the 25th inst. futures closed 34c. to lc. net higher.
The market held generally steady in early dealings, with a
quiet tone prevailing. Sales to noon were 240 bales in the
inactive this
season
Corpus Christi.
totaled 650
old contract and 20 bales in the No. 1.
Aug.
ing week last
Galveston
to 5 yen
was
Chronicle
beyond which Premier Deladier said it would not
Third, the progress of foreign crops was con¬
sidered a factor, along with the fact that the
carryover of
cotton growths in
competing countries was about 10,000,000
bales or 5,000,000
larger than ever before in history. On the
be devalued.
23d inst.
prices closed 6 to 8 points up.
The market was
awaiting an official announcement from
Washington relative to a new government loan. Contracts
inactive with traders
were
scarce
and
after
an
early hesitation, the market de-
Financial
Volume 147
veloped
opening
steadier
tone in sympathy with stocks.
The
of prices was 2 points lower to 1 point higher.
Houses with foreign connections were early sellers on differ¬
ences, but otherwise contracts were scarce, as offers from
the South were extremely light.
Demand was not active,
a
New York
1938
1937
1936
1935
range
without serious opposition.
Weather conditions over the belt were generally clear and
unfavorable for the spread of boll weevil. Traders, however,
focused their attention on the expected government loan
and there was a general disposition to limit operations and
await developments.
Southern spot markets, as officially
reported, were 3 to 21 points higher.
Average price of
middling at the ten designated spot markets was 8.32c.
On the 24th inst. prices closed 8 to 4 points net lower.
The
market displayed a slightly irregular tone today in a limited
volume of transactions.
Prices were barely steady on the
opening in very.light dealings.
During the early business
the market was devoid of any particular feature, although
the offerings were a shade higher.
The principal feature on
the buying side was trade support, partly in the way of price
fixing, although local professionals gave some support to
the nearby options. Commission houses participated on both
sides of the market in a small way.
Some Bombay selling
was
in evidence, but the principal foreign pressure came
through houses with Liverpool affiliations.
A moderate
volume of contracts again were provided by New Orleans
and Jhe South. No large trades were made during the early
trading.
The Liverpool market did not follow the late
advance in New York yesterday. In a report from Washing¬
ton Agricultural Adjustment Administration officials stated
that the announcement
either today or within the next day or two;
On the 25th Inst, prices closed 5 points
The market again displayed
down.
up
point
to 1
slightly mixed tone
throughout the greater part of the day, but advances in
active options were more numerous than declines.
Trading
was light throughout most of the session.
The uncertainty
that prevails and the lack of
incentive to operate sub¬
stantially either way was reflected in a relatively dull mar¬
ket.
Liverpool was quiet and furnished little incentive.
&pot and trade houses were the principal supporters, a fair
portion of which was price-fixing for mills.
Commission
houses were on both sides of the market, although they
were slightly more active as sellers.
The failure of any
announcement
regarding
the
a
offset
loan
cotton
the
im¬
proved demand for gray goods. New Orleans and the South
sold, while some pressure from Liverpool and Bombay
houses was in evidence.
The weather overnight remained
with scattered showers reported in Texas.
The cotton
market displayed a strong tone today, with gains of almost
favorable,
Today prices closed 9. to 1G points net higher.
$1
a
the
bale recorded throughout the list. A short time before
close of business active positions showed advances of
14 to 17
in
with
2
futures
The
tions.
the
points from the closing levels of the previous day
moderate volume of sales.
a
to
7
The market opened steady,
...
...
1927
1926
—
1925
1924
1923
mm
mm
mm
strength in near contracts was the feature of
Continued price-fixing in the October
December deliveries strengthened these months, while
hedge selling continued to go into distant options.
The
25.35c. 1914
15.30c. 1913
33.50c.
1912
32.25c.
1911
1910
1909
1908
1907
35.60c.
.....
23.20c.
15.80c.
9.50c.
—
...
"12.45c.
—
...
...
—
—
—
..11.50c.
—13.15c.
..16.40c.
..12.85c.
9.08c.
13.50c.
..
...
—
Market and Sales at New York
week at New York
For
the
convenience
which show at
closed
on
the spot
each day during the
indicated in the following statement.
are
of
the reader,
we also add columns
glance how the market for spot and futures
days.
a
on same
Futures
Spot Market
Saturday...
Monday
Tuesday
Wednesday.
Thursday
Friday
Closed
Quiet, 2
Quiet, 8
Steady,
Steady,
Steady,
Steady,
...
...
SALES
Market
Closed
Contr 'ct
Spot
Barely steady.
pts. dec.
Barely steady..
6 pts. adv.. Steady.
6 pts. dec.. Barely steady.
4 pts. adv.. Steady.
10 pts. adv. Steady.
pts. dec
Total
_
—.
"357
357
30C
50C
300
1,157
1,357
..
1,157
1,357
-
Total week.
Since Aug. 1
Futures—The
500
highest, lowest and closing prices
week have been as follows:
at
New York for the past
Saturday
Monday
Tuesday
Aug. 20
Aug. 22
Aug. 23
Wednesday
Aug. 24
Thursday
Friday
Agu. 25
Aug. 26
8.13ft
8.19ft
/Sep*. (1938)
Range..
8.20ft
G.osing.
8.07ft
8.17w
8.27-
8.41
8.20- 8.25
8.18-
Closing
8.28- 8.29
8.20- 8.21
8.26
8.29w
Oct.—
.
8.20-
8.28
8.22- 8.28
8.20
8.27- 8.39
8.24
8.29
8.34
—
Not.—
Range..
Closing.
8.31*
8.24ft
8.30ft
Range..
8.34- 8.50
8.27- 8.33
8.26-
Closing.
8.35- 8.37
8.27
8.34
Range..
8.40- 8.46
8.28- 8.31
8.26- 8.33
8.28- 8.36
8.27- 8.33
8.34- 8.46
Closing.
8.35 n
8.27ft
8.34ft
8.28ft
8.29ft
8.42- 8.43
8.28re
8.41ft
8.24ft
8.27ft
8.38ft
Dec.—
8.28-
—
8.36
8.28- 8.33
8.33- 8.48
8.28-
8.36
8.29
8.30
8.42- 8.44
—
Jan A1939)
Feb.—
Range..
8.36 n
8.27ft
8.34ft
Range..
8.36- 8.49
8.28- 8.34
8.26-
Closing.
8.37 n
8.28
8.34
Closing.
8.27 ft
yiar.—
—
8.26-
8.34
8.34
8.26
-
8.25- 8.31
8.29- 8.46
8.27
—
8.39- 8.40
-
April—
8.35- 8.37
Range.;
8.37 ft
8.27 ft
8.38 ft
8.28ft
Range.
8.35- 8.49
8.27- 8.33
8.25- 8.33
8.26-
Closing.
8.37
8.27
8.33
8.26
Closing.
8.27ft
8.39ft
May—
-
-
-
8.23- 8.29
-
8.28- 8.43
8.25
8.34
8.38
-
June—
Range..
8.36ft
8.25 ft
8.32w
8.24ft
8.24ft
Range..
8.34^8.40
8.23-8.31
8.24- 8.31
8.23- 8.30
8.22- 8.27
8.25-
Closing
8.36»
8.23
8.31
8.23-
8.23
8.35
Closing.
8.37ft
July—
-
-
8.24
-
8.41
—
Aug.—
Range—
Closing
ft
Nominal.
Range for future prices at New York for week ending
Aug. 26, 1938, and since trading began on each option:
early dealings.
and
the
October position
contracts.
tion.
premium over the May and July
Steadiness in the near deliveries attracted atten¬
sold at
a
The strength was attributed in part to the belief that
the Government loan
also to
would tighten
the spot situation, and
price-fixing by domestic mills coincident with
in the demand for gray goods.
up
...
1928
Quotations for 32 Years
—11.75c. 1922
—18.65c. 1921
—19.10c. 1920—21.95c. 1919.
—19.05c. 1918
—23.05c. 1917
—26.90c. 1916
—22.25c. 1915
The total sales of cotton
yesterday's last quota¬
points above
...
...
__
Range..
be made
the cotton loan would
on
11.88c.
11.05c.
13.25c.
9.60c.
8.65c.
7.20c.
...
1931
1930
1929
9.73c.
...
1933
1932
up
8.46c.
...
1934
but firmness in stocks attracted commission house and local
buying and the market worked
1361
Chronicle
The official
quotation for middling upland cotton in the
day for the past week has been: ,•
Aug. 20 to Aug. 26—
Middling upland
Premiums and
table below gives
Sat.
8.40
Mon.
8.32
Tues.
8.38
Wed. Thurg.
8.32
8.36
Fri.
8.46
Discounts for Grade and Staple—The
the premiums and discounts for grade and
staple in relation to the base grade, Middling %, established
for deliveries
on contract
on
1938..
"8.26 Aug"."23
8.50
Aug. 20
1939..
8.26 Aug. 23
8.46
Feb.
Sept. 1, 1938.
over
Feb.
18 1938
~7~73 May" 31~ 1938
9*50 "Feb23" 1938
7.74 May 31
8.18 June
1938
9.51
Feb. 23 1938
3 1938
8.74
June 28 1938
Aug. 25
8.49~
Aug. 20
7.77
May 31 1938
9.25 July
1939..
1939..
8.35 Aug. 23
8.37
Aug. 23
8.34
May 25 1938
8.37
Aug. 25
8.49
Aug. 20
7.81
May 31 1938
9.27 July
7 1938
1939..
Aug. 1939-.
8.22 Aug. 25
8.46
Aug. 20
8.22 Aug. 25 1938
9.05 July
22 1938
July
8^25
8.23
Volume of Sales for Future
Exchange Administration of the
7 1938
Aug. 23 1938
Delivery—The Commodity
United States Department
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
of
figures are given in bales of 500
lb.
gross
weight.
,
Premiums and
staple premiums represent 60% of the average premiums
%-inch cotton at the 10 markets on Aug. 25.
:
r
Open
Contracts
Aug. 19 Aug. 20 Aug.22 Aug. 23 Aug. 24 Aug. 25
New York
October
December
January
(1939)
15-16
1 in. <&
Ji
15-16
1 in. db
May
inch
Longer
inch
inch
Longer
July
--
17,600
29,100
1,900
11,000
8,000
5,200
--
15,600
20,300
(1938)
March
H
inch
9.39
9.48 Feb. 23 1938
1939..
Mar. 1939..
discounts for grades and staples are the average quotations
of 10 markets, designated by the Secretary of Agriculture,
and
May 25 1938
7.70 May 31 1938
Aug. 20
There was considerable
New York market each
Aug".~23 8~41 Aug." 20
Dec.
May
covering by the Wall Street element, and also pricefixing by the trade.
8 Ts
Jan.
Apr.
short
1938..
Nov. 1938.-
pick¬
a
8.31
Sept. 1938..
Oct.
Range Since Beginning of Option
Range for Week
Option for—
600
8,400
9,400
3.800
15,000
26,900
2,700
9,700
9,700
4,300
24,000
17,400
7,000
11,900
7,300
5,400
Aug. 25
20,500
27,200
22,500
29,200
1,600
1,500
16,400
13,300
465,600
12.400
31,0 0
22,000
14,900
3,200
679,700
633,500
134.800
287,800
Inactive monthsWhite—
April (1939)
Spotted—
Mid. Fair.....
.62
on
.80 on
.97
on
Good Mid
.10 on
.24
St. Good Mid-.
.56
on
.74
on
.91
on
St. Mid
.09 off
.06 on
.22 on
Good Mid
.50
on
.68 on
.85
on
Mid
.67 off
.52 off
.38 off
St. Mid
.33
on
.52
.68
on
Mid
Basis
.18 on
.34 on
♦St. Low Mid.. 1.48 off 1.43 Off 1.38 ofl
•Low Mid
2.22 off 2.18 off 2.15 off
St. Low Mid-
.62 off
.46 off
.33 off
200
—
Low Mid
on
1.38 off 1.32 oft 1.20 off
•St. Good Ord. 2.12 off 2.07 off 2.04 off
2.77 off 2.70 off 2.67 off
♦Good Ord
Extra White—
Good Mid
.50
on
.68 on
.85 on
St. Mid
.33
on
.52
.68
on
on
Mid.
St. Low Mid
Low Mid
on
Even
.18 on
.34
.62 off
.46 off
.33 off
1.38 off 1.32 Off 1.26 off
•St. Good Ord. 2.12 off 2.07 off 2.04 off
•Good Ord—— 2.77 off 2.70 off 2.67 off
future contract.
on
Total all futures,...
.51 off
.41 off
2.74 off 2.69 off 2.07 off
68,300
73,200
Good Mid..
1.26 off 1.18 off 1.09 Off
•St. Mid
1.71 off 1.06 off 1.60 off
2.36 off 2.32 off 2.28 off
84,600 100,000 2,132,400
Open
Contracts
October
March
3,100
9,500
3,850
3,050
850
100
3,050
1,750
4,700
1,700
2,400
3,850
450
1,500
7,150
(1938)
December
January
(1939)
»■-
May
Yel. Stained—
♦Mid
68,900
.29 off
.75 off
.64 off
.53 off
1.47 off 1.41 off 1.37 off
•St. Low Mid.. 2.28 off 2.16 Off 2.13 off
..
•Mid
•Low Mid
62,000
Aug. 17 Aug. 18 Aug. 19 Aug. 20 Aug. 22 Aug. 23
New Or.'eans
Good Mid
St. Mid
6,050
5,250
4,000
8,550
2,300
4,700
150
100
100
7,500
2,350
1,800
1,650
1,400
350
56,550
4,950
9,050
381,650
500
1,900
July
Total all futures....
Aug. 23
1,300
950
200
10,500
14,350
14,500
16,300
141,000
200
26,300
142,750
Gray—
Good Mid
♦Mid
on
.39
Tinged—
St. Mid
♦Not deliverable
on
.64 off
.52 off
.42 Off
.85 off
.73 off
.63 off
1.39 off 1.34 off 1.27 off
The Visible
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
as afloat are this week's returns, and
Foreign stocks as well
consequently all foreign
1362
figures
Financial
brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States, for
Friday
only.
Chronicle
are
.
"
Aug. 26—
1938
bales. 1.014,000
142,000
Stock at Liverpool
Stock at Manchester
Total Great Britain
1937
621.000
Stock at Rotterdam—
Stock at Barcelona
Stock at Genoa
727.000
136,000
11,000
45,000
22,000
15,000
Stock at Trieste
1938
Aug. 26—
Shipped—
Via Mounds, &c
424.000
Total European stocks
1,745,000
India cotton afloat for Europe—
67,000
American cotton afloat for Europe
126,000
219,000
Egypt, Brazil ,<fcc.,afi't for Europe
Stock in Alexandria, Egypt
243,000
Stock in Bombay, India.
934,000
Stock in U. S. ports
2,301,316
Stock in U. S. interior towns
1,922,216
—
U. S. exports today
19,770
Total visible supply
1,004,000 1,158,000
54,000
157.000
940.000
41,000
83,000
118,000
147,000
202.000
166,000
89,000
93,000
69,000
722,000
735,000
550,000
1,392,000 1,269,238 1,187,233
806,649 1,140,781 1,119,686
2,407
13.306
20,797
164
-7,577,302 4,374,056 4,748,325 4,211,716
Of the above, totals of
American and other descriptions
are as
follows:
American—
bales.
Liverpool stock
Manchester stock
563,000
85,000
125,000
184,000
54,000
Bremen stock
Havre stock
Other Continental stock
American afloat for
V. S. port
Europe.
— —
stock...
U. S. interior stock
126,000
2.301,316
1,922,216
U. S. exports today
19,770
Total American
206.000
214,000
129.000
33,000
34.000
19,000
59,000
93.000
113.000
93,000
82,000
49,000
14,000
57.000
78,000
157,000
83.000
118.000
1,392,000 1,269.238 1,187,233
806,649 1,140,781 1,119,686
2,407
13.306
20.797
451,000
Manchester stock
415,000
73,000
57,000
107,000
———
Other Continental stock
Egypt, Brazil, &c., afloat
243,000
934,000
Total East India, &c
Total American
50.000
147 000
89,000
722,000
219,000
Stock in Alexandria, Egypt
Stock in Bombay, India
202,000
93.000
735.000
23,000
67 000
supply
4.74d.
8.46c.
8.90d.
3.88d.
5.63d.
9.60c.
6.70d.
6.21d.
11.78c.
10.42d.
4.95d.
10 58d.
5 48d.
10.75c.
8.40d.
5.19d.
5.83d.
4.98d.
7.50d.
5.49d.
5.59d.
3.85d.
of
35,418 bales, a gain of 3,203,246 over 1937,
2,8_8,977 bales over 1936, and a gain
3,365,586 bales over 1935.
of
Towns
the
movement—that
is,
the
the
week
last
Movement to Aug. 26, 1938
Towns
Receipts
year,
Week
Ala., Birm'am
Ship¬
Season
19
Stocks
Aug.
Week
67
Week
26
1,205
Ship¬
Sight and Spinners'
Takings
20,214
season
increase
an
date the
to
over a year ago
1937
Since
Week
Receipts at ports to Aug. 26
Aug. 26
Since
Week
Aug. 1
Aug. 1
78,102
16,752
.105,000
230,568
42,971
370,000
221,570
1,781
135,000
506.602
20.214
535,000
.199,854
5,620
643,539
*31,907
358,351
18,241
1.061,816
*13,671
.
.
.
.205,474
376,592
Total in sight Aug. 26.
1,048,145
611,632
North, spinn's's takings to Aug. 26
*
24,555
15,215
71,204
68,569
Decrease.
Movement into
sight in previous
Week—
Bales
1936—Aug. 27
1935—Aug. 28
1924—Aug. 29
years:
Since
277,129
..268,073
203,9021
1936
1935
1934
Bales
Aug. 11
752,541
740.521
665,069
—
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
principal cotton markets for each day
Below
Southern and other
of the week:
Closing Quotations for Middling Cotton
on—
Week Ended
Aug. 26
Saturday Monday
Galveston
8.28.
8.33
8.03
8.15
8.50
New Orleans-
Tuesday
Wed'day Thursday
8.41
8.21
8.24
8.31
8.15
8.24
Friday
7.95
8.16
8.10
8.48
8.19
8.29
8.29
8.39
8.14
8.40
8.44
8.24
8.59
Norfolk
8.55
8.45
8.50
8.45
8.50
8.60
Montgomery..
Augusta
Memphis
8.20
8.20
8.25
8.20
8.25
8.78
8.70
8.76
8.70
8.74
8.35
8.84
8.30
8.20
8.25
8.20
8.25
__
8.35
Houston
8.25
8.18
8.21
8.16
8.20
8.30
Little Rock
8.20
8.10
8.25
8.20
8.15
8.25
7.99
7.99
7.91
7.97
7.90
7.95
8.03
7.91
7.97
7.90
7.95
8.03
Season
24
Aug,
Week
the past week have been as follows:
27
150
730
closing quotations
leading contracts in the New Orleans cotton market for
for
Stocks
ments
Receipts
65
266
85
214
283
187
5,676
1,028
1,090
392
46,675
1,983
2,620
244
25,935
464
543
21
52,816
3,128
3,659
873
17,376
120
85,252
1
33,054
38
18
24,242
3
3
Helena
98
108
1,274
26.928
171
261
Hope
16
17
""4
"212
22,645
6,408
389
90,999
93
103
18,400
1
1
*598
61,900
210
510
Eufaula
Seima
Ark., Blythev.
24
City
3
1
Newport
Bluff.
2,271
4", 319
Walnut Rge
109
178
Ga., Albany..
581
1,296
"330
7
59
280
13,661
Saturday
Monday
Tuesday
Aug. 20
Aug. 22
Aug. 23
Wednesday
Aug. 24
Thursday
Friday
Aug. 25
Aug. 26
Sept(1938)
October
23,896
8.29
8.36
8.29
8.34
November
4,035
December.
8.47-
8.35- 8.36
8.42
8.37
8.39
3,850
6
8.38- 8.41
2,366
"l78
23,493
Jonesboro—
Jan. (1939)
8.45
8.34
8.40
8.35
8.38
8476- 848a
8.36
8.43
8.37
8.38
7,453
1,349
30,414
5,106
"304
9,956
6
29,420
February
April.
May
100
315
545
1,850
2,631
125,604
1,290
3,545
3,138
79,999
2,729
7,351
2,941
122,163
5,102
8,181
1,319
69,341
Columbus..
300
600
33.000
1,048
557
Options
18,394
1
27,329
22,058
2,100
1,506
700
328
1
500
8.48
8.36
8.43
8356- 836a
8.35
8456- 847a
Spot
34,500
188
1,300
1,254
100
Macon
8.50
.
March
9,500
11,832
10,095
8326- 834a
8396- 840a
8326- 834a
8.34
16,008
Athens
Atlanta
Augusta
,
15,237
1,781
New Orleans Contract Market—The
17,461
5,818
Pine
6,016
42,971
and that for the
Net overland to
Movement to Aug. 27, 1937
ments
Rock
42,644
1938
In
Fort Worth
Little
14,094
.16,752
Dallas
detail below:
Forest
784
11,915
aggregate net overland exhibits
of 22,757 bales.
Mobile
receipts for the week and since Aug. 1, the shipments for
the week and the stock tonight, and the same items for the
corresponding period of the previous year—is set out in
Montgom'y
209
5,301
Including movement by rail to Canada.
Savannah
Interior
2,538
883
37,737
an
of
the
35,451
506
The foregoing shows the week's net overland movement
this year has
been 16,752 bales, against 1,781 bales for
7,577,302 4.374,056 4.748,325 4,211.716
Continental imports for past week have been 56,000 bales.
figures for 1938 show a decrease from last
At
7,797
4,024
253
Total to be deducted
Leaving total net overland.*
41.000
166,000
69.000
550.000
The above
increase
85,615
541
94,000
2,197,000 1,611.000 1.762,000 1,378,000
—.5,380,302 2.763.056 2,986.325 2,833,716
Middling uplands, Liverpool
Middling uplands, New York
Egypt, good Sakel, Liverpool.—Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple.s'fine, Liv
week
14,278
11,964
13,300
Inland, &c., from South
318.000
48,000
55.000
46,000
77,000
54,000
41,000
67,000
Indian afloat for Europe..
452,000
42,000
43.000
26.000
54.000
78.000
Total visible
""273
~™V-
Liverpool stock
Bremen stock
Havre stock
""95
3,586
2,016
30,846
5,380.302 2,763,056 2,986,325 2,833.716
East Indian, Brazil, &c.—
618
16,220
49,318
Deduct Shipments—
Overland to N. Y.f Boston, &c—
Between interior towns
*
5,366
3,570
3,541
Via other routes, &c
54.000
850
23,299
Via Virginia points
Total gross overland
Total Continental Stocks
Aug. 1
1,250
296
-—
Via Louisville-
r
Since
Week
11,367
7,796
2,792
1,050
Via Rock Island
1937-
Since
Aug. 1
Week
Via St. Louis
16.000
410,000
277,000
showing the overland movement
made up from telegraphic
reports Friday night.
The results for the week and since
Aug. 1 in the last two years are as follows:
516,000
207,000
72,000
41,000
69,000
10,000
9,000
Aug. 1—
We give below a statement
for the week and since Aug. 1, as
69,000
11,000
6.000
17,000
7.000
6,000
589,000
.
447.000
748,000
148,000
128,000
9,000
58,000
50,000
100.000
—
Stock at Venice and Mestre
1935
666,000
82,000
106.000
1—1,156,000
232,000
262,000
13,000
Stock at Bremen
Stock at Havre
1936
Aug. 27, 1938
Overland Movement for the Week and Since
Rome
30
"846
14,124
"1,260
35
592
1
1
La., Shrevep't
829
1,018
524
53,605
2,817
3,569
530
Miss., Clarksd
Columbus.
522
603
44.686
850
1,005
228
120
1,627
227
1,260
Greenwood.
2,753
3,877
341
23,627
52,700
3,772
4,408
4,735
3,614
June
July
August...
Tone—
Steady.
Dull.
Quiet.
Barely stdy Barely stdy
Steady.
Cotton Ginned from Crop of
Steady.
Steady.
Steady.
Steady.
Steady.
Steady.
1938 Prior to Aug. 16—
The
30
262
290
22,409
1,062
2,005
203
203
459
10,296
55
61
770
census report issued on Aug. 23, compiled
from the
individual returns of the ginners, shows 313,934 running
bales of cotton (counting round as half bales and excluding
Vlcksburg..
95
105
238
11,661
29
31
Yazoo City.
Mo., St. Louis
""39
816
147
176
linters) ginned from the
178
1,018
1,089
14
2,358
2,787
11,003
2,792
N.C., Gr'boro
23,765
2,900
1,250
4,559
1,250
1,737
235
271
207
1,789
12
80
214
2,272
71
369
223
133,199
753
832
104
54,061
.
Jackson
Natchez
Oklahoma—
15 towns *.
S. C., Gr'ville
Tenn., Mem's
Texas. Abilene
109
12,211
"478
11,045
61
4,567
1,849
6,408
3.308
70,081
2,336
4,966
2,948
34,049
10,387
490.875
4,839
15,531
6,591
123.418
1
1
76
7.430
Running Bales
Counting Round as Half Bales and Excluding Linters
54,984
6,014
crop of 1938 prior to Aug. 16, com¬
pared with 514,524 bales from the crop of 1937 and 208,509
bales from the crop of 1936.
Below is the report in full:
State
8
Austin...
162
185
Brenham
1~032
"l",777
"766
940
235
351
76
Dallas
2,344
1,439
2,201
672
2,374
343
631
282
32,820
2,640
3,008
900
3,984
Paris
1,581
649
Robstown.
955
40
22,957
972
1,157
5,475
1,196
1,045
5,875
2,570
12,389
2~418
6,003
736
.
373
801
x698
13,660
1,065
6
10
13
276
xl,382
2.108
316
19
San Marcos
Texarkana.
Waco
Total,56towns
*
2
27.862
94,884
above
increased
totals
1,773
18,589
12,503
19
22
8,046
8,332
4^267
4,528
33,482 1^22,216
50,959
95,637
32,718
806,649
Includes the combined totals of 15 towns
In Oklahoma,
The
1,131
show
during the week
that
the
5,620
x
bales
stocks
have
and
are
tonight
period last year. The
receipts of all the towns have been 230,097 bales less than
1,116,567 bales
the
same
more
than at the
week last year.
same
Florida
...
Louisiana
*514,524
*208,509
5,095
3,694
1,209
Alabama
Arizona
Georgia
6,395
5.669
972
Texas
was
92
1,256
18,726
22,576
4,695
285.705
1,114
20,158
32,657
6,559
447,160
153,767
855
389
748
14,888
2,228
Mississippi
*
1936
1937
*313,934
260
All other States.
San Antonio.
interior
1938
United States.
Includes 157,865 bales of the crop of 1938 ginned prior to Aug. 1, which
counted in the supply for the season of 1937-38, compared with 142,983
and 41,130 bales of the crops of
1937 and 1936.
The statistics in this report include 1,000 round
1937 and 487 for 1936.
bales for 1938. 5,064 for
.
.
_
.
The statistics for 1938 in this report are subject to revision when checked
against the individual returns of the ginners being transmitted by mail.
Volume
Financial
147
1363
Chronicle
Exports—United states
and
Imports
Consumption, Stocks,
449,511
31 was
1,266,983 bales, and in public storages and at compresses 9,641,201 bales.
The number of active consuming cotton spindles for the month was 21,916,166.
The total imports for the month of July, 1938, were 25,047 bales,
and the exports of domestic cotton, excluding linters, were 195,706 bales.
Cottob consumed during the month of July, 1938, amounted to
Cotton on hand in consuming establishments on July
World Statistics
Amarillo
Henrietta
Activity in the Cotton Spinning Industry
1938—The Bureau of the Census announced on
that, according to preliminary figures, 26,376,210 cotton
spinning spindles were in place in the United States on July
31, 1938, of which 21,916,166 were operated at some time
during the month, compared with 21,143,988 for June,
21,341,750 for May, 21,786,054 for April, 22,288,098 for
March, 22,356,638 for February and 24,394,300 for July
1937.
The aggregate number of active spindle hours re¬
ported for the month was 5,919,306,582.
Since the inaugu¬
ration of this inquiry in 1921 the average hours of operation
for the day shift for all of the mills was used in computing
the monthly percentage of activity.
The hours of employ¬
ment and of productive machinery are not uniform through¬
out the industry.
However, in order that the statistics may
be comparable with those for earlier months and years, the
same method of computing the percentage of activity has
been used.
Computed on this basis the cotton spindles in
operated during July 1938 at 100.2%
single-shift basis. This percentage compares
with 91.9 for June, 89.3 for May, 85.7 for April, 101.0 for
March, 98.9 for February and 121.9 for July 1937.
The
average number of active spindle hours per spindle in place
for the month was 224,
The total number of cotton spin¬
ning Epindles 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:
"
the United States were
capacity
Average per
Active Dur¬
In Place
July 31
ing July
Total
26,376.210
21,916,166
5,919,306,582
224
Cotton growing States
18,798,244
6,777,446
76
88
70
108
;•
70
89
85
98
60
79
0.38
98
64
81
100
70
85
96
68
82
98
72
85
102
70
86
96
70
83
100
68
100
70
84
85
100
71
85
102
68
85
102
72
87
98
70
84
90
74
82
dry
0.02
1
_
dry
dry
Palestine
Paris
0.18
1
San Antonio
dry
dry
dry
dry
dry
Taylor
Weatherford
Alabama—Mobile
Birmingham.
Montgomery
Florida—Jacksonville
0.01
1
-
dry
Miami—--------------
94
76
92
72
0.38
101
73
87
98
68
83
100
72
86
102
70
99
74
87
Tampa.-—-----
-
dry
dry
Atlanta
;
_. _ _ _
_
Macon
0.01
1
.
86
■
dry
Carolina—Charleston.
South
,
82
3
1
G eorgia—Savannah
'
85
1
0 02
0.38
Pensacola—-
Augusta
.
2
0.22
90
56
73
Charlotte
1
0.74
94
62
78
Raleigh_
1
0.58
92
66
79
90
68
79
98
73
86
96
58
72
96
64
80
North Carolina—Asheville
.
dry
dry
Wilmington
Tennessee—Memphis
Chattanooga
0.20
1
.
dry
Nashville
V
0
has also been received by tele¬
graph, showing the heights of rivers at the points named at
The following statement
8
a.
m.
of the dates given:
>
"
,
,-v■''■.'--.-.v'v.'-v■
\
,,
i
Aug. 26, 1938 Aug. 27,1937
F66t''
cX:--• JFBBt ' '
New Orleans-..----.Above zero
2.2
4.7
Memphis
9.4
of gauge.
Above zero of gauge.
Above zero of gauge.
Above zero of gauge.
.Above zero of gauge.
Nashville
Shreveport
Vicksburg.
6.3
9.5
9.0
8.9
3.0
12.2
4.1
Receipts from the Plantations—The following table
indicates the actual movement each week from, the planta¬
figures do not include overland receipts nor
consumption; they are simply a statement of the
The
tions.
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
Spindle in Place
United States
84
100
100
V/V
0.02
_
_
Southern
for July
Spinning Spindles
State
84
74
1
« _ -
Luling
Nacogdoches_
on a
Active Spindle Hours
70
94
1
—r .
.
Lampasas
for July
Aug. 20
84
98
dry
dry
dry
---
Kerrville
United
The
83
70
1.56
El Paso
36,305,000
70
98
2
Dallas
estimated
84
96
dry
dry
Brownsville
world's production of commercial cotton, exclusive or
linters, grown in 1937, as compiled from various sources, was
bales, counting American in running bales and foreign in bales of 478 pounds
lint, while the consumption of cotton (exclusive of linters in the
States) for the year ended July 31, 1937, was 30,820,000 bales.
total number of spinning cotton spindles, both active and idle, is about
149,000,000.
The
66
0.62
Brenham
.
102
1
Abilene
86
80
dry
dry
Austin
Mean
Low
Inches
Daus
Texas—Galveston
bales.
-Thermometer
Rainfall
Rain
16.660.094
4,700,371,514
1,109,858,626
164
109,076.442
136
395,184,836
210
596,332
1,439,440
478,876
93,841,932
167
3,243,128
2,850,228
763,944,796
180,429,297
514.983,355
236
256
24.
1938
800,520
All other States
May
14.112
25.457
52,470 2194,843 1107,259 1594,234
Nil
Nil
Nil
3.
17.425
23,761
Nil
NU
7.151
10.
20,069
23,325
Nil
NU
17.
27,019
24.113
15,944
19,653
47,072 2167.585 1064,946 1554,313
32,597 2138,409 1030.520 1517.933
998,705 1465.362
39,972 2119.356
21,698 2100,775 964,392 1424,612
27.
June
Alabama..
.
1,883,974
•—.
Connecticut
Georgia
1936
1937
250
4,684,796
571,276
1936
1937
1938
1936
1937
1938
New England States.
Receipts from Plantations
Slocks at Interior Towns
Recelpts at Ports
Week
End.
704,924
600,832
3,769,828
Maine
137
July
Nil
7.966
Nil
Nil
5.53?
NU
NU
Nil
2,348,764
139,640
52,968,944
22,893
15,752
21,952 2081,164
930,960 1384,154
Nil
1.
3,282
209,016
253
Mississippi
New Hampshire
143
17,059
13,381
2053,520
903,027 1349,502
Nil
8.
52,427,320
148
15.
Nil
1,376,467,374
205,706,234
22.
43,924
28,601
17,198
3,764
210
29.
55,199
44,437
34,411
NU
53,593
848,935 1255,364
828,147 1206,417
Nil
5,331,344
783,726
228
16,97? 2024.282
1997,556
Nil
274,160
3,438
355.388
873.772 1301.765
New York
17,684
32.676
Nil
395,622
89,939,544
Nil
629,330
5,382,342
554,996
1,663,257.991
174,876,116
290
Aug.
291
5..
49.379
39 236
278
12-
51,885
811.182 1167,401
796,150 1144,650
22,595
71,016,184
33,753
79,061
30,140
168,963,590
266
19.
67,385 141,468
63,862
115,299,069
157
26.
788,408 1132,176
806,649 1140,781
Massachusetts
6,049,284
North Carolina
978,520
Rhode Island..--—.
5,730,948
South Carolina
Tennessee
600,068
Texas.
255,098
Virginia
634,064
217,962
602,486
All other States
736,308
515,748
76,533,168 Pounds of Wool Appraised for Loans of
$13,334,328 by CCC Through Aug. 13—Commodity Credit
Corporation announced that through Aug. 13 76,533,168
aggregating $13,334,327.97.
Of this
$5,510,164.23 have been completed on
appraised for loans
amount, loans of
30,468,410 pounds
remainder being in process.
The loans average
net
pounds of wool had been
grease
of wool, the
17.42 cents per grease
Cotton
pound.
Loans of CCC
Through Aug. 18 Aggregated
$238,734,910 on 5,464,962 Bales—Announcement was made
Aug. 19 by the Commodity Credit Corporation that
"Advices of Cotton Loans" received by it through Aug. 18,
on
1938,
by
loans. disbursed
showed
which loans have
Bales
77,128
Mexico—49,296
North Carolina...
126,879
Oklahoma
84,986
South Carolina
258,016
State-—
Missouri.-.....--
— — .
New
Georgia
453,177
Louisiana
299,652
Texas..
284,261
1,645,173
617,114
Virginia
9,697
Mississippi.-
-
Tennessee......
Telegraph—Telegraphic advices to us this
evening indicate that excessive shedding is taking place in
Mississippi and Louisiana and locally in Texas.
Picking is
restricted largely to Texas and southern portions of Georgia
and Alabama.
Progress of cotton has been fair in the south
Returns
to
by
good in the north.
Rain
Inches
dry
dry
dry
dry
dry
Oklahoma—Oklahoma City...
Arkansas—Eldorado
Fort Smith
—
Little Rock
Pine Bluff
Anite
New Orleans
Shreveport
Mississippi—Meridian
Vicksburg
'
1
100
Low
72
Mean
86
71
86
100
72
86
102
72
83,722 239,811 149,970
shows:
(1) That the total receipts
plantations since Aug. i, 1938, are 198,661 bales;
in 1937 were 492,931
bales and in 1936 were 94,002
bales.
(2) That, although the receipts at the outports the
past week were 78,102 bales, the actual movement from
plantations was 83,722 bales, stock at interior towns
having increased 5,620 bales during the week.
World's Supply and
73
from all sources from which statistics
obtainable; also the takings or amounts gone out of
for the last two seasons
are
Cotton
19
1
sight to Aug. 26- .
Bombay receipts to Aug. 25—
Other India ship'ts to Aug. 25
Alexandria receipts to Aug. 24
Other supply to Aug. 24 * &--
100
Season
4,275,125
7,612,720
7,858",941
Visible supply Aug.
205",474
376", 592
611,632
11,000
4,000
American in
75,000
42,000
2,400
4,339,022
1,048,145
42,000
31,000
11,200
25,000
8,000
32,000
10,000
7,000
9,000
9,000
7,84^,794
8,621,973
4,686,717
5,496,367
Aug. 26---.
7,577,302
7,577,302
4,374,056
4,374,056
Aug. 26 a—
264,492
1,044,671
695,471
312,661
212,661
100,000
1,122,311
702,511
Total supply
-
600
Deduct—-
Visible supply to
American.
Of which other
Of which
- -
186,092
78,400
- - - -
—— _
•
349,200
419,800
in Europe from Brazil, Smyrna, West Indies, &c.
a This total embraces since Aug. 1 the total estimated consumption by
Southern mills, 370,000 bales in 1938 and 535,000 bales in 1937—takings
»
not
Embraces receipts
being
taken by Northern and
1938 and 587,311 bales in 1937, of which
5 Estimated.
available—and the aggregate amount
foreign spinners. 674,671 bales in
325,471 bales and 167,511 bales
American.
Ports—The receipts
Movement from All
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:
of Indian cotton at
84
66
Week
Season
Week
Total takings to
1937
1938
Takings,
Week and Season
88
73
follow¬
Takings of Cotton—The
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
87
103
95
83
100
0.10
0.29
1
Lou isiana—Alexandria
High
Nil
The above statement
India Cotton
Thermometer-
Rainfall
Days
38.915 1951.616
68,215
94,093 52,891 1933,484
76,336 1927,836
73,033 149,210
78.102 221,570 141,365 1922.216
Visible supply Aug.
8.39 cents per pound.
■
Figures showing the number of bales on
been made by States are given below:
--
1978,400
Corporation and
the
loans average
-
28,419
39,742
from the
lending agencies of $238,734,909.81 on 5,464,962 bales of
cotton.
This includes loans of $7,173,300.03 on 170,387
bales which have been paid and the cotton released.
The
State—
Bales
Alabama
787,044
Arizona..—.-..-i---—125,871
Arkansas.—.—
570,307
California
75,366
Florida
995
17,371
dry
dry
100
78
100
dry
96
76
86
Week
Aug. 1
Since
Week
Aug. 1
88
dry
75
68
Since
Since
Receipts—
89
101
1936
1937
1938
Aug. 25
84
Week
Bombay
11,000
Aug. 1
75,000
10,000
42,000
7,000
80,000
1364
Financial
Chronicle
Aug. 27, 1938
Bales
For the Week
NEW ORLEANS—To Liverpool, Aug. 19, Loch dee, 672
To Manchester, Aug. 19, Lochdee, 11.
