The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
Dmmptria'l
COPYRIQHTEP IN 1939 6T WILLIAM B, PAHA
COMPANY, NEW YOUK.
VOL. 149.
ENTERED AS SECOND-CLASS MATTER JUNE 83, 1679, AT THE POST OFFICE
AT NEW YORK, NEW YORK, UNDER THE ACT OF MARCH
NEW YORK, DECEMBER 2, 1939
BROOKLYN
NO. 3884.
TRUST
THE
BANK
COMPANY
Chartered 1866
3, 1379.
CHASE
NATIONAL
OF THE CITY
BANK
OF NEW YORK
OF
George V. McLaughlin
Maintaining effective cor¬
President
NEW YORK
BROOKLYN
N E W
Member Federal Deposit Insurance
YORK
Corporation
respondent bank service
is
traditional
a
Broaden your customer
service
with
l8l7
Member Federal
r——
*>mmr
Corporation
Capital
-
-
-
-
in
Assets
Excess
Securities
$36,000,000
•
Rest and Undivided Profit
Total
Government
Montreal
Office
$40,183,254
City of
$850,000,000
oj
President
H.
R.
Drummond,
Philadelphia
Esq.
Vice-Presidents
Maj.-Gen. The Hon. S. C. Mewburn, C.M.G.
W. A. Bog, Esq.
General Managers
Jackson Dodds
—
G. W. Spinney
T>he
Commonwealth of
first boston
Pennsylvania
CORPORATION
NEW YORK
Branches and
cor¬
Deposit Insurance
re
United States
Head
Chase
respondent facilities.
BANK OF MONTREAL
Established
policy of
the Chase National Bank.
Bonds
BOSTON
Agencies
CHICAGO
In Canada and Newfoundland—
More than 500 Branches.
In London:
PHILADELPHIA
47 Threadneedle
9
SAN FRANCISCO
*
St., E.C. 2;
Waterloo Place, S.W. 1.
AND OTHER
PRINCIPAL CITIES
Moncure Biddle & Co.
PHILADELPHIA
In the United States—New York, 64 Wall St.;
-
Chicago: 27 South La Salle St.:
San
Francisco: Bank of Montreal
(San Francisco), 333 California
Street.
The
New York Trust
Hallgarten & Co.
Company
Established 1856
H. Hentz & Co.
Members
Established 1850
IOO
BROADWAY
New
York
New
York
New
NEW YORK
York
Chicago
Exchange
Curb
Exchange
Exchange
Board
Winnipeg
London
Chicago
Stock
Cotton
of
Grain
New Orleans Cotton
And other
MADISON AVENUE
AND 40TH STREET
N. Y. Cotton
BEAR, STEARNS & CO.
EAST
57TH STREET
BOSTON
ONE WALL STREET
DETROIT
DALLAS
PITTSBURGH
GENEVA
PARIS
*
YORK
CHICAGO
AMSTERDAM
/
Exchange
Exchanges
Exchange Bldg.
NEW
ONE
Trade
Exchange
LONDON
ROTTERDAM
MONTE
CARLO
NEW YORK
European
Representative
KING WILLIAM ST.
CarlM.Loeb,Rhoades&Co.
61
LONDON, E.C. 4
Established 187 h
NEW YORK
London
De Haoen & Townsend
BROADWAY
Paris
NEW YORK
Amsterdam
1889-1939
Fiftieth Anniversary
SO BroadSt...
PHILADELPHIA
1613
Walnut St,
ONE HUNDRED—The Commercial & Financial Chronicle—TEARS OLD
II
Dec. 2, 1939
Marine Office
German Government International
of
america
5Vz% Loan 1930 (Young
Pursuant
Loan)
the official statement published by the
to
Consulate General in New York
on
German
November 28,1939, the under¬
signed Company hereby gives notice that the December 1, 1939
coupons appertaining to bonds of the American Tranche of the
Young Loan stamped "U. S. A. domicile 1st October 1935" will be
purchased on and after the date of maturity either at the office of
Messrs. J. P. Morgan & Co., 23 Wall Street, New York City,
or at any of its own offices in the United States.
The purchase
price will be $20 per $27.50 face amount of such coupon, which
is the same price as heretofore paid by the undersigned Company
for stamped coupons of the Young Loan which matured on
December 1, 1935, and which have matured since that date up
to and including June 1, 1939.
terms
obtain Reichsmarks
may
as
those
which
on
the aecurity
light of prevailing uncertain¬
abroad, exporters and importers
should give serious consideration to
insuring their shipments in American
insurance companies.
Investigate the advantages of insur¬
ing with an organization having a
world-wide
tested
service.
Consult
In the
ties
stamped with the above-quoted
(Young Marks) on the same
Reichsmarks
have
heretofore
engaged in foreign trade need
of American dollar aasets
Americana
who fail to avail themselves of this offer or whose
Holders
December 1, 1939 coupons are not
legend
TODAY, MORE THAN EVER
been
June 1, 1935, and subsequently matured coupons
of unstamped bonds of the Young Loan.
offered for the
broker
your
agent.
or
116 JOHN STREET
HAMBURG-AMERICAN LINE
57 Broadway,
November 30, 1939.
San fhancisco
ATLANTA
New York, N. Y.
Chicago
.
0AUAJ
tOlTOi
KTROfT
Seattle
•
new Orleans
los ans-olj
houston
hartford
sr. louis
rtmiurch
milatttifhia
NEW YORK
•
.
itocjcton
stiacusr
Offer to Holders of Certain
Hungarian Municipal, Ecclesiastical and
Private
The
Cash
Office
of
LOSSES
Long-Term Bonded Debts
Foreign
Credits
at
Budapest,
Hungary,
hereby
IN
OF THE WORLD
announces
Offer of the Cash Office, published on July 23, 1937, it will
with respect to the issues, hereinbelow specified,
during the period stated, at the rate of $8.75 per coupon detached from a $1,000
bond.
Such payment will be made through its Central Paying Agents in New York,
SCHRODER TRUST COMPANY, 46 William Street, New York, N. Y.
that
PAYABL E
PARTS
ALL
pursuant to the
l
redeem coupons of the maturity, and
This
Offer
does
not apply
shall
which
mentioned
have
to
coupons
been
stamped
attached to any of the securities below
and registered as being in Hungarian
ownership under the Decree of the Hungarian Cabinet Council, No. 300/1936 M. E.
and is made only to persons resident outside of the Kingdom of Hungary or firms or
situated outside Hungary,
corporations
Name of Issue
OF
CITY
BRITISH
7V2 %
gage
External
BUDAPEST
Gold
6%
Bonds
Offer Expires
December 1, 1939
May 31, 1940
Sinking Fund
of 1927........
HUNGARIAN
AND
CouponJDate
...
BANK
thirty-five year Sinking
Gold Bonds, Dollar Issue
Fund
Directors
The
have
declared
Accumulated
the
from
Iplus of the Company
acceptance
in
BATTERY CO.
THE ELECTRIC STORAGE
excluding branches thereof in Hungary.
of
this
Offer
must
be transmitted
to
SCHRODER TRUST COMPANY, as Central Paying Agents of the Cash Office of
Foreign Credits, together with a form of letter of transmittal which is obtainable
from such Paying Agents.
presented
Coupons
Dividends
a
Sur-
final
dividend for the year 1939
on
of
Fifty Cents ($.50) per share
Common Stock and the Preferred
the
Stock, payable December 21, 1939, to stock¬
of these classes of
stock at the close of business on December
holders of record of both
Checks will be mailed.
and Treasurer.
1939.
1,
H. C. Allan, Secretary
LTD.
Mort¬
Philadelphia, November 17,1939.
December 1, 1939
May 31, 1940
December 1, 1939.
STORES
McCRORY
CORPORATION
Dividends
The
clared
NATIONAL BANK
IdordeAvS
of EGYPT
Head Office
FULLY
•
PAID
CAPITAL
RESERVE FUND.
.
.
•
Common
Cairo
•
.
£3,000,000
.
£3,000,000
of fifty cents (50^) per share has
been declared on the outstanding com'
of
W. E. HARPER,
EATON
Secretary & Treasurer
1939,
20,
to
CLEVELAND, OHIO
Dividend
No.
59
Directors
of
of
Eato
Manufacturing
Company
has de¬
a year-end dividend of Fif 1
Cents (50c.) per share on the o
standing common stock of the com¬
clared
pany, payable on December 19
1939 to shareholders of record at t
The Borden Company
EGYPT and the SUDAN
Board
The
stockholders
of record at the close of business Dc
principal Towns in
COMPANY
MANUFACTURING
cember 8, 1939. Checks will be mailed.
Branches in all the
day has de¬
the Common Stock
on
November 29, 1939
stock of this Company, payable
December
7, King William Street, E. C. 4
dividend
per
The final dividend for the year 1939
mon
LONDON AGENCY
6 and
Dividend
No. 119
Board of Directors this
a
share, payable December 22, 1939,
to holders of record at the close of business
on
December 11, 1939; also a quarterly
dividend of 25 Cents per share payable
March 30, 1940 to holders of record at the
close of business on March 15, 1940.
$1.00
E. L. NOETZEL, Treasurer
close of business
on
December 8
1939.
November
29th,
1939
H.
Income Tax
Authority-
Is prepared to advise corpora¬
tion,
or
to
organize
tax
Protects your
de¬
Chronicle, 25 Spruce St.,
New York City.
On
November 28th,
dend of
declared
on
on
application
The "EXPANDIT"
25
Binder
Spruce St., New York City
1939
a
quarterly divi¬
and three-quarters per cent was
one
Plus postage
Prices for larger sizes
STOCK
PREFERRED
Price $2.00 each
Box 15, Commercial & Finan¬
cial
inches
Secretary
COMPANY
CAN
Magazines
In sizes up to 13x8 H
accountants.
STUESSY,
AMERICAN
The "EXPANDIT" Binder
partment for firm of attorneys
or
C.
the Preferred Stock
of this Com¬
payable January 2nd, 1940, to Stock¬
holders of record at the close of business
December 19th, 1939.
Transfer Books will
pany,
remain open.
Checks will be mailed.
R.
A.
For other dividends
BURGER, Secretary.
see
pages
iv
Vol.
149
DECEMBER 2,
1939
No. 3884
CONTENTS
Editorials
The Financial Situation
3443
Time to Pause and to Consider.
The Food
......3455
______
Stamp Scheme
3457
Comment and Review
Week
on
the
European Stock Exchanges
__
Foreign Political and Economic Situation-
3448
Foreign Exchange Rates and Comment
Course of the Bond Market
3453 & 3495
3458
-
Indications of Business Activity
3459
Week
on
the New York Stock
3446
Week
on
the New York Curb
Exchange
Exchange._
News
Current Events and Discussions
Bank and Trust
Company Items
General Corporation and Investment News
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
3507 & 3509
Bonds Called and Sinking Fund Notices
..
3501
Dividends Declared
3501
Auction Sales
3501
New York Stock
Exchange—Stock Quotations
3510
New York Stock Exchange—Bond Quotations. _3510 & 3520
New York Curb
Exchange—Stock Quotations
3526
New York Curb Exchange—Bond Quotations
3530
Other Exchanges—Stock and Bond Quotations
3532
Canadian Markets—Stock and Bond Quotations
3536
Over-the-Counter Securities—Stock & Bond Quotations .3539
Reports
Foreign Bank Statements
Course of Bank Clearings
Federal Reserve Bank Statements
General Corporation and Investment News
3452
3495
3471 & 3507
3543
Commodities
The Commercial Markets and the Crops
3576
Cotton.
3579
Breadstuff s.
3583
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
IV
This is
announcement
an
and is
not to
be construed as
The
offer to sell or as
an
a
Dec.
2, 1939
solicitation oj an offer to buy the securities herein mentioned.
offering is made only by the Prospectus.
Public Service
Company of Colorado
$40,000,000
#
,
First
-
.
Mortgage Bonds, 314% Series due 1964
To be dated December 1,1939
To be due December
r,
1964
Price 102% and accrued interest
$12,500,000
4%
Sinking Fund Debentures due
1949
To be dated December 1,1939
To be due December 1,1949
Price
The
Prospectus
may
be obtained in
10
2°/o and accrued interest
in which this announcement is circulatedfrom only such 'of the undersigned as
offering these securities in compliance with the securities law in such state.
any state
dealers and are
are
registered
HALSEY, STUART&. CO. INC.
THE FIRST BOSTON CORPORATION
HARRIMAN
RIPLEY&,CO.
BLYTH &
BROTHERS
LEHMAN
CO., INC.
SMITH, BARNEY6, CO.
INCORPORATED
OTIS 4, CO.
CENTRAL REPUBLIC COMPANY
(INCORPORATED)
November
28,1939.
Dividends
Dividends
Dividends
KAUFMANN DEPARTMENT
Dividend Notice
STORES, Inc.
CARBIDE
UNION
•
CARBON
AND
Common Dividend No.
Pittsburgh, Pa., November 27. 1939.
The
CORPORATION
thirty
The Board
declared
a
share
per
dividend of 25c
the
on
Common
December
20,
1939 to
stockholders of record December
8,1939.
dividend
of Fifty cents
share on the outstand¬
ing capital stock of this Cor¬
poration
has
been- declared,
payable January
1,
1940,
to
(50c)
Stock of this Corporation,
payable
cash
A
of Directors today
t
close
S. W. DUHIG,
of
of
record
business
at
the
December
November 28, 1939
E.
WHITE, Treasurer
61
R.
CLARKSON,
Treasurer.
Directors
have
declared
a
dividend
cents
R.
CLARKSON, Treasurer.
Corporation
The True Executive
November 28,1939
Allied Chemical
&
Dye Corporation
has declared quarterly dividend No. 75
of One Dollar and Fifty Cents
per
share
on
($1.50)
the Common Stock ot the
Company, payable December 20, 1939,
to common
stockholders of record at the
close of business December 9, 1939.
W. C. KING.
PREFERRED
DIVIDEND
Secretary
NUMBER
15
At
a
meeting of the Board of Directors
held November
one
dollar
on
the
($1)
27/1939,
share
per
Cumulative
a
dividend of
declared
was
Preferred
Stock
Convertible 4%,
pany,
Series A, of the Com¬
payable February 1, 1940, to
stockholders of record
at the
close of
business January 5, 1940. Checks will
be mailed.
w M. O'CONNOR
November 27,1939
Secretary
(jjpQN?)
& Company
Board of Directors has declared this day a
dividend
of
outstanding
$1.12^ a
Stock-$4.50
Cumulative, both payable January 25, 1940, to
Debenture
share
on
$1.50
Stock
a
and
share
a
on
the
dividend
of
see
pace
II
wis¬
immediate
are
accidents
are
decisions
or
no
fairy gifts. They
the product of experience,
ity;
an
courage
and abil¬
amalgam of time, brains
"intestinal
and
Wilmington, Delaware: November 20, 1939
The
judgment,
making
more
commonly
"guts."
fortitude"—
known
as
Such executive abil¬
ity is available
the outstanding Preferred
ON
YOUR
TERMS
stockholders of record at the close of business on
1940; also a "year-end" dividend
for the year 1939 of $3.25 a share on the out¬
standing Common Stock, payable December 14,
1939, to stockholders of record at the close of
business on November 27, 1939.
January 10,
W. F. RASKOB, Secretary
For other dividends
Bankworthy
dom and foresight in
character,
L I. ou Pont de Nemours
of
(13c) per share on the Common
Stock, payable January 29, 1940, to all holders
of record January 10, 1940.
Cheques will be mailed.
Broadway, New York
OIL
THE ATLANTIC REFINING CO.
of
Pittsburgh, Pa.. November 27, 1939.
The
Allied Chemical & Dye
CORPORATION
dividend
STORES, Inc.
thirteen
ROBERT W.
UNION
a
Common Dividend No. 78
E.
SHELL
declared
KAUFMANN DEPARTMENT
8,
1939.
Vice-Pres. and Treas.
have
(30c) per share on the Common
Stock, payable December 15, 1939, to all holders
of record December 8, 1939.
Cheques will be mailed.
per
stockholders
Checks will be mailed.
Directors
cents
Box
20, Commercial & Finan¬
cial
Chronicle, 25 Spruce St.,
New York City.
The Financial Situation
still
ONE of theworld during the past week in the
outstanding developments
the
business
announcement
generally
the
by
leading
speaking,
prices of their
there
steel
will
be
advance
no
price
various
and
policies
other
indeed
taken in
which spell higher costs.
The
action
upon
notable in¬
effecting reduc¬
tions in
prices in the face
rising cost tendencies.
For all this doubtless the
New
Deal
taking
a
credit
to
asmuch
managers
large
of
measure
themselves,
in¬
they have been
as
bringing
all
pressure
riculture
producers
(outside of
and
the
of
manner
upon
and others
with
are
of
ag¬
course
exception of
law
the
any
ad¬
in the amounts
vance
picion from the first, and it
goods
or
public for
It may
services.
be that the threats of the
Administration have been
factor
of
least
tance, at
in
instances,
as
policies.
There
some
as
ground
been the
extends
the
to
statutory
inclusion
of
was
By fixing
being construed
in 1935 and
inflexible limitation
on
recent
employment, without the penalty of over¬
time
compensation, the law has ignored many
instances in
which flexibility
is essential
and desirable from the
standpoint of em¬
ployees.
The law makes no provision for
averaging
of
to
for
they
controlling
hours
While
the
demand
been rising
during the past
three months at
if not quite,
and
of
trade,
banking
have
been
of the
ness
of
as
an
during periods of
entire
The
ambition
or section.
administered tends
as
and
by
tunities
initiative
to
giving
part
made
of
em¬
The law
as
fering with
during the past few months
law
commendation which
administered is seriously inter¬
the development of skilled em¬
are
prosecution,
he must
comply with
development of what
known
as
end
soon
or
disastrous
trend
have
"boom
which
tions^
of
whatever
on
the
within
practice,
sion
furnish,
upon
the
which
caused
represent
tee
condi¬
the
National
late
in
reversal
We need
of
a
to
qf the
business.
as
They
an
any
apparent
of
of such
preference
for
many
type
a
a
may
Association
of
to
as
only add that this law is the work
today hostile
if
public
the
con¬
stumbling
way
of real
Certainly
policy
any
which
is
the
normal,
in
a
strong
wholesome,
and
conditions.
In
of the steel
the
part of
re¬
on
group of
producers to accept profits
with which to
there
profit
are
one
a
no
free
profit
quickly realized, however, that general increases in
reflected
in relation to
that
by falling prices.
possibilities
is
economy
beyond
prices would in all probability be pyramided and
would be provided labor,
producers to obtain funds
keep other producers in business where
possibilities
In
They
time taxes these
same
demand
long
otherwise available and at
probably is true
excuse
part
accept
quires continued refusal
stantially higher prices for their products.
ready-made
be
de¬
a
the
on
prove a
block in
which is
can
profits when larger
progress.
industry, they probably could have obtained sub¬
a
Indeed it
well,
tinued,
constantly complaining about the
paucity of new capital investment in industry!
of improvement
instances,
is
re¬
and all price advances, at least so far
goods are concerned, and
development, and
more
is
earnings could be obtained,
on
dislike of the prospect, or
possibility,
fact
more
producers
meagre
confu¬
desire
manufactured
which
repeatedly expressed
durable
The
much
Manu¬
Administration
build for
to
facturers.
invariably
as
or can
solid foundation
termination
the guise of
of
pricing
furnish,
which
quired.
regulate all wages
regulating overtime com¬
pensation.—Employment Relations Commit¬
are
in
safely asserted that
the part of Government to
under
per¬
suppose
In view of the
immeasurable
an
to
time such
a
future.
that
uncertainty in the law and
there is no justification what¬
have
a
We
moderation and
the present
and
and
mere
policies at
Even
time
ourselves
self-restraint
interpreted by the administrator, even
though official regulations and interpreta¬
extreme and unfair.
time.
that
the
they
quar¬
however,
mit
as
seem
this
at
should not,
ployer in a serious dilemma.
Unless
the
employer can assume the risk of criminal or
law
receiving from all
ters
penalties provided
coercive and place each em¬
are
accordingly, due the
are,
ployees by limited application of exemptions
the
Due
such marked self-restraint
available
for
imposing such risks and contingent
liabilities upon
employers.
Official attempts to define
"regular rate
of pay" have
disrupted established business
danger of the
quite
oppor¬
ever
aware¬
business
was
The steel executives and
by
employers for the training and advancement
of employees.
regulations,
ample
clear
a
of the
the others who have shown
destroy
educational
be
may
the
on
restricting
which
vagueness
and finance,
convincingly
judgment of the
Credit
affecting
community
law
ployees
emergency
such claims may be asserted.
those
the
seems
The
law is equally defective in
failing to
provide exemption from maximum hour stand¬
tation
almost,
industry
well
as
evidence of
an
unprecedented
leaders
rate,
for
more
sound.
though
complies, however, the same employer may
still be liable for
wage claims asserted by
his employees if it should later
develop that
these official
regulations and interpretations
were
erroneous; and the Act imposes no limi¬
types of goods has
While
goods
community
he
many
per¬
indicate
leaders
employment.
tions
influence.
1936.
for
that the
except where pur¬
collective bargaining agreement and
seriously to interfere with establish¬
of stabilized
earnings or regulation of
ment
rising
were
moderation in
inquiry
suant to
tends
it
end the
remarkably well, the
hours
of
the
an
demand is
sustaining itself
designed to establish.
an
to
mitted to operate as it did
definition
narrow
that
quarters
prices and costs
effort to fix and freeze
wage rates far
excess
of any minimum standards which
civil
doubting whether
This
for
above
an
in
how¬
is,
if the spiral of
Act] is
controlling
in¬
most
sooner
mechanism
a
and salaries far
the law
in
sus¬
settled
a
come
exempted classes and is
in
in
under
became
soon
would
Standards
authorized for learners and
apprentices.
The criminal and civil
regards price
ample
ever,
impor¬
some
durability of
was
formed
high-salaried employees by
of
de¬
manded of the
The
upward movement of last fall
Labor
[Fair
being used
wages
ards
labor) to prevent
coddling it has
Price Increases!
But No
industries,
some
stances
have
result of the
Washington^forjyears
conviction
in
minimum.
a
a
the development of
upon
similar
of
as
ways
in
products after the turn of the
The action of the steel manufacturers follows
year.
up
receiving in
past, to
demand higher wages and to
give trouble in other
that,
companies
puffed
been
was
or
very
extraordinarily
it
is
existing
essential
capacity
limited
mischievous.
that
to
sustained
supply be
readily in prices, and that lack of demand
productive capacity be quickly followed
Otherwise there is
no
force
to
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3444
guide the investment of capital and labor into the
production of the goods the people want and are
plant to meet the demands of the
equipment or
people.
willing to
for, and no restraining hand placed
pay
Lest
such
assertions
and remote from the
as
these
academic
appear
work-a-day world around us,
record
carefully noted.
Unfortunately, so we think,
public has got into the lazy habit of accepting
let
pertinent facts from the current
certain
be
the
what
known
is
industrial
Federal
the
production
the
for
of the rate of activity
as a gauge
reason
index of
Reserve
We say it is un¬
industry and trade.
in American
fortunate
as
index is
that this
so
ex¬
has
chiefly of seasonal adjust¬
tensively adjusted for this and that—some wit
remarked that it consists
has lost much of its real
ments—that it
figure
120 for
reported at
was
"seasonals" work the other way is
another matter.
that the
high during
But, be all this as it may, the fact remains
rate of business
the past
activity, although very
month
or
if
two compared with recent years,
But what is to
abundant life.
more
permitted to point the
doubtless reply that they
capital where it should go.
prices and profits are not
New Deal
way?
in their wisdom
It
the
is
managers
direct
can
familiar with the course of economic
ears
history is has not validity whatever.
Moderation
self-imposed restraint in the fade of a feverish
and
any
continuing attempt to
to render null and
void the natural forces
is
situation
block
or
thing;
one
always guided such activities in the past
which have
is
To
and his followers.
Stalin
reply of
democratic
quite another and different thing.
It
meaning.
October, is
expected to reach a somewhat higher level for
November, and, since business is usually "seasonally"
slower in December, to reach if not surpass the peak
registered in June, 1929, this month.
What it
may do after the turn of the year when the so-called
This
and con¬
toward
guide capital
is inevitably waste
result
properly the
the
Matter
Academic
No
If this selective process does not function
fusion, and in consequence lack of progress
the producers of unwanted goods.
upon
Dec. 2, 1939
be that in existing circumstances such
may
observations
diate
these
as
relatively little imme¬
have
practical bearing, since much more than ex¬
ceptional demand for
brief
a
that the time has
matter, capital-using enterprises
for bold and
come
additional
in
and consequently in existing
high prices and larger profits
even
would not suffice to induce enlargement
at this time
of
aggressive investment of capital
plant,
circumstances
of time is re¬
span
capital, or, for that
quire to convince holders of
capacity; but whatever truth lies in such an ap¬
time to come,
praisal of the present situation is an outgrowth of
which
we
had grown accustomed prior to the great de¬
pression—is, indeed, below that of the late prewar
policies and of the conditions such programs have
and
likely to remain
fails
a
on
so
for
some
capita basis to equal that to
per
Yet it is
equally clear that in several important
heavy industries absolute capacity operations have
Here, of course, is evidence that
been under way.
is not equipped to
American industry
capita
produce goods in volume equal to that of 10 or 15
years ago or even a
is
another way
accustomed prior to
become
push forward to
American
this
which
self-evident
had
abundant life as all
a more
capital investment in
Now as regards
capital investment two facts are
required.
industry is
of
matter
we
the New Deal, not to
desire to do, extensive
must
This
quarter of a century ago.
of saying that if we are to return
abundant life in the degree to
to the
say
the
to
thoughtful
them is that whether
of
and quite
not we like it,
or
One
observer.
the index,
capital will not freely seek employment in industry
when adequate profits are not in prospect, when such
regardless of
profits
as
work,
are
taken in large part to
national
merely squandered in giant political
projects,
when for
or
budget remains
of balance that it
any
after
year
the
badly
reason
year
so
seriously threatens presently
disor¬
ganized functionally as well as in fact, and capital
cannot be sought effectively when so many impedi¬
to
precipitate
ments
are
currency
the investment
banking system
*
unable to function.
The other obvious
is to
be
badly
situation
placed in the path of normal corporate
that
financing
a
truth
is
that
is
progress
made, capital must not only flow into in¬
dustry, but must find its
into those
way
promptly and readily
industries and those branches which
prepared to
use
are
it in the production of the goods
have
month
unhealthful
it
the
is
all sides during the past
on
regarding the danger of the rise of
conditions.
boom
that
stances,
heard
been
two
or
other
In
circum¬
fundamental
sound
under
is,
ditions in which
con¬
inflationary factor was present,
no
producers would be able to raise prices only when
they
economically warranted, and when further
were
capital investment in the production of the goods in
question
Unfortunately,
indicated.
was
wise
or
prudent restraint in the present of unsound funda¬
mentals
the
is
particularly effective in eliminating
not
faulty structure
least
is
not
the type
which business rests—at
instances, including
upon
effective
in
many
of situation by which we are now faced.
We have here
most
a
striking illustration of the
futility, and the danger, of undertaking to replace
to subvert
or
functioning of
have
for
conditions
natural
the
our
forces
which control the
New Deal
economic life.
managers
been creating monetary and other
years
would artificially induce
they thought
and
recovery
large
investment
of
new
capital.
Nothing of the sort occurred, of course, and now
the
Administration
if business
(although
men
in
be stimulated
is
out
fact
hazards of present
as
confident,
of the
from
of
us
is
that
have been
the
of
an
as
the
New Deal first
soon
a
or
unconsciously injected into
as
may
Business
these artificialities
measure
of
The task that is ahead
be, and leaving the
stimulate, restrain and direct
conditions indicate.
remove
thought they
This whole conception
eliminating the artificialities that
forces of nature to
and avoid those which need little if any additional
understanding of the
conditions) will only decline to
consciously
situation
apparently, that
goodness of their hearts
should be, all will be well.
larger quantities of which are desired by the public,
Indeed
world.
business
of these conditions and these policies which
is childish in the extreme.
-
if real
the
in
large part has given sharp point to the warnings
that
amount of thundering in
available
are
are
or
log-rolling
out
any
farmers not to produce, indolent labor not to
pay
created
in
governmental
deep distrust of existing national
presence
years.
per
a
success
no
men
as
although they
doubt
as
such cannot
may
avoid the
with
pitfalls
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
they strew in the path of management.
Foreign Trade in October
Only the
people themselves through their duly elected representatives
mentals
recent
in
Washington
which
have
been
October
damaged in
badly
so
qHARP increases in the Nation's foreign trade in
funda-
the
correct
can
3445
brought the month's imports and ex-
ports.to the highest levels achieved since late 1937.
years.
Exports
Federal Reserve Bank Statement
rose
to 1332,079,000, just a shade under the
$332,710,000 figure recorded in October, 1937, which
CHANGES in the official banking statistics were of October, 1930. Importslargest of any monthmonth
therefore remains the of $215,281,000' last since
this week than for
time past,
less moment
some
previous tendencies remained in effect
as
fied scale.
modi-
on a
of the
Federal
12
confined to
were
Reserve
"run-off" of $41,280,000
a
was
banks, combined,
This
States
it
Treasury securities to $2,552,097,000, consist-
lowered
the
total
ing of $1,283,447,000 bonds,
and $35,425,000
to avoid
of United
holdings
It
and
surplus
liqui-
With
recently acquired bonds and notes.
that flotation
that further
will follow.
immediate success, it is to be
an
lightening of the
and
from
the
their
former
Federal Reserve banks.
The result
because of
changed characters of
to
0f any
was
This
sharp
holiday needs, and
for the $500,000,000 new-money
sold
this
doubtless will
,v
on
But
week.
1
1
.j
after
r
,...
v
this
t
York
The
week.
condition
.
statement
n
x
,
of
i
City reporting member banks reflected
of $6,000,000 in business loans, to
Brokers loans
jnal
advanced
753,000.
reserves
$84,753,000 to
of the
$15,296,-
Federal Reserve notes in actual circulation
advanced $19,339,000 to $4,845,292,000.
Total de-
posits with the regional banks advanced $24,650,000
to
$12,836,329,000; with the account variations
con-
sisting of an increase of member bank balances by
$561,000 to $11,619,749,000;
a
drop in the Treasury
general account by $25,038,000 to $440,949,000;
increase
of foreign bank deposits by $4,025,000 to
$407,274,000, and
a
gain of other deposits by $45,-
102,000 to $368,357,000.
banks moved up
Discounts by the regional
$38,000 to $8,026,000.
advances fell $175,000 to $11,393,000,
ments to
Industrial
while commit-
make such advances dropped $157,000 to
$9,643,000.
from
an
The
86.2%.
reserve
ratio moved
up
to 86.5%
shown separately
and it
.
.
that
a
,
.
.
,
,
,
,
,
«.,
,
e
.
.
./
„
.
.
^ting °ff of °ther 8™rcf of sWly>
Federal Reserve banks in the state-
modestly, and total
institutions
are
for tbe fi,.gt tj
Petl'°leT. shlPfent« had a
better than 10% increase. Aircraft and copper
shiPments> however' were Con6'derably loyer than
a year a8°5 Pf» car shipments also were
somewhat smaller- Obviously the smaller aircraft
shiPmenls were due to the arn's, embar«° 111 effect
in 0ctober but since rePealed- PerhaPs also attnbu^ab'e *° fhe^ war, shipments of household refrigerators were 35% s™aller than a yeai' a»°"
pbe P,r8es^ individual import increase over October>1938' was made by raw si]k- which rose to ^in¬
540,000 from less than half that a year ago. The
™ ma"y
week, raising such holdings to $14,966,121,000.
12
nlbber manufactures and medic
^.manufactures
5.
Treasury deposited $94,466,000 gold certifi-
Other cash fell
iron and gteel,
which might be expected to benefit because of the
$1,704,000,000.
ment
ag
chemicals, aluminum
pharmaceutical itemg were sharply higher.
,
...
drop
with the
indugtrial
x
New
000,000 to '$519,000,000.
The
seg,
bu
*,
,
nn/v
last month's shipments of $3,0o3,0(M) compare with
An
i
no more than $3o,606 a year ago.
Coal exports,
.
wr
cates
d
gUj,h
war
jn ^
security collateral advanced $25,-
on
for
A]uminu^
ions
j
a
01l]y 483)996 baleS) worth $24,049,000,
gemi.maimfactureg
,
x
ill
,.
into
color-
were
■.
im¬
In September,
m0nth since November, 1935.
tpnckg and
made
,
picture
Shipments of
aggregated 917,327
actually
Compared with October, 1938, exports obviously
The indications
\
cotton
g^pp^
ngeM
holidays the total
j.,
,,
™
is
Treasury obliga
the
the demand side of the credit
less
payment
its advance.
resume
,
were
deposits, for
currency goes
as
$11,593,000
were
Here subsidies and the different special
bel. last year
figure probably will fall
coming weeks, as
y m
circulation for
Cot-
raising the totals.
example,
1939) 079954 bales, worth $35,661,000, and in Octo-
requirements receded $30,000,000
$5,140,000,000.
more
some
for
bales? vained at $47,254,000, in October, the largest
requirements apparently increased slightly
excess reserves over
shipments,
manufactured
virtually unchanged level of member bank deposits.
reserve
customers, although other influences
also instrumental in
ent]y the chief factors at work.
000,000, and by a modest decline of Treasury de-
posits with the regional institutions.
partial confirmation of
arrangements with foreign countries were appar-
stocks, which raised the total holdings to $17,347,-
But
are a
warring countries of Europe and from
ber, 1938.
offset in large
was
a
greater than September and $23,205,000 above Octo-
in circulation by $28,000,-
But this
leaving
$178,024,000,
imports
ton
part by a gain of $90,000,000 in our monetary gold
a
and
hoped
gain in non-member bank deposits with the
a
figures
the export side of $99,644,000.
on
market portfolio
similar tendency was exerted
a
currency
October
The
favorably with the corre-
anticipations of greater demand for our products
market operations tended to lower the
increase of
000, and
more
were
credit reservoir,
an
$181,461,000.
slightly
The October results
.
The open
by
open
imports,
$277,668,000
000,000 2% nine-eleven year bonds that the Federal
Reserve discontinued in the statement week its
successive month,
of $107,112,000 in September;
sponding month of 1938, when shipments totaled
prejudicing the Treasury offering of $500,-
dation of
one
September's exports aggregated $288,573,000
compare
doubtless,
was,
aggregating $116,798,000,
the largest export surplus since January,
was
1938.
$1,233,225,000 notes
discount bills.
month since November, 1937.
in nine figures for the second
comparing with
discount
bills.
any
The excess of exports,
for the week ended Nov. 29 in the condition statement
the highest of
were
Open market portfolio changes recorded
•
operative factor here, however, was the increased
Price rather than the volume, which rose only 28%.
A substantial rise in crude rubber imports was the
counterpart of the larger exports of the manufacproduct. Raw wool imports were substambally higher than last year, but much smaller than
September.
Whiskey imports, which
rose
sharply
in September, dropped back to the pre-war level.
Cheese imports, which may become increasingly difficult to obtain, were sharply higher than in Octo-
her, 1938,
also
or
September last.
entered
either of
the
in
Cocoa
other months.
than double
more
trend has been
beans
This
a
product
was
year ago,
but
similar
a
substantially
con¬
Cut diamond imports
year.
higher,
while
diamond
rough
vailed of
marked
country which, while not
still the
smallest of
insignificant amount,
an
any
month this year,
com¬
paring with $326,089,000 in September and $259,In October, 1938, no less than
934,000 in August.
$562,382,000 entered the country.
of
months
amounted
$7,268,000
received
the
to
only
$487,000.
far this year
exports of $1,773,000.
silver
the
metal
Silver
have
imports
of
about the average monthly amount
were
so
of
exports
year
In the first 10
and
were
partly offset by
In October, 1938, imports of
The New York Stock Market
prices
stock
session.
affected
The
downward
virtually
all
tendency
departments
market, notwithstanding such good trade
another all-time
tion.
high in the volume, of
Settlement of the
major units
of
the
automobile
taken up
of
Treasury list suffered
Russian move,
The indications
the part of Amer¬
dation of British
holdings of our stocks and bonds.
became ever more
apparent, as the week pro¬
gressed, that the persistent British selling is a fac¬
tor of some
importance in determining the trend of
The thin market which
marked
affected
the
and
idle
were
foreign
such effects.
that
busi¬
the financial
community were convinced
improvement in business is in pros¬
sustained
a
that of American
pect, buying of stocks here
tions that
would
dwarf
the
would take
on
propor¬
European liquidation.
The actual performance of the week
reflects
terests
now
ending
clearly the waiting attitude of almost all in¬
on
this side of the Atlantic.
In every
from'Monday to Thursday, inclusive, small
occurred in the bulk
of stocks.
The
recessions
largest single
drop
was noted
sion
against Finland unsettled all markets
duced fears of
tilities.
Thursday, when the Russian
a
A modest
further
aggres¬
and in¬
spread of European hos¬
rally took place yesterday, but it
failed to offset the
previous losses
results for
session
entirely, and net
the week
consist of 1- to
3-point losses
high-priced stocks, while cheaper shares were off
more
modestly.
The trading volume of the New
in
York
and
Stock
Exchange ranged between
1,000,000-share marks, the figures
the
standing in
sorry contrast to the active markets that
in
September, when
unrealized
500,000
developed
expectations
pre-
a
buying developed Thurs¬
Base metals
cotton
relatively quiet.
were
dull
were
during
week, with nervousness apparent
latest extension of the war-like
the
on
spirit of totalitarian
countries.
On
York
New
the
Stock
new
low
stocks touched
On
levels.
at
year
the
new
Exchange
24
stocks
and 16 stocks
New
York
Curb
high levels and 27
Call loans
low levels.
new
Stock
York
New
Exchange
high levels for the
new
Exchange 38 stocks touched
remained
the
on
unchanged
1%.
On
New York
the
Saturday
shares;
Stock
Exchange the sales
293,100 shares;
were
on
on
on
Monday, 518,330
Tuesday, 621,960 shares;
on
780,700 shares;
on
Wednesday,
Thursday, 883,840 shares, and
on
Friday, 606,480 shares.
the
New
Y'ork
Saturday
were
59,540 shares;
On
Curb
Exchange the sales
Tuesday, 157,530 shares;
on
on
on
Monday, 121,275
on
on
Wednesday,
Thursday, 155,450 shares, and
on
Friday, 143,405 shares.
The discussion is
interesting, but not especially significant, for the
If
In the commodity markets
exchange markets
much of the
shares;
a
were
day, owing to the Russian adventure in aggression.
203,110 shares;
an exaggerated im¬
good deal of discussion developed
to methods
whereby the New York market might
ness.
also
circumstances that dominate
same
of speculative
wave
obligations
generally lower, for this market is
by the
equity division.
small
the
Speculative domestic bonds
sharply lower.
portance, and
principal question remains
reverse
for Finnish bonds fell sensationally,
prevails gives such liquidation
be protected from
small
a
The foreign dol¬
episode.
Scandinavian
other
while
touched
of the
was
section of the bond market reflected
bond
lar
produc¬
It
as
nine-eleven-year
That flotation
rapidly that large institutional inves¬
so
The
touched
one
were
promptly resumed their buying of outstanding
as
news
investors, while the one-way inter¬
national market produced modest but
steady liqui¬
prices in New York.
2%
$500,000,090
of
tions of the Russo-Finnish
ican traders and
stock
conditions
Thursday, owing to the international complica¬
on
the
industry likewise
failed to stimulate the stock trend.
on
of
steel
long strike in
pointed to growing aloofness
irregular
Treasury bonds for new money.
The
ECTLE business market, which week on lower in
was done this drifted the New
all
market
bond
also did better.
almost
Allied buy¬
Leading grains were marked upward, and
aggregated $25,072,000.
York
result of heavy
as a
1939
higher early in the week, notwithstanding
bonds.
is
Dec. 2,
United States Treasury securities
offering
an
previous and
During October $09,740,000 of gold arrived in the
listed
prevailed.
tors
ago.
boom
a war
the
In
imports were sharply reduced from both the month
a year
Chronicle—YEARS OLD
ing of American materials.
in
Nickel imports
war.
apparent, so far as this item is
cerned, since early this
were
or cacao
markedly greater volume than in
large demand during the last
were
Financial
ONE HUNDRED—
3446
A
spirit of disinterestedness again held the stock
check
in
market
Saturday last, and the little
on
activity present during the short session
confined
to
irregular movements.
tions, with but few exceptions,
below the
previous day's levels.
the chief favorites in
modest
time
a
as
largely
were
consummated
Steel shares
were
they managed to show
Curtiss-Wright, for
some
leader, closed fractionally lower
turnover,
on a
while railroad stocks only
re¬
On the day the general list
passing notice.
steady and mixed.
was
a
far
gains at the close.
market
fair-sized
ceived
so
was
Initial transac¬
Monday's trading
was
just
repetition of the previous session and had little
to
offer
in
the
way
of
a
change.
Issues of steel
companies in most instances enjoyed favor on the
strength of the American Iron and Steel Institute's
encouraging report for the current week's output.
The
general list opened lower, with the usual at¬
tempts made throughout the day to rally the mar¬
ket's
At
forces.
closing,
however,
equities
irregularly changed, with Curtiss-Wright
once
were
again
assuming the leadership on a sizable turnover and
an
advance
Fresh
in
price
on
the day of % of
a
point.
developments on Tuesday with respect to the
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
.Russian-Finnish
angle of
the
strife left traders and the
terial market commitments and the
ular movements,
list, after irreg-
of late.
mination of the market to snap out of
ous
and
period
The
points
progressed the
on Friday of last week;
General Motors at 52% against 53%; Chrysler at
84% against 85; Packard at 3% against 3%, and
its monoton-
spirited rally.
on-a
brief
Hupp Motors at 1 against 1%.
As the day
Among the oil stocks, Standard Oil of N. J. closed
support did not material-
necessary
ize, and prices slumped in the final hour.
were
day at 3 against 3% bid
Wednesday when stocks advanced up-
wards of two
yesterday at 44% against 45%
Losses
land
The Soviet invasion of Fin-
being spared.
produced fresh liquidation
on
Among
Thursday, and
American
Sales
some
transactions
highest for the week and ap-
were
the
foreign selling.
Friday of last
the
stocks,
copper
Anaconda
Copper
closed at 30% against 31% on Friday of last week;
prices dipped to the low levels of early September,
inspired, in part, by
on
week; Shell Union Oil at 13% against 13%, and
Atlantic Refining at 21% against 22%.
placed at fractions' to three points, with no
group
Friday of last week; Crucible Steel at 39
In the motor group, Auburn Auto closed yester-
deter-
a
on
Youngstown Sheet & Tube at 46% against 47%.
narrow
apathetic state proved successful for
on
66%
against 41%; Bethlehem Steel at 80 against 81, and
any ma-
found itself in the same
that it has inhabited
groove
European
present
public cold to
3447
Smelting &
Refining
50%
at
ex-div.
against 51%, and Phelps Dodge at 39 against 39%.
In
the
aviation
Curtiss-Wright
group,
proximated 330,000 shares in the first hour, when
yesterday at 10% against 10
declines
closed
and Douglas Aircraft at 74% against 75%.
to the
losses
were
Steadying influences came
greatest.
support of the market in the afternoon and
were
reduced
by about
one
it is generally believed that the high rate of activity
in
time
to
fractions to
were
more
at the day's best, running from
than
ruled at the start,
advances.
progress
At
As
an
inclination to sag
some
lines relates to advance buying
immediate consumption.
Steel
more
than
operations
fpr
the week ending today were estimated by American
paving the way for subsequent
noon
Iron
retarded
and
Steel
Institute
at
94.4%
against 93.9% last week, 91.0%
60.7% at this time last
again.
#
power
year.
of
capacity
month ago, and
a
Production of electric
for the week to Nov. 25, which contained
compared with the closing on Friday of last
Mr. Roosevelt's advanced Thanksgiving, amounted
lower, notwith-
to 2,481,882,000 kwh. against 2,514,350,000 kwh. in
General Electric
the previous week and 2,183,807,000 kwh. in the cor-
week, final prices yesterday
were
standing the day's improvement.
closed
last
Firmness
point higher.
somewhat, but the last hour found prices
the march
on
a
Friday of last week,
Trade indices remain fairly favorable, although
point at the close,
Recovery featured trading yesterday, and at closing
equities
on
yesterday at 38% against 39% on Friday of
responding week of last
week; Consolidated Edison Co. of N. Y. at 30%
against
Columbia
30%;
Gas
&
Electric
at 6%
year,
the Edison Electric
Car loadings of
" Institute reports.
in the week to Nov. 25
were
revenue
freight
reported by the Associa-
against 6%; Public Service of N. J. at 39 against
tion of American Railroads at 676,516 cars.
40; International Harvester at 58 against 59; Sears,
was a
drop of 94,888 cars from the previous week,
Roebuck & Co.
but
gain of 114,858 cars over the similar week
Ward
&
Co.
at
at
79% against 81%; Montgomery
53% against 54%; Woolworth at
of 1938.
38% against 39%, and American Tel. & Tel. at 168%
As indicating the
against 169%.
on
course
of the commodity
mar-
kets, the December option for wheat in Chicago
Western Union closed
26%
a
This
yesterday at 25% against
closed yesterday at 92%c. against 88%c. the close
Friday of last week; Allied Chemical & Dye
Friday of last week.
on
December
corn
at Chicago
at
171% against 173%; E. I. du Pont de Nemours
closed yesterday at 53%c. against 50%c. the close
at
177% against 178; National Cash Register at
on
15% against 15%; National Dairy Products at 15%
against 16%
Gulf
Texas
;
National Biscuit at 22% against 22%;
on
Sulphur at 33% against 34%; Conti-
nental Can at 41
Friday of last week.
December oats at Chicago
closed yesterday at 39%c. against 37%c. the close
Friday of last week.
The spot price for cotton here in New York closed
against 43%; Eastman Kodak at
yesterday at 9.93c. against 9.62c. the close on Fri-
166% against 165; Standard Brands at 5% against
day of last week.
5%; Westinghouse Elec. & Mfg. at 109% against
day was 20.12c. against 20.50c. the close on Friday
112; Lorillard at 23% against 23%; Canada Dry at
15
against 15%
;
Schenley Distillers at 13% against
13%, and National Distillers at 24 against 23%.
In
the
closed
last
rubber
group,
Goodyear Tire & Rubber
yesterday at 23% against 24% on Friday of
week; B. F. Goodrich at 19% ex-div. against
20%, and United States Rubber at 38% against 39.
Railroad shares lost fractions to
more
than two
points from closing levels on Friday a week ago.
Pennsylvania RR. closed yesterday at 22% against
22%
on
Friday of last week; Atchison Topeka &
Santa Fe at 26
18
against 26%; New York Central at
,
The spot price for rubber yester-
Domestic
of last week.
12%c., the close
on
copper
closed yesterday at
Friday of last week.
In Lon-
don the price for bar silver closed yesterday at 23%
pence per
the close
ounce
against 23 7/16
pence per ounce
Friday of last week, and spot silver
on
in New York closed yesterday at 34%c., the close
on
Friday of last week.
foreign exchanges, cable trans-
In the matter of
fers on London closed yesterday at $3.90 against
$3.92% the close on Friday of last week, and cable
transfers
on
Paris closed yesterday at 2.21%c.
against 2.21%c. the close on Friday of last week.
against 19%; Union Pacific at 98 against 100%;
Southern Pacific at
way
against 9%.
The steel stocks likewise sold off the present
week,
United States Steel closed yesterday at 65% against
European Stock Markets
15% against 16; Southern Rail-
at 19 against 19%, and Northern Pacific at 9%
HPRADING in securities on the leading European
A
markets was a listless affair, this week, owing
to the Russo-Finnish crisis which
veloped into
a
on
Thursday de-
full-fledged military attack by the
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3448
Soviet upon
the small Baltic State.
There
financial events of any consequence
were
few
in the European
centers, and all interest thus was fixed upon the
of the
progress
between the Allies and Ger-
war
and the developing conflict between Russia
many,
In the early
and Finland.
trading
on
the London,
Paris, Amsterdam and Berlin exchanges a generally
firm ' tone
Dec. 2, 1939
inclined to move slowly and cautiously in the highly
troubled field of foreign affairs, this week.
Indeed,
the only criticism that can be leveled at Washington
with respect to the immediate developments is that
United
States
interests
adequately deAlthough
not
are
fended where the Allies are concerned.
this country has now taken every precaution against
Ex-
unfortunate incidents, and readily has accepted the
change gilt-edged issues were in quiet demand, with
rather doubtful Navicert arrangement of the British
interest
scale
On
prevailed.
stimulated
flotations
eventually.
the
London
Stock
by the long delay in the large-
of
war
bonds
which
must
come
Other sections of the British financial
market took
heart from the
edged issues.
small
advance in
gilt-
The later sessions, however, were dull,
Government, it seems that London makes no p reA London dispatch
tensions to similar courtesies.
of
Wednesday to the Assoc. Press indicated that
13
United
the
high
States
merchant
ships
owing to the,serious implications of the Russian at¬
craft and taken into British ports
tack upon
Since
general
Finland.
began.
of
neutral
invasion
same
modest advance early in the
a
sharp dip when the northern European
a
war
a
of
course
week, and
The Paris Bourse took the
In Amsterdam, where the difficulties
well
are
of
securities.
appreciated, the shock of the
Finland
Berlin
occasioned
weakness
in
relatively indifferent, but
was
the Boerse there long has been stagnant and prices
this week showed
no
tendency to climb out of the
rut.
that American
scribed
ships
are
action
British
attention from the State
some
provides
not to enter the newly pre¬
the
zone,
for examination.
legislation
Sympathy with the Allied
assuredly
Department.
does not necessarily
cause
imply carelessness regarding American interests. In
this connection
it is
noteworthy that this country
is the only large neutral which has failed to protest
against the British decision to seize all German ex¬
popular resentment here, the safeguarding of rights
under
THERE were general principles involved in this
week, that indications in Washington, the
reciprocal
trade
treaty
of
program
State Cordell Hull will be attacked
coming session of Congress.
the Administration to
next
Secretary of
severely in the
The authority granted
negotiate such accords lapses
June, under present legislation, and renewral
of the power
tions
now
when the
doubtless will be sought.
arise, however, which
reciprocal tariff act
these is the effect of the
agreements
the
the
as
necessitous
one
were
was
Many
adopted.
European
war
Among
upon
with Great Britain.
British
ques¬
not applicable
such
controls,
Under
it
can
benefits
originally intended.
moment is the recent
Venezuela
which
petroleum.
negotiations of
reduces
our
a
treaty with
import
tariff
on
apply
"expropriation" by
even
to imports of Mexican oil, although
Mexico
of American
and
British oil properties makes this a dubious matter.
Finally, it
that
a
numerous
the Chilean
day, and they
interests.
ing of duties
were
hearings
attended by an impressive list
on
the red metal.
which is all to the
good.
Mr. Hull has erred in
upon
The merits
a
of the
thorough airing,
program
seems
Finland by Russia
reaching the
was
the
good offices for a pacific adjustment of the
dispute.
readiness
In
a
of
the
United
States to
ex¬
statement issued at Washington the
"serious concern" of the United States Government
expressed.
"Without in
volved in the merits of the
to both
becoming in¬
any way
dispute, and limiting its
interest to the solution of the
dispute by peaceful
only, this Government would, if agreeable
parties, gladly extend its good offices," the
concluded.
statement
Finland
immediately
cepted
this proffer, but Russia had
Early
yesterday,
identical messages
ernments
President
ac¬
other plans.
Roosevelt
addressed
to the Russian and Finnish Gov¬
deploring the ruthless aerial bombing of
civilians which marked hostilities in many parts of
globe in recent
now
of such
years,
and appealing for avoid¬
"inhuman barbarism"
unhappily begun.
At
a press
in
the
conflict
conference yester¬
day, Mr. Roosevelt stated that the Russo-Finnish
events
profoundly
shocked
the
Government
and
people of the United States. He condemned severely
the resort to
immensely
arbitrary force which
more
difficult
a
now
has made
pacific settlement of the
dispute.
It is quite possible that
proposing duty reductions
items, but his general
promptly and admirably.
Wednesday that the quarrel
on
stage, Secretary of State Cordell Hull pro¬
objectors to the lower¬
controversy doubtless will receive
some
Public
treaty started in Washington, Mon¬
of Administration and other
appeared
claimed
ance
import duty on copper, as suggested
in negotitaions with Chile for still another
treaty,
aroused
countries, Italy and Japan.
tend its
proposal to reduce the
United States
advisable
as
Holland, Belgium, the
respect to the'newest aggression in Europe,
it
forced
acute
quite
seems
for
as
the Administration acted
When
the
appears
law,
our
of trade treaties, and
system
the
With
processes
eralized, in accordance with the requirements of
will
Scandinavian
Of equal
This reduction apparently will be gen¬
most-favored-nation
international
for the United States
was
wartime
hardly be claimed that the arrangement continues
the mutual
on
war
merits
neutrality
on
war
ports. Although the British measure may not arouse
Reciprocal Trade Treaties
has
current
our
halted
were
in the preceding week by British
seas
Still Another War
on
sound
and
capable of withstanding any onslaught in the
coming Congressionial session.
EVENTS in Europe's major war another conflict
overshadowed, this week, by were somewhat
in the bleak northern
areas
of the
Russia took military measures on
American Foreign
Policy
Finland.
Like most other recent
continent, where
Thursday against
disputes, this
new-
SAVE for arbitrary statementsinternational the est war of aggression was obscureonfor most flimsy
vigorous force in condemning
based
the single
pretenses, which cannot
use
of
dis-
putes, the Administration in Washington appeared
a
mo-
ment the aggrandizing intentions of the aggressors.
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
The Russian
of
Soviet Government manufactured out
wholeeloth
small
Baltic
its
pretexts for
States, and
istered to the world which is
jecting curtly all offers of mediation and all
invasion of the
an
shock thus
a
tions for
a
sugges-
pacific settlement of the dispute, the
Russian forces
admin-
was
3449
were
sent over the border early on
secondary only to that
Thursday, with the obvious aim of overwhelming the
The
diplomatic and military aspects of this move are
small and peaceful State which came into being
after the World War. The attack was heralded by
others,
extensive and continued airplane bombing of Hel-
occasioned
simple
by the German invasion of Poland.
in
obscure in
but
respects,
some
Through the invasion of Finland and the bombing
singfors and other cities, military objectives being
of the
singled
major cities and military points of the coun-
unquestionably
Russia
try,
base
secure
sibly
the Baltic.
on
influential,
were
threat to Russian
no
Russian aim to
the
Western
death
lieve,
The Kremlin,
struggle.
tual clash with the
also
be
can
Finland
Russia, and possibly of Japan, in
States
will
bent
conquest.
upon
brutal
without
and
barbarous
of
wars
It
aggressive
question that
continued
move
over
by Russia
by Premier Cajander resigned late on Thursday, not-
withstanding a vote of confidence in the Parliament.
they might consent to an armistice and the resump-
tion of negotiations with
conversations
favorable
Of much interest was the international reaction
on
In the United States only the deepest contempt for
started
the Russian measure was expressed.
Prime Min-
Baltic
ister Neville Chamberlain continued his campaign
that Finland
against European aggressions by denouncing the
expected by Moscow to capitulate and permit
Russian step in a session of Parliament in London,
bloodless victories
countries.
It
soon
over
all the
other
became apparent
the Russians to establish
small
on
its soil, much
Estonia, Latvia and Lithuania.
a
critical
The Finnish refusal to surrender the
of "brute force."
expressed in London over
a measure
was
the possibility that Berlin and Moscow might join
con-
stage late last week.
Mr. Chamberlain assailed the war as
"unjustified" and as
But some anxiety also
as
But the Finns
preferred to view the matter otherwise, and the
versations reached
Thursday.
military bases within its
territory and maintain troops
did
more
to the Russian war of aggression against Finland,
immediately after the Russians gained
was
regime
Hel-
and
These
were
a
to their views,
any
Oct.
or
This step was taken with a view to placating
the Russians, who indicated early yesterday that
on
singfors.
7,
With the City of Helsingfors ablaze and
long-
regarding
negotiations between Moscow
Finland made the facts known
the situation desperate, the Finnish Cabinet headed
of the
clears up
upon centers
hours before its citizens were informed of the
invasion.
the border of Finland,
have existed
may
some
started,
was
unequal struggle, however, and >
immediately, but the Russian Government waited
Whatever the future
one
an
The Russian fleet took up stations
in nearby waters.
against
provocation, when Soviet Russia early
Thursday sent its troops
The
of population.
vast grouping of
a
It was
units dropped their hideous missiles
a
an even-
move
reveal, the present fact remains that
most
in
soil.
Russian troops poured into Finland while aerial
alignment of Germany and
an
presages
It is
own
expansionist German Reich.
argued that the aggressive
At least 200
reported killed in such attacks.
ents necessary, merely endeavored to defend their
observers be-
some
were
whom the Russians found such desperate expedi-
be preparing in this manner for
may
indiscriminate
can pass
engaged
are
more
by Russia
gain all possible advantages while
European Powers
while
noteworthy that the "aggressive" Finns, against
them that of
among
first,
at
Numerous
bases obtained
presented,
are
Finns
well, since Finland offered
new
out
bombing followed later in the day.
a
deeper designs pos-
Estonia, Latvia and Lithuania.
possibilities thus
a
But
obtain
to
trade, which already
to the Baltic via the
from
as
sought
-
forces in the event of vigorous counter measures.
sovereignty of
The Italian Government, anxious to prevent any
country occasioned reports from Moscow,
Russian incursions in the Balkans, expressed some
last
Sunday, that the Finns had directed artillery
fire
across
caused
sympathy with the Finns. The German Reich, occupied with its own war, took only official notice of
by the alleged Finnish attack, the Russians said,
the Russian attack upon Finland and indicated that
the small
Moscow
the
an
deaths
was
Finnish
were
astonishing steam of
Finland, with Premier Aimo Cajan-
principal subject of abuse.
promptly
that
Four
thereupon poured
invective upon
der the
border.
A Russian note
addressed to Helsingfors, demanding
troops be withdrawn 20 to 25 kilo-
meters from the frontier on the Karelian
tions.
Isthmus,
minimize the danger of fresh provoca-
in order to
Finland denied, in a prompt reply on Mon-
day, that any shots had been fired from its side of
the
border, and the suggestion was made that
mixed
commission
Soviet regime
responded
nonsensical charges
was
followed
investigate
report.
a
The
Tuesday with flagrantly
of Finnish aggression, and this
by denunciation of the Soviet-Finland
non-aggression treaty.
severed
on
the
Diplomatic relations
were
Wednesday, at the instance of the Russian
Government, and early on Thursday the invasion
began.
,,
Russia's
brutal
action
unprovoked attack against Finland
and
entirely
reminiscent
of
the
against Poland, three months earlier.
was
German
Re-
it favored the Russian side of the argument.
Typi-
cally enough, Berlin viewed the act of aggression as
The Scandinavian countries were aroused by the developments
and hastened their defense preparations,
Throughout the Balkans the Russian move of ag¬
gression against Finland echoed ominously, for it
was assumed that the war might well be followed
by an equally conscienceless attack against one or
another of the Danubian countries.
The newlyformed Rumanian regime of Premier George Tatarescu took up anew the question of the minorities
incorporated in his country by virtue of the World
War settlement and the territorial seizures which
followed. Hungary, in particular, urged a revision
of the boundaries. Rumania also holds a sizable
area taken from Russia, and thus appears to be
quite vulnerable. But the new Rumanian Foreign
Minister, Grigore Gafencu, declared calmly on
Wednesday that threats will have no effect.
It
would appear, on the other hand, that the Balkan
the "natural right" of a large country.
ONE HUNDRED—The Commercial & Financial
3450
countries
In the
plies to Germany, on one basis or another.
Yugoslavia, according to reports of Wednes-
of
case
day from Belgrade, debts extended by Germany to
Herzogovina, before 1915, figure in the
Bosnia and
claims for payment by the Balkan
latest German
nation#
periods of the World War.
r
.
Wes
ern
Dec. 2, 1939
netic attraction of passing steel hulls closes a circuit which sets off the delicate explosive mechanism,
shattering the passing ship. British authorities
professed to be fully aware of all the circumstances,
and counter measures were said to be in preparation. Notwithstanding this new menace, British
shipping losses still are far under those of the worst
preparing to deliver important sup-
are
Chronicle—YEARS OLD
urope
.
warfare
Marine
destructive in
deplorably
was
WITH the military stalemateof unbroken this chant craft by mines. The British Admiraltymerrecent days, quite apart from the sinkings of adfrontier
Germany and
week
the land
on
France, warfare on the high seas and in the air
mitted late last week that a torpedo or mine had
bitter in-
damaged the new 10,000-ton cruiser Belfast, near
continued to
toward
move
more
ever
an
volvement of the Western Powers of
battles
land
were
correspondents began to discuss the effect
inactive
troops of
ditions are,
that for
one
was
territory.
development
new
of minor
barrage, intended to
of Reich troops
the
a
which
300,000
Sunday
Italian
however, and to
the
sea
route.
remained,
all
ban
Paris.
on
The British
but
air
a
the Reich
few seizures of
reported by London
on
been forced to
ports because of the submarine and
These claims
consumption.
the
the Allied
German exports by
Statements emanated from Berlin,
menace.
clearly
were
for domestic
It appears, on the other hand, that
Germans
actually succeeded in laying siome
highly developed form of magnetic mine in great
numbers, especially in the estuary of the Thames,
where ships continued to succumb to
this insidious
attack without
regard to registry or mission.
Nusinkings of British and neutral merchant
merous
ships
some
reported during the current week, and
neutral lines discontinued their
services to
were
British ports, for the time
tion
of
related
that the
on
the
being.
Close examina-
literature convinced
German mines
are
of the
most
experts
type that rest
bottom of shallow
waters, where the
The
circum-
stances are not clear, for the official accounts state
that the ship was torpedoed or blown up by a mine.
German claims of damage to British warships
range
far beyond these admitted losses of the Brit-
ish
.
navy.
Berlin announced last Saturday that a
British "Q" boat of about 7,000 tons, fitted to delude
destroy submarines* had been torpedoed and
day that a British heavy cruiser of the "London"
class had been torpedoed and sunk by a submarine
occasion, that the British fleet has
remain in home
the loss of
grimmer pat-
blockade of
were
sources was
ever
airtight, and
German merchant craft
and
mer-
Likewise reported officially
sunk.
adjacent to the British coast and
a
handful of dazed
degree in the
suggested last week by the German mining of
through
a
some
air, the conflict settled into the
retaliation
Only
a
organized by the
were
and
On the seas,
was
charter to the British Government.
opposing
ensue.
for the raider
the Polish liner, Pilsudski, of 14,294 tons, under
into the spring,
appalling losses that must
The German battleship made
last Saturday from British
winter
military observers that neither side feels in-
defenses and suffer the
when the British commander refused to heave
chant ship, the Chitral.
merely reinforces the belief of
clined to throw great masses of troops at
a
loss of about 300
carried into port by another British armed
March, Rome reports
continues
war
action
a
survivors remained to tell the tale, and they
These forces will be called
men.
intimated, if the
granted
Rawalpindi, of
engaged in patrol duties, and it ended in
British and French navies.
now are con- 1
afforded by the Italian
was
last
cruiser
merchant
unidentified companion ship of the Reich craft,
vast search
One of the best indications of
back to the Italian colors next
waters
This
off in the rain and approaching darkness, but
major land offensive will not develop
year.
armed
and surrender.
to
Wednes-
on
the
men,
Incidents of this nature
military situation
tern
to the extent of the damage, other
followed last Saturday by a London statement
was
were
German forces.
next
most
as
notation that 20 men had been injured.
swift sinking of the ship with
distance before encounter-
Government,
The
an
French troops, in
impress military experts, who
leave to
a
The attack occurred on Nov. 23, as the Rawalpindi
the
some
vinced that
until
cover
but added that they
heavy losses.
day and advanced
any
furnished
by the German pocket-battleship Deutschland and
imGer-
a
venturing into French
turn, ventured into German territory
ing
was
Paris dispatches admit that the Germans
thrown back with
fail to
assurance
noted Tuesday, in the form of
little progress,
a
was
than
16,697 tons, had been sent to the bottom off Iceland
movements
made
the
con-
The ship
They engaged this week in occasional
"smoke-shell"
man
all but complete
course, an
upon
Wintry
apparently was safe in harbor, but no indication
that
and
portance
simple boredom.
the Firth of Forth, some days previously.
few months the land forces will remain
a
dormant.
forays,
of
The
war
Europe.
colorless that accredited
so
mag-
The German command announced
under
the
command
of
Captain
on
Tues-
Guenther Prien,
whose ship sank the battleship Royal Oak
on Oct. 14.
But the British Admiralty denied this statement,
If would
seem
that German aircraft played
a
role
in the planting of the mines in the Thames estuary,
and this indicates greater
the conflict.
fused, but
use
of the aerial
arm
Accounts of the mine-laying are
some eye
witnesses
are
in
con-
said to have noted
the sowing of these deadly seeds by aircraft.
Some
experts contend, on the other hand, that submarines
were the more likely resource of the German author*ties in this connection. The belief prevailed in a
few quarters that the
answerable"
weapon
ened to unloose
upon
promptly started to
England.
sweep up
ize other defenses, after
in which it
was
mines
new
were
the "un-
which Chancellor Hitler threat-
a
But the British
the mines, and
organ-
brief period last week
found advisable to close the Port
°f Eondon to shipping.
German bombing airplanes
^ew
over British bases on a number of occasions,
and
were
said by Berlin, last Saturday, to have
registered hits
on a
number of units of the British
Volume
fleet.
ish
it
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
These reports were denied in London.
airplanes bomhed
assumed the
was
a
Brit-|
at
Wednesday hinting
on
Although such reports have been
months, they
basis in
some
Of
entered
Norwegian port, pleading
a
rapid intensification of the warfare
the
on
implemented their
decision of last
seizure of all German exports
at
"an
by
customs
said
to
be
of
belligerents.
It
quickly
Reich
from
appeared,
much incensed by
were
exports and
trading with
were
augmented by
Italian protest against the
an
moves
Sweden, Denmark and Japan.
the
on
part
Little attention
of
which decided to place
Great Britain and
its order in effect
mean a
Germany which
vehemence
a
European quarrel.
peace
States, reflected only anticipated develop¬
The
that
conducted by both
cancels
much
of
own
issued, last
tained its
the
bearing
the problem, but the precise
impossible to predict.
Washington main¬
strictly correct attitude of insisting
observance
of
treaties,
and
as
trade
whether
an
the
pact
embargo
will be voted
question
on
looms
destruction.
the last
ably
an
This
More
interpretation
Reich
in the United
cuted
which suggests
paring for
requires
intimations,
week-end, that Berlin views unfavor¬
were
of
an
States and
Government
Venloo, Nov. 9, when two British
killed
in
the
dispute.
a
Nether¬
The German
inquired persistently about the circum¬
surrounding the
situation,
Empire.
Any cutting off of
of
a
are
pre¬
war sup¬
be
most
embarrassing
But this is
for
the
far from simple mat¬
a
ter, for hard-pressed Japan might turn in such
event to Russia and
direction
that
Germany for
already
an
Gestures
succor.
being made by the
are
Japanese, for formal announcement
situation
losing
the
some
In this
was
made in
puzzling and difficult
Japanese militarists apparently
prestige,
Netherlands
party system of government,
against the absolute domination of the military
clique in recent
meantime,
The
years.
with
the
in China continues,
war
latest
Discount Rates of
Japanese
Foreign Central Banks
discount rates of any
rates at the
Present
banks.
leading centers
are
shown in the table which follows:
Pre¬
Rate in
Effect
Argentina.
Batavia
-
—
Date
vious
Dec. 1
Country
Established
3H
Mar.
1 1936
4
July
July
1 1935
2
Aug, 29 1935
3
India
3
Nov. 28 1935
4K
3H
4 H
May 18 1936
Apr.
6 1936
3.65
Mar. 11 1935
3
Dec.
16 1936
4
July
18 1933
3
Jan.
1 1936
4
Jan.
2 1937
5
5K
Oct.
9 1939
3
2
7
—
Italy
Japan..
3.29
5
4
Java...
5
Lithuania..
Morocco
3M
Norway
17 1937
5
4
3
Jan.
14 1937
4
6
July
15 1939
7
May 28 1935
4K
Sept.21 1939
3K
Poland
6K
4H
4K
4M
Portugal
4
Aug. 11 1937
June 30 1932
SK
Rumania
3K
May
5 1938
4K
Oct.
3
South Africa
3K
May 15 1933
4H
Czechoslo¬
Eire
| Established
Aug. 29 1939
4
2K
—
Rate
3
6
Danzig
vious
Holland
Chile
__
Pre¬
Date
Effect
Dec. 1
Hungary—
Canada
2H
Country
mm
6 1939
Aug. 15 1935
Colombia
Rate in
Rale
Belgium
Bulgaria—
England
apparently would like to connect with the Munich
aggression
tip of China.
THERE have been no changes during the week in
the
of the foreign central
Denmark
general staff officer in that incident, which Berlin
are
this week indicate
as reports
modest return to the
vakia
presence
exe¬
shipped to Japan,
that the Tokio authorities
embargo.
Island
episode at the bor¬
captured by the Germans and
officer
larger
plies from the United States would, in the present
duped
allegedly unfriendly attitude of Holland,
station
stances
and
declaration
said to have been evinced in the
agents
war
were
ever
early in the next session of Congress.
on
conflict which led to their
disconcerting
ap¬
Heavy orders for materials lately have been
counter-move, Berlin attempted to persuade
refutation.
upon
time
shipments to Japan
arms
directed toward the southernmost
a
the
proaches for termination of the United States-Japa¬
Blue
leading to the invasion of Poland and the
starting
by the
on
a
its
charging the Reich with responsibility for the
Placing its
situation created
new
against Finland quite possibly
Moscow and Tokio.
was
lengthy analysis of the British
over
altogether too
hope that the United States will
Tokio, late last week, of trade negotiations between
The German Government
the Poles into
lands
reached only
was
the world that Great Britain wanted
der
make
Russian aggression
as
Allied
own
of next
as
phases of the World War.
current conflict.
no
to
as
as
a
the events
lavish
so
stage of warfare between
propaganda campaign
effectiveness.
Book
indication of
any
FAR EASTERNchief threat to many experts the
affairs, which the
re¬
gard
the
of
in
This will
a
by
Far East
was
paid to these protests by the British Government,
Monday,
manner
world
blockade, and by similar
with
on
exercised
powers
non-
The protests lodged at London last
by the Belgian and Nethelands Governments
sides
The
In his statement to the Chamber
war
week
The
a
ac¬
"contrary to the laws and
humanity."
the
prevent
in the latter
dictatorial
obvious the French
outcome is
this
that
the Allied decision to seize all German
Monday.
aims.
Thursday and voted
on
aims, M. Daladier praised President Roosevelt
war
in
peace," but he
war
Deputies, which again lacked
ments this week.
the rights of neutrals, and the
however, that the neutrals
thus
of
Allied
on
unquestionable right of retalia¬
war,
obligations
the
Premier Daladier.
nese
of
of
seas.
against Germany, whose conduct of the
was
extension
"vindictive
a
actual
will have
of the
way
declared
announcement
with
sea
the
French Parliament met
sea¬
signed
was
Tuesday, in London, and the decks cleared for the
tion"
list
to
United
week, with respect to German
An order in council
British
parlia¬
a
European and other neutrals, in view
Great Britain and France
corded
Britain does not desire
sailed
the mounting diffi¬
are
borne exports.
A
*
rush into the
damage.
culties of the
seas.
in
this occasion to have
appear on
particular importance
of the
coun¬
common
reality, for two British cruisers and
submarine
weather
not
were
tremendous battle off the coast of that
a
recent
a
Berlin issued
Rumors from neutral countries
lacking, Norwegian reports
try.
In
Tuesday the Prime Minister
on
mine-laying German ships took |made the far more interesting statement that Great
airplanes of the German aerial force.
denial.
spirit of aggression.
German air base from which mentary session
off, and London claimed the destruction of three
a
Hand the German
3451
Oct.
26 1939
Dec.
K
Neville
Sunday
bombing.
Great Britain's Prime Minister,
Chamberlain, delivered
over an
a
radio speech last
4J*
1 1935
5
Spain
5
July
4
Dec.
3 1934
4M
Sweden
2K
Dec.
1 1933
3
France
2
Jan.
2 1939
Switzerland
IK
Nov. 25 1936
2
Germany
4
Sept. 22 1932
2M
5
Yugoslavia.
5
Feb.
6K
Greece
6
Jan.
international network in which he
endeavored to set forth the British
Mr. Chamberlain
Estonia
Finland
beer-hall
war
aims.
merely repeated his previous
assertions about the need for
4 1937
5
15 1935
1 1935
7
Foreign Money Rates
But
vague
destroying Hitlerism
IN bills Friday market discount rates for3-16%
LONDON open 1 3-16%, against 1 short
on
on
are
as
Friday of last week, and 1 3-16%—1M% f°r
I
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3452
three-months'
bill,
3-16—134%
1
against
as
Dec, 2. 1939
previous to that time and subsequent to Sept. 26, 1936, the value
per franc, and before Sept. 26, 1936, there were 65.5 mg. of gold to
line per franc:
on
49 mg.
was
the franc.
Money
Friday of last week.
Friday
on
call at London
on
At Paris the open market rate
234% an(* in Switzerland at 1%.
is nominal at
Bank of
194,519,000 marks, which further reduced the total
an
month-end
attributable to
time
same
and
the net result
so
was a
Circulation
reserves.
cash
compared with
now
At
requirements.
gold holdings of the Bank
£1,098
rose
decrease of £1,654,000 in
aggregates £528,660,000
£480,808,676
a
Public
ago.
year
deposits fell off £8,570,000 in the latest statement
week, while other deposits rose £11,394,172.
latter amount,
£10,557,998 represented
to bankers' accounts and
The
week ago.
a
other
but
Of the
addition
an
£$836,174 to other accounts.
proportion dropped to 30.7% from 32.2%
reserve
Government securities
decreased
securities
£5,870,000
rose
Of the
£1,375,838.
reduction in other securities, £755,405 was from
counts and
No
give
outstanding
circulation
made in the 2% bank rate.
was
year
Gold
marks.
aggregated
ago
holdings
year
a
loss of 284,940,000 mars
a
circulation is
Below
The
marks.
071,000
0.76%;
now
return for
the last two statement
show the
most recent
1938
Dec.
Dec. 1,
1937
REICHSBANK'S COMPARATIVE
1935
Nov. 23, 1939
Reichsmarks
Assets—
Reichsmarks
Gold and bullion—
*
♦
—284,940*,000
9,601,060,000
>332,848,000
—89,071,000
1,037,929,000
bl,233,000.000
a34,909,000
Other assets
—
—
528,660,000 480,808,676 485,676,440 451,587,113 405,567,509
27,822,000 23,105,502 11,984,958
7,073,745
10,560,998
143,688,399 134,271,430 142,238,374 140,228,061 141,248.498
Bankers' accounts- 103,502,844
Other accounts
40,185,555
97.081.55C 105,672,871
37,189,880 36,565,503
90,166,164 78,823,165
38,191,469 31,230,179
17.556.234 10,522,202
20.635.235 20,707,977
46,844,803 62,020,686
Govt, securities-
109,816,164
26,840,491
4,530.173
Securities.-22,310,318
Reserve notes & coin52,689,000
Other securities.—
Disc't & advances-
Coin and bullion.
Proportion of
99,119,619 103,711,413
41,108,442 37,537,085
82,432,564 89,417,499
28,638,108 23,214,854
—
-
Bank rate
29.7%
2%
ll^d. 84s.
2%
—
Gold val. per fine oz.
168s.
84s.
40.2%
2%
ll^d. 84s.
38.10%
36.11%
2%
2%
imd.
11 Hd. 84s.
*
and "Deposits abroad" are Included In "Gold
"Reserves in foreign currency"
coin and bullion."
Figures
a
as
of Oct. 31,1939.
Changes
for Week
Nov. 15. 1939
Reichsmarks
Assets—
Reichsmarks
increase
in
circulation
note
of
70,139.000
20,055,000
10.580,000
5.723,000
6.039,000
9,886,000,000 6,755,715,000 5,005,948.000
188,750,000
170,341.000
a332,848,000
28,152,000
a34,909,000
26,941,000
to
a
new
again
record
high of
Notes in circulation
922,145 francs.
raised the total
a
outstanding
146,743,000,000
francs.
aggregated 106,797,-
year ago
Temporary advances to State
again, this time
400,000,000 francs to
rose
+261,000,065
Investments
70,773.000
i
397,385,000
820,122,000
845,969,000
1,127,000,000
1,233,000,000 1,334,813,000
—91,000,000
Other assets
—395,000,000
Liabilities—
—237,000,000 10,346.000,000 7,208,728,000 4,825,092,000
728.989,000
948,725,000
al,520,044,000
319,161.000
408.696.000
a579,558,000
Oth .dally matur .oblig.
Other liabilities
.
Propor. of gold & for'n
curr.
*
0.74%
+ 0.02%
to note circul'n
"Reserves In foreign currency" and
coin and bullion."
total of
a
'
*
Notes In circulation—
which
francs,
1937
Reichsmarks
Reichsmarks
*
Of which depos .abr d
Advances
an
Nov. 15, 1938 Nov. 15,
76,742,000
+ 118,000
Gold and bullion
Silver and other coin..
THE statement for the weekended Nov. 89,000,000
23 showed
b Figures as of Nov. 15,1939.
REICHSBANK'S COMPARATIVE STATEMENT
Bills of exch. & checks-
France Statement
1.63%
1.10%
0.76%
+0.02%
to note circul'n
curr.
Res. in for'n currency-
Bank of
70,253,000
20,125,000
10,580,000
5,863,000
6,232,000
6,611,353,000 4,798,677,000
228,960,000
206,851,000
30,995,000
26,292,000
397,347,000
846,000,000
808,441,000
1,348,867,000
70,773,000
Propor. of gold & for'n
reserve
30.7%
Reichsmarks
—194,519,000 10.151,481,000 6,992,887,000 4,644,700,00
al ,520,044,000 1,042,434,000
729,892,000
322,967.000
416,995,000
a579,558,000
dally matur. bolig
Other liabilities
8,462,333
10,713,988
20,175,775 12,500,866
57,584,173 53,572,203
1,348,773 327,653,479 327,697,126 249,171,286 199,139,712
to liabilities..——
23, 1937
Nov. 23, 1938 Nov.
Liabilities—
Oth.
—
,
Reichsmarks
77,047,000
+305,000
Notes In circulation—
Public deposits-Other deposits
STATEMENT
Changes
for Week
Investments.—
1936
First we
previous two years' figures are presented.
Sliver and other coin. J
Dec. 4,
2,
periods.
preceding; in each instance the week's changes and
the
Advances
Nov.30,
it was 1.10%.
report and below it the one
Of which dep. abr'd.
Nov. 29,
1939
of gold to note
a year ago
show the different items in the Reichsbank's
we
Bills of exch.<fc checks-
Circulation.---
and investments of 89,-
proportion
Res. In for'n currency-
BANK OF ENGLAND'S COMPARATIVE STATEMENT
stood at 70,~
ago
Bills of exchange and checks showed
773,000 marks.
Below
different items for
of the
comparison
a
in
6,992,887,000
marks.
The Bank's total gold holdings rose to 77,047,000 marks from the previous total of 76,742,000
dis¬
several years:
Notes
marks.
10,151,481,000
to
a
advances, and £619,433 from securities.
change
we
THE statement for the third in note circulation of
again showed
decline quarter of November
a
England Statement
THE statement for £1,656,000 in note circulation,
expansion of the week ended Nov. 29 shows
the
Bank of Germany Statement
M—!%•
was
Figures
a
"Deposits
of Oct. 31, 1939.
as
1.57%
1.06%
abroad"
are
Included in * Gold
New York Money Market
30,472,000,000 francs, compared with 20,627,440,996
francs last year.
The Bank's gold holdings remained
unchanged at 97,266,407,587 francs.
bills
mercial
discounted
and
bills
French
bought
com¬
abroad
MONEY market activity thisTreasury financing,
largely to United States week was confined
the
supply of other instruments being limited, with
recorded increases of 307,000,000 francs and 30,000,-
rates
000
The
francs, while the items of advances against
and
curities
creditor
current
accounts
se¬
dropped
78,000,000 francs and 64,000,000 francs respectively.
nine
promptly developed.
59.67%;
a yqar ago
it
was
60.21%.
Below
we
now
show
the various items with comparisons for previous years:
BANK OF FRANCE'S COMPARATIVE STATEMENT
Francs
Gold holdings
No change
Credit bals. abroad,
a
bills discounted..
bought abr'd.
Adv. against securs.
Note circulation
Credit, curr't acc'ts.
c
Francs
Nov. 24, 1938
Francs
Nov. 25, 1937
Francs
97,266,407,587 87,264,284,579 58,932,022,187
*33,024.910
12,447.612
due
were
an
issue of
and
tremendous
a
oversubscription
The Treasury also sold last
in
91
days, with
computed
Bankers'
on
bill
awards at
an
and
an
average
annual bank
commercial
paper
merely continued and little business
Call loans
on
the New York Stock
of
discount
was
rates
done.
Exchange held
16,772,480
at
+307,000.000 10.345,000,000 12,483.154,259
+30,000,000
al22,000,000
875,820,051
—78,000,000 3,522,000,000 3.739,422,497
Tuesday
Monday its usual issue of $100,000,000 discount bills
basis.
Nov. 23,1939
French commercial
b Bills
years,
0.015%,
Changes
for Week
on
$500,060,000 2% bonds due in 11 and callable in
The
proportion of gold to sight liabilities is
the regular departments.
all
unchanged in
Treasury announced
9,655,197,456
947,884,837
3,674,597,341
+ 89,000,000 146743000,000 106797922,145 90,130,929,520
—64,000,000 16.268,000,000 38,124,919.886 20,578.526,651
1% for all transactions, while time loans again
were
l1/4% for maturities to 90 days, and 1%% for
four to six months'
datings.
Temp. advs. with¬
out int. to State.-
+400,000,000 30,472,000,000 20,627.440,996 26,918,460,497
Propor'n of gold on
hand to Right liab.
—0.01%
59.67%
60.21%
New York Money Rates
53.23%
♦
Figures as of Nov. 2.1939.
a Includes latest figures of credit balances abroad,
a Includes bills purchased In France,
b Includes bills discounted abroad,
c In
the process of revaluing the Bank's gold under the decree of Nov.
13, 1938, the
three entries op the Bank's books representing temporary advances to the State
were
wiped out and the unsatisfied balance of such loans
was
transferred to
a new
entry of non-interest-bearing loans to the State.
Revaluation of the Bank's gold (at 27.5 mg. gold 0.9 fine per franc) under the
decree of Nov. 13, 1938, was effected In the statement of Nov. 17,
1938; prior to
that date and from June 30,1937, valuation had been at the rate of 43 mg. gold 0.9
DEALING in detailfrom day toloan rates on the
with call day, 1%
Stock Exchange
the
was
ruling quotation all through the week for both
loans
and renewals.
continues quiet.
The
market for
time
new
money
Rates continued nominal at 1/4%
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
to 90 days
up
has been
been
little stronger
a
this week.
commercial
paper
The demand has
in the market.
Bankers'
Lack of bids rather than
exchange market
Acceptances
.
that
THE market this prime bankers' acceptances has
quiet for week.
The volume of business
been
has been small and the
supply of prime bills has been
limited.
There has been
rates
reported by the Federal Reserve Bank of
as
no
New York for bills up to
Dealers'
change in rates.
and 7-16% asked; for bills running for four
9-16% bid and %% asked; for five and six
%% bid and 9-16% asked.
The bill buy¬
of the New York Reserve Bank is %%
bills running from 1 to 90 days.
Discount Rates of the Federal Reserve Banks
Soviet
and
THERE have been of the Federal Reserve banks;
no changes this week in the
rediscount rates
to
schedule of rates
of paper
Government obligations are
on
the footnote
the table.
now
shown
The following is the
rencies
RATES OF
of
its
news
7-year-old
On Wednesday
further shaken
were
by the Soviet's
cur¬
severance
diplomatic relations with Finland and its immediate
territory.
Business reports
unfavorable to'
Great
Britain's
first impact
are
are some en¬
The improvement expected in
foreign trade in October after the
of the
has occurred.
war
7% higher than in September.
of last
year,
Exports
were
Imports, however,
24% higher than in September.
October
the world
from all parts of
sterling, although there
couraging factors.
Compared with
imports declined 21.8%
and
exports 44.5%, while 10-months imports were down
6.8% and exports
All British
8.8% lower.
were
spokesmen seize
every
opportunity to
Previous
Date
a
Rate
Established
♦
1, 1939
New York
1.
Aug. 27, 1937
Philadelphia
IK
Sept.
IK
May
IK
Atlanta
*1K
Aug. 21. 1937
2
Chicago
*1K
Aug. 21, 1937
2
St. Louis
*1K
2, 1937
Aug. 24, 1937
2
3, 1937
few days
2
3, 1937
Aug. 31, 1937
a
began trade generally and shipping particu¬
war
IK
Boston
Only
speech in London that whereas immediately after
the
1
circumstances.
Sir Samuel Hoare, Lord Privy Seal, declared in
ago
Dec. 1
denounced
had
the less encouraging
FEDERAL RESERVE BANKS
Effect on
offerings sent
emphasize the favorable aspects and largely ignore
Rate in
Federal Reserve Bank
increase in
further depressed by the
was
Russia
invasion of Finnish
in effect for the various classes
at the different Reserve banks:
DISCOUNT
an
Thursday the pound and all the European
were
in
usual bears the brunt of
non-aggression pact with Finland.
and including 90 days are
%% bid
months,
months,
ing rate
recent advances
report causes a disturbance
as
quotations down in Tuesday's trading and the foreign
%%@1% for all maturities.
are
war news
Sterling
in the free market.
pressure
good and the supply of prime bills has improved.
Ruling rates
for
Every adverse
1%% for four to six months'
and
The market for prime
maturities.
3453
2
Cleveland
..
Richmond
Kansas City
Dallas
11, 1935
2
2
Sept.
IK
larly
2
Advances on Government obligations bear a rate of
Course of Sterling
now
policy is to interfere with trade and industry as little
as
possible and to obtain
as
sible among government,
2
British
1%, effective Sept. 1, 1939,
Chicago; Sept. 16, 1939, Atlanta, Kansas City and Dallas; Sept. 21,
greatly disorganized, export trade is
were
beginning to expand. He said that Britain's economic
2
Sept.
*1K
San Francisco..
4, 1937
Sept.
*1K
..
IK
Aug. 27, 1937
IK
Minneapolis
*
Sept.
1939, St. Louis
as pos¬
foreign exchange regulations and those
taining to trade and market transactions
description,
Exchange
much cooperation
industry and labor.
well
as
of
per¬
every
similar regulations emanating
London, change so frequently
as
from all centers allied to
STERLING exchange continues under pressure and
practically the only
in
that
demand
plan
dollar
the
is
currency
The foreign exchange market
anywhere.
continues
range
for sterling in
market this week has been
be¬
$3.86% and $3.93% for bankers' sight bills,
tween
compared with
The
$3.94%.
between
for cable
$3.88%
an(i
transfers has been
$3.87% and $3.93%, compared with a range
The official
York
4.02-4.04; Paris checks
cables
Amsterdam,
change in the past month:
no
7.52-7.58;
176-177;
Berlin
Canada, 4.43-4.47.
are
New York
delivery
are
market for
fixed in London
as
follows:
%-cent premium to par; Paris parity with
the spot rate
for both sellers and buyers; Amsterdam
1% Dutch cents premium to parity; Brussels par to
4
centimes
discount; Zurich 3 centimes premium to
As in the
New York,
no
case
of spot quotations
for sterling in
the London fixed rate for future delivery
relation to the free market.
In New York
during the past few days 90-day forward transactions
in the
pound
of from
were
frequently
quoted at discounts
6% to 7% cents below the spot
widest discounts
on
leading European currencies,
pound, is
so
affected by small transactions.
of the extremely
exchange market.
impossible to do business in foreign
ex¬
sterling is at
all-time record high discount level
an
Amendments and
changes in the
war
risk rates
are
made, with such frequency, sometimes moving
down and again up
On
in the various routes, that actual
retarded.
is confused and
commerce
Monday the British Government War Risk
Office issued
a new
20s.
rate
per
ruling making the marine insur¬
£100 for
East and the
ports via the Cape or
voyages
between the
United States Atlantic
Panama.
This
new
rate is
applicable to all voyages not falling within the 10s.
per
£100 rate for voyages between United States
Atlantic ports
and
via Panama and Japan, Philippines,
(including Hongkong),
China
Manchukuo
Dairen,
These rates apply only to
Haiphong.
cargoes
ships.
The Institute of London Underwriters has issued
a new
schedule of
war
risk insurance rates for marine
in which the special low rates for cargoes in
United States steamers were discontinued and the
cargoes
United
States
neutrals.
The
flag is
new
now
rated
on
a
level
with
schedule effected reductions in
several sections of rates for North, Central and South
record.
The market for the
including the
rate, the
cause
one
in the free market.
in British
par.
bears
It is almost
East and Far
unofficially quoted at 76.75.
Official rates in the forward exchange
one-month
This is
change futures, with the result that three months'
ance
quoted.
Italian lire
ahead.
limited business done in the foreign
also
$3.95%.
exchange rates fixed by the Bank of
England have shown
is not
of between
range
a
range
of between $3.89 and
New
The
extremely thin.
the New York free
foreign exchange traders find it impossible to
slight that rates
are
America.
On Nov.
announced
27 the British
the
charge
for
Embassy at Washington
"navicerts"
(a sort of
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3454
commercial passport to
expedite the
of
passage
through the British contraband control)
goes
Saturday last
launch its
the
For
loan before the turn of the year.
new war
Chancellor of the Exchequer
present the
satisfied with the recently inaugurated
appears
sav¬
ings certificates and the small defense bonds placed
sale
on
on
loan is
war
expected
Since early in October
£1,000,000,000.
the London money
for the
The new
Nov. 22.
to amount to
market has been practically rigged
of facilitating the issuance of the
purpose
The financial markets in London
trading
restricted.
severely
is
London stock prices,
89.7
which
was
are
steady though
index
Reuters
84.2
on
Oct. 11,
of
was
Nov. 29, having been above 89 throughout
on
November.
The
London
"Financial
industrial
Times"
Nov. 30, against 92.5
on
aver¬
Nov. 1.
on
The London "Financial News" index of 30 indus¬
trial stocks,
75.1
based
Nov. 26,
on
and with 82.6
66.4
July 1, 1935
on
as
compared with 74.1
a
and the
high record
was
124.9
cable transfers.
under
for
A
favorable
recorded for any
of
$117,000,000
United States
20, reached $17,347,000,000
The London
the Bank of
market rates
are as
balance
Nov.
29.
per ounce,
London
money
follows: Call money against bills,
exchange
continues
to
close
in
move
sympathy with the rates fixed by London'and there¬
fore at
dollar.
a
discount in terms of the United States
a severe
Montreal funds ranged
discount of from
The
follow
amounts of
are
United States
during the week at
13%% to 12%%.
gold imports and exports which
taken from the
weekly statement of the
Department of Commerce and
cover
Commercial
Continental
Imports
United
expired by limitation
The
are
...
434,458
Venezuela.
.
impression in Paris, where financial
are
that
the
accord
*
under earmark at
the
Federal Reserve banks
was
reduced
during the week ended Nov. 22 by $9,304,083.
The latest monthly report of the
Department of Commerce showed that
$1,053,066,000 gold was held under earmark for foreign account as of
Oct. 31, 1939.
The current issue of the Monthly Review of the Federal
Reserve Bank of New York estimates that at the end of
November $962,-
000,000 gold was held under earmark.
will
not
soon
be
be
ex¬
sphere.
In fact the pound
already effectively bound by the
The
Belgian currency has been fluctuating rather
widely with respect to the spot rate as financial mar¬
kets in
Belgium
the fears aroused
are
under
strain because of
severe
by the Russian invasion of Finland.
The business and financial situation in
Belgium has
been under stress since the outbreak of the
the Brussels authorities have been
war
and
constantly obliged
to
strengthen the belga.
During the week 30-day
belgas have ruled at a discount of 15 points below the
and the discount
on
90-day belgas
points below spot.
The London check rate
on
176-177, against 176-177
Paris closed
sight bills
on
on
Friday
Friday of last week.
on
the French center finished
2.20% and cable transfers at 2.21%, against 2,20%
and 2.21%. Antwerp belgas closed at 16.51 for bank¬
sight bills and at 16.51 for cable transfers, against
16.60 and 16.60.
Italian lire closed at 5.05 for bank¬
sight bills and at 5.05 for cable transfers, against
5.05 and 5.05.
."III
2,085,895
had
that day.
Berlin marks
are
not
478,263
Chiefly $111,454 Canada, $45,303 Mexico, $59,351 Newfoundland and
Labrador, $151,910 Chile, $152,000 Ecuador, $55,493 Peru.
Gold held
to rule by decree
concerted action of the French and British
equaliza¬
_
283,537
British India
Union of South Africa
exten¬
tion funds.
ers'
7,490
an
The decree powers
war.
on
convinced
and the franc
ers'
4,488,703
__
no
French exchange
at
563,000
Cuba
are
tended to the financial
1,130,181
Canada..
There
Anglo-French economic accords have created
most favorable
circles
$5,337
$2,654,464
Kingdom
dollar.
fiscal situation.
at
Detail of Refined Bullion and Coin
Shipments—
Netherlands
pay¬
Foreign Exchange
features of importance in the
In New York
Switzerland
Other
for the duration of the
$5,337
$12,806,803
Hungary.
and
Cotton and grain for
On Nov. 30 the French Parliament voted
12,125,991
Total
sight bills finished at $3.88,
francs to the
Exports
*$680,812
____
on
THE French franc continues and is therefore weak
176-177
pound pegged to sterling at
IMPORTS, NOV. 16-NOV. 22, INCLUSIVE
Refined bullion and coin.
Closing quotations
in terms of the United States
is 45
Ore and base bullion
The
$3.89% for demand and $3.90 for cable
basic cable rate,
the week ended Nov. 22:
GOLD EXPORTS AND
On
essentially unchanged.
was
restricted to economic matters but will
bills, 1 9-16%.
Canadian
lacking in
was
$3.86%@$3.89 for bankers'
sion of Premier Daladier's
powers
%% to 1%; two-months bills, 1 %%; three-months
bills, 1 7-32%; four months bills, 1 5-16%, and sixmonths
Thursday the pound
60-day bills at $3.87, 90-day bills at $3.86%, docu¬
ments for payment (60 days) at $3.86%, and seven-
Treasury
on
gold price continues at 168s.
England's buying price.
$3.89%@$3.91%
$3.88@$3.90 for bankers' sight and $3.89
were
transfers.
the best
was
gold stocks, which passed the $17,000,000,000 level
Oct.
was
@$3.91 for cable transfers.
a
on
On
The range was
range was
were
steady movement of gold from
all countries to New York.
range
sight and $3.89%@$3.92% for cable
Friday the market
was
month since January, 1938.
factor in the
a
bankers'
sight and $3.87%@$3.90 for cable transfers.
21% rise.
a
The increase in the United States export
is also
$3.91%@
range was
Wednesday the pound continued
The
war,
Exports
and imports showed
balance
On
pressure.
transfers.
or
year
slightly firmer in
was
The
$3.92% for bankers' sight and $3.91%@$3.93%for
new
foreign trade during October.
18% in the
up
Tuesday sterling
extremely limited trading.
day grain bills at $3.88%.
Nov. 11, 1936.
on
$3.90@$3.91%
ment closed at $3.88.
again emphasized by the improvement in United
States
On
Monday sterling
On
range was
sight and $3.91@$3.92% for cable trans¬
100, stood at
The marked trend toward the United States dollar
is
fers.
The
on
thin
a
$3.91%@$3.93%; cable
was
month earlier
The low point
earlier.
year
a
Sept. 27, 75.5 at the beginning of the
on
for bankers'
Friday
stood at 94.4
ages
sight
$3.92%@$3.93%.
under pressure.
was
demand.
financing.
new
transfers,
to doubt that the Government will
seems
1939
from Friday's close in
was up
Bankers'
market.
con¬
signments of more than 1,000 tons, which will cost $8.
London
2,
Referring to day-to-day rates sterling exchange
car¬
as pro¬
visionally fixed at $2, except for those covering
Dec.
York,
nor
is exchange
quoted in New York.
on
quoted in New
Czechoslovakia
Exchange
on
or on
Poland
Bucharest closed
at
0.73% (nominal), against 0.73% (nominal). Ex¬
change on Finland closed at 2.00 (nominal), against
2.05
(nominal).
Greek exchange
(nominal), against 0.73 (nominal).
♦
closed at 0.72%
/
Volume
149
ONE HUNDRED—The
ness
EXCHANGE on the is showingneutral during the
1914-1918 countries
the effects of the
of
war
distressed situation of Europe.
while
The Holland guilder,
has been held steady
under pressure,
by the
Netherlands equalization fund.
quotations of the Scandinavian currencies do
operations of The
The
not
extremely disturbed business
trade is virtually dis¬
fully reflect the
there, where foreign
situation
rupted
result of the embargoes
as a
Denmark appears to
Its
be the worst sufferer.
foreign exchange reserves have been severely depleted.
For several months up to the beginning of August the
Denmark had been able to
National Bank of
up
foreign currency reserves
build
of about 95,000,000
declined by
25,000,000 kroner and in September by another
57,000,000 kroner.
The reserve has now practically
vanished and with exports at a standstill, the bank's
gold reserve of about 200,000,000 kroner may soon
August
During
kroner.
the reserve
;;j*
be exhausted.
Madrid
Paris
on
ment has
securities
quoted in foreign
markets to liquidate their holdings and to repatriate
the proceeds at the official rates for foreign exchange
which is voluntarily and definitely imported into
or
of
Spanish securities which are
the country.
Such
securities
had already been
placed at the
disposal of the Government under a decree in March,
1937.
Exchange rate for the dollar for this purpose
12.56 pesetas to the
has been fixed at
dollar (7.96
peseta), whereas foreign exchange resulting
from Spanish exports is converted at the official rate
of 10.05 pesetas to the dollar (9.95 cents per peseta).
Bankers' sight on Amsterdam finished on Friday at
53.09, against 53.10 on Friday of last week; cable
transfers at 53.09, against 53.10; and commercial
cents per
sight bills at 52.85, against 52.85. Swiss francs
at 22.43% for checks and at 22.43% for cable
fers, against 22.44
transfers at 19.32, against
22.74 and 22.74. Spanish
nominally quoted at 10.15, against 10.13.
transfers at 22.72, against
EXCHANGE on the South little affected by the
the whole firm and American countries is
on
events
in
Europe.
South American
The
hold their currencies in close
the United States dollar.
The Peruvian
controls endeavor to
relation to
European situation
export trade. Its
chief customers are Germany, Great Britain and
France, and their takings of Peruvian goods, chiefly
cotton, have declined severely.
Peruvian imports
peso
has
is inclined to weakness as the
seriously curtailed Peruvian
have not
declined.
Argentine paper pesos
bankers' sight bills
against 29.78
ket
rate
Brazilian
on
Friday at 29.78 for
and at 29.78 for cable transfers,
and 29.78.
The unofficial or free mar¬
23.12@23.15, against 23.15@23.35.
milreis are quoted at 5.12, against 5.10.
wras
(official), against
nominally quoted at 16%, against 16%.
Chilean exchange
5.19.
closed
Peru is
is quoted at 5.19
EXCHANGEexception of Far Japanese yen, is in¬
on the the Eastern countries,
the
with
clined to move with
table indicates the amounts
(converted into pounds sterling at
bullion
special cable yesterday (Friday); comparisons are
shown for the corresponding dates in the previous
four years:
1939
1938
1937
£
£
£
*682,075
327,653,479
328,602,728
b3,852,350
c63,667,000
a23,400,000
87,477,000
103,068,000
92,392,000
34,828,000
295,811,334
3,006,950
England
_
.
Spain—
Italy..
Netherlands
Nat. Belg—
Switzerland.
Sweden
Denmark
.
6,500,000
_
6,666,000
Norway
1935
1936
£
Banks of—
63,667,000
25,232,000
123,418,000
98,255,000
115,219,000
32,844,000
6,536,000
8,205,000
£
327,697,126
249,171,286
199,139,712
310,168,538
2,507,850
87,323,000
25,232,000
118,711,000
95,827,000
77,645,000
26,065,000
6,547,000
391,871,164
529,526,263
6,602,000
1,896,550
3,355,850
87,323,000
90,311,000
42,575,000
42,575,000
47,491,000
105,843.000
52,333,000
81,882,000
46,743,000
24,278.000
16,290,000
7,553,000
6,555,000
6,603,000
6,602,000
98,500,000
1,045,487,000 1.101,930,825
751,135,153 1,099,847,563 1,084,325,514
1,045,504,817 1,118,431,438
751,677,477 1,098,353,807 1,084,202,486
Total week.
Prev. week.
of England
of the Bank
statutory price
which was
(168s. per fine
ounce) the Bank reported holdings of £1,348,773 equivalent, however, to only
about £682,075 at the statutory rate (84s. HHd. per fine ounce), according to
our calculations.
In order to make the current figure comparable with former
periods as well as with the figures for other countries in the tabulation, we show
*
Currency and Bank Notes Act, 1939, the Bank
March 1, 1939 and since have carried the gold holdings
Pursuant to the
statements for
value current as of the statement date, Instead of the
formerly the basis of value.
On the market price basis
at the market
above in statutory pounds.
31, 1938, latest figures available,
b Gold holdings of the
"deposits held abroad" and "reserves in foreign cur¬
As of April 30, 1938, latest figure available.
Also first report sub¬
English holdings in the
a
Amount held Dec.
Germany includes
Bank of
rencies."
c
sequent to Aug. 1,
The value of
1936.
gold held by the Bank
of France Is presently
calculated, in accordance
13, 1938, at the rate of 27.5 mg. gold, 0.9 fine, equals one
and subsequent to July 23, 1937, gold in the Bank was valued at
43 mg- gold, 0.9 fine, per franc; before then and after Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26, 1936, 65.5 mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values Its
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now just about £l; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about
francs per £1; when 65.5 mg., about 125 francs equaled £1.
with the decree of Nov.
franc; previously
gold
165
trans¬
Checks on Sweden closed at 23.82
and cable transfers at 23.82, against 23.84 and 23.84;
while checks on Norway closed at 22.72 and cable
current
L
closed
19.33 and 19.33.
pesetas are
Banks
of gold
the
British statutory rate, 84s. ll%d. per fine ounce)
in the principal European banks as of respective
dates of most recent statements, reported to us by
HPHE following
Time to Pause
Copenhagen checks
and 22.44.
finished at 19.32 and cable
Gold Bullion in European
Germany
decided to allow holders of foreign
market.
link with the dollar.
Closing quotations for yen checks yesterday were
23.46, against 23.46 on Friday of last week.
Hong¬
kong closed at 24% against 24%; Shanghai at 7%,
against 8%; Manila at 49.90, against 49.90; Singa¬
pore at 47%, against 47%; Bombay at 30.07, against
30.20; and Calcutta at 30.07, against 30.20.
is held steady by its
France
dispatches to the Agence Economique of
Nov. 28 stated that the Spanish Govern¬
pound in the New York free
of the
The yen
and dangers to
shipping.
3455
Chronicle—YEARS OLD
Commercial & Financial
sterling and to reflect the
weak¬
The United States is
tary
and naval
and to Consider
armed to the teeth.
Its mili¬
preparations already far
exceed
required, or even capable of
utilization, in any field of conflict encompassed
within the Western Hemisphere. Nowhere is there a
potential enemy that might threaten invasion or
attack in sufficient force to engage even a moiety of
the enormous defensive capacity immediately avail¬
able.
The United States is tax-ridden.
Its people
and its industries are oppressed by taxation longmaintained at levels barely within the extremity of
endurance.
Everywhere, production is hampered,
gainful employment of available workers and capital
is checked and limited, enterprise is threatened and
retarded, by burdens of taxation incompatible with
sound activity and progress.
The United States is
harassed and weighted down by a public debt vastly
increased during a period in which the Nation was at
peace with all the world and that debt is expanding
more rapidly than ever before in our history, save
while the strength of this people was being quixoti¬
cally expended upon European battlefields, during
anything conceivably
1917 and 1918.
A statutory
debt limit of $45,000,000,000, as
people will soon be told by the President
Secretary of the Treasury, will, within a few
have to be very
the
and the
months,
substantially raised, in order to sup¬
port the current excess
of ordinary expenses over
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3456
receipts,
though there should be
even
tion of
expenditures for armament.
entire
Administration
President
of
no
deficits,
after
one
ment
Roosevelt, and
the last half of that of his immediate
successive
absurdity.
augmenta¬
Throughout the
merely
predecessor,
another,
have
issue
been
194306875
until
actually
doubt that, should
no sane man can
able fiscal
condition, resulting from prolonged reck¬
administration
less
the
in
wastes
deplor¬
of
long
its
finances
maintenance
and
of
profligate
excessive
ex¬
penditures.
The
are
appalling.
Amount
$4,091,597,712
1932...
5,153,644,895
1933
5,142,953,627
1934...
7,105,050,085
3,115,554,050
7,375,825,166
8,879,798,258
3,790,045,732
4,115,956,615
x8,105,158,547
5,293.840,237
36,424,613.732
7,766,374,277
y9,592,329,000
6,241,661,227
$611,559,704
599,276,631
689,365,106
27,053,141,414
28,700,892,624
33,778,543,494
y9,595,663,000
Total..
X
.
37,164,740,315
y5,020,070,000 4 0,440.000,000
y5,669,320,000 *41,278,737,194
Includes soldiers' bonus,
concurrent
y
revenues
increase
constitute
time, in
749,396,802
866,384,331
926,280,714
yl ,080,000.000
1,102,000,000
y
Estimated,
z
the
in
unenviable world's record
an
ized under
any
with
receipts of $41,121,508,672, and
public debt of $24,477,252,051,
war or peace,
equalled by
never
people
any
President.
which
Nation
on
even
the
Earth that
American
ever
Nor
is
The
current
to
$2,260,000,000.
more
a
met
are
and
fices
to
by
militaristic
wherefores of
can
of any expedients of
means
human
race
intelligence,
about
to
could be
or
discoverable
this record
repeat
It is
commence.
a
second
power
by the
known to the
highest finite
during the decade
unthinkable that there
prodigy of that character.
Repe¬
tition
without immediate disaster is
impossible.
The
long succession of unbalanced budgets, of expendi¬
tures unmatched by revenues, with the
huge accumu¬
lation of deficits and of
have
verge
interest-bearing public debt,
brought this great and wealthy Nation to the
of an abyss the depths of which are plainly
visible.
To
nothing is
plunge to the
now
necessary
bottom
save
to
of
attempt
longer to continue the methods and the
have
an
abyss,
much
process
that
unmistakably led to the imminent threat
herent in the present condition.
in
this
in¬
Security lies only
entire reversal of the fiscal trends of the last
10 years.
to
President Roosevelt,
pointing to no precise
danger and specifying
or
no
peril
or
source
of
threat of extreme
especially pressing exigency, using only the most
general and indefinite of terms, chooses rather
ally to remark that
casu¬
additional $500,000,000 must
forthwith be expended for militaristic
purposes and,
an
tacitly assuming public acquiescence, or subservient
obedience, inquires whether the public will provide
the additional funds
taxation,
by additional sacrifices through
will adopt the alternative of
borrowing.
Many who are without economic education or com¬
or
prehension
unwarrantably
postpones the burden and
posterity.
armies
in
that
borrowing
transfers it in
totality to
assume
That, however, is
a minor and incidental
de¬
expenditure
now
to
a
the tax-burdened
of public defense, the
are en¬
If the United States of
carry.
an
recruited to
army
more
combined man-power of all
the
Western
Hemisphere,
the
more
highly and expensively mechanized and equipped
and more liberally compensated, then the
people of
America, who must foot the bills,
be
to
told
what
in
region,
justly entitled
are
there are
possibilities that such military strength might be
required.
The United States already possesses more
or
regions,
battle-ships, and
more
highest
prowess,
than Great Britain; has
more
in
process
of construction than Great Britain, and
as
many
modern battle-ships, of the
projected; and its whole Navy is in just
pro¬
portion to this vast strength in the first rank of its
battle-line.
Earth has
Of
even
course,
with either Great Britain
as
every one
is
so
upon
the
the United
or
by its adjacent
upon
oceans
that
an
attack
its shores would weaken the adven¬
so
that
it
could
one-third of its nominal strength.
is
power
States, while,
should know, the whole of North America
insulated
anywhere
other
no
approximate equality, in this respect,
turing adversary
It is with the United States in this
condition that
public
be said is that the voters
the
by
never cease
fully explained to them the whys and
the enlargement of the load which
they
continue
other
If
for purposes
sums
titled to have
10
outlays
public must be asked to contribute large
least that
must
year,
imposition of further sacri¬
level.
times
or
$500,000,000, additional,
insurmountable
an
restore
and tolerable
very
ag¬
their constantly expanding requi¬
termination to resist the
safe
purposes
public consents to
strates that the advocates of such
than
disaster,
conceivable circumstances
settled
Moreover, all experience demon¬
penalties
any
an appro¬
even
advanced, for the next fiscal
support
under
authorized
ever
particular decision
a
If the
the President's demand for
this total will be
must
could not,
that
budgets for militaristic
$1,760,000,000.
gregate
organ¬
people, the only
immeasurable
ac¬
belong to
reached, much less in anticipating
American
could have achieved such
and
be
now
decisions
President
any
America
inflation
expenditures
must
people, functioning at the polls and
aggregates of extravagance without incurring extreme
of
Such
warranted in assuming
additional
important and significant, however, is that it is
record
huge
purposes
through their representatives in the Federal legis¬
never to the Executive Department, or to any
at any
What is much
government.
or
lature,
sitions
On Nov. 22, 1939.
years,
already
examination.
American
their urgency until
Expenditures of $72,808,394,567, in 10
an
756,617,127
820,926,353
$72,808,394,567 $41,121,508,672
...
the
Annual Interest
$3,189,638,632 $16,801,485,143
2,005,725,437
19,487.009,766
2,079.696,742 22,538,672,164
point,
by its legislative action.
Revenues
Expenditures
1931
the
priation by Congress for purposes not
Public Debt at Close of
Fiscal Year
June 30
of
military and naval
will be
Year Ended
main
involved, it is the casual assumption that further
immediate
or
figures
the
cepted and endured by the public which requires
war
to this country, far the greatest weak¬
come
of this American Nation would lie in its
ness
for
1939
evasion of argu¬
as an
upon
2,
characteristic elision of the fundamental
a
augmentation
transmuted into accumulations of public indebted¬
ness,
Whether intended
demonstration
or
Dec.
scarcely utilize
For what, then,
greater naval strength intended?
Where, in all
World, might there conceivably arise any
exigency compelling the United States to exert the
the round
naval force
already in its possession, to omit
than reference to the
obtained
of
an
by laying enlarged burdens
over-laden
assume
public?
such further
answers
to
these
more
proposed augmentation to be
That
upon
public,
burdens, is entitled
legitimate
inquiries.
asked
to
to
explicit
The
fiscal
weakness
of the
enormous
outlays of the last decade, and accumula¬
tion of debt
constitute
war
United
the backs
during the
its
States, resulting from the
same
period, would inevitably
greatest weakness, in the event of
really demanding its participation.4
a
Should the
Volume
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
American public be asked to authorize enhancements
shifted the sales from the category
of that weakness, it
operation to that of relief.
folly for
would be the height of peurile
individual pretending to
any
intelli¬
act
had
large ideas.
3457
of self-supporting
But Secretary Wallace
He wanted
"two-price" system
a
gently in the exercise of his suffrage not to demand
by which the Government could sell at
full
to the poor
disclosures of the
if there could be
enlarge
this
or
facts
requiring expenditures,
such facts, plainly
are
element
of
danger.
tending to
such
In
de¬
a
and at
Meantime
pay.
distributed
a
a
low price
higher price to those who could
the
perishable
helter-skelter
foods
were
being
existing
through
relief
termination, not only the existence of some genuine
agencies, to the distress of
threat, but the location of its origin, and the degree
hard to sell their supply
of oranges, yet had only
of its actual
to
to
imminence, would be facts of the first
importance.
that
For
thing, nothing is plainer than
equipment, and
war
out-moded.
lescence
one
materials,
war
Their rates
of
invariably and extremely high.
are
restraining
Salvation and security lie in
where else.
public
It
was
Representatives.
to that end that the power
It
any
was
to that end that
expenditure,
disguise, ought always, and
never so
It
guise
any
plainly
as
at
implacable opposition.
Whenever there is attempt to compromise
America
recom¬
vested, constitu¬
dictation, in
this moment, to be met with
of
of the
President of the United States.
any
is to that end that Executive
or
no¬
author¬
no
by formal
save
mendation to the House, was ever
tionally, in
and
processes
vested, primarily, in the House of
purse was
ity to initiate
those
to
purposes, or
for
stamp
of
for exertion of the reserved power
of public opinion.
they wanted.
they
The
tiff
recent
food
Rochester
bankers
and
over
who would carry
stamp
things.
between
the clerical cost of the Rochester
program
to
seems
illustrate
many
The FSCC intimated that unless the banks
dropped their proposed 1% service charge for han¬
dling the
the
to get a part
stamps,
orange
But with each $5.00 of orange stamps
officially designated by Henry
The plan
launched with
was
great fanfare at Rochester, and the banks agreed
to clear the
only
a
stamps free.
It had been in operation
few weeks when FSCC officials proclaimed it
a
great success, and announced that it would be
Politically it could hardly fail to be
It
a
products
the official "surplus" list.
on
It naturally
pleased the reliefers who got something
paternal government for nothing.
a
few
because it brought
It
increase of business
an
jobs for their
more
own
employees and also
look less patently absurd.
of
a
it
certain amount of relief distribution work. And
pleased the public because it seemed like
ficient method of
withdrawn
from
A recent
thing like
good
killing two birds with
for
when
case
reversed
they
themselves
So
in
this
political
Seattle in
Dayton in June, in
July, in Birmingham in August, and then
Memphis, Little Rock, and Richmond.
impose its
munity by the
power
will
on
of the
an
purse
modern-public charity
individual
com¬
strings, and how
be set
program can
to accord with the interests of pressure groups
at the expense
thing has led to another in the food stamp
30% of the customs
for
the
revenues
for buy¬
the
As
pro¬
the Ever-Normal Gran¬
and has been the dream of
private
or
official, who
ever
butter,
every
traded in
speculator,
any
market—
buy when there is plenty and sell when there is
scarcity.
gram
But
for
in the
as
of the farm loan pro¬
case
cotton, wheat,
a
etc.,
there
was
usually
abundance, and the FSCC kept accumulating.
Then
ment
the
came
had
to
fashionable
problem of
take
a
loss,
Washington
a
so
distribution
be
Institute
lower
were
grades of cotton goods.
extended-to
the
rural
Pottawattomie
Shawnee
A
Last
sum¬
agreed that it would
ally the textile industry) if it
as
County
well
in
extended to the
Then the plan
as
the
city
Oklahoma,
was
poor
of
of
which
(population 23,000) is the seat.
second
and
much
more
appeared in the Shawnee
lower
simply
the idea has
so
great help to the cotton farmer (and incident¬
in
it
Textile
Cotton
a
to persons
the technique of
grown,
to involve merely surplus
however, the Department of Agriculture and
market. The Govern¬
book-keeping,
has
was
vegetables, fruits, and dairy products.
the
markets—in
7 77 7
'
At first it
grown.
certain vegetables, nuts, and citrus fruits. This
as
and that by the end of the
will be operating
support
ary,
program
'7v. /
eggs,
happy idea was the same
new
present Treasury fiscal year it
cial
farm
The FSCC
proudly announced that 300 cities have applied
mer,
minor
Now it is to be extended to Denver,
has
ing up farm surpluses, merely engaged in the artifi¬
of
Moines, Springfield, Ohio, Twin Cities, and
in 125 cities.
of the tax-payer.
since the beginning. At first the FSCC, imple¬
mented with
some¬
rapidly introduced
success was
number of other cities—in
a
Bethlehem, Pa.
gram
stone,
the plan.
on
ment
One
ef¬
an
one
public opinion poll indicates
70% favorable vote
a
important, it shows how easily the Federal Govern¬
a
It
pleased the local government because it relieved it
in Des
up
from
more
It pleased the
pleased FSCC officials because it made
their program
made
great suc¬
pleased the farmers who could get their
abruptly from their previous free cooperation. More
adroitly
ex¬
tended to other cities.
settling both the farm surplus and the relief prob¬
be
to
The incident demonstrates the need of banks
can
ex¬
store for any groceries
grocery
lems.
have
public relations counsel, for the Rochester banks
a
of
would
program
had
orange-and-blue
were
orange-and-blue stamp "surplus sals"
new
Rochester.
a
form
"surplus."
as
to them.
Surplus Commodities Corporation
the Federal
the
certain commodities
Wallace
the
out
to get $2.50' of blue stamps, good only for
were
grocers
Stamp Scheme
worked
help in
-V. 7..
Department of Agriculture
Relief clients
changeable at the
a
The Food
and
program.
naval
or
Government
:7' 77
their
ex¬
whatsoever, it is time
any purposes
neighborhood
with
baseball
So the grocers and the
cess.
penditures and debts, whether for military
the
see
oranges.
the future
by unauthorized commitments
window
playing
got together
charge and to
that lies in the suffrage.
power
the
out
"reliefers"
depreciation and obso¬
It is time for sober citizens to take
exercise the
quickly
are
look
who found it
grocers
not
on
important innovation
program.
It
was
extended
relief at all, but merely in the
income brackets.
A bit
of
a
snag was
here, for the top limit of eligibility
was
met
made
a
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3458
family income of $1,000 a year or about $19.50 a
This turned out to be
week.
a
high enough to include
large proportion of the entire county.
So the
figure was lowered, and the local Chamber of Com¬
made up
merce
list of eligibles.
a
The power to
this list may have contributed to the en¬
draw up
thusiasm of the Shawnee Chamber of Commerce for
the
It also turned out that many eligibles
plan.
did not want the
And one more innovtaion was made.
self-respect.
The
stamps, preferring to skimp with
stamps, for which the relief recipient
orange
Only the free blue stamps
shed.
pays, were
this
Now
plan,
and
its
as
possibilities.
fortunately, with the economic system
fatal
two
defects, which
no
But
un¬
it is, it has
as
apparently
one
defects is that it
first of these
small
a
on
small scale. So
the
a
a
clever
make
a
dent in the
Some
trick.
little
It
isn't
of
four cents per
or
The usual
deposit.
The stamp cards
The teller must count
them, check to see that all stamps are affixed and
list the
high
grocer's
1000
as
a
then the cards, running
name;
day to
by
messenger.
And, incidentally, the small
the
want
free
grocers are
The large
service.
chains do not need their money
cards
the
their
in
and
as
bank, must be sent down to
a
the FSCC for collection
quick.
monthly
the
ones
stores and
They deposit
statements
are
charged for the handling.
is
It
curious
a
commentary on the optimism of
"ham-'n-eggers" who thought their evaporating
warrants would circulate
such
type of card which is
the
to
freely in California that
difficulty has developed in Rochester
good
as
over
a
cash, subject only
as
delay and inconvenience of going through
the usual
Treasury disbursing machinery.
more
Arthur Thompson &
Specialists in
or
One hundred million dol¬
United States
WILLIAM ST.,
62
"surplus sals" would just about give them
Han-2-3950
Go.
Government Securities
NEW YORK CITY
Teletype NY-1-2670
.
And if the
expanded until large enough to really
program were
amount to
something
as
amount to
something
as
a
a
The
hand-out, it would also
burden
Course of the Bond Market
Weakness
the Federal
on
developed in bond prices
Thursday, largely
on
affecting the speculative rail bonds, but resulting in frac¬
fisc.
tional
The
plan is thus
with the housing
on a par
pro¬
which is obviously too small and slow to take
gram,
of the
alleged "one third—ill-housed" of
our
population, but which if enlarged to adequate
portions in accordance with what its
is the
sponsors
claim
need, would put the Treasury impossibly in
red,
for these days.
even
And in the second
surpluses is
FSCC
to
place, government mopping
hold
throughout
the
up
As long as the
price
for certain
up
almost
the
entire
list.
United
strength earlier, coincident with the Treasury's
new
ing of $500,000,000 of 2s, 1948-50, also lost
ground.
some
High-grade railroad bonds have declined.
5s, 1968,
off %
were
at 107%;
Navigation 4s, 1961,
of
the
week
declined
1 to 105.
Pennsylvania
Toward the close
speculative
rail
bonds
ex¬
Southern
Kansas City
price declines.
1950, at 66 lost 2% points
offer¬
Oregon Washington RR. &
medium-grade and
perienced wide
speculative dream.
a
continues
losses
States Government issues, which had revealed considerable
pro¬
care
of
excessive.
called
been
critics,
odd-size, unlike checks.
are
big enough to
$5.00 apiece of the "surplus" products.
the
carping
charge, on the established "account analysis" basis,
is three
problem it is supposed to solve.
relief.
on
pro¬
it has avail¬
or so
twenty million people are reported more
dependent
lars
appears
plan, it is nevertheles nothing
than
less
a
$1,000,000 of free "sur¬
and the FSCC
year
to the $100,000,000
use up
for
very
on
far, though distribution in Rochester
alone is at the rate of about
likely to
works
scale, but only because it is
plus" commodities
able
most
the
The
banks
Rather, it is probably less than the cost.
con¬
siders.
well
the
who
realize, has im¬
sponsors
revolutionary
The service charge the
loss.
a
posed of five cents per $5.00 card has never, even by
were
distributed, like Soviet food cards.
mense
take
to
Dec. 2, 1939
5s,
on
the week; New York Central
3%s, 1952, dropped 3% to 59.
In sympathy with low stock
prices
defaulted
five-to-four
railroad
bonds
registered
losses.
By
a
majority the Interstate Commerce Commission
specified products, and to drain off the surplus, this
upheld the contention of the Southern States that the South
favorable
to
plus.
price will continue to stimulate
The
Of
there
is
one
fundamental
more
North
decision
is hopelessly self-defeating.
process
course
more sur¬
dif¬
ber
of
freight
rate
differential
should
exist.
The
limited
num¬
not
^s applicable to
of the Commission
a
commodities, however.
Although high-grade utility bond prices softened slightly
ficulty about the
Extended
program.
on
portant scale, it is bound to involve the
gers
inherent in
There is the
sell
their
any
politically
stamps
stamps.
comes
the
the connivance of the
buying other products with their blue
than
it
economic device.
From Birmingham
the
designated
Chamber of Commerce has
when
im¬
dan¬
policing of the relief recipients, lest they
report that reliefers, with
grocers, are
run
any
same
makes
up
ones.
a new
eligible
lists,
in its hands
just
as
the
demand
part of the week
was
for investment
strong, and
issues
in
the early
offering of $52,500,000
an
of mortgage and debentures bonds by Public
Service Co. of
Colorado
issues
well
was
received.
whole
receded
moderately,
Gas
Electric
Co.
&
and
Lower-grade
but
debentures
certain
of
the
on
Associated
affiliated companies
were
off sharply following orders of the Securities and Exchange
Commission.
Canadian utility bonds also lost some ground.
Among industrials, losses have been the rule this week,
The Shawnee
power
Thursday,
oil
but declines have been generally confined to a point or less.
Losses
have
convertible
authorities in any
in
largest
and
and
the
most
frequent
lower-grade
and
among
the
speculative
types.
new
been
issues
housing project are bound to be
subject to political pressure to distribute the nice
apartments to the politically right people.
However, at this writing the most interesting
aspect of the program is still the curious attitude
shown
the
toward
farmers,
the
Rochester banks.
the reliefers,
grocers—is expected to make
the
a
tion, except the bankers. They
Everybody—
officials,
and
the
profit out the opera¬
are
actually expected
The
the
navian
been
Russian
invasion
of Finland
caused
heavy declines
republic's obligations and those of the other Scandi¬
countries.
some
Among other European bonds there has
improvement in Italian Government issues, while
German bonds firmed up moderately on the partial interest
payment on the International 5%s.
South
American
Japanese and
department
Australian
Moody's computed
are
given in
have
issues
Price changes in
been
closed
unimportant,
irregular.
bond prices and bond yield
the following tables:
the
and
averages
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
MOODY'S BOND
PRICES t
MOODY'S BOND YIELD
CBated on Average Yields)
120
U. S.
AU
1939
Govt.
Bonds
120 Domestic Corporate *
Domes¬
Daily
(Based
tic
120 Domestic
by Ratings
120
All
Corporate by Groups*
A
Aa
Aaa
1939
Ind.
AVERAGES
t
Individual Closing Prices)
120 Domestic Corporate
120 Domestic
by Ratings
Corporate by Groups
Domes¬
Daily
on
3459
tic
Baa
RR.
1— 114.54
105.22
120.59
116.00
104.30
85.52
92.12
111.43
114.51
Dec.
1
3.71
2.96
3.17
3.76
4.93
4.48
3.39
3.24
Nov.30— 114.65
105.22
120.14
116.00
104.30
85.65
92.28
111.43
114.30
Nov. 30
3.71
2.98
3.17
3.70
4.92
4.47
3.39
3.25
29— 114.87
105.60
120.37
116.43
104.48
86.21
92.59
111.43
114.72
29
3.69
2.97
3.15
3.75
4.88
4.45
3.39
3.23
28— 114.83
105.79
120.37
116.64
104.48
86.50
92.90
111.43
114.93
28
3.68
2.97
3.14
3.75
4.86
4.43
3.39
3.22
27- 114.41
105.79
120.37
116.86
104.48
86.64
92.90
111.43
114.93
27
3.68
2.97
3.13
3.75
4.85
4.43
3.39
3.22
105.79
120.37
116.86
104.30
86.64
92.90
111.43
114.93
25
3.68
2.97
3.13
3.76
4.85
4.43
3.39
3.22
24- 114.27
105.79
120.37
116.86
104.30
86.64
92.90
111.64
114.93
24
3.68
2.97
3.13
3.76
4.85
4.43
3.38
3.22
23-
Exchan ge
23
Stock
22
3.68
2.98
3.14
3.76
4.85
4.43
3.39
3.23
3.68
2.98
3.14
3.76
4.84
4.43
3.39
3.23
3.68
2.98
3.14
3.77
4.84
4.43
3.39
Corp*
Averages
Dec.
25— 114.28
Stock
105.79
120.14
116.64
104.30
86.64
21— 114.36
105.79
120.14
116.64
104.30
20— 114.33
105.79
120.14
116.64
104.11
18— 113.99
105.60
119.92
116.64
17— 113.59
105.60
119.92
116 64
16— 113.37
105.60
119.92
15- 113.35
105.41
14— 113.03
105.22
Averages
105.22
Corp
Exchan ge
RR.
P.
U.
Ind.
Clos ed
92.90
111.43
114.72
21
86.78
92.90
111.43
114.72
20
104.11
86.78
92.75
111.23
114.72
18
3.69
2.99
3.14
3.77
4.84
4.44
3.40
3.23
104.11
86.64
92.75
111.23
114.72
17
3.69
2.99
3.14
3.77
4.85
4.44
3.40
3.23
116.64
104.11
86.36
92.59
111.23
114.72
16
3.69
2.99
3.14
3.77
4.87
4.45
3.40
3.23
119.92
116.21
103.93
86.21
92.43
111.23
114.61
15
3.70
2.99
3.16
3.78
4.88
4.46
3.40
3.24
119.69
116.21
103.74
86.21
92.43
110.83
114.51
14....
3.71
3.00
3.16
3.79
4.88
4.46
3.42
3.24
119.69
116.21
103.74
86.21
92.43
110.83
114.51
3.00
3.16
3.79
4.88
4.46
3.42
3.24
Exchan ge Clos ed
3.17
3.01
3.79
—
13
105.22
119.47
116.00
103.74
80.21
92.43
110.63
105.22
119.92
116.00
103.56
86.50
92.43
110.83
115.57
103.56
86.78
92 69
110.63
10
Exchan ge
3.71
114.30
7—
Stock
114.51
119.47
3.71
11
Clos ed
105.22
114.30
3.23
4.46
3.43
3.25
2.99
3.17
3.80
4.80
4.46
3.42
3.24
3.71
Clos ed
4.88
3.71
9—
3.01
3.19
3.80
4.84
4.45
3.43
3.25
4.46
3.44
3.27
7
Stock
6— 112.69
105.04
119.03
115.35
103.20
86.92
92.43
110.43
113.89
6
3.72
4.. 112.62
105.04
119.03
115.14
103.02
87.07
92.69
110.43
113.68
4
3.72
3- 112.62
104.85
118.60
115.35
102.84
86.92
92.43
110.24
113.68
3
3.73
2— 112.84
104.85
118.60
115.14
103.02
86.78
92.43
110.24
113.27
2
3.73
1
113.06
104.67
118.38
114.91
102.66
86.78
92.43
110.04
113.07
1
3.74
3.00
Weekly—
Oct. 27— 112.52
104.30
117.94
114.09
102.48
86.92
92.59
109.24
112.66
20— 112.84
103.74
117.29
113.48
101.76
86.50
91.97
108.66
111.84
2
3.79
3.11
13— 110.77
102.48
115.78
111.43
100.53
85.79
91.20
107.30
110.04
13
3.86
3.18
3.39
6— 109.90
101.58
114.51
110.24
99.66
85.52
91.05
106.17
108.85
6
3.91
3.24
Sept .29— 110.38
22- 108.93
101.06
114.09
109.44
99.31
85.24
91.05
105.41
107.88
Sept. 29
3.94
100.18
112.86
108.66
98.28
84.55
90.29
104.48
106.92
22
3.99
15— 110.60
101.06
114.09
109.44
99.14
85.24
91.20
105.22
108.08
15
3.94
8— 111.26
101.06
114.93
109.44
99.83
84.28
90.59
106.17
108.46
8
1— 114.04
102.66
118.16
112.86
101.41
83.33
90.14
108.46
111.23
1
102.66
84.69
91.66
110.24
113.89
—
Baa
A
86.78
114.72
8— 112.95
Stock
Aa
111.43
9— 113.08
10— 112.94
Aaa
92.90
Exchan ge
Stock
11—
U.
Clos ed
22— 114.49
13— 112.94
P.
Exchan ge Clos ed
3.03
3.20
3.82
4.83
3.03
3.21
3.83
4.82
4.45
3.44
3.05
3.20
3.84
4.83
4.46
3.45
3.28
3.05
3.21
3.83
4.84
4.46
3.45
3.30
3.22
3.85
4.84
4.46
3.46
3.31
3.26
3.86
4.83
4.45
3.50
3.29
3.90
4.86
4.49
3.53
3.37
3.97
4.91
4.54
3.60
3.46
3.45
4.02
4.93
4.55
3.66
3.62
3.26
3.49
4.04
4.95
4.55
3.70
3.57
3.32
3.53
4.10
5.00
4.60
3.75
3.62
3.26
3.49
4.05
4.95
4.54
3.71
3.56
3.94
3.22
3.49
4.01
5.02
4.58
3.66
3.54
3.85
3.07
3.32
3.92
5.09
4.61
3.54
3.40
Aug. 25
3.75
2.97
3.17
3.85
4.99
4.51
3.45
3.28
Weekly—
Oct.
3.76
27
-
3.08
3.33
Aug.25.. 114.85
104.48
120.37
116.00
18- 116.63
105.98
121.49
117.29
103.56
86.78
93.21
111.43
115.35
18
3.67
2.92
3.11
3.80
4.84
4.41
3.39
3.20
31„ 116.79
4
117.12
106.54
121.49
118.16
103.74
87.21
93.69
111.43
116.00
11
3.64
2.92
3.07
3.79
4.81
4.38
3.39
3.17
106.73
121.72
118.16
103.93
87.49
94.17
111.64
115.78
3.63
2.91
3.07
3.78
4.79
4.35
3.38
4.
3.27
3.18
July 28— 117.47
106.73
121.72
118.38
103.93
87.64
94.01
111.64
116.00
28
3.63
2.91
3.00
3.78
4.78
4.36
3.38
3.17
21— 117.07
106.54
121.94
118.38
103.38
87.36
93.69
111.64
116.00
21
3.64
2.90
3.06
3.81
4.80
4.38
3.38
3.17
14„ 116.99
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
14
3.66
2.89
3.08
3.83
4.85
4.42
3.38
3.18
July
116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
7
3.69
2.88
3.09
3.88
4.90
4.48
3.40
3.18
June 30— 116.43
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
June 30
3.72
2.91
3.11
3.90
4.95
4.52
3.43
3.21
23.. 117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
16— 116:80
105.22
121.27
117.07
102.12
85.79
92.12
110.63
114.93
16
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
9.. 117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
9
3.70
2.93
3.13
3.85
4.88
4.45
3.42
3.23
2„
117.61
105.22
121.04
116.64
102.84
85.52
91.97
111.23
114.30
2
3.71
2.94
3.14
3.84
4.93
4.49
3.40
3.25
MayJ26—
116.98
104.48
120.82
116.43
102.12
84.55
91.05
110.83
113.68
May 26
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.28
19.. 116.97
103.56
120.59
115.78
101.06
83.46
89.84
110.43
113.27
19
3.80
2.96
3.18
3.94
5.08
4.63
3.44
3.30
12— 116.37
104.11
120.37
116.43
101.76
83.73
90.59
110.24
113.48
12
3.77
2.97
3.15
3.90
5.06
4.58
3.45
3.29
5.. 115.78
103.56
120.14
115.78
101.23
83.06
89.99
109.84
112.86
5
3.80
2.98
3.18
3.93
5.11
4.62
3.47
3.32
Apr. 28.. 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
Apr. 28
3.84
3.01
3.20
3.97
5.10
4.66
3.50
3.35
21.. 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.58
3.51
3.35
14..
114.76
102.30
119.03
114.72
100.18
81.61
88.65
108.66
111.84
14
3.87
3.03
3.23
3.99
5.22
4.71
3.53
3.37
6„
114.85
102.84
119.25
114.72
100.70
82.66
89.40
108.85
112.45
6
3.84
3.02
3.23
3.96
5.14
4.66
3.52
3.34
Mar.31..
114.85
103.93
119.25
115.14
102.30
84.83
91.51
109.24
112.86
Mar. 31
3.78
3.02
3.21
3.91
4.98
4.52
3.50
3.32
24.. 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.04
113.27
24
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
114.64
104.67
119.92
114.93
102.30
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
3.87
4.89
4.46
3.48
3.30
10- 114.79
105.22
120.37
114.93
102.84
87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.84
4.81
4.39
3.40
3.28
3.. 113.59
104.48
120.14
114.72
102.30
85.52
91.97
109.64
113.48
3
3.75
2.98
3.23
3.87
4.93
4.49
3.48
3.29
Feb. 24.. 113.38
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.30
17— 113.30
103.38
119.69
114.30
101.23
83.87
89.99
109.05
113.27
17
3.81
3.00
3.25
3.93
5.05
4.62
3.51
3.30
10— 113.21
103.20
119.69
114.09
101.06
83.60
89.69
108.85
112.45
10
3.82
3.00
3.26
3.94
5.07
4.64
3.52
3.29
3.. 113.16
102.84
119.47
113.68
100.88
83.19
89.10
108.68
113.48
3
3.84
3.01
3.28
3.95
5.10
4.68
3.63
3.29
7„
17..
Feb.
112.59
101.94
119.03
113.07
99.83
82.00
87.93
107.88
113.86
27
3.89
3.03
3.31
4.01
5.19
4.76
3.57
3.32
20.. 113.18
103.20
119.69
113.48
101.06
83.87
89.55
108.66
113.48
20
3.82
3.00
3.29
3.94
5.05
4.65
3.53
3.29
13— 112.93
102.66
119.47
113.07
100.53
83.08
89.10
107.88
113.27
13
3.85
3.01
3.31
3.97
5.11
4.68
4.57
112.95
102.48
119.25
112.25
100.53
83.06
88.80
107.69
112.86
0
3.86
3.02
3.35
3.97
5.11
4.70
3.58
3.32
Hlghl939 117.72
106.92
122.40
118.60
104.48
87.78
94.33
111.84
116.21
High 1939
4.00
3.34
3.55
4.10
6.26
4.70
3.70
8.64
Low 1939 108.77
100.00
112.45
108.27
98.28
81.09
87.93
104.30
100.54
Low 1939
3.62
2.88
3.05
8.75
4.77
4.34
3.37
3.16
High 1938 112.81
101.76
118.60
111.43
100.18
82.27
88.36
107.11
112.05
High 1938
4.70
3.34
3.85
4.68
0.98
6.11
4.23
8.76
Low 1938 109.58
88.80
112.45
102.66
89.10
62.76
71.15
96.11
104.30
Low
3.90
3.05
3.39
3.99
5.17
4.73
3.61
3.36
3.95
3.08
3.44
4.03
5.24
4.82
3.63
3.39
4.24
3.24
3.54
4.27
5.90
4.95
4.06
3.70
Jan. 17—
6-
1
1
Yr. Ago
1938
117.94
110.43
99.48
81.35
87.07
106.73
111.43
Dec. 1, 1938
95.95
114.61
108.46
95.46
73.42
85.24
98.97
105.41
Dec. 1, 1937
2
2 Yts.Aqo
Dec. 1 '37 109.27
3.30
Year Age—
100.88
Ded. 1 '38 112.09
*
Jan.
Years
Ago—
yields on the basis of one "typical" bond (4% coupon, maturing In 30 years), and do not purport to show either the average
level or the average movement of actual price quotations.
They merely serve to illustrate In a more comprehensive way the relative levels and the relative movement of
yield averages, the latter being the truer picture of the bond market,
t The latest complete list of bonds used In computing these indexes was published In the issue of Aug. 10, 1039, page 1086.
These prices are computed from average
Indications of Business
TRADE—COMMERCIAL
OF
THE .STATE
EPITOME
Business
showed
activity
week, "this,
of
course,
the
observance
the
reports from
many
of
the
sources
Commerce Hopkins predicts that the
United
States will experience "the best Christmas business
season
since 1929'' because of
the increase that has taken
year,
recent
years
by depriving business firms of
which
they normally reinvest in plants and equip¬
Mr. Weir states further:
"Since 1940 is an election
ment.
past
and a general feeling of optimism pre¬
Secretary of
vails.
slight falling off
reflecting
Trade
Thanksgiving holiday.
continue favorable,
a
investment in
funds
Friday Night, Dec. 1, 1939.
Activity
the National Administration at Washington will nei¬
spending nor increase taxes to produce revenue
ther reduce
to
sufficient
the
cover
spending.
Instead,
effort
an
will
be made to incresae the national income to the point where
the
present rate of taxation will produce a much higher
Federal
The
income.''
City Bank
National
issues
note
a
its December monthly bank letter it
of
In
warning.
states that
a
reaction
place in consumer purchasing power throughout the country
in the rate of factory
and the extended holiday
during the first half of next year; that the only question is
as
to what extent that reaction
will
be.
It would be
buying
change in the Thanksgiving Day dates.
has
in
been
a
He said that there
steady rise in income payments to
recent, months
individuals
and that total income payments
final three months of the year will
last quarter
resulting from the
season
since 1929.
in the
be higher than in any
Individuals received approximately
operations
appears certain
some
time
expecting a great deal to look for consumption to rise
sufficiently to take all this output promptly off the mar¬
kets.
The chief question, the review states, is whether
the reaction will be moderate or severe.
According
to
the
"Journal
of
Commerce,"
merchandise
$2,400,000,000 more income in the first 10 months of 1939
than in the same period of 1938, he stated.
A note of warn¬
loadings, electric
ing, however, comes from another source.
Ernest T. Weir,
President of the American Iron and Steel Institute, in an
Unsettled conditions in the industry were also another fac¬
tor in the decline in automotive activity.
Steel operations
address
the
before
Economic
Club of
Detroit,
stated that
present business upswing is unsound because the stimu¬
lation has come chiefly from anticipation of war buying
the
from
Europe.
Permanent recovery, he said, depends upon a
productive
sustained high volume of private investment in
enterprise,
but
poor
earnings
have
cut
off this flow
of
minous
reached
A
coal
a
output, petroleum
production
record
showed
runs-to-stills
considerable
and
bitu¬
contraction.
high of 93.9 during the past week.
leveling off in
steel business which may become
prices are unchanged for the first
quarter, was observed by the "Iron Age."
Such deferment
is already occurring in tin-plate and may extend to other
accentuated
products
in
now
cases
new
that
where
users
have
sufficiently
built
up
ONE HUNDRED—The
Commercial & Financial Chronicle—VEARS OLD
3460
inventories,
there is still a substantial flow
However,
of
business, mainly for the first quarter of 1940.
While
steel inventories are being built up, in many instances to
new
months'
three
volume of
the
requirements,
steel
that
is
going directly into consumption is greater than seems to
be generally realized.
While the industry does not expect
the current record-breaking production
to continue long,
"Iron
Age"
there is still
that
states
no
indication of
a
sharp drop before the end of the year or early in 1940.
Steel scrap prices have declined sharply as ingot production
attains a new record high level, and major producers have
prices on principal steel products.
Scrap prices
much as $2 a ton at Pittsburgh in the last 10
reaffirmed
off
are
as
melting steel scrap is
1 heavy
No.
days.
now
quotation.
decline of
The "Iron Age" scrap composite is now $18.58,
$3.92 from the peak of $22.50 in the first week
All grades of scrap are weak in all districts,
of October.
partly to the exaggerated reports of large export sales.
Production of electricity in the United States for the week
due
Nov.
ended
totaled
25
2,481,882,(XX) kwli.,
increase
an
2,270,296,000 kwh. a year ago, an increase of 10.7%. Among
the major geographic regions New England made the best
showing last week, with a year-to-year gain of 19.6%,
against a gain of 8.3% in the previous week.
The Association of American Railroads reported today
676,516 cars of revenue freight were loaded during the
week ending last Saturday.
This was a decrease of 94,888
cars, or 12.3%, compared with the preceding week; an in¬
crease of 114,858 cars, or 20.4%, compared with a year ago,
of
increase
an
with
21.7%,
supplies for domestic use and for livestock is becoming
increasingly serious in some interior sections, with con¬
siderable deepening of
Association
The
Class
that
of
had
net
or
Railroads
American
of
railroads
I
cars,
railway
compared
reported
dry, loose condition of the topsoil favors severe duststorms, with high wind.
In the New York City area the
weather has been generally cool and clear during the week.
The weather today was mild and overcast, temperatures
ranging from 40 degrees to 52 degrees.
Increasing cloudi¬
ness
and warmer temperatures followed
by rain is the
forecast for
tonight and Saturday.
$456,617,496 in the first 10 months of this year,
as com¬
pared with $274,039,613 in the same period of 1938 and
$759,038,636 in 1930.
The Association said the income was
at an annual rate of return of 2.07% on the railroads' prop¬
months
roads
or
compared with 1.24% in the first 10
and 3.43% in 1930.
In October the
investment,
erty
of
had
last
net
year
railroad
the rate of 2.9%
at
operating income of $101,616,477,
investment, compared with $68,-
on
Overnight at Baltimore it was 32 to 52 degrees;
Milwaukee^ 39 to 43; Charleston, 54 to 71; Savannah, 48
to
to 54;
Dallas, 44
68;
Springfield,
$2,812,529,000, has already exceeded the total for the entire
year of 1938, and is 11^% greater than in the 48-week
period last year.
Private construction has also topped its
last year's total, and is 10% above the 48-week volume in
1938.
Public awards to date are 12% higher than in the
corresponding period
week
are
53%
year
a
above
the
Private awards for the
ago.
week
last
year.
This
is
the
twelfth consecutive week in which they have exceeded their
respective 1938 values.
33% below the week a
Public
construction,
however,
is
The movement of the index is
Tues.
Nov. 24
Nov. 25
Nov. 21
Nov. 28.
Wed.
Nov. 29.
Fri.
Sat.
Mon.
Thurs. Nov. 30
Fri.
—
—-
—
-
—
—
—
—
fourth
year-to-year advance.
Dun & Bradstreet reported
today that total clearings in 22 leading cities were $4,688,970,(XX) in the week ended Wednesday, which aggregate
was
5.1% above a year ago.
However, tlie^ latest week's
$884,632,000 less than in the week preceding,
much less than the decline in the similar
weeks of 1938.
Bank clearings in New York City totaled
$2,638,975,000, or 1.8% less than last year at this time.
However, those of the 21 outside cities reached $2,049,-
995,000,
or
was
15.4%
more.
this week will reach a new high for
Automotive Reports, Inc., said today.
The
Ward's
estimated
production of 93,638 units for this week
increase of 29.1%
week, but
week
a
a
the number
over
were
run
off
in
of
the
weather
following the Thanksgiving
and the fact
that
some
final
assem¬
Chrysler plants.
week
was
by unsea¬
sonably high temperatures over the Northwestern and more
States, abnormally cool weather in Eastern sec¬
tions and throughout the South, much sunshine
practically
everywhere, and very little precipitation.
No drought-re¬
lieving rains occurred during the past week, and conse¬
serious lack of soil moisture continues
of the country.
In most parts of the Atlantic
the
a
over
area
much
from
Carolinas
northward, the central and eastern Lake
region, the Ohio Valley, and from Missouri southward, the
topsoil continues in fairly good condition from previous
rains, and fall-seeded crops are making rather satisfactory
advance in these
Weather Bureau
were
the
rainfall
so
driest
areas.
states,
of
In many mid-Western
areas, the
September and October combined
record,
far in November.
followed by
October Topped All
The
business
recent
which
upswing,
in
resulted
has
reached
new
a
In October, according to a
all-time peak.
monthly survey prepared and released on Nov. 26 by Amer¬
ican Trucking Associations, truck loadings were 4.5% above
the record volume recorded in the preceding month.
The
October
The
carriers
38
in
in October
in
tons
The
a
25.6% above that of October last
figure also was
and 51.3% above the monthly average for 1936.
ATA survey for October was based on comparable reports of
year
1938.
truck
for October, computed by taking
This
compares
143.56 for September, 1939, and 113.38 for October
index figure of
an
index figure
loadings
monthly average to represent 100%, was 151.26.
1936
193
transported 1,070,897 tons of freight
against 1,025,093 tons in September of this year, and 852,874
as
October,
ATA
Those carriers
States.
year ago.
General
total
for October,
reported
25.2%
preceding month,
and
of
carriers
the
reporting
for
accounting
merchandise,
tonnage
a
little
a
showed
increase
that
the
greater had not labor troubles resulted in the loss of
Petroleum
showed
products,
for
October
in
the petroleum field.
the
of
September,
decrease under
4.2%
a
seasonal decline
11%
representing
of
the
2.8% ov^r the
October, 1938.
Comments
increases would have been
over
indicated
74%
than
more
increase of
an
business.
reported,
some
total
tonnage
occasioned
1939,
by
normal
a
The volume of petroleum products
year.
the
far
By
mobiles,
was,
24.8%
however,
increase
greatest
of
increased
the
in
96.9%
and
to
September,
the
1939,
that
fact
the
during
manufacturers
hauling
were
auto¬
Movement
previous
month,
of
and
These unusual increases
large
a
carriers
the
over
month
same
reported.
the corresponding month a year ago.
attributed
were
102.6%
the
in
by
traffic
automobiles
over
October
reported
was
4%
constituted
which
than
greater
October,
of
part
closed
down
1938,
change
to
models.
Accounting for almost 5% of the total freight reported, iron and steel
products
16.1%
also
as
October,
to
the
and
Movement
in volume.
Increased
1938.
September,
movement
of
iron
and
1939, and 34.6%
these
of
increased
steel
compared
as
commodities
was
with
attributed
general business upswing.
than
More
goods.
gained
compared with
5%
These
slight
groups
freight
the total
of
including
commodities,
was
textile
an
0.4%
over
October,
made
products
increase of 2.6%
reported
increase of
reported
tobacco,
over
up
and
of
miscel¬
household
September,
1939,
1938.
Revenue Freight Car Loadings in Week
Total 676,516 Cars
Loading of
revenue
Ended Nov. 25
freight for the week ended Nov. 25
Association of American Railroads
totaled 676,516 cars, the
announced on Nov. 30.
This
was
an
increase of
114,858
20.4% above the corresponding week in 1938 and an
increase of 120,754 cars or 21.7%. above the same week in
1937.
Loading of revenue freight for the week of Nov. 25
which included holiday was a decrease of 94,888 cars or
12.3% below the preceding week.
cars or
characterized
Western
quently
130.1
172.8
...138.4
...
Low—Aug. 15.
an
last
from the units in the like
Ward's attributed the rise to the resump¬
holiday in Michigan
The
is
units produced
decrease of 4.3%
year ago.
tion of five-day work schedules
blies
of
Low—June 1
1939 High—Sept.2
record-breaking movement of freight on the highways for
two months running, rose still higher in October, marking
the third successive month in which motor truck traffic has
laneous
Automobile output
1939,
160.6
..163.4
.142.1
.....152.9
1938 High—Jan. 10
by Truck in
Movement
Nov. 17.
Month Ago, Nov. 1
Year Ago, Dec.l —-
Records
turnover was
although this
follows:
as
Two Weeks Ago,
160.5
160.3
159.9
159.3
158.5
159.9
-160.6
......
1—
Dec.
Freight
Bank clearings in the latest week fell 15% from the week
before, due largely to Thanksgiving, yet exceeded the com¬
parable period of 1938, with its holiday,- and marked the
Index Slightly Higher
Moody's Daily Commodity Index advanced slightly, from
160.5 a week ago to 160.6 this Friday.
The principal in¬
dividual changes were the gains for wheat and cotton.
last
year ago.
Okla¬
♦
Moody's Commodity
with
date,
42 to 49;
46 to 54.
the
volume for 1939 to
111.,
City, 38 to 48; Salt Lake Cit^, 35 to 49, and Seattle
homa
News-Record."
construction
Pitts¬
burgh, 36 to 45; Portland, Me., 35 to 48; Chicago, 42 to 45;
Cincinnati, 42 to 50; Cleveland, 39 to 44; Detroit, 40 to 44;
594,098, or 1.9%, in October, 1988, and $110,923,439, or
3.35%, in October, 1930.
Heavy engineering construction awards for the week
total $57,501,000, a decrease of 16% from the volume for
the corresponding 1938 week, as reported by "Engineering
The
A drop in temperature
Saturday night.
looked for
is
today
operating income
Plains
In the southwestern
wells.
the
1937.
120,754
1939
century.
a
of
13.6% over the 2,183,807,000 kwh. produced a year ago,
according to the Edison Electric Institute.
In the week
ended Nov. 18 the output was 2,514,350,000 kwh. against
and
than
more
2,
100 years, has had the driest
The shortage of water
going back more than
November in
quoted in
Pittsburgh at $19.50 to $20 a ton, or $1 below the previous
a
ords
Dec.
extremely
scanty
Minneapolis, Minn., with rec¬
Miscellaneous freight loading totaled
cars
below the preceding
week, but
an
281,353
cars, a
decrease of 34,842
increase of 57,200 cars above the
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled
142,556
cars, a
decrease of 15,472 cars below the preceding week, but an increase of
12,666
cars
above the corresponding week in 1938.
Coal loading amounted to 134,334 cars, a decrease of 16,712 cars below
the preceding week, but an increase
of 14,333 cars above the corresponding
week in 1938.
Grain and grain
cars
products loading totaled 35,997 cars, a decrease of 900
below the preceding
week, but an increase of 6,842
corresponding week in 1938.
cars
above the
In the Western Districts alone, grain and
grain products loading for the week of Nov. 25, totaled 19,098 cars, a de-
Volume
crease
REVENUE
preceding week, but an increase of 794 cars
of 1,651 cars below the
FREIGHT LOADED
below the preceding
week, but an increase of 9 cars above the
preceding week, but
an
the
Received from Connecti vis
Own Lines
Weeks Ended—
18 Nov. 26
Nov. 25 Nov. 18 Nov. 26 Nov. 25 Nov.
corresponding week
increase of 338 cars above the
on
Weeks Ended—
stock for the
10,769 cars, a decrease of 1,812 cars below
totaled
25
Loaded
corresponding
In the Western Districts alone, loading of live
week of Nov.
CONNECTIONS
13,779 cars, a decrease of 2,125 cars
loading amounted to
week in 1938.
FROM
RECEIVED
AND
(Number of Cars)
above the corresponding week in 1938.
Live stock
3461
ONE HUNDRED —The Commercial & Financial Chronicle -YEARS OLD
149
1938
1939
1939
1938
1939
1939
in 1938.
Forest
products
cars
V.
ing week in 1938.
,
preceding week,
but
increase of 11,580 cars above the
an
week in 1938.
Coke loading amounted to
preceding week,
11,357
cars, a
,
10,519
3,039
1,395
1,639
1,769
1,521
2,016
2,131
4,109
3,699
2,584
2,701
13,855
14,434
12,434
9,192
9,122
36,596
42,810
30,893
38,623
44,030
33,254
4,932
21,710
6,054
4,248
18,319
9,871
10,930
8,799
4,880
Pennsylvania RR.
67,199
47,867
43,583
4,991
48,351
3,809
30,841
4,736
2.302,464
2,297,388
2,390,412
2,155,536
2,222,939
Five weeks in April
2,832,248
2,649,960
Four weeks in May
2,371,893
Four weeks in June
2,483,189
Five weeks in July.
3,214,554
F'our weeks in August
2,689,161
2,185,822
2,170,778
2,861,821
2,392,071
Five
4....
3,844,358
3,374,943
805,862
3,243,511
2,842,632
672,967
Week ended Nov. 11.—.
785,961
636,446
Week ended Nov. 18.—.
771,404
Week ended Nov. 25.—.
676,516
657,066
516,658
30.840,353
27,509,924
-
„
weeks in September.
F our weesk in October
Week ended Nov.
4,703
6,019
5,974
7,285
25,847
8,520
8,985
5,073
5,738
4,452
8,377
9,173
Total
...
FREIGHT LOADED AND RECEIVED FROM
(Number of Cars)
Weeks Ended—
24,219
Illinols
Central System
30,005
12,372
32,747
13,995
20,755
27,450
10,590
65,016
70,961
58,795
In the following we
compared with the same
...
Delaware Lackawanna & West
Detroit A Mackinac
Piedmont Northern
55
1,499
4,733
2,298
1,759
7,074
Seaboard Air Line
5.245
9,735
1,239
4,311
9,373
6,501
Tennessee Central
531
2,120
1,921
Grand Trunk Western
328
12,299
4,975
4,406
177
Monongahela
Montour
...
New York Central Lines
N. Y. N. H. A Hartford
New York Ontario A Western.
N. Y. Chicago A St.
Louis
Pittsburgh A Lake Erie..
Pere Marquette
202
1,539
8,257
2,790
5,660
Lehigh Valley
Maine Central
205
1,620
9,018
Lehigh A Hudson River
Lehigh A New England
2,548
3,889
2,236
36,120
9,481
1,428
1,475
8,934
2,443
3,802
2,093
37,636
2.246
42,810
10,597
1,136
6,054
8,119
6,373
4,794
5,727
5,938
1,502
3,323
1,086
3,174
13,218
7,465
2,171
Pittsburgh A Shawmut
A West Virginia
Richmond Fred. A Potomac.
—
Southern System
Southbound...
Winston-Salem
6,662
2,452
1,980
1,051
6,427
2,316
238
261
1,547
7,627
34
Total.
Chicago
Chicago
Chicago
Chicago
A North Western.....
Great Western
Mllw. St. P. A Pacific.
St. P. Minn. A Omaha.
Duluth Mlssabe A I. R
Duluth South Shore A Atlantic.
Elgin Jollet A Eastern
Ft. Dodge Des Moines A South.
44,030
39,089
9,288
1,459
4,323
13,181
11,121
1,732
10,930
9,325
Green Bay A Western
4,542
6,789
5,974
5,683
4,973
Lake Superior A
5,856
52
35
1,766
294
457
443
377
375
240
187
1,206
883
726
1,812
1,378
867
...
Northern Pacific
5,738
5,202
3,257
5,843
4,671
3,190
9,173
3,747
2,883
160,864
138,628
140,408
171,581
148,801
439
404
390
786
722
35,940
27,033
2,288
18,349
2,558
15,128
7
7
Chicago Burlington A Quincy..
Chicago A Illinois Midland....
Chicago Rock Island A Pacific.
29
12
Chicago A Eastern Illinois.....
Total.....................
318
300
1,671
7,055
1,440
1,339
6,376
Bessemer A Lake Erie
Fe System.
1,583
Bingham A Garfield
Colorado A Southern
6,588
12,492
10,632
592
629
554
53
30
Denver A Rio Grande Western.
Cornwall
Cumberland A Pennsylvania..
319
204
245
40
27
Denver A Salt Lake
29
Fort Worth A Denver
Central RR. of New Jersey...
142
LIgonier Valley..—
Long Island
Penn-Reading Seashore Lines.
Pennsylvania System
Co
Union (Pittsburgh)
West Virginia Northern
Western Maryland
Reading
5,736
134
117
33
2,783
1,589
48,351
726
744
869
1,497
74,918
13,910
1,044
55,727
12,473
9,122
1,063
54,933
18.978
12,437
7,614
30
118,469
26,884
25,708
5,138
22,138
21,940
57,730
7",557
Norfolk A Western...—
Virginian
Total..
Missouri- Illinois
North
...
Northern
Nevada
121,313
1,854
5~382
Toledo Peoria A Western—...
(Pacific).....
91,027
12,112
4,991
10,277
4,768
18,839
18,033
3,824
639
932
48,846
40,696
17,742
15,390
4,181
Burlington-Rock Island—.....
Fort Smith A Western x
Gulf Coast Lines—
International-Great Northern..
Kansas Oklahoma A Gulf—...
241
226
163
677
1,508
1,225
584
595
567
939
806
9,890
9,113
4.238
Louisiana Arkansas
3,614
8,961
3,555
5,410
3,955
2,533
Midland
432
4C6
420
1,486
1,157
1,099
2.300
1,062
1,681
407
441
347
395
Durham A Southern—.....
165
156
158
310
409
Florida East Coast
799
978
821
935
791
34
33
35
99
86
813
Georgia & Florida—
—
Illinois Central System
Louisville A Nashville
Macon Dublin A Savannah....
Mississippi Central
Note
136
408
325
9,618
7,384
5,047
442
414
417
178
177
12,452
12.0C5
2,798
2,628
639
555
635
555
4,387
1,908
5,676
1,502
1,717
6,355
10,161
508
64
61
1,876
5,333
10,309
1,715
2,496
1,703
2,044
3,210
4,000
100
167
263
256
1,947
1,586
1,287
1,518
1,244
108,427
83,272
78,347
47,867
41,012
22,768
3,106
21,555
2,790
23,580
2,942
5,651
2,341
5,598
1,903
438
459
91
78
17,321
2,165
12,019
2,680
1,209
4,173
17,500
17,766
1,593
12,448
2,929
1,506
4,201
8,546
8,074
703
688
8,151
2,627
1,488
2,933
2,556
1,181
1,771
11,852
2,582
1,536
4,639
1,008
1,148
311
2,612
7C9
12
15
1,475
1,143
348
1.9C8
1,061
1,415
694
476
371
975
1,163
1,976
1,029
1,167
25,710
7,757
1,723
123
120
521
493
358
4,826
1,028
8,874
1,767
574
1,242
186
20,411
5", 123
282
427
19,479
16,901
1,251
9,612
23,476
-
535
636
7
7
1,927
1,802
2,349
2,025
116,553
114,599
54,348
50,433
Louisiana A Arkansas
—
A Texas...
Valley
-
Missouri A Arkansas...
Missouri-Kansas-Texas Lines..
Missouri Pacific
.....
Quanah Acme A
St. Louis-San
St.
Pacific
1,472
339
473
479
1,344
11,080
964
Texas A
19,985
183
151
184
620
166
284
1,887
130
291
273
1,639
2,131
1,197
172
3,432
1,923
225
1,877
245
163
173
956
898
1,932
2,059
1,944
2,159
1,791
1,879
1,764
1,659
1,719
1,478
a
129
a
*362
371
291
859
700
766
263
166
158
278
282
4,109
14,477
4,375
14,139
4,736
2,701
2,624
15,355
9,122
8,379
a
740
245
121
138
210
160
96
7,056
2,.502
7,466
2,689
4,680
2,497
3.870
2,332
6,964
,7.989
495
315
191
2,651
Texas A New
1,448
21,997
18,840
138
3,520
7,991
—
Francisco
Louis Southwestern
1,610
349
1,495
20,981
152
2,925
1,769
261
City Southern........
381
163
Previous year's figures revised.
Kansas
1,729
22,270
22.687
1,034
Georgia
Gulf Mobile A Northern
350
533
4,965
591
Litchfield A Madison...
2,764
1,220
645
362
6,485
Southwestern District—
182
...
687
919
119,613
Total..
675
Gainsville Midland
4,133
13,531
561
748
362
10,023
2,803
7,658
3,142
8,596
3,612
1,954
Utah
259
Columbus A Greenville
10,911
2,939
18,468
Western Pacific
Southern District—
Cllnchfleld
14,451
2,410
19,236
4,050
23
Alabama Tennessee
....
14,850
2,483
20,492
3,987
Peoria A Pekin Union
Atl. A W. P.—W.
A Northern
RR. of Ala.
Atlanta Birmingham A Coast..
Atlantic Coast Line........
Central of Georgia
Charleston A Western Carolina
17,149
2,504
20,302
766
Western Pacific
Union Pacific System
Pocahontas DistrictChesapeake A Ohio
60,558
611
City
Terminal..,
Illinois
Southern Pacific
3,583
120,511
20,304
6,382
2,301
1,148
36,621
15,551
48
3,202
167,011
Total.
31
4,100
73,012
Central Western District—
Alton
Cambria A Indiana
95,828
8,474
Atch. Top. A Santa
Alleghany District—
Buffalo Creek & Gauley
96,499
433
Spokane Portland A 8eattle...
Wheeling & Lake Erie
26,894
1,447
348
714
216
Spokane International
Wabash
Baltimore A Ohio
672
822
10,571
Ishpemlng
Minneapolis A St. Louis
Minn. St. Paul A S. S. M
555
Akron Canton A Youngstown.
691
169
632
562
.
399
180
15,092
Great Northern
678
Total.
403
167
1,107
3,892
4,130
13,437
Northwestern District—
932
Rutland
5,563
16,141
2,312
1,032
11,578
746
Pittsburgh Shawmut & North..
Pittsburgh
311
11,922
8,985
19,192
105,619
Norfolk Southern
1,757
51
349
8,658
19,794
417
9,796
33
4,924
Erie
364
9,488
21,820
333
10,959
2,168
13
13,749
Detroit A Toledo Shore Line...
328
2,410
1,235
256
128
370
1,751
2,616
1,109
1,159
194
2,784
Detroit Toledo A I ronton
373
389
2,764
1,283
1,398
1,734
7,526
1,782
126
1,903
2,029
2,462
1,173
M08
5,581
1,979
1,757
Nashville Chattanooga A St. L.
540
1,292
7,513
1,681
8,286
7,899
1938
1939
Mobile A Ohio
610
1,328
8,285
1,613
10,061
347
from Connections
District—(ConcJ.)
581
Delaware A Hudson
Total Loads Receive
1337
1938
1939
1,527
Central Vermont
ENDED NOV. 18
Freight Loaded
Railroads
25
Maine
Central Indiana
for the week ended Nov. 18,
roads showed increases when
week last year:
Total Revenue
637
Chicago Indianapolis & Louisv.
undertake to show also the loadings
for separate roads and systems
1939.
During this period 104
1938
1939
1937
1938
Eastern District—
Boston &
| Nov. 26, 1938
22,639
Southern
Bangor A Aroostook
1939
Chicago Rock Island A Pacific Ry.
from Connections
1939
Nov. 18,
Nov. 25, 1939
CONNECTIONS (NUMBER OF CARS)—WEEK
Total Revenue
Ann Arbor
RECEIPTS FROM CONNECTIONS
Total Loads Received
Freight Loaded
Railroads
TOTAL LOADINGS AND
Total
1939 loaded a total of 318,376 cars
REVENUE
4,252
7,396
6,983
360,281 265,566 197,986 219,472 163,783
Total
34,917,862
railroads to report for the week ended
of revenue
freight on their own lines, compared with 360,281 cars in
the preceding week and 265,566 cars in the seven days
ended Nov. 26, 1938.
A comparable table follows:
25,
4,820
St. Louis-San Francisco Ry...
555,762
The first 18 major
Nov.
Wabash Ry
728,765
685.926
644.927
5,343
7,623
31,307
5,664
7,002
Southern Pacific Lines
2,714,449
2,763,457
2,986,166
3,712,906
3,098,632
2,962,219
3,794,249
3,100,590
4,013,282
3,156,533
2,256,717
Four weeks in February..
Four weeks in January
25,708
74,918
6,373
28,341
Pere Marquette Ry
Four weeks in March..—
1,169
1,860
2,488
7,704
Pittsburgh A Lake Erie RR
9137
1938
1939
9,046
12,020
2,925
New York Chicago A St. Louis Ry
Norfolk A Western Ry
/'
r
10,911
15,489
Missouri Pacific RR
corresponding
compared with the corresponding weeks in
1938 and 1937.
8,574
7,391
7,028
1,509
3,762
Missouri-Kansas-Texas RR
week in 1938.
All districts reported increases
8,596
2,768
18,486
New York Central Lines
decrease of 730 cars below the
but an increase of 4,599 cars above the
7,771
13,728
PaulAPac.Ry
Chicago A North Western Ry...
Gulf Coast Lines
the
corresponding
>
7,630
12,112
8,546
17,321
20,571
Chicago Mllw. St
.
amounted to 23,917 cars, a decrease of 21,718 cars below
Ore loading
21,738
15,586
5,351
13,102
18,349
10,151
18,806
15,242
16,701
31,792
Chesapeake A Ohio Ry
cars
correspond¬
16,081
26,884
Baltimore A Ohio RR
Chicago Burlington A Quincy RR.
decrease of 2,389
a
of 7,629 cars above the
5,646
18,418
22,537
18,635
International Great Northern RR
33,223
loading totaled
below the preceding week, but an increase
5,431
20,308
35,940
Atchison Topeka A Santa Fe Ry_
874
139
* Previous figures,
5,742
x
9,511
4,785
2,952
5,508
8,511
5,915
3,253
5,225
3,627
3,559
Wichita Falls A Southern.....
184
227
272
54
40
Wetherford M. W. A N. W..—
22
17
29
35
36
52,140
52,757
36.149
32,822
Orleans
Pacific—
Total
Discontinued Jan. 24, 1939.
——
a Included In Louisiana A
56,180 I
Arkansas, effective July 1, 1939.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3462
Wholesale
Prices
Commodity
PERCENTAGE
Declined
During Week
Ended Nov. 25 to Lowest Levels Since Early in
October, Reports "Annalist"—November Average
Highest Since March, 1938
The
"Annalist"
announced
Nov.
on
27, that
IMPORTANT
sale
of October.
price index (1926=100)
The "Annalist" whole¬
80.9
was
Nov. 25,
on
SUBGROUPS from nov.
Dec.
price
2,
to nov.
18
1939
indexes
25,
of
1939
Decreases
Fruits and vegetables
2 .3
Electricity
Meats
1.8
...
2 .2
—
Other farm products
Livestock and poultry
1.4
1 .3
Coke
1.3
1 .2
Grains
Other foods
1.0
Woolen and worsted goods
1 .0
Anthracite
Silk and rayon
0 .8
Other textile products
0.8
Dairy products--
tendency prevailed in leading commodity markets during
the week ended Nov. 25, and prices dropped to the lowest
level since the early part
Wholesale
IN
Increases
easier
an
CHANGES
0 .4
Hides and skins
0.7
Furniture
1.0
0 .4
Chemicals
Other leather products
0 3
Crude rubber
Fertilizer materials
0 3
Leather
Shoes
as com¬
0 .2
0.7
—*
—
0.5
0.4
Petroleum products
0.4
Hosiery and underwear
pared with 81.4
Nov. 26,
on
Wheat and
moved in
corn
declined
for the
a
first
downward, although steers
Oats gained
range.
several
slightly.
months.
Tin
ground.
some
Hogs continued
Hides and silk
lower, but rubber moved counter to the trend.
otherwise
were
was a
0.1
0 2
Iron and steel
0.1
0 .2
Furnishings
0 2
Cotton goods
0 1
1
Non-ferrous metals
0 .1
moderately
strong spot in an
Wholesale
metal group.
featureless
0.4
Bituminous coal
Other miscellaneous
narrow
time in
rose
Cereal products...
0 2
1938.
The "Annalist" further said:
Cotton
0 2
Lumber
Cattle feed
Nov. 18 and 79.9
on
Commodity Prices Continued to Decline
During Week Ended Nov. 25, According to National
In spite of the recent downward
trend, commodity prices averaged
81.6% of the 1926 base during November, the highest since March of last
Fertilizer Association
year.
"ANNALIST"
WEEKLY
AND
MONTHLY
INDEXES
OF
WHOLESALE
COMMODITY PRICES
The fifth consecutive weekly decline was registered last
week
by the wholesale commodity price index compiled by
Fertilizer Association.
This index in the
The
(1926=100)
Nov.
25,
Nov.
week
26,
Nov.,
Oct.,
Nov.,
1939
1939
1938
1939
1939
1938
75.8
76.0
78.3
76.6
76.1
70.5
71.1
73.5
71.4
71.7
72.9
Textile products
75.9
76.6
59.4
76.7
76.1
59.5
Fuels—
87.2
87.8
84.1
87.7
87.1
84.1
Metals
99.1
99.0
97.6
99.0
99.2
97.7
72.2
72.2
69.3
All commodities.
72.2
72.0
69.3
85.9
.
85.9
86.8
85.9
85.6
86.9
80.7
70.5
80.2
76.4
81.4
79.9
81.6
81.5
79.9
The
the
total
index
week.
of
Labor
modity
Statistics
Prices
Ended Nov.
Index
Declined
of
Wholesale
Slightly
Com¬
During
Week
25
representing
accounting
Wholesale
the
week
Nov.
commodity
ended
30.
'The
farm
Commissioner
of
Labor
Lubin
Statistics'
reported
index for
the
for
were
of
materials,
raw
jute,
raw
semi-manufactured
products continued
downward with
commodities,
that
a
by
higher
prices
decreased
"all
other
than
eggs,
lemons,
oranges,
for
calves,
and
wool.
0.4%
hogs,
live
and
lower
bacon, and
and
poultry
prices
vegetable oils.
and
group.
textiles,
hosiery and underwear,
Bharing in
and
price
dried fruits,
meats,
leather
the textile
pine
price
lumber.
coal,
increases
Lower
reported
were
caused
Prices
products
silk
and
Pennsylvania gasoline,
red
The
cedar
index
furnishing
rubber
The
these
in
for
the
were
scrap
chemicals
rose
0.3%.
to
(2)
in
shoes
group
and
no
change
groups
steel,
and
in
for
were
for
the
spruce
pig
of
Nov.
18,
1939
Oct.
lumber,
cattle
Finished products
All
commodities
All
commodities
WHOLESALE COMMODITY PRICE INDEX
(1926-1928=100)
Month
Preced'g
Year
Week
Ago
Ago
Nov. 25
Nov. 18
Oct. 28
Nov. 26
1939
1939
1938
75.3
72.5
73.3
74.0
50.7
52.8
o3.8
60.7
61.8
64.5
70.0
63.8
63.8
63.8
65.2
54.5
49.9
48.2
55.5
62.3
62.5
61.5
59.9
Livestock
64.3
63.9
65.4
73.3
Fuels
17.3
81.8
81.8
81.6
75.9
88.3
50.0
77.6
76.9
59.7
93.6
94.1
90.8
Building materials
87.5
87.4
87.4
83.9
1.3
Chemicals and drugs
Fertilizer materials
93.6
93.6
93.5
93.2
.3
73.2
73.1
72.9
70.8
.3
Fertilizers
77.3
77.3
77.3
77.6
.3
Farm machinery
94.9
94.9
95.0
97.1
77.1
77.2
77.7
73.2
drop in the
with
and
were
cotton
index
for
and
and
0.5%.
advanced
and
New York Reserve Bank
yellow
ber Sales of
gravel,
Housecrude
subgroup in¬
Ago
larger than
last
states
year,
its
Dec.
1
smaller gain
months.
Grocery
year
while
in
a
10c.
Review."
26,
26,
1938
to
and
to
on
show
sales
for
in
the
per
grocery
store
of
chain
somewhat
several preceding
increase
stores
the first
time in
several
in
sales
reported
over
a
smaller
a
months.
chains
all
showed
increase of
an
chains combined
registered
20%%
a
compared with the rise of approximately 3%%
Nov. 18 Oct.
to
28 Aug. 26
to
gain
in
over
of
total
last year.
about
6%%
sales.
Percentage Change October, 1939,
Compared with October, 1938
to
Type of Chain
Number of
Stores
74.8
77.3
—0.1
—0.3
+ 5.6
67.2
67.2
61.1
68.3
+ 0.4
+0.6
+ 10.6
72.0
72.3
72.3
66.7
74.0
—0.4
—0.4
+ 7.9
92.6
95.0
—0.1
—1.2
+ 12.5
Ten-cent and variety.
Shoe
67.4
65.7
+ 0.3
+ 0.8
+ 12.5
Candy
78.2
a
variety
York
New
a
a
79.2
78.2
say:
sizable
is
number of months, and the shoe and candy chains reported
79.1
89.3
This
of
Nov.
1939
89.7
Bank
been registered in
continued
the
Reserve
reduction of about 8% in the total numbeT of grocery chain
operation between October, 1938, and October, 1939, sales per
of
as
"Monthly
than had
chains
ago,
decreases
the Federal
The Bank went
gain than in
stores
1939
Reports Gain of 3.4% in Octo¬
as
Compared with Year
Chain Stores
October sales of the reporting chain store systems in the
Second (New York) District were about 3%%
store
Aug.
All groups combined
fuel
bituminous
6and
78.2
88.1
worsted
73.2
74.4
0.0
+C.3
95.0
0.0
—0.2
+ 2.8
89.7
89.4
0.0
—0.1
76.3
—0.5
—0.6
87.7
Store
+ 11.0
—7.9
+ 20.5
+0.5
+ 2.2
+ 1.6
+ 1.0
—8.4
—9.4
—3.8
—7.5
—3.7
+3.4
+ 6.4
+4.3
87.0
Sales per
Sales
+ 3.6
74.2
Grocery
Total
+ 2.2
93.5
+ 0.3
+0.8
+ 3.4
77.4
73.1
72.4
0.0
+ 1.0
+ 7.0
72.2
72.1
66.2
71.6
+ 0.1
+ 0.3
81.9
+ 9.2
82.0
82.9
74.4
76.1
—0.1
—1.2
+ 10.1
82.3
other
the
declines and 20
93.7
82.5
82.5
79.3
80.6
—0.2
—0.2
+ 3.8
81.7
81.9
77.8
79.3
—0.1
—0.4
+4.9
84.4
84.4
84.2
than
All types
—2.8
as
4.3% in Department Store Sales in October
Compared with Last Year, Reports New York
Federal Reserve Bank
Federal
"Monthly
80.4
80.8
0.0
+0.2
+ 5.0
/
Increase of
The
than
farm products and foods—
during
25 declines and
39
were
77.1
81.6
other
farm products
declined
were
88.4
72.3
-
in
Farm products
Owing to
28,
90.C
articles-
included
Miscellaneous commodities..
and
dropped
feed
1939
_
Miscellaneous
Frac¬
fertilizer
Metals
tin
anthracite
drugs group
Hides and leather products— 104.2 104.3 105.5
Textile products
75.8
75.6
75.2
Fuel and lighting materials—
74.8
74.8
74.6
Metals and metal products.
96.1
96.1
96.3
Building materials
92.9
92.9
93.0
Chemicals and drugs
77.4
77.8
77.9
Raw materials
index
for
1939
67.6
Semi-manufactured
the
indexes.
indexes
Week
79.0
Housefurnishlng goods
series
Foods
Nov. 25 Nov. 25 Nov. 25
-
price
Textiles
Percentage Changes from
Foods
the
responsible
Cotton.
Sales
All commodities
building material
by
and
cotton,
were
7.1
1926=100)
Farm products
and
respecaively,
8.2
0.3%
rose
WHOLESALE PRICES FOR WEEK ENDED NOV.
25,
25,
metal
registered
hogs,
10.8
luggage
and woolen
important changes in
1939
lumber,
for
Grains
dexes from Nov. 18 to Nov. 25, 1939.
Commodity Groups
the
and
fibers
higher prices for
group
quotations
that
was
raw
lard,
fractional
a
of
rayon,
reported
Prices
Nov.
tin
products
Croup
23.0
of
1939;
lower
for
Cottonseed oil
in
25,
food
week of
fresh
following tables
Nov.
food
coffee,
declined.
groups
farm
by
prices
in the
the
The
butter,
for
show (1) index numbers for the
commodities for the past two weeks, for
Oct. 28, 1939, Aug. 26, 1939., and Nov.
26, 1938, and the
percentage changes from Nov. 18, Oct. 28, and Aug. 26, 1939
main
in
Fats and Oils.
dropped
shingles.
goods
the
falling
Latest
100.0
resulted
prices
decline
higher.
was
The
12.
included
one
in the second preceding week there
25.3
the increase.
fluctuations
In
also
price
beans,
pea
with
Total Index
farm
lighting materials, metals and metal products, and building materials.
Important
and
flaxseed,
the other hand,
on
Aug.
index to decline during the week
textiles,
offset
in
were
reported
were
only
last
prevailed
6.1
products
for
prices
market),
foods,
flour,
for skins
leather
Lower
of
for
Each Croup
Bears to the
beans.
The level
Minor
(Chicago
for
higher.
goods
potatoes.
Higher prices
cocoa
Declining prices
hides
sweet
Average wholesale prices of
because of
sugar,
mutton,
and
commodities
Per Cent
0.4%, primarily because of higher prices for grains, cotton,
rose
15
while
77.1
to
early September.
of
Compiled by the National Fertilizer Association
for
0.1% and finished
commodities
21
which
advances.
drop of 0.2%
is
began in
the week
advanced; in the preceding week there
advances;
products and foods," remained unchanged for the fourth consecutive week.
Market prices of farm products reversed the trend
of the preceding
week and
16
in
Oct.
level
miscellaneous commodities.
Twenty-seven
silk, averaged 0.1% higher.
raw
commodities
increases
increases
week and
of
week,
group
were
prices
materials and
24
Prices
drop.
the
cattle
slight
which
the
largely responsible for the
were
prices
WEEKLY
influenced
-beans, and
cocoa
the
Higher
tional
79.0% of the 1926 average,"
was
decreases, three advanced, and four
prices
Industrial
fractinally during
The Commissioner added:
products,
The group of
declined
"Three of the 10 major
commodity group
showed
Wholesale
25,
November
Mr. Lubin said.
unchanged."
Nov.
Bureau
fourth week in
indexes
prices
prices
above
is now at the lowest point reached since the final
for
and
wool.
place has been comparatively small,
considerably
the
for
The only other
August.
grains
prices
index.
average
group
taken
77.8 in the week ended
70.3, recorded
was
lower
were
still
rise in
foodstuff
all-commodity
has
from
is
sharp
year's low point
Lower
which
gone
index
the
to
group
Bureau
decline
having
The
prior
70.9
80.9
a
ciation's announcement, dated Nov. 27:
81.1
—
Miscellaneous
77.1 against 77.2 in the preceding
was
month ago, and 73.2 a year ago, based on the
1926-28 average as 100.
We quote further from the Asso¬
78.6
Food products
Chemicals
ended Nov. 25
week; 77.7
18, Nov.
Farm products
Building materials
National
Reserve
Review"
the reporting
of
Bank
Dec.
1
of
New York
that
total
reports
October
department stores in the Second
in its
sales
of
(New York)
Volume
District
the
of
apparel
1938,
larger.
higher than in October,
almost 4%%
were
sales
and
stores
4%
about
were
The Bank added:
this
sales
of
rate
which
ment
showed
merchandise
of
the New York and Brooklyn
than
lower
depart¬
in
while stocks
ago,
year
a
accounts
department and apparel stores.
For the three weeks ended Nov. 18 total sales of the reporting
district
this
in
stores
nearly
were
Centers
Incl.
depart¬
this portion of
Week Ended—
No. of
Federal Reserve District
in the corre¬
higher than
9%
period of 1938, and the daily rate of sales for
considerably more than usual from the
sponding
SUMMARY BY FEDERAL RESERVE DISTRICTS
store
both in the
ment
Aggregate debits for the 141 cities for which a separate
1919 amounted to
$7,712,000,000, compared with $7,404,000,000 the preceding
week and $7,064,000,000 the week ended Nov. 23 of last year.
These figures are as reported on Nov. 27, 1939, by the
Board of Governors of the Federal Reserve System.
total has been maintained since January
localities were somewhat above the levels of
stocks continued lower than a year ago.
outstanding were slightly slower than a year ago
Apparel
1938.
Collections
for retail trade.
000,000, or 4% above the total reported for the preceding
week, which included only five business days, and 10%
above the total for the corresponding week of last year.
in other
department stores
October,
for
hand in
on
somewhat
remained
stores
but
last,
relatively good month
a
of
Stocks
the district as a whole the daily
slightly less than the usual advance over September,
than
year
sales
was
larger volume
stores in all localities continued to report a
Department
of
3463
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
149
Nov.
Nov.
22, 1939
Nov. 23,
15, 1939
1938
17
2—New York
$529,633,000
$471,540,000
$477,866,000
15
1—Boston
Percentage Change
a
October average.
3,329,184,000
459,961,000
613,666,000
336,709,000
3,296,039,000
3,236,222,000
438,957.000
586,116,000
312,177,000
410,151,000
509,053,000
292.989,000
Per Cent of Ac¬
from
Sept. 30
Collected in
Stock
on
18
25
24
6—Atlanta
26
269,130.000
251,527,000
239,370,000
7—Chicago
41
16
1,229,080,000
293,000,000
1,161,590,000
8—St. Louis
October
Hand
Feb. to
End of
Oct.
Oct.
Month
1938
1939
New York and Brooklyn
+ 3.7
+ 1.8
—2.3
48.4
48.5
Buffalo
+ 7.0
+ 4.9
+ 5.3
45.0
Rochester
+ 5.2
+ 6.8
57 A
+ 11.9
+3.2
+ 8.7
+ 7.4
44.1
+ 1.8
42.8
+0.5
+ 5.7
+ 4.9
43.8
+ 6.3
35.7 J
29
714,043,000
702,230,000
274
$8,466,660,000
$8,122,292,000
$7,728,539,000
44.2
+ 5.2
—3.4
211,881,000
12—San Francisco
39.9
+ 6.4
231,942,000
34.6
...
43.4
+ 2.9
294,009,000
18
9—Minneapolis
58.7
Syracuse.
166,303,000
28
1,073,907,000
176,779,000
157,624,000
276,520,000
211,105,000
666,953,000
46.3
+ 9.4
17
10—Kansas City
257,946,000
162,544,000
269,745,000
11—Dallas
counts Outstanding
Year Ago
Net Sales
Locality
3—Philadelphia
4—Cleveland
5—Richmond
November advanced
Northern New Jersey
Bridgeport
—
Elsewhere
+ 5.6
Northern New York State
Total
Demand for Furniture Shows No Sign
The
+ 6.6
+ 5.7
....
....
....
+ 13.6
+ 6.3
Hudson River Valley District
+ 3.1
+ 4.8
....
....
....
Westeheeter and Stamford
+ 1.7
+ 5.6
....
....
....
Niagara Falls
+ 3.4
+ 4.8
All department stores.
+4.3
+ 2.7
—0.3
46.7
46.0
Apparel stores..
+4.1
+ 2.8
—3.0
47.6
47.3
Central New York State
October
with
those of
a
higher rate than at any time since 1937, has shown
a
sign of slackening through the month of October, accord¬
no
ing to a report recently issued by Seidman & Seidman.
The
report also said that for the first time in 10 years, October
furniture orders equaled those
taken in September.
year
in
departments
principal
the
compared
are
table:
previous in the following
witnessed
a
of the fact that September
spectacular rise in orders of 28% over August.
mately 25%, bringing the cumulative increase in
Stock on Hand
Percentage Change
Percentage Change
October, 1939
Oct. 31, 1939
Compared with
Classification
Compared with
Oct. 31, 1938
October, 1938
Men's and boys' wear
+ 12.1
+ 1.4
Furniture
+ 11.2
—4.7
+ 0.6
Women's and misses' ready-to-wear-
+ 9.7
Home furnishings
+ 5.4
—3.4
Silverware and Jewelry
+ 4.7
—16.0
Men's furnishings
+4.3
+3.1
+2.1
—2.9
—0.2
—1.2
+ 14.6
Books and stationery
Cotton goods
Hosiery
—4.0
With
a
substantial backlog of unfilled orders on
1938.
in
However, employment in October, 1939, was still some
in increased payrolls for the
—0.8
—9.3
—0.5
—5.6
+ 8.4
—5.6
Miscellaneous..
—1.2
+ 3.7
Woolen goods
—2.2
16% as compared with those for October, 1938.
Above
a
13.6%
period in 1938.
industry was able to increase its
September by 9% and over those of October,
1938, by 18%, making the cumulative totals for the 10 months'period 17%
greater than the totals for the same period in 1938.
Notwithstanding the
increased shipments, unfilled orders at the end of the month were slightly
By stepping up plant operations, the
shipments over those made in
the books at the end of
on
Year Ago
1939 (PRELIMINARY)
weekly report
Percent Change
estimated that production of electricity by the electric light
and power industry of the United States for the week ended
2,481,882,000 kwh. The current week's
output is 13.6% above the output of the corresponding week
of 1938, when production totaled 2,183,807,000 kwh.
The
output for the week ended Nov. 18, 1939, was estimated to
be 2,514,350,000 kwh., an increase of 10.7% over the like
Sept., 1939
Nov. 25, 1939, was
week
a
about 50% more than those
October, 1938.
SUMMARY FOR OCTOBER,
The Edison Electric Institute in its current
Total payrolls for
likewise 16% in excess of those for the similar
higher than at the beginning of the month and
Week Ended Nov. 25, 1939,
Electric Output for
working hours resulted
month of some 15% as compared with September
the 10 months' period were
—8.4
—5.4
Toys and sporting goods
Toilet articles and drugs
and
—5.4
Silks and velvets
+2.0
—0.3
7%
1937.
The combination of increased workers and greater
—4.0
Linens and handkerchiefs
higher than at any previous date in 1939
month by 5%, reaching a point
or
—3.8
Musical instruments and radio
September rate, plant
October, 1937, and about 10%
higher than that of October, 1938.
This was accomplished, however,
largely by increasing working hours rather than through the addition of a
substantial number of employees.
The number of factory workers on the
rolls at the end of October showed an increase over those at the first of the
—1.4
Shoes
hand at the beginning of
operations reached the highest level since
lower than for the same date in
—0.1
approxi¬
orders for the 10 months*
the month and with new orders continuing at the
—1.2
Luggage and other leather goods
As compared
period over the similar period in 1938 to 21%.
—5.7
Women's ready-to-wear accessories..
^
with business taken in October, 1938, this year's bookings were up
Net Sales
The
report continued:
This record is the more nortworthy in view
stocks
and
sales
at
was
......
Southern New York State
of Slackening
of demand for furniture, which in September
pace
....
.....
10 Mos.
+25
+21
+9
+ 18
+ 17
+ 15
+ 16
+ 16
+5
+7
+8
+7
+9
New.
Shipments
Payrolls.
Employees
1938
+ 51
+3
Unfilled
Orders:
from
Oct., 1938
•
Receivables
year ago.
PERCENTAGE INCREASE FROM
PREVIOUS YEAR
Country's Foreign Trade in
Week Ended
Week Ended
Major Georgraphic
Regions
25,
Nov.
1939
Nov. 18, 1939
Week Ended
Nov.
11, 1939
The
19.6
8.3
14.3
13.9
9.5
9.8
11.9
13.9
16.0
New England
13.5
15.9
18.3
Middle Atlantic
Central Industrial
8.8
8.8
7.5
7.2
14.0
12.2
13.8
14.0
West Central
Southern States
Rocky Mountain
6.4
5.4
8.7
15.9
Pacific Coast.
6.8
8.0
10.6
10.7
13.8
14.9
merce
Bureau
at
of
Statistics
of the Department
of Com¬
Washington on Nov. 27 issued its statement on
the foreign trade
10 months ended
of the United States for October and the
with October, with comparisons by months
The report is as follows:
9.6
13.6
October—Imports and
Exports
Week Ended
Nov. 4, 1939
back to 1934.
The foreign
Total United States.
in
trade of the United States
comparison
increased in value during October
with both the preceding
month and October, 1938.
As
Nov. 17, exports of United States
September and 18% oyer October, 1938, to a
value of $323,168,000.
The change as compared with last year's shipments
was a continuation of an upward movement—partly seasonal—in evidence
since June.
Agricultural exports were 10% larger in value while nonannounced in a preliminary release on
DATA
RECENT
FOR
WEEKS
(THOUSANDS
OF
KILOWATT-HOURS)
Percent
Change
Week Ended
1939
1938
1939
1937
1932
1929
from
1938
2,357,203
2,289,960
2,444,371
2,448,888
2,469,689
2,465,230
2,494,630
2,493,993
2,538,779
2,536,765
5,513,688
2.514.350
2.481.882
2,148,954
2,048,360
2,214,775
2,154,218
2,139,142
2,154,449
2,182,751
2,214,097
2,226,038
2,207,444
agricultural exports were
General imports,
+ 12.6
2,320,982
2,154,276
2,280,792
2,265,748
2,275,724
2,280,065
2,276,123
2,281,636
+ 14.0
2,254,947
+ 14.9
2,202,451
2,176,557
2,224,213
+ 9.7
+ 11.8
+ 10.4
+ 13.7
+ 15.5
+ 14.4
+ 14.3
2,209,324
+ 13.8
2,270,296
2,183,807
+ 19.7
+ 13.6
2.285,523
merchandise rose 14% over
2,065,378
2,152,643
1,464,700
1,423,977
1,476,442
1,490,863
1,499,459
1,506,219
1,507,503
1,528,145
1,533,028
1,525,410
1,520,730
1,531,584
1,475.268
1,510,337
1,761,594
1,674,588
1,806,259
1,792,131
1,'777,854
1,819,276
1,806,403
1,798,633
1,824,160
1,815,749
1,798,164
1,793,584
1,818,169
1,718,002
with October, 1938. The increase over
corresponding month of last year was also part of an upward
movement, which began in the opening months of this year.
The advance
over September was more pronounced than is usual.
The export balance in October amounted to approximately $117,000,000
receipts in the
since January,
1938.
There were increases in
imports of a wide range of commodities in October
as
compared with September, although the gains in
as
crude rubber, coffee,
for a large part
less
10% Increase Noted in
including re-exports of $332,079,000 and
$215,281,000), the largest figure recorded in any month
(the difference between exports
general imports of
some
Bank Debits
Debits to individual accounts, as reported by banks in
eading cities for the week ended Nov. 22, aggregated $8,467,-
21% larger than in October, 1938.
valued at $215,281,000 in October, were up 19% from
September and 21% in comparison
cocoa,
The rise in prices of
increased value, but of much,
of the increase in the total value.
of these products was a factor in the
significance than the increase in the volume of
Goods moving into consumption channels during
so
such principal items
wood pulp, newsprint and silk accounted
of merchandise from customs
goods imported.
October did not reach
the United States.
Withdrawals
warehouses were smaller in value than entries
high a total as foreign goods arriving in
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3464
therein,
ports for consimption, valued at
with
such
the
10 Months Ended Oct.
October
commodities as raw
important
dried and
cotton,
each of these exports in
the first 10 months of 1939 still remained below
1938.
There
was some increase in
exports, also, but total grain exports continued small.
Increase (+)
(—)
1939
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Exports
16
15
Imports
562,382
were
7 or 8 months of the year, the total value of
that in the comparable period of
1938
1939
evaporated fruit,
The increases in these commodities
automobiles during October.
1939
Decrease
1938
Gold—
substantial; but, since each had moved into export markets in relatively
low volume during the first
2,
MONTHS
Exports and Imports
usual, an increase in shipments of
trade, there was, as
export
BY
SILVER
compared
as
October, 1938.
In
and
AND
Exports, Imports and Net Balance
$207,140,000, increased by less than general
in comparison with September and 16%
imports, or by 4%
GOLD
Consequently, total im¬
reversal of the September movements.
a
Dec.
—5,372
2,955,485
+ 1,394,352
562,366
69,726
1,555,274
2,954,998
1,259
25,072
1,773
4,915
13,256
+ 8,341
7,268
184,012
77,329
—106,683
23,813
Import balance.
corn
5,495
179,097
64,073
Silver—
For the 10 months
ending October, grain exports have been only two-fifths of the relatively
487
69,740
5,859
1,561,133
Exports..
Imports
—
..
large total in the corresponding period of last year.
There is normally a seasonal increase in
tobacco exports during October,
Import balance
but this year as a result of wartime conditions, shipments were unusually
Gold
small.
Silver
Month or
There
were
automobiles.
than
other
Iron
and
steel
exports,
cotton
chemical products, and some of the machinery classes, as
other items reached
1938.
October,
higher values than in either
1936
1937
1938
1939
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Period
October in exports of many manufactures
increases also in
manufactures,
well
various
as
September,
1939
or
In total volume, exports of manufactured articles
in
have
been larger in each month since April of this year than in the corresponding
Exports—
...
338
February...
23,637
January.
March...
11
Dollars
5,067
81
174
15
1,753
1,341
20
53
~"§9
2,315
Dollars
Dollars
2,112
355
1,671
233
2,054
2,337
1,811
1,546
191
1,923
1,668
13
145
231
535
240
2,054
of war
May
5
4
212
36
203
1,841
317
611
materials did not go into effect until after the close of the month, and thus
June
77
81
131
19
197
1,144
254
303
the absence of shipments of aircraft to the belligerents resulted in
July
695
206
65
9
138
214
193
640
32
169
17
13
143
278
401
937
1,463
1,259
1,292
months
of last
The repeal of the embargo
year.
the
on
export
a
further
August
marked reduction in total exports of aircraft in October.
the second successive
For
showed
marked
a
October.
Reshipments
of
merchandise
crude
rubber
amounted to $2,881,000, of raw silk to $1,615,000, of copper to $614,000,
and of other commodities to $3,800,000, making a grand total for re-exports
in October of $8,911,000.
This figure compares with
42
129
11
15
1,704
285
October
117
232
16
15
1,468
380
November-
127
30,084
14
1,611
527
823
December.
99
15,052
16
536
236
1,344
September
month, re-exports of imported
in
increase
51
April
a value of
$4,533,000
1,773
10 mos. end.
October..
12
27,308
884
5,859
27,534
46,020
5,889
45,981
7,002
121.336
7,155
156.427
120,326
8,211
223,296
7,795
154,371
52,947
365,436
28,106
215,825
71,236
52,987
606,027
487
9,818
11,279
4,915
11,965
12,042
7,082
58,483
2,846
28.708
17,536
14,080
15.488
8,115
5,589
14.440
7.207
4,490
2,821
15,757
7,143
13,256
end
mos.
December
for re-exports in September and of $3,609,000 a year ago.
Imports—
MERCHANDISE
TRADE
January
BY MONTHS
Exports, Including Re-exports, General Imports, and Balance of Trade
February...
March
April
1938
May
1939
1,000
155,366
429,440
4,989
3,165
17,952
6,152
(+)
June
277,851
262,103
55.438
240,450
19,186
14,770
July
16,074
175,624
63,880
23,981
6,574
6,025
(—)
4,476
18,326
5,531
4,964
8,427
4,985
24,098
4,639
7,268
1939
1,000
105,013
165,990
171,866
145,623
520,907
326,089
October
218,929
562,382
69,740
August
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
277,668
2,573,115
178,024
1,612.895
2,516,978
1,835,786
.—56,137
Imports..
332,079
215,281
99,644
116.798
960.220
681,192
Mdse. export balance.
67,524
278,645
259,934
September..
1938
1,000
169,957
Increase
TO Months Ended Oct.
Exports
+ 222,891
Period
5,701
52,194
177,782
4,451
10,633
24,987
57,070
33,033
240.542
2,267
23,151
21,533
10
mos.
end.
October..
1934
1935
1936
1937
1938
mos.
1011,085 1546,296 1561,133 2955,485 176,099
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
Dollars
58,093 184,012
77,320
end.
1631,523 1979,458
182,816
91,877 230.531
1939
1,000
4,365
25,072
75,962
December..
12
1,000
Exports, Including
Re-exports—
90,709
16,637
8,363
26,931
November..
December 1144,117
or
9,927
Decrease
October
Exports and Imports
Month
10.328
Analysis of Imports and Exports of the United States
in October and the 10 Months
January.....
February
172,220
176,223
198,564
222,665
162,752
163,007
261,935
218,645
190,938
185,026
182,024
195,113
192,795
200,772
185,693
233,125
March
256,566
275,308
267,782
289,922
257,276
249,485
265,341
232,726
236.064
figures into five separate
180,390
268,184
227,535
229,629
to finished
178,975
277,031
230,790
250.842
220,539
264,949
and
296,579
246,335
288,573
332,710
277,668
332,079
226,364
229,800
314,697
252,38
323,403
268,943
April...
179,427
May
164,151
160,197
165.459
June
170,519
July
161,672
August
September
171,984
October
206,413
194,712
170,654
170,244
173,230
172.126
198,803
221,296
269,838
....
191,313
November
December10
mos.
12
mos.
274,472
230,969
Ij
1,767,435 1,789,567 1,999,813 2,711,067 2,573,115 2,516,978
March.
132,753
158,105
April.
146,523
May..
154,647
June
136,109
July
127.229
August
119,613
131,658
September...
October
129,635
November
150,919
December
132,258
ended Oct...
12 mos. ended Dec...
Exports of United
187,482
192,774
198,701
177.356
170,500
170,533
240,444
156,754
176,631
169,385
186,968
178,246
162,951
158,072
286,837
284,735
286,224
265,214
159,827
148,248
145,869
140,809
245,668
165,516
233,142
224,299
223,090
167,592
181,461
178,024
215,281
208,833
195,056
193,073
215,701
212,692
196,400
245,161
169,030
161,647
189.357
170,689
277,709
307,474
202,779
191,697
191,077
tabulation
which
in the usual
Merchandise
October
and
190,481
186.291
202,493
178,922
168,925
175.614
FOR
THE
1939
1938
10
months
of
MONTH
OCTOBER
OF
AND
THE
10
MONTHS
OF
1939
Economic Groups
(Value in 1,000 Dollars)
by
October
1938
Class
10 Months Ended October
1939
Per
Increase { +
Decrease
1938
first
1938
Analysis
Imports for Consumption
Exports and Imports
the
DOMESTIC EXPORTS FROM AND IMPORTS INTO THE UNITED STATES
AND
176,187
10 Months Ended Oct.
in
of the figures given out by the
Department show the value of each of the chief items of
the export and import trade according to different methods
of break-down, and since a special interest attaches to these
figures at this time because of the war in Europe, we append
them also, for the first time.
The three tabulations are given below:
1,371,878 1,691,132 1,981,031 2,651,745 1,612,895 1,835,786
1,656,055 2,047,485 2,422.592,3,083.668 1.960,428
States
that
manner.
171,347
173,372
reveals
Two other arrangements
Imports—
166,832
152,491
groups, ranging from crude materials
manufactures, in each of which the agricultural
non-agricultural totals are shown separately.
This
20.7% of domestic exports and 49.0% of imports for
consumption were agricultural products, we present below
2,132,800 2,282,874 2,455,978 3,349,167 3,094,440
135,706
The Department of Commerce's report of the character
of the country's foreign trade reduces the export and import
1939
ended Oct...
General
mos.
212,909
ended Dec
January
February
10
223,469
268,945
289,071
)
(—)
Value
Cent
1938
Per
Value
1939
Per
Cent
Value
Cent
Per
Value
Cent
1939
Domestic Exports—
1,000
Month
or
1,000
1,000
78,449
24.3
485,077
19.1
405,658
16.4
Dollars
Dollars
Agricultural
72,125
55,126
26.3
Dollars
20.1
57.819
17.9
319.212
12.6
251.696
10.1
274,059
323,168
2,479.595
—61,371
Non-agricultural
16,999
6.2
20.630
6.4
165,865
6.5
154.062
6.2
178.447
207,140
2,540,966
1,612,597
1,828,973
+ 216.376
Crude foodstuffs
12,501
4.6
10,213
3.2
225.822
8.9
97.586
3.9
12,351
4.5
10,117
3.1
224,620
8.8
96 522
3.9
149
0.1
96
Period
1934
1935
1936
1937
1938
1939
1,000
1,000
1,000
1,000
1,000
1,000
Dollars
Dollars
Dollars
Dollars
Dollars
169,577
173,560
159,617
160,312
181,667
April
187,418
176,490
March
May
157,161
June
167,902
July
159,128
August.
September
169,851
October
203,536
192,156
168,442
November
December
188,860
160,511
159,791
167,278
167,865
169,683
196,040
218.184
267,258
220,931
Dollars
195,689
179,381
192,405
189,574
197,020
181,386
177,006
219,063
285,772
210,258
229,671
259,160
216.121
252,443
270.429
263,996
27,547
8.5
5.9
168.706
6.8
25,264
7.8
137,637
5.4
155,461
6.3
0.8
2,283
0.7
11.805
0.5
13,244
0.5
64,537
20.0
416,185
16.4
44,448
16.2
•.
-
1.064
476,740
19.2
191
0.1
1,840
0.6
1,931
0.1
3,838
0.1
16.1
62,696
19.4
414,254
16.3
472.902
19.1
45.3 142,422
44.1
1,264,440
49.8 1,330,905
53.7
0.2
6,215
43.8 1.258,225
6.870
0.3
49.5 1.324,035
53.4
271,508
227,618
Agricultural
246,139
N on-agrlcultural
175,825
217,925
262,173
329,373
253,713
229,554
224,866
228,312
243,595
274,059
223,920
226,666
311,212
249,844
319,431
266,358
233,365
226,738
...
136
—
123,473
0.3
807
45.0 141,615
0.2
Total exports of U. S.
284,041
Agricultural
274.059 100.0 323,168 100.9 2,540,966 100.0 2,479,595 100.0
29.8
27.1
31.7
95,847
86,941
689,615
20.7
514,288
323,168
N on-agrlcultural...
187,118
248,151
merchandise
68.3 227,321
70.3 1,851,351
72.9 1,965,307
79.3
Imports for
Consumption—
Crude materials
53,710
30.1
70,500
34.0
470.582
29.2
582,665
31.9
Agricultural
38,357
21.5
53,356
25.8
330,778
20.5
422,195
23.1
N on-agrlcultural
15,353
8.6
17,144
8.3
139,804
8.7
160,470
8.8
21,120
11.8
24,898
12.0
213.233
13.2
237,282
13.0
20,289
11.4
24,069
11.6
202,881
12.6
227,142
12.4
Crude foodstuffs
Consumption—
January..
February
128,976
125,047
March
153,396
168,482
152,246
175,485
April
141,247
166,070
May
147,467
166,756
June
135,067
155,313
173,096
July
August
September
117,262
149,893
180,381
168.683
124,010
October
137,975
189,806
November
149,470
162.828
December
126,193
179,760
186,377
228,680
189,590
194,296
199,776
189,008
194,311
260,047
197,458
200,783
218,425
213.419
200.304
240.230
Agricultural
Non-agricultural
840
0.4
10,352
0.6
27,2*0
15.3
27,722
13.4
266,81*
16.5
261,784
14.3
20,330
11.4
0.5
20,405
9.8
217,133
13.5
206,754
11.3
163,312
155,923
152,577
295,705
280,899
278,118
173,196
191,269
155,118
185,916
Non-agricultural
6,910
3.9
7,317
3.5
49,681
3.1
55,030
3.0
147,123
194,185
Semi-manufactures
35,739
20.0
45,416
21.9
314.556
19.5
382,611
20.9
278,300
178,374
3,661
2.1
3,782
1.8
39,968
2.5
35,854
2.0
262,919
147,779
147.767
32,078
18.0
41,634
20.1
274,587
17.0
346,757
19.0
248,730
171,023
180,225
40,639
22.8
38,604
18.6
347,413
21.5
364,631
19.9
233,959
172,909
199,483
Agricultural
226,470
212,382
178,447
171,668
207,140
N on-agrlcultural
203,644
165,359
169,353
170,451
1,360.3*0 1,696,318 1,983,443 2,593,827 1,612.597
1,828,973
ended Dec... 1.636,003 2,038,905 2,423,977
3,009,852 1.949,624
7.6
6.8
2.239
A
44,257
Non-agricultural
Finished manufactures 124.209
Agricultural
285,081
256,481
264,613
273,561
293,374
Imports for
mos.
Semi-manufactures
264,627
10 mos. ended Oct...
1,739,538 1,754,892 1,968,383 2,668,287 2,540,966
2,479,595
12 mos. ended Dec
2,100,135 2,243,081 2,418,969 3,298,929 3,057,169
10 mos. ended Oct
Non-agricultural...
20,776
1,202
149,442
18,537
Mfd. foodstuffs & bev.
Agricultural
January..
February
12
Crude materials
Non-agricultural
Exports—U. S.
Merchandise—
1,000
Dollars
Agricultural
Exports (U.'S. mdse)...
Imports for consumption
1,000
Dollars
Mfd. foodstuffs & bev.
Agricultural
Agricultural
N on-agrlcultural
Finished manufactures
830
10,140
0.6
*01
0.2
863
0.4
3,925
0.2
5,105
0.3
40,238
22.6
37,741
18.2
343,488
21.3
359.526
19.7
Total Imports for con¬
sumption....... 178,447 100.0 207,140 100.0 1,612,597 100.0 1,828,973 100.0
46.5 102,464
49.5
49.3
83,038
794,685
897,051
49.0
Agricultural
Non-agricultural
95,409
53.5
104,676
50.5
817,912
50.7
931.922
51.0
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
3465
Analysis by Agricultural and Non Agricultural Commodity Groups
(Value in 1,000.000 Dollars)
Month of October
10 Mos. End. October
1938
1
Percent
Month of
October
of Total
8,452
5,855
1938
1939
1939
1938
Domestic Exports
Affricultural—
7.5
Grains and preparations
Tobacco, unmanufactured
9.2
88.0
122.3
67.5
78.6
73.1
13.7
1.6
4.1
4.9
39.7
45.6
27.1
$86.9
$95.8
$689.6
$514.3
Packing-house products
Agricultural, total
998
1,067
21,274
1,806
1,211
23,915
186,375
274,059
323,168
2,540,966
2,479,595
2,786
1,629
3,155
3,431
3,316
16,180
2,116
1,058
3,190
37,103
40,330
135,254
27,491
16,796
30,928
605
Industrial machinery
3.2
770
1,755
Radio apparatus
14.4
953
3,913
Household refrigerators
6.2
8.9
29.5
80,558
68,616
8,286
47,989
39,043
84,574
8,452
17,627
238,798
32,484
95,230
24,407
7,977
59,654
209,026
58,475
70,911
81,263
17,631
7,366
8,200
15,920
10,248
187,899
3,125
3,688
11,293
$169.2
$47.3
5.1
...
83,749
58,198
6.784
43,701
35,794
84,323
4,120
Iron and steel advanced manufactures
Electrical machinery and apparatus
$184.6
205.7
$24.0
7.3
Fruits and nuts
1,319
6,182
5.258
9,556
931
Lubricating oil
Glass and glass products
Steel-mill manufactures
Cotton, unmanufactured
8,493
8,588
801
Gasoline and other motor fuel
1938
1939
Finished Manufactures—Concluded—
Value
in
1938
10 Months Ended
October
1939
9,190
974
2,333
20,866
3,000
7,840
2,594
Wells and refinery
machinery.
Metal-working machinery
Office appliances.
635
2.259
23,944
2,400
9,585
2,559
Printing and bookbinding machinery
Agricultural machinery and implements
Non-A oricultural—
Machinery
15.9
$38.4
$42.3
$410.7
$415.4
Petroleum and products
12.7
32.2
36.0
326.4
977
727
4,805
Automobiles, incl. parts and accessories
17,303
5,533
18,900
317.0
Automobiles, parts and accessories
8.8
17.3
18.9
215.8
209.0
Iron and steel-mill products.
Chemicals and related products_x-_
6.0
14.6
22.4
152.5
174.0
4.2
Motor trucks and buses (new)
4,075
Passengers cars (new)
Aircraft, including parts, &c
13.3
19.8
105.7
128.4
Copper, including ore and manufactures
Aircraft, including parts and accessories
2.8
8.5
6.8
71.1
69.9
2.2
5.0
3.0
58.4
81.3
Soap and toilet preparations
Cotton manufactures, incl. yarn, &c.__
Coal and coke
1.9
5.1
7.1
47.0
53.6
Photographic and projection goods
1.8
6.0
10.0
46.7
54.1
Iron and steel advanced manufacturesSawmill products
1.4
3.9
5.3
35.8
39.0
Scientific and professional instruments
All other finished manufactures,
1.2
3.2
3.4
31.3
0.9
2.9
4.2
22.5
30.4
Paper and manufactures
0.8
2.4
3.5
21.4
'
4,661
5,842
3,025
83,124
24,581
8,391
67,335
215,811
60,430
75,321
58,375
13,983
6.785
7,377
16,671
9,801
35.3
Rubber and manufactures
6,713
4,967
1,717
9,437
18,325
226,027
35,005
24.7
__
72.9
*187.1
*227.3
$1,851.4
$274.1
$323.2
$2,541.0
$2,479.6
I__
1,060
Total domestic exports.
Hides and skins
Exports (U. 8. merchandise) total
-
150
Imports for Consumption
Flaxseed.
Crude rubber
6.6
$11.3
$16.2
$105.5
$135.3
Raw silk
4.6
8.3
17.5
69.7
93.0
Unmanufactured tobacco
1.8
3.2
3.2
30.6
30.9
Hides and skins*
1.5
3.1
3.4
22.3
37.1
Wool and mohair, unmanufactured..
1.2
3.4
3.9
16.0
38.5
7.1
10.0
11.6
112.1
112.3
6.7
9.6
Sub-tropical foodstuffs:
or cacao
-
Jute and Jute butts
Flax and hemp, unmanufactured
Wool, unmanufactured...
SUk, raw
1.0
835
3,906
17,540
1,639
1,225
2,061
15,951
69,668
13,413
10,254
15,210
8,296
1,533
6,780
3,372
2,024
38,501
869
______
73
5,931
93,030
12,083
8,036
19,406
4,908
2,132
12,698
13,074
89,623
11,806
111,613
837
9.1
123.5
107.4
5.5
45.8
48.0
Diamonds, rough, uncut
1.2
--
beans
21
1,228
10,886
_
Pulpwood..
5.8
Cane sugar
Cocoa
.!
Other textile fibers _c
___*_
Coffee
Fruits and nuts
...
Tobacco, unmanufacturedCotton, unmanufactured
119
3,362
Oilseeds
A oricultural—
22,259
37,799
105,457
28,768
16,285
30,634
8,342
3,364
61
Undressed furs
Crude rubber
Crude materials:
2,797
Imports for Consumption
Crude Materials—.
*1,965.3
100.0
Non-agricultural, total
Medicinal and pharmaceutical preparations
Paints and varnishes
2.8
17.8
23.1
Manganese, chrome, and other ferro-alloy
Crude petroleum
Other agricultural products:
ing
ores..
1,836
^
Vegetable oils, expressed---
3.0
4.3
4.0
49.6
41,3
Oilseeds..
1.8
2.8
2.1
28.8
27.5
Packing-house products
1.6
2.2
1.6
25.2
24.9
Cattle, except for breeding.
1,010
1,804
6,794
Grains and preparations
0.4
1.2
1.2
6.3
10.3
Wheat for milling and export
754
556
Vegetables, fresh and dried
369
353
2,293
1,794
1,213
10,028
1,740
2,553
1,402
2,780
11,642
1,426
2,382
1,721
4,449
24,623
7,416
17,761
112,137
15,085
23,247
18,139
5,020
4,143
24,827
7,542
23,110
112,310
16,580
25,611
24,712
9.383
13,011
2,707
13,811
47,316
76,167
36,171
5,653
37,883
24.480
10,507
16,379
8,587
9,534
46,496
(0,855
38,087
6,655
40,204
5,925
35,776
1,119
2,286
8,032
31,739
1,671
5,786
10,418
57,828
13,146
2,625
26,897
8,764
37,275
12,865
14,207
f30,161
55,264
14,758
57,489
22,736
2,936
31,410
19,912
50,968
16,068
14,611
27,537
76,958
5,462
31,213
6,881
22,305
49.0
Agricultural, total
$83.0
$102.5
$897.1
$794.7
All other crude materials
Crude Foodstuffs—
Bananas
Nuts_
Non-A oricultural—
Cocoa
___
or cacao
beans
Paper and mfrs. (mainly newsprint)...
5.8
$11.4
$13.5
$91.4
$103.4
Paper base stocks
4.4
7.5
9.6
70.1
67.8
Tea
Chemicals and related products, x
4.0
8.1
6.3
64.4
66.1
All other crude foodstuffs.
Whisky and other spirits
2.5
5.0
4.6
36.2
38.1
2.4
3.9
3.8
41.2
44.7
----—
Furs and manufactures
Coffee
919
_
Manufactured Foodstuffs—
2.3
4.3
5.3
37.3
51.0
Meat products
Cheese
Petroleum and products
2.0
3.7
3.6
32.7
36.3
Fish and shellfish (canned,
Copper, including
1.9
Tin (bars, blocks,
pigs)
_a-_
ore and manufactures
1.9
3.1
30.5
34.1
prepared, Ac.)
Fodders and feeds, except hay
Cotton manufactures, incl. yarn, &c.__
1.8
3.4
3.7
28.9
32.9
Vegetable oils, edible
Fish, including shellfish
1.5
2.7
3.5
23.4
26.5
Burlap
1.5
2.3
1.4
23.7
22.3
Ca e sugar—From Philippine Islands
From foreign countries
___
1.5
3.2
4.2
22.4
35.9
Whisky and other spirits
Flax, hemp and ramie manufactures...
1.1
2.4
2.3
17.6
18.4
Wines
Wool
0.9
1.8
1.8
15.4
21.3
All other manufactured foodstuffs.
Diamonds
manufactures, including yarns, Ac
1,614
2,390
2,663
I,271
2,160
1,523
1,820
383
774
1,298
2,301
7,256
4,977
2,981
6,111
4.603
961
915
4,561
.
4,400
Semi-Manufactures—
51.C
$95.4
$104.7
$817.9
$931.9
100.0
Non-agricultural, total
$178.4
$207.1
*1.612.6
81,829.0
_
Includes
Items.
few agricultural
a
* Includes a few non-agricultural items.
1939
1938
354
10 Mos. End. October
1938
1939
Domestic Exports
218
Nickel and alloys
Tin (bars, blocks,
pigs)..
—
—
All other semi-manufactures
80
306
5,509
2,403
Tobacco, unmanufactured
Coal
Crude petroleum
5,900
19,478
1,914
2,306
1,298
3,222
1,337
72,324
89,196
35,514
6,675
837
11,088
13,965
13,161
8,636
9,316
9,980
9,939
8,726
373
416
Undressed furs
99
Logs and hewn timber
402
Phosphate rock
All other crude materials.
f
67,607
50,831
80.054
8,656
1,901
4,814
22,677
Crude Foodstuffs—
Wheat
Corn..
—
—
798
Vegetables, fresh and dried.
Apples, fresh—
—
2,136
480
457
2,881
Oranges
Other fresh fruit
1,606
1,456
1,986
All other crude foodstuffs
19,413
15,475
355
2,756
3,216
5,278
1.604
1,421
1,337
:
Coal-tar products.d
Industrial chemicals_d
169,218
184,599
122,310
44,036
97,423
9,565
2,157
47,254
6,190
9,335
9,011
24,049
29,489
5,699
9,568
2,743
8.044
3,591
1,661
Cop per. e—
Fertilizer.d
Crude Materials—
Cotton, unmanufactured
289
1,438
6,391
1,819
*
Diamonds, cut but not set
Iron and steel semi-manufactures
October
184
lumber (except
ties)
Woodpulp..
(Value in 1,000 Dollars)
Month of
Sawed boards, sidings and
railroad
Analysis by Leading Commodities in Each Economic Group
572
3,200
132
-
Cotton semi-manufactures.
Wool semi-manufactures
z
729
2,954
Leather
Expressed oils, inedibled
Total imports for consumption.
4,349
1,393
1,750
f3,994
7,220
2,636
9,628
Finished Manufactures—
571
402
7,187
3,228
3,538
560
771
2,251
2,357
1,381
2,287
1,486
27,751
5,533
23,723
1,423
849
Leather manufactures
627
-
Cotton manufactures
Cotton cloth
Burlaps
67
Manufactures of flax,
890
13,085
6,838
4,996
10,353
1,010
12,712
81,711
693
600
947
451
9.038
1,006
2,770
13,124
649
1.045
13,671
13,413
II,725
113,838
17,618
15.481
6,219
7,211
94,229
9,165
5,518
9,585
11,253
14,651
114,721
178,447
hemp and ramie—
Wool manufactures
207,140
1,612,597
1,8^8,973
Silk manufactures—...
Shingles.
Newsprint
Other paper and manufactures
Pottery
___________
Steel-mill manufactures
Machinery
Works of art
All other finished
manufactures
811
16,906
9,673,,
5,583
Manufactured Foodstuffs—
2,180
1,819
1,968
1,538
540
821
____
2,010
...
2,117
1,998
2,306
737
Meat products
498
—
Lard, including neutral lard
Dairy products, except fresh milk
Fish, canned, prepared, Ac
Wheat flour
Oilcake and oilcake meal
592
2,696
6,164
4,674
3,068
6,670
1,105
1,138
—___
910
5,117
Vegetables, canned and prepared
Dried and evaporated fruits
Canned fruits.
All other manufactured foodstuffs—
1,608
2,270
1,380
26,360
16,935
23,228
15,406
4,970
9,854
19,906
7,666
4,538
19,477
18,028
26,369
5,925
10,414
20,824
7,092
5,474
19,233
10,183
10,183
10,444
9,914
4,182
26,099
5,965
47,345
9,113
12,344
resins.a
Cotton semi-manufactures-
1,135
—
—
._
Wood pulp
268
2,995
282
-
947
3,286
1,326
10,480
39
__________
semi-manufactures
Iron and steel scrap_b_____
—
Aluminum semi-manufactures
Copper (ingots, plates, rods)
Coal-tar products
5,917
891
Crude sulphur
4,630
1,547
16,198
6,731
3,053
7,583
Gas and fuel oil
Industrial chemicals
352
2,727
Sawed timber
Boards, planks, &c.a
1,798
5,160
1,476
3,238
2,469
1,081
10,554
—
Pigments
All other semi-manufactures
15,290
108,762
37,034
1,925
63,157
8,042
20,973
8,590
81,491
9,386
4,953
28,951
4,590
46,911
8,855
126,017
46,574
16,682
63,653
10,998
26,991
11,009
95,217
Finished Manufactures—
859
Rubber manufactures
8,296
20,998
9,395
11,869
27.909
2,712
37,108
24,874
562
503
4,080
4,535
1,337
3,350
8,468
20,553
12,080
23,729
1,394
1,373
3,997
Automobile casings
Tobacco manufactures
Cotton manufactures
Cotton cloth, duck and
7,303
3,858
1,688
1,019
5,701
3,872
938
___
778
2,800
Leather manufactures
Silk manufactures.
Includes
scrap
a
tire fabric._____
-____
_—
Rayon manufactures.
Paper and manufactures
_
2,330
small item which is not a semi-manufacture,
and waste-waste tin plate,
c
b Includes tinplate
Includes sisal, manlla, kapok. New Zealand
fiber, crin vegetal, Ac. d Includes a few times which are not semi-manufactures,
e Chiefly
unrefined metal for refining and export, f Includes a few items which
are not in the 1939 figures.
Dividend
Leather
Iron and steel
a
consumption.
22,310
34,139
Semi-M anufacticres—
Naval stores, gums and
Total Imports for
12,252
12,642
44,259
28,542
Payments
by
Companies
of
Standard
Oil
Group for 1939 Estimated at $177,052,659, Against
$200,917,805 in 1938—Fourth-Quarter Disburse¬
ments Reported Below Last Year
Cash dividend payments by the companies of the Standard
Oil group for the year 1939 are estimated at $177,052,559,
compared with $200,917,805 in 1938, according to figures
compiled by the New York Stock Exchange firm of Carl H.
Pforzheimer & Co.
In addition to the cish payments this
year,
Standard Oil Co. of New Jersey will have distributed
total of 669,322 shares of the company's stock in the
form of stock dividends, whereas last year 393,372 shares
a
distributed.
Aggregate cash disbursements for the
1939 are estimated at $67,874,953, as
compared with $71,315,026 in the final quarter of last year,
said the firm's announcement, which added:
were
fourth
quarter of
The reduction in the total cash
smaller
extra
dividends
by
j)ayments this year principally
Imperial Oil,
Ltd.;
Co., Ltd.; Standard Oil Co. ot, California, and
reflects
International Petroleum
Standard Oil Co. of New
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3466
Jersey.
the
In
of the latter
case
for
Reduced
disbursements
were
also
however,
company,
1939 was more than offset by
payment
the
lower
cash
the larger stock dividends.
made by Chesebrough
Manufacturing
Co., Eureka Pipe Line Co., Northern Pipe Line Co. and Ohio Oil Co.
Partly offsetting these reductions were increased payments by Buckeye
Pipe
National Transit Co., New York
Co., Borne Scrymser Co.,
Line
Transit Co., South Penn Oil Co.,
of Kentucky, and
Standard Oil of Indiana, Standard Oil
Payments equal
Standard Oil of Ohio.
Vacuum Oil Co.,
158 major industries in respect to the
24th of
number of
The total value of the glass industry's products
in 1937 was reported by the United States Dept. of Commerce
as $387,710,000, of which $247,000,000 was "value added by
manufacture."
The total wages paid in the same year, ex¬
clusive of salaried employees, exceeded $101,500,000.
to those of last
Automobile
and Union Tank Car Co.
$33,472,236,
pared with $39,329,769, or $1.50 per share in 1938.
three fchares for
each
as
com¬
A stock dividend of
hundred shares outstanding has been declared
200
payable Dec. 15,1939, at which time the company is also paying the regular
semi-annual dividend of 50 cents per
share and
cash extra of 25
a
cents per
The December payment, together with the dividends of 50 cents
share in cash and two shares for each 200 shares held in June, brings the
total for 1939 to $1.25 per share in
cash and the equivalent of 2K % in stock,
against $1.50 per share in cash and 1H % in stock in 1938.
Imperial Oil, which heretofore has paid extras of 37A cents with each
dividend of 25 cents
regular semi-annual
share,
per
reduced
the
extra
States
Inter¬
national Petroleum Co.'s recent declaration of only the regular semi-annual
dividend
of 75
cents
per
share
compares
with regular payments supple¬
mented by extras of 25 cents in June and 50 cents in previous semi-annual
periods, and brings the total for this
$2.50
share in
per
$1.75 per share, as against
year to
1938.
Standard Oil of California's payments totaling $1.10 per share this year
with $1.40
compare
per
share paid last year,
facturing Co.'s total of $6
share in 1938.
while Chesebrough Manu¬
share this year compares
per
with
$6.50 per
Ohio Oil Co., although maintaining regular payments on
its preferred stock, made no
distribution
the
on
common stock
this year,
whereas in 1938 a common dividend of 20 cents per share was paid.
pipe line company dividends
1939,
as
were
paid by Eureka
Lower
Pipe Line Co., $2 in
compared with $3 in 1938, and Northern Pipe Line, 30 cents against
35 cents.
Standard
cents
Oil
Co.
of Indiana's
declaration
of
dividend of 25
extra
an
share in addition to the regular quarterly pividend of 25
per
cents
share for the current quarter brings its payments this year to $1.25 per
share, as compared with $1 per share in 1938.
Standard Oil Co. of Ohio's
per
final quarter extra dividend of 50 cents per share in addition to the
regular
quarterly payment of 25 cents per share makes
be distributed by
to
this company in
1939,
a total of
as
against
$1.50 per share
$1 per share last
(including foreign assembles from parts made in the
United States and reported as complete units or vehicles)
for October,11939, consisted of 313,377 vehicles, of which
251,819 were passenger cars, and 61,558 were commercial
trucks, and road tractors, as compared with 188,751
vehicles in September, 1939, 209,512 vehicles in October,
1938, and 329^876 vehicles in October ,1937.
These statistics
comprising data for the entire industry were released this
cars,
week
by Director William L. Austin, Bureau of the Census,
Department of Commerce.
payable this December to 12 A cents per share, making a total of $1 per
share to be paid in 1939, as compared with $1.25 per share in 1938.
Output in October
Factory sales of automobiles manufactured in the United
Standard Oil of New Jersey contined to lead the group, its cash dividends
of SI.25 per share this year representing a total of
per
1939
employees.
Oil & Refining Co., Indiana Pipe Line Co., Southern Pipe Line Co., Socony-
as
2,
made by Atlantic Refining Co., Creole Petroleum Co., Humble
year were
share.
Dec.
Statistics for the months of
73
from
ceived
1939
manufacturers
based
are
the
in
data
on
re¬
United
States, 22
making passenger cars and 62 making commercial cars,
trucks, and road tractors (11 of the 22 passenger car manu¬
facturers also making commercial cars, trucks, and road
tractors).
It should be noted that those making both
passenger cars and commercial cars, trucks, and road tractors
have been included in the number shown as making passenger
cars or commercial cars, trucks, and road tractors respec¬
tively.
The figures for passenger cars include those for
taxicabs.
The figures for commercial cars, trucks, and road
tractors include those for ambulances, furneral cars, fire
apparatus, street sweepers, and buses, but the number of
special purpose vehivles is very small and hence a negligible
factor in any analysis for which the figures may be used.
Canadian production figures are supplied by the Dominion
Bureau of Statistics.
Figures of automobile production in September, 1939, 1938
in the Oct. 28 issue of the "Chronicle,"
page 2607.
and 1937 appeared
year.
NUMBER OF VEHICLES
(INCLUDING CHASSIS)
South Penn Oil Co.'s extra dividend of $1.50 per share in addition to
the regular quarterly dividend of 37 lA cents per share payable in December
brings total payments this
share in
per
1938.
year to
Standard
$3 per share,
Oil Co.
this year compare with $1.25 in 1938, while
of $2.50 per share compares
were
United Slates (Factory Sales)
with $2 per share in 1938.
against
75
cents,
and
New
York
Transit,
40 cents,
1936
__
1935
1934
1933
1932
1931
Second
Third
compared
Fourth
Quarter
1937
Quarter
Quarter
Quarter
September—
188,751
3,921
3,494
427
313,377
161,625
251,819
27,126
October
61,558
9,640
7,791
1,849
2,773,252
2,207,717
565,535
119,926
87,433
32,493
66.687,168
68,555,901
Total 10
mos.
end .Oct
68.271.015
83,534
65,159
5,774
4,290
5,412
1,799
187,494
18,375
22,018
6,089
209,512
1,728.326
1,354,635
373,691
129,480
94,140
35,340
2,491
September
Totals
$22,294,925 $62,985,882 $23,896,799 $67,874,953 $177,052,559
23,550,943 80,623,933 25.427,903 71,315,026
200,917,805
25,437,708 94,996,530 31,984,248 121,317,075
273,735,561
19.872.C88 74,817,051
29,911,506 114,399,982 239,000,627
18,122,737 63,821,486 17,653,161
70,516,298
170,113,682
24,312,981
58,908,391
18,582,065 67,289,092
169,092,529
32,406,332 34.o27.547
19,546,576 42,457,920
128.938.375
46,801,053 46,278,873 43,858,468
44,112,501
181,050,895
63,101,797
57,843,467 51,263,688
48,530,230 220,739,182
1930.
83,012,644
October
Total 10 mos. end.Oct
1937—
171,213
118,671
52,542
4,417
1,926
October.
329,876
298,662
31,214
8,103
7,378
25
4,122,685
3,376.176
746,509
169,774
124,454
45,320
Total 10 mos. end.Oct
286,526,728
Weekly
Report
of
Lumber
The
month of continued good business for Cali¬
fornia and the Far West, according to the current "Business
Review" released by the Research Department of the Bank
of America National Trust &
Savings Association.
The
bank's general business index is shown as
standing at 74.4,
increase of 4.5% over a year ago, and a decline of
only
an
0.9% from September.
The bank's
announcement
added
in part:
lumber
movement
an average
increase of 7.5%
preceding month, after adjusting for seasonal variation.
Automobile sales in California during October showed a
sharp gain over
September, stimulated by the early introduction of new models.
New
passenger cars sold totaled
50%
over
a
year
an increase of
16,916,
ago.
21%
a
years,
was
weekly payrolls
Percent of 1929
week
ended
18,
Nov.
averages
of prior
Percent of 1937
Percent of 1938
78
110
133
Shipments
76
107
121
Orders
66
99
102
Association
were
tions
New commercial
over a year ago,
car
sales
in
October
were
although 6% less than September.
20.9% greater, setting
a
new
high for
any
October
years.
Glass Production
Substantially Higher than Last Year
glass production, stimulated in the main by new
home construction, was
422,250,000 square feet during the
Window
first 10 months of this year,
000 square feet—or
exceeding by more than 185,000,78%—the production for the first 10
1938, according to John D. Biggers, President of
Libbey-0wens-Ford Glass Co.
Similarly, the amount of plate glass processed exceeds 1938
figures by a substantial margin.
In October America's plate
months of
produced 18,368,917 square feet of plate
as compared with 12,868,717
square feet in the same
month last year.
The total of 107,451,608 for the 10 months
represents a gain of 78.6 % over the total at that
point in 1938.
The reliability of activity in the
glass industry as an index
for industry throughout the
country is said to be demon¬
strated by the fact that glass manufacturers are the
fourth
largest users of natural and artifical gas for fuel, and the
compames
of
from
regional associations covering the opera¬
softwood
and
hardwood
mills.
representative
These reports
further showed:
Compared with the
production
new
the
of
business
and
average
week
of the preceding 10 weeks, reported lumber
ended
Nov.
18,
1939,
was
2% greater, shipments
the
the year
to date
of
New
business
was
above
the
23
Com¬
mill,
more
This
business has gained
new
below
production.
Reported production for the
46
Ship¬
weeks of
16% above corresponding weeks of 1938; shipments
the
1938
was
one
1%;
of
2% greater.
orders,
new
23 in which reported
10% below output.
17%
were
orders
week.
previous
were
increase
reported by
as
4% less;
were
is the first week since Sept.
over
showed
shipments decline of 29% and 15%, respectively.
pared with the preceding week, production,
ments
glass
glass
Ended
follows:
as
Production
gain of 44% over the previous month
Employment in California's manufacturing industries registered sharp
improvement, with an estimated gain of 15% over October, 1938.
Total
in recent
Week
according to reports to the National Lumber Manufacturers
Department store sales in California showed
1,816,
during the
1939, in relation to the seasonal weekly
over the
and
Movement,
Nov. 18, 1939
During October Reported by Bank of America
was a
362
September
Continued Good Business in California and Far West
October
Trucks
1938—
First
„
Cars <fc
Cars
Total
1939—
The record of quarterly and total disbursements in recent
years follows:
1938
dtc.
Comm:
senger
Trucks,
Cars
Other increases
with 25 cents.
1939
Pas¬
Passenger
(All
Vehicles)
total
Borne Scrymers, $3.50 per share, as against 50 cents; National
Transit,
85 cents
(Production)
Total
Month
dividends of $1.30
Buckeye Pipe Line Co.'s
Canada
Year and
compared with $1.75
as
of Kentucky's
shipments,
period.
For
and
the
orders
new
weeks
46
of
19%
were
1939
new
above
business
the
was
8% above, and shipments 6% above output.
During the week ended Nov.
feet
of
softwoods
booked orders
Mills,
were:
orders,
feet;
of
and
189,504,000 feet:
529
;
production,
185,553,000
feet,
totaled
mills.
same
or
or
4% below
Production
mills
ments
was
as
feet,
reported
or
24%
or
the
for
Production
Shipments
245,454,000
220,460,000
feet;
shipments;
below
same
was
18,
feet;
230,508,000
during week ended Nov.
respectively,
206,
a
year
1939, by 443 soft¬
the production of the
week
were
Production
18,
1939,
as
was
10,330,000
feet,
week
were
same
10,753,000 feet.
of 438 identical softwood
it was 189,270,000 feet; ship¬
feet and 190,294,000 feet, and
ago
972,000
207,913,000
234,701,000 feet.
reported for the
as
17% above production.
233,482,000 feet, and
were,
produced
shipped
figures for the preceding week
104 hardwood mills give new business
production.
12,547,000 feet,
mills
for the week ended Nov.
179,174,000
Shipments
Revised
241,117,000
11% below production.
Reports from
530
1939,
combined;
feet.
Lumber orders reported
wood mills
18,
hardwoods
Volume
orders
identical
81
8,504,000
ago
178,421,000
received,
hardwoods,
feet
feet
mills
and
and
211,385,000
reported
6,832,000
production
case
and
year
9,707,000
shipments,
feet;
the
In
feet.
this
a
feet
of
year
and
7,742,000 feet, and orders, 8,200,000 feet and 7,717,000 feet.
Petroleum and Its Products—Penn Grade Prices Again
Court in Hot Oil
Case—Crude Production Climbs Sharply—Petro¬
leum Inventories Slightly Lower in Week—Texas
Higher—Secretary
Raps
Ickes
Allowables—Coast
Increases
Crude
Prices
Hull
on
Mexican
by Cardenas Government
vanced—Secretary
Reported
Ad¬
Oil—Deal
Agency of the South Penn Oil Co. on Nov. 30, effective the
following day.
The 10-cent a barrel increase made a net
boost of 50 cents a barrel in this grade crude oil since the
first of October, as expanding industrial demand bolstered
the price structure.
Under the new price schedule, Bradford and Allegany
west
in
oil
were
advanced to $2.50
Pennsylvania pipelines
rose
a
Crude in south¬
barrel.
to $2.15 a barrel and crude
Eureka Pipe Lines moved up to $2.09.
Buckeye crude
was lifted
10 cents a barrel by the Quaker State Oil
Refining Go.
unchanged.
Harold L.
Wilson
Corning
$2.05.
to
grade
crude
oil
held
voiced by Secretary of the Interior
Ickes of the action of Federal Judge James C.
Severe criticism
was
Houston, Texas, in terminating a hot oil case
involving the brother of another Federal judge in Texas
"without permitting the Government to present all of its
evidence," in a formal statement made public in Washington
on
23, establishing a top price of $1.31 a barrel for 60
degrees and higher.
The minimum price under the new scale
is $1.24 a barrel for crude of 55.0 to 55.9 degree gravity to
$1.31 for top-grades of crude oil in this field.
The Mexican situation came back into the headlines this
week.
Secretary of State Hull, when questioned at his
Wednesday press conference concerning reports that the
Mexican Government would start marketing oil in the United
States
Defendants in the case, which resulted from charges of
illegal handling of crude oil produced in excess of proration
quotas, were Reedy Allred, a brother of Federal Judge James
Allred, former Governor of Texas, and Neal Powers.
In
addition to these two men, H. E. Hines also was indicted on
the same charge, according to news reports.
"Such action as this by a member of the Federal judiciary
seriously handicaps the administration of an Act of Congress
to regulate interstate and foeign commerce in petroleum,
which it is my duty to administer," Secretary Ickes said.
"Despite the opposition of the Department of Justice, two
defendants who had been indicted by a Federal grand jury
for alleged violation of the Connally Hot Oil Act, in connec¬
tion with the shipment of 969,773 barrels of oil in inter¬
commerce
original pleas
contendere
.
.
.
were
allowed
to
withdraw their
of not guilty and substitute pleas of nolo
misdemeanor
to certain
acts
while
defendants'
a felony
charging conspiracy to violate the Connally Act was
"This action
was
taken while the Governmeot
was
still
presenting its case, and witnesses in its behalf were in the
court room, prepared to testify," Secretary Ickes pointed
out in his sharply worded criticisms of the Federal Judge's
actions.
Return of Texas to
5-day production week was the major
factor in an increase of 226,100 barrels in the net daily pro¬
duction of crude oil in the United States during the week
ended Nov. 25.
a
The American Petroleum Institute report
placed total production for this period at 3,818,100 barrels,
which compares with the November market demand estimate
of the United States Bureau of Mines of 3,620,000 barrels
daily.
The Lone Star State showed a gain of 221,400 barrels
during the period covered in the report, with daily average
production spurting to 1,552,650 barrels as operators ran
their wells for five days, against only four days the previous
week.
Illinois showed a gain of 6,700 barrels, which lifted
daily average production to a new high at 334,600 barrels.
A gain of 5,350 barrels for Kansas lifted daily average output
there to 185,850 barrels, while Louisiana's increase of 5,050
barrels established a daily average
of 271,500 barrels.
California production was off 13,400 barrels to a daily figure
of 610,600 barrels, while Oklahoma production dropped
4,650 barrels to 425,850 barrels.
A decline of more than 200,000 barrels in inventories of
domestic and foreign crude oils during the week ended Nov. 18
was disclosed in the U. S. Bureau of Mines report released
Nov. 27.
The Federal agency put the figure at 229,835,000
barrels, with a drop of 202,000 barrels resulting from the
216,000-barrel dip in domestic stocks and a gain of 14,000 in
stocks of foreign crude oil.
Holdings of heavy crude oil
stocks in California, not included in the "refinable crude,
stocks," were off 35,000 barrels to 13,717,000 barrels.
The average daily crude production allowables for Texas
have been lilted more than 10,000 barrels during the past 10
days, until the current total is within striking distance of the
estimate of the Bureau of Mines covering the Texas market
for November, it was indicated by the Railroad Commission
at month-end.
The allowable as of Nov. 29 was 1,435,740
daily, up nearly 40,000 barrels from the estimated
average allowable of 1,396,225 barrels at the art of the cur¬
month.
The first effects of the recent
nearing
were
the Ohio Oil Co.
of
"particular consideration had been
completion of
deal with a major American oil
take Mexican oil for marketing
a
company whereby it would
in the domestic markeo here.
Since the
situation abroad
war
has
prevented Mexico from carrying out its contracts with
Geimany, Italy and Japan, the Cardenas Government is
faced with a problem of quickly finding new markets since
storage facilities are nearing their limit.
Reports also came
that the workers in various Mexican fields are becoming dis¬
satisfied with the policies as pursued by the Cardenas Admin¬
in handling the expropriared oil properties.
istration
Price
changes follow:
Nov. 29—The Ohio Oil Co. posted a 5-cent a
of crude oil in the Big Medicine
setting up
barrel increase on all grades
Bow field in the Rocky Mountain area,
price of $1.31. retroactive to Nov. 23.
a top
Nov. 30—Joseph Seep Purchasing Agency
boosted prices of Pennsylvania
grade crude oil 10 cents a barrel, effective Dec. 1.
Prices of Typical Crude per
Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
Bradford, Pa
Lima (Ohio Oil Co.)
Corning, Pa
Illinois
Rusk, Texas, 40 and over
1.26
1.02
Darst Creek
PORTS
1.24
EXPECTED
SPURT—EX¬
VOLUME—FUEL
BUILDING—KEROSENE
NEED
STOCKS
39 and over
STOCKS
FUEL
BEHIND
LAG
STILL
PRICES
LIGHT
FUEL
UP
gain of nearly 2,000,000 barrels ih inventories of finished
and unfinished
in
1.22
1.05
Kettleman Hills,
PRODUCTS—MOTOR
REFINED
A
1.22
Huntington, Calif., 30 and over
Sunburst, Mont
Kentucky
1.20
Mld-Cont't, Okla., 40 and above.. 1.03
Rodessa, Ark., 40 and above
1.25
Smackover, Ark., 24 and over
.75
OIL
1.03
Michigan crude
.96
.
$1.03
1.02
Eldorado, Ark., 40
$2 60
Western
gasoline featured the market news of the week
the refined products branch of the petroleum industry.
The mid-week report of the American Petroleum Institute,
covering the period ending Nov. 25, disclosed that stocks
mounted
ago,
1,899,000
This total is
barrels.
and stocks
were
Since refinery
barrels to
some
generally
awaited
total of 75,595,000
a
6,000,000 barrels above a
year
then abnormally high.
operations and production of gasoline was
sharp increase in stocks was
somewhat lower last week, the
adequate proof that the longexpansion in export demand for gasoline for the
interpreted
as
warring nations remains to be seen.
With the need for bolstering fuel oil stocks holding refinery
high rate, and continued softness of the ex¬
for an unknown time, spring probably
will find the industry faced with the problem of a record
inventory of gasoline with the resultant price problems.
Residual fuel oil stocks were off 654,000 barrels as seasonal
operations at
port market
a
seen
expansion in demand brought demands upon storage tanks.
A week earlier, the decline was around a quarter-million
barrels.
Now that the seasonal gain in consumption has
losses in storage figures are ex¬
pected to show increasing volume.
Bulk prices of fuel oils and kerosene were advanced l-10th
cent a gallon on Nov. 29 throughout the New York-New
England marketing area, with the exception of western New
York, by all leading distributors.
The increased price list
was the result of expanding demand due to seasonal factors
and higher tanker prices.
Representative price changes follow:
gotten under way, weekly
29—An increase of I-10th cent a
Nov.
and kerosene was
gallon in bulk prices of fuel oils
posted by all leading distributors in the New
England market, with the exception of western
U.
S. Gasoline (Above 65
Octane), Tank Car Lots, F.O.B. Refinery
Std.Oil N.J.$.06 J4-.07
.06J-4-.07
T.Wat. Oil. .08K-.08H
RichOil(Cal) .08 ^-.08^
Warner-Qu. .07H-.08
Other Cities—
Gulf
Kerosene,
NewOrleans..
08 3^-. 08^
East'n
Gulf ports
.07H-.08
Tulsa
$.05
-.06
.06H- 07
-.05H
04JS-.05K
41-43 Water White, Tank Car, F.O.B. Refinery
| North Texas
Angeles..
New York—
(Bayonne)
Shell
Chicago
$.07 ^-.08
Texas
Socony-Vac.
York-New
New York.
New York—
New York—
$.0511 Los
$.04
.03J4-.05
iNew Orleans.$.05}£-.05H
| Tulsa
04 -.04^
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
BunkerC
Diesel
$1.15
| California 24 plus D
I New Orleans C
$1.00-1.25 Phlla., Bunker C
N. Y. (Bayonne)—
27 plus
$.04
.$1.00
1.45
I
1.651
Gas OH, F.O.B. Refinery or
strengthening of crude oil
felt in the Rocky Mountain region this week when
posted a 5-cent a barrel increase in the price
Big Medicine Bow field crude on all grades, retroactive
prices
no
From Mexico
came
persistent reports, originating in
Government circles that the Cardenas Administration was
barrels
rent
policy, said that
as
erties."
had
sustained.
excise taxes between this
on
to whether the United States would permit Mexico
to market oil produced from expropriated American prop¬
given
motion to dismiss the other misdemeanor counts and
court
the reductions
as soon as
country and Venezuela become effective since Mexico also
would benefit from a similar reduction due to a most-favored-
of
Nov. 30.
state
to Nov.
nation
The third advance in prices of Pennsylvania grade crude
oil in two months was posted by the Joseph Seep Purchasing
crude oil
3467
ONE HUNDRED —Theommercial & Financial Chronicle—YEARS OLD
C
149
j Chicago—
I 28-30 D
Terminal
| Tulsa
$.053
$.02H--03
I
Gasoline, Service Station, Tax Included
z
New York
z
Brooklyn
z
$.17
.17
I Newark
I
$.1661 Buffalo
.1851 Chicago
Boston
Not Including 2% city sales tax.
I
■
$.174
.1<
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3468
Daily Average Crude Oil Production for Week Ended
Nov. 25 Rises 226,100 Barrels
The
daily
American
Petroleum
Institute
25,
1039,
3,818,100 barrels.
was
that
This
was
duction for the four weeks ended Nov.
3,677,150
barrels.
ended
daily
States
as
1938,
Stocks of Gas Oil
Stocks of Residual
and Distillates
Fuel Oil
Total
weeks
ended
Nov.
Nov.
compared with
and
daily
a
barrels
6,643
and receipts in bond at principal
25 totaled 934,000 barrels, a
use
Nov.
18
and
daily
a
129,393
of 173,571
average
barrels daily for the four
indicate
that
companies
pipe
the
3,510,000
40,000
average
barrels,
industry
unfinished
as
barrels of
of
as
storage
the end
daily
a
weeks
whole
a
crude oil
5,714
of
average
ended Nov.
the
total
to
ran
stills,
barrels,
Refineries
17,490
Bureau of
a
week,
bulk terminals,
in
of
and in
Pipe Lines
18,309
6,784
Pipe Lines
5,346
6,117
2,663
2,954
284
161
3.943
820
2,952
41
4,134
412
11,108
2,586
5,841
6,186
1,765
Inland Texas
1.421
1,626
398
Texas Gulf
9,292
Louisiana Gulf
""57
1,805
10.755
5.487
648
6,977
"258
2,319
2,674
1,060
27
1,910
300
No. La. A Arkansas
253
353
246
6
598
Rocky Mountain..
981
1,057
150
California
14,186
15,273
8,003
1,757
59,579
22.429
70,295
28,120
9,577
82,603
27,178
5,200
5.3C0
830
a28,950
a29,324
Est. unreported
♦Est. total
1939...
70,330
1939...
68,487
75,595
73,696
63,975
69,483
S.
B.
2,325
U. 8.:
Nov. 18,
U.
438
65,130
Reported
9,577
a84,928
27,178
9,969
a85,405
27,355
Mines
of
*
Nov. 25, 1938..
Estimated Bureau of Mines'
32,259
basis,
118,780
For
comparability with last year these
figures must be increased by stocks "At Terminals, Ac.," in California district
a
Mines
Weekly Coal Production Statistics
that all
transit and
75,595,000 barrels of
week,
amount
and
in Transit
10.684
Ind., 111., Ky
Okla., Kan., Mo-
*
25.
on
daily during the
refineries,
at
of
The
gasoline.
At
and in
East Gnast
of 20,857 barrels for the week ended Nov. 18
daily for the fuor
had in
lines
in Transit
Refineries
Nov. 25,
Reports received from refining companies owning 86.4% of the 4,441,000barrel estimated
daily potential refining capacity of the United States
basis,
At
and
Appalachian
25.
totaled
25
At Terms,
Finished
Unfin'd
Receipts of California oil at Atlantic and Gulf Coast ports for the week
ended
At Terms,
Total
ports for the week ended Nov.
the week ended
for
25, 1939, is estimated
of 133,429 barrels, compared with
average
barrels
pro¬
The
26,
Imports of petroleum for domestic
United
average
daily average output for the
totaled 3,260,900 barrels.
Fur¬
reported by the Institute follow:
Nov.
details
ther
Daily
AND
Unfinished Gasoline
figure was above the 3,620,000 barrels
oil-producing States during November.
week
GAS
Stock of Finished and
of
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
at
AND
1939
Finished
week's
current
GA80LTNE
1939
District
220,100 barrels from the output of the previous week, and
the
UNFINISHED
WEEK ENDED NOV. 25.
2,
the
gain
a
AND
FUEL OIL,
Dec.
(Figures In Thousands of Barrels of 42 Gallons Each)
production for the week ended
average gross crude oil
Nov.
estimates
STOCKS OF FINISHED
finished
gasoline produced by all
in
and
com¬
panies is estimated to have been 12,128,000 barrels during the week.
The
current
Division
weekly coal report of the
of
the
United
that
stated
the
total
Bituminous Coal
States
Department of the Interior
production of soft coal in the week
ended Nov. 18 is estimated at 9,820,000 net tons, a decrease
DAILY AVERAGE CRUDE OIL PRODUCTION
of
170,000 tons,
week.
(Figures In Barrels)
This
1.7%, from the output in the preceding
or
is
in
comparison
corresponding week of 1938.
8,468,000 tons in
with
the
The
B.ofM.
Four
Calcu¬
Week
Change
lated
Stale
Ended
from
Require¬
Allow¬
Nov. 25,
Previous
ments
ables
1939
Weeks
Week
Week
Ended
Nov.
Ended
Nov. 26,
25,
1939
1938
(Nov.)
United States Bureau of Mines reported that the
production of Pennsylvania anthracite for the week
ending Nov. 18, amounting to 899,000 tons, decreased 19,000
tons from the total of 918,000 tons
reported for the week
of Nov. 11, but was 41,000 tons above the
corresponding
total
week of 1938.
Oklahoma.
429,000
429,000
b425,850
—4,650
424,450
447,150
Kansas
169,000
170,600
bl84,850
+ 5,350
175,600
156,000
blOO
+ 100
50
Panhandle Texas.....
82,000
+4,350
79,700
64,150
North Texas
96,150 + 12,350
34,350
+6,000
89,350
31,100
242,100
30,400
205,100
Nebraska..
West Central Texas...
West Texas
262,150 + 37,600
East Central Texas...
East Texas
95,250
+ 4,000
495,600 + 97,150
240.700 + 35,650
246.450 + 24,300
.....
Southwest Texas.....
Coastal Texas....
Total Texas
North Louisiana......
STATES PRODUCTION
91,900
Nov. 18 Nov. 11
1939b
90,750
446,350
223,250
209,100
231,100
68,800
+ 1,400
66,750
70,900
+ 3,650
201,900
Bituminous Coal
Total, including mine fuel
Daily average
a
19
1939
1938
1938
259,000
258,994
271,500
+ 5,050
268,650
68,865
67,300
—3,400
68,450
ended Nov.
1929
bl,350
+ 250
334,600
+6,700
106,000
101,800
—750
Mlchlgan....
63,000
64,650
Wyoming
b Subject to revision,
63,000
73,150
+ 9,850
64,050
16.0CO
16,100
—650
16,750
4,000
3,750
—150
3,750
3,550
109,850
+ 450
111,100
108,250
Revised,
c
d Sum
convenience the
of 46 full weeks
AND
BEEHIVE
COKE
(In Net Tons)
13,100
Colorado
8,468 334,462 293,333 468,319
1,411
1.233
1.079
1,720
PRODUCTION OF PENNSYLVANIA ANTHRACITE
51,200
54,350
Montana
1,784
18, 1939, and corresponding 46 weeks of 1938 and 1929,
49,350
303,000
9,990
1,637
258,050
57,000
9,820
Includes for purposes of historical comparison and statistical
production of lignite,
187,150
Mississippi
1939c
Calendar Year to Dated
Nov.
a—
ESTIMATED
Arkansas
OF SOFT COAL
370,750
218,550
Ended
Week
74,050
202,700
Total Louisiana....
UNITED
(In Thousands of Net Tons)
1,444,000 C1396225 1,552,650 e221,400 1,430,150 1.267,550
Coastal Louisiana
ESTIMATED
Illinois
Eastern (not lncl.
111.).
New Mexico
111,000
Total east of Calif..
111,000
3,024,000
California
1,050
329,450 1
610,600 —13.400
Calendar Year to Date
/
63,950
3,207,500 e239,500 3,059,950 2,597,200
596,000 d 599,000
Week Ended
188,650
102,500
617.200
Nov.
18 Nov. 11
1939
Penna.
Nov. 19
1939
1938
1939
1938
1929
c
c
Anthracite—
Total, lncl. colliery fuel a 899,000 918,000 858,000 45,447,000 40,172.000 63,961,000
Daily average....
149,800 183,600 143,000
169,300
149,600
238,200
Commercial productionb 854,000 872,000 815,000 43,175,000 38,163,000
59,356,000
663,700
Beehive Coke—
3,620,000
These
are
upon
Bureau of Mines' calculations of the
requirements of domestic crude
certain premises outlined In Its detailed forecast for the month of
November.
As requirements may be
supplied either from stocks, or from new
production, contemplated withdrawals from crude oil inventories must be deducted
from the Bureau's estimated requirements to determine
the amount of new crude
to be produced.
b Oklahoma, Kansas,
United States total
90,400
75,600
17,900
947.400
756,000
5,939,000
Daily average
a
oil based
3,818,100 e226,100 3,677,150 3,260,900
15,067
12,600
2,983
3.445
2,752
21.956
Includes washery and dredge coal, and coal shipped by truck from authorized
operations,
b Includes colliery fuel,
c Adjusted to make comparable the number
a
of working days in the three years.
ESTIMATED
are for week ended 7 a. m.,
Nov. 22.
This is the net basic allowable for the month of
November obtained from the
best available sources and takes into consideration
ordered shutdowns for II days
during the month, namely Nov. 1, 4, 5, 11, 12, 15,
18. 19, 25, 26, and 30.
c
Plus
OF
COAL,
BY
STATES
.
based on railroad carloadlngs and river ship¬
ments and are subject to revision on receipt of monthly tonnage
reports from district
and State sources or of final annual returns from the operators.)
are
Week Ended
State
(+).
Note—The
PRODUCTION
(The current weekly estimates
d Recommendation of Central Committee of
California Oil Producers,
e
WEEKLY
(In Thousands of Net Tons)
Mississippi, Nebraska figures
Nov.
Nov.
figures indicated above do
not include any
might have been surreptitiously produced.
11
1939
estimate of any oil which
Alaska
Nov. 4
1939
Nov.
12 Nov. 13
1938
Nov. 9
Avge.
1929
1937
1923e
TO
STILLS
AND
ENDED
PRODUCTION
NOV.
25,
OF
GASOLINE.
WEEK
s
8
1939
Percent
Reporting
Gasoline
to Stills
Production
Daily
Average.
Percent
Refineries
Inc. Natural
Operated
Blended
East Coast
615
100.0
Appalachian
166
87.3
128
88.3
472
Indiana, Illinois, Kentucky.
Oklahoma, Kansas, Missouri
Inland Texas...
645
90.7
573
97.9
2,330
419
81.6
581
94.5
1,657
259
75.7
316
50.3
111
69.8
495
1,055
90.0
749
78.8
2,o64
.....
Texas Gulf
z946
Louisiana Gulf
179
97.8
126
72.0
North Louisiana A Arkansas
296
100
55.0
43
78.2
125
Rocky Mountain...
118
54.2
55
85.9
222
California
828
90.0
518
69.5
1,444
86.4
Reported
Estimated unreported.
3,143
82.0
10,551
367
1,577
•
Is
4,441
...
3,510
3,515
Estimated Bureau of Mines' basis,
a week's
average,
production based
z
on
yll,200
November, 1938, daily
the U. S. Bureau of Mines
12% reporting capacity did
x
12,128
12,189
*3,244
4,411
U.S.B.of M. Nov. 25,1938
»
28C
72
139
...
162
16/
165
152
266
1
1
1
992
1,014
914
1,107
1,289
1,571
300
367
305
372
375
536
70
80
76
76
132
Kansas and Missouri
143
152
129
138
155
175
Kentucky—Eastern
867
923
706
860
824
724
179
167
188
244
218
38
24
33
66
12
12
12
16
26
Iowa
Western
187
average,
y
This
November, 1938, daily
not report gasoline production.
♦
s
409
100
236
8
128
Maryland
Michigan..
3/
Montana
71
79
75
70
86
83
New Mexico
29
26
34
29
63
62
9
North and South Dakota
^
78
Ohio
81
8C
62
35
859
8.35
525
421
538
558
764
2,516
1,866
2,017
3,052
2,993
124
Tennessee
536
2,513
Pennsylvania bituminous
109
95
125
106
117
Texas
18
18
16
17
16
Utah
8C
90
84
81
126
112
321
372
267
280
252
217
Virginia
Washington.
West Virginia—Southern.a
39
48
40
38
55
72
2,238
1,667
1.824
2,152
1,271
727
Wyoming
710
573
572
803
776
123
145
127
167
184
132
States.c
1
Total bituminous coal
9,990
Pennsylvania anthracite.d
a
Includes operations
on
the
B.
A
*
10,260
1
8.185
*
9,032
85
s5
11,285
10.878
918
O.
in
on
743
818
1,002
1,524
1,896
10,908
Total, all coal
and
29
2,177
Northern.b
Other Western
*Estimated total U. 8.:
Nov. 25, 1939
Nov. 18, 1939
2
240
85
Georgia and North Carolina
at
Rale
3
244
87
Colorado
Crude Runs
District
Potential
2
292
78
Alabama.
Arkansas and Oklahoma
(Figures in Thousands of Barrels of 42 Gallons Each)
Daily Refinino
Capacity
2
302
Indiana
RUN8
....
Illinois
CRUDE
11,003
9,003
10,034
12,809
12,774
the N. A W.; C. A O.; Virginian; K. A M.; B. C. A G.;
Mason, and Clay Counties,
b Rest of State,
Kanawha,
including the Panhandle District and Grant, Mineral and Tucker Counties,
c
In-
Volume
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
eludes Arizona. California, Idaho, Nevada and
Oregon,
d Data for Pennsylvania
anthracite from published records of the Bureau of Mines,
e Average weskly rate
for entire month,
s Alaska, Georgia, North Carolina and South Dakota included
with "other Western States."
* Less than 1,000 tons.
Though
month,
Nov.
of
Gas
Ranges
Gas
and
Water
Heaters
Substantially Higher in September
Shipments of
at
units,
or 18.1% higher than in the corresponding month of
1938, according to the recently issued statistical bulletin of
to
52
tin
%c.,
heaters
month,
having
as
26.8% above
amounted to 38,546 units
February at
previous.
year
a
Buying of Non-Ferrous Metals Slackens—November
Shipments to Consumers Large
"Metal
Mineral
and
reported that with
showing
in its issue
inventory
Nov.
of
period near,
30,
and prices
definite trend, consumers purchased metals on a
during the last week.
Deliveries during
no
reduced
Markets,"
the
were large, almost as large as in the preceding
month, but considerable doubt exists over what December
show.
News
that
the
51.50c.;
for the duration
of the
war
The publi¬
not desirable.
are
cation further stated;
Nov.
fell off during the last week, Bales for the
14,022 tons two weeks ago.
Producers
fabricators
believe
Sales for the month to date total 47,356
consumption
not anxious to add to
are
is
continuing at
actions
ing
reported at slightly above
well
as
as
by countries
but
a.
s.
of
short
in
for
the
months
of
(foreign and domes¬
August,
September
Sept.
Oct,
696
449
.
7,370
.
.
..
France...
-
2,667
1,967
796
Great Britain.
Italy.
....
Sweden
China and Hongkong
1,620
....*
Totals......
1,607
2,662
17
11,148
3,094
21
10,158
1,498
348
30,360
39,668
Reciprocity
hearing before the
Washington
on
importations
27,
Nov.
Information
12.950
Holiday
Holiday
Holiday
Holiday
12.275
12.950
53.500
5,50
5.35
6.60
12.275
12.950
53.750
5.50
5.35
6.50
Nov. 27
12.275
12.950
54.500
5.50
5.35
6.50
Nov.28....
12.275
12.950
54.000
5.50
5.35
6.60
Nov. 29
12.275
12.950
54.000
5.50
5.35
6.60
12.275
12.950
53.950
5.50
5.35
6.50
Average
Average prices
refinery,
for calendar week ended Nov.
12.275c.; export
25 are: Domestio copper f.o.b.
12.942c.; Straits tin, 52.865c.; New York lead,
copper,
5.600c.; St. Louis lead, 5.350c.; St. Louis zinc, 6.500c.; and silver, 34.750c.
The above Quotations are "M. A M. M.'s" appraisal of tue major Lulled 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
pound.
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries: tin quotations are for prompt delivery only.
In the trade, domestic copper prices are quoted on a delivered basis; that Is,
delivered at consumers' plants.
As delivery charges vary with the destination, the
figures shown above are net prices at refineries on the Atlantlo seaboard. Delivered
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
seaboard.
On foreign business, owing to the European War, most sellers are
restricting offerings to t.a-s. transactions, dollar basis. Quotations, for the present,
reflect this change In method of doing business.
World
■
Tin
Production
of copper.
Quarter Above Two
Exports of Signa¬
tory Countries and World Consumption
held
Exports of the signatory countries
permissible export under the control scheme (at an increased
quota of 120%) of 62,391 tons.
The position as regards
under or over-exports of the signatory countries is shown
below (in tons of 2,240 lbs.):
v
a
Position at the End
Export
Sept.
on
Those who opposed changing the prevailing 4c.
the
321
Senators appeared before the
need of protecting the industry from low-cost
that excise taxes were to be disturbed in
any
'■
foreign trade agree¬
;
''''
Lead
Malaya
..
1,930
5,628
underexport l,002p
underexport 4,629
underexport <>>2,850
underexport 1,084
underexport
692
4,438
1,031
1,116
Thailand
20,827
Total..
Preliminary,
p
about the price situation.
October
statistics
sumers.
Though
been
arc
deliveries will
that
The
tons,
remained
market
the
in
tons
in
16c.
St.
for
firm
underexport 17,715p
following is also from the "Bulletin":
con¬
week.
in
5,618
tons,
at 5.50c., New York, the contract settling
Co., and at 5.35c., St. Louis.
Zinc
quiet during
Shipments during the same period were in
to the Department of Commerce, 2,830 tons of zinc was
ore imported during October on which the duty has been
This brings the total for the first 10 months of the year to 24,231
(zinc content).
Our Joplin correspondent writes that the movement
foreign ore into this country has now
Tri-State
district.
become a market factor in the
,
'
at
2,240 lbs.):
AllOther
Total
of America
Countries
World
12,000
24,200
22,400
23,100
■■
Fourth quarter
First quarter
1938
1939..
—
13.O00
—
Second quarter 1939
Third quarter
16,400
1939..._
36,200
36,900
16,200
—.
Total last 12 months.
22,000
39,500
38.800
58,100
....
92,300
150,400
Total deliveries of the principal tin smelters amounted to 11,727 tons in
September, making the total for the third quarter 34,306 tons, against
32,586 tons in the second and 40,506 tons in the first quarter.
The visible supply
decreased by 1,066 tons to 21,708 tons during the
third quarter, the carry-over
increased during that period by 2,212 tons to
8,253 tons, and the smelters' stocks showed a decrease of 1,116 tons to
to
There
was,
consequently, a slight Increase in the total stocks
39,398 tons.
During October the visible supply showed
to 30,695 tons
,
a
sharp increase of 8,987 tons
but the carry-over decreased by 1,989 tons.
Most Steel Prices Are Reaffirmed for First
Quarter
The Nov. 30 issue of the "Iron Age"
volume,
According
estimated
United States
the end of
totaling 5,228 tons of common grades, against 7,566
the previous week.
Producers viewed the price as steady on the
Louis bases for Prime Western.
contained
is
the current
manufacturers have
to remain
quarter
The table below shows consumption statistics for the
quarter of this year.
reports that coincid¬
ing with the attainment of a new record high level of
ingot output, steel scrap prices have declined sharply, as
much as $2 at Pittsburgh, while prices on most of the major
steel products
have been reaffirmed for the first quarter by
Carnegie-Illinois Steel Corp., whose action has already
been followed by some of the independent producres.
The
the
"Iron
Age" further reports:
Carnegie-Illinois announced that its decision
the common grades totaling 2,410 tons, against 2,936
previous
X
X
Not yet available.
x
last four quarters (in tons of
according to estimates—the industry
Prime Western zinc continued
sales of
satisfactory
tons
drop again during
among
the American Smelting & Refining
the week,
of
uneasiness
tons in the preceding week.
Cable
coming into the market for fair tonnages.
The
paid.
to
some
decline in volume from now to
■
tons
caused
expected
and consumers appeared
6,822
of
X
6,426 underexport 4,547
6,182 overexport
78
38,800 tons, against 39,500 tons in the second and 35,900 tons in the first
In the previous week the strong
and the situation is not likely to get out of hand.
of common lead during the last week amounted to
Quotations
basis
stocks
10,000 to 15,000
month—from
Sales
metal
refined
for
of October
X
World apparent tin consumption in the third
9,437 tons.
shows signs of quieting down,
Demand for lead
less concerned
Oct
underexport
underexport
2,933
50p
10,938
U-
French-Indo Chino.....
Several
foreign metal and held to the view that it was not the intention of Con¬
ments.
E/port Position at the End
of September
in
representatives of the copper industry presented
requirements.
committee and stressed
on
November issue of the "Statistical Bulletin," published by
The Hague office of the International Tin Research and
is concerned and can supply at reasonable cost sufficient copper
own
Third
World tin production in the third quarter amounted to
47,200 tons, against 28,200 tons in the second and 34,500
tons in the first quarter of this year, according to the October-
pound rate pointed out that the United States is self-contained so far
supply its
in
Previous Periods-—Statistics
22,720
Committee,
merits of the proposed reduction in the excise tax
arguments on the
against
Zinc
Holiday
^
<■"'
Lead
Nov. 25
364
2.783
331
....
6,177
Other countries......
the year,
29,
1,866
6,664
2,073
980
...
Japan
expects
53.00c.; Nov,
Nov. 23....
.w..'
1,135
1.Q82
Poland and Danzig
gress
28,
Nov.24....
448
-
-
Netherlands...
to
Nov.
17
_.
Germany
copper
52.74c.;
Nov. 23, holiday ; Nov. 24,
St. Louis
Netheri. Indies...
tons:
..
__
Denmark
as
January
51%c.
St. Louis
Bolivia-»-..
destination,
..............23,922
Belgium
per
with
offered at 53c.,
New York
Some trans¬
basis.
Aug.
the
Tuesday,
New York
Belgian Congo.
To—
At
on
Straits Tin
Nigeria
October
and
sold
next
caused
below that level, depend¬
refined copper from the United States
Exports of
tic),
high rate,
shipping conditions.
on
was
27,
tin
has
Electrolytic Copper
Valley.
export business was done on the 13c., f.
were
a
supplies in view of year-end inventory.
price remained unchanged at 12 %c.,
Most
Straits
the
in
99%, brought 63c.
and March at
Nov.
25, 52.00c.;
here
situation
amounted to 40,221 tons in the third quarter of 1939, against
period amounting to 6,181 tons, against 10,947 tons in the previous week
The
shipment
52%c.,
Development Council.
Copper
Demand for domestic copper
tons.
Spot
Chinese,
arrive
Dom.,Refy' Exp., Refy.
Temporary National Economic
Committee is delving into copper and intends to conduct
hearings in January did not help matters. Members of the
London Metal Exchange were informed by the Minister of
Supply on Nov. 24 that normal operations on the Exchange
and
views.
to
shipping
scale
November
will
the
53.00c.
in the
In the first three
quarters of 1939, 974,828 ranges were shipped compared
with 737,000 in the like period of 1938.
During the same
periods 337,848 gas water heaters were shipped by 95% of
the industry in 1939 as compared with 265,203 last year.
Of total shipments of gas and electric ranges in the nine
months of 1939, the Association reports 80.19% were of
the gas variety compared with 78.46% in the same period
of 1938.
A similar comparison of water heater shipments
reveals that 83,73% were gas this year in comparison with
84.68% a year ago.
or
their
December
due
are
over
Chinese tin, 99%, was nominally as follows:
the Association of Gas Appliances and Equipment Manufac¬
turers.
The same source reports shipments of gas-fired
water
tin
pound.
per
for
of
uncertainty
strengthen
28, at 54c.
Straits
in September aggregated 122,588
gas ranges
quantities
large
continued
sellers
Shipments
3469
Tin
long
awaited,
was
"in
made
spite
of
on
rising
prices, which has been
costs
and
many
un¬
certainties" and the company declared a desire "to cooperate in preventing
inflationary
Illinois'
levels
tendencies."
move
which
as
Exceptions
to
strip, which
sheets is offset in the
Thus,
have
on
Inland Steel Co. characterized Carnegieand tending to "prevent runaway price
the continuance of
sheets and hot rolled
on
The
"constructive"
have accompanied other
No.
23
gage
been reduced $2
a
case
and
ton,
are
periods of abnormal activtiy."
unchanged prices
increased $2
a
are
in
hot
rolled
ton, but the advance
of certain gages by a reduction of extras.
lighter hot rolled sheets the pickling extras
canceling the base price advance, while size
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3470
for Nos.
extras
and 18
17
have been reduced $2
gages
rolled
cold
these
sheets,
correcting
that
grades
anomaly
an
in price relationship
placing non-integrated operators of hand mills in
additional
tion.
An
rolled
sheets
in
hot
change
price
of
coils
in
12
and
annealed
rolled
The
between
is
and
$2
of
ton
a
Nos.
19
to
increase
22
gages,
in
this
in
No
week.
plate price for the first quarter is looked
tin
change
expected
is
is
nor
increase believed
any
to
be
by price announcements,
including wire rods, plain wire, cold rolled strip, cold finished steel bars,
bolts, nuts and rivets, pipe and pig iron.
As the changes announced on hot flat rolled products undoubtedly will
prospect
govern
on
business
any
yet covered
not
might be taken for delivery over the
been applied to the "Iron Age" finished
that
has risen to 2.261c.
composite price, which
lb.,
a
the first change
this average since May.
in
decline
A
steel and
of
$2
of
one
in
to $18.58,
for
heavy
1
have reduced the "Iron
total decline of
a
No.
melting
Age"
scrap
$3.92 from the peak of
The price drop at Pittsburgh
In
first week of October.
in the
all
districts
greatly
grades of
production
heavy movement of
interest
Other
exaggerated.
increased
due
This
tending
factors
scrap
scrap
the
to
of
weak.
are
scrap
that recent reports of
of the knowledge
perhaps,
as
result
a
out of hiding,
is
depress
to
the result,
partly
large export sales were
of greater
prices
scrap
industrial
and continued lack of
approaching inventory period and
consumer
desire for
a
are
activity,
better
for
There
is
leveling off in
a
Jan.
1,
Such
deferment
if
inventory
on
stantial
three
least
of
are
cases
where
the next
for
flow
inventories
is
in
be accentuated
may
be deferred until after
view of unchanged prices.
already occurring in tin plate and may extend to some
new
without
desire,
customers
other products
products can
some
have sufficiently protected themselves
users
in
instances
many
there
still
is
first quarter, and,
mainly for
up
steel that is
the volume of
months,
Nevertheless,
days.
60
business,
being built
in
loss
sub¬
a
while steel
requirements
to
going directly
of
into
at
con¬
steel
the
production
continue
to
does
industry
for
there is
long,
very
the
expect
not
still
no
record-breaking
indication
of
a
sharp drop either before the end of the year or in the early part of the
first
week's
This
quarter.
ingots will be approximately
1,217,567 tons in October and
of 1,193,284 tons in May, 1929,
total output of
1,292,000 tons compared with an average of
the
pre-depression record weekly average
while
November
the
5,393,821
tons
total
October,
in
shipments,
will
about
be
5,470,000
longer month,
a
and
tons
with
compared
5,286,246
with
tons
in
sustained
One year ago
rolled strips.
1939
2.512c.
2.512c.
2.249c.
2.062c.
1937
1936
-
1932
These products represent
Low
2.236c.
May 16
3
2.211c.
2.249c.
2.016c.
May 17
Mar. 9
orders
Oct.
8
2
Mar. 16
Mar.
and
year,
period
plate
expanding in
is
The
swinging
are
a
dealer
in
into
also
from
by idleness
curtailed
72,520
from
production
22,615
schedules
still
by
to
the
enjoying active retail
accumulating
holiday
rapidly
which
reduced
Motors
cut
and all
18,600,
also
others
active.
Steel
will
However,
producers
take
equipment
to
prices
from
interests
shortly
expected
are
on
be
to
in
both
this
view
and
close
to
has
shape
and
awards and
is
subject
19.61
July
6
20.26
Feb.
16
18.73
Aug. 11
18.84
Nov.
5
17.83
May
1
16.90
Jan.
16.90
Dec.
5
13.56
Jan.
3
14.81
Jan.
5
13.56
Dec.
6
Higher
backlogs,
heavy
in
Shipbuilders
to
accept
a
that foreign buying
domestic demand early next
in
European
to
position
a
developments.
Export
removed
building
as
whole shows
a
active
fairly
are
improvement,
large
amount
of
potential
business
from
backlogs will require heavy shipments into
Unfilled business
tion.
less
are
but
the
pending and prospective work in September and October
a
bar
Concrete
markets
Small industrial plant extensions
in
tin-plate is well sustained,
the
market.
next quarter.
despite capacity produc¬
Improved demand for containers in recent weeks
is preventing large
inventory additions of tin-plate by canmakers.
markets
is
retain
off
8c.
an
tone
easy
$19.50.
to
in
most
England
districts,
has
tons
completed when
old
on
decline
in
in
ness
orders
that
had
been
the
orders
price
this
in
including 150,000 to 200,000
started.
war
The
buying for export has been given responsibility for price weak¬
Eastern
some
general
not
and
placed
scrap,
recently, although lower quotations have been
areas
throughout the country.
Fig
iron
despite
shipments
seasonal
a
imposed
on
are
the
reflect
steady
slackening
automotive
in
operations
certain
industry
by
of
labor
work
trouble.
adequate, and needs of steelmaking iron
foundries,
most
among
types
and
the
lag
Merchant
generally
iron
being
are
covered.
Some
steelworks
furnaces
encountering
are
for
service.
This
delays
in
situation
readying
and
the
immediately
point to
these
86
gains
in
eastern
Only
capacity.
reductions
were
necessity
inability of the industry to
theoretical
to
additional
Pennsylvania,
of
5
2
up
to
90
84%
to
open-
closing
districts
ingot
scored
95%.
points to
points
points
4
two
of
move
at
Detroit,
Cincinnati,
at
May 14
17.90
13.680.
to
seen
reinforcing bar
concrete
inquiries.
private
on
Offsetting
9
to
have been shaded lately in an attempt to attract
products
some
numerous,
rush
1
Mar.
was
units
48,180 to 40,240, Ford
in
gains last week, Chicago and Buffalo both being
June 21
14.180
business.
Southern Iron at Cincinnati.
Nov. 24
Assemblies still
total
have
Possibility is
Philadelphia,
23.25
19.73
pre¬
support
week's output
15,905
output
23.25
are
which will
keep plants busy for six months.
active units for repairs account for
1937
12
locomotives and track material
cars,
much of what slack develops
up
although
year,
Mar. 15
1938
the ensuing
sales which
and
the
from
larger amount of export business.
well
1936
1935
—
1934...
1933...
/..
1932
Steel
One week ago
One month ago
$19.83
.........-.20.875
15.00
One year ago
Sept. 12
27
and
2
points
{
on
No.
1
heavy
melting
steel
quotations at Pittsburgh, Philadelphia,
and Chicago.
at
94
and
3
$14.08
May
16
15.00
Nov. 22
11.00
June
7
1937
21.92
Mar. 30
12.91
Nov. 10
1936
17.75
Dec. 21
12.67
June
9
1935
13.42
Dec.
10
10.33
Apr.
29
1934
13.00
Mar. 13
9.50
Sept. 25
1933
12.25
Aug.
8
6.75
Jan.
3
1932
8.50
12
6.43
July
Cleveland.
at
Youngstown
Louis
at
Unchanged
New
90,
Pittsburgh
were
England
at
94,
at
Birmingham
100,
81.
at
30.
Nov.
of
This
previous wreek and 93^%
with
compares
94%
in
the
weeks ago.
The "Journal"
93%, unchanged from
the preceding week,
two
for the reported:
S.
and
Low
High
88
93,
St.
Steel ingot production for the week ended Nov.
27, is
placed at 94^% of capacity according to the "Wall Street
U.
{
to
Wheeling at
Journal"
Scrpp
(Based
Nov. 28, 1939, $19.58 a Gross Ton
$20.61
Farm
booked for months ahead.
are
2
Sept. 19
heavy
this week.
instances sufficient
2
$22.61
in
and last
General
indicated
are
are
some
8
1939
of
operations of implement and tractor
of Chrysler plants,
and trucks.
cars
May
and
to meet
steel releases.
on
30% sales gain
to
current
industry is
stocks
restricted
are
Jan.
Low
material
relatively heavy production for at least the next 60 days.
Jan.
Valley,
are
steel
on
fiscal year, are optimistic regard¬
new
25%
expect a
reflected
is
automobile
1.945c.
1.792c.
1.870c.
Buffalo,
also
influence
directions and is well
some
recently, with a stimulating effect
This
venting
2.056c.
High
available
are
deliveries
without
is
on average for basic Iron at Valley
furnace and foundry iron at Chicago,
$22.61
22.61
20.61
One year ago
the
builders
equipment
ing the outlook and
Apr. 24
Oct.
3
Sept. 6
Based
Nov. 28. 1939. $22.61 a Gross Ton
prices
days.
10
others.
in
months.
hearth
One week ago
One month ago...
through
builders.
supplies
Pig Iron
suf¬
are
first-quarter
distributors still pressing for
and
Consumption
booked
Dec. 28
Oct.
1
2.118c.
...1.953c.
1.915c.
-
of
end
85%. of the United States output.
High
2.286c.
Jan.
1938..
plates,
wire, rails, black pipe, sheets, and hot
2.236c.
2.236c.
2.286c.
but
operations
when
prospect
next
inventory-taking
consumers
composite
Based on steel bars, beams, tank
Nov. 28. 1939. 2.236c. a Lb.
One week ago
One month ago..*..
1935
the
heavy
support
in
country for 750,000 to 800,000 tons of
Finished Steel
1933
the
of the
Railroad
Scrap
COMPOSITE PRICES
AGE"
"IRON
1934....
before
needs.
current
May, 1929, the previous record month.
THE
shipment
Fabricated
current
total,
On the other hand, structural shapes
extensively.
Approach
sumption is greater than seems to be generally realized.
While
October
different products, bars and flot-rolled steel being sold
in
vary
will
is
buying
Relatively few inquiries for freight
steel business, which
new
steel demand, while ingot
on
the
improved.
appraisal of first quarter steel operating prospects.
by the fact that shipments of
below
well
business
additional
probably within
ahead most
was
brought about by mill purchases and brokers' offers at lowe rfigures.
$22.50
be
equipment manufacturers, starting
quotation
Pittsburgh
the
at Philadelphia
$1
$1
composite price
other
named,
are
this year, they have
remainder of
steel
products
other
on
will
Unfilled
and
Backlogs
of the
announcement
An
month
backlogs.
January,
inclusive.
for
this
ficiently close to the volume of shipments to prevent any marked shrinkage
cold
on
corresponding
a
in coils,
holiday interruption had little effect
Orders
better competitive posi¬
advance
an
wider
and
in.
pickled sheets
1939
production held at its recent peak of 93%%.
brought about by the continuous mill process and
was
2,
markets, on Nov. 27 stated:
19 to 22, inclusive, are now on a price parity with mill run
sheets, Nos.
Dec.
"Steel" of Cleveland, in its summary of the iron and steel
Single pickled hot rolled annealed
unchanged net price on these gages.
an
ton, resulting in
a
Steel
is
compared
estimated
with
at
92%
two
weeks
Leading
ago.
independents
are
5
1939
$22.50
1938
The
American
nounced
Iron
and
Steel
Oct.
Jan.
Institute
on
Nov.
27
telegraphic reports which it had received
indicated that operating rate of steel companies having
97% of the steel capacity of the industry will he 94.4% of
capacity for the week beginning Nov. 27, compared with
93.9% one week ago, 91.0% one month ago, and 60.7% one
This represents an increase of 0.5 point, or 0.5%
from the estimate for the week ended Nov.
20, 1939.
Weekly
indicated rates of steel operations since Nov. 7, 1938, follow:
1938
Nov.
1939—
1939—
weeks
95%%, against
following table gives
the
nearest
approximate
13
54.8%
May 29
52.2%
Sept. 11
70.2%
62.6%
Feb.
20
53.7%
June
5
54.2%
Sept. 18
55.8%
65.1%
55.7%
55.4%
56.1%
64.7%
52.1%
50.9%
48.6%
47.8%
June
12
Oct.
2
87.5%
Oct.
9
16
a
before
and
94%
two
comparison of the percentage of production
corresponding week of
changes,
in
points,
previous
from the week
years,
together with
U. S. Steel
Industry
94 %
61%
—1%
58
1937
32
—3
1936
75
+
X
67
1935
56%
+ 1X
45
+2
1934
29
25%
+
1933
28
+ 1
26
+2
1932
17
+
Independents
31
1931
+
93
%
95 X
—2%
...
28%
—1
—2
68
83%
1927
90.3%
32%
29
45
67
...
—1
39
1929
67
%
17%
28
1930
63%
32%
81%
16
X
+
X
the
immediately preceding:
1938
88.6%
Oct.
week
+
%
28
+ 1
—
-+• 1
+ 1
—
—
83%
—1%
—2
66
+ 1%
%
%
+1
35
—2
%
—2%
—2
83%
—
%
83.8%
19
53.1%
55.0%
Sept. 25
June
the
79.3%
Nov. 21
in
1939
1928
1939—
Feb.
Nov. 14
94%%
ago.
The
with
with
an¬
that
year ago.
credited
7—...61.0%
61.9%
Feb. 27
Nov. 28
60.7%
Mar.
Dec.
5
Mar. 13
Dec.
12
59.9%
57.6%
Mar. 20
Dec. 19
51.7%
Mar. 27
Dec. 26
38.8%
Apr.
iqia
6
3
Apr. 10
Jan.
2
50.7%
Apr. 17
Jan.
9
51.7%
62.7%
Apr. 24
1
8
3
July
July
10
49.7%
Oct.
23
90.2%
17
56.4%
60.6%
59.3%
60.1%
62.1%
62.2%
63.0%
58.6%
Oct.
30
91.0%
July
24
July
31
Aug.
7,
Jan.
23
51.2%
30
.52.8%
May 15
47.0%
45.4%
Aug. 14
Aug. 21
Aug. 28
Feb.
6
53.4%
May 22
48.5%
Sept.
16
May
July
54.3%
38.5%
Jan.
Jan.
May
June 26
4
Nov.
6
92.5%
Nov. 13
93.5%
Nov. 20
93.9%
Nov. 27
94.4%
—5
61
1940
Corn
Acreage
63
—5
Allotment of
60
36,638,000
—4
Acres
Announced by Secretary Wallace
Secretary
Nov.
and
26
a
a
corn
corn
contain
corn
belt States.
13
new
Henry
acreage
1940 commercial
in the 12
will
Agriculture
of
1940
A.
Wallace
announced
allotment of 36,638,000
area
The 1940 commercial
counties in
acres
consisting of 599 counties
South
corn
area
Dakota, Minnesota,
Ohio, Michigan, Indiana and Kentucky in addition to the
Volume
586
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
counties
which
in
were
1939
the
the Department the 1940 allotment of
with
pares
Department also
For
in
national
their
mean
have not been
be
may
To
with
the
smaller
be earned
may
increased
farmers
or
the
their
com
10c.
certain
in other
more;
the
allotments,
compared
reduction will
the
areas
be
additional
the
sacrifice
of
rate
Under
corn
In
the
the
of
corn
1939
the
goal
be
will
1939
includes
goal
the
of
under
com
between
94,000,000
acreage
largely for home consumption,
90,000,000
to
the
acres.
This
commercial
area,
which
the allotment in
plus
In
the high-
from which the Nation's surplus com is normally
area
*
announcing the smaller allotments, officials stated that
the
disappearance of
has
been
is
corn
expected
during the psat year,
been
have
participating
payments of
9c.
the normal yield of
on
conservation
readily provided from
The
to
payment will
be
later.
this
Normal
to
be
greater
in
•
•
though
even
1939-40
the abundant supply in
year,
smaller acreage
corn
than
Oct.
on
either
country
Establishment of
or
on
can
be
bushels
farms
terminal
compared
Of the total amount carried
or
were
held by
in
the
Ever-
Commodity Credit
storage.
rate of 57c. per
a
bushels
561,000,000
was
257,000,000
approximately
Granary either under seal
in
1
it
the Ever-Normal
in 1940.
of 212,000,000 bushels.
average
Corporation
will
payment
of
carryover
10-year
a
over
a
acres,
97,000,000
to
outside
1940 Agricultural
the
88,000,000
produced.
which
payments
program,
adjustment
price
complying
in
allotments
conservation
bushel
per
1940
required
conservation
1940
earned
area
allotments.
the rate
the
yielding commercial
farmers
where
sections
to
is grown
soil-depleting goal for
Program
Granary and the increasing yields indicate that adequate supplies
11%.
commercial
bushel;
per
announced
pointed out that this would not
In
for planting within their
acreage
this
1939
in
area
average.
make
approximately
in
Officials
corn
reduction of about 12%
average
allotments.
bushel and parity payments of 6c.
per
be
the
farmers
an
mean
to their allotments in recent years the reduction
up
20%
as
than
less
help
farm
in
planting
high
as
somewhat
allotment will
cut
national
Conservation
national
farm allotments.
1940
"flat"
a
The
says:
producers who have been in the commercial
smaller
acres com¬
41,256,000-acre allotment for this year.
a
The
According to
area.
36,638,000
3471
bushel for Commodity
Credit Corporation loans made on 1939 corn
in these columns of Nov. 25, page 3344.
was
reported
the
Federal
Current Events and Discussions
The
Week
the
with
Federal
Reserve
Banks
Complete
During the week ended Nov. 29 member bank reserve
balances were practically unchanged.
Additions to member
bank reserves arising from a decrease of $25,000,000 in
Treasury deposits with Federal Reserve banks and increases
of $90,000,000 in gold stock and $5,000,000 in Treasury
currency were offset by a decrease of $40,000,000 in Reserve
bank credit and increases of $28,000,000 in money in circu¬
lation, $2,000,000 in Treasury cash and $49,000,000 in nonmember
Excess
to be
deposits
reserves
other
and
Federal
of member banks
Reserve
Nov. 29
on
approximately $5,140,000,000,
accounts.
were
estimated
decrease of $30,000,-
a
000 for the week.
The
principal change in holdings of bills and securities was
of $41,000,000 in holdings of United States
Treasury bills.
decrease
a
The statement in full for the week ended Nov. 29 will be
found
pages 3508 and 3509.
Changes in member bank reserve balances and related
during the week and the year ended Nov. 29,1939, were
on
items
as
follows:
Increase
Nov. 29. 1939
$
Bills
discounted
Bills
(+)
Nov. 22,
or Decrease
Since
1939
Nov. 30,
$
S.
8,000,000
—1,000,000
Govt,
securities,
direct
2,552,000,000
—41,000,000
—12,000,000
advances
(not including
$10,000,000 commit'ts—Nov. 29)
Other
reserve
Member
—1,000,000
The condition statement of weekly reporting member banks in 101 leading
Increases of
reserve
balances with Federal Reserve banks and $314,000,000 in demand
deposits-adjusted, and
a
decrease of $189,000,000 in deposits credited to
domestic banks.
Commercial, industrial and agricultural loans increased $28,000,000 in
New York City and $26,000,000 at all reporting member banks.
Holdings of United States Treasury bills increased $14,000,000 in New
York City, $12,000,000 in the Kansas City district and $11,000,000 at all
reporting member banks, and decreased $10,000,000 in the Chicago district.
securities" increased $9,000,000
+ 37,000,000
2,605,000,000
17,347,000,000
2,947,000,000
—40,000,000
+ 21,000,000
+ 90,000,000
+ 3,035,000,000
+ 5,000,000
+174,000,000
11,620,000,000
+1,000,000
+ 28,000,000
+ 2,744,000,000
2,359,000,000
+ 2,000,000
—330,000,000
441,000,000
—25,000,000
—43,000,000
22:
$26,000,000 in commercial, industrial and agricultural loans,
$32,000,000 in loans to brokers and dealers in securities, $92,000,000 in
—5,000,000
+ 2,000,000
of
cities shows the following principal changes for the week ended Nov.
reporting
11,000,000
34,000,000
bank credits
Banks
of business Nov. 22:
Holdings of Treasury notes decreased
and
guaranteed
Industrial
+1,000,000
of
System for the Preceding Week
As explained above, the statements of the New York and
Chicago member banks are given out on Thursday, simul¬
taneously with the figures of the Reserve banks themselves
and covering the same week, instead of
being held until the
following Monday, before which time the statistics covering
the entire body of reporting member banks in 101 cities
cannot be compiled.
In the following will be found the comments of the Board
of Governors of the Federal Reserve System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
1938
$
bought
U.
(—)
Returns
Reserve
member
Demand
$13,000,000.
Holdings of "other
[n New York City and $6,000,000 at all
banks.
deposits-adjusted increased
$202,000,000 in
New
York
City,
$26,000,000 in the Chicago district, $13,000,000 in the Philadelphia dis¬
Total Reserve bank credit
Gold stock
Treasury currency
trict, $12,000,000 in the San Francisco district, $11,000,000 in the Cleve¬
land district, $10,000,000 in the Richmond district and $314,000,000 at all
\
reporting member banks.
Member bank
reserve
balances
Money in circulation
Treasury cash
7,462,000,000
Treasury deposits with F. R. bank..
Non-member deposits and other Fed¬
eral Reserve accounts
+ 675,000,000
district, $36,000,000 in New York City, $17,000,000 in the Cleveland dis¬
trict, $16,000,000 in the Kansas City district, $15,000,000 in the Philadel¬
phia district, and $189,000,000 at all reporting member banks.
1,017,000,000
+ 49,000,000
+184,000,000
Borrowings of weekly reporting member banks amounted to $1,000,000
on
Returns of Member Banks in
New York
Below is the statement of the Board of Governo
s
Nov. 22.
A summary
City and
Chicago—Brokers' Loans
Federal
of the
of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended Nov. 22, 1939, follows:
Reserve
banks and also
System for the New York City member
for the Chicago member banks for the cur¬
rent
week, issued in advance of full statements of the mem¬
banks, which will not be available until the coming
Monday:
ber
Increase
1
(In Millions of Dollars)
JL ssetS'm~m>
Loans and Investments—total
Nov. 22
1939
1939
Assets—
$
Loans—total
Commercial,
agricultural
industrial
1938
%
8,998
3,022
Chicado———
Nov. 30 Nov. 29
1939
$
8,930
3,003
$
7,709
2,962
Nov. 22 Nov. 30
1939
1938
$
$
2,077
1,900
571
578
518
and
loans..
1,704
1,710
1,424
393
401
339
Open market paper
112
114
135
18
19
19
Loans to brokers and dealers...
519
494
571
27
26
30
169
168
202
67
66
67
Other loans for purchasing or
securities
carrying
Real estate loans
114
Loans to banks
Other
Treasury
Treasury
26
378
loans
115
,
119
14
14
12
26
95
376
416
52
"52
2,853
■{241
565
555
notes
840
841
Obligations
guaranteed
2,145
1,214
+314,000,000
4,388,000,000
315,000,000
+26,000,000
+519,000,000
+ 3,000,000
—26,000,000
Commercial, industrial and agri¬
Open-market
_____
paper
__
Loans to brokers and dealers in
f
Other
loans
620,000,000
lor
purchasing
+ 32,000,000
—85,000,000
or
497,000,000
Real estate loans
1,189,000,000
Loans to banks
36,000,000
Other loans
1,572,000,000
Treasury bills
731,000,000
Treasury notes
2,166,000,000
United States bonds
5,829,000,000
Obligations guaranteed by United
*
States Government.
2,405,000,000
Other securities
3,344,000,000
Reserve with Fed. Res. banks
9,790,000,000
Cash in vault
483,000,000
carrying securities
■
2,131
—74,000,000
+2,000,000
+ 21,000,000
—3,000,000
—77,000,000
+ 8,000,000
+ 36,000,000
+11,000,000)
—13,000,000
+ 597,000,000
+ 3,000,000j
+ 3,000,000
+ 723,000,000
+ 6,000,000
+ 92,000,000
+152,000,000
+ 2,527,000,000
+ 8,000,000
—87,000,000
+ 622,000,000
18,918,000,000
5,252,000,000
534,000,000
+ 314,000,000
+ 3,002,000,000
—4,000,000
+127,000,000
+1,000,000
—3,000,000
7,930,000,000
Balances with domestic banks
f 48
(667
\
666J
Other securities
1,212
1,206
1,194
—189,000,000
+1,731,000,000
Reserve with Fed. Res. banks
3,079,000,000
+ 44,000,000
Liabilities—'
79]
244
942
Dema.id
Time
by
United States Government
+1,786,000,000
+68,000,000
"51
bills
United States bonds
$
(—)
Nov. 23, 1938
$
+ 78,000,000
_
2,038
or Decrease
Since
Nov. 15, 1939
23,092,000,000
8,617,000,000
Loans—total
securities
New York City
Nov. 29
(+)
"
Nov. 22, 1939
$
cultural loans..
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
IN CENTRAL RESERVE CITIES
Loans and Investments—total._
,
Deposits credited to domestic banks decreased $42,000,000 in the Chicago
809
173
173
117
338
337
323
1,151
1.114
5,514
5,509
1,085
4,079
Cash in vault
87
83
.64
44
41
35
Balances with domestic banks._
80
79
70
243
246
413
467
49
48
8,458
6,767
1,826
653
667
604
501
banks
53
8,459
Domestic
213
367
deposits—adjusted
deposits
United States Government deposits
Inter-bank deposits:
Other assets—net
916
lime
deposits
United States Govt, deposits
1,820501
1,622
467
49
48
115
63
63
62
3,445
3,430
2,625
867
875
banks
Foreign banks.
662
644
445
8
8
9
Capital accounts..
of
+207,000,000
—2,000,000
Following Russia's Denunciation
Non-Aggression Pact—Russia's Allegation of
Hostilities by Finnish Troops Had Been
Active
Denied in
Borrowings
Other liabilities
1,000,000
682
Inter-bank deposits:
Domestic
711,000,000
Invasion of Finland
Liabilities—
Demand deposits—adjusted
Foreign banks.
Borrowings
—
—
1
1
h
301
288
342
"15
15
17
1,477
1,479
1,490
245
244
258
Helsinki
Invasion of Finland by Soviet Russia was
begun on Nov.
30, after Russia had denounced on Nov. 28 its non-aggres¬
sion pact with Finland, previously charging that Finnish
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3472
had recently fired at Russian
between the two countries.
troops on several occasions
troops and had crossed the border
The charges were made in a note
Premier and Foreign Commissar
Finland
(Nov. 26) from the Soviet
Vyacheslaff M. Molotov.
Nov. 27 denied the alleged charges, stating in its
on
the Kremlin in Moscow, that the Finnish Govern¬
of the incident of frontier violation
note to
"examination
ment's
alleged to have taken place
.
.
.
established that the
discharge of cannon shots you mention in your letter did not
take place on the Finnish side."
The note of the Finnish
Government, signed by its Foreign Minister, Eljas Erkko,
also said, in part:
Dec.
2, 1939
With reference to the above, my Government suggests that pursuant to
Article 5 of the treaty of non-aggression and the supplementary
of conciliation,
order to examine the controversy which
convention
be summoned immediately in
the conciliation commission
Finland is ready to
has arisen.
submit settlement of the controversy to neutral arbitration.
In order to prove emphatically that there is a sincere effort to
accord with the Soviet Government, and to refute the Soviet
allegations that Finland has adopted
and is desirous of
reach an
Government's
hostile attitude toward theU. S. S. R.
a
threatening the security of Leningrad, my Government is
ready to settle with the Soviet Government the question of the removal of
Finnish defense forces stationed
on
the Karelian Isthmus with the exception
of frontier customs guard forces, to such a distance from
ould not
Leningrad that it
be alleged that they threaten its security.
even
C
ELJAS
ERKKO.
In order that no obscurity whatever might remain in any circumstances,
the Karelian
Government suggests
my
be
countries
instructed
Isthmus frontier
jointly the incident
investigate
to
in
a
manner
This
followed by a further note to Finland
was
on
Nov.
Premier and
Foreign Commissar Vyacheslaff M.
Molotov, in which it denounced the 1932 Finnish-Soviet
pact of non-aggression.
This note, according to United
Press advices from Moscow Nov. 28 reads
is
The reply
of the Government of Finland to the
The
The denial by the Government of Finland of the fact of the abomin¬
public
opinion and deride the victims of the shooting.
feeling of responsibility and
Only the absence of
a contemptuous attitude toward
"training drills" by Soviet troops in artillery fire very
public opinion
near
the frontier
2.
The refusal of the
perpetrated
demand
this
Government
of Finland
villainous shelling
for simultaneous
withdraw
to
of Soviet
troops,
withdrawal of Finnish and
formally proceeding from
the troops
well as a
as
Soviet troops,
betrays a
Soviet troops
is
are
.621
but,
on
removed from those
of a
mile)
Leningrad—a
while
vital
equality in positions
of the
of the
center
At the
Utaited
States
Soviet
Russia
counting
create an immediate threat to it.
suburbs, which is
obviously absurd from the viewpoint of the security of Leningrad.
The
proposal of the Soviet Government regarding the withdrawal of Finnish
troops for 20-25 kilometers constitutes
not to eliminate this
If the Government declines
it intends to
3.
even
near
Soviet
thus placing under immediate threat the most
important and vital center
of the U. S. S. R., the Government of Finland
committed a hostile
act
toward the U.
S.
S.
R., incompatible with the non-aggression pact con¬
cluded between the two countries.
Moreover, by refusing to withdraw its
troops at least 20-25 kilometers after the villainous shelling of Soviet troops
by Finnish troops, the Government of Finland has shown that it continues
maintain
to
pay
a
hostile attitude toward the U. S.
S.
R., does not intend to
regard to the provisions of the non-aggression pact and has decided to
keep Leningrad under threat in the future.
However, the Government
situation in which
one
of the U. S. S. R., cannot reconcile itself to a
side would violate a non-aggression pact and the other
side would undertake to carry it out.
the obligations
considers itself
undertaken under the non-aggression pact
con¬
cluded between the U. S. S. R. and Finland and
systematically violated by
the Government of Finland.
Accept, Mr. Minister,
PEOPLE'S
OF
perfect respect.
FOREIGN
same
time orders have been issued to the Red Army and
This is
to
destroy
Finland's
S.
S.
R.
MOLOTOV.
Russia, following the latter's
28th,
I have the honor to
state
the
following:
It appears from my letter dated Nov. 27 that Finland has not violated
the territorial integrity of the U.
agents of both
the
manner
S.
S.
R.
suggested
States be instructed
In
that
order
that
Karelian
this
be clearly
Isthmus
frontier
jointly to investigate the incident in
regulated by the treaty of Sept. 24,
1938, concerning frontier
in
my letter
that
on
the
Finnish frontier side
mainly frontier guard forces have been stationed, which forces cannot con¬
any threat against the security of Leningrad.
My Government
is of the opinion that it is not
justified to denounce the treaty of
stitute
non-aggres¬
sion which,
The Soviet Government has
friendly Finnish policy toward the
But the prerequisite
as a
That
is
too
a
malicious
sovereign, independent 8tate.
We
libel.
We are in
themselves.
The Soviet Government granted Finland independence after the revolu¬
tion and did everything to secure that independence.
Government
desire
to
infringe
upon
peoples of the Soviet Union continue
Nor does the Soviet
The
the interests of other nations.
to
be willing to help the Finnish people
preserve their own interests.
The relations of the Finnish people with the Soviet Union are, however,
a
matter that
have
concerns
no
only the Finnish and Soviet peoples alone.
Other
right to interfere.
Our sole goal is to establish the security of the Soviet frontiers and above
Leningrad,
a
city of 3,500,000 inhabitants.
We shall not rely on the present Finnish rulers.
the
Soviet
Soviet
Government
Union
yield to
cannot
their
Under the circumstances
will.
The peoples
of the
and
the Finnish people must solve the pending problems
jointly, for the absolute safety of Leningrad will be to the lasting friendship
of the Soviet Union and Finland.
Early on Dec. 1, despite a vote of confidence by the
Finnish Government, the Cabinet of Premier Aimo Cajander
resigned under pressure it is said of the Soviet invasion.
Regarding the formation of a new government in Finland
late yesterday
(Dec. 1) Associated Press advices from
Helsinki said:
The
new
Finland.
in the
also,
Premier
is
Risto
Ryti, 50-year-old Governor of the Bank of
His foreign Minister is Vaino Tanner, Socialist Finance Minister
outgoing Government and regarded
as
as
Included
friendly to Russia.
Minister Without Portfolio, is Juhu Kusti Paasikivi, former Premier
over
according to the protocol of 1934, remains in force without the
right of denouncing until the end of 1945.
Russia's territorial demands.
Premier Aimo K. Cajander, and his
were
Foreign
Minister, Eljas Erkko, both of whom had been attacked bitterly by Moscow
trying to lead Finland into
The
new
Premier,
an
Finland since 1923 and is
Jean
Monnet
against Russia.
war
ex-Minister of Finance,
a
member of the
has headed the Bank of
Progressive party.
Appointed Chairman of British-French
Coordinating Committee
was
made
jointly in
London and Paris,
Nov. 26, that Jean Monnet of France has been named Chair¬
man
of the British-French committee for coordination of
economic
war
efforts.
Establishment of this committee to
avoid competition in purchases
Nov. 18, page 3184.
The creation of the British
the
agents.
Further, there is stated
independence.
regard Finland
to
Announcement
letter of the
Government
a
favor of the Finnish people's solving all their domestic and foreign problems
Dropped altogether
Mr. People's Commissar:
my
infamous slander.
State would have been that the Finnish Government did not take
a
Foreign Minister Erkko of Finland:
established
an
Others say that we interfere with the domestic affairs of Finland and want
continue
as
A later communication
your
Navy
end to all Finnish provocations.
hostile but friendly attitude toward the Soviet Union.
to
THE
OF
denunciation of the non-aggression treaty was addressed as
follows (according to Associated Press accounts from Mos¬
cow), to the Russian Soviet Government on Nov. 29 by
to
an
published the malicious libel that the Soviet
part of Soviet Karelia to Finland, and the result would have been a union
conferring in Moscow
AFFAIRS
U.
In response
diplomatic
longer be maintained and, therefore,
diplomatic and economic representatives
experienced in Russian affairs and head of the delegation which had been
assurances of my
COMMISSAR
no
normal
Union, the Soviet Government would have been willing to meet
for such
In view of this the Soviet Govern¬
ment deems itself compelled to state that from this date it
free from
presently
can
that
realize
of the related Finnish people with their brother Finns.
all of
Leningrad and
The Finnish Gov¬
has arisen.
as
to
Finland half-way on the question of territorial concessions involving ceding
this minimum proposal that means that
keep Leningrad directly menaced by its troops.
By concentrating large forces of regular troops
come
had any such ambition.
powers
but only to reduce it to some extent.
has
Quite to the contrary, in event of
minimum because its purpose is
a
inequality in positions of the Finnish and Soviet troops
situation such
ready for all emergencies and to put
Soviet Union.
It need hardly be mentioned that, properly speaking, there is no room for
withdrawal of Soviet troops since the withdrawal of Soviet
troops for 25
kilometers would mean stationing them in the Leningrad
a
Union wants to conquer the whole of Finland and incorporate it into the
the vital centers of Finland because
32 kilometers from
compelled to adopt new
responsibility.
Government
The hostile foreign press has
advantageous position of Finnish
an
menace
Soviet
and
centers for hundreds of kilometers (a kilometer
Finnish troops are stationed
3,500,000 population—and
Finnish
finds itself
.
from Finland.
to be
a
the contrary,
Soviet troops do not
troops.
they
have here not
reality we
.
.
it has found it necessary to recall its
a
principle of equality of both sides,
a
both
hostile desire by the Government of Finland to keep Leningrad under threat.
In
The
never
lire before the eyes of Finnish troops.
which
longer tolerate
ernment alone bears
a
could inspire such an attempt to explain the abominable Incident of
artillery
as
Government
protect its frontiers and Leningrad, for the Soviet Government
relations with Finland
the crisis in relations between the two countries.
able shelling of Soviet troops by Finnish troops, which resulted in victims,
cannot be explained by any other reason than a desire to lead
astray
fire
Soviet
no
can
the Government of Finland toward the Soviet Union and carries
part of
to the extreme
1.
note of the Soviet Govern¬
document reflecting profound hostility on the
state of war,"
A speech by Premier Molotov at Moscow on Nov. 30,
announcing the severance of Russia's diplomatic relations
with Finland, said, in part:
measures to
ment of Nov. 26 constitutes a
a
decree "for defense and the maintenance of law
a
and order of the Finnish republic."
follows:
Mr. Minister:
Nov. 30 President
on
Kyoesti Kallio declared the country to be "in
and issued
regulated by the treaty of Sept. 24, 1938, concerning the frontier agents.
28 from
With Russia's invasion of Finland
of both
agents
United
noted in
our
issue of
Supply Board in Canada and
Britain's purchases in the
States to coordinate
two countries
page
was
was
mentioned in these columns of Nov.
11,
3049.
Arthur B. Purvis, Director-General of the British Pur¬
chasing Commission, New York, announced Nov. 30 the
appointments to the Commission of Edgar S. Bloom as
Director
of
Purchases
My Government wishes especially to emphasize Article 5 of the
treaty
of non-aggression, wherein both the
contracting parties declare they will
endeavor to settle in a spirit of justice
any
of their origin, which may arise between
and
of
F.
Johnson
as
Director
of
Administration.
an
disputes, whatever the nature
to
pacific
For
means of settling such
this
purpose
disputes which
to
settle
both
ordinary
resort
exclusively
disputes.
contracting parties
may arise between
through
them, and will
have undertaken
them, and which it has
diplomatic
proceedings
time, to the procedure of conciliation before
a
to
not been
within
a
submit
possible
reasonable
joint conciliation commission.
According to United Press accounts from London, Nov. 26,
official communique issued on that date recalled that
arrangements for coordination of the economic war efforts
of Britain and France, which formed the subject of an an¬
nouncement by Chamberlain and Daladier Nov. 17, pro¬
vided for the immediate establishment of permanent British
and
French
executive committees
According to said article conciliation procedure shall be applied
particularly
when a question arises as to whether a mutual
undertaking as to non-
co-ordinating committee.
aggression has or has not been violated.
also stated:
under
a
British-French
In part the United Press advices
Volume
ONE HUNDRED—
149
The Commercial & Financial
SRAEY—elcinorhC
It is said members of the
Coordinating Committee will vary according to
matters under
discussion and will be drawn from a
panel consisting
of senior members of the
permanent Executive Committee.
chiefly
Functions of the
Coordinating Committee will be to coordinate the work
of the permanent
Executive Committees and also to deal with
any difficul¬
ties arising from the
supply and purch'se of munitions, food, coal and
3.
priority.
In addition to the Executive Committees and
the
tee,
provision
is
made
for
ministerial
Coordinating Commit¬
consultations
when
be¬
necessary
the department chiefs of the British and
French Governments.
"Broad issues of policy, of course, will
continue to be settled by
Supreme War Council," the communique said.
tween
3473
is
departure before Dec. 11, the goods, if owned
by
a
neutral, may be released.
Mr. Chamberlain Defends Action
Prime
Minister Chamberlain,
discussing the reprisals in
Commons today, said:
The committee also will coordinate the
work of Allied purchasing mis¬
sions.
OLD
shown that the goods detained
became neutral before today,
fh® Prize court will have the
power to order that the proceeds of the
goods
sold should be paid or the
goods released at any time.
4. If goods are aboard a vessel
that cleared frt>m her last neutral
port of
other commodities, or those which raise
important questions of principle
or
If it
"We recognize that these
loss to neutrals.
measures
may cause
Yet in defense of their
own
successful issue, may
a
neutrals
well be worth
some
House
of
inconvenience and perhaps
interests, their
and the lives of their own
citizens, these measures, if
to
the
on
in the present circumstances."
shipping
own
they help
sacrifice
efforts
our
the part of the
Mr. Chamberlain said the British
Government certainly would not want
the
to make the neutrals'
position any more difficult, and the Order in
Council
his promise by
stipulating that goods or proceeds could be
released "with the consent of the
proper officer of the Crown" in order to
obviate hardship for
any neutral subject who ft
operating under a contract
entered into before today.
supported
•
Two American
Corporations Formed
plying Medical and Civilian Aid
Assist in Sup¬
Great Britain
to
to
and France
Since the decision to seize German
exports
In order to assist in meeting the
problem of
relieving hu¬
in Great Britain and France,
man
suffering due to the
two
new
were
created under the laws of the District of Columbia and
war
corporations have been formed under American
leadership, it was announced Nov. 26.' Both corporations
have been registered with the
Department of State.
Their
plans for action comply, it is stated, in all particulars with
Neutrality Act.
The primary purpose of both corpora¬
tions is to afford an
opportunity for Americans to make
Society
for British Medical and Civilain Aid, Inc.
an announcement in the matter
says:
primarily
provide funds
to
American
Treasurer.
the
immediate
Inc. is de¬
necessities
the
of
Winthrop W. Aldrich is President; Sheldon
Whitehouse, Vice-President; Watson C. Emmet, Secretary, and Smauel A.
George Blumenthal,
The
E.
other
directors
Gerry Chadwick,
include
nothing within
the law will prevent Britain from
enforcing this double blockade and trying
by cutting off foreign exchange Nazis need
to hasten the end of the conflict
to
purchase materials of
The
British
war.
Government
vessels to call at
one
warning them that
.
is
.
advising shipowners
of the British
if
they do
or
Robert
Woods
Bliss,
Frederic R.
Coudert, Clarence
Dillon, Leon Fraser, Clark Minor, James H. Perkins, Frank L. Polk, John
Rockefeller 3rd, and Henry Rogers Winthrop.
The American Hospital of Paris is well known to all Americans
traveling
It is operated under a Federal charter received from
the
abroad.
United
Government
in
1917, granted by
Act of Congress in
honorary President is the American Ambassador
to
1913.
France,
The
It is expected that in addition to assisting the American
Hospital of Paris
non-governmental
organizations.
From
Paris
following to
Nov.
on
27
United
Society for British Medical and Civilian
Henry Rogers Winthrop is
Vice-President; E. Gerry Chadwick, Secretary, and Marshall Field, Treas¬
Blockade Minister,
said
ney,
and William Woodward.
mitted
to
of hospitals and
civilian
non-governmental
aid
British
to
Funds received by the Society will be trans¬
organizations
other facilities
subjects,
for
the
maintenance
decree,
George VI today and also becomes effective
including military casualties.
substantial part
with
Funds
private direction.
that
of
the
American
of their funds will be contributed
Cross for medical and hospital aid in Great
Kirkwall, Weymouth, Les
shippers if the goods were purchased before Nov. 28.
Otherwise the
goods will be entrusted to the prizee administration or
sold and the proceeds
deposited until the end of the war. The decree
recommended that all goods
be accompanied by certificates of
origin, obtained at British or French
Consulates.
as
the
French
corporation is
to
Red
Cross.
the American
Britain and
A
Reel
France, and the
concerned, its funds will be used
mainly for the support of the activities of the American Hospital of Paris.
The
two
American
corporations have
their
New
York
sources
and France Embargo Exports from Ger¬
from Germany, as well as goods intended to be
imported into that county, will be embargoed by Great
Britain and France, effective Dec. 4.
This action
was
taken
by the Allies in retailiation for the German sea campaign
against their ships.
The announcement evoked immediate
protest from several neutral Nations, including Italy,
Japan, the Netherlands and Belgium.
The British action
was taken in accordance with an Order in Council, signed
by
King George on Nov. 27.
In a statement explaining the
decision on Nov. 29, Gerat Britain asserted that Germany's
conduct of the war at sea is "contrary to the laws and
customs of war, the rights of neutrals, and the obligations
of humanity."
Great Britain therefore claimed "an un¬
questionable right of retaliation."
to keep
exchange.
Germany from
replenishing
The terms of the reprisals
laid down in an Order in Council, which emphasized these four
her
were
main points:
All goods found at sea in neutral ships that are of German ownership
of German origin or laden in a German port—unless they had already
1
become neutral property
before today—are liable to seizure.
2
Goods seized on the high seas are to be dealt with by a prize court
under the law and practice of prize courts and they, or their proceeds, if
they are sold, will be detained in custody of the court until the end of the
war
when they will be dealt with at the court's discretion.
are
the chief
informed that their objections
The Allies, however, pointed out that neither
Italy nor Japan had pro¬
tested against German unrestricted mine
to
mines, and that
both
warfare, although both lost ships
Italy and Japan—allies of France and Britain
during the World War—approved
a
similar blockade
measure
decreed
by
Feb. 16, 1917.
on
Canada Tightens
Evasion
of
more
Foreign Exchange Regulations
the
Canadian foreign exchange controls was
difficult Nov. 23 when the Control Board
promulgated
additional regulations, designed to prevent
of Canadian capital and to conserve the
supply of foreign exchange to meet essential requirements.
unnecessary export
This was indicated in Canadian Press advices from
Ottawa,
Nov. 25, published in the Montreal
"Gazette," which went
on to say:
By virtue of Orders in Council passed Tuesday [Nov.
21] the Board has
issued
on
new
orders covering indirect exports of
capital, prepayment of freight
exports, export of services, and evasion by change of residence.
also provided that trial of those
It is
charged with violation of the Control Act
requiring all
purchases of foreign exchange to be made through the Board, which in
general will sell foreign exchange only for current expenditures
payments on debts expressed in foreign currencies.
One
new
are
regulation
regarded
Examples
borbids, in general
by
means
of
are:
a
as
constituting
terms,
any
obtained, and defines
export
a
to meet
or
of capital
number of
cases
export of capital.
an
The export of property for
payment, or for payment
long-term credit, or for payment for a price which is less
no
than the fair value of the property;
The payment for imports of a price which is more than
their fair value;
non-residents of foreign securities or of
property situated
abroad for payment of less than its fair
value;
the transfer to
The acceptance of Canadian
owing in foreign exchange
or
dollars
in satisfaction
the relinquishment
of
a
debt
of any right
which
to
is
foreign
exchange.
Exceptions a»e made, where appropriate, with respect to
goods sold to
the government of a British Empire country or
any Allied government in the
war.
The amendments also make clear that it is
not intended to interfere
with the export of securities benedifially owned
by a non-resident or with
the transfer to a non-resident of securities or other
property beneficially
owned by such non-resident.
Another
summarizing the principal provisions of the embargo, a
London dispatch of Nov. 28 to the New York "Times" said:
In
or
exports actually
Italy and Japan
were
would be studied carefully beofre the Allies
enforced the exports embargo
against German goods destined for those countries.
which
All exports
of foreign
Both
unless the approval of the Board is
Belgium Register Protests
The object of this measure is
of the Allies' difficulties.
be by indictment instead by of summary proceedings.
Direct exports of capital are prevented under the order
by
many—Order Becomes Effective Dec. 4—Several
Neutrals, Including Italy, Japan, Netherlands and
dwindling supply
not certain when search and seizure
of German
may
offices at 46 Cedar Street.
Great Britain
was
would begin, in view of neutral
protests.
made
hospitals or expended for civilian relief in those countries, supplemental
to that furnished by the Red Cross.
far
signed by King
Dunes, Malta, Haifa, Port Said and Gibraltar.
German goods seized will be sold but
the proceeds will be
given to the
or
other available funds will be contributed directly to the support of certain
So
was
publication tomorrow.
The French embargo decree asked
neutral ships to call at French control
Dunkerque, Marseilles, Le Havre and Oran, or British stations
at
ex¬
It is further announced:
work
upon
stations at
the Allies
and
In order to avoid duplication and conflict of effort these corporations will
relief
the
for the supplying of medical and
tarian organizations as are operating under
their
had
The French decree
ordering the embargo will be published in the "Journal
Officiel" tomorrow, and becomes
effective upon publication.
The British
Council, coordinated with the French
supplies distributed will be sent only to such hospitals and other humani¬
coordinate
advices
tonight that, since the Allies
Order in
In
addition, the directors are: David Bruce, Clarence Dillon, Leon
Eraser, Frank L. Polk, John D. Rockefeller 3rd, Myron C. Taylor, Harold
S. Vanderbilt, Samuel A. Weldon, Sheldon
Whitehouse, John Hay With-
tension
Press
in part regarding the acoion of France.
say
Georges Pernot,
It
which will do generally corresponding work for relief
Aid, Inc., of which Mr. Aldrich is President.
urer.
be
anxious to safeguard the rights of
neutral shippers, the
embargo on
German exports would be enforced
only after a certain time, and neutrals
might appeal against seizures of goods to the
embargo control committee
and to prize courts.
Regarding the British Corporation it is announced:
in Great Britain is the American
their
liable to
are
neutral
in its expansion to meet present and future demands
upon it the corpora¬
tion will give medical and civilian assistance to various
The Corporation
for
arrange
voluntarily they
diverted for examination.
William C.
The President is Nelson Dean Jay of Paris.
Bullitt.
to
French contraband control bases and
call
not
D.
States
week
were
Hospital of Paris.
Welidon,
for
a
representations.!
As to the former
The American Society for French Medical and Civilian
Aid,
signed
taken more than
These protests are
being considered and any specific questions
any of
these neutrals have to ask, it is made
clear, will be heard sympathetically.
At the same time British
officials made it equally clear that
the
contributions for relief in the war areas.
They have been
formed under the titles of the American
Society For French
Medical and Civilian Aid, Inc., and the American
was
ago, Japan, the Netherlands, Belgium and
Denmark have protested formal¬
ly against it and Italy and Sweden have made
the
new
provision requires that if freight is to be
prepaid on exports
Canadian exporter must recover
foreign customer in foreign exchange.
the amount
of the freight
This provision
in order to stop a possible serious drain of
was
from
his
found necessary
foreign exchange through the
pur¬
chase of Canadian dollars outside Canada
by foreign importers and the use
of these Canadian dollars to pay for
freight on goods exported from Canada.
As the Board provides foreign
exchange to pay for freight on imports to
Canada where such is necessray, it is considered
proper that foreign exchange
should be obtained for freight on
exports from Canada.
Under another regulation power is
given to the Board to designate certain
services performed for non-residents
for which payment shall be obtained
in foreign exchange instead of in Canadian dollars.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3474
unauthorized transactions in certain currencies, and
In order to prevent
of sterling into United States dollars,
also has been given the Board
prescribe the particular foreign currencies which shall or shall not be
particularly to prevent the conversion
to
received in connection with exports
and other transactions involving foreign
is designed to require a
Another amendment
resident
control
curities
non-resident, becoming a
of the foreign exchange
order, to declare his holdings of foreign exchange and foreign se¬
in the same manner as other residents.
Conversely, in order to
after the coming into force
of Canada
evading the provisions of the order by taking up residence
exemption to which genuine non-residents
entitled, it is provided that a resident of Canada cannot become a non¬
prevent residents
a
are
foreign country and claiming
foreign exchange control order except with
resident insofar as concerns the
the
approval of the Board.
Comparative Figures of Condition of Canadian Banks
the condition of the Canadian
1939, with the figures for Aug. 31, 1939,
In the following we compare
banks for Sept. 30,
and Sept. 30, 1938.
Canada was in
volume of newsprint actually produced in
The largest
3,647,800 tons, or 93.9% of the available
1937 when production totaled
The rise in capacity since then has been due to new
installations and refinements in operation.
Dining the first eight
capacity in that year.
machine
exchange.
in
of the industry.
through authorized channels, power
except
Dec. 2, 1939
theoretical rather than the practical capacity
short period, it represents the
produced 1,805,669 tons, or 63% of capacity.
months of 1939 the country
therefore, that there is still a wide margin to
It is apparent,
take care of a
fairly broad expansion in demand.
Policy of Australia on War Financing Ex¬
plained—Budget Estimates for 1939-40 Revised
The Australian Government Trade Commissioner in the
United States L. R. Macgregor, announced Nov. 30 that he
has received telegraphic advice regarding a financial state¬
ment presented to the* House of Representatives by the
Acting Treasurer, P. C. Spender. A summary of the state¬
Financial
ment follows:
It is the financial policy of the Government to
finance the war effort by a
of taxation, borrowing from the public, and borrowing
banking system.
The balance between the three methods would
balanced programme
STATEMENT
OF THE
CONDITION
OF
BANKS
OF THE
DOMINION
CANADA
OF
from the
Sept. 30, 1939 Aug. 31, 1939 Sept. 30, 1938
Government decided the balance would be weighted toward
borrowing, with the assistance of the banking system, rather than towards
taxation,
gold and subsidiary coin—
Current
increases in taxation imposed in September,
5,328,019
the outbreak of war, and
11,597,845
10,610,436
54,037,977
221,023,344
57,645,819
201,318,349
52,829,014
211,484,816
5,086,28*
28,548,736
Deposits with Bank of Canada
Notes of other banks
taxation for defence beyond an increase of £8,000,000 announced
127,776,485
already begun gets under way the Government will transfer emphasis of
4,746,465
Cheques on other banks..
...
Loans to other banks In Canada, secured,
4,946,491
33,779,857
117,420,891
currencies
United States & other foreign
30,720,034
113,728,133
and
with
3,555,893
4,833,759
4,419,390
20,433,445
from other banks In Canada
19,889,911
correspond¬
elsewhere tbRn In Canada and the
242,978,723
201,088,429
118,682,683
Provincial
and
Government
and
public
colonial
curities other than Canadian...
185,722,461
126,697,555
sufficient
marketable
value
49,106,755
52,063.655
891,421,126
147,696.966
41,843,104
826,351,734
140,896,518
60,134,869
44,963,394
828,903,218
143,100,257
15,530,132
16,635*,182
113,830,618
9,067,655
7,863,783
4,181,065
9,017,395
7,867,564
4,129,466
9,817,994
8,328,235
4,352,966
72,188,368
72,271,057
73,459,400
54,604,359
52,957,727
5,054,952
11,363,758
5,468,814
11,2*9,363
2,056,286
towns,
loss
estimated
vided for
Mortgages on real estate sold by bank..
Bank premises at not more than cost
less amounts (If any) written off
Liabilities of customers under letters of
credit
as
with
Deposit
contra
per
the
of the war
Minister of
2,151,954
Shares of and loans to controlled cos
of
Details
the
are
revised
Its outstanding feature is the
Defence
services.
war
revised
estimate
£46,181,000
for
will
92,816,492
104.044,340
ducting adv. for credits, pay-lists, &c.
Advances under the Finance Act
74,823,803
60,295,652
48,693,138
Balance due to Provincial governments.
52,424,404
56,215*. 581
defence
and
the
by
...
payable
705,171,205
763,496,393
725,046.724
after
Deposits elsewhere than in Canada
Loans from other banks in
Canada,
1,692,112,655 1,701,886,610 1,632,585,066
500,892,172
425,218,339
490,094,254
banks and
11,665,535
been
effected
and
11,264,393
44,359,644
475,234
Bills payable
letters
of
credit
46,000,916
375,822
35,904,380
356,006
Dividends declared and unpaid
Rest or reserve fund
54,604,359
52,957,727
3,786,871
1,425,433
133,750,000
4,136,444
2,207,372
133,750,000
145.5CO.OOO
57,104,867
3,002,413
145,500,000
Capital paid up
Total liabilities
war
total
The
£101,452,000.
the budget.
Other
year.
by £2,920,000 compared with the
The income tax is estimated at £1,140,000 more than
September budget.
£900,000 in the current
Gold excise is expected to yield
adjustments
£280,000.
made
were
which
The estimated
provided
for
increased
receipts for the year are
total
£101,490,000.
New
has already been levied this year.
is on customs duties to
For
later.
Taxation
year
but
The only further increase now proposed
£150,000, details of which will be furnished
yield
already given
reasons
financial
no
further taxation will be brought down
taxation plans now
comprehensive and balanced
Loan
The
September
1,416,864
133,750,000
for
Postmaster
estimate
Expenditure
£23,072,000 has
of
General's
Department,
and
increased
been
now
to
for
farmers' debt
was
reported in
£750,000
adjustment.
The
new
taxation imposed
in September
these columns of Sept. 23, page 1833.
145,500,000
Mexico
3.584,184.084i3,531,442,849 3,382,106,43
..........
of which
capital
£48,931.000, including £46,181,000 for defence and war services; £2,000,000
out¬
standing
Liabilities not Incl. under foregoing heads
includes
£1,617,000.
amounting to
estimated expenditure from revenue is
17,692,959
13,457,949
the
United Kingdom
Acceptances
15,778,867
15,480,849
banking correspond¬
the United Kingdom
Elsewhere than In Canada and
ents In
the
£33,137,000:
at
£62,014,000,
and
being prepared for next financial year.
Deposits made by and balances due to
other banks In Canada
is
fund
Expenditure Other than Defence and War
this
secured, Including bills redlscounted.
Due to
services
loan
Under the budget and supplementary measures £8,000,000 new taxation
payable on de¬
public,
estimated
was
war
from
40,528*894
notice or on a fixed day In Canada..
showing
greatly increased estimate for defense and
expenditure
be provided
have
yields totaling
Balance due to Dominion Govt, after de
mand in Canada
follows,
'Revenue
100,184,603
Deposits by the puDllc,
as
expenditure of £15,583,000 and prewar capital defence works of £20,383,000.
Reductions
Liabilities
...
insignificant compared
are
Defence and War Expenditure
3,604,770,755 3,548,426,551 3,399,779,941
Notes In circulation
are
1939-40
for
comparisons with the September budget.
in
Deposits
Sacrifices
entailed.
Customs revenue is estimated to fall
Total assets
No one can predict the
liberty if victory is not ours.
estimates
Other assets not Included under the fore¬
going heads
be
be borne now and cannot
It is foolish to believe that war
all around.
2,163,532
what sacrifices
with the disaster of loss of
Finance
for the security of note circulation
effort must
of war, but Australia is determined to see it through to a finish no
matter
pro¬
Real estate other than bank premises...
The Government has looked
policy which will fit into coordinated plan
entail substantial sacrifices
municipalities
and school districts
loans,
The real burden
57,104,867
5,068,635
11,283,776
Loans to Provincial governments
cities,
If this is done and other controls of exchange
are maintained, it is possible Australia will
capable of being adapted to changing circumstances.
114,110,233
Loans to the Government of Canada—
to
taxation.#
war
22,303,236
112,681,442
Elsewhere
Non-current
toward the plans for next year's budget is substantially
avoid the evils of excessive credit expansion.
course
51,167,663
—
Other current loans & dlscts. In Canada..
Loans
of
scheme
will not
to
cover
Elsewhere than In Canada..
Part of the borrowing plan
saving certificates.
The attitude
shifted by ingenious devices to the future.
deben¬
stocks,
on
bonds and other securities of
tures,
a
192,500,704
127,571,853
191,299,062
131,229,012
(not exceeding 30 days)
Canada
In
firstly, to borrowing
The probable change of emphasis
taxation.
before the end of the financial year.
ahead and formulated financial
se¬
Railway and other bonds, debs. & stocks
Call and short
economic recovery which has
as
prices and capital investment
1,179,333,626 1,187,217,015 1,128,974,762
Canadian municipal securities and Brit¬
foreign
Spender declared that
different.4 The Government will bring down early in 1940 a comprehensive
United Kingdom
Government securities
come
is the issue of
United Kingdom
Due from banks and banking
Dominion
will
33,496,842
Due from banks and banking correspond¬
ents In the
further increase in customs of £150,000.
a
Hon. Mr.
from public, and secondly, to
due
balance
last, and
The
There would be no increase in
September
prosecution of our war programme.
financial policy from borrowing from banking system,
including bills redlscounted.
made
the recent decline in employment, the Govern¬
opinion that to increase taxation at the present time would
merely delay the recovery of our economy and consequently interfere with
the full
Dominion notes
Notes of Bank of Canada
loans
In view of the
use.
5,282,417
5,807,662
ment is of the
ish,
full
the uncertainty resulting from
5,790,183
10,057,728
Total.
ents
to bring all available resources into
so as
4,373,417
5,684,311
In Canada
Elsewhere
Deposits
For the
change from time to time according to the economic circumstances.
time being the
Assets
Repeals
Tax
on
Capital
Exports
A wireless
Note—Owing to the omission of the cents in the official reports, the footings In
the above do not exactly agree with the totals given.
dispatch from Mexico City, Nov. 23, to the
New York "Times" reported the following:
The
Capacity of
Canadian Newsprint Mills
Expanding Demand
The increasing exports
since the outbreak of
war
to
on
gazette
all
today publishes
a
law abolishing the 4%
capital leaving the country since
August,
export
1936.
The
law will go into effect next Sunday.
The
of newsprint from Canada evident
has directed local attention to the
newsprint mill capacity of the Dominion, according to
official
levied
tax
Equal
a
from
export tax was originally introduced to check the
Mexico,
fact that it is
still
flight of capital
which at that time was becoming serious in extent.
now
The
being rescinded, especially in contrast with restrictions
existing in many Latin-American countries, indicats that the Mexican
ability to maintain the peso at its present
Government feels confident of its
report to the Department of Commerce from Trade Com¬
missioner A. F. Peterson, Ottawa, made public Nov. 28
value.
by the Department, whose announcement likewise said:
that it
During
average
tons,
the first
eight months of the current year,
the report shows,
monthly production of newsprint by Canadian mills
with
exports
averaging
219,000 tons.
totaled 253,230 tons with a further increase to
Production
was
in
225,700
September
280,985 tons in October.
Exports exceeded production in September and October and totaled 267,005
tons and
289,260 tons, respectively.
at
308-day operating basis at the present time.
as
a
As this figure
was
arrived
result of the best performance of the mills over a comparatively
dollar.
will aid the government
in pegging the peso at about five to the
They believe that a considerable amount of foreign capital would
willingly seek investment in Mexico, but has been hesitant because of the
tax on
no
capital that would be sent from the country.
Now that this prospect
longer exists they think there will be an influx of capital into Mexico.
In
any
trade,
Canda's newsprint mills have an annual rated capacity of 4,293,361 tons
on a
Supporters of abolition of the export tax on capital maintain, indeed,
cans
case
the removal
of restrictions is
expected to give
Mexican
especially with the United States, a considerable stimulus.
Mexi¬
hitherto have not had their share of increased commercial activities
resulting from the European war.
position now.
They hope they will be in
a
better
Volume
Dec.
1
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Coupons
Redeemed
Two Hungarian Bond Issues to Be
Rate of $8.75 per $1,000 Bond
on
at
The Cash Office of
Foreign Credits at Budapest, Hingary,
through its central paying agents in New
York, Schroder Trust Co., that it will redeem coupons due
Dec. 1, 1939, on the following bonds at the rate of $8.75
per coupon detached from a $1,000 bond:
City of Budapest
external sinking fund 6% gold bonds of
1927, and British
and Hungarian Bank, Ltd.,
7%% 35-year sinking fund
mortgage gold bonds, dollar issue.
Coupons presented in
acceptance of this offer, which expires May 31, 1940, and
which is made only to persons resident outside of
Hungary,
must be transmitted to Schroder Trust
Co., 46 William St.,
announced Dec. 1
New York.
Dec.
1
7
,
Coupons of American Tranche of Young Loan
Be
to
Purchased
in
Same
Manner
as
Those
3475
with member trading during the previous week
3,175,442 shares, or 21.11% of total trading
7,523,680 shares.
On the New York Curb Exchange
compares
ended Nov. 4 of
of
member trading
during the week ended Nov. 11 amounted to
shares, or 16.75% of the total volume on that
Exchange of 780,360 shares; during the preceding week trad¬
ing for the account of Curb members of 409,905 shares was
261,390
16.63% of total trading of 1,232,370 shares.
The figures for the week ended Nov. 4
appeared in our
issue of Nov. 25, page 3340, but in the set
up several of the
tables became displaced; in the case of the tables at the
bottom of page 3339 and at the
top of page 3340, both
should have followed the table further down on
page 3340,
under the heading of "Member
Trading on New York Stock
and New York Curb
Exchange During Week Ended Nov. 4."
The Commission, in making available the data for the week
ended Nov. 11, said:
The data
of
published
are
based upon weekly reports filed with the New
York Stock
1
Exchange and the New York Curb Exchange by their respective
members.
June
These reports are classified
The German Consulate General in New York announced
Nov. 28 that the Dec.
of the
New
1 coupons of the American tranche
Young Loan
(German Government 5%% Interna¬
announcement of the
(Young Loan)
3.
: l
Young Loan (German Government 5H% International Loan of 1930)
on Dec. 1, 1939, the following is communicated herewith:
Coupons maturing Dec. 1, 1939, of the American tranche of the Young
Loan stamped "USA Domicile Oct. 1, 1935" will be purchased in the
those coupons of the same tranche which became due
on
same
June 1,
Holders of such bonds and coupons will therefore have the
oppor¬
falling due
on
Dec.
1,
date of maturity.
Reports showing
dealer as well
The
than
as
the
of reports
number
Odd-Lot Trading
classifications
because,
30
the
and
i
A.
■
Commission
Total
.
.
sales
522,480
2,
1,031,290
Other transactions initiated on the floor—Total purchases
Other sales.b........
65,730
297,580
.......
Total sales
363,310
Total purchases and sales
3.
743,050
Other transactions Initiated off the Door-Total
purchases
Total
9,453
149,914
....
Other sales.b
>
-
Total sales
.........
Total purchases and sales...
_29oToi7
446,108
4.
Dollar value
Total—Total purchases
Short sales
145,983
899,154
Other sales.b
Number of orders:
Customers' short sales
235
Customers' other sales.a
2.66
1,019^220
...
17,006,283
Odd-lot purchases by dealers (customers' sales):
V
159,347
...
16,481
-
Number of shares
6.82
130,670
for Week
7
9.47
379,740
Short sales
Short sales
7.-v/'-"
■
Odd-lot sales by dealers (customers' purchases)
Number of orders
70,820
451,660
Total purchases and sales
25, 1939
••'v.
508,810
Other sales.b
a
■•
5,445,100
Transactions of specialists in stocks In which they are
registered—Total purchases
Commission.
Week Ended Nov.
5,246,890
..
....
STOCK TRANSACTIONS FOR THE ODD-LOT ACCOUNT OF ODD-LOT
DEALERS AND SPECIALISTS ON THE NEW YORK STOCK EXCHANGE
a
198,210
e
Short sales
series of current figures being published by the
Figures for the previous week ended Nov. 18
were reported in our issue of Nov. 25,
page 3339. The figures
are based upon reports filed
with the Commission by the
odd-lot dealers and specialists.
Cent
Round-lot transactions for account of members,
except for
the odd-lot accounts of odd-lot dealers and specialists:
1.
for the odd-lot account of all odd-lot dealers and
specialists
who handle odd lots on the New York Stock
Exchange,
Per
Week
>'
Total sales
7'
more
report
Total for
-
'
Other sales.b..
..
Exchange
single
Total round-lot sales:
public a summary for the week ended Nov. 25 of
complete figures showing the volume of stock transactions
''V"'
a
Week Ended Nov. 11, 1939
New York Stock Exchange During
Securities
total
may
times,
■
be acquired according to the regulations
on
at
■"
made
continuing
various
ROUND-LOT STOCK SALES ON THE NEW YORK STOCK EX¬
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR
ACCOUNT
Week Ended Nov. 25
Nov.
the
received
OF MEMBERS * (SHARES)
B.
On
in
of reports
TOTAL
■
77!
588
those of the specialist.
number
Short sales
may
67
498
no transactions
after the
on or
The purchase price will be $20 per $27.50 face amount
Young marks
249
may carry entries in more than one classification.
1939, against dollars
Hamburg-American Line,
in effect.
50
Reports showing other transactions Initiated off the
Note—On the New York Curb Exchange the round-lot transactions of
specialists
in stocks In which they are
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
of the coupon.
y .*
100
276
P. Morgan & Co., New York, or at any of the American offices of
the German steamship company
792
198
floor
falling due
coupons
1,069
floor
4.
With reference to the purchase of coupons of the American tranche of
at J.
York
Curb
......
the
1939.
New
Exchange
Total number of reports received
1. Reports showing transactions as specialists
2. Reports showing other transactions Initiated on the
Consulate General:
Purchase of Coupons of German Government 5}4% International Loan
of 1930
tunity to sell their
York
Stock
Exchange
tional Loan of 1930) will be purchased in the same manner
as those of June
1 last—the purchase price to be $20
per
$27.50 face amount of the coupon.
The following is the
manner as
follows:
as
Total sales
1,045,137
18,594
Customers' total sales
Total purchases and sales.
18,829
2,064^357
18.95
Number of shares:
Customers' short sales...
6,986
458,790
465,776
Customers' other sales.a.
Customers' total sales...
Dollar value..
TOTAL
ROUND-LOT
STOCK
BEFJ3 »
ON
THE
NEW
Week Ended Nov.
Total for
Week
A. Total round-lot sales
Number of shares:
Short sales.
92,580
92,720
Total sales—..—..
B. Round-lot transactions for account of members:
1. Transactions of specialists in stocks In which
they
Number of shares
76,315
108,365
93,700
Total
Sales marked "short exempt" are reported with "other sales."
b Sales to offset customers' odd-lot orders, and
sales to liquidate a long position
2.
which is less than a round lot are reported with "other sales."
184,680
Other transactions Initiated
on
the
floor—Bought...
Sold
on
New
York Stock
and
New
Curb Exchange During Week Ended Nov.
22,140
43,240
York
-
Other transactions initiated off the
11
/
2.77
i
floor—Bought.
18,430
15,040
Sold........
Securities and
Exchange Commission made public
yesterday (Dec. 1) figures showing the volume of total
round-lot stock sales on the New York Stock Exchange and
the New York Curb Exchange for the account of all members
of these exchanges in the week ended Nov. 11, continuing a
series of current figures being published weekly by the Com¬
mission.
Short sales are shown separately from other sales
in the New York Stock Exchange figures.
The week ended
Nov. 11 includes only four days of trading since the markets
were closed
on both Nov. 7
(Election Day) and Nov. 11
(Armistice Day).
Trading on the Stock Exchange for the account of members
during the week ended Nov. 11 (in round-lot transactions)
totaled 2,064,357 shares, which amount was 18.95% of total
transactions on the Exchange of 5,445,100 shares.
This
11.83
21,100
.
Total.
The
a
are
registered—Bought
Sold
Round-lot purchases by dealers
Trading
Per
Cent
780,360
140
Other sales.b—
Member
CURB
11, 1939
Round-lot sales by dealers
a
YORK
(SHARES)
15,789,387
-
SALES
EXCHANGE AND STOCK TRANSACTIONS FOR ACCOUNT OF MEM
Total.
2.15
33,470
115,845
145,545
Sold....
Total.
16.75
261,390
C. Odd-lot transactions for account of
Sold.
specialists—Bought
66,532
53,160
119,692
inrtbtiHTiiv
|
.
partners, Including special partners.
W
UICUIUUI
1/11*311
111 1X1 {3
ftuU
(sJUCll
Shares in members' transactions as
per cent of twice total round-lot volume.
In calculating these
percentages the total members' transactions Is
compared with
twice the total round-lot volume
on the Exchange for the reason
that the total of
members transactions includes
both purchases and sales while the
Exchange volume
Includes only sales.
a
b Round-lot short sales
which are exempted from restriction
by the Commission's
rules are Included with
"other sales."
Exchange Rules Securities in Partners'
Are Not to Be Included in
New York Stock
Accounts
Individual
Specified—Also Recommends
Firm's Capital Unless
The Committee
on
Member Firms of the New York Stock
Nov. 28 ruled that, effective Feb. 1, 1940, "no
equities in partners' individual accounts will
be included as partnership property in computing the net
capital of a member firm unless its partnership agreement
specifically provides for such inclusion. In explaining this
action, the Exchange's circular said:
Exchange
on
securities and
member firms and the Exchange have always con¬
General partners of
and equities held by a member firm for the
sidered unsegregated securities
individual
of its
accounts
the net capital of such firm.
It has recently been
Department of Member Firms that, in
property in computing
brought
general partners as a part of the partnership
the attention of the
to
general partners desire that segregated as
instances,
well as mi-
be treated as partnership
the net capital of their firm, and, in other instances,
segregated securities in their individual accounts
property in computing
do not wish securities or equities in one or more
individual partners
In order that
individual general partners as to the
and equities in their individual accounts, the Committee
has ruled that on and after Feb. 1, 1940. no securities
individual accounts to
effect may
be considered as partnership assets.
be given to the wishes of the
status of securities
Member Firms
on
of their
and equities in
partners' individual accounts will be included as
partnership
the net capital of a member firm unless the partner¬
ship articles of the firm or some supplemental agreement specifically provide
property in computing
for such inclusion.
/
phraseology of such provisions will necessarily
vary as between different firms,
the Exchange has not
prescribed any standard form but has a suggested form which
may be obtained from the Division of Conduct and Finance,
Department of Member Firms.
The Committee on Member Firms of the Exchange also on
Nov. 28 recommended changes in partnership agreements to
Since the
or withdrawing partner
of the capital of the continuing
deceased
provide that the interest of a
shall ba considered as a part
firm for
In
The explanation follows:
specified period.
a
with its examination of
connection
Latin
vey," published Nov. 27.
According to "The Survey" "a
trade policy of this kind would be far more beneficial in
the end than a haphazard and opportunistic movement such
him or his estate the value
pay to
of his interest in the firm and that such
deferred for a specified period. However, few cf these
agreements contain specific provision as to the character of the obligation
thus imposed upon the continuing firm, so that a serious doubt arises as to
whether the partners intend this obligation to be ordinary indebtedness
which must be included in computing the aggregate indebtedness of the
confronts the- United States and Latin
"is that of building for the future."
In part, "The Survey" continues:
Various steps taken recently by governmental and private agencies in
this
country to foster trade expansion between the United States and
or
(notwithstanding the postponement of the time of pay¬
intend it to be junior and subordinate to the claims
the continuing firm, so that the interest of the deceased or
whether they
of creditors of
withdrawing partner may be
properly considered by the Exchange as a
In the case of a deceased partner,
by the terms of his will. On the other
hand, in the absence of a definite provision in the will, the executor or
administrator may be powerless to resolve the doubt and thus it may be
necessary for the continuing firm immediately to find additional capital. The
Committee on Member Firms is of the opinion that if it is the intention and
desire of the partners in any firm that the interest of a deceased or with¬
drawing partner shall be considered as a part of the capital of the continuing
firm for a specified period, the partnership agreement should effectively
part of the capital
this doubt may
of the continuing firm.
sometimes be resolved
provide in substance:
America today," it says,
right of payment and subject to the prior payment or provision for payment
in full of claims of all present or future creditors of the continuing firm (and
any successor firm) arising out of any matters occurring before the end or the
period.
full
take
To
Figures on Trading
National Securities Ex¬
Account
Foreign
on
The
culties.
which is reported to have more than
Argentina,
In response to
inquiries regarding statistics as to trading
national securities exchanges, the
Commission on Nov. 30 issued the
for foreign account over
Securities and Exchange
following statement:
figures
The
trading by foreigners in American securities in
sources.
Total
Department and, in addition,
are received from'certain New York Stock Exchange firms.
Treasury figures, which are regularly published, are based upon re¬
country
are
are
received by the Commission from two
received
from
the Treasury
ports received from banks and
more
than $5,000 a week.
securities firms doing a foreign business of
These are gathered with the aid of the various
exchanges and the various Federal
required for the collection and
Reserve banks.
Because of the time
compilation of the data by the Treasury,
preliminary figures are usually receivd by this
Commission several weeks
after the trading occurs.
The Commission receives daily figures from 42 leading New
York Stock
Exchange firms showing any stock transactions they have had which are
identifiable
as
foreign
in origin.
shows that the figures supplied
Comparison with the
Treasury figures
by these firms represent on the average only
between
35% and 70% of the total volume of identifiable foreign transactions
later
reported by the Treasury—the percentage varying widely from
as
month to month.
While these figures have a limited usefulness to the Com¬
mission under certain market
conditions, the Commission relies for full in¬
formation on the Treasury figures
igures which it receives
have
that
has led to rigid exchange controls, formidable trade barriers, and defaults
on foreign obligations.
Although Latin America.as a whole has an export
surplus in its tjade with other countries, this does not represent excess
purchasing power that can be used to pay for increased imports; for in
some
cases
the entire surplus, and more, is needed to meet interest and
dividend payments on external obligations and returns on direct foreign
suffered in recent years from a
The
the
for
of the
Some
and
cotton,
ample supply,
this
from
and in some cases an unwieldy surplus.
Others, like sugar
taken by this country in huge amounts; but the possibilities
large increases in consumption in the near future appear
further
to be
...
Aspects of the Credit Question
Government
and
These various
on
the
for,
facilitating
of
completion
is
as
the
nation
borrowing
source of
of
credits
of
have,
international trade.
long
course,
the individual transactions to which
longer-terra credits than are
ordinarily handle such business,
this kind
offered
are
natural
is
a
While
suitable for the commercial banks
and in any event credits
trade stimulants.
resources
by
long-term
that
need
only
investment.
capital
for
United States is in an excellent position to supply
relations
solved,
such
as
the question of security would prob¬
have only temporary effects as
could
concerned,
The
used
they pertain.
By far the most promising results, as far as permanent
rich
been
Normally they expire with the
ably present difficulties in the majority of cases;
is-
foreign
possible that either public or private agencies might usefully extend
somewhat
that
indirect influence
holds the gold as a
financial structures, have only an
long
as
commercial
Short-term
it
Governmental gold loans, while they may be helpful
which to pay for merchandise imports.
exchange with
means
securities or
long-term investment in
is
banking reserve, it has acquired no new
and
currency
of short-term
agencies to finance
facilitate economic development.
their potential effects
rebuilding of
trade;
on
Another consists
by public or private
forms of credit are very different in
expansion.
trade
in
A third
imports.
property to
physical
of gold to provide a basis for financial
stabilization.
currency
credits extended
intermediate
exports
for the purchase
and
rehabilitation
or
One is lending by
possible forms of credit have been proposed.
Several
our
of this character
offer almost
possibilities
capital
in
the
as
trade promotion
Latin
America
is
development.
their
the capital.
Trade
would, if the existing credit problems could be
unlimited possibilities of lasting mutual advantage—
were
industrial
realized
through
development
of
the
the
European
during the
of
investment
United
States
century.
Assets of Ail Banks in United States
601,320,000
and feels that to make public the partial
would be confusing and misleading to investors.
Opportunity of United States to Build Up Trade Rela¬
tions with Latin America Pointed Out by Guaranty
Trust Co. of New York
United
States faces
a
rare
its trade relations in tbe Western
opportunity to build up
Hemisphere
on a
perma¬
basis, if it is able to adjust its internal economy and
on
June 30 Above
Ago and Year ago—Reported at $73,by
Comptroller of the Currency—
Deposits Given at $64,576,694,000—Detailed Data
Preston Delano,
Comptroller of the Currency,
on
Nov. 16
showing the assets and liabilities
of all banks in the United States and
possessions
on
June 30,
1939, and presenting a comparison of the figures with those
on Dec. 31, and June 30, 1938 and June 30, 1933.
Assets of the 15,146 active banks in the country on June 30
last, the Comptroller reported, amounted to $73,601(320,000,
as
against $70,833,599,000 (15,265 banks) Dec. 31, 1938;
$68,277,707,000 (15,341 banks) June 30, 1937, and $51,293,912,000 (14,624 institutions) June 30, 1933.
In the
case of the June 30, 1939, total $33,180,578,000 represents
the assets of 5,209 National banks, while 9,321 State (com¬
mercial) banks, including trust companies and stock savings
banks, had resources of $27,846,706,000; 552 mutual savings
banks $11,798,804,000, and 64 private banks $775,232,000.
The 15,146 banks held deposits on June 30, 1939, of $64,576,694,000 as follows:
$29,469,469,000 by National banks,
$24,008,955,000 by State (commercial) banks, $10,432,803,000 by mutual savings banks, and $665,467,000 by private
banks.
The
nent
is how the Latin American nations can
country that they unquestionably need.
major products of Latin America, such as wheat, corn, meat,
are commodities of which the United States already has an
supplies
and coffee, are
limited.
...
Question of Payment
question, therefore,
crucial
The
pay
chronic exchange shortage—a situation
Latin America.
in
investments
principal assets of all banks were:
Loans on real
$8,914,452,000; other loans, including overdrafts,
$12,601,827,000; United States Government securities, direct
obligations, $15,223,316,000, and guaranteed obligations,
$3,567,515,000; obligations of States and political sub¬
divisions, $3,902,702,000; other bonds, notes, and deben¬
tures, $4,970,207,000, and balances with other banks, in¬
cluding reserve balances, $19,584,188,000.
estate,
Tlie
Vene¬
about
issued preliminary figures
Figures on the volume of
figures
in
$400,000,000 in gold or
of foreign exchange.
Uruguay has about $68,000,000 and
$40,000,000.
Most of the Latin American countries
supplies
zuela
Six Months
changes
this
war
Statement Regarding
Issues
for
of
opportunities for such expansion. . . .
advantage of these opportunities will involve serious diffi¬
Latin American countries have no large gold reserves, except
Europe has greatly increased the
nineteenth
SEC
outbreak
the
that
belief
general
the
reflect
America
Latin
of
(1) that payment be deferred for a stated period;
(2) that until such payment, the interest of the deceased partner or
withdrawing partner shall remain at the risk of the business and shall be
considered as capital of the firm in the manner and to the same extent as
capital contributed to a firm by a limited partner; and
(3) that any claim of the withdrawing partner or of the personal rep¬
resentative of the deceased partner to such interest shall be subordinate in
that
opportunity
continuing firm
ment),
War, with a subsequent
made during the war years. The real
place during the World
took
as
loss of tlie progress
the event of the death or
payment may be
exports, says the Guaranty Trust Co. of New York
monthly publication, "The Guaranty Sur¬
as
in the issue of its
Member Firms has noted that many of them provide that, in
withdrawal of a partner, the continuing firm shall
partment of
psychology to the inescapable fact that either
or in the long run an expanding trade with
America must involve an exjiansion of imports as
immediately
of
partnership agreements, the De¬
Dec. 2, 1939
its economic
well
Changes in Partnership Agreements
certain
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
3476
Volume
3477
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
banks in the United States and possessions on June 30,1939,
follow:
v
,
As made public by the Comptroller of the Currency, the
preliminary figures, showing the assets and liabilities of all
ASSETS
LIABILITIES OF ALL BANKS JUNE 30,
AND
1939
Banks Other Than
Total All
National
Banks
Than National
National
All Banks Other
Banks
M utual
State
{Commercial) *
Private
Savinos
9,937
9,321
552
54
$1,829,163,000
6,744,540,000
$7,085,289,000
5,857,287,000
$2,275,057,000
5,700,695,000
$4,808,020,000
87,428,000
$2,212,000
69,164,000
$21,516,279,000
$8,573,703,000
$12,942,576,000
$7,975,752,000
$4,894,448,000
$71,376,000
15,223,316,000
3,567,515,000
6,899,885,000
8,323,431,000
1,697,671,000
5,288,786,000
1,256,986,000
2,653,735,000
389,725,000
380,910,000
50,960,COO
1,693,684,000
1,864,354,000
225,119,000
2,209,018,000
Corporate stocks, including stock of Federal Reserve banks.
3,902,702,000
4,970,207,000
722,028,000
3,105,853,000
496,909,000
1,504,125,000
1,538,737,000
348,477,000
633,555,000
1,545,558,000
130,931,000
71,338,000
21,558,000
17,501,000
J.u-
$28,385,768,000
$12,552,886,000
$15,832,882,000
$9,937,111,000
$5,353,504,000
$542,267,000
$1,042,408,000
19,584,188; 000
1,271,978,000
1,112,556,000
$530,580,000
10,544,226,000
$443,530,000
8.274,024,000
530,949,000
339,985,000
$63,655,000
141,239,000
$511,828,000
9,039,962,000
662,832,000
971,317,000
$4,643,000
129,843,000
2,116,000
1,251,000
70,417,000
51,656,000
97,434,000
72,663,000
93,074,000
57,774,000
682,000
15,146
5,209
$8,914,452,000
12,601,827,000
Number of banks
ASSETS
Loans
on
real estate..
—
Other loans, including overdrafts—.——»
-——.AA--——-...
Total loans
United States Government securities:
Direct obligations
Guaranteed obligations
Obligations of States and political subdivisions (including
warrants)
.
Other bonds, notes and debentures
Total investments
Currency and coin..
—
.
_
.—_
...
Balances with other baaks, including reserve
Bank premises owned, furniture and fixtures
balances.
...
._
Real estate owned other than bank premises
other real estate
or
_
167,851,000
.
_
124,319,000
Customers' liability on acceptances
Interest,
commissions, rent and
609,146,000
income earned or
other
636,095,000
129,767,000
630,081,000
1
Investments and other assets indirectly representing bank
premises
1,869,844,000
3,678,000
14,889,000
158,159,000
237,814,000
60,552,000
97,607,000
46,173,000
191,641,000
52,105,000
142,402,000
44,316,000
45,256,000
1,186,000
3,983,000
$73,601,320,000
$33,180,578,000
$40,420,742,000
$27,846,706,000
$11,798,804,000
$775,232,000
$25,688,845,000
25,137,529,000
866,950,000
3,784,243,000
8,242,487,000
856,640,000
$13,643,678,000
7,665,426,000
543,258,000
$12,045,167,000
1,493,251,000
3,360,050,000
412,962,000
$2,182,000
10,429,172,000
1,000
1,120,000
234,000
94,000
$498,026,000
2,290,992,000
4,882,437,000
443,678,000
$11,544,959,000
7,013,269,000
323,691,000
1,490,457,000
3,224,422,000
412,157,000
$64,576,694,000
$29,469,469,000
$35,107,225,000
$24,008,955,000
$10,432,803,000
$665,467,000
$26,724,000
143,807,000
$3,540,000
$23,184,000
86,171,000
$21,160,000
70,849,000
67,294,000
96,710,000
395,883,000
35,273,000
45,978,000
179,170,000
$65,307,112,000
$29,791,066,000
accrued but not collected.
Other
assets
—
LIABILITIES
Deposits of individuals, partnerships, and corporations:
Demand..
...
.
Time
United States Government and postal savings deposits
Deposits of States and political subdivisions
Deposits of banks
_
.
Other deposits 'certified and cashiers' checks, Ac.)...
Total deposits..
Bills
payable,
rediscounts,
and
liabilities for bor-
other
Acceptances executed by or for account of reporting
Interest,
banks.
expenses
accrued and unpaid
Other liabilities
-
—
..
Total liabilities.-.
CAPITAL
$150,474,000
420,658,000
2,588,964,000
3,551,706,000
988,582,000
Common stock
.
Surplus
Undivided profits
Reserves and retirement
for
account
$1,539,000
15,322,000
$485,000
256,000
216,713,000
6,546,000
13,527,000
56,000
153,000
4,094,000
$35,516,046,000
$24,375,798,000
$10,453,617,000
$686,631,000
$150,474,000
174,085,000
$140,601,000
174,085,000
1.231,073,000
1,318,171,000
380,144,000
$9,873,000
1,272,581,000
2,380,884,000
449,352,000
539,230,000
"41" ,608~6O6
27,811,000
511,000
1,034,902,000
158,575,000
593,824,000
206,382,000
387,442,000
226,834,000
141,837,000
18,771,000
$8,294,208,000
$3,389,512,000
$4,904,696,000
$33,180,578,000
$40,420,742,000
$1,345,187,000
$11,798,804,000
$88,601,000
$775,232,000
$73,601,320,000
$3,470,908,000
$27,846,706,000
*
Total capital accounts.
Total liabilities and capital accounts..
trust
7,674", 000
135,394,000
711,000
31.709,000
32,021,000
50,732,000
1,316,383,000
1,170,822,000
preferred stock and
capital note issues and debentures-
Includes
"¥46,573",000
29,662,000
44,033,000
199,092,000
,
ACCOUNTS
Capital notes and debentures
*
57,636,000
discount, rent, and other income collected but
not earned..
Interest, taxes, and other
17,472,103,000
323,692,000
------
companies and stock savings banks.
COMPARISON OF ASSETS AND LIABILITIES OF ALL
BANKS IN THE UNITED STATES
30, 1938, AND JUNE 30, 1933
AND POSSESSIONS, JUNE 30, 1939, DEC.
31 AND
JUNE
June
■
real estate..
June
30, 1938
30, 1933
Total loans
....
...
.
...
_
..
_
.
— .
—
United States Government securities—Direct obligations——
Guaranteed obligations-.---
-
Other bonds, notes and debentures
i-
-——
---
—
— — —
-
-
15,341
al4,624
$8,816,692,000
12,718,714,000
$8,713,113,000
12,598,048,000
$9,627,534,000
12,760,284.000
$21,516,279,000
$21,535,406,000
$21,311,161,000
$15,070,400,000
2,931,642,000
3,810,494,000
5,076,094,000
777,667,000
$14,083,068,000
2,691,194.000
3,483,235,000
5,249,728,000
838,253,000
$27,666,297,000
$26,345,478,000
$17,930,663,000
$1,044,251,000
$672,556,000
7,092,229,000
1,382,831,000
1
u.
Other loans, including overdrafts-
.—,
-
-
Corporate stocks, including stock of Federal Reserve banks
- —
---
$15,223,316,000
3,567,515,000
3,902,702,000
4,970,207,000
722,028,000
$28,385,768,000
Total investments
Currency and coin
$1,042,408,000
19,584,188,000
1,271,998,000
.....
.
Balances with other banks, including reserve
Bank
June
15,265
$8,914,452,000
12,601,827,000
ASSETS
on
31, 1938
15,146
Number of banks
Loans
Dec.
30, 1939
balances..
premises owned, furniture and fixtures...
....
—
premises or other real estate_c..
Investments and other assets indirectly representing bank
Customers' liability on acceptances outstanding
—
Interest, commissions, rent, and other income earned or
Otherassets
.
..
accrued but not collected
.......
...
.....
.......
124,319,000
158,159,000
237,814,000
!
$18,373,644,000/
1,293,782,000
1,185,750,000
160,359,000
169,004,000
J
449,357,000
$22,387,818,000
1
$7,795,999,000
3,001,466,000
6,364,474,000
778,724,000
16,426,417,000
1,325,718,000
1,216,308,000
637,646,000
c
c
424,264,000
111,510,000
d 496,864,000
d765,905,000
$73,601,320,000
$70,833,599,000
d$68,277,707,000
d$51,293,912,000
$25,688,845,000
$24,460,659,000
24,731,208,000
$22,911,358,000
24,658,082,000
969,804,000
717,199,000
3,645,351,000
7,479,886,000
620,853,000
3,534,530,000
6,838,222,000
720,159,000
$14,001,839,000
20,245,615,000
1,637,913,000
1,603,576,000
3,364,885,000
$64,576,694,000
$61,907,761,000
$59,379,550,000
$41,533,470,000
$26,724,000
143,807,000
$36,612,000
189,148,000
$42,470,000
$530,682,000
445,187,000
730,435,000
LIABILITIES
Deposits of individuals, partnerships, and
corporations—Demand—
United States Government and postal savings
deposits
Deposits of States and political subdivisions---.Deposits of banks
Other deposits (certified and cashiers' checks, &c.)
..... —
...
-
——
—
-----
—
rediscounts, and other liabilities for borrowed money..
Acceptances executed by or for account of reporting banks.--Bills payable,
25,137,529,000
866,9.50,000
3,784,243,000
8,242,487,000
856,640,000
176,307,000
Interest, discount, rent, and other
and unpaid...-—
......
income collected but not earned.....
—
— — - — --
83.244", 000
76,300,000
de414,167,000
de592,550,000
$62,624,671,000
$60,095,738,000
$43,908,624,000
420,658,000
Interest, taxes, and other expenses accrued
$162,856,000
436,110,000
2.588,964,000
3,551,708,000
988,582,000
e593,824,000
2,593,527,000
3,648,631,000
799,242,000
e568,562,000
$164,085,000
447,120,000
2,593,546,000
3,611,598,000
f799,579,000
j 2,899,541,000
96,710,000
67,294,000
395,883.000
$65,307,112,000
CAPITAL ACCOUNTS
$150,474,000
Preferred stock.
—
—
Reserves and retirement account
for preferred stock and capital notes
and debentures
J
491,150,0001
$8,294,208,000
a
amounts set
$8,208,928,000
d$«S,977.707.000
$7,385,288,000
$8,181,969,990
$70,833,599,000
d
$51.293.912,000
unrestricted basis,
b Includes obligations of territorial and insular possessins of the United States, previously included
Includes also muncicpal warrants, c Not called for separately prior to Dec. 31, 1938 previously included with loans and
of other banks and bills of exchange or drafts sold with endorsement, now reported as contingent liabilities, e Includes
aside for undeclared dividends on capital stock and for accrued interest on capital notes and debentures which prior to Dec. 31, 1938, were not included with
f Revised to exclude reserves for dividends payable in common stock, now reported with "Reserves."
Licensed banks: i.e., those operating on an
with other bonds,
"Reserves."
3,371,321,000
646,246,000
468,180,000
566,041,000
$73,601,320,000
investments,
679,642,000
notes, and debentures.
d Revised to exclude acceptances
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3478
Increase in Number of Land Bank Commissioner Loans
Rewritten Over Longer Periods, FCA Reports
was
The rate at which so-called 10-year Land Bank Commis¬
sioner loans are being rewritten over longer periods of time
has doubled in the last 3 weeks, according to an announce¬
ment made Nov. 25 by F. F. Hill, Governor of the Farm
Credit Administration.
During the week of Nov. 11 almost
were reamortized, most of them
over a 20-year period,
compared with approximately 1,500
loans reamortized during the previous week, and 1,000 loans
reamortized during the week before. Governor Hill explained:
for
the
Most of these loans originally were made for a 13-year period, during the
payment of interest only was required.
the time, and experience
at
felt
was
would satisfactorily meet the needs of most borrowers.
repayment
matter of
It
has since demonstrated, that such a plan of
fact, nearly 50,000 Commissioner loans, totaling
have been paid in full and approximately
As
a
75% of aU present borrowers
are
currently making their payments under existing repayment schedules.
The
in the number of loans reamortized over longer
about following studies undertaken by the corporation to
come
determine whether additional
of assistance or
means
of present policies might be successfully employed to
borrowers who
matured.
have not been able to meet
The object
by giving them
broader application
a
they have
of such reamortization is to help worthy borrowers
rearranged
so
that they will be able to meet their instalments out of their normal income.
Small
Investor
Roosevelt
sonal interest in
he
said
in
accordance
Latest
Nov.
on
innovation in
an
in
was
Share
he
a
for
not
Treasury financing, which
with
than
more
$5,000 of bonds and
agreed not to call for securities for 60 days.
Reporting
the President's
interest in the new plan,
the Associted
Press said:
Mr.
interested
in
said
the
in his home
at
a
matter
conference
press
senior
as
warden
it
of
perfectly
was
is
St.
James
the
to receive
for
him
The
take
bond
Episcopal
Church
resale, and
Efforts
have
been
abuses
who
wanted
each
and
New
been
in
get
the
last
six
if
years,
it
was
liappened
anyone
him,
large
favor
to
and
if
he
investor,
still
who
wanted
bought
to
buy
bonds
to
State
the
$5,000
investor,
but
there
have
Made
1,175,282 New Loans
Totaling $4,620,402,723
—Renewed 773,795 Other Loans
Aggregating $1,448,311,041—Figures for Nine Other States also
Reported in A. B. A. Study.
Commercial
banks
in
New
York
State
made
new
1,000,000 outstanding loans
amounting to
according to
made
period,
lending activity in the
study of the bank
the American Bankers
a
by
released
was
than $1,500,000,000 in the
more
for
publication
Nov.
same
Association
27.
which
In
addition, the
study revealed that business organizations are using only
ore-quarter of the "open lines of credit" kept, constantly
available to them
In
the books
on
making its study
the A.
of the banks.
B. A.
indicates
that
it
sent
out questionnaires to the 746 commercial
banks of the State
are members of the
which
Association, and received loan
institutions, or 55% of the entire
figures from 411 member
number.
411
These
banks
reports, it
is
1,175,282
new
made
June 30 totaling
announced, showed
loans
between
$4,620,402,723, and that
that the
Jan.
in the
same
1
and
period
they renewed 773,795 outstanding loans
aggregating $1,448,311,041.
The banks also reported that in the same
period
they
made
The
The
loan
new
for
and
$3,931.
of
per
loans per bank
new
The
the average
mortgages
mortgage loans totaling $28,796,795.
further reported:
average number
was
1,883
new
4,884
Association
average
renewal
bank
was
number of
for
was
12
and
2,860
was
$1,872.
The
the average
or
to
borrowers
in
$538,341,906, of this
borrowers
June
on
York
City
of
credit
open
or
1
44%,
and
of
the
making
June
totaling $941,617,569.
was
"open
lines
average
bank
was
number
their
books
was
87
907,490
30,
commercial
new
and .59,898
loans
banks
totaling
renewals
They also reported 613
in
new
of
addition, they reported
their
June
books,
of
which
only
The
New
number of
was
23,881,
new
and
The
mortgages
bank
per
of
credit"
Greater
by
New
$4,406,269,282
outstanding
banks
outside
loans
new
totaling
loans
loans
The
the
The
average
New
of
York
Based
City.
A.
the
on
totaling
and
7,600
made
1,270,000
renewed
$382,000,000;
$900,000,000,
mortgage
new
A.
by
A.
B.
41,000,000
study reported the following regard¬
hanks in
New Jersey
and
other States
banks reported 250,000
renewals
600,000
of
also 5,000 new mortgage
Connecticut banks
and
during
first half
the
10,000
and 691,000 renewals
banks
Kansas
and
«
aggregating
$140,000,000,
also
$8,000,000.
loans aggregating $894,000,000,
new
aggregating $2,050,000,000, and 18,000
mortgage
new
$75,000,000.
aggregating
reported 280,000
renewals
280,000
$550,000,000;
aggregating
loans
new
Pennsylvania banks reported 591,000
.loans
loans
loans totaling $28,000,000.
reported
mortgage loans totaling
new
loans aggregating $225,000,000,
new
outstanding
renewals of outstanding loans aggregating $250,000,000;
200,000
1,800
*
$4,785,269,000
1,841,617.000
1,329.000
8,200
same
loans
Amount
1,385,000
„
this year:
aggregating
loans aggregating $85,000,000,
new
$120,000,000;
also
3,000
and
mortgage
new
aggregating $5,900,000.
banks
reported
260,000
renewals
220,000
totaling
$560,000,000;
$800,000,000,
totaling
loans
new
1,800
also
mortgage
new
totaling $9,900,000.
banks
Maine
reported
renewals
38,000
aggregating
loans
new
$52,000,000,
aggregating
and
1,100
$34,000,000,
new
and
mortgage
loans
totaling $2,300,000.
banks
Vermont
New
Hampshire
reported
renewals
also
1,800
36,000
aggregating
renewals
and
mortgage loans
.
loans
new
$26,-
aggregating
$41,000,000,
banks reported 29,000 new loans
Rhode Island
$11,000,000,
new
and
1,000
new
$2,600,000.
totaling
loans
totaling
loans
new
.
banks
53,000
and
mortgage
56,000
37,000
reported
aggregating $37,000,000;
$3,000,000.
totaling
$105,000,000
aggregating
;
totaling $65,000,000, and
700
also
mortgage
new
loans
$4,900,000.
totaling
Assets and Deposits of National Banks on Oct. 2 Greater
Than on Any Previous Call Date, Reports Comp¬
troller
Delano—Assets
Deposits
Increased
Totaled
$1,511,224,000
$34,684,676,000—
in Quarter to
$30,980,693,000
Comptroller
of
the
Currency
Preston
Delano
announced
Nov. 25 that the total assets and total deposits of National
banks in the continental United States, Alaska, Hawaii,
and the
Virgin Islands of the United States
the date of the last call for condition
increase in volume and
call
date
The
total
676,000,
in
the
assets
increase of
an
of
the
of
the National
5,202
active
$1,504,098,000
on
on
Oct. 2, 1939,
reports, continued to
greater than
were
history
ported by the 5,209 active banks
previous
any
on
Banking
banks
System.
$34,684,-
were
the amount
over
re¬
June 30, 1939, the date
of the previous call, and an increase of $3,973,730,000 over
the amount reported by the 5,245 active banks on Sept. 28,
1938, the date of the corresponding call a year ago.
The
on Oct. 2, 1939, aggregated $30,980,693,000, increas¬
ing $1,511,224,000 and $3,876,812,000 over the amount re¬
ported as of June 30, 1939, and Sept. 28, 1938, respectively.
deposits
Further
details
announced
were
by
the
Comptroller
as
follows:
Deposits
the last call date consisted of demand and time deposits of
on
individuals, partnerships, and corporations of $14,633,038,000 and $7,673,370,000, respectively; United States Government deposits of $500,822,000;
deposits of States and political subdivisions of $2,095,159,000 ; postal
savings deposits of $31,080,000; certified and cashiers' checks, cash letters
of
credit
of
other
and
travelers'
banks
in
and
increase of
since
the
cheeks
United
discounts,
outstanding of
States
and
in
$366,062,000,
foreign
including
overdrafts,
$190,493,000 since June, 1939, and
September,
Investments
but
deposits
and
countries
of
tively.
aggregating
which
on
on
these 38 reporting
$4,855.
The
on
United
States
Government
$8,750,511,000,
$274,234,000
Oct.
Other
were
$5,681,-
an
$8,764,196,000,
2, 1939,
bonds,
in
the
were
stocks
year.
obligations,
decreased
The
direct and
$19,218,000 since
direct and
and
securities
held,
totaling
of
process
of
085,000
$562,950,000,
collection
of
balances
$5,278,867,000,
$6,533,074,000,
and
with
a
$3,166,697,000
total
in
of
the
other
and
banks
reserve,
with
$12,374,891,000,
three-
and
and
respec¬
$3,820,438,000,
obligations of States and political subdivisions of
798,000, increased $37,281,000 since June and $43,746,000 in the
of
fully
June,
indirect obliga¬
$6,830,414,000 and $1,920,097,000,
included
Cash
an
increase of $465,592,000
1938.
in
aggregating
increased
tions held
loans
$1,910,363,020 of "open lines of credit"
$453,102,436, or 24%, was being used
for
and
11,
was
figures, added to those of the 38 reporting New York City banks,
Loans
being used
mortgages
loans made per bank by
the average
loan
was
373 up-State banks
average number of
these
$800.
for
was
Loans renewed
banks
average
loan
give the following estimates for the entire State:
for $5,896.