Since Aug. 1
Exports
from—
Conti¬
Jap'ndk
nent
China
Britain
nent
China
To Hamburg, Aug. 23, Volunteer,
To Hardin, Aug. 24, Svanhild, 100
Japan &
Britain
Total
Conti¬
To Bremen, Aug. 23, Volunteer,
1938
4,000
2,000
6,000
10,000
7",000
49,000
65,000
13,000
2,000
19,000
68,000
89,000
3,000
2"000
6,000
6,000
.
1936
15,000
20,000
3,000
12,000
70,000
86,000
Other India:
k
1938
3,000
1,000
4,000
15,000
27.000
f 1937
4.000
3,000
7,000
7,000
24.000
31,000
1936
12,000
2,000
14,000
18,000
16.000
34.000
ft
Total
42,000
all—
6,000
6,000
21,000
37.000
1937
4.000
9,000
7"6O6
49,000
*
20,000
9,000
120,000
1936
14.000
5,000
15,000
34,000
21,000
43,000
28,000
68,000
f
70,000
119,000
It 1938
10,000
107,000
According to the foregoing, Bombay appears to show an
increase compared with last year in the week's
receipts of
1,(XX) bales.
Exports from all India ports record a decrease
of| 10,000 bales during the week,
ana
since Aug. 1 show
a
decrease of 13,000 bales.
Alexandria
Receipts and Shipments—We now re¬
ceive weekly a cable of the movements of cotton at Alexan¬
dria, Egypt.
The following are the receipts and shipments
for the past week and for the corresponding week of the
previous two
years:
Alexandria, Egypt,
Aug. 24
1938
1937
1936
1
This
Total
Stand¬
High
ard
.52c.
To Liverpool-
Fiume
d.45c.
-60c.
.67c.
Barcelona
*
.67c.
Japan
*
2,000
2,000
33,609
5,000
This
2,900
2,000
3,300
13,950
3",000
1,000
Rotterdam
Since
Aug.
1
6,000
6,000
14,000
2,000
100
16,000
44,70
9,001
»
20,25'
5,000
Oslo
Market—Our report received
by cable to¬
night from Manchester states that the market in both yarns
and in cloths is quiet.
Demand for home trade is improving.
We give prices today below and leave those foi
previous weeks
of this and last yea** foT comparison:
1937
32s Cop
ings, Common
Middl'g
Twist
to Finest
Upl'ds
A.
s.
d.
d.
s.
32s Cop
Twist
A.
A.
6,203
100
#
Shanghai
Bombay
Venice
1.00
d.85c. 1.00
Copenhag'n.57c.
*
,72c.
Naples
d.45c.
.60c.
.65c.
.50c.
x
Stand-
ard
1.00
.85c.
Salonica
♦
Leghorn
d.45c.
•60c.
Gothenb'g
,57c.
.72c.
.73c.
Bremen
.52c.
.67c.
.63c.
.78c.
Hamburg
.52c.
.67c.
No quotations,
Only small lots,
x
d Direct steamer.
Aug. 5
37,000
1,156,000
1,191,000
Of which AmericanTotal imports.
1,163,000
648,000
673,000
658,000
34,000
Of which American
Amount afloat---..Of which American
5,000
136,000
73,000
16,000
122,000
24,000
27,000
8,000
22,000
Forwarded...Total stocks
Cotton
Middl'g
Upl'ds
to Finest
8.
A.
?
d.
s.
d.
-
Aug. 12
52,000
26,000
Aug. 19
Aug. 26
37,000
1,156,000
648,000
50,000
34,000
5,000
136,000
26,000
124,000
Liverpool market for spots and futures
each day of the past week and the daily
closing prices of
spot cotton have been
Spot
8)4 Lbs. Shirt¬
ings, Common
—
The tone of the
1936
Cotton
2,850
.85c.
Piraeus
*
•
.58c.
Stockholm
*
.67c.
.60c.
d.45c.
28,000
can tar is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended
Aug. 24 were
3,000 cantars and the foreign shipments were 16,000 bales.
8H Lbs. Shirt¬
18
Liverpool—Imports, stocks, &c., for past week:
Note—A
Manchester
.52c.
Genoa
H
Total exports
6
5,431
Density
.60c.
.67c.
Week
14
High
ard
d.45c.
,52c.
3,600
6,590
—,—
To Manchester, &c..—
37000
To Continent and India-_ 13,000
To America
Stand-
Density
Trieste
.67c.
.,52c.
1
24
168
50
-
Cotton Freights—Current rates for cotton from New
York, as furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Manchester.52c.
Since
200
233
54,732
Antwerp
Aug.
700
-
41,000
This
300
400
100
457
500
-
32,000
Week
1,854
_
-
55,000
1
Aug.
100
100
-
45,000
Since
Week
Exports (Bales)—
103
—
High
—_
125
103
Gdynia, Aug. 24, Svanhild, 100To Japan, Aug. 24, Anubis, 1,854
To Havana, Aug. 23, Cefalu, 300
To Valparaiso, Aug. 23, Cefalu, 700-------—
To Arica, Aug. 23, Cefalu, 400
SAVANNAH—To Bremen, Aug. 23, Erik Frisel, 100---To Hamburg, Aug. 23, Erik Frisel, 457
To Japan, Aug. 25, Maruto Maru, 500
MOBILE—To Liverpool, Aug. 20, Logician, 200To Japan, Aug. 21, Anubis, 233—
NORFOLK—To Manchester, Aug. 24, Lehigh, 24
To Antwerp, Aug. 22, Biackeagle, 14--To Hamburg, Aug. 26, McKeesport, 168-------------CHARLESTON—To Liverpool, Aug. 15, Scarappa, 50To Manchester, Aug. 15, Sacarappa, 6
SAN FRANCISCO—To Japan, (?), (?), 5,431
LOS ANGELES—To Liverpool, (?), Pacific President, 18
To Manchester, (?), Pacific President, 2,850
To Japan, (?), Santoa Maru, 1,350; (?), Nako Maru,
790;
(£), Kokkai Maru, 1,450; (?), Bokuyo Maru, 600; (?),
Norfolk Maru, 2,013
To Bombay, (?), Norfolk Maru, 100
Liverpool
3,000
11,890
125
Havre
Since Aug.
2,013
326
100
To
Density
Receipts (centars)—
IfcThis week
t
11
Total
Great
To Genoa, Aug. 18, Mongioia, 1,993; Aug. 24, Cardonia, 100-To Venice, Aug. 22, Livenza, 50; Aug. 24, Cordonia, 276
To Trieste, Aug. 22, Livenza, 100
Bombay—
1937
672
__
Great
as
follows:
Saturday
Monday
Tuesday
More
Quiet
Quiet
Wednesday
Thursday
Friday
Dull
Dull.
Market,
12:15
P.
M.
Quiet
demand
Mid. upl'ds
4.76d.
4.72d.
4.68d.
4.73d.
4.71d.
4.74d.
May
27-
9
@10
9
3
@
9
6
4.46
14
@15
10
6
9
@10
7.36
June
3-
8H®
10..
W®
17241-
9H
9H
8J*@ 9H
@10
9
9
@
9
3
4.43
14
10
6
@10
9
7.31
@
3
9
9
3
4.64
13J4 @14Ji 10
10
13H@15
13
10
@15
6
@10
8
6
@10
9
6.92
@10
9
6.95
9
@
9
3
4.69
9
1«@
9
4H
4.83
9
1^@
9
4
4.96
9
9^@10H
3
@
9
6
5.16
9
4.88
@15
9K@10tf
9H@10^
9X@10H
1^@
1J4@
9
4
9
9
4
5.06
29—
9
1K@
9
4H
4.99
13tf@14J4
13^@14H
13?4@14^
13^@14K
12H@14H
5..
9J4@10J4
9
1K@
9
4J4
4.89
12^@14
815-
22..
St'y,
Market
1
dec.
Quiet
pt.
Market,
at
3 to 5 pts.
2 to 3 pts.
decline
decline
Quiet,
advance
9
6
@10
9
6.87
10
6
@10
9
6.98
10
6
@10
9
Quiet;
un¬
changed to 1
@10
9
6.60
714
Quiet at
unch'd to
M,
4 to 5 pts.
6.12
2
pts.
dec.
to
2
pts.
10
10
474 @10
10
Aug. 20
pts.
dec.
dec.
pt.
dec.
pt.
Liverpool for each day
Sat.
Mon.
Close
Noon Close
Tues.
4J4@10
7H
6.20
9
@10
3
4,78
12H@13« 10
3
@10
6
5.93
19-
New Contract
9
@10
9
@
9
3
4.78
12H@13X 10
3
@10
6
5.78
9
©10
9
@
9
3
October, 1938—
4.60
4.74
10
4 J4
5.63
December
4.66
1H@10
January,
Shipping News—As shown on a previous page, the
exports of cotton from the United States the past week have
reached 54,732 bales.
The shipments in detail, as made
up from mail and telegraphic reports, are as follows:
ar1
pts. adv.
Wed.
given below:
Thurs.
Frl
to
12-
9
advance.
St'dy, un¬ Quiet, st'y, Quiet, st'y, Quiet but
changed to unch'd to 1 unch'd to 1 st'y; 3 to 4
decline
Prices of futures at
26-
@
2 pts. dec.
6.85
6
Quiet, st'y,
4
P,
Aug. 26
9
Quiet
2 to 4 pts.
to
1 pt. adv.
opened
Quiet at
at
7.06
6
Futures
d.
1939—
d.
4.69
-»
—
d.
d.
4.55
-
Noon Close Noon Close Noon Close Noon Close
4.55
4.61
—
4.64
..
..
-
-
d.
4.55
4.60
d.
4.56
"...
d.
4.54
4.60
-
d.
4.54
.
4.54
d.
d.
4.57
4.57
4.59
.
4.63
4.60
4.63
4.64
4.63
4.62
4.62
4.66
4.66
March.
4.73
4.68
4.68
4.64
4.67
4.68
4.67
4.66
4.66
4.70
4.70
May
4.77
4.72
4.72
4.67
4.70
4.71
4.70
4.69
4.69
4.73
4.72
4.71
4.71
4.75
July
4.79
October
4.76
December
January,
4.74
•
*.
4.78
1940—
4.64
d.
4.51
'
«.
4.74
-
4.69
4.72
—
4.79
....
4.74
—
....
4.75
4.72
4.70
4.70
4.72
4.73
4.72
4.69
4.73
4.72
—
4.68
4.70
....
--
5.73
4.75
4.69
....
4.71
4.75
Bales
GALVESTON—To Copenhagen, Aug. 18, Trafalgar, 499
To Genoa, Aug. 20, Mongioia, 780
To Oslo, Aug. 18, Trafalgar, 200
To Gdynia, Aug. 18, Trafalgar, 223;
Aug. 19, Svanhild, 54_._
To Gothenburg, Aug. 18, Trafalgar, 540
To Buena Ventura, Aug. 22, Ruth
Lykes, 28; Aug. 19, Mar-
499
780
_
faret Lykes, 192.
Iremen, Aug. 19,
277
Flour—The flour
220
29
300
96
To
150
32
2,785
427
To
To
To
To
To
To
To
To
1,019
6,685
1,007
4,683
17
150
250
2,042
1,669
844
100
To
50
-„
600
100
100
_
400
1,854
-
50
200
_
shipments
at
Consumers
prevailing prices.
were
no
exceptional fea¬
continue
to
buy
on
a
Exceptionally heavy
reported recently from New York to
ports.
Wheat—On the 20th inst. prices closed
%c. to
net
Selling broke out in the wheat pit during the final
today, and wiped out a fractional price advance, sub¬
stituting losses of about a cent. Late selling was a combina¬
tion of hedging and profit taking,
according to some pit
traders.
nearly 5c.
24,
-
scale
week.
presented
hour
648
100
past
market
lower.
17
Aug. 23, Waban, 3,367; Aug. 20, Antverpia, 3,318-Dunkirk, Aug. 20, Antverpia, 1,007
Bremen, Aug. 24, Kiel, 4,683
To Hamburg, Aug. 24, Kiel, 17
To Rotterdam, Aug. 24,
Blommersdijk, 50; Aug. 23, Waban,
Enschede, Aug. 24, Blommersdijk, 250
Genoa, Aug. 25, Mongioia, 2,042
Liverpool, Aug. 20, Davisian, 1,669
Manchester, Aug. 20, Davisian, 844Oslo, Aug. 20, Trafalgar, 100
Gothenburg, Aug. 20, Trafalgar, 50
Norkopping, Aug. 20, Trafalgar, 600Varburg, Aug. 20, Trafalgar, 100
Karlsham, Aug. 20, Trafalgar, 100
Aalborg, Aug. 20, Trafalgar, 400
Gdynia, Aug. 20, Vasa, 1,854
Uddevalla, Aug. 20, Vasa, 50
Abo, Aug. 20, Trafalga, 200
Mantylouto, Aug. 20, Trafalgar, 100
Brando, Aug. 20, Trafalgar, 100
the
Scandinavian
27
To Havre,
To
flour
161
To
To
moderate
795
603
To
To
tures
888
Keil, 603
CORPUS CHRISTI—To Ghent,
Aug. 23, Waban, 450; Aug.
Blommersdijk, 50; Aug. 20, Antverpia, 519-
To
Friday Night, Aug. 26, 1938
540
HOUSTON—To Genoa, Aug. 22, Mongioia, 888
To Liverpool, Aug. 22, Loch dee, 795
To Manchester, Aug. 22, Loch dee, 161
To Cucusta, Aug. 20, Ruth
Lykes, 29
To Rotterdam, Aug. 20,
Blommerdijk, 300
To Gdynia, Aug. 20, Svanhild, 96
To Reval, Aug. 20, Blommerdijk, 27
To Antwerp, Aug. 25, Nevada, 17
To Ghent, Aug. 25,
Nevada, 150To Havre, Aug. 25, Nevada, 648
To Dunkirk, Aug. 25,
Nevada, 32
To Bremen, Aug. 25,
Augsburg, 2,785
To Hamburg, Aug. 25,
Augsburg, 427
To
BREADSTUFFS
200
100
100
The technical reaction
was
based
on an
advance of
bushel since Tuesday's 5-year lows were touched.
A
to ll/%e. advance at Liverpool, liberal export business
in Canadian wheat, and buying credited to
exporters and
mills helped lift the market early in the session.
After highs
of 65h£ and 67c. were reached for
September and December,
selling increased. Prices fell l^c. from the highs. A house
with export connections was reported selling December wheat
late in the session.
There were some spreading operations
between here and Minneapolis, where quotations declined
as much as
lkgc. Winnipeg, however, held firm.
On tha
22d inst. prices closed
to 3^c. net lower.
The wheat
market took another setback today as hedging sales and some
profit taking augmented the burden of liquidation absorbed
in the pit.
Acting very much like it did on Saturday, wheat
bulged k£c. at the opening, but then dropped about a cent
a
and held "for the rest of the session at
a
net fractional loss.
Volume
147
Financial
The reaction
Saturday and today from a 5c. advance last
lows, was described as largely
Hedging from the Northwest, along with move¬
ment of new grain in the
spring-wheat belt, was exerting a
steady pressure on the pit, it was said, and little fresh buying
week above recent seasonal
technical.
support except from mills was in evidence.
The United
States visible supply of wheat for the week ended
Aug. 20
showed
an
increase of
only 5,717,000 bushels,
compared
when a
being harvested. This
showing more interest in
the loan now.
On the 23d inst. prices closed unchanged to
He. higher.
Restricted buying interest and light hedge
selling resulted iD a thin, nervous wheat market here today,
with prices moving in a
range of lHc. and ending with only
slight net gains.
Lack of clarification of the government
export subsidy plan Avas blamed by some traders for di¬
minished buying power.
Only ligiit hedging pressure in
proportion to heavy receipts at Minneapolis and Duluth was
shown, believed due to the fact that much new wheat is
going into storage in preparation for acceptance of govern¬
ment loans.
Activity on either side of the market was
limited, and during the first two hours trading was the
with
advance of 6,457,000 bushels
an
a
as
year
ago
much smaller spring wheat
crop was
confirms reports that farmers are
dullest in weeks.
There was a temporary rally at noon that
boosted quotations up more than a cent from
early lows, but
the gains failed to hold.
On the 24th inst.
prices closed 1 Hc.
almost 3c. a
selling during the
to 2He. net lower.
Wheat values plunged
bushel from early highs
today in a burst of
final hour and closed with substantial net losses.
forced execution of a large number of
The decline
stop loss orders, which
added
the
to
selling.
A break in Winnipeg quotations
liquidation movement here.
Some of the
selling was attributed to profit taking. Strength in securities
and reports rains had delayed harvest
operations in Canada,
helped the market. Liverpool rose fractionally, reversing its
earlier trend after shorts covered on less favorable
political
news and reports of
heavy purchases of Australian wheat by
English interests. Sales of Australian wheat were estimated
Chronicle
the hybrid corn is
yielding very heavily, promising a very
high amount per acre unless unfavorable weather develops.
Reports indicate that 75,000,000 bushels of corn are under
loan, sealed on farms. On the 23d inst. prices closed y8a. off
to y8a. up.
Trading in this market was relatively light and
without particular feature.
of 10,000,000 bushels.
excess
On the 25th inst.
prices closed % to lc. net higher.
After
tumbling more than lc. to within fractions of the five-year
lows, wheat prices rallied today and wiped out all of the
loss, substituting net gains of as much as lc. in some cases.
Previous
"short"
sellers
turned
buyers in evening up their
market positions on the break, and the result was a
strong
rebound in prices during the final hour.
Sufficient buying
for
mills
and
other
yesterday's 2c.
sales
from
quiet.
the
Northwest,
but
hedging
of
result
the
as
result
a
otherwise
the
of
hedging
meager
trade
movement of
was
wheat,
pressure than
marketing from this country
the
interests
appeared to absorb
Winnipeg, because of increased
under greater
was
commercial
break,
Chicago.
Reduced
believed by traders to be
was
wheat-loan
program.
Today prices closed % to %c. net lower.
"Wheat prices
on the Chicago Board lost
almost lc. today in a nervous,
erratic market.
Speculative activity was at a minimum,
with most dealers preferring to await more definite in¬
formation
from
had
the
on
Government
export
Southwest confirmed
dropped
off
sharply
subsidy plans.
belief
during
that
the
export
past
Reports
business
several
face of
go
on export grain to the East were
expected
into Effect within a month.
The Canadian Govern¬
ment announced that its present
policy of "normal mer¬
chandising at competitive prices through regular channels"
would be unchanged, and this chilled
hopes of some traders
that cooperative action
between Canada and the United
States in exporting surplus wheat might be
possible.
De¬
cember
corn
DAILY
CLOSING PRICES OP WHEAT IN NEW YORK
"
Sat.
No. 2 red
DAILY
Mon.
78%
CLOSING
PRICES
OF
WHEAT
Sat.
September
_.
Season's
High and
92%
84%
March
78%
74%
May
When
Made
|
BONDED
Sat.
October
_
May
the
20th
Fri.
77
CHICAGO
Thurs.
62
64
68%
Season's
9, 1938 (September
June 15, 1938 December
July 23, 1938 March
July 23. 1938 May
DAILY CLOSING PRICES OF
Corn—On
68%
Law
Feb
December
Wed.
68%
65%
77%
IN
Fri.
62%
64 %
inst.
67?*
67%
70%
66%
and
60
:
62%
65 %
65%
WHEAT
Mon.
67%
67%
70%
Tues.
67%
66%
70
62%
66
68%
December
Tues.
68%
65%
Thurs.
76%
FUTURES
—
May
September
Wed.
78%
Ion.
68%
65%
_
December
March
Tues.
78%
65%
66%
67
When
Aug.
Aug.
Aug.
Aug.
IN
Wed.
64%
64%
67%
64
Made
16, 1938
16, 1938
12, 1938
16. 1938
WINNIPEG
Thurs.
65%
64%
67%
Fri.
64%
68%
67 %
prices closed He. to lc. net
lower.
September corn which dropped lHc. at one stage,
led a general decline in corn values.
Reports of increased
country offerings, with bookings totaling 80,000 bushels,
and selling by cash interests, were factors in the decline.
Germany was reported to have bought American corn, but
no sales over
night were confirmed. On the 22d inst. prices
closed unchanged to He- lower.
Trading in corn futures
was
relatively light, with the market's undertone fairly
steady.
Excellent corn crop progress is reported in some
parts of the belt. A wire to Donovan states that yield will be
three bushels above average in the area from LaSalle to
Davenport, and that most stocks have two ears. Apparently,
export business showed
small Southern
Hemisphere crop early this year. There were
reports of large German purchases of Argentine corn, but
these could not be confirmed.
been received from
parts of
Reports of corn damage have
Nebraska, South Dakota, Iowa
traders believed no serious revision
and
Kansas, but many
of crop prospects will be made.
On
the
25th
inst.
prices
Independent strength in
% to iy±c. net higher.
with revived export business
as
high. as 1,500,000 bushels,
closed
corn,
spurred by sales estimated
helped sentiment among holders of this grain.
Corn export
business the last two
days was believed around 2,000,000
bushels, mostly to the United Kingdom. Today prices closed
V^c. off to y8c. up.
This market showed little change,
though a steady undertone prevailed.
The heavy export
sales of the past few
days, estimated as high as 2,500,000
bushels, has had a wholesome effect on the trade.
Late
reports showed further export business estimated at 300,000
bushels, bringing the week's reported total
bushels.
Open interest in
near 3,000,000
39,010,000 bushels.
totaled
corn
DAILY CLOSING PRICES OF CORN
Sat.
No. 2 yellow
Mon.
67%
IN
NEW YORK
Tues.
67%
Wed.
67%
Thurs.
66%
Fri.
67%
67%
DAILY CLOSING PRICES OF CORN FUTURES IN
CHICAGO
Sat.
September.
Mon.
52%
49%
May
Season's High and
September... 64
Mar.
December
March
May
July
July
July
63%
...
56
60%
When
Tues.
52%
48%
51%
December
March
51%
Made
Wed.
52%
49%
50%
51%
Season's
Low
25. 1938
September
13, 1938 December
28, 1938 March
23, 1938 May..
Thurs.
Fri.
51
48%
51%
49%
51%
49%
51%
51%
51%
and
When
49%
46%
Aug.
Aug.
Aug.
Aug.
49
49%
52
Made
11,
11,
11,
16,
1938
1938
1938
1938
Oats—On the 20th inst. prices closed Hc- off to He. up.
Trading was light and of a mixed character, with the market's
undertone barely steady.
On the ,22d inst. prices closed
unchanged to He. higher. There was very little to report
on
this market.
Trading was light and without feature.
On the 23d inst. prices closed
y8a. to He. higher.
This
market was fairly firm, with
trading moderately active.
On the 24th inst. prices closed
yc. net lower. There was
very little of interest in the action of this market.
\
On
the
25th
inst.
prices closed unchanged to V^c. up.
light trading in this grain, largely of a
routine character.
Today prices closed % to ^c. lower.
Trading was light and without feature.
There
was
very
DAILY CLOSING PRICES
OF
OATS
Sat.
23%
December
24
May
25%
Season's
September
December
High and
30%
28%
...
May
28
When
Jan.
July
July
Made
I
FUTURES
Mon.
September
Tues.
23%
24%
25%
Season's
CHICAGO
Low
Thurs.
23%
24%
25%
24%
25%
10, 1938(September
13, 1938 (December
23, 1938 (May
IN
Wed.
23%
and
22
28
24%
23%
24%
25%
When
Aug.
Aug.
Aug.
Fri.
23%
24%
25%
Made
8,1938
16, 1938
8,1938
DAILY CLOSING PRICES OF OATS FUTURES IN
WINNIPEG
So#. Mon. Tues.
31%
31%
31%
29%
October-
December
Wed. Thurs.
31%
31%
29%
May
Fri.
30%
29%
....
Rye—On
wheat at
Winnipeg, which until recently was at a
premium of 6c. over the Chicago contract, is now at a dis¬
count.
Open interest in wheat at tonight's close was re¬
ported as 119,914,000 bushels.
the
pronounced weakness in wheat values, though
no signs of improving.
The
recent sharp break in
Argentine corn, some traders feared,
may curtail future export business because Buenos Aires
prices are at the best competitive level since harvest of the
the
days.
Lower rail rates
to
On the 24th inst. prices closed
This market held well in the
unchanged to 1 H®. lower.
touched off the
in
1365
lower.
the 20th
There
was
inst.
prices
closed
He. to
net
considerable hedge selling in evidence
and with the wheat and
corn markets
lower, rye closed at
day. On the 22d inst. prices closed He. to
He. net lower. The depression in rye futures was naturally
influenced by the bearish weather and
crop reports and the
heaviness of other grains.
On the 23d inst. prices closed
He. to He. higher. This market held steady at fractional
gains, though trading was only moderately active. On the
24th inst. prices closed Hc« to lc. net lower.
There was no
aggressive selling in evidence despite the pronounced weak¬
ness shown in the wheat markets.
Rye values slid off in
sympathy with the declines in the other grains, there being
very little support in evidence as prices tended lower.
the lows of the
On the 25th inst. prices closed % to l%c.
higher.
The
firmness of rye was attributed largely to the
upward move¬
ment in wheat and corn.
Today prices closed
%
lower.
in
to
%c.
The heaviness of rye was attributed to the reaction
wheat.
DAILY
CLOSING
PRICES
OF
RYE
Sat.
September
—
December
-
May....
-
-
Season's High and
September... 69%
56%
May..
53%
December
DAILY CLOSING
FUTURES
Mon.
41%
42%
45%
41%
42%
44%
41%
42%
45%
IN
PRICES OF
October
Thurs.
40%
41%
44%
42
42%
45%
When
Aug.
Aug.
Aug.
Fri.
41%
42%
45%
Made
15,1938
15,1938
15,1938
RYE
Sat.
FUTURES IN WINNIPEG
Mon.
Tues.
Wed. Thurs. Fri.
40%
40%
41
December
CHICAGO
Wed.
When Made
I
Season's Low and
Feb.
9. 1938 J September... 39%
July 14, 1938 December
41%
July 25, 19381May
43%
•
May
Tues.
41
-
—
39%
42%
39%
40%
42%
39%
40%
42%
40
40%
43%
DAILY CLOSING PRICES OF BARLEY FUTURES IN WINNIPEG
Sat.
October.
37%
December
May....
-
—.
39%
Mon.
38%
38%
39%
Tues.
38%
37%
39%
Wed.
38
37%
Thurs.
37%
37%
39%
Fri.
37%
37%
39%
Financial
1366
Aug. 27.
Chronicle
Corn
Oats
Closing quotations were as follows:
(bush.)
(bush.)
FLOUR
(bush.)
(bush.)
Spring oats, high
4.50(5
4.10(< >4.30
3.35(< >3.85
Corn flour
St. Joseph...
Fancy pearl,Nos.2.4&7_4.00@4.50
Manitoba No.
ZoX
Rye, No. 2 f.o.b. bond N. Y— 59
Barley, New York—
47lbs. malting
49X
Chicago, cash
35-50
No. 2 white
l.f.o.b.N. Y. 76^
Corn, New York—
No. 2 yellow all
67K
rail
124,000
984,000
201,000
56,000
340,000
290,000
328,000
156,000
1,030,000
269,000
116,000
251,000
123,000
269,000
24,000
4,000
806.000
467,000
416,000
223,000
'•
Oats, New York—
77
Milwaukee
Minneapolis.....
Duluth
Detroit
regarding the movement of grain
V
Chicago
Barley
Rye
—
197,000
4,944,000
2,187,000
64,000
248,000
360,000
23,000
747,000
22,000
3,104,000
1,613,000
3,207,000
550,000
3,013,000
1,443,000
1,775,000
2,000
6,000
3,000
140,000
2,598,000
314,000
120,000
65,000
224,000
30,000
67Ch666
......
Corn
Oats
Rye
Barley
Bushels
Bushels
Bushels
Bushels
Wheat
Bushels
Canadian—
5,160,000
986,000
4,630,000
252,000
1,104,000
170,000
515,000
307,000
923,000
733,000
2,219,000
3,823,000
93,000
1,701,000
742,000
856,000
16,000
169,000
276,000
135,000
8,000
1,123,000
171.000
29 000
215 000
5 000
42,000
267 000
238,000
18,000
2,342,000
992,000
3,875,000
113*666
419,000
117,000
56,000
4,000
29,000
Total Aug. 13, 1938-
1,947,000
991,000
411,000
80,000
8,000
102,000
Total Aug. 21, 1937-
2,363,000
750,000
2.925,000
3,803,000
15,346,000
4,344,000
992,000
7,067,000
3,875,000
Duluth
Milwaukee.
Toledo
Indianapolis
Louis..
Peoria
46,000
65,000
Kansas City
11,000
1,849,000
98,000
64,000
19,000
2,000
2,000
109,000
41.000
33,000
23*666
.827,000
688,000
371,000
Total Aug. 20,
90,000
180,000
1,000
280,000
114,000
5,000
Joseph,
Wichita
—
.
Sioux CityBuffalo
10,801,000
Other Can. & other elev.
94,000
849,000
Omaha
St.
4,837,000
53",000
—
Lake, bay, river & seab'd
Ft.Williams & Pt. Arthur
1,446,000
845,000
3.731 "666
1938.-107,400,000 10,482,000 15,346,000
4,344,000 7,067,000
Total Aug. 13, 1938—101,145,000 11,497.000 12,111,000
3.010,000 5,547,000
Total Aug. 21, 1937-116,748,000
5,798,000 13,780,000
2.728,000 5,680,000
Note—Bonded grain not included above:
Oats—On Lakes, 151,000 bushels; total.
151,000 bushels, against 86,000 bushels in 1937.
Barley—On Lakes, 563,000 bushels:
total, 563,000 bushels, against 652,000 bushels in 1937.
Wheat—New York, 35,000
bushels; New York afloat, 435.000; Buffalo, 69,000; Buffalo afloat, 100,000; Albany,,
9,000; on Lakes, 1,503.000; on Canal, 590,000; total, 2,741,000 bushels, against
3,358,000 bushels in 1937.
>
bbls. 196 lbs bush. 60 lbs. bush. 56 lbs. bush. 32 lbs. bush. 56/bs. bushASlbs.
274.000
22,000
1,137,000
1,588,000
741,000
215,000
Minneapolis
St..
Oats
Corn
Wheal
afloat...
134,000
Total Aug. 20,
of the last three years:
Flour
—
-
On Canal
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Receipts at-
552 ,000
767 ,000
1,652 000
4,131 000
6,240 000
150 000
3,505 000
afloat-..—-
On Lakes
Buffalo
All the statements below
9,000
129,000
97,000
000
32,950 00.
6,487 000
Sioux City
1,052 000
000
St. Louis......6,602
Indianapolis
1,704 ,000
,000
Peoria
276
Chicago
—
16,307 ,000
—-
GRAIN
Wheat, New York—
No, 2 red, c.i.f., domestic...
000
Omaha......----—--
3.00
Coarse
patents.-..-4.50<< >4.70
Hard winter clears... ...4.20<< >4.45
— —
Kansas City.--.----—
1.70
...
Barley goods—
>4.50
straights.—.4.30^
Hard winter
Hard winter
Hutchinson—
Ryeflour patents
._3.60@3.75
Seminola, bbl., Nos. 1-3.-5.55@5.70
Oats good
..2.15
>5.35
>4.70
protein_5.10(<
Spring patents
Clears, first spring
Soft winter straights
Barley
(bush.)
2,000
000
2.462
6,343
3,580
Wichita
1938
Rye
Wheal
1938— 20,591.000
15,029,000
27,411,000
Summary—
American
107,400,000
.
—
86,000
-
Total Aug. 20,
121,000
Total Aug.
Tot. wk. *38
401,000
14,302,000
6,619,000
1,680,000
378,000
13,859,000
1,341,000
5,951,000
Same wk *36
393,000
8,053,000
4,355,000
2,128.000
1,772,000
621,000
4,792,000
1,214,000
44,797,000
13,566,000
1,173,000
1,768,000
54,380,000
50,353,000
5,994,000
19,753,000
4,203,000 11,539,000
4,105,000 7,572,000
18,823,000
23,161,000
—
—.
2,342,000
1938-127,991,000 10,482,000 17,688,000
11,497,000 14,058,000
1937—144,159,000
5,798,000 16,143,000
13, 1938-116,174,000
Total Aug. 21,
4,038,000
Same wk '37
10.482,000
20,591,000
Canadian..
5,336,000 10,942,000
4,001,000
8,472,000
3,478,000
9,483,000
2,482,000 16,032.000
3,890,000
3,181,000
The world's
ended Aug. 19, and since
shown in the following:
Since Aug. 1
1938
1937
.—
1936
—
-
19,749,000
shipment of wheat and
corn, as
furnished by
Broomhall to the New York Produce Exchange, for the week
July 1, 1938, and July 1, 1937, are
Corn
Wheat
flour and grain at the seaboard ports for
the week ended Saturday, Aug. 20, 1938, follow:
Total receipts of
Exports
Aug. 19,
1938
Oats
Corn
Wheat
Flour
Receipts at—
134,000
546,000
155,000
39,000
33,000
175,000
2,000
4,000
Baltimore—
17,000
226,000
29,000
17,000
New Orl'ns*
22,000
84,000
165,000
14,000
860,000
34,000
-
PhiladeF la-
Galveston..
Montreal
269,000
116*666
"96666
317,000
3,275,000
2,670,000
153,000
Jan. 1 '38
8,834,000
69,799,000
72,008,000
3,959,000
Week 1937.
225,000
2,766,000
688,000
149,000
117,000
8,804,000
52,062,000
26,695,000
3,485,000
2,788,000
2,447,000 11,405,000
205,000
Since
1 '37
Receipts do not Include grain passing through
1,406,00 Q
New Orleans for foreign ports
through bills of lading.
from the several seaboard ports for the week
1938, are shown in the annexed
The exports
ended Saturday, Aug. 20,
statement:
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
160,000
733,000
_
1,000
Baltimore
New
Montreal
Sorel
2,000
4,000
32,000
65,000
9,000
217,000
927,000
_
1,268,000
..........
Halifax
171,000
269,000
647,000
Orleans
Galveston
3,000
.
.
1,683,000
.
116,000
Three Rivers...
333,000
3,195,000 3,359,000
Total week 1938—
73,878
69,000
24,000
217,000
12,000
114.270
85,000
80,000
205,000
3,136,000
1937
Same week
The destination of these exports
for the week and since
Flour
Corn
Wheat
Exports for Week
Week
Since
Week
Since
Week
Since
Aug. 20
July 1
Aug. 20
July 1
Aug. 20
1938
1938
1938
1938
1938
July 1
1938
Barrels
Barrels
Bushels
Bushels
Bushels
and Since
July 1 to——
Bushels
32,000
257,133
2,746,000
13,829,000 2,202,000 15,320,000
5,863
74,250
446,000
9,500
80,500
2,000
9,673,000 1,157,000 14,025,000
1,000
32,000
24,500
Kingdom.
Continent
181,500
1,000
...
So. & Cent. Amer.
West Indies
Brit. No. Am. Col.
6,000
6,000
100,000
2,015
20,024
Total 1938
73,878
619,407
3,195,000
Total 1937—
114,270
731,915
3,136,000
Other countries...
23,540,000 3,359,000 29,446,000
18,176,000
12,000
81,000
Bushels
60,000
2,416,000
21,242,000
56,959,000
4,600,000
Argentina.
594,000
2,095,000
17,885,000
12,032,000
640,000
6,288,000
5,288,000
320,000
2,520,000
3,448,000
986,000
6,421,000
9,954,000
10,867,000
85,122.000
54,432.000
5.877,000
59,762.000
69,389,000
Australia
.
..
6,876,000
1,871*666
Other
countries-
__
Approved for Wheat
Program—On Aug. 23 the
Commodity Credit Corporation announced that through
Aug. 19, 1938, 262 public grain warehouses, having a
capacity of 220,380,585 bushels, had been approved for
wheat storage under the 1938 wheat loan program.
Of the
warehouses approved, 118 are large terminal warehouses
and 144 are warehouses at country points.
In addition,
applications for approval have been received from 1,897
terminal and country warehouses having a total capacity
of 153,449,896 bushels.
The names and addresses of ap¬
proved warehouses, together with the loan values at the
respective storage points, will be available through the loan
agencies of the Reconstruction Finance Corporation.
The
Storage
Under
1938
supply of grain, comprising the stocks in
granary at principal points of accumulation at lake and
seaboard ports Saturday, Aug. 20, were as follows:
GRAIN
Wheat
United States—
Boston
—
26,000
New York..
"
Bushels
afloat—...
Philadelphia
Baltimore
New Orleans
-—
Fort Worth
......
790,000
1,289,000
384.000
1,640,000
8,511,000
Loan
Producers who are eligible for wheat loans may obtain same under
regulations by CCC either on the farm, at approved country warehouses,
or at approved terminal warehouses.
Eligible producers can secure full
information and details from their County Conservation Committees, or
any loan agency of the RFC.
Where local country warehouses have not been approved for storage,
eligible producers may request any country elevators, whether approved
or not, to ship wheat to
any approved terminal or sub-terminal ware¬
house, in which case the loan value applicable at such terminal or subterminal will be available against
warehouse receipts as required in
instructions, 1938 CCC Wheat Form 1, sections eight and nine.
Corn
Loans
of
CCC
Aggregated $21,896,968
on
45,-
Bushels Through Aug. 18—The Commodity
Credit Corporation announced on Aug. 19 that "Advices
of Corn Loans" received by it through Aug. 18, 1938,
showed loans disbursed by the Corporation and held by
lending agencies on 45,152,351 bushels of corn.
Such loans
aggregated $21,896,968.46, based on a loan rate of 50 cents
per bushel of 2l/2 cubic feet of ear corn testing up to 14y2%
moisture; the average amount loaned per bushel deter¬
mined in this
manner
Bushels
Colorado
1,035,066
Oats
Bushels
_
Iowa
Bushels
1,000
11,000
Rye
Bushels
265,000
59,000
16,000
Barley
15,000
4,000
14,000
8,000
Minnesota
Weather
100,000
13,000
69,000
139,000
3,000
—
—
-
-
«
«
16,000
61,660
South Dakota
Wisconsin
—
Report for the Week Ended Aug.
1,452,006
3.494,642
99,612
1,227,107
4,203
24—The
summary
Following
3,000
25,000
530,000
12,000
26,237
3,707,474
a
few days of respite from the persistently warm
17,000
weather in
of the week there was a return to ab¬
normally high temperatures near its close.
Again, a large trans-Mississippi
area had maximum temperatures tanging from 100 degrees to 104 degrees.
In fact, all sections east of the Rocky Mountains had maxima as high as
the middle 90's, except some Applachain Mountain sections, the extreme
Northeast, the Lake region, and the extreme northwestern Great Plains.
the Miswest during the first part
.
_
Ohio
26,513,031
Kaasas
....
—
of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended Aug. 24, follows:
Bushels
35,000
13,000
Missouri
Nebraska
2,327
loans
Bushels
State—
7,590,646
....