30.
institutions
of
being
162,000.
$2,141,204,346 but that only 25%,
on
lines
was
totaling $30,000,000. '
These
of
$11,952,044.
In
made by
loans
new
30.
reported
Jan.
sum
37%,
$3,944.
478,000
made
loans
guaranteed,
Thirty-eight,
between
the
the
per
average
mortgage
Seventy-four banks reported that they maintain
available
and
loans renewed
"open
of
or
reporting up-State banks constitute 56% of the 661 A. B.
outstanding
than
more
loans totaling in excess of $4,500,000,000 to
business firms and individuals during the first six months
of 1931) and renewed more than
State
City
000,000,
him.
Banks
of
new
commercial
for
President asserted, because the large fellow
in bonds found 20 people who would ask for $5,000
over
$85,239,470,
only
1,914, and the average renewal was for $710.
was
of
85,000 renewals
Between Jan. 1 and June 30
1,000,000
member
practically impossible
half premium.
a
number
373
The
past, the
the bonds
York
in
some
made
$100,000
turn
interest
no
to
point and
pay a
the
had saved $5,000,
or
4,271
made
They
$230,841,326
reported
which
average
bank
mortgage was for
loans
portion of the issue.
had
he
for
$506,693,472.
new
renewed
and
June 30.
on
the
and
per
average
68,000
issues
legacy
a
Treasury had
bonds
the
cash
a
to
718,
banks
of
number
average
renewals
buying baby bonds, he said, rather than those 2% bonds,
of
case
267,792
made
$214,133,441,
totaling
30,
aggregating
373
books,
was
adding that the point is this:
In
June
loans
these
their
on
Massachusetts
he
true
town, Hyde Park, N. Y.
The church
and
1
by borrowers
loans
Roosevelt
Jan.
outstanding
The
per¬
$500,000,000 of 2% bonds (referred to in another item in
our issue of today)
gave preferential allotment to all in¬
who asked
used
was
of
had
plans to let small sub¬
scribers invest 100% of their available fund in
government
securities, according to an Associated Press Warm Springs
dispatch of that date.
The Treasury's current offering of
vestors
16
com¬
They do not include loans by mutual savings banks.
only.
reporting banks outside of New York City
Sixty-one of
ing
Offering
28
was
mortgage loans totaling $16,844,715.
credit"
Treasury Plan of Giving
disclosed
bank
per
figures are for
These
Mortgage loans
*
President Roosevelt Acclaims
President
mortgages
new
$19,498.
for
was
1,576, and the average renewal
was
number of
1939
Number
opportunity to have their indebtedness
an
373
between
713,897
new
help those deserving
their payments as
mortgage
bank
per
average
2,
figures they reported, it is estimated that the banks outside of New York
increase
recent
periods has
The
average
banks
The
loans
$60,000,000
over
$15,720.
mercial
2,000 Commissioner loans
first 3 years of which
number of renewals
average
and
Dec.
cash
Federal
increased
12-month
$1,793,year.
items
in
Reserve
$1,300,-
periods,
re-
Volume
The unimpaired
class
A
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
capital stock
preferred
stock
of
Oct. 2, 1939, of $1,559,411,000 included
on
$222,826,000
and
class
B
preferred
stock of
$16,200,000.
Surplus
since
$211,942,000,
June
Bills
and
total
a
since
rediscounts,
and
$2,997,000
decreased
profits
$467,404,000,
of
$1,860,362,000,
of
$123,850,000
payable,
aggregating
undivided
$1,181,016,000,
September,
other
and
re¬
$33,806,000
increased
d Includes $1,800,000,000 Exchange
borrowed
$543,000 since June and
money
$7,336,000 in
Includes $59,300,000 lawful money
28.29,
of loans and discounts to total deposits on Oct. 2, 1939,
with
comparison
in
September.
29.09
June
on
30,
1939,
and
30.62
in
1938.
♦
Department in Washington has issued the
customary monthly statement showing the stock of money
in the country and the amount in circulation after deducting
the moneys held in the United States Treasury and by
Federal Reserve banks and agents.
The figures this time
are for Oct. 31,1939, and show that the money in circulation
at that date (including, of course, what is held in bank
vaults of member banks of the Federal Reserve System) was
$7,342,362,637, as against $7,292,952,082 on Sept. 30, 1939,
and $6,699,707,987 on Oct. 31, 1938, and comparing with
$5,698,214,612 on Oct. 31, 1920. Just before the outbreak
of the World War, that is, on June 30, 1914, the total was
only $3,459,434,174. The following is the full statement:
S
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gold certificates or of gold certificates and such discounted or purchased paper as is
eligible under the terms of the Federal Reserve Act, or, until June 30, 1941, of
direct obligations of the United States If so authorized by a majority vote of the
Board of Governors of the Federal Reserve System.
Federal Reserve banks must
maintain
a reserve
1
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fs ag-
credits with the Treasurer of the United States payable in gold certificates.
b
O
Treasury Offers $500,000,000 of 2%
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The text of the official circular follows:
UNITED
§
to
pi.®!
©
—
to
I
tDI
CO © I
CO 4k 1
»
2%
to
tO
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©
OF
194&-50
Due Dec.
8, 1939
15, 1950
and After Dec. 15, 1948
Interest payable June 15 and Dec. 15
©
©
AMERICA
©
b
OF
BONDS
of the United States at Par and Accrued Interest
on
_—
to
STATES
TREASURY
Dated and bearing interest from Dec.
"to "o "-4 "© b b
CO
Payment for any bonds allotted must be made
publicly announced.
completed on or before Dec. 8, 1939, or on later allotment.
Redeemable at the Option
00
The basis of allotment
.
*
CO b © b to 00
©©4kCOtOW
4k
time without notice.
Cq
1
—
will be
*
©
■
reserved to close the books as to any or all subscriptions or
1
—
co
—
of the subscribing bank or trust company.
Subscriptions from
by payment of 10% of the amount of bonds
applied for.
or
_
to
without deposit but will be restricted
not exceeding one-half of the combined capital
1
,
©tO©OTOi;
Subscriptions from banks and trust companies
official agencies.
§
CO,,-
or;
00
as
all others must be accompanied
p p © to M P 1
*© b b ct b *© 1
p © © Ol P I
b "co "00 b b b co *© 1
ct'
to
—
-4
but only the
banks and the Treasury Department are authorized to
Reserve
The right is
©
©
©
to
and branches,
Banking institutions gen¬
Department, Washington.
for their own account will be received
1
p to to _0C p JO
"to b b "to b b
These pro¬
outstanding.
erally may submit subscriptions for account of customers,
in each case to an amount
,
4»
©
bonds now
,
I
O
4k
Ol
to
1
p
b b
CI
00
P © 4k p
b "to "-4 b
to
of Treasury
I
p 4k pt p p
.
of $50, $100, $500, $1,000, $5,000, $10,000
specifically set forth in the official circular issued today.
and at the Treasury
q
to
1
co
—
CO
15, 1948.
will be accorded the same exemptions from taxation as are
Subscriptions will be received at the Federal Reserve banks
fe:
0
tc
period slightly more
15, 1950, but may be re¬
States on and after Dec.
I
bo |
CO
"■
I
tO
4k
Ct
4k
to
CO
c
k—•
,
'
'
—
—
,
c 4 *0 b 4 H cs
4k CC tO ~4 OS ©
OS
ri
b
rt
m
in
b
k-i©04k©CSOi4k
—
4
p H o
tO
payable semi-annually on
The bonds will mature Dec.
other issues
accorded
Ct
CO
4.
CO
accounts.
8, 1939, and will bear interest
per annum,
the option of the United
at
tc
to
to
investment
and $100,000.
Cs
CS
the rate of 2%
will be issued in denominations
•
CI
Government
to
tached, and bonds registered both as to principal and interest; both forms
9
-4;
CO
"-4 b "to "co
P 4k.
"-4 *—
Allotment—
They will be issued in two forms: bearer bonds, with interest coupons at¬
4k.;
j»
sold
date at
than six months.
©
oo
be
will
deemed
to
Bonds of 1948-50
Preferential
June 15 and Dec. 15, with the first coupon covering a
-4
4
O
Investors Given
Subscription Books Closed—Plans for Refinancing
of Notes Maturing in March to Be Made Known
from that
2?;■
o
-I It.
i—'
Federal
Reserve bank notes and National hank notes are In process of retirement.
The bonds now offered will be dated Dec.
!
o 00 GO
-i
In gold certificates of at least 40 9*, Including the redemption fund
which must be deposited with the Treasurer of the United States, against Federal
Reserve notes In actual circulation.
"Gold certificates" as herein used includes
b!
"o "est
©
obligations of the United States
Federal Reserve
.
S/Msats
i
»
111
11
1
2
CS
j
i aftS
"co w
•4
•4
C5
O
are
Federal Reserve agents of a like amount of
investors, the Secretary said prefer¬
ential allotment will be given to subscriptions for $5,000
under where delivery in registered bonds 60 days after the
issue date is specified.
Subscribers for preferential allotment
will be restricted to one subscription.
This was the first "new money" cash financing by the
Treasury since December, 1938, when it borrowed about
$700,000,000.
.-r■
The details of the present offering were announced by
Secretary Morgenthau following a conference Nov. 27 with
the executive committee of the Federal
Reserve Open
Market Committee.
He also made known that the plans
for later financing will have to do with the refunding
of $1,378,000,000 1^8% notes, due on March 15, scheduled
to be undertaken in about two weeks, and the offering of
$50,000,000 to $60,000,000 of securities for the Tennessee
Valley Authority
The subscription books to the current offering of 2%
bonds were closed at the close of business Nov. 28. Secretary
Morgenthau announced Nov. 30 that subscriptions totaled
more than $6,000,000,000, adding that
the financing was
"entirely successful."
He said that on the basis of early
statistics between $20,000,000 and $25,000,000 was sub¬
scribed for by small investors under the preferential allot¬
ment plan. Final figures will probably be announced Dec. 4.
Mr. Morgenthau, in his announcement of the current
offering, said:
*
-
-
o
00
to
©
Federal Reserve notes
notes are secured by the deposit with
For the benefit of small
b
-4
-
{0
-
©
1-1
©
<■
«•
-4
-
—
CO
O
to
—
-
—
4.
—i
MOM
-4
O
monetary value
and a first lien on all the assets of the Issuing Federal Reserve Bank.
bonds
to
a
equal to the face amount of such silver certificates; and (lv) as security for gold
certificates—gold bullion of a value at the legal standard equal to the face amount of
Secretary of the Treasury Morgenthau on Nov. 27 offered
for cash subscription,- through the Federal Reserve banks,
at par and accrued interest, an issue of 2% Treasury Bonds
of 1948-50.
The amount of the public offering is $500,000,000, or thereabouts, and in addition $50,000,000 of these
a>
EL e=
*
"
©
in circulation Includes any paper currency held outside the con¬
Note—There Is maintained In the Treasury—(1) as a reserve for United States
notes and Treasury notes of 1890—$156,039,431 In gold bullion; (11) as security for
Shortly—Bids Total $6,000,000,000
IgwS-^iL-
JB
c*-
OO
CO
be
tinental limits of the United States.
O
e
3
00
"
.
deducted from this amount before combining with total money held In the Treasury
sliver certificates—silver in bullion and standard silver dollars of
Country
The Treasury
!Z>
4*
deposited as a reserve for Postal Savings
,
Treasury notes of 1890—an equal dollar amount in standard sliver dollars (these
notes are being canceled and retired on receipt); (111) as security for outstanding
Stock of Money in the
3
-
f The amount of gold and silver certificates and Treasury notes of 1890 should
to arrive at the total amount of money In the United States.
The percentage
p
Stabilization Fund and $142,519,822 balance
of Increment resulting from reduction In weight ot the gold dollar.
deposits.
for
the year.
was
(1) the Gold Certificate Fund—Board of Governors, Federal
112,013,765,446, and (2) the redemption fund for
notes In the amount of $8,845,201.
Reserve System, In the amount of
e
1938.
liabilities
payable In
This total Includes credits with the Treasurer of the United States
gold certificates in
Federal Reserve
of
of
serves
c
3479
1^
©
©
•
a
—
p to
b b b b
1939
b These
gold other than that held by the Treasury,
amounts are not
Included In the total, since the gold or silver held as
security against gold and silver
under gold,
certificates and Treasury notes of 1890 Is Included
standard silver dollars, and sliver bullion,
respectively.
*
1,
DEPARTMENT,
Office of the Secretary,
Washington, Nov. 28, 1939.
Public Debt Service
Revised figures.
Does not Include
TREASURY
Department Circular No. 626
I.
Offering of Bonds
The Secretary of the Treasury, pursuant to the aut hority of
Liberty Bond Act, approved Sept. 24, 1917, as
the Second
amended, invites subscrip-
3480
tions, at
2%
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
par and accrued
interest, from the people of the United States for
bonds of the United
The amount
addition
of the
the
to
States, designated Treasury Bonds of 1948-50-
public offering is
offered
amount
thereabouts, of these
bonds
for
thereabouts.
or
public subscription,
be
will
$500,000,000,
allotted
to
In
$50,000,000,
Government
They
$1,000,000
investment
and Dec.
15 in each year until the principal amount becomes
payable, the
first coupon being dated June 15, 1940-
They will
mature Dec.
but may be redeemed at the option of the United States
15, 1948, in whole
day
or
days,
bonds
in part, at par and accrued interest, on any interest
or
to be redeemed
In
will be determined
prescribed by the Secretary of the Treasury.
designated in
shall
and after Dec.
4 months' notice of redemption given in such
on
the Secretary of the Treasury shall prescribe.
the
on
such notice, interest
any
15, 1950,
case of
manner
as
as
may
be
From the date of redemption
cease.
The bonds shall be exempt, both as to principal and
interest, from all
taxation now or hereafter imposed by the United
States,
any
of the possessions of the United
States,
by
or
tional income taxes, commonly known as surtaxes, and
war-profits taxes, now
tions.
or
State,
which does
hereafter imposed
or
be final.
States, upon
Act,
not
amount of bonds authorized
on an
approved
Sept.
24,
1917,
as
exceed in the aggregate $5,000, owned
partnership, association,
or corpora¬
the
by
principal of
individual,
any
corporation, shall be exempt from the
or
taxes
all
provided for in clause (b) above.
the
to
Bearer bonds with interest coupons attached, and
bonds registered as
principal and interest,
will
be issued in denominations of $50,
$500, $1,000, $5,000, $10,000 and $100,000.
Provision will
$100.
be made for
the interchange of bonds of different denominations and
of coupon and
registered bonds, and for the transfer of registered
bonds, under rules and
regulations prescribed by the Secretary of the Treasury.
5.
The bonds will be subject to the general
regulations of the Treasury
Department,
III.
1.
Subscriptions
branches
and at
will
received
the Treasury
the
at
Federal
Reserve
Department, Washington.
banks
subscriptions for account of customers, but
only the Federal Reserve banks and the Treasury Department are author¬
as
official agencies.
Others than banking institutions will not
be
permitted to enter subscriptions except for their
scriptions from banks and trust companies for their
received
own
own
without deposit but will be restricted in each
will be
account
case
to an amount
not
exceeding one-half of the combined capital and surplus of the sub¬
scribing bank or trust company.
Subscriptions from all others must be
accompanied by payment of 10% of the amount of bonds
applied for.
The
Secretary of the Treasury
all
right to close the books
as
to any or
subscriptions
2.
or classes of subscriptions at any time without notice.
Secretary of the Treasury reserves the right to reject any sub¬
The
scription, in whole
for, to make
to
reserves the
make
upon,
reject,
to
or
amounts, or to adopt any or all of said methods
allotment and classification of allotments
in the
public interest; and his action in
applications
or
for
IV.
under must be made
any or all of these respects shall be
Payment
completed
on
1939,
or
later
on
allotment.
In every case where payment is not so
completed, the payment
with application up to 10% of the amount of bonds
applied for shall, upon
declaration made by the Secretary of the
Treasury in his discretion, be for¬
feited to the United States.
Any qualified depositary will be permitted
to make payment by credit for bonds
allotted to it for
itself and its
cus¬
tomers up to any amount for which it shall be
qualified in excess of existing
deposits, when
so
notified by the Federal Reserve bank of its district.
for
be
as
of
receipt
Federal
and public
opened
The Secretary
of the
Dec.
4,
branches
announcement
prob¬
Treasury expressly
tenders, and to
any
such respect
will be advised of the acceptance
the
at
Federal
the
Dec.
on
or
possible thereafter,
as
soon
tenders
Banks
Reserve
offered
price
Reserve
for
Treasury
Banks in cash
or
bills
im¬
other
1939.
6,
disposition thereof will also be exempt, from
estate
inheritance
and
(Attention
taxes.
is
invited
4550, ruling that Treasury bills are not exempt from
tax
the sale
from
allowed
now
or
deduction,
a
as
otherwise
or
recognized,
imposed by the United
hereafter
or
other disposition of the Treasury
terms
No.
418,
Treasury
bills
Circular
the
of
amended,
as
and
for
the
States
or
and
this
notice
the Conditions of
govern
of
of
$309,163,000
$100,000,000,
tendered to the offering last
was
or
Of this amount, $100,114,-
accepted at an average rate of 0.015%.
was
at the Federal
The tenders to the offering were received
Reserve Banks and the branches thereof up to 2 p.m.
Nov. 27.
Reference
Nov.
of
25,
to
offering appeared
(EST)
in our issue
The following regarding the
offering
the
to
the
3341.
page
bids
cepted
is
from
the
Secretary's
ac¬
an¬
nouncement :
Total applied for, $309,163,000.
Total accepted, $100,114,000
Range of accepted bids-
«igh
100.000
Low
99.994
Equivalent rate approximately 0.024%
Average price
99.996
Equivalent rate approximately 0.015%,
(34% of the amount bid for at the low price
President
was
*
accepted.)
Roosevelt
Declares
Bombing
of
Finnish
Russia is "Profound Shock'"
to
Government
and
People of United States—
Earlier
in
Week Secretary
Hull Had Extended
"Good Offices" to Prevent Disruption of Relations
Territory by Soviet
Between Two Nations
week, referred to else¬
today resulted in a formal statement
by President Roosevelt yesterday (Dec. 1) in which he as¬
serted that the news of bombings within Finnish territory by
Soviet forces "has come as a profound shock to the Govern¬
ment and people of the United States."
The President's
statement issued by him in printed form to newspaper cor¬
respondents in Washington yesterday (Dec. 1) said:
where in these columns
The
V.
an
Russia's invasion of Finland this
before Dec. 8,
or
hour
Morgenthau announced Nov. 27.
000
Allotment notices
and accrued interest, if any, for bonds allotted here¬
or
by
payment
thereabouts, of 91-day Treasury
hills dated Nov. 29 and maturing Feb. 28, 1940, Secretary
such other methods of
provided in Section IV of this circular.
par
a
unless
•
A total
week
will be sent out promptly upon
allotment, and the basis of the allotment
will be publicly announced.
Payment at
of
guaranty
in¬
by
for,
shall be deemed by him to be
as
Subscriptions for amounts up to and including $5,000 where the
subscribers specify that delivery be made in
registered bonds 60 days after
the issue date will be given
preferred allotment.
In each such case payment
1.
in
dealers
accompanied
$309,163,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$110,114,000
Accepted at Average Rate of 0.015%
larger
final.
must be made as
incorporated banks
be
000,000
or
allotments
ex¬
places,
Tenders of
in part, to allot less than the amount of bonds
applied
allotments in full upon applications for smaller
amounts and
reduced
decimal
recognized
must
express
follow
on
other
or
Department
the
their issue.
Sub¬
account.
be
bills will be exempt, as to principal and interest, and any
any
Treasury
prescribe
and
Banking insti¬
and
applied for, and his action in
at
No loss
be
of
Each
must
of its possessions.
Subscription and Allotment
be
tutions generally may submit
ized to act
shall
hereafter prescribed, governing United States bonds.
now or
an
hour will
Payment
made
except
tax.)
gift
purposes
any
4.
be
must
from the sale
bills
three
than
to reject any or all tenders or parts of
Treasury Decision
3. The bonds will be acceptable to secure
deposits of public moneys, but
will not bear the circulation
privilege and will not be entitled to any privilege
of conversion.
and
considered.
offered
deposit from
others
Those submitting tenders
taxation,
to
amounts
$500,000
be
price
more
each
the
at
will
the amount
The Treasury
gain
by
closing
mediately available funds
by the Second Lib¬
amended,
the
received
thereof.
rejection
allotted
in
trust company.
or
the closing
less than
excess-profits and
will
The
responsible
from
accompanied
the right
reserves
$1,000
not
without
from
the following morning.
on
allot
by the United
with
Tenders
acceptable prices
shall
or
and
after
to
up
the
or any
profits of individuals, partnerships, associations,
The interest
Bond
erty
of
than
$1,000.
of
100,
accepted
tenders
taxing authority,
any local
except (a) estate or inheritance taxes, or gift taxes, and (b) graduated addi¬
the income
thereof
$100,000,
1939
2,
and
of the face amount of Treasury bills auplied
are
Immediately
ably
2.
be
10%
all
only,
Fractions must not be used.
incorporated bank
1939,
of
securities.
tenders
the
Dec.
form
$10,000,
less
amount
companies
deposit of
better
in
$1,000,
multiples
basis
will
trust
vestment
partial redemption
by such method
the bonds called for
redemption
on
Tenders
and
issued
value).
an
in
the
on
99.125.
e.g.,
1. The bonds will be dated Dec. 8, 1939, and will bear interest from
that
date at the rate of 2% per annum, payable on a semi-annual basis on
June 15
for
be
must
pressed
II. Description of Bonds
of
(maturity
tender
No
tender
be
will
denominaions
or
or
accounts.
Bills)
(the
General Provisions
As fiscal agents of the United States, Federal Reserve
banks are author¬
ized and requested to receive
subscriptions, to make allotments on the basis
and up to the amounts indicated
by the Secretary of the Treasury to the
Federal Reserve banks of the respective
districts, to issue allotment
notices,
to
receive payment for bonds
allotted, to make delivery of bonds on fullpaid subscriptions allotted, and they
may issue interim receipts pending
delivery of the definite bonds.
2. The Secretary of the
Treasury may at any time, or from time to time,
prescribe supplemental or amendatory rules and
regulations governing the
offering, which will be communicated promptly to the Federal Reserve
banks.
MORGENTHAU
profound shock to the Government and people of the
come as a
United States.
Despite efforts made to solve the dispute by peaceful methods, to which
reasonable objection
force of
that
arms.
wanton
could
be offered,
one
power
disregard for law is still
All peace loving
on
the march.
peoples in those nations that
unanimously condemn this
new
resort
to
are
still hoping for the
military force
as
con¬
the arbiter of
international differences.
To the great misfortune
the independent
of the world the present trend to force makes in¬
existence of small nations in every continent and
jeopardizes the rights of mankind to self-government.
JR.,
Secretary of the Treasury.
no
has chosen to resort to
It is tragic to see the policy of force spreading and to realize
tinuance of relations throughout the world on the basis of law and order will
secure
HENRY
of the Soviet naval and military bombings within Finnish terri¬
news
tory has
1.
Government of Finland have
which
has
won
for them
a
The people and
long, honorable and wholly peaceful record
the respect and
warm
regard of the people and
Government of the United States.
New
Offering of $100,000,000, or Thereabouts, of 91-Day
Treasury Bills—To Be Dated Dec. 6, 1939
Secretary
Dec. 1
of
the
that tenders
Treasury
bills
to
Treasury
are
the
Morgenthau
invited to
amount
a
of
announced
on
new
ofering of 91-day
$100,000,000, or there¬
Earlier in the week
an offer had been made by the United
through Secretary of State Hull to extend
"its good offices" for a peaceful solution of the dispute, as to
which Associated Press advices from Washington on Nov. 30
States
not be
The
received
Treasury
mature
on
March
face amount
There is
of
the
at
bills
6,
the
Treasury
will
be
1940,
bills
and
will
(EST), Dec. 4, but will
Department, Washington.
dated
be
on
Dec.
the
6,
1939
maturity
payable
without
and
date
will
the
interest.
maturity of a similar issue of Treasury bills on
Dec. 6 in amount of $100,358,000.
In his announcement of
the offering, Secretary Morgenthau also said:
a
Nov. 29
said:
abouts, to be sold
on a discount basis to the
highest bidders.
Tenders will be received at the Federal Reserve Banks and
the branches thereof up to 2
p.m.
on
Regarding Finnish acceptance of the offer of "good offices" Mr. Schoenfeld, U. S. Minister at Helsinki, advised the State Department he had de¬
livered Secretary Hull's statement this morning in Helsingfors.
Mr. Schoenfeld cabled that the Finnish Minister of Foreign Affairs had
declared that his government, welcoming the
be
exercise of good offices, would
especially glad to have such a step taken because it had no communica¬
tion with the Russian Government.
A report to the department
d'Affaires at
from Walter C. Thurston, American Charge
Moscow, said he had delivered
Commissar for Foreign Aifairs.
told him that in his
Hull's statement to the Vice
The Vice Commissar, Thurston reported,
opinion there was no occasion for the use of good offices.
Volume
In extending the "good offices" of the United States,
Secretary Hull said:
,
Understanding of its
of the most urgent
one
of
"There is
It would view with extreme regret any exten¬
sion of the present area of war and
by which
the consequent further deterioration of
any way
National
becoming involved in the merits of the dispute, and
processes
this Government would, if agreeable to both parties, gladly extend its
He
only,
offices.
tion
Secretary Hull had acted after discussions by long distance
telephone with President Roosevelt at Warm Springs, Ga.
The President returned to Washington on Nov. 30.
President
Roosevelt
Appeals
of
Nov.
Unfortified
Civilians in
who
Roosevelt,
Washington
in
following his week's visit to Warm Springs, Ga.,
appeals to Russia and Finland on that day asking
pledge that their armed forces refrain from the bombard¬
ment from the air of civilian populations and unfortified
cities, "upon the understanding that these same rules of war¬
fare will be scrupulously observed by all of their opponents."
The President's plea was contained in identical messages
transmitted through Laurence A. Steinhardt, United States
Ambassador in Moscow, and H. F. Arthur Schoenfeld,
a
The
week
are
therefore
am
upon
not available, they could see Jesse Jones,
the RFC.
contending
He said that this was
in
only
a
minor part of the various regional plans
mind.
which
President
Roosevelt
•
Plans
Budgets—
Two
Have
to
Defense Expenses to
populations or of unfortified
Be Separated
Following conferences this week with Budget Director
Smith, President Roosevelt announced Nov. 28
budgets next year, segregating
of warfare will be
Harold D.
that he intended to have two
from
advices
told
build these links with private funds, he said,
was
designed to set up nine power authorities.
was
had
he
from the "emergency" appro¬
priations required to keep this country neutral in the present
European conflict.
In reporting this matter, Associated Press advices from
Warm Springs (Ga.) Nov. 28 said:
the normal defense expenses
D, ROOSEVELT.
yesterday
Washington
J. Procope,
warplanes had
plea was made public shortly after Hjalmar
Minister,
Finnish
money
for creating nine regional
that it
(Dec. 1) said:
Mr. Roosevelt's
Soviet
that
men
newspaper
which may be attributed to the fact
Some $500,000,000 of expenditures
communities in Finland, all of
dropped bombs on Helsinki and nine other
remain neutral, Mr.
that there is a war and the United States is trying to
which, he said, were unfortified.
Roosevelt said at
a
conference, will go into a separate segment
press
budget.
on
there been
bers for Work
Actually there is only one budget submitted to
Chairman of
mechanical process,
An item,
and
with
advise
use
have devoted
have
before
prove
of
This
me.
perfecting
in
assistance
on
this Board of
to the task assigned you and
In
which has just been placed
be carefully studied.
will
report
material
effort
time and
much
the comprehensive report
submitted
I
feel certain
have
noted
heartily
and
concur
with
plans
our
the
for
concluding
the national
paragraph
submitting this report
"In
the Board feels that it has rendered the principal
So long as the United States is not engaged in
such a Board has no power and no executive responsibility.
We feel that
such preparedness plans as are deemed necessary should be carried forward under
the auspices of the Army and Navy Munitions Board with the co operation of
other departments of Government.
However, If It Is desired that we continue to
meet from time to time in an advisory relationship with the Army and Navy Muni¬
tions Board, we shall of course be happy to serve in that capacity."
War,
this
of the
and
offer
will
time I
should like to
express
fine spirit with which you
for
of
the constructive work
further
continue
Munitions
to
Board
service
act
as
it
is also
in
an
may
lows:
greatly appreciated and
advisory
request
capacity
from
the
to
time to
in
Army
and
Navy
right
money
No
or
the
to
was
Participating in
attorneys
participation of
announced.
Says
Cities
Need
Better
Under¬
concerning President Roosevelt's message
to the National Institute of Municipal Law Officers, which
held a conference in Washington this past week, is taken
from the Washington "Post" of Nov. 29:
The. following
equivalent in view of all the
the stockholder."
part.
for "a definitive judicial interpretation"
had asked the tribunal
standard
the debtor is
contribution
a
the litigation as a "friend of the court," Government
the
under Federal laws are
be found "fair and equitable."
Joined
Roosevelt
'the creditor his
Justice Butler did not take
of
standing of Relations to Federal Government
■.
"that to accord
reasonably
in money's worth,
dissent
to
President
said,
Douglas
against
priority
of
circumstances
.
I hope that you
time.
: r
Justice
the corporate assets' where
insolvent, the stockholder's participation must be based on
full
undertook this important public service,
Your patriotic
Court
stockholders.
■
believe,"
"We
to you personally my appreciation
which you hav# performed.
Supreme
States
United
the
claim of bondholders before
The high court's decision
was contained in an opinion on Nov. 6 by Justice Douglas
which reversed a plan for reorganization of the Los Angeles
Lumber Products Co., Ltd.
Associated Press advices from
Washington, Nov. 6, reported the court's findings as fol¬
by
participation
service for which it was appointed.
At
decision
recent
give precedence to the entire
of
report which reads as follows:
your
a
Case
upheld the Government contention that reorganization plans
for corporations under the Federal Bankruptcy Act should
it will
defense.
I
Lumber Products
Upholds Priority of Bondholders Before
Participation by Stockholders in Reorganization
of Corporations Under Bankruptcy Act—Ruling in
Case of Kansas City Terminal Ry. Co.
Co.
prepared by the agency,
only in the event of a major war.
intervening weeks you and your associates
the
In
review
now
industrial mobilization plan
the
completing
specifically for
an additional $500,000,000 may
for defense, appeared in our issue of
indicating that
Ruling by U. S. Supreme Court in
Board was estab¬
Board in reviewing
Navy Munitions
and
the Army
Department and
It is something of a
the President indicated.
needed next year
Nov. 25, page 3343.
Early in August, with my approval, the War Resources
to
Congress, but the portions
called budgets, whereas a more
The defense items will be placed
he said.
be
capacity whenever called upon.
Previous reference to the
Board appeared in our issue of Sept. 30, page 2008.
The
President's letter to Mr. Stettinius follows:
lished
"sub-budgets."
different sub-budgets,
In
will continue to act in an advisory
but
disbanded
now
the other governmental activities are
accurate term would be
the
which are considered
relief, agriculture activities, the Commerce
for defense,
all
Board, and to the other
members expressing appreciation for the constructive work
performed.
The Board, which was appointed last August,
is
B budget, the President
because of the conflict.
necessary
plans for mobilizing industry in the event of an emergency.
The President disclosed that he had sent letters to Edward
Stettinius,
In the year beginning July 1,
There will be a
war.
containing the estimates of additional expenditures
Ga., on
Nov. 24 that the War Resources Board had completed its
President Roosevelt announced at Warm Springs,
R.
no
setting forth
1940, had
explained,
put it there will he an A budget for defense,
would have been expended
what
Industrial Mobilization—Commends Mem¬
of the
•
The way he
of War Resources
President Roosevelt Receives Report
Board
power
locality to another as needed.
one
used his recommendation of several years ago
circumstances, under¬
FRANKLIN
the
continued, was how to provide
of great private systems so
number
a
that the other day some
one
in general hostilities, publicly to affirm its determination
Press
between
links
becloud what he called the human engineering idea involved by
immediate reply,
Associated
probably would be needed in time
going to war, there was no need to
The primary question, he
planning authorities in the nation's watersheds as a deliberate effort to
scrupulously observed by all of their opponents.
I request an
defense
The President, without naming the party, said
confronted, hundreds of
the understanding that these same rules
to
as
would be necessary
Federal Loan Administrator, who has supervision over
and chil¬
and woman, and has
government" in the message to Helsingfors), as I have to governments
cities,
needs both
power
survey
The President said that a lot of rot had been
not true, because power was
take the bombardment from the air of civilian
to
that.
if Wall street
but
not even remotely participating
that its armed forces shall in no event, and under no
no
requirements.
Private companies could
addressing this appeal to the Soviet government ("Finnish
have been engaged
about
could be shifted from
in hostilities will lose their lives.
I
to normal
as
talk about them.
profoundly shocked the conscience of humanity.
If resort is had to this form of inhuman barbarism during the period of the
who
is
the President's press conference when a
He added that standby steam plants
maiming and in the death of thousands of defenseless men, women
thousands of innocent human beings
arose at
private companies
and
connecting
dren—has sickened the heart of every civilized man
there
that
Mr. Rooseelt's views concerning conferences planned this
expanded system.
written
years—which has resulted in the
tragic conflagration with which the world is now
by
in any
follows
as
said
1
The question put was whether standby steam plants
have raged in various
during the course of hostilities which
question
power
measures
of civilians in unfortified centers of
quarters of the earth during the last few
Dec.
on
of war, but since this country was not
public
understanding
Government,"
Roosevelt
reporter sought
United States Minister in Helsinki, Finland.
population
of the Federal
pansion of supply, could find needed funds at the Recon¬
struction Finance Corporation if they failed to get the
money in Wall Street, according to an Associated Press
dispatch from Washington, Dec. 1 which added:
on
addressed
The ruthless bombing from the air
its effort "to harmonize in a legal
on
relationships brought about by the changes in the administra¬
President
30
President Roosevelt's appeal was made
at the White House early on Dec. 1:
new
immediate emergency in the electric power supply for the
nation and that private power companies, in planning ex¬
Cities
arrived
Law Officers.
Roosevelt
Says
There is
no
Immediate
Emergency in the Electric Power Supply—R. F. C.
Can Supply Needed Capital
Asking That Armed Forces Refrain From Bombing
President
Roosevelt wrote in a message to the
President
Finland
and
Russia
to
Institute of Municipal
congratulated the institute
of the
from
citizens may meet the new legal problems which arise
those aspects of municipal government which call for
way
good
public here yesterday.
statement made
a
pressing need for an agency to provide co-operative means
a
our
general urban development," Mr.
international relations.
limiting its interest to the solution of the dispute by peaceful
relationship with the Federal Government is
new
problems before the American municipality, Presi¬
dent Roosevelt set forth in
This Government is following with serious concern the intensification
the Finnish-Soviet dispute.
h Without in
3481
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
r
Securities
said
by which
by attornej'S
and
for
of
Counsel
ment's
the
reorganization
Interstate
Exchange Commission,
"the decision of this
sands
of
plans
corporate
for
demands
the
case
reserved to Congress."
cases."
company
would plunge the
and the
Jackson
disposition of thou¬
Commission
should guide the proper
reorganization
lumber
Commerce
Solicitor General Robert H.
asserted
that
"to
grant
Supreme Court into the
the
Govern¬
legislative field
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3482
Further details regarding the
incidentally
that
of
taken as follows from
The
laid
court
a
of Commerce":
York "Journal
New
findings in this case, and
Kansas City Terminal case, are
Washington account, Nov. 6, to the
the
the
down
considering whether
for
test
plan
a
of
reor¬
had
been
The
by the
ratification
the
plan
reorganization
Circuit
Ninth
Court
This
stock
The preferred was
H.
Kirkpatrick however at that time ordered the verdict
at triple the amount (under the Sherman anti-trust
act)
named by the jury, namely $711,932.
Associated
Press advices of Nov. 29 from Philadelphia commented on
the Circuit Court
to be entitled
Thereafter
classes
641,375 shares
preferred,
the
class
of
shares
The
stockholders of
A
would
com¬
to
assented
plan was
stock, although
Douglas
said
company
of
payment
by
to
old
bond¬
the
to
were
receive
subscription
any
approximately 92.81%
provision
that
made in the plan
was
or
of
99.75% of the class A stock, and 90%
no
Justice
Justice
of the
for the latter.
plan
does
all
of
value of
full
that property
recognize
not
the
in
debtor
within
corporation"
Kansas
allowed
are
for the benefit of
diverted
City
Terminal
the
since
case,
to
participate.
stockholders
the
He said it
under
though the assets
company even
stock—the amount owing
insufficient to pay—in
were
new
bonds
new
said.
Pacific
"This court,
Railway
Co.
Especially in the latter
case
of
seeking
make
or
stock¬
of
"In
his
The
In
in
return
objection
no
undertaking
from
participation reasonably
a
But if
made.
be
can
stockholders'
the
these considerations
believe
we
stockholders'
the
money
in money's
or
circumstances
the
to
participation
worth
'the
to accord
creditor
be based
on
in
equivalent
a
contribution
view
of
all the
participation of the stockholder."
its
Supreme
Court
Upholds
Defendants in Madison
The United
the
decision
States
the
of
of
Eleven
Seventh
Court
on
the
how
Justices voted.
following
Regarding the case we take the
Washington
Associated
Press
advices,
from
Nov. 22:
dismissing the indictments Judge Stone acted
Counsel
time
one
to
by the defendants before the
for the
study
directed
the
of
stage
verdict
voluminous
proceedings
and
record.
The
Judge
powerless
was
Government
Stone
to
decision in order to have
a
had
argued
denied
the
that
motions
for
in
"puts
premium
a
later.
act
inattention"
on
by
the
judge
and
"makes
the
defendants
11
were
among
larger
a
number
charged
with
fore
litigation growing out of the
the
Supreme
Circuit Court in
new
trials.
Court.
It
same
involves
the
trial is awaiting argument be¬
action
of
the
Seventh
Federal
3619.
page
of the
noted
in
Sherman
damage claims before the case was submitted
he.ld
was
the
of the problem" was whether
crux
"not guilty of engaging in
was
Supreme Court to
these
columns
pass
June
17,
the dis¬
1939, page
on
A previous reference appeared in our issue of Oct.
21,
2448.
strike
by
of
machinery
most aggravated
tactics
such
of
and
equipment,
form."
illegal
and
be
cannot
too
United States Circuit Court of
A.
F.
of
L.
of
The
observed
court
and
the
in the
founded
such
that
good fares
public
badly
indeed
that
the
"served
the
such
strikes
display of
before
worse
nevertheless
union
a
did
cause
intend
not
in
in
at Philadelphia
Damages Against
Sit-Down
Strike—Decision,
However, Criticizes Tactics of Strikers
A
Jury verdict ordering
an
affiliate of the American Fed¬
eration of Labor to pay
$711,932.55 in damages to the Apex
Hosiery Company of Philadelphia, following a "sit-down"
strike, was reversed
on
Court of Appeals at
denounced
the
Nov. 29 by the United States Circuit
Philadelphia.
methods of
the
The Court nevertheless
strikers
and
said
that
the
union, Branch 1 of the American Federation of Hosiery
Workers, "should be compelled to answer in damages in the
Pennsylvania State courts."
The Circuit Court ordered the
case
returned to
the
Federal
District Court
and
a
verdict
directed in favor of the union.
The verdict
against the union
on
against the union having been set by the jury.
the
violate
to
had
had
for
effect
"small
a
commerce."
interstate
upon
observed that
It
to come
under the Sherman act and thus within the jurisdiction
Courts,
case
a
by the strike
interruption of production caused
that the
court said
The
"commerce must not only be affected but also must be
Federal
restrained
and
the
to
addition
into
item
degree."
unreasonable
an
in
April
our
to the
issue further references
8
appeared in these columns July 15, page 343.
case
NewJYork Supreme
Division of
Appellate
of
Ruling
Former Austrians, Czechs,
Court Affects Debts to
Polish Creditors
is learned from the
It
Wiliam
of Nov. 21
"Wall Street Journal"
rendered
decision
first
the
that
by the Appellate Division
Supreme Court of New York under the new Section
out hope for relief to
of the
of the Civil Practices Act holds
51-a
banks,
New York textile firm owed $23,000 to a firm in
a
case
The former head of
slovakia.
the firm,
resident
same
time,
name
of
The
thereupon
law
which
defendants
enacted
in
firm
Section
this
of
The
The
law
of
a
Civil
debtors
subsequently
claimants
Freund
Practice
if
debarred
were
find
itself
to be
upheld
the
within
from
so
lower
court's
the textile firm.
a
doing in New
of money is owed, which 6um
sum
this fact to the claimants
by
If the claimant
York.
this procedure is that the debtor, as in
the case under
a
year
files
If the claimant does not appear within
bond for the amount in question.
and 10 days, the debtor pays the sum to the plaintiff and there¬
free of a possible second suit.
If the other claimants do appear,
is
fight
parties
whichever
The
to
and 10 days to protect his claim, he is for¬
a year
a
after
liable
the legal
either puts the disputed money into* the court's hands or
discussion,
was
by another party who cannot be served by legal process in
The net effect of
all
behalf of
which
found
might
it
they
the debtor may give notice of
not appear
ever
on
Act,
country relief from
in this
unanimously
Division
the respondent,
provides that whenever
is also claimed
YTork,
The New
At the
Prague bank.
the
of
to give
because
so
Appellate
favor
51-a
year
the other
both of
in
decision
do
to
money.
was
The defendant firm was willing to pay the plaintiff,
just this sort of case.
feared
the
for
defendant
same
invoked by Attorney Jacob R.
was
was
June
in
or
the
upon
third claim was made by
a
firm
made in the
Czechoslovakia, which is apparently in other hands.
claim
however,
the
textile
the
sued
Czecho¬
who claims to be the owner, fled
Paris, and there assigned his claim to a New York resident.
York
but
who
importers
and
indicated goes on to say:
paper
this
In
brokers
companies,
insurance
obligations to persons formerly residing in the for¬
Austria, Poland, Czechoslovakia and parts of China.
The
it
out
in
the
being able to
wins,
court
and
the
debtor
eventually
pays
ignore the matter meanwhile.
of the present action
importance
is that the Appellate Court,
in
upholding the defendant's contention, established what is probably a prece¬
dent
similar
for
suits
now
being
fought
in
Supreme
the
Court
under
Section 51-a.
The latter
pertains to actual money obligations only.
Sections 288-a, -b, -c, and -d of
the Civil Practice Act, however, touch on certificates of stock, bonds,
legislation
notes
the
April 3 last (referred
to in our issue of April 8, page 2053) was returned
by a
jury in United States District Court at Philadelphia dam¬
ages
lawlessness,"
Federal anti-trust laws.
does
Appeals
$711,932.55
Union
intereference
enforcing law and order
Philadelphia."
of
New
Verdict
The
severe.
without
conducted
were
authorities charged with
those local
city
its
the company's rights in its own property, and the demoli¬
usurpation of
tion
in
registered mail after securing a court order to this effect.
Voids
combination
a
for what it called
the union
Court criticized
Circuit
condemnation
"Judicial
either
''
was
the
under
Pennsylvania.
sit-down
"the
the
setting aside the conviction of 17 defendants and ordering
The intention
Such multiple damages
anti-trust law.
The
the strikers caused.
District
it
union,
creditors.
missals
remote."
asked a total of $3,515,872, treble the
entitled to triple damages under the Clayton anti-trust
Court "or whether it must seek relief" in the
was
Continuing,
con¬
spiracy to fix prices of gasoline in 10 mid-Western States.
Other
"Their
the appellee's plant, an
effect upon interstate
The
conspiracy to restrain commerce."
or
Finally,
verdict purely advisory."
The
of the
part:
in
said
Jr.,
incidental and
company
convictions
Federal
a
Courts of
State
to
Arnold, Assistant Attorney General in charge of anti-trust law
enforcement, told the Supreme Court that such procedure in a criminal
trial
indirect,
Biggs
effect.
in
explained today that "the
court
company
at
Thurman
jury
action
jury.
The
motions for directed
on
went to the jury.
case
judge said he had postponed
the
merely
in
the
mer
verdicts made
the strike was
case
any
unionize
to
was
local
and
pared the company's
have
In
in
"spontaneous"
a
was
Nov. 22 sustained
on
Circuit
jury.
The court announced that it had divided
the case but did not give out any details as to
the
equally
but
(Wis.) Oil Anti-Trust Case
Supreme Court
of Appeals at
Chicago upholding the right of Judge Patrick T. Stone in
dismissing indictments against 11 defendants in the Madi¬
son. Wis., oil anti-trust ease after they had been convicted
by
orders
intent
motive
was
act
of
Dismissal
it would be appealed to the United
written by Judge John
in
allowed
In
S.
official
original suit the
restrained
U.
of
and leader)
but
run
important victory for organized
an
as
to labor unions and that
apply
opinion
the
these
would
participation
that
must
reasonably
not
result
local
court
right of priority against the corporate assets' where the debtor is
insolvent
in
the
of
success
times
evidence
the
Court.
damages which, it contended,
to
that
declared
but
commerce.
for the Apex Company said
union
(the
action
are
form,"
illegal
members.
union
Co.
ruling of this court in Kansas City Terminal Railway Co.
view of
full
much in
as
Railway
necessity exists and the old stockholders
and receive
satisfied
not
are
the
Terminal
court, stress the necessity at
the
to
that
to their contribution
equivalent
conditions
afoul
contribution
fresh
a
Where
indicated
seen,
City
weeks' possession of the
seven
appeal to the Circuit Court the union argued that the anti-trust
its
the1
not
and
hailed the decision
Supreme
The
have
we
Kansas
this
did
essential
money
new
the old stockholders.
as
and
by its
commerce
restrain
to
leaders
did
laws
the senior creditors.
is, of course, clear that there are circumstances under which
North
intent
Counsel
holders may participate in a plan of reorganization of an insolvent debtor,"
Justice Douglas
follows:
as
generally.
States
was
"untenable"
an
theory that all classes of security holders could be perpetuated in the
"It
Union
labor
"equitable
the
is not first applied to claims of the bond¬
holders before the stockholders
being
to (the
the rule announced
meaning of
the
belonging
property
aggravated
no
commerce
Douglas's Views
the
interstate
with
most
the
right" of the bondholders "to be preferred to stockholders against the full
value
its
showed
similar divi¬
a
participate equally in
be issued to
to
were
the
without the
common,
the bonds,
amount of
B
both
of
decision
decision, Appellate Court held that the union had not
plant in 1937 and therefore could not be assessed damages under the Fed¬
anti-trust laws.
It called the union's tactics a "sit-down strike in
In
total
and
assessment.
face
shares
all
unanimous
a
interfered
'
the
class
new
a
5% non-cumulative divi¬
to a
In
eral
dend, after which the common stock would be entitled
dividends.
188,525
a
a
common.
Of
of
The plan
capital structure of 1,000,000 shares of $1 par voting stock.
was
divided into 811,875 shares of preferred and 188,625 of
with
holders
Appeals
provided for the formation of
of reorganization
plan
pany
dend.
of
Los Angeles Lumber Products Co.
of the
challenged by certain of the bondholders.
2, 1939
fixed
ganization is "fair and equitable" in a decision written by Justice Douglas
overruling
Dec.
and
parallel
other
to,
believed
that
with,
obligations, and, in view of the number of refugees from
occupied areas,
corporations,
but not identical
involves
partnerships
the
decision
these
an
and
extremely large sum in the aggregate to
individuals
mentioned
suits
which
in
here sets
will
afford
It
is
important precedent
in
New
an
York
banks,
State.
brokers,
insurance
connection
with
companies,
and others, relief from their present anomalous position.
Volume
ONE HUNDRED—The Commercial & Financial
Chronicle—YEARS OLD
149
Pennsylvania Full Crew
Rail Law Illegal
Since
Pennsylvania's Full Crew Act which would
it
of
the
State
Enforcement of the law, which
legislature, would have
on
to its train
Gilbert
set
The
"A
The
contention that the law violated also the
of the Federal Constitution.
Clause T.
this left
clauses
commerce
Reno, Stace Attorney General, declared that
an
appeal to the United States Supreme
Roads
Granted
Uniform
Rates
With
North
on
Nov. 30.won
only
important freight-
an
request for
the North.
a
favorable rates
more
all its
on
Co.
at
$28.50
share
a
to
the
Service
formula
common
stock
The Commonwealth &
Corp.
year
ago
Shilson
same
similar
a
said,
"and
reduced
true
was
the
in
inter-company
on
fee
the
the
exchange
recommendation
from
$60
current
$27.25
to
of
a
stock
the
of
share,
was
SEC
or
made,"
the
State
book value.
transaction."
of
issued
to
termine
wealth & Southern
The
facts
Consumers
that
are
stock
The
of
Power
Commonwealth
the
Consumers
Co., with
the
Act."
The
&
Southern
the
electric
for
money
$2,000,000
Corp.,
in
of
Power
full
Co.
About
order
increase
owned
all
offered
of
Utilities
Commission
of
Commissions
these
should
slightly
less than
year
in
and
$1,200,000
the
basis
Nov.
bonds
for
Power
it
common
and
tribute
Co.
in
the
$1,200,000
in
first
was
The
this
to
$3,500,000
$28.25
namely,
expects,
mission
of
of
per
in
&
submitted
the
The
book
purchase and
contributed
to
&
of
stock
common
it
Corp.
Power
Again,
Co.
decided
order
in
the
to
sell
to
to
assist
common
equity
it
to
Consequently,
accordance with
common
common
&
the
common
the
purpose
stock for
equity
Southern
stock
of
of
The
Corp.,
The
of building
up
Corp.
peace¬
problems and is eager to work out its plans in
you.
Ambassador in Tokko is, and has been over
are
not
going on either in Tokio
This
received
Government
has
of any specific feature
of
company.
the
Commonwealth &
The
order
this
of
additional
Consumers
although
Consumers
the
Public
,
the company,
to
receive
*
all
Co.
times
Co., has
Southern
of
Thus
has
Com-
»
not
instructed Ambassador
The
Com¬
all of
voluntarily and for
contributed within the last year
.
.
.
and every fact
to it,
*
has
on
the subject
repeatedly made clear that
bearing
of course, giving attention to every development
upon relations between the two countries and known
and is carefully studying all angles of the various problems presented.
Suggestions that negotiations for
a new treaty with Japan
by Senators William E.
Borah, of Idaho, and Arthur H. Vaodenberg, of Michigan,
both Republicans, and members of the Senate
Foreign
be opened were made on Nov. 23
Committee.
matter should be
$3,500,000
Grew
of possible future treaty relations.
Government is,
Relations
125,000
owned
in Washington negotiations in
such matters will depend upon developments.
This
value, *
Utilities
contribution
Power
it at
Power
the book
or
regard to commercial treaty relations between the two countries.
Consumers
the
period of
lems which arise in connection therewith.
There
$10,000,000
of
a
in communication with the Japanese Foreign Office
the subject of relations between the United States and Japan and prob¬
or
Corp.
$5,000,000 to the capital structure of The Consumers Power Co.
both
Negotiations for New Trade Treaty With Japan Denied
by Acting Secretary of State Welles—Senators
Borah and
Vandenberg Urge New Agreement—
Senator Pittman Opposes Measures of "Appease¬
on
payment
have
in these
many years, constantly
Both
stock
in
The
said stock
for
pay
Michigan, and after approval by the SEC,
the
monwealth
instructed
to meet
particularly in the eastern section of the United States.
interest
The American
Public.
Southern
would
the
at
the
the
&
which
already
Southern
of
Commonwealth
the
it
stock
Washington.
value
sold
Southern
Southern
common
at
raising
the
proper relationship between the bondsCommonwealth* U"Southern Corp. offered to'gOTl-
share.
necessary
ment"
maintain
and
are
Acting Secretary of State Sumner Welles on Nov. 22 said
that there were no negotiations in progress between the
United States and Japan with regard to a new commercial
treaty to replace the treaty of 1911, which will terminate
Jan. 26,1940, following its denunciation by the United States
last summer.
In a formal statement, however, Mr. Welles
indicated that such negotiations will depend upon develop¬
ments with respect to American rights in China.
In our
issue of Nov. 25, page 3343, the right of Americans to trade
in China without Japanese interference was defended by
Mr. Welles.
His statement, issued Nov. 22, follows:
of
Again it made application to the Public Utilities Commission of Michigan,
authorized
facilities
The Government of the United States
additional
Needs
+.
■
pur¬
and
&
although
Commonwealth
share,
of
issued
bonds,
company,
20,000 shares
Consumers
stock, The
common
of
construction.
new
Co.
instead
tliat
Co.
Commonwealth
43,000 shares
some
Power
including provision for the possible requirements of national
cooperation with
proposed.
The
10
the
share.
per
on
The committee feels that the Government and the power industry have a
Ex¬
Michigan,
Commonwealth
behind
The
per
Utility Leaders
Washington with representatives of the electric utility companies in
certain areas,
The*
ago
of
the purpose
Michigan and to the SEC
$60
$28
The
the
of
matter
advised
of
accordingly received
its
The
of
instead
pay
for
For
Power
Power
equity
stock.
payment
share.
per
bonds.
Consumers
capital
common
Mich.
Consumers
stock
common
receive
$60
The
common
the
The
mortgage
assist
the
to
of
to
to
the
$1,200,000
purchase
first
a
all
owns
Securities
of 'the
approval
property at Adrian,
this
its
was
defense, the National Power Policy Committee plans to hold conferences
statement
Corp.
change Commission and the Public Utilities Commission
chased
it
the primary responsibility of the council
In connection with its survey of methods of meeting the countrys future
of
common
what
power demands,
Corp., to underwrite an issue of 125,000
Consumers Power Co. stock which the
company
had proposed to sell to
Commonwealth & Southern Corp.
Mr. Willkie on the same
day issued a statement categori¬
cally denying Senator Norris's charges.
Mr. Willkie said,
in part:
shares
are
time and emergency power needs.
In his letter inviting the utilities to the conference, Secre¬
banking firm had offered
Willkie, President of Common-'
L.
The position of the Administration,
man, will hold a series of conferences with representatives
of 50 private electric utility systems, starting Dec. 5, to de¬
investment
an
Wendell
generally.
tary Ickes said:
Holding Company
after
letter
a
the
issues
with
on
spirit
only of the defaulted Colombian obligations, but of defaulted Latin-
Secretary of the Interior Ickes announced on Nov. 24 chat
the National Power Policy Committee, of which he is Chair¬
George W. Norris of Nebraska, in a statement
Nov. 25, asserted that the action of the
Common¬
wealth & Southern
Corp, by arranging to take a new stock
issue of one of its
subsidiaries, the Consumers Power Co.
of Michigan, "seems to me to be a
clear violation of the
issued
almost
Public
followed
+
Consumers' Power Co.
the
State
had
National Power Policy Committee to Hold Conferences
Senator
to
Michigan
of Oct. 28, page 2618.
Spirit of Holding Company Act in Stock Sale of
shares
Power
shipments into
♦
Corp.
the
Commision
attending the conference included: Jerome Frank,
of the
Securities and Exchange Commission;
Herbert Feis, Economic Adviser of the State Department;
Warren Lee Pierson, President of the
Export-Import Bank;
Robert E. McConnell, Assistant to the Secretary of Com¬
merce; Secretary Morgenthsu, Under-Secretary John W.
Hanes and various other Treasury officials.
President Roosevelt recently expressed disappointment in
the progress the council had made; this was noted in our issue
Wendell L. Willkie Denies Statement
by Senator Norris
that
Commonwealth & Southern
Corp. Evaded
which
of
the
Those
Commodities involved in the
proceeding included stoves,
heaters, furnaces, etc.; stone, various kinds; cast iron
pipe
fittings, in less than carloads; iron valves, fire
hydrants,
brass pipe fittings, brass
cocks, soapstone and talc.
and
has
Chairman
manufactured and processed
articles, Southern interests
regarded the case as an extremely important test. The South
has indicated that a
victory in the present case would result
On
it
rather than of the Government.
comparatively small list
a
of
on
that
stressed, is that such settlements
rate victory when the Interstate
Commerce Commission
ruled that rates on certain manufactured and
processed goods
from the South should be on
substantially the same rate level
as within the North.
Rates on these articles now
range from
about 105 to 160% of the
comparable rates within the North.
The order is to take effect on March 1
next.
While the decision covered
of
Co.,
whether
capital of The Consumers Power Co.
member
a
today
Consumers
American
By ICC
Southern railroads
rate
Power
Corp.
the * money
Officials stated that the primary purpose of
yesterday's conference was to
not
to
for
determine what assistance could be extended to the
Foreign Bondholders'
Protective Council by governmental authorities in working out settlements
♦
Southern
the
Consumers
Southern
&
stock
At a conference held in Washington Nov. 30 between
high
Government officials and John C. Traphagen, a Director of
the Foreign Bondholders' Protective
Council, a discussion
of plans for adjustment of the defaulted Columbian
debt
took place, but no definite plan was
agreed upon. A Wash¬
ington account to the "Wall Street Journal" of Dec. 1 said:
basis for
no
Court.
the
of
for
Settlement of Columbia's Defaulted
Debt
Discussed by Treasury and Bondholders' Council
County court's ruling that the
unconstitutional, the State Supreme Court said the
propeity clauses of the State Constitution were violated.
The higher court,
however, struck out the county court's
in
share
one
348313
The
Plan
was
was
the
of
Commonwealth
or
to
Shilson,
said
Commission
have filed similar suits.
In upholding the Dauphin
real
T.
Southern
Mr.
$4,500,000 a year. Labor union officials put the
slightly under $3,000,000. Almost 50 other railroads
cost at
in
The
to
shares
stock
than
more
law
common
by the SEC in approving the sale of 125,000 shares of
of
and would cost it
crews
125,000
Commission,
every
men
difference
no
the
of
Under date of Nov. 29 United Press advices from
Lansing,
train having more
every passenger
all
Mich., stated:
freight train of more than 50
cars.
The law had the
backing of the railroad brotherhoods
and was opposed
by the railroads on the ground that it
would
unreasonably and arbitrarily increase operating costs.
Counsel for the Pennsylvania
Railroad, which brought
the test suit, contended that the act
would necessitate the
addition of 2,182
receives
made it necessary for the railroads to
put an extra brakeman
than five cars and on
owned
voluntarily contributed
passed by the 1937
was
makes
it
have cost the
millions of dollars annually, was
declared unconstitutional on Nov. 27
by the State Supreme
Court in a unanimous opinion.
railroads
it
Senator Borah contended that the
approcahed from a commercial standpoint
only without reference to political questions, while Senator
Vandenberg said he believed an understanding might be
reached that would bring peace in the Far East.
These remarks were followed on Nov. 25 by comments from
the Chairman of the Foreign Relations Committee, Senator
Key Pittman, Democrat, of Nevada, who asserted that
Japan continued to violate American rights in China and
predicted that legislation authorizing the President to
impose an embargo against Japan would be approved at the
next session of Congress.
Opposing what he described as
efforts to "appease" Japan, Senator Pittman was quoted
in an Associated Press dispatch from Washington, Nov. 25,
inserted
But I see no occasion for acts of appeasement or even ex¬
Treaty.
pressions of appeasement
the
behalf of the United 8tates toward Japan.
on
be charged now with having been guilty of appeasement up
We might even
to
time.
present
would
Senator Pittman declared that "it
seem to me
futile to enter into
a
commercial agreement with Japan until Japan has made some efforts
new
Lothian
Lord
keep her previous agreements."
The decision of the United
terminate its 1911
States to
treaty with Japan was given in our issue of July 29, page 659.
Secretary of Commerce Hopkins announced Nov. 23 that
created
had
he
the
Department
with
Commerce
of
Chairman,
as
State Governments
Council of
the
for its
headed by Paul T. Truitt of
committee,
a
by him
few
past
business
business
the problem of
years
well-being of
free trade
to
country.
our
It
resulted
has
in
loss
State organizations and
agencies,
evils
strangle trade and
feel that
should
be to
permit
a
of
these
the
are
other
fully aware of
are
tending
regulations
coordination
State and
in
to
and State governments
Federal
which
laws
obtain certificates from British consulates
23,
to be dealt with
the problems
licenses and regulations
taxes,
livestock
It is announced that the State,
Labor, Agriculture and Justice Departments, the Federal
Works Agency and the National Resources Committee have
been invited to appoint representatives on the new com¬
Mr.
From the Associated 'Press accounts
Truitt
interstate
explained
Senator
be
(D.,
O'Mahoney
broad
a
Wyo.),
leveling
obstacles
through
the Terftpo-
move
No
Federal
to
legislation
conferences
arranged
has
He
with
enlist
that
Chairman,
Committee
to
contemplated,
is
least
at
present.
the
for
remove
He
as
the
said
the
several
as
possible
consideration
in
truck
A
At
of other States
driver
often
case
must
inspected
lights,
for
weight,
for
navicert
and
carrying
for
Contends
Disney
licenses
separate
in
be
diseased plants.
State
State Hull
exceeded its powers under
Trade Agreements Act when it reduced the
new
oil under the
which
pact,
obtain from
nations.
sea
If
was
Venezuelan trade agreement.
proclaimed
by
The
President Roosevelt
(as noted in
3342), provides for a 50% reduc¬
in the import tax on crude
petroleum and fuel oil on an annual quota of imports not
to exceed 5% of the total quantity processed in refineries
of continental United States during the preceding calendar
year.
Concerning the letter, Washington advices of Nov. 23
by
the
United
States
the New York "Journal of Commerce" said:
to
Mr.
Disney, who is
a
legislation, stated that the question
whether the Department would have the power under the Trade
the
shipments
to
In
and
modify excise tax rates is
an
issue that
has
long been
settled
in
of
his
contention
Committee
on
he
the Trade
quoted
from
the
report
Agreements Act in 1934
of
as
the
reciprocity may be accorded, the PresidentU
mpromise that existing excise duties which alfect imported goods will
not be increased during the term ot any particular agreement.
It should be care¬
fully noted, however, that the President is given
no right to reduce or increase anv
His power of reduction of duties is limited to those which are in fact
Disney also recalled proceedings
of
Committee
the Act
offered
intention
be
of
when
an
"frozen" and not
Chairman
amendment
those
The list also includes
who
on
the Senate floor during consid¬
Harrison
to
framed
the
the
bill
(Dem., Miss.)
to
make
subject to modification.
excise
that it
taxes
was
were
The Association's
announcement says:
Forms
1.
can
British Consulate General, 25 Broad¬
be obtained gratis at
Room 1158.
way,
2.
Applications will be received on and after Dec. 1, 1939.
3.
Applications should be presented in triplicate.
ciated if
tion in person,
together with
a
It would be appre¬
would present the first applica¬
executive of the applying firm
an
letter on the firm's letterhead attesting his
firm's executives
position and giving specimens of the signatures of the
own
authorized to sign future applications.
4.
Application
be made for navicerts for shipments from the
may
U.S.A.
Belgium, Denmark, Italy, Netherlands, Norway, Sweden, Iceland, Fin¬
to
land, Latvia, Esthonia, Lithuania and Spain.
Fee: U.S. $2.00.
6.
British
(If for consignment of over 1,000 tons, U.
navicerts
will
be
recognized by
French
S. $8.00.)
contraband control
authorities.
form for neutral exporters desiring navicerts provides
The application
shipped within two calendar
that the document is valid only if goods are
months of the date of the navicert.
It also provides for shippers
who are
particulars of the date and port of
of the vessel in which the goods will be shipped, the
or
applica¬
providing for the promise of the shipper to supply these details not less
than three days before the date of
Hearings Held
on
shipment.
Proposed Chilean Trade Agreement—
Bean Growers and Copper Industry Enter Protests
—Senator Pittman Opposes Cut in on Excise Tax
Copper
growers and copper in¬
lowering of tariffs on their products
27 of public hearings before
Information on the proposed
reciprocal trade agreement with Chile.
The following re¬
garding the hearings, at which many Congressmen voiced
their objections, is taken from Washington Associated Press
Protests from the Nation's bean
dustry against
any
featured the opening on Nov.
the Committee for Reciprocity
advices of Nov. 27:
Any reduction of existing duties,
ers
out of
spokesmen
for
both told the Com¬
Reciprocity Information, could not help but drive bean grow¬
business, closing copper mines and generally adding to
the nation's
relief burden.
Senator Johnson of Colorado assailed the whole
trade
program
For
are
as
nearly
to
Actual
"insidious formula" for destroying tariff
an
few
a
spokesman
to
seven
principle of the reciprocal
hours
its
prepare
the Committee
findings
walls and
next year.
listened to arguments, then
for submission to the State Depart¬
negotiations with Chile will not begin until
after the findings
the proposed pact.
These included
filed.
Only
a
increase
witnesses
for
their
soap
advocated
makers, who said Chileans might be persuaded
of American soap, and representatives
consumption
Council, of W. R. Grace & Co. and of the
National Lumber Manufacturers Association,
of the Finance
certain
legislation that
Netherlands,
copies of instructions issued by the British
New York, concerning navicert ap¬
of the National Foreign Trade
Mr.
the list of countries to which
be made.
General at
customs duiies."
eration
may
plications presented at that Consulate.
"In order that the necessary
to
to
cargo
navicerts
by
Nov. 28
on
adjourned
powered to
the
designed
covered
Consulate
ment.
excise duty.
is
neutral
"unobjectionable," it will issue a
eliminate further inspection and delay at
a
The Merchants' Association of New York sent to its mem¬
bers
Ways
follows:
say
which United States shippers
predicted that Congress would throw it out
support
Means
25,
Norway and Sweden.
Agreements
negative.
the
foreign port.
a
mittee for
member of the House Ways and Means Committee,
which has charge of revenue and tariff
Act
following to
consulates before consigning cargoes to
consulate finds
a
This
in
or
British
Lithuania and Spain were added today to
Reciprocal
the
issue of Nov. 25, page
tion
consignment of
columns of Nov.
these
in
A navicert is a sort of commercial passport
may
excise tax upon
Nov. 17 to go into effect provisionally Dec. 16
our
appeared
system
On Nov. 24 the Associated Press had the
Nov. 23 that the State
on
Department
imported
that exporters wished to know
objection on
the time of shipment any
unable at the time of application to give
Representative Disney of Oklahoma maintained in a let¬
Secretary of
He pointed out
in Washington advices:
tion
to
Skinne-, who during the last war was
3338.
page
frequently stopped to
are
Department
Exceeded Its Power in Reducing Excise Tax on
Imported Oil Under Venezuelan Trade Pact
ter
"was due to the perspicacity
the system
•
shipment
Representative
that
(Robert P.)
there was at
whether
goods."
of trucks whose routes
buy
trucks also
boundaries
State
the
taxes on their tonnage, the gasoline bought from other States, to
pay
Mr.
5.
problem is most serious in
States.
asserted
of the Allied contraband control to any particular
the part
thing.
lines.
State
cross
barriers
many
same
Lothian
American,
an
beforehand
Mr.
explained that the initial effort would be to get individual States
doing
(naval certificates)
navicerts
by
Consul General in London.
to
group's aid.
Truitt
Lord
also quote:
we
toward
investigation
first
Committee.
Economic
National
rary
the
that
might
commerce
covered
exports
Germany.
of
differing
include
motor trucks, plant and
on
quarantines at State borders, and gasoline taxing
ports at State boundaries.
mittee.
not objectionable to Great Britain.
are
Belgium, Denmark. Esthonia, Finland, Iceland, Italy, Latvia,
necessary.
According to Associated Press advices from Washington,
Nov.
Dec. 1, American exporters to European
showing that their
Under ordinary con¬
would not be
subject to seizure or search by the British,
Such shipments would be sub¬
ject to seizure if there was reason to believe they might be transshipped to
ditions,
will
consistent with such regulatory
commerce
Wash¬
of Lothian, British Ambassador at
Under the program effective
navicert.
objective for both the Federal
strive for
as
groups
and
Navicert System Will Facilitate
Shipping—Rules Issued by British
The Associated Press went on to say:
passage."
of
commerce.
free flow of interstate
functions
civic
laws
many
the
added.
Reference to Great Britain's intention to reintroduce
barriers
interstate
Department of Commerce, the Council of State Governments,
far-reaching
"1
statement issued
a
generally.
Federal
the
In
the several States has grown to be a serious threat to the economic
and
The
cooperate
the part of Congress to turn
ington, said on Nov. 24 that Great Britain's navicert system
was "designed to ease neutral commerce by facilitating the
belligerent rights of the Allies," this the Associated Press re¬
ported on Nov. 24, stating at the same time that in an
interview at the Embassy the Ambasasdor told reporters that
while "the navicert does not guarantee free passage through
the contraband control, it will definitely facilitate such
Nov. 23 Secretary Hopkins said:
on
the
between
life
to
study having
a
object the adoption of measures looking toward the
removal of interstate trade barriers.
In
on
on
Consulate General at New York
shipments
Interstate Trade Barriers Proposed by Sec¬
retary
of
Commerce
Hopkins—Names
Paul
T.
Truitt as Head of Committee to Conduct Study
intention
Says
States
The Marquess
neutrals may
Study of
by Congress, specific language would have
likely would not have passed.
Nowhere
it
or
executive department, he
to the
item over
con¬
Act,
evince any
record
the
does
tax
foreseen
or
the
in
Dec. 2, 1939
Venezuelan agreement had
under the
taken
action
the
contemplated
and trade in the spread of the Nine-
and the re-establishment of commerce
to
been
been
of prejudicial actions against our citizens
ditions in the Orient, the removal
Power
if
that
United
peaceful
personally desire the re-establishemtn of
I
that
I assert
said
He
saying:
as
Chronicle—YEARS OLD
ONE HUNDRED—The Commercial & Financial
3484
Senator
do
more
Wheeler,
to
discredit
his State than
on
a
Montana
the
Democrat,
entire reciprocal
reduction at this time in
asserted
that
"nothing could
trade agreement program" in
the excise tax of 4 cents a pound
imports of copper ore and copper concentrates.
Volume
On the day prior to
the opening of hearings (Nov. 26),
Senator Pittman of Nevada, Chairman of the Senate Foreign
Relations Committee, protested to the State Department
against making the Chilean pact charging it would open
low-priced foreign copper.
Senator
Pittman made his protest in a letter to Henry F. Grady,
Assistant Secretary of State, who is Chairman of the Com¬
mittee for Reciprocity Information.
As to Senator Pittman's letter, Associated Press Washing¬
United States markets to
ton advices of No v. 26 said:
In
his letter to
Mr.
treaty with Chile, which, he said, was designed
a
They were:
primarily to reduce the excise tax of 4 cents a pound on copper.
The existing mine capacity in the United
the
For
long
United
"3.
nections
An
securities
nection
pany
offers
were
such
Western
it is the argest source of
States
that Chile may
Under
excise
tax
profitably export
unconditional
the
applies
favored
employment.
with Chile is to reduce the
into the United States.
copper
nation
clause
the
in
reduction
Bolivia and other countries
Canada, Africa,
to
of
reduction
If the
excise
the
tax permits
Chile to
economically
States, such condition will apply equally to
export copper into the United
Conditions may arise in which it would be more profitable
than
for Canada
The production of copper in the foregoing named countries is more
sufficient
supply the entire consumption of the United States."
to
The Senator declared that conclusion of the treaty would "very
probably
flooding of our domestic market with foreign copper, not only
result in the
from Chile but from Africa and Bolivia."
the excise tax
abated
exchange
way
$3,109,594,000 of
(including investment holding
securities
total
individuals
the
of
in
of
investment com¬
and
control
acquiring
summarized
generally,
investment
of
com¬
Commission,
in the report,
the
says
specific company
follows:
as
According to
some
consolidation
or
motivated
by
the
in
reductions
other
numerous
1929
of
these companies.
shares in
The aggre¬
companies following
investment
approximately 35% less than the actual value of
was
In this situation
perhaps
motives
compatible with the interests of the stockholders existed.
of
and
operating
in
however,
cases,
have been
may
cases
many
for effectuating
necessity
In
companies
and the merger
control of
the transfer of
sponsors,
investment
costs.
management
less
of
the close
the assets
profit equivalent to the difference
a
on
in
the
be made
by acquiring the outstanding shares of investment companies for a
the
SEC
Europe.
equivalent
issue of Oct. 7,
our
page
of
printed
the
acquired
an
issued
and
legal
The
In
negotiate
of
the
Form
New
Se¬
Under
Registration
for
and
in
not
in
explained by the SEC
follows:
as
.The Commission amended Rule 300 of the General Rules and Regulations
under the Securities Act of 1933,
which contains the definitions of terms
B,to conform the definitions to those which appear in
disclosures
merger
certificates
of
but in stock
currency
utilization
the
By
consolidation, the purchasing
or
the report
consolidations,
securities
of
sales
the
invest¬
detailed consideration to activities of a
gives
of
some
of assets,
management
It should be pointed out, however,
that the general
of each
case
apply only to certain of
particulars
the
Transfer
of United States Ships to Panama Closed
Matter, President Roosevelt's Secretary Says
President Roosevelt announced on Nov. 21, through his
Secretary, Stephen T. Early, that the plan to transfer several
American flag ships to Panama registry thereby enabling
them to travel in the European war zone was virtually a
closed matter.
Formal disapproval of the application of the
United States Lines by the Maritime Commission is expected
shortly.
Mr. Early explained chat "the President, very
naturally, doesn't think it's right to put any other American
nation in a position which the United States is unwilling to
assume."
«
Previous reference to the matter
made in
was
our
issue of
3195.
+
Since Form S-10 will be used for the registration of all types of oil or gas
interests, the Commission announced the repeal of
the
for
report do not apply with equal force in the
that
Nov. 18, page
provided by Regulation B.
conditions of the exemption
of the
and
offers
companies.
This amendment does not result in any change in the scope
Form G-l for producing
interests and Form G-2 for non-producing oil and gas
oil and gas royalty
market
corporation.
acquiring
control, mergers,
exchange
companies,
company
Exchange Commission announced Nov.
27 the adoption of Form S-10 which is to be used for the
registration under the Securities Act of 1933 of all types of
oil or gas interests, whether producing or non-producing.
In
addition to the requirements as to the productivity of the
tract and to the lights represented by the interests. Form
S-10 includes requirements with respect to the distribution
of the interests being registered and to the cost of the regis¬
trant's interest in the tract.
If the registrant is a corporation,
additional items concerning its management are to be an¬
swered. Further action on matters relating to this form were
form.
such consideration for the shares and
Commission, in its announcement regarding the re¬
discussing shifts
ment
The Securities and
new
Moreover,
value.
than
pay
dissolution,
their
shares could
company
less
or
company
by
processes
dissolutions
2165.
curities Act of Oil and Gas Interests
used in Regulation
to
investment
of
port, also had the following to say:
appeared in
Adopts
values
asset
acquiring corporation could
assets
be held in abeyance at least until war conditions
copper
market and
number of companies.
or
acquiring
of
by
issued
of the
corporation could realize the actual asset value of the shares acquired.
Reference to the intention of the United States to
the pact
the
25%
of reducing
He concluded his letter with a suggestion that the question
have
objectives
consideration
her copper to the United States than to Great Britain.
to export
"8.
of another such com¬
between
Africa.
"7.
con¬
the books of the
on
securities
of
companies
gate market values df
equally with Chile.
"6.
value
and without reference to any
80%.
mining industry is a primary industry in the United
of
in
issued between 1929 and 1935.
panies
In certain
"5.
investment
have caused copper mines to reduce their pro¬
which
of
offers
exchange
companies either
dissolution
or
amalgamation
and
1935
to
investment
recorded
securities
approximately
engaged
The
acquisition
1929
consolidation
dollar
panies
many cases.
tax so
acquired
The
of copper in
States
and
From
management
merger,
constituted
closed-end
companies.
preliminary thereto totaled $830,756,900 on the basis of the
a
the
companies)
United States.
The object of the proposed agreement
excise
a
were
control
ensued.
closed-end
of
with
of
of
transfers
companies
or as
value
States, directly employing many laborers and indirectly employing many
"4.
of
investment
companies
their investment
with
era
diminished.
As a consequence, many
desirous of severing their con¬
substantially
had
investment
of
today supply
The copper
more.
responsibilities of management, but the emoluments of
management
managers
can
States
duction, in
such
the
with
periods of time there have been surpluses
the demand for copper in the
"2.
burdened
companies.
Grady, Senator Pittman listed eight points of op¬
position to conclusion of
"1.
3485
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
royalty interests, together with Rules 837 and 838 of the General Rules
International Trade Is Necessary to World Peace, Sec¬
and
Hull
retary
Regulations relating to the prospectus requirements of Forms G-l and G-2.
Declares—Defends
Reciprocal
Trade
Program and Quotes from Address by Prime Min¬
ister Chamberlain
Submitted to
trol,
Mergers
Report on Investment Trusts
Congress—Relates to Shifts in Con¬
Securities
Management
over-all
Commission's
trusts
investment
of
and
Exchange Commission on Nov. 20
to Congress Chapter IV of Part Three of the
transmitted
report
conducted pursuant to
has
in connection
investment
and
with
companies
said at
a
a
speech made
Neville
investment companies.
discussing the background of the extensive
crash
The
companies
market
by
investment
of
investment
from
substantial
discounts
investment
companies
ties
brokers.
interest
of
their
in
markets
With
and
the
the
This reaction was reflected in the
securities which began to sell at
their
asset
values.
collapse
in
had to
as
a
a
the
market
.
.
The
.
had
companies
diminished
substantially
in
lost
all,
market
value
of
majority
Mr.
source
or
of underwriting and brokerage
Their security interest
almost
value.
all,
asset
value
The value of option
to
management
and
had
The
ment
management contracts which they had entered into with
companies
these companies
as
or
had received
underwriting compensation had also become worthless.
their invest¬
had become of little value and the poor performance of
had reflected seriously
financial experts.
upon
their prestige and reputations
In sum, the managers of investment companies were
Britain
supporting
as
Hull's
Secretary
it.
comments
a Washington account, Nov. 27, to
Tribune," had the following to say:
gratified, but not surprised, to find that Mi*. Chamberlain should
was
emphasize
there
is
full and
agreements
prosperity
program
has been developed and carried
American
to
agriculture
and
industry,
forward
bring back
and
thus
Chamberlain, in his speech which was broadcast on
26,
When
said, in
come
we
them, therefore,
harm
in
to
part:
peace
conditions
under
achieved
no
an
and services can the standard of living be
This is our view of the permanent national interest.
employment.
Nov.
unless
to exist satisfactorily and our workers to find steady
to enable our farmers
Mr.
peace
"only by
y
and
balance
lasting
and that
the course of our judgment that it was essential to
in
us
no
lasting trade between nations"
interchange of goods
trade
The
by
strongly the idea that "there can be
so
a
improved."
can
aims,
we
we
cannot
are
dealing
with
presently foresee.
something
to
be
Our definition of
only be in the mo6t general terms, hut there can be
declaring broad principles whereon
we
should desire to found
them.
then, when
Our desire,
warrants
purchase stock of their investment companies which they
as
in their
Great
of
extends
Hull, according to
I
their
The utility
quoted
Hull
a
the New York "Herald
of
securi¬
securities,
large extent diminished.
substantially decreased.
investment
sharp
resultant
public disfavor of such
Mr.
question put to him at his press conference as
to his reaction to Mr. Chamberlain's remarks, as to which
company
investment companies
had
created
had been formed by investment bankers and
their companies
commissions
1929
in
companies
their managements.
and
prices
securities
the
in
suffered
27.
the preceding day by Prime Min¬
on
of the Administration's reciprocal trade pro¬
Congress
followed
program
losses
Nov.
on
only
the
The authority for the program will end next
increased
of acquisition of control of investment companies,
stated, according to the SEC:
conference
is
trade
Secretary of State Hull
peace,
which is again opposed by some congressional lead¬
June 12
gram,
unless
Section 30 of the Public Utility
Part Three, says the Com¬
lasting
Chamberlain
his advocacy
ers.
it
part transmitted to the Congress relates to problems in con¬
nection with shifts in control, mergers and consolidations
report,
press
international
of
a
from
which
mission, deals primarily with the abuses and deficiencies
in the organization and operation of management invest¬
ment trusts and investment companies.
Chapter IV of that
The
insuring
its study
Holding Company Act of 1935.
of management
development
method of
ister
and Consolidations of
Investment Companies
The
The
SEC
of
Section
New
a
new
and
Europe,
new
achieved
we
in the
sense
our
war
aim, would be to establish
of tearing up
all old frontier posts
redrawing the map according to the ideas of the victors, but a Europe
with
a
In
spirit,
new
difficulties
such
not
such
with
a
wherein
goodwill
Europe,
adjustments of
nations
and
fear of
which inhabit
mutual
aggression
boundaries
as
it will
approach their
tolerance.
to exist, and
would be thrashed!
would have ceased
would be
necessary
ONE HUNDRED—TAe Commercial
3486
c :
Chronicle—
YEARS OLD
Financial
Dec.
2,
1939
I
between
out
neighbors
equal
sitting on
around
terms
table
a
with
the
help of disinterested third parties, if it were so desired.
such
In
unless
peace
nations
and
there
was
such
choose its
the
can
form
own
of
and
law
It
the
of
increased
trade
between
the
have
would
internal government
unfettered
long
so
right
to
establishment
the
reciprocal
tlie
of
this
Utopian
Europe which
trade
agreement
He said it
economic condition.
program
based
was
on
fair return for their work.
In indicating further
comments of Secretary Hull, Associated Press accounts
groups a
the
from
wanted
Administration
asserted
Hull
Mr.
would
toe
He
asked
was
program
as
basis for lasting
a
1940
scheduled
of
to
expire
June,
next
Congress
that the
Hull said that,
congressional leaders
as
existing
system
with
10,000,000 to
reckless
been much
had
there
12,000,000
persons
out
of
discussion,
Secretary
with
that most of the items imported were not competitive
specifically coffee,
rubber, tin, and tea, arid said that all of these either were not produced
the
products
producers.
He
on
Branch Banking Criticized by W.
White, New" York Superintendent of Banks
William
It.
National
Association
statement
,
New
White,
Chairman
and
of
York
State
of
of
taxation
said, in part:
The booklet
the
for
is
the form
in
of
purpose
giving
of
it
simple questions and answers, apparently
the
widest
possible public appeal.
It
is,
therefore, to be regretted that it consists in large part of unsubstantiated
assumptions submitted
as
obvious conclusions.
"
.
.
small number of large banks than in one where many small banks are in operation
it Is obvious that a branch-banking system will tend to lend more money
.
.
.
in the smaller communities than
mentally, therefore,
a
a
local unit bank could lend.
banking system that Involves
a
,
.
.
Funda¬
nation-wide branch network
will tend to assure a better distribution of available funds
(in the light of economic
needs at any moment of time) than is possible with unit banking.
New Industries
and growing areas would be the first to benefit from branch banking.", etc.
Statements
this
of
character indicate to
me
propaganda for nation-wide branch banking,
this
important
This,
deal
in my
with
country,
one
one
It
is
so
vital to
to accuracy
warranted
as
a
is
judgment,
the
a
great pity,
of
and economic
any
implications.
discussion of
financial system should be conducted with
a
question
scrupulous regard
of statement and present only such conclusions
as
are
logically
"I
warranted in making this
comment because the publication under review will be used,
am
which may
extending the cooperative fea¬
interest rates consistent
are
indispensable
should be
regultaion
and
received
markets
liberalized,
ability
to
pay
and
insist
for
farm
by
products
(a)
encouraging
sized farm
the standard of American agri¬
as
large-sized
but not as
better and
a
educational
of
ment
ay
means
of crop control.
satisfactory rural life through develop¬
more
facilities,
good roads and rural electrification.
our problems,
organizations, urge
understanding, cooperation and good-will between agriculture, labor and
industry for mutual welfare and for the best interests of the nation.
the
Foster
American
spirit
of
self-help
farmers
between
cooperation
Economic
and
in
solving
farm
Prevented
Ernest
Weir—Present
Business
by
Unsound,
in United States
Spending According
Recovery
Government
He
to
Situation
T.
Says, Since Stimulation Comes Largely from Antici¬
pated War Buying.
Development of sound economic recovery
in the United
States is prevented by Government spending and the
New Deal "theories" on business, it was stated
of
Detroit
in
address
on
Nov.
27 by Ernest T.
of National -Steel Corp. and
man
Club
Economic
situation
of
as
effect
in an
Weir, Chair¬
President of the American
Mr. Weir, who spoke before The
Iron and Steel Institute.
Detroit, characterized the present busi¬
despite the current high rate of
unsound
activity because, he said, the stimulation has come largely
from
anticipation qf war buying from Europe.
Permanent
the steel leader pointed out, depends upon a sus¬
tained high volume of private investment in productive en¬
terprise.
Mr. Weir asserted that the poor earnings experi¬
recovery,
American business
of
ence
firms
has shut this investment
off in recent years
by depriving business organizations of
which they normally reinvest in plant and equip¬
also by destroying the incentive which attracts
savings of investors.
Heavy taxation, plus the disruption of business by new
regulation and controls of Government, are directly respon¬
sible for business losses and low profits,
tended.
As
its
Mr. White also says:
building and maintain¬
marketing,
of land,
use
Promote
13.
on
administration
Board.
the speaker con¬
example of the adverse effect of Government
industry, Mr. Weir cited the Wagner law and
an
"theory"
by the facts.
(a)
corporation farming.
soil conservation as a part of a permanent program for
Continue
12.
better
the funds
important controversial issues confronting the
which has far-reaching political
a
terminate
by each type.
benefits
on
discourage
and
ment and
to
creation of
(c)
of all types of carriers would destroy competition
the family
Maintain
11.
culture
mere
for the pamphlet purports
(b)
imports,
products.
the
is
most
in¬
(b) removing unnecessary trade barriers
States, (c) opposing discriminatory and punitive taxation on any
distribution, (d) research to find new crops and new uses for
study of
subject.
of
particularly important, therefore, that
our
that the brochure
masquerading
are
lowest
Railroad
nation.
better
cooperative
ness
For example, it states:
When we study the average level of banking practice, t is apparent
that bank administration is likely to be more effecient in a country possessing a
.
by
and efficiency in all branches of government.
form
on Branch Banking," prepared by the American
Economists Council for the Study of Branch Banking.
Mr.
letter
the
of
Develop
between
Colloquy
Council, said that the booklet was prepared by Dr. F. Cyril
James of the University of Pennsylvania.
Mr. White's
by
wars
maintaining
(c)
regulation
economy
a
White, in a letter to Dr. John M. Chapman, Chairman of
foreign
economies afforded
Base
9.
brochure entitled "A
a
regulate
to
maintaining and
(b)
credit;
welfare
the
to
the
Supervisors of State Banks, in
Nov. 26 criticized
issued
Superintendent
the Executive Committee
of
R.
trade from politics,
powers
agriculture's needs and sound business.
Recognize that adequate transportation "facilities
8.
14.
Brochure
foreign farm products which
bring dictatorial powers of government
democracy and individual liberty. ■
board;
farm
of
encourage
Banks
business,
off
Develop a sound rural credit program by (a) establishing the Farm
Administration as an independent agency under supervision of a
with
mentioned
insufficient quantities in the United States.
produced in
were
or
domestic
of
shackles
the
Credit
bipartisan
told
Hull
that all reciprocal trade items on which there had
United States tariff reductions had been microscopically examined.
conference
He asserted
toward
means
may
war
the end of
farm
press
been
that
upon
had thrown
with
ing
mean
10.
declared,
taking
imports of
America out of
Keep
sound
Saying
a
defense, (b) endeavoring to promote international
peace, (c) conscripting wealth and industry as well as manpower in time
of war, (d) remaining free from entangling foreign alliances, (e) recogniz¬
regarding all
policy.
foreign
the
are
adequate national
the
with
work.
his
6.
and
direct answer, Mr.
a
discussion
full
to
divorcing foreign
interests,
ing
He told reporters they should
the Smoot-Hawley Tariff Act, which,
Hull
Mr.
prices
reciprocal trade agreements now in force which are injurious to agriculture.
peace.
suggestions in
by
recovery
doors
(a)
consuming
'
such real
knew
by
power,
tures
designed to increase domestic employment.
contrast
farm
earned, not contingent
nonpartisan board responsible to Congress and representing producing and
Secretary of State said also that the reciprocal trade treaties were
The
year
jurious to American agriculture, and which help to reduce its purchasing
usual,
Declining
a
while
emergency
fundamental the right of the American fanner to the
to the limit of his ability to supply it.
as
the
uniform
have
of
he
whether
program,
any
Recognize
Close
5.
but
election.
would
for
national
Speed
be allowed to lapse, with the idea of renewing it after the
program
matters
the
that
foundation
the
trade
he
the
retain
to
when the war in Europe wag ended.
peace
3.
7.
conference statement added official weight to indications that
press
the
over
all payments to be made in the
increasing employment and reducing the relief burden.
Washington, Nov. 24, said:
His
the
that it
so
**
compliance in future years, and not to be used as
upon
as
of offering the farmer, the lhborer and other
the premise
tide
income
groups.
be administered by farmers, with com¬
American market up
policy, said Secretary Hull, was developed to meet
extreme
payments* to
below parity ;
4.
ovey many years.
Secretary
Hull,
at
an
earlier
press
conference in Washington
(Nov. 24), maintained that the basic features of the Ad¬
ministration's trade policy had been subjected to miscon¬
struction, misinterpretation and misrepresentation.
The
an
it# fair share of the national
Insist that the farm program
2.
I
for any permanent peace,
chief cornerstone
entire
to agriculture
compulsory crop control.
that
Describing
the
Give
J.
pensatory
a
continuous process stretching
It would be a
111.
The program set forth the following pro¬
according to Associated Press Chicago advices of
27:
may'be raised to equality with other
that government
as
policy injurious to its neighbors.
briefly sketched out could not work in a few weeks or even months.
have
Nov.
interchange of goods
the
recent convention
Peoria,
posals,
living be improved.
country
order.
obvious
is
of
flow
lasting
no
Europe, armaments would gradually be dropped as
except in so far as they are needed for the preservation
such
useless expense,
of
constant
through
each
did not pursue an external
Lastly, in
and
standards
Europe,
a
full
a
only
for
concerned,
services
In
in
it would be recognized there could be
Europe,
a
Executive Committee after the Grange's
He
under
the
National
stated that instead
of
Labor
Relations
eliminating strikes the
not it was so intended, as propaganda in favor
banking and will be cited as a disinterested pre¬
sentation of the subject, since it is issued by and under the
auspices of an organization which hears the prestige of
and its administration by the Labor Board
major .factors in producing the greatest period
of labor disturbance in the history of the country.
"Pru¬
dent men," he said, "will no more build enterprises in com¬
munities that become notorious for labor strife than they
your name and
will
whether
or
of branch
are
presumably of the university at which you
Assistant Professor of
Banking."
National Grange Outlines 14-Point "Platform for
Agri¬
culture"—Executive
Committee
Drafts
Program
After Recent Convention
The
National
Wagner law
have been
build
possible battleground of warring armies.
improve themselves, increase their op¬
portunities for employment, and raise their standards of
living by harmony, not warfare." Since 1040 is an election year, Mr. Weir predicted, the
on
national Administration at Washington will neither reduce
spending
increase taxes to produce revenue sufficient
nor
Grange, policy-making organization repre¬
senting over 800,000 farmers, announced in Chicago, Nov. 27,
a 14-point "platform for agriculture."
The platform, which
Louis J. Taber, National Master, said was "one behind
to cover the
which
domestic
to
of farmers and Americans could rally
solve the problems of agriculture," was drafted by the
every group
a
Communities grow,
Instead, an effort will be made to
increase the national income to the point where the present
rate of taxation will produce a much higher Federal income.
The
have
spending.
question
a
of
national
problems,
high
or
the
income is at the heart
speaker
of
our
stated, and whether we
low national income depends on the extent
Volume
to
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149 *
wliicli wants and needs
goods and services.
America
last
every
America
work
to
for
a
produce
But
free
of
our
of
the
enough
than
and
not
every
attain
history.
The
capacity.
that
of
and
With
standard
our
that
of
resources,
living,
just
not
in
this
point
where
is
Without the
consumption
four months.
multiplied
the
incentives.
cares
absurd
an
that
With
ners.
and
.
.
created
We
WTith
by
problems of
have the
of
the
Roosevelt
by
government
have
We
1937—the
in
today.
than
to
20%
that
me
that
had
we
in
have
up
$20,000,-
the stop-and-start
for
seven
decline
drop
to the
give
commodities
dustry
country
I
national
economic
that
advocate
understood
these
well-being,
which
that
problems
American
expected
are
is
and
can
problems
be
must
It
is
in
influences
domestic
affecting
harmful,
obligation
our
are
solved
the
that which is
against
to
make
it
to
problems
accordance
with
being
are
stocked
in
up
Neither kind of stocking
fairly
long
periods,
can
themselves,
which
anticipation
of
be measured, but
however,
be
cannot
that three months is about the maxi¬
guess
possible and speculative
as
Prices firmed, and
selling.
purchasing did
not
breed speculative
advances in lists occurred,
some
but the in¬
for the industry as a whole averaged not more than 8%, with the
largest gains for those grades in which the decreases since the first of the
year were the greatest.
Encouragement
Gov.
that
and
time-honored
principles.
of
Aiken of
ment
Farm
Urged
Co-Operatives
Vermont
as
Alternative to
Regulation—Address
by
Govern¬
New England
Secretary of State
Messersmith Also a Speaker—Eight-Point Program
for New England Outlined by C. F. Weed, Presi¬
dent of Council—Other Speakers
Council
in recovery and economy
of
aware
warn
advised.
important
our
be
to
to
well
themselves
The industry recognized the need for spreading demand over as long a
am
conclusion, the steel leader, in urging his business men
at the job of spreading understanding of
economic problems, said:
men
for
period
in its
basic
Business
,
mum.
earns.
of progress
which
measured, although it is safe to
listeners to work
our
exclusive of paperboard,
paper,
estimates indicate that such stocking can require full operation of the in¬
"planned economy."
a
400,000 tons of
some
We
the whole sorry picture.
greatest period
in
where they
point
everyone
in
the
20%.
of
the
of
$6<?5
from
that
the
whether actual consumption will reflect the influence of war conditions
there would be
increases in consumption.
complicated
despite
for believing
before 1940 and the expected 83 to 85% may be not far wrong, in which
creases
1929—a
Government interested
a
this,
income
since
year
facts
two
could
Government-
cost,
experiment
and
capita
everything
these
America
history if only
than
of
"pump-prim¬
Administration.
per
best
In
have tried
they
overcome
heavy
explanation of
theory
seen
economic system
of
reason
have risen to 83% or perhaps even 85% during the last
It might now average as much as 93 %, but doubt is expressed
will appear both in the form of stocks of unused paper or as paper used in
plan¬
Government
device,
the review asserts there would be sound
may
The bulge in production, the review predicts, will create surpluses which
economic
of
lines
the
the other
the
taxes—Federal, State and local—go
convinced
In
the
we
had
more
rather
and
pump-priming,
seen
seems
levels.
business
$533
take
main
by
'
added to production surpluses by the end of the year.
by
seen
as to
case
its
destroyed
demoralize the
activity
in
poor
years.
have
the
country
profit
have
to
prosperity
has
He added, in part:
they have acted to
confidence
situation
10
1929
It
of
and
economic
to
and
it
how
be plainly
may
between
the
on
detail
Government spending is powerless to
.
000,000 of
past
it
lack
operation
thrust
stalled at depression
stimulate
ing.
hand
one
keep it
contradiction
in
business
to look at them.
been
have
of
results, however,
is
There
policy
difficulties
The
who
anyone
to
war,
some way
know
high of 98% shortly after the out¬
a
Consumption of the grades reported to the Association plus newsprint
for January to August averaged about 78% of the industry's capacity.
by artificial handicaps, Mr. Weir said. He pointed
that only business men who are in daily contact with
experimentation
and it
the burst of buying could
break of war, about 15 points above the August figure.
men
affected
out
necessary,
splendidly.
noting that operating ratios jumped to
'
governmental
The-
have taken place since the beginning of the war, the publication asserts,
half
a
business
as
phase of business which is not in
a
inherently sound, the review continues.
by and large, the essential discipline
has met the first test
economic theories
the
latter-day idealists clash with the facts of business
There is not
are not
adds, finds the industry in possession of the machinery,
the leadership and,
economic system
during the first century and
know them.
-
manufacture, and tempt suppliers, labor and sellers to seek
No increase in consumption to correspond to
it did
at
temporarily tax the operating resources of the industry
construction, discourage interest in quality of product and
new
need for control, it
exceptional
few
a
effectively reactionary depressions in domestic consumption.
may
compensations which
should be able
we
war
economy in
man
our
is 'willing
and
wants
unless the American
goal
as
3487
But the warning is given that the
towering demand may encourage submarginal, closed mills to reopen,
a
stimulate
year.
this
And right
expansion
population
a
$90,000,000,000,
accomplish again
nature to offset
employ
to
more
$90,000,000,000 national income is attainable
a
skill,
and
enough to utilize every bit of
conceivable
any
the review notes.
temporary nature,
industry cannot permit itself to hope for export business in volume and
needs,
understatement.
practically
will
to
and
steadily improving
in
we
is
and
that
say
more
but
years,
wants
notable
technical
our
power,
is
into demands for
He continued:
of
able and willing to work,
person
opinion, to
my
for
to
plenty
productive capacity
our
In
has
converted
are
"Farm
Before
Boston—Assistant
in
cooperatives
should be
encouraged
as
an
alter¬
native to Government ownership and regulation," according
to Gov. George D. Aiken of Vermont, who added that "the
outlook for agriculture recognizes the necessity and
opportunity for organization, not only among farmers them¬
new
selves, but with other groups in our country." Gov. Aiken
spoke thus before the New England Conference in Boston
on Nov. 23,
at which time he also said, according to the
Boston "Herald":
Price
Raising
I
Effects
Discussed
Growing
Trade
Laws—Subject
Forrest Walker
by Q.
interest
laws
in
the
price-raising
evidenced at
was
effects
of
Women
Forrest
Voters,
Walker,
New York.
addressed
of R.
subject
this
on
H.
Macy & Co.,
by
Q.
Inc.,
of
time influences
that public interest in the
prices is particularly keen in view of
on
our
rea¬
war¬
observers believe that
laws
are likely to receive closer consumer
Mr. Walker pointed out that there is real danger
growing public antagonism toward price-fixing may
scrutiny.
that
adversely
affect
all
nationally
advertised
products.
In
part, he added:
Recent
who
is
it
consumer
that
say
not
they
wholly
condemn
To
reveal
an
astonishingly large number of people
believe advertising
dependable.
avoid
or
makes
goods
about the real contribution
consumer
as
well
as
cost
of efficient national
the manufacturer.
products
There
merely
be
can
because
advertising to the ultimate
But out
of
the greed of
per
a
broad public
to the great
national advertisers who
non-price-fixing
cost
advertiser
product
in
do not
his
fix
desire
prices.
to
keep
.
the
.
the
to
Vermont
run
State
by laborers.
dozen votes.
must be
sell
for
less
most
productive and
He
money.
grave
a
one
of these component parts
impoverished, the other two also fare badly.
Farm
Five
Bureau
years ago
Federation
run
meeting this month
in
by farmers and organized
this resolution wouldn't have received
All three of these groups—labor,
industry and agriculture—
organized with the intention of working fairly with the other two
Many so-called labor disturbances are pro¬
prosperity of all.
longed unduly because organized labor finds it hard to deal with disorganized
industry.
"The
It is
cooperative movement has gone too far to turn back now.
resulting and will further result in
a
changing economic structure in America.
The quicker this fact is recognized and alL groups adjust themselves to the
change, the quicker will purchasing power and prosperity be restored to all."
On Nov. 23,
of the
C. F. Weed of Boston, reelected President
Council, declared that "New England is now more
before" according to Julius Kaplan,
meeting in the Boston "Evening Transscript" from which we also take the following:
in
an
ever
account of the
keep
earns
price
of
his
his costs low
deserves
and
as
1.
in
Weed outlined
an
eight-point program for New England in
1940
follows:
Continuation of effort
achieve economy and
to
increased efficiency
government—Federal, State and local.
2.
Promotion of intensive research for the better use of our land and
natural resources,
and
for the development of
new
products,
processes,
and methods for the benefit of all our industries.
.
He is constantly at work in his laboratory to make
It would be
patronage.
of
carefully to make it
unit of product.
better
a
the price-
product low and thus reach the widest market, normally weighs his adver¬
tising
economic system is
"The
argument
no
advertising that is unfair and most embarrassing
of
majority of
The
that
told that his hereditary enemy was the
Burlington indorsed organized agriculture
labor
Mr.
advertised
fixing minority come highly inflated advertising costs and
distrust
and
more
was
knows that when
industry and
...
nationally
nationally advertised is short-sighted.
are
generation the farmer
closely' unified than
surveys
they
our
markets, and the statement is made
that if present trends continue many
the "fair trade"
a
and for the
It is observed
for higher
sons
were
economist
of
Des
Moines, Iowa, on
Nov. 17, it is reported, when the Conference on Consumer
Problems, held under the auspices of the Des Moines League
of
For
labor union, but now he recognizes the inter-dependence of labor, agricul¬
ture and
public
"fair trade"
Fair
of
a
consumer
mistake to judge him by the standards
price-fixing minority.
3.
Continuing effort to promote understanding and therefore multiply
beneficial relationships between capital, labor and government.
4. Cultivation of local and national appreciation of the quality of New
England products;
5. Encouragement of education
and private enterprise to improve the
training of young people for useful occupations;
6.
Continuing promotion for New England's outstanding advantages
as a
favorable location for industry and an all-year vacation land':
7. Continuing effort for development of regional highway program;
Industry
Paper
War
Against
Warned
Period—Increase
in
Expansion
Production
During
Surpluses
Feared
A
8.
Simplification and uniformity of State laws and regulations to facilitate
free flow of
of any
commerce
warning of the needs for restraints and controls for the
paper
industry during the
mendation for the
manner
war period, together with com¬
in which the industry met the
Governor Saltonstall said:
in discussions of New
mand attention
Paper and Pulp Association, it was stated in the New York
"Times" of Nov. 28.
In commenting on the review the
"Times" adds:
or
section
of its production
abroad, may find some stimulus for export opportunities in the reduction
of paper from other sources, and interruption of trade re-
likely
again
"Examination of the situation leads directly
England's
along with
our
resources and
forestry,
our
prospects; that it should
agriculture,
our
com¬
land industries
in any deliverations on New England's present and future.
"I offer the
our
suggestion that
efforts, and
our
we
of the New England States pool
our
ideas,
determination to go out to the sources of shipments and
get the business; that we give the kind of service that will bring us still more
The paper industry, normally able to sell up'to 2%
is
State against State
to the conclusion that our marine industry should occupy a definite place
sudden flow of orders released by the outbreak of war, are
.ations
and opposition to the creation
area;
array
Governor Sallonstall's Speech
contained in the current monthly review of the American
of availability
throughout the
unjustifiable barrier .tending to
against section.
to
create
entirely
new
export
opportunities of
a
business.
"Changing times have practically thrown into the discard the old catchphrase: 'Trade follows the flag.'
'Trade follows the
men
I
am
inclined to believe that nowadays:
who go after the business.'
3488
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
"Groups and individuals in
moting
our
our maritime interests.
leaders and
strength to this movement.
1 feel, when industrial
come
England should add all
is
There
be
can
no
one word.
That single word
appropriate occasion for repeating that
more
The development of our maritime opportunities means
Our seacoast
can
be
jobs.
truly the horizon of better times."
According to Lawrence Dame in the Boston "Herald",
plea for a national government friendly to business industry
and labor came from Gov. Raymond E. Baldwin of Con¬
necticut.
From that paper we also quote:
a
He declared that only then
could sound
ideals of individual character, strength,
productive effort
"No
He cited the
recovery occur.
enterprise, thrift, initiative and
provide permanent employment for all,
even
or
large part of its citizens, unless it steps out of the role of democracy and,
a
entering the field of private enterprise in competition with its own citizens,
becomes autocratic," said Gov. Baldwin.
"In competition with its own
citizens, Government becomes a monopoly with which business cannot hope
to cope.
"It
was,
the thought of the founders of this Republic that Government
should become,
a
directive force. Government
men's lives, but to protect them.
dividual, but to protect him.
Government
was
not
was
direct
to
not to direct the in¬
The whole structure of
our
economy
has
been raised on this basis.
"In
conflict between government and
a
tolerance
to
and
much
Hampshire
He said New
tax
Hampshire had completely discarded the old direct State
real
on
levy
property, relinquishing to cities and towns the sole right to
homes, farms, factories and other properties.
A new tobacco
on
products tax is expected to produce $1,000,000, making
up
for the loss in
real estate taxation.
"Another theory
sponsored by Governor Murphy had proved
effective," he said.
road
equally
Assistant
Secretary of State George S.Messersmith was a
speaker before the Conference on Nov. 23 at which time he
stated that the United States will do its utmost to remain
neutral in the European war and that it stands ready to
discuss with other interested powers all "reasonable"
pro¬
posals for a readjustment of the situation created by Japan's
conquest of East China. United Press advices from Boston,
Nov. 23, reporting this also said:
Mr. Messersmith said that this nation
is
pledged to work out
stable
a
peace on all world fronts through economic arrangements and the limitation
of armaments.
He urged a return to "liberal international
practice" and
"justice, fair dealing" and "good faith."
Regarding the Far Eastern problem which has been thrust into the fore¬
on the foreign policy
picture during recent days, he recalled the
front
1921
Washington conference which resulted in several treaties, including
the Nine Power Pact that
provides, among other things, a guarantee of
the territorial integrity and sovereignty of China.
"Our Government stands
these treaties," he said.
the objectives, the spirit and
on
provisions of
"This does not mean, however, that we are not
"We
hold, however, that any revision which may take place must be
achieved by due processes of international law, in accordance with treaty
provisions, and with due consideration for American rights and interests,
rather than by unilateral action on the
part of any one power."
*
Insurance
»
Leaders Urged to Guide Society Toward
Objectives—George E. Allen of Home Insur¬
Better
Co. of New York Addresses Meeting of Massa¬
chusetts Insurance Society—Letter Read by Mr.
ance
Allen from Senator
O'Mahoney Refuting Reports of
Proposed Government Competition with Insurance
One
to
of
the
promote
principal objectives of insurance should be
the
security of all
society,
George
E.
Allen,
Commissioner of the District of Columbia and Vice-Presi¬
dent
of
Home
the
Nov. 21 at
Insurance
Co.
dinner in Boston,
a
of
New
York,
said
Still, this does not
grams.
resist
the necessary
to
ress.
Insurance,"
he
that
went
"must
on,
times."/
prosper
should
of
or
could
social
prog¬
march
with
the
In part, he continued:
Our
we
evolution
that
organizations
they
about
It
is
reached
situation,
any
not
a
accident
an
new
high,
large
insurance family.
is
play
a
only
active
part
adjust
in
bringing
insure the preservation of our
doubtful
of
if
the
the
public pulse.
for
loan,
these
American
life
insurance
in
force
in
1937
any group
world
And
Our empire
the Nation
is
is
is
felt
more
this
so
is
only
one
branch
of
gigantic that practically
aware
of
the
constantly changing
than
great doctor for society, insurance examines the mind, body and business
of people in every part of America.
Therefore, it should be
greater
complicated
civic
new
outside
problems
leadership
much work
is
before us.
We
realm.
Our
and difficult
public service stands
beyond the horizon of insurance.
look
to
help
of
meet
our
new
do, and public officials can use con¬
to
suggestions.
the
strongest hands
to
help
us
whirlpools which wrecked
tell
keep clear of the political and eco:
ships of state. Insurance men
many
so
public officials something about the cost of
from personal interests, it should be clear
salvage operations!
that if reforms are
necessary they would be
most effective if enforced from within.
By
merely checking certain practices which the public considers objectionable,
insurance might avoid the danger of
further governmental interference.
Thus, timely application of old-fashioned remedies for rather minor ailroenttf might save our great institutions from a major operation.
This
becomes of special importance to those who suspect that the surgeon in
waiting might not be a recognized specialist in this particular field!
Apart
Mr.
opened his remarks by reading a letter to him
"from the Chairman of the committee
Allen
under date of Nov. 14
which
is
insurance"—Senator Joseph C.
Temporary National Economic
which the Senator stated that "I am most
investigating
Committee—in
the
of
head
O'Mahoney,
happy to authorize you to say on my behalf that there isn't
the slightest basis for the intimations appearing in certain
insurance journals that the committee, or any member of
staff, is promoting any scheme
its
for governmental com¬
petition with the insurance industry."
In part, Senator
O'Mahoney's letter to Mr. Allen continued:
This story resulted from the fact that E. C. Bronson, an actuary em¬
ployed by the Social Security Board, was called recently by the committee
to give opinion testimony on the cost of industrial insurance.
It wa6
recognized by the staff of the Securities and Exchange Commission, which
has conducted the insurance study, that industrial insurance cannot be
of cost, particu¬
Therefore, it
insurance with
devoeed—namely, to provide
compared with ordinary insurance in the matter
justly
different purposes.
larly since they are intended to fulfill
appropriate to compare the cost of industrial
deemed
was
for which industrial insurance was
a
program
a
burial
fund.
When
Mr.
Gerhard
by
insurance
capacity
Bronson
study,
as
that
trained
a
called
was
Gesell,
A.
special
Mr.
the stand
to
it was
specifically stated
for the SEC in
was appearing "in
counsel
Bronson
and that he
actuary"
representative" of the Social Security Board.
charge of the
his individual
was "not testifying as a
Mr. Gesell also added that
"in any way representative of
Board has taken with respect to
testimony should not be interpreted as
his
any
position
the
that
matters"
the Social Security
involved.
Gesell may be taken at full face
This statement of Mr.
with
respect
to the fact that
value, not only
Mr. Bronson did not speak for
the Social
for the Temporary National
Economic Committee.
Moreover, since Mr. Bronson. spoke merely as an in¬
dividual, no inferences can be drawn from anything he said as indicating
an
intention on the part of the committee to foster any plan which is
inimical to the insurance business as a whole or to any reputable insur¬
Security Board, but also that he did not speak
ance
company.
As
has
indicated by the
been
recommended this
he
message
economic study,
of President Roosevelt in which
and by frequent statements of the
controverted by any member
committee is
Statements to the contrary are wholly
Chairman, statements which have never been
the
committee
or
of
its
staff,
promote free, private enterprise.
the sole objective of the
im warranted.
fact that we have received a
executives throughout the oountry.
Certainly there is no business from which the committee should
receive a greater degree fo cooperation than from the insurance business.
The greatest progress in insurance will be achieved when there is the
highest degree of stability and prosperity among all of the people of the
United States.
A stable and prosperous economy can be preserved only
when there is a free economy operating without arbitrary controls exer¬
take
I
a
great deal of satisfaction in the
high degTee of cooperation from business
by either public or private authority.
men are interested in preventing losses.
Insurance
interested in preventing
in
our
national
This committee is
Insurance is one of the most vital factors
and it is of the greatest importance that the
losses.
economy,
the legislative body which is charged
national interest, should be fully advised
respect to all phases of the industry.
Congress of the United States,
duty of protecting the
with
with
,
the
any
by insurance.
insurance officials.
Every day they feel
With each decline in sales, lapse of policy, and request
officials recognize symptoms of social disorders.
As a
of millions
the
need
There
for
to
and
feel
itself
greatly favors
private and public
insurance, and
Surely this is no time for anyone to stand aside
merely complain about obvious inefficiency.
Today, more than ever, the Federal Government needs the best brains
structive
the
that
$145,000,000,000.
condition in
conditions
more
can
people
on
choice between
the
exceeding $109,000,000,000, while the entire world
was
It
should
when
institutions.
total
adverse
it
Although insurance
desirable evolution—one which will
a
democratic
conditions,
interest
avoid
not
situations.
cized
normal
plan for the future.
can
almost
to
under
have become too modest
It is not surprising that new pressure groups
opportunity
own
our
communities
Mass., given by the Massa¬
mean
justifiable
"well sold"
However,
we
But surely we have little to hide
pride.
Authorities in this field must help keep all insurance on a
basis for the interest of the entire Nation.
wonderful
is
of
and normal
with
public is
security.
sound
and
A
It
to
Insurance Society to Governor Saltonstall.
"Of
necessity," said Mr. Allen, "insurance is a very conserva¬
tive institution.
Its stake in America is so great and the
responsibility of protecting this so tremendous that no one
would expect insurance officials to advocate radical
pro¬
to
should not go.
on
chusetts
contributions to
made important
public cannot be expected to realize the limits beyond which insurance
safe
disposed to discuss with all the nations having interests in the Far East
reasonable proposals which may be advanced for
sympathetic and intelli¬
gent consideration of the situation in that region of the world."
have
ardently advocating considerable extension of social security programs.
The
"This is the theory that those who benefit most from
any given public expenditure should expect to pay a greater share, or all,
of the taxes required to support it."
in addition
...
public; possibly
agencies is in their minds.
can
real estate had groaned under its burdens.
exhibit
to
American
The
this
and
Speaking for Governor Murphy of New Jampshire,
Brigadier-General
Charles F. Bowen outlined tax reforms in his native State, where for long
companies
present our case to the
nemic
Tax Reforms in New
insurance
concerning our gigantic achievements.
business, class hatred and in¬
rampant."
are
safe and effective remedies,
many
prescription—insurance.
We have our great health
programs, which saved many lives, and our accident and fire prevention
drives, which saved both lives and property.
However, I wonder if under
the pressure of protecting our insurance risks we may not have neglected
to insure our own institutions against unnecessary misunderstanding by
millions of people.
Perhaps we have been too sure of ourselves in failing
must
was not
or
usual
course
2, 1939
general education of the American people.
are
typical of New England.
as
government can
Of
the
perplexing problems I could do it in just
'Jobs.'
statement.
position to prescribe
a
the
to
our
.
"I have said many times that if I were asked to give the answer to all our
current
in
States have done valiant work in pro¬
The time has
in public office throughout New
we
Dec.
Medical &
Surgical Care Inc. First Non-Profit
Medical
York
Pat¬
Corporation to Receive Permit From New
Superintendent of Insurance—Corporation
terned
After
Voluntary
Hospital Association
permit for non-profit medical indemnity cor¬
porations has been issued by Superintendent of Insurance
The
first
T,rmis IT
Pink.
It,
was
^ranted to Medical & Surgical
Care,
Volume
ONE HUNDRED—The Commercial &
149
Inc. of Utica, New York, which will operated in 12 counties
in the general vicinity of Utica.
The formation of this type
made possible by a bill introduced at the
Legislature by Assemblyman R. Foster
Piper and Senator William H. Hampton, according to an
announcement on Nov. 24 by the State Insurance Depart¬
ment, which also said:
of corporation was
last session of the
for the medical care provided to
The corporation will pay
The granting of a permit enables
existing voluntary hospital associations.
the
subscribers but no business can be done
corporation to solicit
the corporation has
unti
and un¬
children of the subscriber between the ages of 16 and
18 years can be covered.
Dependent children of the subscriber between
the ages of one and 16 years can be included for an additional premium of
$8.40.
These is a maximum for which the corporation will be liable in
any contract year.
That maximum for the gainfully employed subscriber
will be $225; for the gainfully employed subscriber and one dependent it
will be $325, and for three or more persons enrolled from the same family,
$425.
The first $6 of the expense of illness, examination or treatment of
the subscriber or dependent during each contract year will be paid to the
physician by the subscriber or dependent and not by the corporation.
The expense of the first two calls on the subscriber or dependents in each
illness made at any place other than a hospital will be borne by the sub¬
free to select his own doctor
The subscriber will be
and the cor¬
with as many physicians as possible in
the locality in which the corporation operates.
Dr. F. M. Miller, Jr. is President of Medical & Surgical Care, Inc. and
poration will enter into contracts
will be H. C. Stephenson.
its General Manager
of the strike by both
Mayor Reading said;
"Detroit, particularly,
will now be assured of a joyous
Christmas season."
previous reference to the Chrysler Corp.
peared in our issue of Nov. 18, page 3200.
A
Carolina
For an additional $13.80 the spouse
employed.
the losses sustained because
The Governor deplored
corporation and employees.
apid will be $16.80 per year for the
married dependent
scriber.
dispute.
Department.
subscriber
obtained a license from the Insurance
The annual charge to be
who is gainfully
Murphy said that he was "awfully
glad" that the Chrysler strike in Detroit had been settled.
"It seems to
me," Murphy said, "that it's been needless."
Both Gov. Dickinson and Mayor Reading hailed the settlement of the
Washington Attorney General Frank
In
its subscribers
and it will be patterned generally after
through duly licensed physicians
3489
Financial Chronicle—YEARS OLD
Co. Employees Strike
& Light
Power
A strike of Carolina
dispute ap¬
Power & Light Co.
workers, called
by the Brotherhood of Electrical Workers (A. F. of L.)
on
Nov. 28, plunged Asheville, N. C., and surrounding
communities into darkness for several hours on Nov. 28.
Power was resumed after some 80 employees of the company,
brought from other plants not
the lines back into operation.
affected by the strike, put
reporting the strike, Asheville
In
advices of Nov. 29 to
the United Press said:
A. F. of L.'s Brother¬
Rex Ingle, head of
letters to City Manager P. M. Burdette, promising
there would be no attempt to cut off electric power tonight.
Officials of the Carolina Power & Light Co. said they had "taken no
chances" of another blackout.
Armed guards were placed at strategic
substations throughout the city and the main power plant was put under
Arthur Bennett,
international Vice-President of the
hood of Electrical Workers
which called the strike, and
the local unit, wrote
police protection.
workers from the eastern part of the
officials said.
The United States Labor Department assigned John L. Connor of the
conciliation service to mediate in the strike.
Connor left Washington for
Eighty non-union power company
Chrysler Corp. Strike
Operations were resumed Nov. 30 at
the plants of the
after an idleness of nearly two months,
caused by a "slow-down" instituted by the United Auto¬
mobile Workers (C. I. O.) on Oct. 9.
The company was
Corp.
Chrysler
obliged to close certain of its plants at that time
handled only every other car on
when workers
the assembly line, thus cut¬
The 16,000 men initially unemployed as
a consequence grew in succeeding weeks, as the strike spread
to other plants of the company, to between fifty and sixty
thousand.
Countless workers in shops of other companies
were made idle an unknown number of hours because of the
cessation of operations at Chrysler.
It is estimated that
Chrysler workers alone lost about $15,000,000 in wages
while the dispute lasted, whereas the wage increase granted
them under the agreement entered into on Nov. 28 is esti¬
mated to aggregate no more than $6,000,000 a year.
It is said that this was the longest labor dispute in the
history of the automobile industry.
Union leaders hailed
the contract as a victory for the workers.
Statements made by K. T. Keller, President of the Chrysler
Corp., Philip Murray, C. I. O. Vice-President, and others
concerning the settlement reached were reported in part as
follows in the Detroit "Free Press" of Nov. 30:
ting output 50%.
he believed the
declared that
for both the company and "a re¬
T. Keller, President of Chrysler Corp.,
At the same time, K.
contract was a good one
Asheville immediately.
A
had "more man-power than we
Emergency crews
sections
Several
strike.
on
said service was "nearly normal" and that
need" to maintain service.
moved in and restored service after the workers went
spokesman for the company
the company
service, and hospitals said
F.
F.
Walters,
said the men
served by
the company
their power was not
had intermittent
impaired.
of the company,
refused to force its employees
Vice-President and general manager
struck because the company
called after 30 days
week ago.
from other
towns where the company operates were called in to replace them.
Ingle
put the number of strikers at 125'of the approximately 240 employees in
to
of
join the union.
Ingle contended that the strike was
negotiations on renewal of the
Walters
said 75 men went on
contract which expired a
strike and emergency crews
Asheville.
He insisted that
a
negotiations were broken
off after the company rejected
night. Company officials, however, said
the union demand for a closed shop would be resumed.
proposal by the union last
negotiations on
Oakland Harbor Strike
that
Settled
strike, called by the International Longshoremen's
and Warehousemen's Union which paralyzed the Port of
The
Oakland, California, for 17 days, was settled on
United Press advices from San Francisco, of
reporting the settlement,
Nov. 27.
Nov. 27,
said:
agent for the warehousemen's union, a Congress of
Organizations' affiliate, said work on the piers would be resumed
Ray Heide, business
Industrial
at 8 a. m. tomorrow.
sponsible union."
Keller would make no
controversial comment on the terms of the agree¬
general wage increase of three cents an hour, an
increase for certain classifications of employees and a
ment, which provides a
additional three-cent
differential between Detroit plants and those in Marysville, Mich., and Newcastle, Ind.
"We are pleased to be able to give the wage increase, which we expect will
amount to about $5,00^,000 a year," Keller said.
narrowing of the
would cost the corporation between
depending on the length of the production
Murray maintained that the increases
$5,600,000 and $6,000,000 a year,
season.
Murray said that the
corporation had agreed to raises of as high as 13 cents
He also claimed a bonus of five cents an hour for
for some classifications.
night workers as a victory,
has been in effect in
walked out when Oakland
The warehousemen
port commissioners
said
the Oakland City charter, to give them a written
covering working conditions, wages and horn's.
said the men would return to work under a gentlemen's agreement,
they were unable, under
contract
Heide
after the "employers
agreed to conditions we submitted
willing to return to work under
said the men were
we
before the
strike."
The warehousemen,
he said, were
their civil service status
Settlement of the
Olson
in our letter when
conditions existing
concerned primarily with not
having
disturbed in any way.
Governor Culbert L.
contemplating state operation of the Oakland and
Oakland dispute came soon after
announced he was
San Francisco ports.
but Keller pointed out that the same differential
Chrysler plants since February, 1937.
Keller was critical of the
Visitors
strike itself, which kept 70,000 auto workers
idle
$15,000,000 to $20,000,000 in wages,
in addition to paralyzing dealer outlets and affecting thousands of workers
not employed in the Chrysler plants but dependent on them.
"For the sake of our employees and for the sake of our dealers, I am very
and halted
service, company
State were maintaining
Settled After 64-Day Tie-Up
payment of an estimated
to
Inside
New York World's Fair Spent
Fair
Grounds—Average
was
$46,000,000
$1.42
for
32,786,521 Persons
One of the most complex temporary banking systems ever
established was organized to handle the $46,000,000-odd
by the "quality
public" that made up the great
glad that this strike has been
dollars spent
baffling and unjustified strikes
majority of the visitors to the New York World's Fair,
according to an announcement issued by Leo Casey,
Director of Public Relations at the Fair.
The announcement
also had the following to say:
settled," Keller said. "It was one of the most
in the history of American industry.
"We believe the settlement should have been made without the loss of a
single day's pay on the part of our employees, or the loss of a single automo¬
of our dealers.
bile sale on the part
"That which is lost is
and to regard
Keller
Arthur
lost..
The thing for us to do now is to get to work
this settlement as a basis from
which to make a fresh start."
complimented James F. Dewey, Federal labor
E.
Raab,
conciliator, and
Board, who
Chairman of the State Labor Mediation
acted as mediators
in arriving at the settlement.
made for the
of the
corporation."
increase was the first blanket pay
since 1937. The agreement makes
Chrysler workers the highest paid in, the industry, with a minimum of
68 cents an hour for women and 78 cents for men, Murray said.
Murray claimed that the contract grants the union an equal voice with
management in settling grievances and determining rates of production.
"This goes much further in the workers' favor than our original request
He asserted that
raise
for
the three-cent-an-hour
granted by any major corporation
abritration," Murray declared.
128 workers discharged
in the Dodge main plant, which
would act as mediator on
the cases of 13 active unionists fired under the old contract.
Neither of these provisions appear in the agreement itself.
He added that the
for
and that Conciliator Dewey
plant in Windsor who were forced into idleness
the Detroit plants will all be called back to work
Employees of the Chrysler
because
Department announced that visitors had spent
entertainment, food, etc., inside the grounds.
This does not include the money spent for admission to the Fair.
Reason for so high a per capita expenditure at such an exposition is found
in an independent report on attendance made by Market Analysts, Inc.,
a research organization which conducted surveys on the grounds at the Fair.
Total attendance at the Fair was 25,817,265 paid, and 6,969,256 admis¬
sions on working permits, or a grand total of 32,786,521.
Fair visitors, said Market Analysts, showed not only a serious interest,
but a "fightlng-to-get-in-enthusiasm" for the best industrial exhibits.
The
big industrial exhibitors ran their halls to capacity for a good part of the
Fair, and, more important, packed them with a selective public.
an
Banking and Cashiering
average
of $1.42 each for
corporation had agreed to rehire
allegedly causing a slowdown strike
started the dispute,
of this was currency,
the
that the agreement "represents the greatest gains
Chrysler workers since the inception of unionism in the plants
Murray maintained
the organization of this banking system, which handled—
exceptions—all the money spent on the grounds, and most
that within a week after the close of the 1939 Fair,
So complete was
with negligible
of the dispute in
within a day or two,
Windsor plant officials announced.
*
Italy Plans to Return to New York
Year, Says Admiral Cantu on
World's Fair Next
Sailing Home
Admiral Giuseppe Cantu, Italian Commissioner General
to the New York World's Fair, sailed for Europe Nov. 25
aboard the Italian liner Conte di Savoia, saying he would
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3490
to New York in
return
its
tinue
miral
May and that Italy planned to
Cantu
attracted
exhibit
Italian
the
said
9,300,000
Fair's second
the
in
participation
and
visitors
the
at
been
had
"a
in Philadelphia today (Dec. 2) and then go to his home
Hyde Park, N. Y.
Reference to his stay at Warm Springs appeared in our issue
of Nov. 25, page 3341.
in
Ad¬
Fair
had
great
very
♦
success."
Hear Youth
Library of Congress Receives Magna Carta for Duration
of European War
duration
the
for
Lothian,
of
of the European
War.
In
a
historic document which had
been
exhibition
on
British Pavilion at the New York World's Fair.
at
the
In report¬
ing this, Washington United Press advices of Nov. 28 said:
"The
tions
principles which underlay
of
Adams
free
liberties
your
drew
in
was
Boston
struck off at
the
are
ultimate founda¬
"Samuel
Carta to which the colonists,
It
in
was
harbor
their
and
that
name
rejected
committee
as
of
that,
name
bitter
after
Gladstone,
described
freedom,
'the
as
one
most
frustration,
they
from
its
and
detractors
noted
historical
the
Declaration
offspring, the
wonderful
work
Announcement
significance of
*
Deputy
Governor of
Farm
was
made Nov. 21
by F. F. Hill Governor
Green has
American
Scripps-Howard evening
newspaper, suspended publication on Nov. 25 after
In reporting this, United Press advices, Nov.
San
communist-
was
Roy M. Green to the position of Deputy Governor.
Mr.
been general agent of the FCA of Wichita for
several years and he will leave that position only temporarily
to serve as deputy governor in Washington.
Formerly Mr. Green was with the Department of Agri¬
culture in charge of the crop insurance work and prior to
that he was Vice-President of the Production Credit Corpora¬
tion of Wichita which supervises the production credit as¬
sociations of Kansas, Colorado, Oklahoma and New Mexico.
He earlier served with the FCA doing research and extension
work in cooperative marketing of grain.
placing it
the
and
Diego
(Calif.) Sun" Suspends Publication—
Scripps-Howard Evening Newspaper Was 59 Years Old
a
it
of the Farm Credit Administration, of the appointment of
"San
(Calif.) Sun,"
had heretofore
Roosevelt
Credit Administration
ever
Constitution.
The "San Diego
Mrs.
Appointed
of the greatest cham¬
Independence
of
Green
M.
Roy
MacLeish, in accepting custody of the charter, defended the instru¬
beside
30 and
Un-American
on
4.
sacrifices and
given time by the brain and purpose of man.' "
a
disbanded.
be
defended the congress against charges that
controlled.
your
claim
the
House Committee
the colonies for defense.
tax
to
their
human
of
ment
into
tea
that constitution which Mr.
up
Mr.
claim.'
the
King George III
"It
undoubted
have
threw
ancestors
pions
'the rights of Magna
appealed to
subjects,
Magna Carta
less than of ours," Lord Lothian said.
no
Roosevelt attended the Nov.
1 sessions of the
to
leaders of the American Youth
Congress which had been previously described by some of
those heard at the hearings as a Communist party "front"
organization.
The President's wife, who had expressed
willingness on Nov. 27 to testify before the committee to
discuss her interest in the Youth Congress, said she came
"just to listen."
The committee has taken no action on
Mrs. Roosevelt's offer to testify.
Three officers of the Youth Congress denied that their
group was a Communistic front and demanded that the
Washington, attended by several members of the Supreme
Court, Archibald MacLeish, Librarian of Congress, accepted
the
Dies
Activities to hear testimony of
in
ceremony
Franklin D.
Mrs.
Dec.
British Ambassador to the
United States, on Nov. 28 intrusted to the Library of Con¬
gress one of the four existing copies of the Magna Carta
Marquess
Committee Meeting
Congress' Leaders Testify
Attends
Roosevelt
Mrs.
The
1939
game
con¬
season.
Dec. 2,
59 years.
25, from
Diego, said:
The suspension leaves a morning and an afternoon paper in San Diego,
"The Union" and "The Tribune," both owned by Ira Copley.
H.
endeavoring to
the community, 'The
serve
Federal
suspends publication with this issue, leaving the
evening newspaper field in San Diego after 59 years of publication.
Sun' has been operated for
in the face of mounting
labor, short
"
production costs, due principally to increased cost of
week hours, rising newsprint prices and larger taxes.
Diego cannot be operated on a break-even basis.
Sun" realizes that its suspension
'The
ment to a great
of
These
number of its employees,
will
.
mean
./
.
The
It is hoped that with
of former
care
em¬
ployees of 'The Sun.' "
Death
of
James
Edison
Simpson,
and
Co.
Head
Public
Illinois—Formerly Director
of
of
Service
Commonwealth
Co.
Federal
of
United
Northern
K.
1932, when he resigned
Commonwealth
P.
The
and
Edison
Commonwealth
a
was
a
Corp.
and
the
Public
a
Chairman and
was
a
director
of
&
Simpson
They
born Jan.
was
.
26,
.
program
Co.
a
That
a
clerk at $6
was
in
1891.
a
as
Secretary of
Chairman of Common¬
week in the cashier's office of Marshall
year
Mr.
President.
Field died
in
1906 Mr.
later he had gained sufficient
Simpson
He became Vice-President in
the late John
G.
Shedd
in
was
as
1917.
elected Second Vice-
Upon the retirement of
1923 he became President.
In
1930 he
Returns
from
Springs—To Spend Week-End
Vacation
at
at
Warm
Hyde Park (N. Y.)
Home
The
1930
census
gives the population of Shelby County as 306.482, of
which 253,143 are in the city of Memphis.
Washington Nov. 30
Warm Springs (Ga.).
En route to
spending a week at
the White House, Mr. Roosevelt stopped off at
Asheville,
N. C. (Nov. 29) for a brief visit with his
Secretary, Marvin
Mclntyre, who is recuperating from an illness.
The
President is expected to attend the Army-Navy football
H.
It is estimated that there
are
about 14,000 relief cases in the area, representing some 45,000 individuals.
Under the standard plan of stamp distribution to be used in the Memphis
area, eligible families will be given
President Roosevelt arrived back in
after
The
Department's announcement continued:
•
Roosevelt
Announces
be concerned with the administration of the program.
was
elected Chairman of the Board.
President
Shelby County, Tenn.,
Wallace
Henry A. Wallace announced
Nov. 24 that the Food Order Stamp Plan for distributing
surplus agricultural commodities will be extended to Shelby
County, Tenn., including the city of Memphis. Selection of
the Memphis area for Stamp Plan operation followed con¬
ferences there last week between James S. Allen, Assistant to
the President of the Federal Surplus Commodities Corpora¬
tion, and local public officials, welfare officials, and rep¬
resentatives of the business and banking interests which will
came
for the elder Marshall Field to bring him into his own office
Agriculture
Secretary of Agriculture
.
1874, in Glasgow, Scotland and
A
to other communities.
♦
confidential clerk.
When
announced Nov. 22 by the De¬
Food Stamp Plan Extended to
director of the Western
a
related companies in the former
are
Simpson directed
Public Service.
Hir first job was as
&
was
Super Power Co. of Illinois
1880.
He settled with his parents in Chicago and
educated in the public schools and business
college.
Field
Northeast,
Y., Allentown-Bethlehem, Pa., and Providence, R. I.,
the only cities in the Northeast region which have been
selected so far for operation of the Food Stamp Plan, but
numerous requests have been received for extension of the
to the United States in
attention
for
N.
Service
member of the executive committee and
Insull organization which Mr.
was
Director
headquarters at Philadelphia, Pa. He
will have charge, for the Northeastern States, of the operation
and gradual expansion of the Food Stamp Plan.
Rochester,
director
Co., the Public Service Co. of Northern
Subsidiary
United Gas & Electric Corp.
Mr.
Regional
are
Chicago and
wealth Edison
Assistant
appointment of Kris P. Bemis, of Washington, D. C.,
Plan in the
Chairman of the board of Marshall
as
member of the executive committee and
a
Named
Bemis
partment of Agriculture.
director of Marshall Field & Co., a director of the New York Central
RR.,
and a director of A. M. Castle & Co., steel and iron
products distributors.
He also
authorized
Assistant Regional Director of the Federal Surplus Com¬
modities Corporation in charge of the Food Order Stamp
For many years he was a director of the Seventh District Federal Reserve
in
was
as
Subsidiary Corp.
Bank
receive
Mr. Bemis will have
Field & Co., Mr. Simpson had been Chairman of the board and
the
will
Food Stamp Plan in Northeast
of Nov. 26:
Illinois,
Chandler
♦
Chicago
Simpson, Chairman of the Board and a director of
Chicago and the Public
Service Co. of Northern Illinois, died on Nov. 25 at his
home in Chicago.
Mr. Simpson, who was 65 years old,
had been ill with pleurisy for three weeks.
The following
account of his career is taken from the Chicago "Tribune"
of the
Mr.
courts.
Reserve Bank
Commonwealth Edison Co. of
Since
Courts.
administrative office for the courts
new
James
the
States
by Congress last summer and signing of the bill by President
Roosevelt was reported in our issue of Aug. 12, page 957.
The new director has charge, under supervision of the Con¬
ference of Senior Circuit Judges, of administrative matters
relating to the office of clerks, examining dockets and the
quarterly transmission of reports thereon to the senior circuit
judges, and disbursement of moneys for maintenance of the
In
departure of 'The Sun' from the field, the remaining newspapers will
improve to the point where their expansion will take
the
annually.
Appointment of Elmore Whitehurst,
former Secretary of the House Judiciary Committee, as As¬
sistant Director at $7,500 annually was also recently made.
situation it is endeavoring to
a
will be given all employees.
any case, severance pay
Assistant
$10,000
the loss of employ¬
remedy by securing other employment for them wherever possible.
the
Named
of the
circumstances have made it apparent that a second evening newspaper in
San
Whitehurst
Henry P. Chandler, Chicago attorney and former President
Chicago Bar Association, has been appointed by the
Supreme Court as Director of the new administrative office
a
become obvious that further investment in it would be futile
now
Appointed Administrative Officer for
Courts—E.
Director
In
number of years at a loss.
"It has
Chandler
P.
The "Sun" issued the following statement:
"With regret, 'The Sun'
food stamps and to receive
the opportunity to buy orange colored
free blue surplus stamps in the ratio of
one
dollar's worth for each two dollars' worth of orange stamps purchased.
One group of relief cases,
including those certified
as
eligible for Works
Projects Administration work but awaiting assignment
others
colored
who
do
stamps,
not
have sufficient
will be eligible to
cash
income
to
receive the free
without having to buy the orange stamps.
to
projects, and
purchase the orange
blue surplus
stamps
Those in this group will get the
Volume
149
free blue surplus stamps on the basis of approximately 50 cents
week for each member of the family.;
V
officers
worth a
the family's regular food pur¬
The orange stamps are used to continue
control,
expense
Participation in the program will be entirely voluntary.
results
B. A.
be invited to
Southern States in
Eastern and
Association's banking
This
session
closing
the
feature
conference in that city on
Robert M.
Wachovia
&
Bank
war
est
bank officers.
to
manufacturers,
a
Trust
score
banking service organizations will exhibit the latest devel¬
bank
Nov.
of
trade and
"
operation.
.
.
.
v
.
book deals with budgetary control
income sources and
monthly index of operating efficiency.
1
charting
Trade
of
\,v
of
Formed for Settle¬
Brought
Disputes
Trade
Foreign
Due
Practices
to
by
European
'
the
of commercial controversies
settlement
are
arbitral group are all experts in foreign
representatives of the various commodity fields supplying
this country with materials from Europe
and Latin America.
The creation of the International Panel is based on an agreement
meeting appeared in our issue
reference to the
Previous
V
accurate
The members of the newly created
higher-efficiency
opments they have produced for simplified,
.
operating
on
American business men brought about
by the dislocation of trade practices due to war, Lucius R.
Eastman, Chairman of the American Arbitration Association
announced Nov. 29 the formation of an international panel of
arbitrators.
The new tribunals, which will supplement the
work of the existing national panel functioning in disputes
between American firms, are made up of nationals of several
countries residing and trading in the United States.
The
announcement by the Association also says:
an
Nearly
.
for
statistics
compiled by the Associa¬
by Government bank
between foreign and
added attraction of inter¬
of business machine
insurance and warehousing companies and
business will be
,
for
collected
Panel of Arbitrators
To facilitate
with the practical operation
Educational displays dealing
.
expenses
accounts
comparative
statistics
to
•;
Dislocation
Salem, N. €., will preside at the conference. *
of the banking
expense
from annual reports
Division
necessity
of
ment
the Association and
Co., Winston-
President of
Hanes,
the
of
the
International
the conference, will be addressed
by William A. Irwin, who will discuss current economic
trends and tlieir effect on the financial affairs of depositors
and business customers of banks.
Mr. Irwin is Associate
Educational Director of the American Institute of Bank¬
President
of
sources
ranging
Bank
items, to be used as a
expense
Bankers
Dec. 7-8.
tunity to participate in
ing.
outlines
ratios,
National
stresses
designed to give bank customers an oppor¬
meeting,
<
.
,
for reducing
suggestions
controlled
The concluding section of the 80-page
and
public meeting which
a
of the American
department.
each
regulatory agencies.
surround¬
join with bank officers from
ing towns will
three
and
tion's
Depositors of the banks in Richmond, Va., and
will
their
contains
through
earnings
creasing
expected to begin early in
section
second
Section
13
prepare
in
used
and in¬
advertising,
mailing, legal and checking costs, and outlays for new accounts..
The
Public Meeting to Feature Closing Session of A.
Richmond Conference to Be Held Dec. 7-8
a general survey
of accounting and
institutions, as wel las an analysis of
personnel management, asset control, and other phases of
readily
more
procedures
operating methods for
designated
surplus commodities as additions to the family's food supplies.
Actual operation of the program in Memphis is
can
auditing
V
chases, while the free blue stamps are used to secure specially
January, 1940.
3491
ONE HUNDRED- -The Commercial & Financial Chronicle—YEARS OLD
■
between
18, page 3205.
anticipation of
Chamber of Commerce, in
♦
and
Association
Arbitration
American
the
a
the
reached
International
rise in foreign trade disputes
.
by
Trust
State
of the
Feb.
on
15,
President of the
is announced
it
Trust
E. Clark,
Roland
by
Division, who is Vice-President of
the National Bank of
nual
Commerce, Portland, Me.
This func¬
feature of the twenty-first an¬
Trust
Conference
of
the
Association,
mid-winter
which will be held
under
Feb. 13,14 and 15.
on
J.
Stewart
Baker,
ment
Sloan
S.
Bankers
Co.,
William
S.
Grey
York.
New
E.
York,
Brooklyn,
Co.,
Trust
President Bank of
New
New York.
Y.,
Deputy
Manager,
American
Bankers
viewpoint, will talk about problems that confront
\
+
Story of Glycerine to Be Dramatized at Exposition
Chemical Industries in New York Dec. 4-9
.
President Fidelity Union Trust Co., Newark, N.
Selecman,
N.
Editor of the
M. James,
luncheon.
Guaranty Trust Co. of New
York,
will be H.
speaker
N. Y.
Of direct interest to
Ward, President Irving Trust Co., New York.
Bacheller,
Merle
New
President Brooklyn
.■
Traphagen,
H.
Co.,
& Trust
Bank
Hanover
Potter, Chairman of the Board,
York.
Harry E.
J.
McLaughlin,
C.
New
C.
J.
Central
Executive Director of the
both the employer and the Administration.
A. V. Miller of
the New York "Herald-Tribune" will preside at the Forum
Houston, President Chemical Bank & Trust Co., New York.
V.
William
York,
President
Jr.,
lisher's
Co., New York.
/
Frank K.
George
Another
Gates, President The New York Trust Co., New York.
Harvey D. Gibson, President Manufacturers Trust
Labor;
of Bloomingdale Brothers; G. W. Guth of the
Hudson, N. Y. "Daily Star", and former President of the
New York State Publishers' Association, who, from a pub¬
York.
New
F. B. Cliffe, Assistant Comptroller of the General
O. Loysen, Executive Director of the Division of Place¬
Unemployment Insurance of the State Department of
Unemployment Compensation Commission of the State of Texas.
Farmers Trust Co., New York.
Trust
Insurance Law, and Professor of Constitutional Law at
Socony-Vacuum Oil Co.; and O. S. Carpenter,
Chairman of the Board, Bank of the Manhattan Co.,
President
Colt,
L.
Artemus
and
Telephone and Telegraph
State Advisory Council, New York State
Chairman,
Michael Schaap, President
Brunie, President Empire Trust Co., New York.
Henry C.
Gray,
Electric Co.; M.
York.
Lindsay Bradford, President City ank
A.
New York University;
Banquet Committee with Mr. Campbell are:
New
H.
Unemployment
Preliminary plans
Those serving on the
President Clark stated.
way,
Co.;
of this national trust gathering are well
the program
for
H. C. Gretz, Assistant Comptroller, American
be the concluding
will
tion
Unemployment Insurance Law
Mahoney, Chairman of the New York State Em¬
ployers' Conference, announced on Nov. 28 that on Monday,
(Dec. 4) the Conference will hold an all-day General Forum
at the Hotel Astor, New York City, for the discussion of
the New York State Unemployment Insurance Law and
proposed amendments. Speakers at the Forum will include:
Association, to be held in New York City at the WaldorfAstoria
i
J.
T.
Committee for the twenty-ninth annual
Trust Division of the American Bankers
Banquet
•
Employers' Conference to Hold Forum
York City on Dec. 4 for Discussion of
New
in
Campbell, President of the Chase National
Bank of the City of New York, has been named Chairman
banquet
^
New York State
Donald
the
in Europe.
Campbell
Feb. 15
H.
of
a war
^
Named Chairman for A. B. A.
Conference Banquet to Be Held in New York
Donald
H.
of
wide variety of industries will be, it
a
indicated, the Glycerine Exhibit by the Association of
American Soap & Glycerine Producers at the 17th Exposition
of Chemical Industries to be held at Grand Central Palace,
is
J.
Association,
Secretary.
City, Dec. 4-9. With the actual and potential
of glycerine and its derivatives becoming increasingly
more diversified, the producers, through their Association,
will stage the exhibit to dramatize the sources of glycerine
and its versatility as a basic chemical raw material and
acquaint technicians at first hand with the newest develop¬
ments revealed by recent research.
New York
Chairman
Council
for
Convention
of
National
of State Liquor Dealers' Associations to
Be Held
Feb. 5-6
Neil
Appointed
F.
Deighan, Chairman of the National Council of
State Liquor Dealers' Associations announced on Nov. 20
the appointment of H. R. Springston, Chicago, as Chairman
of the Committee in charge of Arrangements for the Council's
second annual convention to be held in Chicago, 111., Feb. 5
and 6,1940. Mr. Springston is Vice Chairman of the National
and President of the Retail Liquor Dealers' Protective
of Illinois.
The appointment of Timothy P.
Guiney, of New York, as Chairman of the Convention
Publicity Committee was also announced. Mr. Guiney is
Vice Chairman of the National group and Vice President of
the New York State Restaurant-Liquor Dealers' Association.
group
Association
^
i
New Bank
National Bank Division Publishes
A. B. A.
Survey Handbook
A
"Bank
for
has
been published by the National Bank Division of the Amer¬
ican Bankers Association, -it was announced Nov. 20 by
Melvin Rouff, President of the Division and Senior Vice-
checking
the
President
of
The new
the
The
of
Houston
the
operating
earnings and
of
efficiency
compiled
detailed
National
bank
Bank,
as
a
guide
operations,
Houston,
Tex.
book, it is stated, is designed to assist bankers in
surveying
methods
Handbook",
Survey
for
reducing operating costs.
Association
publication
questionnaire
practices and policies as they affect
In addition, it contains suggested
expenses.
is
analysis
further
divided into
of
The announcement
four
sections.
By
using
The
this
first
of these
questionnaire,
*
*
—
Use of Business Information Sources to Be
New
Because
Course
at
Studied in
University of Newark
of the increasing need for a survey
of business
leading to greater familiarity with its uses, Dean
Esterly of the School of Business Administration, Univer¬
sity of Newark, is inaugurating a course on Business In¬
print
This course is
formation Sources for the second semester.
planned to introduce the students to directories, trade asso¬
ciation
services, the trade press, Government
publications that serve in
solving problems in business and professional fields.
The
course,
to be given Tuesday evenings, will be open to
advanced and graduate students and others qualified by
business or professional experience; it is designed to afford
executives an opportunity to review the media with which
they are familiar and to check other sources of which they
proceedings,
documents, and other classes of
have not been aware.
able
It is stated that, according to avail¬
information, this course is the third of its type to be
The first was inaugurated in Sep¬
Professor Eliot G. Mears for first-year
given in this country.
tember,
1931,
by
students in the
second
explains:
operations.
usage
Stanford Graduate School
of Business;
the
developed by Miss Rose L. Vormelker, Business
Librarian of the Cleveland Public Library, for
was
is a
Research
bank
Cleveland
College,
and
has
been
carried
on
under
her
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3492
tuition
for
Miss Marian
time.
some
0.
Manley, Business
Public Library and
Dec. 2, 1939
covering, respectively, the work of high school and of col¬
piler of "Business Directories : A Key to Their Use", "Busi¬
lege grade, and are designed to aid business workers and
students to advance themselves in their careers.
They will
Magazines: Classified by Subject", and similar pub¬
lications, will be the instructor for the University of New¬
o'clock, and on Saturday in the afternoon.
ark
ment went on to say:
Branch Librarian of the Newark
com¬
ness
course.
held
be
in
the
S.
Solve
Must
Out of
Industrial
Own
Problem
and Keep
European War According to J. S. Knowlson
Corp.—New Era of Prosperity
Stewart-Warner
of
Looked
for
tests
since
The
the peace and prosperity of the
United States lies in the thinking of its citizens, James S.
only
Knowlson,
to
menace
Chairman of
President and
Stewart-Warner
Board of the
the
Corp., told 300 delegates attending the an¬
refrigerator convention in Chicago on
nual Stewart-Warner
Knowlson stated that in his opinion 1940
shows all indications for one of the most prosperous years
in United States economic history. He said:
Nov.
Mr.
27.
Two problems must be faced and solved
enjoy the extreme potential benefits.
to
States enters
the
We must solve
dependent
this,
independent of every
on no one,
This is
tests.
regarding the examinations may be had by communicating
Information
Dr.
with
C.
R.
If
convinced of
are
1940
think otherwise,
we
Judge W, Irving Bolton, President of the New York State
League of Savings and Loan Associations, on Nov. 25 an¬
nounced the committee appointments for the midwinter
conference of
1939,
Waterways Are Unsound Economically,
According to Senator Reed—Suggests Sound Trans¬
portation Policy at Meeting of National Industrial
Traffic League in Chicago
Senator Clyde M. Reed (Republican) of Kansas, a mem¬
ber of the Senate Interstate Commerce Committee, declared
on Nov. 21 that he would oppose further
appropriations for
could
it
be
proved
they
purse.
Senator
Reed
annual
meeting
on
indicated
21
Nov.
this
of
the
at
thirty-second
National Industrial
the
Traffic League at the Palmer
House, Chicago.
Regarding
Mr. Reed's talk the following is taken from an account
contained in the Chicago "Tribune" of Nov. 22:
"Inland
said.
the
is
paid
The
only
the public
cost
such
justified economically.
the Great Lakes,
as
to
them.
use
The
chief
nomically waterways, he said,
linee.
Although
prices
of
their
they
use
wares
benefactors
some
his
of
must be
few
a
unsound
railroad
freight
without
rates,
he
said,
pocketing
the
difference.
Senator
Reed
declared
that
this
transportation facilities of all classes.
showing operating
are
the
red.
its
on
Failure
billions
One
of
dollars,
essential
creation
without
to
of
adopt
commercial
It is because of this that railroads
highway
and
waterway
sound transportation
a
of
surplus
a
that will
system
the public treasury
users .are
the
has cost
in
of
policy,
he
transportation,
new
a
explained,
especially
would
be
the
at
to
competent and authoritative public
the
stop
public
expense,
body that the
New
York,
Chairman
is
of
the
H.
loan people are expected to attend
Ball¬
Above Last Year for
Loan Associations in New Y9rk
Mortgage Loan Volume
All
and
Savings
State
volume
The
mortgage loans made by all savings and
York State during October, 1939,
of
associations in New
loan
October, 1938, in both number of loans
far exceeded that of
amount
in
according to Zebulon V. Woodard,
of the New York State League
loaned,
Vice-President
Executive
This announcement, it
made from figures submitted
League by 127 of its member associations with assets
Savings and Loan Associations.
of
is
stated, is based
on a survey
These associations made a total of
total amount of $3,707,635, from
totaling $233,125,708.
1,414 home loans in
a
is arrived
2,404 loans totaling $6,302,980 made
of October, 1939.
The League further
at, that is,
the
during
the State
for all associations in
which the estimated total
month
reported:
This
is
October,
The
the
56.8%
loans
1,414
also
is
the
over
divided
is
loans;
an
follows:
as
1939,
344,
$1,511,111,
and modernization,
repairs
over
increase of
872
month last year.
same
totaling
392,
October,
during
It
totaling
were
141, totaling $491,008, were refinanced;
for
were
46.6%.
or
made,
homes;
new
$133,177,
totaled
of
loaned
amount
or
construction
were
purchase of
loans
loans
total
actual
$1,367,462,
the
$2,005,106,
of
number of
the
in
increase
an
1938,
totaling
expenditures would be justified.
James
session, also the banquet in the Grand
of the Waldorf-Astoria on Dec. 14.
October
in
sound
a
more
The ap¬
Railroad
the
two-day
room
stand
Nation
he said.
finding by
a
deficits and
legs and not burden
own
has
country
of
Association,
Loan
and
Committee.
Over 000 savings and
the
to the
they base the
cost,
Savings
eco¬
corporations that operate private barge
are
public highway
a
on
of
Vice-President
Brodhead,
Rolling of Utica and Mason W. Hall,
Schenectady, have been appointed co-Chairmen of the Reception Com¬
mittee, while Reginald H. Davies, Beacon, and Edward Riesbeck, Long
Island City, are co-Chairman of the Registration Committee.
and
attacked waterways which
He
subsidy
a
month."
a
inland waterways
dredged and maintained at huge cost to the public in order to allow
boats
Edison
Banquet
he
transportation,"
Without such
treasury.
transportation could not exist
Senator Reed said he favors
are
low
not
for lower freight charges is the subsidy
reason
by the taxpayers of
inland waterway
which
is
the
highest cost transportation compared with the highways
the railroads.
or
transportation
waterway
"It
New York.
follow:
Federal Savings
Loan Association, New York, has been named General Chairman of
Conference Committees.
Otto Welk, Corresponding Secretary of the
and
were
sound economically and would not be a drain on the public
which will lie held Dec. 14 and
the League,
the Waldorf-Astoria in
at
N.
Harold
Many Inland
unless
and Loan Associa¬
York
City Dec. 14-15
thinking.
15,
waterways
Street.
Liberty
65
McCrea,
York State League of Savings
New
pointments
inland
for candidates enrolled in an
students who take at least three subjects in
to the
is given
Chamber
our
well be lost.
may
From this fund there are
organization.
Hepburn, former
a limited number
tions to Hold Mid-Winter Conference in New
convictions,
our
should be the beginning of a new era of prosperity.
we
to
Barton
school of business of collegiate grade who would find it diffi¬
continue their studies without financial assistance.
As a rule,
preference
the
...
erroneous
If we
one.
other nations, and have the courage of
as are
cult
an
semi-annually
examinations
the
conducting
endowment of the late A.
an
scholarships available each academic year
approved
are—the mightiest nation in the world,
we
as
problem of
our own
European war it will be because
citizens believe they are defending their liberty.
We must think of ourselves
been
has
under
President of the
of
to
better.
or
Chamber
1919,
examinations leads
the
of
the Regents of the State of New York, of a
The established passing grade in the
by the American people in order
industrial strife and we must keep out of the European war.
If the United
75%
is
The
requirements
credential.
commercial
Chamber
1940
in
the
the consent of
with
award,
all
of
Fulfillment
U.
btween 6 and 10
The announce¬
in two periods
evening
while
405
for
132,
other
$204,877.
.+»
Monthly Meeting of New York State Chamber of Com¬
merce
Dec.
on
7
Hear
to
Discussion
of
Harbor
Lighterage Suit Instituted by New Jersey
Months of 1939
How the industrial welfare of New York City is threat¬
ened by the new harbor lighterage suit instituted by New
Jersey will be discussed
of
the Chamber
of
Dec. 7 at the monthly meeting
on
Commerce
of
the
State of
New
York,
which successfully led the fight against two previous New
Jersey attacks
McCollester
been
the
firm
a
the
Parker
Lord, Day & Lord, who has
Assistant Attorney General to
Special
appointed
defend
the port's freight rate structure.
on
of
interests
of
of
New
York
State
in
the
pending
lighterage action before the Interstate Commerce Commis¬
sion^ will address the Chamber meeting.
on
The first hearing
New Jersey's petition is scheduled for Dec.
lyn.
State
railroads
their
this
11 in Brook¬
of
are
New Jersey and the city of
Jersey City, which are joint
asking the Interstate Commerce Commission to require the
having
marine
would
terminals
costs
be
to
to
the
on
increase
the
mtercoastal
York
action
present
freight,
it
is
New
New
freight
barbor above those in effect
While
the
present
on
is
Jersey side
York
rates
the
confined
estimated
to
New
the
New
export,
as
much
of the port would be
directly
uphold the New Jersey complaints.
commerce
mission
the
rate.
port
The
York
to
add
effect
side
of
of
import,
as
70%
coastwise
of
the
affected should the
In
and
than
month
twice
since
$10,000,000
with
have
of
Home
con¬
ducted
been
159,000;
above
August,
in
two
groups,
loans
of
the
for
this
in
first
It
was
the
first
was
have
area
there
nine,
January.
made
the
of
associations
by
district,
according
crossed
affiliated
to
assisted the lending program
$2,000,000
far
so
in
the
this
A.
R.
with the
Gardner,
of the associations
year.
building in Illinois and Wisconsin
three of the months of
$2,348,000, and
September,
1939—June,
$2.-
$2,159,000.
Loan LeagueJSurveys Effects
Building—Employment Ad¬
Year Ago for Sixth Consecutive Month
United States Savings and
of Increases in Home
vanced
over
the
consecutive month of
junioi and senior,
1939 in which construc¬
industry employment showed a substantial margin over
same
month of 1938 is noted by the United States
Savings
and
Loan
League,
Chicago, in
its survey of
the
effects, in terms of employment, of the rising tide of home
building which has characterized the year.
George W.
the
are
that
are
of advances
West, President
tests
recorded
Gardner said that loans for home
Nov.
The
Bank
Loan
by the Chamber of Commerce of the State of New
York will be held from Jan. 8 to 19, 1910, it was announced
29.
loans
The Bank has
The sixth
series of commercial examinations to be
depression
the
$5,372,000
Mr.
volume
month
line, being $10,332,000.
Four-fifths
Federal
the
loan
the
the
peak
was
Com¬
State Chamber of Commerce to Conduct
Commercial Examinations Jan. 8 to 19
next
loan
'
which
August,
more
New
York
The
and
stated:
tion
New
$73,162,000 from
associations during the first
nine months of this year, the Federal Home Loan Bank of
Chicago reported on Nov. 27.
The volume was 22.3%
greater than in the same period of 1938.
The Bank further
building
savings,
the
Jersey side.
to
that
of
harbor
Wisconsin and Illinois families borrowed
President.
The Chamber's announcement added:
The
petitioners,
Savings, Building and Loan Associations in Wisconsin
and
Illinois
Loaned
$73,162,000 in First Nine
of
the
League, recalls
residential construction have
President's
Conference
that
increases in
been looked forward to since
on
Home
Building
and
Home
Ownership eight
betterment
of
December as the key to
this
ago
years
employment situation.
Current figures
the justice of this claim, the League Presi¬
the
seem
to bear out
dent
says.
Nov. 25,
issued
The League's announcement,
further says:
September
saw
compared
as
Statistics.
that
of
April,
increase of 8% in the employment in building trades
an
with
The
September,
according
1938,
margin
August
the
over
the
to
previous
Bureau
August
Labor
of
7.1%;
was
3%, and that of
Residential construction contract awards were 36% greater
July, 9%;
1.2%.
during this
that fo
4,7%
June,
months than
six
that
;
of May,
during this
last year
period, Mr. West
same
pointed out.
concentration
supplied
the increase
on
the
credit
influence
toward
building
the
the
of
the
costs
sharp
over
of
home
purposes
in
men
period
the
of
past,
recent
of
increased
ownership through the efforts of the Government agencies,
vacancies
construction
the
for
two
260,000
for
months, the relative stability
few
substantial
a
these
for
job
year's
building include the increasing general
the past
in
many
consequent psychology for
the
designed
full
one
in
advanced
have
rise in
decreases in
and
tion
of
Nation
interest in home
rents
they
equivalent
building trades.
recovery
employment by way of home construction
of
has
the
Factors other than credit facilities to which they attribute
the
repairs,
eight years of
in the past
Savings and loan associations estimate that
and
3493
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Volume 149
industry
market of
great
and the recent direc¬
less
smaller,
to
persons
about increased
bringing
areas
home building,
homes
income.
low
with
pretentious
Irving Trust Co. of New York announced on Nov. 30 the
following appointments: William K. Doggett from Assist¬
ant Secretary to Assistant Vice-President; F. M. Atterholt
and Hugh Montgomery Marsh to Assistant Secretary, and
to Assistant Auditor, W. W. Coleman.
Changes in official
positions were also announced as follows:
Cecil W. Borton
from Auditor to Assistant Vice-President; Robert P. Allison
Manager of Real Estate and Maintenance to Assistant
from
Vice-President.
formerly Senior Vice-President of the City
York City, and a director of
that organization since Nov. 21, 1907, died of heart disease
on
Nov. 26 at the Harkness Pavilion of the Columbia
Samuel Sloan,
Bank Farmers Trust Co., New
Presbyterian Medical Center, New York City.
He was
75 years old.
At the time of his death he was also a director
of the National City Bank of New York.
Born at Garrison,
N. Y., Mr. Sloan was graduated from Columbia University
in 1887.
He began his business career in the Fall of 1887
with the Farmers Loan & Trust Co., of which his father had
been a director since 1867.
Mr. Sloan was made Registrar
of the bank late in 1887, Assistant
Secretary in 1889,
Secretary in 1897 and Vice-President in 1907. He continued
as
Vice-President of the Farmers Loan & Trust Co. after
a
1929 with the National
its affiliation in
Long-Term Savings of American People Reached New
High at End of 1938 of $51,698,000,000, Reports
FHLBB
City Bank, which
created the City Bank Farmers Trust Co. Mr. Sloan retired
as
Senior Vice-President of City Bank Farmers Trust in
1930.
He was likewise a director of the Delaware, Lacka¬
& Western RR.; the Oswego & Syracuse RR.; the
Syracuse, Binghamton & New York RR.; the Federal Insur¬
ance
Co.; the Queen Insurance Co. of America; the City
Bank Farmers Trustee Co., Ltd., of London; President and
wanna
Long-term
savings
the
of
American
reached
people
all-time peak at the end of 1938, when they totaled
an
$51,698,-
000,000 and topped the 1937 figure by $2,183,000,000, accord¬
ing to an announcement issued Nov. 25 bearing on the
forthcoming report of the Federal Home Loan Bank Board
for the fiscal year
1939.
The accumulated savings reported
for the end of
1938—representing approximately 115,000,000
accounts—surpassed by $6,740,000,000 the amount reported
for 1929, when prosperity was most prevalent.
This in¬
crease, arising during almost a decade of curtailed business
activity, shows that people are far more concerned with
providing for future security than formerly, the report
indicated.
Included
bonds,
and
It is
in
deposits
savings
savings
further
statistics
the
in
life
in
pointed
commercial
insurance
out:
postal
are
savings,
companies,
United
2*6%
banks,
States
savings
postal savings
mutual
bonds,
and
banks,
savings
savings, building and loan associations.
The
annual
depression
increases
from
1934
the
three
largest
annual
1937.
During
decline
in
1937
To
of
increment
the
first half
large
extent
of
in
was
have
this
more
the
years,
recovery
somewhat
than
report
offset
the
The
declared.
period
smaller,
occurred
reflecting
income
accumulated
the
represent
which
fact
groups—a
resources
special
places
the
institutions.
With
cash
a
association
value of
account
$780, the amount of the average savings and loan
exceeded
most
other
of
types
account in
while $300
savings
average
was
excluded
been
Of
introduced
of
21.3%
accounts
a
into
the
during
with
rise of
types
recorded
all member
member
identical
savings
associations been included, because
and merged
how¬
associations would
Bank of Brooklyn announces that
checks have been sent to 25,673 members of their 1939
Christmas Club. The distribution by the bank totaled over
Dime
The
Savings
$1,128,000, which represents an increase of
17% over last
year.
#
Continuance of
an
increase recorded over recent years in
have
the Christmas
Bank of Brooklyn is assured
Club of the Brevoort Savings
the opening of the 1940 club, Richard A. Brennan,
President, announced. In 1939, $290,000, it is stated, was
distributed to 6,524 members of the club as compared with
with
$250,000 to 5,853 members in 1938
5,139 members in 1937.
and $216,000 distributed
to
-4
member institutions,
largest increase
The
1938.
the Federal
2,757
comparison.
of
the
to
members
new
various
the
associations
had
for
figures
ever,
the number of accounts and total deposits of
and
building and loan associations of the Federal Home Loan Bank System,
out of a total membership of 3,946, aggregated $1,892,797,000 at the end
of 1938, increasing by 10.3% during the year.
A more marked increase
entrusted
would have been shown
made the firm Bancamerica-Blair.
Recently,
the title of Blair & Co., Inc. was again restored.
merger
the
cash value of life insurance policies, the report pointed out.
savings
James A. Blair, founder and former partner of Blair &
Co., Inc., banking firm of New York City, died on Nov. 28
at his home in Oyster Bay, Long Island, N. Y.
He was 89
years old.
Born in Hope, N. J., Mr. Blair was educated
at the Heidelberg University in Tiffin, Ohio.
He began his
banking career with the First National Bank of Tiffin and
later engaged in the banking business in Kansas City.
Coming to New York in 1890 Mr. Blair helped to found the
firm of Blair & Co., with which he was associated until his
retirement.
The firm was merged with William Salomon
Co. in 1920 as Blair & Co., Inc. and again in 1929 another
The
long-term savings.
National banks was $421,
average
Individual
a
4
savings
Federal and State, charged with hte supervision of finan¬
public agencies,
trustee and Vice-President of the Seamen's Bank
for Savings, New York City, and a trustee of the Atlantic
Mutual Insurance Co,
Corp.;
1938.
these
the institutions to which they are entrusted, and on
on
in
the
and in national income in the latter half of
lower
and
to
savings
growth
activity,
a
middle
of
the
1938
and
our
cial
in
business
responsibility
1938
preceding
losses
Susquehanna RR., and of Naols
director of the Cayuga &
in
Federal savings and loan
an advance
private savings,
State-chartered
associations
insuring
their
Savings and Loan Insurance Corporation reported
6.4% and the non-insured members a gain of 0.5%.
^
Richard K.
Mellon, President of the Forbes National Bank of Pitts¬
burgh, Pa., of the election of Dr. Robert E. Doherty, Presi¬
dent of the Carnegie Institute of Technology, to the bank's
Announcement
was
made
on
Nov.
24 by
board of directors.
4
ITEMS
ABOUT
BANKS,
TRUST
COMPANIES,
&c.
Arrangements were completed Nov. 24 for the sale of a
membership in the Chicago Stock Exchange at $1,800, down
$100 from the last previous sale.
Ralph Sauers, formerly Trust Officer of the Common¬
wealth Trust Co. of Pittsburgh, Pa., was elected a VicePresident and a director of the institution on Nov. 24, to
H.
created by the death of Earl A. Morton.
of the Board of Reymer & Bros.,
Inc., and President of the New Roosevelt Hotel Co.
fill the
vacancy
Mr. Sauers is Chairman
competitive Hobby Show of the mem¬
employees of the New York Stock Exchange will
for one week commencing yesterday, Dec.
1,
The second annual
bers and
be
held
through Dec. 8, on the 10th and 11th floors of 20 Broad
Street, according to an announcement Nov. 29 by John
Reiner, Chairman of the Exhibition Committee. The show
will be sponsored by the Camera Club, Model Engineering
Club, Radio Club, Army and Navy Club, and the Philatelic
Society, employee clubs of the Exchange, and will be open
to the public from 10 A. M. to 5 P. M. today, Dec. 2 through
Friday, Dec. 8. The show- will be held in the new club rooms
which have been especially set aside by the New YorkStock Exchange for the club groups.
*
4
meeting of the directors of the Woodlawn
Trust Co. of Aliquippa, Pa., John H. Neish was promoted to
At
Secretary
Winthrop was elected a Director.
He has been a Director
the City Bank Farmers Trust Co., an affiliate of the
National City, since 1935 and is the general partner in the
firm of Robert Winthrop & Co. Mr. Winthrop was employed
of
by The National City
Bank prior to entering the latter firm.
and
Treasurer of the institution,
while R. P.
advanced to Assistant Secretary and Assistant
Both these appointments follow the death of
Treasurer.
Eugene Phillips, who was
Secretary-Treasurer of the bank
In noting the elections, "Money & Com¬
further said:
for many years.
merce" of Nov. 25,
Mr. Neish has been active
In
1929
Cashier,
he
went to
in banking in Aliquippa a number of years.
the First National
succeeds.
banking in Pittsburgh and Beaver
Hinerman is also well known in
the Woodlawn Trust Co. since 1927.
Like
Neish he is active in Beaver Valley Chapter A.I.B. of which he is a
He has been
Valley.
Mr.
Some months ago upon the
Trust Co. as Assistant
Purdie he returned to the Woodlawn
Mr. Phillips, whom he now
Mr.
Bank of Aliquippa as Assistant
becoming Cashier two years later.
death of A. P.
to
regular meeting of the Board of Directors of The
National City Bank of New York held Nov. 28, Robert
recent
Hinerman was
,
At the
a
with
Past President.
4
At
Trust
a
meeting of the directors of the Fidelity-Philadelphia
Co. of Philadelphia,
Pa., held Nov. 27, George L.
Russell Jr., President of the John
B. Stetson Co., was elected
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3494
member of the Board to succeed the late
a
Kinnon.
George V. Mac¬
That William A. Lank of Philadelphia, Pa., had recently
a Vice-President of the Farmers National Bank
been elected
capital, surplus, undivided profits and. reserves
now
stand at $77,005,446, comparing with
$76,916,337 last year. Huntly R. Drummond is President,
and Jackson Dodds and G. W. Spinney, Joint General
dividends
Managers.
of
Bloomsburg, Pa., and had assumed the duties of his new
office, was reported in "Money & Commerce" of Nov. 25,
which also said:
Mr.
Lank is
a
practical banker of wide experience, with 11
years as
a
National Bank Examiner, and at the time of his election to the position
filling the office of Deputy Commissioner of Banking of the State of
was
Delaware.
N.
...
Milleisen is President of the Farmers National Bank of Bloomsburg
and 8. L. Miller is Cashier.
4
On Dec. 5 the Delaware County National Bank at
Chester,
Pa., will celebrate the 125th anniversary of its founding, the
institution having been established on that date in 1814 as
the Bank of Delaware County.
It received its National
Charter in 1864 under its present title—The Delaware
County
National Bank.
Today the institution is capitalized at
$1,300,000 and has deposits of approximately $11,300,000.
Its officers are C. P. Webster, President, R. G. Burn and
H. C. Barnes, Vice-Presidents; J. Newton Pew,
Cashier,
and Eugene A. Mergy and S.H. Newsome, Assistant Cashiers
The appointement of John N.
Daley, City Comptroller of
Detroit, Mich., as a Vice-President of the Wabeck State
Bank of that city, was announced last week by
George B.
Judson, President of the institution, it is learned from the
"Michigan Investor" of Nov. 25, which added:
Mr.
Daley will resign his position
position with the bank
new
Mr.
as
Daley has been Comptroller of the city since July, 1936, when he
position by the succeeding Mayor, Richard W. Reading.
same
Born in Saginaw in 1891, Mr. Daley came to Detroit in 1913 and
entered
the
banking business with the Dime Savings Bank.
he
years
the
was
position
For
more
than
20
engaged in the practice of banking until his appointment to
of City
Comptroller.
Detroit and the Guardian
He
was
affiliated
Detroit Bank, and for
with
12 years
the
was
Bank
of
with the
First National Bank.
the
At
regular monthly directors' meeting of the First
in Palm Beach, Palm Beach, Ida., held
22, the following employees were advanced to new
positions:
National
Bank
Nov.
W.
A. Hall elected Assistant Cashier.
Mr. Hall has been with the bank
for several years and has had 20 years of
banking experience in the Palm
Beaches.
Harry Nye, elected Assistant Cashier, he having been with the bank for
the past two years in the Commercial Loan
Department, as well as having
14 years' banking experience in West Palm Beach and New
Jersey.
Mrs. Ingrid Eckler, who has been with the bank for the
past two years,
transferred from the Safe
Deposit Department to Secretary to the President,
Wiley R. Reynolds.
Miss Alden Hammett, a teller in the bank for two
Vault Custodian and in charge of Safe.
Miss
Sue Wolfe,
promoted
to
Assistant
years,
Manager of the
advanced to
new
W'omen's
Department of the bank.
with
Mrs.
Hazel
the bank.
.
S.
Miss Wolfe will be associated in this
department
Gorham, who is Manager, and Assistant Cashier of
■
A
regular monthly dividend of 1% and an extra dividend
of 50 cents per share was declared
payable Dec. 1 to stock¬
holders of record Nov. 25.
,
The 122nd annual report of the Bank of Montreal (head
Montreal, Canada), covering the fiscal year ended
Oct. 31, 1939, has been released this week.
Total assets are
office
shown in
the statement as $1,025,508,367
(comparing with
$874,255,828 last year), the highest level in the bank's
history and a new high mark in Canadian banking. Of the
total resources, $742,60 3,867
represent liquid assets and are
equal to 78.29% of all liabilities to the public, and compare
with $620,335,119, or 77.80%, in the
preceding year. Net
profits, after making appropriations to contingent reserve
fund, out of which fund full provision for bad and doubtful
debts has been made, and after
deducting Dominion and
Provincial Government taxes aggregating
$1,198,413, amount
to $3,462,446, which has been allocated as follows:
$2,880,000
to pay dividends to
shareholders, and $500,000 appropriated
for bank premises,
leaving a balance of $82,446, which when
added to $1,183,255—the balance to credit of
profit and loss
brought forward from the previous fiscal year—makes the
sum of
$1,265,701 to be carried forward to the current fiscal
year's profit and loss account.
the bank's
Further details regarding
showing follow:
The growth in the bank's assets is more
than accounted for by an increase
in deposits payable on demand and
after notice of $151,752,105 to a total
of $914,909,050.
The changes in the notes in
circulation, bills payable,
and other items in the liabilities to
the public are
relatively small.
As against the expansion in
in
the
assets
bank's
to
cash
assets
to
$742,603,867, while
deposits there is
$201,243,716 and
current
an
of
increase of $48,703,634
$122,268,748 in liquid
loans in Canada at $257,261,729
are
larger by $29,558,280.
Apart from substantial holdings in cash at $94,641,456, and money on deposit in other banks at
$77,357,497, holdings of
government and other bonds and debentures, of which
"the greater portion
consists of gilt-edge securities which mature at
early dates," are up by $76,434,435 to a total of $517,171,255.
This, together with the increase in
deposits, may be taken in part as reflecting the bank's
participation in the
recent $200,000,000 Federal Government loan taken
up by the Canadian
banks generally.
The expansion of
indication
part
of the
the
current
loans is
bank has played in
a
highly satisfactory
expanding industrial and
The effect of the greater business
activity has
also been to increase the bank's deposits from the
public.
general business activities.
*
The 69th annual report ot
the Dominion Bank, Toronto,
Canada, was issued to the shareholders on Nov. 27.
It
covers the 10 months ended Oct. 31, the new closing date oi
the bank's fiscal year.
Net profits for the period, after
making appropriations to contingency accounts, out of which
accounts full provision for bad and doubtful debts has been
made, and after deducting Dominion and Provincial taxes
of $264,236, amounted to $802,297, which when added to
$805,937, the balance to credit of profit and loss at Dec. 31,
1938, made $1,608,234 available for distribution.
Out of
this sum the following allocations were made: $583,333 to
pay dividend for the 10 months at the rate of 10 % per annum;
$62,500 contributed to officers' pension fund, aDd $125,000
written off bank premises, leaving a balance of $837,401 to
be carried forward to the current fiscal year's profit and loss
account.
Total deposits are shown at $136,901,997, or an
increase of $14,000,000; while total resources are given at
$163,639,106, an increase of $15,000,000.
Of the total
assets, cash securities and immediately available assets, total
$94,177,925, representing 64% of liabilities to the public.
Capital and reserve fund, at $7,000,000 each, remain un¬
changed. C. H. Carlisle is President of the Dominion Bank,
while Robert Rae is General Manager.
THE
Comptroller before he accepts his
Dec. 1.
appointed by former Mayor Frank Couzens and later reappointed to
was
the
on
1939
The bank's
for
*
Dec. 2,
CURB
MARKET
Declining prices were again in evidence during most of the
present week.
There have been some strong spots par¬
ticularly in the public utility preferred stocks, buc with few
exceptions the gains have been small. Industrial shares have
moved backward and forward without definite trend, and
while there have been occasional gains of a point or more
among the slow moving issues, the tendency has been toward
lower levels.
Aluminum stocks have been quiet and oil
shares have shown little activity.
Aircraft issues sagged and
mining and metal stocks moved within a narrow range.
Dull trading and irregular price movements were the out¬
standing characteristics of the abbreviated market on
Saturday. The transfers dropped to approximately 60,000
shares, the smallest turnover for the short session since midOctober.
There were a few selected issues that registered
gains of a point or more from the preceding close but the
market, as a whole, was lower.
Aluminum stocks were
irregular, Aluminum Co. of America moving up a point,
while Aluminium Ltd. pref. declined 2% points to 104.
Air¬
craft shares were generally lower and the industrial specialties
declined all along the line.
In the public utility group
several of the preferred stocks recorded modest gains but oil
shares and mining and metal issues were quiet.
Price movements were generally toward lower levels on
Monday, and while there were some moderately strong spots
scattered through the list, the declines exceeded the advances
as
the market closed.
Aircraft stocks were irregular, the
gains and losses in this group being about equally divided.
Industrial specialties sagged and mining and metal shares
moved within a narrow channel.
Public utility stocks were
quiet although some moderate gains were apparent from
time to time.
Aluminum Co. of America was up 1% points
at 136.
Other advances included Pittsburgh Plate Glass, 2
points to 101; and Eastern Gas & Fuel prior pref., 2 points
to 40%.
Mixed price changes were apparent on Tuesday, and while
there was a fairly long list of gains, the declines again slightly
exceeded the advances.
upside and there
Public utilities
were
advances of
active
on
the
point or more
with Hartford Electric Light working into new high ground
with a gain of 3 points at 68. 1 Aircraft stocks again moved
lower, Bell leading the downward swing with a decline of
1% points to 20 %, with fractional losses in Lockheed, Fairchild, Beech and Bellanca.
Industrial stocks were inclined
to move to higher levels, Nehi Corp. advancing 1% points to
49% and upturns of a point or more were registered by
Quaker Oats, Hey den Chemical, Brown Co. pref. and
Koppers Co 6% pref.
Public utilities were in demand on Wednesday and several
stocks in the preferred group moved into new high ground.
In other sections of the list there was a tendency toward
lower levels.
Aircraft issues declined with the exception of
Brewster which was fractionally higher.
Industrial stocks
were weak, oil shares were off and mining and metal issues
moved within
the decline
a
were numerous
narrow
channel.
Jones &
a
Prominent
od
the side of
Laughlin Steel, 2% points to 32%;
Pittsburgh & Lake Erie, 3 points to 58; Singer Manufacturing
Co., 4 points to 157%; Todd Shipyards, 4 points to 58;
Benson & Hedges, 1% points to 37; and Midvale Co., 1%
points to 110.
On Thursday trading on the New York Curb Exchange
was slowed down to a considerable extent by the observance
of the Thanksgiving holiday in that portion of the country
that failed to observe the day on the 23d and the volume of
transfers
tumbled
downward
to
154,990 shares against
203,310 on Wednesday.
There was a moderate setback all
along the line, and while there were a number of strong spots
in evidence in various parts of the list, prices were generally
below the preceding close.
Aircraft stocks failed to improve
were
Volume
and the
ties
public utility shares
Industrial special¬
change.
Several
the recent market leaders failed to appear on
mixed.
were
weak and oil issues showed little
were
stocks among
the tape.
The
price of silver per ounce (in cents)
the same days has been:
.
States
BarN.Y.(for'n)
Nov. 27
THE
AT
NEW YORK
Stocks
EXCHANGE
CURB
Dec.
1. 1939
Domestic
Government
Thursday..
Friday.
59,540
121,275
157,530
203,110
155,450
143,405
3424
3424
3424
3424
3424
71.10
71.10
71.10
Total...
840,310
Wednesday
$528,000
None
12,000
5,000
9,000
$6,617,000
Monday
Tuesday
1
71.10
FOREIGN
EXCHANGE
RATES
requirements of Section 522 of the Tariff
Act of 1930, the Federal Reserve Bank is now certifying
daily to the Secretary of 1he Treasury the buying rate for
cable transfers in the different countries of the world.
give below
a
FEDERAL RESERVE
ACT OF 1930
BY
TREASURY UNDER TARIFF
BANKS TO
NOV.
CERTIFIED
RATES
EXCHANGE
FOREIGN
We
record for the week just passed: f
25,
1939,
TO DEC.
1939, INCLUSIVE
1,
New York
Noon Buying Rale for Cable Transfers in
Value in United States Money
Country and Monetary
Unit
Dec.
1
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Nov. 30
S
$
$
S
S
$
.165911
.164938
Europe—
Belgium, belga
.165350
.165072
.165372
.165061
a
a
a
a
a
a
a
a
a
a
a
.192985
.193000
.192975
.193025
.192938
.192862
Engl'd, pound aterl'g 3.924166
.019033
Finland, markka
3.917361
3.928472
3.904305
3.882500
3.893055
krone
a
29,000
22,000
4,000
8,000
33,000
1,071,000
1,449,000
1,470,000
1,131,000
1,161,000
$65,000
$128,000
$6,810,000
45,000
17,000
.019033
.019000
.018900
.018750*
France, franc
Total
Corporate
$9,000
$519,000
1,014,000
1,415,000
1,444,000
1,105,000
1,120,000
Saturday..
Foreign
Foreign
of
Shares)
Fri.,
Dec. 1
Pursuant to the
Denmark,
{Number
Week Ended
Thurs.,
Nov. 30
71.10
3424
Bulgaria, lev
Czechoslov'la, koruna
Bonds {Par Value)
Wed.,
Nov. 29
Treasury
(newly mined) 71.10
against 162.
TRANSACTIONS
1
Tues.,
Nov. 28
Mon.,
Sat.,
U. S.
in the United
on
Nov. 25
Stocks were firmer on Friday following modest advances
during the closing hour of the preceding session. The gains
were not
particularly noteworthy but were fairly well dis¬
tributed through the list.
The market was inclined to sag
around midsession but firmed as the day progressed.
In the
aircraft group Lockheed moved up a point to 29%, followed
by Bell, Beech and Grumman with fractional advances.
Public utility preferred stocks were higher and there was a
stronger tone among the industrial specialties. As compared
with Friday of last week prices were generally lower; Ameri¬
can Gas & Electric closing last night at 37% against 38% on
Friday a week ago; Bell Aircraft at 19% against 22%; Electric
Bond & Share at 7% against 8%; Fairchild Aviation at 10%
against 11; Humble Oil (new) at 65 against 66%; Inter¬
national Petroleum at 18 against 20%; Sherwin-Williams at
94 against 95% and Singer Manufacturing Co. at
159
DAILY
3495
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
.022229
.022173
.022266
.022134
.021991
.022037
Germany, relchsmar
.401250*
.401200*
.401100*
.401300*
.401125*
.401000*
.018500*
Greece, drachma
.007241*
.007214*
.007187*
.007200*
.007118*
.007106*
Hungary, pengo
Italy, lira
Netherlands, guilder-
.176016*
.176016*
.176012*
.176012*
.176012*
.176012*
.050455
.050447
.050455
.050455
.050406
.050450
1939
.530788
.530812
.227087
.226972
.226925
a
a
a
a
Portugal, escudo
.036033
.036000
.036033
.035966
.036200
.035833
Rumania, leu
.007120*
.007090*
.007091*
.007100*
.007008*
.007008*
.099500*
.099500*
.099500*
.099500*
.099500*
.099500*
.237987
.237950
.237975
.238075
.238006
.237912
.224244
.224244
.224238
.224244
.224172
.224200
Yugoslavia
1938
1939
1938
,
.530788
.227185
Switzerland. franc.«.
Exchange
.530833
a
Sweden, krona
1 to Dec. 1
Jan
.530822
.227014
a
Spain, peseta:
Week Ended Dec. 1
Sates at
New York Curb
.530822
.227042
.022645*
.022645*
.022687*
.022670*
.022645*
.022704*
krone
Norway,
Poland, zloty..
,
dinar._
Asia—
Stocks—No. of shares.
840,310
1,019,745
41,465,685
43,802,046
$6,617,000
65,000
128,000
$8,210,000
$404,644,000
149,000
4,079,000
$321,560,000
6,600,000
105,000
6,410,000
6,072,000
$6,810,000(
$8,464,000
$415,133,000
$334,232,000
China—
Bonds
Foreign government
Foreign corporate
.077566*
.076666*
a
.244350
a
a
a
.
.077500*
.075916*
.077666*
a
a
a
a
a
a
a
a
a
.080031*
a
a
a
Domestic
a
a
.242016
.243750
.244308
.242750
.242300
British India, rupee..
.300270*
.300575*
.300492*
.300535*
.300464*
.300392*
Japan, yen
.234412
.234412
.234412
.234412
.234412
.234412
.460100
Total
.458750
.460250
.458625
.455200
.455450
3.126666
3.117916
3.128333
3.110416
3.092916
3.102500
dollar
Hongkong,
Australasia—
CURRENT
—J.
announced
was
investment banking firm.
New Zealand, pound
Africa—
3.140000* 3.131562* 3.142500* 3.123437* 3.104375* 3.113750*
Vice-
Union South Africa,,
3.975000
3.975000
3.974166
3.974000
3.974000
3.974000
.863906
.862500
.863828
.863046
.863359
was
.869296
new
Prior to
1939.
President
1934, Mr.
director
and
Inc.
as a
underwritings.
of
Baker
Stone
was
The firm
for
Webster
&
was
dissolved
on
Nov.
than six years Vice-
more
and
North America—
Canada, dollar
Blodget,
Inc.,
having
as
partner for several years.
other partners of Blodget
organized Stone &
In 1927, Mr. Baker, together with
& Co. and officers of Stone & Webster, Inc.,
Webster and Blodget,
Inc.
Mr.
Baker first become
engaged in general engineering work in 1910 and subsequently became as¬
sociated in New York City with Westinghouse,
Church, Kerr & Co., Inc.,
b
.204500*
.203333*
.204450*
.204460*
.204680*
.204320*
.861406
.859843
.861250
.860312
.861093
.867812
Argentina, peso
.297733*
.297733*
.297733*
.297733*
.297700*
.297733*
Brazil, mllrels official
.060580*
.060580*
.060580*
.060580*
.060580*
.060580*
free..
.050200*
.050180*
.050100*
.050200*
.050100*
.050200*
Chile, peso—official.
.040000*
.040000*
.040000*
.040000*
.040000*
.051700*
.572725*
.572725*
.572500*
.572500*
.572100*
.040000*
.051733*
.051700*
.051700*
.051700*
.051740*
.572200*
Mexico, peso
Newfoundl'd, dollar.
South America—
"
"
previously been associated with Blodget & Co. since 1919 with which firm
he served
b
b
b
b
b
Cuba, peso
previously senior partner of J. E. Baker & Co., investment
bankers, which firm he organized in 1934.
27,
Blair & Co.,
Mr. Baker's activity in his new association will
largely devoted to the development of
Mr. Baker
Australia, pound
by John R. Montgomery, President of the
E. Baker has become associated with
President, it
be
NOTICE
"
"
Colombia,
export.
peso
b
Non-controlled
♦
Nominal rate,
a
b
b
.658300*
.658300*
.658300*
b
Uruguay, peso contr
b
b
.370625*
.370625*
.370625*
No rates available,
b Temporarily omitted.
engineers, doing general engineering and report work for investment and
commercial
in
the
banking firms.
Ordnance
During the World War, he served
as
Major
COURSE OF
Department of the United States Army, after the war
entering upon his association with Blodget & Co.
of Marine Midland
Mr. Baker is
a
director
Corp., Franklin National Insurance Co. of New York,
and the Transcontinental Insurance Co." of New York. ^
THE ENGLISH
Bank clearings
BANK
CLEARINGS
this week will show a decrease compared
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, Dec. 2)
clearings from all cities of the United States for which it
is possible to obtain weekly clearings will be 2.9% below
those for the corresponding week last year.
Our preliminary
total stands at $6,134,264,047, against $6,319,964,452 for
the same week in 1938.
At this center there is a loss for the
week ended Friday of 7.4%.
Our comparative summary
with
a
year ago.
upon
GOLD AND SILVER MARKETS
We
reprint the following from the weekly circular of
Samuel Montagu & Co. of London, written under date of
Nov. 8, 1939: •
GOLD
The gold held in the Issue
Department of the Bank of England amounted
168s per fine ounce, on Nov. 1, as compared with £185,013
at 168s per fine ounce on the previous Wednesday.
The Bank of England's buying price for gold has remained unchanged
at 168s per fine ounce.
SILVER
1
to £185,030 at
Quiet conditions have followed the imposition of import restrictions to
which we referred last week and there was little movement in prices until
yesterday, when buying by the Indian Bazaars and poor offerings caused
an advance to 23 7-16d. for cash and 23Kd. for two months' delivery—
rises of
and 7-16d. respectively over the quotations of the previous day.
There was a further rise today to 2334d- and 23 %d.
The large premium which recently obtained for silver for cash delivery
has now disappeared, the position having been eased by substantial arrivals
from the United States of America and the Far East; an interesting feature
of the week is that yesterday and today the two months' quotation was
for the week follows:
Per
Clearings—Returns by Telegraph
Cent
1939
1938
$2,774,811,140
269,645,432
$2,995,437,074
—7.4
242,477,110
+ 11.2
Philadelphia..
354.000,000
328,000,000
+ 7.9
Boston—....
176,361,666
79.659,932
198.594.C97
—11.2
Week Ended Dec. 2
New York....
Chicago
Kansas
66,830,285
59,111,394
+ 13.1
$4,264,472,266
847,414,440
$4,409,466,632
—3.3
776,748,480
+ 9.1
$5,111,886,706
-1.4
1,022,377,341
$5,186,215,112
1.133,749,340
$6,134,264 047
*6.319.064.452
-2.9
88,400,000
St. Louis
San Francisco.
133,523,000
Pittsburgh
123.051,349
102,269,665
Detroit
quoted at a premium over that for spot for the first time since Aug. 24.
Cleveland
1937.
+6.9
95,914,797
City..
74,486,184
80,100,000
143,267,000
109,796,097
94,095,182
84,102,194
—
...
Baltimore
....
+ 10.4
—6.8
+ 12.1
+8.7
+ 14.0
the
Quotations during the week:
IN NEW YORK
IN LONDON
Bar Silver per Oz. Std.
Cash
2Mos.
Nov. 2
23 l-16d.
Nov. 6
23 l-16d.
23 l-16d.
23d.
23d.
Nov. 7
23 7-16d.
U.
S.
Nov. 8
2334d.
2334d.
23^d.
Average--
23.225
23.237
follows:
Other cities, five days
Market
Price
Nov. 1
35 cents
34 % cents
Nov. 2
35 cents
34^
Nov. 3---
35 cents
Nov. 7
—-
England during the week
Buying, $4.04; selling, $4.02.
ENGLISH
FINANCIAL MARKET—PER
Total all cities, five days.
All cities, one day
-9.8
cents
34^4 cents
35 cents
3424 cents
Holiday
Nov. 6
The official dollar rates fixed by the Bank of
were as
Treas.
Price
23 l-16d.
Nov. 3
Eleven cities, five days.
{Per Ounce .999 Fine)
CABLE
Total all cities for week.
Complete and exact details for the week
covered by the
foregoing will appear in our issue of next week.
We cannot
furnish them today, inasmuch
as the Aveek
ends today
(Saturday) and the Saturday figures will not be available
noon
today.
Accordingly, in the above the last day
of the week in all cases has to be estimated.
In the elaborate detailed statement, however, which we
until
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
as
Mon.,
Sat.,
Wed..
Nov. 29
Thurs.,
Nov. 30
Vri.,
Nov. 28
23 5-16d.
2324d.
2334d..
2334d.
168s.
168s.
168s.
168s.
Closed
£6824
£6834
£68
£6724
Closed
£9234
£9234
£9234
£9234
£9234
Closed
£10534
£10524
£10524
£10524
£10534
Gold, p. fine oz. 168s.
Consols. 2^%-
Tues.,
Nov. 27
23 7-16d.
168s.
£6824
Nov. 25
Silver, per oz._ 23 7-16d.
Dec. 1
of
British 334 %
W. L
British 4%
1960-90
present further below, we are able to give final and com¬
plete results for the week previous—the week ended Nov. 25.
For that week there was an increase of 3.9%, the aggregate
clearings
for
the
whole
country
having
amounted to
$5,007,999,820, against $4,822,328,284 in the same week in
1938.
Outside of this city there was an increase of 15.8%,
this center having recorded a loss of
the bank clearings at
We
serve
group
that in the New York Reserve District (including
this city) the totals show a decrease of 5.1%, but in the
Boston Reserve District the totals show an increase of
Dec. 2, 1939
Week Ended Nov. 25
the cities according to the Federal Re¬
districts in which they are located, and from this it
5.6%.
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
3496
Clearing* at—
Inc.
1939
or
1937
Dec.
1938
1936
appears
%
Seventh Feder al Reserve D istrict—Chic ago—
—3.0
274,709
266,414
Mich.—AnnArbor
21.0%, and in the Philadelphia Reserve District of 15.1%.
In the Cleveland Reserve District the totals record an im¬
St. Louis Reserve District of 23.4%,
In the
City Reserve District the totals are larger by 15.3%,
Dallas Reserve District by 13.6%, and in the San
of 13.1%, in the
sion
Kansis
in
Minneapolis Reserve District of 24.8%.
the
Francisco Reserve District by
In
the
Lansing
+ 11.5
2,333,828
963,205
+ 14.9
269,982
90,161,987
2,378,169
1,016,886
+ 19.2
223,053
96,065,048
2,641,676
1,245,621
932,878
15,550,000
788,277
+ 96.7
871,142
+ 10.9
1,528,162
14,454,000
1,074,440
13,848,000
1,100,219
4,912,062
17,451,388
1,114,547
8,202,302
3,506,002
4,112,743
14,615,831
1,096,961
6,363,727
3,411,621
+ 19.4
4,640,016
+ 19.4
51,451,725
909,814
291,165
282,167
+ 3.2
305,970
Chicago
277,094,769
245,586,259
1,146,446
4,587,535
886,795
1,025,480
+ 12.8
259,928,710
1,183,950
4,881,691
912,378
1,071,057
+ 3.3
812,082
+ 6.4
4,341,136
+2.9
991,496
+ 4.4
1,013,165
1,153,348
4,764,450
15,303,825
1,095,568
7.493,789
3,221,528
357,680
284,075,530
807,366
5,796,136
1,166,056
1,032.414
435,409,502
3§5,130,664
+ 13.1
407,580,800
442,925,966
74,500,000
24,836,182
18,690,857
26,826,601
Ind.—Ft'
1,550,550
16,034,000
Wayne
Indianapolis—
South Bend—
Terre Haute
'
Wis.—Milwaukee
la.—Ced. Rapids
Moines...
Des
Sioux City
111.—Bloomington
7.1%.
Peoria
following we furnish a summary by Federal Re¬
Rockford
districts1:
serve
82,126,640
2,682,376
1,147,965
Decatur
provement of 16.0%, in the Richmond Reserve District of
20.6%, and in the Atlanta Reserve District of 19.1%.
In
the Chicago Reserve District the totals register an expan¬
and in the
91,578,724
Detroit
Grand Rapids
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
+ 42.2
+ 1.6
6,864,802
2,675,499
+ 28.9
+ 2.8
Inc.or
Week Ended Nov. 25,1939
1939
1938
Dec.
1937
S
S
%
S
1936
Eighth Federa
Reserve Dists.
Federal
2d
3d
4th
6th
6th
7th
PbiladelpblalO
5
Richmond— 6
Atlanta
10
"
"
"
Cleveland..
8th
Chicago....18
St. Louis... 4
9th
Minneapolis
7
10th Kansas CltylO
6
11th Dallas
12thSan Fran...11
S
210,098,664
270,169,253
2,791,655,366
—5.1
2.781,226,018
3,600,161,942
325,714,140
+ 15.1
+16.0
111,886,635 +20.6
317,676,311
369,375,133
256,513,574
277,826,285
We
111,344,394
143,996,952
+19.1
126,769,559
130,559,356
385,130,664
+13.1
407,580,800
119,891,763
+23.4
118,501,039
147,905,119
119,891,763
+ 23.4
118,501,039
129,647,861
+ 21.1
2,925,101
+ 27.2
59,168,146
22,188,097
1,742,001
603,488
24,300,260
129,647,861
Total (4 cities).
103,587,575
85,439,642
+24.8
90,181,152
88,436,581
127,309,197
110,386,704
+15.3
106,181,956
119,273,544
Ninth Federal
66,102,921
58,180,958
+ 13.6
66,446,383
59,314,039
Minn.—Duluth..
3,309,484
230,475,601
our
x
442,925,966
19
215,214,677
+ 7.1
208,300,762
209,898,649
Minneapolis...
69,952,261
25,668,245
2,220,221
848,811
1,090,838
3,497,715
5,007.999,820
4,622,328,284
2,457,978,488
add
521,000
117,504,873
147,905,
32 cities
now
x
474,000
+ 63.5
x
Quincy
2,121.907,856
+3.9
+ 15.8
Reserve Dis trlct—Minne apolis
Paul
4,800,820.632
5,615,093,482
N. D.—Fargo...
2,116,856,611
2,318,777,547
S.
D.—Aberdeen
Mont.—Billings
Canada...
x
+ 30.1
111.— Jacksonville
243.191,324
171,551,484
113 cities
78,000,000
445,000
Tenn.—Memphis
St.
Total
+ 14.6
+20.7
74,900,000
26,388,428
18,158,335
Ky.—Louisville..
2,660,360,199
435,409,502
Outside N. Y. City
Lo uis—
85,800,000
31,841,493
29,684,626
579,000
+21 0
134,894,133
M
"
••
' *
"
"
"
Reserve Dls trict—St
Mo.—St. Louis._
231,639,459
282,178,815
Boston
280,178,608
375,043,666
12 cities
New York.. 13
"
1st
+7.3
417.262,466
Helena.
detailed statement showing last week's
Total (7
345,835.768
371.232.840
357,034.529
.
106,587,575
cities)
21,336,966
1,958,214
+ 20.3
688,927
824,416
+ 23.2
+ 32.3
788,596
2,912,072
+20.1
2,765,723
2,910,262
56,868,117
23,146,186
1,660,697
639,000
744,783
2,467.536
85,439,642
+ 24.8
90,181,152
88,436.581
2,732,586
54,986,461
+ 13.4
figures for each city separately for the four years:
Tenth Federal
Week Ended Nov. 25
Reserve Dls trict—Kans
104,354
101,394
2,489,594
32,735,015
1,739,360
2,130,082
84,154,662
2,711,728
491,652
651,356
Neb.—Fremont..
Clearingn atInc.
1938
1939
Hastings
or
Dec.
1937
1936
S
$
Lincoln
Omaha
$
$
First
Reserve Dlst rict
Federal
Boston
397,408
385,832
+ 3.0
424,041
482,569
+ 18.5
1,758,577
+23.2
182,041,070
+ 11.9
468,182
2,056,488
232,945,561
591,167
+ 25.9
307,984
Mass.—Boston..
248,062,305
River....
670,018
1,723,358
201,325,548
598,987
385,334
305,964
Portland
Lowell
Kan.—Topeka
__
Wichita
2,042,800
Me.—Bangor
Fall
_%
271,404
567,300
971,446
2,316,251
1,759,426
R.I.—Providence
610,203
3,890,790
1,804,004
8,418,739
3,685,681
9,590,900
9,552,300
+0.4
620,426
444,792
+ 39.5
8,024,200
450,233
13,634,700
N.H.—Manches'r
Total (12 cities)
280,178,608
231,639,459
+ 21.0
210,098,664
270,169,253
Feder al Reserve D istrlct—New
6,522,594
754,900
29,900,000
St.
Joseph
Colo.—Col. Spgs
Pueblo
Total (10 cities)
127,309,197
City
+ 57.9
—6.1
1,774,636
+ 40.3
25,999,616
1,636,385
+ 25.9
2,446,064
—12.9
75,058,456
+ 12.1
2,260,438
+ 20.0
+ 6.3
80,087
94,142
1,917,807
24,995,500
1,488,682
2,541,852
71,987,260
2,150,902
488,715
94.167
102,181
2,262,619
28,028,442
1,378,598
509,309
—3.5
527,754
+ 23.4
437,009
2,692,663
80,941,775
2,773,377
435,996
663,726
110,386,704
+ 15.3
106,181,956
119,273,544
863,596
45,604,215
VorV-
5,347,786
879,917
Mo.—Kan. City.
as
66,099
107,947
New Bedford..
Springfield
Worcester
Conn.—Hartford
New Haven..
Second
7,915,506
4,340,049
—37.2
532,806
+ 68.0
+ 6.4
2,329,815
1,736,972
8,371,378
—15.1
3,653,406
+ 2.5
2,724,175
1,767,286
10,580,648
4,049,137
498,818
9,861,151
7,631,244
+ 29.2
1,142,914
900,809
28,700,000
+ 26.9
365,207
433,255
661,853
611,776
2,550,021,332 2,700,420,426
Rochester
6,549,899
6,172,553
4,002,411
Syracuse
2,882,566
Westchester Co
3,135,690
3,860,654
Conn.—Stamford
4,701,012
4,713,642
—15.7
28,300,000
512,554
+ 8.2
543,867
534,638
—5.6 2,681,964,021
3,496,315,935
N. Y.—Albany
Binghamton...
32,000,000
Buffalo
Elmira
Jamestown...
New
York
N. J.—Montclalr
-
+6
6,866,780
6,642,016
+ 38.8
—18.8
4,906,954
3,444,458
2,583,228
—0.3
4,424,191
4,065,075
3,480,388
337,392
—13.6
294,098
*250,000
16,682,037
20,945,320
14,332,907
20,658,142
+ 16.4
17,045,362
26,696,030
21,089,510
2,791,655,366
-5.1
Total (13 cities) 2,650,360,199
Third Federal
799,218
291,373
Newark
Northern N. J.
+ 11.5
+ 1.4
27,224,440
2,781,226,018 3,600,161,942
Reserve Dist rict—Phiiad elphia
291,451
Pa.—Altoona
367,954
—20.8
422,371
417,662
629,210
729,440
—13.7
597,621
*350,000
240,834
1,084,300
365,000,000
354,505
—32.1
243,043
244,435
1,083,086
313,000,000
1,216,520
+0.1
1,007,581
+ 16.6
306,000,000
+ 1.4
1,261,324
2,280,780
1,342,893
359,000,000
1,182,953
2,069,506
Bethlehem
Chester
Lancaster
Philadelphia...
1,233,369
Reading
Scranton
2,160,865
N. J.—Trenton..
2,700,000
1,909,049
663,733
1,112,853
5,277,000
Total (10 cities)
375,046,666
325,714,140
Wilkes-Barre.
761,372
_
York
945,265
+ 13.2
+ 14.7
880,524
1,035,287
—15.1
1,199,567
—48.8
3,773,500
317,676,311
369,375,133
Reserve
District—Da lias—
1,233,052
+ 9.7
920,092
44,202,937
+ 17.7
6,913,665
2,074,000
—0.3
53,733,297
6,256,459
—0.6
1,921,000
Wichita Falls..
6,891,805
2,062,000
836,064
795,653
+ 5.1
827,288
691,444
La.—Shreveport.
2,921,823
2,961,651
—1.3
2,788,247
2,464,080
Total (6 cities).
66,102,921
58,180,958
+ 13.6
66,446,383
59,314,039
1,353,193
52,038,036
Dallas
Worth
Fort
Galveston
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Yakima
Ore.—Portland..
Utah—S. L. City
35,635,142
1,067,055
30,707,152
16,785,949
30,386,762
2,695,449
30,671,217
892,934
941,418
27,443,239
+ 11.9
25,498,559
24,622,865
14,902,005
+ 12.5
13,555,649
13,685,116
—6.4
3,447,343
—10.9
3,547,571
3,214,458
129,809,000
2,407,617
1,160,855
2,389,574
209,898,649
Santa Barbara.
1,281,361
Stockton
2,513,691
2,417,760
+ 4.0
2,876,612
125,184,000
2,420,501
1,340,142
2,413,825
230,475,601
215,214,677
+ 7.1
208,300,782
Pasadena
San
Francisco.
2,505,040
San Jose
Total
Grand
133,898,000
(10 cities)
Ohio—Canton.
Cincinnati
1,979,151
55,281,144
Cleveland
96,874,545
Columbus
8,909,600
Mansfield...
1,749,900
2,159,665
Pa.—Pittsburgh.
115,224,810
1,640,175
46,892,795
80,724,841
10,467,500
1,223,293
1,695,761
100,546,959
Total (7 cities).
282,178,815
243,191,324
__
+ 20.7
+ 14.6
2,157,285
48,750,061
76,649,420
9,111,100
1,405,517
2,321,680
116,118,511
+ 16.0
256,513,574
+ 17.9
+ 20.0
—14.9
+ 5.2
+ 5.2
—5.1
28,120,175
(113
total
5,007,999,820 4,822,328,284
cities)
Outside New York 2,457,978,488 2,121,907,858
+ 3.9
4,800,820,632 5,815.093,482
+ 15.8 2,118,856,611 2,318,777,547
Week Ended Nov. 23
Clearings atInc. or
1939
1938
Canada—
109,334,314
103,647,439
114,172,186
106,620,720
63,243,024
41,468,654
2,269,448
50,815,271
1937
—4.2
1936
%
—2.8
115,539,842
106,671,039
148,547,797
121,804,776
45,675,251
Ottawa
Vancouver
_
Quebec...
+ 52.5
50,982,459
17,912,835
18,743,150
—4.4
16,727,367
W,988,191
23,112,250
4,947,537
Winnipeg
80,045,568
9,887,800
Dec.
%
Montreal
Feder al Reserve D istrict—Clev eland—
SCO—
+ 11.9
+ 7.3
Toronto
Fourth
Franc'
7,102,704
2,588,000
994,465
31,852,045
3,617,569
3,024,322
127,231,549
2,381,780
1,349,943
Calif.—L'g Beach
1,319,397
2,413,000
+ 15.1
Eleventh Fede ral
Texas—Austin
18,020,357
4,693,568
+28.3
18,106,701
3*4,847,051
+ 5.4
6,092,099
+ 43.0
+ 27.4
5,082,946
1,490,926
Halifax..
3,218,433
2,496,969
+ 28.9
2,699,514
2,388,555
2,260,065
Hamilton
6,377,930
5,036,377
+ 26.6
5.830.544
4,966,265
131,057,207
Calgary
7,172,075
6,779,224
5,976,782
St.
Youngstown...
277,826,285
Victoria
1,991,343
1,905,637
....
+ 5.8
6.120.545
1,759,300
+ 13.2
1,644,583
+ 18.5
1,673,490
1,611,911
2,611,177
1,608,098
2,423,967
+ 7.7
2,630,079
4,920,549
4,222,559
+ 16.5
5,295,042
347,810
598,230
3,687,884
299,245
+ 43.6
2,814,636
4,313,380
2,757,768
+ 16.2
311,687
562,349
+ 6.4
502,578
434,071
1,783,515
1,293,294
+ 37.9
1,515,968
549,581
+ 30.6
Brantford
717,478
905,564
1,119,243
468,001
848,390
John
London
Fifth Federal
Reserve Dls<
W.Va.—Hunt'ton
rict
Rlchm ond—
Edmonton
Richmond
456,208
301,028
+ 51.6
2,474,000
48,644,461
Va.—Norfolk
2,334,000
37,425,325
+ 30.0
986,708
971,847
+ 1.5
63,393,347
18,939,409
52,601,237
18,253,198
+ 20.5
+ 3.8
294,403
2,260,000
37,921,839
1,032,557
52,414,478
17,421,117
134,894,133
111,886,635
+ 20.6
111,344,394
S. C.—Charleston
Md.—Baltimore
D.C.—Washing' n
+ 6.0
...
284,223
Regina
2,535,000
37,696,144
Brandon
1,148,824
57,340,923
18,499,759
Saskatoon
Lethbridge
...
Moose Jaw
1,985,688
3,479,750
3,708,490
279,634
648,502
Sixth Federal
Tenn.—Knoxville
Nashville.....
Ga.—Atlanta
rict—At! an*
3,770,078
19,768,404
3,230,356
16,689,499
47,900,000
+ 16.7
3,009,301
+ 18.4
923,012
+ 28.2
13,558,684
43,700,000
900,394
55,900,000
Augusta
1,183,441
Macon
+ 16.7
1,001,587
794,748
+26.0
Fla.—Jacks'nville
915,145
21,960,000
+ 29.7
Ala.i—Birm'ham
24,738,387
16,930,000
19,414,613
1,927,303
1,400,562
+ 37.6
13,370,000
16,420,348
1,229,283
_
Mobile
Miss.—Jackson..
x
Vlcksburg
x
+ 27.4
x
x
+ 10.6
950.664
801,823
675,693
+ 18.7
823,235
581,851
634,220
—8.3
591,996
616,613
309,908
251,703
+ 23.1
230,286
226,584
Peterborough
Reserve Dls<
117,504,873
New Westminster
Medicine Hat
cities).
818,868
Fort William....
Total (6
571,777
562,968
+ 1.6
616,732
722,765
809,051
596,952
3,053,493
14,279,204
Sherbrooke
721,742
581,875
1,131,256
738,284
1,017,973
—2.1
Kitchener
+ 11.1
1,073,659
1,059,710
47,600,000
Windsor
2,815,425
2,845,268
—1.0
3,339,715
2,983.584
1,147,977
962,992
12,461,000
16,809,805
1,299,276
x
163,337
105,420
+ 54.9
133,232
La.—New Orleans
36,608,742
+ 12.4
33,533,172
32,770,891
Total (10 cities)
171,551,484
143,996,952
+ 19.1
126,769,559
130,559,356
434,127
311,995
+ 39.1
335,341
333,979
Moncton
876,533
632,260
811,663
+ 8.0
1,040,828
851,110
567,102
+ 11.5
572,915
540.186
Chatham.
778.538
646,489
+ 20.4
747,981
694,742
Sarnia
567,857
536,820
+ 5.8
576,356
532,184
966,538
979,240
—1.3
1,037,603
1,015,799
371,232,840
345,835,768
+ 7.3
357,034,529
417,262,466
Sudbury
174,718
41,138,947
Prince Albert
Kingston
Total (32 cities)
*
Estimated,
x
No figures available.
Volume
PRELIMINARY
The
TREASURY CASH
THE
OF
STATEMENT
DEBT
UNITED
the public debt of the
made up on the basis of
the Daily Treasury statement, is as follows:
statement
States
31,
Oct.
of
1939,
as
holdings of the Government as the items stood
Oct. 31, 1939, are set out in the following.
The figures
are taken
entirely from the daily statement of the United
States Treasury Oct. 31, 1939.
Bonds—
CURRENT ASSETS AND LIABILITIES
3% Panama Canal loan of 1961
3% Conversion bonds of 1946-47
$49,800,000.00
Gold (oz.
117,673,020.00
$196,367,520.00
Treasury bonds:
4X% bonds of 1947-52
1,036,692,900.00
bonds of 1940-43
3X4% bonds of 1941
34% bonds of 1943-45
3)4. % bonds of 1944-46
3% bonds of 1946-48
3H %
2VS%
2*4%
2*4%
2*4%
2*4%
2X%
2)4%
2X%
2*4%
Redemption fund—Federal Reserve notes
Gold
bonds Of 1949-52
bonds of 1955-60
bonds of 1945-47
bonds of 1948-51
bonds of 1951-54
bonds of 1956-59
bonds of 1949-53
bonds of 1945
bonds of 1948
bonds of 1958-63
2)4% bonds of 19.50-52
2% bonds of 1947
Series B-1936.
States notes
outstanding. Treas¬
also secured by silver dollars In Treasury.
ury notes of 1890 are
Exchange stabilization fund
In working balance..
-
1,800,000,000.00
•
$16,864,439,676.84
$142,512,592.41
84,194,988.88
.........
....
226,707,581.29
Total
$17,091,147,258.13
_
Assets—
SILVER
$1,277,777,446.05
500,727,634.00
Sliver (oz. 988,280,993.4)
Sliver dollars (oz. 387,281,529.4).
$1,778,505,080.05
Total
Liabilities—
Silver
certificates outstanding
.......
....
Treasury notes of 1890 outstanding
$25,218,322,650.00
CJ. 8. Savings bonds (current redemp. value):
Series A-1935
156.039,430.93
.......
Gold In genera] fund:
Balance of Increment resulting from reduc¬
tion In the weight of the gold dollar
1,485,385,100.00
701,074,900.00
2*4 % bonds of 1960-65..
reserve
Note—Reserve against $346,681,016 of United
and $1,165,372 of Treasury notes cf 1890
818,627.000.00
755,432,000.00
834,453.200.00
1.400,528,250.00
1.518,737.650.00
1.035,874,400.00
491.375.100.00
$2,611,093,650.00
1,214.428.950.00
1,223,495,850.00
1,626,687,150.00
981.827,050.00
1,786,140.650.00
540,843,550.00
450,978,400.00
918,780,600.00
1,185,841,700.00
bonds of 1946-49
3% bonds of 1951-55
$2,885,789,599.00
12,013,765,446.08
8,845.200.83
—
Gold certificate fund—Board of Governors, Fed. Res. System..
454,135.200.00
352,993.450.00
544.870,050.00
bonds of 1941H13
$17,091,147,258.13
Total
Gold certificates—Outstanding (outside of Treasury)..
489,080,100.00
bonds of 1943-47
$17,091,147,258.13
488,318,493.1)
Liabilities—
$758,945,800.00
4% bonds of 1944-54.
3H% bonds of 1946-56
GOLD
Assets—
28,894,500.00
2X% Postal Savings bonds (18tb to 49tb ser.)
3H%
3H%
3*4%
3)4%
CURRENT LIABILITIES
AND
The cash
STATES, OCT. 31, 1939
preliminary
United
3497
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Sliver In general fund..........
$1,778,505,080.05
Total
$176,136,326.25
$1,728,567,925.00
1,165,372.00
48,771,783.05
Series C-1937
322.554,680.50
421,943,613.00
Series C-1938
509,741,915.75
Gold (as above)
Series D-1939
596,216,887.50
Silver—At monetary value (as above)...
Unclassified sales.
Assets—
2,092,332,441.27
Adjusted Service Bonds;
(Government Life Insurance Fund series)..
1,863,487.30
United States notes
.$28,280,125,236.17
_l—.
...........
Federal Reserve bank notes.........
National bank notes...............
.........
................
...
National and other bank depositaries:
To credit of Treasurer United States
737 161,600.00
342 143,300.00
232 375,200.00
629 116,900.00
420 973,000.00
Railroad retirement account series,
turing June 30, 1942 and 1944__
Board of Trustees, Postal Savings System:
59,300,000.00
5% reserve, lawful money
Other deposits
Postmasters, clerks of courts, disbursing officers, Ac.
1,349,200,000.00
Uncollected items, exchanges. Ao
ma¬
4,636,792.60
,...
68 ,'230,374.40
....
18,337,906.05
-
77,200,000.00
to 1944
$163,307,524.63
Balance today—Increment on gold
543,700,000.00
fund,
$5,729,139.42
7,073,312.16
Deposits of Govt, officers—Post Office Department
415 ,519,500.00
4% Civil Service retirement fund, series 1940
Service retirement
$2,076,626,356 43
Total
LiabilitiesTreasurer's checks outstanding..
$7,231,674,600.00
8%
1,948,027.84
Philippine Treasury—To credit of Treasurer United States—-
426 349,500.00
8% Old-Age Reserve account series, maturing
June 30, 1941 to 1944
231,669.07
To credit of other Government officers
204 425,400.00
1 H% series B-1943, maturing Dec. 15, 1943.
series A-l 944, maturing June 15.1944.
...—.......
Foreign depositaries—
503 877,500.00
1H% series A-l 943. maturing June 15.1943.
40,637,062.94
37,869,198.86
...
To credit of other Government officers
676 707,600.00
2%
1%% series C-1942, maturing Dec. 15.1942.
-
Special depositaries account of sales of Govt, securities
1,378 364,200.00
738 428.400.00
series A-l942, maturing Mar. 15.1942.
series B-1942, maturing Sept. 15, 1942.
...
.....
Deposits in—Federal Reserve banks
$526 232,500.00
seriesB-1939. maturing Dec. 15.1939.
series A-1940, maturing Mar. 15, 1940.
series B-1940, maturing June 15.1940.
seriesC-1940, maturing Dec. 15.1940series A-1941, maturing Mar. 15.1941.
series B-1941, maturing June 15, 1941.
series C-1941, maturing Dec. 15.1941.
3,672,178.00
11,349,820.00
136,121.00
361,137.50
16,031,659.36
318,193,954.79
756,408,000.00
............................
.......
Federal Reserve notes
Unclassified—Collections, Ac
Treasury Notes—
Foreign
-
Minor coin
500,157,956.4
Total bonds.....
4%
38,708.1)
91,731,900.0) a_
At cost value (oz.
773,102.624.90
l%%
1H%
1^%
V4%
1)4 %
1H%
1)4 %
1H %
4,905,828.97
53,510.44
607,485,336.02
Bullion—At recolnage value (oz.
$272,944,668.50
....
$226,707,581.29
48,771,783.05
.............
Subsidiary coin (oz. 3,548,754.0)
65.739,018.27
Adjusted Service bonds of 1945
GENERAL FUND
Seigniorage (silver) (see Note 1)
Working balance......
series
1940 to 1944
3,798,000.00
$142,512,592.41
557,695,708.64
1,213,110,530.75
(asabove)
.....
........
1,913,318,831.80
4% Canal Zone retirement fund, series 1940
to 1944
4,308,000.00
4% Alaska Railroad retirement fund series.
maturing June 30. 1941 to 1944
2% Postal Savings System series, maturing
June 30. 1940, and 1942 to 1944
2%
Government
life insurance
fund
2%
Federal
Deposit
Insurance
cost per ounce at
tificates Issued
account of silver
and under the President's
121,000,000 .00
proclamation dated Aug. 9, 1934.
Note 2—The amount to the credit of disbursing officers and certain agencies
9,452,977,600.00
$17,800,000.00
CURRENT
1,370,000,000.00
—At
1,387,800,000.00
1,405,245,000.00
Treasury bills (maturity value)
Total Interest-bearing debt outstanding.
.$40,526,147,836.17
annual
of the
dinner
Quarter Century Club of the
36.180.00
Caldwell, Assistant Treasurer of Bankers Trust Co., was
The club also
of the
officer
of
passed a resolution congratulating
of Bankers
board
the
Trust
16,769.000.00
21,560,700.00
Seward Prosser, Chair¬
completing 25 years as an
bank.
Toronto Stock
603,700.00
Ctfc. of Indebtedness, at various Interest rates.
Nov. 25 to
Dec.
4,062,600.00
Last
Sale
108.577,030.26
Par
Stocks—
Debt Bearing No Interest—
Price
Week's Range
of Prices
High
Low
Beath A
Old demand notes and fractional currency
*
Canada Vinegars
$205,409,566.50
*
Canadian Marconi
Consolidated Paper
401,320,897.09
*
1.20
~6~X
firm of Kay, By field & Co.
Stock
the opening
Exchange
firm
of Content,
&
Co.
10
Sept
14
Mar
1.20
1.25
825
2.00
100
9
*
45c
*
*
Foothills
*
*
*
Delmonico, Park Ave.
& 59th
St., under the management of Kurt
Mr. Bauer was associated with Henry Zuckerman & Co. for
Eric Bauer.
prior to its merger with H. Content & Co. on April 1 of this year
the present firm.
lives
in
Norwalk,
Bros, for three years
uptown office
Conn, and
was
formerly associated
with
Faroll
and before that with J. S. Bache & Co. in the firm's
in the Chrysler Building.
;
Montreal Power..
38"
12cj
1
Nov
Nov
10
2%C
5C
2c
Feb
3XC
45c
900
25c
Sept
75c
Apr
Jan
80
5
Aug
17X
Nov
13 X
39
35
9
Sept
13X
Nov
335
23
*4
Apr
66c
1,600
40c
Sept
46 X
1.45
Jan
37
5
14
12c
21c
10
6c
12,600
Oct
Jan
25 X
Sept
33
June
1SX
20
30 X
1,205
26
l*4c
2*4c
4. COO
IXC May
2.39
7,775
2.19
2.15
136
34
.
10
136
3
23
*
95
sx
1.01
115
Oct
15X June
210 Nov
Aug
30
*
♦
1
Sept
10
45
42 K
19
1
No par value.
Sept
9X
30 4
Robert Simpson pref...100
•
100
Sept
4.o0
15
66c
*
Rogers Majestic A
ghawlnigan
Supertest ord
Temlskamlng Mining
3,684
1.85
Apr
Aug
2H
5
Apr
20X May
75c June
1.50
13
14
100
Pend-Orellle
7
13)4
13 4
...»
Oils Selections....
4
10
6 ^
*
Mercury Mills pref
Oct
35
Crown-Dominion
Kirk Townslte
Zuckerman
of a branch office on the mezzanine floor of the
4)4
ex
13)4
Dominion Bridge
York Stock Exchange
3^c
Aug
Apr
Humberstone
Kux has been admitted to general partnership in the New
Nov
2X
5
Dlsher Steel pref
NOTICE
Jan
lc
20
Sept
DeHaviiland
CURRENT
Nov
3,500
3
Dalhousle
$41,036,045,763.52
-
4
265
3*4
13%
424
2'4c
Corrugated Box pref —100
Total gross debt
Aug
2.00
5
■*
Consol Press A
4)4
~3%
1
Coast Copper
2,031.728.28
3,238,017.24
York
High
Low
IX
lc
lc
lc
*
Canada Bud Brew
Thrift and Treasury savings stamps, unclassi¬
fied sales, Ac
1
Bruck Silk
$190,641,585.07
Deposits for retirement of National bank and
Federal Reserve bank notes
New
Week
Shares
10
3
3
*
Brett-Trethewey
156,039,430.93
Less gold reserve
announces
Range Since Jan. 1, 1939
for
$346,681,016.00
United States notes
L.
lists
Sales
Friday
219,350.00
Treasury savings certificates
Exchange—Curb Section
1, both inclusive, compiled from official sales
46,218,000.00
Treasury bills
He
on
1,956,350.00
Treasury notes, at various interest rates
to form
Co.,
1,225,500.00
1927-42
4)4 % Third Liberty Loan bonds of 1928
4)4 % Fourth Liberty Loan bonds of 1933-38
2% % and 4% % Victory notes of 1922-23
four years
honored as a
of service with the bank.
presented a memento to Mr. Cald¬
member, having completed a quarter century
Sloan Colt, President of the bank,
man
12,029,800.00
4% and 4)i % Second Liberty Loan bonds of
Hotel
Bankers
Wednesday night, Nov. 29, Howard
well, who was the only new member to be admitted this year.
$3,895,850.26
2)4 %. 4% and 4)4 % First Liberty Loan bonds
of 1932-47
R.
S.
Old debt matured—Issued prior to Apr. 1,1917
(excluding Postal Savings bonds)
2)4 % Postal Savings bonds
the
Trust Co., held at the University Club
new
Matured Debt on Which Interest Has Ceasea-
The
NOTICE
ma¬
turing June 30. 1940
—Lacy
today
$2,929,891,296.20.
was
Certificates of Indebtedness—
4% Adjusted Service Certificate Fund series.
maturing Jan. 1, 1940
on
between the cost value
bullion revalued and held to secure the silver cer¬
acquired under the Silver Purchase Act of 1934
and the monetary value of silver
Corporation
2)4 % Unemployment Trust Fund series,
computed on the basis of the average
the close of the month of September, 1939.
Note 1—This item of seigniorage represents the difference
359,000.CO
series, maturing Dec. 1,1939,1942 A 1943._
The weight of this Item of silver bullion is
a
738,000.00
121,000,000.00
series,
maturing June 30, 1943 and 1944
$2,076,626,356.43
Total
Sept
3Xc
Jan
Sept
3.95
Sept
Feb
138^
Aug
4X
Oct
3
22 '4
34
7c
38
23
125
1X May
isx Aug
25
Oct
34
139
32
Sept
38 *4
Jan
4XC
Sept
14X0
Feb
7c
4,000
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3498
a
COMPLETE PUBLIC DEBT OF THE UNITED STATES
After deducting amounts of
States to meet Interest
The following statement of the public debt and contingent
liabilities of the United States, showing also the Treasury's
surplus position, all as of July 31, 1939, has been extracted
from the
Treasury's official report.
Comparative debt
figures as of a year earlier are also shown.
CASH AVAILABLE TO PAY
MATURING OBLIGATIONS
July 31, 1939
JulyZl, 1938
Balance end of month by dally statements
.$2,447,306,845 $2,116,011,180
Add or Deduct—Excess or deficiency of receipts over
or under disbursements on belated Items......... —141,399,677
+14,096,621
Deduct outstanding obligations:
Matured Interest obligations.....
2,305,907,168
52,193,374
Disbursing officers' checks........on War Savings certificates
642,152,515
3,449,410
.........
Discount accrued
Settlement
checks.....
on warrant
2,130,107,801
44,910,813
549,765,571
3,523,880
834,855
535,148
of the United
payments.
Does not include $276,003,877.43
c
Dec. 2, 1939
funds deposited with the Treasurer
face amount of notes and accrued interest
thereon, held by the Treasury and reflected in the public debt.
d Figures as of May 31,1939; figures as of July 31,1939, are not available.
Offset
by cash in designated depository banks and the accrued interest amounting to
$73,856,124.16, which is secured by the pledge of collateral as provided in the Regu¬
lations of the Postal Savings System, having a face value of $69,834,163.29, cash in
possession of System amounting to $65,520,148.43, Government and Government
guaranteed securities with a face value of $1,150,080,090 held as investments, and
other assets.
e
actual
In
issuing Danks.
redemption fund deposited
exclusive of $9,101,444.33
circulation,
in the Treasury
and $280,752,130 of their own Federal Reserve notes held by the
The collateral security for Federal Reserve notes Issued consists of
$4,927,000,000 in gold certificates and in credits with the Treasurer of the United
in gold certificates, and $2,206,000 face amount of commercial paper.
f Includes unmatured bonds Issued and outstanding.
Funds have been deposited
States payable
with the Treasurer of the United States for payment of matured bonds which
not been presented for redemption,
have
and $188,450,000 has been deposited with the
Treasurer of the United States on account of series B bonds called for redemption on
Aug. 1, 1939.
Total
Balanoe, deficit C—) or surplus (+)
698,330,447
599,035,119
1,607,576,721 + 1,530,972,682
-»-
INTEREST-BEARING DEBT OUTSTANDING
Interest July 31. 1939
Title of Loan—
July 31, 1938
$
49,800,000
28,894,500
$
49,800,000
Special:—4s Adjusted Service Ctf. Fund—Ser. 1938
19.500,000
2Mb Unemployment Trust Fund—Series 1938.. 1,253,000,000
4Mb Treasury bonds of 1947-1952
A.-O.
758,945.800
4s Treasury bonds of 1944-1954
J.-D. 1,036,692,900
3Hs Treasury bonds of 1946-1966
M.-S.
489,080,100
3HB Treasury bonds of 1943-47
J.-D.
454,135,200
3MS Treasury bonds of 1940-1943
.J.-D.
352,993,450
24,800,000
872,000,000
758,945,800
1,036,692,900
489,080,100
Payable
Q.-M.
8s Of 1961
3s convertible bonds of 1946-1947
Q.-J.
28,894,500
Certificates of Indebtedness:
3Mb Treasury bonds of 1941-1943
8Mb Treasury bonds of 1946-1949
M.-S.
3s Treasury bonds of 1951-1965
M.-S.
3KS Treasury bonds of 1941
4MS-3MS Treasury bonds of 1943-1945
3Ms Treasury bonds of 1944-1946
3s Treasury bonds of 1946-1948
3Ms Treasury bonds of 1949-1952
2Mb Treasury bonds of 1955-1960...
2Ms Treasury bonds of 1945-1947
2Mb Treasury bonds of 1948-1951
2Mb Treasury bonds Of 1961-1954
2MB Treasury bonds of 1966-1959
2MB Treasury bonds Of 1949-1953
2Me Treasury bonds of 1945
2M Treasury bonds Of 1948..
2Ms Treasury bonds of 1958-63..
2Mb Treasury bonds of 1950-52
F.-A.
J.-D.
755,433,500
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
1,618,737,650
1,035,874,400
J.-D.
491,375,100
M.-S. 2,611,093,650
M.-S. 1,214,428,950
J.-D.
M.-S.
1,214,428,950
1,223,495.850
1,626,687,150
981,827,050
1,786,146,150
981,827,050
J.-D.
1,786,140,650
540.843,650
450.978,400
M.-S.
J.-D.
2Mb Treasury bonds of 1960-65
J -D.
J.-D.
261,519,356
U
c395,799,412
cll6,068,117
280,200,400
$
12.36
250.18
129.66
2.395
4.196
3.750
7+216,460.05
l,118"l09,53+76
interestbearing public debt (%)..
per
annum
on
Obligations of governmental
agencies guaranteed by
the United States:
Unmatured
principal.c..
Matured prin. &
int. for
which cash has been de¬
posited with or held by
Treasurer of the U. S.d
Oct.
180,862,157
c514,659,314
$
1.282,044,346.28 26,596,701.648.01 16,026,087,087.07
440,181,810
U. S. Savings bonds, series C, 1938
Debt
.
S.
Savings bonds, series D, 1939
Unclassified sales
3s Adjusted Service bonds of 1945.
4Mb Adj. Service bds, (Govt.Life Ins. Fund ser.1946)
a
306
~803,319~. 55
Sept. 30, 1939,
31, 1938,
Year Ago
Oct. 31,
Last Month
$
Gross public debt
1939
600,157,956
117,673,020
117,867,240
9,388,193,700 1 0,560,300,950
1,308,522,000
1,053,526,000
Aggregate of interest-bearing debt....
Bearing no Interest
1
Matured, Interest ceased
Computed
per
on
b.312.08
a294.35
b310.91
2.582
2.607
5,000,532,990.08
5,356,026,198.67
5,356,255,898.67
4,993,415+8
2,569,150,637.94
105,509,138.08
2,177,707,712.89
96,573,415.75
1,913,318,831.80
interest.
2.702
Obligations of governmental
agencies
guaranteed
by
the United States:
Unmatured prlncipal.c..
Matured
prin. & int. for
which cash has been de¬
106,200,330
040,605,748,658 37.194,265,759
1,607,576,721 + 1,531,072,682
annum
Interest
bearing public debt (%).
....40,118,185,809 36,644,822,083
407,730,399
443,243,346
139,832,450
of
rate
$
$
38,423,086,174.84 40,857,675,981.87 41,036,045,763.52
Gross public debt per capita
61.008,225
314,032,550
500,157,957
J .-J.
posited with
or
held by
the United States d
Deduct Treasury surplus or add Treasury deficit
..+
Net debt
•
333,841,388
2Mb Postal Savings bonds
Treasury notes
Treasury bills
Total debt........
31, 1917,
Gross public debt per capita
Computed rate of Interest
._
c324,977,627
c425,428,139
Lowest Post-War
Was at Its Peak
%
Gross public debt
General fund balance.e__„_
cl76,988,974
1930,
When War Debt
Pre-War Debt
918,780,600
U. S. Savings bonds, series A, 1935
U. S. Savings bonds, series B, 1936
U. S. Savings bonds, series C, 1937
Dec. 31,
Aug. 31, 1919,
Mar.
450,978,400
701,074,900
M-8
DEBT STATEMENT
(On the basis of dally Treasury statements)
540,843,550
918,780,600
1,185,841,700
1,485,385,100
2s Treasury bonds of 1947
COMPARATIVE PUBLIC
2,611,095,150
1,223,495,850
1,626,687,150
—J.-D.
and accrued in¬
in the public debt.
j Bonds in the face amount of $272,500 issued under Section 15a of the Tennesse
Valley Authority Act of 1933, as amended, are held by the Treasury and reflected
in the public debt.
352,993,450
1,400,528,250
A.-O.
terest thereon, held by the Treasury and reflected
544,870,050
818,627,000
834,453,200
A.-O.
M.-S.
series J bonds and accrued interest
i Does not include $200,000,000 face amount of First Series notes
454,136,200
544,870,050
818.627,000
755,432,000
J.-D.
g Held by the Reconstruction Finance Corporation.
h Does not Include $6,000,000 face amount of
thereon, held by the Treasury and reflected in the public debt.
General fund balance.e
b39.058,171,937 35,663,193,077
Total gross debt July 31, 1939, on the basis of
dally Treasury statements, was
$40,661,264,822.47, and the net amount of public debt redemption and receipts in
transit, Ac., was $4,483,835.95. ' b No reduction is made on account of
obligations
of foreign governments or other investments, c Amounts
Issued and retired
a
include
accrued discount; amounts outstanding are stated at
current redemption values.
CONTINGENT
LIABILITIES
OF
THE
a Revised,
b Subject to revision,
c Does not Include obligations owned by the
Treasury as follows: Oct. 31.1938, $684,945,431.04; Sept. 30,1939, $322,164,377.43;
31, 1939, $373,130,377.43.
Oct.
d Amounts are included in the general fund balances shown
e
UNITED
STATES, JULY 31,
Compiled from Latest Reports Received by the Treasury
1939
herein, on and after
Sept. 30, 1939.
Includes amounts held by the Treasurer of the United States, as shown above,
for the payment of the principal of and interest on matured obligations guaranteed
by the United States, on and after Sept. 30, 1939.
Amount of Contingent Liability
Detail
TREASURY
Principal
Guaranteed by
a
$
206,174,000
385,523
835,085,600
94,678,600
236,476,200
5,288,875
1,162,442
315,301
1,181,898
ernment
i
Fed. Farm Mtge. Corp.:
3% bonds of 1944-49.
3y.% bds. of 194+64.
3% bonds of 1942+7
2M% bds. of 1942-47.
1M% bonds of 1939..
1 M% bonds of 1939..
103,147,500
100,122,000
9,900,000
625,762
30,937
1,379,409,900
8,605,218
1,359,148
889,300
4,333
3,911
Net gold coin and bullionNet silver coin and bullion
Net United States notes..
879,038,825
1127,867,400
191,801,900
1,648,197
99,896
249,742
11,042,885
11,349,820
Total cash In Treasury- 1.171,568,103
1142 209,222
2,462,085
3,823,470
136,121
4,905,829
18,140,938
17,895,147
222,407
2,256,694
1065 502,877 *1077 377,874
156,039,431
156,039,431
156.039,431
Cash balance in Treas.. 1,015,528,672
Deposlt in special deposi¬
880,687,022
127,967,296
192,051,642
156,039,431
986,169,791
909,463,446
921,338,443
tories account of sales of
9,747.818
298,239,000
notes, ser. R
310,090,000
125,342
819.789,000
838,074
Government securities.
760,816,000
758,067,000
756,408,000
927,829,929
747,585,837
586,358,132
318,193,955
other bank deposltariesTo credit Treas. U. 8_.
41,177,436
38,633,646
36,790,189
40.637.063
42,279,508
40,494,168
41,058,179
37,869,199
Cash in Philippine Islands
Deposits in foreign depts.
765,024,592
771,193,000
To credit dlsb. officers.
1,907,792
60,335
652,397
2,340,870
186,618
1,814,449
204,022
1,892,393
135,415
1,948,028
231,669
Deposit
h2,967,646,268
211,520,335
298,891,397
310,215,342
Net
in
cash
National
in
and
c820,627,074
■
Treasury
and in banks
Deduct current liabilities.
2,800,536,033 2,575,717.913 2.333,764,7,54 2,076,626.357
163,307,525
344,552.705
156,057,041
353,229,187
(j)
2,447,306,846 2.231.165,208 2,177.707,713 1,913,318,832
114,157,000
114,157,000
*
as
Includes on Nov. 1, $607,538,846 silver bullion and $1,863,487 minor, Ac., coin
included in statement "Stock of Money."
on
guarantees
5,479,676,798
On Credit of U.
19,584,880
5,499,261,679
NATIONAL
S.
Secretary of Agriculture.
Savings System:
Funds due deposltore.
ser. A, *43
on
BANKS
The
1,261,622,756
35,537,195
dl,297,159,952
g8,300,000
47,812
1,269,922,756
35,585,008
following information regarding National banks is
from the
office of the Comptroller of the Currency, Treasury
Department:
8,347,812
Tenn. Valley Authority:
Total based
934.817
656,310,629
3,672,178
361,138
Dep. in Fed. Res. banks._
211,460,000
2M% bds.,
382.747,012
647,094,401
Net Fed Res. bank notes..
Less gold reserve fund
f2,957,898,450
Postal
S
381,781,874
653,207,455
893,211
784,418,720
Nov. 1, 1939
$
453,117,497
1,086,813
9,843,895
288,073
3,331,898
19,071,348
Net subsidiary silver
Minor coin, Ac
1, 1939
217,496,994
Vt% notes, ser. N
Vs% notes,ser. P
Total, based
,
2,262,243
2,844
Reconstr'n Fin. Corp.:
1M% notes, ser.B, '44
U. S. Maritime Comm..
487,757,925
644,657,895
Oct.
$
395,833
5,839,345
763,116,800
Tenn. Valley Authority.
U.S. Housing Authority
Sept. 1,1939
$
4,686,160
778,579,375
1
1945+7
Aug. 1,1939
10,228,265
524,370
3,367,676
19,949,979
8,245
2H% bonds, series G,
H% bds., ser. K, 1940
%% bds., ser. L, 1941
M% bonds, series M,
shows
Net Federal Reserve notes
217,494,150
1942+4
Holdings in U. S. Treasury
1,388,015,118
daily Gov¬
the money holdings of the
Treasury at the beginning of business on the first day of
August, September, October and November, 1939:
statements,
Net National bank notes.
Home Owners' L'n Corp:
1939+9
HOLDINGS
1,363,482
2,248,448
3% bds., ser. A, '44-52
2M% bonds, series B,
206,559,523
840,374,475
95,841,042
236,791,501
104,329,398
100,747,762
9,930,937
Fed'l Housing Admin.:
3% debentures
2M% debentures...
MONEY
Total
The following compilation, made up from the
U. S.
Commodity Cred. Corp.:
M% notes, ser. C.1939
Interest
VOLUNTARY
LIQUIDATION
Amount
credit
of the United States
1,305,507,764
Other Obligations—
F. R. notes (faceam't)..
e4,520,997.225
Nov. 21—The First National BaDk in Clear Lake, Iowa—Com¬
mon
stock, $25,500; preferred stock, $24,500
Effective Nov. 9, 1939.
Liquidating agent, L. W. Sherman,
care of the liquidating bank.
Succeeded by Clear Lake
Bank & Trust Co., Clear Lake, Iowa.
$50,000
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
GOVERNMENT RECEIPTS AND EXPENDITURES
Trust Accounts,
Gold, &c.
on
Through the courtesy of the Secretary of the Treasury,
enabled to place before our readers today the details
we are
Expenditures—
July 1 to Oct. 31—
1939
1938
$
$
Trust accounts
3499
Month of October1938
1939
Increment
$
$
Government
1939
Internal Revenue:
~M onth of October-
-July 1 to Oct. 31-
1939
Receipts—
1939
1938
$
Income tax
§
$
1938
S
37,150,395
Mlsoeii. internal revenue.
Unjust enrichment
...
tax
41,279,118
444,671,995
618.233,708
198,375,546
208,650,820
913,664.576
845,093,668
501.471
203,005
2,275,258
2,199,420
34,384,899
Social security taxes
33,509,233
187.375,780
employees
1,170,676
796,257
30,054,750
b55,543,028
90,802,240
52,451
b503.802
b472,726
b4,115,187
bl9,676
15,423,565
18,602,029
82,797,919
b207,334,165
15,694,877
1,451,079
..........
bl3,410,224
b7,444,940
Other.......
120,754,090
5,338,685
5,828,798
20,215,034
2,588,712
8,013,289
4,924,390
2,008,942
14,543,233
Other
5,274,129
6,303,091
26,558,491
321,511,311
331,965,131
1,768,126,496
1,841,147,163
...
x;i,;
74,038,026
Dept. of Agrlculturerc
Agrieul. Adjust. Program..
68,933,599
1
97,130,146
63,211,130
278,519,211
Farm Credit Admin.d
Farm
Farm
265,957,442
178,748,712
Tenant
b20S,182
....
...
b2,945,839
"•
Forest roads and trails
43,000,000
136,000,000
1,073,918
4,266,772
3,533,181
1,500,000
10,000,000
6,500,000
9,425,522
8,759,215
36,735,450
33,805,586
136,121,283
payments
116,650.062
812,618,466
3,325,698
407,717,402
213,029,070
691,465
1,629,835
85,471
3,095,809
112,378,204
501,184,000
400,662,000
1,80,3301,000
2,185,491
7,612,135
16,400,789
12,475,992
33,792,811
40,834,603
1,318,417
12,048,046
7,764,901
1,669,674
4,421,049
10,533,265
12,514,895
6,405,083
31,277,431
25,005,885
254,924,080
S.
1,000
savings bonds
1,702,839,00
..........
342,091,30
....
461,690,10
(incl.
22,136,172
30,001,953
U.
.............
204,978,549
unclassified
49,831,656
sales)
8,574,462
63,024,755
40,215,609
259,400,539
155,987,020
Deposits for retirement of
national bank notes
1,290
6,370,678
Subtotal
54,105,125
551,015,656
440,878,609
2,066,702,829
530,500
566,200
1,878,750
Adjusted service bonds
War
Departments
Military (national defense)
172,000,000
861,614
Cash—Treasury bills
Treasury notes
Treasury bonds
465,715
1,511,226
4,357,016
projects
Post Office Dept. (deficiency)
Navy Dept. (nat'l defense)..
32.000,000
1,123,578
otal...................
Dept. of the Interiors
Reclamation
168,425,000
Public Debt Accounts
1)344,573
b6,019,256
-mm-m*
7,672,345
Rural Electrification Adm.
64,000,000
142,691,524
Market operations:
2,240,549
Act..
103,000,000
39,695,000
Receipts—
all9,599,918
b2,986,841
Security Admin
el4,000,000
290,485,253
Commodity Credit Corp.:
Restoration of cap. impair't
Other
Fed. Farm Mtge. Corp
Federal Land banks.....
7,000,000
Excess of receipts or credits
Excess of expenditures
General (incl. recov'y & relief):
Departmental
Benefit
2,372
22,858,895
payments
Railroad retirement account:
Investments
27,676,300
Expenditures—
3,016
5,497,306
Benefit
6,552,737
Total receipts
5
Investments
8,092,568
Seigniorage
b8,169,600
,
Investments
21,930,973
1,972,664
miscellaneous
b4,600
Withdrawals by States.
Benefit pay'ts, railroad unem¬
87,168
Panama Canal tolls, &c
5,910,976
b49,065,334
Increment
ployment insurance acct
Old-age reserve account:
sees.:
49,986,412
124,682,298
For retire, of nat. bank notes
111,160,517
Interest—for'n obligations
467,694
'
21, 1938).
Chargeable against
on gold:
Melting losses. &c
26,783,836
30,797,153
Principal—for'n obligations
All Other
22,748,869
b212,596
2,296,456
Unemployment trust fund:
32,418,456
Miscellaneous receipts:
Proceeds ofGovt.-owned
19,270.478
PWA revolving fund (Act June
173,336,268
Taxes upon carriers and their
Customs
149,192,222
Commodity Credit Corp
Export-Import Bk. of Wash..
1939-40 and 1938-39:
General & Special Accounts:
151,457,984
Rural Electrification Admin.
RFC (see Note 1)
U.S. Housing Authority
receipts and disbursements for October,
and the four months of the fiscal years
and *1938,
12,685,167
.....
of
12,791,713
...
Transactions in checking accts.
of govt, agencies (net), &c.:
Exchanges—Treasury notes..
52,097,088
35,751,580
191,443,881
152,110,142
flood control
22,800,979
19,222,304
82,427.006
77,743,109
Panama Canal
1,022,780
1,494,851
4,290,930
2,662,607,420
2,594,950
19,250,000
3,865,305
River
&
harbor
work
Treasury Departments
Interest
on
404,707,100
Subtotal...
423,957,100
Special series:
public debt
68,481,207
Refunds of taxes and duties
Dist. of Col. (U. S. share)
Federal Loan Agency:
Fed.
Housing Admin
Reconstruction Fin. Corp..
Other....
Federal
Treasury bonds
and
67,281,427
253,152,512
243,056,703
5,734,662
28,436,608
24,816,291
6,000,000
5,000,000
2,678,902
2,106,772
6,804,954
—-
b58,368
388,417
Adj. servicectf. fund (ctfs.)..
Unemploy. trust fund (ctfs.).
Old-age reserve acct. (notes).
Civilian Conserv. Corps
Social Security Board
41,013,175
Other
6,500,000
84,800,000
81,100,000
389,000
374,000
375,157
175,000
195,000
101,358,769.
Alaska RR. retire, fd. (notes)
Postal Savs. System (notes)..
15,000,000
10,000,000
108,634
24,719,896
5,583,075
105,390,638
17,553,497
48,958,331
6,055,162
Federal Works Agency:
Public Buildings Admin
136.000,000
10,000,000
Civil service retire, fd. (notes)
4,000,000
23,812,286
83,000,000
172,000,000
1,500,000
For. service retire, fd. (notes)
Canal Zone retire, fd. (notes)
2,000,000
Security Agency:
National Youth Admin
141,000,000
32,000,000
12,000,000
43,000,000
Railroad retire, acct. (notes).
136.740,641
473,000
Govt, life ins. fund (notes)...
131,037,451
FDIC
459,000
2,000,000
20,000,000
20,000,000
55,000,000
33.600.000
443,837,000
339,628,000
606,546,156
474,944,809
2,512,418,579
3,428,787,470
403,119,000
409,949,000
1,597,701,000
(notes)
23,688,809
Subtotal
6,482,292
4,126,969
25,434,564
16,209,281
Public Roads Admin
18,282,337
25,822,390
73,308,612
91,400,804
Public Works Admin.d
29,427,243
14,273,410
115,372,883
26,768,416
184,704
703,287
112,544,257
207,238.134
U. S. Housing Authority..
Work Projects Admin
b515,745
Other
Railroad Retirement Board..
Tennessee Valley Authority..
658,400
'
833,603
501,477,040
766,571,482
471,492
"
249,959
2,295,170
"Y.003^016
Subtotal
2.968,172
3,877,159
12,549,402
46,291,740
185,177,627
716,036,431
2,815,231,047
bl,236,333
bl,374,365
b2,801,522
10,377,763
28.385,421
40,614,273
Subtotal.
8,785,201
9,003,398
25,583,899
1,907,200
14,124,760
19,154,853
U. S. savings bonds
Adjusted service bonds
First Liberty bonds.......
Fourth Liberty bonds
b3,311,404
10,021,534
54,050
1,647,350
8,727,505
2,549,850
79,600
331,150
3*5,*2*17,2*1*4
26,462,88
11,828,731
18,353,90
bills
Certificates of indebtedness
Revolving funds (net):
Public Works Administration
16,500
Treasury notes.
Treasury bonds..
2,656,877,204
Farm Credit Administration.
2
1,738,352,000
282,700
Cash—Treasury
189,344,301
701,893,307
0
Expenditures—
Market operations:
15,319,173
46,335,072
Veterans' Administration
Total public debt receipts..
4,459,584
Postal Savings bonds
43,000,000
32,000,000
177,000,000
141,000,000
Railroad retirement account.
10,000,000
11,500,000
57,150,000
409,200
1,186,45
548,950
1,115,950
1,972,36
104,760
201,28
91,83
21,710
22,251
83,071
2,709,710
4,354,720
9,956,850
14,771,265
419,202,375
427,419,885
1,881,475,227
1,680,079,611
Nat. bank notes and Fed'l
Reserve bank notes
Transfers to trust accts., &c.:
Old age reserve account.....
249,000
-
Otfyer debt Items..
37,302,869
6,533,964
3,800,750
178,700
5,00
-------
54,500,000
Advs.
railroad
to
ment insurance
Subtotal
unemploy¬
15,000,000
account...
Govt,
employees' retirement
funds (U. S. share)..
Total
expenditures
Excess of receipts
75,106,600
43,500,000
336,353,400
270,606,600
779,100
1,771,550
9,964,750
15,553,700
764,457,609
Debt retirements (skg. fd. ,&c.).
87,203,400
53,000,000
Subtotal
770,311,379
3.187,133,095
2.980,340,373
...
442,946,297
433,346,248
1,419,006,599
1,139,193,210
442,946,297
Excess of expenditures—
423,957,100
Exchanges—Treasury notes..
Treasury bonds..
438,346.248
1,419,006,599
1,139,193,210
779,100
1,771,550
9,964,750
423,957,100
Subtotal
Special series:
Adj. service ctf. fd. (ctfs.)...
Unemploy. trust fd. (ctfs.)..
Railroad retire, acct. (notes).
Civil service retire, fd. (notes)
For'nServ.retire.fd. (notes).
Canal Zone retire, fd. (notes)
Postal Savings System (notes)
Govt, life ins. fund (notes)...
FDIC (notes)
500,000
600,000
1,700,000
2,600,000
5,000,000
14,000,000
38,000.000
19,000,000
V.iboiooo
6,600^000
"Yioaooo
6,500,000
23,000
24,000
119,000
51,000
40,000
111,000
75,000
22,000,000
13,000,000
36,000,000
25,000,000
130,000
15,553,700
*1,100,00*0
Summary
Excess of expenditures...
Less public
debt retirements.
8,974,000
of
Excess
expenditures
17,164,000
104,430.000
66,405,000
428,176,375
444,583,885
1,915,905,227
2,170.441,611
178,369,782
Subtotal
Total public debt expend's1.
30,370,922
696,613,352
1,258,345,859
3,287,000
+68,949,000
+105,138,000
(excl.
public debt retirements)
increment on gold,
442,167,197
436,574,698
1,4C9,041,849
1,123,639,510
Trust accts.,
Excess of expenditures.
&c., excess of expends. (+) or
+591,465
+3,095,809
+112,378,204
—213,029,070
442,758,663
receipts (—)
439,670,507
1,521,420,053
910,610,440
442,758,663
439,670,507
1,521.420,053
905,113,134
Less nat. bank note retirem'ts
Inc.
(+) or dec.
public debt:
(—)
In gross
Market operations:
5,497,306
+98,065,000
Treasury bills
—16.500
—54,050
—282.700
—1,647.350
+38,674,051
-1,907,200
—14.124,750
—81,770,650
+29.650,146
+ 212,603,434
+976,797,308
Certificates of Indebtedness
Total excess of expenditures..
decrease (—) in
general fund balance....
—264,388,881
Treasury notes
Increase (+) or
Bonds
—409,309,582
—924,906,701
+353,232,725
...
-
-
Other debt Items
—178,700
—21,710
-22,251
—83,072
—91,834
—2,709.710
—4,354,720
-9,955,560
—14,771,265
_
Nat. bank notes and Fed'l
(+) or dec. (—) in the
gross public debt-..-.
+178,369,782
Gross public debt at beginning
of month or year...
40,657,675,982
Inc.
Reserve bank notes
+30,360,925
+ 596,513,352+1,258,345,859
+132,343,782
+14,024,925
+257,106,352
+985,122,859
+46,026.000
+16,336,000
+339,407,000
+273.223,000
+178,369,782
.+30,360,925
+ 596,513,352+1,258,345,859
Represents capital impairment applicable to fiscal year
1939 but not appropriated
Subtotal
38,392,725,250
40,439,532,412
37.164,740,316
Special
Gross
public debt this date
41,036,045,764
38,423,086,175
41,036,045,764
series
......
38,423.086,175
Total
Trust
Accounts, Increment
on
*■
Gold, &c.
a
by
Receipts—
Trust accounts
...
24,451,593
25,014,208
165,217,192
163,455,573
Increment resulting from reduc¬
tion in weight of gold dollar..
24,298
42,272
136,403
256,449
Seigniorage
Unemployment trust fund...—
Old-age reserve account
Railroad retirement account—
3,736,881
6,874,774
21,339,488
54,317,046
38,122.999
279,347,170
240,345,236
32,000,000
177,000,000
141,000,000
10,000,000
11,500,000
57,150,000
54,500,000
135,529,818
113,554,253
700,240,252
620,746,472
b Excess
of credits (deduct).
21,189,214
43.000,000
Congress until Aug. 9, 1939.
Total
—
c
Additional expenditures are included In "Departmental" above.
d Additional
transactions
are
included
in
revolving
funds,
stated
separately
below.
e
Excess of
redemptions (deduct).
of RFC Mortgage Company, Disaster
Corporation and Federal National Mortgage Association.
Note 1—Includes transactions on account
Loan
Chronicle—YEARS OLD
ONE HUNDRED—The Commercial & Financial
3500
REPORT ON GOVERNMENTAL
MONTHLY
Dec. 2, 1939
CORPORATIONS AND CREDIT AGENCIES AS OF
SEPT. 30, 1939
monthly report of the Treasury Department, showing assets and liabilities as of Sept. 30, 1939, of governmental
corporations and credit agencies, financed wholly or in part by the United States, was contained in the Department's "Daily
Statement" for Oct. 31, 1939.
'
Since the statement of July 31, 1938, the reDort has been made up somewhat differently from previous reports in that
The
.
agencies and corporations financed wholly from
Government funds
not listed separately from those
are
.
.
financed only partly
partly from private funds.
In the footnotes to the table below an explanation is given of the sim¬
plification of calculation of proprietary interest.
As now computed, the Federal Government's proprietary interest in these
agencies and corporations, as of Sept. 30, was $3,806,006,364, and that privately owned was $393,019,262.
SUMMARY OF COMBINED STATEMENT OF ASSETS AND LIABILITIES OF GOVERNMENTAL CORPORATIONS AND CREDIT AGENCIES OF THE
from Government and
STATES,
UNITED
COMPILED FROM LATEST REPORTS RECEIVED BY THE
TREASURY—SEPT. 30, 1939
Assets d
Investments
Real
Securities
Accounts
Estate
United
Guaranteed
and Other
and Other
States
by United
All
Receivables
Business
Securities
States
Other
Preferred
Loans
Cash
Capital
e
Stock, Ac.
Total
Other t
Property
%
1,091,796,334 515,157,004
617,047,669
Reconstruction Finance Corporation
Commodity Credit Corporation
Export-Import Bank of Washington.....
gl,702,578
991,169
34,101,663
785,469
56,200,978
24,426,845
35,162
United States Maritime Commission
Rural Electrification Administration
Home Owners' Loan Corporation
...
396,652
11,828,821 106,560,853
3",522",075 54l",589",949
26,507
"
163,687,199
39,422^615
6,963,598
20,563,327
25,020,892
1,700,000
Federal Housing Administration
United States Housing Authority..
Farm Credit Administration
Federal Land banks
Federal Intermediate Credit banks
Banks for cooperatives
74,799,527
8,076,914
76,273,867
19,580,450
365,605
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
177,223
181,167,877
39,733
122,380,241
153,047
22,089,117
62,289
25,904
4,625,137
1,900,512
114,404
700,197
104,476
54,313
519,870
123,678
1,631
h781,603
"55",018
United States Spruce Production Corp.
295,432,447
1,557,341,185
50,747
59,592
4,065
48,692,063
257,033,333
2,317,457,696
316,165,164
4,625,137
1,159,553
582,170
United States Housing Corporation
2,885,373,612
120,746,282
39,677,700
253,579,823
16,138,776
670,153
Navy Department (sale of surplus war
supplies)
313,075,772
62,824,482
187,991,903
159,903,980
5,844,451 110,779,915
64,897
2,198,395
3,732,373
390,374
6,805^070
20,880,550
433,950 101,544,225
12,139,320
9,126,597
(U. S. RR. Admin.)..
5",034",583
761,505,152
21,071 161,704,876
78,309,127
32,738,840
2,557,683
232,631
47,815,348
28,042,289
£38,221,496
Production credit corporations
148", 708
550,232
1,019,103
13,130,787
1,319,720 129,866,255
220
23,851,806
266,313,427
703,839,620
1,922,576,760
206,363,505
65,159,591
Federal Farm Mortgage Corporation
12",858,■483
36,912,586
103,583^811
Federal Home Loan banks
Sec. of Treasury (War
1,117,108
139,677,700
Federal Savings & Loan associations
48,495,764
12,669,060
488,830,090
39",156*,549 £71,"797*098
2,171,126
9,472,411
1,933,449
64,624,523
1,727,333,226
696,752,403
205,273
19,126*402
8,611.844
49,300,015
157,732,854
2,054,865,344 1211299,310
Federal Savings & Loan Insurance Corp..
Sec. of Treasury
797
38,077
6,120,898 291,715,947
62,824*482
Public Works Administration
400
3,215
45,772,232
362",186",685
14,121,819
Tennessee Valley Authority
1,387,558
21,900
7,524,109
5,108,992
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation..
476,634 £37,829,075
8,300,000 £24,020,701
h77 325,607
hl3 583,517
48,050,900
4,664
12.&75
12,575
Finance Corp.).,
Other:
18,061,137
Disaster Loan Corporation
Electric Home and Farm Authority...
Farm Security
Administration
Federal National Mortgage Association
10,853,763
Interior Department
(Indian loans)
Valley
l",047*276
463,026
645,469
300
279*392
20*,196,694
189*991
25,704,439
295,501
297,864
38,395,096
349,868
47,605,210
6,406,867
485*044
57,714,442
6,406,867
""""3.613
54,045,858
Associated
3,527,760
8,266,881
RFC Mortgage Co
atives, Inc
*12", 395
3,395,926
"
17,100
3,101,202
Rican Reconstruction Admin..
Tennessee
304*795
25,119
1,346
2,581,861
Inland Waterways Corporation
Panama Railroad Co
Puerto
9,285
h2,963*230
678,763
364,285
257,365,787
134,164,004
Federal Prison Industries, Inc
18.920,719
11,285,697
257,365,787
137,461,524
7,821,360
2,581,861
72,315
31,899
1,000
h2,940^983
238,944
Cooper¬
260,308
...
33,825
300,5oo
2,201
4,166
Treasury Department:
Securities
received
from
the
30,185,928
2,394,400
RFC
under Act of Feb. 24, 1938
Inter-agency Items:
30,185,928
2,394,400
Railroad loans (Transp'n Act, 1920).
m
Due from governmental corporations
agencies
or
Due to governmental corporations or
agencies
8,081,302,788 766,171,904 335,982,043 738.315.639 140,989,880'887,142,975 445,628,655 535,481,258 797,099,637 12.728,114,779
Total
Excess
Liabilities and Reserves d
Proprietary Interest
Distribution of United States
Interests
of Assets
Guaranteed
by
Guaranteed by
United Stateso
Over
Not
Privately
Owned by
Liabilities d
Owned
United Stales
Stock
United States
Total
821,816,103
409,582,521
Commodity Credit Corporation
Export-Import Bank of Washington
Federal Crop Insurance Corporation
Federal Deposit Insurance Corporation..
Tennessee Valley Authority
Public Works Administration
£145,667,099
187,169,882
358,162
2,671,862
199,530,533
15,971,193
967,483,202
596,752,403
358,162
2,671,862
199,530,533
15,971,193
52,472,083
*52*,472*683
Rural Electrification Administration
2,838,886^336
Federal Savings & Loan Insurance Corp..
88,544,410
1,047,248
Federal Savings & Loan associations
Federal Home Loan banks
78",886*,948
*78,886*948
*2750341,926
1,047,248
2,809,529
114,418,609
Farm Credit Administration....
1,696,740
4,506,269
8,079,628
122,498,237
182,928,792
1,333,650,139
1,812,395,239
208,719,678
4,156,899
182,928,792
Federal Farm Mortgage Corporation
Federal Land banks
100 000,000
£257,751,898
2,137,602
b2,802
10 000,000
150 000,000
297 ,104,579
a247 067,289
62 ,824,482
a
*50,03*7*,290
62 824,482
b630,352
135 519,820
al36 150,172
159 903,980
a67 500,378
46 ,487,276
200 000,000
c59,519,609
119 ,699,034
135,519,820
159,903,980
46,487,276
119,699,034
100 000,000
19,699,034
39 .677,700
174,692,875
44,185,794
134,535,096
112,503,655
223,691,046
"4*9*,951.875
505,062,457
107,445,486
200,254,657
177,010,978
122,117,845
18,964,856
"3",513J 73
2,098,126
"
46 000,000
997,198
150 ,000,000
9
39,677,700
Federal Housing Administration
United States Housing Authority
500 000,000
48 ,137,602
139,299,557
Interests
%
759 ,850,024
100 ,000,000
62,824,482
....
United States Maritime Commission
Home Owners' Loan Corporation
759,850,024
100,000,000
48,137,602
9,997,198
289,299,557
297,104,579
Surplus
$
$
Reconstruction Finance Corporation
Interagency
Capital
39 677,700
124 741,000
92,403,602
b93,993,115
124 741,000
44 ,185,794
134 535,096
112 503,655
185,794
1 000,000
133,535,096
23,691,046
304 807,800
200 000,000
124 619,055
107 445,486
70 000,000
173 497,805
122 ,117,845
149, 000,000
18 ,964,856
5 000,000
4,625,137
1,900,512
114,404
700,197
4,625,137
1,900,512
700,197
a4,625,137
34,107,709
all4,404
100,000
10,575
2,000
2,000
a2,000
62,631
Federal Intermediate Credit banks
62,631
10,325,334
10,325,334
18,858,088
960,363
257,365,787
49,120,485
7,707,334
960,363
850,000
257,365,787
49,120,485
a257,365,787
10,000,000
7,707,334
2,581,861
a4,113,380
a2,581,861
3,593,954
24,957,100
46,518,553
6,406,867
12,000,000
*12,957* 100
40,038,108
b5I9,555
6,406,867
1,290,677,219
a6,406,867
55,614,770
55,614,770
25,000,000
""*51*5*284
"30*.099",486
299,500
£42,972,920
1,812,395,239
208,719,678
...
Banks for cooperatives
4,156,899
262,396
Production credit corporations
Regional agricultural credit corporations..
War emergency corporations and agencies
(In liquidation):
Navy Department (sale of surplus war
3,124,261
262,396
3,124,261
supplies)
United States Housing Corporation
Sec. of Treasury (U. S. RR. Admin.)..
United States Spruce Production Corp.
Sec. of Treasury (War Finance Corp.)..
10,575
223 691,046
a44
all2 503,655
114,404
120 000,000
1187,769,017
49,193,850
12,749,441
2,117,845
13,964,856
b7,580,272
bll,748.364
11,748,364
c32,207,197
200,197
400.000
Other:
Disaster Loan Corporation
Electric Home and Farm Authority...
Farm Security Administration
*8*8,34*1*039
Interior Department (Indian loans).
Inland Waterways Corporation
Rlcan
Reconstruction
747,339
1,086,657
Valley
atives, Inc
747,339
1,086,657
A~dmln__
RFC Mortgage Co
Tennessee
114,026
2,581,861
Panama Railroad Co
Puerto
88,341,039
114,026
Federal National Mortgage Association
Federal Prison Industries, Inc
2",099", 672
Associated
2,099,672
24,957,100
46,518,553
18,858,088
cl,141,912
20,000,000
7,000,000
110,363
"
3,339,277
*3*5*,781",208
Cooper¬
300,500
300,500
1,000
30,185,928
30,185,928
a30,185,928
2,394,400
2,394,400
a2,394,400
Treasury Department:
Railroad loans (Transp'n Act, 1920).
Securities received from the RFC
under Act of Feb. 24, 1938
Inter-agency items:
m
Due from governmental corporations
or
agencies
b323,252,584
a323,252,484
Due to governmental corporations or
agencies
Total
5,389,645,907 3,139,443,246 8,529,089,153 4,199,025,626
For footnotes see top of following column.
10,467,922
alO.467,922
393,019,262 3,806,006,364 3,339.902,660
647,103,704
n!81,000.000
Volume
ONE HUNDRED—The Commercial &
149
FOOTNOTES FOR
b Excess inter agency assets
(Robert) Simpson Co. Ltd. 1st mtge. 5s
(Robert) Simpson Co.. Ltd., 1st mtge. 6s
(deduct),
*
and
and liabilities (except bond investments
deposits with Reconstruction Finance Corporation).
e Excludes unexpended balance of appropriated finds,
f Also includes real estate and other property held for sale,
d Exclusive of
inter agency assets
with the RFC and accrued interest thereon,
h Also includes deposits
i Shares of State
building and loan associations,
$42,454,010: shares of Federal
savings and loan associations, $168,845,300.
held by the United
Includes only the amount of shares
j Assets not classified.
States Treasury.
for subscriptions to paid in
Represents
n
assets
which
not
are
and liabilities of the Treasury
agencies are not included in this
inter agency holdings of capital stock and paid in
deducted from the capital stock and paid in surplus
Department
statement.
surplus items
of the corre¬
sponding organizations.
#1
*
intprpst
Rppnipd
TnnliidfKi
Excludes
of Home Owners'
bonds
$16,850
bonds pending
"Treasury"
Loan Corp. held as
cancellation.
the statement
Note—Effective with
of July 31,
1938, the proprietary interest
represented by the capital stock, paid in surplus and non stock Interest in govern^
corporations and agencies which were offset by a corresponding item under
mental
"inter agency
jor
proprietary interest" of the Treasury, have
in the inter agency assets and
items as are included
such
Feb. 1, '40 751
Feb.
1, '40 751
Feb. 26, '40 3575
7% pref. stock
6% pref. stock
*
Woodward Iron Co. 2d mtge. 5s
Announcements this
week,
surplus.
inter agency
Represents
m
debs
x
Volume 148.
States Treasury
Federal Land banks from the United
and of Government agencies, which
3A% debs
15-yr. 3A%
West Penn Power Co.—
*
k Includes cash In trust funds.
I Includes $85,959 due to
Union Oil Co. of California
United Biscuit Co. of America, preferred stock
United States Cold Storage Co. 1st mtge. 6s
Viking Pump Co. preferred stock.
*
Virginia Coal & Iron Co. purch. money mtge
Western Electrical Instrument Corp. class A stock
and items in transit,
g Adjusted for inter agency items
Tide Water Association Oil Co. 15-yr.
*
Deficit (deduet).
c
Date
Page
Jan
x3388
Jan. 1 '40 X3388
Jan. 1, '40 3573
Jan. 1, '40 3573
Jan. 15, '40 2990
Jan. 1, '40 2990
Dec. 15
2385
Jan. 1, '40 3574
Jan.
1,'40 3281
Company and Issue—
TABLE PRECEDING
Non stock (or includes non stock proprietary interests),
a
3501
Financial Chronicle—YEARS OLD
been omitted (except for
liabilities shown herein)
the purpose of simpl fication in form.
DIVIDENDS
grouped in two separate tables.
In the
first we bring together all the dividends announced the
current week.
Then we follow with a second table in whieh
we
show the dividends previously announced, but which
have not yet been paid.
Further details and record of past
dividend payments in many cases are given under the com¬
pany name in our "General Corporation and Investment
News Department" in the week when declared.
Dividends
are
week
The dividends announced this
are:
securities
The following
were
SALES
Name
sold at auction on Wednesday
of the current week:
By R. L. Day & Co., Boston:
$ Per Share
Stocks
.Shares
40 Waltham
National Bank, Waltham, common, par
4 Consolidated Dry
1
General
Goods preferred, par $100
Co.
Machinery
10 units Wiggin
.
common
Terminals
5A
55>£
19
$5....
— —
10
....
.... —
$100
.
$1
100 Dundee-Arizona Copper Co., par $1;
1 Troy Cotton & Woolen Manufactory, par $500; 10 Quaker City Cab Co.
common, par $100; 10 Quaker City Cab Co. preferred, par $100; 6 Oil Lease
Development Co.; 200 Island Oil & Transport Corp. common v. t. c.,
par $10; 276 Phoenix Oil Co. common, par 25 cents; $100 Chicago Rapid
Transit Co. 1st mtge. 6s, July 1, 1953, series A coupon July 1, 1932, & sub.
on; $400 Chicago Rapid Transit Co. adj. July 1963 coupons all on; $200
Island Refining Corp. 7s, April 15, 1929, coupon Oct. 15, 1922, and sub.
25 Francisco Products Co. common, par
lot
By Crockett & Co., Boston:
ties
Corp
$ per Share
6A
t>A
Mining Co., par $25;
25 Fort Dodge Des
par
$2.50;
Securi¬
$3 lot
1
& New York Street Ry. common, par
Smelting & Refining Co. B common
200 Santa Fe Gold & Copper Mining Co., par
mon,
45c.
12 A
$100
Agricultural Society 6s, Jan. 1,1948, series A, and 150 Arcade
20 Boston Worcester
S2.500 Worcester
206
75
—
—
$4 lot
_
$10; 100 Hancock Coasolldated
900 Gadsden Copper Co., par $1
$100, and 50 com¬
1
$100
$1 lot
.
Moines & Southern RR. preferred, par
—
--
S3 lot
Stocks
5 South Philadelphia
I Philadelphia
National Bank, par $10
-
_
$ per Share
8
109
National Bank, par $20...
;
Co., par $50
±
Co., first preferred, par $100
-.$4 lot
$4 lot
10 Guardian Bank & Trust
30 Jacob Miller's Sons
20 Hotel
Sylvania Co. preferred, par $100...
$100..
_
-
.
..$2 lot
3A
202
—
II William Mann Co., par
6A Urbaine Corp. of Pennsylvania,
...
preferred
Per Cent
Bonds—
Society 6's (with 300 shares Hamilton Finnace
$.05, bonus)...
...
.....—
SI.000 Hamilton Loan
Inc. 2d pref., par
Service
—.$2 lot
CALLS AND SINKING FUND
82 M cl. A (qu.)_
(Texas) (quar.)
6% 1st pref
Co..
of bonds, notes and preferred
corporation called for redemption, together with
sinking fund notices.
The date indicates the redemption or
last date for making tenders, and the page number gives the
location in which the details were given in the "Chronicle":
Company and Issue—
Date
Page
stocks of
3401
3108
3546
3548
3519
3551
Colgate-Palmolive-Peet Co. 6% preferred stock
Feb. 1 '40 3256
Connecticut Ry. & Lighting Co. 1st & ref. 4A&
..Jan. 1 '40 3111
Container Corp. of America 1st mtge. 6s
Dec. 15
3258
(E. I.) du Pont de Nemours & Co., debenture stock
Jan. 25
3407
*
General American Transportation Corp. 3% ser. notes .Jan. 1, '40 3556
General Refractories Co. 3%% bonds
..Jan
1, '40 2973
German-Atlantic Cable Co. 1st mtge. 7s..
Apr. 1 *40
2687
*
Inland Steel Co. 1st mtge. bonds.
Jan. 15, '40 3558
*
Kansas City Gas Co. 1st mtge. 5s.
Feb. 1, '40 3559
Kresge Foundation Co. 4% coil, trust notes
Jan. 1,'40 2977
Lexington Utilities Co., preferred stock
Dec. 15
2236
*
Luzerne County Gas & Electric Corp. 7% bonds
Dec. 30
3 561
mtge 6s
*
Manila Gas Corp. 20-year bonds
National Gypsum Co. 4A% debentures
Nasnvuie Railway & Light Co. 1st mtge. 5s
New York City Omnibus Corp. prior lien bonds
New Orleans Public Service Inc., 4J^% bonds
New York State Elec. & Gas Corp. 1st mtge. 5s
*
New York State Electric & Gas Corp. 1st mtge. 5s
Northern Oklahoma Gas Co. 1st mtge 5s
Parker Wolverine Co. 2% debs—
*
Pennsvlvania Telephone Corp. 6% pref. stock
Pennsylvania Water & Power Co. 1st mtge. 4.A»
Phelps Dodge Corp. 3A% debs
Port Henry Light, Heat & Power Co. 1st mtge. 5s
Portland General Electric Co. 1st mtge. 5s
*
Seaboard Air Line Ry. receivers' ctfs
Servel. Inc., 7% preferred stock ..
Manila Gas Corp. 1st
\
—Jan.
1 '40
Jan. 1, '40
Dec. 4
Jan. 1 1940
Jan. 1 '40
Dec. 29
Jan.
1
Jan. 1, '40
Dec. 15
Dec. 15
Dec. 25
Dec.
Dec.
Feb.
Dec.
—Dec.
—Dec.
3267
3562
3120
1184
2699
3416
421
3564
3271
3272
3568
2984
2702
1, '40 2984
8
3122
2
15
29
30
2 Dec.
1
5
Dec.
15 Dec.
5
$1A
Dec.
68Mc
Jan.
15 Dec.
1 Dec.
11
25c
miA
5
Dec. 30 Dec. 20
1 Nov. 25
Dec.
Dec.
21
Dec.
8
22 Dec.
12
35c
25c
Jan.
15 Nov. 29
2 Dec. 20
(special)...
Optical Co. (quar.)
American
Extra.
American
3571
2705
Dec.
15 Dec.
15 Dec.
5
\2Ac
+81 M
Jan.
15 Dec.
15
30c
Dec.
12
•pi
Dec.
22 Dec.
23 Dec.
25c
...
...
American Public Welfare Trust Co., cl
A (s.-a.)_
Rolling Mill preferred
American Safety Razor (quar.)
...
Co. (special)
American Tissue Mills 7 % pref
American Tobacco Co. preferred
Dec.
i \\A
6c
(quar.)
$7 preferred
Jan.
4
*1 >1 74
—
t$6
.....
$
—
15
8
1
15
29
•82 A.
Feb.
1 Dec.
30c
Dec.
15 Dec.
<21
J.
Feb.
75c
Dec.
27 Dec.
16
Dec.
11 Dec.
1
+43 Mc
Dec.
Dec.
9
15 Dec.
5
15 Dec.
15 Nov. 30
qp
$1A
Dec.
25c
Jan.
3 /
78
25c
$3 A
(s.-a.)
25c
4M hA
VIV8
(Penna.) 6A% pref. (quar.)
Berkshire Fine Spinning Associates .85 pref
$7 preferred
Binks Manufacturing Co
Birtman Electric (special)
Bishop Oil Co
Black & Decker Mfg. (quar.)
Bohn Aluminum & Brass Corp
Bondholders Management, Inc., class A
1
Jan.
11
'1 >i
Paper Co. class A
5
15 Dec.
2 Dec.
Dec.
40c
6
1 Jan.
— ....
Bell Telephone
81M
15
2 Dec.
Dec. 20 Dec.
Jan.
2 Dec.
15
15
15 Dec. 20
1 Nov. 27
Dec.
m
Jan.
Dec.
Dec.
15
9
1 Nov. 27
21 Dec. 11
25c
Dec.
50c
Dec.
15 Dec.
4
2Ac
Dec.
25c
Dec.
11
25c
Dec.
15 Dec.
22 Dec.
21 Dec.
81M
62Hc
Dec.
i
yaVo
Dec.
40c
Dec.
50c
Dec.
50c
Dec.
_
Class A (extra)
„
Stores, Inc
•
(final)
Bourjois, Inc
Boyers.own Burial Casket (quar.)—
—
Brazilian Traclion, Light & Power pref. (quar.).
81A
Dec.
Dec.
15
■—
•
Canada Northern Power Corp., Ltd. (quar.)..
Preferred (quar.)
Canadian Breweries $3 preferred
—
Canadian Canners 1st preferred (quar.)..
2d preferred (quar.)
Canadian Foreign Investment Corp 8% pf. (qu.)
Canadian General Electric (quar.) —
Canadian Oil Cos. preferred (quar.)
Canadian Tube & Steel Products preferred—
Carey (Philip) Mfg. Co., 6% preferred.
Carpenter Steel Co
Cariboo Gold Quartz Mining Co. (quar.)
■
Central Illinois Securities preferred
Jan.
40c
Jan.
$1H
81H
Feb.
15c
Jan.
Dec.
37 Ac
Dec.
50c
Dec.
:30c
Jan.
15 Dec.
16 Jan.
2 Dec.
10
5
15
1 Jan.
11 Dec.
15
2 Dec.
15
2
15 Nov. 30
15 Nov. 30
25 Dec. 30
15 Dec. 30
2 Dec. 15
P KM
Jan.
50c
Jan.
:25c
Jan.
2 Dec.
15c
Jan.
W4
Jan.
2 Dec.
1 Dec.
15
2 Dec.
2 Dec.
15
20
8
81A
Jan.
•82
Jan.
15
15
+83
Dec.
+83
Dec.
60c
Dec.
15 Dec.
20 Dec.
20 Dec.
14c
Jan.
2 Dec.
4 2c
Jan.
2 Dec.
6
Dec.
2
Dec.
15 Dec.
15 Dec.
Dec.
21 Dec.
2 Dec.
11
2 Dec.
11
2 Dec.
11
+87
preferred
Cleveland Electric Illuminating (year-end)
Quarterly
Preferred (quar.)
Cluett, Pea body & Co., Inc. (year-end)
Preferred (quar.)
Dec.
2A%
2 Dec. 15
15 Nov. 30
1
15 Dec.
25c
Mining (year-end)
Chapman Valve, pref. (semi-ann.)
City & Suburban Homes.
Clark (D. 8.) Co. (year-end
Dec.
5c
Centennial Flouring Mills
preferred
Dec.
15
30c
...
6% preferred
....
Chamberlain Metal Weather Strip
Jan.
10c
Ry. pref. (s.-a.)
Buffalo Niagara & Eastern Powei pref. (quar.)..
$5 preferred (quar.)
Bulolo Gold Dredging (interim)
Burlington Steel Co., Ltd. (quar.)
Canada Malting Co., Ltd, (quar.).
British Columbia Electric
4
8 Dec.
1 Nov. 20
14
*4pA
Brunswick Site Co..
15 Nov. 30
8
15 Dec.
8
15 Dec.
8
20 Dec.
2 Dec.
8 1.10
(year-end)
Brompton Pulp & Paper Co. (resumed)
15 Nov. 30
15 Nov. 30
28 Dec.
2 Dec.
Dec.
Jan.
50c
(quar.)
1
8
Jan.
50c
Brass Corp.
Central Maine Power $7
81
25c
Dec.
20c
(quar.)
Bridgeport Gas Light Co.
Brillo Mfg. Co. (quar.)
$6
22 Dec.
1 Dec.
Dec.
A (quar.)
Beatty Bros., Ltd., 7% 2d pref.
Bellows & Co., class A (quar.)
Central Eureka
15
51A
Barber (W. H.) (quar.)
Bastian-Blessing Co
Preferred (quar.)
Extra
5
2 Dec.
23 Dec.
12 Dec.
5
15
.
Dec.
Badger Paper Mills (year-end)
Extra.
20 Dec.
.
25c
Automatic Fire Alarm (quar.)
Automobile Finance Co. 7% preferred
Class A
Dec.
.
75c
Atchison Topeka & Santa Fe Ry. preferred
Athey Truss Wheel Co. (irregular)
Atlantic Refining Co. 4% pref. A (quar.)
Autocar Trucks 83 cum. & partic. pref. (quar.).
Bristol
15 Dec.
20 De
2 De
De
Jan.
Baldwin Co. 6% preferred
1
Jan.
Dec.
12Mc
(quar.)
4
4
22 Dec.
1 Nov. 25
9
2 Dec.
Dec.
Associated Breweries of Canada (year end)
Power &
Dec.
1
Jan.
t$7
•
Arnold Cons able
Preferred
Dec.
81M
n%
Bridge
$7 preferred (quar.)..
$6 preferred
$6 preferred (quar.)
Armstrong Cork Co
Borden Co.
Telegraph Co. (N. J.) 7% pref. stock ..Jan. 15
Athens Ry. & Electric Co. 1st mtge. 5s
Jan. 1 '40
*
Bethlehem Steel Corp. AM % bonds
Jan.
1
*
Budd Realty Corp. 1st mtge. bonds
.Jan. 5 ,'40
*
Central Violetta Sugar Co. 6% bonds
Dec. 31
*
Cities Service Co. gold debentures
—.Jan. 1, '40
Jan.
5
19*
Dec.
Extra
NOTICES
American District
2 Dec.
Dec.
Bond
Below will be found a list
Jan.
45c
Class A stock dividend
REDEMPTION
11 Dec.
25c
Bathurs
By Barnes & Lofland, Philadelphia:
Shares
Dec.
25c
Arkansas Power & Light
Spinning Assts., common
_
$100
1 Boston Athenaeum, par $300
5 Concord West End Land Co
:
15 Joseph Breck & Sous class A, par $5____._
...
15 Springfield Gas Light Co., par $25
.
11 Commonwealth Supplies class B; 30 Public Indemnity Co., par
12 Southern Surety Co. of N. Y-, par $2.50; 12 Southern Holding &
11 Dec.
8 \%
$ 1%
15c
....
American Smelting & Refining
Preferred (quar.)
20
100 Berkshire Fine
1*
Dec.
American Meter Co., Inc.
$160 lot
20 Bates Mfg. Co., par
9
15 Dec.
Jan.
American Metal.
$100; 20 Mechanical Rubber Mfg. Co. pref., par
Mining Co., par $1; 8 Andover Press, Ltd., par $50;
Stocks
20 Dec.
Dec.
50c
(quar.)
American Toll
Shares
20
Dec.
fil
American Hawaiian Steamship
par
Real Estate Co., par $50
2 Dec.
1^
40c
SV4C
*
American Chain & Cable
American Hair & Felt Co.,
Co., par $100
—
84
$10; assignment of an undivided interest in oil
and gas lease.
32-750 unit Petroleum Corp. Wilson Lease....
$3 lot
445 Montana Consolidated Coal & Coke Co. trust ctf.; 20 Mechanical Rubber
6 Massachusetts
Jan.
74
American General Insurance Co.
139 unit Petroleum Corp., par
$100; 132,916 Cowles
30c
Optional div., cash or stock.
36 Plymouth Cordage
Mfg. Co. common,
(extra).
D.) Mfg. (exp;a)
Agnew Surpass Shoe preferred (quar.)
A hi berg Bearing Co., class A
Allied Chemical & Dye Corp
Aluminum Goods Mfg. Co..
American Air Filter (irregular)
...
Preferred (quar.)
American Can Co. preferred (quar.)
American Casualty Co
Adams (J.
American Cities Power & Light
$190 lot
on
15 Nov. 29
Dec. 20 Dec. 11
2 Dec. 15
Dec.
27 Ac
Acme Wire Co.
Preferred
20 American Woolen Co. common;
Payable of Record
Share
of Company
Holders
When
Per
AUCTION
...
Jan.
+86
Jan.
|qpO
Jan.
25c
Dec.
83 A
Dec.
25c
Dec.
9
9
6
6
11
9
15 Dec.
1 Nov. 22
1
4 Dec.
5c
Dec.
18 Dec.
8
25c
Dec.
Dec.
20 Dec.
20 Dec.
8
50c
81A
Jan.
Dec.
$1H
Jan.
8
2 Dec.
8
23 Dec.
2 Dec.
12
19
3502
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
Per
Name of Company
Cleveland Theatres partic. pref.
Colonial Ice Co
(irregular)
— -
Consolidated Edison Co. (N. Y.) $5 pref. (qu.).
Consolidated Laundries $7M pref. (quar.)
*
Consumers Power Co. $5 pref. (quar.)
S4M preferred (quar.)_
Continental Baking Co. pref. (quar.)
Preferred (special)
Continental Telephone 6M% pref. (quar.)
7% participating preferred (quar.)
or America (quar.)
'
.
Industrial Rayon Corp. (year-end)
Ingersoll Rand, preferred (s.-a.)
Institutional Securities (Bank Group Series)
Stock dividend.
Jan.
—
...
«,
2 Dec.
8
Jan.
2 Dec.
15
25c
Dec.
Feb.
15 Dec.
7
1 Dec. 29
Feb.
1 Jan.
15
Jan.
2 Dec.
8
Dec. 23 Dec.
2 Dec.
11
Jan.
Jan.
Dec.
15
Jamaica Water Supply.
Preferred A (quar.)
2 Dec.
15
Jersey Central Power & Light 7% pref. (qu.)
27 Dec.
9
6% preferred (quar.)
5M % preferred (quar.)
Joslyn Mfg. & Supply
Preferred (quar.)
Kable Bros. Co. 6% preferred (quar.)__
Kalamazoo Vegetable Parchment Co.
(quar.)
Kansas Electric Power 7% preferred
(quar.)
6% preferred (quar.)
Kaurmann Dept. Stores, Inc
15c
—
SIM
Special
Dempster Mill Mfg. (quar.)
Preferred (quar.)
Detroit Steel Corp. (quar.>
SI
SIM
SIM
25c
Extra
Detroit Steel Products
Diamond Portland Cement Co. (irregular)
Dixie Ice Cream (quar.)
Dixie-Vortex Co. (year-end)
Class A (quar.)
50c
75c
10c
12 Mc
50c
62 Mc
15c
Doernbecker Mfg. Co
Dolphin Paint & Varnish Co., $2 class A
Dominion Glass Co. (quar.)
(quar.)
Dominion-Scottish Investments, Ltd., 5% pr(f_
Draper Corp. (quar.)
Special
.
......
Preferred (quar.)
Dunlop Tire & Rubber Goods (initial)
1st preferred (semi-annual)
Dun (R. G.)-Brad»treet
(quar.)._..._.
Preferred (quar.)
Duquesne Brewing (extra)
(year-end)
_;
Egry Register, 5M% preferred (quar.)
846 South Broadway Co. (Los
Angeles) (quar.).
........
Extra
Electric Auto-Lite
Elgin National Watch...
Elmira & Williamsport RR. pref.
(s.-a.)
Emerson Electric Mfg. preferred..
75c
Dec. 30 Dec.
2 Dec.
22 Dec.
Nov. 24 Nov.
15
20
Dec.
12
Nov.
Dec.
Dec.
Dec.
18
24 Nov. 18
15 Dec.
5
15 Dec.
5
20 Dec.
9
Dec. 20 Dec.
9
Dec.
1 Nov. 25
Dec. 26 Dec. 11
Jan.
2 Dec.
11
Dec. 20 Dec.
Dec. 15 Dec.
Jan.
2 Dec.
Jan.
2 Dec.
5
Dec.
Jan.
Jan.
SIM
SIM
50c
50c
13
Jan.
SI
1
15
15
1 Nov. 27
2 Dec.
2
2 Dec.
22 Dec.
2
Jan.
2 Dec.
15
Dec.
Dec.
29 Dec.
30 Dec.
15
Dec.
11
Dec.
11 Nov. 25
Dec.
7
15
Nov. 25
SIM
Jan.
2 Dec.
40c
Dec.
Dec.
18iDec.
19i Dec.
8
50c
Dec. 20 Dec.
Nov. 30 Nov.
Nov. 30 Nov.
Dec. 20 Dec.
11
SIM
50c
25c
SI
20
8
27
class A
Dec.
(extra)
Canadian
Dec.
25c
.
5% preferred (quar.).
preferred (quar.)
Foresight Fund. Inc., non-cum. class A
Fisk Rubber Corp
Foster & Kleiser pref, A
(quar.)
Fresnillo Co
Fruehauf Trailer
Fruit-of-the-Loorn preferred....
Galveston-Houston Co
Gannett Co., Inc., $6 conv. pref.
(quar.)
General Acceptance class A common
20c
t$2M
50c
6
Nov. 22
27 Dec.
Dec. 28 Dec.
Dec. 20 Dec.
Dec.
5 Dec.
Jan.
Dec.
50c
Dec.
25c
Dec.
4Mc
5Mc
SIM
•
Dec.
lg
1
15 Dec.
15 Dec.
Dec.
3Mc
37Mc
15 Dec.
Dec.
Dec.
9
6
6
14
18
11
1
2 Dec. 22
15 Nov. 30
15 Dec.
5
Dec.
15 Dec.
15 Dec.
15 Dec.
Jan.
5
1
1
2 Dec.
15
20 Dec.
Dec. 28 Dec.
11
Jan.
2 Dec.
15
9 Dec.
6
Dec.
15
25c
Dec.
25c
Dec.
SI
Dec.
15 Nov. 30
20 Dec.
1
Dec.
22 Dec.
12
2 Dec.
15
15 Dec.
5
25c
SIM
Jan.
(increased)
General Reinsurance (quar.)
Extra
Dec.
25c
Common
General American Transportation
Corp
General Fire Extinguisher
25c
15 Dec.
5
Dec. 30 Dec.
6
Dec. 11 Nov. 29
Dec. 15 Dec.
8
Dec. 15 Dec.
8
Dec. 15 Dec.
1
SIM
30c
25c
25c
General Steel Wires, Ltd., preferred
General Theatres Equipment
Corp
General Water, Gas & Electric Co
Extra.
SIM
15c
Dec.
18 Dec.
11
10c
8
75c
Dec. 22 Dec.
Dec. 22 Dec.
Jan.
1 Dec.
3c
15c
Dec.
22
Dec.
19 Dec.
8
SIM
Feb.
Dec.
1 Jan.
15 Dec.
2
25c
40c
$3 preferred (quar.)
G etch ell Mine
Gilette Safety
(irregular)
Razor Co. (quar.)
pref. (quar.)
Corp. (quar.)..
conv.
Stock dividend
Glens Falls Insurance Co.
(quar.)
Glens Falls Investment Corp
Glidden Co
Preferred (quar.)
Globe Grain & Milling
Globe-Wernicke, pref. (quar.)
Gorham Mfg. Co
Gorton-Pew Fisheries (quar.)
Grant (W. T.) Co. (quar.)
Preferred (quar.)
Greening (B.) Wire Co. (quar.)
Greyhound Corp. (quar.)
Dec.
8
15
5
(cellar.).
Group No- 1
Haloid Co
Harrisburg Gas Co. 7% preferred (quar.).
Hanisburg Steel Corp
Hart & Cooley Co. (quar.)
Extra
Harvey Hubbell, Inc. (quar.)
Extra
Hecla Mining Co
Helme (Geo. W.) Co.
(quar.)
Extra
Preferred (quar.)
Hercules Powder Co. (year-end
div.)
Hershey Creamery Co
Preferred (semi-ann.)
Hinde & Dauch Paper Co
5% preferred (quar.)
Hobart Mfg. Co., class B
Class A & B (extra)
Hoskins Mfg. Co
Humphreys Mfg
Preferred (quar.)
Huron & Erie Mtge.
Corp. (Ont.) (quar.).
Hyde Park Breweries Assoc. (yr.-ena)
Hygrade Sylvania Corp
Incorporated Investors (special)
Independent-Eastern Torpedo Co
Indiana Hydro-Electric 7 % preferred
Industrial Acceptance class A
(quar.)
5% conv. preferred (quar.)
Industrial Credit Corp. (Lynn)
(quar.)__.
Preferred (quar.)
—
SIX
SIM
SIX
SI X
SIX
Kaynee Co. 7% preferred (quar.)
Kearney (J. R.) Corp. (quar.)
Preferred (quar.)
Kennedy's, Inc., preferred (quar.)
Kerlyn Oil Co., class A (quar.)
Keystone Watch Case
Kingston Products Corp
Koppers Co., 6% pref
6% preferred (quar.)
Kresge Dept. Stores, pref. (quar.)
Kysor Heating Co. (quar.)
Leslie Salt Co.
tS3X
SI A
SI
Jan.
1 Dec.
14
Jan.
2 Dec.
21 Dec.
15
25c
Dec.
Dec.
21 Dec.
11
13Mc
$50
Dec.
21 Dec.
11
Jan.
2 Dec.
Dec. 30 Dec.
Jan.
15 Dec.
Dec. 22iDec.
12
65c
SIM
20c
11
(quar.)
16 Dec.
6
16 Dec.
6
20c
Dec.
20 Dec
15c
Dec.
22 Dec.
Jan.
2 Dec.
2 Dec.
9
Jan.
Jan.
2 Dec.
9
Dec.
22 Dec.
11
Dec.
Dec.
Dec.
21 Dec.
6
SIM
$2
SIM
$1.65
50c
S3M
9
.
9
2
9
21 Dec.
6
23 Dec.
23 Dec.
9
9
40c
Dec. 22 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
50c
Dec.
SIM
SI
$1
87 Mc
Dec.
25c
"11
50c
40c
12Mc
tSIM
50c
SIM
25c
87Mc
Dec.
9
9
7
23 Dec.
23 Dec.
12
15
15
Dec.
Dec.
2 Dec.
3 Dec.
20 Dec.
11
22 Dec.
1
Dec.
15 Dec.
1
Dec. 15 Nov.
Dec. 31 Dec.
Dec. 31 Dec.
Dec.
1 Nov.
Dec.
1 Nov.
30
Jan.
Jan.
12
15
$2
IX %
25c
50c
30c
30c
(s.-a.)
(quar.)
75c
SIX
35c
Merritt-Chapman & Scott pref. A
Messinger Corp
Merrimac Hat Corp
Preferred (quar.)
Messenger Corp
Michigan Co. 6% preferred (quar.)
Michigan Gas & Electric, 7% prior lien
t$6 X
25c
35c
SI
25c
SI X
i_
SIX
SIX
Michigan Seamless Tube
Midwest Piping & Supply (extra)
Milwaukee Gas Light Co. 7
% preferred A (quar.)
Minneapolis Brewing
Mississippi River Power, 6% pref. (quar.)
Mitchell (J. S.) & Co., prer.
(quar.)
Monroe Chemical Co., preferred
(quar.)
Montreal Cottons Ltd. (quar.)
7% preferred (quar.)
Mutual System, Inc.
(quar.)
8% preferred (quar.)
Myers (F. E.) & Bro
Narragansett Racing Association
25c
§6 prior lien
Nashville & Decatur RR. gtd.
(s.-a.)
National Battery Co. preferred
(quar.)
National Bond & Investment Co
Jan.
Dec.
Mar.
Dec.
15c
SIM
25c
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
Dec.
Jan.
Jan.
6c
50c
75c
25c
93 Mc
5% preferred A (quar.)
National Cylinder Gas Co
National Funding cl. A and B
(quar.)
Class A and B (extra)
National Gypsum Co. (initial)
Jan.
Dec.
Dec.
National Lead Co
Extra
Preferred B (quar.)
National Malleable & Steel
Casting
National Oil Products
(year-end)
National Rubber Machinery
National Steel Car Corp.
Nehi Corp. (quar.)
(quar.)
SIM
Dec.
SI
30c
1
2 Dec.
2 Dec.
15
15
2 Dec. 15
15 Nov. 30
2 Dec.
11
21 Dec.
21 Dec.
21 Dec.
9
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
20 Dec.
Dec. 22 Dec. 11
Dec. 23 Dec.
8
Dec. 23 Dec.
8
Feb.
1 Jan. 19
Dec. 21 Dec.
9
Dec. 18 Dec.
8
Dec.
Jan.
Jan.
18 Dec.
6
15 Dec. 30
2 Dec.
5
Dec. 20 Dec.
SI
5
2 Dec. 15
S1.31M Jan.
50c
15c
New Idea Inc
Year-end special
New Method Laundry Co. 6
A% preferred
N. Y. & N. J. Utilities preferred
(quar.)
New York State Electric & Gas
pref. (quar.)...
New York Stocks, Inc. (Aviation
65c
tSIM
Dec. 15 Dec.
Dec. 21 Dec.
Dec. 21 Dec.
Dec.
75c
Dec.
SIM
10c
Jan.
Dec.
25c
Industry ser.)_
New York Trap Rock
Preferred (quar.)
Dec.
SIM
$2 X
Norfolk & Western Ry. Co
Extra
North American Co
$5
30c
75c
each 50 shs. of North American Co.
Northern Oklahoma Gas Co
Northern Ontario Power Co., Ltd.
(quar.)
6% preferred (quar.)
Northwest Engineering Co
Northwestern Utilities, Ltd., 6% prior pref
No-Sag Spring (year-end)
Ohio Edison Co. S5 pref. (quar.)
S6 preferred (quar.)
$6.60 preferred (quar.)
$7 preferred (quar.)
$7.20 preferred (quar.)
Ohio Brass Co., A and B
Ohio Match Co. (quar.)
71Mc
35c
60c
SIM
50c
SI M
35c
SIM
SIM
$1.65
SIM
$1.80
SI
25c
Oklahoma Natural Gas
$3 preferred (quar.)
$5A preferred (quar.)
Ontario Loan & Debenture
M
50c
Niles-B ement-Pond
25c
75c
.-
Ottawa Light, Heat & Power
(quar.)
Preferred (quar.)
Oriental Consol. Mining
(liquidating)
Orpheum Building
Pacific Finance Corp. (California)
Preferred A (quar.).
Preferred C
Dec.
50c
(quar.)
15
Dec.
25c
8 Dec.
15 Nov. 30
15 Dec. 30
15 Dec. 30
Dec. 26 Dec. 15
Dec. 18 Dec.
8
Jan.
2 Dec. 21
Jan.
12Mc
37Mc
1
Nov. 24
15 Dec.
5
2 Dec. 15
15 Nov. 30
15 Nov. 30
Jan.
55c
15c
15
26
Jan.
20c
17Mc
17Mc
18
11
Dec. 22 Dec. 15
Dec.
1 Nov. 25
Dec. 15 Dec.
5
SIX
87Mc
50c
5
26
Dec. 28 Dec, 13
Dec. 28 Dec. 13
Jan.
2 Dec. 15
Dec. 20 Dec.
9
Dec. 15 Dec.
5
Dec.
1 Nov. 24
SI X
SIM
5
15 Nov. 30
15 Dec. 30
20 Dec.
9
1 Feb. 10
26 Dec.
8
1 Mar. 15
22 Dec. 11
23 Dec.
9
23 Dec.
9
2 Dec. 15
22 Dec. 22
22 Dec.
7
22 Dec.
7
22 Dec. 18
Dec.
Dec.
Dec. 22 Dec.
Dec
22 Dec.
Mar. 30 Mar.
Jan.
3 Dec.
Jan.
3 Dec.
50c
Extra
15
5% preferred (quar.)
15
Dec.
40c
5M % preferred (quar.)
A special div. on com. stock of l-40th sh.
of com., $100 par, of Wash.
Ry. & El. Co. for
20 Dec.
65c
1
15 Dec.
SI
25c
common
30
12
Dec.
Dec.
18
11 Dec.
40c
6% preferred (quar.)
Dec.
9
Dec.
Jan.
9
2 Dec.
Dec.
50c
15
SI
$2
30c
15 Dec.
18 Dec.
Dec.
SI
25c
(quar.)
Preferred (s.-a.)
Jan.
15c
Dec.
Dec.
Dec.
Jan.
Dec.
(quar.)
1
15
15 Dec. 30
1 Dec.
9
20 Dec. 11
Jan.
Apr.
Cum. partic. preferred
56Mc
25c
2 Dec.
15 Dec.
2 Dec.
15c
SIM
Mead Johnson & Co.
Extra
1st preferred
1
Dec.
Jan.
10c
Extra
14
Dec.
Jan.
31Mc
8Mc
$2 A
McManus Petroleum Ltd
15
22
10
8
18
50c
Master Electric Co.
11
Dec.
15
29 Jan.
15 Dec.
50c
Extra
23 Dec.
23 Dec.
1 Dec.
2 Dec.
Dec.
75c
Extra
Dec.
2 Dec.
Jan.
12Mc
.
Marchants Calculating Machine Co.
Dec.
Jan.
4
10
15
Jan.
SIX
;
(quar.)
Preferred (quar.)
Ma pes Consol. Mfg.
20c
50c
Jan.
4
15
Jan.
Preferred (quar.)
Liquidometer Corp. (initial)
5
75c
35c
11
11
13c
Loriliard (P.) Co. (final)
15
*Tt
2 Dec.
2 Dec.
15
11
SIX
Extra
1 Dec.
18
Dec. 30 Dec.
1 Dec.
1 Dec.
Jan.
1 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Nov. 15 Nov.
Jan.
Jan.
SIX
Lexington Union Station Co., preferred (s.-a.)__
Lindsay Light & Chemical Co., preferred (quqr.)
Link Belt Co. (quar.)
15 Dec.
Dec.
Dec. 10 Dec.
1
Dec. 27 Dec. 11
Dec. 15 Dec.
5
Dec. 26 Dec. 13
Dec. 15 Dec.
1
Dec. 15 Dec.
1
Dec. 15 Nov. 30
Dec. 15 Dec.
1
Dec. 30 Dec. 15
25c
Dec.
Nov. 27
Dec. 20
5
1 Nov. 30
Dec.
Extra
Jan.
2
Nov. 28
Jan.
2
Dec. 15
8
2 Dec.
30c
5%
50c
Extra.
..
Extra
40c
40c
50c
SI M
SI M
_
Year-end dividend
2 Dec. 20
5 Nov. 30
12 Nov. 24
Dec.
5c
McCrory Stores Corp.,
Common (quar.)
Jan.
Dec.
SI
$2
10c
10c
Ironer
11
23 Dec.
162 Mc
SIM
Investors Distribution Shares (quar.)
27
Dec.
$4
Insurance Stock Series
Fisher Flouring Mills Co.
Preferred
2 Dec.
SIM
SI.60
SIM
6% preferred
Fidelity & Guaranty Fire Corp
Financial Security Fund, Inc. (quar.).
First Securs. Corp. (Ogden,
Utah), A & B (s.-a.)
Class A and B (extra)
Fiscal Fund (Bank Stock
Series)
$5
tf50c
62 Mc
Eaton Mfg. Co.
Girdler
t50c
SIM
SIM
50 c
.....
Fedders Mfg. Co___.
Federal Chemical Co.
$2
S2M
SIM
SIM
12Mc
2Mc
Jan.
Extra
Falstaff Brewing
Famous Players
Special,
Ironrite
25c
non-cum.
$7
75c
Investment Corp. (Phila.)
8
Dec.
Empire Star Mines
English Electric of Canada, $3
Essex Co. (s.-a.).__
Fafnir Bearing Co. (quar.)
20c
11
50c
Jan.
t$3.60
2 Dec.
27 Dec.
9
20 Dec.
9
15 Nov. 30
23 Dec. 13
Jan.
six
Rubber Co
International Power Securities, pref. A
International Silver Co., preferred
23 Dec.
35c
Extra
Inter-City Baking Co., Ltd
Intercont nental
Dec.
Dec.
Dec. 26 Dec.
50c
S3
2A%
..
Jan.
Credit Acceptance Corp. SI.40 conv. pref.
(qu.)_
Crowell-Collier Publishing (quar.)
■
20
Jan.
Crown Zellerbach Corp.
David & Frere Ltd., class A (quar.)..
De Long Hook & Eye
..........
Dec.
1
75c
60c
Duke Power Co
20
SIM
Dec.
Dec.
Preferred
Holders
Jan.
1 Dec.
1939
of Record
$2
.
_
Holders
Dec.
1 Nov. 24
Nov. 20 Nov. 15
SIM
SIM
SIM
SIM
SIM
SIM
2,
Payable of Record
$2
SI
$7 preferred (quar.)
„
$0 preferred B (quar.)
Commonwealth & Southern $6 pref
Commonwealth Telep. (Madison, Wis.) 6% pfd.
Compo Shoe Machine vot. tr, ctfs
Creameries
Extra
Crane Co
When
Share
Dec.
(quar
Pacific Fruit & Produce Co., Inc.
(year-end)
SIM
SIM
25c
"IS
15c
30c
20c
16Mc
SIM
50c
5
1 Nov. 24
28 Nov. 30
2 Dec.
8
15 Dec.
5
11 Nov. 30
Jan.
2
Dec. 22
Dec. 22
Dec. 22
Jan.
Jan.
5
5
Dec. 20
Dec.
Dec.
4
4
Dec.
6
2 Dec.
11
2 Dec.
11
Nov. 27 Nov. 20
Jan. 25 Dec. 30
Jan. 25 Dec. 30
Dec. 20 Dec.
5
Dec.
Dec.
Jan.
Jan.
Jan.
1 Nov. 24
16 Dec. 11
2 Dec. 15
2 Dec. 15
2 Dec. 15
Jan.
2
Jan.
2
Dec. 23
Dec. 20
Dec. 30
Dec.
15
Dec.
15
Dec.
8
Dec.
1
Dec.
15
15
Dec. 30 Dec.
Dec. 30 Dec.
2 Dec.
Jan.
15
15
Jan.
1 Dec.
6
Jan.
1 Dec.
6
Dec. 28 Dec. 22
Dec. 20 Dec.
9
Dec. 19 Dec.
9*
Feb.
1 Jan. 15
Feb.
1 Jan.
15
Feb.
1 Jan. 15
Dec.
Nov. 29
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Park, Davis & Co.
Dec.
Dec.
Dec.
2 Dec.
Vulcan
11
19 Dec. 11
1 Nov. 20
12 Dec.
6
1 Dec.
Jan.
Preferred (quar.)
Peoples Drug Stores
Peoples Gas Light & Coke Co
Perron Gold Mines, Ltd. (quar.)
Jan.
Dec.
—
Jan.
Jan.
(quar.)
15
Dec. 20
Jan.
2
Jan.
2
Philadelphia Electric Power preferred (quar.)
Pittsburgh Ft. Wayne & Chicago Ry. (quar.).
Preferred (quar.)..
;
Pittsburgh Metallurgical
Pittsburgh Thrift Corp. (quar.)
Pittsfiela & North Adams RR. (semi-ann.)
Placer Development Ltd. (interim)
Pneumatic Scale Corp
;
Pollock's, Inc., 6% pref. (quar.)
Power Corp. of Canada, Ltd. (interim)
6% cumulative preferred (quar.)
6% non-cumulative preferred (quar.)
__
SIH
6
1
2
Dec.
m
50c
SIH
II H
37Hc
SIH
SIH
$5 preferred (quar.)
Radio Corp. of America
20c
B preferred
(quar.)
$3H conv. 1st preferred (quar.)
Rayonier, Inc., $2 pref. (quar.).
Reading Co., 2d preferred (quar.)
Reliable Stores Corp. (year-end)
Remington Rand (interim)
Preferred (quar.)..
Republic Steel, 6% prior pref. A__
6% prior preferred A (quar.)
6% preferred
;—
Roan Antelope Copper Mines (Amer. shares)..
Rochester Telephone (quar.)
Preferred (quar.)
Roeser & Pendleton (special)
—
Roos Bros
Knitting Mills pref. (quar.)
$1H
87 He
50c
50c
50c
20c
Dec.
15 Dec.
20
Jan.
8
Dec. 21 Dec.
16c
$1H
$1H
50c
37 He
8c
Dec. 20 Dec.
7
11 Dec. 21
Dec. 22 Dec. 11
Jan.
2 Dec. 11
25c
37Hc
25c
10c
:
2 Dec. 20
Dec. 20 Dec.
11
Dec. 20 Dec. 11
Dec.
1 Nov. 20
Dec. 15 Dec.
9
1 Dec. 20
Jan.
Jan.
Dec.
1 Dec. 23
1 Nov. 25
Dec. 20 Dec.
Dec. 20 Dec.
Dec.
8
8
1 Nov. 21
Dec. 18 Dec.
Dec. 22 Dec.
Dec. 24 Dec.
8
8
10
Dec. 24 Dec. 10
Dec. 15 Nov. 30
Dec. 15 Nov. 30
15 Nov.
8
2 Dec. 18
Jan.
55c
—
...—
43 He
35c
Jan,
2 Dec.
18
25c
7% preferred (quar.).!
Seven-Up Bottling (St. Louis) (quar.)
Preferred (quar.)
Shell Union Oil Corp
5H% convertible preferred
Shepard-Niles Crane & Hoist
Shuron Optical Co
Dec.
Dec. 20 Dec.
8
15
SI H
Jan.
2 Dec.
sin
Dec.
1 Nov. 21
6
25c
75c
Dec. 21 Dec.
Simmons Co
Simon
15c
Dec.
.-
(H.) & Sons. Ltd
7% preferred (quar.)
Sivyer Steel Castings (;
SI H
50c
$2
$1H
S1H
Sloss-Sheffield Steel & Iron
Preferred (quar.)
Smith (Howard) Paper Mill preferred (qu.)
Sonotone
15c
Corp. preferred (quar.)
Southern California Edison
5% orig. pref. (qu.).
38 He
20c
5H% preferred C (quar.)..
Southern Canada Power Co., Ltd. (quar.)
6% cum. preferred (quar.)
Southland
iHi
Royalty Co. (quar.)
South Penn Oil
(quar.)
-
Spencer Trask Fund
Spicer Mfg. Co. $3 preferred
Spring Valley Co., Ltd. liquidating)
Standard Bank of South Africa, Ltd. (interim)
Standard Brands (quar.)
$4H preferred (quar.)
Sterchi Bros. Stores 1st preferred (quar.)—.
Second preferred
Sterling Aluminum Products
Stewart-Warner Corp.
Taggert Corp. pref. (quar.)
Terminals & Transportation Corp. $3 pref
Texas Corp. (quar.)
Thatcher Mfg. Co
10c
S1H
75c
SI
50c
25c
62 He
tSlH
50c
-
-
Thew Shovel Co
Thomson Electric Welding (year-end)
Tide Water Assoc. Oil Co. $4H conv. pref
Todd Shipyards Corp
Toledo light & Power Co. 6% preferred
Toronto Elevator (resumed)
Twentieth Century-Fox Film Corp. pref. (qu.).
25c
50c
$1
50c
S1H
50c
"ft
-
-
37Hc
Twin Coach Co
50c
Union Carbide & Carbon
50c
SI H
(quar.)
10c
95c
25c
34c
Union.Premier Food Stores (quar.)-
(quar.)
United Artists Theatres Circuit 5% pref. (qu.)
—
Extra
United Molasses Co. Am. dep. rec. (final)
United National Corp. (irregular)
SIH
30c
United-Carr Fastener Corp
—
30c
15%
10c
United Public Utilities Corp. $3 preferred
t75c
$2H preferred
t68Hc
United States Truck Lines (Del.) (year-end)
75c
United Wall Paper Factories, preferred (quar.)_
S1H
50c
Universal Consolidated Oil
tS2
Upressit Metal Cap Corp. 8% pref
$2
8% preferred (quar.)
10c
Utah Oil Refining (quar.)
S1H
Valley Mould & Iron Corp. (quar.)
Valve Bag preferred (quar.)
Vulcan Oils, Ltd
$1^
Dec. 26 Dec. 16
Dec. 15 Nov. 24
Jan.
2 Dec. 18
Dec. 28 Dec. 15
Dec.
_
Feb.
Jan.
Dec.
25c
SIH
5c
25c
25c
t$3H
SIH
SIH
SIH
+S1H
tSlH
ilH
Dec. 20
Dec. 22
Jan.
2
2
Jan.
2
Jan.
Dec.
Dec.
Dec.
9
11
Dec.
Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
15
15
5
5
12
2 Dec.
12
Jan.
15
Jan.
2 Dec. 12
Dec. 20 Nov. 30
Jan.
5 Nov. 30
Jan. 20 Nov. 30
Dec. 20 Nov. 30
Jan.
5 Nov.30
Jan.
HH
20 Nov. 30
Dec. 20 Nov. 30
Jan.
SIH
S2H
tSltl
— ....
5 Nov.30
Jan.
20 Nov.30
Dec. 22 Dec.
11
15 Nov. 20
Dec. 21 Dec. 11
Dec.
Below
give the dividends announced in previous weeks
list does not include dividends an¬
being given in the preceding table.
we
and not yet paid.
The
nounced this week, these
Per
Name of
15 Jan. 31
15 Dec. 20
15 Dec.
4
Dec.
1
8
15 Jan.
15
19
14*
5
5
Dec.
15 Dec.
2
26
Jan.
2 Dec. 11
Mar. 15 Feb. 16
Dec. 19 Dec. 14
Dec. 19 Dec. 14
Jan.
Dec.
14 Dec.
Dec. 20 Dec.
Jan.
2 Dec.
Dec. 22 Dec.
Jan.
2 Dec.
Dec. 15 Dec.
15 Dec.
Dec. 20 Dec.
Dec.
Nov.
Jan.
2 Dec.
Dec. 15 Dec.
Dec.
Nov.
Dec.
7 Nov.
Dec. 20 Dec.
Dec. 22 Dec.
Jan.
Dec.
Feb. 15 Jan.
Dec. 18 Dec.
Jan.
Dec.
Dec. 20 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 15 Dec.
Jan.
6 Dec.
Dec.
4 Nov.
Dec. 15 Dec.
Dec. 15 Dec.
Dec. 29 Dec.
Dec.
1 Nov.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Dec. 15 Nov.
Dec.
1 Nov.
Jan.
2 Dec.
Jan. 10 Dec.
Share
Company
Extra
40c
15c
—
-
Preferred (quar.)
Acme Steel Co. (quar.)
Extra
-
(Quarterly)
20c
35c
40c
-
.
. —
Agricultural Insurance (Watertown, N. Y.).—
Alabama Great Southern RR. Co., ordinary—
Preferred
Alabama Power Co., $7 preferred
4
8
15
15
8
5
5
11
27
8
1
15
27
(quar.)
14
8
31
9
23
5
15
28
9
9
9
30
20
15
20
Dec.
Dec.
Jan.
2 Dec.
Dec. 22 Dec.
Mar. 15 Mar.
Dec.
Dec.
Jan.
Dec.
Dec.
Jan.
23 Dec.
2 Dec.
2 Dec.
25c
Dec.
2 Dec.
Jan.
Dec. 22 Dec.
Dec. 22 Dec.
m
—
-
Alpha Portland Cement
Aluminum Co. of Amer., 6% pref. (quar.)
Aluminium, Ltd
—
Aluminum Mfg. Co.. Inc. (quar.)
7 % preferred (quar.)
—-
15
8
1
2
13
13
15
1*
1*
1
Dec. 21 Dec.
1 Dec. 15
Dec. 19 Nov. 24
Jan.
31 Dec.
31 Dec.
15 Dec.
15
Dec. 27 Dec.
Dec. 27 Dec.
Dec. 27 Dec.
S2H
SIH Dec. 27 Dec.
Jan.
2 Dec.
75c
Dec. 21 Dec.
25c
Dec. 21 Dec.
25c
S1.31H Dec. 21 Dec.
Dec. 15 Dec.
SI
SIH Dec. 15 Dec.
Dec. 29 Dec.
15
15
50c
Dec.
SIH
Dec.
25c
American Auotmobile Insurance Co
Dec.
50c
25c
American Bakeries Co. class A (quar.)
Class A (extra)--
Class B (year-end)
7% preferred (quar.)
American Bank Note pref. (quar.)
American Brake Shoe & Foundry Co
5H % conv. preferred (quar.)
American Chicle Co
Year-end dividend
American Cigarette & Cigar pref. (quar.)
American Colortype, 5% pref. (annual)
15
1
15
15
11
8
8
8
1
1
15
15
Dec.
'
5% preferred (quar.).
American Fork & HoePreferred (quar.).
20 Dec.
15c
SI
12 He
25c
Jan.
11H
American Cyanamid Co. class A & B (quar.) —
Class A & B (special)
l—
Jan.
2 Dec. 15
1
15 Dec.
2 Dec. 15
5
15 Dec.
5
15 Jan.
40c
American Gas & Electric Co. (quar.).
Extra.
25c
Preferred (quar J
American Hide & Leather, preferred (quar.)
American Home Products Corp. (mo.)
(Extra)--
25c
25c
2
5 Nov. 25
21 Dec.
4
2 Dec. 15
1
15 Dec.
Dec.
Dec.
Jan.
(quar.)
7
1
15 Dec.
1
15 Dec.
2 Dec. 20
2
23 Dec.
15c
Allis-Chalmers Mfg. Co
Extra
7
12 Nov. 15
12 Nov. 15
1
15 Dec.
50c
—
HP
75c
20c
— —
American Meter Co
——
American Paper Goods Co.—
7% preferred (quar.)
American Power & light Co., $6 preferred
preferred$5 preferred
$5 preferred
25c
75c
SI H
$1.80
SIH
$6
—
IlH
93 He
American Public Service, preferred
Amer. Radiator & Standard Sanitary
Preferred (quar.)
—
—
American Rolling Mill, 4H%|preferred
t$2
30c
—
SIH
tSlH
14c
American Seal-Kap (Del.)——
American Service, preferred
Dec.
Jan.
Dec.
Dec. 15 Nov.
Dec. 15 Nov.
1 Jan.
Feb.
Dec. 30 Dec.
Jan.
2 Dec.
Dec. 23 Dec,
Dec. 15 Nov.
15
15
9
19
14*
14*
29
15 Dec.
20 Dec.
2 Dec.f
Dec. 20 Dec.
2 Dec.
Jan.
Dec.
Dec.
Jan.
Dec. 20 Nov. 30
1
Dec. 26 Dec.
1 Feb. 23
Mar.
Dec.
15 Nov. 15
Dec.
Dec.
15 Nov. 30
20 Dec.
6
2 Dec.
5
1
15 Dec.
American Sugar Refining preferred (quar.)
American Sumatra Tobacco (quar.)
Jan.
American
Jan.
Dec.
Surety Co
Telephone & Telegraph (quar.)American Thread, preferred (s.-a.)
Anaconda Copper Mining CoAndes Copper Co
9
2 Dec.
Jan. 15 Dec. 15
1 Nov. 30
Jan.
5
Dec. 21 Dec.
8
Dec. 15 Dec.
Dec. 15 Nov. 30
Dec. 15 Nov. 30
1
Dec. 15 Dec.
5 Nov. 20
Dec.
Dec. 12 Dec.
1
Dec. 15 Dec.
4
American
—
-
Arkansas-Missouri Power.
Preferred
(semi-annual)———
Armstrong Cork Co. (quar.)-Armstrong Rubber, A. & B._
Arnold Constable Corp
Aro Equipment Corp--.
Asbestos Corp. (quar.)..
—
...
—
Dec.
Dec.
Dec.
Dec.
Dec,
—
(quar.)
Preferred (quar.)
Associated Investment Co—-
1
Dec.
23 Dec.
23 Dec.
15 Jan.
Allegheny Ludlum Steel (year-end)
Extra
1
75c
$5
$5
SIH
Holders
Allied Laboratories (quar.)
Allied Mills, Inc
Allied Stores Corp., 5%|pref.
Ashland Oil & Refining
25
25c
Dec.
Jan.
$6 preferred (quar.)
All Metal Products (resumed)
-
11
Dec.
Jan.
15c
37 He
Adams Express Co
Aero Supply Mfg. class A (quar.)
Class 1)————————————————————————————————
Aetna Ball Bearing Mfg. (quar.)
Extra
When
Payable of Record
S1H
75c
25c
Abbott Laboratories (quar.)
—
Jan.
Dec.
1 Nov. 20
1 Nov. 20
Dec.
Extra-
Dec. 21 Dec.
Jan. 15 Dec. 31
1 Dec. 15
Jan.
Jan. 15 Dec. 20
Jan. 15 Dec. 20
Jan.
SI
—
Preferred
Dec. 22 Dec.
Dec. 20 Dec.
Dec. 21 Dec.
15 Dec.
2 Dec.
Jan.
2 Dec.
Dec. 22 Dec.
Dec. 26 Dec.
Dec. 15 Dec.
5s.
-
Union Electric Co. (Missouri), pref.
Union Investment Co
Preferred (quar.)
22 Dec.
75c
Southwestern Light & Power $6 preferred
South West Penna. Pipe Line
-
37 He
2%
S1H
SIH
Dec. 20 Dec.
50c
15c
-
South Porto Rico Sugar Co. preferred (quar.)
Southwestern Gas & Electric 7% pref. (quar.).
Extra
37Hc
10
3 Dec. 30
Jan.
Washington Water Power $6 preferred (quar.).
Wayne Pump Co__
Wellington Fund, Inc
West Canadian Hydro-Electric Corp. (quar.)
Cum. partic. preferred (quar.)
Western Dairies preferred
Westing house Electric & Mfg
Westmoreland, Inc. (quar.),.
West Texas Utilities $6 preferred (quar.)
West Virginia Pulp & Paper
Weyenberg Shoe Mfg
Special
!
Wheeling Steel $5 prior preferred-$5 prior preferred (quar.)
$6 preferred (quar.)
Wisconsin Public Service 7% preferred (qu.)
preferred.
preferred
% preferred (quar.).
% preferred
% preferred
preferred (quar.),.
6% preferred
6% preferred
Wilson & Co. $6 preferred
Wolverine National Gas Corp. (reduced).
Wood (Alan) Steel 7% preferred--
Jan.
Jan.
10
10
...
—
4
4
16 Dec.
Dec. 21 Dec.
Jan.
10
5
2 Dec.
15 Nov. 29
15 Nov. 29
Dec. 21 Dec. 11
Dec. 21 Dec. 11
Dec. 12 Dec.
9
Jan.
2 Dec. 20
75c
—
Dec.
6
21
18
20
SIH
t$7H
SI
—
Dec.
Jan.
30
t$4H
37Hc
Securities Acceptance Corp. 6% pref (quar.)—
Securities Acceptance Corp. (quar.)
15 Dec.
Dec. 22!Dec.
Dec.
1 Nov.
Dec. 27 Dec.
Jan.
2 Dec.
11
25c
.
San Jose Water Works
15 Dec. 30
11
60c
(year-end)
3l'Dec.
Jan.
Jan.
2
2
2 Dec.
"8
St. Croix Paper Co. 6% preferred (s.-a.)
15,Dec.
Dec.
Dec.
Dec. 21 Dec.
$1H
$2
;
7% preferred (quar.)
Extra
2 Dec. 30
lliDec.
-
—
Nov. 24'Nov. 20
37 He
30c
....
Security Engineering Co., Inc. (quar.)
Jan.
(quar.)
(quar.)
(quar.)
20 Jan.
Apr. 20 Apr.
July 20 July
Oct. 19 Oct.
Jan.
$11
(quar.)
-----
15,Dec.
50%
.....
11
60c
7% 1st preferred (quar.).
Savage Arms Corp
Scovill Mfg. Co..
11
40c
Public National Bank & Trust (quar.)..
—
Public Service of New Hampshire $6 pref. (qu.)
—
Dec.
Dec. 30'Dec.
$2H
Publication Corp. voting & non-voting (quar.).
Extra-
Dec.
2 Dec.
Dec.
75c
St. Helen's Pulp & Paper
St. Joseph Lead Co
Dec.
15c
Prentice (G. E.) Mfg. (stock dividend)
Sabin Robbins Paper Co
Dec.
25c
Pratt & Lambert
7% original preferred (quar.)..
Jan.
Sept. 20 Sept. 10
.
Dec. 20 Dec.
Dec.
June 20 June
—
-
-
1
Dec. 21 Dec.
Dec. 21 Dec.
_
——
2Q Mar. 11
10
"
-
_
Dec. 20 Dec.
8
15 Dec. 21
Jan.
Extra__
Petroleum Corp. of Amer
Petroleum & Trading, class A_
Pharis Tire & Rubber
R ox borough
15
Dec. 20 Dec. 41
Mar.
-
Ware River RR. (s.-a.)
Warren (S. D.).
15
Pennsylvania Water & Power Co. (quar.)
Jan.
Holders
Payable of Record
-
-
Dec. 20 Dec.
2
Dec.
1 Nov. 28
Jan.
2 Dec. 11
8
Dec. 20 Dec.
Jan.
Share
of Company
Detinning (year-end)
Quarterly,
Quarterly
Quarterly
7% preferred
7% preferred
7% preferred
7% preferred
Dec. 15
Dec. 15
Dec. 15
Dec. 15
$5 preferred
Name
Payable of Record
Jan.
common
Common
Parkersburg Rig & Reel preferred (quar.)
Patchogue Plymouth Mills
Pato Consol. Gold Dredging. Ltd
.>
Patterson-Sargent Co
Pennsylvania Edison Co., $2.80 pref. (quar.)__
Pennsylvania Glass Sand
Preferred (quar.)
Pennsylvania Power & Light $7 pref. (quar.)
$6 preferred (quar.)
-v
When
Per
Holders
When
Per
Share
Name of Company
3503
31 Dec. 15
31 Dec. 15
20 Dec, 11
15 Dec. 11
30 Dec.
9
30 Dec.
Dec. 30 Dec.
Dec. 21 Dec.
...
9
Dec.
Extra
5% cumul. preferred (quar.)—
—
Astor Financial Corp., 1st pref. (semi-annual)
Atlanta Birmingham & Coast RR. 5% pf. (s.-a.)
Atlanta Gas Light, preferred (quar.)
Atlantic Coast Line Co. (Conn.)-Atlantic Refining Co
Atlas Corp
Atlas Powder Co
Atlas Press Co. (final)
Baldwin Rubber Co
Bangor & Aroostook RR. pref. (quar.)
—
9
5
12
Jan.
-
25c
25c
SIH
20c
12Hc
SIH
Dec.
Jan.
Dec. 21
Dec. 15
4
Dec.
Dec. 11
Dec. 11
Dec. 15
Nov. 28
Jan.
Nov. 21
Nov. 17
Nov. 30
Dec.
5
20 Jan. 15
Jan.
Dec.1 6
Per
Name of
Share
Company
SIM
$1M
Bangor Hydro-Electric 7% pref. (quar.)
6% preferred (quar.)
When
11
11
Jan.
Dec.
25c
Dec.
18 Mc
25c
Bayuk Cigars, Inc
Special
1st preferred (quar.)
Beattie (Sold Mines (interim).,
Beech Creek RR. Co. (quar.)
Beech-Nut Packing Co. (quar.)—
Dec.
15 Nov. 30
Dec.
15 Nov. 30
15 Dec. 31
$1M
15c
Jan.
9 Nov. 24
1
15 Dec.
Jan.
7 Nov. 20
2 Dec. 15
$1
Jan.
2 Dec.
8
25c
Extra
Jan.
2 Dec.
8
Dec.
Dec.
Dec.
15 Dec.
Dec.
Extra
15c
.
Bendix Aviation Corp
11 Nov. 18
23
1
1
Dec. 29 Dec.
29
(Brooklyn, N. Y.)_.
75c
Berghoff Brewing (quar.)
5% pref. (quar.) —
7% preferred (quar.)
---.
Birmingham Water Works Co. 6% pref. (qu.)...
Bloch Bro. Tobacco pref. (quar.)
Bon Ami Co. class A (extra)
Class B (extra)
Borne Scrymser Co
Boston & Albany RR
25c
Dec.
25c
Jan.
2 Dec.
1M
IX
SI X
$2h
SI X
$2)4
32 M
Jan.
2 Dec.
5
8
8
Dec.
15 Dec.
1
Bensonhurst National Bank
Bethlehem Steel
40c
Boston Herald-Traveler, common
Boston Wharf
40c
75c
Boston Woven Hose & Rubber Co—
25c
Common.
S3
Preferred
(quar.)
Bower Holler Bearing
Brewer (C.) & Co. (monthly)
Brewing Corp. of America (quar.)
Briggs & Stratton (quar.)
Bright (T. G.) & Co. (quar.)
Preferred (quar.)
50c
50c
...
15 Nov. 29
Dec. 21 Nov. 29
1
Dec.
8 Dec.
Jan.
2 Dec. 21
Dec.
50c
(guar,)
Budd Wheel Co., preferred (quar.)
Buffalo Ankerite Gold Mines, Ltd
x
SIM
tl2Mc
Burroughs Adding Machine
—
Water Co. 7% preferred (quar.)
10c
Dec.
Dec.
Dec.
1
15 Nov. 30
5
15 Dec.
2 Dec.
20
15 Nov. 24
1
Dec. 15 Dec.
2 Dec. 20
Jan,
Dec. 30 Dec.
2 Dec.
16
15
Jan.
Dec.
5 Nov.
4
15 Dec.
1
Calamba Sugar Estates (quar.)
Preferred (quar.)
40c
Jan.
1 Dec.
35c
Jan.
1 Dec.
15
15
Calaveras Cement, preferred
California Ink (quar.)
tS3
Dec.
15 Dec.
1
50c
Dec. 20 Dec.
Dec. 20 Dec.
9
SIM
—
Extra
12Mc
t37Mc
62Mc
SIM
Canada Bread, preferred B
Preferred B
quar.)
1st preferred (quar.)
(Toronto)
Canada Wire & Cable, class A (quar.)
Class B (interim).
Preferred (quar.).
Canadian Cottons, Ltd., (quar.)
Preferred (quar.)
Canadian M^Jartic Gold Mines, Ltd
6% preferred (quar.)
$2
Case (J.
I.) Co.. preferred (quar.)
Catalin Corp. of Amer. (resumed)
Celanese Corp. of America, a common stock div.
7%
7%
share for
40 shares held
prior preferred (quar.)
cum. 1st par tic. preferred (s.-a.)
Central Cold Storage (quar.)
Central Illinois Light Co., 4M% pref. (quar.)..
Central Illinois Public Service $6 preferred
6% preferred
Central & Southwest Utilities $7 preferred
Preferred
2 Dec.
15
1 Dec.
20
,
Dec. 15 Dec.
1
Dec.
Jan.
(quar.)
Investors
Dec.
9
1 Dec.
15 Dec.
15
1
1
...
Extra
Nov. 30
62Mc
50c
Preferred
Chestnut Hill RR. Co. (quar.)
Chicago Pneumatic Tool prior pref. (quar.)
$3 preferred (quar.)
Chile Copper Co
Christiania Securities (final, quarO
.
Cleveland Builders Realty Co
Coast Counties Gas & Elec. Co. 6% pref. (qu.).
Coca-Cola Co
Year-end dividend
Class A (s.-a.)
18 Nov. 24
18 Nov. 24
Dec.
4 Nov. 20
Jan.
2 Dec.
12
Jan.
Dec.
2 Dec.
19 Dec.
12
Class A (s.-a.)
Colgate-Paimolive-Peet pref. (quar.)
I__
Dec. 22 Dec.
1
1-1-40 Dec.
18
15c
Dec.
30c
87 Mc
Dec.
Jan.
15 Dec.
15 Dec.
2 Dec.
75c
Jan.
2 Dec.
25c
Dec.
15 Nov. 29
75c
Dec.
15 Nov. 29
SIM
SIM
Dec.
15 Nov. 29
10c
2 Dec.
20
15
50c
15 Dec.
1
1 Dec.
5
Dec. 15 Nov. 21
Dec. 20 Dec.
1
Dec. 20 Dec.
1
Dec.
15 Dec.
1
Dec.
15 Dec.
15 Dec.
1
Dec.
Dec.
Dec.
25c
Mar.
Dec.
Preferred (quar.)
General American Investors Co., Inc., pref
General Aniline & Film, class A
Class B
General Box Co. (semi-annual)
Extra
General Cigar, common (quar.)
General Electric Co
General Gas & Electric Corp. (Del.), $5 pref. qu)
General Instrument (initial)
Dec.
Jan.
(quar.)
Jan.
30c
Dec.
75c
Dec.
50c
Goldblatt Bros
Preferred (quar.)
J.
Goodyear Tire & Rubber Co
15
SIM
Jan.
2 Dec.
15
15 Dec. 31
15 Nov. 14
15 Dec.
1
Dec.
14 Nov. 27
Jan.
25 Jan.
10
10
Jan.
25 Jan.
20c
Dec.
SIM
$1)4
$1)4
Jan.
Dec.
8 Nov. 24
1 Dec. 15
15 Dec.
1
Jan.
Jan.
Dec.
62 Mc
30c
Dec.
2 Dec.
5
2 Dec.
5
15 Nov. 30
15 Nov. 30
Dec.
8 Nov. 22*
Dec. 30 Dec. 20
Dec.
Dec.
21 Dec.
1
21 Dec.
1
Dec.
50c
Jan.
15 Nov. 15
2 Dec. 22
2 Dec. 22
10c
51M
$1)4
$1)4
31X
Jan.
Jan.
15 Dec. 29
Jan.
15 Dec. 29
15 Dec. 29
15 Dec.
1
11 Dec.
1
Jan,
Dec.
50c
Dec.
35c
Jan.
2 Dec. 22
Dec. 21
1-2-40
Dec.
9 Nov. 30
Dec. 27 Dec.
8
Apr.
Jan.
Dec.
1 Mar. 18
18 Dec.
15
2 Dec.
11
9
5
25c
Dec.
75c
Dec.
30 Dec.
30 Dec.
37Mc
Dec.
15 Dec.
50c
15c
614c
Dec.
15 Nov. 27
10 Nov. 27
Dec.
28 Dec. 14
Dec.
22 Dec.
12
Dec. 22 Dec.
12
15 Dec.
Dec.
1%
Dec. 30 Dec
8l®
9
Jan.
50c
Jan.
Dec.
2 Dec.
5
23
27
30 Dec. 20
15 Dec.
5
Dec.
25c
Dec.
16 Nov. 25
25c
Dec.
31 Dec.
15
Dec.
2Mc
Dec.
31 Dec.
15 Dec.
15
5
Dec.
Dec.
5c
Jan.
Dec.
15 Dec.
5
15 Nov. 30
2 Dec. 22
51X
17)4c
31Mc
15 Dec.
15 Dec.
5
Dec.
Dec.
31 Dec.
15
20c
Dec.
30 Dec.
Dec. 39 Dec.
1
1 Dec.
1
1 Dec.
1
Jan.
Jan.
Dec.
68Mc
31X
31X
Dec.
Jan.
15c
Dec.
2c
Dec.
2c
Dec.
25c
5
1
Dec.
65c
Dec.
31M
Dec.
15 Nov. 28
15 Nov. 28
2 Dec. 20
18 Dec.
18 Dec.
20 Dec.
20 Dec.
15
15
1
1
15 Nov. 27
20 Nov. 24
Dec. 15 Nov. 15
15c
Jan.
15 Dec.
SIM
SIM
SIM
Dec.
Feb.
12 Nov. 16
8
1 Jan.
25c
25c
75c
Jan.
2 Dec.
15
11
Dec. 22 Nov. 29
4
Dec. 15 Dec.
15 Dec.
4
2 Dec.
15
Dec. 22 Dec.
Dec. 22 Dec.
15
15
15
Jan.
2 Dec.
Jan.
12 Dec.
15
Dec.
28 Dec.
21 Dec.
11
Dec.
SIM
SIM
(B. F.) Co
55 convertible preferred (quar.)
Great Lakes Dredge & Dock Co. (extra)
Great Western Sugar.
Preferred (quar.)
Greene Cananea Copper
Griesdieck-Western
Brewery
(quar.)___
Griggs Cooper & Co. 7% preferred (auar.)
Gulf Oil Corp
Gulf States Utilities, 56 pref. (quar.)
$5)4 preferred (quar.)
Hackensack Water Co. pref. (quar.)
1
Jan.
2 Dec. 30
1
15 Dec.
2 Dec. 10
31
Dec.
11 Nov. 30
20c
Jan.
15 Jan.
31
25c
Dec.
25c
15
2 Dec.
1 Jan.
15
20 Dec. 30
2 Dec. 15
2 Dec. 15
51X
SIM
SIM
2 Dec.
Jan.
1
1
5c
Glen Alden Coal
Goebel Brewing Co. (quar.)
Gold & Stock Teleg. (quar.)
15
90c
15 Dec.
15 Dec.
33 M
62Mc
Jan.
Dec.
5
SIM
Dec.
4
18 Dec.
15 Nov. 15
15 Nov. 15
50c
50c
Dec.
15 Dec.
2
Jan.
SIM
•Tan.
2 Dec.
2 Dec.
15
Dec.
18 Dec.
11
Dec.
75c
Dec.
15
25c
5
1 Feb.
15
Jan.
SIM
SIM
43 Mc
18 Dec.
Mar.
31
Preferred
t25c
1
25c
Georgia Power Co., $6 preferred (quar.)
$5 preferred (quar.)
2 Dec.
Dec. 15 Nov. 30
Dec. 15 Nov. 10
Dec. 27 Dec.
5
Jan.
Dec.
Golden Cycle (quar.)
2
31M
31M
Jan.
Golden State Co., Ltd. (Initial quar.)
Goodrich
15
Jan.
Jan.
75c
9*
2
38c
25c
9*
15
Feb.
50c
25c
conv.
Dec.
1 Feb.
$1M
preferred (quar.)
$3
Dec.
15 Nov. 30
50c
15 Dec.
3-1-40 2-10-40
Dec. 15 Dec.
1
General Telephone Tri Corp
Extra
1
15 Dec.
15 Dec.
1 Dec.
50c
75c
General Telephone Corp.
Extra..
1
23
Dec.
37Mc
(Balt.j
8 Nov. 24
15 Nov. 28
15 Nov. 28
Dec. 31 Dec.
25c
I
1
Dec.
10c
Gaylord Container
1
Jan.
Dec.
Mar. 15 Mar.
1
Jan.
5 Dec. 20
Dec. 15 Nov. 19
Dec. 15 Dec.
1
Dec.
75c
5c
15 Dec.
15 Dec.
15 Dec.
1
51
52
SIM
31.38
$5 preferred (quar._
General Railway Signal, preferred (quar.)
General Refractories Co
SIM
Consolidated Film Industries, preferred
Consolidated Gas, Electric Light & Power
Extra
5% preferred (quar.)
5)4% preferred (quar.)__
1
SIM
$2 ]4 non-cum. preferred (semi-annual)
Consolidated Edison Co. of N. Y., Inc
(quar.)
15 Dec.
SI
Extra
Preferred (quar.)
Gatineau Power Co.
(initial)
Dec.
Dec.
Dec.
Dec.
Dec.
45c
Connecticut Lt. & Power Co. (quar.).
Diversified Standard Securities—
Preferred (quar.)
Garfinkel (J.) & Co.
75c
1
2 Nov. 15
25c
General Motors Corp
25c
_/
Extra
15 Nov. 25
50c
(quar )
Frankenmuth Brewing (quar.)
Dec.
Consolidated
(quar.)
30
50c
Congoleum-Nairn, Inc. (quar.)
Preferred
1
1
30
Dec. 23 Dec.
Jan.
Preferred (quar.)
S1.06M Dec.
Commercial Investment Trust
Jan.
Corp. (quar.)III
SI
34M conv. preference (quar.)
S1.06M Jan.
Commonwealth Utilities Corp., 7% pref. A (qu.)
Jan.
SIM
6 % preferred (quar.)
Jan.
SIM
Confederation Life Assoc.
(Toronto)
,
Jan.
5c
(quar.)
SIM
S2M
$1 cumul. partic. preferred (quar.)
SI cumul. partic. preferred (extra)
Columbia Broadcasting class A&B
Commercial Credit Co. (quar.)..
6)4% preferred (quar.)
Compressed Industrial Gases
15 Nov. 27
$4
50c
(quar.)"
8
SIM
32 M
SIM
S23.40
S3
SIM
Coca-Cola International Corp. common
Colt's Patent Fire Arms
Extra
Columbia Baking.
Dec.
2 X%
15c
(quar.)
Fuhrmann & Schmidt Brewing (year-end)
1
15
2 Dec. 23
Jan.
20c
Foote-Burt Co
Ford Motor Co. of Canada A&B
Gamewell Co
S66.10 Dec.
City Auto Stamping
City Ice & Fuel
City Wholesale Supply Co., 7% pref. (quar.)..
6% preferred (quar.)
Clark Equipment Co
Special
Preferred (quar.)
Clearfield & Mahoning RR. (semi-ann.)
First National Bank of Jersey City (guar.)
First National Bank (Toms River, N. J.) (qu.)__
First State Pawn Society (quar.)
12
Dec.
50c
Cincinnati New Orleans & Texas Pacific (new)..
Cincinnati Union Terminal 5% prei. (quar.)
% cumulative preferred (quar.)
Fireman's Fund Indemnity (quar.)
12
62 Mc
75c
Extra
Avenue Coach
Finance Co. of Amer. (Bait.), class A and B
Dec.
50c
75c
(guar.)
Chesebrough Mfg. Co. (quar.)..
...
Fifth
Dec. 27 Dec.
Jan,
15
2 Dec.
Jan.
25c
12
SI
SI
2 Dec.
Jan.
S2M
M
20%
1 Dec.
Jan.
1
15 Nov. 30
15 Dec.
5
3c
Stock dividend
Fox (Peter) Brewing
Preferred (quar.)
stock of Ches. & Ohio Ry. for each
share held.
com.
15 Dec.
20 Nov. 20
Dec.
Dec.
31X
$2)4
Ferro Enamel
30
Dec.
15 Nov. 30*
15 Dec.
5
26 Dec
15
31
5
20 Dec.
15 Dec.
Dec.
87Mc
15
30
56^c
15 Nov. 30
23 Dec.
1
56 M"
4)4% preferred A
15 Dec.
20
Dec.
Dec.
50c
...
12
20
Dec.
20c
Elgin Sweeper Co., $2 partic. prior pref. (quar.).
40c. cumulative preferred (quar.)
El Paso Electric (Dela.) 7% preferred A (quar.).
6% preferred B (quar.)
$6 preferred (quar.).
6
Empire Power Corp. $( cum. pref. (quar.)
Participating stock
Emporium Capwell
2 Dec.
20
Dec.
Dec.
50c
Brewing pref. (semi-annual)
Fansteel Metallurgical Corp. pref. (quar.)
Farmers & Traders Life Insurance (quar.)
Federal Bake Shops (semi-annual)
5% preferred (semi-annual)
Federal Mogul Corp
2 Dec.
HP
25c
50c
Falstaff
Dec.
6% pref. (quar.)
Chesapeake & Ohio Ry. (quar.)
Electric Boat Co
14
Chesapeake Corp., Distribution of 6-10ths share
of
— _
Electric Controller Mfg
Electric Storage Battery Co. (final)
Preferred (final)
Electrolux Corp. (final)
Dec. 21 Dec.
Dec. 15 Nov.
Dec. 15 Nov.
Dec. 20 Nov.
Dec. 20 Nov.
15 Dec. 30
15 Dec.
1
15 Nov. 30
25c
(quar.)
preferred (quar.)
(quar.)
Erie & Pittsburgh RR. (quar.)
Fairbanks, Morse & Co. (special)
Jan.
1
Jan.
SIM
$1X
(quar.)
Edison Bros. Stores, Inc.
Dec. 12 Nov. 30
Dec. 20 Dec. 18
Dec. 23 Dec. 18
Jan.
Champion Paper & Fibre
Chartered
Jan.
Dec.
....
$6 preferred
15 Nov. 30
Defc. 15 Nov. 30
Dec. 15 Nov. 30
(quar.)
cum. conv.
1
10 Dec.
25c
Drayton Mills
Dresser Mfg. Co. (initial*
Du Pont (E. I.) de NemcAirs (year-end).
$4)4 preferred (quar.)
...
Debenture. (quar.)
Eagle-Picher Lead (resumed)
Preferred (quar.)
Eastern Massachusetts Street Ry. Co. 1st pref. A
Eastman Kodak Co. (quar.)
5%
lo
10 Dec.
25c
participating pref. (s.-a.)_
Distillers Corp.-Seagrams (quar. in U. S. funds)
Preferred (quar. in U. S. funds)
Dome Mines Ltd. (quar )
Dominion Coal Co., preferred (quar.)
Dominion Textile Co., Ltd. (quar.)
Preferred
22 Dec.
Dec.
Dec.
51M
$5 cumul. conv. preferred (quar.)
Preferred
Dec.
20c
25c
Dec. 31 Dec.
15c
—
common
Dec. 22 Nov. 17
Jan.
1 Dec. 15
SIM
cum.
Central Steel & Wire Co.,
2 Dec.
15
15
15
Jan.
2 Dec. 15
Dec. 15 Nov. 28
37Mc
X15c
SI
SIM
Carolina Telep. & Teleg. Co. (quar.)
1
2 Dec.
Jan.
9
2 Dec.
Jan.
Jan.
Canfield Oil Co
of
Jan.
Dec.
25c
Canadian Westinghouse
Canadian Wineries Ltd
at rate
Dec.
Dec. 20 Nov. 30
2 Dec. 15
Jan.
Canada Cement 6M % preferred
Canada Permanent Mtge. Corp.
(s.-a.)
_
20
2
15 Dec.
15 Nov. 30
51M
62 Mc
15c
Derby Oil & Refining $4 pref
25 Dec.
15 Dec.
Dec.
SIM
.
Diamond Match Co.
Dec.
15 Nov. 15
26 Dec.
4
50c
(quar.)
8
Dec.
Dec.
Dec.
Deposited Bank Shares of N. Y. series A (s.-a.).
Payable in stock
Oil Co
Dec.
25c
51
Detroit Hillsdale & South Western RR.
11
30c
52
Delaware Fund, Inc
Class B
$1X
t\U Dec.
Dayton & Michigan RR., 8% pref. (quar.)
Debenture & Securities Corp. of Can. 5% pref..
Dec. 20 Dec.
Jan.
(quar.)
Buckeye Pipe Line Co
Bucyrus-Erie Co. (interim)
(quar.)
Curtis-Wright Corp. class A—
Cutler-Hammer, Inc
Devonian
1
1
15
Dec.
25c
....
Crum & Forster pref. (quar.)
Cuneo Press, Inc., pref. (quar.)
Curtis Publishing Co., $7 pref. (quar.)
David-Boutell preferred
15 Dec.
15 Dec.
Dec. 30 Dec.
2 Dec.
Jan.
$1)4
—.
.....
Dewey Almy Chemical Co
Dec.
X 7Mc
x$\x
si X
-
Collender
—
Extra
Dec. 22 Nov. 22
1
Dec. 15 Dec.
1
Dec. 15 Dec.
15c
—
15 Dec.
Dec. 26 Dec. 20
1
Dec. 15 Dec.
1
Dec. 15 Dec.
75c
Preferred
Butler
(Chic., 111.) (qu.)
Continental Can Co., $4M preferred (quar.)
Continental Casualty (Chicago) extra
Continental Oil (Del.)
Continental Steel 7% pref. (quar.)
Copper weld Steel Co. (quar.)
5% cum. conv. preferred (quar.)
Cosmos Imperial Mills, Ltd. pref. (quar.)...—
Crane Co., 5% conv. pref. (quar.)
Continental Assurance Co.
Crow's Nest Pass Coal Co
Dec.
60c
30c
Special
Crown Cork & Seal Co., Inc., S2M pref.
Crown Drug Co
Jan.
Jan.
Holders
of Record
20c
Consolidated Investment Trust (quar.)
15 Dec.
15 Dec.
Jan.
$2
15c
Telephone Co. or Canada
(quar.)
Belmont Radio
Preferred
Company
Creole Petroleum
Dec.
$1
SIM
Ltd. (quar.)
Preferred (quarterly)
Brunswick-Balke
Per
Name of
15 Nov. 22
2 Dec. 15
2 Dec. 15
75c
Belding-Corticeiif,
Bell
2 Dec.
2 Dec.
Jan.
Dec. 2, 1939
Share
Holders
Payable of Record
15c
Barnsdall Oil Co. (reduced)
Basic Dolamite, Inc
YEARS OLD
Commercial &The
Financial
ONE HUNDRED—
3504
2 Jan.
2
15 Dec.
1
Dec.
Dec.
Dec.
15 Nov. 29
15 Nov. 29
Dec. 31 Dec.
11
"
I
Volume
ONE HUNDRED—Tie Commercial & Financial Chronicle—YEARS OLD
149
Per
Name of Company
Share
Hamilton United Theatres, Ltd., 7% pref—
Hamilton Watch Co
;*_*
Hammermill Paper Co., cum. pref. (quar.)
Harbison-Walker pref.
(quar.)
Hazel-Atlas Glass Co
Hazeltine Corp. (year-enjJ.
2 Dec.
20 Jan.
15
Dec.
1
5
Dec.
Jan.
Dec.
Dec.
Heileman (G.) Brewing (quar.)
Extra.*
Hein-Werner Motor Parts (quar.)
Hewitt Rubber (year-end)
Dec.
.
Metal & Thermit (year-end)
30 Nov. 30
5
15 Dec.
Jan.
Jan.
.
Name of Company
Payable of Record
Dec.
dividend)
Per
Holders
When
Dec,
Dec.
Dec.
Dec.
Dec.
15 Dec.
j* *
-
Honolulu Oil Corp
Household Finance Corp. (quar.)
Special***
Preferred (quar.)**
15 Dec.
Dec. 27 Dec.
Jan. 15 Dec.
Dec. 11 Nov.
Houston Oil Co. (Texas) preferred
Howard Smith Paper Mill 6% pref. (quar.)
Hudson Bay Mining & Smelting
Humble Oil & Refining Co
Hussman-LigonierCo.pref.
Dec.
Dec.
(quar.)**
Huston (Tom) Peanut Co. pref. (semi-ann.)
Huttig Sash & Door Co. pref. (quar.)*
Idaho Maryland Mines (monthly)
Jan.
Dec.
Illinois Bell Telephone.
Illinois Central RR. leased line
Dec.
Dec.
_
(s.-a.)
Imperial Chemical Industries (interim)
Imperial Life Assurance (Can.) (quar.)
Indianapolis Water Co., 5% pref. A (quar.)
Ingersoll-Rand pref. (s.-a.)
Inland Steel Co. (special)
International Business Machines (quar.)
Stock dividendInternational Harvester Co. (quar.)
International Nickel Co.
(Can.)
,,
15 D3c.
1
15 Dec. 30*
4*
11 Dec.
Jan.
*
,
2 Nov. 18
5
15 Dec.
30*
15
31
17
26 Nov. 25
30 Dec. 20
1 Dec. 20
30 Dec. 22
21 Dec. 12
15 Dec.
5 Dec.
4
2 Dec.
2 Dec.
Dec. 20 Dec.
Dec. 22 Dec.
12*
5
5
15
1 Mar. 15
Jan,
15 Dei
20
1
Dec. 30 Dec.
,
.__*_
•*■
International Ocean Telegraph (quar.)
International Salt Co. (quar.)
Extra
;
81H
37 He
25c
Jan.
Dec.
Dec.
Internationa] Teleg. (Maine) semi-annual)..*.. 1.33 1-3 Jan.
Interstate Natural Gas
Iowa Southern Utilities Co. (Del.)
81H
$1X
*
$1H
*
Hp
J7c
Mines
Jamieson (C.E.) & Co.
Jewel Tea Co., Inc. (quar.)..
Common (final)
Johns-Manville Corp
Preferred (quar.)
15c
$1
$1
SIX
Joy Mfg. Co. (quar.)
l
Kansas City Power Ac Light pref. B (quar.)
Kansas City Southern Ry., pref
;
Kansas Pipe Line & Gas Co. pref.
(quar.)
Katz Drug Co. (quar.)
Preferred (quar.)
Kaufmann Dept. Stores, pref. (quar.)**.
Kelley Island Lime |& Transport
Kellogg & Sons (irregular)
Kennecott Copper Corp
Keystone Steel & Wire
Kimberly-Clark Corp
Kings County Lighting Co. 7% cum. pref. (qu.)_
6% cum. pref. C (quar.)
5% cum. pref. D (quar.)__
Klein (D. Emil) Co—
Kresge (S. 8.) Co
Kroger Grocery & Baking Co. 6% pref. (quar.)
...
*
7% preferred (quar.)
(Final)
Lake Shore Mines, Ltd
Landers, Frary & Clark (quar.)
Lane Wells Co. (quar.)
Lang (J. A.) & Sons (quar.)..
Lava Cup Gold Mining (irregular)
Lawyers Title Insurance, A (semi-annual)
Leath Ac Co. preferred (quar.)
Lehigh Coal Ac Navigation
;
Lehigh Portland Cement pref. (quar.)
Lehn & Fink Products Corp. (final)
Leonard Refineries (irregular)
,
Lexington Utilities Co. 86 H pref. (quar.)
Lib by-Owens-Ford Glass.
Libby, McNeill & Libby preferred
Life Ac Casualty Insurance of Tennessee
Liggett Ac Myers Tobacco pref. (quar.)
Lily-Tulip Cup (quar.)
Lincoln Service Corp. (quar.)
6% participating preferred (quar.)...
6% participating preferred (extra)
7% prior preferred (quar.)
Link Belt Co. pref. (quar.).**.
Lionel Corp. (interim)
Little Long Lac Gold Mines
,
Little Miami RR., original capital (quar.)
Special guaranteed (quar.)
Lock Joint Pipe (monthly)
Loew's Theatres, Ltd., preferred..
Lone Star Cement (year-end)
12Hc
flH
tlX
25c
40c
81H
Dec.
Dec.
Dec.
Dec.
Dec.
2 Dec.
15
15 Nov. 30
15
15
15
15
Nov. 30
Nov. 30
Nov. 30
Dec.
15 Dec.
Dec. 20 Dec.
Dec. 20 Dec.
Jan.
Dec.
Jan.
Dec.
Dec.
Dec.
1 Dec.
15 Nov.
1 Dec.
15 Dec.
15 Nov.
62 He
7 He
SI %
SIX
Dec.
Dec.
Jan.
12 Dec.
8
8
8
19
1
2 Dec. 20
1 Jan. 17
1
Dec. 21 Dec.
1
Dec. 15 Dec.
Dec. 27 Dec. 15
Dec. 25 Nov. 29
Jan.
2 Dec. 15
Dec. 20 Dec.
1
5
Dec. 15 Dec.
Dec. 28 Dec. 15
Dec. 22 Dec.
2
Jan.
2 Dec. 14
1
Dec. 14 Dec.
Dec. 15 Dec.
5
Feb.
Dec.
15
Dec. 15 Nov. 20
Dec. 27 Dec. 20
Jan.
1 Dec. 15
1 Dec. 12
1
12 Nov. 30
12 Nov. 30
12 Nov. 30
12 Nov. 30
15 Dec.
2 Dec.
15 Dec.
11
15
9 Aug.
Dec
9 Nov.
Dec. 30 Dec.
Dec. 15 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
24
Jan,
Dec.
Dec.
Dec.
2
24
20
2
11
11
Dec. 22 Nov. 22
June
Sept.
Lake~Gold~Min"es (quar.)"III.
2 Nov,
1 Feb.
1 May
1
3 Aug.
Class A and B
15 Dec.
Dec.
Dec.
15 Dec.
Jan.
Dec.
Dec.
15 Jan.
Mabbett (Geo.) & Sons Co., 7% 1st & 2d pf. (qu)
Jan.
Magma Copper Co. (year-end div.)
*
Magnin (I.) & Co. (quar.)
—
Mallory (P. R.) & Co. (year-end)
Manischewitz (B.) Co., preferred, (quar.)Marconi International Marine Comm. Co.
Dec.
Dec.
2 Dec. 20
15 Nov. 28
15 Nov. 30
Dec.
Jan.
9 Nov. 29
1 Dec. 20
*
*
_
15 Nov. 30
5
15 Nov. 30
15 Nov. 30
Am. dep. rec. forord. reg. (Interim)
Maryland Fund, Inc. (increased).
...
Masonite Corp
Mathieson Alkali Works (quar.)
Preferred (quar.)*—
Melchers Distillers, 6% partic. pref. (s.-a.)
*
Mercantile Accaptanc (Calif.), 6 % pref. (qu.)—
5% preferred (quar.)
Merchants Fire Insurance Co. (Denver)
Dec.
Nov.
Dec.
Nov. 30
Nov. 15
Merchants Petroleum
Dec.
3
Nov.
Nov. 13
Dec,
1
Dec.
12
Dec.
Jan.
—--
Dec.
Dec. 15
Dec.
1
Dec.
1
Dec.
—
Dec.
Dec.
Dec.
Dec.
Dec,
*
—
Dec.
Dec.
Dec. 12
Dec. 20
Jan.
Dec.
5
5
16
1
Dec.
81H
40c
Dec.
June
30 Dec.
30 Dec.
9
Dec. 30 Dec.
9
Dec.
9
Dec. 29 Dec. 16
Dec.
9 Nov. 20
25c
30c
Dec.
Dec.
8 Nov. 17
15 Nov. 27*
82
75c
Dec.
15 Dec.
1
Dec. 15 Dec.
Dec. 21 Dec.
1
50c
4
Dec. 28 Dec. 21
Dec. 15 Nov. 24
Dec.
6 Nov. 21
81H
25c
50c
40c
40C
50c
43c
25c
Dec.
Dec.
Jan.
Jan.
Dec.
15c
50c
50c
Feb.
Dec.
75c
Feb.
Dec.
Feb.
Dec.
15 Nov. 14*
7 Nov. 30
2 Dec. 15
2 Dec. 15
15 Nov. 30
1 Jan. 15
2
15 Dec.
1 Jan. 13
1 Jan. 13
15 Nov. 20
Jan.
37 He
Jan.
16 Nov. 28
2 Nov. 28
1 Dec. 15
SIX
2 Dec. 15
15 Nov. 30
Dec.
Dec.
50c
Newberry (J. J.) (quar.)
Newmont Mining Corp. (year-end div.)
Newport Electric Co
—
New England Public Service—
$7 prior Hen preferred
86 prior lien preferred
*
—
New England Telep. Ac Teleg. (increased)
New Jersey Power Ac Light, 86 pref. (quar.)
^0w Jersey Ziioc
New Orleans Public Service, 87 preferred
New York City Omnibus (quar.)._
Special
New York Ac Harlem (s.-a.)
Preferred (s.-a.)
New York Merchandise Co. (extra)
New York Mutual Teleg. (semi-annual)
New York Ac Queens Elec. Light Ac Power (qu.).
Niagara Alkali, preferred (quar.)--*
Nipissing Mines
Noradel-Agene Corp. (quar.)
—
_—
aat
*
Extra
—
Dec.
IS Dec.
1
5c
t8$
Dec.
Dec.
15 Dec.
15 Dec.
1
1
2
t$3$l
75c
81X
82 H
82 H
—
as
50c
81
25c
20c
7% preferred (quar.)_._*
*
Co., Inc. (quar.)
*7m
Nortn Central Texas Oil
U0c
Northern Empire Mines (irregular)
Northwestern Teleg. (semi-annual)
31H
87 He
25c
—
(quar.)
Norwich Pharmacal (quar.)—-——
Oahu Sugar (monthly)
*
Ohio Confections Co., class A
1
Norwalk Tire Ac Rubber, pref.
*
*
i— -
—
5c
50c
40c
Ohio Finance Co
Preferred (quar.)—._**..;
81H
81H
(irregular)*.**.
90c
20c
Oilstocks, Ltd. (semi-annuaUy)
mi
--
Oklahoma Gas & Electric Co., 7%
10c
SIX
81H
8 1.57H
pref. (quar.)
6% preferred (quar.)
Oklahoma Interstate Mining, pref.
—
(s.-a.)
81H
Dec.
2 Dec, 30
14 Nov. 24
Jan.
2 Dec. 16
11 Nov. 22
12
22 Dec. 12
15 Nov. 20
4
22 Dec.
15 Nov. 20
Dec.
Dec. 22 Dec.
Dec.
Dec.
Dec. 28 Dec. 20
Dec. 28 Dec. 20
Dec. 20
Dec,
1
Dec. 15 Dec.
Dec. 12 Nov. 24
Jan.
2 Dec. 16
4 Dec. 20
Jan.
11 Nov. 24
6
15 Dec,
5
15 Dec.
Dec. 22 Dec. 11
Dec. 22 Dec. 11
Dec.
Dec.
Dec.
2
Dec. 15 Dec.
Dec. 29 Dec. 11
Dec. 22 Dec.
8
8
Dec, 22 Dec.
Dec. 15 Nov. 30
Dec. 15 Nov.
Dec. 15 Dec.
Dec. 20 Dec.
Dec. 27 Dec.
Dec.
Dec.
Dec.
Jan.
30
1
6
Dec.
2 Dec.
19 Nov.
Dec. 21 Dec.
1
—--
•HS
Pacific & Atlantic Telegraph (s.-a.)
Pacific Western Oil (irregular).
Transport
—
75c
(quar.)
—
Paramount Pictures 1st pref. (quar.)
2d preferred (quar.)
Park & Tilford, preferred (quar.)
Parker-Wol verine Co
- Paton Mfg. Co., Ltd., 7% preferred (quar.)*.
Pemigewasset Valley RR. (s-a.)—
—
Pender (D.) Grocery class B (special)
Penick & Ford, Ltd.**...—
*
Dec.
Dec,
Dec.
Dec.
Jan.
15 Nov.
15 Nov.
20 Nov.
20 Nov.
Dec. 23 Dec.
6
2
15 Jan.
8
Dec. 26 Dec,
8
Dec. 26 Dec.
1
Dec. 20 Dec.
1
Dec. 15 Dec.
Dec. 15 Nov. 30
Jan.
Preferred
_ *
14
15
2 Dec. 15
1
15 Dec.
Jan.
40c
18Hc
preferred (quar.)
.
14
25c
*
(quar.)*
Pan American Petroleum &
Paraffine Cos., Inc.
1
30
20
14
14
14
30
30
24
24
15
27
30c
30c
82
*—*—
Dec. 23 Dec.
Dec. 28 Nov.
9 Nov.
Dec,
Dec. 23 Dec.
Dec. 22 Dec.
Dec. 22 Dec.
Jan.
2 Dec.
Jan.
Dec.
15c
*.*._
(qu.)
15 Nov. 30
Nov. 30
Dec. 21
Dec.
9
Nov. 30
15
Dec. 28
Dec. 22
Dec. 15
Dec.
Dec.
North American Finance Corp., class A
Cumulative prior preferred (quar.)
Ohio Oil Co., preferred (quar.)
Ohio Water Service Co.; class A
$2
1
50c
81
Noranda Mines, Ltd. (interim)
Norfolk & Western Ry. (quar.).
North American Aviation. Inc
Special
Dec.
25c
10c
—
*
15 Dec.
Jan.
25c
(quar.)
Dec.
50c
50c
—
Preferred
1
Dec. 31
Dec.
5c7
20c
National Transit Co
Oneida, Ltd
7 % participating
Otis Elevator Co
15 Dec.
15 Dec-
1
six
preferred (quar.)
National Grocers Co., cumul. pref. (quar.)—*.
National Lead Co. preferred A (quar.)..
National-Standard Co
Extra..
Dec.
1
15
82 h
50c
17Hc
*
Preferred, (quar.)-
Dec.
—-—
*
Omnibus Corp. (quar.)
Jan,
Mar.
—*
Mesta Machine Co
*
Dec. 22 Nov. 27
Dec. 23
1-2-40
Jan.
2 Dec. 15
*
....
—
*
Omar, Inc., 6% preferred (quar.)—
Jan.
(quar.)
*
*
1 Dec. 18
2 Dec. 16
Dec. 15 Dec.
1*
Dec. 23 Nov. 30
Dec. 23 Nov. 30
Jan.
Louisville & Nashville RR. Co....
Merck Ac Co., Inc
Extra
Preferred (quar.)
*
Neisner Bros., Inc.
Dec.
Louisiana Land & Exploration Co
Louisville Gas & Electric, class A (quar.)
Class B (quar.)
MacKinnon Steel 7% preferred
McWatters Gold Mines (quar)
Macassa Mines, Ltd. (quar.).*
Extra
***.
—
Extra
Nelson Baker & Co
Dec.
*
*_.—
National Container (Del.)...
National Dairy Products (quar.)
Dec.
2 Dec.
15 Dec.
1 Dec.
82 h
81 H
50c
(quar.)
Class B common (extra)
Motor Finance Corp. $5 pref. (quar.)
Motor Wheel Corp. (quar.)
Mountain Fuel Supply
Mountain Producers Corp. (semi-ann.)
Muncie Water Works Co., 8% pref. (quar.)
Muskogee Co., common
Muskegon Piston Ring Co
Mutual Chemical Co. of Amer., 6% pref. (quar.)
National Aviation Corp
National Bearing Metals Corp. (resumed)
National Biscuit Co. (quar.)
National Bond & Share Corp. (Special)
National Breweries, Ltd. (quar.)
Preferred (quar.)
National Casualty Co. (Detroit) (quar.)
National Chemical & Mfg. (quar.)
National City Lines
Class A (quar.)
83 preferred (quar.)
*
Dec.
Jan.
16 Dec,
15 Dec.
1
1
15 Dec.
1
May 10
2-2-40
2-2-40
Dec. 16 Nov. 29
9
Dec. 30 Dec.
;ih
52H
common
1
Dec.
*
1
30
25c
83
t50c
Morrell (John) & Co. (extra)
Morris Finance Co. class A common (quar.)
Class A common (extra)
Class B
Jan.
25c
SIX
25c
2
12
Jan.
Dec.
Dec.
Quarterly
Extra
'Extra
Monarch Mills, (resumed)
2 Dec.
18 Dec.
18 Dec.
Dec. 29 Dec.
10c
SI
15
29
15
Dec.
Dec.
*
,**
15 Dec.
Dec. 18 Dec.
S3
62 He
Lone Star Gas (year-end div.)
Loose-Wiles Biscuit Co.,5% pref. (quar.)
Lord Ac Taylor (quar.)
McKenzie Red
*.__,
2 Dec. 20
15 Dec. 29*
15 Dec. 29*
Jan.
*
Mississippi Power Co. 37 pref. (quar.)..*.
$6 preferred (quar.)**
Mississippi Valley Pub. Serv., 6% pref. B (qu.)
Mobile & Birmingham RR. Co., pref. (s.-a.)
Mock, Judson, Yoehringer.*
Preferred (quar.)_*
Mohawk Carpet Mills, Inc
11 Dec.
1
27 Nov. 30
27 Nov. 30
27 Nov. 30
27 Nov. 30
27 Nov. 30
27 Nov. 30
23 Dec. 20
23 Dec. 20
9 Nov. 28
2 Dec. 26
7
15 Nov. 27
Dec. 20 Dec.
5
Dec. 15 Nov, 24
Jan.
2 Dec. 20
Jan.
2 Dec. 20
Jan.
2 Dec. 18
Midland Grocers preferred (semi-annual)
Midvale Co_
!___*_*
Midwest Oil Co. (semi-annual)
Mid-West Refineries, Inc. (quar.)
Mission Corp. (year-end)
********
Dec.
Dec.
4c
Jan.
Jan.
Dec. 23 Dec.
SIX
30c
6
11 Nov. 24
SI H
flH
Jan.
Class B._
Jan.
*1X
25c
6
Dec. 22 Dec.
8
Jan.
1 Dec. 15
1
Dec. 15 Dec.
Jan.
1 Dec. 14
Dec.
8 Nov. 20
25c
17Hc
...
2 Pec. 30
1*
15 Dec.
1*
15 Dec.
Dec.
20c
%
*
*
37 He
t75c
*
Quarterly
Quarterly
25c
$1
H#
40c
...
Lunkenheimer Co., pref.
Dec.
Jan.
Apr.
Lynch & Abington TeJeg. (semi-annual)
Mclntyre Porcupine Mines (quar.)
Dec.
Preferred A and B (s.-a.)
Moore (Wm K.> i)ry t ioods (quar.)
Jan.
;
Dec.
Dec.
Monolith Portland Cement, preferredMonsanto Chemical Co. (year-end dividend)
11
8 Sept. 27
1-2-40 Dec. 30
Payable in U. S. funds.
7 % preferred
6 H % preferred
6% preferred*.
Island Mountain
;*
Dec.
Jan.
*
Dec.
Dec.
Dec.
Dec.
Michigan Steel Tube Products-Mickelberry's Food Products, pref. (qu.)—
Middle States Petroleum Corp., class A
Dec. 29 Dec. 19
Dec.
2 Nov. 18
Dec.
Dec.
Dec.
Jan.
Dec.
Dec.
-
Holders
Payable of Record
Dec.
-
*!
Extra
5
1
Extra ********************************
Home Fire & Marine Insurance (quar.)
;
......
5
Hibbard. Spencer. Bartlett & Co. (monthly)**.
Hollinger Consol. Gold Mines (monthly)
When
Share
Metropolitan Edison 86 pref. (quar.)
86 prior preferred (quar.)
87 preferred (quar.)
87 prior preferred (quar.)
85 preferred (quar.)*;
*
85 prior preferred (quar.)
Michigan Silica (quar.)
6
2 Dec. 15*
15
15
15
15
3505
81H
15c
75c
50c
$1ii
Feb.
81
Dec.
75c
Dec.
Peninsular Telephone*
50c
Jan,
Preferred A (quar.)*.
Pennsylvania Electric Switch A (quar.).
Pennsylvania RR...—
Pennsylvania Salt Mfg—...—**—_*—...
Penroad Corp. (resumed)
Perfect Circle (quar.)
Pet Milk Co. (quar.).
Pharis Tire & Rubber
Philadelphia Co., $6 cum. pref. (quar.)
,*.
85 cumulative preferred (quar.)
Philadelphia Germantown Ac Norristown
Philippine Long Distance Telephone (monthly)
35c
30c
1
Jan.
18 Dec.
15 Dec.
1 Dec.
17
8
Feb.
_ *
u
10c
50c
25c
15c
'
1
15
5
15 Feb.
1
Dec. 15 Dec.
Dec. 18 Nov. 18
Dec. 15 Nov. 30
Dec. 26 Nov. 24
Jan.
2 Dec. 15
1
Dec. 21 Dec.
5
Dec. 20 Dec.
Jan.
1
2 Dec.
Jan.
1
2 Dec.
Dec.
5 Nov. 20
Dec. 23 Dec. 20
fig
Hi
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3506
Per
Name of
When
Share
Company
75c
Pittsburgh Brewing Co. preferred
--Pitts. Ft. Wayne & Chic. Ry. 7% pref. (quar.)..
Pittsburgh & Lake Erie IiK
Per
Holders
Payable of Record
Dec.
JlOc
Phelps Dodge Corp. (year-end)
Pioneer Gold Mines of B. C. (quar.)
Jan.
Dec.
til
1-4-40 12-10-39
Plymouth Oil Co. (quar.)
Stock dividend of 2%_
Pollock Paper & Box. 7% pref. (quar.)
—
Dec.
15 Nov. 22
23 Dec.
Dec.
21 Nov. 10
21 Nov. 10
Class B (quar.)
Sunset Oils, Ltd. (irregular)
Sunshine Mining Co
—t.
Superior Oil Co. (CaJif.) (quar.)
Ouftrtcrly
■
2
Dec.
15 Dec.
15
Potash Co. of America
Powdrell & Alexander (increased)
25c
20c
Jan.
2 Dec.
15 Dec.
15
Prairie Royalties, Ltd. (irregular)
Preferred Accident Insurance (quar.)
2c
Dec.
3 Nov.
20c
Dec.
22 Dec.
$194
(quar.)
(quar.)
Public Service Elec. & Gas Co., $5 pref
7% preferred (quar.)..
Public Service of New Jersey $5 pref. (quar.)
7% preferred (quar.)
8% preferred (quar.)
6% preferred (monthly)
(Quarterly)
6% preferred (monthly)
preferred
1
Dec.
15 Nov. 24
Dec.
Dec.
19 Nov. 24
Dec.
H
Dec.
Dec.
15 Nov. 15
15 Nov. 15
15 Nov. 15
Dec.
15 Nov. 15
65c
Dec.
20 Dec.
1
50c
Jan.
15 Dec,
15
Extra
$194
$134
7% prior lien (quar.)
6% prior liem (quar.)..
Pullman,
2,5c
inc
25c
Pure Oil Co
5% preferred (quar.)
Dec. 20 Dec.
1 Dec.
1
Jan.
iff
534 % preferred (quar.)
6% preferred (quar.)
k
Pyrene Mfg. Co., common
Quaker Oats Co. (quar.)