Illinois
general
STOCKS
Corn
thus far has been 48.50 cents.
Figures showing the number of bushels on which
have been made by States are given below:
Indiana
visible
Galveston
Bushels
31,320,000
779,000
3,020,000
22,188,000
15,384,000
10,946,000
State—
The
Bushels
Bushels
Bushels
32,099,000
2,816,000
152,351
July 1, 1938, is as below:
United
Bushels
4,402,000
CCC added:
15.000
35,878
170,000
77,000
York
Albany
1,
1937
CCC Announces 262 Warehouses
321,000
10,000
253,000
New
July
:
Black Sea-
Total.
Since
*
Since
.
No. Amer.
India._
"3',odd
Tot. wk. *38
on
July 1,
1938
1,683,000
.—.
Halifax
Jan.
Aug. 19,
1938
1,
1937
14,000
Riv's
—
3,000
1,000
3326666
12,000
Boston
Three
Sorel
1,268,000
32.000
—
1,000
65,000
July
1,
1938
Since
Barley
Rye
bbls. 196 lbs bush. 6016s. bush. 56 lbs. bush. 32 lbs. bush.56lbs. bushA8lb8.
York.
New
July
Week
Since
Since
Week
Volume
147
Financial
East of the Rocky Mountains the
highest temperature reported was 104
degrees at Valentine, Neb., and Huron, S.
Dak., on Aug. 22, while on
the same date
Phoenix, Ariz., reported 110 degrees.
The weekly mean
temperatures were above normal everywhere from the
Rocky Mountains eastward, except in Montana.
The greatest plus de¬
partures appear in the Northeast
and Lake region where the week was 6
warmer than normal.
In the Central Valleys the plus
degrees to 8 degrees
departures were mostly from 2 degrees to 4
degrees, while in the Cotton
Belt the week was also from 2
degrees to 4 degrees warmer than normal.
West of the Rocky Mountains
considerably cooler weather prevailed, with
average temperatures running mostly below
normal, alough along the
Pacific coast about-normal warmth
prevailed.
V In general, rainfall was scanty during the week.
occurred in local areas, such as
parts of the Middle
Substantial amounts
Atlantic States and the
Southeast and also in the Lake region and
upper Mississippi Valley.
Other¬
wise, showers were of a decidedly local character and generally very light.
Most of the South had a rainless
week, while very few stations in the south¬
ern
Great Plains reported measurable amounts of rainfall.
From the
Rocky Mountains westward light amounts were reported from the north
but in central and southern sections there was
In much of the Great Plains and
Rocky
absence of material rainfall, the warm
no rain
of consequence.
Mountain
areas
continued
weather, and much sunshine have
intensified droughty conditions, especially in much of New Mexico, parts
Oklahoma, and rather generally in Nebraska, South Dakota, Wyo¬
ming and Colorado.
In Montana and North Dakota conditions are still
of
rather
favorable, but moisture is needed for plowing in the latter State.
The Pacific Northwest continues too
dry; also much of Missouri.
On the
Chronicle
1367
cotton
picked and ginned in extreme south and this work expanding nortnward.
Pastures and truck good, except in extreme south where
drought
has injured all
vegetation but cotton.
Cattle good.
Rice about normal;
harvest well under way.
Oklahoma—Oklahoma City: Hot; moderate to excessive rains in eastand northeast, but mostly
light elsewhere; rain urgently needed
much of west and extreme south.
Progress and condition of corn fair,
except poor in dry areas; early being gathered.
Considerable cotton de¬
terioration in southwest and extreme
south-central, but ptogress and con¬
dition fair to good elsewhere;
opening rapidly and some picked in scattered
areas; heavy shedding in extreme southwest.
Pastures and minor crops
central
in
need rain in
much
of west.
Arkansas—Little Rock: Progress of cotton fairly
good to very good,
due to abundant sunshine,
dry weather in east and south and rains else¬
where first of week; still blooming and
fruiting
locally
weather
localities; shedding
except in north;
Progress of late
Favorable for pastures, rice, sweet
many
in northeast; opening and picking under
way,
favorable for checking weevil most of week.
corn
mostly good, due to recent rains.
potatoes, tomatoes and truck.
Tennessee—Nashville: Progress and condition of corn
good to excel¬
lent, early maturing rapidly, while much late
just earing.
Progress and
condition of most cotton good; some
complaint of too rapid growth; warm
dry weather favorable and opening begun; slight
shedding.
Tobacco
ripenixig rapidly; being cut; condition improved, but still some
sweating
in barns.
Hay crops good to excellent.
Considerable fall plowing.
other
hand, rains during the week were beneficial in most of Minnesota
Iowa, while the outlook in Kansas has improved materially since the
and
good
falls
East
Soil
of
last
of the
week.
parts of the Middle Atlantic States, and a few localities in the Southeast.
With favorable moisture, and the influence of warm weather and sunshine,
crops in general continue to make good to excellent progress.
There was
too much rain in the western Lake
region, especially Wisconsin, where
field work was considerably delayed, with
damage to unthreshed, shocked
grain.
In the South fair and warm weather was mostly favorable, though
some local areas are in need of moisture.
Small
Grains—Harvesting and threshing grain
in later districts
that in the
western Lake region there was considerable
delay and more or less damage
to unthreshed oats by
heavy rains.
Spring-wheat threshing is well along.
Considerable damage to rice in Louisiana is now reported from the storm
of Aug. 14-15, though the late crop was only
silghtly harmed.
In Texas
rice is making about-normal advance, while
grain sorghums are doing
crops
made good progress with favorable weather
conditions, except
well in most of Kansas.
East of the Mississippi
River considerable plowing for fall seeding has
been accomplished with the soil mostly in
good condition, though it is
too dry locally in the western Ohio
Valley.
In Kansas conditions are
favorable, except in the extreme west, and preparation for seeding wheat
is nearly completed, with some local
sowing reported in the extreme west.
North of Kansas the soil is too dry.
Com—From the Ohio Valley eastward and northward the corn crop
continues in
good to excellent condition quite generally and is maturing
Prospects are somewhat lowered in many localities in Illinois
though some improvement
previously too wet.
In the western Corn Belt conditions continue variable.
Considerable
deterioration has occurred in Missouri, because of continued dry weather,
especially in the south-central and western portions.
However, in Kansas
appreciable improvement is in evidence since the recent rains over the
eastern two-thirds of that State, but in the western third there has been
severe damage.
In Nebraska and South Dakota
drought and heat have severely dam¬
aged the corn crop; much is being cut for silo and feed in the latter State.
In North Dakota and Minnesota, except in
dry.areas of the latter State
progress continued fair to excellent.
Most of Iowa reports good progress
except in the southern area where previously damaged, and a considerable
percentage was harmed by recent hot, dry winds in the five northern¬
most Missouri River counties; the crop is
mostly in the denting stage,
except the late-planted in some northern areas.
rapidly.
because of the late arrival of needed rainfall,
is shown in western Kentucky where it was
Cotton—In the Cotton Belt temperatures averaged above normal gen¬
was confined to the extreme northeast and
erally and appreciable rainfall
local
areas in the northwestern belt.
In general, the weather continued
favorable for the cotton crop, except in more or less restricted areas.
In Tesas progress and condition of cotton continue
mostly good in the
southern half of the State; in the northern half bolls are opening rapidly,
but considerable deterioration is reported, due to previous frequent rain¬
fall favoring weevil activity and promoting considerable shedding;
picking
In Oklahoma deterioration continues in
southwest and extreme south-central portions, but elsewhere progress is
fair to good; bolls are opening and some picking is reported in scattered areas.
In the central States of the belt progress is generally
satisfactory, though
there is some complaint of rank growth at the expense of fruit in parts
of Arkansas and Mississippi and consideral recent storm
damage is re¬
ported from southwestern Louisiana.
The first bale has been picked in
Missouri.
In the eastern States condition continues mostly favorably,
though in Georgia progress is still mostly poor because of previous un¬
favorable condition; too much stalk and very little fruiting.
Some open
bolls have been reported north of Atlanta and to southeastern North Caro¬
lina
Recent weather has been favorable for checking weevil activity in
the eastern belt, but they had become very active in some wetter localities.
and
ginning made good progress.
The
Weather Bureau furnished the following resume
of
conditions in the different States:
North Carolina—Raleigh: Some locally heavy rains, but not where late
needs moisture,
otherwise, generally favorable for growing crops
corn
and
harvesting those matured.
Much hay and other forage saved in good
Progress of cotton generally good; blooming in east and south;
opening in southeast.
Curing tobacco well advanced.
condition.
scattered
South Carolina—Columbia:
Mostly fair, warm and sunshiny.
Weather
favorable for checking weevil, although much injury reported in some
southern areas; cotton mostly good; opening rapidly at lower
elevations,
beginning in extreme northwest; picking and ginning good progress in
south, picking begun in central; mostly moderate shedding.
Haymaking
and fodder pulling made favorable progress.
Forage, truck and late
corn
need rain.
DRY GOODS TRADE
loss account scab.
Florida—Jacksonville:
Warm; light rains.
Progress of cotton rather
condition fair; bolls opening; picking slow progress.
Some corn
being harvested.
Sweet potatoes mo3cly good.
Preparing land for
fall truck.
Citrus groves good, but some localities need rain.
poor;
still
Alabama—Montgomery:
Warm;
light,
scattered
showers;
much
sun¬
shine.
Progress of cotton very good; condition fairly good to good, favor¬
able for checking weevil; infestation heavy only locally; picking made good
in south; becoming more general in middle.
Corn, cane, sweet
potatoes, truck and pastures good, but beginning to need rain.
progress
Mississippi—Vicksburg: Generally warm; little rain.
Conditions moder¬
ately favorable for weevil; growth of late-planted cotton good, with fruit¬
ing poor; early planted opening well; picking and ginning slow advance.
Progress of late-planted corn fair; some early planted being housed in
extreme south.
Miscellaneous crops fair to good advance.
Louisiana—New
favorable.
New York,
Friday Night, Aug. 26, 1938.
Improved weather conditions had a stimulating influence
on
the volume of retail business
loss ratios
as
during the past week and
compared with the corresponding period of 1937
narrowed further.
Urban sections made the better relative
showing, while business in rural districts
trialized
areas
and
highly indus¬
continued rather
spotty.
Cooler tempera¬
tures resulted in a moderate
pickup of consumer interest in
early fall apparel lines, whereas home furnishing and acces¬
sories
remained
neglected.
Department store sales the
for the week ended Aug. 13, according to the
usual survey of the Federal Reserve
Board, declined 12%
from last year.
For New York and Brooklyn stores the
Federal Reserve Bank of New York
reported a decrease in
the volume amounting to
8.6%, while in Newark stores the
country
over
decline
was limited to
4.6%.
Trading in the wholesale dry goods markets remained quiet
as merchants
generally adhered to their previous policy of
first awaiting the response of consumers to
early fall offer¬
ings before embarking on any extended buying movement.
Prices held steady, however,
reflecting the general belief
that, with stocks of both retailers and wholesalers in some¬
what depleted condition, a mild rush for
goods may develop
once
retail demand shows the expected better-than-seasonal
pickup.
Reports
were
current that a
number of items, such
scarcity of spot
wide sheetings,
developing.
Business in silk goods remained quiet,
although prices held fairly steady.
Trading in rayon yarns
continued active with both weaving and
knitting mills adding
to their forward commitments.
Surplus stocks in producers'
hands were reported to have declined
further, and predic¬
tions were freely made that another moderate advance in
yarn prices is not far off.
merchandise in
a
as
is
.
Domestic
Cotton
Goods—Trading in the gray cloths
markets commenced the period under review in its previous
quiet fashion.
Subsequently, however, a sharp expansion in
sales developed, with the result that the weeks' volume ex¬
ceeded current production by a considerable margin.
While
a firmer trend in the
security markets and a slightly steadier
undertone in
raw cotton values were a
factor, the chief im¬
furnished by reports that finished cottons were
moving more freely and that large retail buyers displayed
more
willingness to cover forward requirements.
Prices,
after reaching new low levels early in the week, stiffened ma¬
terially as mills showed little inclination to sell anything but
spot shipments at present quotations.
Business in fine
goods continued quiet although later in the week inquiries
petus
was
for combed lawns broadened
materially.
A fair demand ex¬
poplins and voiles also moved in good volune.
Closing prices in print cloths were as follows: 39-inch 80's,
6M to 6^c.; 39 inch 72-76's, 6c.; 39-inch 68-72's, 5^e.;
38F^-inch 64-60's, 4%c.; 38K-inch 60-48's, 3J^ to 4c.
isted for slub
Woolen
Georgia—Atlanta: More favorable for cotton, but progress mostly poor
previous rains, weevil activity, and heavy shedding; too much
stalk; little fruiting; some opening north of Atlanta; picking made good
progress in south.
Too dry and hot for most minor crops, especially truck,
sweet
potatoes, pastures, late corn, and late sorghums.
Large pecan
account
very
THE
Mississippi River conditions continue generally favorable.
ample, except locally in the Ohio Valley, some interior
moisture is
Orleans:
Cotton
Warm, dry week with abundant sunshine
opening rapidly and picking well under way;
condition fair to good.
Harvesting early rice and digging sweet potatoes.
Good progress preparing land for fall crops.
Wind and rains on 14-15th
caused considerable loss of cotton
in southwest and locally to central in¬
terior; early rice suffered considerable damage, but late crop only slight.
Cane not seriously injured.
Texas—Houston: Warm; light rains in northwest, extreme west and
in upper cost region; otherwise dry.
Good progress preparing land for
fall-wheat seeding in northwest.
Corn matured, except late-planted which
would be helped by rain.
Progress and condition or cotton mostly good
in
south; boiling and opening rapidly in north under favorable conditions,
but considerable deterioration reported due to previous frequent rains
which favored insect activity and caused considerable shedding; most
Goods—Trading in men's wear fabrics remained
between-season influences had a retarding effect on
business.
A feature of the week was the opening by a lead¬
ing producer of next year's lines of tropical worsteds and
gabardines with prices ranging 35c. to 40c. a yard under
last year's levels.
While considerable sampling was re¬
ported, little actual business developed, pending the showing
of new collections by other producers.
Reports from retail
clothing centers made a somewhat better showing as cooler
quiet
as
weather served to stimulate consumer interest in
a
number of
special promotions.
Business in women's wear goods was
less active, chiefly due to adverse seasonal influences.
A
moderate improvement was reported for dress
fabrics,
although the total volume of sales remained restricted.
Coatings were in better demand.
Foreign Dry Goods—Trading in linens improved mod¬
erately as the feeling spread that an advance in prices was
likely due to curtailed Russian flax exports.
A factor con¬
tributing to the better sentiment was the ear her than usual
start of buying of dress goods to be used in the manufacture
of cruise and winter resort apparel.
Business in burlap
continued inactive
in
as
industrial
users
showed little interest
offerings, and the situation with regard to the curtailment
program of Calcutta mills remained obscure.
Domestically
lightweights were quoted at 3.55c., heavies at 4.85c.
Financial
1368
Aug. 27, 1938
Chronicle
ruling by Judge Frederick E. Crane, President of the convention,
announced, when the evening session began at 8:30, that he would
a
who
not
proportional representation or any other
provision in the assembled and printed document as it came from the
Committee on Revision.
Judge Crane's ruling was sustained by a vote
85 to 75. with Republican adherents to the Tammqny-proportional repre¬
sentation deal standing their ground almost solidly, but with only six
entertain a motion
Specialists in
Illinois & Missouri Bonds
to reconsider
against the Chair.
to kill proportional representation, therefore, remains
proposed new constitution, and the new move will be to have it
submitted separately to the voters.
The Committee on Submission which
favored an eight-part submission, was prevented from reporting by a
successful motion to adjourn until 10:30 a. m. on Aug. 26 for the purpose of
consolidating the vote for a proposal to submit the constitution as a whole.
There was to be a Republican conference at 10 a. m. at which the effort
Democrats voting
The amendment
in the
STIFEL, NICOLAUS &. CO., Inc.
105 W. Adams St.
was
314 N. Broadway
DIRECT
CHICAGO
WIRE
News Items
Arizona—Election Scheduled
Homestead Exemption—At
on
regular general election the voteis of the State will
pass on a proposal to amend the State Constitution so as to
exempt from all taxation up to $5,000 of the market value
of real property used as a bona fide home, with all its neces¬
sary furnishings.
The text of the new section will read as
the next
follows:
Article IK
There shall be exempt from all taxation, other than special
benefits to every head of a family who is a citizen of and
resides in the State of Arizona, his and her real property used as a bona
fide home and the necessary furnishings therein, up to the market value of
five thousand dollars; provided however, that the title to said home may
Section 2a.
assessments for
head of a family or his lawful wife residing upon said
both and said title shah include the legal as well as the
be vested in such
property or in
equitable beneficial title under bona fide Contracts to purchase and the
term head of a family shall include both married and single persons who
actually reside on such property and that the title thereto may be held by
the entireties or in common or jointly with others or as community property,
but the valuation exempted to any one person or on any one parcel of prop¬
erty shall not exceed the market value of $5,000.
This section shall be self-executing except that to entitle such property
owner to the exemption herein provided he shall file with the county and
city assessor of the county and city where such property is situated an affi¬
davit showing the facts entitling him to such exemption.
The county and
city assessor shall furnish the form of such affidavit, and take the oath there¬
to when requested, and without fees.
.
Connecticut—Changes in List of Legal Investments—The
following bulletin (No. 3), showing the latest revisions in
the list of investments considered legal for savings banks in
Connecticut, was issued by the State Bank Commissioner
on Aug. 18:
Additions
3Ms.
3^8,
1968
1966
and refunding-..,-. 3Ms.
3M«,
-
Company—First mortgage ...
-
—
Wilmington, Delaware.
Smaller
of
Indebtedness
of the
people of the State:
Reapportionment—Increase of the State Senate from 51 to 53 members
and the Assembly from 150 to 159 members, apportioned on basis of one
Assemblyman to each county and an additional Assemblyman for each
36,000 votes cast in the 1936 election for Governor,
Senate districts would
counties.
include no more than four
Representation—Proportional
Proportional
Cities
representation
system
of
York City, declared unconstitutional.
elections, used only in New
City permitted to issue $315,000,000 in bonds in
excess of debt limit to acquire transit systems of the I.
R. T. and the
B.-M. T. and the Manhattan Ry., opening the way for unification.
10th Judicial District—Creation of a new judicial district, composed of
Nassau and Suffolk counties, divorcing these counties from Kings, Queens
ahd Richmond in the 2nd District.
The new district will be the 10th.
Transit—New York
Housing—Permission for the State and locality to use their credit to
low-cost housing
and slum-clearance projects, but providing
finance
protection of real estate from further burden by specifying that
loan authorized by the Legislature taxes must be included to meet
for every
amortiza¬
Authorization of a $300,000,000 State bond issue for loans
by the State for such purposes and a 2% addition to existing debt limit of
tion charges.
cities for such purposes.
Social Welfare—Establishment
of an integrated social welfare system in
permitting the Legislature to set up health, unemployment and
the State by
contribute State credit thereto.
that labor of human beings is not a commodity;
employees of the right to organize and bargain collectively;
eight-hour day, five-day week and prevailing wage rates on all
old-age insurance and
Labor—Declaration
guarantee to
fixing of an
public contracts.
Finance—Tightening of the State's financial set-up, giving the Governor
additional 15 days to submit his budget, requiring that he explain his
of revenue as well as expenditures; reducing maximum life of
an
estimates
permitting refund of State debts to obtain lower
broadening restriction of submission of bond
interest rates in bad times;
issues.
1968
First and consolidated
Discussed—Of
314
5,000 and 10,000 population reporting on
indebtedness, eight had no debt of any kind and 18 others
had no general funded debt, the International City Mana¬
gers' Association reported on Aug. 24, from advance material
received for a forthcoming study of American small cities.
cities
following are the principal amendments proposed by
Constitutional Convention for submission to the vote
The
the
of the right of tne people to be secure
and effects against unreasonable searches
unreasonable interception of telephone and tele¬
Searches and Seizures—Guarantee
1965
1968
1968
3^s,
First and consolidated
Toledo Edison
The plan of convention leaders to continue on Aug. 25 until all tasks
remaining before it had been cleared up were knocked into a cocked hat
when William F. Bleakley, Westchester Republican, and Acting Majority
Leader, made the motion to adjourn.
Half a dozen Republicans were on their feet to object, as well as several
Democrats,
including Senator Robert F.
Wagner, Democratic Floor
Leader.
Robert Moses, New York City Park Commissioner, demanded a
slow roll call and readily obtained the 15 standees necessary to obtain such
a vote.
The session adjourned by a vote of 104 to 56, with 17 Republicans
voting in the negative.
bonds from 50 to 40 years;
Bridgeport Hydraulic Company—Series "H"_ —
—
Central Illinois Light Company—First and consolidated—_
New York & Queens Electric Light & Power Company—
Public Service Electric & Gas Co.—First
accomplish rejection of the Submission committee's
to reestablish a sufficient Democratic
be made to
to
report.
Efforts also were to be made
alliance to that end to insure success.
LOUIS
ST
between
The eight cities which have no debt are: Venice, 111.; Red Oak, la.;
Dayton, Ky.; Hastings, Mich.; Clinton and Webb City, Mo.; South Williamsport, Pa., and Menominee, Wis.
The 18 cities with no general funded
debt are: Prescott, Ariz.; Durango and La Junta, Colo.; Cartersvine, Ga.;
Batavia, Napervilie and Wheaton, In.; Charlotte and Manistique, Mich.;
Chillicothe, Mo.; Franklin, N. Y.; Kearney, Neb.; Galion and Greenville,
Ohio; Anardarko and Stillwater, Okla., and Middietown and West York, Pa.
Fourteen of the 314 small cities reported having $1,000,000 or more
general funded debt.
Of these cities the following are in Florida: Bartow,
Bradenton, Clearwater, Ft. Myers, Lake Worth, Miami Beach, Palatka
and Winterhaven.
The other cities are Haddonfield, Ocean City and Wildwood, N. J.; Bronxville and Larehmont, N. Y., and Morristown, Tenn.
Of the cities that own and operate some utilities, 70 had no utility debt
and 162 cities had a varying amount of such debt.
Among the most com¬
mon municipally-owned utilities are; electric light and distributing plants,
gas plants, markets, sewage disposal plants and waterworks.
In regard
to unfunded debt 130 cities have none and 108 have some debt of this kind.
To the question, "Is special assessment debt a general obligation of
cities?" 102 cities reported "Yes" and 102 cities reported "No," the others
not answering.
also given
of the city clerks in each case and the numbers
and regular officials and employees with the
exception of schools.
The report also gives detailed revenues and ex¬
penditures for 280 of these small cities.
Personal data for 382 cities of 5,000 to 10,000 population are
in the report with the names
of full time police, firemen
Massachusetts—Changes in List of Legal Investments—
following bulletin (No. 2), was issued as of Aug. 24 by
The
in their persons, houses, papers
and seizures
and against
graph communications.
Crossings—Elimination of the
Grade
present constitutional
provision
requiring railroads to pay 50% of the cost of grade-crossing eliminations;
provision that the State shall pay in the first instance but may recover from
the railroad the entire cost of railroad improvements not essential to the
elimination.
United
in
States—Increase
Discussed—How
Governmental
Costs
to
Be
costs are increased as a
booms will be one of the principal sub¬
governmental
result of real estate
jects discussed at the Governmental Iieseareh Association's
conference in Princeton, N. J., Sept. 7-10.
Philip Cornick,
Institute of Public
of the
Administration, New York City,
authority on municipal finance and real estate
taxation, will have charge of the session on this subject at the
governmental research workers' conference.
Mr. Cornick points out, in an advance discussion of the program, that
a
well-known
"as land passes from a less intensive to a more intensive use, demand is
generated for new types of public improvements and services.
If the
anticipated transition does not take place within a reasonable time, service
problems confront local governments.
"Debt service and costs of operation and maintenance are fixed at a
level which imposes onerous burdens without corresponding benefits on
owners
occupants of the area.
In extreme cases destitution
serious losses for the mortgagees, and municipal defaults
and
owners,
almost inescapable results."
Those who have been especially
Maurice
Neufeld.
Secretary
for the
are the
invited to participate in this session are:
New Jersey State Planning Board;
of the Federal Housing Administration;
Patterson Industrial Commission, and
of the
Ernest Fisher, Director of Research
Herbert S. Swan, Director of the
Homer Hoyt, of the research staff of the Federal
Other subjects scheduled for discussion at the
Housing Administration .
Princeton meeting of the
unemployment relief and its rela¬
tionship to municipal finance; population trends and their effect on munici¬
pal and State services; planning and public housing developments, and
Governmental Research Association are:
charter and statutory controls over
practices.
■
'
.■
municipal financial and administrative
"■ "
the State Commissioner of Banks:
ADDED
TO
THE
LIST
OF
JULY
1,
1938
Public Utilities—
As of Aug. 12, 1938, Indianapolis Power & Light Co. 1st mtge., 3 %s,
As of Aug. 15, 1938, the Toledo Edison Co. 1st mtge, 3Ms, 1968.
REMOVED
*
FROM
THE
1968.
Lawrence Gas & Electric
Companies
Co., 1st mtge., 4Ms, 1940, called as of Aug. 1,
1938.
New
York
State—Completed Constitution Approved—Ban
Proportional Voting—The State Constitutional
Convention on Aug. 25 approved the completed constitution,
which it had consumed five months in drafting, according to
Albany advices.
The vote on the completed document is
Retained
on
said to have been 159 to 2.
Final
approval
was
Proposals and Negotiations
ALABAMA
LIST
Gas, Electric and Water Company Bonds
Massachusetts
Bond
voted after a bitter fight to remove from the document
inserted last week which would declare propor¬
the amendment sudaenly
BIRMINGHAM,
Ala.—BOND
ELECTION—It
is reported that an
20 to have the voters pass on the proposed
$6,000,000 in bonds, divided as follows: $4,000,000 school;
$1,420,000 city hall; $300,000 park; $100,000 library; $100,000 sanatorium,
and $80,000 fire station bonds.
election will be held on Sept.
issuance
of
DECATUR, Ala.—BOND SALE—The $312,000 issue of refunding bonds
on Aug. 18—V. 147, p.
1070—was awarded jointly to the
Equitable Securities Corp. of Nashville, and King, Mohr & Co. of Birm¬
ingham, as 4s, paying a premium of $4,035.00, equal to 101.293, according
to the Assistant City Clerk.
offered for sale
DOTH AN, Ala.—BOND OFFERING—It is stated by I. P. Scarborough,
City Clerk, that he will receive sealed bids until Sept. 6, for the purchase
an issue of $108,000 4H% semi-ann. general obligation bonds.
of
TALLADEGA, Ala.—BOND SALE—J. Mills Thornton, of Montgomery,
the Merchants National Bank of Mobile, joined in purchasing on
tional representation elections unconstitutional.
and
removal of that nullification of the proportional representation
referendum in New York City in the 1936 election was upon an appeal from
Aug. 23 an issue of $63,000 4% school bonds
Dated July 1, 1935 and due serially on July 1
The text on
of 1935 at a price of 95.65.
from 1941 to 1964, incl.
-
Volume
147
Financial
ARIZONA
COUNTY (P. O. Tucson)
Ariz.—BOND SALE—The two issues
$443,000, offered for sale on Aug. 22—Y. 147, p. 773—
were awarded to
Kirby L. Vidrine & Co. of Phoenix, and associates, as
4 Ah according to the Clerk of the Board of Supervisors. The issues are
as
follows:
1
bonds.
Due $28,000 from
1941
to
2Pd $29,000 in 1948.
treasurer's office.
The approving opinion of
Bos worth & Dick of
Denver, will be furnished.
FOR
Pershing, Nye, Tallmadge,
INVESTMENT—The successful
at
1.50% to 2.60%, according to maturity.
78oT*8fUl k"*
bidders
re-
prices to yield from
Other bids:
Bidder—
Rate Bid
Int. Rate
,
John Nuveen &
Co., et al_____
2.90%
Refsnes, Ely, Beck & Co., Phoenix; Boettcber &
Co.,
Denver, and Blyth & Co., Inc.
3%
Mackey, Dunn & Co., Inc
334%
R. W. Pressprich & Co. and
Brown, Schlessman, Owen
& Co., Denver.....
334%
100.03
100.57
100.26
100.569
ARKANSAS
ARKANSAS
(State
of)—TENDERS
WANTED—Earl
Page,
State
Treasurer, will receive tenders until 11 A. M. (central standard time) on
Sept. 14 of the following described issues:
Highway Refunding Bonds, Series "A" and "B."
Toll Bridge
Refunding Bonds, Series "A" and "B."
DeValls Bluff Bridge Refunding Bonds.
Road District
Refunding Bonds, Series "A" and "B."
Funding Notes and Certificates of Indebtedness.
of
Bonds"
writing, in plain sealed envelope marked "Tenders
(or Notes or Certificates of Indebtedness) of the
State of Arkansas. Available funds will be
applied to the purchase of bonds
tendered at the lowest price on the basis of
highest yield to the State, or
best bid submitted.
Certified check for 3% of the face value of bonds
tendered to guarantee deliverv is required, or
delivery must be guaranteed
by a bank or trust company. Tenders must be at a flat price, not exceeding
equivalent of par and accrued interest.
No accrued interest will be paid
on bonds accepted, and
right of acceptance of any part of bonds so tendered
is reserved.
Immediate confirmation will be made of accepted tenders and
payment made on
THREE
"Wall
before Sept.
or
DISTRICTS
8treet
Journal"
FACE
of
Aug.
Little Rock heading:
Creditors of Southeast
26, 1938.
BANKRUPTCY PROCEEDINGS—The
19 carried the following report under a
Arkansas Levee District, which has a debt of
file objections to Oct. 31 against a bankruptcy order and
if protest is made, hearing will be held Nov. 10 in U. S.
District Court.
Bankruptcy order is intended to expedite adjustment of its debt on 75%
basis following grant of $1,448,100 loan
by Reconstruction Finance Cor¬
poration for this purpose.
District has cash of $330,000 and delinquent and
current taxes of $210,000 are in
process of collection.
Eight per cent of
creditors representing approximately
$100,000 declined to accept the
proposed debt adjustment.
$2,413,000,
SAN
—We
Valley High
School
FRANCISCO,
1941 incl.; $5,000, 1942
are
informed
to 1944 incl.; $6,000 from
(City and County), Calif.—BOND ELECTION
by David A. Barry, Clerk of the Board of Supervi¬
sors, that an election will be held on
Sept. 27 in order to have the voters pass
on the
proposed issuance of a Public Works Administration bond
program
totaling $30,840,000.
J.S9°» .Calif.—NEW CITY TAX
RATE TENTATIVELY
dispatch from San Francisco to the "Wall Street
of Aug. 24 reported as follows:
City Board of Supervisors by a vote of 8 to 1, have
ES1ABLISHED—A
Journal
given first pas¬
establishing San Francisco tax rate for the current
17 cents from last year.
Supervisors disregarded
may face an injunction to stop its power delivery
plant to Pacific Gas, which it is estimated would create
sage to an, ordinance
fiscal year at $4.04
up
j11!,Hetch Hetchy
a
deficiency in
may
Protests by creditors may be filed in U. S. District Court to Oct. 31
against
bankruptcy order for Drainage District No. 17 of Mississippi County, which
% basis.
Refinancing
by RFC and proposed adjustment
has been approved by majority of bondholders.
If protests are filed,
hearing will be held Nov. 10 by Federal Judge T. C. Trimble.
Drainage District No. 8 of Poinsett County, which owes $203,500, will
be placed in bankruptcy unless a
contrary decision is reached at the Nov. 10
hearing.
It proposes payment of 18 cents on the dollar, and RFC has
granted loan of $34,000 for this purpose.
is attempting to refinance debts of
$3,704,000 on 5.25
loan of $1,669,000 has been authorized
revenue
New tax rate will
,
Tenders shall be in
Grass
possibility that the city
on tbe above interest rate, a basis of about
WaS
fojjows: 1952 incl. andto
$4,000, 1939
1945 to
The
?t e ab°ve bonds for public subscription
2
BOND SALE—The $125,000
District bonds offered
Aug. 22—V. 147, p. 1225—were awarded to R. H.
Moulton & Co. of Los
Angeles, as 334s for a premium of $1,025, equalito
101.205, a basis of about 3.08%. Dated Sept. 1, 1938 and due
Sept. 1 as
1947,
218,000 Tucson High School District No. 1 bonds.
Due as follows:
$2,000 1939 to 1941; $29,000, 1942;
$30,000, 1943 to 1945, and
$31,000, 1946 to 1948.
Denom. $1,000. Dated
Sept. 1, 1938. These bonds were approved by the
voters at an election held
on July 14.
Prin. and int. payable at the County
OFFERED
°- Nevada City), Calif.—GRASS VALLEY
$5,000 in 1953 and 1954.
$225,000 School District No.
BONDS
1369
rr5^££*C?UNTY (P™ SCHOOL
of bonds
aggregating
divided
Chronicle
visors have voted
equal to about 15 cents on the tax rate.
be given final passage two weeks hence
when super¬
tax anticipation warrants.
authority to sell $8,000,000
SANTA BARBARA COUNTY
(P. O. Santa Barbara), Calif.—
WASIOJA SCHOOL BOND SALE
POSTPONED—It is stated by J. E.
Lewis, County Clerk, that the saie of the $8,000 issue of
4% semi-ann.
Wasioja School District bonds, originally scheduled for
Aug. 22, as noted
bere—V. 147, p. 1225—will be held on
Sept. 6.
Dated Aug. 1, 1938.
Due $400 from Aug. 1, 1940 to 1959
incl.
A certified check for 3% of
the par value of the
bonds, payable to the County Treasurer, must ac¬
company the bid.
TULARE COUNTY (P.O.
Visalia), Calif.—EXETER SCHOOL BOND
£•/P^~rTbe following is an official list of the other bids received for the
$65,000 Exeter School District bonds awarded on
Aug. 16 to the SecurityFirst National Bank of Los
Angeles, as described in our issue of Aug. 20—
V. 147, p.1225:
Redfield & Co., Los Angeles,
324%, premium of $455; William R. Staats
Co., Los Angeles, 3 34%, premium of $505; Dean Witter &
Co., San
Irancisco, 334%, premium of $122; R. H. Moulton & Co., San Francisco,
3 34 %
premium of $106; Bankamerica Co. San Francisco, 3
34 %, premium
of $271; Donnellan &
Co., and Howell, Douglass & Co., San Francisco,
&
,
,
maturities 1940 to 1958, incl., 3 34
%, balance 3%, premium $22.10; Kaiser
& Co., San
Francisco, maturities 1940 to 1944 incl., 5%, balance 3%,
premium of $28, and Blythe & Co., San
Francisco, maturities 1940 to 1947
incl. 4%, balance 3%, premium of $15.
TULARE COUNTY
(P.
O. Visalia), Calif.—VISALIA SCHOOL
BOND SALE—The $119,000 issue of Visalia School District bonds offered
for sale on Aug. 24—V. 146, p. 1225—were awarded to Kaiser &
Co. of San
Francisco, as 3s, paying a price of 100.023, a basis of about 2.997%.
Sept. 1, 1938.
Due from Sept. 1, 1941 to 1961 incl.
Dated
WHITTIER, Calif.—BONDS DEFEATED—At an election held on
Aug. 9 the voters rejected the proposed issuance of $95,000 in storm drain
and
sewer main
bonds.
COLORADO
GRAND JUNCTION, Colo.—TENTATIVE BOND SALE—The
$110,000 issue of sewage disposal plant bonds offered for sale on Aug. 17—V.
147, p. 1070—was awarded to a group headed by Sidlo, Simons, Roberts
& Co. of Denver, on a
10-day option, as 2.60s, at a price of 100.2273, a
basis of about 2.57%.
Dated Sept. 1, 1938.
Due from 1941 to 1953 incl
Associated with the above firm in the highest bid is the J. K. Mullen
Investment Co., and McCabe, Hanifen & Co., both of Denver.
Two other groups submitted bids for the bonds; the next best offer being
100.04
on 2.70s, tendered by Peters, Writer & Cnristensen, Inc. of Denver,
associates; the other bid an offer of 100.26 on 234s. tendered by Sulli¬
and
& Co. of Denver, et al.
van
LARAMIE COUNTY DISTRICT NO. 5 (P. O. Fort Collins), Colo.
—BOND OFFERING—Sealed bids will be received until 4 p. m. on Aug. 29,
by Harry B. McCreary Secretary of the Board of Directors, for the purchase
a $75,000 issue of building bonds.
Interest rate is not to exceed 3%,
payable M. & S.
Dated Sept. 1, 1938. Denom. $1,000. Due Sept. 1, as follows: $3,000 in
1943 to 1947. $4,000 in 1948 to 1953 and $12,000 in 1954 to 1956.
These
bonds were authorized at an election held on Aug. 2, by a vote of 311 to 192.
Prin. and int. payable at the County Treasurer's office.
The approving
opinion of Myles P. Tallmadge of Denver, will be furnished.
Enclose a
,
of
CALIFORNIA
CONTRA
COSTA
COUNTY
(P.
O.
Martinez)
Calif.—SCHOOL
BOND OFFERINGS—Sealed bids will be received until
11 a. m. on Sept. 6,
by S. C. Wells, County Clerk, for the purchase of two issues of bonds
aggregating $77,000, divided as follows:
$55,000 Brentwood Deer Valley Union School District bonds.
Due from
Aug. 15, 1943 to 1958 incl.
22,000 San Ramon Valley Union High School District bonds.
Due from
Aug. 15, 1939 to 1949 incl.
Denom. $1,000.
Dated Aug. 15, 1938.
Said bonds will be sold to the
highest and most responsible bidder for cash and lowest net interest to the
district, not to exceed 4% per annum.
Said bonds will be sold for cash, lawful
money of the United States, for
not less than par and accrued interest to date of
delivery, and each bid
must state that the bidder offers
par and accrued interest to date of delivery
and state separately the premium, if
any, offered for bonds for wnich the
bid is made.
Certified or Casnier's check for a sum not less than 5% of par value of
bonds bid for, payable to the order of the Treasurer of the
County must
accompany each bid.
Said
bonds will be ready for delivery on or about Oct. 1, and will be
delivered at the office of the County Treasurer.
The San Ramon Valley Union High School District has been
acting as
a school district under the laws of the State of
California continuously
since Jan., 1910.
The assessed valuation of the taxable property of the San Ramon
Valley
Union High School District for the year 1938 is
$3,470,540.00, and that the
said
San
Ramon
Valley Union
High
School
District
has
Neff
Herrington
no
indebtedness.
The
legal
opinion
of
Orrick,
Dahlquist,
&
outstanding
of
San
Francisco
as to the
validity of said bonds, will be delivered to the successful
bidder free of charge.
No conditional bids will be considered.
IMPERIAL COUNTY (P. O. El Centre), Calif.—CALEXICOSCHOOL
BOND SALE—The $25,000 issue of Calexico
bonds offered for sale on Aug. 20—V. 147,
County,
as
5s, at par.
Dated Aug. 20,
Union High School District
p. 1225—was purchased by the
1938.
Due from Aug. 20, 1940
1950.
to
KINGS
COUNTY
(P.
O.