Preferred (quar J
Quaker State Oil Refining
Quarterly Income Shares, Inc
Railroad Employees Corp. A & B (quar.)
Preferred (quar.)
Rainier Brewing, partic. A
%
Jan.
Jan.
Dec.
8
1 Dec.
8
1 Dec.
8
Dec. 23 Dec.
Feb.
1
50c
Dec.
29 Feb.
20c
Feb.
Dec.
28 Dec.
20
20c
Jan.
20 Dec.
15c
Ralston Steel Car $5 preferred
Dec.
9 Dec.
Dec.
9 Dec.
Dec. 20 Dec.
t$134
$134
134c
394c
Dec.
15 Dec.
Dec.
15 Dec.
1
2,5c
Dec. 20 Dec.
Dec. 22 Dec.
Dec.
Reed Drug Co. common
35c. cum. class A con v. stock! (quar.)
Reeves (Daniel), Inc. (quar.)...
Preferred (quar.).
-
Dec.
14 Nov. 22
894c
Dec. 26 Dec.
15
15 Nov. 30
$154
Reliance Electric & Engineering
Reliance Insurance Co. (Philadelphia) (s.-a.)
Dec.
Dec.
15 Nov. 30
25c
Dec.
Dec.
15 Nov. 24
2 Dec. 20*
15 Dec.
1
20c
16
May
10
15
Jan.
Dec.
30c
Dec.
Dec.
Jan.
2
Nov. 20
Dec.
1
5c
Dec.
Nov. 18
50c
Dec.
Dec.
15
3734c
30c
50c
25c
$134
10c
6894c
15 Dec.
1
28c
Dec.
15 Dec.
1
12c
Dec.
t$7
t$7
Dec.
15 Dec.
7 Nov. 23
15 Dec.
1
15 Dec.
15 Dec.
Dec.
15 Dec.
1
Dec.
15 Dec.
1
Dec.
15 Dec.
1*
20c
Dec.
$134
$134
$194
Jan.
15 Nov. 20
2 Dec.
2
15 Dec.
1
1 Jan. 17
50c
(quar.)
75c
10c
Dec.
23 Dec.
35c
.
—
Corp.)
Dec.
7 Dec.
Dec.
15 Dec.
1
Dec.
15 Dec.
1
Feb.
Dec.
14 Dec.
1
Seaboard Oil Co. (Del.) (quar.)
Sears, Roebuck & Co
Dec.
15 Dec.
1
Dec.
Dec.
11 Nov. 10
11 Nov. 10
Dec.
15 Nov. 30
5 Nov. 25
25c
$4
80c
25c
Rustless Iron & Steel
Safety Car Heating & Lighting Co., Inc
Safeway Stores, Inc
9
Dec. 21 Dec.
Dec. 15 Dec.
1
Jan.
1 Dec. 11
Dec. 15 Nov. 24
Dec. 20 Dec.
Dec.
5
12 Nov. 24
_for each sh. of
a
Dec. 15 Dec.
Dec. 20 Dec.
5
Jan.
1 Dec.
5
Jan.
1 Dec.
5
Jan.
1 Dec.
5
Dec.
15 Dec.
1
Jan.
Jan.
12 Dec.
12 Dec.
2 Dec.
15
18
Jan.
Dec.
18
Jan.
Dec.
18
Jan.
Dec.
18
Jan.
Dec.
Dec. 20
15 Nov. 30
Dec.
Stock div. of 2-100ths of
vo
2 Dec.
15 Nov. 30
1
sh. of 5% pref. stk.
com. stock held.
preferred (quar.)
preferred (qdar.)
preferred (quar.)
Lawrence
Corp., 4% preferred A
St. Louis Bridge Co. 6% 1st
pref. (s.-a.)
3% 2nd preferred (s.-a.)
Savannah Electric & Power Co., 8% deb. A
(qu.)
734% debenture B (quar.)
7% debenture C (quar.)
634 % debenture D (quar.)
Schenley Distillers, pref. (quar.)
Schiff Co. (quar.)
$1;
.
Extra...
Extra
*
Seeman Bros., Inc
...
Selby Shoe Co
Servel, Inc. preferred (quar.)
7% preferred
Shattuck (Frank G.) (quar.)
Sherwin-Williams of Canada, preferred
Jan.
Dec.
1 Jan.
Dec.
!-3-4d
Dec. 30 Dec.
Dec. 21 Dec.
Jan.
Simonds Saw & Steel
Dec.
2 Dec.
15
20*
15
15
1
15
Simmons-Boardman Publishing, pref
Dec.
15 Nov. 25
12 Dec.
1
Simms Petroleum Co.
(liquidating)
Siscoe Gold Mines (quar.)
Extra
Dec.
11 Nov. 27
Dec.
South Carolina Power Co., $6
pref.
South Bend Lathe Works
(extra)
South Penn Oil Co.
(quar.)
_
III
_
.
.....
Dec.
Dec.
14
1
5
Nov. 30
Dec.
Nov. 24
Dec.
1
Dec.
I
Dec.
Dec.
Dec.
...
I.II
Dec.
Dec.
10
Dec.
Jan.
...
10
Dec. 20
Dec.
Nov. 15
Dec.
IIIII
Nov. 15
Dec.
Nov. 15
Dec.
Nov. 29
Dec.
Dec.
Nov. 29
Nov. 15
Nov. 15
Dec.
Dec.
25c
Dec.
Dec.
$134
Jan.
20c
Dec.
Dec.
"$134
3134c
2
8
1
1
Dec. 22 Nov. 29
Dec. 22 Nov. 29
Dec. 15 Dec.
1
Jan.
2 Dec.
15
Jan.
2 Dec.
15
Jan.
Jan.
2 Dec. 15
10 Dec. 20
Dec.
29 Dec.
19
Dec.
15 Nov. 30
Dec. 11 Nov. 27
Dec. 30 Dec.
5
Dec. 23 Dec.
5
2 Dec.
5
Dec.
15 Dec.
6
Dec.
26 Nov. 29
Dec.
20 Nov. 29
Jan.
1 Dec.
Jan.
Dec. 30 Dec.
Dec. 15 Dec.
Dec. 22iDec.
Jan.
15
T
8*
15 Jan.
Apr.
July
16
15 Apr.
15 July
Dec.
15 Dec.
Dec.
15 Dec.
2—1—40
1-29-40
Dec. 20 Dec.
2 Dec.
Jan.
Jan.
2 Dec.
9
1
1
1
80c
Dec. 20 Dec.
8
50c
Dec.
(resumed).
$1
Dec.
Vapor Car Heating (year-end)
7% pref. (quar.)
Veeder-Root, Inc
Victor-Monaghan Co. 7% pref. (quar.).
Viking Pump Co. (special)
$134
$194
$2
$194
Vanadium Corp. of America
Preferred
Virginia Elctric &
Dec.
Dec.
Dec.
Dec.
Jan.
2 Nov. 18
15 Nov. 30
9 Dec.
1
9
1
Dec.
15 Dec.
1
1 Dec. 20
50c
60c
pref. (quar.).
W abash-H arrison.
Wagner Electric Corp
15 Dec.
Dec.
Dec.
15 Dec.
1
20 Nov. 29
50c
>ower $6
Pi
Dec.
$134
(quar.).
Dec.
15 Dec.
1
1
$1
Dec. 20 Dec.
1
Waldorf System, Inc. (quar,)
Extra
15c
Dec. 20 Dec.
Dec. 20 Dec.
ID
Walgreen Co. (quar.)
Preferred (quar.)
Walker (H.) Gooderham & Worts (quar.)
Preferred (quar.)
Welch Grape Juice
West Point Mfg. (quar.)
West Virginia Pulp & Paper
West Virginia Water Service Co., $6 pref. (qu.)
Western Exploration (quar.)
Westinghouse Air Brake Co
Weston (Geo.), Ltd
Weston Electrical Instruments, A (quar.)
Whitaker Paper Co. 7% pref. (quar.)
Whitman (William) preferred (quar.)...
Wilson Products, Inc. (quar.)
Winter & Hirsch, Inc. special
40c
15c
—
Wisconsin Investment
Wisconsin Michigan Power. 6% pref. (quar.)..
Wisconsin Power & Light Co., 6% cum. pref...
7%
cum.
Dec.
Jan.
5c
Jan.
$134
234c
1234c
Jan.
Jan.
1
Dec.
15
18
2 Dec.
16
25c
Jan.
Dec.
1 Dec. 16
11 Nov. 30
10c
Jan.
10 Jan.
5
15 Nov. 25
15 Nov. 30
10c
Dec.
$134
Dec.
Dec.
Dec.
15 Nov. 30
Dec.
26 Dec.
8S
15 Nov. 30
16
Dec. 28 Dec. 16
Dec. 28 Dec. 16
Dec.
8 Nov.
3
Dec.
10c
Jan.
Jan.
10c
--
Jan.
25c
J an,
15c
Interim
Wrigley (Wm.) Jr. Co. (quar.)—
Yale & Towne Mfg. Co
Jan.
Dec.
15c
15 Nov. 30
15 Dec. 30
15 Dec.
5
15 Dec.
5
2 Dec.
Jan.
5c
14 Nov. 30
2 Nov. 23
2 Nov. 23
15 Dec.
1
3 Dec. 20
2 Dec.
6
11
t$7
$194
preferred
Preferred (quar.)
Dec.
18 Dec.
23 Dec.
Dec.
23 Dec.
50c
Youngstown Steel Door
Preferred (guar.)
& Coach Mfg.,
15
15
Jan.
50c
Extra
Truck
2 Dec.
2 Dec.
Dec. 20 Dec. 15
Dec. 15 Nov. 15
50c
20c
$194
.
Yellow
11 Nov. 28
2 Dec.
1
$194
$194
20c
Woodward & Lothrop..
7% preferred (quar.)
Woolworth, Ltd., Am. dep. rec. pref. (s.-a.)
Wright Aeronautical Corp
Wright-Hargreaves Mines (quar.)
*
25c
40c
3<ic
10
Dec. 20 Nov. 20
Dec. 15 Nov. 15
Dec. 15 Nov. 24
Dec. 15 Nov. 24
$194
preferred
Wolverine Tube Co
15 'Nov. 15
15 Nov. 30
Dec. 15 Nov. 25
Feb. 15 Feb.
3
iig
Jan.
15 Dec.
Special
50c
Nov. 30
Dec.
1
Dec.
Special
(quar.)
Nov. 20
Dec.
Preferred (quar.)
"
Standard Wholesale Phosphate & Acid Works'"
Special stock div. of 1 sh. for each 200 shs. held
Preferred
1
15 Dec.
1
Dec.
................—
Stanley Works of New Britain (year-end)
5
Dec.
(quar.)
Standard Oil of Kentucky
(quar.)IllIII
Extra
Standard Oil Co. (N. J.)
(s.-a.). J
IIII
Extra
A div. payable in cap. stk. of 3 shs.
for"each
200 shs. $25 par value
Standard Oil Co. of
Ohio,,(quar.)
15
Dec.
I
^
2 Dec.
Dec.
Sparks Withington, pref. (quar.)
Sperry Corp., voting trust ctfs
Spencer Kellogg & Sons, Inc
Spiegel, Inc.,$434% conv. pref. (quar.)
Staley (A. E.) Mfg. Co
$5 cumulative preferred
(quar.)
7 % preferred (semi-annual)
Standard Oil Co. (Calif.)
( quar.)
Standard Oil Co. of Indiana
(quar.)
Extra_
1
Jan.
Extra
Southern California Edison
Co., Ltd.—
6% preferred series B (quar.)
Southern Colorado Power 7
% pref
Southern Phosphate Corp
Southwestern Portland Cement, 8% pf.
Sovereign Life Insurance (annual)
15 Dec.
Dec.
(quar.) I
15 Nov. 25
22 Nov. 27
Dec. 20 Dec.
Dec. 15 Dec.
I
15 Nov. 25
Dec.
Dec.
Dec.
Skelly Oil Co
Soss Mfg. Co
...
.
Feb.
5
Dec. 18 Dec.
2 Dec.
Dec. 23 Dec.
$194
$434 cumulative preferred (quar.)
Scranton Lace Co (quar.)
Ifs
Jan.
Dec.
5
10c
-
Vanadium-Alloys Steel Co
$194
Dec.
1
Dec.
1*
8
22
Nov. 25
15 Nov. 25
5 Nov. 17
Dec.
15 Dec.
15
18 Dec.
5
1
Dec.
Dec.
30 Dec.
Dec.
Dec.
Dec.
Nov. 25
25c
Van Norman Machine Tool
Dec.
15 Nov. 17
15 Dec.
1
66c
1*
6
50c
(Del.)4(ftnal)
Ruberoid Co
1
15 Dec.
$154
(quar.)
Richfield Oil Corp
Risdon Mfg. Co.7% pref. (quar.)
Riverside & Dan River Cotton Mills, Inc.Preferred (s.-a.)
Robertson (H. H.) Co.
Roeser & Pendleton, Inc.
(quar.)..
Rollins Hosiery Mills, Inc.
11 Dec.
Dec.
Dec.
Preferred
1
Dec.
Dec.
Dec.
Dec.
15 Dec.
preferred
15 Dec.
lc
50c
8
15 Dec.
1
Dec. 15 Nov. 30
Dec. 15 Dec.
1
Dec. 15
Dec. 15
Dec. 15
Dec. 15
Dec.
634%
15c
Dec.
Dec.
15
1 Dec.
Dec.
15 Nov. 30
Extra
Rice Ranch Oil Co. (resumed).
Rich's, Inc. (extra)
15
Jan.
Dec.
pref
15
18
15
5c
Preferred (quar.)
Scott Paper Co. (quar.)
Extra
cum. conv.
15
10c
(quar.)
194%
5% preferred (s.-a.)
234%
United Gas Improvement preferred (quar.)
Common (quar.)
United Gold Equities of Can. standard shs
t6c
United Light & Railways, 7% prior pref. (mo.).. 58 l-3c
53c
6.36% prior preferred (monthly)..
6 % prior preferred (monthly)
50c
United New Jersey RR. & Canal (quar.)
$234
United Pacific Insurance Co. (quar.)
$134
United Public Service Corp
10c
United States Graphite Co
25c
United States Gypsum Co. (quar.)...
50c
Extra
$134
Preferred (quar.)
$194
U. S. Petroleum, common
lc
United Stages Pipe & Foundry Co. (quar.)
60c
50c
(Extra)
United States Playing Card
50c
United States Potash (irregular)
25c
Preferred (quar.)
;
$134
United States Rubber Co. 8% non-cum. 1st pref.
6%
For the year of 1939.
United States Sugar pref. (quar.)
Preferred (quar.)
Preferred (quar.)
$134
United States Tobacco Co. (year-end div.)
80c
Preferred (quar.)
4394c
Upper Michigan Power & Light—
6% preferred (quar.)
$134
30c
Upson-Walton Col
Utah Power & Light $7 preferred
f $1.16**
$6 preferred
Valites Equities $5 34 preferred
($1
Reynolds Metals Co. 534 %
Rheem Mfg. Co. (quar.)
Dec.
Dec.
Dec. 30 Dec.
Dec. 30 Dec.
Feb.
1 Dec.
Jan.
1 Dec.
Jan.
1 Dec.
$194
$134
$194
1234c
1234c
Special.
United Gas & Electric
5
Dec.
$134
United Dyewood, pref. (quar.)
United Elastic Corp. (quar.)
15 Nov. 24
Jan.
Extra
Dec. 26 Dec.
30c
May
$234
35c
United Aircraft Corp
United Biscuit Co. of America pref.
United Carbon Co
15
Dec. 26 Dec.
12 34c
10
25c
Union Gas Co. of Canada (quar.)
Union Pacific RR
15 Nov. 30
Dec.
Feb.
$194
Co. (quar.)
Underwood Elliott Fisher Co
15 Nov. 30
50c
60c
15c
,
Nov. 24
$2
Troy & Green bush RR. Assoc. (s.-a.)
Truax-Traer Coal 6% pref. (monthly)
534% preferred (quar.)
Udylite Corp. (initial)
Preferred (quar.)
15
15
15
1
10c
$5 preferred (quar.)
s (Pittsburgh)
(extra)
(Initial quar.)
8% cumul. preferred (initial quar.)__
Raybestos-Manhattan
Special
Reading Co. 1st pref. (quar.)
Rand
Dec.
Feb.
50c
Preferred (quar.)
7
4
4
Dec.
10c
Ttmken Roller Bearing Co
Tokheim Oil Tank & Pump Co
Toronto Elevators, Ltd., 534% Pref. (quar.)
30
7
15c
Class B
Dec.
Dec.
Dec.
35c
Tilo Roofing
Extra
15 Nov. 29
1 Jan.
15
20c
Dec.
Dec.
25c
.
Thermoid Co. $3 preferred..
Thew Shovel Co., 7% preferred (quar.)
1
$134
13
25c
—
Texas Gulf Producing Co
Texas Gulf Sulphur (quar.)
15 Nov. 29
Dec.
1
Dec. 15
25c
(quar.)
Class A (extra)
Preferred (quar.)
Talcott (James), Inc. (quar.)
534% participating preference (quar.)
Teck-Hughes Gold Mines (quar.)
Telautograph Corp. (final)
Telephone Bond & Share Co., 7% 1st pref. (qu.)
$3, 1st preferred (quar.)
Temple Velocity Equipment, 7% preferred
Tennessee Central Ry. Co., 7% conv. preferred.
Dec. 20 Dec. 20
Dec. 20 Dec. 20
Dec! 15 Nov. 24
Dec.
Jan.
11
40c
Class A
Public Service Co. of Oklahoma—
Dec.
Dec.
Nov. 25
25c
—
9
19 Nov. 24
Dec.
Dec.
234c
Sutherland
20 Dec.
50c
— ....
-»
Holders
Payable of Record
Dec.
6894c
3734c
Supersilk Hosiery Mills, 5% pref. (semi-annual)
Paper Co
Swan & Finch Oil, preferred (quar.)
Swift & Co. (quar.)
Sylvanite Gold Mines (quar.)
Tacony-Palmyra Bridge (quar.)
3
12
Dec.
$134
$134
$134
$194
$134
Procter & Gamble, 5% preferred
Prosperity Co.,
Dec.
When
1939
t$l
15c
Dec.
H'd
2,
25c
5c
Stayton Oil Co. (quar.)
Strawbridge & Clothier 7% preferred
Sun Oil Co. (quar.)
Sunray Oil Co
Preferred (quar.)
Sunset-McKee Salesbook Co., cl. A (quar.)
8
Dec.
Pittsburgh Plate Glass
Share
Name of Company
8 Nov. 25
2 Nov. 30
21 Dec.
Dec.
Dec.
Jan.
15 Dec.
1
1 Dec.
16
$194
6
11
Transfer books not closed for this dividend,
t On account of accumulated dividends.
t Payable in Canadian funds, and in the case of non-residents of Canada
deduction of
a
tar of 5%of the amount
of such dividend will be made.
Volume
Condition of the Federal Reserve Bank of
New
The
STATEMENT
OF
ASSOCIATION
Friday afternoon is given in full below:
on
MEMBERS
AT
CLOSE
THE
OF
Other casht
...
.....
976,000
...
99,619,000
20,000,000
National City Bank
Chem Bank & Trust Co.
77,500,000
...
42,139,000
3,058,000
347,000
Cent Hanover Bk&Tr Co
21,000,000
15,000,000
2,963,,.00
3,832,000
2,249.000
218,000
First National Bank
10,000,000
Irving Trust Co
50,000,000
1,974,030
...
Bills bought In open market
Industrial advances
U. 8. Govt, securities,
Manufacturers Trust Co
1,974", 000
3,592,000
Continental Bk <fc Tr Co.
anteed:
7,000,000
7,000,000
518,909,000
400,850.000
385,165,000
11,064,000
500,000
250,391,000
Bankers Trust Co
370,360,000
402,163,000
386,426,000
24,035,000
Title Guar «fe Trust Co__
Total
U.
Govt,
S,
797,079,000
Uncollected Items
........
Other assets
812,624,000
815,422,000
802,016,000
Total bills and securities
Due from foreign banks
Federal Reserve notes of other banks...
12,500,000
Comm'l Nat Bk & Tr Co
securities,
direct and guaranteed
Bank premises
Marine Midland Tr Co..
194,671,000
25,000,000
6,000.000
5,000,000
New York Trust Co.
Bills
818,430,000
821,481,000
17,000
17,000
3,302,000
164,570,000
22,355,000
Totals
5,688,000
166,333,000
8,888,000
Pubilo Nat Bk & Tr Co.
15,834.000
*
As
...
.......
3,670,000
41,237,000
2,269,000
2,947,000
28,795,000
_
official reports: National, Sept. 30,
per
2,120,000
51,790,000
671,571,000
1939; State, Sept. 30, 1939; trust
companies, Sept. 30, 1939.
9,791,000
Includes
8,152,879,000 8,113,010,000 6,270,475,000
In
deposits
b (Nov. 14)
Total assets...
5,330,000
1,492,000
34,697,000
62,000
2,060,000
171,330,000
8,888,000
22,628,000
2,137,000
915,777,500 13,248,698,000
100,270,000
Fifth Avenue Bank
Bonds..
Notes
108,395,000
53,551,000
27,781,000
613 ,463,000
109,153,700
636 ,720,000
53,103,000
54 ,207,000
4,380,800
134,328,200 d2,791 ,390,000
49 ,763,000
3,867,600
80,314,100 61,047 ,524,000
13 ,956,000
2,492,200
120 ,989,000
9,303,600
378 ,967,000
27,939.400
99 ,789,000
8,463,900
90,,576,000
9,768,900
4,000,000
Chase National Bank
direct and guar¬
47,989,000
164,307,000
5,089,000
72,182,000
661 ,503,000
56,267,700
183,072,800 &1.955 ,053,000
627 ,403,000
39,241,400
c992 ,000,000
72,071,900
286 ,861,000
20,516,700
90,000,000
1,902,000
15,793,000
205 ,460,000
571 ,292,000
26,340,200
61,343,500 a2,051 ,782,000
20,000,000
Guaranty Trust Co
774,000
780,000
2,183,000
$
13,807,900
6,000,000
Corn Exch Bank Tr Co.
discounted......
Total bills discounted
Average
$
Bank of New York
7,145,940,000 7,093,685,000 5,253,049,000
direct and guaranteed
Other bills
Deposits,
Average
1,653,000
77,769,000
976,000
74,373,000
Govt, obligations.
S.
Time
Deposits,
Surplus and
Capital
Members
Bills discounted:
by U.
Net Demand
Profits
♦
Clearing House
Bank of Manhattan Co.
Secured
NOV. 30, 193»
7,070,591,000 7.014,940.000 5,151,777,000
United States Treasury.!
Redemption fund—F. R. notes
Total reserves.
THURSDAY,
Undivided
♦
$
S
S
hand and due xrom
on
YORK CLEARING HOUSE
NEW
BUSINESS
OF
Nov. 30, 1938
29, 1939 Nov. 22, 1939
Assets—
New York City
weekly statement issued by the
Clearing House
date last year:
Nov.
York City
Weekly Return of the New
Clearing House
York
Bank of New York at the close of business Nov. 29, 1939,
in comparison with the previous week and the corresponding
Gold certificates
3507
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
branches
foreign
as
follows:
(Nov.
a
25)
$258,866,000;
$80,167,000; c (Nov. 30) $2,832,000; d (Oct. 31) $65,861,000; e (Nov. 15)
$22,903,000.
Lxaouities—
1,224,651,000 1,212,146,000 1,011,073,000
Deposits—Member bank reserve acc't.. 6,132,689,000 6,135,394,000 4,585,111,000
U.S. Treasurer—General account
73,582,000
113,433 000
119,560,000
75,256,000
149,844,000
Foreign bank
143,601,000
Other deposits
243,130,000
229,864,000
261,693,000
F. R. notes In actual circulation
Total deposits
Deferred availability Items
Other liabilities, lnel. accrued dividends.
LONDON
THE
,
'
*
each
■
Sat.,
Mom.,
Tues.,
Wed.,
Thurs.,
Fri.,
Nov. 27
Nov. 28
Nov. 29
Nov. 30
Dec. 1
Capital Accounts—
94
£53
£53 H
£12K
41/3
£12 )*
41/3
33/9
£554
67/-
Central Min& Invest..
Surplus (Section 7)
Surplus (Section 13-b)
Other capital accounts
...
50.917.000
50,906,000
52,463,000
7,457,000
9,667,000
51,943,000
Cons Goldflelds of S A.
Courtaulds S & Co
10,276,000
32/10H
De
7,744,000
£5%
Beers
67/3
Co
Distillers
Ford Ltd....
24/119/4)4
HudsonsBayCo
Ratio
of
total
to
reserve
deposit
and
Imp Tob of G B & I.. Closed
F. R. note liabilities combined
Contingent liability
on
bills
87.7%
90.5%
90.7%
Metal Box
Commitments
to
Rand Mines
Rolls Royce
make industrial ad¬
1,907,000
1,882,000
vances
t "Other cash" does not include Federal Reserve notes
or a
3,483.000
bank's own Federal
These are certificates given by the United States Treasury for
Unlted
Molasses
West
116/10)4 116/3
£H
76/3
£7
£13«,
£13)4
16/3
25/4)4
.16/10)4
£11X
76/3
£7
Witwatersrand
Areas..
under the provisions of the Gold Reserve Act of 1934.
42/6
33/3
£5)4
66/,6/10)4
14/23/9
£11)4
76/3
97/6
£32U
81/10)4
16/10)4
Vickers
difference, the difference Itself having been appropriated as profit by the Treasury
7/14/3
23/9
118/9
76/3
£7
£13)4
16/1)4
25/1)4
Swedish Match B
the gold taken
from the Reserve Danks when the dollar was, on Jan. 31, 1934, devalued from
100 oents to 59.06 cents, these certificates being worth less to the extent of the
over
£5)4
67/1)4
97/6
£32)4
81/10)4
Shell Transport
£12)4
42/6
33/1K
£5%
66/7 /14/23/9
34/-
£13)4
Royal Dutch Co
Reserve bank notes.
*
£7
RioTinto
86,000
for foreign correspondents..
£1154
76/3
London Mid Ry.
purchased
£53 14
£12)4
£53 M
£53^
£12 J*
41/3
7/14/3
24/3
318/9
£12
7/IJ4
14/4)4
Electric & Musical Ind
Total liabilities and capital accounts.. 8,152,879,000 8,113,010,000 6,270,475,000
40/92/6
39/9
92/6
40/3
93/9
40/3
/495/-
40/3
British Amer Tobacco.
Cable & Word
50,919,000
52,463,000
7,457,000
9,730,000
-
Nov. 25
8,032,310,000 7,992.506,000 6,149,606,000
Capital paid In
.
day of the past week:
6,657,543,000 6,628,535.000 4,977,079,000
159,178,000
149,975.000
147,470,000
2,276,000
1,850,000
2,646,000
Boots Pure Drugs
Total liabilities
EXCHANGE
STOCK
-
Quotations of representative stocks as received by cable
£7
£13)4
97/6
£32
81/3
97/6
£31
80/-.
15/6
25/9
16/10)4
15/3
25/6
16/7)4
97/6
£31%
81/3
15/25/9
16/6
_
£3)4
£3)4
£37ie
£37i«
£37i»
...
Weekly Return for the Member Banks of the Federal Reserve System
the principal
obtained
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors o
the Federal Reserve System upon the figures for the latest week appears in our department of ilCurrent Events and Discussions
immediately preceding which we also give the figures of New York ana Chicago reporting member banks for a week later.
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System, giving
items of the
resources
and liabilities of the
reporting member banks in 101 leading cities from which weekly returns are
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as
described in
an
announcement of the Federal Reserve
reported in this statement, which were
Bank of New York of April 20, 1937, as follows:
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and (2) loans (other than to brokers and dealers) for the purpose of purchasing or carrying
securities.
The revised form also eUminates 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**,
The changes in the report
form
are
confined to the classification of loans and discounts.
would each be segregated as "on securities"
A
more
and "otherwise secured and unsecured."
detailed explanation of the revisions was
published in the May 29,1937, issue of the "Chronicle," page
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER
Federal
Reserve
Districts—
New York
Boston
Total
3590,
BANKS IN 101 LEADING CITIES BY DISTRICTS ON NOV. 22,1939
Cleveland Richmond
Phila.
Atlanta
St. Louis
Chicago
(In Millions of Dollars)
Minneap. Kan. City
Dallas
San Fran.
$
%
%
%
%
$
23,092
8,617
4,388
1,191
1,166
1,903
697
624
3,147
701
407
691
541
605
9,786
3,358
427
679
260
315
907
338
193
292
276
967
291
1,823
196
253
117
174
540
204
104
179
185
322
315
119
24
6
14
4
35
8
3
17
2
Open market paper
63
20
Loans to brokers and dealers in secure.
620
22
498
21
.20
2
5
30
4
1
3
2
12
15
11
76
13
7
10
14
48
110
52
9
26
22
386
""116
54
"69
56
"51
"l79
27
23
ASSETS
Loans and Investments—total
Loans—total
Commercial, Indus, and agrlcul. loans
$
Other loans for purchasing or carrying
securities
.......
Real estate loans
Loans to banks
Other loans
Treasury bills
Treasury
notes
United States bonds
497
21
225
31
26
1,189
81
202
56
174
36
1
26
1
1,572
126
465
39
32
""73
88
1
3
1
3
197
2,238
3
731
22
3
5
82
2,166
5,829
57
897
39
214
184
39
427
55
"33
83
54
84
335
2,310
323
599
129
97
928
135
113
99
78
683
121
55
72
311
74
25
57
52
183
11
555
Obligations guar, by U. 8. Govt..
Other securities
1,303
102
3,344
122
1,363
275
279
66
96
492
96
43
133
58
321
Reserve with Federal Reserve Bank..
9,790
469
5,639
433
518
188
124
1,387
220
103
189
135
385
483
143
102
19
44
22
13
73
11
7
16
11
22
3,079
167
203
214
351
215
201
544
186
114
319
279
286
41
46
81
23
17
22
33
233
Cash In vault
Balances with domestic banks
Other assets—net
2,405
50
1,329
82
547
102
102
18,918
5,252
1,187
9,109
953
1,321
491
394
2,611
479
310
539
471
1,053
236
1,039
279
733
201
191
945
190
119
145
138
1,036
67
52
41
28
40
111
19
3
23
30
106
433
311
278
1,153
351
148
425
269
312
LIABILITIES
Demand deposits—adjusted
Time deposits
United States Government deposits..
534
14
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other
Capital
liabilities
accounts
7,930
324
3,520
406
711
24
646
6
1
1
1
9
1
1
1
".34
9
"""20
"""8
3
"289
97
95
383
59
102
346
720
20
""294
16
17
3,707
246
1,602
222
372
22
3508
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Dec.
2,
1939
Weekly Return of the Board of Governors of the Federal Reserve System
The
following
issued by the Board of Governors of the Federal Reserve System
was
showing the condition of the 12 Reserve banks at the close of business
on
Wednesday.
Thursday afternoon, Nov. 30
on
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement
(third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
returns
for the latest week
in
appear
our
The comments of the Board of Governors of the Federal Reserve System upon the
department of "Current Events and Discussions
COMBINED RESOURCES AND LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF BUSINESS NOV.
29, 1939
Three Ciph
Nov.
(000) Omitted
29,
1939
ASSETS
Gold ctfa.
22,
1939
$
hand and due from U. S. Treas.
Nov.
Nov.
15,
1939
S
S
S
x_
14,966,121
14,871,655
Redemption fund (Federal Reserve notes).....
Other cash ♦—.......
9,866
9,414
14,866,654
10,253
320,766
330,931
15,293,753
15,212,000
1,817
6,209
8,026
7,988
Total
on
reserves
Nov. 8,
1939
Nov.
1.
1939
Oct. 25,
1939
S
$
Oct.
18,
1939
$
Oct. 4,
1939
OA. 11.
1939
14,839,206
14,804,210
14,769,206
8,926
9,777
353,716
8,846
339,868
344,281
15.230,623
15,191,237
15,187,920
1,540
1,089
6,448
5,396
1,091
5,384
1,180
5,068
6,485
6,475
6.248
30,
1938
$
$
t
14,858,210
9,139
323,888
Nov.
14,696,217
9,005
325,153
11,601,717
332,383
14,725,715
8,987
315,194
15,157,417
15,111,366
15,049,896
15.030,375
11,970,472
993
1,082
4,541
1,331
1,277
4,601
4,758
5,183
5,472
2,480
5,751
5,623
6,514
6,749
7,081
415
498
548
547
15,821
10,815
357,940
Bills discounted:
Secured
by
S. Government obligations,
U.
direct and
fully guaranteed
Other bills discounted-....
...
Total bills discounted....................
Rill* bought in open market
Industrial advances
-
&
...
11,393
...
11*568
1*1*561
11*623
11,680
l"l,763
11,787
11,803
11,841
United Staler Government securities, direct and
guaranteed:
Bonds........................
.........
1,283,447
1,233,225
1,283,447 1
1,233,225
1,305,442
1,239,172
1,313,942
1,247,497
1,315.942
1,245,497
787,327
1,245,497
104,705
125,380
174,320
186.820
1,315,942
1,245,497
203,457
1,315,942
76,705 I
1,315,942
1,245.497
159,380
1,315,942
1,245,497
35,425
Notes.................
223,457
1,164,565
612,123
Bills
Total U.
S
Govt, securities,
direct and
guaranteed
Other
2,552,097
Foreign loans
on
2,593,377
2,649,319
2,686,819
2,720,819
2,735,759
2,748,259
2,764,896
2,784,896
2,564,015
2,571,516
securities....
2,612,933
2,667,365
2,704.917
2,738,747
2,753.273
2,766,084
2,783,711
2,804,034
2,587,464
...
gold
Total bills and securities
Gold held abroad
Due from foreign banks
47
47
20,728
71,470
21,446
692,318
42,051
70,396
18,680,573
18,651,191
Federal Reserve notes of other banks
Uncollected items
Bank
678,043
premises
42,016
Other assets
..........
Total assets
...
...............
47
47
47
47
"*308
225
""*176
*174
23,216
22,133
23,385
716,496
42,037
69,492
662,257
42,082
44,119
69,436
68,663
20,836
667,636
42,082
71,118
616,017
42,108
23,185
802.576
42,087
20,583
666,514
42,035
70,581
20,844
578,163
42,037
70,073
68,951
51,076
18,998,684
18,607,318
18,776.872
18.707,923
18,814,269
18,635,504
18,632,715
15,292,964
964.817
23,642
LIABILITIES
Federal Reserve notes in actual circulation
4,845,292
4,825,953
4.805,254
4,817,094
4,781,385
4.743,717
4,756,457
4,757,812
4,732,133
4,384,882
Deposits—Member banks' reserve account
11,619,749
11,619,188
11,748,660
United States Treasurer—General account..
11,950,446
11.739,156
403,535
407,274
368,357
465,987
403,249
11.906,847
349,137
414,705
444.207
323,255
283.540
297,400
11,671,664
469,127
466,137
309.403
8,876,481
440,949
11.813,664
349,030
Foreign banks
11,587,156
564,123
454,277
317,728
12,923,284
916,914
4,853
12,875,424
5,980
12,811,679
660,081
4,848
18,331,911
18,302,561
134,935
149,152
27,264
Other
deposits
470,881
319.449
326,003
418,898
272,874
12,968,221
644,088
4,147
12,954,229
752,250
3,935
12,884,298
641,620
4,371
12,916.331
9,934,728
633,483
619,425
4,453
12,953.024
690.547
4,278
3,815
5,584
18,650,305
18,259,077
18,429,234
18.360,173
18,466,871
18,288,101
18,285,762
14,944,619
135,602
135,597
135,580
135,557
134,032
149,152
27,264
36,228
149,152
27,264
35,642
149,152
27,264
35,777
149,152
147,739
27,264
35,413
135.561
149,152
27,264
35.426
135,460
149,152
27,264
36,361
135,569
149,152
37.311
134,919
149,152
27,264
37,295
18,680,573
18,651,191
18,998,684
18,607,318
18,776,872
18.707.923
18,814,269
86.5%
86.2%
85.9%
85.9%
85.6%
85.6%
85.3%
101
101
*9* 643
"9" §56
101
9*919
10,023
10,156
10.236
3,275
1,853
3,493
1.486
3,546
1.594
2,088
315
515
125
220
202
278
3,361
3,578
3,609
1,706
173
189
393
130
207
737
2,267
986
812
621
8,026
7,988
6,485
6,475
6,248
.....
Total deposits
12,836,329
....
Deferred availability items
y
644,310
Other liabilities, incl. accrued dividends
Total liabilities
CAPITAL
(Section 7)
Surplus (Section 13 b)
y
662,106
483,982
208,097
366,168
ACCOUNTS
Capital paid in
Surplus
347,622
456,231
322,911
Other capital accounts
Total liabilities and capital accounts
Ratio of total reserves to deposits and Federal
Reserve note liabilities combined
...
Contingent
liability on
foreign correspondents
bills
purchased
for
27,264
27,683
35,077
38,891
18,635,504
18,632,715
15,292,964
85.3%
85.2%
83.6%
101!
*9*966
101
240
10,328
10,278
14,328
1.255
2,316
2,451
5,712
297
288
237
227
3,539
296
353
307
3,455
3,547
162
425
225
159
161
461
5,751
5,623
6,514
6,749
232
"
Commitments to make Industrial advances
255
Maturity Distribution of Bills and
Short-Term Securities—
1-15 days bills discounted..
18-30 days bills discounted
31-60 days bills discounted
61-90 days bills discounted
Over 90 days bills discounted
Total bills discounted
1-16 days bills bought in open market..
16-30 days bills bought in open market
31-60 days bills bought in open market
61-90 days bills bought in open market
Over 90 days bills bought in open market
1,404
1,385
519
7,081
*264
99
93
...
99
""no
46
223
Total bills bought in open market
1-15 days industrial advances..............
16-30 days industrial advances
81-60 days industrial advances
61-90 days industrial advances
93
74
153
237
"l'502
415
498
548
547
1,282
*1*467
*1*577
*1*585
"1,442
1,442
1,395
1,406
1,673
469
301
367
73
98
343
310
120
133
88
956
1,166
1,011
1.245
891
442
353
476
436
700
"
408
419
407
395
1,114
1,115
1,113
1,191
478
8,244
8,292
8.406
8,455
8,503
8,690
11,661
11,623
11,680
11,763
11,787
11,803
11,841
15,821
76,705
69,280
48,675
54.675
48,940
36.637
95,330
76,705
69,280
35,425
48,940
182,453
27,440
54,675
210,453
29,137
35.425
U. 8. Govt, securities, direct and guaranteed:
1-15 days
8,250
11,568
35,425
Total Industrie' advances
8,246
11,393
Over 90 days Industrial advances
1,191
8,716
27,440
123,955
16-30 days..
31-60 days
61-90 days
Over 90 days
.
48,675
12,468
82,358
2,516,672
2,516*672
2,544*614
2,56*1,439
2,5*6*1* 439
2,455*691
2,4*5*5*691
2,552,097
2,593,377
2,649,319
2,686,819
2,720,819
2.735,759
2,748,259
2,764,896
2,784,896
2,564.015
5,122,948
5.100,435
274,482
5,096,606
291.352
5,102.403
275,268
5,002,399
270,266
4,686,288
317,085
5,060,226
303,769
5,033,080
285.309
5,069,242
287,857
5.060,802
277,656
4,845,292
4,825,953
4,805,254
4,817,094
4.781,385
4,743,717
4,756,457
4.757,812
4,732,133
4,384,882
5,224,000
5,205,000
2,432
5.202,000
5,166,000
2,132
5,162,000
5,138,000
5,108,000
2,337
5,177,000
2,346
5.164,000
2,402
1,626
1,557
2,440
2,406
4,757,000
6,214
5,226,4021
_
Total U. S. Government securities, direct
and guaranteed
125,380
105,748
2,455,691
5.207,432
5,204.337
5,179,346
5.168,132
5.165,626
5,163,557
5,140,440
5,110.406
4,763,214
187,657
141,173
2,455,691
2,005,185
193,485
Total other securities
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual Circulation
301,406
Collateral Held by Agent as Security for
Notes Issued to Bank—
Gold ctfs.
hand and due from U. S. Treas..
on
By eligible
paper
United States Government securities..
Total
♦
x
cents
collateral
"Other cash" does not include Federal Reserve notes.
These
on
are
Jan.
certificates given by the United States Treasury for the
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 69.08
to the extent of the difference, the difference itself having been appropriated as
profit by the Treasury under
31, 1934, these certificates being worth less
provision* of the Gold Reserve Act of 1934.
y With the statement of Jan. 4, 1939 two new items appeared, "Other liabilities, including accrued dividends,'
and "Other capital accounts."
two items corresponds exactly to the total of two items formerly in the statement but now excluded, vix.: "All other
liabilities," and "Reserve for
statement (or Nov. 30.1938 has
The total of these
contingencies."
been revised on the
new
basis and Is shown accordingly.
The
Volume
ONE HUNDRED—The Commercial & Financial
149
Chronicle—YEARS OLD
(Concluded)
Weekly Return of the Board of Governors of the Federal Reserve System
Three Ciphers (000) Omitted
Total
Boston
New York
$
$
%
ASSETS
Gold
certificates
on
and
band
Chicago
%
841
800
767
802
19,248
39,404
15,228
15,296,753
969,006
422,474
299,238 2,579,272
439,185
1,,375
33,826
245,798
883,292
4
15
141
348
363
8,850
831,483
16,201
233
22,718
381
17,469
363,417
939
21,366
848,091
504
1,234
25,768
229,916
345,444
246,514
423,155
279,190 2,539,101
74,373
255,597
26,315
320,766
reserves
398,915
801,481
862,051 7,145,940
9,866
Redemption fund—Fed. Res. notes..
Other cash *_
946,701
834,722 7,070,591
976
1,014
14,966,121
$
%
S
$
San Fran,
Dallas
Minneap. Kan. CUv
St. Louis
S
i
i
due
from United States Treasury
Total
Atlanta
$
Cleveland Richmond
PhUa.
$
Federal Reserve Agent at—
BUSINESS NOV. 29, 1939
EACH OF THE 12 FEDERAL RESERVE BANKS AT CLOSE OF
WEEKLY STATEMENT OF RESOURCES AND LIABILITIES OF
3509
Bills discounted:
Secured by U
.
S. Govt, obligations.
780
223
188
84
100
133
15
70
2,183
468
550
250
271
629
210
179
""980
2,963
691
738
334
371
762
225
249
980
145
3,135
317
995
671
444
7
804
183
509
938
400,850
385,165
11,064
110,013
133,820
66,083
51,631
43,361
34,652
105,709
128,583
49,610
41,663
33,297
46,298
44,485
3,694
63,498
1,824
57,504
55,254
3,077
1,425
140,826
135,316
3,887
1,197
956
1,587
1,278
105,323
101,203
2,907
205
1,817
direct and guaranteed
Other bills discounted
6,209
205
8,026
Total bills discounted.
Industrial advances
1,974
1,416
11,393
U. S. Govt, securities, direct & guar.:
89,442
35,425
2,569
2,552,097
I.III.II"
185,097
797,079
218,759
266,097
131,405
102,666
280,029
86,221
68,905
114,345
92,061
209,433
186,718
802,016
222,585
267,152
132,734
103,708
281,235
86,453
69,958
115,508
92,715
210,734
Bills
Total
U.
S.
securities
Govt,
direct and guaranteed
2,571,516
Total bills and securities..
Uncollected
1
4
1,258
466
29,290
23,647
3,806
35,649
2,243
1,498
1,959
3,119
3,003
2,496
558,777
347,189
515,596
158,816 1,059,595
189,351
139,446
180,958
83,114
383,719
202,636 1,685,732
14,307
29,531
49,602
14,348
286,562
24,150
11,888
8,514
152,959
15,150
264,735
17,047
11,888
214,958
6,504
468
4,708
623,687
25,164
29,602
23,546
238,776 1,769,052
294,138
249,568
701,999
3
18
5
4
2
2
6
1,026
50,181
•1,583
84,637
2,606
1,869
3,016
1,320
69,250
2,060
171,330
55,590
23,309
90,848
42,016
2,894
4,583
6,275
5,881
3,871
7,840
2,551
4,114
2,037
4,664
8,888
22,627
27,329
2,246
71,470
3,057
7,180
18,680,573 1,126,104 8,152,879 1,116,138 1,336,103
Items
620,071
433,220 2,965,428
450,834
228,306
.........
assets
Total assets
See
1
524
premises
Other
1
1,194
16,983
47
20,728
678,043
Due from foreign banks
Fed. Res. notes of other banks
Bank
93,086
1,283,447
1,233,225
Bonds...
Notes.
LIABILITIES
341,013
405,489 1,224,651
4,845,292
F. R. notes In actual circulation....
Deposits:
440,949
407,274
U. 8. Treasurer—General account.
Other
I.II—I
deposits
275,930
38,124
11,890
17,627
10,746
51,255
39,764
22,121
4,348
331,114
56,560
22,634
91,905
27,485
14,394
30,124
22,441
31,634
148
211
548
157
149
211
136
285
420,437 2,921,100
548,107
338,030
505,431
4,039
4,685
2,927
147,470
47,777
383
2,646
636
470
605,040
13,823
5,118
4,983
4,566
13,065
5,630
3,293
713
22,666
1,429
1,874
134,935
......
9,383
10,083
12,115
13,696
50,919
149,152
....
52,463
14,323
27,264
2,874
7,457
4,416
1,007
37,311
1,765
9,730
2,386
3,914
620,071
.........
922
1,882
475
9,643
♦
7,168
1,401
2,078
433,220 2,965,428
558,777
347,189
409
64
"Other cash" does not Include Federal Reserve notes,
a
Three Ciphers (000) Omitted
Total
Boston
New York
-
STATEMENT
$
%
%
Atlanta
Chicago
%
$
$
%
$
$
$
%
San Fran.
Dallas
Minneap. Kan. City
St. Louis
$
Cleveland Richmond
PhUa.
$
Federal Reserve notes:
366,382 1,142,686
3,168
55CM
Less than $500.
FEDERAL RESERVE NOTE
Federal Reserve Bank of—
78
3,153
1,001
545
10,621
9,965
2,121
2,342
4,051
3,892
1,266
1,914
515,596
22
825
1,248
355,259 1,117,637
4,308
3,613
1,142
1,102
1,637
18,680,573 1,126,104 8,152,879 1,116,138 1,336,103
Other capital accounts
11,888
320,026
84,801
ACCOUNTS
Capital paid In
Surplus (Section 7)
Surplus (Section 13-b)
18,014
766,931
18,331,911 1,101,999 8,032,310 1,083,525 1,303,036
Total liabilities.
366,382 1,142,686
184,041
67,085
644,310
5,980
4,187
7,485
9,428
3,189
6,012
1,259
694,099
629,042 6,657,543
12,836,329
Deferred availability items
261,693
651,585
65,332
592,334
24,268
368,357
Total deposits........
CAPITAL
535,942 6,132,689
119,560
39,318
143,601
29,514
11,619,749
Member bank reserve account
a
424,805 1,305,335
80,684
19,316
360,289
471,061
20,227
26,212
201,181
11,830
143,563
4,117
189,424
8,466
90,864
19,276
240,980
12,674
170,903 1,085,807
7,750
438,73b
55,017
277,656
405,489 1,224,651
341,013
450,834
228,306
158,816 1,059,595
189,351
139,446
180,958
83,114
383,719
4,845,292
440,000 1,325,000
370,000
474,000
245,000
174,000 1,100,000
203,000
145,500
190,000
93,500
464,000
5,224,000
871
223
85
123
768
93,500
464,00
5,122,948
Issued to F. R. Rank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation
12,087
Collateral held by Agent as security
for notes Issued to banks:
Gold certificates on hand and due
from United States Treasury....
are
474,000
145,623'
203,085
PARIS
THE
190,768
BOURSE
Quotations of representative stocks as
for discount at purchase.
Mon.,
Sat.,
Frt.,
0.05%
Jan.
24 1940
0.05%
Nov. 24
Nov. 25
Nov. 27
Dec. 13 1939
0.05%
Jan.
31 1940
0.05%
Francs
Francs
Francs
20 1939
0.05%
Feb.
7 1940
0.05%
27 1939
0.05%
Feb.
14 1940
0.05%
3 1940
0.05%
Feb.
21 1940
0.05%
Jan.
10 1940
0.05%
Feb.
28 1940
0.05%
Jan.
17 1940
0.05%
Dec.
Dec
Jan
Dec.
Treasury Notes—Friday,
Transatlantlque...
41
505
Comptolr Natlonale d'Escompte
-
779
220
202
France—
457
Citroen B
Coty S
1
A
Courrieres
32ds of
Figures after decimal point represent one or more
a
point.
Credit Commercial de
1,460
Lyonnals
Credit
Nord
Electrique du Littoral..
Energie Electrique du
Energle
Kuhlmann
Int.
Int.
Mar. 15 1940
Dec.
15 1940
Asked
Bid
Rate
Maturity
June
14%
14%
14%
14%
101.11
101.9
Maturity
Dec.
1941...
1941
Asked
14%
15 1941,..
102.17
102.19
103.25
101.18
101.20
Mar. 15 1942...
14%
103 23
102.1
102.3
2%
1 4%
104.28
104.30
104.10
104 12
14%
14%
102.5
102.7
Sept. 15 1942...
Dec. 15 1942...
102.6
June
15 1943—
Dec.
Mar. 15
June 15
Bid
Rate
102.4
15 1940...
15 1943...
Mar.
15 1944—
102
102.1
101
4%
99.31
L'Alr
Llquide
.....
Lyon(PLM)
NordRy
Orleans Ry.
Pathe
(6%)
Capital
>
100.1
Schneider &
C
Cie
Societe Generale
BERLIN STOCK
Closing prices of
Societe
EXCHANGE
Tubize
representative stocks as received by cable
each dav of the past
week:
Nov.
Nov.
25
27
Nov.
28
Nov.
29
Nov.
30
Allgemelne
Elektrizltaets-Gesellschaft (6%) 117
Llcht (8%)-.— 138
Commerz-und Privat-Bank A. G. (6%)
105
Deutsche Bank (6%)
109
Deutsche Relchsban (German Rys.pf. 7%). 126
117
159
105
109
126
103
105
-
Bank (6%)
-
Farbenlnduatrie I. G. (7%).—
RelcMbank (8%)-..—Halske (8%)—.
Verelnigte Stahlwerke 16%)
Siemens &
159
J80
206
100
159
180
205
101
117
160
105
109
127
105
159
180
208
101
118
160
106
109
127
105
160
180
212
101
—
119
161
106
109
126"
105
160
180
212
101
110 40
2,133
1-625
70
Marseillaise
Artificial Silk pref
d'Electricite
Wagon-Lits
50
1,160
560
69
Tues.,
Thurs.,
Wed.,
Nov. 28 Nov. 29
Nov. 30
Francs
Francs
Francs
7,675
7,435
7,575
740
865
422
437
435
17,750
17,650
17,425
628
643
620
1,600
1,635
1,655
37
39
490
500
865
"507
780
825
825
217
220
224
199
202
205
445
468
460
1,470
1,560
1,520
278
284
"568
679
725
729
729
1,350
1,342
1,342
820
830
825
834
844
850
580
820
820
1,690
1,739
1,710
72.00
71.65
61.60
25
81.55
81.60
81.60
111.05
112.00
112.80
2,145
2,145
1,660
2,140
1,640
53
50
51
1,157
1,172
1,125
565
572
678
413
41
1,745
69
70
74
407
408
409
42
41
41
Dec.
1
Per Cent of Par
Berliner Kraft u.
Union
1-650
72.00
81.40
420
42
Fonclere
Societe Lyonnalse
THE
1,718
72.15
81.60
H0.75
2,152
1,640
49
1,165
552
Perpetual 3%
4U%
Saint Gobain C &
798
218
198
445
1,455
270
568
717
1,330
820
830
848
----
—.....
5%, 1920
470
721 Closed
1,326
818
832
875
-
Pechiney
Rentes.
102 2
101.31
100.30
1%
15,1944...
June
DrMdner
7,325
828
424
17,550
622
1,566
38
500
7,445
Banque de Paris et Des Pays Baa
840
Banque del'Unlon Parlsienne...
-423
Canal de Suez cap
17,975
Cie Dlstr. d'Electricite
639
Cle Generale d'Electricite—...
1,620
de France
Banque
Cie Generale
Quotations for United States
received by cable
day of the past week:
each
Asked
Bid
Asked
Bid
174,000 1,100,000
245,127
Bills—Friday, Dec. 1
United States Treasury
quoted
127
370,2231
440,205 1,325,871
5,226,402'
Total collateral
Rates
205
2,402
Eligible paper
119
159
106
109
126
105
159
180
212
100
United
States
York Stock
Government
Securities on the New
Exchange—See following page.
Transactions
at
Daily, Weekly and
Stock and Bond
the
New
York
Stock
Yearly—See page 3525.
Averages—See page 3525.
Exchange.
3510
Dec.
United States Government Securities
Below
furnish
the New York Stock
on
1939
2,
Exchange
daily record of the transactions in Treasury, Home Owners' Loan and Federal Farm Mortgage
Corporation bonds on the New York Stock Exchange during the current week.
Quotations after decimal point represent one or more 32ds of a point.
we
a
Daily Record of U. S. Bond Prices Nov. 25 Nov. 27 Nov. 28 Nov. 29 Nov. 30 Dec. 1
Daily Record, of U. S. Bond Prices Nov. 25 Nov. 27 Nov. 28 Nov. 29 Nov. 30
Treasury
4J*S, 1947-52
Treasury
119.7
(High
Low.
119.7
[Close
119.24
119.7
— — —
— — —
105.10
119.24
'
—
119.18
—
119.20
119.14
119.20
119.14
105.28
105.10
119.24
—mm
— —
Total sales in $1,000 units...
119.20
105.10
9
1
1
114.7
1
4
114.16
Low.
114.14
114.19
114.7
Close
Total sales in $1,000 units...
— — — —
114.15
114.7
114.14
114.16
114.13
114.16
114.13
106
105.18
105.10
106
105.18
105.10
2
4
5
11
— —
1
— — — —
—
—
5
2
105.10
—
105.10
— — —
—
— — —
105
mm
105.10
114.15
1
105.10
105.26
104.30
114.15
114.14
2
Dec. 1
105.18
105.28
....
105"""
High
4s, 1944-54
106
15
—
-
—
— — —
*3
— -
—
High
3^8, 1946-56
114
Low.
....
114.4
114
mm
-
$1,000 units...
n
114.6
-
— —
—
105.25
105.14
105.15
105.8
105.19
105.5
105.6
105.1
114.05
105~24
105.24
105.19
105.10
105.8
62
52
114.6
114.4
114
—
Close
Total sales
114.4
105.1
104.26
1
1
1
34
107.18
*2
2^8, 1945.
—
-
107.18
— — —
107.18
(High
102.18
Low.
102.18
Close
Total sales in $1,000 units...
102.18
3«s, 1940-43
102.20
.
..
102.19
102.18
102.19
1
41
_
....
—
.
— — —
_
_—
....
—
m —— .
....
1
102.19
102.20
.
....
35
— — —
IIII
106.18
— — — —
2
-
— — —
-
— — —
IIII
....
106.18
2X8, 1948.
....
106.18
"
|
High
ZXb, 1941-43
104.20
Low.
-
—
Close
Total sales in $1,000 units...
— — —
—— —
104.20
— — —
104.20
104.20
----
5
104.16
2X8. 1949-53
Close
105" 6"
105
105.3
104.24
104.27
104.15
—
105~2_
104.15
Low.
■
105.2
105.5
104.24
104.27
Total tales in $1,000 units...
1
14
109.19
Low.
104" 18
104.27
105.7
104.21
105
n
104.27
105.7
109.19
109.20
109.19
109.20
Total sales in 11,000 units...
5
19
*1
20
[High
103.29
103.27
Low.
103.29
103.29
103.26
3^8,1941
105.7
Low.
105.7
Close
105.7
105.7
105.8
105.7
105.7
1
105.7
1
■
105.8
105.7
105.7
105.7
Total sales in $1,000 units...
105.7
Total sales in 11,000 units.
105.8
2
2X8, 1943-45-, j
109.24
Low.
109.14
109.19
109.14
109.19
109.14
5
2
noli"
109.29
Low.
— -mm
Close
—
110.1
—
110.3
110.2
110.1
—
—
mm
110.5
Total sales in $1,000 units...
50
110.3
109.29
Home Owners' Loan
IOV.20
109".24
lib"""
109125
Low.
109.20
109.24
110
109.24
1
*1
High
—
Close
Total sales in
—
--mi
.
Low.
106.6
109! U
109.22
5
106.16
106.13
21
16
108.6
108.1
108.14
108.6
108.14
108.5
5
2
107
— m
107.18
107.9
High
106.5
Low.
1
106". 19
1
mm
—
mm
mm
mm
106.3
-
—
106.17
106.19
m.
mm
104.26
—
—
—
—
105.8
—
mm
107.11
-
— — —
mm
mm
mm
mm
mm-
104.12
mm
mm
mm
104.12
mm
mm
mm
mm
107.10
mm
2
-
107.11
mm mm mm
mm
104.12
104.12
104.12
mm
107.11
107.10
3
mm
107.10
1
104.12
-
—
—
—
—
—
—
—
—
—
—
—
....
100.26
100"30
100124
— —
100.26
100.25
100.24
—
100.26
100.25
100.24
2
52
4
100.18
100.18
100.18
— — —
3
f Deferred delivery sale,
above
-
—
table
....
t Cash sale.
includes
only
Transactions in registered bonds
of
sales
coupon
were:
4Xb 1947-1952.
4s, 1944-1954
119.10 to 119.10
114.4
3^8, 1944-1946
2Xb, 1955-1960
to 114.4
....109.26 to
109.26
106.14 to 106.14
106.20
106.11
61
26
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See previous page.
106.11
106.19
1
10
-mm
105.8
— mm
loolii
106.20
106.5
Close
$1,000 units
Odd lot sales,
Note—The
107.9
3
.
(ClOSe
Treasury
2 Treasury
2 Treasury
5 Treasury
— -
1
Low.
.
2
10715"
107.18
107
.
bonds:
2
107.18
107
-
rr,
108.5
108.14
1
-
107.20
107.20
107.8
Total sales in $1,000
units...
*
108.5
108.6
108.1
—
104.26
[Hgh
1X8, 1945-47.
106.13
106.18
7
—
55
Total sales in $1,000
unitsl...
106.38
25
—
— —
104.26
Low.
3
106.26
106.31
----
Close
2X8, 1942-44..
109.9
1
106.18
106.20
108.1
Low.
109.16
5
107.6
107.1
$1,000 units..,
2tfs, 1951-54
109.12
107.1
12
High
Total sales in
—
Close
106.8
Low.
$1,000 units...
2X8. 1948-51
—
— —
107.8
109.9
106.14
Close
■lotat sales in
total sales in
109.16
109.16
1
High
■
—
....
[High
109.22
106.14
106.6
$1,000 units...
2Xa, 1945-47
— — —
107.8
2
109.16
— —
1
•
....
Total sales in $1,000
units...
6
109.12
1
'Close
.
—
-mm
....
{Low.
109.25
110
109.12
108.29
—
106.6"
High
total sates in
—
mm
....
(Close
108.29
-mm
$1,000 units...
■
3s, series A, 1944-52
108.29
Low.
2X8. 1955-60
—
mm
— — — -
[High
109.25
109.20
—
—
——mm
107120
107.21
(Close
Close
----
mm
|
1
Total sales in $1,000
units...
High
...
....
[High
1 Low..
2^8, 1942-47
*1
$1,000 units...
1
—
mm
—
— — —
10519'
110.16
Low.
3s, 1951-55,,,
—
107~23
....
....
(Close
„
Close
Total sales in $1,000 units...
Total sales in
—
108.3
— —
Low.
High
3s, 1946-48
— —
— -
-
Total sales in 11,000 units...
110.16
Total sales in $1,000 units...
-
----
103.16
■
----
107.23
....
Low.
3s, 1942-47
110.16
----
—---
mm
....
Total sales in $1,000 units...
50
'•
109.30
3
9
Close
2Xb, 1949-52
—
2
109.30
109.29
110.3
8
High
Low.
— mm
109.30
110.5
10
—
103". 16
108.3
fH1&h
.
3s, 1944-49
— —
105
■mm—mm
4
— —
—
—
Total sales in $1,000 units..
109.15
18
—
105
—
103.16
— mm — —
(Clos
109.15
109.24
77
---
High
3X8, 1946-49
109.16
109.21
Close
Total sales in $1,000 units...
3X8. 1944-46
109.23
— mm
....
[High
•{Low.
—
— —
108.3"
....
Federal Farm
Mortgage
5
105.11
38
—
55
2
105.8
10
3^8, 1944-64
(High
104.18
—
105
103.26
I
2s, 1947.
High
1
105.9
$1,000 units...
....
2
105.11
104.18
104127
104.24
7
How.
2X8, 1950-52
109.20
Close
Total sales
20
[High
High
3 J* s, 1943-47
104.20
104.20
New York Stock Record
LOW
AND
HIGH
SALE PRICES—PER
SHARE, NOT PER
Monday
Nov. 25
Tuesday
Nov. 27
Wednesday
Thursday
Nov. 28
Nov. 29
Nov. 30
$ per share
$ per share
$ per share
$ per share
$ per share
66i4
6614
140
140
*45
48
51'2
884
*2138
1812
5518
1
51*2
87g
|
*65i2 66i2
66
66
66i2
6634
65'2
66
*136% 140
*13714 140
*13612 140
*135
140
48
49
"46
49i2
49
*50
49l2
52
*50
53
50
50
8%
8*8
*21%
*21%
217s
1834
18i2
56l8
56%
*1814
56'8
56i2
1
1
1
2l7g
18%
678
l's
678
1'4
678
1'8
1478
*1212
*1212
*1638
2214
934
1478
1478
1'4
15i8
14
13
13
131o
13
13%
175jj
22%
*16%
17%
9
173
*14
1434
1314
95s
13l4
958
22
934
172
14%
133s
978
7
22io
934
173
HSg
13t2
10
*64
66
65
65
387S
1514
*2l2
IT'S
*56'4
3914
1514
385g
15%
*2%
3834
15%
2%
1734
57%
20lo
*20
3684
11
*4714
*
884
217g
56
1
173
834
2%
1778
573s
20'2
3718
ll'g
48
*17
673s
20%
37
11%
*4714
3714
83S
834
213g
1878
78
13
11
13
12
12
IO84
11
16h>
15
15'4
22
22l2
934
172
23
934
172.3s
21%
18'2
12'8
10
172
14i8
14
14
*13'2
13
1334
1338
13
1312
1018
Xl258
13'4
IOI4
66
66
39
39i8
*15
1558
2i2
2i2
*17i8
57
20i2
37i8
934
66
66
375s
*15
-
18
17
58
57
20i2
38
66
39
15%
*214
17
58
20%
37
113s
47'4
11
113s
11
4714
473s
47
Bid and asked prices;
no/sales on this day.
934
66
100
1,300
3,800
1
1,000
678
l's
4,100
6,100
1278
1384
7,700
Ills
1138
900
H34
1,000
*1114
*15'4
x21%
16
3,600
9'2
9'2
17134 17134
12»4
13'2
13'8
13%
9'2
934
500
2,600
600
2,400
8,100
*66
6734
600
37
373S
15's
7,500
23s
500
17'2
400
5714
1,000
20'4
800
conv
share
53
April
.100
120
Apr 10
25
Adams-MlJlls
par
No par
Corp
10
Air Reduction Ino
No par
Air Way El Appliance..No
par
Alaska Juneau Gold Mln
10
Allegheny Corp
No par
5 X % Pf A with $30 war.
100
5X% Pf A with $40 war. 100
5X% pf A without wai.100
$2.50 prior
per
No par
pref
Address-Multlgr
600
22
4X%
$
33>2 Apr 8
3H2 Mar 31
612 Aug 24
19
Sept 5
l578Sept
8
45'4 Apr 4
34 Jan 30
6i2 Sept
% July
5% preferred
Allis-Chalmers Mfg
No par
No par
100
Apr 8
634 Apr 11
15ll2 Apr 10
10
Apr 10
9i2 Apr 10
6
April
54i2 Apr 11
28
Apr 8
1234 Apr 8
l%June 29
12
Aug 21
50
Apr 11
16
Apr 26
X3484
Xl434
2%
37I4
15
2'4
1634
5714
203s
*1434
2'4
*15'2
5714
20'4
36'2
36
37
4,800
Am Airlines Inc
11
10
26
11
1138
2,500
American Bank Note
10
4714
260
1
46% Nov 30
57'4
203s
36'4
1034
4634
47
4714
J In receivership.
1
900
Del. delivery,
No par
Alpha Portland Cem__No par
Amalgam Leather Co Inc
1
6% conv preferred
..50
Amerada Corp..
No par
Am Agrlc
6%
n
Chem(Del)-. No
preferred
New stock,
r
par
50
Cash sale,
x
Mar
19
30
29
26
12
3
27i2 Jan
5
68
Sept 27
1U Sept 13
10
2
Jan
3
June 29
984 Sept
Ex-dlv.
18
28%
I
Sept 27
Jan
4
1178 Oct 23
200% Sept 11
l478Sept 11
15% Sept 8
113s Jan
3
71
Aug 22
483s Jan 5
Highest
share $ per share
61
Not
36% Feb
per
1195s July
30% Mar
18
June
6'4 Mar
1412 Mar
165s Mar
40
May
5s Mar
884 Mar
Sept 27
23i2Sept 27
8
14
Allied Mills Co Inc
Allied Stores Corp
71i2Sept
149l2Sept
49% Nov
56% Oct
11% Sept
25
Lowest
share
June 29
par
pref.No
per
20'2Sept 27
18'4 Sept 26
Alghny Lud Stl Corp ..No par
Allen Industries Inc
1
Allied Chemical & Dye. No
par
Allied Kid Co
5
conv
Highest
$
534 Aug 24
4% Aug 24
4i2 Sept 1
16
212
20t2
36l2
11^8
9'2
19
56
5,900
1
11
21'2
*9%
217g
10
634
678
*14
978
557„
*78
1
11
8
*2112
*1814
55%
1'8
13
170
Lowest
Par
Abbott Laboratories
No
678
1'8
14%
12i2
10
Shares
Acme Steel Co
Adams Express
778
Range for Precious
Year 1938
On Basis of 100-Share Lots
300
8
678
l's
1134
22%
Range Since Jan. 1
STOCK
No par
1*4
15lg
173
share
ver
66'2
YORK
Week
Abraham & Straus
7
*15
$
1
100
1'8
1
Dec.
EXCHANGE
1,100
678
172
STOCKS
NEW
the
66'2
78
16*8
Sales
*137l2 140
*4234
54
4984 *4934
5178
1
1412
1234
12%
163s
2234
*934
Friday
49'2
57%
48
*4234
4984
xTs
*2138
18'2
5514
*78
634
2l3g
18*2
5534
1878
CENT
for
Saturday
78 Mar
12384
Oct
45
Oct
52
Jan
1234 July
24
Oct
30
Aug
6778 Nov
15s July
133g Feb
IBs
6% June
Jan
78
Jan
5
Mar
1714
Jan
5i2
784
14%
4%
June
June
173s
Jan
Sept
Mar
124
Mar
7
Mar
85a Mar
4% Mar
38
Mar
21i2 Nov
2934 Nov
1414 Aug
197
Oct
1284 Oct
1478 July
13i2 Nov
70i8 Oct
5534 Oct
1978 Jan
3
33s Sept
5
34% Mar
11% Apr
1% Mar
6
10
Mar
24
74% Sept 11
2412 Sept 13
55
May
78
21
Sept
20
314
Oct
Oct
Jan
July
28i2 Oct
22
Dec
1784 Jan
3
10
Mar
23i8 July
60
6
46'4
Apr
63
4034 Oct 30
jfEx-rlghts.
Jan
Called for redemption
Nov
Volume
LOW
NEW
for
Saturday
Monday
Tuesday
Wednesday
Nov. 27
Nov. 28
Nov. 29
Nov. 30
6i2
45i2
46
3134
54
32i2
32
30i2
52l2
53i2
50
3212
52i2
30
53%
2314
47l2
4834
23
2314
22l2
23l2
21l2
22
2234
2234
2234
*111
115
*111
Z126
126
*124
*7%
8
12%
12i2
67g
7
7
1,300
1,600
Am Comm'l Alcohol
12i2
I2I4
1214
12%
12%
1,000
American Crystal 8ugar
82
*80
82
12*2
82
82
82
214
2%
28%
8
*5U
2iS
26i4
214
2734
2812
22i2
23
23
23
22
23
22
25l2
534
26
26%
27
26l2
27
25
534
534
*33l2
734
2014
20
2512
25%
26
5
5%
*3278
55%
5i2
*33
3358
3234
33i2
*3H8
5i8
32l2
55
555g
55l2
5578
55U
553s
*2
355g
5434
23g
2
2
*2
2
2li2
21l2
2H2
21
21
21
0l2
6i2
6I4
63s
6
23i4
2234
65s
23%
22i2
23ig
2ll2
225g
59
57
57
56
56
*55ig
15
14i2
*2
5434
2i8
6l2
23l4
*57
1414
14i2
145s
*3l2
24l2
334
24%
*3i2
145g
35g
1434
245g
25
24i2
115
23
23
2234
57
2234
*2234
23l2
*2234
2312
47g
4%
434
412
45g
4%
58
57i2
58
5712
4778
5738
X52
57i2
5634
1734
1734
177g
71
71
71
71
12
12
12
12
12
12l8
12
12
*1134
34
34
34
52
3414
5238
34
5H2
14312 143l2
6534
65i2
143
52
143 78 14378
*65
65l2
123s
16l2
*88
90
*15i4
1558
*91
9i2
4712
7i8
7
7
7i8
42
*38
19
2,000
15%
81
8112
8Q34
11
1178
39
878
*45%
46%
684
6%
42%
42l2
30%
30
313s
32
31
3134
*4014
*4034
42
40i4
4014
22
22
*22lg
2278
23
223g
223g
2234
23i8
11334 11334 *11358 11334 *11358 11334
65
*38i4
3878
38%
385g
ID4
lli4
*lll4
115g
*812
9i8
9i8
9ig
*90
100
*90
80
III4
9
9is
*91
100
9i2
76i2
9%
76%
912
80
*76%
38i2
38%
11%
100
914
9i4
914
*76
65
*50
65
*50
*50
*91
74
*70
75
*70
*34%
38
*3434
38
*3434
38
*347g
94
*93
94
9312
26%
93l2
263s
*46
67
*65
121
*120
6612
*120
734
*7
31s
*25g
*1812
678
3%
3
20i2
7
17U
17
6I4
6i2
7%
8
1514
16
60
62
3%
17
6%
*8
16i2
*56
*9
1578
16
9i2
*1534
*9
29
*24
1234
*2478
13
2512
*24
123g
*25
11412 *113
*113
*26l2
27i2
*2612
*107
♦107
33"
*31
122
*118
912
*9
59
*53
29
295s
2178
22
55
55
42i4
*41
31
*118
*9
59
59
58
58
57%
58
2514
23l8
2334
2334
24
I6I4
*1414
16
16%
16%
18
*1514
1734
1634
1634
100
21%
21%
2114
2114
217g
10978 *10814 10978 *108% 109%
*108
1097g *108
8%
8%
8h
8iS
8i4
8I4
8I4
8I4
*46
46%
46
*46
46i4
46
*46
46i2
64
64
*6184
67
64
*64
*66%
67ig
2,900
3
12ig
17l4
*15
55
*50
25i8
»
2558
3
25g
2%
2012
6%
7%
614
8
*18is
67g
16
57g
7i8
1234
25l2
122
*118% 122
584
7%
5%
73g
73g
15%
1434
15%
900
584
*57
59i2
*58
59%
80
15
15%
15
15%
1,200
9%
200
*83s
*24i2
9
29
9i8
9l2
59
9%
*9
912
29
*8%
*24%
29
29%
15,800
22i8
22
22ig
22
22%
22
22%
4,300
55
5518
38l2
55%
55%
55%
40i4
38%
39
39
787s
78%
80
17%
17%
17%
837g
7818
8234
77
17%
17i2
17i2
*1714
*11414 H5is *11414 1151s
27
27
*26l2 27
*11414 H45g
2634
2634
217S
*2112
123«
2112
IH4
21%
32%
32
32
*31
17
*14
Bid and asked prices; no
60
*55
28%
55
12
55
2258
200
28%
3834
25?8
50
100
2734
55
*50
600
......
295g
4014
55
9%
50
28i8
40%
*1334
60
*9
800
*55U
55
1714
*55
60
9%
122
*120
8,700
59
22i8
22
918
914
121
—
30
55i8
81%
173g
121
*11812 122
41
25*4
7
1512
12%
12%
12%
1214
1212
1214
125g
24%
2312 23% *24
2434
I2434
25i2
*113
114%
113
11414 all3
11414 *113
27
*26%
26i4 26i4
26i2
2614
26% 27
273s
*107
*107lg 108ig *107i8 1081s
*107%
32%
31
*3012 32% *30%
31
31
31
*30%
22i8
*50
6i8
758
14,500
9,400
3,500
25%
5518
3934
*15
34,200
11414 *113
22
32l2
7%
16%
5912
15i2
*2412
140
684
1512
29
100
16%
59
*24%
1214
*16
1,600
678
16
29
234
20
16i2
60
9
3
3
*2%
25
105g
*50
2214
113s
115
700
1,500
32,400
3,000
500
11414 11412
115
25i2
25%
26
26%
600
2114
1012
213S
21
21
700
11%
11%
11%
32
*3012
31
*30%
31
17lS
*13i8
1634
*13%
55
*50
55
5,600
200
17%
*50
55
22%
sales on this day.
21lS
22%
21%
tin receivership.
22%
....
20,500
0 Def. delivery,
Dec
1558 Mar
40«4
6i8 Mar
12
Dec
125s Mar
111
Mar
68
120i2
ISOU
Apr
6
Deo
912 Nov
16i8 Nov
Aug
Mar
45
Sept
5
Apr 11
48
Sept
12
43s Mar
25
Mar
43
40
May
42i8
Oot
29
Mar
6484
Oct
1312 Apr
97
May
8
Co --No par
5% pref with warrants.. 100
Atch Topeka A Santa Fe--100
5% preferred
100
Atlantic Coast Line RR—100
Assoc Investments
Lines..No par
100
25
pref series A... 100
5% preferred
Refining
5
50
Jan
2012
Mar
2
Mar
4% July
Sept 11
20
Apr
June 20
82
Mar
31i2 Aug
10378 Oct
6
3% Mar
28I4 Mar
4
50
July
7
6
72
Jan
Mar
94i2
2414 Mar
5i2 Mar
2i2 Mar
595s
Jan
Deo
72
Nov
3
4
Mar
7834 Oct 20
*52
May
77i2 Dec
12% Nov
75
Aug
Oct 24
48
Dec
6
27
Mar
73i2 Sept
39i2 Nov
72
Mar
95
Jan
65
4
Maris
58
0
Jan
13
1012 Oct 27
95
July 20
10%
5
Jan
81
30
38
June
90
Jan
9
100
June
21
Sept
Sept
1
1
4278
50
15
Apr
8
30*8
Nov
4478 Nov
40
May
72
Jan
Jan
14
Mar
30
DfO
4%
0i2
1784
10178
Mar
Mar
Mar
273s July
Apr
10914 Aug
Sept 11
26
2
6
93s July 21
483s Aug 7
71
Sept 12
Oct
110i2June
2484
8
Dec
22U Mar
Jan
2634 Sept 11
Apr 11
Nov
9
Mar
71
584 Aug 23
912 Aug 24
18i8 Sept 1
10414 Apr 12
13
684 Mar
3884 Mar
8I4 July
978
Nov
Mar
68
105
Jan
120U
Dec
8
Nov
Aug 23
100
110
June 15
127
Jan 11
4% Apr 10
Ha July 10
2
Apr 13
8
Sept 11
412 Apr
53s Sept 12
2i2 June
6i2
2
100
16
Nov 30
318 Aug 24
9i8 Aug 24
378 Aug 24
434 Sept 1
1434 Dec 1
59
Nov 29
24% Apr 11
lli8 Aug 24
15U Apr 10
109l2 Oct
5
Apr 10
Apr 10
Beldlng-Hemln way ....No par
Belgian Nat Rys part pref...
2734 Sept 12
104%Sept 13
714 Apr 10
52
Nov
9
Aviation
5
Beneficial Indus Loan..No par
103s Apr 11
1778 Apr 11
priorpf32.50dlr ser'38No par
No par
(Del).No par
5% preferred.—..
20
7% preferred
100
Blgelow-Sanf Carp Inc.No par
Black A Decker Mfg Co No par
Blaw-Knox Co
No par
Bliss A Laughlln Inc
5
Bloomlngdale Brothers.No par
Blumenthal A Co pref
100
Boeing Airplane Co—
5
48% Apr
Bendlx
Best A Co
Bethlehem Steel
r Cash sale.
Sept
6
5
50% June
15% Apr
99% Apr
1578 Apr
30
10
11
10
32
14
Apr
8
8% Apr 10
Nov 24
32
14% Aug 24
35
Apr 18
1684 Aug 24
17U
Mar
11
July
1384
2434'Dec
30
Jan
July
82
98
July
512 Mar
5
Feb
Mar
4
5
33
8I2
5
.
Jan
Deo
Dec
2i2 Mar
.
Jan
98
20
6
13
25
Co
084
12is Mar
Jan
Dec
Deo
658
12U Mar
Jan
378
21
95 preferred w w.....No par
Beech Creek RR
50
Creamery
Mar
3012 Jan 6
95s Nov 4
2D4 Sept 27
884 Jan 5
11%Sept 27
3012 Jan 4
87
Jan 11
10% Aug 24
6
Apr 8
17
Beech-Nut Packing
Jan
48i2 Aug
30
60
No par
tAuburn Automobile.-No par
Austin NicholsNo par
95 prior A—
—No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works v t C..13
tBaltimore A Ohio...—..100
4% preferred
.....100
Bangor A Aroostook..
50
Conv 5% preferred
100
Barber Asphalt Corp.—...10
Barker Brothers
No par
5}4% preferred
50
Barnsdall Oil Co
—5
Bayuk Cigars Inc...—No par
preferred
Jan
14i2
No par
preferred
Oct
Oct
113l2
10
8
Apr 11
7
Apr
6
Sept
8*4 Sept
60
Sept
Apr
435s Apr
2178 Aug
37
5% Apr 11
70
Oct
July
105
Jan 23
41
Nov
95s
1084 Mar
97
7% July
35s Sept 26
7i2Sept 5
538 Apr 11
73
3
8
Sept
21
358 Aug 24
31'4Sept
Jan
5
4
21
276s Aug
11484June
Jan 23
111
Aug
6478
3334 Apr 11
50
Mar 31
Atlas Powder
Oct
9158
152
3% Mar
68
Oct
Dec
88% Aug
6884 Mar
8
Jan
11718 Mar
Mar
130
Oct
31
Dec
82
Jan
19
June
19i8
5
Deo
1134
12
No par
7% preferred
100
Armstrong Cork Co.—No par
Arnold Constable Corp—..5
Artloom Corp
...—No par
7% preferred
....100
1
Associated Dry Goods
6% 1st preferred.
100
7% 2d preferred
100
n New stock,
Dec
6I84 Dec
150
2034 Apr 11
35
Apr 11
90 conv pref....
Beatrice
Jan
91
9
1st
140
Apr
Apr
8
H2 Apr 11
21
Apr 21
5% conv
4
Mar
4584
Jan
23i2 Nov
3512 Jan
683s nov
15U Sept 21
6434 Sept 16
24
Atlas Tack Corp
63g
*58
93s
290
7%
*6%
Jan
96
884 Apr 11
0% preferred
130
1458 Jan 20
Mining—..20
4% conv
300
1
Co Inc—
6
Archer Daniels Mldl'd.No par
Armour ACo(Del)pf7%gtd 100
Armour A Co of Illinois.....5
Atlas Corp
7
6
838 Jan
2838 Apr 10
4
Aug 24
A P W Paper
Atlantic
103
July
2078
314 Mar
2358 Mar
35s Apr
-No par
AnchorHockGlass Corp No par
90.50 conv preferred.No par
100
200
2
Sept 19
8% Apr 11
Apr 10
Anaconda W A Cable.
Atl G A WI SS
Sept 12
Nov 24
9
34
Sept 5
97% Sept 11
18i2 Jan 4
1701s Mar 11
87% Jan 19
8934 Jan 16
153i4May 26
'
4i8 Sept
pref..
25
Copper Mining..50
5,700
1578
512
6H8
*9
100
714
16
1534
18%
121
121
12,800
1,300
4,400
17i2
16
*5414
2834
*21%
1134
16
20
16l2
1712
32
3
3
*16
17%
2158
3ig
*258
16i2
173s
12
*3
714
9%
7%
3
17%
16
121
*0i2
712
7
173s
215s
121
121
*6ig
17
83g
121
314
3
*25g
6U
22
215g
734
*65s
825,
*31
121
120
*18
8134
27
*1612
714
1714
825s
*2614
*14
1834
22i2
2012
8034
*11414 11514
16i2
*14%
*16I2
295g
*5414
29%
70
2.314
314
*18l2
67g
93
......
58l2
714
*2%
38
*34%
2534
121
*614
100
26%
17
4658
67lg
100
71%
2584
22
*46
2,200
80
71%
*92%
*15%
*16I2
46i2
8%
8%
*75
26
573g
814
100
*91
93
25
8I4
600
253g
25
108% 108%
400
9
93
56l2
8%
2,500
11
*8%
2634
2412
1095s
8%
1,100
*10%
38
*3478
13,300
93l2
221Z
*22l4
*108
74
700
------
38%
38
300
26
5612
1834
223s
80
*68i2
38
65
600
Dec
7is Mar
2284 Apr
28i8 Mar
18% Oct
78
<5 prior conv
Anaconda
12
3
14i2 July 26
Apr 11
$0 1st preferred
American Woolen
Andes Copper
16
93l2
27
1834
*15l2
*1634
11334 11334
150
27
26%
1712
2412
1,100
9312
205s
5778
247g
*54
*75
74
*70
8%
8l2
9i8
80
75
1078
8%
100
*91
100
834
*70
I
85s
*75
3734
37
Xl078
8l2
11%
85s
2234
22%
*50
65
*50
3834
3818
*11
100
*2%
234
*212
32%
32%
3278
10334 104l8 *102% 104
6
5%
578
578
47%
47%
4712 4712
65
*50
25,800
*3214
3312
104l2 104l2
6i8
578
48
49I4
100
41%
3
2%
212
33
7,600
'
Jan
__
Apr 10
Foundries Inc
Elec. No par
..No par
No par
Preferred
100
Amer Zinc Lead A Smelt—1
Am Type
8O84 July
63
1
7514 Oct
Jan
Mar
.
46i4Septl3
73
132
Oct
20
148
Am Water Wks A
....
31
30%
*12%
16
*1212
1514
*13
*38
*38
42
*39l2
2278
*113% 11334
11334 114
16
*13
16
15l2 *13
*1312
3
3
*2i2
234
*2i2
*2%
34
*33
*33l2 34
*33
34t4
104l2
10412 104l2 *104
*103l2 1043s
6
6
0
6ig
6
6ig
49
49
48
48%
4712
*475s
0% preferred
11,000
7
Tobacco
Common class B
800
42
3134
11%
9
*40i4
31%
2,90n
9,800
5%
5%
11%
884
42
31i2
3H4
300
95
634
*37l2
39
1,900
4,400
81%
4514
45
7]s
American
7934
82
146
79%
146
100
25
25
100
10
19is
16512
68
41
.No par
Teleg Co
Mar
9
1538 Mar
15% Apr 11
75% Mar 7
14i2 Apr 8
Am Sumatra Tobacco.
Amer Telp &
*92%
95
8i2
912
46%
7
III4
,
*92i4
95
9
5U
5i8
5i2
5l2
1112
200
8,200
16834 169
Oct
80% Sept 27
;
20% Aug 24
8I4 Apr 8
100
Jan
712
148»4 July
4
Aug
No par
American Sugar Refining.. 100
Oct
Nov
2912
24% Nov
153
Apr
45
122
Mar
13is Mar
;
Oct 11
9
Mar
20
.
Jan
69
140
23s Mar
99i2 Mar
23
Jan
22'4
144
No par
Preferred
183s Jan
162
35% Apr 10
127l2Sept 6
5912 Apr 14
American Stove Co
100
89%
15%
1518
168l2 169i8
785s
785s
82%
44
*39
44
*39
*87%
89
Zl5l8
14712 *14514 147l2
4612
7U
*145
*87%
'
10
Nov
1738 July
614 Jan
41ia Nov
5
Sept
Mar
10i8 Mar
25% Aug: 28
25
100
18
*92i4
48
48
American Snuff
19
7958
912
914
934
4734
4734
500
18%
82
*145
1134
500
67
67
67
400
16
95
*91
95
9
95s
4712
7
12
1134
*91
7,200
16
91
55g
512
115s
5%
512
558
1178
95
670
51
16
169ig 16934
8Hs
34
50%
9
79-
Nov 24
11% Apr 10
Co—No par
Amer Ship Building Co-No par
Amer Smelting & Refg.No par
Preferred
100
American Seating
884 July
3058 Dec
4758 Nov
Apr 11
50
Razor..18.50
American Safety
16
*1514
148
900
*1534
*875s
8278
8212
148
25
2014 July
June
10
0
Nov
45i2 Dec
214 June
314 Mar
19
9
Mar
49
8
Sept
44
"
Feb
5
...100
414% conv pref
7
578 Nov
114 Oct
13i8 Nov
4i8 Mar
123s Mar
_
Nov
15
36
5878 Nov 24
11% June 29
American Stores
88
*80l2
1,200
11%
8la Sept
140
1,600
1934
82
12%
Apr
American Rolling Mill
700
*11
28
San'y.No par
100
Aug
2078 July
3084 Mar
Sept 12
Jan
8
8
12%
2912
83
9,400
16%
Apr
12
2U8
89i2
8H2
Preferred
Mar
z26
6
3% Apr 10
1214
20
*146l4 150
J5 preferred
Am Rad & Stand
130
32
12
2U4
8234
83l2
148
6,700
18,700
9%
149
Light
12ig
16
16
4334
No par
No par
$6 preferred
6,600
155g
*1514
Amer Power &
6,700
2 Ha Sept
32%
*12
1695s 1697g
7,400
Oct 19
No par
No par
32
16%
*87%
4%
5338
12
.
_
2i8 Apr 11
32i8
*1534
163g
23%
360
8
2384 Nov 30
112
100
0% conv preferred
American News Co
31%
163g
169% 16934
Apr
Amer
*12
*145
317g
*12ig
*15l4
169ls 16978
82
82
11
33%
*145
33
Co--No par
Mach & Metals
No par
Metal Co Ltd
No par
0% preferred
Amer Steel Foundries..No par
3314
12%
*12
2112
5l2
6534
6534
335g
12U
32l2
*1512
*2H4
1134
66
*65
Aug 24
Amer
Mar
308s Jan
f79% Jan
15«4 Jan
5% Sept 21
40is Jan 5
1241a Mar 20
Aug 24
41
100
May
2
9
100
Amer Mach & Fdy
Mar
9
25
13
Preferred
10'
5578 Nov 29
3i8 Aug *
American Locomotive..No par
71
34
*66
100
No par
33%
34
51
50U
5234
142
*14214 144
16%
21%
33
123s
8314
142
88
32l4
148
513g
52l2
1435g
No par
6% non-cum pref
*68
II84
Jan
Mar
5i8 Mar
43% Sept
8
American Ice
Amer Internat Corp
4
Sept
8
1% Jan 24
1412 Jan 23
334 Sept 1
700
16%
Jan
63s July
7U Nov
Sept 12
33
4l«4 Apr 11
2,000
9%
Nov
1684
83
Dec
2i2 Mar
25i8 Nov
8
255s Apr
6% preferred
60
Home Products... 1
334
43
Apr
2% Mar 31
American
23%
149
15
Mar
8U Mar
984 Jan
Apr 11
12
*142% 143
III4
34
34
34
515s
12
*1134
*145
*145
145
145
12
American Hide4
4,700
1434
10
No par
Co
10
Leather...1
$6 preferred
Amer Hawaiian SS
52%
17%
10%
148
*146
148
485g
10%
103s
IOI4
9
67i2
6I4 July
No par
4%
44
z43
47
48is
4812
47i4
978
10
x9%
103g
10l2
1018
148
*145
*14714 148
147l2 148
17
163g
1734
17la
1778
17%
69l2
69I2
72
7H2
71
*69l2
12
12l8'
1214
1214
12i8
1218
4734
473s
*147
58
*22%
54
1178Sept 13
18*4 Sept 8
2514 Feb
I284 July
200
125
*115
23U
4i2
2314
4%
434
4%
*110
120
*110
115
21%
2334
24
125
1
978 Nov
2U Mar
700
*3%
312
3i8
2384
*115
125
*115
120
358
2438
*33g
2438
3i2
2478
312
4i2 Mar
13i8 Mar
2,900
4,200
14%
884 Feb 24
3*8 Jan 20
No par
$7 2d preferred A
500
2%
*55%
143g
14l8
147g
Aug 24
Deo
3058 Nov 20
No par
No par
& For'n Power
$7 preferred
6
585s
*55
59
July
2
Apr 8
12% Apr 10
5
Apr 10
Amer
22
21%
21
2014
20
6% Sept 19
3,100
55%
6
618
13i2 Sept
434May 26
400
34
*20%
6%
55
*21l2
5%
2%
21%
2l4
2158
2
2178
6l2
*335s
*54l2
Oot
1712Sept 26
86ia Sept 28
538 Jan 4
2,800
3,800
7,900
20%
24l2
514
125
Amer European Sees
2014
22l2
2634
2384 Nov
88i2 Mar
1
4,400
3,200
1,900
2%
2584
*7
7i8
7
534
53g
534
35%
2%
25%
7%
714
734
75g
21S
6784 Nov
•
2% Sept
6
6
2534
Mar
9i2 Mar
Feb
117
0i4 Apr 11
61
Feb 11
10
Oct
89i2
5i2Sept
Corp..20
6% 1st preferred
100
Encaustic Tiling. .1
2,400
234
*5
*514
2i8
2434
6
214
27
29
*734
8*8
8%
6
*5i4
2i4
23g
*2l4
2878
25
10
27
5
Oct
64
Aug
176i2 Nov
3478 Dec
I6OI4 Mar
12% Mar
July 19
Nov
105is
American
140
82
2%
234
2%
7
*80
82
*80
27g
234
>27g
278
6
*5%
6
*5i2
2878
.
612
7l2
712
8
778
27g
234
3
*27S
American Colortype Co
778
7U
7i8
6%
73g
*1214
75g
*75g
8I4
Am Coal Co of Allegh Co NJ
12l2
'75s
75«
12%
8214
5
100
No par
American Chicle
700
1484
*9
1434
Ino.No par
5% preferred
127
*9
100
Preferred
115
127
1434
July 20
Am Chain & Cable
115
*9
10
1,800
127
1434
2512 Oct 25
llSig Mar 9
132
Aug 14
7,300
1,600
22%
*111
*9
40*4 Oct 18
48%
127
1434
734
16% Aug 24
30% Aug 21
13% Apr 8
100 May 8
1091a Apr 20
31
115
*9
116% Sept 12
30%
126
12i8
*81
Preferred
200
52
135
Jan
7034
83% Apr 11
150
Sept 11
179
148s July
684 Mar
2314 Mar
Apr
114
—--25
100
American Can
1,800
4
Jan
8
6784 Sept 22
Aug 14
140
Apr 11
125
100
5H% conv pref
9 per share 9 per share
9 per share
312 Aug 11
31^4 Apr 1
1
Fdy.iVo par
48
*21%
♦111
*734
75s
3012
126
126
*12414 128
*9
1434
3314
Bosch Corp
Am Brake Shoe <fe
American Car & Fdy..No par
115
*111
115
*111
10
*17012 17684 *170% 17634
175
*51'S
32l2
32i8
175
172
172
American
800
2,000
*130% 132
110% 110%
17634
*171
*170% 174
5%
43%
4534
3 per share
Par
Shares
53g
43%
014
6
>
44
44
44i2 4514
*13014 132
130i2 130i2 *130i4 132
111
111
*109l2 110
11034 lllSg
45
*13012 135i2 *130i2 132
111
11134 IIH4 11134
*52
6i2
6i4
$ per share
$ per share
$ per share
65g
*63s
6%
45%
634
*6%
4534
$ per share
$ per share
$ per share
Highest
Lowest
Highest
Lowest
Week
1
Dec.
EXCHANGE
the
Friday
Thursday
Nov. 25
10O-Share Lots
On Bo8i» of
STOCK
YORK
Range for Previous
Year 1938
Range Sinee Jan. 1
STOCKS
Sales
CENT
SALE PRICES—PER SHARE, NOT PER
HIGH
AND
3511
New York Stock Record—Continued—Page 2
149
Dec
2384
Oot
Mar
14
Oot
28
215s Mar
34
Nov
19% Jan
4
10i8 Mar
213a July
263s Nov
17
9
Mar
21
11512 Nov 13
109
Apr
115
6
19i2
Nov
Jan
Dec
Oct
July 24
113s Mar
IO7I4N0V
9
102
Nov
4
9012 Apr
25
Apr
1
Oct 25
735s Jan 25
3384 Oct 27
2218 Nov 27
5538 Aug 7
57i2 Mar 11
100
Sept 11
94i2 Apr
584 Mar
117
Dec
9
July
18i2Septl3
28
32
12812 Aug
958
120l8 Sept 25
67
Sept
3014 Mar
83
Jan
30i2
Dec
1514 Mar
21
Dec
2078 Mar
50
Nov
3984 May
787a
1234 June
18i8 Nov
85s Mar
75
Mar
Deo
1147s Nov
Oct 26
17i8 June
2934
2412 Oct 26
1734 Jan 4
984 Mar
10i8 Mar
24i2 Nov
1984 Nov
36% Oct 28
23i2 Mar 11
55
Sept 27
37
May
55
3
19
Sept
3578
3284
3484
Jan
1312
Apr
2114
sEx-dlv. y Ex-rights. 1 Called for redemption
Oct
Oct
July
Dee
New York Stock Record—Continued—Page 3
3512
LOW
AND
HIGH
SALE PRICES— PER
SHARE,
NOT PER
CENT
Monday
Tuesday
Wednesday
Thursday
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Nov. 30
$ per share
$ per share
$ per share
$ per share
$ per share
*22
22%
*118% 121
58%
59%
5812
*21%
22>4
22%
21%
21%
2 Us
25>2
25% 25%
*22%
23
*11812 121
68*8
*2H2
21 >8
25%
3%
*2i2
*2%
33
33
6
6
12%
22%
*3912
12%
22%
4112
49%
H2
2%
33%
*33
6
6
12
12%
22%
23
41%
*39%
Dec.
*20%
Bohn Aluminum A Brass
100
Bon Ami class A..,,..No par
*5534
930
23
6
6
11%
13%
47%
46%
2134
*37%
13%
*13%
13%
12%
13
12%
47%
45
46
44%
45
43%
44
45%
47%
45%
24%
45%
24%
43%
44%
43%
47
24%
24%'
43%
23%
13%
*24%
25
24%
24%
*35
36
*35%
24
24
24
36
24%
10%
10%
10%
10%
103% *102"
*102
5%
103%
5%
5%
44
44
5%
32
*23
17%
43
5%
32%
24%
32%
5%
5%
23%
23%
17%
17%
7%
22%
7%
22%
13
77
*15%
16%
21%
*50%
1%
7%
21%
51
2
12%
5
37%
6%
12
12%
12%
12
13
13
77«
.7%
*22
42
114
25%
*107% 108%
10%
6%
6%
14%
14%
15%
13%
14%
*13%
14
15%
42
4%
74
70
11%
70
70
15
15
14
20%
21
20
14%
20%
*50%
51
*50%
*14
14%
15%
15%
42
147g
*35
42
*35
4%
4%
4%
47g
37%
37%
37%
6%
6%
6%
*6%
38%
6%
*35
84%
42
84%
24%
114
114
42
39
847g
24
3
3
70
115
115
115
53 %
52%
25
62%
53%
237g
25%
107
108
a106
106% al06% 106%
10%
10%
10%
10%
10%
10%
60%
61%
*60% 62
60%
60%
25
24%
25
25
25
25
9
•*7%
*5%
*92
3%
3%
3%
*111%
6
*5%
8
7%
7%
*7
*5%
6%
*5%
*92
102
38%
38%
38%
38%
38%
38%
7
7
7%
6%
7
34%
32%
34
33
33
19%
*18%
19
*18%
19%
*100
*100
103%
101% *100
101%
*25
26
*25
26
25
25%
*17%
18%
*16%
18
*17%
19
*27%
29
28%
28%
29
29
42
42%
42%
42%
42%
43
*92
*93
2%
*2%
12%
95
*93
95
2%
2%
2%
12%
2%
2%
12%
12%
%
2%
%
1%
14%'
*45
24%
2,200
2%
68%
1%
15
60%
25
25
3%
5
*5%
5%
*92
37%
67g
31
%
*8%
*11%
11%
5%
5%
5%
5%
*47
33
33
*37g
32
*66
*113
36%
36%
*73
78
*44%
46
46%
37%
*73%
*44%
45%
%
%
*32
23%
331:.
-
*.»
14%
35%
47%
*32
%
11
11
*91%
93%
55
*91%
*46%
93%
*46%
*37g
4
*3%
92%
*46%
4
3%
*31
*66
70
*66
70
115
*113
115
115
115
37%
*37
38
36
78
*73
78
*72%
*45%
31
5%
55
32
31%
24
24%
*23%
24%
94
*92
95
*7
7%
17%
634
*17%
6%
17%
6%
*8478
85
*72
74
7
84%
*72
7
18
6%
...
17g
1434
32%
78
32%
*109%
5%
6%
*4%
6%
*5%
5%
5%
23%
24%
23
24
24
23
*91%
93
92
30
*66
55
3%
30%
70
*112% 115
19%
6%
4%
5%
237g
23%
92
7
7
17%
17%
17*2
6%
6%
6%
85
74
Bid and asked prices; no sales
on
Corp ot Aroer.No
"""366
5%
35
2,100
8434
12%
12%
93%
*46%
93%
36,900
3,000
140
37g
30%
*-...
10
55
"""906
4
3034
1,000
100
*72
78
*72
*45%
4534
7
7
32
85
85
30
*109%
18%
18%
18%
*4%
5%
*4%
22%
22%
6%
22%
22%
92
92
9,800
31
this day,
"moo
*8*800
77
18%
13% Apr
1
2% July 7
63% Aug 24
110
April
38% Apr 1
68
6%
85
85
85
Mar
Mar
13
Mar
30
Sept 12
15% Mar
53
July
45
Mar
1
Mar
3% Sept
10% Sept
17% Jan
20% Jan 18
8% May
12% Mar
47
37%
8
Sept 11
Sept 15
Mar
21
May
4% Mar
34% Mar
85% July 17
63%
Apr
33
12%
2%
62%
98%
29%
June
9
Mar
Sept 12
4
Sept
94% Mar
122% Mar
64% Sept 27
29% Oct 26
1097® Aug
19%
Jan
Mar
Mar
Jan
Mar
82
July
12% Dec
72% Mar 14
46
8
30% Sept
18'% Dec
5%
2
Jar
Mar
Mar
103% Sept 25
113% Aug 16
3% June 30
3% Apr
3% April
12% Sept 27
99% Apr
6% Dec
14%Sept 11
678 Oct 13
3% Mar
3
85%June
32
June 29
5% Aug 24
96
Sept 15
52"g Jan
6
13
4
Jan
47% Jan
4
22% Sept 11
4
Mar
88
Aug
26% Mar
4% Mar
17% Mar
27
% Nov
100
26
%
{Chicago A North Weet'n.100
%June 30
27
% Dec
5%
preferred
Preferred
100
par
Chicago Pneumat Tool.No
l%June 28
10
Apr 10
30% Aug 24
Aug 21
%June
....100
1
Chilis Co
% Aug 10
7% Apr 11
10
Apr 5
10
No par
Chile Copper Co
Chrysler Corp..
City Ice A Fuel
25
6
No par
6H% preferred
....100
City Investing Co..
100
City Stores
5
Cluett Peabody A Co..No par
Preferred
100
Coca-Cola Co (The)
No par
No par
par
5
Sept
1
Apr 8
63% Apr 11
9
Apr 8
25
79
Jan
5
4612 Sept 28
2% Apr 8
15
Apr 8
68
17* Jan
42
Sept 25
Jan
3
34%June 30
21% Apr 11
Mar
34% Oct 23
39
Oct 25
78
Mar 13
10% Mar
45%May
2
44
5
32% Mar
10% Mar
Jan
37% Nov 29
Sept 11
135
Sept
5
133
Jan
6
68
Jan
7
62
Mar
2
11% Apr 10
1
110
8
100
Apr 8
11% Apr 8
2% Aug 24
37g Sept 1
3% Aug 19
April
6% Sept
16
Sept
1
6
13% Mar
3
87% June
9% Mar
3% Mar
4% Mar
Ex-div.
y
Nov
8% Sept
9% Sept
8% Sept
247g Aug
27
20
26
15
24*4 Aug 15
96
Oct 26
15% Jan
30% Mar
Apr
103% Sept 19
8% Aug 24
1% Mar 31
45% Jan 3
*25% Apr 10
Jan
105% Mar
57% July
7% Mar
78
May
Oct 26
42
8
Oct 19
111
Dec
247* Sept 22
111
83
Apr 10
98% Oct 16
Marie
17% July 22
37%
91
Jan
15% Mar
67% July
60%
3
%
Jan
Mar
2
105
73
Cash sale.
59
54
Jan 13
r
3% Mar
25
May
35% Mar
7% Sept
Mar 11
Apr 10
New stock,
Mar
4% Oct 26
125
No par
No par
12
Apr
69
No par
96 preferred series
Dec
Mar
Nov
0
Commonwealth Edison Co.. 25
Dec
%
70
v t c
2,700
31,000
1
8
106
April
par
Mar
9
Apr 10
par
6
147*May 23
97% June 10
58
67g Mar
22
4
14
pf aer '35.No par
Sept 11
94% Oct
Dec
Mar
37% June
% Dec
5
1% Sept 13
9% Mar 9
15% Sept 6
13% Jan 3
41
2
27
20% Jan 4
39% Sept 15
50% Nov 3
7g Sept 13
5%
74%
62%
3834
conv
Oct 26
78 Sept
1% Sept
1% Sept
3% Sept
9
94.25
1% Mar
2% Sept
87* Mar
Feb
14
Commercial Solvents..No
Commonw'lth A Sou..No
Sept 27
June
Feb
2.60
32,900
June
69
20% Apr
A Iron Cor p.No par
May
6
115
1017| Feb
100
18
Feb 10
100
preferred
94
3
Oct 23
l0678Septl8
20% April
No par
Collins A Alkman
14
% Aug 23
100
par
Chicago Yellow Cab...No
Cblckasha Cotton Oil
conv
44
4
Mar 21
4% Sept 26
% conv preferred
100
Comm'l Invest Trust..No par
n
Apr
5
x43
6% preferred series A...100
6% preferred
100
Commercial Credit
10
13",900
Jan
Apr
{Chic A East III Ry Co6% pflOO
{Chicago Oreat West 4% pflOO
6
Chicago Mail Order Co
{Cblo Mil 8t P A Pao..No par
92.76 conv preferred.No par
Columbia Gas A Elec..No par
400
June 12
6%
41% Sept 11
Dec
Columbian Carbon
Columbia Plct v t
5,000
5% Mar
June
Class B
*4*.000
a Def. delivery,
6
20
22
100
4% 2d preferred
100
Columb Br'd Sys Inc cl a.2.60
37,500
1,200
16% Nov
847g Nov
177* Jan
70
Preferred aeries A.
5,200
1,700
6%
5% May
16% Mar
2% Mar
20
23%
23
500
3
0
29% Sept 27
47% Sept 27
95%June 27
100
400
Jan
6% Sept 13
17% Apr 10
27
April
85% Oct 18
l%Sept 5
1% Aug 29
9% Apr 8
% Apr 5
%June 20
{Chesapeake Corp
No par
Chesapeake A Ohio Ry
25
100
1,200
Sept 11
9%
23% Mar
Jan
4% 1st preferred
7
14% Mar
1% Mar
21%
Colorado A Southern
1634
6% Mar
7% Sept 11
30
120
94
19*4 Aug
18% Jan
20
Mar
102
340
1634
Jan
Apr 20
6%
6%
*6%
30
Mar
3
15% Mar
13% Mar
Aug 24
6% April
6
434
6%
62
6% Nov
34% Mar
7
17
No par
6%
18
6%
Jan
Apr
3% Mar
Oct
Common
Checker Cab
Colo Fuel
50
65%
67g Mar
75
Jan
2% Apr 10
5
434
22%
*91%
5% Mar
*16% Mar
18% Apr
5
6
*4%
23%
Apr 14
7% Aug 24
Sept
6%
"""566
Apr 20
Sept
6% preferred
...
April
39% Oct 24
3% Sept
29% Sept
4%May 19
35
July 10
18
5%
{ In receivership,
9% Apr 11
22
100
Colgate-Palmollve-Peet No
300
1,800
6%
85
11% Aug 24
13% Apr 10
48% Mar
% Feb 16
47g Aug 24
98
Class A
*
*16%
6
2%June 29
7
April
25% Apr 11
No par
4,000
50
31
6% Mar 31
5% Apr 10
187g April
Chain Pap A Fib Cofl% pf.100
Clev A Pitts RR Co 7% gtd.60
8 peclal gtd 4 % stock
60
Climax Molybdenum..No par
78
50
Apr
8
Apr 10
1
6% prior preferred
Chain Belt Co
25% Nov 18
13% Jan
106% Aug 33
8
June 30
{Central RR of New Jeney 100
19
1,000
"3", 000
Apr
12
43
1% Mar
3% Mar
12% Nov 27
14% Aug 2
57
Feb
4
6
9
Mar 14
Feb
8
4
Apr
13% Mar
13
Mar
53%
Apr
9
Mar
25% Dec
5% Mar
67
May
60
May
Jan
3
23
Mar
109% Aug
7
84
Mar
3
31% Mar
60
Jan
110% June 21
16
Sept 11
2% Feb 6
7212 Aug 15
31% July 29
Ex-rlghts.
90
Jan
57g Mar
1
Mar
25
Oct
Deo
37% Aug
40% Aug
10% Mar
13% Apr 10
Clark Equipment
No par
CCC AStLoulsP.yCoS % pref 100
Clev El Ilium 94.50 pf.No par
Clev Graph Bronse Co (The) .1
70
*112% 115
35% 3534
Jan 20
13% Nov 28
Oct
Dee
8% Aug
16
27% May
5% Mar
11
Central Vloleta Sugar Co
....
Feb
3
84
6% preferred
100
Central Agulrre Assoc .No par
Centra (Foundry Co
1
Central 111 I.t4H% pref._.100
Mar
Sept 14
Apr
3
{Chic Rock Isl A Pacific...100
5%
*32%
82%-
2
18
28
28
1
par
2,200
%
2
3
29% April
No par
%
%
5
2
Aug
48% Aug
100
7% prior preferred
Celotex Corp.
$3 conv preferred...No par
Pr pf (92.60) cum dir No par
74
*72
74
*71%
74
*71%
74
46%
46% /:r45%
45%
45% 46
45%
46
44%
45%
45% 45%
*101% 102% *102% 102% 102% 102%
*101% 102% *101% 102% *101% 102%
51%
51%
517g
52%
52%
52
53%
527g|
50%
51%
52
52%
*108% 110% *109
110% *109
109
110%
110% *109
110% *109
110%
13
13 %
13
13%
127g
13%
12%
13%
12
12%
12%
127g
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
1%
67
66%
66%
66%
65% 66%
65%
66
65%
66
66% 67
31
31%
31%
31%
30%
31%
30%
31%
30%
307g
307g
31
*
Celancse
No par
100
36
*72
85
100
100
Preferred
Caterpillar Tractor
36
35
*109%
17%
85
1
4734
....
19%
4%
6%
400
4,400
2,300
2,100
*45%
37%
46%
24%
6
Carriers A General Corp
Case (J 1) Co
*10%
4
23%
*91%
Carpenter Steel Co
*10%
55
5%
..1
13 preferred A
10
Carolina Clinch A Ohio Ry 100
7% preferred
92%
6
No par
6% preferred
12%
92%
5%
6
26
Capital Admin class A
800
84%
6
5%
24%
100
Canadian Pacific Ry
Cannon Mills
1,000
82
0
400
1,100
Aug
53
Mar
5% Mar
12% Mar
47% Dec
21% Apr 10
16% Aug 24
11% Apr 10
par
7g
32%
20
60
Campbell W A C Fdy._N0
Canada Dry Ginger Ale
7o
Xl2%
*19%
*4%
No par
Calumet A Hecla Cons Cop..6
9%
11
12%
5%
California Packing
7a
86%
19%
No par
6% preferred
Callahan Zinc Lead
*8%
12%
19%
*4%
Byers Co (A M)
Participating preferred.. 100
Byron Jackson Co—..No par
*34
%
84%
*109%
Butte Copper A Zinc..
%
*32%
32%
10
30
5«7 conv preferred...
9%
12%
19%
4%
100
41
8
1
Butler Bros
*8%
,
86%
32
1
Burroughs Add Macb..No par
%
9%
12%
33
Burlington Mills Corp
*46
%
*32%
84%
*109%
13,500
900
46% 46%
45%
45
46%
45%
46%
36%
36%
36%
36%
36%
37
36%
37%
36
35%
36%
3634
*130%
*130%
*130%
*130%
*130%
*130%
*120% 122
122% 122% 122% 122% 122% 123
*120
120
119
119
*61%
*61%
*61%
*61%
*61
*30%
61%
16
16%
16%
16%
16%
16%
15%
16%
15%
15%
15% 15%
*104% 105
105
105% *105
105% *105
106
*105
106
*105% 106
*109%
19%
4%
*5%
*4%
1,400
1,600
*1%
14%
12%
....
100
%
1%
85%
*44%
800
%
11%
5%
32%
317g
30
%
%
5%
34
*66
*113
No par
Preferred
1,020
4
Mar
4
8
Apr
4
Century Ribbon Mills.Ne par
%
*%
%
9%
11%
4%
900
l9
*46
*46
34
......
9
102
%
%
%
55
6%
31
48
35%
477g
*8%
94
*92
38%
6%
33
14%
35%
%
*46%
*3%
102
*1%
13%
*33%
%
34
10
*5%
1%
%
*92
*111%
6
6
1%
9%
12%
2,700
%
<
%
34
1,800
3%
%
%
*8%
85
80
25%
*5%
8%
%
%
84%
12%
62
3%
8
Bullard Co
14
Nov 15
94% April
No par
No par
700
9%
*32%
6,400
260
2,700
24%
8
preferred
7%
Budd Wheel
Bulova Watch
18%
19%
*18%
19%
19%
100% 100% *100
105
103% *100
24%
24% 323%
24
24
24%
17%
17%
*15%
17
*15% 17%
29% 29%
28%
28%
28% 28%
42%
43%
41%
42%
41%
42
93%
93%
*92%
95
*92% 95
2%
2%
2%
2%
*2%
3
2%
2%
1%
1%
1%
1%
*12
*12
12
12%
12
12%
47 7g
5%
*597g
3%
No par
100
1% Dec
Oct 27
7% Feb 27
1
Nov 15
7
—5
preferred...—..—100
7%
Cerro de Pasco Copper .No par
*34%
*11
25
3,400
107% al06% 106%
10%
10%
10%
60
Bucyrus-Erle Co
Budd (E O) Mfg
Certain-Teed Products
%
11%
6
24%
330
53
474 Sept 27
15% Jan
317g Jan
30%
107
15
May
16% Mar
34%
30% Aug
4,000
*34
*8%
11%
*5%
*32%
84%
12%
92%
2,300
115%
53
3
41
3,100
35%
.84
800
14% July
19% Jan
36% Oct
4% Jan
3
Jan
13% Apr 10
39%
%
1
52%
24%
3
68
June
Aug
31% Jan
9% Apr
6%
33
13%
*34
%
27g
66
9
22
32
share S per share
15% Mar
23% Nov 28
No par
39
47%
*34
%
1%
14%
500
62% Dec
No pa*»
6%
*31%
*18%
3
15%
*15
35%
48%
1%
6
70
3.
%
1,600
90
10%
39
6%
31%
*
%
16,600
39
106
102
38%
7
34%
19%
47g
39
Jan
Brooklyn Union Gas
Bruns-Balke-Collender.No par
Canada Boa Ry Co...
4,700
42
6
6%
400
86%
52%
23%
6%
102
4%
38%
10,500
5,800
*36
8
6
38%
111% 111% *111%
*5%
6
*5%
6
15
*35
4%
2,300
51
*83%
23%
3%
...
20%
*50%
*113% 115% *114
25%
3%
700
39
67
53%
25%
220
I47g
21%,
86%
23%
3
69
15%
42
70
*14
2.800
*84%
22%
847g
24
70
14
12%
2%
84%
24%
3
69%
*35
4%
38%
6%
51
12%
70
68
15%
21%
*35
42
12%
15%
51
4
4%
21i.i
4%
*6%
53%
25%
74
13
37%
37
3%
*111%
*5%
%
1,900
6%
6
*45
4
6%
114
53%
25
14%
*34%
500
67g
13
4%
12%
...No par
{Bush Term Bldgdep7% pflOO
1,800
1%
69%
53%
190
8
22
40
1
73g Apr
Transit..iVo par
Bush Terminal
*7%
1%
*3
*1%
4
6,000
*21%
1%
69
2%
4%
7%
22
1%
3%
71%
13
12%
7%
22
1*8
*3
*2%
*12%
*%
12%
77g
22%
360
6,600
4,400
1,300
1,600
5,100
4-%
13
1%
24
3%
3
4%
13
4%
6%
84%
22%
95
12
484
20
2234
17%
12%
17g
*35
86
*2%
2234
17%
7%
22
*93
5
22%
171
12%
1%
22
102
17%
4%
4,200
4,700
8,500
Apr
Oct 16
60
Brown Shoe Co
300
2334
9%
6%
*39
*92
37
23%
*50%
7
4%
5%
22
177g
22%
23%
*36
2
7%
*50%
1%
42
3%
24
I77g
12%
47g
778.
22%
39
1% Apr
6% Apr
11
$6 pre! ctfs of dep—No par
Bklyn-Manb
82
Jan 24
27
Ctfs of deposit
16%
21%
51
*35
25
23
17%
5
$6 preferred series A.No par
16%
21%
15%
63
23%
13%
6,500
2,000
1,500
9%
9%
103% 103% *103
103% *103
103%
5%
5%
5%
5%
5%
5%
39%
40%
40
38% 39%
41%
5
5%
5%
5%
5%
5%
32% 33%
31%
31%
31% 31%
17%
5
10,000
48
47%
23%
13
13
14%
10%
*6012
*24%
3%
*111%
*5%
*7%
*5%
*23
1,300
4,600
200
per
28% Jau 3
118% Nov 28
31
Apr 12
41% Apr 14
Bristol-Myers Co
.--6
Brooklyn A Queens Tr.No par
$6 preferred.
No par
1%
13%
75%
15
114
42%
37
24
700
4
*14
70%
102% 103%
5%
5%
23%
8.300
Brewing Corp of America—3
12%
12%
I37g
12
*12
12%
*36
23%
z9%
1%
12
12%
Bridgeport Brass Co
No par
Brlggs Manufacturings^) par
Brlggs A Stratton
No par
......
4%
14%
15%
*35
10%
*13%
*15
*84%
10%
5%
*4
7%
*37%
6%
36
24%
10%
1%
12
4,400
40
13%
*74%
4%
4%
36
23%
5%
13
*14
36
24%
327(i
13
75
36
24%
1012
5%
12%
7%
*11%
32%
5%
13%
22
12%
5%
32%
12%
7%
*11
42
5%
13%
4%
12%
12%
43%
17%
12%
22
12
1%
12%
*1%
13
*11%
50
6
100
Lowest
9 per share
1
12% Jan 30
16% Jan 12
18% April
1% Apr 8
19% Apr 10
5% Sept 6
7% Aug 24
16% Apr 10
16
Boston A Maine RR
share
Sept
61
Bower Roller Bearing Co—17
50
46
49%
Borden LO (The)
Borg-Warner Corp
1,500
1,100
22%
*49
46%
50%
1%
per
16
Year 1938
Highest
100% Sept 14
1
Bond Stores Inc
6,300
200
S
6
No par
Class B
9,700
11%
13%
47%
47
13
50
1%
13%
1,400
*2%
32%
12%
13
*12
50
Vi
59
21%
24%
3%
32%
1%
13
12%
50
Par
Shares
22
21%
237g
1939
Range for Previous
of 1 H)-Share Lots
Lowest
800
49
10
Range Sin :e Jan. 1
On Basis
116% 116%
*22
2,
EXCHANGE
Week
$ per 8hare
22
22
22%
22
21%
21%
118% 118% *118% 121
zll6% 116%
59% 59%
58%
59%
*55%
59
23
23
*22
22%
23%
23
21% 21%
21%
21%
21%
21%
24% 25%
24%
25%
23%
24%
3
3
*2%
3%
2%
2%
33
33%
33%
33%
32%
32%
6%
6%
xfi
6%
6%
6
12%
11
12%
117g
12%
11%
22
22% 23%
23%
21%
22
*39
40% *38% 40%
*38
40
*1%
12%
12%
ll2
1
8TOCKS
NEW YORK STOCK
the
Friday
49
*48
Sales
for
Saturday
Dec.
Mar
22% Mar
5 Called for redemption.
2%
12
Dec
Jan
Nov
Volume
LOW
New York Stock Record—Continued—Page 4
149
HIGH
SALE PRICES—PER
Monday
Tuesday
Wednesday
Thursday
Friday
Ranoe Since Jan. 1
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Nov. 30
$ per share
$ per share
$ per share
$ per share
$ per share
*63s
7
*6%
25
25
24%
*6%
*4%
27%
8%
7l2
*7%
6
6
28%
29
8%
*8%
*79
634
25%
7%
6
6%
28%
8%
6%
*6%
6%
6%
25%
7%
*4%
27%
*8%
25%
25%
2538
734
x23%
Dec.
7%
5
5
28%
9
26%
2734
*434
25%
5%
26%
263g
5%
27
8%
8%
*8%
8%
8%
81%
*79
81%
*79
80
*79
80
*79
*87%
7%
89%
7%
*87%
734
8934
7%
*87%
8934
*87%
7%
734
8%
7%
*1
1%
934
107% 107%
*4%
7% '
734
214
4%
4
4%
*16
20
100
10012
97
3734
3%
37%
3734
4
3%
24%
*28%
24%
29
*59
59%
64%
6434
*170% 172
*4%
43g
1%
1%
23%
23%
97
97
*31%
3134
*7%
28
28%
38
38
*36
*7%
3734
3%
37%
4
24
2834
6%
89
*71
15%
*15
6
87
87
*3%
5%
*84%
4
*3%
5%
5%
87%
71
71
72
15
15
13%
1434
4%
4
47%
45
10%
934
10%
938
934
30%
*82%
30%
95
30%
30%
27%
28%
*82%
95
z28%
*82%
29%
*82%
30%
95
*56
80
*56
80
*56
80
*56
22
434
17%
7%
*4%
*1434
*73s
*4%
434
18%
7%
7%
2134
*110%
21%
21%
25
25
*110
21%
*24%
*17
17%
24%
2134
2334
23%
23%
24%
6%
6%
6%
6%
*34
1
%
a4
*123% 123%
23% 24
33% 33%
43%
43%
43%
*8%
834
8%
18
17%
18%
77
*74%
77
*12%
13%
13%
35
*3334
3434
18%
*17%
18%
23
23
23%
124
124
24
24
*33%
*43%
8%
18
*74%
*12%
*34
*17%
22%
34
76
76
*135
136%
16
16%
76
7634
13534 136%
16
16%
*117
2434
*17
'
•
6%
6%
72%
100
*13%
143g
4%
600
8,400
43
1,300
28
800
*4
"""366
7%
400
20
17
2434
25
117% 117%
25
25%
5%
23%
534
8,100
*%
%
400
123% 123%
24
24
600
74
76
136
136
73%
72
13
*12%
*117
120
7%
7
117
117
2434
25%
117
25
5%
534
6
*534
6
5%
6
166
16634
16634 16634
165
165
165%
*171% 175
*171% 175
*171% 175
*171% 175
29
29%
28%
29%
2834
*28%
28%
28%
17%
1634
17% *16%
*1634
17%
17%
*1634
1%
13g
1%
1%
1%
1%
13g
1%
37
3734
36% 37%
36%
3634
3634
3634
15
1534
15%
16%
15%
16%
153g
15%
1%
1%
1%
1%
*1%
1%
1%
*1%
7%
7%
7%
7%
73g
7%
7%
7%
30% 31
31% 32
31% 31%
32%
*31%
27
27
25% 2634
27
27
27
27
31%
31%
31%
3134
32
3134
31%
*31%
6
.
ih
*1%
40
4134
41%
40
*41%
40%
110%
110% *109
*109
1%
4134
40%
*76
78
*76%
*83%
84%
*87%
92
*83%
*87%
11%
77
85%
9134
*78
1
%
2
4134
40
11%
*3%
*lk
11%
3%
23g
4
4
*9%
934
23
23
11%
2
2
338
120
*134
2
11%
*76
*83%
*87%
%
3%
lk
*334
4
*22%
23%
23
*1
734
*6%
7
34%
27%
33%
34%
27%
*6%
34%
27%
1%
27%
*1
27%
....
84%
9134
%
1%
*83%
1%
3%
234
*87
*7g
1%
1%
1%
1%
36
36%
3634
2834
17%
1%
37%
14%
15%
15
15%
1%
7%
28%
1%
7%
2934
2334
25
1%
*1%
3034
1%
42
x3034
28%
1%
7%
*1%
7
29
25%
2934
1%
*41%
30%
25%
31
1%
42
*83%
9134
*87
%*
%
1
1%'
1%
lk
3%
234
2%;
134
134'
4
334
9
*22
7%
1
'
*6%
3434
35
27%
r28
4
9%
23
1
"~3%
"3",100
7,800
15,800
No par
$6 preferred
..No par
Elec Storage Battery..No par
6% Apr 10
20% Apr 11
Elk Horn Coal
1834 Apr 8
23% Apr 11
% Apr 4
500
800
10
13,400
100
1,200
3
4,000
2
400
"l",600
3%
*334
834
21%
1%
1
4
9
2134
1
1
800
6
6
*5
34
34%
*34%
28
26%
27
27%
4%
4%
434
434
%
%
*%
1
18%
38%
*%
25%
*87%
18%
38%
2434
*20
*26%
2634
*'26%
27
*26%
27
*86%
89
*87
89
*87
90
38
*20
2434
•
38
*20
38
2434
38%
*20
Bid and asked prices; no
4%
2% Sept
6% Mar
22% Mar
Mar
18
2l«4 Mar
36%
15%
Dec
Dec
4
Jan
14
Oct
Oct
41«4 July
46%
35
Nov
% Mar
234 Nov
17
Feb
29% Nov
33
Jan
Jan
1% Apr 10
3% Sept 27
1% Dec
65% Sept 15
358Sept 1
65% Sept 25
..50
5
—5
3
100
6
Apr 11
14% Apr 11
1
Apr 11
234 Apr 10
2% Aug 24
84May 25
1834 Apr 11
8234 sept 13
17% Nov 30
2784 Apr 11
16% Sept 13
87%
*87%
88
17%
18
18
""800
39
2,000
4M% pf.100
Enamel Corp
1
Fed Dept Stores
Fidel Phen Fire Isn N Y..2.50
Filene's (Wm) Sons Co.No par
nNewstock.
Mar
6
884
6%
Federal Motor Truck..No par
a Del. delivery.
13% Mar
Deo
5% July
234 Mar
*87
In receivership,
Mar
Sept 28
90
sales on this day.
2
25%
6
Federal Water Serv A.No par
2434
Deo
10% Mar
8% Nov
1
Federated Dept Stores.No par
38%
Nov
173
17S Sept
600
*20
187
Jan
100
100
1,900
2434
3% Mar
121% Mar
157
Oct
2,600
38%
Dec
Dec
1384 Nov
6%
4%
38
Dec
118%
17%
2%
%
26%
*20
120%
Jan
Dec
%
2434
138% Nov
Apr
Dec
4%
38%
Dec
1%
Apr
Ferro
109%
11134
Oct
Jan
I5484
1%
*25%
17%
13034 Mar
Dec
12
1% Sept 11
Sept 28
%
18%
90% Mar
19%
115
3
26%
4%
Apr
Deo
Aug 21
%
4%
1'4 May
8% Mar
102
Dec
8084
141
1
*25%
1
Jan
100
26%
434
87%
Oot
347g Aug
Oct
85
300
Mar
Dec
Federal Mln & Smelting Co 100
30
31
79%
Jan 24
n30
27% July
71
11
145
Jan
Dec
25%
72%
81
145
158
17
35
Mar
Mar
100
$6 preferred
8% Sept
2884 June
Mar
500
70
91% Nov
46
April
Apr 10
Apr 11
15%
65% June
40
20
97
23% Nov
7
24
*15
Oot
Mar
Aug 16
Fajardo Bug Co of Pr Rico..20
Federal Light & Traction—15
*96
Deo
11
11
Aug
Fairbanks Morse & Co.No par
15%
Sept 14
3% Sept 11
4234 Nov 29
55
Sept 13
42
Mar
95
20
97
6
Jan
5
89
1,100
*14%
Jan
31%
8
April
84 Aug 24
Exchange Buffet Corp .No par
Fairbanks Co 8% pref
Mar
2034
69
1,800
*96
154
Vacuum Cleaner
25
65% Apr
27%
15%
165
Eureka
Mar
45% Nov
35
9734
*37%
4% 2d preferred..
884 N6v
2% Jan
115% Dec
40% Oct
30% Oot
76
111% Dec
10% Oct
6
7%
3534
15
18%
1st preferred
35
Nov 13
Mar 6
Jan 19
Jan 20
Feb
Mar
Apr
No par
Ex-Cell-O Corp
*96
18%
4%
38
Deo
Apr
2% Mar
38% Mar
Equitable Office Bldg..No par
{Erie Railroad.......
18%
3%
12%
41%
25%
3
80%June 21
$5)4 preferred w w..No par
Evans Products Co
800
Jan 25
28
32% Aug 31
Corp
50
5% preferred..
...IOC xl03%Mar 22
7
Apr 8
Engineers Public Service
1
62% Apr 8
$5 conv preferred—..No par
1,600
15%
*18%
3
Endicott-Johnson
1,300
9734
18%
Corp...No par
El Paso Natural Gas
$6 preferred
*15%
18%
40% Oct 26
8% Apr 10
Boat
$7 preferred
*96
165
22% Apr 11
3
Electric
Elec & Mus Ind Am shares...
16
*160
Aug 24
1
Electric Power & Light.No par
97%
1
Eitingon Schlld..
No par
Electric Auto-Lite (The)
5
700
1,600
2634 Nov 17
19% July 12
33g Jan 4
15%Sept
3,000
1,900
2
22
4
.2
10,700
15%
4%
Co
Sept
l%Sept 11
97
165
Eaton Manufacturing
Ellson Bros Stores Inc.
90
9
9
20%
MarlO
124% Aug 18
6
3,600
100
6% cum preferred
Erie & Pitts RR Co
9%
142
3
5
30% Oct 25
%
*1*4
*2
112
June 19
15% Apr U
*87%
3
126% April
126%# Oct 27
14
116% Nov
188% Sept
8% Sept 12
186% Jan 5
183% Feb 8
200
'
Apr 12
143% Oct 6
16% Nov 24
19% Jan 13
334 July 5
138% Apr 26
165% Sept 25
2,400
84
84
84
1
Apr 14
4
Mills
.5
J).No par
Eastern Rolling
Eastman Kodak (N
*16%
6«4Sept
10
108
July 26
8734 Nov
118% Feb 27
15%
*%
100
Mar 31
6
34
3
111% Sept 12
12% Apr 11
1,700
28%
17%
3
1
90
July 31
13% Nov 4
$4.50 preferred......No par
1,400
28%
Feb
12
10% Nov
20% Mar
Duquesne Light 5% 1st pf.100
Eastern Airlines. Inc...
1
110
25%
k Nov
4
30
97
434
r...No par
8% preferred—
..100
Du P de Nem (E I) & Co...20
Duplan Silk
172
*16%
9
2^606
*96
*160
101% Apr 11
No par
1
6% non-voting deb
"
*1514
*160
No par
172
41%
1%
No par
MfgCo
Dunhlll International
No par
Dresser
172
172
934May 18
Douglas Aircraft
Dow Chemical Co
5%
5%
Sept
Apr
3634Sept
5% Aug 22
1334 Sept 11
66
Sept 30
20% Sept 11
55
Aug 24
165% 166%
5% |
1%
9134
Class A
166
5%
4234
847g
"9,300
6,300
24
No par
Dixie-Vortex Co
165
40%
4034 *40% 42
40%
40%
*108% 110% *108% 110% *108% 110%
10%
11%
1034
11
11
11%
1134
*76
79
*76%
79
76
76
76%
1'%
1%
*6%
34%
*1
42%
23%
9%
*9%
42
2334
*117%
24%
2334
40%
1%
3%
1%
1%
*117%
Ltd.No par
5% pref with warrants.-lOO
18
28
Dome Mines Ltd
300
109
109
%
2
*1%
Raynolds A ...No par
No par
Doehler Die Casting Co No par
1,200
14
*117
120
*117
734
*7%
*12%
14
17% Deo
11% July
111% Dec
1% Jan 4
125% Oct 26
32% Jan 11
34% July 26
44% July 13
1,000
8,600
29% Nov
884 July
87g Sept 27
3% Sept
Jan
700
1534
734
6% June
102% Jan
13»4 May
Jan 16
2,700
12%
4% Mar
22%
15
Oot
Nov
13% Mar
35%
135
Deo
50
13% Mar
July 13
7%
28% Nov
83
June 20
112
Jan
21% July
8% Aug
66
Aug
Jan
17% Mar 10
7
87
Mar
18
10% Sept 22
Apr 10
*14
June
3% Mar
55%June 17
25
Sept 26
Mar 31
135
15%
734
48%
10
14
13
91
30
135
16%
8
120
73%
12% Mar
4
Nov 16
No par
134
214
35
32% Nov
2,200
22%
74%
22%
4% Mar
1
Distil Corp-Seagr's
180
Mar
% July 18
103
Apr 13
5,100
*17
3
68% May
12
May
fDenv & R G West 6% pf.100
Detroit Edison
..100
16%
17
8
Jan
16%
22%
5
Sept
Jan
94% Jan
13% Feb
6% July
7% Mar
1634
17
Sept
44%
Oct 26
Xl6%
22%
6% Mar
28
1,000
3434
17%
Apr
12% Aug 24
9
17
19% Mar
70
.100
Delaware Lack & Western..50
Delaware & Hudson
*8%
22%
68
6
Nov
8%
"""260
92% Nov
Jan
17
8%
74%
1234
Mar
Jan 10
63% Sept 27
13% Nov 4
Jan 24
23
6% partic preferred
25
Diamond T Motor Car Co...2
1234
16% Nov
37% Nov
25
Devoe &
3434
7% Mar
7% Sept 27
4% Apr 8
103
Sept 19
10
Diamond Match
*73%
4
Mar
600
13%
3434
Nov
July
Nov
19#4 Mar
740
77
40
Nov
27% July 11
18
Nov 14
400
34%
Oot
Nov
25% Oct 18
4234
*1234
42%
117%
29%
10%
4384
Apr 18
34
*74%
Oot
Deo
11% Apr 10
42%
13
Jan
70'4
1584 Apr 10
34
34%
56
177
22% Mar
29
Apr
25% Apr
3
19% Sept 11
19% Apr 11
73% Apr 8
20
43
13
Apr
5% Mar
Apr 29
13
3% Aug 26
14% Sept 12
Preferred
3334
34%
Jan
Mar
21%
93
6
25
Diesel-Wemmer-Gllbert
23%
*164
1%
9,300
19
85
4
8% Sept 11
13% Apr 10
Dayton Pow & Lt iX % pf 100
Deere <fc Co
—-No par
Apr
Apr
Apr
162
3
96
45
Conv 5% preferred
Mar
40
£53
Jan
91
No par
Davison Chemical Co (The)
h May
10
62% Sept 22
No par
Cutler-Hammer Inc
23%
17
25
1,000
200
175
177%
176% 177% 173% 176%
177% 17834
176% 177%
*126%2127% *126%2127%
126%2127% *126732127% *126%2127% *126%2127%
122
122
1217g 122
121»4 122
122
122
122
121% 121%
122
*117
5.600
21%
2434
17
2234
...1
Class A
Davega Stores Corp...
17%
22%
117
1
*42
*74%
137
38
No par
..
$8 preferred..
*15%
123% 123%'
Preferred
Nov
11% July
36% Nov
3% Deo
3584 July
29% Nov
1634Nov17
3% Sept
Apr
4% Aug 24
Curtis Pub Co (The)...No par
Cushman's Sons 7% pref.. 100
21
4%
%j
Aug
June
21% Mar
Aug 11
37% Mar
2
8
21
23
1
14
Aug
9
Packing
49
June
21% Mar
40% Feb 28
8
Apr
48
50
Sugar
Preferred
Cudahy
3
100
Cuban-American
6
Jan
6
Oot
116
36% Mar
5
13
Apr 14
2% Aug
100
10
preferred
Curt lss-Wright
80
23%
534
Cuba RR 6%
Jan
41% Jan
June 30
62
65% Mar
107
32% Aug
8
24% Apr
100
Preferred...
3
May 31
1
Apr
75
No par
$5 conv preferred
Mar
284 July
103% July
2% July 25
38
Jan 3
April
9
10% 131,900
283g
10,700
934
177
177
7,500
*20%
17%
*117
110
*56
23
77%
120
4
92
17
*117
300
*82%
22%
75%
7%
87%
*85
28
5
Crucible Steel of America..100
*33%
17%
1534
7,100
3334
4212
8%
1734
75
17%
77
13
34%
*12%
350
39 1
Crown Zellerbach Corp
24%
17%
*73%
*12%
8
200
10,100
16
2678 July
1% Mar
8
20% Apr
33
Sept
$2.25 conv pref w w..lSTo par
Pref ex-warrants
No par
24
8%
13
150
3334
42%
43
9%
137
38%
3634
21%
2434
123% 123%
*8%
34%
38%
8% Mar
110
6% Aug 25
No par
*35
5
1
Apr 12
26% Jan 3
No par
Crown Cork & Seal
17%
*%
43
Crosley Corp (The)
2434
5%
%Sept
600
Jan
4% July 27
93
Sept
95% Nov
1
177
6
16
22
Apr
3
5% Nov 4
31% Jan 3
3218 Sept 11
61%Sept 16'
67% Sept 11
Sept
1
Mar
Jan
3834 Nov
Jan 26
3
1
....
400
21
2134
Coty Ino
5%
10
78
51%Sept 25
54% Apr 19
150
Sept 22
100
....
2,500
17%
%
Preferred
7%
2084
6%
49
25
2634
2434
24%
Corn Exch Bank Trust Co.20
Corn Products Refining
2% Mar
Jan
Jan
1784
116
19% Aug 24
16% Apr 11
5
*7%
17%
*%
.1
26%
2434
57g
23
Motors
Oct
7%
9'4 May
lOSg
Continental Steel Corp.No par
Continental Oil of Del
2% Sept
2
100
29% April
1% Apr 10
25
7%
7%
*111
111
111
*%
13
*7%
7%
$2.50
5% conv preferred.__-._100
Cream of Wheat Corp. (The).2
92
16%
Continental Insurance
Nov
7%
IO84 July
Mar
7
Oct
104
2% Mar
6
July 25
2
8
Crane Co
43
4%
1
123% 123%
23% 24%
3334 3334
6%
13
83g
*4
*1534
6%
24
120
*7%
*12%
4%
16%
21
*7
*7%
22
25
17%
*17
16
*56
Apr
Coty Internat Corp..
300
80
80
2134
5
2%
22% Mar
8
Fibre.5
1,400
21%
92
*82%
Sept
Continental Diamond
Continental
101
Sept 19
Apr
8878
4
Deo
12% Deo
34% Oct
4% Mar
17
Mar
5% Sept 12
9
Sept 11
34
Sept 12
1®4 Apr 11
20
,
7% Mar 10
9% Sept
8% Aug 31
88
100
7,100
3%
4
44
11034 11034
21
21?g
25
25
17%
*17
7%
*110%
*37g
334
42%
4%
45
2134
2134
434
19
7%
*4%
*15%
*16%
5
108% Aug
No par *106
14.50 preferred
1%
*97%
*31%
72%
634
71
8% preferred
Continental Can Inc.—
23%
99
32
*3%
4
10
*21%
230
438
4%
38
46%
2134
900
88
36%
4%
2134
1
6% Aug 24
1
July 14
No par
Class B
*1
38
*88
41%
15%
2134
4
4% Sept
5
No par
23
89
89
47%
10%
29%
9,100
10,400
15%
6%
4
36,200
100
15%
9%
9%
1,200
4,100
3,400
35%
4%
48
934
100
63%
15%
47%
4%
4%
48
63
600
9,300
170% 170%
353g
71
71
4
1534
37%
4
*15
15%
10134 Jan
No par
Consol Oil Corp
Consol RR of Cuba 6% pf.100
18
3634
*88
89
*3%
73
74
*15
3%
*16
18
15%
88%
42
6%
*14
*35%
88%
40%
*71
$5 preferred
Consol Laundries Corp.
600
13%
37
87%
41%
4%
6%
600
11% Apr 10
1% Apr 10
z87%Sept 15
32% Apr 11
87%
40%
4%
Mar
4% Mar
MarlO
35
Continental Bak Co cl A No par
88%
5
1
2% Jan
10% Sept
12% Mar 10
784 Sept 12
27
Apr 11
No par
2,400
4,800
*8634
*4
7%
*2
3%
3%
19%
15%
1534
88
$2 partlc pref.
16% Nov
15%
88
867s Aug
9%June 30
15%
89
76
Jan
Container Corp of America.20
15%
*87
Apr
71
3,400
15%
41
55
Aug 4
Sept 11
II
5% preferred v t C.---..100
Consumers P Co$4.50 pf No par
*36
37
*36
Feb 27
91
Apr
Consol Coal Co (Del) v t C..25
15%
41
73g
2%
2
86
Consol Edison of N Y..No par
2,500
14% July
26% Nov
10% Nov
4
Consol Film Industries
20,600
Dec
73
2,600
106% 1073g
4%
4%
4%
7%
Mar
4
5
79% Apr 18
7% Nov 27
1
Aug 31
24,500
600
Jan
100
1%
834
6
Oct 25
8
100
w w
Consol Copper Mines Corp. .5
834
30%
*1
30%
8%
9% Aug
2934 Deo
8% Oct
Mar
3234 Nov 4
93g Oct 25
6,900
7%
8
Sept
store
per
3% Apr
15
5
434 Apr 17
15% Aug 24
5% Apr 10
No par
7% preferred..
6H % prior pref
60
88
734
5
No par
4^ % pref.100
Corp
1
Consolidated Cigar
80
8734
24%
23%
29
2834
59
59% 59%
64
64
64
64
64%
64%
64%
64%
*170% 17134 *170% 171% *170% 171%
*170% 172
4%
4%
4%
4%
4%
4%
4%
4%
1%
1%
al%
1%
*1%
1%
1%
1%
23
23
23%
23%
23% 2334
23%
23%
*97
99
9734
9734 *9734100
*9734100
3134
317g
31% 31% *31% 32
31% 31%
7%
7%
7%
7%
*7%
7%
*7%
7%
27
28%
25% 26%
2834 2834
28% 28%
39
l38% 38% *38
38% 39
38% 38%
37
7%
7%
7%
734
*7%
300
Congress Cigar
2,400
13%
13g
42%
4334
113% *112%
*111
113
113
Consol Aircraft
Highest
share
per
1
8% Feb
30«s Jan
Apr 11
1234
13%
13%
1234
13
1%
1%
1%
1%
1%
1%
97
9734
9734
98% 98%
9634 97%
40%
41
40% 41
43%
41% 43%
113%
113% *112
113% *112
113% *112
*7
7
7%
7%
7%
7%
8
38
37%
38%
38%
37% 3734
37%
3%
334
4
3%
3%
37g
4
22%
23
23% 23%
22% 23
24%
29
29
28% 28%
29%
29% 29%
59
59
59
*5734
59
58%
5834
97
1%
43%
Conn Ry & Ltg
101
101
1534
13%
1%
*96
70
6
Apr
,
Lowest
share
per
""566
1534
13%
1%
1,000
6,800
$
*1003g 10134 *100% 101%
15%
15%
1534
147g
15%
4
4
15%
433g
2
*15
13%
9634
2
4%
15%
43%
7%
19%
16
*1%
7%
434
8
*79
107%
2
4
13%
1%
107
4%
7%
4%
*100% 101
*15%
*1
87g
30%
30%
107% 107%
*15
4%
100% 101
*43%
*96
30
2
2
20
*15
*9%
9%
30%
107% 107%
434
434
7%
7%
.
1
9%
1
1%
*9%
30
30%
107% 107%
*4%
4%
734
7%
2%
*1%
4%
*2
*1
1%
934
934
30
19
5%
8978
77g
1%
9%
303s
30ig
5
Congoleum-Nalm Ino.-JVo par
6%
24
8
80
87%
*914
Conde Nast Pub Inc...No par
8%
7%
7%
*1
300
6%
23%
Lots
Highest
Lowest
$ per store
3,300
6
7%
On Basis of 100-Share
Par
Shares
6%
2334
8%
Range for Previous
Year 1938
EXCHANGE
Week
1
$ per share
8712
30
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
-
Sales
for
AND
Saturday
3513
rCashsale.
x Ex-div.
6
III
Jan 30
13% Aug
94%
62
Oct
64
Jan
Jan
Dec
8
2% Mar;
6
Jan
3
Oct
4
5% Mar
10% Apr
1% Mar
16
25% Nov
25
Dec
538 Mar
13
2%
Jan 20
87gSept 26
43% Jan 5
38% Sept 8
18% Aug 15
97% Nov 27
165
Sept 27
6% Nov 4
1% Jan 19
27% Oct 18
8934 Feb 6
3%
19%
22%
67g
67
2% Nov
Mar
11%
Jan
May
43
Dec
May
3584
Mar
Apr
84% Nov
52% Apr
2% Mar
1
Oct
Sept
16%
133
Oct
Oct
Nov
57g Aug
2% July
12% Mar
6778 Jan
29
Oct
90%
Oct
22% Mar
36% Nov
15
25
23% Nov 20
39
21
yEx-righta.
Dec
1
Oct 19
June
^ Called for redemntion.
Oct
J
sSsaBKf
New York Stock Record—Continued—Page 5
3514
LOW
AND
HIGH
SALE PRICES—PER
SHARE,
NOT PER
CENT
Tuesday
Wednesday.
Thursday
1
|
Nov. 25
Nov. 27
Nov. 28
Nov. 29
$ per share
8 per share
$ per share
$ per share
201$ 2014
104&S 1045s
4714
47i2
1934
20i8
1045g 1045g
20
20
*104
105
*104
47
47
*46*4
21
20%
211«
*22%
3%
*32%
*106*4
*1912
47*2
2034
35
*34
20'$
105
21*4
*34
*22!%
3%
3%
3234
32%
*10634
20
*1934
747g *725$
4
4%
38
34*2
32
3134
2%
*2l2
4
4%
1734
16*2
*72
*4
*32I2
32
*2l2
*4
*1634
14
14
104
*101
51$
35
23%
•
32i2
*10684
2012
*7258
4
*41$
34t2 *3212
32
32l2
25g
2%
32l2
4
4
16*2
13*2
16*2
104
*5]s
5*2
*13%
1378
*13%
14*2
*
*45
50
*44
50
7%
*101
7%
7*4
102% *101
54
54
734
*143
77$
147
*3%
734
*145
4
7%
14l2
*13%
50
*44
50
*44
50
*44
*7*4
77$
77$
734
147
23
54
54
167s
17
167g
114
114
114
*113*4
383g
114
39
39i8 39%
3934
39*8
3978
4538
45l2
45*2 4534
4584
46l2
*11534 1 17j8 *11534 11718 *11534 118
(
%
*45
5412 *45 "
5412 *45
54i2
89
89
8834
8884
♦881s 90
124l2 12434 1241s 1245s 124
124i2
53% 53%
5314
535$
541$
5412
125
125
12434 12434 12434 12434
35
35
*3312 35
*33*2 38
*110i8
*110%
1
1
1
19*8
18*2
1834
17%
91*2
90
%
1678
%
16*4
3034
*88
*90
58
I6I4
%
I6I4
32i4
14i4
3134
a?31i2
1414
31
1914
19*4
12
12
1634
1634
99I4
2258
658
22%
612
46i2
10i8
*54
*17*4
*39 >4
40
*39*4
3's
1734
47i2
1038
55
1734
40
3*8
*90
9914
183s
18
40
40
40
18
2412
24
95
93*2
66i2
245g
93*2
20l2
*6412
2334
*9234
35g
35g
3l2
69
1
1
8
8
1*8
8I4
1
1
16
16
16
20
*173g
18
*34
3458
2412
3458
24
173s
*2338
17*2
277$
28
29
29
*135
140
28i2
135
60
*5312
*31*2
32
18
18*4
18
11*2
1158
11*2
25s
2334
5
*17
19
2l4
*2H8
*4i4
*17i4
*30
31
*30
3784
1634
18
10712
*101*2 103
*2812 29l2
*12914 142
7*4
91i2
334
*90*2
358
*105l2 108
10l8
10i8
*105
10712
162
1578
88
1514
8634
13012 130*2
*61
*110
113
61
*110
177g
*33
60
3214
185s
11*2
2l2
16*4
*175g
*3412
*233g
173g
2734
*2834
135
18
345g
23l2
29
135
60
*31
32
18*s
*11*2
I884
18
1134
11*2
214
23g
*4i4
5
187g
18*2
*30*4
19
18
31
31
*30
8734
6U2
113
*15*4
177g
3734
17*2
19
10712
101l2
28
142
7*2
9H2
334
108
1018
108
163
1534
20
87
87
86
133
86
19%
11,000
64%
*63
64
10,500
600
*69
3%
71
1
%
7%
23l2
1
*1534
16%
3334
*23%
1134
2%|
4l2
18
*16
17%
34%
16%
3384
*23%
17%
•26%
1734
27
28%
139
28%
135
*110
113
*110
*17%
1
*26*2
44
*7
44
7*2
13
1
*26*2
13*4
28
♦26*2
13*2
28
*43
48
*44
46
634
7
13
634
♦Bid and asked prices; no sales
6:
on
1
12%
*25%
43
1
6%
this day,
6*2
100
Graham-Paige Motors
27gJune 30
1
5% preferred
20
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
Great Western Sugar.-No par
Preferred
100
Nov 10
Nov 18
69
86
Nov 29
2434 Jan
Apr 10
10
Apr 8
Jan 27
Jan 23
8
Apr 8
Aug 23
Apr
129% Sept 27
80
3
Mar
101% Apr
1% Dec
12*4 Mar
z85
Sept
1
18% Oct 31
22% Sept 12
35
Aug 14
25
Aug 4
22%Sept 11
41% Nov
8% Mar
14% May
98
June
9
Mar
6% June
40%
Dec
5
Mar
15% Mar
6934 June
1
2%
2%
3,100
*4%
4%
17
4%
*16
133
61
17%
85
133
6I84
110
*8514
22
20
4%
400
30%
38
100
18%
6.200
18%
*60
12
1
12%
1
12
90
100
25
32
10
Printing
8
Hamilton Watch Co...No par
15
25%
600
6% preferred
100
Hanna (M A) Co $5 pf.No par
Harbison-Walk Refrac.No par
Jan
142
6%
7%
Hat Corp of Amer class A...1
"7:265
6)4% preferred
Hayes Body Corp
108
10%
110
100
""loo
91%
3%
preferred
"3", 800
400
160
130
15
1,C00
87
2,000
Apr 10
Hazel-Atlas Glass Co
Hecker Prod Corp
25
Helme (G W)
Preferred
25
100
100
148
Oct 20
No par
10
Apr 10
03
Apr
1
Hercules Motors
Hercules Powder
120
0%
cum
No par
preferred
100
43
*6
8
128% Apr 10
No par
54
$ 4 conv preferred
No par
Hlnde A Dauch Paper Co..10
Holland Furnace (Del)
10
Hollander A Sons (A)
5
100
1,000
7,900
1,100
3,300
Holly Sugar Corp
7% preferred
No par
100
Homestake Mining
12.50
Houdallle-Hershey cl A.No
3", 700
800
"5:566
Class B.
com
stk. No par
5% preferred
Houston Oil of Texas
700
8
300
Hudson A
C-.25
5%
5
Manhattan
preferred
100
..100
4,000
2,700
Leased lines 4%
230
delivery,
100
RR Sec ctfs series A... 1000
n
New stock,
r
Cash sale,
z
Jan 28
Mar
10% May
19
Apr
20
Jan
9% Mar
12% Mar
23% Apr
Apr
36
6
Sept
Sept
13% Mar
Jan
Dec
50
Oct
28% Nov
1*4
Deo
Oct
Jan
24
Apr
Apr
30
Nov
35
June
5
Mar
18
105
1
-144
28
Oct 28
12
88*4 June
101
Nov
83
June
100
Nov
15
Mar
120
Apr
7
May 29
Mar
34*4 July
140
10% Oct
3
4% June
6
75
434 Nov 4
110% Aug 9
13%May 29
50% Mar
1% June
76*4 June
111
117
81
Nov
Mar 24
5% Mar
z784
6%
Dec
161
Dec
140
Jan
4
10
Mar
20%
42*4 Mar
126*4 Jan
135%
135% Mar
0
65% Aug
3
40
Mar
July 17
Sept
Jan
5*4 Mar
5
11%June
Oct 31
57
11
9
3
31
12
11
Sept 6
1*4 Jan 20
5% Jan 9
35*4Sept 5
8% Jan 5
2% Jan 3
2034 Jan 4
35
49
Jan
Mar 13
11% Jan
Ex-rights.
3
4
102
Dec
11% Nov
5
66%May
36% Mar
17% Jan
73% July
11034 Aug
9*8 Sept
Jan
Oct
111
June
101% Sept 11
Dec
Nov
May
18% Nov
110
Nov
13% Nov
21% Jan
92
167
Jan
0% July
Oct
1033s Nov 3
33% Sept 27
17
y
32
142
30
Nov 30
18% Dec
9
Ex-dlv.
July
24*8 Dec
15% Nov
30% Dec
38
4
Aug 24
16% Apr 8
38% Sept 5
434 Sept 1
30
24
Mar
Jan
9
Oct
Mar
113g Mar
21% Sept
2134Sept27
4% July
1
34 Aug 11
Jan
87«
Mar
51
78 Aug 24
27g Sept 6
2
2% July
14% Nov
22*8 Nov
8
29% Sept 12
Sept 29
Dec
3
Mar
4% Sept 1
Apr 10
Dec
6% Nov
7234
12
15
40
108
0
80
May 10
Jan
Nov
634Sept 27
223g Sept 27
32%May 9
7
95
37g
85
207g Oct
68% Dee
381a Dec
13
Jan
4734 Sept 21
Apr 8
834 Apr 10
60% Oct 10
Jan
3% July
% Mar
19
27
Feb
15»4 July
22
115
5% Nov 25
8% Aug 22
61
67
784 Mar
Feb
June
27% Nov
11% Feb
7%
5
36
July
Sept 19
14*4 Apr 17
102
100
v t
Howe Sound Co
100
par
No par
Household Fin
50
6%
a Def.
Apr 11
8% Apr 10
Sept 13
Hershey Chocolate
300
6% preferred series A... 100
*40
93
400
100
26
3
2
7,900
6
47g Feb
Jan 19
123g
6
123
71
Hudson Bay Mln A Sm Ltd 100
Hudson Motor Car
No par
Hupp Motor Car Corp
1
Illinois Central
100
*24
Apr 10
Sept 5
100
w
7,500
43
17
2
w
1
25
Apr 12
May 19
90
100
17%
5
Apr 11
Apr 19
99
40
8
Apr 10
8
May 2
Apr
29
25
7% preferred class A
Hall
3
11
50
25
t In reoelverahip.
preferred
Hackensack Water
100
110
17%
6%
101%
61%
*108
Gulf Mobile A Northern-.100
52
1
105
*130% 133%
17%
100
17
100
Mar
35
2%
*21
20% Nov
100
2% Mar
52% Mar
Oct 17
2%
21
Nov
I684 Nov
1*4 Mar
2% Sept
60% Apr
12%June 13
% Apr
9
Apr
Mar
122
July 21
21% Mar
No par
July
2% July
26% Oct
34
3334 Sept 27
37% Sept
141% July 27
10
Guantanamo Sugar
8% preferred
95
84 Mar
14% Apr 11
8
Nov
23g July
27% Nov
2% Mar
1
Apr
110
13
6
Greyhound Corp (The)-No par
10
Mar
July
978 July
12% July
13% Mar
15% Mar
5
7
2,100
preferred
45
6*4 Mar
5% Sept 27
.
32,600
5)4%
53% Nov
124% Nov
Mar
4
June
""700
42
Dec
Aug
32
18%
18
100
79
125
74% Mar 16
383s Jan
10934 Jan
is4 Jan
11
Nov
Jan
Jan
Mar
l%Nov
I07g Sept
2434
227g
12%
16%
23%
60
Mar
10
8
% Aug 18
4% Apr
40% Nov
117% Nov
1% Oct
4
7$ Apr 10
Granby-Conso 1M S A P
5
Grand Union (The) Co
1
$3 conv pref series...No par
Granite City Steel
No par
Grant (W T)
10
Apr 10
21% Apr 11
87
No par
Preferred..
4
Jan
13% Apr 11
53
31
31
30%
60
*40
44
par
No par
70
4
1134
1
12?g
26
278 Jan
17%
*53%
•
131S
28
25
50%
118
3*4 Mar 14
No par
Mar
June
% Mar
51%
7
Mar
178 Apr 10
Goodyear Tire A Rubb.No
250
3312 34
3334 34
33%
32%
33
*32% 3334
518
57$
5i8
6
6ig
614
6%
6*2
6%
634
6%
6%
*1234
1278
12l2
1234
1214
12
123g
12
12
12
11%
11%
*10H4 10812 *10U4 108l2 *101i4
108% *101% 108% *101% 108% *101% 108%
59
59l2 59l2
593g
5914
595g
59
59% 59%
59
59%
59%
*32
3314 *31*4
3314 *31*4 33*4 *32% 33% *32
34
*32
34
*133g
13l2
1338
1338
13
13lg
133g
13%
12%
12%
12%
13%
*64
66
66
66
67
67
67
67% *66
68%
*65%
68%
*110
llllg *H0l8 11H8 *110*8
111*8 *110% 111% *110% in% *110% 111%
6*4
6
6*4
6I4
6*4
6
6I4
6
6
6%
5%
6
52
52
52
52
51*2 5l7g
52
52
*50
52
51
51%i
1
1
1
*7S
*78
1
*7$
1
1
*7g
%
%
*3*2
4
4
*8l4
*3l2
4
*3%
384
3%
3%
*3%
3%
25
2534 2534
25l2
25ig 2512
25
25% 26
25
24% 2434
6
6I4
6I4
6
6's
6
6
6
534
5%
534
6
1
1
1
1
13
1,000
Nov
July
28% Nov
47
*11%
110
18%
33%
27%
28%
135
200
4,500
10,400
48
Apr
May 17
1134
84%
113
18
600
1,100
Mar
Nov
Mar
Sept
34
*11%
17
87
16%
16%
3334
24
4,500
1,400
Nov
87
13
14
50
May 24
24% Jan 26
60
307g
3734
1734
133%
6134
6134
14,700
3,400
1
Feb
138
3
Green Bay A West RR
Green (H L) Co Inc
21
20
17
24
1
7%
I'2
28
Apr
37
Mar 14
1378 Jan
2% Jan 23
$5 conv preferred
Gotham Silk Hose
1,100
Mar
37% June
54
Sept
1
5% preferred
30
%
734
1
400
71
*69
3
Goebel Brewing Co
1
Gold A Stock Telegraph Co 100
Goodrich Co (B F)
No par
10
94%
3%
Nov
66% Mar 11
24% Jan 6
4)4% conv preferred
Gobel (Adolf)
1,800
23%
*132
62
18ig
2%
86
213g
2%
*84%
2:1934
30*2
30% *30
*34%
3734
38
*34%
17%
1634
17%
17%
*17%
18
*17
17%
17%
*104% 107*2 *104% 107% 104%
*101*2 103
*101% 103
101%
26
*273g 28
27%
25%
*130
142
*129*4 142
*130
*7
*7
7%
7%
*7%
*90% 91*2 *90%
91% *90%
3%
35g
3%
3%
3%
*106
108
*106% 108
*106%
10
10
10
10
10%
108
107% 108
108
110
*159% 163
160
*159% 162
15
15
15*4
15
15%
133
300
4,200
2%
18
Mar
99% Feb 8
27% Mar 10
83s Jan 3
No par
Glldden Co (The)
2,600
3%
93%
3%
18
1734
283g
26%
2834
28%
135l2 *134
60
*53*2
3U2
30%
18%
17%
*4%
*61
*173g
18
40
3
23%
18
2%
22
18
*38%
3
93
34l2
2338
2884
135l2
*53l2
*30*2
43
2334
1*8
17%
16.3g
*173g
3414
18
No par
93
1*8
27
No par
|6 preferred
1734
40
8
18
Glmbel Brothers
100
9412
77$
2834
*53*2
35
*173g
1612
1,300
Jan
20% Nov 20
15% Jan 4
8% Sept 5
10% Aug 10
7,000
7,000
6334
23%
71
15
10
6%
243g
*1
*20
16
17*2
*3%
4
55
6%
20%
3l2
41
15% Oct 7
4334 Sept 27
Apr 8
Apr 28
46
"3",400
66
1
1*8
23
5
133l2 133l2
61*2
*17%
28i2
135*8
1
8*4
3734 3784 *34*4
17*4
1734
1712
*1712
18
*17l2
*10412 107l2 *104l4
*10H2 103
10U2
28ig 2818 *273g
*12914 142
*12914
*7
7i2
7*2
*9012 9H2 *90i2
35g
35g
358
*105i2 108
*106i4
10
10
10i8
*105
10712 *105
16U2 161% 159l2
1578
87
175s
1
86
19% April
12% Aug 24
16
97% Nov 15
15% Apr 11
534 Apr 10
43% Oct 21
6% Aug 24
99%
21%
21*4
*69
70
1
16
69 lg
86
86
6
3
5
6% preferred
100
General Tire & Rubber Co
5
Gillette Safety Razor..No par
$5 conv preferred
No par
21%
5
Oct
5% July
19% Oct
38% Nov
21% Mar
92% Apr
1% Jan
Sept
136
Mar
8
20% Jan
%June30
14
46
40
2:214
*84%
1,000
No par
No par
102% Dec
59% Deo
11% July
35
5
3
134Sept
28
11
Oct
Sept
9% Nov
20%
108%
27%
22%
108*4
Feb 28
5
934
*52%
9
54
2l2
215g
*90
47
9*2
2*2
66
35s
47
54
2l2
2H4
69
500
16%
*90
*27g
66
69
16*2
99%
21%
6%
Gen Time Instru Corp.No par
3*8
2H4
24lg
*9212
35s
2,200
16
3
86
94
1834
1134
16
$6 preferred
General Refractories
Apr
2% Mar
584 Mar
25% Mar
111% Apr
Jan
1
1134
3*4
*23g
*84i4
preferred
1134
47l2
*39*4
3*4
6%
Gen Realty & Utilities
600
187g
6*4
47*2
IOI4
5512
1812
70
1,700
16%
32
Jan 27
111j2 Nov 25
12% Sept "
85% Aug 22
11
16%
30%
Apr 15
34June 30
No par
100
General Shoe Corp
1
Gen Steel Cast $6 pref. No par
General Telephone Corp
20
Gen Theatre Eq Corp. No par
6l2
10
105
3
67g Jan
1078 Jan
Mar 31
No par
750
63g
*54
..No par
$6 preferred
5
38
Gen Railway Signal
115
4
l26%June
Apr
Gen Public Service
2,000
1,300
612
47*2
1058
10
800
Mar
Mar
6% Mar
3
Jan
5634 Oct 26
3% Sept
7
July 21
8%
4% Mar
82
29
9
Jan
127
May
36% Apr 11
112
Sept
1
14%
6l2
55
General Printing Ink
1,500
72% Jan 26
28
Mar
118% July 3
1% Jan 5
05% July 11
99
July 28
117
No par
30%
20%
4712
1038
Common
2,100
89
% Apr 10
39
Jan
~
14%
2234
*54
300
4% Mar
3
Jan
4778 Aug
36% Jan 27
10734 Sept 20
2934
*18%
14%
29%
215g
*65
1
160
*90
1,700
52
44% Jan
No par
16*4
3034
14%
3034
19*4
227$
66
1
*7
193g
12%
1634
99*4
51,000
June
75
April
preferred
100
General Motors Corp
10
$5 preferred
No par
Gen Outdoor Adv A—No par
700
%
31
6%
48
25% Jan 6
130% Mar 31
Oct 23
J6 conv pref series A-No par
General Mills
-.No par
10
800
2,760
Jan 17
35
No par
Gen Gas <fe Elec A
19% Nov
149
Apr 10
.No par
$4.50 preferred
100
"l
18
89
General Foods
6,500
Sept
11
1734 Apr
No par
Dec
13
9
16% Dec
106
July
July
5
5% Sept 11
18
Jan 4
100
preferred
18
97
Mar
3
103% Mar 28
65
Sept 27
8
Mar 31
43
100
No par
85
Jan
52
2% Apr
9
No par
preferred
General Electric
3,000
18
*%
7%
36,800
9%
cum
General Cigar Inc
170
*110%
1734
9034
7%
par
3% Oct
5% July
18
Mar
9% Mar
Oct 19
7%
7% Sept
128
Sept 20
5
Class A
100
860
1,200
par
1% Mar
2% Mar
18*4 Jan
z9%Sept 1
45% Aug 17
5%May 17
5
4%
9%
*7g
22I2
21
23g
77s
*104
1914
23g
*84i4
2078
37S
*37*2
1634
*17*2
14
1634
10i8
*2l2
*2018
*4i4
31I2
14*4
31*2
31
12
6514
1734
*53l2
*30l2
3U2
17*4
10
*1738
*34*4
*2338
173s
275$
*16i4
12
*4
*110*2
1
*90
2412
90
103
Apr 22
334 A or 10
General
48
*87
1918
*16*2
*54
*312
*35
87
1
12
2438
*93%
45
87
19*8
91*2
191
88
*35
9
19
*68
45
883
124*4 rl2378 124*4 rl25
125%
63
541$
5218
53*s
52%
53%
12434 125
12434 12434 *124% 12434
*35
35
35
35
367g
35
9
31
205g
45
88
124
9<
*14ls
*84
5g
9
19i8
12i8
17l2
9914
2234
6l2
*65
455g
11534
16:
93s
14l8
3078
2l2
*2034
23
*50%
57
16%
16%
114
*113*4 114
*113% 114
395s
37%
38*2
38%
3834
46*2
45*8
4512
45%
45%
II534 *1157g 120
*116
120
5«
8
%
I
%
557$
914
14
*238
*16
9*4
32
33s
*20%
*505$
17
4
32%
*3%
54
94
Jan 26
No
Jan
10
Apr
No
Nov
5%
18% Oct 26
15% Sept 25
96
Bronze
91
2% Mar
July 10
40
General Cable
25
Sept
5
General
Jan 13
97g Sept
109% Nov
29% Oct
32
No par
30
Mar
19% Mar
Gen Amer Investors. ..No par
700
50
Sept 27
3% Sept 13
57g Sept 26
Gen Am Transportation
2,100
6
9034 Jan
36
3,800
3%
11
Mar
Mar
Jan
4% Oct
37% Nov
Mar
11
Oct
21
Nov
l'.OOO
...
39%
58
2,000
Baking
$8 1st preferred
18
85
Oct
Nov
43% Nov
31% Dec
7% Aug 10
9
July 13
50
J6 preferred
26%
100
Apr
2
5
"
148
3%
11
37% Sept 12
108% Jan 11
2934 Jan
5
18% Apr 26
1% Apr 10
3
5)4% conv preferred
Apr 14
Aug 24
55
No par
Container Corp
Sept 11
1% Apr 10
8ept15
$6 pref No par
conv
16% Mar
Apr
24% Mar
10% Mar
19*4 June
15
Apr
1% Mar
July 27
Oct 6
5
27
10
Gar Wood Industries Inc
Gaylord
734
*145
3*2
1034
23
4
32%
*""766
5
734
147
3*2
10*2
4
34
46
147
3%
H*2
24
4
167g
32l4
143g
3112
♦9812
2234
6%
4578
5
734
4
58
12
734
4
*88
*16
5
4*8
*16l4
3012
19i8
5
734
*145
147
54
34
167S
Gannet Co
7*2
7*8
7*4
6*2
6
6%
6%
10212 *101
102l2 *101
10212 *101
102%
54
*52
53
53
53l2
54
5334
23
91*2
240
50
17*8
*88
No par
F'k'n
14
*145
34
*16%
Francisco Sugar Co
38
8
Highest
76
Aug
31% Jan
66% Aug 24
No par
104
*13is
56
19
*101
5*8
17*8
19
*12%
104
14l2
55
19
133s
2l2
334
15%
13
5's
35«
1134
4i4
"4%
*9%
9%
9ls
111% 111% *110l8
*1
1
1%
2i2
35g
15%
*13lg
*312
lli2
*4
$3 preferred
Gamewell Co (The)
2i2
334
16
5%
35s
115s
24
114
Gabriel Co (The) cl A—No par
Galr Co Inc (Robert)
1
1,000
2*4
334
*15
13
17
114
1,500
2,100
17
57
343s
3,400
161$
17
*22%
31
$7 conv preferred
51
25
21
14
25% Sept 12
105%June 8
6
Apr
103% Apr
10
900
4I4
1412
5384
100
110
77*2
4lg
31
*101
pre!—
conv
Foster-Wheeler
30
20
Lowest
{ per share $ per share
May 12
1% Apr
Slmon<fcColnc7% pf.100
Free port Sulphur Co..
10
30
13
100
Machinery Corp
4)4%
1~200
50
32*4
104
Food
600
par
38
3134
212
35g
13
t Folian8bee Brothers.-No
~
197g
34
4
17
*34
34
2i2
25
*7012
34
56
11»4
*32
No par
100
__
19
783s
47g
34
*3*2
11*8
*2n2
*11%
4
"i'M
*10634
...
Florence Stove Co
200
234
32l2
1318
5412
734
147
312
115s
*22i2
*334
25g
17% Apr 10
99% Jan 16
38% Apr 8
15
Sept 5
Florshelm Shoe class A .No par
8,000
35
23*2
*51$
102l2 *101
543s
75
205g
*22
Highest
Firestone Tire & Rubber—10
6% preferred series A.
Range for Previous
Year 1938
g per share
First National Stores..-No par
Fllntkote Co (The)
No par
500
47i2
2 Hg
*33
2l2
3ll2
18*2
*70*2
378
*101
104
*44
19*2
75
4i8
1314
207g
343g
23*4
...
19*2
17*2
1312
101
5'$
32*2
20i2
747«
4%
38
3234
212
1,700
2%
32*2
31*2
*10634
*10634
_
2014
747$
2,700
477g
*22
231}
3ig
3
Lowest
$ per share
Par
20%
*33l2
35
*22i4
Week
19ig
197g
19'%
19l2
1037g 104
*103*4 10334
2I84
35
2314
33s
Range Since Jan. 1
On Basis of 100-Sftare Lots
Shares
46i2
2, 1939
EXCHANGE
*47
4734
2114
35
*223g
33s
3*g
32*4
13
*101
2H2
21i4
35
23%
4734
STOCKS
NEW YORK STOCK
the
Friday
Dec. 1
$ per share
Nov. 30
f per share
Sales
for
Monday
Saturday
Dec.
Mar
48% Apr
17% Mar
87
60
Oct
Dec
Dec
Oct
105% Deo
21% Nov
52% Oct
13*4 July
25% Jan
108
May
60
Aug
35%
Oct
18%
Oct
6
Mar
46%
Jan
72% Nov
83%
Jan
105% Nov
5
Mar
23% Mar
9*4 July
63%
Jan
1
May
3% July
3
Mar
9% July
20% Mar
35% Nov
Mar
5
10
Jan
% June
284
Oct
6% Mar
12
Apr
207g
35%
Dec
23
Mar
44
Apr
11%
%
5 Called for redemption.
Dec
Nov
Dec
Volume
AND
SALE
HIGH
Monday
PRICES—PER
Tuesday
Nov. 25
Nov. 27
Nov. 28
$ per share
$ per share
S per share
*6
6%
*111
*6
25%
25%
26
114
67fi
Range Since Jan. 1
*150%
89
14%
*512
*35s
40
5*2
334
40
109
41%
108
*4
13%
88
14%
5%
*5*2
5%
2*2
11*4
*2*2
212
*36*2
38%
179
58
59
163% *161
40
108
4%
12%
4%
12
58*2
58*4
5%
5
5*s
434
7%
7*4
8*4
7%
8*4
7
7*2
39%
*130*4
12*2
8*8
100
57*4
59*4
8%
8
8*4
734
47*4
38*4
38*8
38%
39
39*8
133
*131% 132%
130*8 *131
12*2
1234
12%
12%
1234
48
4634 48*2
49*2
47*2 48*2
4
4
*334
4
*334
4
12*2
47^2
*37S
4
47*2
47*2
*48%
3478
*33*2
*37
*101
105
12
84
*79
7*2
7*2
*37*2
*102
12*8
*79
83
*127
132
15%
15%
84%
84*4
75
73
74
*127
132
*127
132
74
*72
*1658
132
*72
17
17*2
74
16*8
20
*1534
*96
*18
20*2
*7*4
*18*2
16
9734
*1534
16
*1534
8
*7*4
*96*2
8
9734
*96%
16%
*18
21
16
15*2
*96*2
9734
*15
153s
*15
15*4
15
*95
98
*95
98
11
*10*4
*6*2
11*4
*10%
11*8
7
634
*88
14%
15
98
634
90
11
678
90
90
*88
3938
14*8
3934
14*2
393s
14*4
*32
34
*2*2
*27*2
2*8
2734
*32*4
2*8
*27%
*25*2
255s
5*2
25*4
*434
*4*2
*26*8
28*8
*9
26*2
29
93s
1658
15*8
*26*8
29
*9
16%
*16*8
15*8
5*2
1534
39*8
14*4
34
2*s
2734
25%
5*2
26*2
29
9*4
18%
1534
5*2
*95
10%
6*2
*88
72%
16%
*16
7%
*15%
16
*95%
9734
*14%
15
14%
14*2 """360
98
*95
98
95
95
10
*6%
6%
*88
10
6%
90
234
*2%
27%
26*2
34
234
2634
25
25%
2:24%
2434
*26
16*8
16*8
28%
8*4
15*2
16
16
16
*4
27
5
26
5*8
26
2734
28*8
834
1534
2:27%
15%
15%
16%
16
16
8
*4%
8%
5*2
5*2
30
30%
22
21%
21%
*99*2
101
101
52*4
6
42*2
9934
101
5234
*4%
52*2
3%
1
3%
21%
13
13%
*2734
28%
Z50%
534
53
5
51%
584
41*2
99*8
5%
42%
41*2
99»4
9934
9984
19*4
101
101%
172% 172% *173
*19
19
19*4
19%
*19
*30*4
32
*30*4
31*2
31*4
31*4
30
39
39
*38
39
38*2
38*2
*37%
12*8
1534
12*8
*15*4
34*2
12*8
1534
13
13
*15%
13%
15%
34*4
3478
*19
*123s
*15*8
35
35
*105
108
*105
1738
17*2
1734
45%
45%
334
17%
46
3%
*17*2
3*2
17*2
*106*8
*106*8 110
23*2
2334
2334
158
1583s 158*2
*20*8
203s
20*4
58
31
*56*8
31
57
*30
134*2 *132
28»4
28*2
29
3234
32%
3234
*132
3*s
*5*2
12*2
3734
3*4
7*4
29
29%
12*2
37*2
29
*27
*15%
15*4
*13*2
15*2
15*4
14
*12
*34*2
3
35
108
18%
33
12*8
35
3*8
32
18%
12*8
12%
35
35*2
34%
2*8
*6
15
15*8
14%
15*8
14
*14*2
1*2
31*2
32%
*12
14%
*13*2
27*2
48%
*5*2
*41
5*8
*4*2
15*2
39%
5*2
*38*2
174*8
29
51*2
28
14*2
*1*4
234
2*8
*26%
28*8
1478
"28%
14%
1434
15
15
1434
1434
1%
*13*2
14*2
1%
1%
5%
4*2
1534
38%
28*2
4*8
*13%
5%
39*8
534
38
534
38*4
37%
6*s
3834
30
38*4
168
51*2
4*8
26«4
100
14
30
168
6
37%
29%
30
*160
51
*4%
*2434
*95
*13%
*160
51*2
4*2
2634
100
14%
51%
4%
*25
*95
13%
1334
16
16%
17%
16*2
1634
16%
16%
108% *105
108*2 *105
*105
108*2 *105
13*2
•Bid and asked prices; no sales on
2%
3*2
*26%
14*2
*14%
*13%
*1%
5
51*2
99% 100%
173
500
3,700
*18%
400
31
31
3*8
*6
5
25
..100
50
No par
50
1
Lehigh Portland Cement
300
38,900
3,500
1,500
700
19
9
2638 Aug
25
37% Oct 11
25
4
4%
*24%
*95
J In receivership,
95*4 Sept 26
Mandel
""360
No par
Bros
X Manhattan Ry 7% guar. 100
18% Sept
5
100
Modified 6% guar
19
54% Jan 4
109*4 July 17
Mar 31
38%Sept
2
62
5
110
8
24% Feb 25
Sept 16
l59%June 23
20% Mar 13
124
67
35
Apr 25
Feb
135
2
900
pr
pref-100
Co,.,No
L) Co
Martin-Parry Corp
No
Masonlte Corp
No
Mathleson Alkali Wks.No
Marshall Field A
par
1
4%
25
97
700
200
10
500
8,200
s Def. delivery.
Stock,
1
Mar
2*2 Mar
1484 Mar
92
June
13«4 Mar
Apr
12% Mar
297g Apr
126
22
Mar
116% Mar
6
24% Mar
3
6
10
18*4 Mar
63sSept
6
4
84 Mar
4% Mar
1
5
9
5
Apr
4
Apr
1
1
Apr
784 Oct
30
Nov 22
Nov 14
Apr
29
Mar
Mar
584 Mar
Nov 22
15«4 Nov 22
6
16
Apr
16
Oct 23
1
Apr
2% Mar
Nov 24
10
8
8
2% Sept
9
8
4
6% Nov 29
57*2 Jan 3
8% Mar
3% Aug 24
984 Apr 10
26l2 Aug 24
1734 Nov
4538Nov
May 12
2
155
Sept
5
37% Sept 13
93
Nov 24
Jan
■
y
July 11
June 24
17% JaD 20
173s Nov 20
106
Aug 17
Jan 13
x Ex-div.
Dec
26
Mar
19*4 Mar
156
16% June
105
3
1078 Apr 11
984 Jan 26
88
5%
5% Mar
14% Mar
2% May
36% Maf 10
1
25
Mar
1*4 Mar
4% Sept
Aug
28% Mar
3*2 Mar
176
8
3% Sept
9
5334 Oct 27
6% Mar 10
Nov 17
40*4 Apr
6
534 Sept 13
2034 Aug 11
■
26
19% Jan
40
Sept
30
r Cash sale,
Dec
84 Mar
43% Feb
par
preferred
100
Department Stores—10
Maytag Co
No par
$3 preferred w w
No par
$6 1st cum pref——No par
McCaU Corp
No par
McCrory Stores Corp
1
6% conv preferred
100
» New
2
Mar
99
5
25% Apr 11
par
May
33
2
11% Sept
par
7%
t.700
Aug
Nov 17
Mar
12% Mar
16
4% Apr 10
2,100
Sept 27
l23g Oct 23
Martin (Glenn
29
3334 Oct 23
Aug 24
Marine Midland Corp
4,700
1
19% Apr
138
Ctfs of deposit
6
June
6
Maracalbo Oil Exploration..
Market St Ry 6%
5
Jan
Manhattan Shirt
330
Jan
6% Sept 11
22% Mar 9
Aug 11
16% Sept 12
105
500
8,900
Apr
14% Mar
20% Mar
21«4 July 22
6
700
5,100
18,300
Mar 13
30*2 Sept 12
l01%8ept 29
200
26
1
-_5
81% Mar
5
Jan
27
Ctfs of dep.
157
47
Aug 24
25% Sept
Magma Copper—.—.—10
Manatl Sugar Co
1
Mar
May 26
Nov 13
19
13%June 29
Macy (R H)
1,000
Mar
81
10
Mack Trucks Inc.
3,300
25
31% Apr 11
5,400
No par
Co Inc—No par
Garden—.No par
5
40% Sept 27
4,600
Madison Sq
Sept
15
Apr 10
2034 Aug 24
18
200
67g Mar
1984 Mar
23% Mar
6% Dec
180
Sept 15
8
50
A..No par
Nashville...-100
10
6% preferred—.
No par
Dec
1% Mar
19% Mar
10
4
36*2
29
13*2 *13
16%
1634
16%
108%
108% *105
5%
Jan
Mar
%
43% Aug 14
108% Aug 3
IO984 Aug 3
9
1534 Jan
51%
95
26
Biscuit
36% Apr 10
4% Apr 11
28
168
25
Corp No par
Long Bell Lumber a ...No par
Loose-Wiles
3
13% Nov 18
32»4 Mar 13
6684 Mar 13
Sept
36% Apr
1%
*51
Lone Star Cement
10*4 Mar
13% Mar
95
884 Sept 11
2784 Jan 5
1% Apr 10
MacAndrews A Forbes
*1%
*16Q
1
Loft Ino
Mar
8*2 Mar
3% May
3% Sept 11
Louisville A
2,600
5%
Wks.No par
Link Belt Co
No par
Lion Oil Refining Co...No par
Liquid Carbonic Corp—No par
Loew's Inc
No par
$6.50 preferred
No par
8
Mar
15
6% Sept 27
9% Apr 10
23
Apr 10
152
Mar
Mar
8
Mar 16
118
2% Sept
%May
Louisville Gas A El
14%
14%
14%
36%
2834
25
100
12% Mar
18% Mar 9
5% July 18
Jan 24
100
28%
534
Llbbey Owens Ford Gl.No par
15% Mar
2*2 Mar
22
13% Jan 20
23*2 Jan 20
Apr
20
Mar
29% Oct 28
Jan 26
17
113
1
5*4 Jan 15
Feb
1*4 Mar
2934 July 24
Jan 27
600
1,100
14*2
*14%
*13%
5%
No par
preferred—.......100
10
3,400 Lorlllard (P) Co
160
7% preferred
100
10
*26
5*8
5
Lily Tulip Cup Corp—.No par
360
4
16%
108*2 *105
37% Sept 27
4
Sept 11
30*2 Oct 19
Apr
3% Apr
Lima Locomotive
7%
95
this day.
3%
28
28
25
16
6% Mar
14
100
300
Jan
1678Septll
12%Sept
500
300
Mar
26% May
Apr
8
4% Apr 6
2334 Sept 13
20% Apr 11
7
Apr 8
Lee Rubber A lire.—
Preferred
3
80
46% Sept 11
20
No par
Series B
8
Sept 21
1«4 Apr 11
12% Apr 10
Bryant—1
Lerner Stores Corp
8
10*4 Mar
99
8
Apr
20
1
Lehigh Valley Coal
6% conv preferred
Lehman Corp (The)
Lehn A Fink Prod Corp
10*2 May
63
Apr
484 Mar
8«4 Apr 11
$5 prior preferred
Lehigh Valley RR
Dec
Mar
5% Mar
14*4 Mar
7% Apr 10
5
Aug 24
June 21
Keystone Steel A W Co .No par
Kimberly-Clark
No par
4% conv preferred
Dec
July 28
95*4 Aug 21
Apr 25
28
Co
Mar
11
100
85
No par
Kinney (G R)
12
18
79
Kennecott Copper
118
12*8 Apr 11
1
B
Jan 20
1634NOV17
Sept 19
Sept 26
38%
*13%
Class
Jan
Apr
12% Mar
24
8% Apr 24
90
Mar
4984
1Hz Jan 4
Sept 27
12184
6% Apr 11
April
11
100
1
5% conv preferred
100
Kayser (J) & Co
5
Keith-Albee-Orpheum pf..l00
Kelsey Hayes Wb'l conv ci A_1
Sept 27
44% Mar
99% Jan 17
117% Jan 27
City Southern-No par
preferred
Kaufmann Dept Stores
4%
Sept
4%
13%
L pf ser B No par
Kansas
95
26*8
100
19*2 Jan
33
3734
51%
Apr 10
—5
5
168
13
„
Tobacco—25
15%
51
83
Llbby McNeill A Llbby No par
15*8
*160
168
Apr
Liggett A Myers
*4*4
29
35
Kalamazoo
pref.100
Stove A Furn—10
2,500
" 99
4%
37
58
July 18
Jones & Laughlln St'l
Life Savers Corp
15%
37%
5*2
Nov
122
800
4*4
28
Jan
124
Jan
900
12%
36%
24
Apr
113%
June
4,900
34
6%
June
9
83% Nov
12«4 July
Oct 21
85
534
42
*33
38
29%
16
Mar
133
49*2
1434
36*2
Mar
105
584
41%
*12%
28%
1434
15
14%
1%
5%
8
18
1,300
33%
7%
Feb
6
6% Mar
32a4Sept 12
12
27%
3%
63
1
Sept
Nov
9
Apr 14
59
122
18
3
Aug 24
68
......No par
No par
100
Jewel Tea Inc
Johns-Manvllle—
Feb
Jan
June
125
Sept 16
11%
27%
49*2
31%
12%
28
13
6
8534 Jan
35% Nov
96% Dec
11% Oct
11% Oct
IO84 Jan
22%
8,500
*6
07g Feb 28
22
*15
5%
*24
2,300
5,900
1,800
3,100
15
4%
*95
1%
3%
20
334
1%
3%
600
15
28
9% Jan 19
1484
119% Sept 25
2,000
21%
116%
21%
33*2
34
33*2
34%
*105
106%
*104% 106
17%
19
17%
1734
17*8
7%
...1
1
Lane
15*2
34%
15*2
25
30*2
*116
105
5*4
100
*4%
1,500
234
preferred..*
$6
Jar vis (W B) Co
Lambert Co (The)..—-No par
110
13
15%
29*2
Mar
7% Nov 30
18
Apr 4
30*2
*15%
*15*2
3,100
39
*6
June
12
87
No par
I
Jan
30*4 Nov
46*2 Mar
5*2 Feb
Sept 14
Corp
Island Creek Coal
150
9%
173
*28
7*4
28
76
1,000
28
*8
*12%
12*2
34*2
28
Jan
6
48*2
Mar
19% Mar
Oct 24
July
15% Nov
52% Nov
Mar
Mar
Oct 23
5
100
3
Sept 25
140
Mar
33
7% Aug 24
Sept
Jan
4%
18%
2%
28%
4034 Sept 11
5
4
par
16*2
26%
2734
98
30%
*12*4
33*2
3% Sept
par
1534
5*2
26% ""766
*37
4*2
15*8
39*8
4*8
*4
2,800
5
*28%
5%
25
24%
*4
36*2
12%
4*2
*95
2438
29
32%
par
57% Nov
3678 Mar
132
105
4
No par
Kresge (S S) Co
10
Kresge Dept Stores....No par
Kress (S H) & Co
No par
Kroger Grocery A Bak.No par
Laclede Gas Lt Co St Louis 100
5% preferred
100
220
12%
15%
51%
34
234
26*2
""160
26*2
29
434
*160
1 200
36*2
15*8
51*2
49*4
6
42%
38
39
13%
15%
168
*160
2734
22"600
31
*4*2
5%
12
38
Jan
84
100
Kendall Co $6 pt pi A—N# par
19
29%
19
5
15%
3934
534
39*4
38*2
4
22
600
1,100
90
13*2
172*2 172%
*18%
19
101
*1*4
39*2
6%
99%
9934100
1*2
5*4
5*8
3%
1%
99%
29*2
*1*4
10%
6%
10%
*88
45
45*2 46
45%
45*8 46*2
4534
46%
3%
3%
3*s
3%
3%
338
3*2
3*2
3%
1734
1734
1734 *17%
17*2
1734
*17*2
17*8
17*8
*107% HO
*107
110
*107% HO
110
110
110
23%
23%
23%
23%
23%
2334
2334
23*8
23*8
158
158
*153
158
*153
159
*154
159
159
19%
19%
19%
19%
20
at20%
20*4
20%
20%
*56
59
*56
59
57
58*8
*57%
57
58*8
*30%
31
*30%
31
*30
*30*2 31*2
31*2
31*2
134
134
134%
134*2 *134
134*2 *133
134*2 *133
27%
2734
2634
27%
27*2
28%
28*4
29
29*4
*27*2
*27
17%
2:12
116
10
46*4
7*4
29%
29*2
*5*2
29
15%
34*8
105
*105% 106%
17%
1
4
23
4
42%
*17234 174*2 *172% 175
3%
334
1%
2284
6*8
101
116
116% 116%
42*2
9934
101*2
400
15%
9734
31*2
6*4
100
*15%
*95%
*4%
52
21
1534
9734
14%
22
42%
9934
""400
20*8
27%
9
700
8
*18
30*2
*6
1634
34
26*4
29
"""266
20
11%
60%June
Jan 12
31%May 19
19
Apr 10
_—
Intertype
Preferred
*7
*32*2
9
2,000
1,300
2,800
.