Hanford),
Calif.—CORCORAN SCHOOL
BONDS PUBLICLY OFFERED—Donnellan &
Co. of San Francisco, are
offering for general investment the following Corcoran High School District
bonds aggregating $158,000:
$143,000 334% school bonds.
Due on Aug. 15 as follows: $5,000 in 194.1;
$6,000, 1942; $10,000, 1943 to 1945; $12,000. 1946, and $15,000,
1947 to 1952.
15,000 3% school bonds.
Due
on
certified check for $1,000.
CONNECTICUT
DANBURY,
Conn.—BOND SALE—The $55,000 134% high school
Aug. 20—V. 147, p. 1226—were awarded to Burr & Co.,
Inc., New York, at par plus a premium of $569.95, equal to 101.036, a
basis of about 1.57%.
Dated Aug. 1, 1938 and due $5,000 on Aug. 1 from
bonds offered
1939 to 1949 incl.
Other bids:
Rote Bid
Bidder—
Halsey, Stuart & Co., Inc
Maples & Goldsphmidt
EIGHT
WESTON, Conn—BOND OFFERING—Chester G. Coley, First Select¬
will receive sealed bids until 11 a. m. (Eastern Standard Time) on
30 for the purchase of $30,000 coupon school improvement bonds.
Dated Aug. 1, 1938.
Denom. $1,000.
Registerable as a principal only
or as to both principal and interest.
Bonds will mature $3,000 on Aug. 1
man,
Aug.
from 1939 to 1948 incl.
all
its taxable property
Financial Statement
Last grand list
Total bonded debt includ ing this issue
bonds awarded
on Aug. 15 to the Salinas National Bank of
Salinas, as 3s,
100.647, a basis of about 2.94%, as noted here on Aug. 20—V. 147,
1225—are being offered by Heller, Bruce & Co. of San Francisco, for public
subscription at prices to yield from 1.00% to 3.15%, according to maturity.
Due $2,000 from Sept. 1, 1939 to 1962, incl.
at
The following is an official list of the bids received
Salinas National Bank
Blyth & Co., Inc
R. H. Moulton & Co
Dean Witter & Co
Kaiser & Co
Successful bid.
the above bonds:
a
Interest
$311.00
Howell, Douglass & Co.; Donnellan & Co_._
*
on
Premium
-
310.00
253.00
201.00
815.00
98.00
33.00
3%
on
all bonds
3 34% on all bonds
3
34% on all bonds
334% on all bonds
334% on all bonds
334% on all bonds
See
5% on bonds maturing 1939 to 1943; 3%
maturing 1944 to 1962.
Aug.
1938
15,
—
$3,081,900.00
190,000.00
—
-
Aug. 15, 1953.
MONTEREY COUNTY (P. O. Salina.), Calif.—ALISAL SCHOOL
BONDS OFFERED—The $48,000 issue of Alisal Union School District
*
National
the town
will be subject to the levy of unlimited ad
valorem taxes to pay both principal and interest.
They will be engraved
under the supervision of and authenticated as to genuineness by The First
National Bank of Boston; and their legality will be approved bv Ropes,
Gray, Boyden & Perkins of Boston, whose opinion will be furnished the
purchaser.
All legal papers incident to this issue will be fled with said
bank where they may be inspected.
Bonds will be delivered to the purchaser
on or about Sept. 9, 1938, at The First National Bank of Boston, 67 Milk
Street Office, Boston, against payment in Boston funds.
and
22,050.81
FLORIDA
Herrington of San Francisco.
Bankamerica Co
Bidder to name one rate of interest m a multiple
of 34 of 1 %.
Principal and interest (F. & A.) payable at the First
Bank of Boston.
These bonds will be valid general obligations of
Denom. $1,000.
Dated Aug. 15, 1938.
Principal and interest (F. & A.)
payable in lawful money at the County Treasurer's office.
The bonds are
being offered subject to the approving opinion of Orrick, Dahlquist, Neff &
Bidder—
100.812
100.562
SCHOOL AND UTILITIES DISTRICT,
Conn.—BOND SALE—Paine, Webber & Co. of Hartford purchased at
private sale recently an issue of $40,000 134 % sewage treatment plant bonds
at par and premium of $20, equal to 100.05.
Denom. $1,000. Due in 20
years. Principal and interest payable at the First National Bank of Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
MANCHESTER
...
bonds
,
,
"
.
"
a
on
O. Jacksonville), Fla.—BOND ELECTION—
The Jacksonville "Times-Union" of Aug. 20 carried the following report:
"The Duval Board of County Commissioners yesterday called an election
for Sept
20 during which freeholders of the county will express their wishes
as to the issuance of $3,192,000 in public works bonds
"If the bonds are approved, Federal gifts totaling $4,453,281 have been
assured, it was pointed out.
"The formal election call came in the adoption of five lengthy resolutions
prepared for the board by County Attorney Julian E. Fant.
The resolu¬
tions have been approved by the New York City and Jacksonville legal
firms retained as special counsel for the bond election, it has been announced.
"The voting machines on Sept. 20 will carry the Commission's recom¬
mendations in four questions, as follows:
'Shall Duval County, Fla., issue bonds of the county in the amount
of $742,000 for the purpose of constructing paved, macadamized or other
hard-surfaced highways in the county?
'Shall Duval County, Fla., issue bonds of the county in the amount
of $355,000 for the purpose of erecting an annex to the Duval County
DUVAL COUNTY (P.
courthouse ?
,,
Aug. 27,
3% hospital
local bank.
1938
bondR
GIFFORD GRADE SCHOOL DISTRICT NO. 188 (P. O. Gifford),
HI.—PURCHASER—The White-Phillips Corp. of Davenport purchased the
$20,000 3 M % school building bonds mentioned in V. 147, p. 1226.
BONDS
FLORIDA
Chronicle
GENESEO, III.—BONDS SOLD—The $10,000
authorized at the Aug. 19 election have been sold to a
Financial
1370
issue of
III.—BONDS VOTED—The Village Clerk states that
construction bonds carried by a
They will bear 6% interest and
GLEN CARBON,
Clyde C. Pierce Corporation
Barnett National Bank
Bank
National
mature
FLORIDA
T.
Building
Pierce, Resident Manager
S.
FLORIDA
"
of
$95,000
for the purpose
of enlarging
the
armory
building in
Duval
County ?
"
Fla., issue bonds of the county in the amount of
$2,000,000 for the purpose of constructing a bridge across the St. JohnsRiver in said county from a point between Adams Street and Jessie Street
in the City of Jacksonville, Fla., to a point between County Road No. 15
in the Arlington section and the mouth of the Arlington River in Duval
County?' "
'Shall Duval County,
HILLSBOROUGH
COUNTY
(P.
O.
Tampa),
Fla.—BOND
ELEC¬
TION CANCELED— We are informed by the County Clerk that the elec¬
tion which had been
in county
MOUNT VERNON, III.—BOND ISSUE
Duval County, Fla., issue bonds of the county in the amount
'Shall
scheduled for Aug. 23 to vote
on
the issuance of $100,000
bonds, subject to approval
Fla.—BOND ISSUANCE CONTEMPLATED—It is reported
that a firm of New York municipal bond attorneys have been engaged to
handle the financing details incident to the issuance of sewer bonds for a
project which will cost about $5,350,000.
GEORGIA
in
AUGUSTA, Ga.—BOND ELECTION—It is reported that an election
9 in order to vote on the proposed issuance of $209,000
3% municipal auditorium bonds.
on
ROME, Ga.—BOND ELECTION—It is said that an election will be held
Sept. 28 in order to pass on the issuance of the following bonds aggre-
will be held on Sept.
fating $395,000,and $150,000 school bonds. an election held on Aug. 12:
245,000 water,
which failed of passage at
SCHOOL
DISTRICT
(P. O. Swainsboro), Ga.—
Humphrey, District Secretary,
Sept. 5, for the purchase of a
$00,000 issue of 4% semi-ann. school bonds.
Denom. $1,000.
Dated
Oct. 1, 1938.
Due $2,000 from Oct. 1, 1939 to 1968 IncL
BOND OFFERING—It is stated by R. H.
a.
m.
on
THOMASVILLE, Ga.—PRE-ELECTION SALE— It is reported that
$107,000 city hall bonds were purchased by the Trust Co. of Georgia, of
Atlanta, subject to the outcome of an election scheduled for Sept. 20.
3.
The bonds or certificates under No.
No.
4.
The bonds or certificates under
No.
5.
No.
6.
No.
7.
The bonds or certificates under No. 2 to mature in 30 years.
The bonds or certificates under No. 2 to mature in 40 years.
The bonds or certificates to be issued in the total sum of $150,-
000, interest to be payable semi-annually, and each of said bonds or certifi¬
cates to have a reservation permitting the retirement thereof, in inverse
order, on any interest paying date.
In submitting your bids you will submit them
In submitting
BOUNDARY COUNTY (P. O. Bonner, Ferry),
Idaho—
SALE
DETAILS—It is now reported by the County Auditor that the $50,000
house bonds purchased by a syndicate headed by Richards & Blum
as
3Ms, and 4s, as noted here—V.
—
PRE-ELECTION SALE—An issue of $5,000 street
Ramsey National Bank, subject to
STREATOR, 111.—BOND SALE—A group composed of Paine, Webber
Co., Chicago, Stifel, Nicolaus & Co., St. Louis and C. W. McNear &
of $231,000 3M% sewer disposal plant
&
Co., Chicago, purchased an issue
construction bonds.
COMMUNITY
SYCAMORE
111.—BOND
Sycamore),
HIGH
SCHOOL
DETAILS—The
SALE
DISTRICT (P. O.
$45,000 construction
1226, were purchased by T. E. Joiner & Co.
3s and mature serially from 1941 to 1953, incl.
bonds mentioned in V. 147, p.
of Chicago as
DISTRICT No. 68, III.—BOND
of Education, will receive
Aug. 31 for the purchase of $55,000 4%
building fund bonds.
Dated Aug. 1, 1938.
Due Jan. 1, 1958; optional
Jan. 1 as follows: $2,000, 1941 to 1948 incl.; $4,000 from 1949 to 1954 incl.
and $5,000 from 1955 to 1957 incl.
Interest J. & J.
SCHOOL
FRANKFORT
sealed bids until
court
of Spokane,
111
RAMSEY,
improvement bonds was sold to the
result of election on Aug. 26.
WEST
for
under the foregoing num¬
tabulations.
..
bids each bidder must specify that if the bonds or cetrificates are awarded to the bidder such bidder will have prepared all of the
necessary documents of all kinds, including the ordinance or ordinances,
the printing of the bonds, the coupons thereto attached, and any and all
other legal documents to give the bonds or certificates legal effect, together
with the opinion as to the legality of said issue as prepared by Chapman
& Cutler, Esqs., of Chicago.
Further, in submitting your bids you must submit them for par, state
the rate of interest you require, and the premium you will pay for the issue.
bers for more convenient
OFFERING—R. S. Haff, Secretary of the Board
IDAHO
as
1 to mature in 30 years.
No. 1 to mature in 40 years.
No.
COUNTY (P. O. Bushnell) Fla.—BOND TENDERS IN¬
VITED—it is stated by C. M. Winton, Chairman of the Board of County
Commissioners, that he will receive sealed offerings until Sept. 6, at 10
a. m., of road and bridge refunding bonds, dated July 1, 1932.
The amount
of bonds to be purchased will be determined by the above Chairman.
Offerings must be firm for at least 10 days in order to be considered.
SWAINSBORO
building
of loan at the Sept. 20 election.
PERU, 111.—BONDS OFFERED—Mayor Albert Hasse announced that
sealed bids would be received at his office until 7:30 p. m. on Aug. 26 for
the purchase of $150,000 sewerage system bonds or certificates, under the
following conditions:
No. 1. Certificates or bonds to be payable solely from the revenues
derived from the operation of the sewerage system.
No. 2. Certificates or bonds to be payable solely from the revenues
derived from the operation of the said sewerage system and from the
Water Department of the City Plant.
hospital bonds—V. 147, p. 004—was called off.—<
that he will receive bids until 11
CONTRACT—C. W. McNear
have contracted to purchase an issue of city hall
& Co. of Chicago
SUMTER
TAMPA,
in 20 years.
JACKSONVILLE SCHOOL DISTRICT NO. 117, III.—MATURITY
The $85,000 2%% school bldg. bonds awarded to the Mercantile Com¬
merce Bank & Trust Co., St. Louis
at a price of 106.487
as reported in
V
147, p.
1226, mature Aug. 1 as follows: $5,000. 1945; $6,000, 1946;
$7,000. 1947; $8,000, 1948: 9,000 in 1949, and $10,000 from 1950 to 1954
incl.
Basis cost about 2.13%.
TAMPA
Branch Office:
proposed issue of $16,000 water plant
of 254 to 58 at the Aug. 16 election.
vote
Building
JACKSONVILLE
First
the
147, p
WOODSTOCK,
.1071—were sold
a price of 100.03. a net interest cost of about 3 87%, on the bonds divided
follows: $10,000 as 3 Ms, maturing in 1944; the remaining $40,000 as 4s,
7:30 p.
m.
on
111.—CORRECTION—'The City Clerk reports that an
disposal plant bonds is not contemplated, as was
147, p. 1071.
issue of $60,000 sewage
erroneously noted in V.
maturing in 1958.
JEFFERSON COUNTY
INDIANA
INDEPENDENT SCHOOL DISTRICT NO.
3 (P. O. Roberts) Idaho—BOND SALE—The $40,000 issue of high school
building bonds offered for sale on Aug. 19—V. 147, p. 1226—was purchased
by Ure, Pett & Morris of Salt Lake City, according to the District Clerk.
No other bid was re eived.
Dated July 1, 1938.
Due $2,000 from July 1,
1939 to 1958 incl. The winning offer was a bid on 3% % bonds of $27.50
premium, equal to 100.06875, a basis of about 3.74%.
ALBION
Sealed
bids
TOWNSHIP
(P. O.
addressed
Guy
to
Albion),
Ind.—BOND OFFERING—
Trustee, will be received
purchase of $37,000
Hardenbrook,
until 1 p. m. (Central Standard Time) on Sept. 2 for the
not to exceed 4M % interest building bonds, divided as
$20,000 School
Building bonds.
Denom. $1,000.
follows:
Due $1,000 on June
30 and Dec. 30 from 1939 to 1948 incl.
17,000 Civil Building bonds.
ILLINOIS
CHICAGO, 111.—$4,700,000 CERTIFICATE ISSUE PUBLICLY OF¬
FERED—Halsey, Stuart & Co., Inc., New York, and associates are making
public offering of a new Issue of $4,700,000 3% water revenue certificates
of indebtedness at prices to yield 2.50% for all maturities.
Banking
group's announcement appears on page VI.
The certificates, awarded
on Aug. 19—V. 147, p. 1226—mature $1,100,000 on Aug. 1 in 1956 and
1957; $500,000 on Aug. 15 in years 1955, 1956 and 1957, and $1,000,000
Aug. 15, 1958.
The securities, according to counsel to the bankers, con-'
stitute valid and legally binding obligations of the city, payable solely from
revenues derived from the water works system of the city and not other¬
wise.
The city covenants to maintain rates for water sufficient to pay the
cost of maintenance and operation of the system and to pay the principal
and interest upon all outstanding certificates, and pledges that such rates
shall not be reduced while any certificates remain unpaid.
Fixed assets of
the system are carried on the city's books at a value of $151,660,594, which
figure represents actual cost.
As of Aug. 19, 1938, water works system
certificates
of
indebtedness
outstanding,
including
current
offering,
amounted to $24,792,000.
In addition to the successful bid of Halsey, Stuart & Co., Inc. and asso¬
ciates, which was a price of 106.34, four other syndicates competed for the
loan, as follows:
Syndicate Head—
Allyn & Co., Inc
Harris, Hall & Co...
Price Bid
103.58
A. C.
First National Bank of
102.90
SCHOOLS, 111.—BOND SALE—William Harris,
Clerk of the Board of Education, informs
us that the board recently accepted
offer from the White Phillips Corp. of Davenport, of par and interest
at 2% for the $125,000 school building bonds voted in
May, 1938.
DECATUR SCHOOL DISTRICT NO. 61, 111.—BONDS PURCHASED
$125,000 2% building bonds was sold to the Harris Trust &
Savings Bank of Chicago.
Dated Sept. 1, 1938.
Denom. $1,000.
Due
Oct. 1 as follows: $11,000. 1941 to 1943 incl.: $12,000. 1944; $13,000 from
—An issue of
i?45^1^48 In?1/ and 514,000 in 1949 and 1950.
Principal and interest
(A. & O.) Payable at the Citizens National Bank, Decatur.
be approved by Chapman & Cutler of
Chicago.
Legality to
T,0r,W£££IPrSCHOOL DISTRICT (P. O. Gibson City),
SALE pETAILS—The $14,000 3M% construction bonds
mentioned in—V. 147, p. 1226—were purchased
by the Midland Securities
Co. of Chicago, and mature $2,000 each
year from 1941 to 1947 incl.
EDINBURG, 111.—BOND SALE—The $34,700 bonds offered Aug. 17—
—were sold to the White-Phillips Corp. of Davenport, as
$16,700 5% general obligation water works bonds, at
18,000 4% revenue water bonds, at a price of 95.12,
4-50%.
Due July 1 as follows: $500 from 1941
Due July 1
as
a
basis of about
to 1944 incl. and
$1,000 from 1945 to 1960 incl.
Each issue is dated
July 1. 1938.
Lewis, Pickett & Co.. bid par for the 5s
Corp., offered prices of par and 94 for
Ballman & Main of Chicago also competed for the
and 95 for the 4s, Municipal Bond
the
respective issues.
issues.
SCHOOL
POINT
CITY (P. O. Crown Point),
Commrcial Bank of Crown Point
EAST CHICAGO, Ind.—BOND
Ind.—
paid a
147, p. 1227.
1948.
OFFERING—M. A. McCormickCity-
Controller, will receive sealed bids until 2 p. m. (Daylight Saving Time)
on Aug. 29 for the purchase of $39,000 not to exceed 3 M % toterest
^
construction bonds of 1938.
Dated Aug. 16, 1938.
Denom. $1,000.
Due
$3,000 on Jan. 1 from 1940 to 1952, incl.
Bidder to name a single rate of
interest, expressed in multiples of ^ of 1%.
Interest J. & J.
A certified
check for $1,000, payable to the order or the city, must accompany each
proposal.
The bonds are direct obligations of the city, payable out or
general taxes.
City will furnish the legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis.
GREEN SCHOOL
TOWNSHIP (P. O. R. R. 1,
Martinsville), Ind.
will receive sealed bids
(Central Standard Time) on Sept. 10 for the purchase of
$12,100 not to exceed 4M % interest school building bonds.
Dated Aug. 1,
1938.
One bond for $600, others $500 each.
Due as follows: $500,
July 1, 1939; $500, Jan. 1 and July 1 from 1940 to 1950 incl. and $600
Jan. 1, 1951.
Bidder to name a single rate of interest, expressed in multi¬
ples of M
to
the
a.
m.
Interest J. & J.
of 1%.
order
of
the
township,
must
A certified check for $500, payable
accompany each proposal.
Legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis will be furnisned the successful bidder.
The bonds are direct obligations of the town¬
ship, payable from unlimited taxes.
No conditional bids will be received
and the bonds will be ready for delivery within 12 days after the sale.
INDIANAPOLIS
SCHOOL
CITY,
Ind.—BOND OFFERING—A. B.
Board of &cnool Commissioners, will receive
(Central Standard Time) on Sept. 6, for the purchase
of $150,000 not to exceed 5% interest high school addition bonds .Dated
Sept. 12,1938. Denom. $1,000.
Due as follows: $5,000 Jan. 1 and $10,000
July 1, 1941; $5,000 Jan. 1 and July 1, 1942; $10,000 on Jan. 1 in 1944,
1945 and 1948; $15,000 Jan. 1 from 1949 to 1952, incl.;. $10,000 Jan. 1,
1953, and $5,000 on Jan. 1 from 1956 to 1959, incl.
Bidder to name a
single rate of interest, expressed in multiple of M of 1%.
Interest J. & J.
A certified check for 3% of the bonds, payable to the order of the Board of
School Commissioners, must accompany each proposal.
Successful bidder
to determine validity of loan.
Good,
Business
sealed bids until
Director
noon
INDIANAPOLIS, Ind.—NOTE OFFERING—H.
Nathan Swaim, Acting
City Controller, will receive sealed bids until 11 a. m. on Sept. 9 for the
purchase of $100,000 not to exceed 6% interest notes or warrants, to be
issued
par.
tA°ifows: 51.000 from 1940 to 1955 incl. and $700 in 1956.
-.o
CROWN
BOND SALE DETAILS—The
price of par for the $25,000 2% bldg. bonds mentioned in V.
They mature $3,000 from 1941 to 1947 incl. and $4,000 in
until 10:30
an
follows'
the direct
are
—BOND OFFERING—Cozzie E. St. John, Trustee,
COAL VALLEY SCHOOL DISTRICT (P. O. Coal Valley), 111.—
BONDS PURCHASED—The H. C. Speer & Sons Co. of Chicago purchased
as 3Ms. at par, the issue of $35,000
high school bldg. bonds mentioned in
V. 147, p. 923.
Due Jan. 1 as follows: $1,000, 1941 to 1944 incl.: $2,000
from 1945 to 1955 incl. and $3,000 from 1956 in 1958 incl.
~7«
Bidder to name a single rate
expressed in a n ultiple of M of 1%.
Interest J. Sc D. 30.
obligations of the School and Civil Townships, re¬
spectively, payable out of unlimited ad valorem taxes to be levied on all of
the taxable property of each unit.
Legal opinion of Matson, Ross, McCord
& Clifford of Indianapolis will be furnished the successful bidder.
De¬
livery of bonds will be made in about 12 days after the sale.
All of the bonds will be dated July 30,1938.
of interest,
Bonds
103.37
Blyth & Co., Inc
H
_
Due $1,700 on Dec. 30
103.50
Chicago.
DECATUR PUBLIC
Denom. $850.
from 1939 to 1948 incl.
on
behalf of and for the use
and benefit of the Sanitary District of
Indianapolis and the Board of Public Works and Sanitation thereof.
Obhgations will include $50,000 dated Sept. 10,1938, and $50,000 Oct. 11,1938,
all due on Nov. 10, 1938.
Interest payable at maturity.
Notes or war¬
rants shall be payable to the bearer thereof at the County Treasurer s office,
Indianapolis, or at one of the authorized depositaries in that city.
They
will be payable solely out of taxes actually levied and now in process of
collection under Section 21 of an Act of the Indiana General Assembly of
1917, which deals with the creation and
partments in cities of the first class.
functions of public sanitation de¬
Volume
147
Financial
LOGANSPORT
SCHOOL
CITY,
Ind.—BOND
OFFERING—'The
Board of School Trustees will receive
sealed bids until 2 p. m. (Central
Standard Time) on Sept. 1, for the
purchase of $200,000 not to exceed 4%
interest school building bonds.
Dated Aug. 15, 1938.
Denom. $1,000.
Due $6,000 Feb. 1 and
Aug. 1 from 1941 to 1956, incl. and $8,000 Feb. 1.
1957.
Bidder to name a single rate of
interest, expressed in a multiple of
V\ of 1%.
Interest F. & A. 1.
A certified check for $5,000, payable to the
order of the School
City, must accompany each proposal.
Successful
bidder to accept
delivery and pay for bonds within five days after notifica¬
tion of award.
Delivery to be made at any bank in Logansport designated
by the purchaser.
The bonds are direct obligations of the issuer,
payable
from unlimited ad valorem taxes.
Legal opinion fo Matson, Ross, McCord
& Clifford of
Indianapolis will be furnished the
successful bidder.
No con¬
ditional bids will be considered.
MADISON COUNTY (P. O. Anderson), Ind.—BOND OFFERNIG—
Reddington, County Auditor, will receive sealed bids until 10 a. m.
Sept. 12 for the purchase of $100,000 not to exceed
3% interest series B
of 1938 advancement fund bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $10,000 on June 1 and Dec. 1 from 1939 to
1943, incl.
Bidder to name
a single rate of
interest, expressed in multiples of \i of 1 %.
Interest J. & D.
A certified check for
3% of the bonds bid for, payable to the order of the
Board of County
Commissioners, must accompany each proposal.
Legal
opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be fur¬
Chronicle
MASON CITY INDEPENDENT SCHOOL
DISTRICT (P. O. Mason
City), Iowa—BONDS VOTED—At the election held on Aug. 15—V.
147,
776—the voters approved the issuance of the $340,000 in
p.
bonds by a count of 1,138 to 309.
No date has been fixed
offering, reports R. L. James, District Secretary.
193-7456.
on
days after the sale.
They
issued pursuant to Chapter 117 of Acts of
1935, to meet poor relief re¬
quirements of various townships in the
county, and are the direct obliga¬
tions of the
county, payable from unlimited ad valorem taxes on all of its
are
taxable property.
PERRY
-
SCHOOL
TOWNSHIP
(P.
O.
4302 Madison Ave., Perry
Township), Ind.—BOND OFFERING—Leonard A. Hohlt, trustee, will
receive sealed bids until 7:30
p. m. on Sept. 12, for the purchase of $54,500
not to exceed 4H% interest school
building bonds.
Dated Sept. 1, 1938.
Due as follows:
$2,000 July 1, 1939; $2,000 Jan. 1 and July 1 from 1940 to
1951, incl.; $2,000 Jan. 1 and $2,500 July 1, 1952.
Bidder to name a single
rate of interest, expressed in
multiples of ]4 of 1%.
Interest J. & J. The
bonds are direct obligations of the
township, payable out of ad valorem
taxes within the limits
prescribed by law.
Legal opinion of Matson, Ross,
McCord & Clifford of Indianapolis will be furnished the
successful bidder.
No conditional bids will be considered and
delivery of bonds will be made
within 10 days after the sale.
PERU, Ind.—BOND SALE—The City Securities Corp. of Indianapolis
purchased
an
issue of $220,000 sewage disposal plant construction
bonds,
interest, expressed in a multiple of M of 1 %.
Interest J. & J. 15.
direct obligations of the township, payable from ad valorem
are
cn
successful
bidder.
WASHINGTON TOWNSHIP SCHOOL TOWNSHIP
Ind.—BOND OFFERING—Sealed bids will be received
by
Alexander until 11 a. m. (Central Standard
Time) on Sept.
chase of $31,900 not to exceed 4% interest
building bonds.
1938.
Denoms. $600 and $500.
Due $1,100 June 15 and
1939 to 1952, incl., and $1,100 June 15, 1953.
Bidder to
rate of
interest, expressed in multiple of M of 1%.
(P. O. Roll),
Trustee B. F.
6 for the pur¬
Dated Aug. 1,
Dec.
15 from
name
a
single
Interest J. & D.
The
bonds are payable from unlimited ad valorem taxes and
the approving legal
opinion of Matson, Ross, McCord & Clifford of
Indianapolis will be fur¬
nished the successful bidder.
A certified check for $1,000,
payable to the
order of the township, must
accompany each
proposal.
ZIONSVILLE, Ind.—BOND
OFFERING— D.
K.
Mills, Town ClerkTreasurer, will receive sealed bids until 2 p. m. on Sept. 6, for the purchase of
$10,000 not to exceed 4 Vi % interest street construction and
drainage bonds.
Dated July 1, 1938.
Denom. $1,000.
Due $1,000 on Jan. 1 from 1940 to
1949, incl.
Principal and interest (J. & J.) payable at the Farmers State
Bank, Zionsville.
Bond number one will carry three interest
coupons,
two due and payable July 1, 1939, and one due Jan.
1, 1940.
A certified
check for $300, payable to the order of the
town, is required.
Successful
bidder to furnish legal opinion.
W KANSAS CITY SCHOOL
DISTRICT, Kan.—BOND SALE— The
First National Bank of Chicago purchased
$400,000 2M% school building
bonds.
Dated Aug. 15, 1938.
Denom. $1,000.
Due $20,000 on Aug. 15
from 1939 to 1958 incl.
Principal and interest (F. & A. 15) payable at the
State Treasurer's office.
The bonds are direct
obligations of the district,
payable from unlimited ad valorem taxes on all of its taxable
property.
Legality to be approved by Bowersock, Fizzell & Rhodes of Kansas
City, Mo.
Financial Statement
Assessed valuation, 1937 (70%)___
Total bonded debt (incl. this issue)
Less sinking fund, June
Net bonded debt--
Population, 1930
census,
Tax Data
levy
$1,624,000.00
1,552,000.00
1,488,000.00
1.490,000.00
Each
purchaser's
Sept. 1.
bidder
must
bid.
91.30
94.10
90.30
91.00
KENTUCKY
connection with the
$375,000 (not $360,000), library bonds to a syndicate headed
by
Almstedt Bros, of Louisvine, on an interest cost basis to the
library board
on 3% bonds of
3.24%, noted in our issue of July 30— V. 147, p. 776—■
it is now reported that the bonds are dated
Sept. 1, 1938, and mature
Sept. 1, as follows: $10,000 in 1939 and 1940, $12,000 in 1941,
$14,000 in
1942, $15,000 in 1943, $16,000 in 1944 and 1945, $17,000 in
1946, $19,000
in 1947 and 1948, $20,000 in 1949 and
1950, $21,000 in 1951, $22,000 in
1952, $23,000 in 1953 and 1954, $24,000 in 1955 and 1956, and
$25,000 in
1957 and 1958.
Principal and interest payable at the Kentucky Title
Trust Co., Louisville.
Legality approved by Miller & Grafton of Louis¬
ville.
The bonds are callable on any interest date at 102
for the first
10 years, 101 y2 for the next 9 years, and at
par for the next year.
OWENSBORO, Ky .—BOND SALE DETAILS—In connection with
the sale of the $1,300,000 (not
$1,272,354) water and light plant revenue
bonds to Blyth & Co. of Chicago, noted here
recently—V. 147, p. 1227—
Rhodes, City Clerk, that the bonds were sold as 3s,
price of 98.287, and mature in 30 years.
it is stated by E. J.
at a
WEBSTER COUNTY (P. O. Dixon), Kv.—BONDS
SOLD—It is re¬
ported that $40,000 4%% semi-ann. court house bonds have been purchased
by the Bankers Bond Co. of Louisville.
Due in 20 years.
Municipal Bonds
Bought and Sold
Whitney National Bank
of
New
Orleans
on
making award and will be in
payable March and September.
Interest
file certified check
or
draft
in
favor of the
Treasurer in
County
an amount not less than
3% of the amount of bonds offered.
Successful bidder must furnish printed bonds and the
legality of the issue.
is suggested that the purchaser have form of
resolution which can be
passed on date of sale to enable early delivery of bonds.
Bonds will be
delivered to purchaser at Waterloo, Iowa.
It
Maturities will be as follows, with all
payments at the County Treasurer's
1940, $3,000; 1941, $3,000; 1943, $2,000; 1944, $5,000; 1946,
$5,000; 1949, $12,000; 1950, $10,000; 1951, $10,000; 1952,
$10,000; 1953,
$10,000; 1954, $10,000; 1955, $10,000, and 1956, $10,000.
office:
•
Black Hawk County Statistics
1937 assessed value real estate._—
$59,318,755
$59,318,755
9,337,139
Taxable value real estate
Taxable value monies and credits
Acreage—
collected
LOUISIANA
be determined at the time of
with
Principal,
Per cent.
$1,483,403.00
1,459,184.00
1,343,853.00
1,356,022.00
LOUISVILLE, Ky.—BOND SALE DETAILS— In
Sept. 1,1938
on the following funds, estimated
to be as follows: Poor fund
(approxi¬
mately), $90,000 and juvenile court, $10,000.
'
Bonds to be of denominations of $1,000
each, dated Sept. 1, 1938.
In¬
terest rate will
Collections
current year
tax
sale of the
BLACK HAWK COUNTY (P. O.
Waterloo), Iowa—BOND OFFER¬
ING—.Anna M. Decker, County Treasurer, will receive bids
up to 1.30
p. m. on Sept. 6, for the purchase of an issue of $100,000
funding bonds.
accord
2,686,000
21,029
121,857.
Louisiana
outstanding warrants
$92,847,661
2,644,971
Total
Year
IOWA
be issued to take up
_
-
The above statement does not include the debt of
other political subdivi¬
having the power to levy taxes against the property located within the
district.
INDEPENDENT SCHOOL DISTRICT (P. O.
Altona),
Iowa—BOND OFFERING—It is stated by the President of the
Board of
Education that he will receive bids until 8 p.m. on
Sept. 6, for the purchase
of a $20,000 issue of school addition bonds.
These bonds were approved
by the voters at an election held on Aug. 10.
are to
30, 1938-------
sions
ALTONA
The bonds
SOLD—It is reported that $75,000
city
Aug. 16 by Callender, Burke & Mac Donald,
% %.
DE SOTA,Kan.—BOND SALE—The issue
of $28,000 3% water works
bonds authorized at the Aug. 19 election has been
sold to the De Soto Bank.
Due in 20 years.
Bonds
taxes
by law.
Legal opinion
Indianapolis will be furnished the
Bonds will be delivered about 10 days after the sale.
KANSAS
V* The City Clerk states that the said bonds
were sold for a premium of
$467.25, equal to 100.623, a basis of about 1.63%.
Due $7,500 from 1939
to 1948 incl.
ST. JOHN TOWNSHIP SCHOOL TOWNSHIP
(P. O. Dyer), Ind.—
BOND OFFERING—Sealed bids addressed to Paul T.
Gettler, Trustee,
will be received until 1 p. m. on Oct. 4 for the
purchase of $40,000 not to
exceed 5% interest building bonds.
Dated Sept. 15, 1938.
Denom. $500.
Due July 15 as follows: $1,500
July 15, 1940; $1,500 Jan. 15 and July 15,
1941 to 1944 incl.; $1,500 Jan. 15 and $2,500
July 15, 1945; and $2,500
Jan. 15 and July 15 from 1946 to 1950 incl.
Bidder to name a single rate
all of its taxable
property within the limits prescribed
of Matson, Ross, McCord & Clifford of
high school
yet for the
ATCHISON, Kan.—BONDS
hall bonds were
purchased on
of Kansas City, at a rate of 1
according to report.
of
as
RINGGOLD COUNTY
(P.
O. Mt.
Ayr), Iowa—CERTIFICATE
OFFERING—It is reported that bids will be received until 11 a. m. on
Aug.
30, by Earl T. Hoover, County Treasurer, for the
purchase of a $15,000
issue of secondary road certificates.
John J.
nished the successful bidder.
No conditional bids will be considered .and
the bonds will be ready for
delivery in about 10
1371
1227—are dated Aug. 1, 1938, and mature on Nov. 1 as follosw:
$1,000,
1940 to 1955, and $2,000 in 1956 and
1957, giving a basis of about 2.44%.
Denom. $1,000.
Interest payable M. & N.
p.
-
340,143
_
Bonded debt Aug. 31, 1938—Miscellaneous
funding
Primary road bonds
Population, 69,146.
♦Sept. 1, 1938 proposed issue of $100,000 not included.
*724,000
1,158,000
AVOYELLES
PARISH
SCHOOL DISTRICT NO. 1 (P. O. Mark.ville), La.—BOND OFFERING—Sealed bids will be received until Oct. 4,
by L. A. Cayer, Superintendent of the Board of Education, for the purchase
or a
$60,000 issue of not to exceed 6% semi-ann. auditorium and gymnasium
These bonds were approved by the voters on Aug. 16.
'
bonds.
PARISH SCHOOL DISTRICTS (P. O.
Benton), La.—
BOND OFFERING—Sealed bids will be received until 2 p. m. on
Sept. 22,
by R. V. Kerr, Secretary of the Parish School Board, for the purchase of
the following issues of not to exceed 6% semi-ann. school bonds
aggregating
$120,500, divided as follows:
BOSSIER
$82,000 School District No. 1 bonds.
A certified check for $2,000, payable
to tne above Secretary, must accompany this bid.
22,000 Consolidated School District No. 2 bonds.
A certified check for
$1,000, payable to the Secretary is, required with this bid,
16,500 School District No. 26 bonds.
A certified check for $1,000, pay¬
able to the Secretary, is required with this bid.
Denominations $1,000 and $500.
Dated Oct. 1, 1938.
Bids will also be
received for bonds bearing interest at a lower rate than 6%.
These bonds
were approved by the voters at an election held on Aug. 16.
Prin. and int.
payable in Benton or at the Central Hanover Bank & Trust Co., New York.
approving opinion of Chapman & Cutler of Chicago, will be furnished.
The
DALLAS CENTER, Iowa—BONDS SOLD—It is stated
by the Town
Clerk that three issues of bonds aggregating $17,000, were
purchased on
Aug. 22 by Shaw, McDermott & Sparks of Des Moines, as 3Ks,
paying
a
Sremium of $10, equal to 100.05. The issues are as follows: $7,500 sewer;
2,500
fund, and $7,500 sewer outlet and purifying plant bonds. Due
sewer
in
1958.
DES MOINES, Iowa-BONDS SOLD—It is stated
by Rex Ramsey,
City Clerk, that $50,000 fire fund bonds were offered for sale on Aug. 25
and were awarded to the Carleton
D.
Beh
Co. of Des Moines, as
2^s,
at par.
Denom. $1,000.
Dated Sept. 1,1938.
Due on Dec. 1 as follows:
$3,000,1940 to 1943 and 1945 to 1950; $7,000 in 1951, and $13,000 in 1952.
HARTWICK SCHOOL DISTRICT (P. O. Hartwick),
Iowa.—BONDS
SOLD—It is reported that $12,000 gymnasium bonds were purchased
re¬
cently by the Hartwick State Bank,
IOWA
as
2Hs, paying
a
price of 101.59.
COUNTY
(P. O. Marengo), Iowa—BOND OFFERING—It is
reported that bids will be received until Aug. 27, by the County Treasurer,
for the purchase of a $72,000 issue of refunding bonds.
Due from 1942
13 (P. O. Benton),
coupon school building bonds
18—V. 147, p. 776—was awarded to Barrow,
Leary & Co. of Shreveport, and associates, taking $94,000 as 4s, maturing
from 1939 to 1948; the remaining $206,000 as 33^s, maturing from 1949
for
sale
on
Aug.
t0The8bonds mature as follows:
$6,000, 1939 to 1942: $9,000, 1943
to 1945;
$16,000, 1947; $17,000, 1948 and 1949; $18,000, 1950 and
1951; $19,000, 1952; $20,000, 1953; $21,000, 1954; $22,000, 1955; $23,000,
$10 000, 1946;
1956!
and $24,000 in 1957 and 1958.
CONCORDIA PARISH SCHOOL DISTRICTS (P. O. Vidalia), La.
BOND SALE—The two issues of coupon school bonds aggregating $52,500 offered for sale on Aug. 18—V. 147, p. 924—were purchased by the
Concordia Bank & Trust Co. of Yidalia, as follows:
$27 000 School
District No. 6 bonds
as
4s, paying
a
premium of $12.00,
equal to 100.04.
Due in 8 years.
25 000 School District No. 7 bonds as 5s, paying a premium of $12.00,
to 1947.