2
Kan City P
*16
13%
*32%
*258
28%
20
*11834
37%
26*4
800
71
*65%
13%
31
52
8
""400
*127% 132
3734
*4*2
Prelerred
26
13%
2:13%
*30%
2724
25%
5*2
2,600
3
May
3
523s Oct 26
6*4May 29
No par
Shoe
4%
11%
1484 Jan
29
preferred
Inter Telep & Teleg—_No
Foreign share ctfs
No
Interstate Dept St ores-No
Mar
5
5534 Jan
No par
7%
2
684 Mar
Sept
138
25% Aug 24
3% Jan 23
39% Jan 9
100
preferred
5%
9%
3% Mar
fi
10
Sept 21
International Salt
Jan
l73gSept 11
63s Aug 24
15
6% conv pref
100
Internat Rys of Cent Am..100
Power Co
International
*18
90
123
8%
Sept 28
100
Preferred
Inter Paper &
International Silver....... .60
73
7%
Int Nickel of Canada—No par
36
100
15
84
16%
1
Mining Corp
700
73
*11834
Int Mercantile Marine.No par
300
83%
68
68
Hydro-Elec Sys class A.25
Internat'l
41
45%Sept
100
Preferred
Int
29
105
83
2:37%
*434
60
Prior preferred
38
14
*21*2
*41*2
200
74
5*2
*4*8
300
14%
84
31
31
31
30% 3034
22
22
*21*8
22*2
22*4
*116*8 116*8 *116*8 116*8
*116*8 116*8
334
334
334
4
3*8
378
1
1
1*8
1*8
1*8
1*8
4
4
334
3%
3*2
2234
23
22*8
23
233S
23*2
13
13*4
13*8
13*4
*13%
133s
2734
2734
*2734
283S *27*2 28%
*4*4
4
40
25*4
15,900
2,400
48%
34%
14
*27%
164%
*334
39%
*2*2
Mar
48%
14*2
234
141
12 200
40
34
70
I6684 Aug: 10
4734
14*2
*2*2
185
May
46
39*2
*32*2
29
Mar
48
500
123% 123*2
*127% 132
7%
7
8
*95
*6*2
73
*11834
*11834
20
*7%
72%
73*4
16*8
17
*11834
*118*2
*72%
14%
Mar
71% Sept; 15
900
74
Mar
1
142
Sept 15
3«4 Apr 10
2% Aug 23
5% April
14,800
84
2
Internat'l Harvester...No par
10,200
*7%
3% Oct; 16
Apr
5% July
16% Nov
3% Jan
15
12%
*24
98
xl30
21,800
38
*79
Mar
67g Mar
Oct 18
;
131%
105
2
97g Nov
34% Nov
195»4 Mar 13
4%
4%
15%
Internat Agricultural—No par
Mar
June
Apr
2% Mar
8
11%
7%
26
7% Aug 24
1% Apr 8
No par
Oct
6*4 Nov
3%
6
4*2
4%
8*4
2% Apr
m.No par
Iron
Interlake
15
80
Nov
19%
7% Mar
Nov 14
"
109
Apr
95
56*4 June
5% Sept111
1678 Sept112
2®4 Sept
30% Aug
119% Dec
146
Sept
Apr
11%
26*4
26
Rubber
Intercont'l
Feb
1
9% Mar 1
46% Oct 24
17% Apr
90
100
preferred
Mar
35
5% Aug
4% Apr
J Interboro Rap Transit
100
No par
60
7
Aug
9884 Sept 11
21
Sept 5
9% Apr
Intercbemlcal Corp
14% Mar
Sept 20
157
Sept
11%
83
No par
Inspiration Cons Copper___20
1
Insuransbares Ctls Inc
6%
9% Sept 1
29% Jan II
16
4%
4%
*79
6% preferred
Inland Steel
131
86
145
1134
*3334
No par
100
100
7%
37%
No par
Ingersoll Rand
Int Business Machlnes.No par
200
8
38
84
74*2
*127
80
*7%
8*8
2634
900
Industrial Rayon
Highest
$ per share $ per share
4
Mar
10*4 July
1,300
7%
*26*4
7*4
*24%
*123%
14%
15%
8234
84%
*7*8
2534
1,100
13,900
7
27.
74*2
15%
*83
84
75
12
123*2 123*2 *123%
100
11%
4%
*79
1,000
4*2
4%
434
12
4,500
300
38%
105
600
3,800
4634
3%
47*2
3334
*101
105
4*2
4%
4%
*12
7*2
7*2
153s
153s
7412
*102
434
4%
25*4
25*4
25*4
25*4
*122*2 123*2 *122*4 123*2
*82
105
4%
6,800
4%
38
29
"2,700
4%
131
4% Apr 10
I684 Apr 10
Apr 3
147%May 11
67
Apr 8
10
Indian Refining..
$ per share
Lowest
4,200
58
57
500
163% 163%
2634
34*4
38
*27%
84
12
*79
34%
38
29*4
434
434
12*8
4%
434
12
34*8
*37%
*27*2
105
*102
478
*33*8
29
7%
*6
45*8
334
47%
2:3384
50%
37
37
*27*2
434
434
4*8
*48
50*8
34*8
*33%
3734
28%
28%
*48
50*2
58%
rr37%
3734
132% 132*2
11%
11%
39*2! 3834
13434^130*2
12*2
6*2
Highest
$ per share
Par
Shares
1,400
t
163%
163*2 *161
4*2
4%
434
4*8
6%
7
678
7*2
5
7
$ per share
Year 1938
100-Share Lots
Lowest
6*2
*6
On Basis of
Week
1
Range for Previous
EXCHANGE
25% 25*2
25% 25*2
108
*108% 109*2 108
*150%
*150%
85%
87
85*2 87%
13%
13%
12%
13%
5%
5%
5%
5%
3*2
3*2
3*2
3*2
39%
3934
3834
39%
106*2 106% 106% 106*2
412
434
334
4
11
11%
11%
11%
*2%
25S
*2%
2%
3534 3534
*35%
37%
179
179%
180
180
*161
5
8%
37*2
180
58*4
59
163
163
12*8
234
37%
178
179*2 180
163*2
3%
3%
39
*107
4034
108
25S
*37
179
334
3%
4034
39*2
2*2
38
180
57%
87*4
14%
12*8
*36
*161
87%
14
*5*2
41*
12
*178
109% 109%
87%
*107
4%
1178
*2%
6%
26%
*150%
108
12%
2%
*4
6*2
26
----
87*2
14%
5*2
4
41%
14
*107
$ per share
*150*4
87*2
14%
5*8
3%
*873s
Nov. 30
$ per share
26*4
2634
110*2 110*2
110
110
*150%
Dec.
STOCKS
NEW YORK STOCK
the
CENT
Friday
Thursday
Nov. 29
678
*6*2
26
NOT PER
SHARE,
Wednesday
Sales
for
LOW
Saturday
3515
New York Stock Record—Continued—Page 6
149
Ex-rlghts.
'
1
mum
75
Apr
884 Mar
6
Mar
61
Mar
^Called for redemption.
mm
'■■■
■■■'
1
'
■
New York Stock Record-Continued—Page 7
3516
LOW AND HIGH
SALE
—SECIRNOT PER
SHARE. P
PER
CENT
Sales
Monday
Tuesday
Wednesday
Thursday
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Nov. 30
$ per share
$ per share
% per share
$
22
22%
*7%
8
46%
13
*46
*12%
*9%
9®4
*98% 100
*10%
11
share
per
22%
23
23%
22%
7%
46%
12%
46
12%
9%
22%
9%
*7%
8
46%
12%
9%
46%
12%
46%
9%
7%
75
*98% 100
*10%
11
*71%
75
100
*70
*58
63
♦58
63
*58
65
66
(5
65®4
*5%
66%
5%
21
21
*5%
*21%
18*4
*15
35
35
*33%
I078
107g
*14%
10%
70%
t%
5%
21%
18%
34%
21%
110
4"s
*108
♦34
10 '8
10's
10
1%
1*8
5
'8
1*8
1
1%
.19 %
19*4
10512 10512
H
1%
*19%
106
15
33
50%
107
33
1%
5
1%
19%
106
22%
46%
46
12%
9
9%
*98% 100
978
10%
51
share
Shares
Par
McGraw
1,900
8%
46%
300
McGraw-Hill Pub Co-.JVo par
1,300
11%
12
2,100
Mclotyre Porcupine Mines-.6
McKeesport Tin Plate
10
9%
9%
*98% 100
10%
1178
878
9
*98% 100
1,600
McLellan
9%
2,100
9%
9%
6%
20
478
20%
14%
5%
2,400
Mengel Co (The)
20%
240
15
14%
20
34%
34%
33%
32
103/,
15
33%
10%
1,100
9%
14%
31%
9%
Merch & M'n Trans Co No par
Mesta Machine Co
5
5,500
Miami
14%
3,800
Mld-Contlnent Petroleum.. 10
31%
1,100
Midland Steel Prod
4%
47«
H
1%
18%
50%
107
41o
4%
106
49
107
4%
4
37%
9%
*34
14%
31%
*112
30
100
40
50
50
1,900
107
50%
107
119
110
250
4%
4%
37
*34%
Minn
9%
"V.ioo
1%
1%
1%
1
1%
3,500
4%
4%
*%
4%
4%
*%
4%
%
0,200
%
1%
1%
1%
1%
1,000
%
1%
19
106%
*18
2104
18
1 *17%
5%
J,%
95
*93
95
a92
9'1
*20%
15%
12%
20%
15%
127«
16%
*20%
15%
21
15%
*20%
21
15%
13%
16
13
216
13
16%
15%
13%
1^7S
HI
*50
51
24
6%
*22%
24%
|
*50)g
6%
6%
*22
6%
*20
220
20
21
21
15%
15%
13
13
1578
16
14%
11%
22%
162
167g
15%
12%
15%
11%
22%
162%.
1078
22 %
163
11%
22%
*20
Mulllna Mfg Co class B
$7
1578
678
678
6
6
6
2378
13%
13%
13%
23%
*12%
11%
11
11%
*957s
11%
11%
*9
78
20%
*160
99
20%
*143% 145
26
26
8%
73
8%
*4
9%
13%
42
48
4%
97
2078
165
143% 144
20%
73
9%
13%
41%
*42%
20%
*160
165
8%
73%
978
*13%
*40%
*42%
97
20%
*160
*82
97
2078
165
143% 144%
26%
8%
73%
978
13%
4178
48
6%
24%
*12%
13%
11
11%
*95%
2078
6
98
21%
*42%
48
4%
10
25%
97S
*241,!
25%
84
*80
84
4
4
9%
978
25%
25%
25%
25%
82
82
*80
10%
95%
11%|
12%
95%'
8%
9%
13%
4178
42%
3%
8%
8
70%
8%
19
*21%
37%
347«
4%
*110
*8%
56
1%
-%
89
212
*52
%
89
9%
97s
110
110
*34%
3678
4%
47«
*42%
44%
7
678
23
23
14%
14%
105
105
*6%
17%
13%
500
42%
1,700
42%
42%
3%
3%
3%
*24%
3%
978
24%
84
42%
*80
84
41
41
12
12%
*46
400
'»
Nelsner
100
600
4%%
Bros'Inc
1
conv serial
40
Newberry Co (J J)
5% pref series A
5,900
pref.-.100
No par
Newport Industries
100
1
48%
500
17%
18%
67,400
19
19%
2,100
Central
No par
N. Y. Chic A St Louis Co.. 100
36%
37%
5,600
6% preferred series A... 100
*347g
35%
2,300
4
4
600
NYC Omnibus Corp..No par
New York Dock
No par
87g
100
*7%
Y. Air Brake
...No par
New York
2% Apr 11
8% Sept 15
18% Apr 11
73% Mar 14
32
Apr 8
105% Sept 19
8% Apr 8
27
Apr 28
11% Sept
4,900
Conv preferred
500
{N Y Ontario A Western..100
%May 23
2,300
N Y Shipbldg Corp part stk..l
90
90
8%June 30
*88%
95
89%
90
110
88%
212
*87
9%
89
*873g
10
9%
110% 110% *110%
36
*34% 35%
88%
214
36%
5
5
5
5
44%
*4214
44%
7%
7
7
22%
23
23
7
22%
14%
105
14%
105
14%
105
141
11%
141
12%
*140
12
1478
105%
7%
17%
142
*42
50
*42%
*23
24
*23
24
36
4%
*42%
67S
227S
14%
105
36
*36%
4%
5
44%
7
227S
*42%
6%
22
14%
14'8
106
105
37
*23
24
*22%
24
13%
*12%
32%
*47%
14
*1334
105
6%
600
17%
3,700
*22-%
13%
32%
32%
32%
48
48
48
48
12%
16%
*1.534
16%
125% 125% *125% 127
16
16
126
127
127
148
148
148
149
149
31
31
*30
4,800
*39
44
100
24
24
24
400
*50
52
30
120
120
5
6%
13
13%
510
12%
32
47%
15%
12%
32%
48
15%
128
*147% 149
29%
30
*12%
12%
1,000
32%
32%
3,900
47%
48%
15%
1,200
15%
*127
700
128
60
*147% 149
150
29
{ In receivership,
29
a
700
Def. delivery.
Feb
Dec
30
July
65
Dec
82
July
4
70
Feb
75
Feb
5% Oct
9
2% May
11% Feb 8
29%June 7
87% Aug 21
7% Mar
14% June
58
Apr
42
28
Mar
July 27
112%June 22
17% Sept 14
99% Apr
97g Mar
4%
Jan
12% Aug
26
July
71
Nov
40
Jan
IO884 Nov
Sept 21
20
Mar
23% Sept 27
10
Mar
19% July
48% Nov
21®4 Nov
7
Mar
23
62
27
27
25
11
11
38%
18
Mar
3734 July
2
Mar
484
1
5% Mar
101
Mar
Mar
7
110
111
Mar
8
64
6% Sept 27
l%Sept 12
Sept 13
17
90
Jan
Jan
120
17gSept 26
8
Dec
12% Mar
Aug
June
7g
Dec
2% Mar
% Jan
434 Mar
1184 Mar
Apr
Apr
63% Nov
284 Jan
7% July
1%
16%
Jan
Dec
Dec
Nov 20
38
Mar
90
133
June
198
Jan
100
Mar
110
Dec
1
Telegraph
50
..No
6% preferred A
par
No par
6
26% Feb 27
13»4 Mar
26%
60% Sept
Jan
6
Oct
5978 Aug
3
4534
Apr
57%
Dec
59
Aug
1
3
4
20
Dec
Nov 10
1484 JaD 4
112% Aug 14
29
Sept
1
2% Apr 10
32% Apr
1
6
Aug I 4
14% Sept
6% Nov
4434 Aug
10% Sept
3
2
30
Jan
12
20% Mar
Sept
5
40
Oct 14
67g Mar
75
June
6% Mar
92% Sept
25
May
9334
Jan
14% July
103
Dec
35
Sept
1% Mar
5
Nov
12*4 Mar
41
Sept
147g
Jan
6
87s Sept
19% May
3278
Feb
3
7% Mar
1984 Nov
111% Sept
5
...100
00% Sept2 3
113%May 25
83%
Apr
No par
4% Aug 21'
15% Sept 1
Mar
13«4 Mar
2
8% Jan 4
27% Jan 3
148% July 26
4
No par
7% Apr 10
July 11
Sept 11
6% Mar
55% Sept 13
30% Apr
60
10
22% Aug
6% preferred
100
Otis Steel....
No par
$5.50 conv 1st pref.-No par
Outboard Marine A Mfg
5
Outlet
Co
No par
Preferred
100
Pacific Amer Fisheries Inc
Pacific Coast
13
23
18
3
Otis Elevator...
110
12%
Mar
Oct
Nov 20
2,900
110
6
12% Sept
July
June 14
Owens-Illinois Class C_.$2.50
7
13% Mar
4434 Mar
31
Oppenhelm Coll A Co
10
22%
17% Mar
113
4,800
22
Nov
2078 July
16®4 Oct
217
64%
22%
30
Jan 25
5
64%
22)3
*127
32%
Bid and asked prices; no sales on this day.
11%
43
*23
Apr
Mar
168
10
Oliver Farm Equip
Omnibus Corp (The)
50
*38%
23%
14
12%
3219
48%
*122
142
4
103% Sept 8
18% Apr 11
62% Sept 7
Norwalk Tire A Rubber No par
Preferred
50
370
6%
17%
11%
3
SeptL3
1,500
3)s Mar
17% Mar
16% July
115% Nov
113% Oct
1078 Oct
684 July
Jan
100
2,600
11% Sept
106% Mar
105% Mar
3% Mar
100
Co
Ohio Oil Co
Oct
59% Jan
50% Apr
North'n States Pow Co $5 pf.l
22%
14%
10%
20
401
6%
42%
23%
3
89
17%
42%
23%
15% Jan
29% Nov
12,100
*138
35% Sept 27
June 30
6%
25%
178%
7
6%
20
145% Sept
2884 Nov
C% Oct
8184 Nov
12% Apr 11
Northwestern
Oct
Nov
June
82
10
Dec
Nov
June
Northern Central Ry Co...50
Northern Pacific
100
100
14%
28
168%
127
111 200
2,900
Jan
Nov
1478 Nov
154
45,500
6%
146%; *138
146%
12%'
1078
11%
Apr
Jan
July
6
50
17%
11%
American
70
Mar
12%
100
Adjust 4% preferred
North
l%Nov 18
6
15% Mar
150
Oct
Deo
10% July
4
...50
6%
*138
Western
Mar
3
Feb
6% preferred series
5
105
100
Apr
4
146
&%% pref series
North Amer Aviation
42%
217g
14%
preferred
95
Jan
15% July
62%
110%
MarlO
900
42%
105
...100
Apr
27% Jan
173% Aug
1,600
17%
12lo
32%
18,200
37
47g
7%
Norfolk A
60
634
12%
32%
*147% 149
1,700
17%
14%
121
16
37
5
43
6%
22%
14%
*50
52
51%
*50
52
51%
52
*50
52
*116% 120
*116% 120
*116% 120
*116% 120
*116% 120
65%
65%
66
67
65%
66
64%
65%
66%
65%
5
478
5
5
5
5%
5%
5%
478
47g
7
7
*6%
7%
7
7
*6%
7%
6%
6%
*31%
;
211
*50
148
1%
210
*204
205
212% 209
110
115
*110% 115
110% *110% 115
22% '2278
227s
22%
22%'
22%
22%
58%
*57%
58%
58%
68%
57%
57%
57%
57%
57%
57%
57%
57%
57%
25%
2312 24%
22%
23%
23%
24%
89
*87%
89
*87%
89
*87%
89
9
9
9%
10
9%
978
9%
*110% 1117g *111
113
1117S
11178 112
*42%
106
62
13
212
6% Feb 17
120
13
210
8% Oct 26
8
July
% Mar 27
13
*%
5
28% Jan 4
18% Jan 10
107g Jan 4
May 16
100
lo
1%
3
Mar 27
47
tNYNHA Hartford
12%
%
114
119
4,800
%
1%
18% Aug
117% Jan
60
10% preferred
55
9%
3434 Mar
Oct
8% July
64%
30% July
N Y Lack A West Ry Co..100
No par
Mar
Sept 26
50
preferred
N Y A Harlem
26
17% Nov
32
Sept
12% Mar
16
25% Sept
45% Sept
43% Feb
10% Sept
15% Sept
118% Mar
5%
Mar
19
1
10% Apr 10
18% Apr 8
30
Apr
8
l%May 20
478 July
1
106
Nov 16
...
*50
%
1%
N.
Mar
4
94% Nov
Aug 15
1%
24
32%
No par
8
11% Mar
Mar
Sept 11
13%
178
48%
16%
No par
10% Mar
10% May
10
1%
*%
17%
43
100
National Tea Co
Natomas Co
40% Nov
22®4 July
Mar
65
82
10
Apr 8
33% July
7
42% Nov 29
100
Oct
38% Aug
25
95%May 31
2334 Sept 13
26% Jan 5
1
40
preferred
1,100
25
4
Jan 17
8
5% Aug 24
5H% Prior preferred
6% prior preferred
120
July
(The) Pa.. 10
1,100
9%
6% Apr
52
13%
*678
*47
25
%
7%
13%
*12%
32%
No par
Corp
13.%
17%
24%
13%
12%
32%
$2
Steel
%
1%
*23
*
2,900
National Supply
13%
*42%
*31
National
%
12%
47
*16%
National Pow A Lt
1%
17%
12
*22
5,900
14% Apr 11
14%
89
*678
142
Oct 11
4,000
*40%
*38%
55
132
8%
*12%
...
100
70%
13
*50
preferred B
1%
7%
12
6%
8
110% 110%
8
Sept
1778June 30
Sept 25
70
*24
83
152
Nat Mall A St'l Cast Co No par
9
1
1
5
100
2,800
42
*110
10
4% Apr 11
4% Jan 13
20% Sept
10% Sept
8% Sept
preferred A
26%
*26
13
%
pref erred .No par
Lead
54%
22% May
17% Nov 28
1
7%
*80
58
34
conv.
Nov
5
28% Mar 11
175
Sept 19
*13%
*88%
17%
*140
*53
58
%
$4.60
National
50
*110
50
10
No par
Nat Enam & Stamplng.No par
Nat Gpysum Co
1
200
6,700
42
*9%
15
7% Sept
21%Sept 13
14778 Oct 6
10% Apr 26
87
Jan
'
No par
preferred
143%
*110
*110
...
110% 110% *110% 115
*110%
22% 22%
22% 22%
22%
*57% 68%
58%
58% *57%
*57% 57%
57%
57%
57%
24% 24%
24%
24%
2478
*t7
2078
6%
1
Products—No par
Nat Distillers Prod
163
*110
3.1
13%
*87%
97
20%
*107% 109
*50
13%
212
7,100
*6%
8
8%
8%
*106% 109% *107% 109
%
1%
*92
11%
Cylinder Gas Co
Nat Dept Store
500
4,100
200
9%
*8)8
9
*107
110
*106% 115
....
*50
11%
8%
*40%
41
407S
41
4034
41
*40%
41
*110% 112
♦110% 112
*110% 112
*110% 112
13
13%
13%
13%
13%
11%
12%
13%
12%
48
47
50%
47
48%
48% *47
47%
48
187S
19%
19%
18%
19%
17%
1878
17%
17%
*20
21
22
19
2l7g
22
21% 22
20%
37%
37%
35
38%
37% 39
36%
38%
36%
35
3478
34
35%
34%
3478
34%
35
34%
*4%
4
4%
4
4%
*4%
4%
4%
4I4
*8%
9
*106% 109
1,200
6%
14%
9
*40% 41
*110% 112
13%
*48%
*12
*160
8)4
71%
6%
24
143% *138
73-%
9%
13%
42%
42%
3%
978
4
24
*138
72
9%
*5%
I
144
8%
73%
978
13%
6%
|
*140
8%
73%
9%
13%
41%
778 Aug 24
Sept
Nat
Mar
Dec
117% Sept
54
Sept 18
6)3;
26
100
w w
25
20% Nov
110
29
107
6%
24%
5% pref series A
Jan
7% Mar
8% Mar
110
163
2078
Nat Bond A Invest Co .No par
May
37% Mar
634 Mar
100
*160
25
10
100
pref
67
111
9% Jan 20
100
23%
21%
5
Biscuit
cum
Dec
Dec
61
7% pref class B
23%
12%
20%
Aviation Corp
7%
Mar
2678Novl7
18%Sept 27
Aug 23
7% pref class A
165
27%
4178
6%
*5%
Nat
National
5
%
1%
14
Nat Dairy
116
*160
26%
85
9%
*25%
14
11%
6%
*5%
23%
1
National Acme
July 17
4*4
3% Jan
11% July
2% Jan
3% Jan
43% Sept
5% Sept
530
109)3' 100% 109%
678
9% Jan
130
116
109%
24%
111% Nov 21
Aug 24
8,200
115
110
6
Sept 25
4
16
116
109
67«
105
14% Sept 22
70
116
15%
*114
110
5
3
Apr
17% Apr 25
14% Sept 2
116
Jan
Sept
*8% July
7
12% Jan 13
110
Jan
177g Oct 26
9
Nat Bond & Share Corp newNo
Cash Register
No par
116
23%
19
5
7% Jan 3
44% Mar 13
National
110
May
6% preferred
100
Murray Corp of America... 10
100
116
6
11434 Sept 11
50
6
Oct
Nov
Mar
No par
Corp
92
10
Oct 25
No par
Myers (F & E) Bros...No par
JaD
Apr *117
Oct
Murphy Co (G C)
Nashv Chatt <k St Louis—100
49%
July
Jan
3% Aug 24
30
Apr
3,700
1,300
*111
July
Munsingwear Inc
Nash-Kelvinator
Jan
111
1734
30
15%
*110
7
pref erred... No par
conv
2278
30% Nov
Apr
72%
10
Apr 10
16% Apr 11
13
111
24
85% Apr 10
13
116
6
1
12% Mar
15% June
Mar
122%May 24
5734 Oct 26
47
Sept 11
37% Mar 13
1
5% Mar
47% July
1434 Oct
10% May
1% Mar
Sept
..5
Dec
26®4 Mar
35
121
Co
Dec
16®4
3
Sept
.
Brass
30
MarlO
110
Motor Products Corp..No par
May
June
8
112
50
7% Nov
14
11
Mar
par
No par
Nov
4
No par
Essex
Oct
73
57% July
21
Aug 24
10% Apr 11
10
3% Mar
Nov
15®4 July
100
6% Jan
% July
78June 28
No
Jan
Apr
95
80
147g Jan 5
2% Jan 4
9% Jan 6
1% Sept 27
2% Sept 27
2% Aug 24
Chemical Co
Apr
July 25
54
Sept
100
Apr
0®4 Mar
5378 Oct
26% Jan
11% Nov
76
85)2 Jan
114
8% Aug 21
1
Mar
4
4
120% Nov
31% Aug 28
22% Sept
9% Apr 10
300
111
7
36
.20
(J) & Co
Mueller
1,700
116
23%
*12%
8
Apr 11
44% Sept 11
103% Sept 25
15%
16%
12%
18 Sept 5
37% Oct 26
18% Apr
101
40% Apr 11
400
17
8
6% Apr 10
llig Apr 10
Apr
100
Motor Wheel
1,700
92
*16%
25
2
.100
Carpet Mills
<fc
Morris
11,000
163
6% Jan 3
28)2 Jan 9
21%Sept 27
39% Jan 4
16% Sept 5
Aug 24
11% Sept
Montg Ward & Co. Inc.No par
2,500
94%' e92
11
15
14
Morrel)
11,800
15
*93
14%
No par
Preferred series B
60
15%
15%
11%
11%
22%
22%
16078 16078
16%
1678
*93
94%
10
preferred
$4 .50
Aug 23
July
2% Sept
No par
conv preferred.
Monsanto
100
51
25
100
preferred
Mohawk
1,600
51
6%
No par
1st pref
7% preferred series A
...
24
...5
{Missouri Pacific
117
117% *116
117% *116
116
117% *116
30
116%| 116% 116%
*11712 120% *117% 120% *117% 120%
120% 120% *119% 121% *119% 121%
40
54%
55
547g
53
55%
54% 54%
54%
55%
54%
52%
54% 21,000
*44
*44
*44% 46% *44%
46% *43%
*44
46%
45%
45%
45%
32
32
31
32
31
31
*31% 32%
31%
32
31
31% ""360
12
*12%
12%
12%
12%
12%
12%
12%
12%
12%
11%
11%
1,100
16
16
16
16%
16%
16%
16%
16%
16
16
1578
1578
1,500
24
24
*23
24
23
*23% 24
*22%
24
23
*23% 24%
1,500
5
5
434
*47s
5
4%
478
5
4%
800
4%
4%
4%
*34
35
*35%
37%
33
33
*35% 37
*33% 35
*33
10
30%
1078
10%
1078
*10%
11% *10%
*10%
11
300
*9%
10%
10*2
10%
*67
*66
69% *66%
67%
67%
68
69%
67%
67%
200
*66%
68
*109%
*109%
*109%
*109%
*109%
*109% 110%
6
6
6
6%
6%
6%
6%!
6%
5%
5%
578
5%! "4", 100
*50
1
60
Mo-Kan-Texas RR
800
104% *104% 105
No par
Mission Corp
400
18
w.No par
Mollne Power lmpt..
$6.50
9%
w
Minn-Honeywell Regu.iVo par
4% conv pref series B
100
2,300
4%
87«
B
Copper
8% cum
37
8%
ser
5% conv 1st pref
*116
*92
32%
5%
21%
9%
12%
50
Nov 20
15
*1
22%
Nov 10
72
18%
*341
170
63
5%
21-%
3178
70
397g Aug 28
46
April
3
July
7
Melville Shoe
119
5
$5.50 pref
2,500
14%
13% May
65
65%
31%
Jan 27
35% Mar
26
8
26
2
61
*112
88
6
15
12
Nov
64
33
10% Jan
59%Jun«
18% Sept
10% Oct
101% Nov
14% Sept
73
61
117
15% Apr 28
5% Sept
1
Sept 19
8% Apr 11
6% Aug 25
39
Highest
$ per share $ per share
10
Jan
20% Nov
7
Mar
12% July
6
64
117
$ per share
24
Aug 3
6
63
9%
share
per
66
*63%
4%
20%
9%
14%
$
No par
*58
*J5
Year 1938
Lowest
Highest
$ 6 preferred series A .No par
65%
1%
6%
100
preferred
conv
Mead Corp
63
65%
5%
21%
37%
50%
1
*58
107
24%
15%
Stores
75
1%
50%
50% *4978
50%
6%
6-%
67g
6%
24%
24% 24% *22
23%
15%
15%
15% 15%
15%
12
12%
12%
*11%
12%
22%
22%
22%
22% 22%
*161
*160% 169
*160% 169
16%
16%
16%
16%
16%
1
23%
*7%
7%
46
*70
*35%
*9%
*49%
6%
Co
Elec
23
46
22%
7%
9
per
75
4%
*1%
1%
19%
19%
105% 106%
$
Lowest
Week
*70
4%
97«
shore
1
71
60%
108
Dec.
Rangejor Previous
On Basis of 100-Share Lots
YORK STOCK
1939
EXCHANGE
the
71
32
116%
ner
23%
8%
1178
6.o
10
4%
'
34%
10%
15%
116 %
4%f
37%
1%
5
5%
21%
L%
10%
110
4%
*38%
61
*3i%
10%
4%
40
10%
70%
62%
*15
107#
lih
I'M
14%
15
32% 32-jg
32% 33
*115
*115
117
117%
51
51
*50*4 51
*103
100
'7%
$
Friday
Range Since Jan. I
STOCKS
NEW
for
Saturday
Dec. 2,
5
10
1st preferred
2d preferred
•
No par
No par
Pacific Finance Corp (Cal).lO
Pacific Gas A Electric
25
Pacific Ltg Corp
Pacific Mills
No par
No par
Pacific Telep A Teleg
128
Oct
33
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
3
Aug 24
2% Apr 10
11% June 30
3%June 29
9% Apr
27% A
8
or
10
Apr
41
8
8
9% Apr
100
114
April
6% preferred
100
Pac Tin Corp (sp stk)_No par
128
Sept 19
17
Apr 10
n
New stock.
r
Cash sale.
*
Ex-dlv.
p
16
29
Oct 26
52
Nov 27
122
Jan
Mar
39% Apr
120
Dec
1
115
Apr
70
Jan
3
40
Mar
7% Sept 13
778Nov 13
25
Nov 13
15% Sept 27
1234 Mar 14
3434 Mar 10
52
Oct 10
21%Sept 15t
132
June
9
156% July 29
33% Nov 14
Ex-rights.
5%
2%
10%
3®4
9%
*2284
32%
9%
87
Dec
Mar
Mar
Mar
10
Nov
29% Nov
147
Nov
15% Nov
Nov
62
Oct
115
Apr
76% Nov
11%
Jan
5%
Jan
21% Nov
Mar
9% July
15% July
Mar
30
Mar
43%
Mar
1978 July
Nov
Dec
Apr
121
*13212 Mar
149
Nov
30
June
17%
Dec
1 Called for redemption.
Dec
Volume
Nov. 27
Nov. 28
Nov. 29
$ per share
$ per share
$ per share
Nov. 25
$ per share
8%
3%
3%
15%
*15%
*7
8%
8%
8%
8%
8%
334
*8%
334
334
3%
3%
334
8
1%
1
1%
1
1
1
1
44%
42%
42%
*42
43
4334
*94%
98%
*94%
98%
8%
8%
8%
8
*95
98
97
97
*95
93
*87%
2%
2%
2%
4434
18%
18%
18%
18%
10%
10%
10%
1%
10%
9%
934
56
56
92%
92%
*3
3%
*334
4
*25%
28
*13%
14%
34
5
253g
25%
13%
13%
*33%
393s
34G
39%
*39
3%
*12%
3%
*12
13%
35
33
33
29%
29
30
28
2934
*634
8
8
8%
8
6%
634
634
3834
39%
46%
46%
46%
*45%
46
90
*87
95
%
%
5%
*4%
5%
*25%
27%
*26%
27%
*26%
40%
40%
40%
4034
40%
*2%
3%
*2%
4334
*8
8%
8%
*8
*46
74
% July 29
Sept 2
100
-.100
Phillips Jones Corp. ..No par
7% preferred
100
Phillips Petroleum— No par
124
Sept 21
154
Mar
1
6
7
Jan
4
Apr 20
35
4334
*41%
*26
4334
*42
26
46
46%
5
434
26%
400
48%
110
5%
900
5
434
434
69%
69%
7134
173
171% 171% *165
7%
7%
7%
7%
*70
12
*10
11%
*10%
*40
43
*35
9%
43
10
37%
44
21
*19
21
*20
21
19
19
19
19
*17%
20
*18%
34
*28
35
*28
35
*30
34
*26
34
*26
34
34
14%
14%
*142
*142
""
*12
1234
%
I2i2
125s
1214
*12%
1318
40%
63
*123s
*37%
6278
*8412
*76%
85
78
*15
15'4
*15
16
34
34
34
34
%
78
*%
%
%
%
12%
*l2l2
13
13%
11%
*11%
12%
12%
11%
11%
1134
9,500
11%
11%
11%
*11%
12%
*37
39%
*35
37
34
34
*35
37
40%
ll2
*221i
*15i8
124
142
15934
15934 15934
159% 15934
117%
116% *116
*116
117% *116
116
116
32%
3234
32%
33
33%
34
3378
34%
8%
8%
2:8%
8%
9
9
8%
9
*79
85
80
80
85
81%
81%
*82
7734
7734
*7734
78
78
77%
77%
78
15
15
15
15
1434
*15
16
*14%
16
*14%
5%
6078
60%
*60%
60%
1%
1%
1%
2134
1%
1%
*22%
2134
z20%
6OI2
1'2
60%
1%
1%
21%
*19%
100
60%
l'ooo
1%
1%
1978
6,100
1978
16
1,800
26
800
15%
16
16%
16
16
15%
15%
26
26
26
26
26%
26%
26
16%
16%
17
17
16%
15%
26%
16
25%
*23%
27
26
25
25
2612
*25%
27%
*23l8
*23%
24%
*4612
24i8
434
50
*46
50
*46
50
*14
15
*14%
16%
*14
15%
14%
984
9%
9%
*4%
4%
24%
4%
*4%
9%
*25
*23%
4%
*3%
*45
50
*46
13%
14%
9%
10%
1034
11%
1034
*11%
1034
56%
56%
56%
*56
57
*56
*75
77
*72
79
*73
78
11%
12
*11
*75
17g
10%
22
2314
87i2
8414
85
86%
89
*71
73
70
71
7134
7134
73%
91%
78
1512
15
15%
15
15
30
1514
1514
31
31
*31
3134
31
30
83i2
*8312
84
*83%
84
83%
54
*52
54
*52
54
53
83i2
*52
9i2
934
9:
*9%
82
9«4
*71
82
*71
*71%
*8%
8%
*8%
8i2
39%
3934
53i2
39i2
*52i2
3934
54
53i2
40%
53%
9
10
1,800
1,500
1434
2,100
9%
31
*28
31
400
83%
83
83
*82%
53
53
*517g
84
54
140
54
*72%
*27
9%
82
*72%
734
*72%
82
8
8
39%
3934
3834
39
387g
39%
55%
9
55%
55%
56
56
*52
834
1934
*7%
11%
11%
1934
20%
20%
20%
20
20
*1%
21
1%
40
*1%
40
40
*20%
h
h
34
%
*2i4
33.4
*2%
*4i8
6io
*4%
12
78
*3s
4914
49%
23}
6%
4978
1»4
*1%
4034
3934
*4%
49%
*102
1
234
6%
50%
103
103
103
111% 111%
112
*11414 114l2
114
111% 111%
114%
1 I4t12 *114
20
• 20
20
103
20
20
112
Bid and asked prices; no
39%
1,000
'8
%
%
%
84
%
34
*2%
234
*2l4
234
*2%
6%
*4
2,300
234
*%
*4%
48%
*4%
477g
6%
112
114
114
20%
20%
sales on this day.
*
1,000
50%
10,200
460
48%
4834
187g
18%
*19
* In receivership,
21
120
preferred
4% 1st preferred
4% 2d preferred
Real Silk Hosiery
80
1,000
a Del. delivery,
69
39% Mar
114
Nov
25
114-% Aug
128% Aug
143
1
Oct
122% May
Mar
4is4 Aug
86% Mar
1017g Apr
112
Apr
*
par
par
35%
Jan
106% Oct
11884 Nov
'The)
^Rutland RR 7% pref
St Joseph Lead
3
4
1
60%
80
Oct
Jan
5
37% Mar
66%
Dec
2% Jan
5
1*4 Sept
5%
23% Sept 22
14*4 June
Oct 26
8% May
24%
Jan
Mar
29%
Jan
22
Jan
30%
Jan
67%
4
17%
434 Mar
5
2834 Oct 14
27
Sept 27
Jan
18
18
No par
Mines.
No par
100
10
207gSept
16
July
6
April
July 18
Apr
1
3
43
7
10% June
Mar
13% June
24
Oct
Jan
July
27% Jan
6% July
234 Mar
Mar 20
16% Oct 27
34% Mar
5
Apr
Nov 22
6% Mar
11% July
9
13% July
54
6% Apr
9
Apr
8
10
4
14%Sept 27
934 Sept
1
Sept 12
60
June
5
9% Mar
75% Mar 15
75
Nov 14
49% May
40
Apr
Jan
17%
55
Apr 11
Dec
1
% July 8
12% Apr 10
Apr 8
234 Nov 4
28%Sept 12
11% May
Sept 23
39% Mar
Apr 11
8934 Oct 25
20% Jan 5
43
42
9%
5% Sept 27
9% Apr 11
92
58
July
11
Jan
17% July
78
Dec
69
Nov
3%
Oct
25% Nov
78% Nov
7% Mar
77% Nov
19% Oct
17% Mar
38% Dec
38
5
May
21% July 11
63 " Aug 21
40% Jan
84
Sept 16
65
Apr
85
Jan
37% July 11
7%June 30
56
Sept
6
45
Dec
64%
Jan
10
Sept
17«4
4
86
4
Aug 19
7834
Jan
5% Apr 10
1484 Jan
4
3384 Mar
46% Jan
68% Jan
9% Nov
45
Jan
July 25
58
Jan 31
10%
Jan
2
Sept 16
7
934 Oct 23
17% Sept 6
4
15% Sept
1
34
34 Apr
8
4
49% Sept 5
78 Sept 13
27% Apr 11
%June 27
38 Aug 12
Jan
2% Nov
2
Jan
4
Sept 14
3
6
33gMay
6
6% Sept 11
No par
100
2734 Apr 11
82% Jan 4
5l34 Nov 20
109
100
100
96
113
104% Jan 11
No par
1034 Apr 11
Jan
r Cash sale, x Ex-dlv. 9
3
Jan
Sept
12% July
Sept 21
6%May
94
4% Mar
52
10
Dec
6
35
6% Apr 11
77%
113s Jan
1 s4 May
Southwestern...100
pieferred
100
Stores
June
Jan
16% Nov
16% Jan
Jan
8%
26% Oct 26
2284 Sept 27
tSt Louis-San Francisco—100
fi% preferred
100
preferred
preferred
7% preferred....
Savage Arms Corp
9
39% Nov
Nov
16
1
53% Apr 10
1% Apr 8
12%June 28
10% Apr 8
10
Mfg
Mar
117
85%June
Aug 24
16% Apr
7
25
50
...60
60
No par
Dec
Sept
21% May
5
0%June 29
6
100
Nov
152%
Jan
41% Sept 27
134
Mar
112
166
1
100
1
(R J) Tob class B.10
Roan Antelope Copper
132
117% Jan 19
5
IH% conv preferred
Reynolds Spring
Common
Aug
June 29
2
85%June
preferred
—100
7>M% preferred
100
Reynolds Metals Co ..No par
Rlchfie d Oil Corp
Sept
z22% Aug 24
7%
n New stock,
Oct 21
3
7
2
129
10
Remington-Rand
1
Preferred with warrant®..25
Rensselaer A Sara RR Co..100
fReo Motor Car....
6
Republic Steoi Corp..-No par
6% conv preferred
.100
6% conv prior pref ser A. 100
Revere Copper A Brass
6
Class A
10
6%
Sept 27
65
112
Rels (Robt) Sr.
5%
49
Jan
98%
Reading
Sate way
Dec
Dec
Dec
8
101%Sept 28
par
5%
14%
14%
42%
4% Mar
1334 Mar
II984 Feb 27
Mar 15
31% Apr
tSt Louis
6%
103
103
112
*3s
103
103% 103%
112
111% 111% *111
114%
114% *114
*114
50
103
to
Jan
4'4 Mar
16%Sept 27
1684 Sept 22
Aug 241
1
18
Apr 10
50% Apr 14
No par
par
Ruberold Co
1%
13% July
No
pref-.No
tRadlo-Keith-OrpheumNo
Kaybestos Manhattan.No
Rayonler Inc
Dental
Oct
%
84 Jan 17
88% July
53.50 conv 1st
Reynolds
Jan
16%
33g
Dec
1% Mar
5% Mar
2% Jan
6
1
6% Sept
Quaker State Oil Ref Corp.. 10
Radio Corp of Amer...No par
Rltter
"2"i66
*3*166
41
40%
40
6,000
1%
11%
'
1%
*1
2
40%
%
*34
*2%
*1%
*7%
9%
11%
*8%
9,100
100
834
9%
11%
20
8%
10
11%
9%
1,000
"l'lOO
8
77g
73.1
150
9%
82%
9%
9%
9
*8%
3s
•
7734
1434
39%
*li2
*1812
89
76
11
11
3934
103
89
14%
11
*8i2
2114
2
49
53%
8,900
43.700
76%
11
10
11
11
*20'8
9:
82
8%
8
397g
8?4
9
9
9
9
*812
31
1%
22%
1%
22
76
23%
15lg
50
79
14%
23%
*83
2212
6,400
400
57
1%
2134
87h
134
2
22%
23%
84'4
2
12
10%
10%
11
74% June
Preferred
21%
87h
2
2
2
1%
2278
1%
1
77
*75%
75
75
11%
£538 July
Mar
16% Sept 22
112
Jan
Mar
8
17
6
84
Dec
%
15
Sept 22
24
7% Aug 24
Reliance Mfg Co
10%
Aug 25
2% Sept 11
Sept 11
1
3
18% July 17
200
66%
Jan
17% Nov
81% Jan
700
10%
45
Mar
6334 Aug 18
1034 Jan 26
11
Aug 16
9%
56%
May
6
6% Apr 14
Co 1st pref. 100
Reliable Stores Corp ...No par
10%
23
....1(0
100
90
*56%
40% Sept 15
142
8% May
Apr
14%
12
103s
56i2
July
81
50
*56%
Aug
30
90% Mar 29
*13
*9%
62
11% Apr
20% Sept 27
1
Aug 25
Sept
% Aug
%May
Jan
20% Apr
_
1134 Sept
*45
Q
a
Mar
9% July
16'4
6% Aug 12
Sept
5
14
100
174
7% Mar
70
23%
4%
*1134
*11
100
June
4% May
Sept
*23%
*3%
9%
11%
500
145
Jan
147
6% preferred
5% conv preferred
Purity Bakeries
52
Nov
111
23%
4%
914
11%
3,000
26%
*25%
9U
10'2
500
75
9% Nov
100
50
23%
24
4%
16
16
Pure Oil (The)
Mar
Jan
7%
56.No par
No par
No par
55 preferred B
"
2:60%
26
16%
Pullman Inc
500
61%
1%
20%
16
16%
8,200
9,400
41
July
May
7
Apr 25
Sept 21
-
Pub Ser El A Gas pf
26*900
1534
*2512
*41t
61
preferred
14%
22%
15%
25i2
1634
25i2
60%
preferred
8%
100
16
678
*75
100
*75
100
7%
""310
1,200
2,100
534
5%
534
preferred
14%
16
*14%
16
57g
6%
35
% Apr 28
No par
100
100
preferred
55
3% Mar
18% Dec
3% Mar
June 28
17% Sept
6% pf (ser of Feb 1 *29). 100
Pub Serv Corp of N J..No par
200
Sept 12
25% Oct
142
No par
5% conv 1st pref—
300
*14%
14%
14%
15
534
*75
100
*75
100
*75
5%
534
5,600
3 884
15934 15934
78
534
160
118
118
39
4038
40%
111% *110% 111
111% 111% *110
123%
123% 123% *123
*123% 124
*140% 142
*140% 142
*141
142
85
22i2
6012
111%
77l2
100
*75
11884 11834
119
6% conv 2d pref
Procter & Gamble:
100
62
48% Oct
6
1
5
50
100
Oct
4
Apr
18
No par
Pressed Steel Car Co Inc.
39
12% Aug 24
No par
Class B
3,100
63%
63%
63%
11834 11834
2:38%
39%
63%
6378
63%
6378
7% Apr 10
22
JPorto Rlo-Am Tob cl A No par
300
Sept 23
12
Sept 20
No par
Poor & Co class B
500
38
85
578
534
9
8%
3,100
*%
119
*11434 116l2 *11434 11612
34
3412
34%
34i2
9
11%
%
40%
40'8
401.4
40%
40%
IIOI4 110% *110
*110l4 110%
*123%
*12312 124
124
124
*140%
*14034 142
*140'4 142
15934
15934 15934
*158
15934
8%
11
26% Nov
32%Sept 27
14% Sept 11
95
Sept 11
175
Aug 5
11% Sept 12
16%Sept 12
4% Aug 23
Plymouth Oil Co.
..5
Pond Creek Pocahontas No par
100
%
6378
6378
II8I4 118%
6314
119
*118
12l2i
13
39
*36l2
13%
1034
10%
11%
*12
Jan
8
158
No par
Plttston Co (The)
20%
51
Apr 27
100
100
5H 1st set conv prior preflOO
Pittsburgh A West Va.
100
Pitts Yngst&AshRyCo7%pflOO
1,800
13%
*12
13%
1
20%
%
%
*%
21
July
9
31% Sept 11
6
7% pref class B_.
6% pref class A.
"2" 400
1
20%
1
20-34
%
1
1
1
*•%
*%
%
11%
11%
20
*142
*142
«.
-
21%
*12
13%
1134
12
-
"l"
1
21
*12
13%
11%
12%
12
21%
21%
2l3g
21%
21%
1234
1%
21%
*1
1
40
640
13%
13%
143g
13%
1434
14%
*142
*142
....
1
%
%
15
10
37%
Nov
43
Apr 18
Mar 31
No par
Plttsi.urgh Steel Co
300
12
*1034
40
1134
43
1234
4
Jan
Mar
35% Mar 27
No par
100
Pitts Screw & Holt
Oct
50% Mar
44% July
Mar
23
50
Oct
8% July
Sept
2
9% Oct 31
4
Mar
144%
4
Aug 22
2% Apr
Apr
Nov
1
30%
378Sept27
12
74
27% Mar
46%Sept 22
6
Pitts Ft W A Ch 7% gtd pf
30
5,200
7%
7%
55 conv preferred
80
69%
173
173
*35%
12
*40
600
9%
*8%
69%
8%
800
22
22
21
8%
8%
8%
26%
*44
Nov
143»4
June
32
45% Mar 15
Jan
43
4% Mar
July 27
3
100
....
114
Aug 11
pref
100
Plllsbury Flour Mills
25
Pirelli Co of Italy "Am shares"
Pittsburgh Coal of Pa
100
6% preferred
-too
Pitta Coke & Iron Corp No par
Preferred
% Mar
75% Mar
l%Sept 11
103% Mar 3
31% Apr 10
2
Hosiery
Pierce Oil 8% conv
600
778
234 July
25
36
10
42
,
No par
5
Phoenix
734
48%
*20%
22%
3
42
26
2534
*44
6,600
39%
*2%
8%
*7%
8%
*7%
*2534
39%
No par
preferred
5% conf pref series A
4%
27%
*4%
4%
*4%
136
*127
135
*128
5%
22%
14%
Apr
Jan
Philip Morris A Co Ltd.. ..10
*40
14%
60
Aug
91
75
Phiia & Read C <fe I
*12
14%
3
7
100
1,700
Oct
47% Nov
Mar
8734
3%
8%
*834
70%
72
70%
70%
70%
*66%
*171% 173
*171% 173
*171% 173
8
7%
8%
8
8%
734
30
Jan
8%
Jan
484
87%
$6
Jan
13%
17% Mar
87%
27%
39%
9
834
9%
9%
8% Mar 14
8
July
17»4 Nov
47%Sept 12
48-% Aug
1
86%
*2%
5
Apr
36
43
Mar
784 Mar
5
3,800
38%
22
900
Co...No par
Brewing
10% Sept
1
5% Apr 10
28% Apr 11
634 Sept
%
*2534
48%
6,900
.
6% July
1734 July
8% Mar
84%
3%
5
23
22%
15
Sept 12
534 Sept 27
1934 Sept 27
*%
136
22
5%
5%
5%
25
*46
47%
47%
49%
5%
*22
Sept 26
Phelps-Dodge Corp
26
Philadelphia Co 6% pref...60
44
38%
Sept 26
40
25
Oct 23
45
84%
40%
26
*25%
25%
25%
26
*26%
Pf elffer
44
Oct
45
8
U
90
27%
8%
1,300
45
♦84%
*2%
4334
3,300
38%
39%
3%
7%
38%
Feb
42
1
.5
Petroleum Corp of Amer
39
Jan
31
Jan 18
17
Dec
24%
8
8
No par
Pet Milk
121
14% Mar
Apr
7% Apr
6%
6%
6%
♦26%
41
*42
*8
100
16% Nov
Mar
10
120% Deo
27% Sept 27
39% July 18
%
*4%
27%
*2%
3%l
*42
22%
9
July
Mar 15
13% Sept
21
prior preferred
pieferred
8
Jan
5% July
30
19% Mar
22% Mar
I84 Mar
5% Mar
17% Mar
100
100
100
Marquette
2%
Dec
2% Mar
10% Mar
88%
*126
5%
*4%
4334
5%
Pere
100
Mar
16% Mar
1%
%
87
%
87%
131
131
*4%
*42
6%
1,300
45
45%
87
88
87%
135
*45
%
%
87%
*125
136
*127
870
27%
38
39%
38%
90
*85%
%
%
87
12%
30%
6%
39
87%
*10%
29%
26%
27%
22% ""*22%
8
7%
x22%
6%
*45%
*87%
*87
200
*3%
12%
7%
3S34
39
,4%
3%
33
6%
8
6%
Peonies OL4C
12%
33
124
30% Apr 11
2
May 10
200
300
26
8
8%
*634
38%
24
*22
(Chic)... 100
Peoria A Eastern....
100
34
30
85% July
558Sept 15
Feb
40%
12%
68% Aug
Mar
434 Sept 12
24
*39
2134
Mar
55
2
3
Aug 24
RR
Pennsylvania
27,100
2238
41
9434 Aug
15
*33
3%
24
No par
$7 conv pref
57% July 28
17% Aug 28
1134Sept 1
120%June 20
17 conv pref ser A ...No par
Penn G1 Sand Corp v to No par
..50
Peoples Drug Stores...No par
2934
2834
*22%
100
1
2% Aug 24
Cement..-No par
600
*120%
-
33
32
Penn-Dlxle
4
% Apr
40%
*33
35
No par
Penn Coal A Coke Corp....10
34
35%
4%
No par
(J C)__.
*
-»
22%
21%
23%
13%
*7%
-
~
14%
14%
14%
22%
40%
24
Patlno Mines dk Enterpr Vo par
Penney
1,700
28
*24
28
*14
23%
*3%
*22
"
*23
*120%
*120%
No par
Penlck & Ford
700
3%
1% Apr
36
.No par
Pathe Film Corp
1,500
9%
3%
35
24
13% July
3%
*33%
*22
834 Mar
3
*12
29%
II84 Mar
10%
3
*33
14%
14% Nov
3
40%
*12
3% Mar
4,000
600
4%
*3%
Oct
13% July 27
103.1
3,300
40%
*40
40%
284
93%
13%
34
*3%
1% Mar
5634
26%
2234
40%
2% Feb 25
93%
13%
34%
*34
Oct
1% Aug 24
534 Apr 10
7%June 12
48
Apr 10
74
Apr 10
3%
23
22%
Oct
PanneleeTransporta'n.lVo par
*55%
*120%
2234
23%
*120%
*120%
Oct
21%
9%
*25%
14
3%
42%
93%
3%
27%
14
Dec
Mar
100
*3%
Mar
1% Mar
1%
3%
4% Sept
16
13
55%
3G
5
31% Mar
*9%
3%
Jan
Dec
13% July
30
July
6% Mar
6
92%
3%
6
Sept 25
x55%
334
334
*25%
13% Jan
103
Mar
65
Sept 11
9%
3%
4
4
Deo
13%
534 Mar
14% Jan
107% Jan
21
93%
3%«
61% Nov
102
47
56%
*3
3%
18
9
2
Mar
8884 June
Apr 11
93
934
Feb
Aug
1178 Apr 10
1
Parke Davl« & Co
56
934
92%
9%
Parker Rust Proof Co....2.50
Park Utah CM
1,300
56
*5534
92%
92%
Dec
900
5,200
1%
10%
Oct
18%
29
4
Feb 14
26
Jan
Dec
6% Nov
1
Sept
6
'14% Sept 30
15%
6
1584
7% Sept 11
Park «fr Tilford Inc
93%
934
934
56
*5534
200
.
2%
17%
134
10
10%
10%
11%
10%
6% 2d preferred
60% Jan
104
share
per
3% Mar
Sept 11
6% Sept
72
100
10
1st preferred
6%
44-%
2
44%
18
*1%
134
*1%
*16%
2%
18
18%
18
17
44%
44%
18
% Apr 1
Sept 12
Sept 28
35
92
Inc
1,000
9%
June 26
5
Paramount Pictures Inc
100
94
9%
2
2%
4434
4434
1%
*1%
*1%
1%
3%
18%
*18%
*ia4
934
45
45
45
14,000
*88%
9%
17
18
2
2%
4434
'
45
87%
87%
9%
9%
*17
18
*17
2%
2%
92
*87%
9%
9%
9%
18
*17
18
18
92
*87%
97gSept
4% conv preferred..... .100
20
7%
8
6
Apr
No par
Paralflne Co
99%
734
8
734
8%
*7
7
x7
7%
734
8I.1
8%
9%
9%
9%
9%
*95
90
*87%
*7
No Par
Corp
5
Pan-Amer Petrol <k Transp..f
Panhandle Prod <fe Rel new__l
200
98%
45%
3
Pan Ainer Airways
1,500
*42
1
*43
1
2,600
per
7% Aug 29
.10
Packard Motor Car
26,300
4334
8
1
45%
1
3%
300
*7
8
*7
8
*43
1
15%
14%
15%
15%
15%
15%
14%
Pac Western Oil Corp
400
Highest
1
$ per share
10
Mar
share
11% Jan 6
434 Jan 3
1634 Oct 25
834Sept 12
2
Sept 11
5
Year 1938
.
Lowest
Highest
5 per share
Par
14%
3%
14%
3%
3%
14
100-S/iare Lois
Lowest
Shares
$ per share
734
734
$ per share
*8
8%
On Baste of
Week
1
Dec.
Nov. 30
.
EXCHANGE
Friday
Thursday
Wednesday
Range for Previous
1
Range Since Jan.
STOCKS
NEW YORK STOCK
the
NOT PER CENT
SHARE,
Tuesday
Monday
Saturday
*8
SALE PRICES—PER
HIGH
AND
Sales
for
LOW
3517
New York Stock Record-Continued—Page 8
149
Jan
6
Mar
7%
Apr
14% Mar
Mar
13
84
Dec
25% May
%
Dec
1% Mar
I84 Dec
378 Dec
13% July
20%
Jan
33% Dec
2% Jan
49% Oct
1% July
3% July
5% Jan
7% July
12
Mar
3
58
Mar
Oct 21
68
Mar
99
Nov
79
Mar
108
Nov
8% Mar
19
Jan
Aug
116%June
23
51%
7
Sept 22
2984 Nov
83% Dec
Ex-rights. 5 Called for redemption.
New York Stock Record—Continued—Page 9
3518
LOW
AND
HIGH
Saturday
Nov
shar
per
*74
27
*75
%
48%
*114
81
15
15
*15
52
7%
37
*36%
13%
14%
*98
9934
20%
10
10
27%
27%
15%
19%
34
2%
1934
*18%
4434
*137
27%
15%
20%
34%
20
46%
x43%
44%
*18%
42%
3134
30%
31%
31%
18
18%
22
22
4534
*30%
46
45%
*76%
76%
9
9
21%
25%
25%
25%
26%
45%
4534
*32
76%
834
32
32
76
76%
75%
5
11%
122%
121
934
26
2%
238
17%
*16
*27%
29
7
2%
2%
*634
59%
122
5
5
5
11%
11
11%
11%
8%
8%
8%
8%
11%
8%
26%
2%
27%
2534
2%
1534
1534
29
29
29
25%
2%
15%
X2734
25%
2%
*15%
*27%
*4
34
7%
45%
45%
438
34%
45%
7
9%
7%
8%
6%
30%
8%
684
34
7%
8%
*4
19%
5%
*13%
*19%
*53
57
*54
*35
*5
32
*234
*4
29%
2%
14%
103s
*9034
21%
*48%
634
1034
*8%
2%
*75
5%
15
40
5%
32
3
4%
2934
2%
14%
10%
92
2134
49
1034
9%
3
78*2
5%
1334
24
46
11
863g
*115
16%
12
*22%
45%
1284
16%
4
3334
8%
578
8%
584
35
35
35
5%
31%
5%
31%
5%
33
3
2%
1434
10%
15
*9084
21%
10%
f>38
24%
2%
25
10%
10%
1%
1%
46a4
11%
86%
*46%
47%
11%
*115
1678
87
116
1634
1634
1078
*1%
85%
*115
23%
23
45%
45
45%
12%
4578
13%
16
16
16
13
*63
64
19
*17%
2%
38%
19%
*17%
2%
2%
38%
prices;
11
134
87%
116
23
4634
13%
16%
*116% 117
6234 63
64
asked
234
28
16%
16%
100% 101
86% 86%
*22%
and
538
*9%
13%
23%
*46% 46%
11%| 11%
23%
3834
5%
*2%
100% 100%
86%
86%
*116% 117
684
8%
2%
78%
12%
1334
no
19%
2%
3834
sales
on
IO84
11
84%
*115
16%
100
86%
22%
44%
12%
1534
20
6%
10
7%
234
*70%
5
5%
10%
9
13
23%
*23%
2%
26
2%
*25
11
1%
46
10
*91
13%
2%
26
2%
14
47
1034
*70%
14%
19%
"600
55
*52
54%
200
4%
31%
2%
8%
5%
6
1%
46%
11%
86%
116
10%
1%
2:4434
10%
84
*115
16%
101%
86%
22%
46%
13%
16%
398
85%
22%
341%
12%
19%
2%
38%
this day.
*17%
2%
38%
4%
39
434
*30%
32
3
3%
4
4
29
2%
14%
10%
2%
14%
10%
29%
2%
14%
10%
92%
2034
4734
92
92
2%
*70%
5
5%
*834
9
13%
24%
13
24%
2%
28
10%
1%
45%
1034
4,900
2%
8
78%
5%
100
5,000
24%
400
2%
500
26
26
70
10%
*1%
45%
10%
11
3,700
134
45%
1034
84%
85%
8684
116
*115
116%
1634
98%
85%
22%
42%
13
19
2%
38%
2~200
10
13
500
1,800
2,500
7,400
16%
16%
"l",506
98
9834
2,700
*85%
*2234
86%
300
43
13
43%
13%
157*
16
117
117
61%
*18
2%
38%
{ In receivership,
a
61%
1934
2%
3834
Def.
20,000
25,500
1,200
28~400
preferred
10
Jan
10
6
June
45
Mar
119% Feb
8% Dec
17% Mar
I84 Mar
884 Mar
177g Mar
6% June
15
Mar
22% Mar
434 Mar
37g May
5
Mar
34
Apr
4% Mar
378 Mar
32% Mar
2% Mar
26
Mar
7
Mar
6
0% Mar
13
Mar
24
Nov 24
4
Oct 26
15
Mar
61
Oct 27
3i2 April
Sept
41
2i2 Apr 10
6
Apr
8
U2 Jan 17
25
284 Sept 16
17
63% June
584 Oct 26
2
14
May
6% Mar
3% Mar
4
Jan
Mar
Mar
6
128%June 17
II84 July 6
38% Jan 3
35s Sept 5
22% Jan 4
30% Mar 14
10% Jan 13
25% Sept 5
37% Sept 5
12%Sept27
9
Mar
49
Oct 23
66
Mar
22% Jan
100
27g
Oct 30
1
Nov
33
35
Apr
Apr
28g Mar
Nov 27
15
Mar
1
378 Oct 17
434 Nov 2
33% Nov 4
Mar
3%
8%
1%
684
10%
77%
Mar
Transamerica Corp
2
Transcont'l & West Air Inc..5
Transue & Williams St'LNo
par
5
Sept 1
6I4 Apr 10
12% July 24
4
5i8 Apr 10
107* Jan
4
Tri-Contlnental Corp. .No par
$6 preferred
No par
2
4% Sept
5
47g Apr
2% Mar
cum
par
par
preferred-No par
conv
pref
No par
Timken Detroit Axle
Timken Roller Bearing.No
10
par
74
Mar 31
384 Jan
4
1534 Nov 16
I414 Mar 10
96
Feb
9
8
Apr 10
88
No par
3
Apr
10
6
Apr 10
12
Sept 11
7848eptll
14% Sept 8
26% Jan
34% Jan
Twin City Rap Trans
Preferred
No par
...100
Twin Coach Co
Ulen & Co
1
No par
Under Elliott Fisher Co No
par
Union Bag & Payer..
No
par
Union Carbide & Carb.No
par
Union El Co of Mo $5
p' No par
Union Oil of California
25
Union Pacific
100
4% preferred..
Union Tank Car
United Aircraft
Un Air Lines
100
No par
Corp
Transport
United Biscuit
5
5
No par
Preferred
100
United Carbon
United Carr Fast
No par
Corp. No
par
1984 Sept
n
New stock,
r
No par
Cash sale,
z
9
1% Apr 8
17i2 April
7is April
13g Aug 24
34% Sept 12
6
Aug 24
65% Apr 8
10834Septl5
15*8 Aug 24
8H2 Apr 11
78
Apr 13
20% Mar 28
31
Aug 24
778 Apr 11
145s Sept 13
112i2 Mar 13
52
Apr
8
133s April
2
$3 preferred...
3
Apr 10
3018 Apr 10
Ex-dlv
y
Jan
77
9
3%
5%
16%
25%
384 Aug
Mar
June
Mar
Mar
Mar
Mar
Mar
6
Mar
1% Mar
41
Jan
1284 Sept 25
94% Sept 14
118
July 14
1984 Jan 5
105
Mar
7% Mar
57
Mar
17% Mar
553s Mar
5984 Apr
Sept 27
90
July 27
24% Sept 21
Nov
Apr
16
484 Jan
61
Mar
Mar
2% Mar
35% Aug
12% Jan
66
Mar
Mar
Mar
31% Mar
5% Dec
8% Sept 13
20th Cen Fox Film Corp No
par
$1.50 preferred
No par
Truax Traer Coal
Truscon Steel
4,900
delivery,
Sept 14
Mar
Mar
23% Nov 17
54% Jan 3
$3.50
$4.50
30
400
conv
Tide Water Associated Oil.. 10
400
23
30
1
13
25%
2484
3984
17%
Apr 10
II2 July 7
7i2 Apr 10
9i2 Aug 21
83
Sept 1
10®4 Apr 10
3414 April
7,800
5,100
100
Thompson (J R)
Thompson Prods Inc..No
Thompson-Starrett Co .No
2,000
300
2 34
8i2Sept
1634 Apr
55
Third Avenue Ry
600
10%
7%
$3 dlv
36
5084Sept 12
584 Jan 3
38% Sept 13
ll%Sept 11
7
Aug 24
534 Nov 28
4% Mar
10% Sept
53% Sept 14
32i2 Aug 11
314 Aug 22
Sept
6% Mar
7984 July 13
12% Jan
784 Sept
17% Jan
9% Sept 12
26
48% May
12% Mar
Sept 13
8
No par
No par
Preferred
7,000
10%
No par
pref
Thermold Co
3,700
2,300
1,800
9,100
conv
The Fair
1,300
1,500
6%
6%
10%
7%
2%
78%
100
1,800
20%
4834
6%
25
par
Apr
Mar
6% Mar
Mar
9% Sept 27
7% Mar 11
4
784 Mar
29
Mar
43% July 21
6% Mar 11
5
19% Dec
15% Mar
2
478 Aug 23
5
Mar
Mar
94
3314 Oct 17
35s Aug 24
100
Thatcher Mfg
290
4
20%
*47%
Texas <fe Pacific Ry Co
$3.60
418 Aug 24
33g Aug 24
1
Texas Gulf Sulphur
No par
Texas Pacific Coal <fc Oil
10
Texas Pacific Land Trust
1
20
4%
29
1534
15%
153a
*116% 117
*116% 117
*62
62% 361%
61%
*17%
2%
38%
4
33%
8%
1»4 Aug 25
10
Apr 10
2234 Sept
578Septl2
17
Apr 10
2434June 30
2
4
7
9
Telautograph Corp
Tennessee Corp
Texas Corp (The)
Texas Gulf Produc'g Co No
1,300
13,500
1,300
6,000
2,700
9,600
1
Sept
50
(James)
% preferred
*12%
19%'
4
28%
10%
*25
*2%
4
*7%
234
24%
31
2934
2%
15%
10%
92%
22%
9
'63
♦Bid
3
434
4
3
87%
2%
3834
*2%
11
*18
2%
38%
32
27„
*70%
5%
*9%
*23%
19%
*52
Without warrants
Talcott Inc
i"200
44%
3%
33
*4
10%
*8%
13%
*10
3%
..25
Swift International Ltd
200
33%
8%
5%
1434
19%
*35
49
12%
1334
44%
5
48%
6%
78%
45%
39
4834
9
44%
*4
92
3
634
*35
20%
7
3%
634
3%
X3234
8%
Swift & Co....
4534 Sept
6% Mar
8% Mar
17% June
33% Sept 13
8
118%Sept 27
75s Apr 11
19% Sept
9% Mar
June 17
30
8
5ia Apr 10
Symington-Gould Corp w w.l
"
034
5
92
634
5%
39
4
2834
2%
1434
10%
*5%
*34
4
5
22
78%
11%
86%
3134
5%
39
39
5
92
*70%
2%
*4
*35%
21%
48%
634
10%
5%
10«4
1934
55
92
10%
*8%
234
13%
4%
30%
2%
I084
19%
*6%
*3%
6%
x5%
15%
21%
48%
634
2%
*4
29%
2%
15%
10%
2%
25
L16
2%
4
30
*23%
234
16%
*52
6
*13%
5
11%
134
13
15%
1934
55
25
'116% 117
6
*13%
*19%
*4
*10
100% 100%
*86
4
33%
55
48
634
*9%
1334
*2;%
4
5
4
46%
34%
834
55%
30
7
45
*5%
*34
3%
4
8%
*4
*5%
32%
*234
39
3%
6%
34%
35
4%
24
*24%
1078
*1%
7%
46%
45%
5%
*34
7
6%
6%
5%
39
4
7%
4534
4%
34%
8%
6%
15%
1934
*13%
*18%
5®8
6%
10
100
Sutherland Paper Co
10
Sweets Co of Amer (The)...50
3,900
3,900
1,600
1,000
8%
3% Apr
85s Apr
Superior Steel
100
21
April
38
Aug 25
20% Apr 8
April
1
Jan
19% Mar
5% Jan 20
10% Jan 20
2078 Oct 26
25% Oct 26
6% Aug 24
No par
100
6% preferred
108
65
No par
Sun Oil
500
*6%
*6%
*5%
*3%
Stone & Webster
128
5
517s Sept 11
33% Oct 25
52% Nov 21
16% Mar 9
76% Mar 8
32% Nov 29
7% Ian
13&8 Apr 10
24% Sept 1
22*4 Aug 24
1
Stokely Bros & Co Inc
22
8
4
Sept
1% Mar
15% Dec
70i4Nov22
Apr 4
April
Oct
Mar
8% Mar
IO84 Mar
9i2Sept 30
Sept 15
5
Studebaker Corp (The)
400
30
7%
*34
8%
8%
4%
5%
Stewart-W arner
3,800
2034
8%
10
25
2%
16
2834
684
*8%
4
Standard Oil of N J
Superheater Co (The)..No par
Superior Oil
1
21
9%
No par
prior pref
Mar 22
2% Sept 1
434 April
No par
No par
cum
1,400
30%
30
7%
$4 preferred
Sunshine Mining Co
634
213s
30%
94
par
$6
540
X2034
29%
2134
9
1
Apr
10
9
29% Aug 3
21% Jan 4
23% Jan 4
36% Nov 20
4384 Sept 26
3% Jan 5
Apr 17
8% Aug 24
60
Apr 4
18i2 April
512 Sept 1
No par
No par
13
142
42
No par
{Stand Gas & El Co...No
1,400
21%
30%
21%
30%
9
Conv $4.50 pref
Apr 11
14i2 Apr
2
—
2 800
7
21%
6%
15%
2734
11
9%
25%
*634
30%
7
58
120
26%
2%
16%
21%
39
58
120
9%
30%
834
4
59
120
934
9
5%
*32%
59
9%
7
834
120
934
*634
36
No par
preferred A.No par
StarrettCo (The) L 8..No par
Sterling Products Inc
.10
5
2%
Spencer Kellogg & Sons No par
Sperry Corp (The) vtc
1
Sept 12
Sept
1518 Sept 13
3i4Sept 11
185s July 18
35% Sept 8
1% Aug 24
4*4 Apr
1
Splcer Mfg Co
400
5%
59%
No par
1
Apr
I7I4 Mar 11
5
Apr 17
23% Jan 24
10% Apr 8
1U8 Apr 11
15i2 Apr 11
34
21
z84
24
1
Sept
127
No par
100
2,000
6,300
1,500
8,900
13,700
5
121
U2Sept
60
conv
28i2 Oct 23
29% Jan 5
98i4 NOV 20
Mar
No par
$3
12% Mar
2% Apr
1478 Mar
18% Mar
May
Mobile & Ohio stk tr ctfs 100
Spiegel Inc..
434 Mar
4
3i4June 24
91
.25
$5.50 pref
Mar
46
100
Sparks Wlthlngton
Spear & Co
Mar
8% Sept 11
113s Apr 11
934 Sept 6
12i8 Apr 8
10% Aug 24
....100
.
Apr
10
93
Sept 11
South Am Gold & Platinum._1
5% preferred..
20%
110i2 July 29
Socony Vacuum Oil Co Inc. 15
Southern Ry
38% Aug 29
17U Sept 9
10778Nov20
3284 Jan
Mar
Aug
684 Mar
II84 Feb 24
127
Smith (A O) Corp
.10
Smith & Cor Typewr..No par
8% preferred...
3
36
Jan 18
Snider Packing Corp...No par
Southern Pacific Co
45% Mar
Oct 30
70
No par
76
8%
Sept 14
778Septll
Jan
Mar
9% Mar
10
Mar
101
92
Sloss Sheffield Steel & Iron. 100
Southern Calif Edison
47
72
54
Jan
Aug 10
Apr 8
Apr 11
100
31
9%
121
25
%
1% Mar
15% Mar
234 Dec
183a Jan 10
434 Apr 11
Apr 10
Apr 10
Apr 11
Slmonds Saw & Steel..No par
Skelly Oil Co
Sept 13
2184 Jan
June
1712
2l2
16l2
15l2
10
$7 cum prior pref
Standard Oil of Calif..No par
Standard Oil of Indiana
25
31
8%
81m ms Petroleum
$4.50 preferred..
700
1
6*4 Sept
Silver King Coalition Mines. .5
Simmons Co
No par
Mar
3434 Mar
112% Dec
31s Sept 27
243s Sept 12
312 Jan 6
8578NOV 8
978 Aug 24
98*2 Aug 24
4,900
8,600
10,400
13,800
44%
69
28
June
% Sept
3
52ig July 31
3%May
100
-
H7i4May 29
54%May 22
No par
5^ % conv preferred
Jan 20
10i2 Jan 25
14 Aug 14
Apr 8
Sheaffer (W A) Pen Co.No par
Highest
13*4 Sept
62
1
8
43
Standard Brands
3,700
3,700
Sept
$3.50 conv pref ser A.No par
Shattuck (Frank G) —No par
Square D Co class B
500
22
21%
25%
26
934
16%
2,600
27,700
17%
75%
834
30%
5%
26%
4434
17
32
2134
4
6%
7534
8%
884
*684
39
2%
6%
17%
20%
25%
25%
44%
31%
5%
9734
2%
6%
5%
9734
2%
300
280
32
2134
*5%
*32%
*37g
*31
5%
9834
9%
*28
7%
6%
61
75%
30%
738
60
2534
2%
16%
293«
5,700
9%
2534
*15%
*27%
*634
52%
11%
25%
26%
4434
8%
121
12,300
1,800
11%
12
8%
9%
50
100
8%
59%
122
934
2534
600
25%
26%
4534
32%
76%
26
5%
1134
8%
60
3,100
8
11%
17%
1934
25%
22
20%
25%
9
5%
12
834
59%
22
8%
5%
1134
884
6%
17»2
44%
32%
76%
834
26
2%
2%
70% 1
20%
43%
*51%
31%
5%
*97%
2%
6%
40
30%
11
Sharpe & Dohme
14
30
61
31
32%
5%
99%
*17
22%
2534
25%
26%
60
10%
X6034
32%
2534
26
8%
51%
11%
62
26%
45%
25%
5
6%
18%
51*2
11
31%
32%
5%
534
*99% 100%
2%
2%
634
18
51%
61%
31%
5%
99%
2%
6%
43%
29%
52%
No par
No par
No par
13
100
*17%
42%
2834
1
Sharon Steel Corp
$5 conv pref
S'eastern Greyhound Lines. .5
34
19
—No par
So Porto Rico Sugar...No par
37
19
1
200
33
2%
Seagrave Corp
1778 Mar
76% Aug
15% Aug 24
1-^8June 27
6014 Apr 10
1158 April
10% Apr 11
1,600
15%
19%
*7
2%
6%
100
500
2,900
35,200
2,100
*31%
2%
37
105
Sears Roebuck <fe Co—No par
Servel Inc
$6 preferred
50
3,600
23,300
21,500
19,500
1834
33%
*30
180
27%
*60
31
18%
35
No par
100
4-2% preferred
Lowest
$ per share
44%Sept 15
No par
6% preferred.
-
138
6%
61%
7
934
*25%
1834
32%
37%
~
10
27%
14%
18%
70%
11%
2%
15%
*60
61%
6%
27%
14%
18%
32%
2%
7%
1134
2%
27
70%
61%
500
1,700
•
20%
12%
2%
I6I4
2534
*137
2%
6%
11%
6%
138
70%
61
234
2%
1534
25%
16%
7%
45%
31%
51%
534
12%
2%
*15%
25%
27%
2%
*18%
31%
12%
70%
1934
*7%
*60
99%
12%
2%
*1514
2434
20
37%
300
17%
*934
20
*137
138
*17
10
20%
15%
35%
2%
17
10
*20
2%
27%
37%
67g
*17%
*121
2%
27%
16%
19%
11%
5%
17
138
12%
2,700
113
9%
20%
1234
138
62
99%
*112
16
*2%
11%
9%
20
52%
1134
534
*109
110
25%
52
99
110
*111% 113
16
30%
51%
*17%
400
99%
113%
173
25
45%
30%
52%
19
21
20
200
23%
2%
2234
19%
*98
22
2134
No par
$4.50 preferred
Shell Union OH
300
7
*6%
2%
2,000
107
23%
*2%
*21%
19%
25
7%
6%
99%
25
70%
1934
60
2,900
*19
12%
2%
16%
2%
*7
*60
5
3634
13%
13%
107
*98
113
*35
7%
32%
2,700
20
112
35%
70%
22
7
99%
110
2%
*1534
40
7
99
7
*98
*9%
*60
11%
5
20%
2()34
12%
62%
100
52%
99%
17%
10%
400
9,600
1,500
1,300
5
23
Scott Paper Co
{Seaboard Air Line
1434
14%
*36%
1939
Range for Previous
Year 1938
Highest
% Apr 10
334 Apr 10
100
Seaboard Oil Co of Del.No par
*50%
2%
2234
*112
27%
33%
*6%
2234
*2%
23%
8% preferred
7,100
7
*2%
2234
19%
113
16%
20%
*32
234
2%
23
100
JSchulte Retail Stores—*— 1
1,000
1,400
5%
51%
51%
x7
7
684
23%
23%
*17%
10
16
7
*111
17%
19%
*61%
307g
5%
52%
7%
36 84
114
112%
21
2034
2034
1234
12%
1234
12%
2%
2%
*2%
2%
*1534
16%
*1534
16%
*24%
25%
24%
25%
*137
*136% 138
138
45%
31%
14
40
2%
793/
14%
14%
62%
2,
$ per share
$ per share
10
Aug 24
61
Sept
5
%
79%
67
700
Scbenley Distillers Corp
5M% preferred
1%
18%
%
*1®4
18%
*134
2%
80%
14%
14
5%
1,600
%
*62%
4%
300
463/
113% 114
19
*1%
4,400
6,500
2
*134
Xl9
67
112
21
*52
7%
36%
13%
%
1%
19%
15%
*62%
5%
*50%
7%
5%
52%
23%
*2%
*21%
20%
*98%
2%
23
*17
18%
*18%
45%
*30%
14%
7
2334
42%
79
14%
14%
5%
52%
7%
36%
7%
110% 110% *11034 113
.
2
81%
"
Lowest
Par
%
6%
*5%
45%
47
80%
14%
14%
67
%
114
2
15
7%
x47
*112
*19%
2%
813s
6%
53%
48%
%
134
2
*62%
%
6
113%
%
*112
19ij
2%
15
*%
*5%
3>)
1434
70
%
6
48%
114
81
20
27%
15%
19%
33%
*32%
2%
74
%
2%
9934
10
74
147,
1137k *110
*17%
74
134
2234
2%
*21%
20%
2%
23
1934
74
%
48
114
19%
*7
2234
*98
75
81%
71.,
*110
75
3634
*36%
*36% 36%
13
13%
13%
12%
12%,
12% 12%
106% 106% *105% 107% *106% 107% '*106% 107%
13%
*105% 106%
*7%
2234
*2%
*21%
13%
14%
14%
*62%
5%
*50%
7%
3634
643<
5%
*51
13%
81
16
*62%
5%
13%
6
Range Since Jan. 1
On Basis of 100-Share Lots
STOCK
Week
13
h
YORK
Dec.
EXCHANGE
Shares
13%
6
48
2
2%
1
753/
19
*1%
Dec.
$ per share
13%
%
*5%
3/
19
19%
27,
813,
STOCKS
NEW
the
1384
*75
115
%
*7%
13%
48%
48%
*2%
Nov. 30
$ per share
5%
116
*1%
19%
Nov. 29
%
53g
%
Sales
Friday
$ per share
753/
3f
48%
NOT PER CENT
Thursday
Nov. 28
51;
*114
SHARE,
Wednesday
$ per share
133,
13%
753/
%
5%
Tuesday
% per share
133/
1334
PRICES—PER
for
Monday
Nov. 25
$
SALE
20
4
Mar
19% Mar
14% Nov 15
5
Mar
14
Sept
Jan
•
I884 July 18
119% June 16
69% Oct 25
20
Mar 13
1103s
39
Jan
1284
Apr
384 Feb
6
2
Mar
397s Aug
3
22
Mar
Ex-rlghts.
T Called for redemption*
Volume
Monday
Nov. 28
5
*56%
*5%
*33%
80
81%
81%
5i2
58%
58%
58%
5s4
34
*5%
*33%
8034
15
80%
1478
5%
5%
*33%
*11
*9%
*9%
10
10
32%
82%
9%
83
31
*29
?1
21
22
21
22
6%'
6%
10%
11
10
*60
67
*60
38%
z36%
38
1%
39%
112
62%
69
69
116%
34-%
63
*69
69
*67%
68%
67% 69%
115% 115%
62%
*67%
69
34
34
34%
34%
34%
65%
116%
34%
44%
2%
44%
*2%
45
45
*44
7%
*7%
44%
234
7%
2%
6378
15%
67%
*116% 116%
67%
34
*44
*2%
*7
2%
2%
2%
*58%
64
16
*58%
*14%
*14%
68
34
18%
18
*%
*18
a38
115
*114
43
*42
*41
*
80
45
210
♦
65
*41
42
*41
42
300
Vicksburg Shrevport
62
*
-
*127
1%
9
*1%
77«
31%
*20l2
*2
*1%
*734
*20%
6%
*1%
26%
Mar
34%
*33
34
16%
*15
16%
8
8%
*7%
8%
""600
1%
1%
1%
1%
2,600
23%
24%
3%
4
45%
*45
*19
1%
8%
*7%
*7%
6%
*4%
*4%
31%
20%
3134
31%
20-%
20
20
22%
2%
21%
22%
22%
2%
2%
*21
*62
65
*62
105
105
106
1%
31%
*20
22%
*234
1%
2%
21
4
3%
45%
1%
8%
6%
31%
48
*2234
23%
3
21% 21%
62%
62%
105% 106
25
26
*7%
*4%
1%
1%
1%
4
20
3%
106
64%
109% 109% *109% 110
102% 103
*102% 103
16%
34%
16
16
34
*34
5
8
*7
1%'
1%
26%
28%
26%
28%
112%
112
135
*134
27
*2634
*37*%j 38%
*31%
31%
*36
36%
4%
34%
4%
7%
7%
1%
1
1
27%
28%
27%
112% 113
112
112%
*134% 135
134% 135
26
34%
*4%
*7%
5
9%
1
1
26%
27
28%
26%
26%
*372%i38%
31%
35%
*61
31%
36
69
*61
70
*93%
98
96
96
3334
33%
34%
3334
*114% 115
16%
15%
*114% 115
*15%
16
34%
4%
*7%
*1
34%
4%
8
26%
27%
4%
800
Waukesha Motor Co
900
Wayne Pump Co—
*2%
21%
63
104
105%
110
110
16%
34%
4%
*15%
190
180
16%
34
34
500
1,500
.400
*4%
4%
280
400
400
Western Auto Suppiy
Western
26%
8
100
100
800.
Western
Pacific 6% pref. .100
25%
24%
9,100
6,600
Western
Union Telegraph.
Westlngh'se Air Brake.No par
4.700
Westlnghouse El A
*61
69
*61
69
*61
69
97
*95
97
96
96
*95
96
34
31
32
34%
33%
31%
32%
140
2,000
"2", 756
1,800
40
7,800
110
*90
110
*90
110
*85
110
*85
110
*90
*70
75
73
73
75
75
74
75
75
75
10
*9%
*9%
9%
*9%
12%
10%
13%
*9%
12%
13
11%
11%
6%
6%
6%
11%
6%
11%
6%
9%
12%
6%
*9%
12%
6%
3%
4
*4%
31%
*17
30
31%
*28%
16%
32
16%
400
16
16%
*1612
3%
3%
*3%
3%
300
*3%
4%
4%
4%
*30%
32%
17%
*30%
32
30%
9%
12%
6%
4%
30%
*16%
17
16%
16%
3%
3%
3%
*9%
6%
6%
4%
3%
2
2
2%
2
2
*3%
3%
3%
3%
3%
3%
5%
5%
5%
5%
5%
5%
2
58
*56
*112
....
25%
39%
*24%
39%
19%
19
57
56
38%
39
38%
17%
18
*67%
*67%
74
*67%
18
74
18
19%
67%
18%
70
*64
70
*64
70
*65
66
19%
37%
38
37
25
25%
25
25
24%
37%
37%
49
47
47
*45
49
118
113
113
zllO
110
*80
81%
24
24%
18%
19%
81%
*81
23%
18%
12%
12%
123%
12%
47
48%
47%
124
*86
124
92
28%
28%
28%
17%
2%
17%
2%
17%
■
*23%
92
*86
*2%
Bid and asked prices; no
*81%
24
19%
123%
12%
49%
17%
121%
11%
46%
*86
81%
23%
19%
121%
12%
48%
37%
*43%
*106
37%
46%
114
1,700
*112
39%
13%
P^c==
4,700
18%
47%
2%
3,200
39
67%
700
5%
19%
74
46-%
28%
17%
2%
—
2.600
3%
56
56
39%
*12%
92
5%
5%
19%
*33
17%
*112
*112
3%
3%
57
39%
37%
28%
5%
25
*33
*86%
3%
56
39%
*46
*46
49
*113% 119% *114
*121
5%
5.900
2,300
5,100
25
*64
19%
125
3%
58
2
39%
70
19
5%
2
""5OO
2
2
25
71
24%
3%
57
2
4
25%
38%
*64
81%
24%
2
3%
3%
6%
4
25
*67%
*80%
58%
58
*112
*112
*3%
*67%
66
74
66
T,306
17,600
1,600
10
20
37%
800
*44
47
400
*108
117
*35%
40
81%
81%
*81%
81%
100
23
23
18
22%
18%
600
17%
*22%
17%
124
122% 122%
11
11%
*122
11%
11%
46%
46
46%
45%
22,200
80
1,900
13,100
100
92
*86
92
86%
86%
£27%
27%
27
27
2,000
17
17%
17%
2%
17%
2%
2,300
28%
17%
27%
28%
17
17%
2%
*2%
2%
sales on this day. • *
82% May
*2%
2%
In receivership,
500
a Def. delivery.
100
Mfg....60
5M % conv
Co
37
1634 Nov 22
36% Nov 16
74
preferred—100
Corp.—No par
Preferred
100
$5 conv prior pref-..No par
White Dent'l Mfg (The S S)20
White Motor Co..
1
White Rock Mln Spr Co No par
White Sewing Mach Corp... 1
$4 conv preferred
No par
Prior pref...
20
Wilcox Oil A Gas——-----5
Willys-Overland Motors.... 1
6% conv preferred..
10
Wilson A Co Inc
No par
$6 preferred
-100
Wisconsin Elec Pr «% pref.100
Woodward Iron Co
10
Woolworth (F W) Co
10
Worthing ton PAM(De!)No par
Preferred A 7%
..100
100
% series... 10
% conv series 10
Prior pref 4J4
Prior pf
Aeronautical...No par
Wrigley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A
Coach cl B..1
100
Preferred
Young Spring A
Wire.-No par
A T
No
preferred....
Youngst'wn Steel Door .No
Zenith Radio Corp
No
Youngstown S
5J4 %
Zonlte Products Corp
» New stock, r
Deo
84
Sept 20
3
Apr
Mar
3
Sept 27
40
I6X2 Mar
1584 Mar
6184 Mar
103
Mar
912 Mar
31% Mar
July 31
32% Nov 8
36% Nov 24
75
Oct 18
10
Mar
20
Mar
60
Mar
3
65
Apr
97
6
Oct
14x2 Mar
75
Mar
July 10
38% Oct 26
80
Jan 27
78
Oct 25
9% Sept 15
12% Mar 10
IO84
Apr 10
1584 Oct 26
15% Apr 10
Jan 27
80
45
7
7
3% Sept 2
134 Aug 21
14
Sept
Jan
42
18
5
2% Aug 11
1
June 24
2%June 24
27a Aug 28
Aug 26
32
105% Apr 20
15
Apr 10
36
Sept 13
May
Dec
6% Mar
6
4
Sept
1% Mar
8*4 Mar
4% Nov 17
3434 Nov 20
Apr 10
14
Nov 20
4% Nov
1
3% Feb
6% Feb
8
8
7% Sept 6
60% Nov 21
Sept 19
115
1% Mar
114 Jxine
3% June
3
Mar
32
Mar
103
Oct
10ig Mar
47% July 15
48
May 25
31%8ept 22
50% Jan 5
23% Jan 4
74
Oct 31
69
Oct 31
5
38% Sept 22
27
31% Apr 19
85
Apr 10
75
Mar 31
53% Sept 20
124% Nov 4
85% July 18
1834Sept 1
11% Apr 11
33% Mar 13
10% Apr 11
23% July
98
Apr 11
9% Aug 24
kpr 11
par
30
100
74
May
5
17
Apr
8
Apr
11
par
1234 May
2% Mar
28% Nov 20
15% Apr 8
Apr 6
42
July 28
Wheeling Steel
Wright
2
37
*29
100
6% preferred B
8
8
Mar
Mar
74
15
Nov
.
37% Sept 22
121
Sept 12
145
Mar
8
10% Apr
30
preferred
June
115
May 20
120
preferred
50
Instrum'i.No par
Class A
—No par
Westvaco Chlor Prod..No par
1st
5% conv
4
Jan
105
84 Apr
Weston Elec
Wheel A L E Ry
17%
3%
*72%
July 19
79
8
16% Apr 8
18% Apr 8
82% Apr 11
69
33
Nov 25
112
3% Apr 10
1
109
Mar
684 Sept 27
1
25%
Mar
1% Mar
11% Sept 27
*7%
25
11
17
2514 Mar
71
Apr
70
Apr
11
1
4% 2d preferred
6
2% Apr 10
8
35%
*95
20% Apr
Co—10
100
Mar
6% Dec
16% Mar
106
8
88
Apr 10
105% Sept 5
15% Nov 29
Apr
1
35%
*61
Maryland..
Mar
6
3234 Jan 4
384 Oct 28
28% Jan
55% Aug 25
85
Apr 11
WestPennPowerCo4 ^%pf.l00
West Va Pulp APapsr Co No par
Mar
20
1»4 Mar
24% Jan
July 20
95
Mar
384 Mar
Jan
July 24
3% Jan
1% Apr 10
16
Mar
2
13%May 24
7% Sept 20
35% Oct 28
5
Sept
20
No par
Snowdrift No par
$4 conv preferred..—No pat
West Penn El class A—No par
7% preferred
100
6% preferred.
100
8
23
Mar
6%
4% Nov 30
19% Apr 8
14% Apr 11
Webster Elsenlohr
1,300
58
138 Nov 27
Wesson Oil A
1,600
17»4 May
3
Feb
Mar
3
Jan
44
*7
31%
27%
1st preferred
Warren Fdy A Pipe
$1
74
2% Jan
6% Apr 11
1
800
31%
27
—No par
$3.85 conv pref
2
1% Dec 1
23% Nov 30
3% Sept 5
J Warren Bros
No par
$3 convertible pref.-No par
584 Mar
1384 June
6
14% Mar
30
Dec
1x4
412 Mar
30
Mar
60 84
7% Aug 25
5
1% Mar
20% July 18
Apr
14% Oct
Mar
1
98% July 22
9% Jan 5
3
10
30'4Sept 20
100
7% preferred
Warner Bros Pictures.
22%
3%
21%
26
26%
26
25%
26
26%
108
109% 108% 109%
112%
*128% 134
133
134% 134% *129
26%
26%
26% *26
26%
27%
*372%i38%
*372%i38%
*37213i 38%
31%
31%
31
31
31%
31%
35%
35%
35% 35% *35% 35%
*37«32 38%
Class B
Jan
4
par
par
...No par
A.No par
No par
Ward Baking Co cl
23% July
15% Apr 10
85
100
514 Mar
Oct 23
8
5% Apr 11
Apr
1%
3% Sept 13
3
Sept 20
8
June 29
1
par
20
32
102
102% 102% *101
11478 114%
114% 114%
33%
par
1% July
100
Waldorf System
19%
*31
63
63
105%
*15%
100
100
No
Walgreen Co
..No
4pre! with warrants
Walworth Co
No
Walk(H)Good A W Ltd No
•4 July 22
No par
No par
6
20
5
75
10%
13
6%
4%
31%
110
*90
•
34%
21%
63
109% 110
109% 110
102
3%
21
105
106
tWabash Railway
5% preferred A
5% preferred B
22%
23
*2%
102
*16%
700
30%
19%
*18%
22%
110
115
8%
30%
102
102%
8%
4%
*63
64%
20
46
*4%
*7%
4%
31%
20%
21
22
106
1,000
19,300
4%
8%
278
21%
3%
3%
8%
8%
*4%
2%
24
24
125
100
Preferred
9,200
1%
23
1,300
1%
*1%
23
400
8,000
6%
1%
1%
31
1,500
94
*45
48
*44
48
1%
110
114% 114% *114
20%
34
48
1%
31%
20%
*15
4
1%
"""606
6%
4%
4
3%
7%
16%
8%
1%
25%
*45%
*45
~~7%
34%
4
Mar
37
34
26
234 Mar
1534 Mar
105
116% July
*15
1%
Apr 10
Sept 13
6'
26
2% Apr
17
June
1312 Sept
14
12
27
31
684 Sept 12
28% Sept
684 Sept
3334Sept
118
July
18% Apr 10
Sept 11
Mar 15
35
8%
40
30X2 Mar
3
6%
8%
56% Aug 23
65
Sept 30
95
34%
9
97
54% Aug 30
65
Sept 30
131
5%
16%
June
116% July 26
43 June 6
64% Apr 12
Mar 7
10
500
5%
40
34% Apr 11
Mar
1%
*92%
Apr 10
Sept 22
Mar
IU2 Mar
1414 Mar
100
1%
6
25
16
Nov 15
20%
92%
11
Sept 12
Nov 16
130
20%
93%
7%
Sept
40
preferred
100
Virginia Ry Co 6% pref... 100
Vulcan Detlnnlng
...100
Preferred
*
21
Apr 10
109
5%
6
*8%
1%
7I2
Aug 21
190
1%
3%
7%
20%
92%
*1%
7%
*2 June
Sept 12
20%
93%
8%
26
3%
7%
27% Mar
9
15
93%
*15%
9%
1%
26%
*8%
*1%
May
Feb 26
% Aug 7
4% July 27
116 May 2
*1%
9
9
7% June
Mar
112% Sept 14
"""455
1%
*1%
Feb
37
pref. ..No par
*93
16%
6%
1%
2
1% Mar
Virginia Iron Coal A Coke. 100
Va El A Pow $6
90
*20%
35%
16%
1%
2
Dec
7% Nov
850
*126
..
3
6
Sept
16
100
6% preferred
3%
7%
20%
*1%
*15%
7%
93%
35
35
*15%
1%
9
9
3%
7%
21%
93%
6%
35%
94
6%
*933s
*127
8% Mar 3
2% Oct 26
Sept
6
No par
Va-Carollna Chem
2,500
1,200
92%
*90
90
*127
...
*1%
1%
9
1%
2%
3%
*1%
*127
...
*88
93
*88
93
*88
94
—
4
2
1
100
Victor Chem Works
200
26
26
3%
.
*88
1
78
PacRylOO
6% pref
80
26%
*127
.
Am.No par
5
7% 1st preferred..
100
Vlck Chemical Co..
6
5,600
32%
42
26%
3
16
No par
100
Sales
Preferred
50
*25%
Oct
45% Apr 10
% Jan 16
Vandlum Corp of
Van Raalte Co Inc
700
26%
Sept 22
9
100
pref.100
preferred
Vadsco
30
37
*25%
26%
*25%
29% Mar
40
Apr
134
116
80
Mar
37%June13
4684 July 14
June 19
*35
*
Mar
38
163
8%
Universal Pictures 1st
10
♦111
80
£55
91% May
1% July
6%May
39
Mar
8284 Sept 12
120% Sept 22
98%May 19
30
21
4512 Jan
£4484 Mar
June 27
x70
41% Aug 24
1
Ool
2% Mar
No par
Universal Leaf Tob
300
114
.
July
60
49%
21% Mar
7
6% Mar 10
52% Jan 3
114% Nov 14
68% Sept 27
Oct
Nov
37% July
6
Jan 23
48
71
Mar
48
114
80
12
3
24
11
11
3234Sept
31% Oct
1% Aug
31% Apr
86% Apr
7%
1312 Nov
5% Mar
50
July 31
115
37
15% Sept 13
Oct 4
49
Mar 13
67
Apr 25
Nov 30
2,300
31%
31%
35%
30%
35%
33%
584 Aug 24
46
Sept 14
19%
*16%
18
30% Nov
3% Mar
17
200
*%
%
%
13% Mar
10% Sept 13
85
100
18
29% Sept 12
6
3% July
Conv pref (70cj
2,100
%
13% April
61
2%
18
June
May 11
2%
14%
72%
18
24
60% Sept 12
146 Sept 28
2%
61
15
74
Nov
35% July 24
1% Apr JO
46
Apr 6
61
63%
173
10% July
35% Jan
25
__
Nov
162% Mar
4% Mar
9
7% July 24
No par
United Stores class A
6
$6 conv pref
No par
Universal-Cyclops Steel Corp 1
3%
3%
3%
3%
3%
3%
3%
26%
26%
26%
26%
27% *26% 28
27
28
2734
28
*115% 116% *115% 116%
116
116
zll5% 115%
116
116
*116
117
*1%
2
1%
1%
1%
1%
1%
1%
1%
1%
*1%
2
6%
6
7
8%
*6
9%
*5%
9%
*7
9%
*127% 129
*127% 129
*127% 129
*127% 129
*126% 129
*126% 129
93%
93%
3%
378
*334
7% preferred
115
500
*59%
62
14%
14%
14%
71%
72
72%
*72%
*153% 159% *153% 159% *153% 159%
*62
'68
*62
68
*62
68
2
2%
2%
%
19%
*
U S Tobacco—
Mar
United Stockyards Corp
7
,
Mar
Oct
Nov
914 July
12% Nov
534 Mar
200
7
7
180
13
8784 Deo
3% Mar
55
4
l49»4Sept 28
4
Apr 8
23
Apr 10
8%
May
2%
*2%
2%
*2%
*59
68
%
*16%
26%
3%
*25%
26
26
35
*43%
*14%
74
*62
80
*34
45
7%
*
*
35
Preferred
1,900
2,300
62
17% Sept 11
14
Sept 27
Jan
.—No par
100
No par
U S Steel Corp
8
Nov
IOI4 Aug
Apr
4%
4
113
No par
10
100
50
60
Preferred
85,666
7
£32
34% 35
34%
37
38
38%
38
*114
115
115% *114
42
42%
42%
42%
34%
34%
387s
34%
*38
*114
7%
15%
18
69
45
7%
2%
63%
%
%
63
64%
66%
115%. 115%
Jan
87% Mar
Mar 31
8% 1st preierred
U S Smelting Ref A Min
900
62%
34%
45
7%
2%
68
7078
*65
U S Rubber
*67%
116
116
2%
*153% 160
160
*151
160
3,900
17,000
3,700
65%
63%
2%
*14%
*71%
1%
38%
110% 111
69
*67%
2%
*59
U 8 Playing
Mar
5% Aug 24
10
Card Co
tU S Realty & Imp
200
Sept
11
5
114
Mar
6
65% Sept 11
100
20
preferred
Foundry
33%
37%
37%
109% 110%
62%
62%
Prior
U S Pipe &
"~3~, COO
36
36
*32%
1%
36%
*2%
74
*71%
74
*71%
*151
116
116
65
1%
37%
*62%
67%
*61
62
Mar
884 Mar
3
June 29
No par
Partlc <fe con\ cl A
1,100
50
7% Sept 25
8
75
No par
U S Leather
900
21% Mar
100
384 Aug 31
534 Mar 31
U S Industrial Alcohol-No par
MOO
10
36%
33%
111%
"
6%
10
*32%
112% 112%
62%
6234
69
21
*6%
*61
1%
400
31
21
36%
33%
1%
10
5
*29
1%
39
11178 112%
5
67
35%
1,300
83
82
10%
9%
10%
400
169% 169%
39%
*33
3934
6
82
~~9%
9%
Mar
80%
117%June 23
14
Sept 12
Sept
6% Apr
United Mer <fc Manu Ino vtc.
3
Jan
8% July
39% Oct
67x2 Aug
12% Nov
Apr
Nov 24
15
Apr
110
No par
1
United Paperboard
10
U S & Foreign Secur
No par
$6 first preferred
100
U S Dlstrlb Corpconv pref.100
U S Freight
No par
U S Gypsum
20
7% preferred
100
U S Hoffman Mach Corp
5
5H% conv pref
!
50
$5 preferred
400
9
3614
33%
1%
33%
33%
1%
1%
39
3,800
20%
6%
20%
6%
6%
*10
67
33%
1,400
6%
31
*29
*29
7
5%
6%
82
83
82%
172%
172% *169
5%
5%
*5%
5%
"5%
5%
5%
1,500
*80
11
United Gas ImproVt_.No par
10%
10
9%
No par
United Fruit
Jan
10% July
4% Mar
60
Feb 11
8% Sept 11
35% Sept 27
95
Sept 11
3% Apr 11
7%
4% June
5
8% Jan
74
25% Apr 11
62% Apr
5
United Eng & Fdy
900
10%
82
31
United Electric Coal Cob
3,500
83
100
5
Preferred
150
13,300
*169
22
33%
1%
39%
*111% 112%
*62% 63%
*9%
9%
10%
1,200
14%
14%
116% 117
82
*80
82
9%
38%
*67
33
82%
*9%
*60
3834
81
*80
82
*80
*169
38%
*32%
1%
32%
83
10
83%
10%
67
38%
34
82
10%
*6%
10
*60
34
*9%
21%
21%
7
5%
United Dyewood Corp
$ per share $ per share
$ per share
7% Mar 10
4% Aug 24
4% Mar 31
56
July 11
5
10
United Drug Inc
500
58%
5%
32%
*55%
5%
*9%
*29
31
21%
*634
56%
5%
10
82%
*81
80%
*167
*166% 173
5%
*5%
5%
80%
*29
56
10%
*9%
*9%
10
678
82
*80
82
*80
57s
7%
*6%
7%
5%
*5
14%
14%
14%
1478
117% *116% 116%
116% "116
10%
10%
10%
10%
11%
*5%
5%
5%
57s
7
6%
6%
6%
7%
11
6
534
6
6
*634
5%
14%
2:14%
zll6%
15
1478
*117% 123
11
11
11%
120
*118
5
5%
2,400
5
5
4%
Highest
Lowest
Highest
Lowest
$ per share
Par
Shares
$ per share
$ per share
5%
58
5%
*5%
*56%
5%
the
100-Share Lots
On Basis of
Week
1
Dec.
Nov. 30
$ per share
4%
5
5
5%
58
534
34
82%
478
5
5%
58%
5%
34
4%
*5%
4%
434
$ per share
$ per share
$ per share
NEW YORK STOCK
EXCHANGE
Friday
Thursday
Wednesday
Nov. 29
Tuesday
Nov. 27
Saturday
Nov. 25
STOCKS
for
Range/or Previous
Year 1938
1
Range Since Jan,
Sales
SHARE, NOT PER CENT
SALE PRICES—PER
HIGH
AND
LOW
3519
New York Stock Record—Concluded—Page 10
149
par
12
1
2
Aug 24
21% Oct 26
127
Nov 16
21% Jan.
6
30
70«4
20 84
8%
71
Jan
Jan
Mar
9% Mar
4
6
9
Cash sale. * Ex-dlv. y Ex-rlghta.
Oct
Mar
61% Mar
24
22% Jan
3% Sept
Mar
28I4 Mar
55x2 Mar
56% Sept 12
Sept 30
34
Sept 27
92
Jan
11% Mar
42
Mar
62% Mar
lix2 Mar
284
Mar
Jan
1 Called for redemption
■ . ■
3520
Dec. 2,
Bond Record—New York Stock
1939
Exchange
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
week's range, unless they are the only transactions of the
week, and when selling outside of the regular weekly range are shown in a footnote
in the week in which they occur.
No account is taken of such sales in computing the
range for the year.
The italic letters In the column headed "JrUerest Period" Indicate in each
Las
Range or
Sale
Friday' s
Week Ended Dec. 1
Price
Bid
A
Low
5
Week's
BONDS
Last
Range or
Since
N. Y. STOCK EXCHANGE
Sale
Friday's
Jan. 1
Ashed
High
Friday
Range
Week Ended Dec. 1
i
No.
Low
Treasury 3%b
Treasury 3%s
Treasury 3%s
Treasury 3%s
Treasury 3%S
Treasury 3s
O 119.14 119.7
D
114.7
A
J
114.15,
Af
S nll4.0' 114
J
....-1955-1960
1945-1947
..1948-1951
1951-1964
1966-1959
.1968-1963
1960-1905
-1945
Treasury 2%s
Treasury 2lis..
Treasury 2%s
Treasury 2 lis
Treasury 2Hs..
Treasury 2%s
Treasury 2%s
Treasury 2 lis
119.24
7
114.19
14
5
Af S
104.20
104.20
6
Foreign
103 .15100.27
31
32%
32%
♦111.4
111.12
109.20
110
105 .12114.5
"16
104 .4
14
8
108.29
106.13 106.6
109.22
Af
107.6
82
S
108.5
108.1
108.14
10
M
S
107
107.18
5
106.3
106.25
98
106
28
99 .2
109
105.10
18
99
108.23
99 .9
108.16
D
J
M
J
"lbcf.Ii
S
105.10 105.10
D
104.30
J
D
J
105.8"
D
104.26
105.24
224
J
105.8
102 .16112.26
100 .1
110.9
103
110.6
101 .10109.31
100 .2
109.21
1
103 .4
1
101 .10109.8
s
f 7s series C
A
26 %
O
f 7s series D
1945 J
♦External
s
f 7s 1st series
44
99 .4
107.21
105.11
76
99 .0
107.22
103.29
58
.5
106.3
1
103.8
110.0
3
103
109.21
107.23
55
102.12106.27
101.28 106.15
109.17
90.8
102.12
1957 A
26%
22%
28
28
24
28
94%
17%
63%
64
10%
17
32
17
17
9%
10%
17
23
10%
14%
O
5
17
16%
15%
J
70
16
15
17%
17%
17%
15%
28
9%
16
O
14%
17
9%
9%
16
O
15%
15%
15
f 7s 3d series. 1957 A
D
66
60
5
60%
Antwerp (City) external 5s
1968 J
Argentine (National Government)—
15
1948 M N
94 %
16
96%
94%
94%
88
8 f external 4 He
95
1971 M N
85 %
85
85%
55
8 f extl conv loaB 4s Feb
1972 F
A
81%
77
75%
77
473
8 f extl conv loan 4s Apr
1972 A
O
70%
77%
75%
77%
126
1955 J
J
70%
77 %
88%
80%
79%
77%
79%
23
-1957 M
S
76
76
79%
1956 IN
72
72
74
J
*7%
1966
J
11%
11%
90%
88%
99%
13%
88
D
99%
96
O
13
12
D
♦Brazil (U 8 of) external 8s
1941
♦External s f 0 lis of 1920.-.1957
♦External s f 6%s of 1927—1957
D
"l8 %
O
15%
15%
♦7s (Central Ry)
Brisbane (City) s f 6s
D
O
1952
1957 Af S
Sinking fund gold 6s
1958 F
A
20-year
1960 J
1902 J
D
77
1901 Af S
4%-4%s
1977 M S
4 lis-4 lis
1970 F
s f
7s
1907 J
♦Stabilisation loan 7 lis
I960 A
97 %
July
81
64
18
77
77%
92%
8%
65
103%
15
15
12%
11%
32%
O
1942 M N
1942 MN
*12%
"l2""
Jan 1961 J
"12"
see pave
1907 J
S
External 7s stamped
7s unstamped
1949 J
♦5%s unstamped.
1905
♦7s part paid...
29
(Republic) s f 6s ser A—1952
♦Hamburg (State) 6s__
1940
♦Heidelberg (German) extl 7%s '60
Helslngfors (City) ext 0%s
1900
f g
A
O
"~5
13
14
10
12
12%
10
15%
11%
15%
11%
16
2
1?
5
16
10
51
05
*68
68%
*68
*42
106
103
9%
9%
6
9%
9%
6%
A
O
10%
9%
9
9
59
J
8
*7%
J
D
J
A
AfN
A
31
A
J
7
"
22
24%
27
1
10%
9
5
2
77%
39
00
27%
13%
25%
71
83
5%
19
7%
18
105
59
\C4
6
11
6
1
8
30
15
11
6%
10
21%
91
51%
13
1
10
16%
30
86
113
145
45%
70%
3
66
39%
75
30
61
85%
66%
38%
79
78
79
45
64%
61
61%
95
50
12
22
16
12
7
23
8
12
*7
1954 J
1954
read)
J
.
♦4%s strap assented
1943 MN
♦Mexico (US) extl 6s of
1899 £.1945 Q. J
♦Assenting 6s of 1899
1946 Q J
25
*1
8%
12
8%
1
12
12%
7
8%
11%
8
4
11%
12
7%
1%
22
1%
?,
!♦ Small
T
*%
%
1
15
1
1
2
%
%
*1
J
%
%
H
2%
16
14%
16%
14%
f 0%8
49%
..1952 J
51%
41
31%
8%
2
6%
8%
4
6%
3
31%
31%
5
55
8%
D
41
41
*39
78%
.
1943 F
A
95
92
78%
78%
98%
20-year external 6s
1944 F
A
94%
90%
99%
118
External Blnk fund 4%s
External s f 4%s
1956 Af S
82%
82%
91%
107
73%
85
111
75
82%
6s
Norway 20-year
4s
s
Apr 1968 A O
extl 0s
77
s
f 5s
O
76
1903 F
f ext loan
Municipal Bank extl
1965 A
1%
1%
8%
♦6s series A
1959 MN
New So Wales (State) extl 6s__1957 F A
s f
1%
49%
1959 M
♦Montevideo (City) 7s
1%
%
%
%
8
,T
Milan (City, Italy) extl 0
%s —1952 A O
Minas Geraes (State)—
♦Sec extl s f 0%s
...1958 Af S
External
1%
1%
1%
1
1%
%
10
s
%
1%
1%
%
1%
%
Assentlnc 4s of 1910 small
|*Treas 0s of '13 assent (large) '33 J
♦Sec extl
72%
%
%
1%
1%
n
18%
16%
18%
16%
18%
16%
18%
16%
18%
10%
18%
16%
16%
%
*%
D
A
75
1970 J
D
+
10
7%
21
68%
*19%
37%
20
61
12
18
17%
27
6
23%
■
20
50
D
21%
8%
91
O
F
1954 J
12
11%
6%
63%
65%
68%
J
F
1954 J
12
10%
5
86
*7%
Af S
♦Assenting 4s of 1904
♦Assenting 4s of 1910 large
♦
8%
D
9%
21%
1960 MN
♦4s of 1904..
11%
1961 J
5
10
*7%
A
24%
27%
23%
18%
8
1
125
105
73
6%
15%
59
27
15
17
10%
82
J
106
98
82
O
32
12%
15%
11%
7%
19%
78% 110%
102
'
*23%
*14%
*18%
J
7
16
15
118
*9
A
6%
15%
11
3
25
98
*107%
O
9%
8%
15%
11%
106
21%
100
67% 107
10
8%
15
35
32
88%
64
12%
D
20%
14%
1
10
D
90
67%
11%
67%
11%
4
72%
10
15
17
73
75
05
*9
66
66%
12
75
17
17
J
5s
69
*68
6
19
1957 J
73
72
8%
74
73%
65
^
16
12
97%
65
*1
12
101
■
72
11
4
60
15%
16
16
71
63% 105
D
12
12%
76
1
141
♦Medellln (Colombia) 0%s
Mendoza (Prov) 4s
18
16%
75
♦Mexican Irrlgat'on
gtd 4%s._1943 MN
6
74%
6
—
64
♦Assenting 5s large
♦Assenting 5s small
13%
-
49
14%
A
1945 J
♦Jugoslavia (State Mtge Bk) 7s 1967
♦Leipzig (Germany) s f 7s
1947
(Province) 7%s 1950
13%
-
71
A
...1946 J
♦Lower Austria
19%
-
17%
7 %s ext at 4%s to.—1979 F
86%
—
59%
69
60
104
24
—
69
♦Hungarian Land M Inst 7%s_1901 AfN
♦Sinking fund 7%s ser B
1901 AfN
10
63
71
Hungarian Cons Municipal Loan—
83
100
19
54
*68
30%
108
49%
6
72
60
1908
Haiti
15
—
81
55
memrnm.
1908 F
♦0s part paid
s f
—
82%
1904
♦Sink fund secured 0s
s
_
103
*102
♦7s unstamped
1949
German Prov & Communal Bks
♦(Cons Agric Loan) 0%s
1958 J D
♦Greek Government s f ser 7s__1964 MN
f g.__
16%
101% 108
99
102%
73
D
1905 J D
♦5%s stamp(Canad'n Holder) '65
♦German Rep extl 7s
stamped.1949
s
_
55%
65
61
80%
74%
60%
1949
Gorman Govt International—
♦5%s of 1930 stamped
♦7s secured
46
94%
05%
100
*12%
*12%
J
♦7%s secured
19%
104
71
O
1945 M
23
1901 J
3525
68%
104%
73% 106%
12
16
1940 A
♦Frankfort (City of) s f 6%S-„1953 AfN
French Republic 7%s
stamped.1941 J D
7 %s unstamped
1941
86%
15%
12%
—
'
J
87% 104
68% 102%
16
O
A
1948 J
15
~i(T~ "3
75
20%
40
87
16
♦External sinking fund 68—1963 Af N
♦6s assented
1963 AfN
♦Chile Mtge Bank 6 lis
1957 J D
For footnotes
1955 F
Estonia (Republic of) 7s
Finland (Republic) ext 6s
35
12
1
82% 111%
95% 111%
12
♦Extl sinking fund
8s-.Sept 1961 M
♦6s Assented
Sept 1961 M
♦External sinking fund 68—1962 A
J
♦El Salvador 8s ctfs of
dep
95%
16
90%
47%
56
54%
102%
5%s2d series
1909 A O
♦Dresden (City) external 7s— 1945 MN
90
"i§" "17
47%
45%
26
70
*99%
55%
0
1942 J
External gold 6%s
94%
15%
12
O
Jan 1961 J
♦0lis assented
1962 A
External g 4%s
Apr 15 1962 A O
Dominican Rep Cust Ad 6%a_. 1942 Af S
1st ser 5%s of 1920
1940 A O
89
*9
—Feb 1961 F
♦6 lis assented
♦Sink fund 6lis of 1926
B
ser
25
13
1960
1962 A
Sinking fund 8s
Denmark 20-year extl 6s
176
4
27
88
52
17%
19%
A
D
95%
*9
22
-
*103
1949 F
13
13%
J
1900
27%
*102%
1977 J
97%
*6
J
22
*70
A
External loan 4%s ser C
103%
95
33%
1
1
122
56
56
20%
33%
19%
19%
22%
57
*
Sinking fund 6%s
Jan 15 1953 J J
♦Public wks 5%s
June 30 1945 J D
Czechoslovak (Rep of) 8s
1951 A O
90
103%
209
26%
49%
45%
47%
1949 F
Italy (Kingdom of) extl 7s
1951
Italian Cred Consortium 7s
ser B '47
Italian Public
Utility extl 7s.—1952
Japanese Govt 30-yr s f 0
%s„_1954
Extl shaking fund 6
%s
.1905
47%
97
49%
-
8%
*26 %
1944 Af S
Irish Free State extl
32%
86%
♦6s assented
1951 MN
58
42%
1954 J
♦6s assented
♦Costa Rica (Rep of) 7s
Cuba (Republic) 6s of 1904
External 6s of 1914 ser A
70
60
86
s f 0s
-
58
47
86%
♦6s assented
i960 A
♦Extl sinking fund 0s..Feb
1901 F
♦Ry ref extl
25 year gold 4%s__
1953 AfN
§♦ Cordoba (City) 7s unstamped 1957 F A
|*7s stamped
—1967 F A
Cordoba (Prov) Argentina 7a.-1942 J
J
64
57
J
95
D
—
-
26%
31
26%
26%
A
1952 J
Hungary
56%
1968 M N
♦0s assented
1947 F
11%
6
44%
44%
44%
1907 J
♦External sinking fund 0s...1960 A
102
56
89%
94 H
♦Chile (Rep)—Extl 8 f 7s
♦7s assented
58
22%
21%
98%
98%
56
J
J
9
23
54%
1944 J
15 1960 A
4
9%
60%-
21%
19%
28%
55%
55%
J
coupon on
7%
11%
9%
76
162
13%
A
0B..July 16 1900
♦6s
6%
2
*12
0
J
1946 MN
71% 116%
7
79
J
♦Farm Loan p f 0s..Oct
♦6s Oct coupon on
O
♦Sinking fund 7s of 1920
♦Sinking fund 7s of 1927
Copenhagen (City) 5s
108
*13%
J
1950 M S
27
14%
12%
F
8s
67
77
1961
♦Cent Agric Bank (Ger) 7s
♦Farm Loan st
23
16
Aug 15 1945
30-year 3s
♦Colombia Mtge Bank 0%s—1947 A
20%
65% 108
11
20%
17%
6%
6
38
16
*40
1962 Af N
5s
30-year 3s
♦Carlsbad (City)
99
57
"50M
1908 M N
Canada (Dora of) 30-yr 4s
10-year 2 lis
25-year 3lis
7-year 2lis
103%
6
14%
Bulgaria (Kingdom of)—
♦Secured
53
52%
*63
56
A
External re-adj 4%b-4%s._-1976 A O
External s f 4%s-4%s
1975 M N
8% external s f S bonds
1984 J
J
10%
18%
8%
Buenos Aires (Prov of)
s f
10
40
♦73
"77"
D
s f
103 %
12
88%
86%
1953
Refunding
53
9%
89%
1950
External
226
|
1945 F A
1949 M S
1955 J
O
4 %s external debt
108.3
♦External sec s f 7s 2d series. 1957 A
1957 J
Oct 1901 A
♦6s extl sf gold of 1927-Jan 1961 J
-
109.10
105.6
10
10%
D
Customs Admins 5 %s 2d ser. 1961 M S
5%s 1st series
1909 A O
26%
♦26%
70
J
1945 J
s
1951 J
2d series sink fund 6
%s
1948 A
•External
1900 M
assented
♦Chinese (Hukuang Ry) 5e
111.31
M
1947 F
♦0s stamped
20
7%
20
Municipal—
♦Budapest (City of) 6s
8%
♦9
101.10105.18
s f 0s
35
♦Cologne (City) Germany 6 %s_1950 Af S
2
..
14%
14%
9%
Colombia (Republic of)—
♦6s of 1928.
61
External 30-year s f 7s
♦Berlin (Germany) s f 6148
♦External Blnklng fund 9s
9%
106 .12111.27
106 .16111.9
104.12
External s f 6s
8%
104 ,22112.21
100.30
Belgium 26-yr extl 0%s
7
10
1
102.5
♦Bavaria (Free State) 8 lis
3
13%
9%
9
9%
*9%
102
1
External g 4 lis of 1928
11%
13%
120
6
♦Austrian (Govt's) s f 7s
11%
S
110.5
107.11
External 5s of 1927
1962 AfN
109.24
«.110.f6«110.16
104.26
Australia 30-year 6s
10%
1960 M S
♦6s assented
♦Chilean Cons Munlc 7s
♦7s
10%
14%
11
109.30 109.29
D
J
11
3
2
O
D
104.26
—
1
15%
103 .28 107 12
D
♦External
4lis
15
106 .16111.10
Akershus (King of Norway) 4S-1968 M 8
8 f external
High
T12H
19
♦Antloqula (Dept) coll 7s A—-1945 J
♦External s f 7b series B
1945 J
sec s
Low
15
21
105.9
♦Gtd sink fund 6s
15
rl2%
106.20
105.8
♦Gtdslnk fund 0s
O
O
1901 A
105.8
Agricultural Mtge Bank (Colombia)
♦External
No.
1962 AfN
109.19
1 1942-1947 Af S
A
Govt
♦6s assented
♦Guar sink fund 6s
105.7
109.15 109.14
1 1944-1952 AfN 107.10 107.8
J
1942-1944 J
104.12
1945-1947 J D
100.18
1 lis series M
High
O
Home Owners' Loan Corp—
2 lis series G
Range
Jan. 1
Since
A
16 1942-1947 J
Mar
2
03
Ashed
A
D
106.18
May
Chile Mtge Bank (Concluded)
♦Guar sink fund 6s
—1961 A
101 .24105.8
107.18
2 lis
110.19
102.20
107.18
3s series A
Bid
Price
Low
108 .18116.6
-1948 M S
100.18
1949-1953 J D 104.27 104.15
1960-1952 M S 105
104.18
Treasury 2s
-1947 J D
103.10
Federal Farm Mortgage Corp—
3 lis
Mar 15 1944-1904 Af S
108.3
3s
May 16 1944-1949 IN
107.20
Jan
110 .2
4
102.19 102.18
—
3s
113 .18122.13
114.6
D
1961-1955 M S 109.9
Treasury 3s
Treasury 2%s
Treasury 2%s
Treasury 2%s
5 a.
Foreign Govt. & Mun. {Con.)
1947-1952
.-1944-1964
1946-1950
1940-1943
1941-1943
1943-1947
1041
1943-1946
1944-1940
1946-1949
-1949-1952
1946-1948
Treasury 3%s
Treasury 3%s
Treasury 3%b
_
High
U. S. Government
Treasury 3%s
the month when the bonds mature.
Week's
Friday
BONDS
N. Y. STOCK EXCHANGE
Treasury 4%s—
Treasury 4s........
case
95
6
70
94
56%
16
15%
55
54
101%
101%
90
105%
90
106%
72% 105
71% 103%
56
70
101%
86% 104
Volume
149
New York Bond
Friday
BONDS
tl
5£
N. Y. STOCK EXCHANQE
Week Ended Dec. 1
extl 6b
Oriental Devel iuar 6a
Extl deb 5 Ha
(City)
B f
6s
ser
A
1953 M
Bid
S
1965 A
O
1953 J
A
10
12
56%
5
51%
11
92%
105%
73
83"
D
1940
1950
♦External sink fund g 8a
4 Ha assented
♦Porto Alegre (City of) 8s
O
•Rhlne-Maln-Danube 7b
A
♦10%
b
1
4%
5%
6
7
94
70
19%
19%
94
96%
6
75
106%
89
89
Ban Paulo (State of)—
|»8s extl loaD of 1921
♦8s external
16
6%
6%
13%
7
10
6
8%
4
6%
8
2
6%
15%
15%
14%
14%
37%
69%
10%
22%
60
13
62
45
14
-
-
to
-
8
20
19
10%
8%
9%
19%
0%
13H
15
14%
23%
44
14%
6%
22%
32
25%
22
13%
1
13%
25
15
10%
28
14
10
25 H
33
*5
7
"5%
4%
5%
28
29
59H
external conversion
...
extl conv
4-4%-4%%
extl read)
3 Hb extl readjustment
Venetian Prov Mtge Bank 7a.
♦Vienna (City of) 6s
AND
45
.1978 F
45
45%
44%
45
49%
.40
35
50
1
47
30
44%
45%
37%
49%
35
41
37%
""9
37
35
1
to
40
*41
51
*8H
9%
*5%
*6H
59H
57 H
47 H
*103H
*103H
*107 H
22
7
59%
18%
34
3%
28
70
60
100
100% 108%
70
35%
106'
*48
48
♦6s stamped
70 H
41 %
1950
1942 m e
41 H
105%
*53%
105%
1998
I960 A
1951 F
4 Hb debentures
O
A
Allls-Chalmera Mfg conv 4s
1952 M
♦Alplne-Montan Steel 7b
99%
95
1955 M S
S
60%
*13%
59%
1949 MN
6Hs
110%
2030 M S
Foreign Pow deb 5s
110%
103%
103
103
102%
Am Internat Corp conv 6 Hb—1949 J
Amer Telep A Teleg—
J
20-year sinking fund 5 Hb...1943 MAT
1095ai
109*3!
8%s debentures
108
107%
107%
105%
108%
106%
1901 A
O
3%s debentures
1960 J D
Am Type Founders conv deb.. 1950
J
J
Amer Wat Wks A Elec 6s ser A.1975
MN
Anaconda Cop Mln s f deb 4
Hs 1950 A O
107%
105H
109
106%
♦Anglo-Chilean Nitrate—
5 f Income deb
1907
{Ann Arbor 1st g 4s
Jan
1995 Q
1995 A
Adjustment gold 4b
Stamped 4s
1955 J
Conv 4s of 1905.
1955 J
106%
106%
D
Rocky Mtn Dlv let 4s
Trans-Con Short L 1st 4s
1965 J
Cal-Arls 1st A ref 4 Hb A
1962 M S
1946 J
1944 J
J
108H
D
Atl A Charl A L 1st 4 Hb A
1st 30-year 6s series B
1944 J
J
Atl Coast Line 1st cons 4b July 1952 M 8
General unified 4 Ha A
1964 / D
62%
103%
103%
1
22
28
106%
109%
107%
132
96
78
93
7
36
8
see
page
3525.
45
22
34%
52
56
59
13
38
59
11
100
6
76
76
"93
40
48%
65%
98
103%
94% 104%
105
110%
102% 111%
99% 109%
104% 107%
19
39
30%
48%
91
98
*
3%s
conv
J
107%
104%
64
105%
89
O
105%
107%
104%
105%
108
O
107%
112
1959 J
J
100%
100
100%
84
1944 J
Cons mtge
3%s ser F
D
44%
45%
44%
9%
158
25
125
23
S
1965 MN
44
43%
42%
A
{♦Boston A N Y Air Line 1st
4a 1955 F
Brooklyn City RR lBt 6s
1941 J
Certificates of deposit..
Bklyn Edison cona
44
O
A
1901
*108%
43%
43%
9%
9
64%
MN
Bklvn Qu Co A Sub con
gtd 58.1941 M N
Certificates of deposit
Certificates
1941 J
of
deposit
Bklyn Union El 1st g 6b
Certificates of deposit
Bklyn Un Gaa lBtcona
g
109%
109%
82%
79
81
78%
39%
40
96
103%
100%
109%
108%
115%
91% 100%
"~2
89
97
99
3
1
15
....
96
103%
98% 103
102% 111%
100% 112%
110
114%
*42
A
86%
1945 MN
112%
83
81%
34
1
D
♦Certificates of deposit...
{f*Burl C R A Nor let A coll 6b 1934 A O
♦Certificates of deposit
Bush Terminal 1st 4s
Conaol 6s
1
94%
105%
"86%
89
"56"
1906 A
94%
O
39
27
112%
4
39
"40
54
"26
39%
*4%
*4%
2
6%
6%
99%
F
/
J
/
M
J
J
01%
60
92
103
80
19
100%
103%
104%
104%
102%
78%
105
78%
70
*41
107%
1950 MJV
.1981 F A
93%
90%
84
117
64
91
117
30
92%
121
6
8
ll* 120%
88% 119%
100
32
80
117
102%
110%
36
87
18
103
116%
124%
62%
54
50%
79%
38
60
105%
22
95
79
71%
7
30
60
60%
94%
40
14
45
105
107%
95
67
82%
100%
114%
100%
109
85
96
*42
43
62
86
76
97
*8
11
*30
♦Cent Branch U P 1st g 4s
1948 J D
{♦Central of Ga 1st g 6s..Nov 1945 F A
♦CodsoI gold 5s
1945 MN
♦Ref A gen 6%s series B
1959 A O
55
86
D
33
9%
30
7
J
7%
5
3%
O
D
/
47
60%
'105%
w w
A
8
99%
D
J
9%
It" 49%
10
101
J
J
10
75
24
110%
/
/
45%
86%
101%
D
J
SS
46
48%
102%
110%
S
J
20%
26%
7
102
102%
100
Guaranteed gold
4%s__Sept 1961 M S
Canadian Northern deb 6
%s...1946 J
44
99%
102%
102%
103%
'103%
D
1
105%
110%
86
102%
J
03
107% 113%
102
A
F
70
41%
48%
102%
J
♦Ref A gen 5s series C
1959
♦Chatt Dlv pur money g 4a.. 1951
♦Mac A Nor Dlv 1st g 6s
1946
♦Mid Ga A At Dlv pur m 5b. 1947
95%
105%
"39%
39%
0
1947 J
1
113%
103% 115%
72%
99%
108
1957 J
Corp deb 5b
83%
112
112%
41%
1902 A
Canadian Pac Ry
4% deb stk perpet
Coll trust 4 %B
1946
6s equip trust ctfs
1944
Coll trust gold 6s
Deo 1 1954
Collateral trust 4 %b
.1900
{♦Car Cent 1st guar 4s
1949
Caro Clinch A Ohio 1st 0s ser A 1952
92
75
105
1900 A
July 1900
Guaranteed gold 5s
Oct 1909
Guaranteed gold 5s
1970
Guar gold 4%s
June 15 1965
Guaranteed gold 4 %s
..I960
3%
3%
9%
2%
3
*7%
*4%
*4%
3
8
5
19%
33
12%
6%
0%
10%
/
J
8
1946 J
J
2%
3%
*5
8
7
8
1941 M
S
*90
91
90
107
..1941 M
♦Mobile Dlv 1st g 5s
Central Foundry mtge 6a
Gen mortgage 6s
S
*75
76
42
80
Cent Hud G A E 1st A ref 3
%s_1905 M 3
Cent Illinois Light 3 %B
1900 A O
{♦Cent New Eng 1st gu 4s
1901 /
42
41
{•Central of N J
15
*109%
*109%
43
24
15
16%
12
15
15
12%
1902
109
1987 J
Cent Pacific 1st ref gu gold 4a. .1949 F
Through Short L 1st gu 4s.__1954 A
A
A
i960 F
73%
1941 MN
8 f deb 4%s (1935
Issue)
1950 M S
S f deb 4%b (1938 Issue)
Ches A Ohio gen g 4 %s_
1960 M 5
1992 M S
Ref A Imp mtge 3 %b ser D..1990 MN
Ref A impt M 3%b ser E
1990 F A
Ref Almpt M 3%8ser F....1963
D
Craig Valley 1st 5s
May 1940
100
73%
74%
64
68
64
51
"51
1942 MN
1948 M 6
109%
68
O
53%
40%
57
111%
57
110%!
104%
104%
104%
104%
123
104%
104%
78%
123
"98%
98%
98%
98%
104%
105
48
111%
76%
77
J
1940
J
*
1989
J
1989 J
J
108
33
4s_.
98%
105
113"
113"
89%
75%
11
11
21
64%
94%
97%
89%
71%
81%
J
10
55
72
Illinois Division 4s
95%
1949 J
/
46
General
99%
1958 M F
37%
1st A ref 4 %s series B....... 1977 F
1st A ref 6s aeries A
1971 F
90%
95%
99%
90%
79%
2d consol gold 4s
Warm Spring V 1st g 5s
100
O
A
A
28
24
110
77%
72%
63%
60
116%
86
105%
108" 118"
113
*103
103
79%
85%
85%
11%
96%
101
92%
111
103
1941 M S
♦Chicago A Alton RR ref g 3s..1949 A
Chic Burl A Q—111 Dlv 3%B—.1949 J
68%
40
100% 105
109"
15
8
100% 104%
100
104%
115
125%
92
100%
91% 100%
*101
Potts Creek Branch 1st 4a
R A A Dlv 1st
6%
104% 111%
108
112%
1987
6s
4s
Central N Y Power
3%a
con g
1
•O
70
..1956 J
Canadian Nat gold
4%b
Guaranteed gold 5s
4s
45
«
"47"
112
__1952 A
Bush Term Bldga 6b
gu
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
gen g
111
75%
32
*30
71
15
100%
100
93
33%
26%
82%
81%
40
10
1
79
1
68
139
17
90%
39%
32%
620
83%
93
39%
58
109%
82%
112%
96%
89%
46%
11%
65%
47
58
111%
75%
54
64%
83%
5b
96%
62H
46%
46%
35
*38
-
1950 F
75%
85
100% 108%
*38%
J
Buffalo Gen Elec 4%s serlea
B.1981 F
Nlag Elec 3%b series C...1907 / D
{♦Buff Roch A Pitta conaol 4 %b1967 M N
♦General
102% 108%
96% 105%
96% 114%
95
100%
*58
Bklyn Manhat Transit
4Ha...I960 MN
Certificates of deposit..
28
28
24
42
1907 M
1st 6s stamped
119"
13
J
A
Champion Paper A Fibre—
95%
99%
40
to----
1952 A
debs
86%
91
39%
84%
30
Central Steel 1st g s f 8s
Certaln-teed Prod 5%s A
83
108%
98%
101%
80
20%
99% 111%
3
40
7%
7%
146
33
80
40
"15"
107%
90%
90%
2
77
*75
*10
Guaranteed g 5s
Central RR A Bkg of Ga Be
96
*114%
97
106% 112
101%
53%
O
91 % 101
78
For footnotes
62
33
A
91% 101
62%
sSfTwUft
43
37
60
6
18
75
J
4
46%
46%
*10
125
96
100%
109%'
108%
88%
101
13%
98%
62%
1948 J
57%
45%
60
O
98%
94
103
93
99
63%
Second mortgage 4a
44%
56%.
46
A
♦Debenture 6s
1955
♦Berlin Elec El A
Undergr 6 %s 1956
Beth Steel cons M
4%s ser D..190O
Cona mtge 3%s serlea E
1906
Carriers A Gen
112%
99% 110%
75
/
7
24%
62%
122% 136%
Cart A Adlr 1st gu gold 4b
Celotex Corp deb 4%s w w
102% 108
33
26
9%
13
50%
106
64
1948 J
.0
114
22
79
104
May 11946 MN
10-year coll tr 6s
10
163
17
*10
60
108
LAN coll gold 4a......Oct 1952 MN
Atl A Dan 1st g 4a
42
17%
A
22%
109%
108%
96
J
Atl Knox A Nor 1st g 5s
"5
31
*94
103
J
1958 J
99%
96%
111%
94
D
1948 J
25
15%
15%
16%
130
49%
66
10
98%
98%
D
1960 J
57
38%
*95
98H
D
Conv gold 4s of 1910
Conv neb 4Hs
28
44
1995 MN
Conv gold 4s of 1909
33%
87
37%
1995 Nov
O
85
23
98%
Atchison Top A Santa Fe—
General 4s
72
66%
65
105%
50
30
43
37%
J
Ark A Mem Bridge A Term 68.1904
M S
Armour A Co (Del) 4s series B.1955
F A
1st m b f 4s ser C (Del)
1957 J
J
32
85
79%
71%
44%
70%
109%
102% 108
51
32%
60
48
78H
69H
105
99% 104%
*81
79
67
107%
1948
Allegh A West 1st gu 4s_.
Amer IG Chem conv
34%
105
1946
Allegh Val gen guar g 4s
Allied Stores Corp deb 4 Hb
16%
31
49%
107
106"
Albany Perfor Wrap Pap 6B...1948
Am A
70
48%
1943
1949
131
13
1957 MN
48H
.1984 J
.1952 A
1943
6s
25%
36
129%
1960 /
40
44 %
Coll trust 4s of 1907
conv
32
130
let Hen A ref 6s serlea B
*42 H
{f*Abltlbl Pow A Paper 1st 6s. 1953
Adams Express coll tr g 4s
1948
Coll A
33%
10%
Buff
.1979 MN
.1978 J D
Alleghany Corp coll trust 6a...1944
10
50
J
Debenture gold 5b
COMPANIES
0a with warr assented
Alb A Susq 1st guar 3 Hs
17%
11
25%
1947 M N
INDUSTRIAL
Ala Gt Sou 1st cons A 5s
1st cons 4s series B
26
25%
24%
24%
O
1st lien A ref 0s serlea A
49
46%
..1947
10-year deb 4%b stamped...1946
Adriatic Elec Co extl 7s
1952
29%
24%
D
60
40%
.1901 J
28
24%
24%
24%
34%
1900 A
47%
45
.1962 MN
♦Warsaw (City) external 7s... .1968 F
4 Hs assented
.1958 F
Yokohama (City) extl 0b
41
Belvidere Delaware cons
3%s__1943 J
♦Berlin City Elec Co
deb 0%b._ 1951 J
♦Deb sinking fund
6%b
1959 F
49
45
37
30%
110
33%
*44
18
28%
71
116%
59%
51
33%
lie"
47
43
72%
119
116
53%
50
49
47%
16%
16%
J
38%
.1960 M N
.1964 MN
f 6a
f 0s
1948 J
36%
50
B%-4-4Hb ($ bonds of '37)
external readjustment
.1979 MN
3 %-4-4 H % (I bonds of
'37)
Telep of Pa 5b series B
1st A ref 5s aeries C
103
A
5
34
25%
76"
50
25
6
86
15
101
80""
59%
67
75%
56
J
53%
36 %
40
82
101%
64%
High
106%
19%
47%
59% 82
99
102%
73
48%
101
...
♦9
*75%
98
45%
J
mtge~3%BHi900
13 %
18%
5H
Bell
15%
6%
62
Low
66
1951
Boston A Maine 1st 5b A
C
1st M 5s series II
1st g 4%s series JJ
6%
23
42
26
16
1951
4s stamped
6%
3
No.
64%
24%
24%
Battle Creek A Stur lBt
gu 3b. .1989 J
D
Beech Creek ext 1st
g 3 %b
1961 A O
21
27
Hioh
70%
105%
47%
24%
24%
28%
1943
Big Sandy 1st 4a_
9
A
1959
Con ref 4s
18
59
F
Toledo Cln Dlv ref 4s
A
Bangor A Aroostook let 5b
5%
8%
Since
?£
Jan. 1
64
1941 MN
Certificates of deposit
♦S'western Dlv 1st mtge 5s.
.1950
♦Certificates of deposit
8%
*10
13%
P L E A W Va
Sys ref 4s
4
9
22%
1996 MS
11
7%
7H
1945
m"s
deposit..
14%
14%
8%
13
8%
♦Uruguay (Republic) extl 8s__ .1946
RAILROAD
15
*7
Taiwan Elec Pow a f 6Hb
1971 J
Tokyo City 6s loan of 1912... .1952 M
S
External s f 6Hs guar
.1961 A
3H-4H-4»i«s
9
8%
*10%
4Hb assented
1958 / D
♦Slleslan Landowners A sen 6s—1947 F A
Sydney (City) s f 6 Ha
1955 F A
s
-to
*7
1940
Y'd
2000
of deposit
♦Ref A gen 5s series D
14%
41
.
8%
A
♦Sinking fund g 6Hs
1946
Serbs Croats A Slovenes
(Kingdom)
♦8fl secured extl
1962 MN
♦7b series B sec extl
1962 AT N
♦Silesia (Prov of) extl 7a
1968 / D
s
55% 107
8
31%
8
61H
1968
♦External
28
90%
8%
1950
♦External
to
«-
8%
J
♦7b extl water loan
♦Saxon State Mtge Inst 7a
w
7%
7H
1960
f 7b
to
*8%
♦0s extl dollar loan
s
«.
*11%
8%
1930
f
-
11%
12
1952 MN
1967 M N
♦8s extl secured s f
*
11%
11%
coupon paid
♦6Hb extl secured
1995
44
15
17%
62%
la
24%
deposit
4%
6%
6%
4
toto--
63
Range
A iked
28
j"d
1995
15
-
81
101%
O
♦Certificates of deposit
♦Convertible 4%s
...I960 ¥
♦Certificates of deposit
D
1963 J
A
42
1960 MN
•Saarbruecken (City) 6a
Sao Paulo (City of,
Braill)—
O
64
8%
♦Roumanla (Kingdom of) 7B...1969 F
A
4%
9%
9%
40
MN
♦Certificates
of
42
deposit.....
'♦Ref A gen 6s series C
♦Certificates
dk
69%
104%
105%
J
6%
8%
O
of
J
1
1968
1952 A
♦Certificates
J
S
10
1948
1907 J
of
♦Ref A gen 5s series
A
50
11%
O
♦7a extl loan of 1920
36%
7
♦Certificates
J
M
♦Ref A gen 5s series
F
9%
A
♦8s extl loan of 1921
♦6s ext! B f g
42
4%
_
Rid
Low
Atl Gulf A W 188
coll tr 5s
1959
Atlant'c
Refln'ng deb 3s
.1953
J}*Auburn Auto conv deb
4%b1939
Austin A N W 1st
gu g 5s
1941
Baldwin Loco Works 5a
stmpd.1940
{Bait A Ohio 1st mtge g
4sJuly 1948
♦1st mtge g 5s
July 1948
10
S
♦Rio de Janeiro (City
of) 8b...1940 A
♦Extl sec 6 Ha—
1953 F
Rio Grande do Sul (State
of)—
♦7b municipal loan
Rome (City) extl 6 Ha
..
9
1960 M
6%
1
10
m
*8
O
6%
6%
88%
83%
13%
13%
12%
12%
5%
7%
to—to
Range or
Friday't
Sale
Price
11
J
A
99% 106%
50
43%
Week't
Last
12
J
1947 F
3521
Friday
BONDS
N. Y. STOCK
EXCHANGE
Week Ended Dec. 1
11
D
7B..1941 A
-
55
103
75
23
12%
10
1963
♦Prague (Greater City) 7 %b.-.1952 M'N
♦Prussia (Free State) extl
6HB.1951 M S
♦External B f 0s
1962 A O
a f
9
8%
19%
59
43%
42
*12%
11
7%
66
9%
*11
J
1960 J
Queensland (State) extl
26-year external 6s
7%
9%
8%
8H
2
High
48
3
8%
8%
8H
5
1901
♦Extl loan 7Hs
to
69%
7%
O
1908
2
-
69%
Low
5
*75%
O
1947
4 Ha assented
83
104%
O
1958
♦Stabilization loans 17s
No.
1
Jan.
aj oa
High
61
♦Peru (Rep of) external 7b
1959 M S
♦Nat Loan extl b f 6s 1st ser. .1900 J
D
♦Nat Loan extl s f 0s 2d ser.. 1901
O
4 Ha assented
Since
A iked
55
1947 M S
♦Poland (Rep of) gold 0s
Range
12
1903 MN
♦Pernambuco (State ot) 7s
♦Secured
or
56 H
1903 JKN
♦Stamped assented
♦February 1937
A
Record—Continued—Page
•
Friday'l
1958 MA'
♦Panama (Rep) extl 5%b
♦Extl
Sale
1952 F
f 4%s
B
Range
Low
♦Nuremburg (City)
Oslo
Price
Week'i
Last
103
34
7
34
94
101%
150
98
104%
59
15
90% 100
82
14
79%
88
11
85%
94%
99%
Week't
Friday
5
Atked
aj<S!
Jan
High
No.
111*
1
Bid
Low
gold 5s.
1982
{♦Chicago Great West 1st 48—1969
{♦Chic Ind A Loulsv ref 6s
1947
♦
Refunding g 6b series B
1947
♦Refunding 4s series C
947
♦ 1st A
gen 5s series A
1966
♦1st A gen 6s series B—May 1986
Chic Ind A Sou 60-year 4s
1966
Chic L 8 A East 1st 4 *s
1969
(Chlo Milwaukee A St Paul—
♦Gen 4s series A
May 11989
•Gen g 3 Hs series B.-May 1 1989
♦Gen 4 Hs series C—May 11989
♦Gen 4Mb aeries E—May 1 1989
♦Gen 444b series F—May 1 1989
{♦Chic Mllw St P A Pac 6fl A--1976
♦Con* ad J fie
Jan 1 2000
Af N
M
J
24
180
J
14
15*
14
15
14
15
24*
9*
9*
6
88
15*
24
J
22*
21*
80
9
J
15*
15
15
10
Af N
6*
5*
6*
75
2*
J
J
6*
5*
6*
23
3
J
J
64*
112*
1
J
1987
1987
(♦Secured 6*8
-—--1936
♦1st rer g 6s
—May 1 2037
♦l«t A ref 4*s stpd-May 1 2037
♦1st A ref 4*s ser C-May 1 2037
♦Couv 444s series A
1949
{(♦Chicago Railways 1st fie stpd
Aug 1938 25% Part paid .. —
{♦Chic R I A Pac Ry gen 4s- 1988
stpd Fed lnc tax
♦4*s stamped
64*
112*
64*
D
112*
J
111
112*
24*
23
18
30*
23
23*
26
18
28*
26*
72
18*
31*
19*
19*
31*
*24
25*
A
7
O
1 *
28*
6
26
30*
MJV
10*
18*
Duquesne Light 1st M 3448—1966
10
18
Nor Dlv 1st 4s__1948
14*
20
9*
18*
East Ry Minn
15*
17
10*
19
East T Va A Ga Dlv 1st 6s
11
17
Ed EI 111 (N Y) 1st cons g
D
17
24
11*
20
Electric Auto Lite conv 4s
1952
10
35
5*
12*
Elgin Jollet A East 1st g 5s
1941
9
10
33
5*
12*
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D
37
5*
12*
9
9
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247
4
3*
3*
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A
J
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15
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25
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2
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14*
-----
47
1
57
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47
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6*
40
6
9*
5
5
51
4*
8*
6*
5*
6*
37
5
5
5*
13
4
9
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2
2*
172
2
4*
♦Erie A Jersey 1st s f 6s_.
6*
5
♦Certificates of deposit
1960
♦Conv g 414s
IN
1951
June 15 1951
Memphis D1t 1st g 4s
1951
Cblo T H A So'eastern 1st 6s.-1960
Ino gu 5s
Dec 1 1960
6s
Ch St L A New Orleans
Gold
3 4(8
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J
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.
.
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.
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.
67
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69*
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54*
8
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53*
58
1944
1963
—1963
1951
Chic A West Indiana con 4«—1952
1st A ref M 4*s series D
1962
105*
105*
106
107*
105*
107*
106*
24
105*
105*
16
90*
49
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90*
1943
58
59*
6a—1962
*12
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12*
19
92*
91*
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1966
1st mtge 3 44s
1967
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Cln Un Term 1st gu 344 ser D .1971
1st mtge gu 3448 ser E
1969
Clearfield A Mah 1st gu 5s
1943
344 s
90*
F
104
2
"ioe*
D
1st mtge 3*o series E
3*s guaranteed
A
108*
J
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2
10
.....
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__
107*
107*
14
107*
108
9
86*
106*
97
88
96*
58
79
15
100
111*
108* 111*
100* 103*
102* 110*
103
111*
63
75
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100
11*
30
m m
109
107
101* 109*
99* 110
-
(♦3d mtge 4*s
L gen 4s_..1993
63
Ref A lmpt 4
St L Dlv 1st coll tr g
4s
4s_1991
1990
Spr A Col Dlv 1st g 4s—1940
W W Val DIt 1st g 4s
1940 J
Cleve Elec Ilium 1st
Cleve A Pgh gen gu
M 344«—1966
434* ser B.1942
*109"
A
1942
1942
1948
1950
1977
77
77
Series A 444b guar
Series C 344b guar..
Series D 344b guar
A
Gen A ret mtge 4 44s series
B.1981
63*
1954
5s Internationa
30-year deb 6s series B
1954
1955
1965
Columbus A Tol 1st ext 4s
4s
Columbus Ry Pow A Lt
♦Certificates rf deposit
Fonda Johns A Glov 4 44s
101*
m
m mm
109*
96
100*
90
98
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97*
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106* 106*
108
108
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101 * 106
105
83*
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123*
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A ref 4 44a....1951
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108*
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106*
107*
107*
107*
1961
Conn Rlv Pow a f 344s A
1961
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1948
844s debentures
1956
844s debentures
1958
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106
114
110*
95
m
-
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27
419
——
....
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8
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1952
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1956
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1948
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1945
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...1948
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1951
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1934
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1969
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1949
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1999
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1944
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1961
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34
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1961 J
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13*
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99
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8
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86*
1955 UN
F A
1966
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45*
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102
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87
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1952 J
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1955 UN
47
111*
14
J
1951
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110
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1st gold 38 sterUng
Aug 1
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J
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65
103
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1940 MJV
Gulf Mob A Nor 1st 5*s B...1950 A O
1st mtge 5s series C
1950 A O
Gulf A Ship Island RR—
Cairo Bridge gold 4s
-
101* 107*
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J
1973
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40-year 4*s
-
59
62*
69*
20*
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A
General 4*8 series D
General 4*e series E
General mtge 4s series G
Gen mtge 4 sseries H
ser
13
D
1961
1952
mmmm
106*
O
104*
48
■
18*
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General 5*8 series B
mm
70
70
95
22
J
Gotham Silk Hosiery deb 5s w w *46 M S
J D
Gouv A Oswegatchle 1st 5s
1942
J
J
Grand R A I ext 1st
Purchased lines 3 *s
103
32*
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3*
4
102*
7
♦Gen Elec
Collateral trust gold 4s
102*
29*
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100
125*
1947
102
102*
29*
103
1*
3
103*
J
f 5*s A
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101
1942 /
For footnotes see page 3525.
15
109*
104*
105
1948
6s series B extended to 1946
6
108*
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Crucible St^el 444s debs
Cuba Nor Ry 1st 544s
Del A Hudson 1st A ref 4s
9*
44*
108*
109*
106
1950
f 4s
18
108*
1946
1943
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63
109
1967
1970
1966
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1st mtge 3*s_.
60*
6
2
3*
33
♦Adjustment Income 5s.Feb 1957 A O
IlUnois Bell Telp 3*s ser B—1970 A O
Illinois Central 1st gold 4s
1961 J J
106*
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119
13*
16*
67
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May 1 1965
10
1
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65*
2
17
16
36
5*
5*
50
15*
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8
46
54
122
9
1956
188
49
8
1956
4
8*
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7
104
104*
87* 102*
97
106*
UN
6
♦Debenture 4s
f 6s
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J
16
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s
J
•Certificates of deposit
15*
1955
1st mtge 344a
1st mtge 3 44a
*1*
15*
♦Debenture 4s
Consolidation Coal
UN
1941
101
35
"58"
2-4s—..1982
{(♦Proof of claim filed by
101
100* 104
8
UN
15*
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conv
42
4
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AfN
Houston Oil 4*s debs
1954
Hudson Coal 1st s t 5s ser A...1962 J D
Hudson Co Gas 1st g 5s
1949 UN
12*
*9
uertemberg 7s
1966
deb 344a
1951
{♦Consol Ry non-conv deb 4s._1954
of Upper W
Consol Oil
7
106*
8*
♦Debentures ctfs B
1968
Conn A Passump River 1st 4s..1943
Conn Ry A L 1st
102*
105*
"56*
Gt Cons EI Pow (Japan) 7s...1944 F
J
1st A gen a f 6*s
i960
1968
I
102
106
D
sec 7s
1945
Goodrich (B F) 1st mtge 4*s_. 1956 J
Commonwealth Edison Co—
1st mtge 3 44s series
102*
J
{(♦Proof of claim llled by owner.
"~5
104*
7*
♦1st A ref 5b series A
Grays Point Term 1st gu 6s_..1947
Conv debs 3448
96*
98
102*
104
104
1974 Af S
{♦Fla Cent A Pennln 5s
1943
{Florida East Coast 1st 444a__.1959
79*
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68
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37
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37
1
J
66
15 1952 A
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5
50
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A
28
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Jan
16 1961 J
Columbus A H V 1st ext g 4s.. 1948 A
144
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49*
20*
20*
107
J
Gen Cable 1st
103*
103*
103*
7*
103*
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Firestone Tire A Rubber 344s. 1948
(Amended) 1st
95
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104
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19
13
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103*
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16*
9
107
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73
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1942
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1942
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96
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74
m
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Columbia G A E deb 5s—.May 1952
Apr
A
J
1942
series
1st lien s f 5s stamped
General 6s series C
Debenture 6s
F
1956
A
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103*
102*
52*
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A
F
15
12
19
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70
83*
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84
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A
21*
49
59
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A
1972
1st s f aeries B guar
1973
1st s f 4 44b series C
1977
Coal River Ry 1st gu 4s
1945
Colo Fuel A Iron Co gen b f 5s..1943
♦5s Income mtge
1970
Colo A South 444b series A
1980
Cleve Union Term gu 644a
102
39
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50
105
J
102
11
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4 44a—1981
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151
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139
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Gen Amer Investors deb 6a A..1952 F A
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64
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105*
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50
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90*
143*
107*
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42
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1977
44a series E
Cln Wabash A M Dlv 1st
63*
84*
66*
66*
*
1993
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106*
92*
47*
1938
Ernesto Breda 7s
Fort St U D Co 1st g 4*8
Cleve Cln Chlo A St
103
*100
Federal Light A Traction 1st 5s 1942
*
1st rntge 4s "Ties
112*
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63*
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55
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1955
70
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1953
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113
40
105*
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♦1st consol gen Hen g 4s
1996
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1953
6
1934
40
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J
A
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97
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10*
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97
1940
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.1962 m'S
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36
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in*
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1966
5s stamped
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F
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1965
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5
32
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MJV
1956
58—1995
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8*
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1951
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5*
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12
259
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252
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106* 108*
26
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8*
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15
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G—1966
J D
5s ..1995
J D
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1995
AfN
Detroit Term A Tunnel 444s._1961
13*
1
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A
Gen A ret mtge 3 44s ser
NO.
108 *
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♦Detroit A Mac 1st Hen g
6*
3*
108*
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M
1965
Gen A ref M 4s ser F
Since
Jan. 1
High
Low
1939
Range
,,
Bid
/
4 44a
2,
|
Range or
•§
Friday't
| §2
&
Atked bqoq
Sale
Price
1971
J
1st A ref 4*8
1969
J
J
1st mortgage 4 44s
1969
AfN
Den Gas A El 1st A ref a f 5a—.1951
AfN
Stamped as to Penna tax
1951
J
J
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1936
(♦Consol gold 444b
1936
{♦Den A R G Wes* jen 5s.Aug 1965
♦Assented fsubj to plan)
♦Ref A lmpt 5s ser B—Apr 1978
{♦Des M A Ft Dodge 4s ctfS—-1935
Af S
{♦Des Plains Val 1st gu 4 44s—1947
F A
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Del Power A Light 1st
1*
13*
MJV
J
1
23*
J
J
63*
25*
J
J
7*
23*
J
A
7*
75
25*
J
3*i~1987
of deposit
22*
112*
12*
4
30
J
1987
Fed lnc tax 1987
stpd Fed lnc tax_-1987
♦Certificates
84
J
♦Stpd 4s non-p
♦Gen 4 *s
19*
84
23*
S
19*
18
11
EXCHANGE
Week Ended Dec. 1
12*
118
20
19
N. Y. STOCK
High
97
84.
.
1
Low
18*
Af N
Chicago A Erie 1st
{♦Chic A No West gen g
♦General 4s—
O
A
{(♦Chicago A East III 1st 6s—1934
{♦Cblo A E 111 Ry gen 5s
1951
♦Certificate* of deposit
——
Since
Friday't
Sale
Last
BONDS
Range
A
Range or
Last
Price
Week't
Friday
3-e
111 *
BONDS
N. Y. STOCK EXCHANGE
Week Ended Dec. 1
♦Gen 6s
Dec.
New York Bond Record—Continued—Page 3
3522
63
66
48*
136
J
J
J
67*
63
65*
1951 F
A
52*
52*
46*
52*
1951 J
1951 J
Springflela Dlv 1st g 8*s—1951 J
Western Lines 1st g 4s
1951 F
J
55
55
55
55
J
60
60
60
63
J
*77
~64~
60
61
Omaha Div 1st gold 3s
St Louis Dlv A Term g 3s
Gold 3*s
Volume
New York Bond
149
Friday
Range or
N. Y. STOCK EXCHANGE
Sale
Week Ended Dec. 1
I
Bid
Joint 1st ref 6s Beries A
D
1963
1940
1948
O
46 h
45
48 h
234
46 K
51
101 K
7
10
o
"99 H
107 H
73 X
J
22
98 K
107 H
lOOH
151
90
107 K
47
1947 A
Int Agrlc Corp 6s stamped
{♦Int-Grt Nor 1st 6s
♦Adjustment 6s
ser
O
103
72 H
74 h
279
72 H
74 h
138
50 h
75 h
32 h
87
27
43
72 H
72
73 X
65
50
31h
73 h
72
73 H
262
51
73 h
i
88
88
1941 a
14H
23
9
IK
2H
22
ik
11
102 k
1955 F
a
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Kan City Sou 1st gold 3s
1950 A O
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Apr 1950 j
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4 Ha
1980 J d
♦Karstadt (Rudolph) 1st 6s—1943 m N
♦Ctfe w w stmp (par $646)—1943
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1951 m N
113
45 k
IK
IX
6
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2
40
60
11
90
88 X
88 X
7
79
96 h
89
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65
66
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109
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s
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80
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let A ref 5 Hs series B
J
50
50
51
47
O
A
64 h
88
88
88
32
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30
91
32
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36
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40
20
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22 h
26 H
35
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10
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1962 J
j
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1962 j
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17
1978 J
J
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♦Certificates of deposit
♦General 4s
O
1966 F
1975 M 8
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1977 M 8
75
96
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23
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152
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13
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1949 IN
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1980 A O
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..1981 ¥ A
"2 H
141
10
69
14
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UH
32H
12 H
34
6
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3
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12 H
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13H
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18
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11
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13 K
14 H
13
♦Certificates of deposit—
2K
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35
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2
13 K
13K
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*67
14
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51H
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5
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9
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ix
45
20
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53
4
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56
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29
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67 H
20
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29
40
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7
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53
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g 5a_.1947 F
A
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1977 M
17
12 H
52
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117
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1
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21H
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20H
65
70
1938 M
8
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29
Mohawk A Malone 1st gu g 4s_1991 M S
Monongahela Ry 1st M 4s ser A '60 MN
33 H
27H
23 x
31
25
16 h
31h
27
28
22
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j
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70
30
50
50 X
50 X
37 h
50 X
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40
66
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1960
109
1965
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99 H
1941
69
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75
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70
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Constr M 4Hs series B__
o
1955
*——I
1955
D
39
1955 MN
40
1955 MN
36 K
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Mutual Fuel Gas 1st gu g 5s_..1947 MN
Mut Un Tel gtd 6s ext at
5%..1941 MN
Nash Chatt A 8t L 4s ser A
Nassau Elec gu g 4s stpd
1978 F
A
1951 /
17
12H
11H
23H
13 X
12
24
23
107K
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15
27
14
25K
44
60
(♦Assent
50
62
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113K
126
128 H
127
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118H 129H
126
128 X
119
131
94
warr
162"
102 K
97
Lombard Elec 7s series A
1952 j
d
67
67
2
Lone Star Gas 3Hs debs
1953 f
A
109
110
13
♦Long Dock Co 3J4s ext to—1950 A o
Long Island unified 4s
1949 m s
Guar ref gold 4s
1949 m s
70 K
*87
87 X
"35
86 H
A
70 X
86 H
1949 M 8
*101K
106
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103
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17
1
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107
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{♦New England RR
48
68 H
102 H 111 H
62
70 H
1
105 H 109 x
20
100 H
99
97 H lODu
91
100 H
2003
91X
91
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2003
85 K
80
85
85 K
2003
80
82
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..1980 M 8
101
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S
112
73
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108 H
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73 H
104 X
39
125
J
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34 X
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125
O
100
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H a A 1952 J
J
A—1952 AO
1956 J
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1953 J
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D
*
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7
80
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73
55
106
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J
O
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82 H
88
110
65
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77
100 H 107 K
22
24 H
1954 A
1966 F
A
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U8K 129
113
73
"16
74 H
4
55
105K
106 H
67 K
55
58
69
122 X 125 K
20
36 H
20
35
7
108 H
2
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73
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65
46 H
78
106
11
102
107 X
68 X
22
102
69 H
106H
107H
68
74 H
23
38
11
34 X
28
34
35
32 X
35 K
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30
1956 A
~F
1954 OA
"32 X
36
36
*33 H
36
35
35
24 H
38
30
32 H
♦Certificates of deposit
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...
x
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92 H 103 K
4
H
107
*30
O
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♦1st 5s series C
109
71
*20
♦1st 6s series B
♦Certificates of deposit
♦1st 4 Hs series D
...
3
74 H
107 K
♦Certificates of deposit
136
1H
39
125K
I960 A
108K
108 H
ix
H
5
33 H
1983 J
ser
x
13
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125K
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H
.....
15
73
J
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34
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101K
D
80
109
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J
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42 K
108
1
J
F
90 H
99
.-
X
34 H
33
N J Pow A Light let 4
Ha
117K 129H
128K
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J
88
75
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♦Consol guar 4s
1945
New England Tel A Tel 5a A—1962
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1961
N J Junction RR guar 1st 4S..1986
112
46
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D
88
116
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4
6
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40
126
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104
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—...
1965
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2003
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1
1954 MN
125K
124 H
101»32
7
H
{♦Naugatuck RR 1st
83 K
—.1940
31
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National Steel 1st mtge 3s
125K
Louisville Gas A Elec 3Hs
..1966 m S
Louis A Jeff Bridge Co gu 4s. .1945 M S
Louisville A Nashville RR—
H
42 X
49
110H
117H
101
64H
29 H
38 H
*1
107
102 K
43
40
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97
34
No 4 on '26
4s
59
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g
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100
64
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56 H
30 H
29
40K
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Nat RR of Mex prior lien 4 Ha—
warr A rets
36
34
43
67
♦4s April 1914 coupon on
1951
♦4s April 1914 coupon off...1951
*50
23 X
54
38
111
*101
68
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♦4s April 1914 coupon on
1977
♦4s April 1914 coupon off—.1977
19
"
43K
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J8K
40
X
39K
35K
107K
J
Certificates of deposit
Nat Acme 4Hs extended to
1946 J ~D
Nat Dairy Prod deb 3H
w w..1961 MN
Nat Distillers Prod 3Hs
1949 M 8
National Rys of Mexico—
68
37
o
2000
18
16H
.
o
J
3
98
91X 101X
67H
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♦4 Ha July 1914 coupon off—1957
1952 J
77 H
103
72
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Atl Knox A Cln Dlv 4s
1955 m n
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9
56
74
56
1945 m
22
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*
55
1946
109K
100
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*
42
j
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2
1955
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1951 f
32 H
37H
55K
99 K
77K
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17 H
19X
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77 H
15
17
1955
42
A—1969 J
16
101
Gen A ref s f 5s series B
Gen A ref s f 4 Ha se»les C
Gen A ref s f 5s series D
*40
a
34
55K
106K
Monongahela West Penn Pub Serv
1st mtge 4 Ha
6s debentures
22K
29 K
32 H
S
(♦Secured 5% notes
32H
24 H
108
19
"l5K
6K
100K
"88K "97"
66
6K
x
30
89 H
91H
5
*30
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25
——
100 H
RR—
35
*17
ssss
30
120
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♦Cum adjust 5s
30
UK
1949 M S
64
*97 k
1
6H
101 H
j
1946 J
47
108
11
57
108 H 112K
50 H 102
UK
*44 K
27 H
15K
j
21h
Lion Oil Ref cony deb 4Hs—1952
1
64 H
J
52
Liquid Carbonic 4s conv debs.. 1947 J d
Little Miami gen 4s series A
1962 mat
Loews Inc s f deb 3Hs
1946 F a
111
87
101H 104 X
100 H
J
..1938 J
35
a
For footnotes see page 3525.
104 %
101H
D
to int—.1938 J
cons 5s gu as
33K
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1951
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15
54
87 %
D
{(♦M St P ASSMcon g4alntgu'38 J
50 H
1941
St Louis Dlv 2d gold 3s
Mob A Montg 1st g 4 Ha
14
39
h
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«
83H
6K
100 K
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1949 M S
♦Ref A ext 50-yr 6s ser
A...1962 Q F
35
2003 M n
Unified gold 4s
1st A ref 5s series B
100K
1934 MN
50 H
16H
ser
16
53
112 H
79
*9
J
Montana Power 1st A ref 3Ha. 1966
17
5s
D
42
72
70
112
43 K
82 H
*H
3Ha_.1941 J
Montreal Tram 1st A ref 5s
16
Lorlllard (P) Co deb 7s
"l04K
78 H
81
"83K
67
51H
104K
82
H
24 K
17H
40 H
1
S
1947 M S
70
2000 in
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67
67
29
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1939 J
1939 J
-
90
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4s stamped
139
42
41
A
1963 M S
1940 A O
{ ( ♦Mil A No 1st ext 4 Hs
*(Con ext 4Hs
{♦Mil Spar A N W 1st gu 4s
{♦Milw A State Line 1st
63
a
6s__1941
77 H
78 H
F
1979 J
80
15 X
6e
n—
Ref A lmpt 4
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Michigan Consol Gas 4s
{♦Mid of N J 1st ext 6s
82
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Liggett A Myers Tobacco 78—1944
.
58 h
40
14k
gu g
26
O
J
1940 J
1951 M S
1940
6s assented
i11
91h
90
68 x
41
15K
.
45
*85 H
*61K
*14K
...1952 MN
82 H
2003 in
{Leh Val Term Ry 1st
<«wil 1»sssric
City Air Line 4s
Jack Lane A
Sag 3 Ha
1st gold 3Ha
82 K
2003 in
5s
67 H
23
13 X
46
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39H
41H
4%.July 1938 MN
41H
2003 mn
cons g
4Hs._.
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6
19
A
♦Mlag Mill Mach lBt s f 7a
1956 J
Michigan Central Detroit A Bay
106X
108 h
102 h
95
1943
cons
oons
98
103
1974
1943 J
♦4s assented
42
M S
1977 M
1940
{♦Lehigh Val (Pa)
♦General
106
HigTt
105 H 107 H
287
25
coupon)..—1977 M S
♦1st A ref 5s series G
106
1964 F
4 Ha
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asstd
♦4s (Sept 1914
88 h
1964
1974 F
4 Ha assented
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170
77 h
81K
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{Leb Val N Y 1st
150
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1954
...
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1950
{(♦Met West Side El (Chic) 4s.l938
D
88
46 K
1954 F
♦5s stamped
{♦Man G B A N W 1st
J
3Ha...1941 J
Marlon Steam Shovel a f 6s
1947 A O
Market St Ry 7s ser
A...April 1940 Q J
Mead Corp 1st 6s
with warr.. 1945 AfN
1990 j
91
*155K
85
——.....1944
♦Sec 6% notes extend to
♦6s stamped
'
Lines) 4s...1959 M N
Missouri-Kansas-Texas
89 H
72
46
1975
f 6s
58—1953
Low
37 H
78
H
76 H
76 K
92 H
88
10
81
54 M
41
Mo Kan A Tex 1st
gold 4s
27
82 H
4 His A.—.1954 J
f 6s
D
36
93 h 101H
107K
36
77
J
27
"88"
1997 J D
f 6s.
"37 H
J
104k 108 H
No.
Jan. 1
53
'MS
1978 J
20
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s f
Since
BQ 6Q
80
deposit
17H
9
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of
1959 j
17
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2013 J
♦Certificates
{♦ Mo-Ill RR 1st 6s series A
27 h
46 K
1942
♦5s stamped
s
99 k 109h
102 H 107
25
Lehigh Val Coal Co—
♦1st A ref
X
36 H
71h
47
Cons sink fund 4 Ha ser C—1954 J
♦1st A ref
56
20
108 H
Coll tr 6s series B
1942
Lake Erie A Western RR—
6s 1937 extended at 3% to—1947 J
2d gold 5s
1941 J
8
68 H
1942
♦5s stamped
5
95 H
1953
Lehigh A New Eng RR 4s A—1965
Lehigh A N Y 1st gu g 4s
1945
71X
75 h
55 K
84
—1960
Lake Sh A Mich So g 3 Ha
Lautaro Nitrate Co Ltd—
♦1st mtge Income reg
83 k
100
95
107 K
80
Range
Asked
High
&
{Mobile A Ohio RR—
(♦Laclede Gas Light ref A ext5sl939
♦1st A ref
87 X
5
%
96
42 k
150
Uniform etfs of deposit—..1959 M S
Coll tr 6s series A
87h
79h
102
49 K
3
D
Kreege Foundation coll tr 4s„ 1945 j
3)48 collateral trust notes...1947 F A
{♦Kreuger A Toll secured 5s
♦5s stamped
93
82 k
73
46 H
*80
1941 j
62
49
95
42 K
a93K
1961 j
•IKinney (G R) 5 Ha ext to
8 f
48 h
*80
Kings County El L A P 6s
1997 a o
Kings County Eler 1st g 4s—1949 f A
Certificates of deposit
Kings Co Lighting 1st 5s
1954 j
1st A ref 6J4s
1954 j
Lehigh C A Nav
32
46 X
1961 j
Ref A ext mtge 6s
Coll A ref 6 Ha series C
Coll A ref 5 Ha series D
60
42 X
103
bid
77
♦Second 4s
Manila Elec RR A Lt
Manila RR (South
20
102 K
55 k
{♦Manhat Ry (N Y) cons 4s.. 1990 A O
20
8h
67k
ioik
93 H
stmp (par $925).-1943 MN
unguaranteed
8k
"22
12 K
a80H
c93K
45 X
♦Ctfs with warr (par $925)—1943
Keith (B F) Corp 1st 6s
1946 m"s
Kentucky Central gold 4s——1987 j
Kentucky A Ind Term 4 Ha—1961 j
Stamped
-1961 j
4 Ha
10
72
a80H
94 h
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
James Frankl A Clear 1st 4s—1959 J d
Jones A Laughlln Steel 4Kb A..1961 M S
Kanawha A Mich 1st gu g 4s._1990 A o
4
58
60
Internat Paper 6s ser A A B—_1947 J
Plain
11
21h
69K
*11
"70
Ref s f 6s series A
1955 M S
Int Rys Cent Amer 1st 6s B—1972 mn
1st lien A ref 6Hs
1947 F a
Int Telep A Teleg deb g 4 Ha—1952 J
J
w
97
14H
1956 j
Debenture 5s
79
99h 103 h
*"i4 k
11
1944 A
f 6s
1
6
88
1K
1956 j
♦1st g 6s series C
Internat Hydro EI deb 6s
w
75 h
102 X
102
J
Int Merc Marine
♦Ctfs
50 k
31h
A..July 1952 a
♦1st 5s series B
s
100 h
109 k
31
1942 M n
A.—1952 j
ser
105
•
deb 4a
conv
7k
104
72 h
S
Range or
Friday's
Sale
♦Certificates of deposit
73
m
Last
Price
s f deb 6s.1951 IN
Maine Central RR 4s
D
ser A—.1945 J
Gen mtge 4Hs series A
1960 J D
Manatl Sugar 4s s f
Feb 1 1957 MN
70 X
13
61H
12
♦Certificates of deposit
7% notes—1932
Week's
Low
99
31H
♦Certificates of deposit
Interlace Iron
41h
95
*104
J
60 H
66 K
40k
101H 105
66K
10H
a
conv
43
~98~"
*55
J
Friday
High
13
*93
{♦Ind A Louisville 1st gu 4s—1966 j
J
Union Ry 3Hb series B—1986 M S
(♦10-year
Low
♦12
Ind
{Interboro Rap Tran 1st 5s—1966 J
Certificates of deposit
8* 10-year 6s
1932 a
No.
101H
O
1948 j
High
Jan. 1
42 H
A
1961 F
3523
3-e
McCrory Stores Corp
D
Ind Bloom A West 1st ext 4a—1940
Ind 111 A Iowa 1st g 4s
1950
4
bonds
N. Y STOCK EXCHANGE
Week Ended Dec. 1
Since
Asked
Low
1963
Industrial Rayon 4Hs
Inland Steel 3Hs series D
<k
Range
Is
Friday'$
Price
SB.
Ill Cent and Chic St L A N O—
1st A ref 4Kb series C
Illinois Steel deb 4KB
♦Ilseder Steel Corp 6s
Record—Continued—Page
Week'i
Last
BONDS
30
24
12
35K
24 H
43
23
36
Week Ended
Week's
Last
Ranee or
Sale
EXCHANGE
Friday't
Bid
<k
Asked
Price
Dec. 1
N
coll gold 3H8—
coll gold 3 Ha
N Y Chic A 8t Louis—
Ref 6 Ha series A
Lake Shore
58*6
67
50
73*6
76*4
76
77*6
55*6
63*6
62 H
78*6
66
67
82 H
52*6
148
42
67
59 H
59 %
59
59
77
77
9
72
89
59*6
59*6
5
56*6
70
55*6
55*6
11
55*6
68*6
47 H
72*6
General 4*6a series D
Gen mtge 4*6s series
218
39
65
38
65
83H
gold 4s
1974 A
O
63*4
63 H
66
1978 M
S
55*4
54*6
57 H
81*6
80
84
73*6
105
108*6
108*4
53*4
1947
53 H
52
52
notes----1965
3 *6a ser D—
1966
ref 3*6a ser E
N Y A Erie—Bee Erie RR
1948 J
N Y Gas El Lt H A Pow g 5s..
Greenwood Lake 5s_. 1946
gold 3 Ha
2000
West 4s ser A
1973
N Y A Harlem
B
5s 1943
4941
f|*N Y A N E (Host
{♦N Y Ont A West
O
J
N Y Telep 3*is ser
B
Rock 1st 6s
6s stamped
65
54
68
33
70
50
71*6
17
7
4
16
17*6
17*6
16
20
17 *6
19
91
10*6
20H
28
13
16
29
16H
56*6
58 *6
17
6H
7*6
25
3*6
4*6
36
57
6H
14H
5
*48
109
9*6
A
A
*4
6H
*39
J
110
J
D
86
88
4
MN
3*4s—1967
Teleg 4Ha ext..1944
Northwestern
{♦Og A L Cham 1st gu g 4s_—1948
Ohio Connecting Ry 1st 4a
1943
Ohio Edison 1st mtge 4s
1965
105
9*6
43
13
8
86
92
Oklahoma Gas A Eleo 3*68
4s debentures
40*6
41*6
43 H
43
46
57 H
Pacific Coast Co 1st g 6s
1st A ref mtge 3*6a ser
1st A ref mtge 3H8 ser
|*Pac RR of Mo 1st ext g
60
97 H
99
106*6
108*6
107
60
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38
63
"64*6 "85""
47
39*6
53*6
57
39
60*6
74 H
65
296
50*6
49
11
42
47
49
27
42 H
44
98*6 H0*6
108*6
H
64
*95
109
108H
109*6
106
106 *6
J
D
J
D
F
A
1059J2
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J
6
10H
105
*107
106
108*6
97*6 109*6
98 H 109*6
96*6 109H
107 *6
77*6
60
64*6
53
81*6
65
101
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110*6
107*6
107*6
108
100
112*6
110
A
76
76
67
83
J
74
74
65*6
O
108*6
*105*6
no"
112
112*6
101*6 104H
99
105 H
1947
M S
A
47
47
45*6
85 H
85
85 *6
77
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91 H
46
45
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42 H
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116
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*102*6
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73
104 *6
101 *6 103 H
101 *6 104
*104
J
127
46
*121*6
M S
104*6
104*6
1952 MN
104*6
104*6
105
28 year4s
1963 F
101*6
101
101*6
98*6 105
96 *6 105
A
1941 M 8
Ha..I960 J D
A.1977 A O
99 H
100 H
65
99*6
95*6
105*6
96
105*6
89
102
100 H
J
96*6
98
100
93*6
107*6
99*6
93
95 H
94
94*6
106 H
107
100*6
93*6
108*6
28
95*6|
101
1
25
85H
15
95
94 H
94*6
100 H
40
*15
13
.
•
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28
5
28
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"i§H
27 H
10S
109 *6
19
100H U0
J
105*6
105*6
1
102*6 106
a
7*6
7*6
2
1939
J
D
M
5
42
46
32*6
9
28*6
44
11*6
13
12
11H
20
*118
lOi" l04~"
*107
t
_
M S
105*6
8*6
A
109 H
106
9
9
20
*16*6
8
O
"9H
Saguenay Pow Ltd 1st M 4*68.1966 A
St Jos A Grand Island 1st 4s.. 1947 J
O
98
98*6
J
"~6
10*6
*109
o
1933
MN
57 H
♦Certificates of depoelt
J
J
5s—1948
58*6
♦Certificates of deposit...
5
9*6
J
"9*6"
25
11
88
11
107*6
9
23*6
14
61
9*6
"96
52
65 H
51 *4
59H
*58*6
J
64
12H
52H
23*6
62*6
7
14
8H
♦Certificates of deposit
♦Prior lien 6s series B
30
4
5*6
103 H 109*6
57
22*6
J
St L Rocky Mt A P 5s sptd_..1955 J
{♦St L-San Fran pr lien 4s A.. 1950 J
106*6
13*6
80
*50
♦IRlv A G Dlv 1st g 4s
8
"94"
J
1966 a
"99*4"
16
9H
1996 J
13*4
42
32
S
M
7*4
42
42
S
M
108*6
*9H
{♦St L SW 1st 4s bond ctfs
12
22
7
13*6
J
♦Con M 4Hs series A
♦Ctfs of deposit stamped
61
7
J
gu
96
101*6
10*6
13
*12*6
13
96
102*6 116
12
*13*6
13
85H
37
{♦Rut-Canadian 4s stmp
~1949 J
{♦Rutland RR 1st con 4Ha..1941 J
{♦St L Peor A N W 1st
102*6
100
*98 H
1955 F
Gen mtge 3*6s series H
1967
Gen mtge 3Hs series 1
1967
Gen mtge 3*6s series J
1969
J|»R I Ark A Louis 1st 4Ha—1934
♦Ruhr Chemical sf6s
1948
St Lawr A Adlr 1st g 5s
2d gold 6s
105
*98*6
94*6
80
92
1952 J
1950 J
9
25
9*6
10
34
6*4
7H
13*6
14H
7
14
9
9*6
39
9
8*6
9*6
195
6H
8H
8H
9*6
40
60
60
60*6
34
6*6
54H
33
32
33
6
26
15H
16
11
15
65
35*6
23 H
9
8
8
15*6
-
1978
m"s
1989 mn
♦2d 4s lnc bond ctfs...Nov 1989 J
§*lst terminal A unifying 58.1952 J
J
♦Gen A ref g 5s series A
Pa Ohio A Det 1st A ref 4 Ha
3525
68*6
58
A
1949
For footnotes see page
1
St Louis Iron Mtn A Southern—
l
J
80
72 H
74
F
1981
66 H
13H
98
.1042
B..1941
1942
1944
4 Ha series B
39
*12*6
116*6
Guar 4s ser E trust ctfs
Penn Glass Sand 1st M 4
71*6
73
72 H
O
106
110*6
1944
Penn-Dlxle Cement 1st 6s A
63*6
71*6
a
105
99 H 104*6
Guar 3 Hs trust ctfs D
63
50
F
1952 M 8
5s
79
55
1955 A
118*6
gu
53
53
37
J
6s
f conv debentures
110*6
95*6 104*6
60*6
J
J
8
153
224*6
99
59
J
114
D
1956
coll tr ser
Guar 3 Ha trust ctfs C
J
MN
J
1953 J
♦Rhlne-Westphalla El Pr 7a.. 1950 MN
MN
♦Direct mtge 6s
1962
4s
131
200
*56
J
Ii*Rlo Grande West 1st gold 4sl939 J
♦1st con A coll trust 4s A... 1949 A O
Roch G A E 4Hs series D
1977 M S
D
Paramount Broadway Corp—
Penn Co gu 3 Ha
Il946
"l946
MN
112*6 117*6
100
Paullsta Ry 1st s f 7s._
J
a
117
109
Pat A Passaic G A E cons 6s
4*68.1956
F
110*6
108*6
♦
M 8
Revere Cop A Br 1st mtge
♦Rbelnelbe Union s f 7s
Il953
6
49*6
102*4 112
111*6
143H
218H
*50
MN
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
Richfield Oil Corp—
88
59*6
J
{♦Rio Grande Juno 1st
108
Parmelee Trans deb 6s
143 H
D
104 H 111H
108*6
deb
40
*58
*110
1956 M 8
Service
70
1*4
34
Rensselaer A Saratoga 6s gu__.1941
Republic Steel Corp 4 Hs ser B1961
Purch money 1st M conv 5
Ha '54
Gen mtge 4Hs series C
1956
♦Rhine-Ruhr Water
4
6*6
104
Rlchm Term Ry 1st gen 5s...
♦Rlma Steel 1st s f 7a...
*101*6
Pictures 3s
*4H
85
52*6
10*6
19
101*6 110*6
108*6
102H 116*6
D
Paramount
1
103*6
116*6
Paducah A 111 1st s f g 4 Ha
1st M s f g 3s loan ctfs
121
84 H
83
D
J
1997 J
w.1956
24
39
17H
106 H
45*6
107*6
106
110
J
J
52*6
16*6
106 H
103*6
|4Deb 6s stamped
1941 J D
Reading Co Jersey Cent coll 4s 1951 A O
Gen A ref 4 Ha series A
1997 J J
w
58 H
105*6 107*4
23
53*6
107*6
101 *6 106
95 H 113H
J
1955 J
Panhandle Eastern Pipe L 4s. .1952 M S
1966
12
J
102
100
3Hs series C
201
"53*6"
*106 *6
o
109
J
F
106H
15
106
113*6
101*6 112*6
J
104
59 H
59
a
*216
105*6
112
59*4
105*6
80 H
"84*6
105
112
23
78
46 H
109
D
|*2d ext gold 6s
Pacific Tel A Tel 3 *6 a ser B..1966 A
Ref mtge
{♦Radlo-Kelth-Orph pt pd ctfs
for deb 6s A com stk
(65% pd)—I ♦Debenture gold 6s
1941
23 H
23
*106
79*6
J
1968 a
1948 J
Remington Rand deb 4*6a
4*6s without warrants
99*4
106H 107*6
*110*6
-
2037 J D
Gen A ref 4 Hs series B
92 H
D
3*6s.. 1968
2037
1st A ref mtge 6s
1st A ref mtge 8s
Pub Serv.of Nor 111 3Hs
Purity Bakeries a f deb 5s
107 H
101*6 107
33
48*6
105*6
105*6
D
J
101
5
10
47*6
45
a
108*4
117*6
118*6
110
47 H
*
45
{♦Providence Sec guar deb 4s._1957 MN
{♦Providence Term 1st 4s
1956 M 8
J
Public Service El A Gas
♦3*6s assented
9*6
109*6
4s..1938
1938
7
♦6s stamped
97*6
47
J
17*6
15*6
47
77
110
107*6
106
111
105
-----
H3H
96*6
96*61
1961
103*6
7H
54 %
J
1946
G—.1964
H...1961
I
1966
106
3*60.1966
94
47
105
107*6
17*6
47
J
105
*114*6
107*6
52
54 *6
J
109*6
42
40*6
J
Pacific Gas A El 4s series
113*6
J
38
69 H
/
106 H 109 *4
104
108 H
102 H 109*6
106 H
*107*6
I960 M 8
J
1950
conv
101H
106 H 106*6
*108*6
J
114*6 124
98
107*6
44
S
1946
1961
1962
90
102*4 105*4
*104
J
112*6 114*6
66*6
J
38
*103
{|»Postal Teleg A Cable coll 58.1953
5H
41
55
121*6
106*6
66 *6
J
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109*6
7
14
105 H 117
44
*107*6
107 H 110
*46
110*6
113
100
*106*6
Potomac Elec Pow 1st M
Pressed Steel Car deb 6s
2
50
*115*6
6
98
102 H 111 H
38*6
J
2*4
36
19
9*6
21
6H
12
*10217sj
J
*36*6
MN
75
4*6
111*6
98
6sl942
..1942
106
107*6
F
1977 J
70*6
13
*105*6
D
Guar stpd cons
...1962
107H
97 H 105*6
103*6 112H
6*6
1974 / D
111*6
*48
J
Otis Steel 1st mtge A 4 Ha
1st gen 5s series B
110
3*6
1948 J D
1st gen 5s series C
{♦Porto Rico Am Tob
M S
MN
7
Hi H
115
102
79
110*6
'
1st 4 Ha series D
72
107
""*6
105*6
MN
11
68
54
102
106 H
iiiH
45
52
103H
110
110*6
10*6
D
.1958
1959 A O
1960 a o
A
ser
92
106
Oregon RR A Nav con g 4s.—1946
Ore Short Line 1st cons g 6s._.1946 J
Ore-Wash RR A Nav 4s
Pitts Y A Ash 1st 4s
86
5
J
6s
1943
Ontario Transmission 1st 5s—1945
Pitts Va A Char 1st 4s guar
Pitts A W Va 1st 4 Ha ser A.
1st mtge 4 Ha series B
1st mtge 4 Ha series C
76 H
106H 115*6
36
106 H
3H
1964
4Hs
guar
62
11*6
M
Ontario Power N F 1st g
9
cons
100
19
1966
1946
1st mtge 3Rs._
Series G 4s guar
1
107 H
S
Series E 3 Ha guar gold
Series F 4s guar gold
26,
105*6
1940 a o
1942 A O
1942 MN
1945 MN
1949 F a
.1953 J D
1957 MN
1960 F a
1963 F A
Berles C 4 Hs guar
Series D 4s guar
3
27
8*6
13
li
59
105H
4 Ha A. .1952 M 8
Port Gen Elec 1st 4 Ha
1st 6s 1936 extended to
12*6
1967
1972
1st mtge 4s
94 H 107*6
12 H
5*6
6H
103*6
106
105*6
30
109*6
105*6
55 H
4*6
6*6
110*6
82
93
42
105*6
M
7*6
102*6 110H
104
108*6
109*6
A
J
conv
Pitts C C C A St L 4 Ha A
Series B 4 Ha guar
11*6
57*6
MN
A
J
5
114*6
.1948 M S
f 4s
"""§
65
77
103 H 106*4
109*6
......
1943
5*6
2*6
44*6
~54~"
F
J
Pitts Coke A Iron
s
3
109*6
111*6
.1949 M S
J
.1937 J
3s
43
106H
D
J
12
107*6
.1981 J D
f|*Phlilpplne Ry 1st
108
7
53
*108*6
Phlla Electric 1st A ref 3 Ha... .1967 M 8
{♦Phlla A Reading C AI ref 5s. .1973 J J
♦Conv deb 6s
117H
8
26
109 *4
1977
F
108H
General 4 Ha series D
117*6
110H
J
90*6
110
109*6
58
a
.1977 J
74 H
3
"65"
111*4
.1974 F
General g 4 Hs series C
.1967 J
44
110*6
53
D
General 5s series B
Phlla Co sec 6s series A
97
65~~
J
.1943 MA'
Pbila Bait A Wash 1st g 4s
89
9H
*
A
Gen 4 Ha series C
120
J
16H
62
121 H
106 *4
A
3Ha
17
71 *6
9
1975 A O
A
F
deb.. .1952 J
97
96
117
69*6
J
.1956 J
.1980 M S
.
1st g 4 Hs series C
90*6
90
114
70*6
1970 J D
Ctfs of depoal t
Northern States Power
April
79
116*6
O
108*6
60
40
114
Apr
1990
92*6 101*6
86*6
85
85 *4
.1947 M S
1st 4s series B
Series J
28
*35*6
95 *6
Gen mtge 6s series B
A
stamped
'34 coups. 1945
♦Apr 33 to Apr'38 coups.. 1946
North Pacific prior lien 4s
1997 Q J
Gen lien ry A Id g 3s Jan
2047 Q F
Ref A Impt 4 *4s series A
2047 J J
Ref A lmpt 6s series B
2047 J J
Ref A lmpt 5s series C
2047 J J
Ref A lmpt 6s series D
2047 J J
96
120
100
95*4
107*6
88 H
96*6
20
87*6
95 *6
Gen mtge 6s series A
F
"Apr *33 to Oct
107
88 H
10H
0
M S
107 H
60
29
106
145
42
4*6
*52
100*6
Series H cons guar 4s
Series I cons 4 Ha
110*6
102*6
100
9H
20*6
11*6
12
26
Peoria A Pekln Un 1st 5Ha—. .1974 F
Pere Marquette 1st ser A 5s... .1956 J
conv
90*6
117*6
O
113*6
81
110
117*6
.1943 A
6s
4s
conv
"70
117*4
100H
Peoria A Eastern 1st cons 4s... .1940 A
Income
108 H
113
88 H
88
O
3*6
4
*109
103*4
A
—
1954
'..—..1959
North Cent gen A ref 5s
1974
Gen A ref 4*4s series A
1974
{♦Northern Ohio Ry let guar 5s—
♦Apr 1 1936 A sub coupons..1946
♦Oct 1938 A sub coupons
1945
88
107 H 114
A
10 H
110
J
2
32
107
104*6
2
111*6
48
105*6
9H
108*6
6*6
*106*6
104 H
E
3*6a
Refunding gold
High
Low
111 H
18*6
*105
J
debenture 4s
16*6
10
*75
F
9*6
19
28
30
108*6
16
17
O
j
10
26*6
MN
debenture 3*6a
6
"11"" "I""
17*6
O
F
{l»Norfolk A South let g 6s...1941
4s
1996
North Amer Co deb 3*4s
1949
99*6
15*6
A
Norf A W Ry 1st cons g
deb
Phillips Petrol
*4
D
F
75 *6
70
75
A
68.1961
80
102*6
63
10 H
10
5
{|»N Y Westch A Bost 1st 4 Ha '46
Niagara Falls Power 3 Ha
1966 M S
A O
Nlag Lock A O Pow 1st 6s A--1965
MN
Niagara Share (Mo) deb 6*40-1960
{§♦ Norfolk South 1st A ref
♦Certificates of depoelt
48*6
16*6
M S
1937
17*6
99 H
57
16
14H
M N
1940
1943
1967
1946
1946
13*6
100
17H
D
J
116*6 126*6
108*6 1
26
El Lt A Pow 3 Ha 1965
J
J
lien 6s stamp.—1958
N Y A Rlcbrn Gas lBt 6s A
1951 MN
N Y Bteam Corp 3 Ha
1963 J J
J
J
tf^N Y Susq A West 1st ref 6s 1937
4*8
63
16
N Y Rys prior
gold 6s
♦Terminal 1st gold 6s
59 H
10*6
112H
12
15
16
MN
♦General
100
16
MAr
J
N Y Queens
100
5
15H
O
{♦N Y Providence A Boston 4s 1942
1st con gu 4s._1993
5
44
22
*75H
J
A
N Y A Putnam
108*6
47*6
48 H
52
Conv
♦
104
109
116*6
♦
J
J
---1955
4s
10
11
*61 H
M S
1992
ref g 4a
55
5
*60
S
A
3*40
6s
108*6
123*6
*57
J
M
♦Collateral trust 6s
107
65
MN
1956
1948
1940
♦
Debenture 4s..1957
♦ 1st A ref 4 Ha ser of 1927
-.1967
{♦Harlem R A Pt Ches 1st 4s 1954
♦Conv debenture
79
100
100
{♦N Y N H A H n-c deb 4s
1947 M B
♦Non-conv debenture 3H8--1947
A O
♦Non-conv debenture 3 Ha—1954
♦Non-conv debenture 4s
1955 J J
♦Non-conv debenture 4s
1956 MN
♦Conv debenture
50
66
109*6
*12
55
MN
J
Term) 48.1939
39
116
116*4
MN
Coal A RR 5 Ha 42
W Dock A Imp
N Y A Long Branch gen 4s
♦N Y L E A
86*6
8
74 H
123*6
A
M N
1973
♦N Y L E A W
77*6
84 H
105*6
115
108*6
*111*6
1981
1984
1952
Peop Gas L A C 1st cons 6s
Phelps Dodge
D
MN
N Y Lack A
52
108*6
109 H
108*4
1949 V
gold 4s
Purchase money
86
No.
107 *6
MN
106*4
108
1968
Debenture g 4 Ha
84
Hiah
106*6
107*6
100*4 107*6
101*6 108H
106
109*6
A
1970
Consol sinking fund 4 Ha
84
1st lien A
N Y Trap
77*6
84*6
Gen mtge 3*6a series C
75
55*4
1951
Conv 6%
1V2d gold
50
31
59*4
1953
6s series B
♦General
37
1998
1953
1st gu 4 Ha A
4Mb series
72*6
1998
N Y Edison
♦N Y A
4s sterl stpd dollar.May 1
47*6
117
Asked
MN
1948
1948
1970
I960
1965
Consol gold 4s
Jan. 1
A
Bid
Low
F
Pennsylvania Pow A Lt 3Hs_.1969
4Hs debentures
1974 F A
Pennsylvania RR cons g 4s
1943 MN
General 4 Ha aeries A
General 6s series B
1941
3-year 0% notes.
N Y Dock 1st
100 *6 110
Since
Friday's
Sale
Price
High
No.
53
series C
1946
collateral trust.--.-1947
1st mtge 3H» extended to—,
Ref 4 Hs
1st guar
Low
High
♦106
4s
N Y Connect
Jan. 1
1939
Range
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended Dec. 1
1942
Debenture 4s
Mlcta Cent
•
OQ&a
bonds
Since
57
Low
1945
Bdge gen gu 4 Ha.
1998
Y Cent KR 4s eerlee A
1946
10-year 3*is sees f-—2013
Re! & tmpt 4H8 series A
2013
Ref A tmpt 6s series C——
1952
Conv secured 3*6a.—■ ----<
1997
Y Cent A Hud River 3 Ha -.
Newport A C
*1
Range
fl
2,
Week's
Friday,
Friday
bonds
N. Y. STOCK
N
Dec.
New York Bond Record—Continued—Page 5
3524
J
1990 J
J
9
14
13H
Volume
New York Bond
149
Friday
BONDS
N.
Y.
STOCK
Last
EXCHANGE
Range or
Sale
Week Ended Dec. 1
Price
con
g 4S..1968
A
*82
{♦St Paul E Gr Trfe 1st 4 Ns—1947
{♦St Paul & K C 8h L gu 4 NS..1941
5m
6m
6t Paul Minn A Man—
tPacific ext gu 4a (large)
8t Paul Un Dep 5s guar
8 A A Ar Pass let gu g
4a
95
"_3
6m
10
115
115
J
1946 j
♦Stamped
J
f 6 Ms series B
1946 a
56
109
25
19
15
21
31
25
31m
30
25
*115
13m
3M
5M
5M
*5
S
8
H
1952 J
♦Siemens A Halske deb 6MS---1951 M
♦Silesia Elec Corp 6 Ms
1946 F
94 m
59 m
J
Socony-Vacuum Oil 3s debs...1964 J
South A Nortb Ala RR gu 68.-1963 A
South Bell Tel A Tel 3Ms
1962 A
38 debentures
1979 J
*25 m
J
4m
10n
19
2M
5
0
5
55
91
100 m
98
105 m
104m
132
97
115
118m
100
110
55
93m 103 m
108 H
108 M
108M
10
110
103 m 109 m
105
110m
1947
106M
109m
106 m
106m
15
100
106 m
1946
96 h
96m
97 h
26
87
97 m
106
105 h
45 h
106M
48m
41
46
100m 106 m
40
58 m
1st 4Mb (Oregon Lines) A—.1977 M S
50 x
50
52
166
40 n
61m
Gold 4Mb
48 h
48 m
51m
128
39
57 m
258
37 m
67n
94
37m
49
48 m
51 m
1981
48 m
48 m
55 x
10 year secured 3
1946 J
J
55m
55 m
57
51
51
68
1950 A
O
81
80
81N
11
78
93
FraD Term 1
4s
1965 J
65M
65m
66n
139
54
72 m
1994 J
88
87 m
88 M
41
77
1956 A
73
80
"~16
79 m
92
38
31m
47
110
108M
58 h
58 m
60 H
125
44
77 m
77m
78m
65
57
Devel A gen 6 Ms
1956 A
81M
81
83
58
*70
78
40
125m
107n
118n
125 m
"5
107m
15
118m
6
110
110m
16
115m 122
104
112m
1
102 m 107 m
105»32 105*»32
1952
54
1977
14
82 m
1943
11
100 M
A...1946
16
76 m
89H
95
107 m
24
74
14m
13m
42
55 m
72 m
1951
62 N
68
35
57m
76
i960
67 M
42
57
75 m
8
8
22m
1946
Teleg g 4Ms..1950
West Shore 1st 4s guar..
2361
24
5
44
59
2361
45 m
9
42
52 m
Wheeling ALE RR 4s
1949
Wheeling Steel 4Ms series A. ..1966
113 m
12
109 m 114m
51
99
90 m
100 m 103
Registered
White Sew Mach deb 6s
{|»Wllkes-Barre A East
99
1940
"l2 M
~l~7
6
103 h
gu 5s. 1942
14
97
Wilson A Co 1st M 4s series A. 1955
Conv deb3Ms.
1947
Winston-Salem S B 1st 4s
1960
10
3
{♦Wis CeDt 60-yr 1st gen 4s...1949
♦Certificates of deposit
|*Sup A Dul dlv A term lBt 4s '36
13
105m
99
88 m
114
110
52
20 m
7
4
6M
19
38
4M
11m
15
4n
10
♦Certificates of deposit..
Wisconsin Elec Power 3 Ms
1968
Wisconsin Public Service 4s... 1961
{♦Wor A Conn East 1st 4 Ms..1943
3
99 m
5
110m
110m
9m
100
20
115M
104
84 m
1996 J
10
81
Mem DIv 1st g 6s
108
♦Westphalia Un El Power 6a..1953
91m
62 M
1956 A
16
130
25-year gold 5s
30-year 5s
57m
1969 M N
Gold 4Mb
Sa
67 m
100
Maryland 1st 4s
Western Union
104n
Southern Kraft Corp 4Mb
Natural Gas—
8o Pac RR 1st ref guar 4s
1st 4s stamped
56
118
♦6s assented
33
•
107 n
8
Gen mtge 3Ms.
..1967
West Penn Power 1st 5s ser E.1963
1st mtge 3Ms series I
...1966
West Va Pulp A Paper 4
82
"2
;MxV
100
67
23 m
Southern
-
5
6
109m
10
,22
15m
13
,
107
75n
107m
103 m
1968 M S
4m
109
25m
54
17
102
1st A ref 6 Ms series A
West N Y A Pa geD
gold 4s
Southern Colo Power 6s A
Gold 4 Ms
1978
15 m
16
4M
67
62
1965 F
1 st mtge pipe line 4 Ms
1951
So Pac coll 4s (Cent Pac coll)..1949
20
1945
ser
43
5
1976
1st 40-year guar 4s.
1945
Westchester Ltg 5s stpd gtd___1950
{♦Western Pac 1st 5s
.18
40 m
"~31
33
50
8
11
30 m
52 m
18
Ms..2000
59 h
103 m
A
1
.
Ms -.1952
Southern Calif Gas 4 Ms
1st mtge A ref 4s
1961 M S
11
1948
Western
m
107m
1
1941
95m
*117
28 m
24 m
45
1955
2m
m
103
1941
debentures
Warner Bros Plct6s debs
{♦Warren Bros Co deb 6s
Warren RR 1st ref gu g 3
88M
103m
104"
6s
h
99
14m
1
1941
1980
Walker (Hiram) GAW deb
4Mb 1945
Walworth Co 1st M 4s
1955
95 m
105M
99 m
O
J
7m
105 m
99m
J
49 M
20
.
Wash Term 1st gu 3
Ms
11m
32
20
Washington Cent 1st gold 4s._1948
1
*9
109m
30
1939
4
11
*25 m
O
1951
4
High
101
2
1941
8
5
14
Low
34
.
1M
19
94 m
A
17n
2M
8
Jan. 1
23
,
1954
3
163
3M
S
7m
5m
14 h
A
1952 A
10
8M
*3M
116M 119m
19 n
10N
2
5H
3M
D
Skelly Oil deb 4s
3M
14 m
J
1941 F
14m
3«
A
Slleslan-Am Corp coll tr 7s
Simmons Co deb 4s
2
13
8M
7M
♦Certificates of deposit
{s*Atl A Blrrn 1st gu 4s
1933 M S
{♦Seaboard All Fla 6s A ctfS—1935 F A
"i§M
Since
Asked
36 m
.
1939
♦Ref A gen 5s series B
♦Ref A gen 4 Ms series C
♦Ref A gen 5a series D
32 m
0
1954 J
20
30
14 X
&
:♦ Wabash Ry ref A gen 5 Ms A.1975
HON.
17
30
Friday's
106M
.
|*Des Moines Dlv 1st g 4a
♦Omaha Dlv 1st g 3Ms
♦Toledo A Chic Dlv g 4s
68 m
*29
o
1939
f*2d gold 6s
112m
15m
1966
♦lBt lien g term 4s
♦Det A Chic Ext 1st 6s
107 h
110
19
9
99
47 m
*17M
Range or
Bid
No.
Virginian Ry 3Ms series A
{|»Wabash RR 1st gold 5s
111M 118
*109m
J
6m
3m
105
a
1935 F
87 m
3m
111M
Last
High
107 h
1959 a
Shell Union Oil 2 Ms debs
Shlnyetsu El Pow let 6Ms
Low
111
Oct 1949 F
♦Series B certificates
Price
96
58
Week's
Sale
Week Ended Dec. 1
107m
14 m
3
-.1945 M
N. Y. STOCK EXCHANGE
1c7m
a
o
♦Stamped
Scioto V A N E 1st gu 4a
1989 MN
H^Seaboard Air Line 1st g 4s..1950 A O
f*Gold 4s stamped
1950 A O
♦Certificates of deposit
♦1st cons 6s series A
BONDS
Since
111
J
3525
Friday
Range
87
5m
99
1943
♦Adjustment 5s
!♦ Refunding 4s
No.
1972
{♦Schulco Co guar 0Ms
s
High
*97
O
1963
San Diego Consol G A E 4s
1965 M N
Santa Fe Pres A Pben 1st 6s__.1942 M S
6
Jan. 1
3s
§ <§
1940
8an Antonio Pub Serv 4s
♦Guar
Asked
Friday's
Bid
Low
8t Paul A Duluth 1st
Record—Concluded—Page
Week's
1955 j
Southern Ry 1st cons g 6fl
Devel A gen 4s series A.
Devel
A gen 6s
Conv deb
St Louis Dlv 1st g 4s
1951 J
So*western Bell Tel 3 Ms ser B__ 1964 J
1st A ref 3s series C
1968 J
So'western Gas A El 4s ser D_. 1960 M N
♦{Spokane Internat 1st g 6s._
Staley (A E) Mfg 1st M 4s
Standard Oil N J deb 3s
1955 J
14
105 m
106
54
97
106
13
105m
"47
104m
49
96
30
105m
107
2
*124m
127
"95"
*114
106M
88 M
106
106M
104
Gen A ref 5s series B
1977
70
Gen A ref 5a series C
1979
70
Gen A ref 5s series D
1980
|*Thlrd Ave RR 1st
5s
112m 116M
100
110m
95
79
70
102
104m
76
36
95m 105m
73
74 m
12
70
10
69 m
89
100M
4
r
50 m
x
48
37 m
15m
97m
210
7m
87m
14M
13m
1O0N
56 h
55 m
56 m
88
88
5
61 m
61m
8
*95 m
D
Tol A Ohio Cent ref A Imp 3Ms 1960 J D
Tol St Louis A West 1st 4s
1950 A O
Tol W V A Ohio 4s series C
1942 M
...j.
T The following is
b
f 7s
Ujlgawa Elec Power
1952 F
s f
1962 J
Friday's bid and asked price.
Bonds selling flat.
98 m
27
49
60 m
84 m
90 m
54 M
71m
*
104 m 109
12
12
J
l"
88
88
107m
107m
2
88
34
108m
6
1
1962
1959
1970 A
6
105**32 1052*32 105**16
101
101 %
101h
.
43
106 h
107 m
32
100
116
21
110
96 m
96 m
97 k
18
96 h
96 m
97 m
28
108m
108m
O
0
*70 m
72 m
76 h
77m
43
69
109m
10
104
38m
22
f{*Unlted Rys St L 1st
g
4s....1934 J
♦Seo
s
f 6 Ms series C
109
/
.1948
37 n
37 m
105 h
106
♦Un Steel Works Corp 6Ms A...1951
♦3 Ms assented A
.1951
110
7
•»
—
-
73
106
83 m
983,000
223,000
$3,042,000
5,801,000
518,330
4,595,000
621,960
5,425,000
724,000
339,000
5,657,000
880,000
222,000
6,759,000
Thursday
883,840
4,566,000
1,204,000
100,000
5,870,000
606,480
4,633,000
1,232,000
210,000
6,075,000
3,704,410
$27,422,000
$5,491,000
$1,122,000
$34,035,000
.
Friday
Total
6,488,000
—
24 m
100
38 m
106m
50
w
m
**
.1951
*
22
1939
1938
1939
Exchange
1938
3,704,410
5,404,722
244,862,666
271,654,553
$1,122,000
5,491,000
27,422,000
$1,150,000
5,180,000
30,089,000
$307,020,000
230,610,000
1,338,428,000
$121,240,000
224,693,000
1,309,183,000
$34,035,000
$36,419,000
$1,876,058,000
$1,655,116,000
Stocks—No. of shares.
Bonds
State and foreign
Railroad and industrial
Total
11
14
50
20
**
1
New York Stock
Government
11m
-
Jan. 1 to Dec.
Week Ended Dec. 1
Sales at
84 m
111
11m
*13
♦81nk fund deb 6 Ms ser A....1947
$28,000
780,700
Monday
60m
.1951
♦3Ms assented C
Sales
$468,000
$2,546,000
104m ho
65
-
*16
..
Bond
Bonds
For'n Bonds
Tuesday
89 m 100 m
89 n 100 m
.1953 M 8
U N J RR A Canal gen 4s_.._..1944 M 8
Total
States
Municipal
Bonds
Wednesday
116n
O
76m
United
State
A
Mitcell.
293,100
103m 115
United Clgar-Whelan Sta 6s-_..1962 A
U S Steel Corp 3Ms debs
Exchange,
110N
115
107
8
1939
Saturday
71m 91
101m 110
8
13
108m h6m
105*5,, 109 m
99 m 102 m
United Biscuit of Am deb 5s... 1950 A
United Drug Co (Del) 6s
Stock
24
26
114
.1971 MN
35-year 3 Ms debenture
York
New
Railroad
Stocks.
Number of
Shares
Week Ended
Dec. 1
113n
114
8
42
12
10
12
*11
A
8
34-year 3 Ms deb
the
at
Daily, Weekly and Yearly
123 m 125m
107 m
h2m
June 2008 M
Transactions
97m 100
97 m
125
8
1st lien A ref 6s
Deferred delivery sales transacted during the current week and not Included In
107m
112m
3s debentures
No sales transacted during current week.
16m
98
Union Oil of Calif 6s series A... 1942
^3Ms debentures
list of the New York Stock Exchange bond Issues which have
a
No sales.
"30
107
J|*Unlon Elev Ry (Chic) 6s__. 1945
Union Pac RR 1st A id gr 4s... 1947
1st lien A ref 4s
June 2008 M
Included In year's range.
not
Union Oil 3 Ms 1952, Jan. 1, 1940 at 105 M.
s
52
♦106m
.1945 M 8
7s
Union Electric (Mo) 3Ms
a Deferred delivery sale; only
Odd lot sale,
Kinney 5 Ms 1941, Dec. 1 at 102.
♦
*121n
J
♦Tyrol Hydro-Eleo Pow 7Ms.. 1955 MN
♦Guar sec
n
{ Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation per 200-pound unit of bonds.
Accrued Interest payable at
exchange rate of $4.8484.
S
Toronto Ham A Buff 1st g 4a.. 1946 J D
Trenton GAEllstg5s
1949 M 8
Trl-Cont Corp 6s conv deb A— 1953 J
during current week,
Ex-interest.
♦
96m 104
51h
107"
1937
1953 J
Cash sale: only transaction during current week
transaction
89
74 h
yearly
No sales.
{ Companies reported as being In bankruptcy, receivership, or reorganized under
Section 77 of the Bankruptcy Act, or securities assumed by such companies.
110m 119
69 m
89
70
Cash sales transacted during the current week and not Included In the
range:
Tokyo Elec Light Co Ltd—
1st 6s dollar series
100 M 107 M
been called in their entirety:
108 n
84 m
"~18
47
the yearly range:
1952
g
107 m
130
69 m
51
Jan 1960
Tide Water Asso Oil 3 M8
103
107m
e
22 m
105 m
97n 106 m
94m 106 m
68
99m
7
H2M
100
1960
♦AdJ Income 6s
109 m
12m
69m
Tex Pac Mo Pac Ter 5Ms A... 1964 M S
Third Ave Ry 1st ref 4s
25
103 m
*50
"In"
100
89 m
111
1943
2000
115
109
105 n
109
115
108
109m
105
1961
u2m
102
105M
88 H
1959
Texas A N O con gold 6s
Texas A Pacific 1st gold 5s
3
16M
107
104m
104M
94 m
107 m
1951
3s debentures
16m
"i05m
TexarkaDa A Ft 8 gu 5 Ms A... 1950
Texas Corp deb 3 Ms
105m
16M
106m
.1948
74
102
106
4s._
1st mtge s f 4s ser C
80
60
111
*105
1963 J
70
110
6a_. 1944 F
Gen refund sfg4s
45
....
71H
110 /
J
1961 J
cons
71m
1946 F
1953 J
2Mb
Studebaker Corp conv deb 6s.. 1945 J
Swift A Co 1st M 3Ms
1950 M N
Tenn Coal Iron A RR gen 5fl... 1°61 J
Term Assn of St L 1st
Youngstown Sheet A Tube—
♦3 Ms assented A
.1947
United Stockyards 4M» w w_..1951
Utah Lt A Trac 1st A ref 5s....1944
Utah Power A Light 1st 5s
.1944
{{♦Utll Pow A Light 5Mb
.1947
81
79 m
81
33
66
82 m
.1969
81h
79 m
81m
88
65m
Stock and Bond
Averages
83
|*Debenture 6s
89 m
Cons s f 4s series B
10
102m
102m
102m
31
83 m
90
93
102m
103m
Vanadium Corp of Am conv 5s. 1941
Vandalla cona g 4s series A
89 m
102 %
103 m
51
104
104m
22
108m
-
*
—
coupon
off
{♦4mb assented...
96
Va Elec A Pow 3 Ms ser B
109
1934
J
1968 M
S
1st cons 6s.....
2003 J
1958 A
J
O
daily closing
as
63
m
109m
40
83
11
40
*55
62 m
63
on
Bonds
Stocks
10
-
10
30
15
Total
10
First
Second
10
Rail¬
Utili¬
65
Indus¬
Orade
Orade
Utile-
40
trials
m
1m
100m 111
n
20
Indus¬
roads
ties
Slocks
trials
Rails
Rails
ties
Bonds
Total
89.26
6
146.54
31.85
25.08
49.63
107.82
91.96
48.65
108.59
72 m
Nov.
30
145.69
31.70
24.92
49.35
107.84
92.12
48.48
108.58
89.26
54
65
Nov.
29
146.89
32.28
25.08
49.84
108.11
92.37
48.99
108.84
89.58
Nov.
-
1
72
2
-
of representative
the New York Stock Exchange
compiled by Dow, Jones & Co.:
118m
m
n
109m
bonds listed
averages
106m 109m
J
Vs Iron Coal A Coke 1st g 5...1949 M S
Va A Southwest 1st gu 5s
stocks and
Date
1934
the
106 m 109m
-
Vera Cruz A Pacific RR—
i*4Ms July
are
93n 103m
1955
1957
Below
28
148.31
32.85
25.35
60.41
108.01
92.61
49.72
108.91
89.81
Nov.
27
148.59
32.86
25.40
60.49
108.01
92.55
49.99
108.95
89.87
Nov.
25
148.64
32.90
25.42
50.52
108.11
92.56
50.01
109.00
89.92
27 m
'
'
45
Dec.
=r
New York Curb
3526
Exchange—Weekly and Yearly Record
Dec.
2,
1939
NOTICE—Cash and deterred delivery sales are disregarded In the week's range unless they are the only transactions of the week
of the regular weekly range are shown In a footnote in the week In which they occur.
In the following
and when selling outside
No account la taken of such sales In computing the range for the year.
furnish a complete record of the transactions on the New York Curb Exchange for
(Nov. 25, 1939) and ending the present Friday (Dec. 1, 1939)4
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.
extensive list
we
the week beginning on Saturday last
Sales
Friday
Last
Par
STOCKS
Week's Range
for
Sale
of Prices
Low
High
Price
Range Since Jan. I, 1939
Shares
Low
14%
Class B
1
1
Alnsworth
Mfg oommon.5
21
4%
2,100
6%
9%
84
80
101
101
2
*
preferred...
2
*
—*
$6 preferred
2%
Alles & Fisher Inc com..
Invest
*
com.
90%
2%
1%
Class A
6%
com
8%
Jan
6%
Aug
18
Jan
hi
Apr
61%
Jan
%
89%
Jan
225
Jan
101%
10
140
100
1%
100
com
25
conv
Co
common._*
19
19
50
130% 146
144
5,100
71
62%
1%
%
Jan
2%
Jan
Oct
Nov
Beverage com.l
Co
100
American Book
100 %
common
Common class B
8%
Jan
7% 1st preferred
Sept
Borne Scrymser Co
25
BourjoLs Inc
Sept
Bowman-Blltmore
Dec
Jan
117%
17%
10
450
86
Sept
141
Jan
100
94
Oct
Mar
3%
Jan
Sept
60%
Jan
8%
400
5
Sept
9%
Jan
Aug
2%
Mai-
100
50
30%
200
1%
32%
11,300
%
14
xi4
Anchor
27
Apr
1% June
37%
112
%
8%
4,200
29%
110%
Apr
Sept
975
113
Aug
Aug
Jan
Oct
35%
Sept
15
Nov
Jan
40%
Mar
Sept
116
Jan
3% May
6
Sept
Jan
29
July
Jan
33
Aug
Sept
225
24
50
27
10%
11%
200
16%
16%
16%
""506
15%
Apr
18
Mar
15%
15%
16%
900
13
Apr
18
Jan
28
28%
25
200
25%
Apr
23%
100
6%
26%
3,200
Mar
Jan
12%
34% June
%
500
20%
84
5%
5%
6
%
11%
Sept
4%
Jan
%
Nov
7
Oct
June
""46
lis
107
%
"^966
2%
"~2%
2%
2%
2%
6,900
7
7
7%
2,000
x96
104%
340
Sept
1%
Apr
2
Apr
5%
78%
Jan
4%
"5%
"5"
"5%
T,300
Apr
Sept
4%
Apr
113
Nov
%
3%
3%
7%
104%
8
5%
Sept
Nov
10
Mar
100
%
Oct
"u
Jan
4,900
%
Nov
1%
Jan
5%
2,400
Nov
11%
Mar
Jan
Ms
Jan
Aug
Nov
2%
100
2%
63
24
3%
600
220
25
3%
3%
100
16%
500
1
16
*
%
1%
6%
Automatic Voting Mach..*
%
400
6%
400
.6
45
45%
44
2%
'20%
20
110
3
21%
7
7%
30
26%
26%
25%
Jan
Jan
Baldwin Rubber Co com.l
Bardstown Distill Ino
1
Barium Stainless Steel
1
6%
6%
%
%
Barlow A Seellg Mfg A..6
Basic Dolomite Inc com_.l
9%
Apr
Char Is Corp...
Jan
Cherry-Burrell common..6
Chesebrough Mfg
25
Sept
he June
1%
5%
Jan
Sept
Apr
% June
1% Aug
%
3
8%
8%
22%
18
Jan
7%
preferred
100
Sept
Sept
3%
Aug
Sept
4%
Nov
2%
Aug
13%
Aug
29%
1
com
Bell Tel of Canada
Bell Tel of Pa 6
% pf
100
.
10
Jan
Oct
1
9%
2,300
%
July
100
7%
Jan
"9% ~ld%
5",900
May
4% Mar
1%
Sept
7%
1%
1%
10%
Feb
Jan
Mar
9%
Sept
11
Sept
Jan
Sept
4%
4%
200
Sept
2
17
Oct
50
Jan
Oct
40
Feb
3%
Apr
2%
July
10
8
19%
6%
131
100
5
Apr
9%
28%
20
For footnotes see page 3531,
'
5
Apr
4
1
Beech Aircraft Corp..
1
Bell Aircraft Corp com__l
15%
%
Beaunlt Mills Inc com.. 10
$1.60 oonv nref
20
Bellanca Aircraft
Apr
100
7% 1st preferred....100
7% 1st pref vt o
100
Beau Brummell
4
%
*
7%
18%
6%
131
9
5,100
20%
1,000
7%
1,300
137
122% 122%
350
20
18
1%
30
5%
400
40
2,500
1%
26
Oct
Oct
2%
7%
Oct
Jan
Aug
4% May
May
42
6
Apr
Sept
17
Jan
22%
99
22%
1,600
19%
Apr
Sept
23%
Mar
100
7
150
100
1,000
11
1%
100
1%
1%
105% 106
14
~~2%
14%
2%
100
105%
2
1%
17%
500
17%
200
22
5%
6
1
107
Jan
Jan
Apr
Sept
20%
2%
Sept
Aug
2%
Jan
1%
"466
Oct
19% June
4%
May
4% May
25
Sept
22
Oct
33% Mar
8% June
1%
2%
"i%
.....
22%
99%
92%
*10"
4
Oct
3
%
Apr
"l'ooo
4%
%
Aug
Feb
19%
3%
Sept
300
36%
100
24%
Jan
37%
Sept
%
99%
92%
10%
1,400
%
Apr
1%
Sept
Jan
94%
2,300
8%
Sept
21%
Jan
"""360
5%
7%
9
Feb
Apr
Sept
"10 "
15%
May
Aug
Sept
3%
TJfio
"1% "1%
36%
%
10%
Apr
6,400
17
1
10%
"lo"
*3%
22%
5
100
130
85
10
78
111
110
75
Apr
Feb
1%
8%
1%
24%
5
102
26
Sept
Oct
Sept
Sept
Sept
Nov
Oct
Aug
July
Aug
4%
Jan
76
Apr
112%
2%
4
300
3
June
6%
Nov
Sept
21
21
50
17
Aug
67
3%
67
60
48
Feb
27%
70%
Mar
Oct
13%
Jan
15
Apr
Apr
3%
14%
14%
109% 113%
1,000
70
90
97%
3%
15
Sept
Aug
1,370
85
8%
8%
108% 109%
l6ie
%
%
%
2%
2%
400
125
6%
85
Aug
Jan
Oct
113%
Dec
97%
Nov
11
Sept
%
Apr
109%
1%
%
2%
July
5
Mar
Centrifugal Pipe
*
Strip Co...
14
Mar
Chicago Flexible Shaft Co 6
Chicago Rivet Sc Mach...4
Chief Consol Mining
1
Chllds Co preferred
100
Cities Service common
10
Preferred
*
Preferred B
July
Aug
Oct
176%
118%
Apr
124
Jan
Aug
Aug
7
June
25
3
June
50
2%
3%
4
26,000
3% May
5%
4%
4%
7%
Jan
7%
Nov
5%
Nov
Aug
July
xl2
117%
......
117% 118%
65%
9%
65%
4%
58%
Apr
15
400
110
60
Apr
Sept
130
150
1,000
10
%
27
4%
54%
5
59%
4,600
5,800
225
Nov
79
Nov
Nov
68
Jan
43%
3%
Mar
9%
59%
5%
Dec
July
July
Feb
52%
30
37
Mar
55
90
200
55
Jan
92
85
84
86
70
63%
Jan
89
City Auto Stamping
*
City Sc Suburban Homes 10
6
5%
5%
5%
Clayton Sc Lambert Mfg..*
*
Sept
5
Sept
"666
1%
34%
3%
1%
2%
Apr
5%
400
"*2% "2%
"266
July
Sept
Nov
Mar
Jan
Oct
Nov
6%
83%
4%
7%
700
500
3%
Apr
8%
7%
2
Jan
5
£1
warr.
6%
Nov
2
Colt's Patent Fire Arms.25
Columbia Gas Sc Eleo—
Conv 5% preferred—100
Aug
%
Clinchfleld Coal Corp
6% conv preferred
Colorado Fuel Sc Iron
Jan
July
800
5%
*
Nov
6%
20%
1%
5%
42%
%
16
Nov
Jan
4%
15%
%
Feb
7%
50
16
Sept
July
4
"40% "42%
Clark Controller Co
1
Claude Neon Lights Inc__l
Jan
Feb
Nov
Nov
88
300
Jan
he
52%
400
Jan
4%
25
90
x6%
6%
Feb
Jan
10%
%
6%
500
25
he
"25"
*
Cleveland Elec Blum
Cleveland Tractor com
Jan
Sept
3%
3%
Colon Development ord
Jan
200
3
8%
Cities Serv P <fc L $7 pref. *
$6 preferred
*
Jan
Nov
Nov
3%
*
Preferred BB
%
3
..10
5
Nov
25
5
Feb
15%
11%
7
2,300
3,800
3
preferred
100
Conv pref opt ser *29.100
5%
120
4%
Jan
"7%
Conv
100
Club Alum Utensil Co
*
Cockshutt Plow Co com..*
Cohn & Rosenberger Inc.*
36%
10%
Aug
%
100
200
200
7
200
July
June
Chamberiln Metal Weather
11%
preferred
2,200
250
25
400
1%
28
Mar
Cent Sc. South West Util 50o
Cent States Elec com
1
6%
48% May
4% Sept
26%
Nov
4%
18%
Oct
34%
Cent Ohio Steel Prod
1
Cent Pow & Lt 7% pfd 100
Sept
Feb
Sept
3,500
25%
21%
7%
4%
Sept
113%
Sept
35%
7%
com.
Mar
Sept
850
26%
Cent Maine Pow 7% pf 100
Cent N Y Pow 5% pref. 100
5%
Apr
3,900
22% June
Feb
50
14%
Sept
Sept
3%
Sept
Jan
Feb
11
*
com
Sept
2%
3%
24
28%
*
1%
15
1
1st partlc pref
Cent Hud G Sc E
31%
9%
Feb
Apr
2% June
14
com
Celluloid Corp common. 15
$7 dlv. preferred
*
Apr
17
25
2%
Sept
11
100
4%
25
Corp
7% 1st partlc pref
98
Apr
Baldwin Locomotive—
Co
*
Jan
900
1%
Warrants
Baumann <L)
Carter (J W) Co common. 1
Casoo Products
Apr
%
"u
7
25
28%
"99%
2%
3%
%
13%
Mar
28%
»
1
68
300
6%
5
4%
1
com
Aug
3,700
6%
1%
30
Carnation Co common.
96%
3%
%
Ayrshire Patoka Collieries 1
Babcook A Wilcox Co
*
Jan
2% May
%
22%
22%
22%
Castle (A M) common.. 10
%
2%
6
1%
Catalln Corp of Amer
1
Celanese Corp of America
he
Atlanta Birmingham A
Coast RR Co pref.-.100
Atlanta Gas Lt 6% pref 100
Atlantic Coast Fisheries..*
Atlantic Coast Line Co.60
4%
4%
Sept
ha
Option warrants
Assoc Laundries of Amer.*
Assoc Tel A Tel class A..*
*
16% June
%
5
20
18
Class B
Carolina P Sc L $7 pref.
$0 preferred
Carrier Corp common
%
5
Carman Sc Co class A
Apr
hi
5%
Capital City Products...*
Carib Syndicate
25c
Carnegie Metals
Oct
5%
1
Feb
Apr
Apr
32% June
Oct
Feb
100
Oct
Apr
Nov
16%
200
'
96%
22%
Calamba Sugar Estate..20
1%
Feb
29%
16%
"11
18%
Camden Fire Insur Assn. .5
Canadian Car Sc Fdy pfd 25
2%
2%
13% June
Mar
300
3%
Jan
Sept
Jan
Sept
3%
16%
Sept
2%
Canadian Marconi
Aug
Sept
4%
39
Jan
Mar
Cables Sc Wireless Ltd—
Am dep 6 % % pref shs £1
Feb
Sept
2%
Jan
May
Aug
Sept
77
Jan
1
27
1%
7%
Feb
Nov
1%
80%
Apr
Sept
36
Mar
Oct
Jan
3%
11%
12%
Jan
Apr
Oct
Jan
%
13
*M
Aug
Apr
Jan
5%
12%
%
67
2%
1%
2%
Aug
Jan
24%
50c
100
Feb
Aug
Nov
Jan
14%
18%
50c
com
600
1
50
Jan
3
July
19%
Burry Biscuit Corp__12%c
%
7,600
700
*
100
15%
%
%
10
400
77%
m"
...
Aviation A Trans Corp_.l
Axton-Fisher Tobacco—
18%
%
9%
....
Automatic Products
18
14
£1
Atlas Drop Forge com
'l8~~
77%
Assoo Gas A Eleo—
Atlas Plywood Corp
tAustin Silver Mines.
21%
9%
Cndn Colonial Airways
1
Canadian Indus Alcohol A *
Clas B non-vot
.*
7,.
15%
3%
%
1%
300
$5 1st preferred
*
Bunker Hill Sc Sullivan 2.50
Burma Corp Am dep rets..
Mar
99
52%
200
32%
12%
Bruce (E L) Co com
,5
Buckeye Pipe Line
60
Buff Nlag & East Pr pf.25
1%
32%
16% June
1
pref
Vot trust ctfs
Feb
10
1%
3%
12
Brown Forman Distillery. 1
$6 preferred
*
Brown Rubber Co com
1
Cable Eleo Prod
Apr
65
2%
"12%
Brown Fence Sc Wire com.l
Class A pref
*
Nov
400
65
{Brown Co 6%
Nov
6%
25
84
6
600
reg-.lOs
British Col Power cl A
June
Aug
Sept
3
52%
*
Am dep rets ord
29
Aug
Apr
Sept
2%
52%
1%
3%
32%
Am dep rets ord reg__.£l
British Celanese Ltd—
70
1,400
x31%
Aug
Sept
9
Sept
Amer Tobacco—
28
Industries
Atlantic Rayon Corp
Atlas Corp warrants
British
Apr
%
30
Assoc Breweries of Can.
$5 preferred
Registered
June
9%
64
6
1
34
Nov
300
38%
Apr
Apr
300
14
18%
35%
34%
2%
26%
30%
30%
Appalachian El Pow pref *
{Arcturus Radio Tube..
Arkansas P A L $7 pref..*
Jan
25%
900
*
10
Jan
4%
Angostura Wupperman__l
Apex Elec Mfg Co com
*
Arkansas Nat Gas com...*
Common class A..
»
2%
3%
26%
30%
•
5
Aug
Sept
4%
""3%
British Amer Oil coupon..*
%
5%
3%
*
Class A
Jan
22
American
American Thread pref
*
Feb
500
x20%
Amer Potash & Chemical. *
*
100
Mar
700
%
30
31%
*
1st $6 preferred—
$6 series preferred
Preferred
Brill Corp class B
23
%
2%
*
76
Amer Pneumatic Service.*
Republics
10
Amer Seal-Kap com
2
Am Superpower Corp com*
Bridgeport Machine
Aug
Jan
Aug
Aug
6
32
Bridgeport Gas Light Co.*
7% preferred
.100
Brillo Mfg Co common..*
Class A
*
15
Jan
Sept
2d nref
9,300
8,100
1
Amer Meter Co
Bath Iron Works
Nov
3%
50
3,600
1%
37%
Amer Maracalbo Co
7% preferred
8
8%
30
25
Purch warrants for
8
8
100
8%
100
common
7% 1st pref
7%
21
1%
Amer Mfg Co common 100
Class A
6%
10
1%
6%
7%
*
com
Avery (B F)
6% preferred w w
6% preferred xw
30%
1,000
2,400
%
Am dep rets ord bearer £1
U2%
3%
Amer Laundry Macy
20
Amer Lt Sc Trac com_..25
Class A
x4
7%
%
%
*
$2.60 preferred
1
Amer Hard Rubber Co.60
Common
Jan
Nov
Nov
5
%
*
$6 preferred
American General Corp 10c
12 preferred
1
Amer deposit rets
Nov
32%
80
7%
hi
*
Amer Gas Sc Elec com
Elee
4%
8%
8%
Amer Foreign Pow warr
Amer Fork & Hoe com
Ashland Oil A Ref Co
22
28%
28%
Sept
Sept
Jan
Apr
5%
1%
Apr
Apr
Apr
1
40%
8
2%
17%
Aeronautical... 1
100
June
9%
19%
1%
42%
4%
Breeze Corp
100
40
100
Brazilian Tr Lt Sc Pow.—*
1%
Mar
Sept
200
Brewster
Amer Cyanamld class A. 10
Associated
3
Nov
30
Works com
7
2%
27%
20%
Sept
Aug
Mar
Apr
10
111%
Jan
Jan
17
%
Apr
Nov
Aug
Jan
4%
com
64% June
1
Art Metal
1%
x4
Sept
11%
146
1
*
(H C) Co com..
10
Oct
14%
7
100
21
%
34
$3 opt conv pref
Blumenthal (S) & Co
1%
44%
21
Class A
Class B
Preferred
14%
1%
July
1%
*
Fence
1
Mai-
1%
Class A with warrants.25
Post
Bliss (E W) common
Blue Ridge Corp com..
3
104
43
44
$5.50 prior pref
Amer Centrifugal Corp._l
Am Cities Power Sc Lt—
Preferred
8
Oct
Apr
110%
10c
S3 preferred
6% preferred
37%
150
10c
Amer Invest of 111
*
com
Nov
%
2,000
1,400
Aug
Foundry
2%
Jan
16%
%
z34
500
pref
Sc Machine Co
91%
Nov
150
8%
48%
he
37%
15
Aug
Jan
Apr
13
15
45
%
1,300
1,300
200
*
Btrdsboro Steel
Bohack
he
com
Jan
American Capital—
Class Bn-v
conv
%
High
Jan
16
27
%
100
99% 102%
104
Amer Box Board Co com.l
Class A
$2.50
50
37
Low
Shares
8
7%
100
preferred
11
High
37
he
Mar
7% June
17
May
90
Low
14
common.*
Alumin um Ltd
4
Price
Purchase warrants.
Bickfords Inc
Range Since Jan. I, 1939
Week
115
115
100
preference
50
10%
Sept
June
1
50
4
10%
Aluminum Goods Mfg..
American
0
for
of Prices
Berkey Sc Gay Furniture. 1
Jan
Aug
%
10
Aluminum Industries com*
6%
June
13%
91
2%
4
pref
Allied Products
Aluminum
21
100
Allied Internet Invest com*
conv
Ofcpt
Week's Range
Benson Sc Hedges com...*
Conv pref
*
Aug
5
.
Southern..60
Gt
Ala Power $7 pref
S3
24%
Par
(Continued)
1,200
1,000
Warrants
Alliance
Feb
300
16%
6%
9%
2%
16%
9%
{Air Investors common..*
Alabama
July
18%
2%
100
21
4%
Air Associates Inc com—1
Conv
High
Mfg—
Supply
Class A
Last
Sale
STOCKS
Acme Wire Co common.10
Aero
Sales
Friday
Week
Jan
9
July
1%
Sept
4
Jan
Mar
Oct
4%
6%
83%
Oct
4%
700
4
Sept
250
70
Apr
Apr
9%
88
96%
Sept
63%
64%
175
55%
Jan
74% May
4%
Aug
Volume
New York Curb
149
Sales
Friday
STOCKS
Last
Week's
(Continued)
Sale
of Prices
Low
High,
Par
Price
1
Columbia Oil & Gas
Exchange—Continued—Page 2
Range
2 X
2%
2X
1,400
h#
he
he
134
300
2X
Apr
4X
14
Jan
Jan
1
1
Jan
he
Sept
he
Aug
»ie May
IX
Aug
38X
38 X
41
1,300
26
33X
32 J*
34)4
34
1,100
23
Community Water Serv__1
X
400
Apr
Nov
41
Sept
he
34 X
Nov
June
X
Jan
1
ext to 1946
17)4
900
13 X
Apr
I7X
37
163*
Jan
37
Nov
$3 preferred
*
1
.
Consol QELPBat com *
3X
80
4X % series B pret—.lOO
Consol Gas Utilities
1
Consol Min & Smelt Ltd.5
334
7834
1)4
37
3X
80
1)4
1
—100
Royalty Oil
--10
100
Continental OU of Mex—1
Cont G & E 7% prior pf
Apr
Sept
5)4
Feb
84 X
Aug
121X June
lx
Oct
Jan
60
6
Jan
98
Aug
Jan
600
3
Apr
220
6x
99
97
6X
Apr
IX
6
98 34
Jan
Mar
2X
84
Jan
IX
Sept
8X
Sept
Dec
99
X
Mar
X
Sept
13X
Sept
""7)4 "7k"
Cont RoL & Steel Fdy—♦
"300
4X
Aug
"700
8X
4X
15X
Sept
""9x "6x
Cook Paint <& Varnish—*
*
9X
Copper Range Co
*
Copperweld Steel
Cornucopia Gold Mines.5c
16X
Cooper Bessemer com
37
86
8% preferred
Consol Steel Corp com—*
Sept
H
400
Nov
Jan
71
111
100
37
37
3X
1,100
20
118
118
300
Consol Retail Stores
Consol
5)4
*16 X
X
11
July
Apr
13X
Sept
Jan
1)4
IX
~~6X
*
Creole Petroleum
5X
Crocker Wheeler Elec
1
Crowley, Mliner & Co
*
Crown Cent Petrol (Md)-6
Crown Cork Internat A—*
Crown Drug Co com—25c
1)4
634
X22%
5X
200
X
Sept
IX
100
IX
Sept
IX June
Common
Jan
19
Feb
30
Oct
Aug
26
Mar
17 X
29
Apr
34
Jan
Jan
Mar
85X
Nov
16
Mar
X
Jan
Nov
July
100
200
IX
40
IX
6 34
23)4
634
X
Aug
70
X
1,300
300
4
Mar
Apr
2X
13
100
13
500
X
Sept
4X
Sept
16X
June
1,600
4X
Aug
9X
Apr
X
7H
July
Sept
28
'""206
Jan
Mar
Glen Alden Coal
Nov
100
X
Aug
Jan
850
20
4X
IX
18
July
hi
Apr
11
July
Sept
4X
Jan
May
200
200
Oct
52 X
400
46 X
103
10
95X
J&n
200
4
Apr
50
31
Jan
79 X
Jan
99 X
Nov
65
Jan
85
Sept
Apr
7
Jan
99X
200
5X
6
200
4X
6X
4X
6X
600
6X
2,800
400
9X
IX
17X
27
100
IX
17X
27
25
Aug
Sept
Grand Rapids Varnish...*
7X
7X
200
Apr
8X
Gray Manufacturing Co. 10
8
8
100
July
7X
Sept
Jan
Jan
18X
18 X
Mar
Oct
7% 1st preferred
100
30 X
July
Gt Northern Paper
25
8X
Aug
Greenfield Tap & Die
Grocery Sts Prod com..25c
9
S3 preferred--Gorham
Mfg common..10
Non-vot
com
stock
100
IX Aug
35X June
2X
45X
Sept
Grumman Aircraft
Sept
Guardian Investors
Apr
12
Nov
Gulf OU Corp
Jan
17X
Nov
IX
IX
IX
22 x
100
200
1
June
1
Sept
Aug
200
400
2
X
17
2X
Jan
July
2X
Sept
133X
75
40
42 X
350
7X
3X
5
100
62
Apr
83
Oct
X
200
10
Apr
33X
Oct
IX
2,300
105 X
Aug
IX
Apr
Nov
Oct
107
IX
Mar
Sept
76
Dec
July
2
Jan
74
76
275
1
1
100
61X
X
560
2X
Sept
5X
Jan
5
Mar
9X
Apr
14X
Sept
Sept
2 X
6X
7X
800
12X
3,100
7X
Hazeltine Corp
Hearn Dept Store
*
*
2X
2%
3X
Preferred
w w
Preferred ex-war
Oct
Apr
2X
Nov
14 X
16
Sept
22 X
Jan
2,400
3X
IX
Apr
45 X
Oct
Apr
109 X
July
Jan
July
112X
Aug
5
July
400
6X
"29"
29
3X
Horder's Inc
42 X
25 X
Sept
'""500
"30
3X
Horn (A
38 X
41
3,425
16
June
20
20
22
4,400
6
Apr
5X
X
"L200
15
15X
75
14X
14 X
15X
175
3X
1,300
18"
3 X
17
"X
*
A—*
16 preferred series B—*
Easy Washing Mach B—*
Economy Grocery Stores.*
Elsier Electric Corp
1
Elec Bond & Share com..5
$5 preferred
*
$6 preferred
*
18
250
Apr
he June
12
Oct
IX
Sept
10 X
10
Apr
24
Sept
Aug
24
Sept
2X
14X
June
Apr
C) Co com
Horn & Hardart
5% preferred
Humble OU & Ref
*
19
Oct
Hussmann-Llgonler Co
2
Mar
IX
IX
IX
2,800
1
Jan
7X
7 X
8X
31,700
6X
Apr
12X
58
58 X
200
50 X
Apr
65
66 X
66 X
68
900
69
Apr
72 X
15
17 X
150
14X
June
29 X
Jan
Nov
5X
Jan
Jan
15
Empire Dist El 6% pf 100
Elgin Nat Watch Co
3
Jan
14X
Aug
IX
2X
6,500
X
Sept
2X
Nov
Hllnols Iowa Power Co—.*
24X
25 X
750
18X
Apr
25 X
Dec
53
Jan
71
700
2X
10
1
1
25X
June
---100
6)4% preferred
100
7% preferred
—100
8% preferred
100
Empire Power part stock.*
6% preferred
64 X
61 X
51X
Feb
71
Mar
64 X
64 X
64 X
70
63 X
20
55
Sept
71
Mar
66 X
62
66 X
600
52
Feb
73
Mar
66 X
63
66 X
175
54 X
Feb
74
Mar
21X
Feb
11X
11X
X
Apr
27 X
12
Nov
3,600
X
Apr
1
Sept
125
23 X
Apr
30
Sept
4X
1,400
Aug
22 X
50
3X
15X
June
8X
22 X
Nov
Sept
hi
Jan
Equip..5
X
Equity Corp common..10c
{3 conv pref
1
X
25 X
4
Esquire Inc
1
Eureka Pipe Line com..50
22 X
26
500
6
Aug
Jan
hi
1
...1
Candy coml
Fansteel Metallurgical—*
Fedders Mfg Co
5
led Compress & W'h'se 25
Flat Amer dep rights
1
(PhUa)..l
Rubber Corp
10
preferred
100
Mar
2
10
pf.100
7% preferred
100
Indplfl P & L 6 X% pf—100
Oct
5X
Jan
Aug
22 X
Jan
Jan
100
Feb
100
3X
6X
9X
6X
600
Oct
'""ioo
9
Oct
6X
Apr
Sept
9X
Jan
Apr
28 X
Aug
26X
Jan
24
Jan
14
14
100
7
Mar
61
900
30
Apr
63
Oct
43
Sept
50
Feb
24
"T
"9"
12
12
100
9
14
14
100
9X
7X
""800
3X
Apr
Oct
iox
Sept
Sept
11X
23X
15X
July
Apr
15X
July
Jan
Apr
8
Nov
Mar
12 X
31
July
Sept
2
Sept
3
Mar
31
Sept
Aug
Jan
34 X
1,325
110X IIOX
14X
14X
30
108 X
Apr
39 X
112 X
500
9X
Apr
14X
3,600
52 X
Aug
71
600
2X
9X
Aug
X
Nov
5X
6X
Mar
Jan
9X June
Nov
9
3
Aug
4X
Mar
IX
Apr
3X
31
Sept
33
33
66
65
65
5X
5X
5X
2X
2X
28X
28 X
200
2X
29
3
20X
4X
200
20
Apr
Apr
Oct
Sept
5X
12
Sept
Jan
X
Jan
2%
19X
4X
12X
12X
20 X
'
July
300
2X
Apr
2,300
14X
Apr
600
3X
May
8X
51X
3
May
57 X
Aug
7X
Sept
4X
25
Jan
Feb
Feb
5X
Apr
Sept
Sept
17
12 X
1,100
13X
11X
16X
Mar
IOX
Sept
16 X
July
32
19
5X
8X
9 X
9X
110X 112X
200
5X
Sept
Nov
10
5X
May
20
5X
Apr
240
100 X
Apr
IX
IX
300
>hi
9
X
llix
Feb
Feb
Apr
5X
8X
Indiana Pipe Line
Indiana Service 6%
16
Feb
Non-voting class A
1
IX
Class B
1
IX
9X
Aug
7X
800
6X
Sept
8X
June
23X
150
18 X
Oct
Aug
13
12 X
13 X
7
1.500
4X
Jan
24 X
14 X
Nov
5
Apr
8X
Oct
Insurance Co of No Am. 10
33
Nov
35
May
7
May
IOX July
X May
100
Oct
7X
15X
June
17
June
112X
Nov
6X
he
X
69 X
13
69 X
101
For footnotes see page 3531.
11
X
69 X
13
10X
91X 101
89
93 X
1,800
300
X
2,800
100
42,900
3,050
250
Sept
Apr
71
Apr
13
Dec
71
Apr
99
Nov
50X
Apr
101
Dec
56
6X
Oct
Sept
X
Mar
hi
International Cigar Mach *
9X
6X
•
36
Sept
Imperial Tobacco of Can.5
Imperial Tobacco of Great
Britain <fc Ireland
£1
23
iox
Fldello Brewery
Fire Association
Apr
Sept
*
Imperial Chem Indus..£l
Imperial Oil (Can) coup—*
Registered
*
23
Falstaff Brewing
Fanny Farmer
Mar
21
Sept
Indian Ter Hlum OU—
Electric Corp—
Option warrants
Falrcblld Aviation
23
60
4X
50
Dlv arrear ctfs
Illuminating Shares A
Empire Gas & Fuel Co—
Mar
Common
5% conv preferred
Sept
Jan
lx
6X
*
2X
pref A—.*
Feb
Mar
Sept
1X
4
IHuylers of Del Inc—
.....1
7% pref stamped
100
7% pref unstamped—100
Hydro Electric Securities.*
Hydrade Food Prod
5
Hygrade Sylvanla Corp..*
2X
Jan
Apr
24
5
Hummel-Ross Fibre Corp 6
Mar
"el"
100
Oct
4X
Nov
1,200
_
1
*
X
X
68
11X
*
Hubbell (Harvey) Inc
Oct
Nov
Sept
61
15
300
200
Hormel (Geo A) & Co com*
Sept
40
4X
Jan
"24"
Holophane Co common..*
Sept
Apr
X
23 X
8X
Hewitt Rubber common..5
SX
Feb
X
29 X
23
6
25
Apr
Jan
100
4X
8X
8X
1
preferred.100
$7 preferred series
12
Nov
2,300
X
X
38X z39X
4X
8X
8X
Hey den Chemical
10
Hires (Chas E) Co cl A—*
Hoe (R) & Co class A—.10
Holllnger Consol G M...5
Nov
IX
*
25
133X
100
6X
2
June
1
Class A
Heller Co common
119
2X
3X
21
6.
2,000
6% preferred
100
Eastern MaUeable Iron..25
Feb
Jan
Mar
11X
Holt (Henry) & Co cl A..*
Assoc—
Aug
45
20 X
com...5
Helena Rubensteln
5X
12 X
Apr
1,100
May
July
8X
Aug
2
IX
1
Hat Corp of Am cl B com.l
Haverty Furniture ev pfd.*
64
5
11X
33
100
Sept
Jan
100
Nov
Apr
Oct
8
68
14X
60
27
Sept
Sept
103X
6% conv preferred....50
Hecla Mining Co
25c
Aug
78
18X
68
1
8
Oct
27
*
Jan
Sept
19 X
5
5
Hartman Tobacco Co
Mar
16
102
4X
Harvard Brewing Co
z30
Aug
13X June
25
Hartford Rayon v t c
Aug
Feb
Jan
8X
Nov
Sept
26 X
33
Feb
4X
IX
Nov
Oct
Apr
Feb
2X
100
Mar
8X
9X
Sept
July
400
31
Apr
10
IX
15
Haloid Co
Feb
Jan
Apr
800
3X
Hartford Elec Light
21X
6
h«
15
Jan
IX
37
Nov
9
Gypsum Lime <fc Alabast.*
Apr
Apr
July
95X
"39 X
Hall Lamp Co
29 X
10
Sept
16
*
Dominion Steel & Coal B 25
Dominion TextUe Co
*
Dominion Tar & Chemical*
$6 preferred
15X
1
25
31X
Jan
IX
1,200
Engr.l
Nov
Mar
14
39
8X
2X
*
Sept
X
8
Aug
Nov
Mar
124X
132
132
♦
7
Jan
103 X
June
69 X
Gulf 8tates UtU $5.50 pf.*
20
5X
25
109X 109X
*
1,000
100
Aug
52 X
Great Atl & Pac Tea—
Feb
23 X
82
Feb
4X
3X
21X
91
IX
3X
14X
3X
28
56 X
0X
Dominion Bridge Co
E ectrol Inc v t c
8
39
5X
*
Aug
Dobeckmun Co common.
Option warrants
Electrographic Corp
Gorham Inc class A
4
Am dep rets
Eastern States Corp
8
111X
Distillers Co Ltd—
Common
Mar
hi
2X
2 X
52
Feb
Sept
10
12X
Nov
2X
Sept
22
*
80
Apr
Apr
Apr
Sept
13X
1
Jan
July
IX
*
500
iox
-.10
Sept
hi
300
9X
$7 preferred
Apr
Apr
Apr
41
Duval Texas SulDhur
Jan
hi
July
IX
103
Class B
5
40
10X
76
52X
Goldfield Consol Mines.
1,400
15X
26
41
Duro-Test Corp com
*
734
5X
15X
25
*
Mfg—1
20
Detroit Gray Iron Fdy—1
Det Mich Stove Co com__l
Detroit Paper Prod
-1
Detroit Steel Products—.*
De VUblss Co com
10
7% preferred
10
Diamond Shoe Corp com.*
DlstUled Liquors Corp..-5
100
Oct
Mar
Sept
IX
45 X
107 X
6
Durham Hosiery cl B com *
X
Apr
IX
54
53 X
54 X
110)4 ZllOXzUOX
IX
Jan
Mar
Sept
Godchaux Sugars class A.*
134
X
19
X
4 X
July
100
6% pref w w
Corp.l
66
Oct
100
*
11
2
Driver Harris Co
14X
Jan
X
98X
Sept
X
26 X
Jan
3,300
X
39
6
77
12 X
11
51X
$3 preferred
Georgia Power $6 pref—
$5 preferred
200
*
10
Sept
33 X
Gen Water G & E com.—l
6X
IX
Derby OU & Ref Corp com*
Draper Corp
Aug
2X
X
..100
6% preferred A
634
7X
95
General Tire <fc Rubber—
6)4
7X
Apr
62 X
Gen Telephone 13 pref...*
Sept
300
1,500
Aug
ord reg—£1
Dlvco-Twin Truck com._l
43
42 X
15
62 X
Mar
Mar
3X
90
Gilchrist Co
22
July
IX
Jan
IX
17
Nov
10
13
....
Feb
IX
IX
Mar
9X
25
"hi
3
preferred
Mar
15
15
Warrants
3
Detroit Gasket &
6X
49
Apr
X
2
15
75
300
$6 preferred
Mar
4
May
Oct
Jan
76 X
*
Gen Gas & El 6% pref B.
General Investment com.l
IX
5
Jan
General Shareholdings Corp
2X
1
Florida P & L 17 pref
38X
Gen Rayon Co A stock...*
Feb
Delay Stores
$6
24
IX
Amer dep rets ord ref.£l
Gen Fireprooring com
2*
6X
Jan
23
12 X
*
600
7)4
Mar
23
400
100
General Alloys Co
Gen Electric Co Ltd—
2X
4X
4X
Sept
83
4% conv preferred
100
Gamewell Co $6 c v pref.*
Gatlneau Power Co com.*
5% preferred
100
9X
17 X
28
18X
38X
27 X
2
.
Fisk
1
X
17X
26 X
18X
24
15
Fuller (Geo A) Co com... 1
$3 conv stock
*
Nov
he
5
Darby Petroleum com—5
Davenport Hosiery Mills.*
Dayton Rubber Mfg
1
Class A
35
Decca Records com
1
European
Conv parti c pref
9
Sept
Curtis Mfg Co (Mo)
Emsco Derrick &
1
Sept
7
6X% preferred
100
Curtis Lighting Inc.——*
Sept
Oct
16
1
8X
14
Cuneo Press Inc
2X
14X
IOX
18X
Cuban Tobacco com v t c_*
Elec P & L 2d
75
.5
2
134
High
Malt—
27 X
10
6% preferred
4 X% prior
(Pete;:) Brew Co
Apr
25
Preferred
East Gas & Fuel
500
Amer dep rets... 100 frcs
Fox
Froedtert Grain &
Gilbert (A C) common...*
Preferred
*
X
Low
Ford Motor of France—
June
Crystal OU Ref com---.
Eagle PIcher Lead
200
2X
17X
17X
17X
3X
IOX
200
10)4
10
23
Croft Brewing Co
Duke Power Co
2X
17 X
»
1,700
6
72
72
50
£1
5
5% conv preferred
Courtaulds Ltd—
7% preferred
£1
Class B__
$6 conv pref w w
——1
$6 preferred A
*
Cosden Petroleum com—1
Dubllier Condenser
Am dep rets ord ref
1734
X
Corroon & Reynolds—
A conv
Range Since Jan. 1, 1939
Shares
Gen Outdoor Adv 6 % pf 100
Gen Pub Serv $8 pref...
$3 prior preference-—
Common
Price
Ford Motor Co Ltd—
Fruehauf Trailer Co
Conn Gas <fe Coke oecur..*
Consol Biscuit Co
Week
Common
Compo Shoe Mach—
Vtc
for
of Prices
Low
High
Ford Motor of Can cl A..*
7X
Wai rants
Community P & L $6 i ref *
Community Pub Service 25
Week's Range
Sale
Par
Commonwealth 4 Southern
1
Last
High
Low
13,500
Columbia Pictures Corp..*
Commonw Dlstnbut
STOCKS
(Continued)
Week
Shares
Sales
Friday
1,1939
Range Since Jan.
for
3527
Apr
Sept
8X
Apr
12 X
Aug
Apr
Sept
71X
24X
Mar
Apr
21X
Mar
Industrial Finance—
Vtc common
7% preferred
1
11
100
70
11
25
69 x
70
950
59
20 X
X
Nov
Oct
Iniernat Hydro Elec—
Pref $3.50 series
50
13X
Intl Industries Inc
1
1,400
14 X
A stock purch warrants .
"~2X "~2X
12
hi
'
2~200
Mar
X
Jan
IX
Sept
4X
Jan
New York Curb
3528
Week's Range
for
(Continued)
Sale
of Prices
Week
Par
Internat Paper A
Pow warr
18%
Registered-
High
Low
11%
2%
17%
18%
4%
Products—*
11%
2%
20%
18%
4%
4%
July
11%
Nov
2,700
Aug
Aug
4%
27%
Jan
Jan
200
1%
17%
17%
Aug
27
200
2%
Apr
0
Nov
6%
Apr
B_*
Inter nat Safety Razor
%
Jan
16%
32
"3"
7%
Mills.*
Interstate Power $7 pref-*
Hosiery
400
*i»
7%
4%
Monogram Pictures com.l
1
Monroe Loan 80c A.....1
2
1
A—
Jan
4%
Mountain Producers.
5%
Feb
"l'.OOO
2%
Sept
7%
1,200
200
4%
10
Sept
75
3%
Apr
4%
Apr
hi May
4%
8
Feb
Oct
14%
7%
17%
"~2Vi
1%
"""960
"2%
1%
1%
100
Oct
%
19%
Oct
14%
Apr
2
22% Sept
*ie Mar
%
Sept
4%
Jan
1%
June
2%
Sept
67%
96%
97
103% 105
31%
35%
26%
26%
97
105
33
Kokenge com..*
100
1st pflOO
6
78
Jan
86%
Jan
2,500
50
Breweries
1
Kings Co Lt? 7% pf B.100
6% preferred D
100
Kingston Products
1
Kir by Petroleum
1
17
22%
5%
5%
400
111
111
1%
1%
30
2
30
June
118% May
22
July
Apr
6%
Apr
9
105
Sept
Feb
%
Mar
2%
2%
2%
2%
1,600
1,000
%
15%
Mar
47%
July
Aug
10
Jan
4%
68
Lane Bryant 7% pref—100
Wells Co com
1
7
120
9%
57
Jan
71
Oct
Oct
11%
Apr
200
7%
Jan
Nov
Langendorf Utd Bakeries—
15
Class A
Sept
8%
Conv
preferred
Lehigh Coal A Nav
Leonard Oil Develop.-.25
2%
3
4,600
400
10%
450
1%
Aug
*i« June
1%
*
1%
600
Loblaw Groceterias cl A..*
Class B
Lockheed Aircraft
Lone Star Gas Corp
♦
Jan
2% Sept
13%
36%
10%
1
2,700
?3%
34
200
26
Jan
July
Jan
39
29
30
325
19%
Jan
1%
July
4
98%
6%
99%
29%
5%
30
5%
25,900
Nov
Feb
Nov
1%
30
89%
7u
100
23 %
Aug
85%
87%
625
69
"760
2%
May
Apr
Aug
"l6% "12"
L900
10
Aug
5%
25
4
Sept
8%
9
1%
1%
"16
800
7%
Jan
1%
%
2,100
1,200
Apr
102
5%
Jan
6%
Nov
00%
17%
Sept
6%
9%
Nov
Jan
Oct
Jan
Jan
35
117
Jan
47%
57%
8,400
Oct
June
57%
Nov
78%
57%
Jan
84%
6%
Aug
Oct
200
2%
Apr
7
5%
"l
7
100
4
Apr
8
Nov
1
1
200
Jan
1
June
5
5%
%
3%
34
14%
13%
72%
Mar
3%
Mar
Sept
41
Oct
14%
525
11% May
15
Mar
73
125
55
78%
25%
Aug
24%
24%
126% 128
25
18
80
Apr
104
Apr
Apr
128
Nov
Nov
3%
13
65%
13
"l%
12
68
1%
69%
Sept
Aug
Apr
500
10%
40%
1%
Dec
1%
Jan
1,700
57%
Apr
84%
Sept
1,300
350
1%
72%
8%
14
Sept
Mar
76
Sept
N Y Pr A Lt
July
27
Jan
Apr
3
Nov
15
Apr
26
Feb
20
July
Sept
29
June
9
Mar
Nov
24
1%
7% pref.-100
117
1
New York Transit Co
500
8%
500
116% 117%
107% 107%
120
107
Jan
119
180
99
Apr
108
Nov
Apr
14
Sept
Nov
8
$6 preferred
N Y Shipbuilding Corp—
Founders shares
26%
25%
5
N Y Water Serv 6% pf.100
7%
12
12%
200
0
4
Jan
5
18%
18%
19
170
10
Apr
24
7%
Jan
Aug
6%
6%
85%
Mar
86
"65%
65%
69
Apr
103%
Aug
Aug
Mar
7ig
8i«
400
%
Jan
1%
200
%
34
Jan
3
Sept
Mar
2%
2%
40%
Feb
27%
1%
Apr
Sept
Nov
Oct
Oct
Oct
4
600
2%
200
14%
2%
Aug
July
2
Feb
3
Sept
0% May
17
Mar
5%
Sept
2% June
7% Sept
7%
Dredging
*
*
Memphis Nat Gas com..5
com
*
Merchants & Mfg cl A
"766
100
1,700
86
41%
0%
Apr
0%
Sept
3%
100
400
94%
Nov
76
Sept
Apr
9%
Aug
1
1
300
%
Apr
Nov
1%
Mar
5%
300
3%
Aug
5%
Feb
1
1%
900
%
Apr
1%
70
24%
500
53
70
Nov
200
13%
Apr
25%
Nov
14%
June
25%
a48% a48%
"""60
42%
May
49%
Oct
%
Apr
1%
Sept
2%
Aug
4
8%
67%
24%
24
8%
100
Mar
*1#
98
106%
98
100
140
30
106% 106%
5
5%
300
Jan
Jan
Oct
Feb
%
Feb
81
Apr
100
Aug
87%
Apr
107
Aug
6
May
Jan
Northern Pipe Line.....10
Nov
12%
3,100
6%
Apr
16%
Oct
July
Northern Sts Pow cl A..25
Northwest Engineering
*
11%
5
17%
18%
500
14%
Aug
20%
Mar
Apr
23
Oct
Novadel-Agene Corp
35
36%
400
24
37%
Nov
Jan
Ohio Brass Co cl B com..*
Ohio Edison $6 pref..
*
22
23
250
15%
Apr
Sept
26
Jan
108
108
Apr
108
June
4%
700
200
14
4%
Oct
Apr
3
68
%
2%
%
2%
39
50
Sept
%
Aug
6,000
400
20
Aug
% May
50 %
1
Apr
32%
Apr
17
5%
Mar
28
0%
%
77
Jan
Jan
Jan
1%
Sept
100
Nov
6% 1st preferred
Ollstocks Ltd common
Nov
3%
41
Apr
%
Jan
%
400
""I"'
%
5%
June
June
600
5u
July
Jan
10
100%
Oklahoma Nat Gas
2%
Sept
"u May
Aug
%
Jan
4%
4%
"m
7%
%
4%
%
8%
1,000
2%
%
Sept
1,600
1,100
5%
Apr
Aug
5%
300
90
10
100
17%
18%
2,800
46
46%
400
35
110
110%
125
106
Oct
1%
6,300
1
Apr
Sept
96%
*
1%
9%
Apr
Apr
18%
Nov
49
July
1
5
Omar, Inc
*
Pacific G A E 6%
5%
Mar
6%% 1st preferred...25
Pacific P & L 7% pref..100
1
Mar
Pacific Public Serv...
1%
*
Sept
$1.30 1st preferred
com..
Jan
115
June
115
Aug
105%
July
110%
Oct
Nov
2
Nov
6%
Sept
10%
Sept
3%
200
2%
"33%
2^200
28%
Sept
35%
July
29%
30%
500
26%
Sept
31%
July
85
85%
40
*
68%
4%
Sept
*
18%
Sept
92
Nov
1st pf.25
3%
8
33%
30
"33"
*
6%
Sept
Apr
Jan
5%
Nov
Sept
Jan
Jan
Parkemburg Rig A Reei—l
Sept
Oct
91%
7%
July
July
Dec
7%
Jan
July
6%
6%
6%
300
5
5%
12,000
4
Sept
3%
Nov
50
11
Paramount Motors Corp.l
Parker Pen Co
10
5
14
22%
101%
6%
5%
Pacific Tin Consolidated. 1
Apr
Products—
Apr
8%
5%
7%
Aug
Sept
8%
*
Pacific Can Co common
10%
Jan
1
Overseas Securities
Jan
Jan
104%
Oliver 1 rnlted Filters B
Sept
112%
Aug
Sept
Oldetyme Distillers
Jan
2%
97%
150
110%
50
Page-Hersey Tubes
5
125
5
Sept
Feb
99%
99
100
$5% conv prior pref
4%
114% 114%
108
com. 15
2%
9%
2%
Petrol—
*
*
Ohio Oil 6% pref
100
Ohio Power 6% pref... 100
Ohio PS7% 1st pref...100
S3 preferred
»16
Mar
Mar
Nov
Pantepec OH of Venezuela16
*
17
150
12
111%
75
90%
Aug
18%
124%
%
110
Co
Apr
1%
6%
Sept
8%
60c
7%
10%
—.10
Midwest Piping A Sup..
7%
100
100
10
Aug
1%
Jan
~57%. "59%
600
37
Jan
59%
July
80
Apr
94
Aug
HO
8ept
117
Nov
Peninsular Telephone com*
Cla«s \ SI 40 cum pref25
Aug
Miss River Power pref. 100
14
14
Apr
4%
16
Jan
14
Mar
34%
Nov
Apr
45
Nov
Apr
Jan
15% Nov
34% June
Penn Edison Co—
ui«
57%
Sept
American shares
10%
Mining Corp of Canada..*
"1I7"
117""
""30
Sept
12
Mar
Class B
33%
9%
300
33
34%
80
15
Mar
43%
44%
40
35
13%
Patchogue-PlymouthMills *
Pender (D) Grocery A
9%
14%
600
9%
8%
7%
29
Apr
Feb
6%
Oct
29%
*
31
Apr
38
$5 preferred
3%
29%
S2.80 preferred
Missouri Pub Serv com..*
»
53
Jan
65
Penn Gas A Elec class A—*
For footnotes see page 3531.
Mar
158%
Michigan Steel Tube..2.50
Michigan Sugar Co
*
Minnesota Mln A Mfg..
Minnesota P A L 7 % pf 100
63
Jan
100
dlv shs
7% preferred..
5%
94%
Jan
39
*
Jan
7
3%
1316
preferred
$6 preferred
*
North Amer Rayon cl A..*
Class B common
*
Nor European Oil com...1
Nor Ind Pub Ser 0 % pf. 100
1316
...*
Feb
5
8%
1
July
93%
v t c
Nor Amer Lt A Power—
Common
65%
3%
*
v t o
Jan
2
125
300
$6 preferred
Class B
Nineteen Hundred Corp B1
Nlpisslng Mines
5
Noma Electric
1
5%
94%
63
5%
*
May
Michigan Bumper Corp.. 1
Michigan Gas & Oil
1
Class A
Nov
Mar
75
1
Middle West Corp com..6
Midland Oil Corp—
1
8n
1,400
67
25c
Preferred
5
100
1
3
Partlclpat preferred. 15*
Metropolitan Edison—
Mexico Ohio Oil
common
Nov
...
Mesabl Iron Co
Class B
Class A preferred
NUes-Bement-Pond
28%
25
0%% A preferred—100
82
Mar
7%
8%
157% 158%
4%
4%
17%
17%
1
4%
Dec
ln
Sept
Niagara Share—
Apr
Sept
Apr
05%
2,100
300
6% prior preferred
50
No Am Utility Securities.*
Nor Central Texas Oil...5
14%
*77%
9%
91%
140
*!«
7ie
5%
Apr
Sept
Participating preferred. *
Merrltt Chapman A Scott*
100
100
63
"27% "28%
McWllliams
Mead Johnson & Co
10
8,800
425
7%
Class B opt warrants
2,600
2%
Common
Class A opt warrants
8i«
2
Midwest Oil Co
"8%
10
5% 1st pref...
6% 2d preferred
Apr
Nov
*
Mid-West Abrasive
Jan
Nov
96
28%
Warrants
Sept
19
...1
preferred
Mid vale
New Mex A Ariz Land—1
2%
25
McCord Rad A Mfg B.__*
non cum
*
New Idea Inc commonNew Jersey Zinc
25
35%
May Hosiery Mills In©-
$2
6
46
300
5%
10%
$2 preferred
Aug
Aug
Aug
Apr
1%
1
Steel
Sept
May
Apr
Apr
Apr
45%
3
New England Tel A Tel 100
New Haven Clock Co
*
Aug
%
7i«
Massey Harris common..*
conv
14
5
11%
N Y City Omnibus—
%
*
Mass Utll Assoc v t c
$2
10%
Aug
Sept
N Y Auction Co com
Apr
Apr
*
Marlon Steam Shovel
Midland
Aug
44%
43
100
Oct
10
Aug
Communlca'ns ord reg £1
States
0% preferred
Sept
Marine
Margay Oil Corp
Middle
New Engl Pow Assoc
%
37
22
7%
1
*
*
Mapes Consol Mfg Co
Metal Textile Corp.
17
Jan
100
Sept
25%
18%
5
1
preferred
Warrants
Jan
33%
100
4%
Jan
8ie
Lynch Corp common
Majestic Radio & Tel
Manatl Sugar opt warr
Mangel Stores
Mercantile Stores
10
100
""5% "1%
85%
Newmont Mining Corp.10
New Process Co
1%
Apr
23% May
3,400
Lucky Tiger Comb G M.10
$4
com.
*
N Y Merchandise
19,700
Oct
200
44
N Y A Honduras Rosarlo 10
9%
100
100
Master Electric Co
Nestle Le Mur Co cl A
Feb
30%
10%
15%
2% May
Neptune Meter class A...*
Feb
9%
Louisiana P A L $6 pref..*
IntI
42
*
17
28%
*
Loudon Packing
Louisiana Land A Explor.l
Marconi
*
1st preferred
15
9%
8ept
Nov
Niagara Hudson Power-
Common
conv
Nehl Corp common
Jan
Long Island Lighting—
7% preferred
0% pref class B
7%
28
Jan
23
50
Nov
Feb
Nov
12%
Sept
%
Apr
Sept
12%
5
Jan
%
Mar
8
29%
Locke Steel Chain
9%
%
8%
22
Lit Brothers common
Nov
Apr
*
Nebraska Pow 7% pref. 100
Apr
16 %
25
17% May
11
May
1% Sept
11
Oct
May
2%
1%
15%
22
9
Idpton (Thos J) class A.
6% preferred
Apr
Nov
10,200
34%
10
5
•»•
33
%
Ino__l
Co
2%
%
Sept
%
6%
Class B
Lefoourt Realty oommon 1
70%
Aug
7% preferred..
Apr
Nov
Oct
Sept
Nevada Calif Elec
2
23%
Oct
12
1%
%
Jan
1,700
12%
17%
10%
Mar
61%
60%
4%
3,000
68
9%
Lane
Apr
July
38
13
Nov
July
July
*
Nelson (Herman) Corp...6
Jan
6
J*
*16 June
5
{Nebel (Oscar) Co com
Refining.*
Apr
Sept
42%
*14%
*
Nov
Mar
4%
4,700
1,500
National Steel Car Ltd...*
9%
Apr
Sept
Apr
Mar
28
1
11%
25
%
4
*
Nov
3%
8%
National Oil
Nat Union Radio Corp
Navarro Oil Co..
Apr
Apr
May
7
7%
600
Nat Tunnel A Mines
94%
23%
9%
1,000
Aug
Oct
3%
500
16%
8%
Mar
14
Sept
Feb
Lakey Foundry A Mach.l
600
16%
12%
Sept
2%
Apr
Aug
64
Lake Shores Mines Ltd—1
Apr
8%
1%
1%
240
10
Jan
Mar
122%
6%
12%
National Tea6%% pref. 10
National Transit
12.60
400
44%
4%
40
8%
National Sugar
7%
44%
July
600
12%
July
200
23%
Nov
5%
7%
5%
*
July
45
100
pref. 10
Kreuger Brewing Co
1
Lackawanna RR (N J). 100
%
Apr
Aug
5%
*
90
July
May
33% June
31% July
3%
133% 135
10%
11%
(Del). 1
Products
7
172%
June
3,900
National Fuel Gas
National Container
70%
2%
3%
9%
4% conv 1st pref
Aim*
%
4%
Nat Mfg A Stores com
Jan
94%
7%
87
93
100
•t«
8%
60
Nat Rubber Mach
Jan
Kresge Dept Stores—
$5
pref
Sept
8
7%
9%
%
pref,.25
.*
National P A L $6 pref...*
National Refining com
*
11%
7%
6%
Kress (8 H) special
Material
Nat Breweries 7%
Jan
Sept
m
Oct
09
National City Lines com.l
56
x2
Sept
21
National Candy Co
Aug
5%
111
Sept
Jan
Oct
147
250
4
1
conv
Sept
"290
100
*
1
$3
Jan
2%
163""
Muskogee Co com
com
Oct
3%
7
38
*
Kobacker Stores Ino
107% June
48% Sept
4
300
Klein (D
Koppers Co 6% pref...100
98% June
102% June
6%
5%
5%
Klrkl'd Lake G M Co Ltd 1
Emll) Co com..*
Klelnert (I B) Rubber ColO
Knott Corp oommon
1
Apr
Mar
Mar
21% June
*
Key Co com
Jan
130
230
112%
Kimberly-Clark 6% pf-100
Kingsbury
10%
16%
Nat Auto Fibre com
Sept
Oct
%
*
0% preferred
Nac h m an-S pr 1 ngflll ed
Feb
7%
5%
Muskegon Piston Ring.2%
Murray Ohio Mfg Co
Nat Bellas He*s
Ken-Rad Tube A Lamp A *
Line
1
1%
{Mountain States Pwcom*
Apr
Mar
15
14%
29
Aug
200
25%
"160"
%
Mountain Sta Tel A Tel 100
Aug
Mar
h»
150
800
..10
Mar
Apr
3% June
Apr
14%
24%
{Moore (Tom) Distillery.1
Mtge Bank of Col Am shs
Mountain City Cop com 5c
Kansas G & E 7 % pref.
Le Tourneau (R G)
200
Moody Investors part pf.*
July
%
18
Montreal Lt Ht A Pow..*
July
17%
*
Lt
6% % preferred
100
6% preferred
-.100
7% preferred
100
Jones A Laughlln Steel .100
%
20
20
1
L) Co
Kennedy's Ino
1,800
300
2
24
39%
Jersey Central Pow A
Keith (Geo E)7%
5%
26%
1%
5%
160
Montgomery Ward A
Jan
.....
Jeannette Glass Co
Oct
Mar
Nov
17%
c—*
Irving Air Chute
Julian &
Monarch Machine Tool.
5%
26%
Feb
11
"3%
11
11
11
10
High
Low
9%
5%
32
1
Investors Royalty
Italian Superpower
I
50
'a
Vitamin—1
Iron Fireman Mfg v t
Molybdenum Corp
1939
Week
Mock, Jud, VoehrlngerCommon
$2.50
100
16%
32
—-*
Interstate Home Equip.
Jacobs (F
200
8
*i«
Class B
$3.50 prior pref—
Warrants series of 1940.
Interstate
Shares
Price
Montana Dakota Utll—-10
7%
*
Class A
International
for
of Prices
Low
High
Sent
%
International Utility—
$1.75 preferred
Week's Range
Sale
High
200
4,700
Last
Par
*i«
2%
18
International Petroleum,.
International
Price
A—*
Internal Metal Indus
Low
Shares
1939
Range Since Jan. 1.
STOCKS
(Continued)
Range Since Jan. 1,1939
Last
2,
Sales
Friday
Sales
Friday
SYOCKS
Dec.
Exchange—Continued—Page 3
2%
Oct
5%
Oct
July
July
Jan
EESFri
Volume
New York Curb
149
Exchange—Continued—Page 4
Sales
Friday
STOCKS
Last
Week's Range
for
(Continued)
Sale
of Prices
Low
High
Peon Mex Fuel Co
Price
Range Since Jan. 1, 1939
Low
Shares
Penn Traffic Co
*
$6 preferred.
*
Penn Salt Mfg Co
.50
Pennsylvania Sugar com 20
Pa Water & Power Co
*
2
2N
12,200
8
8H
1,100
111N 111N
108 N 108 A
125
2
Penn Cent Airlines com__l
Pa Pr A Lt $7 pref
8A
1UM
110
98
Apr
Jan
92A
Jan
150
135
Apr
225
15
70
72 N
850
68
86
125
108 N
179
Feb
83
18
SH
8
800
8H
8
Par
Sherwin-Williams
com..25
94
92
Nov
5% cum pref ser AAA 100
Sherwin-Williams of Can.*
112
112
Sept
July
Nov
Line stamped
Sllex Co common
Sept
84 X
Mar
Simmons H'ware & Paint.*
94 X
Sept
Simplicity Pattern com..J
27 A
Aug
Apr
10 X
Jan
1,800
5
Apr
114
Sept
9
Sept
100
120
Aug
25
29
Sept
31
Oct
*
6M
.10
30 N
Conv S3 pref series A.
1
Pioneer Gold Mines Ltd..l
Pltney-Bowes
IX
1,100
2N
J&D
7X
Sept
OX
3,300
2A
Apr
9A
July
Sonotone Corp
Boss Mfg com
July
South Coast Corp com
31
1,250
16
Apr
36 N
11
100
9
Aug
18 X
Feb
100
A
Nov
X
Sept
2,400
X
IX
Sept
2X
Jan
~C E
1
Pittsburgh & Lake Erie.50
Pittsburgh Metallurgical 10
Pittsburgh Plate Glass. .25
Pleasant Valley Wine Co.l
Plough Inc com
7.50
Pneumatic Scale com—10
Polaris Mining Co—.25c
Potrero Sugar common—5
9N
2.200
6
101A
1,100
90
ix
300
Jan
1A
Oct
Apr
10 X
July
25
8
Feb
13 X
Nov
600
1
Nov
1,200
2X
2H
5A
Jan
Sept
Sept
Spalding (A G) & Bros...*
l3i«
4N
7H
M
200
Apr
12
Sept
Souther Union Gas
Apr
117
Mar
X
*x«
3
Apr
Apr
300
Nov
12
Apr
102
Apr
May
23
Mar
Oct
42
Apr
11N
1
2,000
50
3 bA
9A
10
800
7
Deo
Mar
2X
Jan
June
Nov
100
7
Jan
Aug
$1.60
74
78 A
2,150
Aug
7X
Mar
preferred..20
Standard Invest $5N pref*
Nov
44
100 A
Mar
Standard Oil
40 A
43 X
1,325
Jan
82
26
Apr
44 A
Aug
93
Jan
103X
Aug
100
Sept
A
Aug
109 A 109 A
10
110
June
10
5
1
Standard Tube cl B
Jan
77 A
Jan
26 Mi
Aug
Starrett (The) Corp
May
11
Sept
Apr
12
Jan
A
9X
13
Feb
7A
19N
Nov
27N
Nov
17 X
700
17
102
Apr
Apr
Jan
»16
1,700
N
Sept
N
200
A
Apr
"37 X
36 X
1
10 H
Mar
MB
Sept
2N
Sept
6H
100
A
15 N
Apr
July
A
1,400
Jan
Apr
700
41
Feb
Feb
9
A
July
IN
37 A
50
IN
8N
8N
107
Jan
May
21
26
26
14
50
Mar
12
Apr
21
Jan
Apr
41
Mar
IX
Aug
24~900
2X
Mar
2A
/00
1X
Apr
A
May
2 A
5
June
"5%
98 A
13
"SO
400
12
2
3 Ms
OA
61X
4
4
July
Aug
33 A
8 Mi
Jan
*i«
16
Jan
Jan
Jan
July
Sept
Sept
7A
Nov
Sterling Brewers Inc
30C
Corp.—-.5
Stroock (S)Co
..*
Sullivan Machinery
*
Runray Drug Co
*
Sunray Oil
1
5 A™ conv pref
50
Superior Oil Co (Calif)-.25
Superior Port Cement
X
Jan
Apr
Apr
Sept
Jan
4
1
45
Oct
22
Nov
,
M« May
102
Feb
Tastyeast Inc class A
Apr
Apr
105X
Aug
Taylor Distilling Co
112
Apr
Technicolor Inc common.*
15
Jan
Texas P & L 7% pref..
10 X
8A
IN
1X
4H
200
350
Oct
J^y
Sept
July
1
1
2
July
ISA
Feb
2X
Jan
Tlshman
5
Oct
7
2 A
7
43
Apr
45
11
Mar
71
Sept
Apr
Thew Shovel Co com.—.5
—*
38
Jan
OX
Mar
15 A
Sept
Aug
3
Jan
1,400
A
Apr
July
2X
AX
35
35X
35
200
200
Sept
Jan
1
10
Common
64
17
Oct
Nov
2N
41A
June
IN
Sept
Tung Sol Lamp Works
1
80c dlv preferred—...»
Ulen A Co ser A pref
38
X
1,000
1 ranswestern Oil Co
Sept
Sept
Jan
Trunz Pork Stores Inc
Oct
~
«
»
.
»
-
««. m m m m <0 m
13 N
100
9X
Jan
15 N
Aug
1,200
18 A
114 N
Aug
38 X
Sept
Apr
114M
Apr
16X
June
24
Nov
Union Gas of Canada
Aug
Union Premier Foods Hts.l
20 X
20X
12N
*
*
Series B pref
Unexcelled Mfg Co..—.10
Nov
»M«
Jan
United Elastic Corp
*
6N*
Oct
United Gas Corp com
1
IN-
300
9X
Aug
15
Apr
Sept
United Chemicals com
Sept
*
1st $7
pre
lnon-voting_*
warrants
22 X
108 N
Aug
4
Jan
2,650
8X
9N
Nov
1
Apr
Aug
Sept
23
100
2
Jan
Aug
63
May
""460
"u
5A
2,500
A
Apr
IN
Sept
4 A
May
9 A
Aug
69X
Jan
Mar
United Lt A Pow com A..*
48 A
53 X
53 A
50
48 %
Aug
70
Mar
Common class B
6
5A
IN
Aug
Mb May
17
Aug
Oct
Feb
15
June
81
Sept
45
Jan
Mar
Jan
IN
Mar
Feb
98A
105N
H
108
Apr
Apr zll4N
July
Feb
X
Apr
Oct
10
10
800
$6 1st preferred
$3 preferred
1
2H
Apr
6
July
Jan
7
Apr
19N
Apr
ISA
38N
Mar
100
3N
400
2
Apr
3N
Sept
7N
IN
1,000
6
Apr
8N
Aug
IN
Nov
Sept
5N
3N
Mar
2N
7N
200
400
IN
Jan
12 A
100
ION
IN
Sept
17N
200
12
ION
400
X
Apr
91
IN
65
A
July
X
Apr
Oct
7
Apr
Apr
3N
1,000
1,300
IN
IN
3,000
IN
July
1,600
X
June
—*
*
31N
32 N
3,400
20
74
H June
80
Jan
19
Apr
20
31
IN
IN
N
Nov
Jan
Sept
June
Oct
Oct
Nov
6
91N
Mar
Mar
Feb
800
88
3
Apr
7,300
IN
IN
2N
14N
3N
N
88
"ix
June
18N
UA
6N
2N
N
8A
Jan
6.
l'N
90
Nov
X
9,700
200
Sept
%
Mb June
*1b
Jan
Jan
Mar
94
Jan
Nov
»ib
89N
3
Feb
July
Jan
Jan
2N
36 N
Mar
23
Mar
69A
Jan
73 N
Mar
4N
—*
Nov
6A
242
Mar
United Molasses Co—
Am dep rets ord reg
237
Jan
Apr
9
Jan
United N J RR A Canal 100
10
Sept
United Profit Sharing..25c
N
N
100
Ma
22 H
Mar
United Shipyards cl
A—1
UN
12
2N
400
9N
July
Sept
10,500
IN
Jan
Oct
5N
3N
June
A
15N
Jan
700
N
*
United Milk Products
Selfridge Prov Stores—
900
Jan
38
United G A E 7% pref.100
200
250
6A
Sept
ION
34
N
53 X
6 A
Feb
May
9N
94
*19
52
Seton Leather common—*
Mar
1,800
United Corp warrants
Option
2N
Jan
A
JMa
3,500
$3 cum A part pref
*
Un Cigar-Whelan 8ts__10c
Selected Industries Inc—
Jan
Nov
N
10
10
Nov
Nov
5N
36 A
2N
90
200
12 N
43 A
July
Mar
Nov
7
500
22N
12N
17 N
Jan
A
42
16
June
900
4,300
3
"l7X
Mar
A
Oct
Apr
4
July
IN
June
IX
Mar
May
IN
H
AX
200
45N
N
IX
2,000
A
Jan
Nov
IN
2N
IN
Feb
A
34 N
1
7X
IX
1
Sept
38 N
7N May
May
£1
Nov
2N
Apr
9N
X
X
12 X
Aug
Apr
1X
IX
2X
33 N
3
Aug
5A
Jan
Mb
2X
N
——1
Sept
200
600
UX
11
X
112N 112N
IX
--*
Sept
Apr
100
107N 107 N
1
31
13 N
6N
1,500
58
57
57
Sept
2,100
8
9N
5A
»if
OA
11X
Feb
1
N
N
'"~4N "Hi
200
A
Jan
7H
Oct
Apr
4
Aug
May
1
1
1 OA
7A
4
2N
107N
2X
10
A
Jan
Feb
Mar
Sept
28 N
•
36
-*
Nov
6N
3
600
13
12
106
»
Union Investment com
Jan
Securities Corp general.—*
11N
Oct
57
12X
"3
1
1
Cl&BS A.
33 A
2
Jan
Apr
3.500
*
Tublze Chatlllon Corp
13 X
15 A
7N
4N
OA
5A
N
N
Tri-Continental warrants..
31 A
21
Aug
Nov
Trans Lux Pict Screen—
Aug
7
5N
Sept
32 N
OX
A A
32
""A
7% preferred A
100
Tonopah Mining of Nev.l
July
37
Oct
4A
14
37
IN
Nov
125
5N
Def registered 5s
Todd Shipyards Corp
«
Toledo Edison 6% pref. 100
Sept
May
700
20
'4~8C0
—£1
Ordinary reg
1A
15
Apr
Jan
June
Jan
10
Tobacco Piod Exports...*
47
1 A
Seiberling Rubber com—*
May
2H
74
Tobacco Secur Tr—
Apr
X
1
10
31
...1
Realty A Constr*
Jan
Jan
Aug
38
200
"ix "2"
TIlo Roofing Inc
Oct
X
IX
8
"260
9X
9N
Tobacco A Allied Stocks..*
Apr
Apr
Apr
2,400
4,900
225
5
~~9X "16"
100
24 X
""266
3
500
4N
Mb
ION
32 N
Feb
2X
IN
51 A
51
June
28
Swan Finch Oil Corp.—.15
Tampa Electric Co com.
14 H
100
Oct
40 N
13
96
1,300
Clas A *2 conv pref..-50
1
com.l
150
5N
5
Class B com
2X
2 A
13
13
X
1,200
$3.30 A part
OX
35 A
IX
13
2M
4N
Stetson (J B) Co com...
Feb
500
200
*
2 A
IN
Stlnnes (Hugo)
Sept
14M
14
IN
2N
"~5A
59 X
IX
1,600
X
Class B
July
IN
37
For footnotes see page 3531
14
100
Jan
8A
Shawlnlgan Wat A Pow..*
June
1,900
June
A
IX
OA
106
N
N
N
May
25
27 N
25
2,200
Jan
9N
""166
Rossi a International—.
Shattuck Denn Mining...a
9N
19
Mar
7
IN
2X
Mar
X
5
3 X
X
9N
50
200
6N
23 x
Sentry Safety Control.—.1
12
11X
12M
Nov
23
HA
5N
July
N
2N
12N
IN
2N
4N
112
52
26
Aug
6
Am deprcts
$5.60 prior stock
25
Allotment certificates...
Nov
1
IX
18 A
July
100
UN
Convertible stock......
18 N
300
OX
Mar
9
Rolls Royee Ltd—
Selby Shoe Co
750
IN
1
125
100
Hardware..1
IX
106
*
Texon Oil A Land Co
Seeman Bros Inc
19N
19
6% 1st preferred
50
5°r 2d preierred
20
Sterling Aluminum Prod.l
100
98
1A
July
73N
vtc.l
Taggart Corp com
Warrants—
18
Sherchl Bros Stores—
100
25
Scranton Elec $6 pref
*
Scranton Lace common..*
Scranton Spring Brook
Water Service pref
♦
Scu'lln Steel Co com
*
Nov
Stein (A) & Co common..*
400
IX
Scovlll Mfg
Jan
Mar
Jan
6X
A
Voting trust ctfs
1
RochesterGAEl 6%pf C 100
Schiff Co common
Mar
Sept
3N
Aug
Rio Grande Valley Gas Co-
IX
Mb
3N
13N
Ordinary shares
X
5
*
Jan
600
14
phate & Acid Wks Inc.20
3 A
Savoy Oil Co
July
Mar
Nov
9A
2X
July
July
158 H
X
IX
Oct
4N
30
2
126
27 X
6 X
.*
300
Oct
500
27
Ryerson A Haynes com._l
St Lawrence Corp Ltd—*
2X
Apr
"u
1
2N
139
2MB
2A
59 A
Nov
108
*
60c
1
20
Nov
Sept
190
35 H
ord reg—_£l
com—5
Roosevelt Field Inc..—.5
Jan
40 N
23
2N
10
121
150M 151 A
13
Rome Cable Corp
6N
Aug
July
dteel Co of Canada—
Nov
Sterling Inc.
Roeser A Pendleton Inc..*
Sept
Phos¬
Wholesale
4
X
98
5
26 N
18
12N
1
Standard Steel Spring
14
Rice Stlx Dry Goods—.
Amer dep rets reg
1
Standard Products Co
34 A
16
Radiator.....1
~25~~
*
475
Relter-Foster Oil
Serr.ck Corp
Preferred
750
9
5H
July
130
18N
*
300
£121
50c
Eng'g—5
,.1
Investing
1
15N
1,000
1
24A
10
OH
4A
Republic Aircraft
"9 A
100
5% preferred
Standard Pow & Lt
76
9A
151A
600
1,700
Mar
2N
13
2N
12
10
(Ky)
Oct
Aug
A
conv
74
76
5N
40
13X
IX
Common
Standard
Oct
Apr
Ms
19N
Nov
78 A
IN
IN
2N
.10
Sept
OX
OH
4%
300
4N
2N
12X
2N
13
Dredging Corp—
_.l
*19
Apr
89
Jan
*
Conv preferred
Jan
100
5N
37 N
Standard Cap A Seal com.l
3
1,100
3N
*
100
Reliance Elec A
Common
*
Stahl-Meyer Inc
Standard Brewing Co
1,100
6
AX
2N
25
Common class B
Reeves (Daniel) common
Segal Lock A
2N
Standard Oil (Ohio) com 25
Reed Roller Bit Co
Sanford Mills..-
*
Srenoer Shoe Corp
A
95
100
10
4X
5% 1st preferred—
•
Spanish <fc Gen Corp—
Am dep rets ord reg__£l
5X
7A
Mb
IN
10
Preferred A
MB
5A
Red Bank Oil Co
7% preferred
June
Aug
38
95
—1
5
June
29N
Southern Pipe Line
Sept
x7H
Manufacturing—10
St Regis Paner com
29X
Sept
Sept
X
16 A
1
7 A
Quaker Oats common
Ryan Consol Petrol
Aug
Sept
25
Aug
23N
$2.50 conv pref
46
27
500
2N
5X
16 preferred
Rustless Iron A Steel
Oct
900
65N
160
7% preierred
Standard
$1.20 conv pref
29 X
28X
Southern Colo Pow cl A.25
Standard Silver Lead
Royalite Oil Co Ltd.-—
Royal Typewriter...
*
Russeks Fifth Ave—-.2)4
28N
Southwest Pa Pipe Line. 10
IX
29N
Jan
Puget Sound P .'t L—
Salt Dome Oil Co
36 X
29N
Southland Royalty Co...5
South Penn Oil
2*
13M
98
MB
pref—100
7% prior lien pref.-.100
Samson United Corp
5% original preferred.25
6% preferred B
25
11
9N
6% prior Hen
Root Petroleum Co
Oct
Sept
Jan
Public Service of Okla—
Rochester
Jan
May
43 X
100
Tel 6 N % prf 100
Mar
42
July
6% pref D
3N
IN
148
Nov
Richmond
Aug
100
106
{Reynolds
400
South New Engl Tel.-.100
Aug
112
$3 conv preferred
300
Aug
Apr
Ratheon Mfg com
2
IN
Sept
Feb
Common
June
4N
IX
IN
Apr
Nov
N
8X
107
*
100
Quebec power Co
—*
Ry A Light Secur com...*
Railway & Util Invest A..1
Raymond Concrete Pile—
4N
100
14 A
75 A
104
6% preferred
Jan
X June
43 A
100
Tim.*
Pyle-Natlonal Co com—5
Nov
2
84 A
Apr
42
1
*
preferred----———*
2
Oct
7% 1st preferred
100
Public Service of Indiana—
Pyrene
-
Apr
Public Service of Colorado
$5
Jan
Jan
Apr
37 X
*
Puget Sound Pulp A
Feb
3
219
IN
190
"22M ~22M
*
—
2N
Apr
Sept
116
6A
5A
101A
Am—1
25c
*
$6 preferred
Oct
July
1
61
1
Prosperity Co class B
*
Apr
Feb
Southern Calif Edison—
58
X
1
$7 prior preferred
IN
16
6
7A
99 H
38
6% 1st preferred
IN
16 N
Apr
1X
10 A
1
$6 preferred
Apr
July
Jan
Mb
Mar
13N
58 A
Prentlce-HaU Inc com—_*
Prudential Investors
Feb
40 A
6% 1st preferred—-100
Pratt & Lambert Co
*
Providence Gas
Mar
14
3N
300
x7%
Corp
115N
IN
IN
2.500
x4X
Pressed Metals of
100
Mar
Sept
1
7X
5
Premier Gold Mining
500
200
200
2
IN
157
IX
IN
162N
IN
IN
IN
.1
..1
11X
7A
Canada—*
Pow drell & Alexander
Power Corp of
9N
16
159
113N
Oct
..5
11
50
RR
106N
Mb
5N% pref series C...25
Pittsburgh Forglngs
Producers
29
2
High
Aug
10
Amer dep rets ord reg.£l
Sioux City G & E 7% pf 100
6H
X
xl%
Low
81
Singer Mfg Co Ltd—
5H
Postage
7A
Pitts Bess &
100
Skinner Organ
Solar Mfg Co
11
Pierce Governor common.*
Pines Wlnterfront Co
Singer Mfg Co
6N
*
—1
60
*
Apr
31
1,200
*
pref
conv
Apr
Phoenix Securities—
Common
$3
94 N
112
25
Sept
118
7
Shares
Slmmons-Boardman Pub—
Sept
31
.
Range Since Jan. 1, 1939
for
Week
Shreveport El Dorado Pipe
Nov
118
118
of Prices
High
PriceJ, Low
Mar
58
7
Week's Range
Sale
23 A
Phlla Elec Pow 8pref 25
Phillips Packing Co
2X
OA
1 ox
inx
17
70 N
Philadelphia Co common.*
*
June
175
1
Phlla Elec Co $5 pref
Apr
IX
5A
15
*
Pharis lire & Rubber
xMs
170
100
Pepperel! Mfg Co..
Perfect Circle Co
Apr
2
1
Last
High
A
2.50
STOCKS
(Continued)
1
Pennroad Corp com
Sales
Friday
Week
Par
3529
1
2N
2N
Mb
12
7A
Feb
Jan
Nov
Oct
Week's Range
for
Sale
of Prices
Low
High
Week
Par
United Shoe Mach com.25
Preferred
25
Price
3*
603*
23*
173*
61
33*
183*
263*
263*
23*
33*
*
--*
1
20
U 8 Plywood
113* conv pref
U 8 Radiator com..
23*
U 8 Rubber
3
1
Reclaiming-.*
50c
1st $7 conv pref
*
United Stores common. 50c
United Wall Paper
2
Universal Consol Oil....10
100
603*
33*
173*
43*
U 8 Lines pref....
1,025
4
43*
3*
X
U 8 and Int'l Securities..*
1st pref with warr
813*
33*
43*
3*
1
United Specialties com
U 8 Foil Co class B
Low
72
393*
900
Nov
33*
900
300
275
3*
13*
28
1
13*
100
ht
1,300
1,250
13*
103*
"166
preferred
53*
*
100
Wahl Co common..
"2"
"2"
100
"566
*
Walker Mining Co
VA
19
68
68
July
Apr
Apr
33*
43*
Aug
Jan
Apr
July
Feb
336
Sept
Oct
23*
June
ht
136
22
Jan
Feb
Feb
Oct
743*
9,000
583*
Apr
77
Jui>
90
913* 130,000
793*
Apr
935*
Aug
613*
615*
553*
Sept
683*
Jan
94
94
5,000
6,000
13,000
19,000
88
Sept
97
Jan
"943*
105
1055*
10617i«107
3*
»i«
Elec Power A Light 6s.2030
1st preferred
100
Western Tablet & Statlon'y
1950
El Paso Elec 5s A
1952
Jan
Empire Dlst El 6s
Jan
32
Sept
753*
Westmoreland Coal Co
Erie Lighting 5s
Nov
10
104
104
Weyenberg Shoe Mfg
1
Wichita River Oil Corp.. 10
83*
53*
53*
Williams (RCl&Co
73*
73*
100
123*
73*
Sept
47
Banks 6s-5s
stpd_..1961
Florida Power 4s ser C 1966
Co
*
2
8
12
Wisconsin P & L 7% pf 100
Wolverine Portl Cement .10
com
47
33*
63*
63*
63*
1
Florida Power A Lt 66.1954
1033*
32
Sept
Apr
Wright Hargreaves Ltd..*
""63*
95
Mar
June
Gen Wat Wks A El 5s. 1943
33*
Sept
Georgia Power ref 5s..1967
1063*
436
Jan
Georgia Pow A Lt 5e__1978
Nov
Apr
Oct
♦Gesfurel 6s
Sept
Oobel
Jan
1st & ref 68....
1946
1073*
1st & ref 6s
1966
1st & ref 6s..
1968
1053*
1st <fe ref 43*8
1967
Amer G & El debt 5s..2028
1023*
Am Pow A Lt deb 6S..2016
100
1063*
Beating 6s stp..l946
Appalachian Eleo Power—
1st mtge 4s
1963
108
1045*
Nov
1003*
Nov
76
t74
953* 953*
1065* 107
655*
tio
703*
"703*
J573*
79
"7lk" '59,000
79
1063*
Associated Eleo 43*8—1953
Associated Gas A El Co—
Conv debt 43*8 C..1948
563*
I960
28
283*
26
30
293*
32
30
36
693*
713*
Debenture 6s......1968
Conv deb 63*8
1977
Assoc TAT deb 63*a.A'55
Atlanta Gas Lt 4 3*8.. 1955
Atlantic City Eleo 33*8 '64
1063* 1063*
1053* 1063*
97
883*
883*
1960
113
110
105"«
43*
83*
Sept
Sept
102
165"
11035* 1043*
1103 3* 104
109
1103*
Hygrade Food 6s A... 1949
6s series C
1960
Bethlehem Steel 6s... 1998
85*
Sept
163*
Mar
5
Sept
83*
Mar
Birmingham Elec 43*81968
Birmingham Gas 5s...1959
Broad River Pow 6s.. 1954
Canada Northern Pr 6s '53
Canadian Pao Ry 68..1942
"973*
82
943*
923*
953*
983*
"923*
983*
963*
973*
82
833*
94
Oct
943*
Jan
1023* June
Apr
Oct
1045*
1033* Nov
1113* June
100
"14",000
Sept
102
Sept
8
July
8
Jan
683*
Apr
68
99
Sept
1103*
1063*
953*
92?*
Apr
Sept
1043*
1033*
853*
Jan
July
July
June
Feb
3,000
53.000
16,000
109,000
15,000
1013*
11,000
5,000
25,000
4,000
30,000
12,000
963*
Apr
1053*
993*
Aim-
106
Nov
85
Apt
102
July
86
Jan
993*
Nov
603*
Apr
753*
49
Aim*
74
Aug
Aug
3,000
41,000
603*
Nov
993*
Sept
8,000
10,000
19,000
65,000
51,000
30
1003* 1023* 127,000
1003* 103 3* 122.000
1023*
1956
1013*
53*8...May 1957
953*
8 f deb
953*
1063*
963*
Sept
98
Nov
July
Aug
Nov
Indiana
Electric Corp—
6s series A
1947
102
Jan
1083*
Oct
98
Jan
1073*
Nov
96
Jan
1063*
Nov
87
Jan
1063*
Nov
813*
Jan
1033*
Nov
Sept
1093*
1003*
Jan
Nov
106
6 3*8 series B
1951
1053*
1953
5s series C
Indiana Hydro Elec 5s 1958
Indiana Service 5s
1950
1st lien A ref 5s
1963
"1013*
1053* 1053*
1055* 1053*
1013* 1013*
983*
"67%
983*
66
703*
673*
693*
663*
675*
♦Indianapolis Gas 5s A 1952
Indpls Pow A Lt 33*8.1968
835*
94
103
1033*
Apr
Oct
Sept
Sept
104
11136
10836
June
663*
Nov
108
1083*
1955
41
41
423*
7s series E
1957
463*
465*
435*
47
553*
Mar
55
Apr
73
Aug
383*
Jan
555*
Nov
82
Jan
1025*
Nov
77
Jan
1025*
Aug
985*
Jan
1053*
98
Jan
105
Nov
Sept
108
Mar
1,000
1025*
305*
573*
Oct
80
Jan
40
20,666
303*
Sept
44
Mar
453*
10,000
38
Jan
495*
Aug
1033*
11,000
5,000
102
May
102
Sept
1065*
Mar
98
Sept
108
Mar
114
Sept
1265*
Aug
Apr
1035*
Aug
643*
443*
673*
543*
Nov
453*
Aug
223*
Nov
47
Aug
253*
Nov
493*
Aug
253*
Nov
473*
Aug
30
Nov
59
Mar
83
May
Isotta Fraschlnl
May
443*
Italian Superpower 6s. 1963
1063*
Mar
46
283*
Sept
54
Sept
66
11,000
138,000
147,000
184,000
17,000
16,000
1,000
5,000
Sept
623*
Sept
49
Aug
Interstate Power 5s
Debenture 6s
Jan
Sept
31
1957
...1952
683*
67
885* June
110
May
31
1952
7s series F
Jan
100
Nov
International Power Seo—
413*
Interstate Public Service—
1956
102
43*8 series F
1958
102
Iowa-Neb LAP 5s... 1957
6s series B
1053*
1961
7s
1942
97
Sept
1093* June
102
Aug
Oct
95
July
Sept
523*
Nov
Jan
Jersey Central Pow A Lt—
82
39
14,000
Jacksonville Gas—
Sept
1053* 1053*
1053*
J105
110
*108
475*
473*
80
*573*
Iowa Pow A Lt 43*8.-1958
Isarco Hydro Elec 7s. 1952
88
1403*
Mar
1013*
4,000
59
1025* 1033*
1003* 1013*
80,000
1153*
Feb
60
105
Nov
138
Jan
50
66
10534
Oct
July
113
63
Apr
69
1083* 1083*
128
139
62
Apr
36
1643*
1085*
Idaho Power 33*8
1967
III Pr A Lt 1st 6s ser A. 1953
1073*
1133*
Mar
45
1093*
1643*
1949
Sept
1113* 1133*
1st M 6s series B...1957
47
50
1
♦Hungarian Ital Bk 7 3*s'63
63*
Sept
6,000
Sept
July
115
1053*
105
102
1013*
1173* 108,000
1,000
1.000
1,000
3,000
102
Jan
823*
Apr
139
Sept
Bell Telep of Canada—
1st M 6s series A...1955
Mar
July
Baldwin Locom Works—
♦Convertible 6s
91
30
16,000
1,000
Jan
"3,000
Sept
30
443*
1942
103
Sept
30,000
1015*
Sept
10,000
16,000
103
126
Sept
Sept
48,000
14,000
5,000
7,000
4,000
40,000
86
Jan
693*
Jan
81
Jan
89
Oct
753*
Sept
963*
Jan
1103*
Jan
126
July
1303* July
150
Aug
10036 July
973* Aug
102
July
1053* May
105
Mar
6s series B
1947
103
43*8 series C
883*
Jan
65
Sept
5s stamped
6s without warrants 1947
*95
Mar
72
July
Avery A Sons (B F)—
6s with warrants...1947
29
723*
Oct
8
Sept
5s series D
28
Apr
Sept
Aug
Nov
743* June
25
46
63*8 ex-warrants...1943
30
253*
643*
965*
107
35
Houston Lt A Pr 3 3*8.1966
285*
223*
253*
Jan
20
Nov
253*
Jan
68
tl2
Nov
1949
Jan
953*
tl5
102
4,000
87
Oct
Jan
Jan
Apr
34,000
75
44
Apr
125
Feb
Jan
Aug
46
23*
108
965*
60
"366
1063* 1063*
553*
57
Aim*
44
33*
125
Arkansas Pr & Lt 5s.. 1966
78
59
62
1073* 1073*
Houston Gulf Gas 68..1943
Apr
Aug
9,000
66,000
33,000
101
753*
60
Jan
43*
673*
90
Apr
73
19", 000
Oct
90
46
Nov
43*
82
Feo
Guardian Investors 5s. 1948
3
30,000
Aug
Guantanamo A West 6s '58
13
1103*
July
99
Grocery Store Prod 6s. 1945
10
107
Debentures 43*8
1948
Appalac Power Deb 6s 2024
Conv deb 434s
Conv deb 6s...
108
25
Jan
Jan
1003*
6 3*s series C
Amer
1043*
Mar
Nov
Aug
1083* $28,000
1073* 25,000
3,000
1043*
106
15,000
102 3* 103
53,000
1063* 107
81,000
993* 1003*
82,000
100
1003*
3,000
Dec
15
Sept
Mar
1073*
1073*
1043*
1053*
53
Sept
83*
73*
83*
Bonds
1961
Nov
11
Sold
Alabama Power Co—
1st & ref 6s
Oct
953*
13
Sept
BONDS
1093*
Gr Nor Pow 5s stpd..l950
6
500
Jau
603*
Oct
Apr
Sept
73*
600
Sept
Apr
(Adolf) 43*s...1941
100
3,200
315*
1063*
02
1953
1965
7
623*
250
63*
Nov
95
663*
336
100
17
Aug
63*
Oct
1043*
19,000
1,000
82
Gen Pub Utll 63*8 A. 1956
♦General Rayon 6s A. 1948
6
Apr
10
43*
600
3,000
J92 3* 100
953*
945*
Jan
Nov
1053*
Sept
145,000
100
Apr
Mar
119
Sept
98
Gary Electric A Gas—
Sept
Nov
Jan
100
1035* 104
Oct
Mar
300
113*
1075*
1123* May
813* Mar
895*
63*
400
113*
Apr
35^000
236
6a series B
5c
Sept
663*
33,000
1st A ref 53*fl ser B.1954
dep rets..
Oct
1033*
99
1st A ref 5s ser C
Amer
Feb
823*
70
63*
123*
7
53*
Jan
13*
253*
Feb
♦Hamburg Eleo 7s
1935
♦Hamburg El Underground
A St Ry 53*8
1938
Heller (W E) 4s w w—1946
8
13*
983*
Nov
823*
8
1
Woodley Petroleum
Woolworth (F W) Ltd—
1043*
93*
Aug
Apr
Apr
53
"99"
3*
23*
53*
Feb
Aug
5*
53 5*
t5
Sept
13*
Feb
81
53
75
86
Oct
10
60,660
♦First Bohemian G1 7» '67
743* May
1
July
Apr
Apr
953*
94
Feb
63*
63*
Williams Oil-O-Mat Ht.
43*
Oct
5*
Finland Residential Mtge
Feb
13*
*
Sept
43*
J1083* 1085*
1967
9
10
8
102
1073*
1095*
45,000
2,000
8,000
21,000
1183* 1183*
1053* 1053*
Sept
83* May
100
Sept
21,000
79
1053*
Grand Trunk West 4s. 1950
15
*
Willson Products Inc
78
783*
Federal Wat Serv 53*s 1954
13*
33*
*
Westmoreland Inc
33,000
26,000
11,000
3*
"is
5,000
78
134,000
63*
63*
1093* 1103*
110
1953
6 3*s series A
Sept
64
Jan
603*
1025*
Eroole Mar ell 1 Elec Mfg-
23*
900
14
*
Common
74
General Pub Serv 5s.. 1953
603*
7%
Wolverine Tube
733*
Elmira Wat Lt A RR 5s '56
30
Western Maryland Ry—
Wilson-Jones
Aug
127
74
Edison El 111 (Bost) 3 3*s '65
Dec
20
June
903*
Eastern Gas AI uel 4s. 1956
Oct
23*
Sept
400
113
July
63*
23*
43*
Sept
131
63*
153*
4
Feb
1013*
Aug
Aug
108
Aug 1 1952
Jan
20
131
Nov
♦Certificates of deposit
Apr
900
Aug
Sept
♦Certificates of deposit
♦Deb 7s
3*
1,600
895*
98
55*
836
23*
23*
Apr
120
63*
100
2
Aug
745*
3,000
Aug 1 1952
♦63*s
500
97
Aug
Jan
893*
893*
Detroit Internet Bridge—
13*
VA
773*
35,000
1944
153*
23*
Express.—.1
Western Grocer com
Cuban Tobacco 5s
153*
97
*
West Va Coal & Coke
Western Air
3
Ajw
Jan
126
Glen Alden Coal 4s
1
Wentworth Mfg
1.25
West Texas Utll $6 pref..*
Wellington Oil Co
Mar
6734
723*
723*
1055* 1063*
5s ex warr stamped. 1944
General Bronze 6s
1940
3
Mar
77
127
Cont'l Gas A El 5s...1958
Nov
13*
153*
Mar
785*
1063*
1954
July
93* June
Apr
Jan
Mar
3*
4
1
Wayne Knitting Mills...5
84
Apr
Apr
13,000
Denver Ga« A Elec 5s. 1949
20
♦
Class B
883*
'i»
*
Waltt & Bond class A
53*
85 3*
Jan
66
66
713*
109 3* 110
stamped.—1943
6s ser A
Oct
Sept
6
-*
Gen mtge 43*8
Consol Gas Utll Co—
173*
July
383*
pref.. 100
Vogt Manufacturing
*
Waco Aircraft Co
1
5,800
Va Pub Serv 7%
Jan
Cudahy Packing 33*8.1955
Delaware El Pow 63*8 1959
Apr
28
Oct
Jan
153*
1
Mar
3*
23*
173*
43*
43*
1
400
636
*
Sept
42
13*
853*
873*
tl293* 132
1st ref mtge 3s ser P. 1969
Consol Gas (Bait City)—
Jan
Oct
75
13*
3*
2
800
19
13*
Van Norman Mach Tool.5
Petroleum
Nov
13*
19
Th
Apr
Jan
563*
3*
13*
13*
Feb
Jan
Apr
Aug
July
6
preferred
-
7
Jan
Jan
133*
3*
473*
13*
55
843*
(Bait) 33*8 ser N...1971
Apr
6
15*
43*
Apr
Jan
Sept
Aug
Oct
23*
150
643*
833*
723*
853*
39,000
20,000
108,000
29,000
65,000
Consol Gas El Lt A Power
10
VA
"843*
Conn Lt A Pr 7s A... 1951
Nov
200
623*
713*
Pr A Lt 6s '57
193*
12
"63""
Communlt-.
28
~VA ~~23*
6
pref...*
Utah Radio Products
1
Utility Equities new 10c—
$5.60 priority stock
1
Utility & Ind Corp com..6
Conv preferred..
7
Utll Pow & Lt 7% pref. 100
Valspar Corp com
1
Sept
-
Feb
2
183*
83*
53*8
Apr
13*
13*
3*
"idd
18
Jan
68
713*
53*8-1952
1949
103*
100
~4k ""43*
183*
July
Apr
Apr
Cities 8erv PAL
21
1,000
'it
Utah Pow & Lt $7
7%
13*
Sept
13*
com._.l
Wagner Baking v t o
1969
13*
143*
433
Utah-Idaho Sugar
Venezuelan
1958
Debenture 6a
1,400
Universal Products Co—*
$4 conv
Debenture 5e...
Jan
3*
Insurance....-8
Universal Pictures
Jan
1
Class B
Universal Corp v t c
72 3*
High
Low
1265*
763*
713*
713*
63*
*
*
Universal Cooler cl A
753*
723*
1, 1939
Range Since Jan.
%
7,000
733* 151,000
763*
1960
Conv deb 5e
1939
Week
of Prices
High
Low
1966
Cities Service 5a
43*
1,000
"
VA
July
Apr
53*
3*
2
53*
3*
July
Aug
60
U 8 Stores common
VA
873*
493*
23*
100
150
Apr
Oct
3
600
2,000
275
Price
High
for
Week's Range
SaU
(1Continued)
Shares
433*
803*
433*
81
Last
BONDS
Range Since Jan. 1,1939
Last
2,
Sales
Friday
Sales
Friday
STOCKS
(Concluded)
Universal
Dec.
New York Curb Exchange—Continued—Page 5
3530
1961
1053* 1053*
*1053* 1063*
Kansas Eleo Pow 3 3*8.1966
Kansas Gas A Elec 68.2022
124
124
2,000
107
Feb
Kentucky Utilities Co—
1st mtge 5s ser H
1023* 103
1053* 1053*
1961
63*8 series D
...1948
63*8 series F
1955
5s series I
1969
Lake Sup Dlst Pow 3 3*8 *66
♦Leonard Tletz 73*s_.1946
Lexington Utilities 5s. 1952
Llbby McN A Llbby 6s '42
Long Island Ltg 6s
1945
Carolina Pr A Lt 5s...1956
Cent Power 6s ser D..1957
1063*
45,000
81
Aug
Louisiana Pow A Lt 5s 1957
363*
363*
38
35
46
Mar
373*
373*
383*
32
Jan
463*
Mar
713*
713*
72
16,000
553*
Jan
743*
Aug
Marion Res Pow 43*8.1954
McCord Rad A Mfg—
5,000
98
Apr
6,000
45,000
1,000
4,000
101
101
102
1053* 1063*
*10
104"
18,000
5,000
103J* 104
88
107
Nov
Jan
1043*
Nov
Sept
1023*
1085*
July
Sept
Aug
4,000
11,000
1,,000
31,000
983*
Oct
223*
40
1033* 104
1033* 1033*
♦7s without warr'ts.1941
Cent States PAL 53*s'63
102
100
933*
105
1063*
893*
Jan
30
Mar
Mar
104
Nov
Jan
105
Jan
1043*
95
1023*
91
Feb
Nov
Mansfield Min A Smelt—
63*8 ex-warrants—1964
25,000
52,000
Apr
Jan
98
Cent States Elec 6s...1948
*103
10,000
1,000
973*
1063* 1063*
97
973*
10736
Oct
Chicago A Illinois Midland
Ry 43*8 A
1966
Chic Jet Ry A Union Stock
Yards 5s.
1940
1043* 1043*
101
|*Chic Rys 6s ctfs
1927
Cincinnati St Ry 534s A *62
6s series B
1955
473*
793*
86
EES
473*
793*
For footnotes see page 3531.
a5:'•
101
86
Sept
443*
Apr
703*
725*
Jan
Jan
105
1043*
56 3*
83
88
June
Jan
Oct
Aug
Aug
1063*
1063* 1073*
*10
1043*
2,000
May
753*
Nov
Oct
985*
July
*72
76
45
*97
98
943*
84
85
4s series G
1965
84
1093* 1093*
110
1103*
Aug
Jan
Sept
1943
Mengel Co conv 43*8.1947
Metropolitan Ed 4s E.1971
1073* June
995*
Memphis Comml Appeal—
Deb 4 3*s
1952
6s stamped
Sept
283*
...
1043* 1043*
1025*
3,000
3,000
8,000
315*
1053* May
82
Apr
102
Sept
110
104
Sepl
1105*
913*
Mar
Nov
May
Volume
New York Curb
149
Friday
Last
BONDS
Price
for
of Prices
Low
Exchange—Concluded—Page
Sales
Week's Range
Sale
(Continued)
|
Range Since Jan. l. 1939
Last
Week
High
6
3531
Friday
BONDS
Shares
Low
Price
Week's Range
Sale
(Concluded)
High
Sales
of Prices
Low
High
for
Range Since Jan. 1, 1939
Week
Shares
Low
High
'
100% 100%
69
69
101
"99%
May
73%
Oct
93%
Apr
101%
Aug
106%
103
Oct
Apr
107
Aug
Twin
Jan
100%
103%
Nov
Aug
Conv 6s 4th stamp.1950
111%
Nov
73%
Jan
93%
Aug
United Elec N. J 4s..1949
United El Serv 7s
1956
6,000
77
Jan
99
Nov
"4534
42,000
98
Jan
112
Oct
♦United Industrial 634s '41
♦1st s f 6s
1945
""I7"
Jan
107%
Nov
United Lt 4 Pow 6a..1975
82
4,000
98%
106% 107%
49,000
82%
88%
107
92%
29
2,000
110
111
33,000
107%
Jan
125
3,000
114%
Sept
102
102
27
96
Nov
38
Apr
634s..
125
Nov
3%s_1961
5e_194f
97%
Jan
109%
July
Sept
6s series A
Oct
89%
123%
Mar
114
1,000
30,000
72%
July
64%
66%
28,000
55
Jan
73%
1,000
54
Jan
73%
July
July
65%
66%
29,000
54%
73%
July
Va
------
100%
Oct
109% May
1st ref 5s series B..
19,000
87%
Apr
Aug
6s
44,000
98
Jan
Pub
"Jan
100%
Dec
6034
21,000
5034
Jan
6634
Aug
Apr
Aug
Feb
104
July
100% 104
40,000
89%
Apr
104
Nov
Wash Ry 4 Elec 4s
West Penn Elec 5s._
98%
99%
♦5s Income debt
New York Penn & Ohio—
Dec
52 34
Jan
5,000
110
Sept
119%
July
33
Sept
17
82
31,000
4534
20
17
81%
8534
8634
107% 107%
83%
10.000
77%
Sept
104% 105%
51,000
97
Sept
*105%
------
*112% 113%
------
55
55
80
102%
"47%
108%
"105%
4%s series E-.
1,000
102% 102%
106
106%
47%
108
7,000
9,000
49
108%
7,000
Ohio Public Serv 4s_.
109%
OklaNat Gas 3%s B-.1955
107%
*105% 106
105% 105%
104% 104%
~5~666
2,000
——
1971
101%
111%
49
Sept
Sept
95%
100%
Aug
47
Apr
Sept
91
Apr
100%
Nov
Apr
Jan
102
87
98%
16,000
82
Jan
11
12
10%
*107% 112
105% 105%
11434
11434 11434
43,000
loh%
I0T666
1951
*53
58
Mar
102%
—
Aug
Oct
Sept
107
Jan
100%
Sept
Jan
106%
105% May
104
Feb
"l07%
Jan
10,000
100
Sept
~17666
10334
J*York Rys Co 5s
♦Stamped 5s
50
106 34 106%
55,000
10534
10534 106
32,000
1937
1947
Nov
Nov
Apr
108
102%
Nov
Jan
106
June
Apr
97%
Nov
Apr
98
Nov
1U8
FOREIGN
AND
2334
Sept
GOVERNMENT
MUNICIPALITIES
Agricultural Mtge Bk (Col)
♦20-year 7s
Apr 1946
*26%
♦7s ctfs of dep.Apr '46
May
27%
*20
Jan
Jan
27
Apr
24%
29
28%
26
Jan
24%
Mar
35
*26%
*20
Jan 1947
♦20-year 7s
Aug
♦6ft ctfs of dep
Aug '47
*20
35
Aug
♦6ft ctfs of dep...Apr *48
35
41,000
99%
Sept
Nov
13,000
103%
Oct
110%
107%
*20
5,000
91%
Jan
103
Nov
♦7s ser A ctfs of dep.1945
1,000
98
Sept
104
Mar
♦7s
♦7s ctfs of dep. Jan '47
35
Antioqula (Dept of) Co¬
Nov
lombia—
20
834
Jan
*10
20
*10
20
12 34
Aug
16%
1334
*10
20
11
♦7« 2d
ctfs of dep.'57
*10
20
*10
20
*9
25
*10
35
9%
15
*10
1534
*10
*10
35
1634
25
25
16%
June
109%
76
Oct
113%
Jan
Jan
Aug
ser
1,000
32
Jan
Nov
91
Jan
102%
Aug
♦Bogota (City) 8s ctfs 1945
2,000
98
Jan
105
Nov
105%
108
July
Bogota (see Mtge Bank or)
♦Caldas 7 34s ctfs of dep '46
Nov
♦Cauca
17,000
94
Sept
107%
5,000
102
Sept
108
108%
11,000
107% 107%
108
108%
22,000
8,000
108
------
3.000
100%
91%
102%
103%
100%
104%
Jan
Sept
108%
107%
109%
Sept
108
Mar
Jan
Valley
1948
7s
Nov
♦734s ctft of dep... 1946
Nov
♦Prov Banks 6s B..1961
Nov
105
Jan
108%
Oct
Sept
100
July
100%
115%
97%
99
21,000
90
40,000
92%
Apr
113% 113%
27,000
109%
76
Sept
Apr
35%
Sept
92
10,000
46
46
1,000
2,000
5,000
101
95%
7
------
Aug
Oct
Oct
92
Jan
108
100%
Oct.
111
Nov
53
105%
23
147
Mar
100
*10
35
51
51
2,000
51
Dec
50
53
10.000
45
Nov
1952
*8%
30
♦German Con Munlo 7s '47
12%
*9
12%
...1955
Danish 534s
Feb
Mar
Feb
51
1953
5s
♦External 634s
1947
7s—1939
34s .1949
10
19%
11
*8
96%
Jan
Jan
1958
1034
1958
1034
♦Medellin 7s stamped.1951
16%
1034
1034
16%
15
15
1954
*12
26%
26%
20
Mar
20
Mar
6%
Sept
22
Apr
7%
"4,066
25
26%
*23
Feb
Sept
Sept
Oct
20
Mar
13
Mar
(City t Peru—
♦634s stamped
♦Maranhao 7s
134
Sept
157%
100
Sept
108% May
♦7 ctfs o* dep-May *47
Aug
35%
7%
6%
20
Lima
Oct
8
3,000
20
10
♦Hanover (Prov) 6
28,000
»ub Serv of Oklahoma—
8
Danzig Port A Waterways
17,000
107% 107%
96%
97% 165,000
93%
96
50,000
148%
22
38
♦634s ctfs of dep...1959
>ubltc Her vice of N J—
147
Feb
38
♦7s ctfs of deposit..1951
Feb
Mar
*23
Sept
Jan
Sept
20%
Feb
25%
*22
♦Hanover (City)
84%
109%
77%
25%
Oct
61
ctfs of dep.-Oct.
Nov
Jan
July
39%
Sept
1,000
Cundlnamarca (Dept. of)
♦Secured 6s
Sept
2.000
6%
12%
35
Ma;:
105%
30
July
*9
June
107
11,000
84
*8
Nov
15%
12%
22
1,000
50%
83
Aug
18
Mar
1952
♦6s series A
Nov
51
3,000
83,000
64
June
Jan
11%
8,000
Colombia (Republic of)♦6s ctfs of dep.-July '61
Aug
12,000
10
16%
Cent Bk of German State 4
Mar
Sept
7%
50%
Mar
*13
♦7s 1st ser ctfs of dep.*57
99,000
110% 111
83
July
15
Nov
59 000
104% 104%
Corp(Can)4%sB '69
1954
20
95
91%
Prussian Eiectrlc 6s
Nov
Mar
Oct
♦68
82
Nov
88
42%
99% 100
*8
30
81%
84%
109% 109%
June
14%
♦7s ser D ctfs of dep.1945
101% 102%
97%
13%
Mar
May
♦7 3d ser ctfs of dep.'57
♦Baden 7s
1951
96
June
Jnne
114
95%
42%
98
June
Sept
1,000
93%
1
13%
14
108
19.000
95
92
*10
B ctfs of dep. 1945
ser
24,000
110% 110%
96%
E.1956
Jan
107
8634
Nov
1981
4%s series F
1961
>otrero Bug 7s stmpd-1947
Mar
Sept
99
87
109%
1961
Portland Ga. 4 Coke 5e '40
July
63
106%
15,000
105%
110%
4s series B
Elec 6s-1953
116
Nov
10,000
Sept
4s series D
IttoUUigu
Aug
98
Apr
Sept
106
Mttsburgh Steel 6s—1948
July
9734
97
100% 100%
113%
Feb
111
106%
98
95
"10734
"46~"
31%
Nov
9734
104
*107
♦6 3*8 ctfft of dep
3,000
7%
Sept
Oct
15
8,000
11
Sept
18
Nov
13,000
10
Feb
15
June
3,000
6%
Mar
Jan
9
13%
Aug
Jan
26%
Aug
Oct
26%
26%
Nov
Mtge Bk of Bogota 78.1947
1966
*Uget 8ound P & L 5%s '49
97%
94%
90%
♦issue of May
1927
3,000
25%
D.1950
89%
90%
88,000
75%
Jan
98%
Nov
72
Jan
96%
Nov
♦Issue of Oct 1927......
70%
Jan
26%
24%
93%
Aug
♦7 ctfs of dep.-Oct '47
*23
35
26
Apr
♦Mtge Bk of Chile 68.1931
1st 4 ref. 5s ser C-1950
*14
16
11
June
*21
35
Jueens Boro Gas 4 Elec—
..1952
97
97%
6%s_1953
Housing 6 34s-.1958
*9
*9
35
35
Ruhr Gas Corp
lafe Harbor Water 4%s'79
110%
-
—
—
—
-
-
110% 110%
19%
*130
—
—
Icripp (E W) Co 5348.1943
>ou
Sept
Sept
104
98%
Nov
58%
110%
Sept
9
106
106%
♦7s ctfs of deposit..1948
...
6°/. prepetnal certificates
101
Nov
108
Wise Pow 4 Light 48.1966
Yadkin River Power 5s '41
Penn Ohio Edison—
1951
ihawlnlgan W 4 P 4348 '67
1st 434s series D
1970
iherldan Wy o Cow 6s "*947
lou Carolina Pow 58.1957
ioutheast PAL 6s—2025
5.000
56
104
Jan
96
9734
5,000
104% 105
4%s series B
1£
Peoples Gas L 4 Coke—
Aug
8934
104
Sept
105%
107
6s series H
icullln Steel 3s
92%
119%
33,000
100
18,000
42%
ti Gas 4 Coke 6s .1947
Ian Joaquin L A P 6s B '52
Saxon Pub Wks 6s__l937
Scbulte Real Est 6s—1951
Apr
Sept
110
Oct
Aug
Nov
Aug
47,000
1954
2030
104% 104%
"162"
__
Penn Pub Serv 6s C..1947
90
10134 102
100%
100%
38,000
110% 110%
"92%
Ruhr
7834
88
108%
Aug
106% 107%
109
110%
107% 107%
104% 104%
109% 110%
94
♦St
5,000
♦7s ser C ctfs of dep.1945
110%
6%s series A
Apr
Sept
Aug
Wheeling Elec Co 5s..1941
Pacific Gas & Elec Co—
1st 4 ref. 4 %s ser
Apr
72
103
Jan
July
28% June
99%
102% 102%
107%
4s series A
68
2,000
2834
85
100% 100%
"ii6%
Ohio Power 3%b
Jower
Oct
Dec
Apr
West Newspaper Un 6s '44
101
12,000
*105% 106
'otomac Edison 6s
8
17
52
Apr
Mar
86%
Northern Indiana P 8—
Pomeranian
9%
13,000
90 34 100,000
116% 117%
105% Nov
106% June
113% May
No Amer Lt 4 Power—
.
6.000
81%
West Penn Iractlon 5s '60
83%
"l04%
Penn Electric 4s F
Aug
Waldorf-Astoria Hotel—
99%
115
6834
07%
90
Nov
Jan
25,000
2,000
20,000
117
44
89
107%
2,000
*101%
7,000
934
Jan
20,000
534A.. 1946
1950
102
9%
6134
3,000
103
98%
99%
100 34 100 34
1946
Serv
100%
19
99%
8634
80
"9934
...1944
102
98%
♦Income 6s series A-194J
5%s series A
434s
102
1945
11634
Utah Pow 4 Lt 6s A..2022
65%
New Orleans Pub Serv—
5s stamped
"8931
1952
98%
100
19&
Debenture 5%s
85 %
Deb 68 series A....1973
97
52,000
20
Un Lt 4 Rys (Del) 534s '52
United Lt 4 Rys (Me)—
*107% 108%
"65%
New Eng Power
9934 100%
117
1959
65%
New Eng Pow Assn
36,000
9%
1974
534s
111% May
10,000
79%
120% 121
"65%
6034
Jan
92
78%
City Rap Tr 534s '52
Sept
6,000
111% 112
105% 106%
113
113%
Ulen Co—
53,000
111
124
79
100%
Sept
28
"no"
Nebraska Power 4%S-1981
Tide Water Power 5s.1979
Tletz (L) see Leonard—
95
98%
111%
106
102
91%
Nut Pow & Lt 68 A...2026
Texas Power 4 Lt 5s_1956
6s series A
2022
12.000
23,000
111
100%
30,000
102% 103%
103
Nov
2,000
99% 100%
------
Jan
93%
58%
10,000
70
100% 101%
102% 102%
105
105%
102%
Miss River Pow 1st 58.1951
1,000
—— —
—
-
—
--
1»
-
102%
—
—
—
-
——
—
-
-
96
--
-
99%
11034
17,000
*11
35
21
1,000
21
------
1,000
102
102%
11,000
66
67%
3,000
97%
95%
97%
88
*84
Jan
98%
Apr
35
21%
106
June
Sept
25
111%
July
Jan
Aug
Oct
32,000
19,000
-------
12.000
99%
99%
109% 110% 219,000
16%
Feb
21
121%
19%
136
96
95%
------
63%
28
9,000
Sept
138
Aug
9%
Oct
27
Mar
21
Nov
July
1946
♦7s ctfs of dep
1947
♦634s ctfB of dep.. 1947
♦78 ctfs of dep
Mtge Bk of Denmark 5s '72
♦Parana (State) 7s... 1958
♦Rio de Jrnelro 634s.l959
♦Russian Govt 6348--1919
Jan
Sept'
May
103%
Mar
♦534s_.
Sept
80%
Sept
106
Feb
85
Sept
105%
48
75
Feb
76%
Jan
83
Jan
99%
Jan
111%
Aug
Jan
16
*21
35
*21
35
*50 34
85
55
8%
3,000
7%
7%
1,000
t%
61«
6ic
♦Santa Fe 7s
stamped. 1945
♦Santiago 7s
1949
*64%
*1334
70
16%
1961
*1334
18
96%
Mar
Sept
Sept
15
Mar
Sept
14%
%
*i»
Oct
%
H
1921
Nov
7%
5%
»i«
8%
834
♦7s
"2"66O
47
Apr
68
Mar
Feb
Jan
Nov
8% May
14%
Jan
8%
15%
Sept
May
Aug
94%
....
Mtge Bank of Colombia—
31%
99%
35
Nov
90
Nov
Calif Edison Ltd—
I960
Ref. M 334s B.July 1 '60
iou Counties Gas 434* 1968
lou Indiana Ry 4s
1951
i'we8tern Assoc Tel 5e 1961
i'western Lt 4 Pow 5s 1957
o'west Pow 4 Lt 6s_2022
o'west Pub Serv 6s—1945
Spalding (A G) 5s—1989
Ref M 3%s_May I
108%
102
Sept
Sept
108% 109
108% 109
27,000
108%
19,000
102
105%
105% 106
40,000
103%
Feb
52
51
111% May
111% May
106
Nov
3,000
39%
May
57
104%
104% 104%
4,000
100%
Sept
105
Aug
103%
103% 104%
10,000
100
Sept
105%
Nov
100% 100%
20,000
_
108
108%
49
66
65%
65
65
3,000
50
81
104%
Apr
101
Jan
108%
4,000
48
66%
15,000
55
67%
22,000
54%
Apr
74%
65%
68
10,000
55
Apr
74%
65
66%
Sept
Oct
Nov
Nov
59
July
74%
Interest.
cluded In year's range,
tandard Gas 4 Electric—
6s (stpd)
..1948
Conv6s(Stpd).....1948
6s
1951
Debenture 6s.Dec. 1 '66
6s go»d debs
1957
Debentures
tandard Pow A Lt 6s 1957
5e.l950
Corp—
1940
3d stamped 4s
1946
'erni Hydro El 6348.1953
'exas Elec Service 581960
66%
65%
15,000
54
Apr
74
64%
66%
26,000
54
Apr
73%
65%
64
66
29,000
53%
Apr
73%
Aug
Sept
35
Jan
Oct
64
Mar
Starrett Corp Inc
tlnnes
Apr
Aug
Aug
Aug
Aug
Aug
------
17%
18%
6,000
17%
25%
1,000
25
*16%
25%
19
44%
44%
10,000
29
Sept
53%
Jan
103% 104%
44,000
94%
Sept
104%
Nov
(Huge)
*
"104%
-
----
15%
Nov
50
Jan
n
a
Deferred delivery sales not Included In year's range,
Under the rule sales not Included in year's range,
x
r
d ExCash sales not in¬
Ex-dividend.
* Friday's bid and asked price.
*
2d stamped 4s
No par value,
No sales were transacted during current week.
Bonds being traded flat.
| Reported in receivership.
e
Cash sales transacted during the current week and not Included In
weekly or
yearly range:
No Sales.
y
Under- the-rule sales transacted during the current week and not Included In
or yearly range:
weekly
No sales.
z
Deferred delivery sales transacted during the current week and not included in
weekly or yearly range:
No sales.
Abbreviations Used Above—"cod,'* certificates of deposit; "cons," consolidated;
"cum," cumulative; "conv." convertible; "M," mortgage; "n-v," non-voting stock;
"v t c." voting trust certificates; "w 1," when Issued; "w w," with warrants: "x-w,
without warrants.
ONE HUNDRED-—The Commercial & Financial Chronicle—YEARS OLD
3532
Dec. 2, 1939
Other Stock ExchangesBaltimore Stock
Exchange
Sales
Friday
Last
Low
"40c
*
Low
1,138
20
30
220
Vmi H.Davis & <90.
High
24%
Mar
17
Sept
Apr
31%
Jan
26c
June
70c
July
100
Eastern Sugar Assoc com. l
118
1
26
4%% pref B
Finance Co of Am A com. 5
16
Apr
Apr
71
Jan
84
22 nil
Sept
Apr
11
459
24
26
135
126% 127
31
30%
9%
9%
— —-
------
32
38
1.20
4
12%
Apr
Bell System Teletype
Jan
10 S.
Aug
Municipal Dept. CGO. 521
Salle S*.,
La
CHICAGO
121% June
17% Sept
32
Friday
130%
35%
July
Last
Peek's Range
for
Jan
Sale
10%
Mar
Stocks (Continued)
Par
of Prices
ow
High
Week
July
29%
8%
Sept
Apr
Apr
112
4
2.10
Exchanges
Members Principal
Trading Dept. CGO. 405-406
24% Sept
98
9
Fidelity A Deposit
—
12
50
80
117% 118
11
20
Fidelity A Gur Fir Crp..lO
1.70
21%
79%
--
"so
.
24
40c
Shares
21%
*
.
22
36c
Unlisted
Range Since Jan. 1, 1939
or
1.70
pref vtc
Black A Decker com
Consoi Gas EL A Pow...*
Preferred
High
24
(Conn).50
SECURITIES
Listed and
Week
21
21
—*
Bait Transit Co eom v t c. *
1st
Of Prices
Price
Par
Stocks—
Arundel Corp
Week's Range
Sale
Atlantic Cat Ln
CHICAGO
1, both inclusive, compiled from official sales lists
Nov. 25 to Dec.
Acme Steel Co com..
25
Price
Sales
1,1939
Range Since Jan.
-
High
Low
Shares
Guilford Realty Co—
Dec
50
Mar
16%
June
Adams Oil A Gas Co com. *
600
37o
Apr
Nov
22
45c
Jan
25c
800
25c
Nov
1.40
100
11
Apr
19
350
16
May
21
10
10%
11
300
5
Apr
11%
Oct
AlUs-Chalmera Mfg Co... *
Amer Pub Serv pref
100
35%
39%
155
28%
Apr
47%
Jan
88
90
270
69
Jan
04
------
22%
2
28%
100
25
Jan
28%
July
49
69
35
Allied Products cl A
Common-
Sept
Aur
14%
Feb
1.55
Armour A Co common—5
Sept
88%
July
Sept
Mar
84%
23%
Mar
Mar
Asbestos Mfg Co com
1
Associates Invest Co com. *
13%
893
1.40
750
87%
18
83
72%
22%
108
69
Oct
1,141
16%
Apr
10%
1.00
Bonds—
30
30%
....1975
B 5s..
30% $21,500
35%
6,100
91
1,000
34%
-1975
A 6s flat
91
......
Boston Stock
19%
22%
83%
Apr
Apr
May
Nov
Nov
Aug
Sale
Par
Stocks-
of Prices
High
Price
Low
3%
*
1
BarlowASeelig Mfg A com 5
Bastlan-Bl easing com
*
Belden Mfg Co com
Week
Shares
Low
3%
5%
High
15%
9%
5
33c
33c
1
1
50
1
65
168% 170
2,128
32c
Jan
1
%
%
50
%
_*
26%
18%
Aug
90%
26%
90%
15
-100
Preferred
10
67
Apr
9
-
Mar
170
Nov
Oot
46
475
38%
18%
19%
510
16
2%
11%
2%
2%
2%
12%
2%
2%
110
1%
740
142
12
"*2%
649 *127
88
2%
~
79
13
*"e%
13
14
918
22
Boston Personal Prop Tr
Jan
159%
Apr
56
Aug
Mar
Apr
20%
Nov
4%
Sept
6
Jan
15%
Oct
Common..
1%
Jan
4
Oct
$7 preferred
1% June
1%
Jan
10% May
4
Sept
22
6
5%
Sept
9
May
6%
5%
7%
5%
275
4%
205
3%
Aug
Apr
10
IOC
15C
315
10c
Nov
5
Chain Belt Co
Nov
Chicago Corp common-,
10%
8%
Sept
Sept
Cbl Flexible Shaft
35c
Mar
3%
330
1
Apr
113
16
June
5%
41%
Sept
40%
20 X
100
ICO
20%
21%
150
July
25
Sept
85c
99c
60
66
19
60
19
2%
3%
4
100
East Steamship Lines com *
4
6%
Oct
706
60c
Oct
Apr
12%
Nov
Oct
Jan
36%
23%
25%
20
Apr
32
Jan
21
30
17
Jan
22
June
19
150
18
Nov
25%
July
11
400
17%
3%
Jan
Sept
16%
Sept
Apr
Oct
7
Aug
100
2
June
7%
22%
14%
950
5%
Sept
450
18%
9%
Apr
Apr
23%
16%
Mar
20
21%
100
16
Apr
26
Sept
76%
6%
78
720
64%
Apr
79%
Nov
Chicago Towel Co
%
*
_*
108
*
9
...
4%
May
Aug
7%
Mar
Feb
26
New capital
25
Compressed Ind Oases eap5
18%
Apr
24
27%
Apr
32%
Mar
1%
4%
1
Mar
1%
Feb
Consolidated Oil Corp
Container Corp com
200
4%
Nov
7
Jan
Continental Steel com
5%
Apr
8
Jan
Crane Co
125
1%
Jan
2%
July
Jan
Nov
Sept
Jan
33%
25
1%
1%
155
%
Apr
33%
3%
Loews Theatres (Boston) 25
14%
13
13%
4%
Jan
16
July
90
Jan
9
100
21%
14%
7%
23
75
10
Apr
25%
Sept
Oct
t o. 1
2%
2%
103
2
Jan
15%
43
2%
22%
July
Jan
15%
Inc
4X
New England Tel A Tel 100
NYNHAHRR
100
North Butte
2.50
124%
X
4%
4%
124% 128%
X
%
57c
64c
705
490
157
2,371
15%
Sept
Jan
Apr
% June
30o July
3%
103%
6% June
128% Nov
1%
Sept
1.00
Jan
Consolidated Biscuit
25
Deere A Co com
Jan
FitzSimons&ConD&D
Jan
Four-WheelDrive Auto. -10
Fox (Peter) Brewing com. 5
15%
15%
23%
2%
20
9%
Mar
22
849
15%
18
110
10%
290
1,595
Fuller Mfg Co com
Sept
Gardner Denver Co
com.. *
Sept
14
Feb
18
Nov
General Foods
8%
8%
22%
Apr
Apr
11%
17%
Sept
General Motors Corp
10
General Outdoor Adv com*
Feb
32
26
17
Feb
80%
81%
1,009
71%
Apr
29%
87%
55c
57c
400
50c
Apr
85c
2
2
309
1%
Jan
2
7%
7%
345
8
1%
29%
6%
1%
23
Apr
75
Nov
3%
Jan
Mar
29%
Nov
Venezuela Holding Corp.. 1
Waldorf System——*
*
1%
29%
*
10
13
*
Oct
"24%
89
..1948
92
93
11,000
2,000
Goodyear T A Rub com..*
Goesard Co (H W) eom
»
Jan
Hall Printing Co com
io
Hamilton Mfg A pt pref. 10
Apr
94
June
96
June
Heileman Brewing cap
Sale
Par
Price
of Prices
High
Low
for
Low
High
Abbott Laboratories—
66%
For footnotes see page 3535.
66%
66%
85
53%
Apr
71%
Oct
Nov
Sept
415
17
Aug
37%
70
48
Aug
73
12%
Apr
19%
Aug
Apr
4%
Sept
Apr
Apr
18%
30%
July
Mar
3%
Mar
100
2%
1%
Jan
Mar
Oct
160
10
Jan
30
405
16%
Oct
4
Jan
Apr
25%
180
5%
Nov
250
9%
Sept
13%
Nov
30
Sept
6
Apr
35%
14%
Sept
13%
34%
100
13
14
300
23%
34%
25
850
2%
17%
35%
130
24%
10%
500
3%
Apr
Apr
Apr
Apr
Apr
Jan
3%
15%
2%
3%
15%
100
"15%
2%
200
45%
52%
210
6%
46%
54%
3%
6%
23%
24%
262
12
12%
26%
800
53
3%
12%
25%
"i7%
24%
6%
16%
8
9%
8%
37%
12%
29%
Inland Steel Co cap......*
86
57%
3%
Illinois Central RR com 100
15%
1
Kentucky Utll !r cum nf-50
17
32
3
com.5
1
Eats Drug Co com..
*
Aug
Aug
Nov
5
12%
14%
%
3%
12%
24%
....1
Sept
9%
16%
10
13
Jarvls (W B) CoNew com...
Mar
12%
International Harvest eom*
Range Since Jan. 1,1939
Week
Shares
July
Sept
22
Indep Pneum Tool v t c..*
Sales
Week's Range
Sept
130
50
1
10
6%
33
31%
16%
6%
9%
205
150
31
Illinois Brick Co
495
100
Hormel A Co (Geo) com A*
Hupp Motors com
inclusive, compiled from official sales lists
Last
Nov
5%
Hlbbard Spen Bart com.25
Horders Inc com
*
Hubbell (Harvey) Inc
Chicago Stock Exchange
Friday
Apr
3
11%
Houdallle-Hershey cl B_.*
Nov. 25 to Dec. 1, both
9
600
11%
Harnischfeger Corp com.10
Oct
Anr
200
11%
Gillette Safety Razor pref. *
Great Lakes DAD com..*
80
14%
11%
4%
*
com
July
May
80
25%
11%
Hein-Werner Motor Parts 3
Eastern Mass St Ry—
Series A 4%s..
1948
Apr
10
12,650
3%
General Finance Corp coml
25
Mar
12%
34%
.1
27
Jan
Sept
Feb
3%
31%
5
*
21% Sept
30%
25
cm
Aug
% June
11%
9%
Jan
Jan
11%
*
Apr
29%
Nov
20%
*
com
Oct
4%
33
2%
5
80c
"81"
60
Aug
Oct
500
30%
13%
7%
94
650
2%
18%
3
...»
40c
5
United Shoe Maoh Corp.25
Utah Metal A Tunnel Co.l
13%
9%
5
23
*
Nov
112
2%
20
com
Nov
73%
Oct
Mar
Apr
27
Elee Household Utll oap.5
Elgin Natl Watch Co
15
in
53%
27
Class A
Dodge Mfg Corp
Nov
1,245
86%
1
Dexter Co (The) com
Dixie-Vortex Co com
Mar
Jan
9
Feb
390
Aug
Sept
2% Sept
38%
78%
5
20
Nov
11%
250
100
Nov
30
..*
Torrlngton Co (The)
7%
20%
Sept
Jan
1%
15%
15c
11%
11%
9
32
Apr
Sept
67%
107%
350
20c
10%
30
18%
30c
4%
10
73%
108
64
68
1%
J
120
*32
17%
1%
15%
2.730
iteecrButton Hole MachlO
8%
50
60
Cudahy Packing pref.. 100
CunnlnghamDrugStores2 %
Curtis Lighting Inc com..*
Dayton Rubber Mfg com. 1
Cumul class A pref
35
Decker (Alf) A Cohn comlO
Deep Rock Oil conv pref.. *
21c
200
108
650
23
35c
2%
Apr
Jan
i%
32%
61%
25
90c
.....
66
2%
15
15
18
60
Qulncy Mining Co
36
100
28
15%
Pennsylvania RR
Aug
July
*
22
Pacific Mills Co
Jan
71
33
31
*
20c
328
Sept
112
20
30c
21c
25
1%
Jan
3%
7%
15%
29%
23%
75c
100
84%
1
com
com
Fairbanks-Morse
(Ctfs of dep)
Nov
Sept
%
Jan
310
Coleman Lp & Stove com. *
Commonwealth Edison—
Apr
3%
33%
.
%
8
45
4,950
Mar
3
*
Mergenthaler Linotype.
*
Narragansett Racing Assn
Apr
% May
100
4%
2%
com
5
7
Jan
60
19%
1%
36
19%
1%
10
15
77
674
Maine Central com. ...100
Jan
9
70
110
Cities Service Co
25
Aug
20
12,150
73%
com
30
2%
1%
60%
4
350
*81
Conv pref
Chica Yellow Cab Inc.
30%
2%
900
%
Club Aluminum Utensil..*
106
59
6%
Mar
55
70
1,405
3
7%
21%
Mar
1%
80
Co.-.15
10
Feb
Nov
Apr
100
22%
*
Common (new)
Mar
Jan
7%
82%
4%
Hathaway Bakeries-
Stocks—
10%
19%
Oct
Jan
7%
13%
66
36
22%
Gillette Safety Rasor....*
Series B 5s
4%
13
Nov
350
4
5
eom
1%
4%
Gilchrist Co
Co
Fen
Nov
4%
7%
15%
400
59%
1%
preferred
30%
22 X
Employers Group.
*
General Capital Corp....*
Georgian Inc (The)—
Class A pref
20
...
Mar
9%
Aug
Aug
Chicago Rys—
2%
38%
100
1st pref........
Union Twist Drill
Sept
822
107
com
Chrysler Corp common..5
Common
Warren (S D)
Bonds—
*
July
Eastern Mass St Ry—
Warren Bros
77%
6%
Prior lien preferred...
Cent States Pow A Lt pref*
15
38 X
4%% prior pref
100
6% preferred——.100
Shawmut Assn T C
Stone & Webster
Oct
7%
4%
%
32
%
Part ctfs 2
Common
Old Dominion Co
6%
6
%
24
East Gas A Fuel Assu—
Old Colony RR—
Common
Nov
Central S W—
25
.
June
29%
9%
9%
3
7%
July
Copper Range
v
38
21
5
1
....10
Cent 111 Pub Ser 36 pref..*
Central 111 Secur pref
*
East Boston Co
5% cum pref
Sept
14%
6% conv preferred ...30
Campbell-W&Can Fdycap*
Castle (A M) A Co com.10
147
Boston & Providence... 100
Mass Utilities Assoc
Mar
8%
15%
1%
10%
92
18 %
100
Class A 1st pref std..100
Cl B 1st pref std....100
OlD 1st pref std
100
Preferred
170%
18
12
45
preferred
Isle Roya' Copper
July
Apr
1%
4
300
July
Oct
6% Aug
Oct
33%
10% May
Common
....
Sept
Oct
21
Sept
144
Common Std.....—100
Class A
1%
%
3%
150
28
Braoh A Sons (E J) cap
*
Brown Fence A Wire cl A. *
Boston A Maine—
preferred B
Adjustment
Apr
100
100
10%
24%
5
70% May
215
389
Elevated...... 100
Boston Herald Traveler..*
2 May
(New) common
Butler Brothers
11
10%
Feb
Bruce Co (E L) com
Burd Piston Ring com
85
Boston
Calumet & Heela
2%
130
17%
9%
Mar
Oct
45 %
Boston Edison Co—100
Prior
Apr
200
10%
5%
29
1
Nov
783
11
100
Boston A Albany
25
950
2,050
1,450
30
9%
17%
17%
1%
32%
93%
83 %
147
*
Bird A Son Inc.—
60c
Oct
147H
Apr
Nov
188 %
100
Assoc Gas & Elec Co cl A. 1
Blgelow-Sanford Carpet
350
147%
Apr
3% Aug
7% June
% Aug
Nov
Borg Warner Corp—
*
6% non-cu m pref
Amer Tel & Tel—
100
Apr
31%
Bergboff Brewing Co
American Pneumatlo 8er—
500
6
5%
15%
"5%
10
Belmont Radio Corp.—.
Bendlx Aviation com....5
Bliss A Laughlln Ino com
Common.....
%
7%
3%
6%
Backstay Welt Co com
Range Since Jan. 1, 1939
for
4%
3%
7
Barber Co (WH) com
Sales
Week's Range
Last
*
648
2,750
100
%
Aviation Corp (Del)..—.3
Aviation & Transport cap. 1
Auburn Auto Co com
50
35
4%
3%
Automatic Washer com. .3
91
168% 170
6%
5%
14%
14%
%
%
35
.4
35%
Exchange
Friday
.....
Aro Equipment Co com__l
31
both inclusive, compiled from official sales lists
Dec. 1,
"88%
Amer Tel A Tel Co cap. 100
Athey Truss Wheel cap
Bait Transit 4s flat... 1975
12%
52
June
71%
22%
------
Penna Water A Power eom*
Allied Laboratories com..*
Sept
1.40
1.40
Northern Central Ry...60
Oct
21%
87%
13
North Amer Oil Co com.. 1
to
50
19%
2.00
Aug
47%
12%
47%
New Amsterd'm Casualty 5
Nov. 25
900
19
Feb
12
28%
------
Sept
25
Jan
3
7
1.40
Jan
3%
13%
950
2.00
75c
9%
50
4
2%
13%
18%
14%
25c
------
56%
July
49
3%
2%
12%
18%
14%
------
Transp.. *
Monon W Penn P S7%pf25
Oct
Apr
Nov
31%
3%
1%
49
Advanced Alum Castings. 5
Aetna Ball Bearing corn
1
2.00
Common class A——. 1
Merch A Miners
u H Fidelity A Guar
42%
530
37c
Maryland A Pa RR comlOO
Mt Vern-W MillsPreferred
42%
19%
25
19%
42%
42%
100
6% preferred
Houston Oil preferred-—25
Mar Tex Oil........
-.1
"42
14%
5%
42
50
1,050
16
300
2
50
4%
8%
425
8%
350
10
550
4%
6%
8%
100
7
37%
12%
100
32
31
200
13%
14%
20
i
325
'250
Oct
Nov
43%
14%
Jan
8%
Sept
15
Jan
Mar
4%
Sept
Apr
17%
Sept
Apr
3%
Oct
JaD
47%
July
Apr
Sept
66%
6%
Jan
Apr
Apr
8%
Jan
Oct
37%
Jan
Apr
9
1,750
6%
25
Feb
Jan
11%
1%
36%
37%
3%
6%
21H
18%
17%
4%
July
13%
Nov
Apr
July
Apr
27%
Feb
8%
Oct
18%
Nov
Jan
8%
Nov
JaD
Apr
Aug
10%
23%
Apr
Apr
8%
Apr
9% May
%
10
3%
13%
550
3
350
9%
25%
200
87%
58%
45
240
15%
1,450
5%
42%
X
16
9%
10
40
Nov
May
Nov
13
Feb
31
Nov
17%
14%
Nov
Jan
Aug
2%
Jan
Sept
6%
20%
Jan
Aug
Aug
25%
Sept
Apr
98%
71%
Sept
66%
48%
Aug
July
Apr
18
100
10%
.3%
560
29
Jan
44
5%
Jan
Sept
Oct
July
Aug
Volume
Range Since Jan. 1, 1939
Last
Stocks (Concluded)
com
Par
Kingsbury Brew Co
for
of Prices
Low
High.
3
Leath & Co com
Cumulative prcf
Llbby McNeill <fe Llbby..*
Lincoln
100
*
2*
4*
Jan
Cin Street
.50
Jan
Cin Telephone
Oct
Cin Union Stock Yard
5*
Aug
>*
1,550
1*
3*
100
*
1*
Aug
26*
30
22
Jan
27
Sept
Crosley Corp
5*
*
6*
570
4
Apr
10
Sept
Dow Drug pref
100
Apr
2*
Common
*
2*
Marshal] Field
com
.
Class A
Aug
13*
June
18*
Jan
*
Apr
1*
Sept
Kroger
15*
3,690
9*
Apr
17*
Nov
110
5
Apr
10
Jan
Oct
39 *
39*
39*
310
25
Apr
39*
Nov
3*
com.
3*
3*
800
3
Oct
5*
Jan
i
Prior preferred
28*
310
25
Oct
28*
Nov
3*
8*
150
Apr
4*
Jan
28
*
1
com.
3*
8
6
7*
2*
Procter A Gamble
4,900
5*
Apr
10*
Aug
7,950
1 *
Sept
5*
Mar
Convertible pref
*
1*
2*
2*
6% pref A
100
7% pref A
100
Modlne Mfg com
100
*
Jan
1 *
2
Jan
19
Jan
15
May
30
July
Jan
43*
25
34*
12*
9*
9
Nov
July
3
Jan
381
64
50*
223
40
*
10
230
June
Jan
17
Nov
14*
2*
10
1*
100
5*
Sept
2*
11
1
Jan
3*
Aug
8*
12
Feb
Apr
Oct
13
13*
149
4*
Apr
9
9*
319
6
Apr
10
102
102*
36
73
Feb
13*
9
100
Oct
64*
Apr
Mar
216
5
17
2*
13*
10
Wurlltzer
Oct
Nov
1
2*
—
Sept
5
8*
B.
U S Playing Card
Aug
15
29*
7
1*
62*
20*
220
5
1*
223
Jan
Apr
8
130
485
Oct
Oct
102*
Nov
Jan
5*
12*
Sept
7*
21*
150
Apr
22
2
*
43
16*
2*
3*
16
Jan
Oct
2*
Feb
40*
Apr
41*
Mar
57*
73*
Ohio Listed and Unlisted Securities
Nov
Nov
50
1*
733
80
2
July
Montgomery Ward—
Common
27*
112
107
Apr
170
100
20*
*
65
May
Apr
20
14
29*
Jan
Nov
107
40
Apr
Nov
14*
Apr
7*
1* June
11
*
3*
3*
*
com.
*
Jan
*
50
11
Miller & Hart conv pref..*
Minneapolis Brewing com 1
Monroe Chemical Co
*
*
12*
55
12*
63*
Preferred
Utll—
Aug
July
27*
100
U S Printing
Midland United—
7
12*
Randall A
Mar
49
13*
10
15
Sept
July
3
354
27*
39*
40
Jan
99*
Jan
12*
Jan
3
1* June
32
7*
5
National Pumps pref
Rapid.
12*
27*
8% pref.
—
com
12*
92
Aug
88
120
55
107
Meteor
7*
7
Middle West Corp cap
Midland
*
9*
95
150
14*
15*
com
Mlckelberry'• Food
*
Kalin..
170
15*
1
38
12*
100
Hobart A
13
*
.
McCord Rad olA
Merch & Mfre See
20
9*
4*
452
12*
7*
Gibson Art
10
150
12 *
com
McQuay-Norris Mfg
Nov
Jan
250
10
2
97
55
*
10
4*
10
com
Manhatt-Dearborn
4*
Early A Daniel pref
Formica Insulation
1 *
12*
10
10
Liquid Carbonic
*
10
Jan
Apr
Mar
1*
High
90
10
95*
"97*
*
Nov
2
Low
Shares
92
92
100
5*
200
2*
15*
com.
Preferred
Lion Oil Ref Co
50
Eagle-PIcher
Printing Co—
Lindsay Lt & Chem
92
Cin Post Term pref
2*
Apr
Week
Price
Apr
400
*
1*
3*
*
1*
for
of Prices
Low
High
Par
4
3*
25*
1
5
cap..
Stocks (Concluded)
High
Low
Shares
Week's Range
Sale
3
La Saile Ext (Jnlv com
Range Since Jan. 1, 1939
Last
Week
Price
5
A
Week's Range
Sale
Sales
Friday
Sales
Friday
Kerlyn Oil Co
3533
ONE HUNDRED —The Commercial & Financial Chronicle— YEARS OLD
149
Members Cleveland Stock Exchange
Oct
54*
55*
Mountain States Pw prflOO
71
72
Nachman Springfilled com*
National Battery pref
*
10*
10*
Apr
11
35*
35*
10
30*
Jan
36* June
16*
105
10*
Apr
16*
Natl Rep Inv Trust pref..*
16*
*
*
10
*
Apr
1
National Standard
24
24*
300
16
Apr
25
Oct
28
29
250
16*
Apr
35
Sept
Nat'l Bond & Invest com.*
com.
10
Noblltt-Sparks Ind com..6
Nor Arner Car
6% Pref
caD
Aug
26*
Aug
20
Cleveland Stock
Feb
14*
12
20
11*
Nov
14*
Oct
14
50
11*
Apr
15*
Jan
1*
Sept
100
1
41
Nov. 25 to
Apr
Feb
41
Oct
Last
Week's Range
Sept
16
Mar
Sale
of Prices
15*
May
27*
Sept
14*
23*
1,169
39*
40*
288
30*
Apr
44*
28
28
100
24
Apr
29
Mar
Feb
5
June
Apr
1
Sept
com (un) 1
Brewing Corp of Amer...3
Sept
City Ice A Fuel
4*
150
4*
3*
*
*
1,400
*
10*
*
11*
1
12*
130
7*
Aug
*
100
*
June
11*
120* 122
150* 151*
41
40*
*
100
6*
108*
138*
Aug
250
*
1
1
122
Quaker Oats Co common.*
Sales
Friday
*
12*
30
50
14*
4*
100
"46*
Exchange
both inclusive, compiled from official sales lists
Doc. 1,
22
"28 "
Preferred.
67
Apr
Aug
14*
100
Poor <fc Co class B
Jan
11
13
12
A. T. & T. OLBV. 565 & 566
Telephone: CHerry 5050
22
Pictorial Paper Pkge com.5
Potter Co (The) com
Pressed Steel Car com
40*
70
Aug
300
Perfect Circle (The) Co..*
Pines Wlnterfront com
10
18*
1
50
Peopled O Lt&Coke
58
Clevslaod
Oct
41
100
Penn RR capital
Jan
11
150
14
10
A10
conv
12*
Apr
•
4
14*
11*
Peabody Coal Co B com..*
Penn Elec Switch
Oct
6*
17*
*
Parker Pen Co (The) com
9*
750
UiIm Cmmm BilMIsi,
Sept
400
10*
58
100
Omnibus Corp v t c com..6
Ontario Mfg Co com
5*
10*
4
"16 *
Nor West Util prlien prflOO
7 % preferred
2
Jan
10
*
com
Northwest Bancorp com..*
RUSSELLco.
GILL1S
Nov
10*
..20
com
Northern 111 Fin
28*
6
50
60
50
16*
Par
Price
Low
1,1939
Range Since Jan.
for
Week
High
Low
Shares
High
Oct
Oct
1
16*
Stocks—
Sept
Apr
125
Aug
Oct
157
Jan
Apr
41
1*
300
*
Apr
2
.5
*
*
300
*
July
1*
Aug
Rolling Hosiery Mills com 1
1*
1*
500
Sept
2*
Jan
32*
Cl Cliffs Iron pref
*
Colonial Finance
150
224
66*
*
Mar
55*
Nov
7*
Feb
257
43
May
14* May
20* Mar
71* Sept
303
67
15*
17*
20
9
12
365
Apr
jan
Sept
23*
13
Aug
27
Sept
10
July
12
Jan
114
1,957
11*
1
9*
Apr
July
19
19*
Apr
Sept
15*
10
17*
100
6*
41*
5*
15
6*
al2* al2*
al6
al6*
1
Cleve Railway
Cliffs Corp vtc
55*
6
.*
Clark Controller
115
9
8*
55*
<
Mar
Rath Packing com
Raytheon Mfg
10
com v t
1
c50c
6% pref vtc
*
Schwltzer Cummins cap.. 1
Sears Roebuck & Co com.*
26*
26*
9*
Sangamo Electric
com
Preferred
Sivyer Steel Castings
com.
1
com.
Thompson 'J R)
Trane Co (The) com
May
Apr
11*
510
12*
102*
10
8*
2*
Nov
Feb
<27*
a21*
256
24*
Jan
176
13*
21*
Apr
a23* a24*
Apr
36*
Jan
Great Lakes Towing
100
Great Lakes Tow pref. .100
17
20
Jan
61
51
45
45
12*
12*
Cooperage
A) 15
cum
pref *
30*
21
20*
21*
762
100
2*
11*
4
300
15*
Oct
Sept
4*
Nov
Apr
16*
Oct
National Refining new
National Tile
Ohio Brass B
*
2,650
63*
Nov
131
115*
Nov
1*
490
1*
Apr
2*
June
Patterson-Sargent
*
*
1,500
*
Jan
*
Feb
Rlchman Bros
*
Thompson Products Inc..*
"7 *
"4 *
1*
Apr
1*
Feb
*
15*
Feb
2*
23*
Nov
Upson-Walton
Van Dorn Iron Works
18*
Apr
83*
Apr
50
1*
300
4*
4*
4*
600
4*
100
81*
81*
45
17
17*
122* 122*
6
July
1*
Aug
10
18*
Sept
May
5*
Jan
3*
470
12
Apr
14*
30
Feb
38*
Aug
125
17
Apr
33*
Nov
Sale
Price
of Prices
High
.20
Burger Brewing
*
100
Carthage Mills A
40
B
Churngold
Cin Gas & Elec pref
CNO&TP
16*
3
For footnotes see page
3
16*
3
all* al2*
88
7
Apr
15*
Oct
Youngstown Sheet A Tube*
a47* a48*
80
30
Apr
56*
Sept
Mar
3535.
14*
Jan
Sept
Jan
3*
Apr
3
Apr
5*
Jan
Apr
85*
July
12
Apr
22*
Jan
105
Apr
124*
Aug
74*
927
$2,000
Watling, Lerchen 6l Co.
Members
New York Curb Associate
Ezchangs
Chicago Stock Exchange
Exchange
DETROIT
Buhl Building
telephone:
Randolph 6530
Detroit Stock
Nov. 25 to
Dec.
Exchange
1, both inclusive, compiled from official sales lists
Sales
Friday
Last
Par
Exchange
Chrysler Corp com
Low
Det A Cleve Nav com
High
Week's Range
for
of Prices
Low
High
269
89
15
1*
Apr
Jan
17*
Mar
3
Oct
Price
7*
Shares
859
17
Apr
31*
Jan
11*
Aug
300
1*
Aug
18*
2*
Jan
863
56*
Apr
92*
Oct
21*
22*
761
12
12
435
86
1*
86
Sept
'
Jan
1
3*
3*
3*
925
2* June
5*
Nov
10
65c
65c
70c
467
65c
Dec
1.25
Mar
.
123* 124
256
100
..5
1*
1*
100
1
1 *
1*
1,360
1,500
39
40
Mar
55
Det Paper Prod com
1
22
20
20
Oct
22
Oct
Det Steel Corp com
149
8
May
11*
Jan
Ex-Cell-O Aircraft
com
111
98*
Sept
109*
June
Fed Motor Truck com.
*
72
Sept
88*
Nov
Frankenmuth Brew com__l
Apr
125
Oct
1*
Apr
2*
1
Aug
2
85c
Aug
9*
Apr
15*
Nov
Apr
25
Sept
2*
Sept
Jan
Jan
"2*
1*
1*
16
335
22*
130
4*
3
108* 109
101
15*
22*
1*
5
8
25
Jan
7*
7*
1*
High
Low
5
Apr
6*
Det Gray Iron com
Det-Mich Stove com
Range Since Jan. 1, 1939
Week
*
*
12*c
5
Continental Motors com.
Week
Shares
Briggs Mfg com
Burroughs Add Mach
Burry Biscuit com
Range Since Jan. 1, 1939
for
1
Baldwin Rubber com
52*
88*
Nov
30
22
88*
Sept
70
8
108*
5
Apr
52
"22"
*
100
100
16*
9
60
Detroit Edison com
Amer Laundry Mach..
July
55
White Motor
Sales
Low
3
515
67*
67*
1, both inclusive, compiled from official sales lists
Par
Jan
25
695
3*
100
Stocks—
Stocks—
July
Aug
Teletype Cin. 274-275
Week's Range
10
.
13*
Sale
Last
Apr
Sept
St., Cincinnati
Friday
7
2
Established 1878
Not. 25 to Dec.
Apr
Sept
36*
West Res Inv Co
and Other Principal Exchanges
Cincinnati Stock
Jan
7*
500
16
9
Cincinnati Stock Exchange. New York Stock Exchange
Telephone Cherry 3470
Mar
26
13*
Weinberger Drug Stores.. *
5*
2*
Oct
Sept
36
Sept
Jan
1 *
15*
10
25
n
Sept
2*
3
548
Oct
83
Wi LYONS *£&
Fourth
Aug
375
Cincinnati Listed and Unlisted Securities
E.
Oct
7*
Oct
4
Detroit Stock
115
12*
10
New York Stock
Members:
29
Apr
10
Bonds—
Com'wealth Edis 3*s 1958
Apr
a28* a30*
5*
5*
36
*
7*
14*
6*
10
1
July
*
Zenith Radio Corp com..*
*
300
2
Wla-jonsln Bankshrs com.*
*
1,000
7*
Williams Oil-OMatic com*
Otis Steel com
Packer Corp
1*
1 *
Wieboldt Stores Inc com..*
Oct
Oct
2*
-
150
1 *
1*
a22* a23
all* all*
*
Jan
107* 112*
W'house El A Mfg com..50
Sept
37*
3
*
Nov
36*
18
Apr
86
Sept
120
July
Oct
18*
al4* al5*
14*
162
39*
12*
alO* all*
93*
100
Jan
31
*
112*
79*
119*
26*
Feb
Oct
Sept
1
1
Apr
25*
14
75
Murray Ohio Mfg
*
Western Un Teleg com. 100
Apr
75
National Acme
Sept
Apr
6*
July
Jan
Mar
Sept
15*
10
7*
700
34
15*
49
Jan
2*
9
34
66*
21
33
45
11
5*
a32* a32*
26*
26*
185
1 *
2*
69
438
5*
5*
McKee (A G) B
274
20*
Aug
11
Medusa Portland Cement *
252
1*
3
Jan
Nov
13*
20*
145
45
1*
*
103
42
83*
*
May
*
87*
115* 116*
5
96
*
84*
12*
69
Nov
20
*
Monarch Machine Tool
Apr
Nov
15
Leland Electric
Sept
66
51
45
Aug
Lamson A Sessions
25
Apr
Apr
Apr
11
Interlake Steamship
81*
63*
65*
101*
Midland Steel Product-
17
40
29
4
Sept
7
56
July
57
4
37*
Jan
15
175
*
July
Sept
5*
20
17
Oct
Mar
101* 102
*
Apr
Aug
6*
50
24*
17*
...5
Sept
23*
934
655
7
com..
Apr
a20
30*
12*
7*
17*
395
7
30*
.*
Wrigley (Wm Jr) cap
15*
*
Goodyear Tire A Rubber. *
Mar
13*
29*
100
com
a20* a22*
Goodrich (B F)
Hanna (M
Apr
750
Utah Radio Products com *
Conv preferred
General Tire A Rubber..25
*
Halle Bros
Sept
Oct
19
120
Faultless Rubber...
Greif Bros
1
16
United States Steel com..*
Walgreen Co common
16*
Jan
30*
Apr
35
*
Oct
110*
118*
Apr
14
44
*103
17*
114
100
Eaton Mfg
Nov
9
9*
14*
Sept
200
26*
4
17*
24
1,500
2
15*
Union Carb A Carbon cap *
7% preferred
Aug
Oct
Aug
15*
114*
a28* a29*
Dow Chemical pref
Harbauer Co..
*15*
2
Utility A Ind Corp com
Sept
7
United Air Lines Tr cap.5
Woodall Indust
8*
16*
8*
U S Gypsum Co com...20
Wahl Co
140
25*
~~8H
10
25
com
Oct
Mar
25
Swift & Co
32
22*
15
International
Oct
800
1*
11*
1*
11*
Sunstrand Mach Tool com5
Swift
Nov
19*
14*
10*
5
Storkline Furniture
85*
22*
110* 110*
.....
Convertible preferred .20
Standard Oil of Ind
26
Stewart-Warner
12
Apr
Apr
8
14
21*
2
Standard Dredge—
Common
10
Jan
Aug
60*
21*
*
7% pflOO
Spiegel Inc com
Apr
7
140
200
30
22*
945
18
30
Sou Bend Lathe Wks cap. 5
Southwest G & El
10
81*
9*
..30
1
150
27
79*
17*
Signode Steel Strap com..*
27
Nov
Akron Brass Mfg
Amer Hone Prod
4*
150
2*
May
6*
Nov
2*
2*
300
1*
Apr
2*
July
15
3534
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Sales
Friday
Week's
Last
Sale
Stocks {Concluded)
Par
Gar Wood Indcora
General Motors
Range
of Prices
IsOw
Price
3
High
5
for
4
1.607
38
10
52%
2%
2%
90c
98c
Apr
Apr
Sept
50c
Aug
1%
Jan
45c
Mar
Nov
Grand Valley Brew com__l
39c
39c
39c
1,425
Hall Lamp com
3%
3%
2%
590
2
*
Hoover Ball & Hear
Hudson Motor Car
_
Kresge (8 8) com
Lakey Fdy & Mach
Apr
Oct
Tom Reed Gold
1
5c
Jan
Zenda Gold
1
2%c
17
17
350
10
Apr
4%
18%
12%
13%
1,860
9
Apr
17
5%
2
10
25%
com..
1
4%
corn...
1
Oct
Feb
Amer Rad & Std Sanl
*
Amer Smelt & Refin Co...
Amer Tel & Tel Co
1,040
4%
Jan
Anaconda
52c
310
40c
Apr
76c
Jan
1%
Aug
2%
Sept
253
2C%
2%
Jan
100
hunge
Range Since Jan. 1, 1939
for
Week
High
Low
Shares
Apr
8%
Apr
al0%
o50%
Copper..
50
o30%
Nov
4%
Oct
2.50
Jan
2,000
5c
Nov
14c
Aug
1,000
2c June
4c
Jan
500
5c
5c
2%c
2%c
1.45
105
a28%
B org-Warner Corp
6%
166
Sept
42% June
Jan
18%
58
Sept
Apr
152
168%
Aug
a30
a32
333
21%
June
39%
Sept
6
6
110
3%
19%
Apr
8%
Sept
25
Apr
24%
Oct
485
3%
Aug
55
19%
Mar
9%
33%
Nov
6
a21%
9
20
al0% al0%
c50% a52%
100 al68% al68%a!70
5
Atlantic Refining Co
25
Aviation Corp (The) (Del)3
Bendix Aviation Corp
5
Aug
1.00
1.45
1.45
Armour & Co (111)
450
48c
1
>
Unlisted—
2%
25%
4%
1
_
Cons 1 :hollar G & S Mln.. 1
56%
2%
5%
Hurd Lock <fc Mfg com
Kingston Prod com
Price
Jan
17
_ .
com
of Prices
Low
High
7%
12 %
10
com.
Houdallle-Hershey B
Par
Week
Nov
30c
215
1
Stocks (Concluded
Uihg
1%
725
Graham-Paige
com
54
Low
545
Goebel brewing com_____l
com
Last
Sale
Shares
5%
Sales
Friday
Range Since Jan. 1, 1939
Week
1939
Dec. 2,
a21% a2l%
6%
7%
Nov
1%
1%
1%
600
Jan
1%
Nov
5
a24
85
21 %
Aug
24%
May
1.00
1.00
1.00
400
55c June
<z28% a29%
a23% a24
1%
Sept
Caterpillar Tractor Co...*
a52
a52
42
Mar
200
20c
Mar
70c
Aug
Columbia Gas & Electric.*
5%
15c
21c
2,750
12c
a6%
50
1
06%
July
Apr
52%
21c
a52%
a6%
80
20c
Apr
36c
Commonwealth & South..*
1%
1%
Apr
Feb
1.00
1%
300
87c
1%
2%
*
1,150
30c June
Sept
2.25 Sept
7% Sept
2,053
4%
Aug
13%
Nov
Jan
31%
Nov
La Salle
Masco Screw Prod
McAleer Mfg.com
McClanahan Oil
____*
com
Mich Sugar com
1
.10
7%
17%
Oct
Kennecott Copper Corp..*
a37%
4
Loew's Idc
a33%
a33% a34%
1%
Jan
8%
2%
Jan
150
Feb
Montgomery Ward & Co.*
3%
2,988
3
Apr
4%
Jan
New York Central RR___*
814
36
Apr
46%
Sept
Nor American Aviation..!