MARSHALLTOWN, Iowa—BOAT) SALE DETAILS—It is now reported
by the City Clerk that the $100,000 sewer bonds purchased jointly by the
White-Phillips Corp. of Davenport, as 2j^s, at a price of 101.00, as noted
here on Aug. 20—V. 147, p. 1227— are dated Aug. 1, 1938, and mature
$10,000 from Nov. 1, 1946 to 1955, giving a basis of about 2.16%.
The City Clerk also states that the $20,000 grading fund bonds
purchased
by the above named as 2Mb, at a price of 100.575, as noted here—Y. 147,
PARISH SCHOOL DISTRICT NO.
BOSSIER
La.—BOND SALE—The $300,000 issue of
offered
equal to 100.048.
No
other
bid
was
Due in 20
years.
received, according to the Secretary of the Parish
School Board.
EAST BATON ROUGE PARISH SCHOOL DISTRICT NO. 4 (P. O.
Rouge), La .—BOND SALE—The $100,000 issue of school bonds
147, p. 301—was awarded to Weil & Co.
paying a premium of $114, equal to 100.114, a
basis of about 3.49%.
Due from Sept. 1, 1939 to 1958.
Baton
offered for sale on Aug. 23—V.
of New Orleans, as 3Hs,
Financial
1372
FRANKLIN, La.—MATURITY— It is stated by the Town Secretary
$30,000 public improvement bonds purch ased by Scharff & Jones
3^s, at a price of 100.29, as noted here on Aug. 20—
V. 147, p. 1227—are due on Aug. 1 as follows: $3,000, 1940 to 1942; $1,000,
1943 to 1953. and $2,000. 1954 to 1958. giving a basis of about 3.46%.
that the
of New Orleans, as
ROADS, La .—BONDS NOT
NEW
SOLD—The $75,000 not to exceed
458—were not sold, as the
offered Aug. 17—V. 147, p.
The offering included:
$25,000 Sewerage District No. 1 bonds.
Due
5% interest bonds
bids were rejected.
1940 to
'
annually on Sept. 1 from
1963 incl.
50,000 public Improvement bonds. Due
1968 incl.
All of the bonds will be dated Sept. 1,
annually on Sept. 1 from 1940 to
,
o
Aug. 27, 1938
Chronicle
O. Dedham), Mass.—NOTE SALE—Th e
tuberculosis hospital maintenance notes offered Aug. 23—V. 147,
NORFOLK COUNTY (P.
$100,000
Norfolk County Trust Co. of Dedham, at
23, 1938 and due April 6, 1939. Other Bids:
•
Discount
Bank of Boston (plus $7.25)
0.125%
1228—were awarded to the
0.112% discount.
Dated Aug.
p
Bidder—
Second
National
Deposit & Trust Co. (plus
National Bank of Boston
Boston Safe
First National
Granite Trust
R. L. Day &
Bank of Boston
Co., Quincy
Co
WINN PARISH
(P. O. Winnfield), La .—BONDS DEFEATED—It is
the Parish School Board that at the election
defeated the proposal to issue $225,000 i i con¬
by the President of
Aug. 16 the voters
struction and repair bonds.
on
to the
bonds sold
1.20%.
PLYMOUTH COUNTY (P. O.
MAINE
Plymouth), Mass .—NOTE OFFERING
Treasurer, will receive sealed bids until 11 a. m.
—Avis E. Kwell, County
Aug. 30 for the purchase of $40,000 tuberculosis hospital maintenance
notes.
Dated Aug. 23, 1938.
Denom. $10,000. Payable March 22, 1939,
at the Second National Bank of Boston.
Notes will be approved as to
on
legality by Storey, Thorndike,
Palmer & Dodge of Boston and certified by
National Bank of Boston
the Second
SOMERVILLE, Mass.—CORRECTION—'The $120,000 IX % municipal
sold to Halsey, Stuart & Co., Inc., New York, at 100.134,
1.72%, not 101.34 as erroneously reported in V. 147, p. 1228.
relief bonds were
WATERVILLE, Me.—BOND SALE—The issue of $50,000 3% refunding
bonds offered Aug. 25—V. 147, p. 1228—*as awarded to Smith, White
& Stanley of Waterville, at a price of 104.11, a basis of about 2.77%.
Dated Sept. 1, 1938 and due Sept. 1, 1963.
MARYLAND
MARYLAND (State of)—REPORTS SURPLUS OF $1,387,388—The
State reports a current surplus of $1,387,388 as of July 31. 1938, end of the
first 10 months of the 1938 fiscal year, which compares with $1,895,592 on
July 31, 1937, according to the monthly balance sheet issued by State
Comptroller William S. Gordy, Jr. The balance sheet showed a surplus of
$2,245,249 in special funds and a $857,861 deficit in general funds, com¬
paring with a special fund surplus of $2,120,161 and deficit of $224,569 in
general funds on July 31, 1937.
Uncollected taxes as of July 31, last, totaled $3,318,018 of which $2,636,235 is due from 1938 taxes, the balance being distributed over previous
Delinquent taxes still outstanding for the year 1937 total $375,853,
which compares with a total of $405,865 outstanding at the end of the
preceding month. On July 31. 1937, uncollected taxes totaled $2,928,754.
a
basis of about
TAUNTON, Mass.—BOND SALE—The $68,000
to principal, municipal relief bonds offered Aug.
CENTERVILLE-OSTERVILLE FIRE DISTRICT (P. O. O.terville),
OFFERING—Sealed bids addressed to J. Milton Leonard.
of Albert W. Rockwood, Attorney, Osterville, will
be received until 1 p. m. (Daylight Saving Time) on Aug. 30 for the pur¬
chase of $275,000 coupon water loan, Act of 1937 bonds.
Dated Sept. 1,
1938.
Denom. $1,000.
Due Sept. 1 as follows: $10,000 from 1941 to
1963 incl. and $9,000 from 1964 to 1968 incl.
Bidder to name a single rate
of interest, in a multiple of X of 1%.
Principal and semi-ann. interest
payable at the Merchants National Bank of Boston or, at holder's option,
at the Hyannis Trust Co., Hyannis.
The bonds will be prepared under the
supervision of and certified as to genuineness by the Merchants National
Bank of Boston.
Legal opinion of Storey, Thorndike, Palmer & Dodge of
Boston will be furnished the successful bidder.
Delivery of bonds to be
made at the Merchants National Bank for Boston funds.
Mass.—BOND
District Treasurer, care
Financial Statement
Centerville-Osterville Fire District
1937 Assessed
Fire tax rate 1937
Fire tax rate 1938
Outstanding as of Aug. 23, 1938
valuation..$9,776,440
valuation..10,099,290
Notes and Bonds
of present water loan
of Barnstable is divided into four fire
Other bids:
of Boston.
districts, each such dis¬
authority delegated,to it
committee elected
trict being self-governing within the limits of the
and each such district being managed by a prudential
by the voters in that district.
These four fire districts are the Barnstable Fire District, covering roughly
the village of Barnstable; the Hyannis Firs District
covering Hyannis,
Hyannisport and West Hyannisport; the Centerville-Osterville Fire Dis¬
trict. covering Craigville, Centerville and all parts of Osterville, including
Wianno and Oyster Harbors, and the Cotuit Fire District, covering all of
:
—
Whiting, Weeks & Knowles
First National Bank of Boston.
Financial Statement, Aug 3, 1938
1937 (incl. motor vehicle
including present loan)
(included in total debt)
Municipal light debt (included in total debt)
Sinking funds (other than water)
Assessed valuation for year
Total bonded debt (not
LEXINGTON,
Mass.—NOTE SALE—The
of $50,000 notes
Safe Deposit
of $1. Due
issue
23—V. 147, p. 1228—was awarded to the Boston
of Boston, at 0.10% discount, plus a premium
Jan. 27, 1939.
MARBLEHEAD, Mass.—NOTE SALE—An issue
department notes was sold to the Marblehead Savings
a price of 100.03.
Other bids:
Charles F. Butler
Rate Bid
Par
1%
Tyler & Co
100.65
1%
1%
1%
1%
1%
100.39
1%
Estabrook & Co
Chace, Whiteside & Co...
Second National Bank of Boston
of $38,000 light
Bank as 0.75s, at
Int. Rate
0.75%
Bidder—
-
Newton, Abbe & Co
R. L. Day & Co
Smith, Barney & Co
The notes are dated Aug. 1, 1938, in $1,000 denoms.
100.41
100.39
100.37
100.28
100.09
and mature Aug. 1
1939 to 1942 incl. and $6,000 in 1943. Principal and
(F. & A.) payable at the Merchants National Bank of Boston.
Legality approved by Kenneth H. Damren of Boston.
as
&
Washburn
New
1
Co
-
follows: $8,000 from
interest
0.153%
0.16%
0.21%
0.26%
England Trust Co
Newton, Abbe & Co
Ellis & Lane, Inc
R. L. Day & Co
-
-
WINCHENDON, Mass.—BOND SALE—The $10,000 municipal relief
22—V. 147, p. 1228—were awarded to Frederick M.
Swan & Co. of Boston as 0.75s, at 100.139.
Due $5,000 in 1939 and 1940.
bonds offered Aug.
Other
bids:
Rate Bid
Int. Rate
100.138
100.124
0.75%
Tyler & Co
Southgate&Co
0.75%
First National Bank of Boston
--
100.10
.0.75%
1%
1%
100.212
100.125
1%
Whiting, Weeks & Knowles
Lee Higginson Corp
Second National Bank of Boston
Par
MICHIGAN MUNICIPALS
Cray, McFawn & Fetter
9.776,440
the assessed value of the property within the CentervilleOsterville Fire District is greater than that of any other fire district in the
Commonwealth (except of course the Boston Metropolitan District cover¬
ing about 40 cities and towns) and represents more than 40% of the as¬
sessed value of the entire Town of Barnstable, it is the only fire district
in the town without a public water supply.
In both the Barnstable and Cotuit Fire Districts there have been installed
and are now in successful operation water systems which are both owned
and operated by those fire districts through a Board of Water Commis¬
sioners elected by the voters in each district.
Discount
0.143%
0.149%
0.15%
Bidder—
GRAND RAPIDS
DETROIT
Although
offered Aug.
& Trust Co.
$100,000 notes offered
awarded to the Weilesley Trust Co. at
1939.
Other bids:
Boston Safe Deposit & Trust Co
Second National Bank of Boston
8,576,700
Hyannis Fire District
Centerville-Osterville Fire District
146,500.00
81,504.95
WELLESLEY, Mass.—NOTE SALE—The issue of
Aug. 22—V. 147, p. 1228—was
0.13% discount.
Due May 22,
$1,616,020
2.620,490
Cotuit Fire District
excise) .$33,819,388.00
1,637.000.00
199,500.00
Population, 38,000.
Total uncollected taxes prior to 1936, $15,212.87*
Tax levy 1936, $1,439,552.79. uncollected to Aug. 15, 1938, $5,371.86Tax levy 1937, $1,251,256.83, uncollected to Aug. 15, 1938, $180,812.16.
real and personal,
Barnstable Fire District
100.056
101.099
100.97
100.89
100.752
100.635
1%%
Tyler & Co
Second National Bank of Boston.
Merchants National Bank of Boston.
Cotuit,
In 1937 the assessed values of the property, both
located in these several fire districts were as follows:
Rate Bid
Int. Rate
Bidder—
Estabrook & Co
Bidder—
$20,000
Notes in anticipation
The town
$1.65
2.20
registerable
Newton, Abbe & Co. of Boston, as l^s, ac 100.138, a
Dated July 1, 1938.
Denom. $1,000.
Due July 1 as
Water debt
MASSACHUSETTS
coupon,
19 were awarded to
basis of about 1.72%.
follows: $7,dt)0 from
1939 to 1947, incl. and $5,000 in 1948.
Principal and interest (J. & J.)
payable in Boston, or at the City Treasurer's office.
Coupon bonds ex¬
changeable for fully registered certificates, interest on which is payable at
Treasurer's office.
Legality approved by Ropes, Gray, Boyden & Perkins
as
years.
1938 Assessed
0.21 %
-
-
Mase.—BOND SALE DETAILS—The $27,000 IYa.% relief
Second National Bank of Boston, at 100.257—V. 147,
1228—mature $3,000 on Sept. 1 from 1939 to 1947. incl.
Basis cost about
PALMER,
1938.
ST. HELENA PARISH SCHOOL DISTRICT NO. 4 (P. O. Greensbur?), La.—BONDS NOT SOLD—The $45,000 issue cf not to exceed 6%
building bonds offered on Aug. 18—V. 147, p. 1228—was not
sold, according to the Secretaiy of the Parish School Board.
Dated
Sept. 1, 1938.
Due from Sept. 1, 1940 to 1958.
held
0.125%
0.135%
0.155%
0.169%
Washburn & Co
semi-ann.
stated
0.13%
$7)-_.
Merchants
Telephone 6-8255
Telephone Cherry 6828
A.T.T. Tel
A.T.T. Tel. Grpe. 7
DET 540-641
MICHIGAN
of $240,000 hydro¬
bonds originally approved in 1934 will again be submitted to
13.
The earlier vote was recently held illegal as only
qualified electors were permitted to participate in the ballotting.
ALLEGAN.
Mich.—BOND ELECTION—An issue
electric plant
the voters on Sept.
BAY
CITY
SCHOOL
Mich.—BOND
DISTRICT,
ELECTION—On
Sept. 9 the voters will be asked to approve an issue of $273,000 bonds to
provide the district's share of a projected expenditure of about $497,000 for
new school buildings.
A Public Works Administration grant would provide
the
balance of the funds.
BUCHANAN, Mich.—OTHER BIDS—The
plant bonds awarded to the Union State Bank
premium of $127.57, equal to 100.364, a basis
p. 1229—were also bid for as follows:
$35,000 sewage disposal
of Buchanan, as 2s, for a
of about 1.94%—V. 147,
Interest Rate
Bidder—
John Nuveen & Co., Chicago
Stranahan.
Premium
$361.90
18.00
Detroit.
Wright, Martin & Co., Detroit
First Michigan Corp., Detroit
Paine, Webbei & Co., Grand Rapids
Kidder, Peabody & Co., Chicago
McDonald, Moore & Hayes,
10.00
49.35
352.00
110.00
7.00
103.00
Harris & Co., Toledo
Ryan, Sutherland & Co., Toledo
Halsey, Stuart & Co., Chicago
Albert McCann Securities, South Bend..
36.60
106.05
MILLBURY, Mass.—BOND SALE— Goldman, Sachs & Co. of New
18 of $22,000 coupon relief bonds as 1
100.053, a basis of about 1.74%. Dated Aug. 15,1938.
Denom. $1,000.
Due Aug. 15 as follows:
$3,000 in 1939 and 1940, and $2,000 from 1941 to
1948, incl. Principal and interest (F, & A.) payable at the Second National
Bank, Boston.
Legal opinion of Kenneth H. Damren of Boston.
Other
E. W. Cress &
bids:
DAVISON, Mich.—BOND OPTION—After no bids were received at
the Aug. 22 offering—V. 147, p. 1229—the village granted Martin, Smith
& Co. of Detroit a 10-day option on the issue of $42,000 water supply
system revenue bonds.
Dated Sept. 1, 1938 and due Sept. 1 as follows:
$2,000, 1941 to 1943 incl.; $3,000, 1944 to 1948 incl.; $4,000 from 1949 to
1952 incl., and $5,000 in 1953.
Co., Benton Harbor
17.00
York obtained award on Aug.
at
Bidder—
Merchants National Bank of Boston
Second National Bank of Boston
Tyler & Co.
.
Int. Rate
2%
2%
2%
Rate Bid
100.39
100.33
100.27
NEWBURYPORT, Mass.—BOND SALE—The $24,000 coupon munici¬
pal relief bonds offered Aug. 23—Y. 147, p. 1228—were awarded to Whit¬
ing, Weeks & Knowles of Boston, as l%s. at a price of 100.65, a basis of
about 1.62%.
Dated Aug. 1, 1938 and due Aug. 1 as follows: $3,000 from
1939 to 1942 incl. and $2,000 from 1943 to 1948 incl.
Other bids were:
Bidder—
National Bank, Newburyport
National Bank of Boston
Lee Higginson Corp.
Tyler & Co
Merchants National Bank, Newburyport
Institution for Savings, Newburyport
First & Ocean
Merchants
Int. Rate
1 H%
1%'
\%[
2%
2%
2%
Rate Bid
100.61
100.57
100.097
100.90
100.80
Par
41.00
Co., Chicago
Braun Bos worth & Co., Toledo
Cray, McFawn & Petter, Detroit
Crouse & Co., Detroit
Channer Securities
DETROIT,
Mich.—TENDERS
—
191.00
—
103.56
117.57
WANTED—John
N.
Daley,
City
Controller, will receive sealed tenders of bonds in the amount of approxi¬
mately $148,000 for the water board sinking fund and $159,000 for the
street railway sinking fund.
Offerings will be received until 10 a. m. on
Aug. 31. and shall remain firm until 1 p. m. of the following day. Tenders
must be made under the foUowing conditions:
1. If callable bonds are offered at a premium:
(a)
When the interest rate
is 4M % or higher, the
yield shall be computed
to the first call date.
(b)
When the interest rate is less than
to the seventh call date.
4H %, the yield shall be computed
Volume
Financial
147
2.
If bonds are offered at less than par:
Yield shall be computed to the date of maturity,
whether callable or
non-callable.
3.
Non-callable bonds:
Non-callable bonds shall be computed to the date of
maturity.
4.
Offerings:
(a) Offerings shall show the rate of interest, the date of maturity, the
dollar value and the yield on each offering.
(b) Offerings will be accepted on the basis of the highest neb yield to the
city.
.
The City reserves the right to reject any or all bids.
No bonds maturing beyond May 1, 1947 will be accepted for the Street
Railway Sinking Fund.
No bonds maturing beyond 1959 will be accepted for Water Board
Sinking Fund.
Additional Call—Mr.
Daley also will receive sealed offerings up to
10 a. m. on Sept. 7 (to remain firm until 1 p. m. of the following day) of
callable city refunding bonds in the amount of about $500,000 under the
following conditions:
If callable bonds are offered at a premium:
(a) When the interest rate is 4M % or higher, the yield shall be computed
.
$37.58, equal to 100.089, a basis of about 1.48%, as previously
V. 147, p. 1230—were also bid for as follows:
Bidder—
Int. Rate
First of Michigan Corporation, Detroit
2%
Siler, Carpenter & Roose, Detroit
2M %
Cray, McFawn & Petter, Detroit
2M %
McDonald, Moore & Hayes, Inc., Detroit
2%
Braun, Bosworth & Co., Toledo...
1M%
Stranahan, Harris & Co., Toledo.,
1M%
Wright, Martin & Co., Detroit
111 %
Martin, Smith & Co., Detroit
2%
Ryan, Sutherland & Co., Toledo
2% *
Commercial and Savings Bank, St. Clair
2%
Channer Securities Co., Chicago
2M %
When the interest rate is less than 4>6 %, the yield
(b)
shall be computed
If bonds
offered at par or less than par:
are
Yield shall be computed to the date of
maturity.
date of maturity, the
dollar value and the yield.
the basis of the highest net yield to the City
as computed from the dollar price.
Only 1962-63 maturities of callable bonds will be accepted.
The City reserves the right on bonds purchased, which are delivered
subsequent to Sept. 14, 1938, to pay accrued interest up to that date only.
Tenders will be accepted on
FISCAL
$7,000,000
Mich.—REPORTS
PERIOD—Financial
statement
DEFICIT
the city,
of
FOR
RECENT
exclusive of street
railway, water board and sinking fund operations for the fiscal year ended
June 30, 1938, shows a deficit of $7,024,398, according to report.
This
amount includes $6,622,666 short-term debt.
However, $6,849,026 of the
deficit is appropriated in the current fiscal year's budget, leaving $175,372
to be
absorbed, it was said.
1938-39 fiscal period is $65,992,816. Receipts for the
just ended totaled $101,276,187 against $103,107,265 for the
30, 1937.
Tax collections were $50,205,058 com¬
pared with $47,232,053 in the previous fiscal period.
Delinquent tax
collections amounted to $9,551,062 against $16,259,936 the year before.
General operating expenses increased to $51,423,355 from $47,004,673 in
the previous fiscal period.
Interest charges decreased, totaling $11,298,484,
compared with $13,816,247 in the 1936-37 fiscal year.
The budget for the
fiscal
$75.67
134.40
216.13
201.00
115.79
37.60
18.00
11.52
120.00
5.00
56.00
MINNESOTA
Reichbonds
CHOKIO, Minn.—BONDS TO BE SOLD—It is stated by A. J.
muth, Village Clerk, that $10,000 3% semi-annual sewer system
approved by the voters on Aug. 22, will be sold to the State.
DULUTH, Minn.—BOND ELECTION—We are informed by the City
an election will be held on Sept. 26 in order to vote on the pro¬
a total of $830,500 garage, auditorium and stadium bonds.
Clerk that
posed issuance of
EXCELSIOR, Minn.—WARRANT SALE—The $40,000 Sewer District
offered Aug. 23—V. 147, p. 1074—were
Kalman & Co. of St. Paul, and Thrall, West & Co. of
Minneapolis, as 2Ms, at a price of 100.62, a oasis of about 2.14%. Dated
July 10, 1938 and due $4,000 on Jan. 1 from 1940 to 1949 incl.
Second
high bid of 100.31 for 2 Ms was made by Allison-Williams Co. of Minneapolis.
awarded jointly to
officially as follows:
The other bids were reported
Price Bid
Names of Other Bidders—
Wells-Dickey Co
$40,450
Allison-Williams Co
—.....
Piper, Jaffray & Hopwood.
Bigelow, Webb & Co
First Nat. Bank & Trust Co., Minneapolis
2M%
4U,4uO
40,075
.—
2M%
2M%
40,375
-
2M%
40,250
40,125
-
Dain & Co...
J. M.
2M%
2M%
DISTRICT (P. O. Ortonville), Minn.—
Brown, Superintendent of Schools
that $40,000 3% semi-annual building bonds approved by the voters at an
election held on Aug. 16, have been purchased by the State of Minnesota.
ORTONVILLE
SCHOOL
BONDS SOLD—It is stated by L. W.
year
DUPLAIN
NO. 2 (P. O. Elsie),
offered Aug. 22—
TOWNSHIP SCHOOL DISTRICT
Mich.—BOND SALE—The $25,000 coupon school bonds
awarded to Stranahan, Harris & Co., Inc. of Toledo,
1Mb, at par plus a premium of $17.65, equal to 100.07, a basis of about
1.74%. Dated Aug. 15, 1938 and due $5,000 on May 1 from 1939 to 1943
incl.
Second high bid of 100.206 for 2s was made by McDonald, Moore &
Hayes of Detroit.
,
V. 147, p. 1073—were
as
Other bids:
Int. Rate
Bidder—
Grouse & Co., Detroit
2M%
2M%2M %
,
Donovan, Gilbert & Co., Lansing
Martin Smith & Co., Detroit
■
Premium
$1,13.57
75.00
13.00
ELECTION—An issue of $70,000
improvement bonds will be considered by the voters on Sept. 13.
EAST
LANSING,
Mich.—BOND
GRAND
RAPIDS,
Mich.—BOND SALE—The $2,255,000 coupon
water revenue bonds offered Aug.
22—V. 147, p. 1229—were awarded
jointly to Stranahan, Harris & Co., Inc., Toledo, and Paine, Webber & Co.,
Chicago, at a price of 100.045 for the obligations to bear interest as follows:
$1,355,000 as 3s, due $40,000 Aug. 1, 1941 to 1944 incl.; $50,000, 1945;
$80,000 in 1946 and 1947; $85,000 in 1948, and $90,000 from 1949 to 1958
incl.; $900,000 as 2%s, due $90,000 each Aug. 1 from 1959 to 1968 incl.
Net interest cost about 2.834%.
HOLLAND, Mich.—BOND ELECTION—On Sept. 13 the voters will
an issue of $85,000 bonds to augment a Public Works Adminis¬
tration grant for construction of a library-museum.
consider
MARINE CITY AND COTTRELLVILLE TOWNSHIP
FRACTIONAL
SCHOOL DISTRICT NO. 1, Mich.—BOND OFFERING—Ervin C. Jones.
District Secretary, will receive seated bids until 8 p.m. (Eastern Stsndard
Time) on Sept. 1 for the purchase of $44,000 not to exceed 4% interest
bonds.
school
coupon
Dated
June
1938.
1,
Denom.
$1,000.
Due
$6,000 in 1940; $8,000 in 1941, and $10,000 from 1942 to
1944, incl.
Rate of interest to be expressed in multiples of M of 1%.
Sale of issue is subject to district receiving grant from the Public Works
Administration.
In addition to bonds being payable from ad valorem
June 1
as
follows:
limitation prescribed by the
has been voted for the period
1939-1943.
Successful bidder to pay for printing of the bonds and approv¬
ing legal opinion of Miller, Canfield, Paddock & Stone of Detroit.
A cer¬
tified check for 2% of the issue, payable to the order of the District Treas¬
urer, must accompany each proposal.
on
all the district's property within the
State Constitution, an additional 5-miu levy
MONROE
COUNTY
(P. O. Monroe), Mich.—NO BOND TENDERS
Gillespie, Clerk of the Board of County Road Com¬
that no offers were submitted in connection with the
commission's call for tenders of various road assessment district highway
E.
RECEIVED—F.
missioners.
reports
refunding bonds, dated May 1, 1933.
MUSKEGON, Mich.—BOND ELECTION—On Sept. 9 the voters will
decide whether to authorize bonds to cover the district s share of a proposed
$700,000
Public
Works Administration
portion is estimated at $375,000.
building
program.
District's
bonds.
DISTRICT NO. 8 (P. O. Hazel
WANTED—Ralph
Valom, Secretary of the Board of Education, will receive sealed tenders of
1936 refunding bonds, series A, dated April* 1, 1936, until 7 p.m. (Eastern
Standard Tin e) on Sept. 10.
The amount on hand in the sinking fund for
the retirement of such bonds is approximately $11,000.
Offerings should
ROYAL OAK TOWNSHIP SCHOOL
Park
Royal
Station,
Oak),
Mich.—TENDERS
state bond numbers and the amount
INDEPENDENT
Minn.—BOND
District Clerk that the $10,000 3% semi-ann.
State,
as
from 1954 to 1958 incl.
COUNTY INDEPENDENT SCHOOL DISTRICT NO.
Redwood Falls) Minn.—BOND OFFERING—It is stated that
received until Sept. 12, at 8 p. m., by
Park Sanders, District Clerk, for the purchase of an issue of $125,000 not
to exceed 2M % semi-ann. refunding bonds.
Dated Oct. 15, 1938. Denom.
$1,000.
Due Jan. 1, as follows: $5,000 in 1940, $1,000 in 1942 to 1944,
$2,000 in 1945 to 1947, $11,000 in 1948 and $25,000 in 1949 to 1952. All
bonds maturing after Jan. 1, 1949, are subject to redemption on said date
and on any interest payment date thereafter. Payable at any suitable bank
or trust company designated by the purchaser.
Said maturities have been
fixed in consideration of the maturities of outstanding bonds now refunded,
in accordance with the provisions of Chapter 331, Laws of 1927, as amended.
The approving opinion of Junell, Fletcher, Dorsey, Barker & Colman, of
Minneapolis, will be furnished. Said opinion to be paid by the purchaser.
The purchaser will also be required to furnish the bonds. Enclose a certified
check for $2,000, payable to the district.
REDWOOD
1
(P. O.
both sealed and auction bids will be
Financial Data
Personal property
Total-....--..-
$47,500.00
on
x
x
x
-
1
1.040,707
201,030
236,070
x
21,423.27
779
22,637.38
757
z7,000
5,628
4,565
933,866
98,400
915,546
80,o00
50.9UU
47,500
20,500
£3,500
20,500
13.273.968
739,500
City oj Redwood Falls—
Valuation, total
Debt, total Dec. 31
Less special assessments
Net debt Dec. 31
Cash on hand, Dec. 31
13.239,563
81§,o00
-
-
vZtZn.tS'"~
Debt, total Dec. 31
Less ditch debt
31
Cash on hand, Dec.
z
131,506
1,058,127
22,579.11
880
hand
Received from State income tax
*
1930
$40,000.00
1-251.85
131,287
x
—
Enrollments
Net debt, Dec
1937
$40,000.00
*
££5,870
x
Money and credit
Cash
_
1938
Independent District No. 1—
Levy.:.
Delinquent taxes, (Jan.)
Valuation, non-agricultural
Agricultural
Not delinquent
31
until Jan. 2, 1939.
x
27,ouu
424,500
££8,500
315,000
260,000
180,900
114,600
Figures available October, 1938.
Estimated.
Minn.—BOND OFFERING—Sealed bids will be
received by O. G. Ingvaldson, Town Clerk, at the offices of Duxbury &
Roerkel, 110 South Kingston St., Caledonia, Minn., until 8 p. m. on
Sept. 9, for the purchase of a $20,000 issue of road and bridge bonds.
Bidders to name the rate of interest.
Dat^d June 1, 1938. Due $2,000 in
1941 to 1950 incl.
No bid for less than par and accrued interest will be
considered.
The approving opinion of the above-named attorneys will be
furnished.
A certified check for $500, payable to the Town Clerk, must
accompany the bid.
SPRING
GROVE,
City Clerk that $16,000 4% water works
ized recently by the City Council, have
SOLD—It is stated by the
certificates of indebtedness author¬
been sold to local banks.
THIEF RIVER FALLS,
waive any irregularities in said tenders; to accept the tender or
tenders which in the opinion of the Board are most favorable to the District;
and to purchase additional securities sufficient to exhaust the amounts of
money available for this purpose on Sept. 10, 1938.
Offerings should be
firm for three days and should be marked on the outside of a sealed envelope
"Tenders of Bonds, Series A."
Following list of tenders received in response to last previous call on
May 7, was compiled by Matthew Carey, refunding agent, 2149 Union
Guardian Bldg., Detroit:
Minn.—BOND OFFERING—P. G. Pederson,
City Clerk, will receive sealed bids until 8 p. m. on Sept. 13 for the pur¬
$80,000 not to exceed 4% interest coupon sewage treatment plant
bonds.
Dated Oct. 1, 1938.
Denom. $500.
Due $5,000 on Oct. 1 from
1941 to 1956 ind.
No bid for less than par and accrued interest will be
considered. Interest A. & O. A certified check for 2% of the bonds bid for,
chase of
payable to the order of the
City Treasurer, must accompany each
proposal.
TRUMAN, Minn.—BOND SALE—The $50,000 issue of municipal light
plant bonds offered for sale oil Aug. 19—V. 147, p. 926—was
awarded jointly to the Allison-Williams Co., and the First National Bank
& Trust c5o., both of Minneapolis, as 2 Ms, according to the Village Recorder.
Dated Sept. 1, 1938.
Due from Sept. 1, 1941 to 1955 incl.; optional after
Sept. 1, 1948.
and power
for which they will be sold to School
The Board of Education reserves the right to reject any or all
District.
Pillager)
STILLWATER, Minn.—CERTIFICATES
ROSEVILLE, Mich.—BOND EXCHANGE URGED—Charles A. Retzlaff, refunding agent, 22552 Gratiot Ave., East Detroit, Mich., urges those
who have not already done so to act immediately toward exchanging
their original bonds for the new refunding securities being issued by the
village.
A great many bonds have already been exchanged and interest
is being paid upon the May 1 coupons of the refunding bonds at the present
time, according to Mr. Retzlaff.
Bonds may be mailed to the First State
Bank, East Detroit, for exchange, or may be delivered direct to the refund¬
ing agent.
New securities will be delivered immediately upon receipt of
the old
SCHOOL DISTRICT NO. 1 (P. O.
SALE DETAILS—It is now reported by the
school bonds purchased by the
noted here—V. 147, p. 1074—were sold at par, and mature $2,000
PILLAGER
fiscal year ended June
taxes
Premium
No. 1 special assessment warrants
All tenders shall be in writing and shall be sealed.
Tenders shall show the purpose, the rate of interest,
DETROIT,
reported in
,
to the second call date.
to the fourth call date.
1373
Chronicle
The
purchasers paid a premium
of $201.00, equal to 100.402, a basis of
about 2.45%.
tenders; to
1936
Tenders
REFUNDING
BONDS, SERIES A-
Other Tenders
Accepted
Tendered
$10,000
5,000
5,000
$20,000
at
58.97 & int.
59.43 & int.
60.00 & int.
Tendered
Cash
Amount
59.34
Cash
Amount
Par
Value
$5,897.00
2,971.50
3,000.00
$10,000
30,000
4,000
60.00 & int.
62.00 & int.
70.00 & int.
$6,000
18.600
2,800
10,000
10,000
Par
Value
80.00 & int.
80.00 & int.
8,000
8,000
11,868.50
$64,000
at
67.81
$43,400
DISTRICT, Mich.—OTHERBIDS—The $42,000
school issue awarded to Crouse & Co. of Detroit, as 1 Ms, for a premium of
ST. CLAIR SCHOOL
MISSOURI
BROOKFIELD,
Mo.—BONDS DEFEATED—At the election held on
Aug. 16 the voters defeated
bonds, assording to report.
the proposal to issue the $28,000 hospital
Fulton), Mo.—BOND OFFERING—It
will receive sealed bids on Sept. 17 for the
and jail bonds.
MOSS CREEK TOWNSHIP (P. O. Carrollton) Mo.—BOND SALE
DETAILS—It is now reported by the Township Clerk that the $43,000
3M% semi-ann. road bonds purchased by the Mississippi Valley Trust Co.
of St. Louis, as noted here—V. 147, p. 1230—were soid for a price of
101.68, and mature as follows: $2,000, 1939 to 1949, and $3,000 from 1950
CALLAWAY COUNTY (P. O.
reported that the County Clerk
purchase of $125,000 courthouse
is
to
1956, giving a basis of about
ST. JOSEPH,
3.30%.
Mo.—BONDS VOTED AND DEFEATED—We quote in
part as follows from a news dispatch out of St. Joseph on Aug. 9:
St. Joseph today voted $1,304,000 in bonds for a city and school
improve¬
program. Matched with an almost equal amount of Federal funds and
including work on the new Federal building, it will mean the expenditure
of about $6,000 in wages every working day for the next 15 months.
ment
1374
Financial
Chronicle
Aug. 27,
$376,750 civic center bonds.
serial
and
bonds
amortization
MISSOURI
BONDS
ST. LOUIS, MO.
Amortization bds. will be
the first choice and serial bonds will be the second
choice of the
If amortization bonds are sold and
issued, the entire
issue may be put into one single bond or divided into several bonds
as the council
may determine upon at tne time of
deprived the city of a $240,000 Missouri River wharf.
defeated by 23 votes less than the required 2-3rds
majority. These bonds were the only ones of 14 proposals to fall of passage.
* A $900,000 school program calling for four new buildings and improve¬
ments sailed through with a three to one majority, the most popular of all
were
t/ll0 ifiSUCJS*
Work
ST.
'•
'
on
the projects is scheduled to
council.
sale; both prin¬
cipal and interest to be paid in semi-annual instalments during a
period of 20 years from the date of issue.
If serial bonds are
issued and sold they wiil be in the amount of
$1,000 each; the
sum of $9,000 of said serial bonds will
become due and payable
on tne 1st day of
July, 1939, and a like amount on the same
'■
begin Sept. 1.
JOSEPH, Mo.—BOND OFFERING—M. B. Morton, City Comp¬
troller, will receive sealed bids until Sept. 6 for the purchase of various
issues of general obligation bonds aggregating $655,000.
The offering will
include nine separate issues, all dated Sept. 1, 1938.
With the exception of
one
each year thereafter until all such bonds are
instalment will be in the amount of
last
The difference
of 45%'will be obtained by the city in the form of an outright grant from
the Public Works Administration.
The bonds to be sold at this time,
together with an additional $154,000, were authorized at an election on
Aug. 9.
ST. JOSEPH
SCHOOL DISTRICT
(P.' O. St. Joseph), Mo.—BOND
OFFERING—Healed bids will be received until 7:80 p. m. on Sept. 6, by
E. Dale, Secretary of the Board of Education, for the purchase of a
T.
$495,000 issue of
1938.
Due
on
coupon school bonds.
Denom. $l,0u0.
Dated Sept. 1,
Sept. 1 as follows: $145,000 in 1950; $100,U00, 1951 to 1953,
and
$50,000 in 1954.
The first interest payment on said bonds shall be
on and not before March 1, 194U.
Bidders to name rate of interest
multiples of M of 1%, and must be the same for all of the bonds.
Prin.
and int. (M. & S.) payable at the Guaranty Trust Co., New Yorik.
No
bid for less than par will be accepted.
Bonds, before delivered, will be
certified by the State Auditor, and their legality attested by a decree of
the Circuit Court of Buchanan County, Missouri, wherein said
District
made
in
is located.
The
State.
The
Article
16,
School
bond
issue
District operates under the education laws of the
is authorized under Article 4, Chapter 15, and
Chapter 57, R. 8. Missouri, 1929.
The right is reserved to
The bonds will be valid and legally binding obliga¬
reject
any or all bids.
tions of the School
District and all the taxable property within the district
will be subject to a levy of ad valorem taxes to pay the bonds and interest
thereon, without limitation of rate
or
amount.
Inclose a treasurer's
check for $2,500, payaole to the District.
SULLIVAN COUNTY (P. O. Milan). Mo.—BONDS SOLD—It is said
that $75,000 court house bonds were purchased on Aug. 23 by Smith, Moore
6 Co. of St. Louis.
MONTANA
FLATHEAD COUNTY SCHOOL DISTRICT NO. 5 (P. O.
Kalispell),
Mont.—BOND OFFERING—Sealed bids will be received by H. J.
Hunt,
District Clerk, until 2 P. m. on Sept. 17 for the purchase of $82,500 not to
exceed 4% interest building bonds.
Dated Oct. 1, 1938.
Amortization
bonds will be the first choice and serial bonds will be the second choice of
the Board of Trustees,
if amortization bonds are sold and issued, the
entire issue may be put into one single bond or divided into several
bonds,
the Board of Trustees may determine upon at the time of
sale, both
principal and interest to be payable in semi-annual installments during a
period of twenty years from the date of issue. If Berial bonds are issued and
sold they will be in amounts of not less than $1,000 each. The sum of
$4,000
City Clerk, is required.
The
sum of $1,200 of said serial bonds will
become due and payable on
1st day of July, 1939, and a like amount on the same
day each year
thereafter until all such bonds are paid,
except the last payment, which will
be in the amount of $300.
The said bonds, wnether amortization or serial
bonds, will hear date of July 1, 1938, and will bear interest at a rate not
the
exceeding 4%
per annum, payable semi-annually on the 1st
day of January
on the 1st day of
July in each year.
Said bonds will be sold for not less
than their par value with accrued interest to
date of delivery and all bidders
the lowest rate of interest at which
and
must state
Additional Offering—Sealed bids will also be received at the same time
by
the above named Clerk for the purchase of a
$65,451.10 issue of not to ex¬
ceed
The council reserves the right to reject
any and all bids and to sell
said bonds at private sale.
The said bonds shall not extend
beyond a period of 20
years, and may
be redeemable in full at the option of the
city, on any interest payment
date, from and after 10 years from the date of issue.
WHEATLAND
COUNTY SCHOOL DISTRICT NO. 9 (P. O. Shawmut), Mont.—BOND OFFERING—Sealed bids will be received by John
Michalski, District Clerk, until lp.m.on Sept. 3 for the purchase of $2,500
not to exceed 6% interest school bonds.
Dated Nov. 1, 1938.
Amortiza¬
tion bonds will be the first choice and serial bonds
will be the second choice
of the School Board.
NEBRASKA
MULLEN SCHOOL DISTRICT NO. 2
(P. O. Mullen), Neb.—BOND
SALE—The $16,000 issue of construction bonds offered for sale on
Aug. 20
147, p. 778—was purchased by Wachob, Bender & Co. of Omaha as
314s, offering a premium of $106.00, equal to 100.66, less the cost of print¬
ing the bonds and the legal opinion.
Dated July 1, 1938.
Due from
1939 to 1956, optional after five years from date of issue.
—V.
NORFOLK, Neb.—BOND SALE—The $95,000 issue of auditorium
bonds offered for sale on Aug. 22—V.
147, p. 1231—was awarded to Burns,
Potter & Co. of Omaha, as 2>is,
paying a premium of $325 equal to 100.34
a basis of about
2.42%.
Due $o,000 from Sept. 1, 1939 to 1957; optional
after five years.
The following is an official
report on the other bids received:
Bidders—
necessary
School
funds to
District
No.
5,
and
issued
issued for the purpose of provid¬
redeem the four outstanding bonds of
June
are
15,
Wachob-BenderCo.,Omaha
bonds
are
sold
and issued, the entire issue may be put into one
single bond or divided
into several bonds, as the Board of Trustees
may determine upon at the
time of sale, both principal and interest to be
payable in semi-annual in¬
period of 11 years from the date of issue.
If serial bonds are issued and sold
they wiJ be in amounts of not less
than $1,000 each.
The sum of $6,000 of the said serial bonds will become
payable on the 30th day of June, 1939, and a like amount on the same
day each
year
a
thereafter until all of said bonds
are paid, except that the
day of June, 1949, shall be $5,451.10.
The bonds, whether amortization or
serial, will be redeemable in full on
any interest paying date from and after five
years from the date of issue.
Enclose a certified check for $1,000,
payable to the clerk.
sum
to become due the 30th
GLACIER COUNTY (P. O. Cut
Bank), Mont.—BOND
Sealed bids will be received
by J. Lee Anderson, Clerk of
County Commissioners, until 10 a. m. on
Sept. 16, for the
$65,000 issue of court house and jail bonds. Interest rate is
6%. payable M. & S. Dated Sept. 1, 1938. Amortization
OFFERING—
rhe
Board
purchase of
OAKLAND, Neb.—BOND SALE—The $30,000 issue of municipal
building bonds offered for sale Aug. 18—V. 147, p. 1075—was awarded to
Kirkpatrick-Pettis Co. of Omaha, as 3s, paying a price of ' 101.10,
according to report.
torium
of
bonds
Omaha,
as
have
of
Enclose
NEW
7
bonds
the bonds that were
originally scheduled to be sold on Aug.
noted in our issue of
Aug. 13—V.
are
^*9LDEN-It
VALLEY COUNTY
now
DETAILS
is
p.
27,
SALE
reported by the Clerk of the Board of
CountyCom-
,^►7.
Land Commissioners,
GREAT
FALLS, Mont.-—BOND OFFERING— It
is
stated
by W. p.
Harrison, City Clerk, that he will receive bids until 10 a. m. on
Sept. 12»
for the purchase of the
following not to exceed 4% semi-annual bonds
aggregating $574,850:
^
m
_____
.$23,100 community hall and library bonds.
Amortization bonds will be
the first choice and serial bonds will
be tne second choice of the
council.
If amortization bonds are sold and
issued, the entire
issue may be put into one
single bond or divided into
several
bonds, as the council may determine upon at the time of
sale,
both principal and interest to be
payable in semi-annual instal¬
during the period of 20 years from the date of issue.
ments
coupon
high schooi
19 were awarded to Brown Harriman & Co., Inc.,
New York, and F. W. Home & Co. of
Hartford, jointly, as 2J^s, at a
of
101.6199,
price
basis of about 2.07%. Dated Sept. 1, 1938. Denom. $1,000.
follows:
$8,000 from 1939 to 1942 incl. and $7,000 from
1943 to 1958 incl.
Principal and interest (M. & S.) payable at the Second
National Bank of Boston.
Legality approved by Ropes, Gray, Boyden &
Due
a
Sept. 1
as
Perkins of Boston.
Other bids:
Bidder—
Int. Rate
Preston, Moss & Co
214%
214%
2^%
2K%
214%
E. H. Rollins & Sons, Inc___-
Chace, Whiteside & Co
Bond, Judge & Co. and Lyons & Co
Lee Higginson Corp__
Bond & Goodwin.
that the $190,288.59
refunding bonds purchased by the State
as 4s, as noted here recently—V.
14/,
p. 1074—were sold at par, and mature in
10 years, becoming subject to
prior option after five years.
*
missioners
HAMPSHIRE
Aug.
C. F. Childs & Co
1074.)
(P. O. Ryegate), Mont.—BOND
offered
a
they will purchase the bonds
certified check for $6,500,
payable to the Clerk Board
147,
is reported that $11,500 audi¬
purchased recently by Wachob, Bender & Co.
FRANKLIN, N. H.—BOND SALE—The $144,000
Second National Bank of Boston
Goldman, Sachs & Co
First National Bank of Boston
First Boston Corp
F. M. Swan & Co..
Arthur Perry &Co.._
Ballou, Adams & Whittemore
Kidder, Peabody & Co., and Lazard Freres &
Halsey, Stuart & Co., Inc
Assessed valuation
100.159
101.53
101.535
1936
$6,577,496
$39.00
$35.50
$6,562,154
$34.00
...$265,288.80 $244,440-42 $233,244.49
245,413.44
14,405.33
470.00
levy...
Uncollected taxes
Taxes
Co
100.888
100.766
100.377
100.25
100.699
100.272
100.437
100.039
100.238
$6,615,918
Tax rate
Tax
101.31
101.157
101.099
101.038
101
214%
2%%
214%
2%%
214%
214%
214%
2 ^ %
214%
214%
214%
Financial Information, Aug. 12, 1938
1938
1937
Year•
Rate Bid
214%
Perrin, West & Winslow, Inc
County Commissioners.
(These
as
a
been
3Ms.
of
not to exceed
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 may 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 semi¬
annual instalments during a
period of 15 years from date of issue. If serial
bonds are issued and soid
they will be in the amount of $1,000 each; the
sum of $2,000 of the serial bonds
will become payable on March 1, 1939,
and a like amount on
Sept. 1, 1939, and a like sum on March and Sept. 1
of each year thereafter until all of
such bonds are paid, except that the
last five instalments will be in the
amount of $3,000 each.
The bonds,
whether amortization or serial
bonds, will be redeemable in full after five
years from date of the bonds, upon
any interest payment date upon 15 days'
notice before the next interest
date.
The bonds will be sold for not less
than their par value with accrued
interest to date of delivery, and all bidders
must state the lowest rate
of interest at which
at par.
2j|% less $225 discount
__214% less $200 discount
214% plus $300 prem.
the
.
during
...
1929, in the original amount of
$98,000 upon which there now remains a balance of unpaid
principal in
the amount of $65,451.10
Amortization bonds will be the first choice and serial bonds will be the
second choice of the Board of Trustees.
If amortization
stalments
214% less $400 discount
2M % Plus SI ,700 prem.
Steinauer & Schweser Co., Omaha.
Kirkpatrick, Pittis & Loomis, Omaha
First Trust Co. of Lincoln
RANDOLPH, Neb.—BONDS SOLD—It
These bonds
pay
Price Bid
Greenway-RaynorCo,,Omaha
4% semi-ann. refunding bonds.
Dated Dec. 31, 1938.
ing
they will purchase the bonds
at par.
as
of the serial bonds will become payable Dec.
31, 1939, and a like amount
on the same day each year thereafter until all of said bonds
are paid, except
that $6,500 will mature Dec. 31, 1959.
The bonds, whether amortization
or serial bonds, will be redeemable in full on
any interest paying date from
and after five years from the date of issue. No bid for less
than par. Enclose
a certified check for
$1,000, payable to the District Clerk.
day
paid, except that the
$4,000.
The bonds
wnether amortization or serial will be redeemable at the
option of
the city on any interest payment date on or after
July 1, 1948.
A certified check for $7,750,
payable to the
issue for $50,000, which is an independent city project, the rest of the
bonds represent 55% of the cost of the respective projects.
be
175,000 Administration Bldg. and airport, bds.
rr A handful of voters
The wharf bonds
the entire issue may
sold, they will be in the amount of $1,000 eacn, except the last
bond which will be in the amount of $750.
The sum of $19,000
of said serial bonds will become due and
payable on the 1st day of
July, 1939, and a like amount on the same day of each year
thereafter, until all such bonds are paid, except that the last
instalment will be in the amount of $15,750.
The bonds shall
not extend beyond a period of 20
years and may be redeemable
in full at the option of the
city on any interest payment date from
and after 10 years from date.
A certified check for $3,000,
payable to the City Clerk, is required.
MISSOURI
I,.
sold and issued
one single bond or divided into several bonds, as the
council may determine upon at the time of sale, both
principal and
interest to be payable in semi-annual instalments
during a period
of 20 years from the date of issue.
If serial bonds are issued and
SCHERCK, RICHTER COMPANY
BUILDING,
are
put into
Markets in all State, County & Town Issues
LANDRETH
Amortization bonds will be the first choice
be the second choice of the council.
If
will
bonds
bought by city, $2,649.02.
Serial bonds and notes
Outstanding Debt
(including this issue)
$301,750
82,000
Floating debt—Notes
Due trust funds
Tax anticipation notes of 1938
Population
43,203
175,000
6,576
HILLSBOROUGH COUNTY (P. O. Manchester), N. H.—BOND
SALE—The $300,000 3% funding bonds offered Aug. 25—V. 147, p. 1075—
were awarded jointly to
Halsey, Stuart & Co., Inc. and the First of Michigan
Corp., both of New York City, at a price of 108.919. a basis of about 2.05%.
Dated Sept. 1, 1938 and due $15,000 on Sept. 1 from 1939 to 1958 incl.
Second high bid of 108.299 was submitted on behalf of the First Boston Corp.
and Brown Harriman & Co., Inc., both of New York.
Among other bids
were
these:
Bidder—
Rate Bid
Goldman, Sachs, & Co. and Kidder, Peabody & Co
108.238
F. S. Moseley & Co. and Estabrook & Co
107.809
E. H. Rollins & Sons, Inc., Newton, Abbe & Co. and Chace, White¬
side & Co
Indianhead National Bank, Nashua
106.53
106.479
Volume
Financial
147
1375
Chronicle
$198,000 coupon or registered school bldg. bonds offered
Aug. 19—V. 147, p. 1076—were awarded to E. H. Rollins & Sons, Inc. and
A. C. Allyn & Co., Inc., both of New York, jointly, as 2.70s, at 100.563,
a basis of about
2.65%.
Dated June 1, 1938 and due June 1 as follows:
$6,000, 1940 to 1942 incl.; $7,000 from 1943 to 1945 incl.; $8,000 from 1946
to 1948 incl. and $9,000 from 1949 to 1963 incl.
Reoffered by the bankers
to yield from 1% to 2.75%, according to maturity.
,
SALE—The
NEW
BOONTON
JERSEY
N. J.—BONDS SOLD—The State
SCHOOL DISTRICT,
Teachers' Pension and Annuity Fund purchased an issue of $60,000 school
addition bonds as 3J£s.
They were authorized at an election last June.
DEAL, N. J.—BOND SALE POSTPONED—The sale of $178,750 not to
6% interest jetty assessment and improvement bonds, originally
postponed.
Other bids:
exceed
HADDONFIELD, N. J.—BOND SALE—Burr & Co., Inc., New York,
were the successful bidders at the offering of $430,000 coupon or registered
refunding bonds on Aug. 19—V. 147, p. 1075.
Bankers bid for $426,000
bonds, named an interest rate of 3H% and paid a price of $430,818.06,
equal to 101.131, a basis of about 3.39%.
Dated Sept. 1, 1938 and due
Sept. 1 as follows: $10,000, 1939 to 1943 incl.; $12,000 from 1944 to 1948
incl.; $30,000 from 1949 to 1954 incl.; $35,000 from 1955 to 1957 incl. and
$31,000 in 1958.
Bankers reoffered the bonds to yield from 1.25% to
3.25% for maturities from 1939 to 1952 incl., and the balance at a price of
102.50.
j
Other bids:
Bid For
Int. Rate
Amt. Bid
427
3H%
$430,870.00
428
3}4%
430,439.60
426
Bidder—
33^%
Co.; B. J.
Inc.; and Buckley
& Co., Inc.; Bioren &
Van
&
Ingen
Co.,
Bros
E. H. Rollins & Sons Inc.; C. C. Collings
&
Co.; Dougherty,
Corkran & Co.;
Charles Clark & Co. and Suplee, Yeatman
M.
& Co
Freeman
M.
&
and
Co.
Pearce
&
Co., Inc
BOND CALL—In connection with the above financing,
Borough Clerk,
Bonds Nos.
par
Bank:
Maturing on
____Mar. 1, 1942
Sept. 1, 1942
Mar. 1, 1943
Sept. 1, 1943
.Mar. 1, 1944
Sept. 1, 1944
.Mar. 1, 1945
Sept. 1, 1945
.Mar. 1, 1946
.Sept. 1, 1946
Mar. 1, 1947
...Sept. 1, 1947
159 to 168_
181 to 190.
202 to 211..
223 to 233..
245 to 255.
267 to 277
289 to 299
311 to 321
333 to 343.
355 to 365
377 to 387
399 to 409.
422 to 432.
Bonds.
587 to
611 to
,635 to
659 to
Mar. 1, 1948
445 to 456_____.
469 to 479.
492 to 503
516 to 526
539 to 550
563 to 574
430,777.77
J. Ross Logan,
that the following described bonds have been
and accrued interest on Sept. 1, 1938, at the
announces
called for payment at
National
Haddonfield
Sept. 1,
Mar. 1,
Sept. 1,
Mar. 1,
Sept. 1,
..Mar. 1,
1948
Maturing on
Sept.l, 1951
Mar. 1, 1952
Sept.l, 1952
Mar. 1, 1953
Nos.
598
622..
646...
670
684 to 694.
707 and 712 to 718
731 to 742
756 to 767
781 to 793-._„
807 to 819
833 to 845
860 to 871
883 to 887 and
D-25 to D-30
1949 905 to 918
1949 933 to 946
1950 991 to 1005
1950 1051 to 1065
1951 1082 to 1096
1953
1954
1954
1955
1955
1, 1956
1, 1956
Mar. 1, 1957
Sept.
Mar.
Sept.
Mar.
Sept.
Mar.
Sept.
1,
1,
1,
1,
1,
Sept. 1, 1957
Mar. 1, 1958
Sept.
Sept.
.Sept.
_Mar.
R. D. White & Co
tion
on
100.20
100.16
Sherwood & Reichard.
2.90%
100.23
Merchants National Bank, Plattsburg
Manufacturers & Traders Trust Co
2.90%
3.40%
100.22
100.459
FORT PLAIN,
N. Y.—BONDS VOTED—John E. Barker, Village Clerk,
reports the approval of an issue of $73,700 street improvement bonds at
the Aug. 23 election.!*
1,
1,
1,
1,
1958
1959
1960
1961
Clerk, will receive sealed bids until 1:30 p. m. (daylight saving time) on
Aug. 30 for the purchase of $288,000 not to exceed 5% interest coupon or
registered school bonds. Dated Sept. 1, 1938. Denom. $1,000. Due Nov. 1
as follows: $10,000, 1939 to 1942 incl.; $15,000, 1943 to 1947 incl.; $10,000,
1948 to 1952 incl.; $15,000, 1953 to 1957 incl.; $10,000 from 1958 to 1961
incl. and $8,000 in 1962. Bidder to name a single rate of interest, expressed
in a multiple of }4 or l-10th of 1%.
Principal and interest (M. & N.)
payable at the First National Bank, of Elmsford, with New York exchange.
The bonds are general obligations of the district, payable from unlimited
taxes.
A certified check for $5,760, payable to the order of the district,
must accompany each proposal.
The approving legal opinion of Dillon,
Vandewater & Moore of N. Y. City will be furnished the successful bidder.
HEMPSTEAD,
Fund
System
WEST CALDWELL, N. J.—PRICE
bonds purchased by the Caldwell
brought
a
SCHOOL
N. Y.—BOND CALL
sinking fund bonds, series
HENRY HUDSON PARKWAY AUTHORITY,
A, due April 1, 1955, and its 2>\i% sinking fund bonds, series B, due
April 1, 1955, have been ea.led lor redemption, pursuant to terms of issue,
on Oct.
1, 1938, at the Marine Midland Trust Co., 120 Broadway, New
York City. The series A bonds will be paid off at a price of 103 and the
series B at 102.50, plus accrued interest in each case to call date.
Interest
due
on
the coupon
bonds
Oct. 1, 1938 will be paid only upon presenta¬
maturing Oct. 1, 1938.
Coupon bonds
attached all coupons maturing sub¬
Registered bonds and coupon bonds registered
on
tion and surrendar of the coupons
surrendered for redemption must have
New
1, 1938.
principal must be in satisfactory form for
sequent to Oct.
to
as
transfer.
LACKAWANNA, N. Y.—BOND OFFERING—Robert E. Monaghan,
City Treasurer, will receive sealed bids until 1 p. m. (Eastern Standard
Time) on Aug. 31 for the purchase of $225,600 not to exceed 4% interest
coupon or registered bonds, divided as follows:
$35,000 public library addition bonds.
follows:
$3,000 from 1939 to
to
Denom. $1,000.
Due Aug. 1 as
incl., and $4,000 from 1944
1943
1948 incl.
_
9,200 machinery bonds.
One bond for $200, others $1,000 each.
Due
Aug. 1 as follows: $2,200 in 1939; $2,000 from 1940 to 1942 incl.,
and $1,000 in 1943.
8,200 playground bonds.
One bond for $200, others $1,000 each. Due
Aug. 1 as follows: $1,200 in 1939, and $1,000 from 1940 to 1946 incl.
165,500 sewer bonds.
One bond for $.500, others $1,000 each. Due Aug. 1
as follows: $7,500, 1939; $8,000 from 1940 to 1952 incl., and $9,000
from 1953 to 1958 incl.
3.—BOND SALE— The State
purchased $106,000 4% building
$5,000 from 1940 to 1960
,
bonds, dated Sept. 15, 1938 and due as follows:
incl. and $1,000 in 1961.
*
sewer
FREE
—It is announced that all of the Authority's 4%
SAYREVILLE SCHOOL DISTRICT, N.
Retirement
1958
DISTRICT NO. 6 (P. O*
Seaford), N. Y.—BOND OFFERING—Ada M. Robertson, District Clerk'
will receive sealed bids until 10 a. m. (eastern standard time) on Aug. 31
for the purchase of $137,000 not to exceed 6% interest coupon or registered
school bonds. Dated Sept. 1,1938. Denom. $1,000. Due Sept. 1 as follows:
$4,000 from 1941 to 1943 incl. and $5,000 from 1944 to 1968 incl. Bidder
to name a single rate of interest, expressed in a multiple of
or l-10th of
1%.
Principal and interest (M. & S.) payable at the Seaford National
Bank or at the Irving Trust Co., N. Y. City.
The bonds are payable from
unlimited ad valorem taxes. A certified check for 2% of the bonds bid for,
payable to the order of the Board of Education, must accompany each
proposal. The approving legal opinion of Hawkins, Delafield & Longfellow
of N. Y. City will be furnished the successful bidder.
UNION
HEMPSTEAD
Sept. 21, 1938.
Employees'
of $65,000
$3,000 from 1939 to 1953, incl. and $4,000 from 1954 to
follows:
as
Market), N. J.—BOND
OFFERING—A. G. O'Rourke, Township Treasurer, will receive sealed
bids until 8 p. m. (Daylight Saving Tme) on Sept. 9 for the purchase of
$20,000 not to exceed 6% interest coupon or registered township hall bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $1,000 on Sept. 1 from 1939
to 1958 incl.
Bidder to name a single rate of interest, expressed in a mul¬
tiple of
or l-10th of 1%.
Principal and interest (M. & S.) payable at
the Peoples National Bank, New Brunswick.
A certified check for 2%,
payable to the order of the township, must accompany each proposal.
Approving legal opinion of Maurice M. Bernstein of Newark will be fur¬
nished the successful bonds.
Delivery of bonds will be made on or about
O.
HEMPSTEAD-HEMP¬
WEST
OF
inclusive.
Aug. 16.
(P.
Y .—SALE
WATER DISTRICT BONDS—The issue
registered water system bonds offered Aug. 23—V. 147, p. 1076
awarded to A. C. Allyn & Co., Inc., New York, as 2.20s, at a price
of 100.088. a basis of about 2.19%.
Dated Sept. 1, 1938 and due Sept. 1
coupon or
—was
NEWARK, N. J.-—BONDS AUTHORIZED—The City Commission on
Aug. 24 voted to issue $335,000 bonds for two Works Progress Administra¬
tion projects.
TOWNSHIP
N.
STEAD GARDENS
DISTRICT, N. J.—BONDS DEFEATED—An
$88,000 construction bonds was rejected by the voters at the elec¬
PISCATAWAY
100.479
2.80%
2.80%
MANVILLE SCHOOL
issue of
Rate Bid
Kidder, Peabody & Co
Bancamerica-Blair Corp
GREENBURGH UNION FREE SCHOOL DISTRICT NO. 8 (P. O.
White Plains), N. Y.—BOND OFFERING—G. E. Beilharz, District
No. Bonds-
-
Blyth
:
.
■/.;•
:
Int. Rate
2.75%
Bidder—
scheduled for Aug. 24—V. 147, p. 1075—was
PAID—The $9,000 3% water and
National Bank—V. 147, p. 1231—
7,700 voting machine bonds.
One bond for $700
Due Aug. 1 as follows: $1,700 in 1939, and
price_of 101.11, a basis of about 2.76%.
others $1,000 each.
$2,000 from 1940 to
1942 incl.
NEW
Aug. 1, 1938.
Bidder to name a single
expressed in a multiple of A or 1-10th of 1%.
Prin. and
payable at the City Treasurer's office.
The bonds are direct
general obligations of the city, payable from unlimited taxes.
A certified
check for $4,512, payable to the order of the city, must accompany each
proposal.
The approving legal opinion of Dillon, Vandewater & Moore of
New York City, will be furnished the successful bidder.
MEXICO
All of the bonds will be dated
rate of interest,
ALBUQUERQUE, N. Mex.—BOND OFFERING— Sealed bids addressed
to Ida V. Malone, City Clerk, will be received until 2 p. m. on Sept. 27 for
the purchase of $233,000 not to exceed 6% interest coupon bonds, divided
W
int. (F. & A.)
follows:
as
$145,000 sewage disposal bonds.
Due July 1 as follows: $8,000 from 1941
to 1957 incl. and $9,000 in 1958.
64,000 city hall bldg. bonds.
Due July 1 as follows: $3,000 from 1941
to 1948 incl. and $4,000 from 1949 to 1958 incl.
24,000 public playgrounds and park bonds.
Due July 1 as follows:
$1,000 from 1941 to 1952 incl. and $2,000 from 1953 to 1958 incl.
All of the bonds will be dated July 1, 1938.
Denom. $1,000.
The entire
$233,000 bonds mature annually on July 1 as follows:
$12,000, 1941 to
1948 incl.; $13,000, 1949 to 1952 incl.; $14,000 from 1953 to 1957 incl. and
$15,000 in 1958.
The bonds are non-register able and will be payable as to
both principal and interest (J. & J.) at the City Treasurer's office or at the
Chase National Bank, N. Y. City.
Separate bids may be submitted on
each issue.
Bidders must submit a bid specifying:
(a) the lowest rate of
interest and premium, if any, above par at which the bidder will purchase
the bonds; or (b) the lowest rate of interest at which the bidder will purchase
the bonds at par.
The bonds will be prepared and printed by the city and
the successful bidder will be furnished with the opinion of Thomson, Wood
& Hoffman, of New York, on the sewer bonds to the effect that they con¬
stitute valid and legally binding obligations of the city and said city has
power and is obligated to levy ad valorem taxes for the payment of said
bonds and interest thereon upon all its taxable property without limitation
as to rate or amount, and with an opinion on the other bonds to the effect
that they are valid and legally binding obligations of the city and the city
has power and is obligated to levy ad valorem taxes for the payment of said
bonds and interest thereon upon all its taxable property within the limits
prescribed by law.
Enclose a certified check for 5% of the amount of the
bid, payable to the city.
NEW
Financial Statement
of the real property of said city subject to taxa¬
tion as it appears on the last preceding assessment roll, is $45,035,324 and
the total bonded debt of said city, including the $225,600 bonds for sale,
is $2,299,456.60.
No deductions.
The bonded debt above stated does
not include the debt of any other subdivision having power to levy taxes
upon any or ail of the property subject to the taxing power of the city.
The population of said city (1930 census) was 23,948.
The approving opinion of Dillon, Vandewater & Moore, Attorneys of
New York City, will be furnished to the purchaser without cost.
The assessed valuation
Tax Data
Total
Y.—BOND OFFERING—N. C. Saxton, Village Clerk,
(Eastern Standard Time) on Aug. 29,
of $22,000 not to exceed 4% interest coupon or registered
community building and fire station bonds.
Dated Sept. 1,1938. Denoms.
$1,000 and $500.
Due Sept. 1 as follows: $1,500 from 1939 to 1942, incl.
and $2,000 from 1943 to 1950, incl.
Principal and interest (M. & S.)
payable at the Citizens Bank of Arcade. The bonds are general obligations
of the village, payable from unlimited taxes.
Bidder to name a single rate
of interest expressed in a multiple of lA or l-10th of 1% .
A certified check
for $440, payable to the order of the vidage, must accompany each proposal.
The approving legal opinion of Dihon, Vandewater
& Moore of New
York City will be furnished the successful bidder.
ARCADE, N.
,
DISTRICT NO. 4 (P. O. New
City), N. Y.—BOND SALE—The $40,000 coupon or registered school bonds
25—V. 147, p. 1231—were awarded to Adams, McEntee &
Co., Inc., New York, as 2.20s, at a price of 100.16, a basis of about 2.18%.
Dated Sept. 1, 1938 and due $2,000 on Sept. 1 from 1939 to 1958 incl.
offered Aug.
DOWNSVILLE CENTRAL SCHOOL DISTRICT (P. O. Downsville),
Y.—BONDS VOTED—An issue of $102,300 school construction bonds
authorized at the Aug. 12 election.
N.
was
ELLENBURG,
ALTONA,
MOOERS
AND
1 (P. O. Ellenburg
fiscal years: 1935
$790,438.62; 1936, $731,179.58; 1937, $782,283.38.
,
Amount of such taxes uncollected at the end ot each of said fiscal years.
1935, $59,809.27: 1936, $44,456.01; 1937, $35,869.99.
_or
■
oo
Amount of such taxes uncollected as of Aug. 15, 1938: 193o, $31,100.82;
1936, $27,562.73; 1937, $27,978.59.
■
'
00
w
Taxes levied for the fiscal year beginning Jan. 1, 1938, amount to $801,039.86 of which $391,583.10 has been collected.
Said taxes are paid in
equal instalments due on March 20 and Sept. 1 with penalties.
,
LAKEWOOD, N. Y.—BOND SALE—The $125 000 coupon or registered
bonds offered Aug. 23—V. 147, p. 1232, 1076—were awarded jointly
Marine Trust Co. of Buffalo, and R. D. White & Co., New York,
as 2.60s, at
100.62, a basis of about 2.55%.
Dated Aug. 1, 1938. Due
Aug. 1 as follows:
$4,000, 1939 to 1950, Incl.; $5,000 from 1951 to
incl. and $6,000 from 1958 to 1964, incl.
Bonds were re-offered to yield
from 0.70% to 2.55% for the maturities from 1939 to 1960, incl., with the
rest priced at par.
sewer
•
to the
will receive sealed bids until 3 p. m.
for the purchase
SCHOOL DISTRICT NO.
levied for the preceding three
1957,
YORK
CLARKSTOWN COMMON SCHOOL
amount of taxes
CLINTON
Depot),
CENTRAL
N. Y.—BOND
N. Y.—MATURITY—The $2,750 land purchase
River National Bank of Mount Morris—V. 147,
1232—bear 4% interest and mature $275 annually from 1939 to 1948, incl.
MOUNT MORRIS,
bonds sold to the Genesee
p.
NEW
YORK,
N.
Y.—SALE
OF
$30,000,000 REVENUE BILLS—
$30,000,000
City Comptroller Joseph D. McGoldrick on Aug. 26 sold
to 26 banks and trust companies at an interest rate of 0.35%.
Dated Aug. 29, 1938, 1938, and payable Nov. 1, 1938, from Oct. 1 tax
instalment.
Proceeds will be used to meet current municipal requirements.
revenue notes
follows:
Bankers Trust Co., $2,400,000; Bank
$1,170,000; Bank of New York, $360,000; Brooklyn
Allotments were as
Manhattan Co.,
of the
1 rust
The Chase
Bank &
Co. of
York,
$150,000; Corn Exchange Bank Trust Co., $840,000; Empire Trust Co.
$60,000; The Fiftn Avenue Bank of New York, $210,000; The First National
Bank of the City of New York, $1,500,000; Fulton Trust Co. of New \ork,
$60,000; Guaranty Trust Co. of New York, $3,930,000; Irving Trust Co.,
$1,500,000; Kings County Trust Co., $90,000; Lawyers Trust Co., $120,000; Manufacturers Trust Co., $1,290,000; The Marine Midland Trust Co.
of New York. $210,000; The National City Bank of New \ork. $4,290,000;
Co., $330,000; Central Hanover Bank & Trust Co., $2,250,000;
National Bank of the City of New York, $5,430,000; Chemical
Trust Co., $1,170,000; The Commercial National Bank & Trust
New York, $60,000: The Continental Bank & Trust Co. of New
1376
Financial
Chronicle
The New York Trust Co., $840,000; The Public National Bank & Trust
Co. of New York, $300,000; Title Guarantee & Trust Co., $60,000; United
States Trust Co. of New York, $240,000; J. P. Morgan & Co., $1,140,000.
purchased by Kirchofer & Arnold of Raleigh, and associates, paying
The issues are as fohows:
were
for 5s.
par
$178,000 street improvement bonds.
in
OLEAN, N. Y.—BOND OFFERING—W. T. Donigan, City Clerk, will
receive sealed bids until 1
(Eastern Standard Time) on Aug. 30 for
the purchase of $76,400 not to exceed 5% interest coupon or registered
public works bonds.
Dated Sept. 1, 1938.
One bond for $400, others
$1,000 each.
Due Sept. 1 as follows: $8,400, 1940; $7,000 from 1941 to
1944 incl., and $10,000 from 1945 to 1948 incl.
Bidder to name a single
rate of interest, expressed in a multiple cf X or l-10th of 1%.
Prin. and
Int. (M. & S.) payable at the Chase National Bank, New York City.
The
bonds are general obligations of the city, payable from unlimited taxes.
Purchaser to accept delivery and pay for bonds at principal office of the
Marine Trust Co. of Buffalo, on or about Sept. 14.
A certified check for
$1,500, payable to the order of the city, is required.
Approving legal
opinion of Dillon, Vandewater & Moore of New York City will be furn¬
ished the successful bidder.
In V. 147, p.
1232).
1941;
$11,000,
1942;
The
one
bid received
was
officially reported
Local
(Preliminary report of this offering appeared
By;
subject to the taxing
uncollected at the end cf each
of said fiscal years was respectively $34,535.93, $30,565.31 and $27,962.79.
The amount of such taxes remaining
as of Aug. 9,1938 is respectively $ none. $ none, and
$26,733.15.
The taxes for the fiscal year commencing June 1, 1938 amount to
$378,352.78, of which $329,294.72 has been collected.
uncollected
PERU, AUSABLE,
SARANAC.
BROOK CENTRAL SCHOOL
SCHUYLER FALLS AND BLACK
DISTRICT NO. 1 (P. O. Peru), N. Y.
—BOND SALE—The
$156,750 coupon or registered school building bonds
offered Aug. 19—V. 147. p. 1076—were awarded to Kidder, Peabody & Co.
and Roosevelt & Weigoid, Inc., both of New York,
jointly, as 2.60s, at a
price of 100.55, a basis of about 2.57%.
Dated Sept. 1, 1938 and due
Sept. 1 as follows:
$4,750, 1939; $4,000 from 1940 to 1945, incl.; $5,000
from 1946 to 1955, incl.; $6,000 from 1956 to 1968, incl.
Other bids:
Bidder—
Int. Rate
Merchants National Bank of Plattsburg
Sherwood & Keichard, Campbell, Phelps & Co. and
Bacon, Stevenson & Co
Marine Trust Co. of Buffalo and R. D. White & Co.
Bancamerica-Blair Corp.; George B. Gibbons &
Rate Bid
2.60%
100.31
100.48
100.40
2.75%
2.80%
2.80%
100.27
100.399
100.18
the Aug. 12 election the voters
rejected the proposed issues of $245,000 water and $150,000 school bonds.
ROME SCHOOL DISTRICT NO. 14 (P. O.
Rome), N. Y.—BOND
SALE—An issue of $10,000 school bonds was sold on
Aug. 16 to the Manu¬
facturers & Traders Trust Co. of Buffalo, as 3.90s. at a
Sept. 1 from 1939 to 1948, incl.
Bidder—
Sherwood & Reichard, and George B. Gibbons &
Co.. Inc
Other bids:
Int. Rate
as
follows:
Price
Government
$221,000
W.
E.
Commission
Easterling,
Secretary
Delivery on or about Sept. 19, at place of purchaser's choice.
General
obligations, unlimited tax.
Prin. and int. payable in New York City.
Bidders are requested to name the interest rate or rates in multiples of X
of 1%.
Each bid may name one rate for part of the bonds (having the
earliest maturities) and another rate for the Dalance, but no bid may name
more than two rates, and each bidder, must
specific 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 accrued interest will be entertained.
Bids to be on forms furnished by the above Secretary.
The approving
opinion of Massdch & Mitchen, of New York, will be furnished. Enclose a
certified check for $520, payable to the State Treasurer.
FORSYTH COUNTY (P. O. Winston Salem), N. C.—NOTES SOLD
$45,000 bond anticipation notes were purchased on
Aug. 23 by R. 8. Dickson & Co. of Raleigh, at 1M%. plus a premium of
$13.50.
—It is reported that
Local Government Commission, at his office in Raleigh, for the purchase
of the following issues of not exceed 6% semi-annual coupon bonds
ag¬
gregating $350,000:
Rale Bid
'
$125,000 street improvement bonds.
Due on Nov. 1 as follows: $4,000,
1940 to 1949; $5,000, 1950, and $10,000, 1951 to 1958.
200,000 water and light bonds.
Due on Nov. 1 as follows: $3,000, 1940
to 1949; $4,000, 1950; $5,000, 1951, and $7,000 from 1952 to 1974.
25,000 sewer bonds.
Due on Nov. 1 as follows: $1,000, 1940 to 1950,
and $2,000 in 1951 to 1957.
Dated
price of 100.347.
SARATOGA COUNTY (P. O. Saratoga
Springs), N. Y.—BOND
SALE—The $100,000 coupon or registered series 2 of 1938
highway bonds
offered Aug. 22—V. 147, p. 1076, 1232—were awarded to the
Troy Savings
Bank of Troy, as 1.30s, at a
price of 100.11, a basis of about 1.28%. Dated
on
to
until 11
ROME, N. Y.—BONDS DEFEA TED—At
Sept. 1,1938 and due $10,000
$10,000
1946,
1944
MORGANTON, N. C.—BOND OFERING—Sealed bids will be received
a. m. (E. S. T.) on Aug. 30, by Wr. E.
Easterling, Secretary of the
2.70%
2.70%
Co., Inc., and Adams, McEntee & Co., Inc
Manufacturers & Traders Trust Co., Buffalo
E. H. Rollins & Sons, Inc
follows:
DURHAM COUNTY (P. O. Durham) N. C.—BOND OFFERING—
Sealed bids will be received until 11 a. m. (Eastern Standard Time), on
Aug. 30, by W. E. Easterling, Secretary of the Local Government Com¬
mission, at his office in Raleigh, for the
purchase of a $26,000 issue of not to
exceed 6% semi-ann. coupon school building bonds.
Denom. $1,000.
Dated Sept. 1, 1938.
Due on Nov. 1 as follows- $1,000, 1940 to 1951, and
$2,000 from 1952 to 1958.
Bonds are registerable as to principal only.
censes) was 21,792.
The bonded debt above stated does not include the
debt of any other subdivision having power tj levy taxes upon
any or all
power of the city.
The fiscal year
The amount of taxes levied for the fiscal years com¬
as
Awarded in accordance with the terms of the above bid.
valuation of the property subject to the taxing power of
the city is $23,229,855.
The total bonded debt of the city, including the
above mentioned bonds, is $1,286,160.
The population of the city (1930
June 1.
1
$23,000.
Co.; Lewis & Hah, Inc.; F. W. Craigie & Co.; Equitable
Securities Corp.
5%
_
mencing June 1, 1935, June 1, 1936 and June 1, 1937, was respectively
$357,598.23, $382,509.01 and $346,589.97.
The amount of such taxes
Feb.
1943;
Bidder—
Rate
Kirchofer & Arnold, Inc.; Fox Einhorn & Co.; Kalman &
The assessed
commences
on
23,000 incinerator bonds.
Due on Feb. 1 as follows:
$1,000, 1941
to 1955. and $2,000, 1956 to 1959.
20,000 water bonds.
Due on Feb. 1 as follows:
$1,000, 1941 to 1958,
and $2,000 in 1959.
Date Aug. 1, 1938.
Denom. $1,000.
Fimru.ial Statement
of the property
Due
$13,000,
and $25,000 in 1947 to 1949.
ra.
p.
Aug. 27,
May 1,
1938.
Denom. $1,000.
General obligations; unlimited
tax; registerable as to principal alone, and delivery at place of purchaser's
choice on or about Sept. 14.
Principal and interest payable in New York
City.
A separate bid for each issue (not less than par and accrued
required.
Bidders are requested to name the interest rate or
multiples of X of 1 %; each bid may name one rate for part of the
any issue (having the earliest maturities) and another rate for the
is
interest)
rates, in
bonds of
balance,
bid may name more than two rates for any issue, and each bidder
specify in his bid the amount of the bonds of each rate.
The bonds
will be awarded to the bidder offering to purchase the bonds at the lowest
interest cost to the town, such cost to be determined by deducting the total
amount of the premium bid from the aggregate amount of interest
upon all
of the bonds until their respective maturities.
Bids must be on a form to
be furnished by the above Secretary.
Enclose a certified check upon an
incorporated bank or trust company, payable unconditionally to the order
of the State Treasurer for $7,000.
The approving opinion of Masslich &
Mitchell of New York City, will be furnished the purchaser.
but
no
must
1.50%
Halsey, Stuart <fc Co., Inc
Manufacturers & Traders Trust Co. of Buffalo
100.149
100.027
100.199
1.50%
__
1.90%
SARATOGA SPRINGS, N. Y.—BOND
SALE—Halsey, Stuart & Co.,
Inc., New York, were the successful bidders for the $100,000 coupon or
registered bonds offered Aug. 25, naming a price of 100.086 for 1.40s, a
basis of about 1.38%.
The award consisted of:
$25,000 general improvement bonds.
Due Sept. 1 as follows: $3,000 from
1939 to 1943 incl. and $2,000 from 1944 to 1948 incl.
35,000 public works bonds.
Due Sept. 1 as follows: $3,000, 1939 to 1943
incl.; $4,000 from 1944 to 1948 incl.
40,000 home relief bonds.
Due $4,000 on Sept. 1 from 1939 to 1948 incl.
IZATIONS AND SALES—A special dispatch from Raleigh to the "Wall
Street Journal" of Aug. 26 reported as follows:
All of the bonds will be dated
Sept. 1, 1938.
Denom. $1,000.
Prin. and
int. (M. & S.) payable at the Adirondack Trust
Co., Saratoga Springs, with
New York exchange.
The bonds are general obligations of the
city, payable
from unlimited taxes.
Legality approved by Dillon, Vandewater & Moore
of New York City.
Second high bid of 100.233 for 1.70s was
made jointly by the Marine
Trust Co. of Buffalo and R. D. White &
Co., New York.
A number of
other offers were submitted for the
bonds.
$372,000 of municipal and county bonds and authorized new issues of securi¬
$579,500, including a refunding issue of $170,000 for the
City of Raleigh.
"The list of approved issues, in addition to Raleigh's refunding bonds,
consisted of $26,000 in school building bonds for Durham County $325,000
of municipal auditorium bonds for Greensboro,
$35,000 water, sewer and
street bonds for Franklin County, and $23,500 water works issue for Claremont.
Largest of the issues sold was $178,000 Burlington Street improve¬
TRENTON, REMSEN, DEERFIELD, MARCY, FLOYD, STEUBEN,
AND
RUSSIA CENTRAL SCHOOL DISTRICT NO.
1
O. Holland
Patent), N. Y.—BOND OFFERING—Elmer R. Jones,
District Clerk, will receive sealed bids until
1:30 p. m. (Eastern Standard
Time) on Aug. 30 for the purchase of $12,000 not to exceed
6% interest
coupon or registered school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $2,000 on Sept. 1 from
1939 to 1944, incl.
Bidder to name a single
rate of interest, expressed in a
multiple of X or l-10th of 1%.
Principal
and interest (M. &
S.) payable at the First National Bank, Holland Patent
or at tne First
National Bank, New York
City.
A certified check for $200,
payable to the order of George A.
Jepson, District Treasurer, must ac¬
company each Proposal.
Legal opinion of Reed, Hoyt, Washburn & Clay
of New York
City will be furnished the successful bidder.
Bonds are
payable from unlimited ad valorem taxes on all of the
(P.
The
as
follows:
Manufacturers & Traders Trust
Co., Buffalo
R. D. White & Co., New York
City
Bancamericar-Blair Corp.. New York
City
Marine Trust Co. of
Buffalo, Buffalo
Newburgh Savings Bank, Newburgh
Equitable Securities Corp., New York
City
2
,
Sherwood & Reichard, New York
City
E. H. Rollins &
Sons, Inc., New York City
Tupper Lake National Bank, Tupper Lake
NORTH
ing $90 000, offered for sale
to
Scott, Horner & Mason of
78.25
50.00
40.00
25.00
68.75
55.00
90.00
Par
3%
CAROLINA
Aug. 23—V.
Lynchburg,
as
3 Ms
3.09%,
a premium of
$32, equal to 100.064, a
the bonds divided as follows: $27,000 as
1: $2,000, 1941 to 1946, and
$3,000, 1947
on
maturing on Sept.
U9?1:»000
nnn
40,000
1952 t(l 1956, and $4,000
water bonds
for
a
as 3s- maturing
in 1957 and 1958.
premium
of
$27,
equal
sold
and
to
.
sewer
to
30,029.00
3%
/
3%
3%
\
2^%j
30,083.10
30,000.00
3%
30,136.10
3X%
30,090.00
1
.-
/
SALE—The $26,500 issue of coupon water
on Aug. 23—V. 147, p. 1232—was awarded
as 5s, payaing a premium of $29,00,
bonds offered for sale
Kirchofer &
equal
$30,061.00
30.051.75
30,031.50
30.029.10
30,027.55
2X%\
-
Inc./For the first $15,000-\For the balance
Price
3 M % I
3%
J
3 M %
3X%
3%
3X%
Arnold of Raleigh,
100.10, a basis of about
4.99%.
Dated
Sept.
1,
1938.
Due
from Sept. 1, 1941 to 1959 incl.
The bids were officially reported as follows:
Bidder—
R. S. Dickson &
Co./For the first $16,500-
\ For
the balance
Farmers Bank of Sun bury
Kirchofer & Arnold, Inc
NORTH
Rale
5X%\
5
Price
$26,513.30
X%!
6%
5%
26,500.00
26.529.00
DAKOTA
BOWMAN, N. Dak.—MATURITY—It
$50,000 municipal building bonds for
basis of about
week
Rate
two issues of bonds aggregat¬
147, p. 1232—were awarded
follows:
this
official tabulation of the bids received:
WINTON, N. C.—BOND
$74 75
2.70%
*?*/**'—BOND SALE— The
on
1
10%
an
Co./For the first $21,000
Oscar Burnett & Co
Wachovia Bank & Trust Co
Lewis& & Hall Company
PrtwiivTn
2.20%
2.20%
2.25%
2.25%
2.30%
2.40%
.
___
Commission
(For the balance
$2,000 from 1939 to 1943, incl.
Ttfite
Government
McAlister Smith & Pate, Incl
Vance Young & Hardin,
Inc./
Kirchofer & Arnold, Inc./For the first $14,000
Other bids:
Tut
following is
Wm. B. Greene Co
Scott Horner & Mason,
taxable
TUPPER
Au«-
Local
\ For the balance
Seasongood & Mayer
Equitable Securities Corp
F. W. Cragie & Co
LAKE, N. Y.—BOND SALE—The $25,000 coupon or
registered public improvement bonds offered
Aug. 23—V. 147, p. 1076—
were awarded to J. & W.
Seligman & Co. of New York City, as 2s, at par
and premium of
$27.50, equol to 100.11, a basis of about 1.98%.
Dated
$3,000 from 1944 to 1948, incl.
Carolina
Bidder—
R. S. Dickson &
property.
Bidder—
North
SHELBY, N. C.—BOND SALE—The $30,000 issue of municipal build¬
ing bonds offered for sale on Aug. 23—V. 147, p. 1232—was awarded to
Scott, Horner & Mason of Lynchburg, Va., paying a premium of $29.00,
equal to 100.09, a net interest cost of about 2.82%, on the bonds divided
as follows: $15,000 as
2X&, maturing on Feb 1: $2,000, 1941 to 1943. and
$3,000, 1944 to 1946; the remaining $15,000 as 3s, maturing $3,000 from
Feb. 1, 1947 to 1951 incl.
WESTERN
Au?»i5Ai938 and due
and
"The
ties amounting to
ments."
SENECA FALLS, N. Y.—BONDS
VOTED—An issue of $130,000 water
improvement bonds carried by a vote of 363 to 79 at the election on
Aug. 16.
district's
NORTH CAROLINA, State of—REPORT ON MUNICIPAL AUTHOR¬
to
on
Sept. 1: $3,000,
100.067,
is stated by the Village Clerk
$24,000 sewage disposal plant bonds purchased by the First
National Bank of Dickinson, as 5s, at par, as noted here on Aug. 6—V.
147,
p. 928—are due on July 1 as follows:
$1,000, 1940 to 1943; $1,500, 1944
to 1949; $3,000, 1950 and
$4,000 in 1951 and 1952.
that
the
FINLEY, N. Dak .—BONDS
a
basis of
o
®1 lliin
^ollows:
Sept. 1. $1,000, 1941 to 1946, and$16,000 as 3 Ms, maturing
$2,000, 1947 to 1951, the
maining $24,000 as 3s, due
$2,000 from 1952 to
w
on
re¬
NOT SOLD—The $5,000 issue of coupon
bonds offered on Aug. 22—V. 147, p. 1077—was not sold as no bids
received, according to the City Auditor.
Due from Aug. 1, 1940 to
sewer
were
1958.
1963 incl.
«innS^IE of bond anticipation notes
$10,000 issue C?iFNJY.-(I>- 9* Windsor)»
N.
offered for
123i2o~"^aosopur^has?(i bytbe Bank
Due from
Aug. 18, 1938.
of Windsor,
July 18, 1939
to
C.—NOTE
saie on
as
SALE—The
Aug. 23—V. 147,
4^s, at
par.
Dated
1941,
BURLINGTON,
N. C.—BOND SALE—The three issues of
coupon
bonds aggregating $221,000, offered for sale
on Aug. 23—V.
147,
p.
1077—■
MONTPELIER, N. Dak.—BONDS SOLD—It is stated by the Clerk of
the Board of Suoervisors that $1,200
funding bonds were purchased by the
Alexander Co. of Jamestown, as 5s, at par.
NORTH
Offering
banking
is
DAKOTA
being
(State
made of
an
of)—BOND OFFERED TO PUBLIC—
issue of $825,000 bonds, due 1950-60. by a
group composed of John Nuveen &
Williams Co.,
and
Kalman
&
Co., Inc.
Co., Wells-Dicky Co., Allisonare priced to yield
The bonds
Volume
Financial
147
3.20 to 3.30%.
In connection with the offering of the bonds, direct obli¬
gations additionally secured by farm first mortgage and real estate with
approximate value of $18,000,000, it is pointed out by the bankers that in
the last 7 years the State has cut bonded debt
46.7% and has never de¬
faulted or refunded any of its obligations.
1377
Chronicle
MANSFIELD, Ohio—BOND SALE DETAILS—'The $9,000 storm sewer
bonds sold to the Sinking Fund—V. 147, p. 1233—bear 3% interest, were
sold at par and mature $1,800 on Oct. 1 from 1939 to 1943, inclusive.
MASSILLON CITY SCHOOL DISTRICT, Ohio—BOND OFFERING
S. Zepp, Clerk of the Board of Education, will receive sealed bids
noon on Sept. 12 for the purchase of $473,000 not to exceed 4 % interest
building and equipment bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due as follows: $10,000 April 1 and Oct. 1 from 1940 t« 1944, incl.; $10,000
April 1 and $11,000 Oct. 1, 1945; $11,000 April 1 and Oct. 1 from 1946 to
1961, incl.
Rate of interest to be expressed in multiples of M of 1%.
Principal and interest (A. & O.) payable at the office of the Clerk of the
Board of Education.
A certified check for 1 %, payable to the order of the
—H.
until
Board, must
accompany each proposal.
Successful bidder
to furnish the legal opinion and the necessary bond blanks
tion at his
own
MONTPELIER
EXEMPTED
SCHOOLT DISTRICT,
SALE—The issue of $140,000 notes offered Aug.
BancOhio Securities Co. of Columbus, as 2 Ms,
OHIO
election
MONTPELIER
Sept. 6 on the proposal to issue $66,000 bonds to pay part of
the cost of the projected $120,000 school building.
The Public Works
Administration has set aside a grant of $54,000 for the project.
CITY
SCHOOL
DISTRICT, Ohio—BOND OFFERING—
R.
Walker, District Clerk, will receive sealed bids until 10 a. m. on
10 for the purchase of $199,000 3% school bonds.
Dated Nov. 1.
1938.
Denom. $1,000.
Due as follows: $2,000 June 1 and Dec. 1, 1940:
Sept.
$4,000 June 1 and Dec. 1, 1941; $5,000 June 1 and $4,000 Dec. 1, 1942;
$4,000 June 1 and Dec. 1, 1943 to 1953 incl.; $5,000 June 1 and $4,000
Dec. 1 from 1954 to 1963 incl.
Bidder may name a different rate of in¬
terest. provided chat fractional rates are expressed in multiples of M of
1%.
Interest J. & D.
A certified check for 1% of the bonds bid for,
payable to the order of the Board of Education, must accompany each
proposal.
The approving opinion of Peck, Shaffer & Williams of Cin¬
cinnati will be furnished the successful bidder.
BOWLING
GREEN, Ohicy—BONDS DEFEATED—'The voters declined
to authorized a
CANFIELD
$70,000 hospital bond issue at the Aug. 9 election.
SCHOOL
DISTRICT,
Cleveland
plus
a
Corp. has purchased an
premium of $1,250.
CLEVELAND HEIGHTS,
Ohio—NOTE
issue of $85,000
SALE—The First
as 3s, at par
notes
Sept. 10 for the purchase of $231,000 3% refunding bonds, divided
on
follows:
as
v
$18,000 first series bonds, payable from
taxes levied outside the 15-mil
limitation.
Due Oct. 1 as follows: $4,000, 1940; $3,000, 1941;
$4,000, 1942; $3,000 in 1943, and $4,000 in 1944.
213,000 second series bonds, payable from taxes levied inside the 15-mill
Aug. 9.
Due Oct. 1 as follows: $43,000, 1940; $42,000, 1941;
$43,000, 1942: $42,000 in 1943 and $43,000 in 1944.
1,
1938.
Denom. $1,000.
Bidder
may name a different rate of interest, provided fractional rates are expressed
in multiples of M of 1%.
Principal and interest (A. & O.) payable at the
office of the Director of Finance, or at the legal depository of the City in
Cleveland.
A certified check for 3% of the bonds bid for, payable to the
CUYAHOGA
All of the bonds will be in #1,000 denoms., with interest payable J. & D.
Bidder may name a differednt rate of interest, provided that fractional
expressed in multiples of M of 1%.
A certified check for 2% of
the bonds bid for, payable to the order of the City Treasurer, must accom¬
are
each proposal.
;V
'
V>:
EATON,
Ohio—BOND OFFERING—Sealed bids addressed to II. N.
Swain, Village Clerk, will be received until noon on Sept. 6 for the pur¬
chase of $20,000 4% elevated tank, appurtenances and piping connection
bonds.
Dated Aug.
15, 1938.
Denom. $500.
Due as follows: $500,
Aug. 15, 1940; $500, Feb. 15 and Aug. 15, 1941 to 1959 incl. and $500, Feb.
15, 1960.
Interest F. & A.
Bidder may name a different rate of interest,
provided that fractional rates are expressed in multiples of K of 1%,
A certified check for $1,000, payable to the order of the Village Treasurer,
must accompany each proposal.
each
SCHOOL
RURAL
DISTRICT
(P.
O.
RURAL
SCHOOL
:
DISTRICT
proposal.
(P. O. Chillicothe), Ohio—BONDS DEFEATED—
declined to approve an issue of
At the Aug. 9 primary election the voters
$75,000 county infirmary bonds.
,
ST. HENRY SCHOOL DISTRICT
(P. O. St. Henry), Ohio—BOND
SALE—The $45,000 school building bonds offered Aug, 19—V. 147, p.
1233—were awarded to Ryan, Sutherland & Co. of Toledo as 3s, at a price
of 102.31.
Second high bidder was the State Teachers' Retirement Sys¬
tem, which bid a price of 102.03 for 3s,
SALEM
CITY
SCHOOL
SUNBURY,
Ohio—BOND
Ohio—BONDS
DISTRICT,
issue of $68,000 school building bonds was
654 at the Aug. 9 election.
VOTED—An
approved by a vote of 1,818 to
OFFERING—Bertha
Huddleston,
Village
Clerk, will receive sealed bids until noon on Sept. 9 for the purchase of
$25,000 not to exceed 6% interest sewage system and treatment plant bonds.
Dated Oct. 1, 1938.
Denom. $500.
Due $2,500 on Oct. 1 from 1939 to
1948 incl.
Rate of interest to be expressed in multiples of M of 1%.
Intterest A. & O.
Bonds payable from a tax outside the lO-mill limit.
A
certified check for 1% of the bid, payable to the order of the village, must
accompany each proposal.
TOLEDO, Ohio—BOND SALE—The $31,263 special assessment street
improvement bonds offered Aug. 23—V. 147, p. 928—were awarded to
Stranahan, Harris & Co., Inc. and Ryan, Sutherland & Co., both of Toledo,
jointly, as 2Ms, at par plus a premium of $216.08, equal to 100.69, a basis
of about 2.46%.
Dated Aug. 1, 1938 and due Sept. 1 as follows: $7,263
in 1940, and $8,000 from 1941 to 1943 incl.
Second high bid of 100.58
for 2 Ms was submitted by Braun, Bos worth & Co. of Toledo.
CITY
SCHOOL
Ohio—BOND OFFERING—
DISTRICT,
May S. Foster, Clerk-Treasurer of the Board of Education, will receive
noon on Sept. 14 for the purchase of $60,000 3% vocation
high school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due $3,000
on Oct. 1 from 1940 to 1959 incl.
Bidder may name a different rate of in¬
terest, provided that fractional rates are expressed in a multiple of M of 1 %.
Interest A. & O. A certified check for $600, payable to the order of the
Clerk-Treasurer, must accompany each proposal.
Successful bidder may
obtain at his own expense the approving legal opinion of Squire, Sanders &
Dempsey of Cleveland.
sealed bids until
OFFERING
will
4%
school building bonds.
Dated Sept. 1, 1938.
Denoms. $900 and $800.
Due as follows: $900 March 1 and Sept. 1, 1940 and 1941; $900 March 1
and $800 Sept. 1, 1942; and $800 March 1 and Sept. 1 from 1943 to 1949
incl.
Bidder may name a different interest rate, provided that fractional
rates are expressed in a multiple of M of 1%.
Interest M. & S. A certified
check for $200, payable to the order of the Board of Commissioners, must
WASHINGTON COUNTY (P. O. Marietta), Ohio—BOND
—Fulton H. Quigley, Clerk of the Board Of County Commissioners,
receive sealed bids until noon on Sept. 12 for the purchase of $16,500
accompany
each proposal.
!:
R. J. EDWARDS, Inc.
DISTRICT, Ohio—BOND ISSUE DETAILS—The
SCHOOL
TOWNSHIP
ROSS COUNTY
$72,000 bonds purchased by the State Teachers' Retirement System bear
3% interest not 4H% as reported in—V. 147, p. 1078.
Dated Oct. 1,
1938, and due semi-annually, first instalment on April 1, 1940.
Denom.
$1,800.
Interest A. & O.
GREEN
VOTED—An
138 on
,'u
TOLEDO
FALLS, Ohio—BOND OFFERING—J. E. Preston, City
Auditor, will receive sealed bids until noon on Sept. 9 for the purchase of
$231,000 4% refunding bonds, divided as follows:
$45,000 general bonds.
Dated June 1, 1938.
Due as follows: $1,000,
June 1 and $3,000, Dec. 1, 1944: $4,000, June 1 and $3,000, Dec. 1,
1945 to 1949 inci. and $3,000, June 1 and Dec. 1, 1950.
186,000 special assessment bonds.
Dated Sept. 1, 1938.
Due $10,000,
June 1 and $ ,000 Dec. 1, 1940 to 1943 incl. and $10,000, June 1
and $9,000. Dec. 1, 1944 to 1949, incl.
ELIDA
Ohio—BONDS
(P. O.
Ashtabula), Ohio—BOND OFFERING—H. E. Fleissner, District Clerk,
will receive sealed bids until noon on Sept. 10 for the purchase of $35,000
coupon building
bonds.
Dated Aug.
15, 1938.
Denom. $875.
Due
$875 on Mar. 1 and Sept. 1 from 1940 to 1959, incl.
Principal and interest
payable in Austabula.
This issue was authorized at the Aug. 9 primary
election.
A certified check for 5% of the bonds bid for must accompany
order of the Director of Finance, is required.
pany
a
.
PLYMOUTH
limitation.
All of the bonds will be dated Oct.
rates
DISTRICT,
was
at
issue of $14(J,UUU school bonds was approved by a vote of 1,235 to
Ohio—BOND OFFERING—H. M. Kimpel,
Director of Finance, will receive sealed bids until noon (Eastern Standard
Time)
SCHOOL
22
on
ATHENS
E.
Ohio—NOTE
awarded to the
price of 102.239.
Pohl & Co., Inc. of Cincinnati, second high bidder, offered to pay 102.235
for 2Ms.
ADAMS-NORTH RICHLAND TOWNSHIP SCHOOL DISTRICT,
Ohio—BOND ELECTION—The above district, recently created, will hold
an
will be required
ready for execu¬
expense.
Municipal Bonds Since 1892
Oklahoma City,
Greensburg), Ohio
Oklahoma
—BOND ISSUE CONTRACT—The District Clerk reports that the $95,000
AT&T
building bonds authorized at the Aug. 9 election have been contracted for.
HOPEWELL-LOUDON
SCHOOL
DISTRICT,
Sandusky
Ohio—BOND SALE—An issue of $110,000 school bldg.
bonds
Ok
Cy
County,
was
sold
onjAug. 17 to Seasongood & Mayer of Cincinnati, as 2 Ms, at par, plus a
premium of $1,651.85, equal to 101.501.
HOWARD
Bonnie
RURAL SCHOOL DISTRICT, Ohio—BOND OFFERING
Clerk, will receive sealed bids until noon
Hammond, District
(Eastern Standard Time) on
Sept. 14, for the purchase of $46,750 not to
exceed 3 M % interest building bonds.
Dated Sept. 15, 1938. One bond for
$750, others $1,000 each.
Due as follows:
$1,000 April 1 and Oct. 1,
1940 to 1943, incl.; $1,000 April 1 and $2,000 Oct. 1, 1944; $1,000 April 1
and Oct. 1, 1945 to 1948, incl.; $1,000 April 1 and $2,000 Oct. 1, 1949;
$1,000 April 1 and Oct. 1, 1950 to 1953, incl.; $1,000 April 1, and $2,000
Oct. 1, 1954; $1,000
April 1 and Oct. 1, 1955 to 1958, incl.; $1,000 April 1
and $2,000 Oct. 1, 1959; $1,000 April 1 and $1,750 Oct. 1, 1960.
Fractional
rates must be expressed in multiples of M of 1%.
Interest A. & O. Pur¬
chaser to pay for printing of bonds and legal opinion.
A certified check for
$2,337.50, payable to the order of the Board of Education, must accompany
each proposal.
HUNTINGTON TOWNSHIP SCHOOL DISTRICT (P. O. Denver),
Ohio—BONDS REJECTED—On Aug. 9 the voters refused to authorize
issue of $25,000 construction bonds.
an
I RONTON,
Ohio—BOND OFFERING—Ralph F. Mittendorf, City
Auditor, will receive sealed bids until noon on Sept. 8, for the purchase of
$29,158.15 6% funding bonds.
Dated Oct. 1, 1938. One bond for $158.15,
others $1,000 each.
Due Oct. 1 as follows:
$2,158.15 in 1944, and $3,000
from 1945 to 1953, incl.
Principal and interest (A. & O.) payable at the
First National Bank, Ironton.
Bidder may name a different rate of interest,
provided fractional rates are expressed in multiples of M of 1 %. A certified
check for $300, payable to the order of "the city, must accompany each
proposal.
(P. O. Lorain), Ohio—BOND OFFERING—Fred
of County Commissioners, will receive sealed
Sept. 8, for the purchase of $1,580,000 not to exceed 4%
interest bridge construction
bonds.
Dated Sept. 15, 1938.
Denom.
$1,000.
Due as follows:
$30,000 April 1 and Oct, 1 from 1940 to 1948,
incl.; $30,000 April 1 and $35,000 Oct. 1 from 1949 to 1964, incl.
Rate of
interest to be expressed in multiples of M of 1%.
Interest A. & O. The
legislation in connection with the issue has been prepared under the super¬
vision of Squire, Sanders & Dempsey of Cleveland.
Successful bidder to
pay for cost of printing the bonds and, if one is desired, for the opinion
approving the validity of the debt.
A certified check for $15,800, payable
to the order of the county, must accompany each proposal.
LORAIN COUNTY
C. Ruth, Clerk of the Board
bids until
MAD
noon on
RIVER
TOWNSHIP
RURAL
SCHOOL
DISTRICT (P. O.
of $66,000 school
R. F. D. No. 3), Ohio—BONDS DEFEATED—An issue
was defeated at the Aug. 9 election.
bonds
Long Distance 787
19
OKLAHOMA
Okla.—BOND OFFERING—
Clerk of the Board of
purchase of a $98,500 issue of
school building and equipment bonds.
Due $6,000 from 1941 to 1955, and
$8,500 in 1956.
Said 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.
Each bidder shall submit with his bid a sum in
cash or its equivalent equal to 2% of the amount of his bid.
ADA SCHOOL DISTRICT (P. O. Ada),
Sealed bids will be received by Frances M. Wallace,
Education, until 2 p. m. on Aug. 30 for the
(P. O. Gratnola), Okla.—BOND
bonds offered for sale on Aug. 15—
GRAINOLA SCHOOL DISTRICT
SALE— The $18,000 issue of building
147, p. 1079—-was awarded to C. Edgar Honnold of Oklahoma
taking the first $8,000 bonds as 3Ms, the remaining $10,000 as 4s.
V.
$2,000 annually from 1941 to 1949,
incl.
City,
Due
The price paid was par.
HOLLIS, Okla.—BOND OFFERING—It is reported that sealed bids wil1
until 10 a. m. on Aug. 30, by L. Guest, City Clerk, for the
be received
purchase of a $13,000 issue of not to exceed 6% semi-annual sewer bonds.
Due $1,000 from 1948 to 1960 incl.
Said 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.
Each bidder shall submit
cash or its equivalent equal to 2% of the amount of
with his bid a sum in
his bid.
LEFLORE COUNTY UNION GRADED
SCHOOL DISTRICT NO. 61
(P. O. Octavia), Okla.—BOND OFFERING—It is said that sealed bids
be received until 10 a. m. on Aug. 29, by K. M. Mowdy, District
CJerk, for the purchase of a $4,000 issue of building bonds.
Bidders to
name the rate of interest.
Due $500 from 1945 to 1952 incl.
A certified
check for 2% of the bid is required.
will
OKLAHOMA CITY,
Okla—BOAT! ELECTION CONTEMPLATED—
City Council is expected to take action soon on proposal of City Manager
W
A. Quinn and others to hold special election Sept. 27 on an issue of
$3,939,650 for construction of a Bluff Creek reservoir for the municipal
water
system, and application for grant
Works Administration.
of $3,223,350 has been forwarded
to Public
State of—NOTES OFFERED FOR INVESTMENT—
Halsey, Stuart & Co. Inc. and C. Edgar Honnold, Oklahoma City, are
offering $1,713,000 2% Treasury notes, $1,413,000 of which are dated
Aug. 20, 1938, and $300,000 Sept. 1, 1938, at prices to yield 0.50%.
The
notes will mature on May 1, 1939.
'
These notes, issued for the purpose of funding outstanding warrants,
constitute, in the opinion of counsel, vaiid and legahy binding obligations
OKLAHOMA,
1378
Financial
Chronicle
of the State of Oklahoma.
In the opinion of the bankers, the notes are
legal investment for savings banks In New York, Massachusetts, Connecti¬
Assessed valuation as officially reported Aug. 16,1938, is $1,214,908,401,
while total bonds and notes outstanding after giving effect to the present
First National Bank Bldg., Easton, Pa.
request, by Palmer & Co.,
$16,469,100.
are
1938
the order of the District Treasurer, must accompany each proposal.
Bonds will be sold subject to approving legal opinion of Townsend, Elliott
& Munson of Philadelphia.
A comprehensive report on the financial and
economic status of the district has been prepared for distribution, upon
cut and other States.
financing
Aug. 27,
HIGHSPIRE SCHOOL
POTEAU, Okla.—BOND SALE—The $40,000 bonds offered Aug. 23—
V. 147, p. 1079—were awarded to C. Edgar Honnold of Oklahoma City,
Sale consisted
of $18,000
works,
water
$9,000
sewer.
$10,000 street im¬
provement and $3,000 fire station issues.
WAGONER, Okla.—BOND OFFERING DETAILS—In connection
with the offering scheduled for Aug. 29 of the $25,000 not to exceed
4%
semi-annual water works improvement bonds, reported in our issue of
Aug. 20—V. 147, p. 1233—we are
that the bonds will mature $2,000
advised by V. A. Johnson, City Clerk,
annually from 1941 to 1952, and $1,000 in
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.
Each bidder shall submit with his bid a sum in cash or its
1953.
Said
equivalent equal
to
of the amount of his bid.
and all bids.
2%
The Mayor and
City
Council reserve the right to reject any
DISTRICT, Pa.—BOND OFFERING—Bessie
Poorman, District Secretary, will receive sealed bids until 7 p. m.
(Eastern Standard Time) on Sept. 6 for the purchase of $45,000 2)4, 2%,
3, 3)4, 3J^, 3%, or 4% coupon, registerable as to principal only, school
bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due March 1 as follows:
$1,000 from 1940 to 1942 incl. and $2,000 from 1943 to 1963 incl. Bidder
to name a single rate of interest, payable M. & S
The bonds will be
issued subject to approving legal opinion of Townsend, Elliott & Munson
of Philadelphia.
A certified check for 2% of the bonds bid for, payable
to the order of the District Treasurer, must accompany each proposal.
(This issue was previously offered July 26, when all bids were rejected.
—V. 147, p. 783.)
M.
HOUTZDALE SCHOOL DISTRICT, Pa .—BIDS REJECTED—The
$15,000 4% school bonds offered Aug. 20—V. 147, p. 1079—were not sold,
the bids were rejected.
Dated July 1, 1938 and due $1,000 on July 1
from 1941 to 1955 incl.
Bonds due after July 1, 1947, are callable on
any interest date.
as
OREGON
MARION COUNTY SCHOOL DISTRICT NO. 118 (P. O. Salem),
Ore.—WARRANT OFFERING—Sealed bids will be received until 8 p. m.
Aug. 29 by Carl Krehbiel, District Clerk, for the purchase of a $2,000
issue of not to exceed 3)4% semi-annual warrants.
Dated July 1, 1938.
Due $400 from Juiy 1, 1939 to 1943, inch
Prin. and int. payable at the
office of the County Treasurer or at the State's fiscal agency in New York.
A certified check for $100 must accompany the bid.
on
NORTH
FRANKLIN
Washington,
R.
TOWNSHIP
6),
D.
Pa .—BOND
SCHOOL
DISTRICT
OFFERING—Harry
W.
(P.
O.
Gabby,
District Secretary, will receive sealed bids until 7:30
p. m. on Sept. 3 for
the purchase of $9,000 not to exceed 4% interest coupon school bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due Oct. 1 as follows: $2,000 from
1941 to 1944, incl., and $1,000 in 1945.
Bidder to name a single rate of
interest, expressed in a multiple of )4 of 1%.
Interest A. & O.
A certi¬
fied check for $250, payable to the order of the District Treasurer, must
accompany each proposal.
Sale of bonds is subject to approval of the
Pennsylvania Department of Internal Affairs.
R.
PATTON TOWNSHIP SCHOOL DISTRICT (P.
F. D.), Pa .—BOND OFFERING—3. A. Griffith,
O. Turtle Creek,
District Secretary,
will receive sealed bids until 7 p. m. (Eastern Standard Time) on Sept. 7
for the purchase of $57,000 coupon school bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
to name rate of
Due $3,000 on Sept. 1 from 1940 to 1958 incl.
Bidder
interest, expressed in multiples of )4 of 1 %.
Sale of bonds
is subject to approval of the Pennsylvania Department of Internal Affairs,
and the approving legal opinion of Burgwin, Scully & Churchill of Pitts¬
burgh.
A certified check for $1,000, payable to the order of the District
Treasurer, must accompany each proposal.
PITTSBURGH, Pa.—NOTE SALE—The issue of $50,000 promissory
offered Aug. 24 was awarded to the Union Trust Co. of Pittsburgh, at
0.50% interest, plus premium of $55.
Dated June 1, 1938 and due June 1,
1939.
Legality approved by Reed, Smith, Shaw & McCiay of Pittsburgh.
notes
PITTSBURGH, Pa.—NOTE OFFERING—Sealed bids will be received
10 a. m. (Eastern Standard Time) on Aug. 31 for the purchase of
$3,300,000 not to exceed 2)4% interest public improvement notes, dated
Sept. 1, 1938, in $50,000 denoms. and due in one year.
Interest payable
semi-annually.
until
READING, Pa.—BOND OFFERING—Birch Wilson, City Clerk, will
receive sealed
bids until
2,2)4,2)4,2%
$1,000.
Sept.
14 for the purchase of $500,000 1)4, 1*4,
Dated Oct. 1,1938.
Denom.
1958, inclusive.
3% improvement bonds.
or
Due $25,000
on
Oct.
1 from 1939 to
Bidder is required to name a single rate of interest on all of the bonds.
Deadline for acceptance of bids is 10 a. m. (Daylight Saving Time).
Issu¬
of bonds is subject to approval of Townsend, Elliott & Munson of
Philadelphia and the Pennsylvania Department of Internal Affairs.
A
certified check for 2%, payable to the order of the
City Treasurer, must
accompany each proposal.
ance
PENNSYLVANIA
AMBLER
SCHOOL
DISTRICT,
Pa .—BOND
SALE—The
$165,000
registerable as to principal only, school bonds offered Aug. 22—
V. 147, p. 929—were awarded jointly to Stroud & Co. and Schmidt, Poole
coupon,
&
Co., both of Philadelphia, as 2)4&, at 102.28, a basis of about 2.06%.
Dated Sept. 1, 1938 and due Sept. 1 as follows: $7,000 from 1941 to 1959
incl. and $8,000 from 1960 to 1963 inci.
The bankers re-offered the bonds
to
yield 1% to 2.15%, according to maturity.
BALDWIN
TOWNSHIP
SCHOOL
DISTRICT,
Pa.—TO
ISSUE
BONDS—The district is expected to seil about Nov. 1 an issue of $200,000
construction bonds.
They will be dated Nov. 1, 1938 and mature
$10,000 annually from 1941 to 1960 incl.
Loan was authorized at the
school
f
SPRINGDALE, Pa .—BOND OFFERING—John A. Stevenson, Borough
Secretary, will receive sealed bids until 7 p. m. (Eastern Standard Time)
Sept. 9 for the purchase of $28,000 coupon borough bonds.
Dated
Sept. 1, 1938.
Denom. $1,000.
Due Sept. 1 as follows: $3,000 in 1943:
$5,000 in 1945,1947, 1949, 1951 and 1953.
Bidder to name a single rate of
interest, expressed in a multiple of M of 1%.
Sale of issue is subject to
on
approval of the Pennsylvania Department of Internal Affairs.
A certified
check for $1,000, payable to the order of the Borough Treasurer, must ac¬
company each proposal.
The approving opinion of Burgwin, Scully &
Churchill of Pittsburgh will be furnished the successful bidder.
May 17 election.
BLAWNOX, Pa.—BOND SALE—The issue of $35,000 coupon bonds
offered Aug. 22—V. 147, p. 929—was awarded to Singer, Deane & Scribner
of Pittsburgh, as 2lAs, at par plus a premium of $215, equal to
100.614%,
a basis of about 2.44%.
Dated Sept. 15, 1938 and due $5,000 on
TITUSVILLE, Pa .—BONDS NOT SOLD—The issue of $20,000 4%
bonds offered Aug. 22—V. 147, p. 1080—was not sold, as the bids were
They will be re-offered at a lower interest rate.
Dated July 1,
1938 and due Jan. 1, 1959.
rejected.
Sept. 15
from
1947 to 1953 incl.
A number of other
bids were submitted for the
issue.
BROCKWAY SCHOOL DISTRICT, Pa.—BOND OFFERING.—D. E.
Gillung, District Secretary, will receive sealed bids until 8 p. m. on Sept. 6
for the purchase of $20,000 2, 2)4., 2^.2^, 3, 3)4,
3j^ J3% or 4% coupon,
registerable as to principal only improvement bonds.
Dated Oct. 1 1938.
Denom. $1 000.
Due Oct. 1 as follows: $2,000 in 1942, and $1,000 from
1943 to 1960 incl.
Bidder to name one rate of interest covering the entire
issue.
A certified check for 2% of the bonds bid for,
payable to the order
of the District Treasurer, must accompany each proposal.
CAMBRIA COUNTY
(P. O. Ebensburg), Pa.—BOND OFFERING—
Henry L. Cannon, County Comptroller, will receive sealed bids until Sept. 7
for the purchase of $207,000 not to exceed 2% interest
refunding bonds.
Denom. $1,000.
Due July 31 as follows: $30,000,
1939; $50,000,
$40,000, 1941; $57,000 in 1942, and $30,000 in 1944.
1940;
ELKLAND, Pa.—BOND OFFERING—F.
L. Stedge, Borough
Secretary,
(Eastern Standard Time) on Aug. 29
2H, 2)4, 2%, 3,314 or 3)4% coupon
sewer bonds.
Dated Oct. 1,1938.
Denom. $1,000.
Due $2,000 on Oct. 1
from 1939 to 1952 inci.
Bidder to name a single rate of interest, payable
A. & O.
Sale of bonds is subject to approval of the
Pennsylvania Depart¬
ment of Internal Affairs; any other
legal opinion is to be paid for by the
successful bidder.
A certified check for 2% of the
bid, payable to the order
of the Borough Treaurer, must
accompany each proposal.
will receive sealed bids until 8
p. m.
for the purchase of $28,000 l^s, 2,
FOUNTAIN HILL, Pa.—BOND OFFERING—F. T.
Summers, Borough
Secretary, will receive sealed bids until 7 p. m. on Sept. 12 for the purchase
$35,000 2)4s, 2% or 3% coupon or registered refunding and
sanitary
of
sewer
construction
bonds.
Dated
Oct.
1,
1938.
Denom.
$1,000.
Due
Oct. 1, as follows: $4,000 from 1941 to
1945, incl. and $5,000 from 1946 to
1948 incl.
Bidder to name a single rate of
interest, payable A. & O.
A
certified check for 2%, payable to the order of
the Borough Treasurer,
must accompany each
proposal.
GLADETOWNSIHP SCHOOL DISTRICT (P. O.
Warren), Pa.—
BONDS VOTED—-The voters authorized an issue
of $20,000 building bonds
at an election on Aug. 9.
GLASSPORT, Pa .—BOND OFFERING—John P. Hester, Borough
Secretary, wih receive seaied bids until 8 p. m.
(Daylight Saving Time)
Sept. 12 for the purchase of $30,000 coupon bonds.
Dated Oct. 1, 1938.
Denom. $1,000.
Due $2,000 on Oct. 1 1941 to 1945
incl.; 1947 and 1948,
on
and from
1951
pressed in
a
to
1958 incl.
Bidder to
multiple of 14 of 1%.
Ecnn enns3[!yama Department of
name single rate of interest, ex¬
Sale of bonds is subject to approval of
Internal Affairs.
A certified check for
$5u0, payable to the order of the
Borough Treasurer, must accompany each
proposal.
The approving opinion of
Burgwin,
Pittsburgh will be furnished the successful bidder.
P
Pa-~TIME
OF
Scully
&
Churchill
of
SCHOOL DISTRICT (P. O. Ambridge),
SALE— Sealed
bids
for
purchase of the
$90,000 not to
3)4 % school bonds scheduled for sale on Sept. 12—V.
147, p. 1234—
will be opened at 6:30
p. m. (Eastern Standard
Time), not 6 p. m., as pre¬
viously reported.
exceed
BOND
OFFERING—Harry Matthews, City Clerk, will receive sealed
(Eastern Standard Time) on Sept. l9 for the purchase of
bids until 8 p. m.
$^000 2)4% bonds, divided
as follows:
,000 general street No. 6 bonds.
Due $1,000
1958 incl.
Aug. 22,
This is
as
the
issue for
which
on
all
Sept. 1 from 1939 to
were rejected on
bids
noted above.
45,000 general street No. 7 bonds.
Due Sept. 1 as follows:
$1,000 from
1939 to 1943 incl. and $2,000 from 1944 to 1963 incl.
All
of the
bonds
will
be dated
Sept.
1, 1938.
Denom. $1,000.
Bids
may be made for either or both issues and in the latter case may be condi¬
tioned upon award of all or none.
A certified check for 2 %, payable to the
order of the city, must accompany each
proposal.
TOPTON
SCHOOL
DISTRICT,
L.
Pa.—BOND OFFERING— Raymond
Rohrbach, District Secretary, will receive sealed bids until 7 p. m.
(Eastern Standard Time) on Sept. 9 for the purchase of $29,000 2, 2)4,
2)4, 2%, or 3% coupon, registerable as to principal only, refunding bonds.
Dated Sept. 15, 1938.
Denom. $1,000.
Due Sept. 15 as follows: $3,000,
1939; $2,000, 1940 to 1943 incl.; $3,000, 1944; $2,000 from 1945 to 1949 incl.;
$1,000, 1950 to 1952 incl. and $2,000 in 1953.
Since these are refunding
bonds, the maturities have been fixed according to the amendment of 1937
to the School Code.
Bidder to name a single rate of interest.
A certified
check for 2% of the bid, payable to the order of the District Treasurer,
must accompany
each proposal.
UN I ONTO WN, Pa.—BOND SALE— The $380,000
coupon bonds offered
p. 1234—were awarded to a group composed of Dough¬
erty, Corkran & Co., Butcher & Sherrerd, Schmidt, Poole & Co., ail of
Aug. 19—V. 147,
Philadelphia, and Moore, Leonard & Lynch, of N. Y. City, as follows:
$330,000 sewer and disposal plant bonds were sold as 3Ms at 100.56, a
basis of about 3.21%.
Due Oct. 1 as follows: $5,000, 1939 to
1948, incl.; $12,000 from 1949 to 1958, incl., and $16,000 from
1959 to 1968, incl.
50,000 garbage disposal bonds were sold as 2^s at a price of 100.65, a
basis of about 2.62%.
Due $5,000 on Oct. 1 from 1939 to 1948,
inclusive.
All of the bonds are dated Oct. 1, 1938.
In reoffering the bonds the
bankers priced the 2%s to yield from 1% to 2.75%, according to maturity,
and the 3)4& were scaled from a 1%
yield to a price of 101.
Second high
bidder
was a group
composed of E. H. Rollins & Sons, Inc., Singer, Deane
&
Scribner, Glover & MacGregor, Inc., S. K. Cunningham & Co. and George
G. Applegate, which named an interest rate of 3)4 % in each instance and
offered to pay a price of 102.122 for $330,000 loan and 102.111 for the
$50,000.
YEADON SCHOOL DISTRICT, Pa.—BOND OFFERING—Louis R.
Schneider, District Secretary, will receive sealed bids until 7 p. m. (Eastern
Standard Time) on Aug. 29 for the purchase of $150,000 1)4, 1H. 2, 2)4,
2)4, 2)4 or 3% coupon, registerable as to principal only, elementary and
high school building bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
Due
$6,000 each Sept. 1 from 1939 to 1963 incl.
Bidder to name a single rate
Prin. and int. (M. & S.) payable at the City National Bank,
Philadelphia.
A certified check for 2% of the bonds bid for, payable to the
of interest.
order of the District Treasurer,
must accompany each proposal.
The
approving legal opinion of Townsend, Elliott & Munson of Phila. will be
furnished the successful bidder.
HAZELTON
SCHOOL
DISTRICT, Pa.—BOND OFFERING—D. T.
Evans, District Secretary will receive sealed bids until 8
p. m. (Eastern
Standard Time) on Sept. 13 for the
purchase of $75,000 2. 2)4, 2)4, 2%,
3, 3)4
3y%, 3/i, 4, 4)4 or 4)4% coupon, registerable as to
principal only,
refunding bonds.
Dated Sept. 15, 1938.
Denom. $1,000.
Due Sent. 15
as follows: $7,000, 1939;
$8,000, 1940: $7,000, 1941; $8,000, 1942; $7,000,
1943;
$8,000, 1944; $7,000, 1945: $8,000, 1946, $7,000 in 1947,and$8 000
,
n
1948.
Bidder
Interest M. & S.
to
name a single rate of
interest on all of the bonds.
A certified check for
2% of the bonds bid for, payable to
RHODE
ISLAND
NORTH
PROVIDENCE,
R.
I —ADDITIONAL
BOND
ISSUE
DETAILS—The $740,000 3% coupon or registered sewer bonds offered
public recently by Chace, Whiteside & Co. of Boston, and Mackey, Dunn
& Co., Inc.. New York City—V. 147, p. 1234—are payable as to
principal
and interest at the First National Bank of Boston.
the opinion of the
Legal investment, in
bankers, for savings banks and trust funds in the State
Volume
£, New York.
Financial
147
According to counsel to the bankers, the bonds constitute
and general obligations of the town, payable from unlimited ad
valorem taxes against all of its taxable property.
The town, it is said,
has never issued bonds for refunding purposes.
direct
SOUTH
CAROLINA
CHARLESTON COUNTY SCHOOL DISTRICT NO. 3 (P.
O. Charles¬
ton), S. C.—BONDS SOLD—It is reported that $20,000 school bonds were
purchased jointly bv George W. McCay & Co. of Charleston, and G. H.
Crawford & Co. of Columbia, as 3^s, paying a price of 102.00.
CHARLESTON
Charleston),
S.
COUNTY
DISTRICT
SCHOOL
NO.
4
(P., O.
OFFERING—Sealed bids will be received
C.—BOND
Sept. 9 by the Clerk of the Board of School Trustees for
the purchase of an issue of $140,000 coupon or registered school bonds. I
Dated Sept. 1, 1938.
Denom. $1,000.
Due March 1 as follows: $5,000
in 1940 to 1947 and $10,000 in 1948 to 1957.
Bidders to name the rate of
interest and the bonds will be awarded at a price not less than par and
accrued interest.
Prin. and int. (M. & S.i payable at the Chemical Bank
& Trust Co., New York, or at the County Treasurer's office.
The approv¬
ing opinion of Nathans & Sinkler of Charleston, that the bonds are valid and
legal obligations of the district, will be furnished.
Enclose a certified check
for $2,500, payable to the County Treasurer.
The following statement is furnished in connection with the offering:
School District No. 4, commonly called Cooper River School District,
is located just north of the City of Charleston and contains all that por¬
tion of Charleston County bounded on the east by the Cooper River, on the
west by the Ashley River, on the south by the City of Charleston and on the
north by the counties of Dorchester and Berkeley.
This district is about
16 miles long and varies in width from two to six miles.
The assessed valua¬
tion for taxation for the year 1937, which is the last completed assessment,
is $5,282,765; its net debt is about $150,000.
There are 16 schools located within this district and it is due to a rapid
but healthy growth that the Trustees are issuing bonds to supplement a
grant from the Federal Emergency Administration of Public Works to
until 11
a.m.
on
modernize the schools.
OLYMPIA SCHOOL DISTRICT NO. 4 (P. O. Columbia), S.
BOND OFFERING—Sealed bids will be received until 6 p. m. (E. S,
C.—
T.),
of Trustees, for the
semi-ann. improve¬
Due $2,000 Sept. 1,
14 of 1% and must
be the same for all of the bonds.
No bid for less than par and accrued
interest will be considered.
Prin. and int. payable at tne Central HanoVer
Bank & Trust Co., New York.
Approving opinion of Waller Bailey, of
Columbia, and Storey, Thorndike, Palmer & Dodge of Boston, upon the
legality of this issue will be furnished the purchasers without charge.
Bids must be conditioned only upon the favorable opinion of the above
mentioned bond attorneys and be accompanied by a certified check upon
an incorporated bank or trust
company for $800, payable to the order of
the Board of Trustees.
The bonds will be prepared by and at the expense
of the District, executed and ready for delivery at Citizens & Southern Bank,
Columbia, on or about Sept. 3, 1938, or at sucn other place and time as may
be mutually agreeable, upon the payment of the principal balance due plus
accrued interest.
The full faith, credit and taxing power of the District
is irrevocably pledged for the prompt payment of the principal and interest
as same
mature.
Due provision has already been made for the annual
levy and collection of an unrestricted and unlimited ad valorem tax upon
all property returned for taxation in said District sufficient for tnat purpose.
These bonds are exempt from all State, county and municipal taxation in
South Carolina.
Enclose a certified check for $800, payable to the Board
Aug. 29, by J. B. Sylvan, Chairman of the Board
purchase of $40,000 issue of not to exceed 4% coupon
ment bonds.
Dated Sept. 1, 1938.
Denom. $1,000.
1939 to 1958.
Rate of interest to be in multiples of
on
194235 194580 195687
of Trustees.
SUMTER CONSOLIDATED HIGH SCHOOL DISTRICT NO. 34
(P. O. Sumter), S. C.—BOND SALE—The $140,000 issue of coupon school
on Aug. 22—V. 147, p. 1080—was awarded to R. S.
Dickson & Co. of Charlotte, James Conner & Co. of Charleston and the
Southern Investment Co. of Charlotte, jointly, as 3}4&< paying a premium
of $2,226.44, equal to 101.59, a basis of about 3.10%.
Dated Aug. 1, 1938.
Due from Aug. 1, 1939 to 1958, incl.
The other bids for the bonds are officially reported as follows:
1379
Chronicle
States
of America, at the office of the City Treasurer, Knoxville, or at
Guaranty Trust Co. of New York, in New York, at the option of the holder.
The bonds are to be issued in coupon form, but may be registered as to
principal only or as to both principal and interest, with privilege or recon¬
version with the consent of the city and at the expense of the holder, into
coupon form.
Their legality will be approved by Thompson, Wood &
Hoffman, New York City, whose legal opinion will state that the bonds have
been authorized and issued in accordance with the Constitution and Statutes
of the State of Tennessee, including the Charter of the City of Knoxville,
and constitute valid and legally binding obligations of the said city payable
solely from revenues to be derived from the operations of the city's municipal
light and power system, and that the City of Knoxville has power and is
obligated to fix rates and collect charges for electric energy and the services,
facilities and commodities furnished by the municipal light and power
system so as to provide revenues sufficient to pay, as the same shall
become due, the principal of and interest on the bonds, in addition
to paying as the same shall become due tne necessary expense of main¬
taining and operating the system and all other obligations and indebt¬
edness payable out of the Electric Fund, and that the interest on the
bonds is exempt from Federal income taxes under existing laws, and both
principal and interest are exempt from taxation under existing laws of the
State of Tennessee, except inheritance, transfer and estate taxes.
Such
opinion will be furnished to the purchaser without charge.
A complete
transcript of proceedings covering all details required in the proper issuance
of the bonds will be furnished the successful bidder.
Only bids on forms
furnished by the city will be accepted.
No bids will be accepted for less
than par and accrued interest.
The award will be made on the basis of
the lowest net interest cost to the city.
Comparison of bids will be made by
taking the aggregate of interest at the rate or rates named and deducting
therefrom the premium bid to determine the net interest cost to the city.
A good faith deposit in the amount of 2% of the amount of the bonds shall
be made by the bidder depositing with his bid a certified check payable to
the order of the City Treasurer for such amount.
Definitive bonds or interim receipts, exchangeable therefor, will be de¬
livered to the purchaser at the time when payment of the purchase price of
the bonds is made.
If there is insufficient time to prepare definitive
bonds or interim receipts in $1,000 denominations between the time of
opening bids and the date of payment of the purchase price, a single in¬
terim receipt will be delivered on such date.
This single interim receipt
may be exchanged for definitive bonds or interim receipts in $1,000 denom¬
ination, exchangeable for definitive bonds.
Either the definitive bonds or
interim receipts in $1,000 denomination, exchangeable for definitive bonds,
will be ready for delivery within seven days after the payment of the pur¬
chase price.
The purchase price shall be paid simultaneously with the clos¬
ing of the contract dated June 14, 1938, between Tennessee Public Service
Co., City of Knoxville and Tennessee Valley Authority.
At least 24 hours'
notice shall be given to the successful bidder.
Delivery will be made at
Guaranty Trust Co. of New York, in New York.
(State of)—BOND OFFERING—Sealed bids will be re¬
a. m. on Sept. 6,
by the State Funding Board, for the
$500,000 issue of office building bonds.
Dated July 1, 1938.
Denom. $1,000.
Due Jan. 1, 1939.
Said bonds are direct general obliga¬
tions of the State for the payment of which well and truly to be made
according to the tenor and effect thereof, the full faith and credit, together
with the taxing power of the State, are irrevocably pledged.
The bonds will be awarded to the highest bidder at a price not less than
par and accrued interest to date of delivery.
As between bidders naming
the same rate of interest, the amount of premium bid will determine the
award.
Delivery to be made on or about Sept. 24, 1938.
Delivery of the
bonds and payment thereof may be made in either Nashville or New York
City.
The approving opinion of Thomson, Wood & Hoffman, of New
York, will be furnished.
Enclose a certified check for 2% of the face value
of the bonds bid for, payable to the State Treasurer.
TENNESSEE
ceived
10
until
purchase of
a
TEXAS
bonds offered for sale
Rate Bid
Bidders—
Price Bid
Frost, Read & Co., McAlister, Smith & Pate and
_
3$141,102.00
C. W. Haynes&Co
Equitable Securities Corp.,
Weil,
Roth &
Co. and Seabrooke & Karon
Robinson Humphries & Co. and G.
& Co
SOUTH
Irving
3%%
140,966.00
3H%
140,533.40
H. Crawford
incl.
.
150,000 3%% funding bonds. Due July 1 as follows: $5,000, 1942 to 1948
incl.; $12,000 from 1949 to 1957 incl. and $7,000 in 1958.
Bonds
fc
maturing in 1948 and thereafter are optional on July 1, 1948, or
on any subsequent interest date.
W. All of the bonds are dated July 1, 1938.
Denom. $1,000. Principal and
interest
(J. & J.) payable at the First National Bank & Trust Co., Minne¬
Fletcher, Dorsey, Barker &
apolis.
Legality to be approved by Junell,
Colman of Minneapolis.
WASTA
INDEPENDENT
SCHOOL DISTRICT
(P. O.
Wasta),
S. Dak.—MATURITY—It is stated by the District Clerk that the $10,000
school bonds purcnased by the State of South Dakota, as 5s at par, as noted
here recently—V. 147, p. 1081—are due in 1958.
TENNESSEE
Aug. 1, 1940 to 1954.
HAMILTON COUNTY (P.
O. Chattanooga), Tenn .—TEMPORARY
LOAN—It is reported that the Union Planters National Bank & Trust Co.
of Memphis, purchased on Aug. 13, a $500,000 temporary loan at 2\i%.
Due in
seven
months.
F
FAYETTEVILLE, Tenn.—BOND SALE DETAILS—It is now reported
by H. W. Mayers, Town Clerk, that Bailey & Co., Inc. of Knoxville, was
in joint account with A. S. Huyck & Co. of Chicago, in the purchase of the
$75,000 4% semi-annual electric plant revenue bonds, noted in our issue of
Aug. 20—V. 147, p. 1235.
The purchasers paid par and accrued interest
but
an
bonds
to
allowance
were
was
on a
basis of about 5%.
Due from May 1, 1941
1956; redeemable at par on and after May 1, 1951.
285,000
--
1946.
1947.
1952.
$295,000
310,000
1953
1954.
$375,000
390,000
320,000
405.000
330,000
350,000
360.000
420,000
435,000
460,000
These bonds are to be issued to provide the
BERNARD
tion, for the purchase
INDEPENDENT
of a $44,000 issue of 3, 3>^ or
City of Knoxville with ah
The proceeds of the bonds will be used for the purpose of
extending, improving and making betterments to such electric
Financial Statement
V. 147, p.
1235.)
PASO, Texas—BONDS DEFEA TED—At the election held on Aug. 13
the following series of 1938 bonds aggregating $1,003,000 were defeated.
$54,000 water works impt. bonds
$42,000 airport bonds
302,000 park improvement bonds.
29,000 school series No. 1 bonds,
54,000 school series No. 3 bonds.
42,000public library bonds.
76,000 school series No. 4 bonds.
72,000 police station bonds.
200,000 school series No. 5 bonds
77,000 street improvement bonds.
EL
55,000 City hall bonds.
Under date of Aug. 16 the
^At the
following letter was sent to us by G.
election held on Aug.13
ception of one
$83,000 school project.
in multiples of ^ of 1 % per
not eiceeding five per centum per annum.
The named rate may
be uniform for the entire series or may be split so as to name not more than
but there shall be no more than one rate for any one maturity.
Interest on these bonds will be payable semi-annually on Jan. 1 and July 1.
two rates,
principal and interest will be payable in lawful money of the
United
_
.
,.
-OOA
the ex¬
AAA
presumed that an election contest will be held over a $220,000 sewer
which was defeated by rendered property owners but was carried by
issue
Total vote being 1,544 for and
However, the rendered vote was 955
unrendered property owners.
majority of 43 votes.
a^Atthis time it is
not known when these
5,101 against,
for and 1,024
bonds will be offered for sale.
HIGGINS, Texas—BONDS SOLD—It is said that $10,000 4%
annual refunding bonds were purcnased recently by the First National
semi¬
Bank
of Higgins.
COUNTY DRAINAGE DISTRICT NO. 1 (P. O. Edin¬
Texas—BONDS VOTED—It is reported by the Assistant County
that the voters approved the issuance of $525,000 in refunding
at an election held on Aug. 16, by a wide margin.
HIDALGO
burgh
Auditor
bonds
LIBERTY, Texas —BONDS SOLD—It is
were
annum,
R. Daniels
all bond issues were defeated with
It is
acquiring
Board of Educa¬
3^% semi-annual
Estimated actual value of all property, $1,6501,000; assessed
valuations, real property, $878,517; personal property, $124,100; total
assessed, $1,003,617.
Average assessed value of land in district for school
taxation, $25.00 per acre.
Estimated present population of district is 1.200.
(This notice supplements the offering report given here on Aug.. 20—
semi-annual bonds approved by
Both
DISTRICT (P~0.
will be received
bonds.
Dated Sept. 1, 1938.
Denom; $1,006.
Due Sept. 1
as follows:
$1,000 in 1939 to 1948; $2,000 in 1949 to 1959, and $3,000
in 1960 to 1963.
Bids will be considered on bonds bearing interest at the
above rates or on a combination of any two of these rates.
It is the
intention of the district to sell the bonds at the lowest interest cost
that will bring a price of approximately—but not less than—par and
accrued interest.
Bidders are required to name the rate or combina¬
tion of two rates with their bid which is closest to par and accrued interest.
Any rate or rates named must be multiples of M of 1%, and bids calling
for a rate higher than 3%% will not be considered.
All bidders are
required to attach to their bid a certified or cashier's check for 2% of the
amount of the issue.
The district will furnish the printed bonds, a copy
of the legai proceedings, the approving opinion or Gibson & Gibson of
Austin, or of Chapman & Cutler of Chicago, and will deliver the bonds
to the bank designated, all without cost to the purchaser.
electric system.
system.
Bidders shall name a rate or rates of interest
SCHOOL
building
a
KNOXVILLE, Tenn.-BOND OFFERING—Sealed bids will be received
until 10 a. m. on Aug. 30, by Mayor W. W. Mynatt, for the purchase of a
$6,000,000 issue of electric system revenue, Series A bonds.
Denom.
$1,000.
Dated July 1, 1938.
Due on July 1, as follows:
$230,000
245,000
255,000
260,000
275,000
Sept. 12 for the purchase of
East Bernard), Texas—BOND OFFERING— Sealed bids
until 2 p. m. on Sept. 1, by F. V. Urbish, President of the
made for attorney's fees and expenses so that the
actually sold
Beeville), Tex.—BOND OFFERING—County
Resources:
CLARKSVILLE, Tenn.—BOND SALE—The $138,000 issue of electric
plant, general obligation bonds offered for sale on Aug. 24—V. 147, p. 1235
—was purchased by the Northern Bank of Clarksville, as 3s, paying a price
Due from
of 102.22, a basis of about 2.735%.
Dated Aug. 1, 1938.
-
O.
$2,000 in 1941 and 1942; $1,000 in 1943; $2,000 in 1944: $4,000 in 1945;
$3,000 in 1946 and 1947; $4,000 in 1948 and 1949; $5,000 in 1950; $3,000
in 1951, and $4,000 in 1952 and 1953.
Prin. and int. payable at the Cen¬
tral Hanover Bank & Trust Co., New York.
Legality approved by Dillon,
Vandewater & Moore, of New York.
EAST
$260,000 bonds, divided as follows:
$110,000 3H% funding bonds. Due $11,000 on July 1 from 1939 to 1948
(P.
CROCKETT INDEPENDENT SCHOOL DISTRICT (P. O. Crockett)
Texas—ADDITIONAL INFORMATI ON—In connection with the sale
of the $43,000 4% refunding bonds to Geo. V. Rotan & Co. of Houston,
noted in these columns recently—V. 147, p. 1235—we are now advised
that the bonds mature on April 1 as follows: $1,000 in 1939 and 1940;
DAKOTA
USANBORN COUNTY (P. O. Woonsocket), S. Dak.—BOND SALE—
A syndicate composed of Mairs,Shaughnessy & Co. and First National
Bank, both of St. Paul; WellsrDickey Co., Allison-Williams Co., Justus
F. Lowe Co. and
E. J. Prescott & Co., all of Minneapolis, purchased
1
COUNTY
BEE
Judge R. J. Beasley will receive sealed bids on
$275,000 road bonds, due serially in 20 years.
reported that $35,000 4H%
election held on Aug. 16.
Milton It. Underwood &
city hall, $10,000 paving,,
1938. Due from Sept. 1,
the voters at an
purchased jointly by Moroney & Co., and
Co., both of Houston, divided as follows: $20,000
and $5,000 water system bonds.
Dated Sept. 1,
1939 to 1958.
LOCKNEY, Texas—BOND TENDERS INVITED—It
Ellen Belyeu, City Secretary, that she will receive
Mrs.
until Sept. 12, at 6 p. m.,
of refunding bonds,
is stated by
sealed tenders
Funds
dated Oct. 1, 1936.
Financial
1380
in
the amount
Chronicle
$4,300 are said to be available for the
purchase of bonds and only tenders of less than par and accrued interest
will be considered.
McLENNAN COUNTY (P. O. Waco), Texas—IIONDS DEFEATED—
At the election held on Aug. 10—V. 147, p. 784—the voters rejected the pro¬
posal to Issue $330,000 in court nouse and jail bonds, the count being 1,253
"for" to 2.605 "against."
PAMPA
INDEPENDENT
SCHOOL
DISTRICT
(P. O. Pampa),
Texas—BONDS SOLD—It is stated by the Business Manager of the Board
of Education that $193,000 school bonds approved by the voters at an
election held on Aug. 6. have been sold as follows:
$31,00u as 2%a, for a
price of par, the remaining $162,000 as 3s, at a price of 100.16.
PARIS.
T.
D.
purchase of
1081—were sold
to
the Ranson-Davidson
Sept, 30, 1939.
Co.
of San Antonio.
Due
on
>
TEXAS, State of—GENERAL FUND DEFICIT SHOWS INCREASE—
The "Wall Street Journal" of Aug. 26 carried the following Austin report:
"The deficit in the State General Revenue Fund continues to increase
a
.alarming rate, according to a reoort made by
Treasurer.
During the period Aug. 5 to Aug.
State
Lockhart.
Charley
20
the deficit rose
nearly
one million dollars to a total of $14,216,596.
"The deficit in the Confederate Pension Fund is $3,876,058,
Highway
buy pension warrants through last February if
they have not been already discounted.
Whether discounted or not,
pension warrants through February, 1937, are being paid."
funds
June
$308,470
Apr. & Oct.
1, 1914
1, 1916
Jan.
1, 1923
Apr.
$105,000
80,000
June & Dec.
Jan. & July
being used
are
UNIVERSITY
to
PARK
(P. O. Dallas), Texas—BOND OFFERING—
Sealed bids will be received by the City Secretary until Sept. 5, for the
purchase of an issue of $185,000 sewer and street bonds, approved by the
voters at an election held on June 4.
$17,500
All Issues coupon bonds.
None callable.
1944
1946
1952
10,000
32,000
448.000
$633,000
Wells.
a
PORT LAVACA, Texaa—BOND SALE DETAILS—It is stated by the
City Secretary that the $15,000 5% semi-ann. breakwater and sea wall
bonds purchased recently, as noted in our issue of Aug. 13—V. 147, p.
at
Total
Bonded Debt Existing Prior to Nov., 1932 (Huntington Independent District)
1938-39
Annual
Maturity
Date
Interest Date
Outstanding Instalment Last Ins. Rate
Texa*—BOND
OFFERING—Sealed bids will be received by
City Secretary, until 7:30 p. m. on Aug. 29 for the
$50,000 issue of not to exceed 5% seml-ann. street improve¬
ment bonds.
Dated Sept. 10, 1938.
Due and payable serially in not to
exceed 30 years from date.
Payable at the City Treasurer's office.
A
certified check for 5% must accompany the bid.
Mrs.
Aug. 27, 1938
Sinking Fund Requirements 1938-1939
Bonds
$283,000
Interest at 3%
25,470
of approximately
5
4M
5
$59,500
Principal and interest payable
at First National Bank of New York.
Levy laid each year within
constitutional
limits
to
meet
annual
requirements.
District embraces Kyle and Gideon magisterial districts within the City
of Huntington.
In 1933 all district boards in each county were consolidated by
law into
county units and the Independent District of Huntington was succeeded
by the Board of Education of Cabell County.
These bonds continue to be the obligation of the original district and levies
for servicing the same are laid by the Board of Education of Cabell County
on property in the former Hungtington Independent District only.
No default has ever occurred in payment of principal or interest.
Bond Purchase Offer Rejected—The "Wall Street Journal" of Aug. 24
carried the following report from Richmond, Va.:
The West Virginia board of public works has rejected an offer to pur¬
chase $894,000 worth of Cabell County school building bonds which were
authorized to be issued at the primary election.
Under State statute all governmental unit bonds first must be offered
to the State before being advervised for public sale.
The Cabell school
board, in its offer, named
a
1.25% yearly interest rate for the issue.
At¬
probably would not take
taches said the State making fund commission also
up
the issue.
WEST VIRGINIA, State of—BOND OPTION NOT EXERCISED—It
Phelps, Fenn & Co. of New York, and associates, pur¬
on Aug. 16 of the $590,000 road bonds, as reported in detail in these
columns—V. 147, p. 1236—did not exercise their option to purchase an
additional $5QO,O0O of bonds on the same conditions, which option expired
on Aug. 19.
is reported that
chasers
$15,000
WISCONSIN
PETERSBURG, VA. Improvement 4l/2s
Due Dec.
SCHOOL
HAYWARD
1, 1962, at 3.30% basis
DISTRICT, Wis.—BONDS OFFERED—J. C.
Davis, attorney for the Board of Education, received sealed bids on Aug. 26
purchase of $35,n00 3M % refunding and construction bonds.
Dated
April I, 1938 and due $5,000 on April 1 from 1939 to 1945 incl.
for the
F. W. CRAIGIE & COMPANY
MANITOWOC, Wis.—BOND ELECTION—We are informed by the
City Clerk that an election will be held on Sept. 20 in order to pass on the
proposed issuance of $500,000 in sewage disposal plant bonds.
Richmond, Va.
Phone 3-S137
A. T. T. Tel. Rich. V«. 83
TOWN
OF
CHRISTIANNA
AND
CITY
OF
WESTBY.
JOINT
SCHOOL DISTRICT NO. 7 (P. O. Westby), Wis .—BOND OFFERING—
VIRGINIA
PHOEBUS,
Va.—IIONDS
VOTED—It
City Recorder, that at the election held
the issuance of $40,000 in not to exceed
ment bonds
is
on
Sealed bids will
stated
by
F.
C.
Larrabee.
Aug. 12, tne voters approved
4% semi-annuai public
improve¬
vote of 278 to 10.
It is said that these bonds will be offered for sale in September.
by
a
Richmond:
"State of Virginia is planning a building program to cost in the
vicinity
of $9,000,000—a program that will cost the State
approximately all of the
$5,971,320 surplus from the past biennium, plus thousands in Public Works
Administration grants and in loans from the Literary Fund.
"The program, which includes a hospital for
Richmond, a
State library
building, a $1,500,000 project at the Virginia
Polytechnic Institute at
Lexington, a new building for the State Highway Department, and new
buildings for practically all of the various State institutions, which, while
costiy, will furnish the State with about all of the facilities calling for capital
outlays it will need for many years to come.
"Many of the projects already are under way, but some of them, in¬
cluding a few of the larger ones, have not yet been given grants from the
PWA.
These, however, are expected."
WASHINGTON
CLE ELUM, Was h.—BOND OFFERING—Sealed bids will
be received
until Sept. 12, by John J. Wargo,
City Clerk, for the purchase of a $10,000
issue of not to exceed 6% semi-annual
city
hall
bonds.
Due in
1948,
optional in 1942.
FIRCREST (P. O. Tacoma), Wash.—BOND OFFERING—Sealed bids
be received until 8 p. m. on Sept. 15,
according to report, by Mayor
Wood Freeman, for the purchase of a $6,250 issue of water
bonds.
BEACH,Wash.—BONDS
NOT SOLD—It is stated by Florence
L. Post, Town Clerk, that the $2,700 issue of not to exceed
6% semi-ann.
general obligation bonds offered on July 18—V. 147, p. 306—was not sold.
MASON COUNTY (P. O.
Shelton), Wash.—BOND SALE DETAILS—
by the Deputy County Treasurer that the $35,000
5% coupon Public Utility District No. 3 construction bonds purchased
jointly by Bramhall & Stein, and Conrad, Bruce & Co., both of Seattle,
as noted in our issue of
Aug. 13—V. 147, p. 1081—are dated July 1, 1938,
and mature on July 1 as follows:
$3,000, 1943 to 1951, and $4,000, 1952
and 1953.
The bonds were sold at par.
Denom. $1,000. Interest payable
We
are
now
informed
Jl & J.
YAKIMA COUNTY CONSOLIDATED SCHOOL
DISTRICT NO. 123
lP' P' Tak,n}a)» Wash.—BOND
bonds
par.
all
bids
sealed
have
been
filed.
Denominations $1,000, $500 and
Due $1,800 from Anril 1, 1940 to 1949 incl.
highest responsible bidder at not less than par
and accrued interest.
Principal and interest (A. & O.) payable at the
Westby-Coon Valley State Bank, Westby.
The aoproving opinion of
Chapman & Cutler of Chicago, will be furnished.
The purchaser will be
required to furnish the nrinted bonds at his own expense.
A certified
check for 2 % of the par value of the bonds, payable to the District Treasurer,
is required with bid.
$300.
Dated Aug.
1, 1938.
WAUSAU, Wis.—BOND SALE—The
$750,000. offered for sale
on
two
issues of bonds aggregating
Aug. 22—V. 147,
p.
1082—were awarded to
the Milwaukee Co. of Milwaukee, and associates, as 2s, paying a premium
of $1.920 equal to 100.256, a basis of about 1.98%.
The issues are divided
follows:
as
$715,000
sewer bonds.
Due from Aug. 15.1943 to 1957.
35.000 garbage disposal plant bonds.
Due on Aug. 15,
The following is an official list of the other bids received:
Names of Other Bidders—
1943.
Int. Rate
Halsey, Stuart & Co
Harris Trust & Savjngs Bank.
Citizens State-Sheboygan Bank
Smith, Barney & Co__
Premium
2)4%
2)4'%
$11,250
13,300
13,800
2M%
2)4%
15,600
17,675
2)4%
Lazard Freres & Co
First National Bank
2%
1,915
2%
Milwaukee Co
1,920
WAUWATOSA, Wis.—BOND OFFERING—W. T. Whipp, City Clerk,
will
LONG
after
be received until 8 p. m. (Central Standard Time), on
by A. Elverum, District Clerk, for the purchase of an $18,000
3% building and improvement bonds.
Oral bids will be received
The bonds will be sold to the
VIRGINIA,
State
of—$9,000,000
IMPROVEMENT
PROGRAM
PLANNED—The "Wall Street Journal" of Aug. 26 carried the
following
report from
Sept. 2,
issue of
SALE— The $4,000 building addition
offered Aug. 20—V. 147, p. 1082—were sold to the
State,
Dated Sept. 1, 1938 and due over a period of 10
years.
as
3 Ms. at
will
receive sealed bids until 7.30 p. m. on Sept. 20 for the purchase of
$187,000 not to exceed 3% interest school bonds, 21st series.
Dated Sept.
15, 1938.
Denom. $1,000.
Due March 15 as follows: $10,000 from 1939
to 1945 incl. and $9,000 from 1946 to 1958 incl.
Interest M. & S. Delivery
will be made at the City Treasurer's office.
WYOMING
GOSHEN
COUNTY
SCHOOL
DISTRICT
NO.
2
(P.
O.
Lingle),
Wyo.—BOND OFFERING—Sealed bids will be received until 8 p. m. on
Sept. 12, by C. C. Hollingsworth, District Clerk, for the purchase of a $46,000 issue of not to exceed 4% coupon semi-ann. building bonds.
Denom.
$1,000.
Dated July 1, 1938.
Due $1,000 from January and July 1. 1939
to 1961: suoject to option on any interest payment date.
No bid for less
than par and accrued Interest will be considered.
Prin. and int. (J. & J.)
payable at the County Treasurer's office.
A certified check for 5% of the
bid, payable to the District Treasurer, is required.
(These are the bonds that were originally scheduled to be sold on Aug. 22,
as noted in our issue of Aug. 6—V. 147,
p. 930).
NATRONA
COUNTY
(P. O. Casper), Wyo .—BOND SALE—The
issue of memorial hospital bonds offered for sale on Aug. 18
147, p. 1082—was awarded to a syndicate composed of Seasongood
& Mayer of Cincinnati, A. S. Huyck & Co. of Chicago; Coughlin & Co.,
and Peters, Writer & Christensen. both of Denver, as 2%b, paying a price
of 100.341, a basis of about 2.71%.
Dated Sept. 1, 1938.
Due from 1939
to 1958, inclusive.
It is stated by the County Clerk that the Stockgrowers National Bank of
Cheyenne, offered a price of 100.141 for 2.77% bonds.
Sullivan & Co. of
Denver, offered 100.567 for 3% bonds.
$208,000
WEST
—V.
VIRGINIA
ALBRIGHT, W. Va .—BOND OFFERING—Sealed bids will be received
by Clyde Foley, Town Recorder, for the purchase of an issue
of $1,000 3% semi-ann. sewer and street bonds.
Dated Sept. 15, 1938.
Due in from two to 11 years.
These bonds were approved by the voters
at an electon held on Aug. 8.
until Sept. 15,
CABELL COUNTY (P. O.
—We
Huntington), W. Va .—BOND
are informed
by Olin C. Nutter,
tion, that he will receive sealed bids until
on Sept. 7, for the purchase of an
issue
Sept. 1, 1938.
Denom. $1,000.
Due
OFFERING
Secretary of the Board of Educa¬
11 a. m. (Eastern Standard Time),
of
$849,000 school bonds.
Dated
$283,000 Sept. 1, 1939 to 1941.
multiples of M of 1 %, and only
one rate may be bid for the
issue.
The bonds may be registered as to
Principal only. Prin. and interest (M. & S.)
payable at the State Treasurer's
office or at the National City
Bank, New York.
The purchaser will be
furnished with a final
approving opinion of attorneys to be selected and paid
by the purchaser. Enclose a certified check for 2% of the total
bid, payable
to the Board of Education.
The following information is furnished
with the official offering notice:
Bidders to
name
the rate of interest in
issued under authority of Article
1, Chapter 13, Code of
1930 and Section 12, Article 8,
Chapter 67, Acts of the Legislature, Second
The question of
authority (1) to issue the
bonds and (2) to lay the excess levies
necessary to pay principal and interest
were submitted to the voters
Aug. 2, 1938 and received favorable vote of
are
Extraordinary Session of 1933.
aPP,roximafcej'y 6'9% of the total
The
votes cast, the required majority being 60%.
population of Cabell County in 1930 was
90,786 and the present
estimated population is 100.000.
The area of the
county is 285.95 square
miles.
The ratio of assessed to actual
valuations is approximately 80%.
.
BONDS OFFERED FOR INVESTMENT—Th e successful bidders r©offered
the above bonds for public subscription at prices to yield from 1.00% to
2.80%, according to maturity.
The following is an official list of the bids
received:
Bidder—
Int. Rate
♦Peters, Writer & Christensen, Inc., Denver;
Coughlin & Co., Denver; Seasongood & Mayer,
Cincinnati, and A. S. Huyck & Co., Chicago—
2%%
Stockgrowers National Bank, Cheyenne, Wyo. andlx3%
First National Bank, Laramie, Wyo
Jz2M%
Sullivan & Co., Denver; John Nuveen & Co., Chi¬
cago; Bosworth Chanute, Loughbridge & Co.,
Denver; Edward L. Burton, Salt Lake City, and
First Security Trust, Salt Lake City
3%
Casper National Bank, Wyo., and Wyoming Na¬
tional Bank, Wyo
3%
W. F. Henning, Casper, Wyo
/
*
3%^
Successful
PARK AND
(P.
O.
bid.
BIG
Denver),
x
First
$88,000.
z
$120,000.
*°
Price Bid
100.341
/Par plus
I
prem.
$293.28
100.567
100.053399
102^^
HORN COUNTIES SCHOOL DISTRICT NO. 30
26.911,800
8.50c.
17.00c.
16.35c.
14,783,475
34.00c.
32.7c.
34.00c.
Wyo.—BOND OFFERING—Frank Robertson, District
Clerk, will receive sealed bids until 3 p.m. on Sept. 17 for the purchase of
$16,500 not to exceed 5% interest school bonds.
Dated July 1, 1938.
One bond for $500, others $1,000 each.
Due July 1 as follows: $1,000
from 1948 to 1962 incl. and $1,500 in 1963.
Principal and interest (J. & J.)
payable at the office of the Treasurer of Big Horn County or at the State
Treasurer's office.
A certified check for 5% of the bid must accompany
32.44c.
each proposal.
Assessed Valuation and Excess Rates of Levy 1938-1939 for New Bonds
Class
|-
J"
IV
Valuation
$11,057,180
-
-
72,774,305
Authorized Rates Actual Rate
8.18c.
@FedFRASER