21
w
7%
400
Jan
2%
1.25
350
12%
15%
220
352
5
10
com
16%
5%
5%
Packard Motor Car
*
3%
3%
*
com_
44%
44%
45
18
18
_
com
Parker Rust-Proof com 2.50
Parker Wolverine com...*
7%
Dec
General
Electric
Co
*
Jan
1.75
June
General
Foods Corp
*
18%
Jan
Goodrich (B F) Co
*
Apr
Aug
10%
Motor Wheel com...
Mich Silica...
76c
18%
455
12%
Apr
8%
1%
8%
1%
100
5%
Aug
1,120
1
.5
Penln Metal Prod
1%
2
963
1
10
24%
14%
24%
168
14%
200
99
99
4%
2{)%
2%
22
"in
1
com
com
com
Stearns (Fred'k) com...-*
Preferred
100
Sheller Mfg
Timken-Det Axle
com.
Tom Moore Dlst
.1
Universal Cooler B
a22%
a3%
a3%
Aug
2%
*
a5%
a5%
Apr
2%
Nov
Republic Steel Corp
*
22%
21%
22% June
13%
Apr
25%
16%
Jan
Sears Roebuck & Co
■.*
Jan
Co
Socony-Vacuum Oil Co..15
Southern RyCo
3%
Apr
22%
Nov
1%
Sept
3%
Jan
15c
July
60c
Nov
300
2
3%
Jan
200
1%
Apr
Sept
2%
Sept
2,833
"1%
_*
5
July
Apr
*
Standard Brands Inc
a80
12%
18%
*
a5%
a44%
1
8%
8%
Swift & Co
25
a20%
a20%
Texas Corp (The)
25
Union Carbide A. Carbon.*
a45%
a85%
a41%
2%
a37%
a84%
041%
1%
24%
198
3%
300
Warner Aircraft
com
1%
1%
2,760
67c
Aug
2%
Nov
US Rubber Co
9c
10c
500
8c
Oct
25c
Mar
US Steel Corp...
*
64%
5
c4
1
Wolverine Brew
com
1
3
_
United Aircraft Corp
5
United Corp (The) (Del).*
10
o5%
a44
a45%
1%
..*
12%
18%
25
24%
__.__*
B
a80
Standard OH Co (N J)
Studebaker Corp
Warner Bros Pictures
Walker & Co A
23%
24%
a22% a22%
*
Radio Corp of Amer
10%
2%
23%
North
Packard Motor Car Co...*
American
55
ol7% al9%
Jan
760
2%
al8%
55
Sept
595
50c
55
Sept
470
41c
*
com
4%
*
9%
9%
10
2%
"44c
1
com
Union Investment
4%
20%
..10
Tlvoli Brewing com
A
a28%
a38%
a45%
a20%
Jan
10
*
com
Class
Apr
2
2,120
1.00
12%
Scotten-Dillon
1
610
5
Mid-West Abrasive comSOc
Reo Motor
10%
6%
2%
5
Mtcromattc Hone corn...l
Parke Davis
1
10%
a27% a28%
o38% a39%
c45% a46%
o20% a20%
637% a37%
Motor Products
Murray Corp
Curtlss-Wright Corp
2%
Preferred-
2%
o37%
64%
a4
a3%
a5%
23%
105
24
Feb
8%
166
33%
Aug
40%
Mar
45
20
16%
May
30
30%
Mar
42%
135
200
70
203
1,040
45%
Sept
Sept
45%
Mar
Apr
June
57%
23%
Sept
Nov
12%
106
May
13%
Sept
45
547
June
24%
19%
Oct
Apr
29%
Apr
3
July
26%
4%
Mar
50
70
5
Sept
8%
Mar
1,232
a81%
164
12%
18%
a5%
a44%
8%
a2l%
a46%
a85%
a45%
2%
a39%
67%
737
100
13%
69%
July
Jan
29
Sept
Jan
79%
July
Aug
14%
21%
Sept
7%
50%
Mar
10%
13%
Sept
Mar
45
5%
Nov
61
300
40%
5%
Aug
Apr
158
17%
89
33 %
74
71%
Apr
Aug
Apr
90%
35
Apr
48%
Oct
Apr
3%
Feb
May
51%
Jan
Aug
82%
Sept
Sept
6%
Jan
117
250
2%
100
35
627
43
30
a4
3%
Jan
10
Oct
Sept
Sept
24%
49
Oct
Philadelphia Stock Exchange
Nov. 25 to Dec.
Wm. Cavalier & Co.
1, both inclusive, compiled from official sales lists
Last
Lot
for
of Prices
Week
Price
American Stores
San Francisco Stock Exchange
Los Angeles
....*
American Tel & Tel
Bankers Sec
Teletype L.A. 290
100
12%
168%
Corp pref..50
Los
25 to
Dec.
Sale
Stocks—
Bandlni
Par
Petroleum
Barker Bros
Co..
Price
Range
of Prices
Low
High
for
Week
Shares
Low
4%
4%
750
3%
Jan
24%
24%
13
25%
Apr
6%
33
Bolsa-Ohlca Oil A com.. 10
1%
1%
1%
100
1%
Mar
3%
Broadway Dept Store Inc
6
6
6
100
4%
Sept
8
125
11%
30
82
82
85%
7%
537
7%
6%
11%
5%
25
a6%
a6%
*
72%
11%
72%
9%
11%
40c
11%
*
District Bond Co
Douglas Aircraft Co
Electrical Products Corp.4
Emsco Derrick & Equip..6
1
com
Fltzslmrnons Stores Ltd..*
10
com
General Telephone Corp.20
Gladding McBean & Co..*
Globe Grain & Milling..25
Goodyear Tire & Rubber.*
Holly Development Co...l
Hupp Motor Car Corp___l
Lane
21%
11%
1
Preferred
General Motors
21%
7%
6%
10%
5%
Creameries of Amer vto
Exeter OH Co A
21%
11%
Wells Co
1
9%
53
ol9%
5
.
7%
24%
Range Since Jan. 1..1939
Low
Shares
*
15
10%
61
Apr
Oct
Apr
560
6%
Aug
High
281
300
4
3%
30%
Mar
May
Jan
50
Penna Salt Mfg
50
Phila Elec of Pa $5 pref..*
Phila Elec Pow pref
25
Oct
Phlla Rapid Transit
Jan
Sept
9%
8%
Jan
3%
Apr
Apr
6%
Nov
92%
Aug
7%
Sept
Sept
Sept
36%
Apr
Apr
32
Sept
1% June
2%
3
3%
110
3%
Aug
8%
3%
8%
285
6%
Apr
1%
2%
3,688
1
Feb
21%
23%
174% 174%
118% 119
2,538
2
22%
118%
30%
50
30%
31
....50
4%
2%
5%
Philadelphia Traction...50
Salt Dome OH Corp
1
10%
10%
Sept
Sept
Scott Paper
7% preferred
Feb
147
6%
Mar
73
276
60%
9%
11%
280
8%
450
6%
Apr
40c
40c
1,200
40c
Apr
67 %C
Jan
Union Traction
11%
52%
11%
54
100
9%
May
13%
Oct
505
37%
Apr
56%
Oct
United Corp com..
Preferred
9%
Jan
Sept
Apr
6%
84%
Nov
Sept
11%
Mar
12
Nov
Aug
30
*
7%
7%
24%
24%
317
23%
Sept
35%
Mar
70c 77 %c
2,600
70c
Aug
1.40
1,294
34%
Nov
56%
Jan
38
4%
6%
10
Sept
Sept
Aug
200
75c
Aug
2%
Jan
57%
57%
41
Aug
119%
Aug
28%
Sept
32%
Nov
2,468
1%
Mar
3%
Aug
127
2% June
6
Nov
266
6%
183
20
33%
200
11%
Apr
Apr
43%
41
Nov
Feb
Aug
7
53
July
42
Aug
Apr
Jan
16%
%
*
*
14%
1%
904
%
Aug
1%
Oct
3%
933
2%
Nov
2%
898
2
Jan
Apr
3%
2%
38%
Aug
1%
3
116%
%
%
%
218
1%
*
%
1%
Nov
1
50
...
47%
Sept
Sept
119%
552
10
Transit Invest Corp
Preferred
Preferred
113
27%
Sept
Sept
113
30
3%
Sept
14%
75
3%
Feb
115
38%
14
31%
Jan
15%
12,070
10%
Apr
116% 118%
126
107%
Sept
Apr
Westmoreland Inc
*
9%
10%
526
8
Westmoreland Coal
*
11%
11%
120
7%
Jan
40
Aug
15%
118%
Nov
11%
Sept
12%
Sept
Nov
Jan
1
2%
Tacony-Palmyra Bridge..*
Tonopah Mining
1
United Gas Improv com..*
5
Jan
3%
23%
50
3%
Oct
Aug
8%
58%
605
100
5
Jan
124%
May
28%
17%
93%
13%
5%
Mar
65
818
*
Mar
20%
118
54%
1
July
170%
15%
200
32
2%
14%
4
33%
Mar
400
122% 123%
5%
5%
5%
5%
10%
117%
52%
Pennroad Corp vtc
Pennsylvania RR
Apr
Apr
Aug
Sept
Apr
Aug
11
130
33
Mar
260
148%
55
52%
7%
5
316
15%
84%
4
8%
30%
3%
5
15
405
33
1(M>
al9% al9%
11%
12%
168% 169%
14
13%
Horn & Hardart (N Y) cm*
630
6%
11%
5%
a6%
5%
*
com
Nat'l Power & Light
4%
24%
Chrysler Corp
5
Consolidated Oil Corp....
Consolidated Steel Corp..*
5
Curtis Pub Co
Lehigh Coal & Navigation*
Lehigh Valley
50
High
1
Central Investm't CorplOO
High
Electric Storage Battery 100
General Motors
10
Range Since Jan. 1, 1939
5%% pref..60
Calif Packing Corp com..*
*
Chrysler Corp
Sales
Week's
122%
Budd (E G) Mfg Co
Budd Wheel Co
Angeles Stock Exchange
Last
"15"
Barber Co
1, both inclusive, compiled from official sales lists
Friday
10
Bell Tel Co of Pa pref.. 100
Nov.
Low
Chicago Board of Trada
Angelet Stock Exchanga
523 W. 6th St.
Par
Week's Range
Sale
Stocks—
New York Stock Exchange
Sales
Friday
MEMBERS
70c
1
1
9%
9%
Jan
9
May
9%
100
8%
Oct
Lincoln Petroleum Co.. 10c
8c
8c
10c
600
5c
July
14c
Apr
Lockheed Aircraft Corp._l
Los Ang Industries Inc...2
29%
2%
29%
2%
3%
2%
30%
805
Aug
36%
Apr
Bonds—
Elec & Peoples tr ctfs 4s 1945
Leh Val ami 6s.
Feb
2,122
18%
1%
Apr
Los Ang Investment Co. 10
4
Menasco Mfg Co
2%
1
Mid-Western OH Co
2%
11%
May
11
$54,000
68
2,000
Jan
11%
Nov
Nov
80%
Sept
Dec. 1, both inclusive, compiled from official sales
lists
1%
Jan
2%
4%
Mar
3,506
1%
Aug
5%
Jan
Pittsburgh Stock Exchange
Nov. 25
to
5c
lc
lc
lc
1,000
lc
Apr
4c
Feb
Oceanic Oil Co..
]
40c
40c
40c
200
35c
Oct
85c
Jan
Pacific Clay Products
*
Friday
4%
4%
4%
175
4%
Oct
7%
Jan
Last
ol5c
al5c
200
12%
12%
a31% a32%
34%
34%
a47% a48%
7%
7%
500
Pacific Distillers Inc
1
Pacific Finance Corp coinlO
Pacific Gas & Elec com..25
Pacific Indemnity Co
Pacific
blunting
10
com
.
5%% pref...
34%
*
Pacific Western OH Corp 10
Republic Petroleum com. I
50
Rice Ranch OH Co
Ricti field Oil Corp com
al5c
12%
a32
7%
2%
38
17c
*
8%
Safeway Stores Inc.-
18c
12%
Mar
Apr
34%
Aug
Jan
35
July
Allegheny Ludlum Steel..*
Jan
50
July
Arkansas Nat Gas pref. 100
10%
Mar
Armstrong Cork Co
*
38%
37%
22%
7%
38%
Blaw-Knox Co
*
11%
11%
12
Byers (A M) com
*
12%
12%
Carnegie Metals Co..
1
50c
725
27%
228
43
1,550
40
4,000
7%
Sept
2
July
30
June
14c
30c
3%
38
30c
10%
8%
1%
9
6%
Apr
1%
127
1%
July
7%
8
455
3%
Jan
2,320
4%
30%
Sept
7%
Mar
48%
5%
*
a49%
30%
Sierra Trading Corp
Signal OH & Gas Co A
27%
25c
*
Sontag Chain Stores Ltd.*
80 Calif Edison Co Ltd..25
B
26
5 % % preferred O.
..25
So Cal Gas Co 6% pref..25
Southern Pacific Co... 100
Standard Oil Co of Calif.
*
Superior Oil Co (The)...25
Transamerica Corp
2
Union Oil of Calif
5%
5%
a48% a50%
30%
2c
7
980
31
88
2c
27%
170
24%
7%
550
6%
2,109
23
1,177
29%
28%
27%
29%
28%
33
33
33
15%
25%
35%
15%
25%
16%
25%
35%
6%
35%
6%
16%
2%
17
25
16%
2%
3
Jan
2c
27%
29%
28%
WeHington Oil Co of Del
YosemJtePtldCement prflO
26
27%
7
6%
105
27%
Jan
Jan
33
Jan
Electric Products
Follansbee Bros pref
Fort Pitt Brewing
Alaska-Juneau Gold
29
Aug
Apr
Apr
1%
90c
Jan
1.50
Aug
Apr
21%
Jan
Aug
33%
Sept
Sept
Sept
45%
Mar
Aug
19%
8
Preferred
*
Pittsburgh Coal com
10
Pittsburgh Oil & Gas
5
Pittsburgh Screw & Bolt..*
311
55
Feb
Nov
July
94%
159
7%
Apr
10%
Nov
5
5
965
4
Apr
5%
Sept
1%
1%
7%
410
1%
3%
Sept
7%
300
7%
Oct
9
1%
1%
300
1%
Oct
2
Jan
22
Apr
32
Nov
3
May
9%
"5"
1%
32
30%
32
360
5
100
1%
1%
175
7%
8
85
5
"l%
1
4%
July
Oct
12%
Sept
Oct
1%
May
Sept
11%
Sept
Reymer & Brothers
*
2
2
580
2
May
3
Jan
Shamrock Oil & Gas
1
2%
2%
300
1%
June
4
Sept
32%
34%
264
25%
Apr
Jan
United Engine & Foundry 5
3%
Jan
Waverly Oil Works A
80
6%
Sept
13c
6,000
lie
Nov
30c
Jan
7c
7c
7c
1,000
6%c
July
20c
Aug
32%
3
*
WestinghouseElec & Mfg50
a6%
11c
1
94%
9%
Jan
Sept
Mar
a6%
88
6%
20
Sept
11c
.
93
*
5
10
Feb
Apr
6%
Lone Star Gas Co..
.*
Mountain Fuel Supply. .10
Natl Fireproofing Corp...*
Jan
Jan
Apr
5
Koppers Gas & Coke prflOO
May
5%
65
Jan
a6%
3535,
Mar
5
20
Jan
10
1
14%
301
100
6c
10
Mammoth Cons. 10c
see page
Sept
1%
32%
Sept
Nov
1.25
5%
33%
200
17%
16%
15%
Jan
3
Apr
25c June
5%
Nov
Apr
Sept
7%
15%
1
32
2%
2%
8%
60
*
100
5
60
100
Pittsburgh Brewing Co...*
15%
Jan
Sept
Natl Radiator Corp.
100
May
56%
JO
June
2,536
1,513
7%
Sept
650
29% June
10%
Jan
33%
1,372
Aug
Jan
5%
105
6%
6%
SeDt
27%
258
11%
29%
34
High
Aug
6%
Sept
24%
40c
Low
14%
6%
Sept
440
6%
147
10%
25
791
22%
Week
Shares
Clark (D L) Candy Co...*
Columbia Gas & Electric.*
27%
1,211
of Prices
High
Low
Duquesne Brewing Co...5
Apr
Sept
Jan
Price
Jan
Jan
Westinghouse Air Brake..*
Cardinal Gold
For footnotes
Par
Nov
3%
8
Mining—
Black
Sale
Stocks—
560
2%
3
2c
2,000
Feb
Nov
Sept
8
Security Co units hen int..
preferred
2%
38
17c
Feb
Apr
1%
Warrants
Roberts Public Markets..2
Ryan Aeronautical Co._.l
6%
2%
38
.1
Range Since Jan. 1, 1939
for
15c
260
250
Sales
Week's Range
9%
28
156
6%
68
Jan
755
2%
4
10%
68
'26%
3
26
28%
107% 112%
35%
Oct
50
1
July
3
Nov
302
18
Apr
37
Sept
109
83%
Apr
119%
Sept
74
1%
July
3%
Seplt
Jan
Unlisted—■
Pennroad Corp vtc.__.-l
1%
1)
Volume
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
149
Sales
Friday
Range Since Jan. 1,1939
Last
Alton, HI.
Stocks CConcluded)
FRANCIS, BRO. & CO.
National Auto fibres
Natomas Co
ESTABLISHED 1877
No
INVESTMENT SECURITIES
FOURTH
AND
OLIVE
ST.
Oliver Utd Filters B
MEMBERS
New York Cotton Exchange
N. Y. Coffee & Sugar Exchange
St. Louis Merchants Exchange
inclusive, compiled from official sales lists
Week's Range
for
Sale
of Prices
Low
High
Range Since Jan. 1, 1939
Low
*
com
38%
37
*
36%
38%
36%
315
com
Burkart Mfg com
Preferred
1
18
18
225
32
32
Central Brew
*
5
com
Century Electric Co
2%
4
10
Coca-Cola Bottling com_.l
75
1,804
2%
4
200
32%
100
1%
6
com
4
32
Collins-Morris Shoe com.l
Columbia Brew
1.95
60
High
1%
250
60
15
HydraulicPrsd Brick
Preferred
cm
100
38
7%
*
com
21
20
34%
Mar
Nov
9%
Jan
Apr
Oct
20%
Nov
1,230
Anr
Jan
10%
134
6%
13%
Jan
July
1,332
4%
44
4%
Sept
Mar
6%
5%
25%
24%
33%
15%
33%
150
28%
16%
1,080
10%
*
2c
2c
200
2c
Nov
35c
Jan
Spring Valley Co Ltd....*
Standard Oil Co of Calif..*
15
6%
26
4%
24%
Apr
25%
Aug
33%
Nov
Sept
100
So Pac Gold Gate Co A
1
8%
17c
11
11
440
28
29
275
25
17%
18
354
10%
10%
260
American Tel A Tel Co. 100 0168% al68%al69%
52c
57c
410
9%
147%
1,250
43c
148
790
21%
6%
112
23
85
Mar
95
Nov
5
45
Sept
58
June
100
120
2%
308
35
50
210
13c
July
1.30 May
31
May
5
Aug
Oct
7%
4
Apr
Feb
.5
11
Jan
Waialua Agricultural Co 20
29
Wells Fargo Bk & U T.100
"17%
Western Pipe & Steel Co. 10
Dec
Sept
Dec
8%
Apr
38%
15%
11%
9
Apr
12
Dec
Mar
22
Apr
36
Sept
100
Mar
105
Dec
6
Apr
11
Oct
83% June
100
6
275
Dec
Amer Rad A Std
Sanitary. *
Amer Toll Bridge (Del)..l
Anaconda Copper Mln..50
Anglo Nat Corp A com.
_.
*
Atch Top & Santa Fe..l00
Atlas Corp com
7%
a26% a26%
7%
026
135
Nov
Dec
6%
100
5
Sept
8%
July
6%
420
4%
Apr
6%
Sept
10
5%
21%
Jan
9%
Nov
Apr
32%
Mar
City & Suburb P S 5s '34
38%
5s c-d's
United Railway 4s.. 1934
*
4s c-d's
37 %
38%
37%
37%
37
$6,000
25,000
69,000
38
56,000
38%
Nov
39%
38%
Nov
Domlnguez Oil Co
Jan
Nov
Dumbarton Bridge
Jan
38
Nov
27
Curtlss-Wrlght Corp
__*
Goodrich (B F) Co com
San
Francisco Stock
Exchange
Par
Week's Range
for
Sale
of Prices
Price
Low
High
6%
3%
Associated Insur Fund.. 10
Bandlni Petrol com
Byron Jackson Co
*
Calaveras Cement pref. 100
Low
"5%
6%
936
4
890
10c
High
5%
124
July
Oct
Apr
13%
9%
Aug
Sept
2,682
13%
Nov
37%
305
31
Nov
771
Apr
Aug
38
25c
347
115
1,755
70
4%
320
7%
44%
Apr
870
3%
5%
Aug
Sept
15c
12c
Jan
053%
Mountain City Copper...6
,Nash-KeIvinator Corp...5
National Distillers Prod..*
4
North American Aviation 1
Oct
46
Apr
Olaa Sugar Co.
15%
Oct
21c
1,210
Onomea Sugar Co
20
Pacific Ptld Cement prflOO
Packard Motor Co com..*
4%
a6%
a6%
a24% a24%
23%
23%
©22% ©22%
5%
5%
20
Sept
Feb
Apr
23%
22
22
"40%
Jan
54%
Oct
Studebaker Corp com
1
108
Feb
"44%
25
Sept
Texas Corp com
.25
United Aircraft Corp cap. 5
100
United Corp of Del
U S Petroleum
*
"2%
a45% 045%
2%
2%
..1
90c
Sept
107
*
1
23
107
21%
5%
Crown Zellerbach com...5
"iff"
*
88%
15%
107
15
23
863
5%
16
100
3,416
513
88
55c
55c
139
3.00
Cypress Abbey Co
2
Di Giorgio Fruit com...10
3.00
512
11%
9%
60
11
...100
9%
*
215
26c June
103% June
16%
4
9
76%
55c
Apr
Jan
Apr
July
Nov
1.90 May
45c
62
Mar
6% preferred.
July
5%
July
16%
Sept
91
Jan
68c June
4.50
Feb
Apr
21
17
25
Apr
Oct
7%
8%
Sept
Mar
Jan
Nov
60
3
Apr
357
20
Mar
5%
415
19%
105
Aug
Sept
23%
Jan
27% Sept
25% Sept
5% Nov
5%
Ap'
44%
Jan
33% Aug
2% May
1,449
674
175
200
210
35
30
25%
Aug
11
Sept
30
Sept
Feb
48
4%
26
Jan
Sept
8%
Jan
25% Mar
29% Aug
29% July
29% June
7%
10
47%
Mar
Oct
Oct
Nov
50
3%
Feb
1.40 Sept
95c
1,350
54c
65%
67%
881
43%
Aug
Warner Bros Pictures—.5
a3%
104
3%
Sept
6%
Mar
Western Pacific com... 100
%
04%
%
200
%
May
%
Oct
Jan
8
05%
8%
57
United States Steel com..*
Feb
8% May
8% Sept
25
5%% pref
Sept
4%
Jan
July
Sept
21c Sept
40
35
Sept
2.90
37c
2.80
44
12
316
40
1,155
1,300
Feb
18%
53
280
3%
Sept
9%
50
53
30c
52%
3%
July
July
Jan
7
54%
77
*
27c
52%
3%
53%
104
Nov
Mar
Standard Brands Inc.
Oct
Jan
Jan
20%
Nov
Oct
Nov
Feb
42%
28
93
*
©21%
12%
Jan
29
Apr
96
Pennsylvania RR Co—50
Radio Corp of America.
*
Schumacher Wall Bd pref. *
So Cailf Edison com
25
30c
Oct
Jan
Aug
92
55%
48%
10
Jan
Nov
Sept
Sept
1%
Sept
13%
Apr
21% June
3%
Apr
25
25
344
61
35c
40c
30
Apr
10c June
460
85
50%
50%
52%
Coast Cos G&E 1st pref 100
29
110
40%
40%
©3%
o3%
o2l% a23%
6%
6
24%
25
27
27%
29%
29%
28%
28%
o5%
a5%
8%
8%
44%
44%
Oct
Apr
"28c
Chrysler Corp com.
5
Clorox Chemical Co.—10
6% June
31%
Apr
16% Aug
5% Sept
38%
Oct
4
Sept
13c July
1.50
Apr
165
85
50%
25c
8
7
Cent Eureka Mln Co com 1
Preferred....
81
Sept
Aug
Aug
33%
07%
10%
28%
6%
4%
165
203
33
Carson Hill Gold M cap__l
El Dorado Oil Works
235
65
1,500
55
Caterpillar Tractor com..*
Preferred
Jan
30%
5
12c
1,665
101% 101%
50
Calif Water Service preflOO
Creameries ofAm v t c
25c
1%
a7%
13%
Feb
Feb
9
'
18
12c
34
35c
June
Nov
120
«7%
13
20c
78
Nov
Aug
17c
10
13%
Apr
Mar
5c
100
2,028
a53% a55%
Montgomery Ward A Co.*
North Amer Co com
124
Nov
112
Jan
850
Jan
9%
8%
33%
3%
802
17
39c
36%
Aug
Apr
Apr
Aug
1,247
Apr
21
Aug
3%
4%
816
17c
Apr
20
Aug
1.55
4
39c
*
Mar
Sept
37%
Mar
Mar
38%
11%
Apr
1.50
12
5%
Mar
67o
37%
,40
5%
17
170
1.50
200
Nov
Nov
Apr
Sept
37%
304
4%
Sept
1
4%
21c
Callf-Engels Mining Co.25
Calif Packing Corp com..*
Cons Chem In dust A
10%
190
27
4%
%
4%
1
com
Jan
30c
Apr
15
,
o37% a38%
*
33
Calif Cotton Mills com. 100
Preferred
600
Jan
7%
o38
a39%
20%
20%
5%
5%
038%
Mines.. 1
Preferred
Range Since Jan. 1, 1939
Shares
Sept
100
International Tel A Tel cm*
125% 126
15%
15%
1
Bank of California N A. .80
California Ink Co cap
6%
3%
4%
14C
37
300
36
7%
7%
Monolith Ptld Cem8% pflO
14c
Oct
Aug
Nov
24%
266%
11%
Kenn Copper Corp com..*
M J & M & M Cons
..*
Week
Anglo-Amer Mining Corp 1
Anglo-Calif Nat'l Bank_2Q
11%
Nov
July
Sept
9%
*
Intl Nickel Co of Can
ItaloPetof Amer
Sales
Last
Stocks—
Idaho-Maryland
both inclusive, compiled from official sales lists
Friday
4.75
Jan
Sept
5c
9%
*
.10
General Electric Co
Nov. 25 to Dec. 1,
14%
17%
25c
Electric Bond A Share Co 5
24%
24%
19%
13%
36%
o7
Jan
24%
38%
Jan
Sept
8
a7
Claude Neon Lights com. I
Coen Co's Inc A com
May
38%
39%
July
14%
30%
1%
Consolidated Oil Corp..
*
36
o5%
28%
1%
081%
4%
a%
Cal-Ore Pow6% pref '27100
Cities Service Co com.. 10
315
34% June
21%
Jan
5c
Blair & Co Inc cap....... 1
8%
Aug
6% May
Feb
Sept
7%
06%
29%
1%
o81%
4%
a%
6%
Bendlx Aviation Corp.-.6
2
6%
2%
Sept
60
a8
08
08
Bait A Ohio RR com... 100
5%
29
1.90
370
40
Aug
Aug
Aug
July
Apr
Apr
12
453
a32
a30
031%
7%
5
3
Aviation Corp of Del.
2%
June
9%
5
Jan
6
29
Unlisted—
5%
2%
3%
545
7%
Mar
Sept
10
100
3%
1
Oct
8
10%
8%
25%
25
10%
15
Sept
30c
3.CO
41
175
32%
105
.25
..
Union Sugar com
..25
United Air Lines Corp
5
Universal Consol Oil
10
Victor Equip Co com
Preferred
Bonds—
*
Jan
4%
2
Cons Edison Co of N Y..*
*
21
15%
6%
27%
2,250
Sept
Apr
100
8%
6%
8%
27 %
6%
6%
Apr
11
2,641
262
Corp
6%
15
26
13%
15%
3%
223
.10
"15%
5%
5%
13%
8% June
9% Mar
18
5%
Union Oil Co of Calif.
12
com.
17
17
18%
"5%
Nov
11%
32%
com
,_l
com
9
8%
8%
80
29
38
Oct
26%
Apr
Sept
5
Wagner Electric
June
Sept
11
Stlx Baer & Fuller
7
June
11
5
Mar
5%
Oct
Scruggs-V-B Inc com
Sterling Alum com.
60
6
7%
100
Nov
57
Apr
"2%
993
Jan
21
10
Sept
Apr
"loo"
106
50
6%
23
10
100
Dec
Sept
15%
com
21
So Calif Gas pref ser A..25
27%
Rice-Stix D Gds
21
July
Sent
10%
Southern Paclflo Co
165
St Louis Bk Bldg Equp cm*
3%
50
8%
10
100
100
7%
105
10
59%
11%
12% June
Aug
320
lolT"
10
"16"
Sept
Aug
770
Sept
210
*
157
36%
295
4
15%
National Candy com,
2d preferred-
133
Sept
184
18%
2%
38%
Natl Bearings Metals com *
Preferred
100
Apr
130
45
16%
32%
22
"iiH
114
43
45
26%
July
14%
25
25
149
18
July
21%
38%
com
128
149
15%
July
15 %
Mo Ptld Cement
128
149
26
31
38 %
com.
Sept
Sept
128
1
Jan
*
com...
330
Sept
4%
18%
July
July
25
com
Preferred
20
Meyer Blanke com.___..*
Midwest Piping & Sply cm*
McQuay-Norris
20%
20
100
6,698
697
6
......
Lacledo-Christy Clay com*
Laclede Steel
2%
37%
126
10%
6%
16%
53%
17c
*
com
June
205
5%
5%
32%
35
95
53%
100
_
International Shoe
Key Co com
Knapp Monarch
95
Aug
July
Jan
July
109
108
29
10%
6%
16%
7%
10
26%
41%
815
32%
7
100
917
48
Super Mold Corp cap___10
80
com
Mar
Trans am erica
7%
Preferred
Jan
34%
35%
31%
50%
109%
7%
22%
Tide Water Ass'd Oil comlO
7
Hyde Park Bew
2.40
Apr
Sept
Sept
Feb
Oct
80
5
...
Sept
Nov
Emerson Electric pref_.100
Falstaff Brew com
1
com
1.25
27%
Mar
100
Huttig S& D
109""
134
2,208
2,101
18
18
Oct
1.40
32%
33%
30%
15%
32%
26%
18
*
Oct
Sept
14%
14% June
14%
26%
Ely & Walker D Gds com25
Dr Pepper com
7%
Jan
1.40
R E & R Co Ltd pref.. 100
Ryan Aeronautical Co...*
1%
Sept
32%
32%
29%
47%
32%
33%
30%
Schlesinger Co B F 7% pf50
Sound view Pulp Co com.. 5
26
Sept
8%
3%
Dec
1%
2%
July
28c
Aug
8
Sept
38%
12
10c June
300
*
;
Feb
Jan
Mar
Sept
5
285
41
Feb
5,500
20
5%
Jan
30%
14% May
27
July
12%
*
com
Sept
9%
360
13c
7
8%
5%
Puget Sound P & T com..*
Roos Bros
American Inv
Brown Shoe
10%
11c
7
11c
Rheem
Shares
24
9%
11%
37%
Manufacturing Co *
Richfield Oil Corp 00m... 1
Week
Price
10%
10%
26
com
Rayoner Incorp
Sales
Last
Par
Paraffine Co's
40
12%
ldt preferred
.._*
Pacific Tel & Tel com..100
Preferred
100
Exchange
28
9%
High
Apr
*
5%% 1st pref..
26
Paclflo Light Corp com... *
Pacific Light Corp $6 dlv_*
Teletype: St. L 193
10
2,735
1,490
28
6
*
.....
6% 1st pref.....
St. Louis Stock Exchange
Low
Shares
8
7%
*
com
Pacific Pub Serv
Stocks—
1
com
Pacific Coast Aggregates 10
Pacific Gas A Elec com
25
Chicago Stock Exchange
Chicago Board of Trade
Friday
Prlce
Amerlnv6% pref..100
Pacific Can Co
New York Stock Exchange
N. Y. Curb Exchange (Associate)
Nov. 25 to Dec. 1, both
Week
No American Oil Consol.10
LOUIS
St, Louis Stock
for
of Prices
Low
High
Occidental Petroleum
1
O'Connor Moffatt cl A A..*
STREETS
Telephone: CHestnut 6370
Par
Week's Range
Sale-
Tulsa, Okla
3535
•
No par value.
a
90c
Odd lot sales.
Mar
r
Cash sale—Not Included in range
19
Nov
c
Listed,
43%
11%
Sept
ft Ex-stock dividend.
d Deferred delivery.
for year,
x Ex-dividend,
y Ex-rights,
Nov
Sept
82
July
41
Apr
Electrical Products Corp.4
9%
9%
163
Emporium Capwell Corp.*
Preferred (ww)
50
18%
38%
18%
475
14
40
190
Sept
Equip..5
11%
29%
11%
29%
285
Apr
Apr
July
96
Nov
38
Sept
Jan
20
135
34%
6%
29%
Fireman's Fund Ins Co..25
95%
95%
96
147
79%
Food Machine Corp com 10
32
32
32%
430
21%
2.00
1,140
Emsco Derrick &
Ewa Plantation Co cap. .20
2.00
Foster A Kleiser com...2 %
Preferred—
Gen'l Paint Corp com
Preferred
10
20
"52%
Hawaiian Pine Co Ltd...*
Holly Development
1
Home F & M Ins Co cap. 10
72c
Honolulu Oil Corp cap...*
17%
56%
8%
Jan
34
225
5
500
5
Sept
9
996
6
Apr
28%
18%
435
15%
Aug
14
260
11%
19
400
17
Apr
Aug
Nov
1.40
70c
75c
3,300
70c
Oct
Jan
Mar
9%
9%
19%
15%
24%
Jan
Sept
July
120
37
Apr
17
Nov
23%
Feb
20
12
Aug
18%
Sept
40c
Feb
1.75
Sept
Mar
3%
20%
Sept
12%
Mar
2.15
700
1.40
175
15
8%
8%
33
29
30%
8%
103
22
Sept
Apr
2,400
19
Aug
210
4
"50c
100
Apr
3% June
Meier A Frank &
"2 TO
50c
50c
137
30c
Sept
17%
11%
17%
865
11%
Apr
11%
300
2.05
2.40
1,928
9
1.90
ceding
September
publication is stated as, "to revitalize some
national asset, in the light of the violent
war
market with the small markets of the pre¬
months.
It may also help debunk some fictions."
Other
firms have cooperated in the distribution of this brochure, over 300
18
member
mailed
than
half million copies of the first three issues
to their customers.
800
16
contrast of the
firms having
12
100
members of the New York Stock Exchange,
facts about the Exchange as a
Jan
17%
40c
The purpose of this
Lots."
NOTICES
issued the fourth monthly edition of their publication, "Odd
Sept
43
43
—De Coppet & Doremus,
have recently
Mar
17
33
29%
March Calcul Machine...5
Menasco
Apr
350
2.10
*
Con..10
Mfg Co com
1
Apr
5
7
16
LeTourneau )RG) Inc... 1
*
2%
88%
54%
30
40c
10
10
Lockheed Aircraft Corp—1
Magnavox Co Ltd
1,360
52%
Jan
12
Langendorf Utd Bak A.._*
Lyons-Magnus A
9%
41
Honolulu Plantation Co. 20
B
May
19
*
Preferred
5%
5
*
Hunt Brothers com
180
8%
18%
13%
*
Greyhound Corp com
450
8
t In default.
CURRENT
Dec
Nov
20
7
Gladding McBean & Co.. *
Hale Bros Stores Inc.,
2.00
20
30
*
*
Golden State Co Ltd
1.00
14
Apr
Nov
10%
8
—25
Gen'l Metals Corp cap. 2%
General Motors com—
1.70
Jan
36%
sense
Sept
70 Sept
Aug
Jan
Aug
5%
Jan
Oct
to the layman,
the
of
Jackson
& Curtis,
—Philip D.
of
language which makes
according to a pamphlet entitled "What Is the Use
Banker,"
Investment
by
Charlton
MacVeagh,
economist
with
115 Broadway, New York, City investment bankers
and members of the
Feb
18%
11%
serious problem of lack of public
understanding of their business by talking in plain
Oct
36%
4%
a
—Investment bankers can solve the
July
Mar
more
New York Stock Exchange.
Thompson has become associated with the Chicago office
Link, Gorman & Co., Inc. as manager of their municipal department.
Mr. Thompson was
and
Trust
formerly with the Continental Illinois National Bank
Co. and more recently with The Illinois
McDougal & Condon, Inc.
Co. of Chicago and
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3536
Dec.
2,
1939
Canadian Markets
LISTED
AND
UNLISTED
NEW
Service
American Made Markets
Securities.
Members
Montreal Stork Exchange
507 Place
in
Canadian Securities
Greenshields & Co
Montreal Curb Marke t
TORONTO
MONTREAL
YORK
all Canadian
on
d'Armes, Montreal
HART SMITH & CO.
68 R
52 William
Street, N. Y.
Hanover 2- 0987
Teletype 1-395
Provincial and Municipal Issues
Closing bid and asked quotations, Friday, Dec. 1
Province ot Alberta—
Bid
Ask
Province of Ontario—
Jan
1 1948
52
54
6b
4Kb
Oct
1
51
53
6s
Sept
16 1943
6b
May
1 1959
1 1962
1956
Prov ot British Colombia—
Oct
Montreal Stock
Bid
6b
1 1942
Ask
103% 104%
105% 106%
103% 104%
Exchange
Sates
F'iiiuy
Sale
6a
Jnly ,12 1949
92
94
4b
June
4Kb
Oct
87
90
4 %s
Jan
16 1965
July
15 1953
90
95
Week
s
Range
Range Since Jan. 1, 1939
for
Week
of I rices
98% 100%
3%a
Last
1 1963
Province of Manitoba—
94
Stock* (Concluded)
96
Par
Price
Low
4%
Gypsum Lime A Alabas.
4 Ha
Aug
1 1941
83
88
5b
June 15 1954
75
80
4 %s
Mar
2 1950
97%
98%
Hollinger Gold.
Deo
75
80
4s
Feb
1 1958
92
94
Holt Renfrew pref.....100
4%s
May
1 1961
94
96
5b
2 1959
Provmoe oi Quebeo—
Prov of New Brunswick—
5s
Apr
15 1960
4Kb
Apr
15 1961
Province of Nova Scotia—
4 He
Sept
5fl
Mar
16 1952
1
1960
93
92
Preferred..
Prov of Saskatchewan—
5s
96%
98
18"
101%
6
Sept
12
Sept
17
Sept
35
10
37
Nov
37
Nov
18
1,943
17%
66
32
525
Imperial Oil Ltd
*
15%
16%
2,284
12%
15%
15
15%
1,546
13
7%
26%
7%
26%
150
6%
50
23%
*
*
Ask
Bid
Canadian Pacific Ry—
4 Ha
Sept
1 1946
Ask
Internat Pet Co Ltd
International Power
*
Aug
30
Oct
"45%
45%
47%
1,357
42%
Apr
60
Sept
22%
25
1,545
18%
Aug
2
2%
2%
2
Aug
4
June
68
Oct
81
June
13%
9%
Feb
28%
June
16
10
Sept
13%
75%
24
24
IHb
Deo
1,053
15 1944
75
80
4%s
July
1 1960
70
71%
15
175
July
*
15
5fl
Lang & Sons (John A)
Laura Secord
3
1 >H
12%
Massey-Harrls
»
McCoD-Frontenac Oil
*
4Hs
1 1966
Feb
4He
July
1 1957
5b
July
1 1969
6b
Oct
1 1969
58
Feb
1 1970
101
iol%
102
Mont L H A P Consol
100
99 H
100%
100
July
1 1946
...Jan
1 1962
90
Sale
Par
AcmeGIove Wks6 H %Pf 100
Agnew-Surpass Shoe
*
Alberta Pac Gr pref
Jan
1 1962
80
»
Preferred
__100
Electric...*
Anglo Can Tel pref
Asbestos
Preferred
High
17
1,125
6%
90
93
220
51%
55
4%
Sept
7%
55
49%
50
70
24
25
1,797
15
16%
Preferred
1.50
*
...100
167 H
9%
3
*
Canada Cement Co
Preferred
*
Preferred
97
7%
24
105
16
May
28
Sept
75
814
69%
Sept
83%
July
*
Nov
50
34%
555
23
Apr
15
15%
130
14
June
35%
15%
Oct
59%
60
35
38
June
65
Oct
50
125
June
130
7
Sept
12%
6%
Sept
24
109
Sept
115
Feb
1,890
5
Apr
55
15
141
50c
Apr
15%
2%
Jan
27
Sept
178
June
9,625
5%
Sept
12%
Mar
335
21%
Sept
28
Mar
2 %
90
Jan
3
Mar
2
2
4%
255
17
17%
680
12%
Sept
6%
19%
23%
24
305
17%
Sept
28
6 %
6%
7
300
5%
Sept
Aug
10%
Jan
Mar
Mar
100
40
40
124
40
Nov
40
Nov
75
75
932
75
17%
5%
17%
215
14%
3,534
1.50
Nov
75
Nov
May
18
15
6%
16%
Aug
19
40
55
30
June
48
Oct
109
109
5
105
Apr
109
6%
14%
17 H
23 H
17
15%
27%
275
17
23
24%
656
10%
Converters.. 100
Cndn Industrial Alcohol..*
Class B
*
Canadian Locomotive
Canadian Pacific Ry
3%
Cockshutt Plow
6%
Dom Tar A Chem
17%
Oct
3
1,165
1%
3%
115
1.25
6%
9
47%
29
21%
37%
20%
14%
6%
3%
13
5%
100
*
18%
Apr
100
10
May
103
Oct
14
14
102
10
Aug
14
Nov
84%
85%
480
67
Apr
88
Sept
81
82
240
66%
Apr
84
Sept
15%
Sept
12
25
5
Mar
10
150
Sept
310
3
Aug
175
12
Apr
33
Oct
24
Nov
12
155
5%
155
5%
5%
28
28%
Winnipeg Electric A..
*
2.25
2.25
151
1.00
Aug
1.10
Aug
28%
*
2
80
100
10%
11
35
100
45
45
16
2
*
Preferred
*
Jan
Jan
81
Aug
Woods Mfg pref..
Zellers Ltd
Oct
28%
14%
110
84%
17
9%
23
23
7
Feb
17% May
Feb
170
Oct
7%
Oct
3%
3%
Oct
15
Oct
51
Oct
75
7
Feb
9%
Nov
210
22
Apr
24%
July
9%
23
Bank*—
Canadlenne.
140
Sept
167%
Feb
Commerce
100
168
168
46
135
Sept
178
Jan
Montreal
100
210
210
210
108
177
Sept
222
Nova Scotia
100
312
312
312
3
290
Sept
313
Oct
Royal
100
189%
188
190
205
150
Sept
193
May
.100
160
160
50
Jan
Montreal Curb Market
Nov.
25 to Dec. 1,
both inclusive, compiled from official sales lists
123
15%
5
40
13,700
390
129
200
975
3,945
4%
Sept
Mar
4%
Sept
19%
Oct
3%
Sept
9%
8ept
Aug
11%
Oct
Beauharnols Power Corp.*
Brewers & Dists ot Vane..5
37% May
Jan
21%
61%
Jan
Brit Amer Oil Co Ltd
15%
24%
15
25
108
110
105
Paper Co..*
July
115
2,616
Abltlbi Pow A
Par
4
5
7%
5
Apr
Stocks—
Sept
6%
cum
pref
100
Aluminium Ltd
*
Bathurst P A P Co B
*
30
Nov
1.55
12%
Nov
128
Sales
Range
Range Since Jan. 1, 1939
for
Week
Oct
Canada Bread Co Ltd
Jan
22
Oct
Jan
125
Nov
Canada A Dom Sug (new)*
Canada Malting Co Ltd..*
Apr
18
Oct
7%
May
7%
Oct
90%
Oct
10%
696
3
Aug
13
Oct
1.00
125
50c
Feb
Oct
Canad lan Marconi Co
Cndn Power & Paper Inv.*
Cndn Vlckera Ltd
*
19%
15%
92
9
88
6
9
1.50
10
8
Aug
15
Jan
20%
10%
165
19
Mar
23%
Apr
320
Aug
12%
Oct
16
863
6%
11%
Sept
94
5%
722
4
15
32%
107%
Sept
38
June
99
Sept
112
Jan
15
14
Feb
11%
Aug
1.25
930
80c
Sept
250
14%
Sept
45c
4^0
30
25c
Aug
75c
1.20
1.25
150
85c
Jan
1.75
1.00
1
6%
1.00
25
6%
845
2
June
10
Jan
50
50
Sept
60
Feb
6
Jan
13
Nov
1.15
20
6
13%
52
52
13
Mar
6%
Oct
Consol Div Sec pref
*
No par value,
2.50
r
9
Canadian market.
50
9
50c
Mar
1.80
23
Jan
Jan
1.60
Jan
Oct
Oct
975
1.50
Jan
3%
25
6c
6c
Oct
May
Oct
21%
13%
1.25
21%
6
91
33%
Nov
29
Jan
12
Aug
Oct
6%
76
6
Aug
97
June
Sept
4%
20
3%
July
Sept
Jan
23%
18%
108
6
Sept
Mar
25
2%
4
Oct
5%
689
12%
60
Oct
Sept
37
32
6
166
Sept
5%
7%
Feb
11
95
33
142%
May
Sept
19
10
Sept
3%
Jan
21%
Jan
3%
75
37
108
Sept
3
100
3
695
June
1.25
6%
13
615
3%
104
16%
99%
1,551
High
May
23%
Commercial Alcohol pref.5
Consol Div Securities A..*
16%
95
Low
50c
23
Commercial Alcohols Ltd.*
6
4%
5
Mar
Nov
1,355
595
Nov
Sept
6%
285
June
80
100
9%
2,456
4.25
102%
44
150
88
*
13%
128
Canadian Westinghouse..*
Catelli Food Prod Ltd
*
102%
2%
Preferred..
3,180
6%
Cndn Intl Inv Trust Ltd. _*
3%
1.75
16%
99%
23
*
Can Nor Pow 7% cm pf 100
Canada Vinegars Ltd
*
Canadian Breweries Ltd..*
11%
119
Shares
4
5%
Calgary Pw 6% cum prf 100
46%
1.50
4.00
British Columbia Packers*
22
Apr
Apr
Price
*
Jan
101
6
Sept
110
Sept
92
9%
Nov
49%
23
65
5%
*
19%
Apr
23
B
Oct
Aug
*
Preferred
Jan
Nov
6
5
12%
113
98
21
*
406
101
General Steel Ware pref 100
1,175
12%
100
5%
89%
11%
9%
5H% pref..
Rights
23
23%
113
1.90
Feb
9
"is %
23~
*
100
1.00
Foundation Co of Canada
6%
227
of Prices
Low
High
17
10 H
Gatlneau Power.....
107%
Aug
18%
Week's
21
5
19%
Sept
Sept
42
Sale
Apr
123
1
90
100
16%
Last
Aug
Dryden Paper
Electrolux Corp
25
1,490
1,595
42
Friday
19
5%
*
50
5.00
Jan
Oct
105
107
4.75
Jan
90
89%
Wares
96
107
4.75
Nov
200
89%
Charles)...
97
107
25
21
"1%
Famous Players C Corp.
Mar
Jan
103
38%
20%
Eastern Dairies
Nov
19
Sept
103
29
15
67%
Sept
Nov
Oct
Dominion Textile
Preferred
19%
120
20%
26
Aug
15
34
Apr
47
100
Dominion Steel A Coal B 25
Dominion Stores Ltd
Aug
98
8%
*
39
142
2,326
Oct
75
13
Gonsol Mining A Smelting 5
Crown Cork A Seal Co.._*
Distillers Seagrams
•
Dominion Bridge
Dominion Coal pref
Dominion Glass
6%
7%
126
3
*
25
790
Aug
21
103
30
16%
97%
100
Nov
119
67%
100
Oct
40
......
19
__*
*
Oct
10%
17%
67%
16%
.100
...25
176
10
Mar
*
1,669
130
Oct
Oct
July
102
*
18%
Wilsils Ltd
•
Oct
100
"Io%
•
Wabasso Cotton
Oct
Nov
79
Rights
32%
130
•
Tuckett Tobacco pref. .100
United Steel Corp
»
Oct
9%
26%
17%
Preferred 7%
33
100
Tooke Bros pref
Aug
5
387
•
Oct
76%
15%
Preferred
Jan
17
93%
25
Aug
60
Steel Co of Canada
Jan
28%
Sept
17
15%
,
Southern Canada Power..*
Oct
Oct
93%
50
Mar
75
Preferred
Nov
Sept
Preferred
Canadian Celanese
i
20%
Apr
11
Canadian Car A Foundry. *
General Steel
Apr
100
5% preferred
Canadian Bronze
43
23%
*
*
Sher Williams of Can
Oct
Oct
23 H
Can North Power Corp
*
Canada Steamship (new).*
Jan
Sept
39%
Shawinlgan W A Power..*
Nov
11%
35%
100
Preferred
Gurd
50
Apr
Apr
100
Can Iron Foundries
Canadian
Nov
17%
310
4%
70
805
St Lawrence Paper pref. 100
47
280
836
2%
MUlsI 11II1111 *
Building Products A (new)*
Dredging
5
Bulolo Gold
13%
9%
14
1.65
26
.
112
50
25%
25%
167% 168
8%
Nov
4,342
69
A preferred
High
16H
25
175
16 X
Bell Telephone
100
Brazilian Tr Lt A Power.*
British Col Power Cor p a *
Low
92
50
"24 %
Bawlf (N) Grain
Mar
59
Saguenay Power pref
Week
Shares
11
12%
28
158
30%
66
St Lawrence Corp
33%
13
Nov
50
Quebec Power
Range Since Jan. 1, 1939
*
Bathurst Pow & Paper A
Bruck SUk
of Prices
112
June
80
50
Holland Paper pref
for
11
100
33
22
26%
21%
Sept
21%
66%
5% preferred
50
50
Nov
31
Power Corp of Canada
Price Bros A Co Ltd
Exchange
._*
Corp
Associated Breweries.
Oct
Sept
345
Ogllvle Flour Mills
Sales
7%
9%
9%
110
Penmans
31%
15%
7%
Feb
Apr
Ottawa L H & Power. .100
Week's Range
Low
Sept
2%
5%
100
37%
Niagara Wire Weaving
82
50
*
Aigoma Steel Corp
Amalgamated
Price
15
36%
Noranda Mines Ltd
93
3s
Friday
Stocks—
116
National Steel Car Corp..*
1, both inclusive, compiled from official sales lists
Last
920
8%
Jan
37%
Preferred
Dec.
6
Oct
Sept
*
National Breweries
Qrand Trunk Paelflc Ry—
Montreal Stock
Nov. 25 to
80
110
30
30%
25
Montreal Tramways... 100
110 H HI X
4b
102% 103%
103%,104
102%I103%
*
Mont Loan & Mortgage.
103
6 He
5%
8%
110
Oct
28%
55
75%
Lake of the Woods
Montreal Cottons pref. 100
Oct
22%
260
International Pow pref. 100
79%
June 16 1955
Mar
June
80
4Kb
33
15
20
78%
Ask
Oct
55
78%
Bid
Jan
115
1 1954
Canadian Northern Ry—
July
7%
21
Dec
Ask
Oct
16%
27
58
Bonds
18%
Sept
21
82
Government Guaranteed
Sept
Sept
27
21%
62
105% 106%
Oct
20%
23%
Intl Bronze Powders pref 25
Intl Nickel of Canada
*
61
Bid
Sept
Imperial Tobacco of Can_6
80
Canadian National Ry—
4 He
Sept
1 1951
Nov
40
74
16 1942
Dominion
102
Apr
74
Sept
1944 1
Aug
May
68
6b
1
9
70
£1
Oct
9%
88
25%
65
Preferred
Jan
6%
170
1 1951
70
High
Aug
552
15 1946
Nov
Oct
Intl Bronze Powders
.
3%
6%
101% 102
31%
Industrial Acceptance
Bid
.
31%
15%
Railway Bonds
Canadian Padflo Ry—
4b perpetual debentures
490
35
*
Hudson Bay Mining
June 15 1943
6%B
4 %8
98%
102
4%
14%
6
14%
..100
Howard Smith Paper
96
88
.5
Low
Shares
14%
6%
Hamilton Bridge
........
High
4%
Jan
6%
Oct
27
5c
Aug
5c
Aug
6%
Sept
9
Oct
Oct
Volume
3537
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Inquiries
Last
Week's Range
Sale
Stocks (Concluded)
Low
Consolidated Paper Corp."
Cub Aircraft
Nov
9
*
Donnacona Paper A
*
36
Sept
Fraser Cos voting trust— *
Internatl Paints (Can) A.*
4%
Dec
Aug
10%
Oct
Aug
9%
Oct
6%
m
21%
15%
2
2.50
Oct
45
Aug
11%
Oct
330
16%
Sept
24%
Oct
169
5
Sept
22
Oct
5
Aug
23%
Oct
18%
3,326
4.00
335
8%
35
55c
1.50
500
23
16%
Last
Week's Range
for
Jan
Sale
of Prices
Week
Aug
Aug
28
Sept
21
Oct
Stocks (Continued)
Par
70
Oct
15c
15o
600
60
Sept
21%c
47c
80,161
19c
Sept
75o
Jan
19c
3,500
13c
33o
Jan
1
63c
63c
10
Sept
48c
Apr
65c
Mar
7.70
Sept
15%
Nov
Broulan-Porcuplne
1
83
Feb
97
Nov
Brown
Oct
7
Oct
17%
2,320
6
Aug
44
25
38
Aug
107
25
97
Apr
110
25
100
45%
Oil
Preferred
..
Oct
Buffalo-Auk erite
Oct
45c
Buffalo-Canadian
Nov
1
7.70
Aug
105
Jan
Bunker Hill--
3c
5,000
Oct
11 %c
5%
4%
Sept
8
Oct
Burlington Steel.
13%
13%
14
295
9%
Aug
15%
Jan
5
Nov
2.11
2.10
2.16
Sept
2.80
Jan
55
2%
Sept
May
1
1,755
5,050
1.11
5%
Calgary & Edmonton...
Calmont
20o
Aug
65c
Jan
23
Oct
Canada Bread
*
Jan
110
July
3% May
5% Sept
Nov
Mar
Mar
27
27
27
108
108
50c
5
53
5
1.00
500
17%
107 i
50c
75c
Jan
35c 35%c
7
Preferred
-
.
100
—
6%
Jan
1.40
Jan
'50%
Jan
Can Cycle & Motor pref 100
Canada Malting.
Canada Northern Power.
Sept
17
20%
Jan
Canada Packers
35 %c
25c
35c
36c
2,900
13c
1
13c
500
7%c June
550
9%c June
12 %c 12 %c
1
"T%C
June
65c
Sept
16 %c Sept
28c
Jan
*
50
Preferred.....
3%c
500
4c
Aug
10c
Jan
Canadian Bakeries
65c
65c
300
55c
Sept
1.00
Jan
Canadian Breweries
Cartier-Malartlc Gold.... 1
2c
2c
500
l%c
Sept
6c
Jan
9c
Sept
13c
Cent Cadillac Gd M Ltd.. 1
2%c Mar
25%c July
5c
Jan
500
3,500
28%
105
l%c
l%c
3,000
l%c
Oct
8c
Jan
3.15
*
1
5,300
3c
18c
28
"l8c
_ .
15c
3c
17c
3.25
3,950
2.00
Sept
3.25
Dec
Central Manitoba Mines. 1
"
3~20
—
12c
23
Nov
Sept
25c May
33%
Aug
Cndn Bk of Commerce. 100
Canadian Canners
...20
B
Can Car & Foundry
1.00
900
74c
Jan
400
4.50
Sept
Apr
2.85
4.60
6.70
Sept
44c
400
16c
Apr
77c
Aug
35c
35c
2,400
22c
Apr
44c
Jan
Lake Shore Mines Ltd.... 1
28%
28%
160
Nov
50%
Jan
Canadian
...1
4.30
4.35
1,300
29%
3.60
Sept
5.80
Jan
Normetal Mining Ltd....*
69c
69c
1,028
45c
Mar
70c
Oct
Preferred
—
_.
1.68
1,240
1.25
Sept.
3.35
Jan
2.35
1.300
2.00
Aug
2.55
Mar
Cndn Wallpaper A
C P R
2b
*
_
_
2.20
400
1.20
Aug
3.90
Sept
Canadian Wineries
2.05
5,710
1.45
Jan
2.05
July
4.35
450
3.50
Mar
2.34
100
2.20
Sept
Sept
5.60
2.34
2.65
Cariboo
Carnation pref
Preston East Dome M Ltdl
2.10
2.10
2.20
400
1.14
Sept
2.20
Sberritt-Gordon Mines—1
1
1.13
1.09
1.13
1,000
83c
Aug
2.00
Slscoe Gold Mines Ltd
65c
64c
77c
66c
Dec
Sladen-Malartic Mines— 1
39c
17,500
39c
40c
1,000
10c 21 %c 192,011
75c
76c
6,125
25c
Sept
4.20
1
*
12c
Sullivan Consolidated.... 1
75c
Stadacona (new)
4.15
Teck Hughes Gold....... 1
4.15
100
Jan
25
May
19%
2,649
165
165
Sept
Sept
12%
14%
27%
134
44
167
11%
30
12
1%
4%
July
20
"ej
5%
May
14,630
3
Sept
15
6%
106
9
Oct
10
4%
19%
4%
500
19%
25
2.20
2.18
1
115
Jan
Chemical Research
17c
17C
17c.
Chestervllle-Larder Lake
4%
Nov
20%
Mar
1.70
Sept
Nov
1.05
1.91
Sept
2.75
97c
60c
61c
2,825
Cockshutt Plow
*
8
9
Commoil
625
20c
Aug
40c
July
*
31c
31c
500
5.20
Sept
8.10
Jan
Commonwealth Pete..... *
23C
24c
2,500
13 %c
15c
14,200
8%c
Apr
18 %o
Jan
Conlagas
1.55
40c
40c
25
Foothills Oil & Gas Co...*
65c
65c
100
2.45
2.53
3,155
34
34
1.51
Aug
54c May
1.25 Sept
3.70
Jan
1.67
80c
30o
Jan
Cons
75c
Jan
Consumers
1.07
Mar
5
Smelters
"47%
100
Gas
170
26%
Sept
Cosmos
*
Davies Petroleum.
Nov.
25 to Dec.
Sale
Stocks—
1.55
1100
preferred
1.80
12
13%
♦
Afton
—
A P Grain
1.55
12%
-
Acme Gas
Aldermac
Copper....
Algoma Steel
Mines
6c
5,000
l%c
1%C
2,000
31
33
36c
13,300
16%
16%
17%
755
7
93
*
93
93
10
51
5c
5c
...i
90c
90c
mm
11%C
Gold Mines.... ...1
2.08
Cons
Bank of Montreal
Bank of Nova Scotia.
Bank of Toronto
Base Metals
.
.....
mm
mm mm*,
.100
"I*
II*
IIIi
——
lido
Beatty 1st pref
mmmmmmm
*
5
167
—
Bldgood Kirk land
—
1
*
Nov
62C
Sept
20%
Oct
95
17C
Nov
Jan
Jan
Mar
11,700
3,300
5%c
17%c
Feb
4%c
Oct
2.24 159,921
10c
600
1.65
Sept
10% c
2.78
July
20c
213
6,850
25
6c
Oct
15c
Sept
176
256
3
Sept
Sept
Sept
285
215
18c
18c
4,150
13%
769
10%
256
Nov
34c Sept
July
Jan
3,550
92c
5%
25
4
Sept
36
Oct
8%
1.06
125
314
w to 00
1.02
7
Jan
Oct
5
23,283
Jan
6%
160
5
380
220
Oct
1,100
562
Jan
15%
6c
357
23c
Aug
4%
102
Feb
c
5%C
6%
168%
11 %C 13 %c
11
10%
99%
2%
140
9%c
Jan
Jan
Sept
Sept
6
Mar
3%
July
32
Jan
105
July
Oct
7%
178
June
Jan
30o
11
Nov
8
Nov
■
Bralorne
12,500
5%c
665
9%
17%
5%
7%c
11
11
11%
19
19
Brantford Cordage pref_25
*>
...
British American Oil..
9%
1100
Brewers & Distillers.. ...5
...
*
British Columbia Power A*
B...
8c
♦
Bob Jo—
—
Brazilian Traction
Preferred
10
1
..50
*
8%
55
~
m
mm m
4
25
36%
36%
7%c
Blue Ribbon pref
9%
55
4
23
23
23%
26%
2%
25%
2%
27
2%
18
18,073
20
40
1,472
720
10
Sept
Jan
70c
Feb
1.39
Jan
85c
Feb
11%
Oct
55c
Jan
36c
Jan
2.00
July
1.25
Aug
1.10
Sept
2.34
July
Apr
17%
Sept
1.79
1,195
9,495
616
14
46%
48%
576
37% June
Jan
36%
Nov
Sept
Sept
22c
Feb
12% June
Aug
22
Sept
12%
Mar
Feb
55
Nov
90
May
3
18%
Sept
Sept
5%
23%
Nov
20
Sept
28
27%
340
26c
3,300
8%c
20%
8%c
150
Sept
16% June
500
61
Jan
183
June
Sept
60c
Jan
Sept
17o
Sept
21%
Nov
Aug
210%
U
1,085
23
205
208
21
185
Sept
21
21
10
15
Sept
100
Dominion Bank
......
Dominion Exploration... 1
Dominion Foundry
Sominlon Steel Inv pref. 26
50
omlnion Scot B„.
Oct
3
Mar
Oct
21%
3,480
2c
1,660
35
1.25
20
"27%
26
27%
40
14%
15%
5%
3,151
1.25
15
80
19
,
50c
7%
4
50
Mar
Mar
Oct
22
July
Nov
3%c
40%
Oct
2.00
Jan
Sept
Nov
25
250
90
34
Apr
2c
1,350
37%
2c
35
Dec
5c
89
20%
27%
18c
15
'29
4
Apr
Sept
Aug
Oct
18%
Oct
7% May
7%
Oct
9%c Mar
30
Dom Stores....—
*
Dominion Tar.
*
Dorval-Slscoe
1
4%c
4,500
3o
Duquesne Mining
1
9%e 10 %c
5c
Oct
27c
Mar
East Crest Oil...—
*
5%c
5,000
2,200
4%c
Aug
Sept
13o
Mar
3.35
Nov
19%
3%C
Oct
Oct
6
"3%c
"3~20
Easy Washing Machine..*
Eldorado1
Falconbridge.....——*
Fanny Farmer.....
1
Fed eral-Klrk land....
4.15
25
1
Firestone Petroleum.. .25c
4c
13%
2%c
125
l%c
Aug
Aug
95c
4,550
75o
Aug
2.36
20%
500
19%
Nov
27
4.00
4.55
24%
3%c
25
4,012
1,325
8,300
3.35
18
2%c
4c
8c
8c
21%
10
32
22%
lie
"22"
41c
Foundation Petroleum... *
41 %C
....
Gatineau Power
100
Preferred
*
.100
"93"
.....
Oct
Sept
Nov
Apr
Sept
25
2c
8%o
Jan
7c
Aug
Jan
3%
Aug
130
11
34
Oct
19
25
May
24%
Oct
Oct
16%
11c
1,800
44c
25,400
16%
841
11
Jan
93
94
135
78
Sept
96
Nov
6
430
Jan
6
Mar
102
5
Nov
102
Nov
102
9%
215
0%C
9
1,500
1,500
23,000
5%C
2%e
1
Glenora
1
2%c
"eic
57c
61c
Goldale.........
...1
19c
20c
Gold Eagle...
-.1
"~23c
21c
26c
Golden Gate Mining
...1
21
....
21
Preferred
50
Grand oro——.—
Greening Wire
Grull-Wihksne
87
5,900
51,450
34,600
20
76
54
6c
5%c
Great Lakes voting......*
Great Lakes vot trust pref*
Great West..
23
86%
53%
Goodyear Tire A Rubber.*
3,500
7
8
38
26
26
26
135
7c
Apr
Aug
14%C
15o
Apr
72c
Aug
16%
Mar
2%
100
12
Jan-
Oct
4%
Aug
4o
Jan
11%C
Feb
l%c Spet
4c
Mar
Nov
20o
Feb
62o
15c
Sept
28c
Jan
4%c July
28c
Nov
21c
Dec
66
Apr
52% Sept
4%c Apr
3
Aug
9% Sept
25%c Nov
90
Oct
58% June
7c
Jan
10%
Oct
29%
Oct
—*
1.25
1.25
6
60c
Sept
2.25 Sept
*
1
12%
12%
25
Aug
Oct
13%
Sept
Gunnar Gold.......
l
Gypsum Lime A Alahas
*
No par value.
70
Jen
6.75
1,078
5%
General Steel Wares..—*
Gillies Lake.
•
2,100
4,000
Dec
4
15%
—
Rights—
Cumul pref...
10
3.10
8%
31%
Fleury-Bissell pref-——100
—
47,835
2 01
......
Fleet Aircraft—......
God's Lake
Sept
95c
~2%c
—
Extension Oil..
Franeoeur/...
5%c
18
,*
Eastern Steel...
Ford A
3%c
20%
East Malartlc-..- ——...1
Aug
2%
245
167
27
88
.........
4%
%
Aug
Sept
Sept
Sept
7
35%
1.52
5
*
Biltmore
Blue Ribbon
Mar
3.25
167
U%e
Jan
4c
Oct
58
102
Jan
9%C
Sept
Sept
60c
5%
1.03
Co.... I100
Beauharnols
Sept
21%
2.00
313
4
4
mmmmrnm
*
Beatty A.....
Bell Telephone
13
Sept
Apr
3.35 Sept
4%c
12%
......
July
Apr
255
m
•
*
24c
312
mm,-mm-mm.
—
Beattle Gold
211
mm.
♦
B_.
Bear Expl
19c
mm
.100
Bathurst Power A....
220
10c
1
.100
2.30
2.05
.1
..
95c
5,900
7,025
9c ll%c
6c
5%c
—
—
5%c
2.30
*
21 %c
28
*
Dom Scottish Investment 1
High
3% July
4%c Nov
l%e Dec
14
Aug
35c
Arntfleld Gold...—- III1
1
Ashley
Bagamac
Bank field
105
50c
35c
Anglo-Huronion
Aunor
Low
6%c
"
Anglo-Can Hold Dev.
Wee
Share
1,050
2,035
Apr
24c Sept
Sept
Sept
Sept
.
6c
I100
Preferred
Range Since Jan. 1, 1939
for
l%c
llli
.100
pref
Aram Gold
of Prices
High
Low
Price
*
Abltlbl
6%
Par
.
27%
Dominion Coal pref.....25
Sales
Week's Range
Sept
5
Preferred........... 100
1, both inclusive, compiled from official sales lists
Last
Sept
40c
Dome Mines (new)......»
Exchange
Friday
62c
17%
25 %c
*
Distillers Seagrams..—
Toronto Stock
Dec
1.64
165
167
Denlson Nickel Mines...!
2.48
Home Oil Co Ltd........*
Royalite Oil Co
17c
Jan
14%c June
Jan
44%
1.50
5%c Sept
16%
__5
.__..*
Bakeries...*
Nov
Mar
65c
85o
Mines..
2.40 June
115
103%
*
— ...........
Jan
Jan
Sept
3
20
74c
Sept
14%
2,970
4,500
1,300
16,450
Chromium
Jan
9%
13
645
'
1
Jan
Jan
2,500
115
7%c
Apr
Oct
122
13
118
10
....100
Oct
1.03
20
500
300
Oct
4%
Oct
200
95c
Nov
26
12%
26c
93c
24%
125
5.70
Anglo-Canadian OilCo-.-*
Daihousle Oil Co
Nov
Sept
May
17%
7c
Conlarum
Jan
Sept
7c
Consolidated
Oct
50c
26c
15c
Oct
19%
34%
4,750
118
10
Nov
14%
70c
5.70
...l
20%
66c
2.32
Oil-
Oct
10%
Exploration..1
Wood Cad..
Mar
11
22
Waite-Amulet Mines..... 1
Towagmac
179
25
3
12%
Mar
20
22
3
875
24
22
Jan
23
745
12%
15%
28
Oct
1.80
90
673
890
844
14%
27%
19%
2% July
16% May
6
May
6% Sept
17% Aug
9%
20%
Sept
Jan
Feb
14%
8
1.65
Mar
Sept
20
20
2.37
Mar
75c
670
21%
2.30
1.03
Oct
Oct
60
Central Patricia........
4.60
Sept
June
64c
1.01
Feb
14
64c
Dec
65
30
......
Aug
Sept
Aug
Sept
7%
10
Castle-Trethewey
60c
6%
65
70
Dec
lOo
3.85
Aug
45
*
Central Porcelain
Oct
Aug
1.25
1,907
1,915
1.25
Canadian Wlrebound.... *
1
5
Nov
153
19%
100
_.
1.95
_
20
55
70c
2.27
Pioneer Gold of Brit Col.
Sept
147
1.05
3
1.95
Pickle-Crow Gold
134
102
17%
1.60
1
May
19%
53%
*
Malartlc-.—
2.30
Pend-Orellle M & M.....1
Perron Gold..—
June
66
17%
104
16%
Canadian Oil.
2.30
June
38
Sept
59
Canadian Locomotive.. 100
1
105
Sept
14
14%
Canadian Celanese
Canadian Dredge
Canadian Ind Alcohol A.
Sept
29%
75
24
...25
Preferred
42c
O'Brien Gold.
100
2b
210
59
9%
Canadian Can A
1.00
Pato Cons Gold Dredging 1
20
21%
Preferred
4.50
Macassa Mines
6%
10%
101%
1.15
—
1
Falconbridge Nickel
Sept
59
pref 100
.*
Franeoeur Gold....
*
Inspiration Min & Dev... 1
Eldorado Gold M Ltd
78
5%
15%
Canada Wire B
3%c
96
144
144
..._*
*
445
101
100
Canada Wire A
100
7
104% 104%
36%
36%
17
17%
*
Jan
Oct
6
6%
90
92
2c
94
6
Canada Cement
Aug
July
70c
34
469
20
Aug
Oct
Sept
5
160
43
19%
100
45
1.00
43
19 %
25
50c
6%
2%c
Canada Steamships
-
July
175
Mines—
Duparquet Mining Ltd.
East Malar tic M Ltd
Mar
240
108
*
Century Mining
Dome Mines Ltd
5
19
5%
*
Big Missouri Mines
Jan
Oct
Sept
1
5
Canada Permanent
Cndn-Malartic Gold.
12%
6
99% 100
Walker-Good & Worts (H) *
Bouscadillac Gold—.... 1
5%
665
3
16%
5
_
Corp—*
1,215
12,268
17%
7.50
2%
Building Products (new).*
Jan
6
99 H
5
Beaufor Gold Mines
High
Low
42 %c
18c
*
63%
44
Reliance Grain Co
Alder mac Copper
1,1939
Range Since Jan.
Shares
*
British Dominion Oil
Apr
4%
High
Low
Price
Oct
29%
53
Sales
Friday
Nov
9
8
555
Toronto Stock Exchange
4
1.00
5
275
58%
96%
6%
40C
16
16
Sept
Sept
6
107
16%
Inc.
TORONTO
11 Jordan Street
Oct
8
Sept
17
6%
13%
107
Feb
22%
96%
The Toronto Stock Exchange
Members Winnipeg Grain Exchange
Canadian Commodity Exchange,
Mar
17
2%
3%
15
—
Sangamo Co Ltd
—.... *
Sou CanPow6% cum pflOO
United Distillers of Can..*
United Securities Ltd..100
Jan
1.25
2
56
Mitchell (Robt) Co Ltd..
Moore Corp Ltd
Page-Hersey Tubes Ltd..*
PowerofCan6%cmlst pf 100
Provincial Transport Co.. *
Quebec Tel & Power A...*
Aug
Sept
361
23
96%
6%
50c
1,710
3,630
10
50c
16
2%
11
1,305
16%
*
... —
Nov
8%
Melchers Distilleries pref 10
Slcumulpref
Aug
3
4.00
MacLaren Power & Paper*
....
22
10
6
17%
Massey-Harris5%cmpf 100
MoCoil-Fron 6% cm pf.100
Walkerville Brewery.
40
7%
1
_
38
i
4%
8%
7%
*
.....
27
36
Fraser Companies Ltd..
Lake St John P & P.
2
m
—*
Ford Motor of Can A..—*
Aircraft Ltd
Intl Utilities B
650
79
7%
6%
B_
Intl Utilities Corp A
4,158
3
4%
m
Fairchlld Aircraft Ltd—5
Mining and Industrial Securities
F. J. CRAWFORD & CO.
Sept
4%
7
2
Dominion Eng Works
Dominion Square Corp..
unlisted
listed and
on
High
Low
16
6%
2%
B.«■
Canadian
Week
Shares
High
16
*
David & Frere Ltee A
Fleet
Range Since Jan. 1,1939
for
of Prices
Price
Par
invited
Sales
Friday
3c
1,000
9%
1%C
3c
Dec
48c'49%c
4,800
35c
Sept
64e
Jan
465
3
Sent
«%
Jan
3c
3c
45
» 45
ONE HUNDRED- -The Commercial & Financial Chronicle—YEARS OLD
3538
Dec.
2, 1939
Canadian Markets—Listed and Unlisted
Toronto Stock
British and
Any Other European Internal Securities
English
Stocks (Concluded)
Xteinhardt Brew
Price
*
J
4%c
Royal
Last
Week's
Range
of Prices
Apr
5c
4,000
18
140
Sept
34%
455
26
Sept
23
112
Par
Halcrow-Swazey
Price
1
Low
Hamilton Bridge
2c
2C
2%c
Halliwell...
2c
Hamilton Theatre
3d
1
.
Preferred
1.00
.100
Harding Carpets
64
17%
1.27
1
1
15%c
Feb
Apr
19%
Nov
2.04
23,192
1.18
Jan
2.03
Aug
4,750
39,950
5c
Sept
170
Mar
17c Sept
Oct
2c
51c
Aug
4%C
1.98
1.89
37
41
2%C
2%C
500
1.17
1.16
1.20
2,960
1.13
1.10
1.18
10,518
8.50
8.50
8.50
5c
5c
TK
37
50c
Sherrltt-Gordon
334
1.39
6c
17c 1734c
Hlnde A Dauch
13
Holllnger Consolidated.. .6
1334
*
Homestead Oil
Honey Dew
*
Howey Gold
1434
1434
2.47
2.42
2.55
5%C
Home OU Co
534c
6c
13
12
i
*
.....
80c
38c
43c
Nov
8%c
8%c
South End Petroluem
*
6%c
16
45c
Feb
49%
Apr
100
2%
Apr
70c
26,300
4,500
2,100
4%c
Sept
Sept
10c
4 34
Oct
Oct
1.95
Jan
10c
Jan
35c
Jan
Aug
8
1,552
6,835
11,000
12
Sept
15%
July
1.23
Sept
Sept
3.75
Jan
26%c
Jan
99
9
Apr
50
820
25%
60
4
1.00
65
180
5
3134
5
62c
38c
1
Sept
15%
13
Oct
Nov
Jan
37c
Aug
Apr
39%
Sept
1
Apr
5
Dec
•*
5
6
45
2
74
10
60
74
Nov
216
216
11
185
Sept
221
June
Imperial Bank of Can..100
216
»
1534
5
Imperial Oil
Imperial Tobacco
Preferred
1534
1534
1434
£1
1634
1534
7
7
3,239
12%
Sept
18%
750
12%
Sept
17
Sept
8
Feb
550
Oct
6%
Oct
...1
""31c
30c
35c
7,600
15c
Sept
45C
Jan
1
Inspiration
25c
20c
25c
2,350
20c
Nov
30c
May
Intl Coal & Coke
Intl Metals A
*
Preferred
100
preferred
14
1434
1434
106
105
3%
2,845
70
250
2334
11
106
105
70
Apr
4734
2,850
42%
23
"4534
14%
Aug
Apr
4534
...100
*
106
105
106
International Petroleum..*
International Nickel
25
4,672
18 %
Apr
Aug
60%
29
Nov
Nov
Nov
Sept
Oct
International Utlls A.
*
834
834
125
6%
Jan
9%
Mar
Intl Utilities B
1
45c
60c
465
35c
Aug
1.00
Oct
1
334c
4c
Sept
ll%c
Jan
9c
10c
5,332
4,800
2c
1
7c
Oct
18%c
July
.1
3c
3c
1,000
2c
Sept
11c
Jan
Jacola
Jelllcoe
J M Consolidated.
Kel vinator
9
-
Kerr-Addison
l
Klrklanu-Hudson
1
Lake Shore
Lake
.1
2934
2834
234
3034
3
25
24
24
25
5.50
Feb
..1
3
Lava-Cap
Nov
42,919
30c
3,000
16c
Nov
73c
Feb
1.38
6,785
1.00
Sept
1.75
Mar
2m
Nov
%
Sept
50%
m
Sept
13%
Apr
28%
Oct
6.65
6.95
50
50
2,375
905
39
8
13c
14c
4,000
1234
1234
1234
1,255
8hC
85c
1,500
2c
734
2c
8,000
734
100
_
1
2c
„
25
Legare pre!
2.17
2.17
13c
1
Lebel-Oro
Aug
25c
»
Laura Secord (new)
1.47
12
1.30
Landed Bank & Loan..100
Lapa-Cadlllao
Nov
T.34
*
Lamaque Gold Mines
9
5
2.01
Sulphite
Lake of the Woods.
9
2.07
.1
Kirkland Lake
Apr
Oct
10O
7.30
56
Jan
Aug
Mar
59c
lc
5
Sept
54c
Jan
Sept
10
13&
Nov
Mar
85c
Nov
Oct
8%c
Jan
9%
Oct
Sept
Leltch
1
"75c
75c
78c
9,900
58c
Sept
90c
June
Little Long Lac
*
2.95
2.95
3.15
4,477
2.30
Sept
3.60
Jan
27
27
22%
2634
26
2734
2634
192
*
564
21
Apr
Apr
Loblaw A
B
Macassa Mines
Slscoe Gold
97
66c
Sept
6.20
Sept
9.25
Nov
l%c
July
5c
535
3%
Apr
7%
3
Mar
8
Nov
78
Apr
08
Dec
62c
1.65
Dec
Nov
Oct
Jan
4C
Sept
16c
22c
36,925
6,400
14,900
20,500
83,866
16C
Dec
1.03
Feb
21%
21%
75
16%
Jan
21%
Nov
21%
Steel of Canada
9%c
6c
Stadacona
Stedman
7c
23c
Sept
80c
2%c
Sept
13%c
ll%c
Jan
Nov
Jan
85%
Preferred
85%
418
66%
Apr
89
Sept
80%
82%
505
65
Jan
85
Sept
1.65
1.75
8,920
1.75
*
Sterling Coal
84
81
25
Steep Rock Iron Mines
Straw
2.00
310
98
Sept
3
100
3
115
3
1.93
Oct
1.50
4
Nov
Oct
Oct
»
"""5c
4%C
5c
22,700
*
1.85
1.85
2.06
Sept
3.00
Jan
75c
3,425
2,425
1 70
75c
Lake Beach.
58c
Aug
1.01
Jan
3%
3%
130
2%
Oct
4
Jan
Oct
85
Mar
Sudbury Basin
Sullivan
Supersilk A
*
Preferred
..100
83
83
3.05
3.05
3.15
12
11%
12
52%
4.00
80c
Sylvanlte Gold
2%c Sept
71
10
4,670
lie
3.55
Jan
2.70
Sept
140
10
Aug
12% June
52%
10
52
Mar
54
4.10
3,905
3.75
Sept
4.70
JaD
81c
1,700
60c
Aug
1.30
Jan
300
8%
May
15
Oct
Sept
110
Nov
Jan
Nov
74
July
Sept
6
100
Hunts B
Huron & Erie
98
100
75c
OQ
Slave Lake
Simpsons pref
Jan
1.25 June
Jan
750
7
Bladen Malartic.
24c
34c
*
Nov
15,755
32c
Simpsons B..._
92c
110
7
5c
May
32
33c
31%
Hudson Bay Mln A 8m.
Hunts A
13
1
»
m
3o%
Oct
Nov
139
Sept
Nov
Aug
Jan
8%
6c
6
Mar
44%
6%C
4c
25
Nov
Jan
ll%c
192
115
Oct
%c
25
1.00
534c
5%c
High wood....
High
Feb
Nov
8,700
iy*c Sept
120
334
1.31
Harker
234c
634
45,500
4,500
1,280
65
3%
_*
Hard Rock
4c
Low
3%c Sept
28
8%c 10 %C
.50
Sigman Mines, Quebec
Sllverwoods
Week
Shares
3o 34
634
._
Hamilton Cotton pref.. .30
A
High
139
10%c 11 %C
18
17%
Sliver woods pref
Sale
Stocks (Continued)
189
Dec
56c May
Mar
22%
138
1
Shawkey
Range Since Jan. 1, 1939
20c
220
100
Sheep Creek
for
2,322
33
Senator-Rouyn
Sales
53c
27%
185
Sand River
Friday
3
N ov
53c
*
St Anthony
*
St Lawrence Corp A
San Antonio
'
Exchange
2
270
3
High
Low
Shares
27%
4%c
100
Bank
Russell Indust pref
Toronto Stock
High
2
27%
Roche LL
Teletype N. Y. 1-2316
Low
1
*
Royallte OU...
1939
Week
Reno Gold
YORK
Telephone Whitehall 4-0784
Range Since Jan. 1,
for
of Prices
Riverside Silk...
RECTOR STREET
NEW
Par
Week's Range
Sale
Transcontinental, Ltd.
19
Sales
Last
So. American Bonds
Foreign Dollar Bonds
Exchange
Friday
29
Nov
27%
Tamblyncom
Preferred.
Teck
.
*
50
.....
Hughes
*4" 05
1
Texas-Canadian
1
Tip Top Tailors
Tip Top Tailors pref... 100
13
13%
110
5
110
95
Toburn
]
Toronto Elevator
*
30
30
25
10
50
49
49
10
41%
83
83
10
79
Preferred
1.80
Toronto General Trust. 100
83
300
1.80
1.40
Sept
2.30
32
Nov
June
50
Nov
July
90
Feb
1
25c
27c
1,200
20c
Sept
44c
Uchi Gold
l
82c
77c
87c
12,684
65c
Sept
1.65
*
15%
39%
15%
39%
4%
15%
1,282
11
Apr
295
26
Sept
Union
Gas
50
25
40
Jan
Mar
Towagmac
United Fuel A pref
B pref
Aug
Sept
Jan
15%
Nov
40
Nov
145
2%
Apr
6%
Nov
United Oils
*
8c
80
1.C0O
7%c
Aug
15%c
Jan
United Steel
*
5%
5%
1,285
Aug
7%
Oct
Upper Canada
1
Ventures
*
Waite
66
65
69
4.45
4.35
4.50
3
52c
Oct
71o
Oct
3.7 6
Sept
5.80
Jan
5.00
»
Preferred.
5.55
5.50
5.90
12,390
1,765
3,500
Sept
8.25
*
Amulet
Walkers.
42%
42%
43%
492
33%
Sept
61%
19%
20
807
16%
Sept
20%
6%c
*
Wendigo
l
Western Canada Flour...*
W Canada Flour pref. .100
West
5%
Grocery pref
7c
34
110
*
Preferred
15
Apr
50
June
113
Nov
Jan
Nov
8%c
Jan
420
3%c
9%
Apr
12%
Nov
2,000
l%c
July
120
2%
2%
11
..100
Feb
Sept
105
12%
2%c
2%c
15c
7%
10
1,000
Jan
Oct
Mar
2
65
3%c
12%
12%
2%c
l
Winnipeg Electric A
100
3%C
»
Whitewater.
5,000
33
*
Westons
8c
4%
110
33
100
Westflank
7c
4%
Jan
Jan
11
1
8%c Sept
3%
Aug
Oct
10
6%
Sept
14%
Oct
Wood Cadillac
1
15c
13c
15c
19,800
9c
Sept
18%c
Jan
Wright Hargreaves
*
7.95
7.90
8.10
4,534
6.70
Sept
8.90
Mar
4%C
4%c
4%C
500
3c
Sept
9c
Mar
96
96
Sept
97%
July
Ymlr Yankee Girl
Nov
Bonds—
l
4.30
4.25
4.40
3,124
3.50
Sept
5.90
Jan
MacLeod Cookshutt
1
2.30
2.20
2.41
16,438
1.30
Sept
3.20
1
45c
43c
46c
Sept
65c
1
82c
90c
35c
Sept
90c
Nov
Man A East.
*
lc
lc
1,000
%c Sept
m May
2%C
•
$1,000
86
Jan
Malartic Gold
9,650
69,800
22c
Uchl Gold
Jan
Madsen Red Lake
80c
lc
Maple Leaf Gardens pref 10
Maple Leaf Milling
7
534c
834
734
834
2,144
1,241
6
2,425
2%
895
29%
Apr
247
5%
June
50
82%
Feb
98
Sept
59
*
6
100
58
58
*
8
8
...100
96
96
97
54
Preferred
McColl Frontenac
Preferred
Mclntyre
5
McKenzle Red Lake
j
McVittle
534
1
McWatters Gold
*
Mining Corp
"52c
5634
435
1.37
14,435
1.00
Sepl
834c
1,500
6c
Mar
54c
11,100
35c
Aug
1.36
4,112
51c
25c
1
1.26
Morrls-Klrkland
Murphy
.1
85c
85c
264
264
Brewing
Preferred
65c
Sept
460
35
Mar
9^
215
Apr
24,420
lc
2,000
*
6634
2134c
3c
66
3634
3c
O'Brien
l
Okalta Oils
76
*
Orange Crush pref
Jan
Sept
Mar
Sept
2,000
2c
70c
9,578
38c
50c
1,100
44c
354
50
1.70
8,910
1.12
2,000
84
Oct
1.06
22c
4c
1.50
1.50
Jan
25c
1.80
334
*
July
6c
Feb
Apr
95c
Sept
Apr
Sept
60c
Mar
3%
July
1.20 Sept
3.35
Aug
Cons....
20c
Aug
53c
Gatlneau Power 3%s.l969
88
89%
80
Gen Steel Wares 4%s.l962
Gt Lakes Pap Co 1st 6s '55
80
82
71
73
Int Pr A Pap of Nfld 5s '68
Lake St John Pr A Pap Co
90
95
1948
91
Beauharnols Pr Corp 5s '78
British Col Pow 4%s_1960
BrownCo lst5%s
-.1946
80
82
80
82
38
93
40
Calgary Power Co 5s..I960
93
95
Canada Cement 4%s.l951
Canada SS Lines 6a
1957
81
84
Canadian Canners 4s. 1951
Canadian Inter Pap 6s 1949
Canadian Vlckers Co 6s '47
Consol Pap Corp—
Ask
Bid
45
78
5%s
1961
—
Maple Leaf Milling—
2%sto '38-5%s to *49
—
70
72
55
59
72
74
Massey-Harrls 4 %s
1954
74
76
81
83
36
90%
Minn A Ont Pap 6s
1945
McColl-Front OU 4%s 1949
34%
89%
81
83
55
57
44
47
1961
Dom Gas A Elec 6 %s. 1946
N Scotia Stl A Coal 3 %s '63
Power Corp of Can 4 %s'69
64
67
82%
84%
Price Brothers 1st 5s..1957
5%s ex-atock.
76
78
Quebec Power 4s
Saguenay Power—
..1962
80
82
1966
84
86
87
88%
Dom Steel A Coal 6%s 1955
83
85
Dom Tar A Chem 4 %s 1951
Donnacona Paper Co—
80
82
1956
64
67
4-5s series A
1965
58
60
Famous Players 4 %s._ 1951
Federal Grain 6s
1949
80
82
4-5s series B__
1965
47
49
78
80
4s
4%s series B
Winnipeg Elec—
4%
Jan
16c
Sept
7H
52%c
2,000
3c
Aug
Nov
12c
jan
44c
Nov
3,031
20,030
1.65
Sept
29c
No
par
value.
/Flat
price,
n
Nominal.
Jan
5c
*
Jan
200
3,600
31
105
Porcupine
14,905
30c
434c
l
Page-Hersey__
23c
754
29c
Pacific Petroleum
Algoma Steel 5s
Ask
43
Jan
67c
22c
5c
Bid
Abltibl P A Pap ctfs 58 1953
Alberta Pac Grain 68..1946
Jan
1.73
3
7
Pacalta Oils
Paymaster
69
1,289
9c
Nov
50c
Oro Plata
Pamour
2c Sept
70c
*
Omega
Oct
Nov
Oct
1,350
6
Mar
Jan
4c
North Star pref
7%
76%
8c
*
26
51%c
1.05
*
42%
Apr
May
Aug
500
Northern Canada
Oct
Oct
Sept
9,500
Nor metal
Jan
8%c
8c
7534
1.45
45%
267
39%
1.21
76
Jan
1,330
334c
]
Jan
Nov
23c 218,400
8c
*
2.05
55
Jan
12%c
Sept
1.20
Mines
75c
Jan
1
Noranda
20 %c June
Jan
5
Norgold
May
20c
Niplssing
Closing bid and asked quotations, Friday, Dec. 1
Oct
1.38
2%c
New Gold Rose..
3497
Industrial and Public Utility Bonds
Oct
Nov
Nov
4%
page
Oct
Nov
9%
Sept
23
190
68 34
18c
9%
64
■
Oct
lc
675
26
10%
4c
32
50
734
7
2534
*
Newbec
6,560
634C
3634
734
.1
Naybob Gold
88c
lc
20
National Steel Car
Aug
534c
534c
*
*
Mar
6c
265
1
National Grocers
Sept
19%
500
55
8c
44
.......100
1.00
80
8c
4434
55
Corp
B
45
Sept
834c
100
Moneta
Apr
1.24
L25
*
Mon Knit pr
Monarch Oils
5834
834
2%
See
Oct
434c
Apr
Toronto Stock Exchange—Curb Section
Aug
7
534 c
i
Aug
8
*
Massey-Harrls
National
63
*
Preferred
Moore
7
31
105
107
*
2.05
1.95
2.05
1
3434c
3434c
6034
36c
500
119
,
31c
94
Apr
110
4 75
CURRENT
Oct
Oct
Jan
—Curtis B.
NOTICES
Dall has organized under New York
B. Dall Corporation with offices at 70 Wall
in general corporate
State laws the Curtis
Street, New York City to
engage
financing, including the underwriting and distribution
Sept
61c
Jan
of securities.
6034
20
60%
Nov
63%
Nov
Gold
..1
1.93
2.00
2.03
the petroleum industry.
Sept
July
1
4.20
4.15
4.30
8,550
3,210
1.40
Pickle Crow
3.55
Sept
5.60
Mar
1
2.25
2.15
2.35
2.10
Sept
2.70
Jan
Fenner
.1
1.90
1.85
2.00
1.18
Apr
Sept
Apr
2.45
Jan
made
Penmans
Perron
_*
Gold
Pioneer
Powell Rou
Power
Prairie
Corp
Royalties
Pressed Metals
1
50
7%
20c
1,700
17c
1.45
4,000
1.10
10
11
2.03
2.08
._
—
10
19c
1.40
1.40
*
Preston E Dome
Quemont
10
*
25c
1
Premier
2,483
6,030
2.28
64,435
12c
l^c
500
83
5
1.10
Sept
Sept
Sept
10c June
12 %
—The facilities of the Research and
&
July
Jan
Oct
2.28
Nov
15C
.T<vn
Philip W.
Investment
Advisory Divisions of
Beane, member of the New York Stock Exchange, have been
available to
the
clients
Mar
25c
2.40
13
Mr. Dall is particularly interested in the financing needs of
of
Young
& Ottley,
it
was
announced by
Russell, senior partner of the Exchange firm.
—J. F. Sammon & Co., 2 Rector Street, New York
City have prepared a
study of Bunker
Hecla Mining Co.
Hill
and
Sullivan
Mining and Concentrating Co. and
Volume
Quotations
Bid
a2%s Julyl5 1969..
Jan
o3s
1 1979..
Feb
a3%s July
Bid
a4
99%
%b
a4%b
103%
o3 Ha May 1 1964..
107
108
o4%s
d3%sNov
a3 Kb Mar
1 1964..
107
108%
«4%s
1 I960..
106% 107%
o4%a
a3 kb Jan 16 1976—
o4a
Nov
o4b
105% 106%
May 1 1959..
Oct
1 1966
Apr 16 1972
June 1 1974
Feb 15 1976
Jan
1 1977
nov 15 '78
Mar 1 1981
May 1 1957
Kb
a4 Kb Nov
113%
112% u3%
114% 115%
May 1 1977—
048
a4
1112
1 1968—
04s
o4%s
111% 112%
May 1 1957..
o4b
o4%8
a4 Kb
1
Mar 1
June 1
July 1
Dec 15
1 1980..
115
116%
o4 %s
o4Ks Sept
1 I960..
116% 117%
04 %s
04Kb Mar
1 1962..
116% 117%
o4Kb Deo
17%
18%
National Bronx Bank...50
40
44
Bank of Yorktown„.66 2-3
40
50
12%
National Safety Bank. 12%
27%
29
Bensonhurst National...50
Chase
121
Fifth
Avenue
100
....
...
....
....
115
120
Par
3s 1974
62 20
less
1
62.25
less
1
4%8 April 1940 to 1949—
Highway Improvement—
48 Mar a Sept 1958 to *67
Canal Imp 4s jaj '60 to '67
135%
Barge c t 4%s Jan 11945.
115
135%
Bid
Gen A ref 4th ser 3s 1976
101
Gen A ref 3%s
1940-1941
mas
Par
5
195
210
100
286
291
12%
6
76
81
100 1600
48
30
38
.50
31
38%
40%
52%
54%
Preferred
25
9%
12%
14%
Corn Excb Bk a Tr
20
58%
59%
Empire.
101
11%
109% 112%
11%
Continental Bank a Tr.10
mm
28
20
50
12%
Colonial Trust
V—
13%
1640
25
100% 103%
20
---•
'
Ask
Bid
100
1
.12
4%
3%
.100
90
80
1660
100 1610
United Rtates
Vermilye Brothers
Ask
61.00
1942-1960
104% 105%
1977
7
100
County
Holland Tunnel 4%s ser e
Gen A ref 3d ser 3 Kb '76
Companies
Authority Bonds
Ask
107% 108%
105% 106%
Gen A ref 4b Mar 1 1975.
12
58%
Chemical Bank a Trust. 10
'
Port of New York—
56%
Clinton Trust..
6120
Bid
469
459
10
Central Hanover
Ask
World War Bonus—
3b1981........
Port of New York
26%
10
Lawyers
Bid
144%
144%
141%
24%
Trade
Ask
Bid
100
Brooklyn
Ask
62.25
31%
122 K 124
Bronx
5s Jan A Mar 1964 to '71
52
29%
New York Trust
121K 122%
New York State Bonds
Highway Imp 4kb Sept '63
Canal Imp 4kb Jan 1964..
Can A High Imp 4Kb 1965
•45
122%
124% 126%
1 1979
50
121%
121
105
100
17
Sterling Nat Bank 4; Tr 25
Bank & Trust—10
1930
Merchants
Bankers
Canal A Highway—
700
First National of n y..100 1890
117% 119
Bank
15
17%
Peoples National
Public National
122%
14
10
Exchange
12
725
117K 118%
1957
1963
1965
1967
1971
Penn
34%
36%
172
166
Commercial National..100
119K 120%
120
121%
National City
100
75
.13.55
Bank of New York
Bid
Ask
Bid
Bank of Manhattan Co.10
117% 118K
117 X 118%
USX 119K
119% 120K
a4%sApr
99%
Par
Ask
Bid
Par
Ask
116% 118
1 1964
a4 Kb Mar
95%
98%
102
1 1976—
New York Bank Stocks
City Bonds
Ask
94%
98%
1 1977..
Over-the-Counter Securities—Friday Dec. 1
on
New York
o3b
3539
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
mas
109
Specialists in Insurance Stocks
mm mm
102
Inland Terminal 4%s ser d
1940-1941
mas
61.40
1942-1960
mas
108
broad st.,
30
mmmm
n. y. city
Teletype N. Y. 1-894
HAnover-2-7881.
United States Insular Bonds
i
Bid
Bid
Ask
tar
Bid
Companies
Par
Aik
Bid
114
4Kb July
1952
114
6s
Apr
1956
101
103
5s
Feb
1962
115
118
6 Kb Aug
1941
106
107%
Govt of Puerto Rico—
10
125
129
Home Fire Security..—.10
1%
Aetna
117
112
10
49
51
Homestead Fire
10
18%
19%
10
32
34
Ins Co of North Amer
10
69%
70%
83
Jersey Insurance of N Y—.
Knickerbocker
5
41%
44%
9%
10%
5
2%
1
Mass Bonding A Ins..12%
2%
59%
2%
3%
61%
44
48
Life
116% 118%
Aetna
108% 110%
Agricultural
26
79
American Alliance
4%S July 1952
5s
July 1948 opt 1943.
10
22
v
21 %
23%
23%
10
6%
8%
American of Newark...2%
12%
14 H
American Re-Insurance .10
41 %
43%
Merch Fire Assur com
American Reserve
10
23%
25%
Meroh A Mfrs Fire New'k 5
25
10
51%
53%
Merchants (Provldenoe)..5
3
34%
36%
American Home
Federal Land Bank Bonds
Equitable
Automobile
Bid
Ask
38 1955 opt 1945... —jaj
106% 106%
38 1966 Opt 1946— ...jaj
man
3b 1956 opt 1946
106% 106%
..
Bid
|
3%s 1955 opt 1945. ..man
4s 1946 opt 1944...
Ask
Lincoln Fire
Maryland Casualty
107% 107%
Baltimore American...2%
112% 112%
Bankers A Shippers
7%
6%
25
96
100
621
631
5
Boston
99%
6
10
—.10
National Casualty
106% 106%
2%
7%
American Surety
American
112%
Conversion 3s 1947
114% 116%
5
111%
U S conversion 3s 1946
Hawaii 4 Kb Oct 1966
Ask
Aetna Cas A Surety
1969
4kb Oct
nsurance
Ask
121
U S Panama 3s June 11961
Philippine Government—
National Fire..
2
20
New Amsterdam Cas....2
National Liberty
National Union Fire
8%
4%
24%
27%
63%
65%
8%
7%
131% 137
12%
14
20
22
Carolina
10
28%
30%
New Brunswick
10
33
35
City of New York
10
6
22%
24
New Hampshire Fire...10
45
47
Camden
Joint Stock Land Bank Bonds
Fire
City Title
8
7
Connecticut Gen Life...10
Bid
16
6Ks
—
4%
/3 %
f3%
4%
100
Dallas 3b
4%
100%
27%
29%
Continental Casualty
5
33%
35%
Northern
86
1 Vs
2%
86
5%s
Montgomery 3%s
82
86
Excess
99
101
82
New Orleans 5s
99
New York 5s
99
Denver 3b
99%
First Carollnas 5s
98% 100%
Oregon-Washington 6b
99
First Texas of Houston 5s
'•
-
.
-
45
Fidelity A Dep of Md...20
Fire Assn of Phil a
.10
128
68%
70%
95
9%
30%
41%
44
22%
26
41
11%
.5
100
4%s
100
102
104
Georgia Home
10
Gibraltar Fire A Marine. 10
103
105
Glens Falls Fire
58
102
75
75
85
75
85
97%
Southwest
99
Iowa of Sioux City 4Kb...
99
,
Bid
70
m
Des
40
46
125
135
100
Dallas
100
50
8
First Carollnas
60
mmm
1
Lincoln
2%
3%
100
Fremont
North
Mar
12%
18%
Seaboard
Surety—....10
33%
Security New Haven—..10
Springfield Fire A Mar..25
31%
Hartford Steamboiler__.10
5
32%
34%.
Westchester
16
68
71
29
30%
12%
Stuyvesant
10%
73
24
100
100
San Antonio
100
75
Virginia
6
100
12
29"
110
1%
'63
Arundel Deb Corp 3-6s '53
Associated Mtge Cos Inc—
Debenture 3-6a
1953
Arundel Bond Corp 2-6s
/86
/53
....
1 1940 6 .25%
1
%% due
Aug
%% due
Sept
U S Guarantee
Fire
445
129
455
23%
22
51%
53%
61
64
34
36
and Debentures
Bid
Ask
Nat Union Mtge Corp—
1954
82%
Series B 2-6s
'63
1954
95
66
—
1953
86
Potomac Cons Deb Corp—
1953
3-68
61
Potomac Deb Corp 3-6s '53
49
52
54
50%
52%
Potomac Franklin Deb Co
1963
3-68
Mortgage Bond Co of Md
Inc 2-6s
1963
Issues) 2-58
86
Cont'l Inv Bd Corp 2-52
55
98
Potomac Maryland Deben¬
Ask
ture Corp 3-0s
ctfs
series
88
1953
52
mmmm
Realty Bond A Mortgage
deb 3-6fl
1963
60
54
Unified Deben Corp 5a 1955
48
Deb Corp 3-6a
/ii
ABA D
/12
series C
Nat Cons Bd Corp 2-6s '53
86
3-68.1953
52
Nat Deben Corp
1963
Potomac Realty Atlantic
Central Funding
1940 6 .35%
1940 6.35%
1940 6 .40%
1940 6 .40%
10
2.60
8%
35%
33%
Potomac Bond Corp (all
Cont'l Inv DebCorp3-6s *53
1 1940 6.30%
11940 6 .30%
1
1
1
3
4
4%
242
59
57
Empire Properties Corp—
Bid
Co—2
125
-
3%
2%
350
300
Series A 3-6s
80
2%
100
...100
Ask
Bid
Ask
100
Apr
May
June
July
5
Sun Life Assurance
Surety Guaranteed Mortgage Bonds
9
100
1% due
%% due
1% due
1% due
1940,6 .30%
7
59%
Nat Bondholders part
1% due
237
U S Fire
Bid
Ask
194016.25%
Marlne.62%
Seaboard Fire A Marine..5
86%
61%
Federal Intermediate Credit Bank Debentures
2
3
St Paul Fire A
43
83%
1945
Interstate Deb Corp 2-5s'55
1193916 .25%
1 193916 .25%
6
28
10
2-3s
1% due
Nov
1% du«
Dec
1% due
Jan
%% and l%_Feb
24%
Hartford Fire
5%
Bid
28
U S Fidelity A Guar
Home
8%
27%
Travelers
Pennsylvania
Virginia-Carolina
17%
35%
7%
19%
100
Carolina
15%
33%
26%
29
100
New York
83%
5
.
25%
17%
Potomac
40
100
Moines
mm
130%
130%
10
10
27%
Par
Ask
100
126
(N Y)_2
10
Joint Stock Land Bank Stocks
126
Republic (Texas)
Fire
Rhode Island
Reinsurance Corp
10
100
4%
27%
Revere (Paul)
11%
32%
Halifax
99
26%
105%
10
Accident
Providenoe-Washlngton
12
99% 100%
Virginian 2s
Par
130%
86
100
5s
.
Preferred
17%
3%
102
79%
10
83
5s
99%
99
4Kb
Pacific Fire..
Phoenix
/ii
56
24
100
Union of Detroit 2 %b
Lafayette 6s
Natlonal.25
26
Northwestern
6
Globe A Rutgers Fire...15
2d preferred
16
Great American
6
Great Amer Indemnity... 1
/36
/22%
4%
5s
San Antonio 3s
Southern Minnesota 5s
Illinois Midwest 5s
2.50
River
Hanover
St Louis
85
6s
5Ks
Fremont 4%s
5
Globe A Republic
99%
Fletcher 3%s
Atlantic
5
Franklin Fire
Phoenix
4%s
North
15%
98
Pacific Coast of Portland 5s
99% 101%
4%s
Denver
8%
46%
General Reinsurance Corp 6
—
First Trust of Chicago—
Atlanta
7%
45%
Fireman's Fd of San Fr.25
..
100%
Firemen's of Newark
/41
51
49
5
10
Federal
99
North Carolina 38
5
12.60
Northeastern
Ask
Eagle Fire
2K
Employers Re-Insurance 10
58
/3 %
4%s
5s
82
Lincoln 4Kb
16
/14
4Kb
Chicago
Ask
/14
burling ton 6b
Bid
0
5
New York Fire
....
■
50
Chain Store Stocks
Chicago & San Francisco Banks
Par
Par
American
Bid
A Trust
Bid
100
210
National......-.100
86%
227
220
89
232
300
315
Northern Trust Co
565
575
san
100
francisco—
Bkof Amer nt asa 12%
34%
36%
Berland Shoe Stores
7% preferred...
Par
Ask
2%
2%
26
7
Bid
Ask
2%
Kobacker Stores—
100
(M H) Co Inc
*
70
...100
60
common..5
2
5
50
15
20
100
99
7% preferred
3%
29
Miller (I) Sons
109%
7%
9%
11%
12%
Reeves (Daniel) pref
-
United Cigar-Whelan Stores
3542.
100
5
8%% preferred
Flshman
page
♦
B/G Foods Inc common •
Bohack (H C) common
*
Diamond Shoe pref
For footnotes see
Bid
Ask
Harris Trust a Savings. 100
Continental Illinois Natl
Bank A Trust
33 1-3
First
Pa.
Ask
National Bank
Kress (8
H) 6% pref
S5 oreferred
*
17
19
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3540
Quotations
Dec.
2,
1939
Over-the-counter Securities—Friday Dec. 1—Continued
on
Railroad Bonds
Guaranteed Railroad Stocks
3oscpb Walkers Sons
Mtmktn T^rw Ytrk Slink
120 Broadway
/39
53
52
53
..1943
72
75
.1940
Boston A Albany 4)48
Boston A Maine 5s
ctor
4)4s....
Cambria
2-6600
51
53
.11944
42
.1965
99
102
..1956
......
65
70
A Clearfield 4a
Chicago Indiana A Southern 4s
Chicago St. Louis A New Orleans 5e
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Connecting Railway of Philadelphia 4s.
....
Since 1855.
42
52
Certificates of deposit
Tel. RE
STOCKS
40
/39
..1945
6s
GUARANTEED
NEW YORK
..1945
YoungBtown 5)4s._
Baltimore A Ohio 4Mb sec. notee
Extbsmgs
Dealer* in
Asked
Bid
Canton and
Akron
43)4
80
.1951
82
102 M
.1961
.1995
53
55
107
Dividend
Par <h Dollar $
Asked
105
.I960
35
.1945
72
76
Hoboken Ferry 68
Illinois Central—Louisville Dlv. A Terminal 3 )4s.
Indiana Illinois A Iowa 4s
(Guarantor in Parentheses)
.1951
Cuba RR. Improvement A equipment 6s
Florida Southern 4s
Guaranteed Railroad Stocks
.1946
40
50
.1963
62
65
60
63)4
95
97
.1950
Kansas Oklahoma A Gulf 6s
.1978
Memphis Union Station 5s
.1959
36
112)4
100
Boston A Albany (New York Central)
70
10.60
128
6.00
66
70
New York A Harlem 3 )4s
.2000
99 H
60
Albany A Susquehanna (Delaware A Hudson)
Allegheny A Western (Bull Roch A Pitta)
Beech Creek (New York Central)
6.00
100
.100
Alabama A Vicksburg (Illinois Central)
2.00
30)4
32 ^
New York Philadelphia A Norfolk 4s
.1948
96
73 X
133 X
New London Northern 4s
97'
.1940
99 M
mm.rn.rn
97
15
100
8.76
82)4
85
New Orleans Great Northern income 6s
.2032
/14
Boston A Providence (New Haven)
100
8.60
20
25
New York A Hoboken Ferry 6s..
.1946
37
Canada Southern (New York Central)..
100
3.00
41)4
Norwich A Worcester 4)4s
Carolina Cllnchfield A Ohio com (L A N-A C L)
86 X
.1949
55
.1941
102
103
.1947
116
mm'Mm
Portland Terminal 4s
.1961
86
89
.1974
98
99
100
6.00
38 )4
84 M
Cleve Clnn Chicago A St Louis pre! (N Y Central).. 100
5.00
66
Cleveland A Pittsburgh (Pennsylvania)
Betterment stock
3.60
73 H
75)4
Pennsylvania A New York Canal 5s extended to.
Philadelphia A Reading Terminal 5s
Pittsburgh Bessemer A Lake Erie 5s
60
2.00
45
26
2.00
43 H
45 H
100
6.60
9.00
57 >4
144
Georgia RR A Banking (L A N-A C L)
-
-
60
61H
.100
Fort Wayne A Jackson prel (N Y Central)
m
Providence A Worcester 4s
..60
Delaware (Pennsylvania)
Lackawanna RR of N J (Del Lack A Western)
100
4.00
44
Michigan Central (New York Central)
Morris A Essex (Del Lack A Western)
100
60.00
New York Lackawanna A Western (D L A W)
Northern Central
85
148
'
85
Terminal RR. Assn of St. Louis
3)4
ser. B.
Terre Haute A Peoria 5s
.1942
700
850
Toledo Peoria A Western 4s
.1967
98
3.876
30
32
Toledo Terminal 4)4s
.1957
100
100
6.00
53
56^
Toronto Hamilton A Buffalo 4s—:
.1946
95
60
(Pennsylvania)
H
46)4
104)4
101
98
60
4.00
United New Jersey Railroad A Canal 3 Ms..
.1951
104
60
4.60
87 H
35
89
Oswego A Syracuse (Del Lack A Western)
39
Vermont Valley 4)4s
.1940
80
Pittsburgh Bessemer A Lake Erie (U S Steel)...
60
1.60
40
43
.1968
69
0'
3.00
.1954
46
48
Pittsburgh Fort Wayne A Chicago (Penn.) preif....ioo
Pgh Ygtn A Ashtabula pre! (Penn)
100
Rensselaer A Saratoga (Delaware A Hudson)
100
7.00
169)4
Vlcksburgh Bridge 1st 4-6s
Washington County Ry. 3 )4s
West Virginia A Pittsburgh 4s
.1990
61
62)4
7.00
147
Prol!01*ir0d
m +
mm
82
78
173 H
6.64
75
6.00
128
132)4
100
3.00
64
«.
*
-
-
-
-
'
-
70
77"
100
St Louis Bridge 1st pre! (Terminal RR)
Second preferred..
~
..100
6.00
128
10.00
232
235
100
6.00
53 H
56
Valley (Delaware Lackawanna A Western)
100
Vlcksburg Shreveport A Pacific (Illinois Central)... 100
6.00
56
60
6.00
57
60)4
5.00
62 )4
66
Industrial Stocks and Bonds
132"
100
Tunnel RR St Louis (Terminal RR)
United New Jersey RR A Canal (Pennsylvania)
Utica Chenango A Susquehanna (D L A W)
Preferred
100
Warren RR of N J (Del Lack A Western)
West Jersey A Seashore (Penn-Readlng)
60
3.50
23
2514
60
3.00
52
54)4
far
Mills
Alabama
lac
*
ISM
17
1st Ser.. 10
Distilling Co 5% pf 10
11 54
12)4
2X
3*4
43)4
A com
5%
Amer
25
Products— *
Ari
52.00
Baltimore A Ohio 4)48...
53.75
3.00
Boston A
1.50
4)4s
53.50
54.00
3.00
6s
54.00
3.00
3)48 Dec 1 1936-1944..
53.75
2.75
Canadian National 4)48.
53.75
3.00
Hartford
53.75
3.00
5s
Maine 4>4s...
New York Central 4Ms
York Chicago A
...
2.50
52.25
1.75
St. Louis
53.00
2.25
53.75
4)4s
2.75
Canadian Pacific 4 Ms
53.75
3.00
Cent RR New Jersey 4)40
53.00
4)4s
53.75
2.75
51.50
1.00
2.00
Chesapeake A Ohio—
Northern Pacific 4)4s
51.50
1.00
1.75
52.15
1.50
4s series E due
53.75
3.00
55.00
4.00
Jan A July 1937-49
2)4s series G non-call
52.25
Chic Milw A St Paul 4)4s
55.00
4.00
Dec 1 1937-60
52.25
1.75
4
23
29
H
•
17)4
xlOH
14 H
*
53
Pepsi-Co la Co
Metal Construction. »o
15 H
17)4
Petroleum
1
H
%
10
9H
11)4
Petroleum Heat A Power.*
1)4
2H
50
Pilgrim
3
A_*
Indus Service
Class A
5
10
Buckeye Steel Castings..*
Chic
Aircraft...
Burl A
Chilton
....
I
100
Qulooy
Co common..
2)4
3)4
4)4
22)4
2)4
47
3)4
50
3)4
Coca Cola Bottling (NY)*
baking com
*
69)4
cum
1
Manufacturing
Remington Arms com
1034
4)4
•
11)4
15)4
217
3)4
12)4
5)4
5)4
20 H
-
10
$1
Conversion
Exploration
Pollak
Botany Worsted Mills—
209
*
18)4
4)4
*
69
Safety Car Htg A Ltg.,.50
Scovlll
31 h
Manufacturing..25
Singer Manufacturing.. 100
Singer Mfg Ltd
157
71)4
32)4
161
1)4
2)4
10 H
22
*
x20
Standard Screw
20
37
Stanley Works Ino..
preferred-
Skenandoa Rayon Corp..*
Solar Aircraft
1
25
43)4
Stromberg-Carison Tel Mfg
Sylvania Indus Corp
*
3)4
4)4
23)4
24)4
73 H
7
8)4
3)4
4)4
41
45 H
1.75
52.25
3)4
19)4
27
6% preferred
100
New Britain Machine..
*
Norwich Pharmacal ...2)4
Consolidated Aircraft—
.....
Chicago A Nor West 4Mb
Sat Paper A Type com...*
102
Pan Amer Match Corp..25
Columbia
Pennsylvania RR 4)4s
-
17 M
26
98"
*
Ohio Match Co
Cessna
New York New Haven A
58
*
75
$1.25 preferred
New
46)4
24)4
Bankers
New Orleans Tex & Mex—
15)4
30)4
100
Autocar Co com
Atlantic Coast Line 4)4s.
23)4
Casket
Preferred
Ask
70
22)4
5% pref 100
Armstrong Rubber A
Ask
44 M
115
100
27 H
49
Mal*e
Arlington Mills
Bid
41 %
22
*
Hardware
American Mfg
Ask
6% preferred
Natlona
conv pref
Bid
vierck Co Ino common..1
Muskegon Piston Ring.2)4
American Cynamld—
Amer
Bid
3)4
40)4
Amer Bemberg
Par
Ask
37
American
Equipment Bonds
2)4
•
American Enka Corp
Railroad
Bid
•
American Arch
4^8
5s
Chicago R I A Pacific-
Pere
Trustees' ctfs 3)4s
99)4
Marquette 4)4s
100
Reading Co 4)4s
54.00
3.25
63.75
3.00
4)48
63.75
3.00
3.25
54.00
1.75
4a..
Denver A R <3 West 4Mb.
6s
52.25
St Louis-San Francisco—
Erie RR 4Ms
53.75
3.00
Great Northern 4Mb
51.50
0.50
St Louis Southwestern 5a.
63.25
2.75
Southern Pacific4)4s.....
Southern Ry 4Ms
62.25
1.75
62.20
1.70
Hocking Valley 5s
51.50
0.50
Illinois Central 4Ma.
Internat Great Nor 4Mb.
52.25
1.75
53.50
2.50
Long Island 4Mb
53.25
2.50
52.50
1.50
53.50
2.50
53.25
2.50
53.25
2.50, Western Pacific 5s
Texas Pacific 4a
62.25
1.75
4)48
6s
62.25
1.75
6s
61.50
1.00
Virginia Ry 4)4s
Maine Central 5s
Missouri Paciflo 4Mb
61.50
0.50
$3 conv pref
Crowell-Collier Pub
*
59)4
63
*
25)4
27)4
Dennlson Mfg class A...10
M
1)4
6% preferred
Dentist's Supply com... 10
Devoe A Raynolds B 00m *
59)4
62)4
10
—
Tampax Inc com..
Tayior Wharton Iron A
Steel
1
7)4
•
common
5)4
2 H
2)4
138)4 142)4
33)4
35)4
26
Tennessee Products
Dictaphone Corp
•
Dixon (Jos) Crucible.-.100
37)4
41
Time Inc
25)4
29)4
Trlco Products Corp..
•
Domestic Finance
pf. *
•
27)4
30)4
Triumph Explosives
2
75
79
United ArtiBta Theat
Fairchlld Eng A Alrnl—I
3)4
4)4
Farnsworth Telev & Rad.l
3
3*4
Federal
8)4
9)4
cum
Draper Corp
Bake
Shops...
*
Preferred
30
Foundation Co For sbs
American
23
20
H
34
*
Oarlock Packing com
Gen Fire Extinguisher
*
2)4
3)4
Preferred
4)4
53 M
55)4
17
19
1)4
H
*
com
Welch Grape Juice com..5
7%
preferred
West Dairies Ino
com v t c
15
16
19)4
20)4
Wick wire Spencer Steel. -•
2
25 H
2634
Worcester Salt
)
2%
4)4
cum
preferred
Wilcox A Glbbs
1
1
•
$3
108)4
100
48
Gen Machinery Corp 00m*
4)4
3)4
10C
*
50
3)4
com. •
United Piece Dye Works. •
Veeder-Root Inc
25
•
shares
-•
•
.
1*4
18)4
6*4
20
7*4
8)4
Western Maryland 4)43
62.10
1.50
64.00
3.00
Glddlngs A Lewis
Machine Tool
Good
Humor
Corp
Graton A Knight com
Preferred
Great Lakes 88 Co
We Maintain Markets In Unlisted
Founded
1832
Harrisburg Steel Corp
Interstate Bakeries
N. Y.
6
39)4
43)4
10)4
12 H
32
29*4
Amer Writ Paper 6s..1931
/59)4
62)4
/38
40)4
preferred
Carrier Corp 4)4s
1948
83)4
Deep Rock OH 7s
1937
/5614
Haytlan Corp 8s
1938
/22*4
McKesson A Rob 5)4s 1950
/S554
87)4
mu
/23
25
M
54
9)4
26)4
28)4
Nat
Lawrence Portl Cement 100
15)4
17)4
fN Y World's Fair 4s. 1941
22
$.5 preferred....
*
j.
100
40
98)4 100
47)4
Scott Paper 3)4s.....l952
Soovlll Mfg 5)48
1945
Woodward Iron—
*
10 H
1
41)4
42 *4
234
3*4
*
17 H
18)4
conv
preferred
24
Old Bell Coal Inc 6s... 1948
5
$3
37)4
Pacific Western Oil 3 )4s '49
1)4
48)4
11H
...
1946
11
34
Mallory (P. R) A Co
Teletype NY 1-1642
Radiator 6s
10
*
Long Bell Lumber
WHitehall 3-0770
8
■85)4
58 H
25)4
Minn A Ont Pap 6s...1945
1
Ley (Fred T) A Co
5)4
31)4
Bonds—
2)4
Marlln Rockwell Corp
McKesson A Robblns
Bell
100
7%
33)4
1)4
00m
41*4
4H
49
40 34
6)4
•
com
York Ice Machinery
King Seeley Corp 00m
1
Landers Frary A Clark..25
.
Members Neiv York Stock Exchange
New York Coffee & Sugar Exchange
New York Curb Exchange (Associate)
ONE WALL ST.,
5
$5 preferred
KUdun Mining Corp
& Co.
4)4
45
37
00m
Great Northern Pa per.. 26
Sugar Securities
Lawrence Turnure
•
100
50
100
Brown Co 5)4sser A.. 1946
6s
1st 6s
42
116
118
109
111
1962
105
2d oonv Income 6s..1962
110
115
Sugar Securities
Bid
Telephone and Telegraph Stocks
Ask
Bid
Ask
Par
Antilla Sugar Estates—
6s
...1951
Haytlan Corp 8s
34
1947
6s
55
57
1941
/I
9)4
3)4a
1940-42
Punta Alegre Sugar
Corp.*
Savannah Sugar Refg
1
6
Eastern Sugar Assoc com.l
Preferred
1
see
6
9)4
34
Am Diet
10 >4
5
234
27
West Indies Sugar Corp__l
8)4
Sugar Co
Ask
par
102)4 107)4
Mtn States Tel A Tel..100
100
116
118
New York Mutual Tel.100
100
132
142
Pac A Atl Telegraph
Telep of Pa pref...100
Cuban Teleph 6% prf
122
123)4
Peninsular Telep com
Teleg (N J) com.*
Preferred
10)4
36
Vertientes-Camaguey
25)4
Bid
Bid
Ask
24
28
10)4
11)4
page 3542.
/22M
New Niquero Sugar Co—
Bar aqua Sugar Estates—
Caribbean Sugar 7s
Cuban Atlantic Sugar
For footnotes
1938
/32
3)4
Bell Telep of Canada
Bell
50
Emp A Bay State Tel..100
45
Franklin Telegraph
55
26
100
25
*
Preferred A
Rochester
132
136
18
15)4
17
31
32)4
29
34
31M
Telephone—
$6.50 1st pref
100
*
103
106
Sou New Eng Telep... 100
11254
15)4
17)4
158)4 162
Int Ocean Telegraph... 100
72
79
Wisconsin Telep 7% pf.100
116
Gen
$6
Telep Allied Corp—
preferred
So A Atl Telegraph
25
---
Volume
Quotations
on
Over-the-Counter Securities—Friday Dec. 1—Continued
Public
WE
MAINTAIN
ACTIVE
TRADING
MARKETS
Utility Stocks—Continued
UNLISTED
IN
Par
Bid
27%
27
17 oum preferred
GOODBODY & CO.
27%
28%
29%
Members N. V. Sloct Exchange anil other Principal Stock
Private Wire System Connecting
Northern
(Del)
56 preferred
*
100
7% preferred
Gas—*
Interstate Power S7 pref.*
5%
4%
104
115
6% preferred-.
100
7% preferred
100
pref..100
117
89%
]
29
30%
Pacific Ltg 55 pref
•
Pacific Pr A Lt 7% pf—100
100
32%
34%
Adminls'fl Fund 2nd Inc.*
Par
Ask
Bid
Ask
12.28
13.06
Aeronautical Securities
8.23
8.95
Series B-l
26.76
29.22
Affiliated Fund Inc—1%
3.59
3.93
Series B-2
21.06
23.09
15%
17%
Series B-3
14.33
15.72
3.32
3.67
Series B-4
6.60
7.27
14.38
15.76
♦Amerex Holding
Corp..*
Amer Business Shares
.39
Amer Gen Equities Inc 25c
.44
Keystone Custodian Funds
Series K-i...
Corp*
4
4%
Series K-2
9.71
10.70
Assoc. Stand Oil Shares..2
5
5%
Series 8 2
13.63
15.03
Series S-3
10.41
11.52
6%
7%
4.10
4.61
6.88
7.59
Am Insurance Stock
Bankers Nat
Corp
Invest
♦Class A
15.40
16^56
Maryland Fund Inc...10c
4.95
5.50
.16
.31
Mass Investors Trust....1
20.82
22.39
24.25
Boston Fund Inc
25.94
Mutual Invest Fund:...10
10.73
11.72
British Type Invest A—1
Broad St Invest Co Ino_.6
1
13%
Bullock Fund Ltd
15
Canadian Inv Fund Ltd..!
3.40
4.00
Century Shares Trust...0
25.03
26.91
1
3.52
8%
Corporate Trust Shares—1
11.22
10.37
Commonwealth Invest... 1
♦Continental Shares pflOO
2.50
Chemical Fund
Series AA
Nation Wide Securities25c
3.78
Voting shares...
National Investors Corp.l
New England Fond
1
1.24
Common
7.57
5.65
10.32
11.15
Bank stock
8.46
Building supplies
6.19
Chemical..
9.00
Electrical equipment
Insurance stock
Machinery.
Automobile
2.86
Aviation
'
1
Series ACC mod
,2.86
100
m
#>
§r~
29
116
—
♦Crum A Forster Insurance
10
♦Common B share
♦7% preferred—....100
Cumulative Trust Shares. •
35%
33%
112
#.
•.
-
im
17.51
1.56
2.98
—
•;
^
—
^
^
21%
22%
City GAE57 pf.100
97%
Southern Calif Edison—
71
73%
Texas Pow A Lt 7% pf-100
106% 107%
30
32
Toledo Edison 7% pf A
110% 113
Sioux
115% 117%
121% 123%
*
100
37
66
67%
107
108%
Public
Bid
Washington Gas Lt—
*
West Penn Pr 4 % % pf 100.
Inland Gas Corp 6%s.l938
/60
62%
88%
Iowa Publlo Serv 3 %s. 1989
101
101%
9.15
,
49%
86%
64%
66
Kan City Pub Serv 4s. 1967
6.79
Assoc Gas A Elec Corp—
Kansas Power Co 4s..1964
9.73
Income deb 3%s
1978
25%
26%
8.22
Income deb 3%s
1978
26%
Income deb 4s
1978
28%
29%
8.09
Income deb 4%s
1978
32
34
7.84
8.48
Conv deb 4s
1973
51%
7.40
8.01
Conv
1973
53
3.59
deb
4%s
Kan Pow A Lt
Lehigh Valley Transit 5s '60
Lexington Water Pow 6s '88
55"
3.89
Conv deb 5s
1973
57
59
Railroad equipment
7.09
7.68
Conv deb 6%s
1973
64
7.20
7.80
8s without warrants.1940
92
20
Series 1966
1
2.86
1983
22
4%s-5%s—1980
21
Sink fund inc 5-68-1986
22
Sink fund inc 5s
1.34
1
2.60
19.18
Plymouth Fund Ino—10c
.40
.45
28.11
30.23
♦Putnam (Geo) Fund....
14.28
15.27
25%
25%
8.05
8.95
2.47
3.29
3.66
Quarterly Inc Shares..10c
5% deb series A...
Representative TrustShslO
Republic Invest Fund.25c
100
S f Inc
103
10.48
102
65
.27
1st 3%s
1968
A Electric 3%s
and Clark Fund Inc
86.38
10.04
Fixed Trust Shares A... 10
10.01
Foreign Bd Associates Inc.
Foundatlon Trust Shs A.l
7.01
7~.72
Selected Amer Shares..2%
9.21
4.10
4.65
Selected Income Shares
1904
5s—1951
109
78
80
105
106
3%s
Peoples Light A Power—
1st lien 3-6s
-.1901
110
Cent Ark Pub Serv 58.1948
99% 101
90%
1st lien coll trust 68.1940
92%
95
Cent 111 El A Gas 3 %8.1964
17.37
18.89
99%
Fundamental Tr Shares A2
5.20
5.89
*
4.69
96%
Portland Electric Power—
1950
6s
89%
109%
Pub Ser of Colo
3%s—1964
Debenture 4s
1949
«
26%
/24%
103
103%
103% 104%
4.37
Fundamental Invest Inc.2
104% 105
105%
Parr Shoals Power 5s —1952
Gas
1st lien coll tr 5%s.l946
84.66
1964
-
105
Nor States Power (Wise)—
Central Gas A Elec—
♦Scudder, Stevens
1965
4s
Old Dominion par
Blackstone Valley
85
83
N Y State Eleo A Gas Corp
29"
10.98
.24
2.74
Insurance stk series. 10c
90%
105% 106%
1938
1st 0s
30
Series 1958
1.22
17.85
Bank stock series—10c
05%
88%
Mountain States Power—
28
7.67
63%
New Eng G A E Assn 58-'62
N Y, Pa A N J Utll 5s 1956
Sink fund
20.21
36%
101%
109% 110
95
.....
.....
2.91
6.92
1954
4%s
70
Steel
Railroad
1
18.78
101
Utll—
Montana-Dakota
Series 1956
•
3%s._1969
34%
27%
10.63
7.47
—
Ask
Bid
47%
24
Fiscal Fund Inc—
29
28%
114% 115
Serv 6s. 1964
Associated Electric 5s. 1961
Amer Utility
20
First Mutual Trust Fund..
87%
85%
62%
63%
182% 187
Utility Bonds
Ask
4%s—1958
lno 4%s—1983
Eaton A Howard Manage
100
Virginian Ry
116% 118
Cons ref deb
6.55
100
-100
7% preferred
Utah Pow A Lt 57 pref--*
Assoc Gas A Elec Co—
5.80
_
30
29
United Gas A El (Conn)—
38
2.39
1
26
0% pref series B
100
pf lOO
Nebraska Pow 7% pref. 100
New Eng G A E 6% % pf.*
New Eng Pub Serv Co
57 prior lien pref
*
New Orl Pub Serv 57 pf—*
No Amer Tr Shares 1953.*
D
ment Fund series A-l__.
Sierra Pacific Power com.*
5%
47%
3.85
Equit Inv Corp (Mass)..6
Equity Corp 13 conv pref 1
99
29%
No Amer Bond Trust ctts.
3.50
25t
97%
7% preferred
Nassau A Suf Ltg 7%
preferred
5%
4%
4%
26
cum
28
26%
100
6% preferred D
2.61
C
Fidelity Fund Inc
Perm
Mountain States Power—
7% oum preferred
-100
1
6% preferredRepublic Natural Gas
Rochester Gas A Elec—
27%
West
Pub Serv 7% pref
Monongahela
*
Amer Gas A Power 3-6s *53
Diversified Trustee Shares
Dividend Shares
115% 118
9.84
Metals...
4.93
16.20
Deposited Bank Shs ser A1
Deposited Insur Shs A...1
Deposited Insur Shs ser B)
82
7.59
Oils
Delaware Fund
92%
41
110% 111%
Queens Borough G A E—
89%
80%
8.19
5.20
2.40
♦8% preferred
Mississippi Power S6 pref *
57 preferred
•
Mississippi P A L 56 pref.*
Miss Riv Pow 6% pref-100
Missouri Kan Pipe Line._5
87
39%
6.31
...1
♦Crum A Forstef com—10.
Penn Pow A Lt 57 pref
84
13.81
Accumulative series...!
Series A A mod
34%
81
N Y Stocks Inc—
2.40
....1
5.93
12.82
Agriculture
3.83
10
34%
6% conv partlc pref. .50
56
1.39
84%
*
Pipe Line Co
New York Power A Light—
Manhattan Bond Fund Inc
3.91
Basic Industry Shares..10
Series S-4__
112% 115
107% 109
Panhandle Eastern
Mass Utilities Associates
Bid
116
113% 115%
Okla O A E 7%
Long Island Lighting—
6% preferred
7% preferred
114
Ohio Public Servloe—
87%
Kings Co Ltg 7% pref. 100
Par
104% 106
113
114%
Ohio Power 6% pref
105
Kan Gas A El 7% pref-100
Investing Companies
*
*
100
107% 108%
57 preferred
26"
24
104%
79
70%
111% 112%
100
pref
Ohio Edison 56 pref
110%
113%
Jer Cent PAL 7% pf-,100
Branch Offices In leading Cities
103 %
Power—
States
7%
100
-
(Minn) 5% pref-.-——*
Interstate Natural
Tel. Journal Sq. 2-4400
Teletype JCY 1518
City
REctor 2-5485
Tel
and Commodity Exchangee
921 Bergen Avenue
Broadway
5%% pref
Idaho Power—
Jersey City Office
Main Office
New York
*
Ask
N Y State Elec & Gas—
Federal Water Serv Corp—
S6 cum preferred
Bid
Par
Ask
26%
S6.50 oum preferred...*
Investment Trust Issues
115
3541
ONE HUNDRED—Tie Commercial & Financial Chronicle—YEARS OLD
149
B
-
»
30.60
32.90
General Investors Trust.*
4.84
__
.52
Cent Ohio Lt & Pow 4s 1964
103% 103%
101% 102%
75%
Central Pow A Lt 3%s.'69
100% 101%
Super Corp of Am Tr BbsA
3.60
2%
Sou Cities Utll 5s A—1958
54%
73%
Tel Bond A Share 58—1958
72%
74%
Texas Public Serv 58—1961
97%
99
...3
10.00
Income 5%s with
3.76
Supervised Shares
4.68
5.10
stk '52
Cities Service deb 50—1963
10.87
Trustee Stand Invest Shs—
..
1908
1st mtge 3%s
Central Publlo Utility—
2.56
5.97
Republic Service-
Central Illinois Pub Serv
/1%
71%
Cons Cities Lt Pow A Trac
.
Building shares....
92
Toledo Edison 3%S—1908
56%
58
United Pub Utll 0s A. 1900
56
57%
Upper Mich Pow & Lt 4s '69
Utica Gas A Electric Co—
100
56
58%
-1957
128
2.56
1
2.51
Trustee Stand Oil Shs A.l
5.47
Crescent Publlo Service—
5.28
Colllno 6s (w-s)
1954
Cumberl'd Co PAL 3%s'66
107% 108
Conaol E A G 6e A
series
B
7.30
4.79
Investing shares
3.14
3.43
Trusteed Amer Bank Shs B
.57
.63
Merchandise shares
5.46
5 95
Trusteed Industry Shares.
.86
.96
Mining shares
6.12
6.66
U 8 El Lt A Pr Shares A..
15%
Dallas Pow A Lt 3%s-1967
109
2.18
Dallas Ry A Term 6s. 1951
70
72%
Federated Utll 5%8—. 1957
84
85%
.....
4.91
Petroleum shares
4.50
RR equipment shares.
4.19
5.57
Steel shares
5.57
6.06
1
B
1
14.33
♦Huron Holding Corp... 1
.08
.28
Incorporated Investors..*
15.99
17.19
♦Independence Trust Shs.
Institutional Securities Ltd
2.25
Inveatm t
Banking Corp
1%
Blair A Co
♦Central Nat Corp cl A —1
♦Class B
1
106% 106%
103
30
2
3
15%
Pomeroy Inc com..,10c
%
♦First Boston Corp
1.33
1.46
11.39
16%
♦Scboelkopf, Button A
10.67
97%
106%
1961
Wis
MiCh
Pow
3%«
Bid
Bid
Ask
Alabama Wat Serv Os.1957
102% 103%
Ashtabula Wat Wks 6s '58
105
1st coll trust 4%B—1960
Public Utility
101
Butler Water Co 5s
Preferred Stocks
105%
106% 108
1st oonsol 4s
104
1st oonsol 5f—
City of New Castle Water
58
1941
101%
City
Sold
.
.
1960
..-1948
1948
101%
101%
100%
1948
104
Phil a Suburb Wat 4s__1965
107
Pinellas Water Co 6%s. '59
100%
Pittsburgh Sub Wat 5s '58
Plainfleld Union Wat 5s '01
Water (Chattanooga)
1954
101%
1st 5s series C
Quoted
lot A ref 6s
102
Prior lien 6s
6s series B
Bought
102% 103%
Peoria Water Works Co—
Atlantic County Wat 6s
*68
1957
1967
Ask
Penna State Water—
Chester Wat Serv 4%s '68
i
99
106%
1960
5%s
Calif Water Service 4s 1961
Insurance Group Shares
Investors Fund C.—
103%
Service—
Western Public
Water Bonds
2%
26
10
1.19
1.08
Bank Group shares
Wash Wat Pow 3%S—1904
Wisconsin GAE 3%s_1966
15.75
100%
West Texas Utlls 3 %s. 1969
.99
Voting shares
Wellington Fund
5s
5.44
4.99
Tobacco shares
Series B
55%
106% 107%
98% 100%
90
1
Series D
6.71
Food shares
104% 105%
1962
Series C
4.39
Chemical shares
4%S
1962
8.64
6.48
6s
Collateral 5s—
St Joseph Ry Lt Heat
1962
58
7.95
5.95
Aviation shares
77%
16.39
.48
72%
5.48
Automobile shares
75
105
15.47
Corp... *
B—IIII——
Agricultural shares
1951
A Pow
1947
Sioux City GAE 48—1966
Spencer Trask Fund
•
Standard Utilities Inc.60c
5.27
Group Securities—
87
".74
Investors
♦State St Invest
General Capital Corp
86
Pub Utll Cons 6%8—1948
.67
Sovereign
105%
110
107
Community Water Service
6 %p series B
75%
80%
Richmond W W Co 6s_1957
105%
6s series A
Jackson & Curtis
1946
1940
78
83
Roch A L Ont Wat 5s.1938
101
A.'00
Scranton Gas A Water Co
106%
Huntington Water—
5s series B
.—1954
ESTABLISHED 1879
—1954
1962
6s
Members
Principal Stock and Commodity Exchanges
6s
St Joseph Wat 4s ser
102
Tel.
1st mtge 3%s
New York City
JopllnW WCo5s
1957
Kokomo W W Co 5s.-1958
Teletype N. Y. 1-1600
BArclay 7-1600
1906
94
1907
89%
94%
Sbenango Val 4s ser B 1901
101%
1st A ref 6s A
104
99
103
South Bay Cons Water—
1950
gg
105%
Springfield city
105%
Long Island Wat 5%s.l965
Monmouth Corusol W 6s '60
Stocks
1956
Terre Haute Water 5s B '60
105
79
102%
102%
1949
103
Texarkana Wat 1st 6s. 1958
105
0s series A
101
Monongahela Valley Water
84
Water—
4s A
Public Utility
105%
89
Water Service 5s. 1961
Indianapolis W W Securs
68
1958
104
Scranton-Sprlng Brook
105
Indianapolis Water—
115 Broadway
1968
4%s
102%
.
Bid
Par
Alabama
Power 17 pref.. *
Lt 7% pref *
Associated Gas A Electric
Original preferred
*
J6.50 preferred
*
J7 preferred
*
Atlantic City El 6% pref. *
Birmingham Elec $7 pref.*
Buffalo Niagara A Electern
SI .60 preferred
25
Carolina Power A Light—
$7 preferred
—
*
100% 101 %
prpfprrwl
Ask
Central Maine Power—
1%
3
3
97%
*
100
113
100
101 %
105
109
111
2
Cent Pr A Lt 7% pref-100
4%
Consol Elec A Gas 16 pref *
4%
Consol Traction (N J)_100
Consumers Power Z5 pref*
119%
75%
7% preferred
16 preferred...
95%
Arkansas Pr A
a or,
Bid
77
99%
92%
55
100
98
7% pref. 100
116
Derby Gas A El 17 pref..*
38
Dallas Pr A Lt
91
Union Water Serf 5%s *51
102% 104%
105%
105%
W Va Water Serv 4s..1961
104% 106
Water 68.1950
Water—
series B
1951
101%
Western N Y Water Go¬
6%s
1950
New Jersey
es series B
New RocheUe
5s
5%s
1951
New York Wat Serv 5s '61
94
98
97
101
94%
98%
1st mtge 5s
1st mtge 5%s
1950
.—1951
1960
Westmoreland Water 6e '52
97
102
97
101
101%
102
Wichita Water—
99%
43
Newport Water Co 5s 1963
Ohio Cities Water 5%3 *53
102
104
96
101
5s series B.._
1960
101%
6s.1954
Ohio Water Service 5s. 1958
107
6s series C
1900
105%
101% 103%
0s series
A
1949
103%
Ore-Wash Wat Serv 0*1957
106
22%
98%
52%
105
12%
Continental Gas A El—
7% preferred
21%
11%
116
102
Morgantown Water 5s 1906
Muncle Water Works 5b *65
Par
Ask
91
1952
104
Ohio Valley Water
For footnotes see page
3542.
96
W'msport Water 5s
ONE HUNDRED—The Commercial <6 Financial Chronicle—YEARS OLD
3542
Dec.
2,
1939
Quotations on Over-the-Counter Securities—Friday Dec. 1—Concluded
Real Estate Bonds and Title Co.
If You Don't Find the Securities Quoted Here
Bid
Alden Apt 1st mtge
In which you
have interest, you will probably find them in
monthly Bank and Quotation Record.
our
cation quotations are
stocks and bonds.
Domestic
are:
61X
f7X
44
49
Insurance Stocks
Real Estate
1st 4s (w-s)
31
28
55 X
37**
57X
44X
46 X
35X
Olicrom
1951
mtge 6s
50
4
103 E 67th St 1st 8«—1941
22
34
165 Bway Bldg 1st 43*8 '51
Sec s f etfs 43*s (w-s) '58
40 X
42 X
40 X
43
34
...
U. S. Territorial Bonds
Prudence Secur Co—
1946
1st income 3s
18X
20
6Ha (stamped 4s).. 1949
52d A Madison Off Bldglst leasehold 3s. Jan 1 '52
Dept. B, Wm. B. Dana Co., 25 Spruce St., New York City.
5s
mmm
33
39
<m
40 Wall St Corp 6s
1400 Broadway
1958
/19
/40
m
m
1956
fll
12 X
1956
flOX
12
1949
Graybar Bldglst lahld5s'46
18
23
79
80 X
60 Park Place (Newark)—
Harrlman Bldg 1st 6s. 1951
17
19
61 Broadway Bldg—
Hearst Brisbane Prop 6s '42
43
45
3Xa with stock
Hotel St George 4s...1950
35 H
37
1st 33*8
Lefcourt Manhattan
54 X
1948
Lewis Morris Apt Bldg—
54 X
1st 3s
...
lst lease 4-6 Ha
1st 4a
1st 6s
44 X
1951
Income 5Xa
Foreign Unlisted Dollar Bonds
Walbridge Bldg (Buffalo)—
1950
14
39
41X
Wall A Beaver St Corp—
1st 4Xa w-s
1951
17
19
Westing house Bldg—
1st mtge 4s
68
71
2 Park Ave Bldg 1st 4-5s'46
i
>
Bavarian
1st A gen 3-4s...
1947
50
1st 5s (L I)
1951
54
1
5
8s.
7
ollv
1936
7s.
*
6s.
/19K
f\8X
f4H
)
f3X
Koholyt 6 Ha
1943
Land M Bk Warsaw 8s '41
20H
19 X
28
Bid
4H
3%
3%
Water 7s
1948
5
18"
1%
Ask
2s
57
Munlc Bk Hessen 7s to '45
...Deo
2s
/n
Apr
Federal
Hungarian Bank19C
Recklinghausen;j ..1947
/5
rassau Landbank
19fi
6 Ha
He '38
/13M»
(A A B) 4S... 1946-1947
(C A D) 4B—.1948-1949
rat Central Savings Bk of
90
19Mi
/25
f9H
fOX
rs-H
f\8H
19 X
3
Hungary 7 Ha
1962
Mtge 7s
—.1948
4s.
.1947
7s to.
German Central Bk
.1945
Central German Power
/H
III
Ha
/10
/5
/71
54 H
*
many) 7s
6s
/13
14H
1946
14 H
6s..
fl7X
t Now
/5
/—
/24
i
1941
7s
1957
7s ctfs of deposit.1957
4s scrip
/II
8s
1948
_
8a ctfs of deposlt-1948
.1947
8%.
Ill
5
/17
3
/II
...
...
63*8
1951
Saxon State Mtge 8s-.1947
Stem A Halske deb 6s.2930
Central Bank
State Mtge
fl4
/19
4
/2
3
United Kingdom
7
/9
3
60
100.4
1941
100.11 100.14
a
100.6
Interchangeable,
New
on
less 1
3.20
U 8
1
Housing Authority—
IH% notes Feb 1 1944
101.27 101.31
quotation,
b Basis price, d Coupon,
When Issued,
w-s With
to <
e
Ex-payment.
stock,
York
Stock
x
Ex-
Exchange.
New York Curb Exchange.
on
on
$89.50 of principal
"The
is
investment
a
trained
banker does
expert
reputation and his
"The
5% was paid
amount.
in
the
an
on
July 2 and 5H%
NOTICES
essential
voluntary
own
job,"
the pamphlet states.
mobilization
which lies
up
his
own
judgment with hs
own
capital.
'banker's spread'
is
not
so
modest remuneration for work done.
much
'velvet'
as
some
It is
think.
In the great development of America
ahead, the investment banker will be
among
the first to give
constructive service.".
f8X
/8
/3 c
/14
/13
After outlining these points in detail, the pamphlet comments that it is
8X
5c
human to sympathize with a man who says he has
that "the doctors want to take out my appendix
/8
/21
/ 7H
/9 H
f9H
f9H
38
bad stomachache and
a
,
,
.
But if he states
that, in the unbiased opinion of his medical practitioner, his duodenum is
a
potential appendectomy, you kind of write him off."
The article points out that the tradition of dignity has kept the invest¬
22 H
8
ment banker inarticulate.
observes.
is
a
"But dignity is an elusive quality," the author
"Once you stand
vacuum
inside
a
on
it, it disappears.
And all you have left
stuffed shirt."
The pamphlet offers
a
number of suggestions for improving public un¬
derstanding of investment banking through realistic efforts by the majority
300
of investment bankers who, "contrary to general opinion, are not members
Bk Jugoslavia
1956
21H
25
1956
21H
25
Stettin Pub Utll 7s... 1946
f9H
Toho Electric 7s
Tollma 7s
United
s
6s-.
111 J*
less
standing characteristic is that he backs
/8
6s
19 X
flO
/33
101.4
110 X
4s serial revenue..1942 b
1.40
of capital.
His
contribution in this field is duplicated by no other profession.
His out¬
1955
1947
70
fl8X
72~"
19H
Uruguay conversion scrip..
80 H
81H
70 H
72
/ 35
8
/ll
Unterelbe Electric 6s. .1953
Vesten Elec Ry 7s
1947
f9H
6
fl3H
Wurtemberg 7s to
f9H
1945
associated
with
brigade."
Group,
the
Inc.
firm
as
announces
manager
joining Distributors Group, Mr. Kranz
that
of its
was
George Kranz has become
bond
for
department.
more
than
Before
10 years
with
Halsey, Stuart & Co. in the bond trading department of their New York
Kingdom of Great
Britain A Ireland 43.1990
3 Mi % War Loan
of the stuffed shirt
—Distributors
Ireland-
8
4s s f revenue '77.AAO
Quotation not furnished by sponsor or issuer.
"He
/9
2d series 5s
Britain &
101.2
Bridge—
4s serial revenue._1968 b
CURRENT
9*
72
f9H
101
104
-
listed
vulnerable to
2
German scrip.
100.20 100.24
100.27 100 29
...
fU
8
July 1 1942
Trl borough
60
19 H
f9H
fll
6
100.26 100 28
1%
Sept. 26.
J7
...
European Mortgage A In
fll
fl
/5
Jan 15 1942
101.16 101.24
n Nominal
If Quotation
f9X
J10
5
100.28 100.30
X%
y Ex-rights.
t Now selling
26
18 X
f9X
7s.
price,
dlvldend.
/14
/10
1936
f9X
6Xa
Corp—
X % notes July 201941
H%
Nov 1 1941
1940
No par value,
/Flat
/5
53"
58 X
17 X
/9 X
Reconstruction Finance
Mtge Assn
May 15
May 16
Hs
f7H
/13
/II
107
/5
/15
5s.
less 1
Authority 3 Ha '68
/55
/53
/36
/55
City Savings Bank
/47
less 1
2.50
Home Owners 'Loan Corp
f9H
Colombia 4s.
Natl.
Call Jan 3 '40 at 102.
Central Agrlc Bank—
fl4
/58
2.00
1949 6
lHs Jan 3 1944—
rational Hungarian A Ind
7"
nx
1944 6
101.18 101.24
101.26 102
1940
1 1943
Call Novl6'39 at 101
Tat Bank Panama—
/50
fl8X
3 Ha revenue
101.4
...
Brown Coal Ind Corp—
Buenos Aires scrip
way
100.2
2s May 16 1943—
/35
no
100.11 100.13
Nov 15 1941
Fed'l Home Loan Banks
Municipal Gas A Elec Corp
See
Bid
3 Mis revenue
/5
54
.
/15
)
6s.
run
/n
/32c
Great
Ask
New York City Park¬
Commodity Credit Corp
X%
Aug 1 1941
4X
fl7H
German
mmm
32
/u
/n
Al
see
1948
mm
Miscellaneous Bonds
9
n
/26
25
change Bank 7s
/6
7s.
7Xa
mmm
/5
/5
m
50
48
Palatlnlte Cons
)
British
3s
1952
1st 5s (Bklyn)
Ask
31X
71
Ludwlg Baumann—
ma
34
1939
46
69 X
1963
w-s
35 X
1958
Trinity Bldgs Corp—
1st 5Xa
mmm
44
London Terrace Apts—
Due to the European situation some of the quotations shown below are
nominal.
7s.
...
Textile Bldg—
Lincoln Building-
Ask
mm*
61X
1955
Lefcourt State Bldg¬
CO., INC.
Tel. HAnover 2-5422
19X
/52
f25X
f25H
/38
S9H
26 X
Syracuse Hotel (Syracuse)
1948
Lexington Hotel units....
Bid
35
32
1957
616 Madison Ave—
Bldg
1st 4-5s
35X
1947
1950
3s with stock
N. Y.
mmm
67
64 X
Savoy Plaza Corp—
3s with stock
38 X
m
1957
8herneth Corp—
1st 5 Ha (w-s)
1st 2H-4a (w-s)
Inactive Exchanges
mmm.
m mm
36 H
36 H
1948
1944
Fuller Bldg deb 6s
Foreign Stocks, Bonds and Coupons
mm*
54
51X
1943
1st mtge 4s
203*
stamped
4s
-
1939
Bldg—
42 Bway 1st 6s
1st
-
Income
Rlttenhouse Plasa (Phlla)
2 Ha
1958
Roxy Theatre—
mmm,
Film Center Bldg 1st 4s *49
Your subscription should be sent to
59 X
53*8 stamped
1961
Realty Assoc Sec Corp—
500 Fifth A venue- -
The Bank and Quotation Record Is published monthly and
52 William St.,
mmm
«
Mining Stocks
&
mm*
3
31
Eqult Off Bldg deb 58.1952
Deb 6s 1952 legended...
50 Broadway Bldg—-
U. S. Government Securities
BRAUNL
3
flH
Corp v t o_„
1 Park Avenue—
2d
Hotel units
Mill Stocks
sells for $12.50 per year.
29
Dorset 1st A fixed 2s. .1957
Eastern Ambassador
Land
and
Stocks
ties
...
26X
1950
1st 3^8
Trust
Title Guarantee and Safe Deposit
Joint Stock Land Bank Securi¬
16
1948
Court A Remsen St Off Bid
Stocks
Investing Company Securities
53
4s with stock
Colon*de Construction—
Real Estate Bonds
7
51
5Ha series Q
52
Chesebrough Bldg 1st 6s '48
Utility Stocks
Railroad Stocks
23
5
53*8 series BK
5Xa series C-2___.
46
Utility Bonds
Railroad Bonds
21
N Y Majestic
Public
Industrial Stocks
1955
Corp—
stmp._1956
Y Title A Mtge Co—
m mm
N
Industrial Bonds
68
2s
10
Chanln Bldg 1st mtge 4s '45
Foreign Government Bonds
66
5Xa series F-l
1948
1957
3e
Public
Canadian
Federal Land Bank Bonds
1945
S t deb 5s
N Y Athletic Club—
Brooklyn Fox Corp—
Canadian
96X 100
mm*
Broadway Motors Bldg-
Domestic
(New York and
1948
Metropol Playhouses lno—
24X
32 X
1st leasehold 33$-5e 1944
Municipal Bonds—
Out-of-Town)
6s
7X
J23
Ask
Bid
Metropolitan Chain Prop—
m
fox
B'way A 41st Street—
4-6s
Banks and Trust Companies—
/31
B'way Barclay lnc 2s-.1956
In this publi¬
carried for all active over-the-counter
The classes of securities covered
3s. 1957
4S..1958
Beacon Hotel lno
Mortgage Certificates
Ask
f9H
office, where he specialized in trading assistance to their retail staff.
viously he
was
associated
with
sisted in the bond department
Hickey, Doyle & Co. and
Hodenpyl, Hardy & Co.
Pre¬
He will be as¬
by John P. Gahan, formerly associated with
more
recently with Amott, Baker & Co.
Volume
Commercial & Financial
The
ONE HUNDRED—
149
General
YEARS OLD
3543
Corporation and Investment News
RAILROAD—PUBLIC UTILITY-INDUSTRIAL—INSURANCE—MISCELLANEOUS
NOTE—For mechanical
reasons
However, they
FILING
OF
is
it
are
STATEMENTS
REGISTRATION
SECURITIES
as near
Directors have declared an extra dividend of 27 lA cents per share on the
$10 par common shares now outstanding payable Dec. 15 to holders of
hew
(Nos. 4242
Commission under the Securities Act of 1933.
The amount
record Nov. 29.
Regular quarterly dividends of 25 cents were paid on
Nov. 15 and on Aug. 15, last, and a dividend of 20 cents was paid on May 15,
last, this latter being the first dividend paid on the new shares.
See also V. 149, p. 867,
involved is approximately $20,319,376.
Adams Express
Lawyers Mortgage Corp. (2-4242, Form A-2) of New York, N. Y. has
filed a registration statement covering 400,000 shares of $5 par capital stock,
which will be offered at $5.50 per share through voting trust certificates.
(See registration statement 2-4243, Form F-l).
Proceeds will be used for
working capital.
S. Harby Plough is President of the company.
There
underwriter.
no
22,1939.
Scott Paper Co. (2-4244, Form A-2) of Chester, Pa. has filed a registra¬
30,000 shares of $4 cumulative preferred stock, no
Filed Nov. 22, 1939.
(See subsequent page for further details).
tion statement covering
par value.
Ryan Aeronautical Co.
(2-4245, Form A-2)
of San Diego, Calif
has
registration statement covering 125,000 shares of $1 per common
120,000 shares will be offered to the public at market price and 5,000
a
stock.
shares will be offered to directors,
Ryan
or
issue
School
will
be
officers and employees of the company
of Aeronautics, at market less 15%
Proceeds of the
for advance to subsidiary, for buildings, machinery,
used
equipment, development, bank loan and working capital
T. Claude
Ryan is President of the company.
G. Brashears & Co. has been named
underwriter.
Filed Nov. 24, 1939.
St. Anthony Oil Corp. (2-4246, Form A-l) of Los Angeles, Calif, has
a registration statement covering 50,000 shares of $10
par common
stock.
25,000 shares will be offered publicly at $10 par share and 25,000
shares will be issued to John A. Woodward, the President, and Hoke
filed
Woodward for
a dividend of 15 cents per share on the common
value, payable Dec. 15 to holders of record Dec. 1.
This
compares with 10 cents paid on June 26 last, and on Dec. 24 and July 12,
1938.—V. 149, p. 2361.
Fitzsimmons Stores, Ltd. (2-4247, Form A-2), of Los Ageles, Calif.,
filed a registration statement covering 30,000 shares of $1 par 5%
cumulative class A stock, which will first be offered to employees, class A
and B stockholders and voting trust certificate holders and then the un¬
subscribed portion will be offered to the public at $7 per share.
Proceeds
of the issue will be used for debt and working capital.
R. M. Laverty is
no
par
Aero Supply & Mfg. Co.—To Pay 20-Cent
Directors have declared
No underwriter named.
Alabama Great Southern Ry.- -Dividends—
_
was
distributed
paid
on
From
Jan.
North American
railway—...
railway
Net after rents.
5,561,219
1,307,131
1,080,374
6,343,232
2,007,684
1,458,444
5,398,296
1,379,286
756,773
6,282,835
1,765,575
1,061,336
—V. 149, p. 2677.
Alabama Power Co.—Earnings—
Period End.
Gross
1939—Month—1938
1939—12 Mos—1938
...$2,020,416
$1,823,577 $21,612,292 $19,819,865
Oct. 31—
revenue.
1,012,672
217,690
Prov. for
Net
Divs.
other
and
charges...
$712,099
$8,941,780
$8,365,657
407,097
4,867,449
4,836,965
$305,002
195,178
$4,074,331
2,342,128
$3,528,692
2,342,138
$189,408
$109,824
$1,732,193
$1,186,554
fixed
— .
income
on
8,820,648
2,633,560
384,586
195,178
Gross income
Interest
10,058,232
2,612,280
405,468
depreciation._
893,788
217,690
$790,054
Oper. exps. and taxes...
...
pref. stock—..
as
of March 5, 1936.
Any unsubscribed portion of the offering
together with the proceeds of the issue will go to North American Co. in
exchange for $4,000,000 principal amount 5% notes of registrant, thus
retiring the notes.
H. C. Freeman is President of the company.
Filed
Nov. 29, 1939..
•
,
Compania de Petroleo Ganso Azul, Ltd. (2-4250,
Lima, Peru, has filed a registration statement covering
$100 par class A capital stock which will be offered to
United States at $130 per share.
The offering to United
is subject to the requirement that 25% of all the capital
Form A-l), of
2,500 shares of
residents of the
States residents
stock be offered
first to the Peruvian Government at $100 and then to Peruvian capital at
the same price.
The entire United States offer is subject to prior Peruvian
subscription.
Proceeds of the issue will be used for refinery, tanks, can¬
ning plant, indebtedness and working capital.
J. E. Brantly is President
of the company.
No underwriter named.
Filed Nov. 29, 1939.
Madaras
Steel
Corp. of Texas (2-4251, Form A-l), of Longview,
Texas, has filed a registration statement covering 2,500 shares of $100 par
6% cumulative preferred stock and 25,000 shares of 10 cents par common
stock, which will be offered in units of one preferred share and 10 common
shares at $101 per unit.
Proceeds of the issue will be used for development,
plant, equipment, and working capital.
O.H. Grissom is President of the
company.
No underwriter named.
Filed Nov. 29, 1939.
National
Supply Co. (2-4252, Form A-2), of Pittsburgh, Pa., has filed
a registration statement covering $7,500,000 of 1st mortgage bonds, 3%%
series, due 1954.
Filed Nov. 29, 1939.
(See subsequent page for further
details).
The last previous list of registration statements was
our issue of Nov. 25, page 3401.
Abitibi Power &
Y.
Murdoch,
independent
committee
for the
given
Paper Co., Ltd.—Committee Member-—
President
committee,
was
of
Noranda
replacing
the
Mines,
late
Ltd.,
Thomas
has
joined
Bradshaw.
the
The
formed in an attempt to work out a reorganization plan
company.—V. 149, p. 3401.
Acadia Sugar Refining Co.,
Ltd.—Final Dividend—
Company paid a final dividend of 12cents on the ordinary stock on
31 to holders of record Oct. 24.
Dividend of 15 cents was paid on
June 1. last and one of 20 cents per share was distributed on Dec. 1, 1938Oct.
—V. 149, p.
3251-
Addressograph-Multigraph Corp. (& Subs.)-—-Earns.—
Period End. Sept. 30—
1939—9 Mos.—1938
operating profits--- $1,447,196
$1,499,787
1939—12 Mos.—1938
$1,951,041
$2,291,916
Maint. of non-oper.prop.
less
rental
inc.
Balance—.—
-V.
there¬
from-.
develop. & en¬
gineering, incl. amort.
Deprec. of oper. proper's
Int., deb. disct. & exp—
Prov. for contingenciesLoss on exchange (net)—
Income tax (estimated).
Pref. divs. guaranteed to
minority interests——
Cr775
4,523
1,430
11,444
268,069
219,172
71,094
239,440
239,427
77,668
316,001
326,882
103,786
------
397,462
285,358
96,678
20,000
prof.3,059
184,034
41,947
188,961
45.937
194,507
268,395
1,307
1,634
1,809
2,324
—
4,576
79,721
$707,354
$706,187
$907,860 $1,178,787
Earnings per share
$0-93
$0.93
$1.20
$1.56
x Before deducting surtax, if any, on undistributed earnings.
Note—The above statement includes earnings of British and Canadian
subsidiaries but excludes the results from operations of the French and
German subsidiaries.—V. 149, p. 1615.
p.
—
2677.
Alleghany Corp.—Bonds Purchased—Time Extended—
J
York, trustee of the 5% bonds
announced on Nov. 20 that it had purchased $219,000 principal
bonds, exhausting the $100,000 allocated to bond purchases.
so purchased will reduce the issue to $22,500,000 outstanding.
The Marine Midland Trust Co. of New York, and this corporation have
extended to Dec. 12, 1939, the time within which a plan of readjustment
for the 5s of 1950 may be submitted, under the terms of the agreement dated
Sept. 28, 1939, under which Manufacturers Trust Co. is holding in trust
107,579 shares of Chesapeake & Ohio Corp. common stock withdrawn
from the collateral securing Alleghany 5s of 1944.—V. 149, p. 3251.
of 1950,
amount of the
The bonds
Allegheny-Ludlum Steel Corp.—Year-End Dividend—
,
dividend of 50 cents per share on the
Dec. 21 to holders of record Dec. 4.
This will be
dividend paid by the company since the merger of Al¬
Directors have declared a year-end
common
stock, payable
the first common
legheny Steel and Ludluin Steel in
Allied Stores Corp.
Period End. Oct. 31—
x
Profit..
,
August, 1938.—V. 149, p.
2677.
(& Subs.)—Earnings—•
1939—3 Mos.—1938
$1,319,051
$992,551
1939—12 Mos.—1938
$3,618,770
$2,324,592
depreciation, interest and provision for sub. preferred dividends
but before Federal income and undistributed profits taxes.
For the nine months ended Oct. 31, 1939, profit was $1,607,715 comparing
wi'h profit of $747,665 for the nine months ended Oct. 31, 1938.—V.
x
After
149, p- 1465.
Alpha Shares, Inc.—Promoters
Guilty—
The Department of Justice and the Securities and Exchange Commission
reported that a jury in the Federal District Court of New York, Nov. 22,
returned a vereict of guilty against six defendants in the Kenyon & Co.
case, which has been on trail for 7H weeks.
Kenyon & Co., Inc. was found guilty of all 10 counts of the indictment
which charged violations of the fraud provisions of the Securities Act of
1933 Mail Fraud and Conspiracy. Samuel Sobel and Lucian A. Eddy were
found guilty of the Securities Act charge, Mail Fraud and Conspiracy. The
jury returned a verdict finding Edward E. Embree guilty of violation of the
Securities Act and conspiracy, and found Ernest A. Schwartz and Weil
Management Co., Inc. guilty of conspiracy to commit fraud.
The jury
had been deliverating since the morning of Nov. 21. Previously, additional
defendants, Charles Russell Kenyon, Norman E. Dizer and George R.
Grantham had pleaded guilty.
The indictment charged that the defendants, together with Donald P.
Kenyon
deceased, engaged in a scheme to defraud seven investment
trust companies out of approsimately $900,000 by the use of the mails
and by means of transportation and communication between New York
Citv and Jersey City and between New York City and Washington, D. C.
In general, the indictment alleged that after the defendants and Donald
P
Kenyon acquired control of Alpha Shares. Inc., Monthly Income Share,
Inc
of New York, Monthly Income Shares, Inc. of New Jersey, United
Sponsors Inc., and Investors Fund of America, Inc., and for the purpose of
obtaining money from such companies for their own purposes, they caused
the companies to pay approximately $460,000 for securities either owned by
Donald P ' Keynon or issued by companies under the defendants' control
under the guise of legitimate business transactions at prices far in excess of
...
thAs ^^unher jpart
fendants
Patents,
Net profit for the p'd
149,
The Marine Midland Trust Co. of New
Light & Power Co. (2-4249, Form A-2) of Wilming¬
record
x
:
1936
$614,429
183,090
102,498
a
ton, Del., has filed a registration statement covering 2,660,667 shares of
$1 par common stock.
2,000,000 shares of common stock will be offered
at $1 per share to common stockholders of record as of March 5, 1935 and
666,667 shares will be offered at $3 per share to common stockholders of
Net
Semi-annual dividends of $1.50 were
1937.
1—
Gross from
Net from
registration statement covering 300,000 shares of $1 par common
will be offered at $5.50 per share.
Proceeds of issue will be
used for debt, development and working capital.
A. J. Miranda Jr. is
President of the company.
Tobey & Co. and Heinzelmann, Ripley & Co.,
Inc. have been named underwriters.
Filed Nov. 27, 1939.
J.
Dec. 24,
<
stock which
in
on
the preferred stock on Feb. 15 and June 28, 1938.
Earnings for October and Year to Date
October—
1939
1938
1937
Gross from railway-....
$760,383
$707,208
$647,040
Net from railway
279,662
264,918
159,291
Net after rents....
215,658
212,839
107,314
Filed Nov. 27, 1939.
American Armament Corp. (2-4248, Form A-l),'of New York, N.Y., has
filed
B
Directors have declared dividends of $5 aer share on the ordinary and
6n the preferred stocks, both payable Dec. >3 to holders of record Dec. 2.
Dividends of $3 were paid on June 28, last, and on Dec. 23, 1938.
A dividend of $3 was paid on the ordinary stock on June 28,1938, and an
extra dividend of $4 in addition to a semi-annual dividend of $1.50 per share
has
President of the company.
Class B Div.—
dividend of 20 cents per share on the class
a
payable Dec. 22 to holders of record Dec. 8.
Dividend of 12A
cents was paid on Dec. 23, 1938, and on Dec. 23, 1937, this latter being the
initial dividend.—V. 149, p. 1315.
stock,
their
promotional services.
Proceeds of the issue will be
used for development, machinery, equipment, construction and working
capital.
Norman B. Courteney & Co. have been named underwriters.
Filed Nov. 24, 1939.
Co.—Larger Dividend—
Directors have declared
stock,
Filed Nov. 22, 1939.
Lawyers' Mortgage Corp., voting trustees, (2-4243, Form F-l) of New
York, N. Y. has filed a registration statement covering 400,000 voting
trust certificates for the $5 par capital stock.
The voting trust certificates
will be issued by voting trustees to stockholders exercising stock purchase
warrants for the $5 par capital stock.
(See registration statement 2-4242,
Form A-2).
Charles G. Edwards, et al, are voting trustees.
Filed Nov.
filed
order.
possible.
as
Acme Wire Co.—Extra Dividend—
UNDER
4252) have been filed with the Securities and Exchange
will be
companies in exact alphabetical
arrange
alphabetical position
ACT
The following additional registration statements
to
always possible to
not
always
Income
-r,
of the scheme tfo defraud, it was alleged that the de¬
and Donald P. Kenyon caused securities
Shares, Inc. of New York to be pledged as
owned by Monthly
collateral for a loan,
borrowed were immediately advanced to one of their
group
The defendants then, it was charged, used this money to purchase
a controlling stock interest in the North
Bergen Trust Co. at a price of
approximqtely $50 per share, causing 350 of such shares to be transferred
to Monthly Income Shares, Inc. of New York at the rate of $115 per share
in cancellation of the advance which had been previously made by that
and the moneys so
C°As ^"further
was
example of their methods as charged by the indictment, it
alleged that after acquiring control of United Sponsors, Inc. and United
Standard Oilshares Corp., which had management contracts with Investors
Fund of America, Inc. and United Standard Oilfund of America, Inc., the
defendants caused $235,000 to be paid by the latter two companies under
the
guise of legitimate consideration for the
when in fact such payments were
cancellation of such contracts,
made for and immediately converted to
ONE HUNDRED—
3544
the
paid
was
Commercial & The
Financial
of the defendants and Donald P. Kenyon.
use
over
Of this amount, $34,000
to Kenyon & Co., Inc., it was alleged, under the guise of re-
fact such indebtedness had
Eayment of indebtedness due from Unitedincurred. Oilshares Corp., when
Standard
been
1
never
The indictment resulted from two years of joint efforts on the part of
the United States Attorney for the Southern District ofjNew York, the Post
Office Department and the Securities and Exchange Commission.—V. 141,
p.
2578.
Aluminum Goods Manufacturing Co.—Year-End Div.—
TEARS OLD
Statement
'
J.
President, announced a Christmas bonus of $100,000 for
2,900 employees at the company's plants in Manitowoc, and at Two
Rivers, Wis.
The bonus represents 2M% of the employees' yearly earnings.—V. 148, p. 3679, 3524.
$2,018,561 $11,248,749
112,017
417,390
725,962
2,907,084
$7,916,923
414,096
2,907,809
$1,992,237
Net income-...
$1,180,582
$7,924,275
$4,595,018
Summary of Surplus for the 12 Months Ended Sept. 30, 1939
Vits,
American Armament
•
Earned
Capital
$36,026
$8,634,673
Surplus, Oct. 1, 1938
Total
$8,670,699
Net income for the 12 months ended
Sent. 30, 1939-....
Corp.—Registers with SEC—
1939—12 Mos.—1938
$11,153,058
$7,843,087
95,691
73,836
$2,822,617
103,136
727,244
Total
Int. and other deductions
three months.
A.
of Income {Company Only
Period End. Sept. 30—
1939—3 Mos.—1938
Income—From subsids. $2,804,347
$2,001,42
Other...
18,270
17,134
Expenses, incl. taxes...
year-end dividend of 40 cents per share on the
common stock, payable Dec.
15 to holders of record Dec. 1.
This com¬
pares with dividends of 20 cents per share previously distributed each
a
1939
2,
provided.
was
reserve
Christmus Bonus—
Directors have declared
Dec.
$480,315 more than the amount applicable to that period.
Oper¬
ating revenues for the 12 months ended Sept. 30. 1938 include $634,948 of
revenues of such subsidiary in litigation during the period, for
which a
revenues
7,924,275
7,924,275
—
10,050
10,050
$16,568,999
$36,026 $16,605,025
2,380,660
2,446,158
1,235
2,380,660
2,446,158
1,235
$11,740,945
$36,026 $11,776,971
Other credits
See list given on first page of this department.—V. 148, p. 3524.
American Chain & Cable
Total..
Co., Inc.—45-Cent Dividend—-
Directors have declared a dividend of 45 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 5. Dividends of 25 cents
was paid on Sept, 15, last and previously quarterly dividends of 15 cents
per share were distributed.—V. 149, p. 1465.
American
Directors
on
Dividends declared:
Preferred stock
21
declared
dividend
a
of $5 per
share
the
on
American
Cyanamid Co.—Special Dividend—
Nov. 22 declared
the
Jjjj
class A
on
and
class
a
both payaole Jan. 2 ,1940 to stockholders of record Dec. 15, 1939.
At the same time directors announced that shares of the company's
189,763
26,984
181,810
408,444
407,385
The directors on Nov. 21 declared a dividend of five cents per share on the
30-cent cumulative participating preferred stock, payable Dec. 1 to holders
of record Nov. 22
Like amount was paid on Sept 1, June 1 and March 1,
last, and on Dec. 1 and Sept. 1, 1938.—V. 149, p. 718.
Corp.- -Four Subsidiaries File
Under 77-B—
Four subsidiaries of the corporation have filed voluntary
petitions of
bankruptcy in the Federal Court, Wilmington, Del.
They ask permission
to reorganize, under Section 77-B of the Federal
Bankruptcy Law. Christo¬
pher L. Ward of Wilmington has been appointed trustee.
The petitions were filed by the Inland Gas Distributing Co., which
operates in Huntington, W, Va., and other parts of that State; the Buckeye
Fuel Co., a Delaware corporation, operating in Lawrence County, Ohio;
the Carbreath Gas Co., a Delaware corporation,
operating in Breathitt,
Elliott, Floyd, Knott and Magoffin Counties, Ky., and the Buckeye Gas
Service Co., an Ohio corporation, operating principally in Ironton, Ohio.
—Y. 138, p. 2078.
interest
American-Hawaiian Steamship Co. (& Subs.)—Earns.
1939—Month—1938
7* Net profit from oper„_
Special deposit-
169
$327,243
Other income
Total profit.
Prov. for depreciation..
$318,911
71,537
362
$1,026,059
25,482
$327,606
77,681
$1,303,113
712,437
$1,051,541
Dr208
Crl9,071
Sale of securities
y
Net profit
x
Before depreciation and Federal income tax.
$247,374
$249,925
$590,467
y
762,069
Corp .—Extra Dividend—
Directors have declared
an extra dividend of 25 cents
per share on the
stock, payable Dec. 23 to holders of record Dec. 14.
Regular
monthly dividends of 20 cents per share were paid on Dec. 1 last.-—V. 149,
p. 2960.
common
American Meter Co.,
Accumulated Dividend—-
record Doc*
preferred Jan. 2, April 1, July 1 and Oct. 2.
Payments previously this
year on $5 preferred were 62Y cents each on Jan. 2, April 1, July 1 and
Oct, 2.—V. 149, p. 2224.
American
Directors
&
Standard
Nov. 21
on
declared
a
Sanitary
Corp. —To
dividend of 30 cents per share on the
stock, payable Dec. 26 to holders of record Dec. 1.
Last previous
was the regular quarterly dividend of 15 cents paid on March
31, 1938.—V. 149, p. 3252.
common
disbursement
American Rolling Mill Co.—Accumulated
Directors
Dividend—
deel red a dividend of $1.25 per sharei on account of
the AY% cumulative preferred stock, payable Jan. 15 to
holders of record Dec. 15.
Dividend of $1.50 per share previously declared
have
on
will be paid on Dec. 15.
A dividend of $1.25 was paid on Oct. 16, last,
this latter being the first dividend paid on the preferred shares since July 15,
1938,
when
a
regular
quarterly dividend
or
$1.12per share wes dis¬
tributed.—V. 149, p. 2960.
American Safety Razor Corp. (& Subs.)—Earnings—
x
Period End. Sept. 30—
Net profit
1
39—3 Mos.—1938
$136,516
$123,240
stk. outstand¬
ing (par $18.50).-...
Earnings per share
c
1939—9 Mos.—1938
$562,989
$596,358
p.
524,400
$0.26
524,400
0.S24
524,400
$1.14
524,400
$1.07
After depreciation and Federal taxes, but before provision for
siiitax on undistributed profits.—V. 149, p. 1615.
x
Federal
Subs.)—Earnings—
1939—3 Mos.—1938
..
Property retirement and
2,496,069
2,429,388
9,983,323
9,697,180
have
declared
a
dividend
of
14
cents
per
share
on
the
no par value, payable Dec. 15 to holders of record Nov. 30.
This compared with 12 cents paid on Oct. 10, July 15 and April 15, last;
10 cents paid on Dec. 15, Oct. 10 and June 10, 1938; 20cents paid on
Sept. 10, 1937; 10 cents paid on Dec. 10, 1937 ; 20 cents on Sept. 1, 1936,
and on April 1, 1935, and $3 per share on April 10, 1934.—V. 148, p. 1792.
American Securities Trust—Promoters Sentenced—
1939—12 Mos—1938
$99,585,541 $97,523,179
52,309,095
53,330,594
directors
capital stock,
Subsidiaries—
appropria'ns
Radiator
Pay 30-Cent Dividend—
American Seal-Kap Corp. of Delaware—14-Cent Div.—
Operating revenues-....$25,247,399 $23,718,577
Oper.exps.. incl. taxes
13,617,755
12,849,948
res.
1»
Company also declared dividends of $1.1214 on $6 preferred and 93
$5 preferred, both payable Jan. 2 to stock of record Dec. 1.
Previously this year dividends of 75 cents each were paid on the $6
cents on the
The
a
American Power & Light Co. (&
depl.
275,458,009 272,576,179
Total
Company declared dividends of $1.80 on the no par $6 preferred stock
$5 preferred stock, both payable Dec. 20 to holders of
Inc.—Special Dividend—
special dividend of 35 cents per share on the
common stock, payable Dec.
15 to holders of record Nov. 29.
Regular
quarterly dividend of 75 cents per share previously declared will also be
paid on Dec. 15—V. 149, p. 1615.
Period End. Sept. 30—
13,519
275,458,009 272,576,179
and $1.50 on no par
Shs. of
Directors have declared
8,634,673
x Represented
by: $6 pref. cum. (entitled upon liquidation to $100 a
share, pari passu with $5 pref.); authorized, 1,000,000 shs.; issued and
outstanding, 793,581 2-10 shs. (incl. of 26 2-10 shs. of scrip in 1939 and
29 2-10 in 1938); $5 pref. cum. (entitled upon liquidation to $100 a share,
pari passu with $6 pref.): authorized, 2,200,000 shs.; issued and outstanding,
978,444 shs.; common, authorized, 4,000,000 shs.; issued, 3,013,812 27-50,
shares less 5,301 reacquired and held by company, outstanding 3,008,51127-50 (incl. of 2,159 27-50 shs. of scrip, in 1939 and 2,295 27-50 in
1938)
$308,543
Before Federal income
149, p. 2960.
American Home Products
36,026
11,740,945
Surplus
3,443,062
22,519
Other cur. assets
accumulations
$1,273,138
29,974
'
x
420
36,026
curr.
149
3,373,299
420
liab.
Capital surplus.
Other
1939—10 Mos.—1938
$1,733,638 $15,125,130 $13,756,053
1,406,395
13,851,993
12,729,994
$317,420
1,491
935,499
49,936
170,293
930,233
68,351
173,452
.
Others
American Hair & Felt Co.—Accumulated Dividend—
Company paid a dividend of $4.50 per share on account of accumulations
on its
6% cumulative first preferred stock, on Dec. 1 to holders of record
Nov. 25, leaving arrears of $4.50 per share.—V. 149. p. 2960.
$1,951,545
1,634,125
debt
Long-term
Accts. receivable:
Subsidiaries.
6% debs.
Unamortlz'd dis¬
American Electric Securities Corp.—Dividend—
*
Co.
6,836,673
400,000
9,362,052
Total..
Period End. Oct. 31—
4,142,000
1,206,704
Accrued accts..
securities
Note rec., subs.
Sundry debits..
Operating earnings
Operating expenses
Southw. P. & L.
4,042,000
1,206,706
213,527
cumulative convertible preferred stock outstanding as of Dec. 14, 1939.
have been redesignated 5% cumulative convertible preferred stock, first
Power
43,360,500
Accts. payable..
series.—V. 149, p. 2960.
&
6% gold debens. 43,040,500
Other short-time
count & exp._
Fuel
$
$
Capital stock.214,579,677 214,579,677
Divs. declared..
5%
American
x
1.
banks
B common stock,
1939.
Directors also declared a quarterly dividend of 15 cents per share on the
class A and class B common stock and a quarterly dividend of $0,125
per share on the 5% cumulative convertible preferred stock, first series,
taxes.—V.
Liabilities—
...251,552,120 253,477,703
U.S.Govt.secur.
2,726,629
2,095,841
Cash
5,144,-504
7,258,184
Time deposits in
...
special dividend of $1 per
payable Dec. 15, 1939',
in shares of the company's 5% cumulative convertible preferred stock,
second series, at the $10 oar value thereof, in the ratio of one share of pre¬
ferred for each ten shares of common stock held, all fractional amounts to
be paid in cash.
The dividend is payable to stockholders of record Dec. 1,
on
1938
1939
1938
^
r
Investments
2501.
The board 6f directors
share
Sept. 30 (Company Only)
1939
£
on
p.
share._
Balance Sheet
5%
Preferred stock, par $100, payable Dec. 20 to and
of record Dec. 15.
imilar payments were made on Dec. 23, 1938, holders Dec. 24, 1937.—V.
149,
a
Surplus, Sept. 30, 1939
Colortype Co.-—$5 Preferred Dividend—
Nov.
($6)—$3
$5 preferred stock—$2.50 a share..
Other debits
The Department of Justice and the Securities and Exchange Commission
28 reported that Judge Charles A. Dewey in the Federal District
Nov.
Court at Des Moines. Iowa, sentenced Sidney J. Dillon, Des Moines, and
Lewis E. Crowley, Dallas. Texas, for violation of the fraud provisions
of the
Securities Act of 1933 and mail fraud.
Mr. Dillon was sentenced
five years imprisonment and fined $1,000, and Mr. Crowley to three
imprisonment and fined $1,000.
Both defendants pleaded nolle
contendere.
to
Net oper. revenues
Other income (net)
1,133,575
37,649
1,439,241 $36,271,624 $35,516,904
41,240
113,237
182,710
,171,224
$8,480,481 $36,384,861 $35,699,614
The indictment, returned
Gross income
Int. to public and other
deductions
Int. charged to construe.
Pref. divs. to public
Portion
applicable
3,967,894
07,762
1,792,931
4,002,140
Crl50,240
1,792,930
16,087
15,760
Net equity
$3,4 02,074
Amer.Pow. &Lt.Co.—
Net equity
$3,402,074
a
Other income
15,990,205
0500,383
7,171,684
66.409
63,265
$13,143,496 $12,974,843
$2,819,891
18,270
$13,143,496 $12,974,843
95,691
73,836
17,134
Crowley employed
shares
in
three
a
April 13, 1939, charged that Messrs. Dillon
scheme to defraud in connection with the sale
common
law
investment
trusts
known
as
American
Securities
Trust, Mutual Trust Shares, and Cooperative Trust Shares.
defendants, the indictment charged, made a number of misrepre¬
sentations, including statements that funds of the trusts would be invested
only in listed securities or Government bonds, that returns to the investors
would be paid only from earnings, the money and property received from
the investors would be held intact, the management expense would be
limited to Yi of 1% quarterly of the value of the assets of the trusts, and
that the trusts were complying with the regulations of the Securities Com¬
mission of the State of Iowa.—V. 148, p. 2414.
The
American Service Co.—Accumulated Dividend—
$3,420,344
103,136
Interest and other deduc.
727,244
taxes...
Balance carried to
solidated earned
®
16,018,365
015,130
7,171,721
$2,819,891
Total..
Expenses, incl.
and
of
to
minority interests
a
years
$2,837,025 $13,239,187 $13,048,679
112,017
417,390
414,096
725.962
2,907,084
2,907.809
$2,589,964
$1,999,046
$9,914,713
$9,726,774
Net equity of American Power &
Light Co. in income of subsidiaries.
Litigation in which one of the subsidiaries had teen
Note
engaged re¬
garding a rate reduction, for which a reserve had been
provided by appro¬
priations from surplus, was decided against the
company in Nov.
1938.
An adjustment was charged against
operating revenues in Dec.
1938 to
remove from revenues for the year
1938 the amount of the rate reduction
applicable to the first 11 months of the year.
For the 12 months ended
Sept. 30, 1939, this adjustment has the effect of
removing from operating
a
dividend
of $3
per
share
on
account
of
ac¬
on
the $3 cumulative preferred stock, payable Dec. 20 to
holders of record Dec. 6.
Similar amount was paid on Dec. 23, 1938.—V.
147, p. 3603.
con¬
sur.
Directors have declared
cumulations
American Smelting & Refining
Co.—Special Dividend—
Directors have declared
a special dividend of $1 per share on the common
value, payable Dec. 23 to holders of record Dec. 4.
Regular
quarterly dividend or 50 cents was paid on Nov. 29, last.—V. 149, p. 1317.
stock,
no par
American Surety Co.—$1.25 Dividend—
Directors have declared a dividend of $1.25 per share on the capital stock,
payable Jan. 2 to holders of record Dec. 9.
Similar payment was made on
July 1 last.—V. 147, p. 3004.
^
Volume
American States Utilities Corp.—To Retire
The
Securities
Andes Copper Mining Co.—To Pay
Preferred—
and
Exchange Commission Nov. 24 announced that
application (File 44-55) for approval of the acquisi¬
tion and retirement of shares of its preferred stock.
The company proposes
to purchase the shares on tenders and the number of shares to be acquired
is not known, it is stated.
The company estimates, however, that the
maximum number' of shares to be acquired based on tenders at $16 a share
■will be 1,250 shares.
It is stated that $20,000 received by the company
from its subsidiary, Grimes Pass Power Co., in part payment of a demand
note, will be used for purchase of the stock.—V. 149, p. 2678.
corporation had filed
an
3545
OLD
ONE HUNDRED—Tie Commercial & Financial
149
50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 8.
This compares with
25 cents paid on July 14, last, and on Dec. 16, 1938, and 50 cents paid on
Dec. 14, 1937, this latter being the first dividend paid since Feb. 9, 1931,
when 25
share was distributed.—V.
cents per
A. P. W. Properties,
149, p. 3252.
Inc.—Earnings—
3 Months Ended Sept. 30—
Rental from A. P. W. Paper Co., Inc
Interest earned.
1938
$8,465
1939
$6,698
.■
33
29
$6,731
$8,494
529
....
American Tissue Mills—Accumulated Dividend—■
Directors
have
accumulations
a
dividend of $1.75 per share on account of
7% cumulative preferred stock payable Dec. 1 to
Dividends are in arrears on this issue.—V. 144,
declared
on
the
holders of record Nov. 25.
P.3660.
American Toli Bridge
stock, payable Dec. 15 to holders of record Dec. 1.
A dividend of three
cents was paid on June 15, last and one of five cents was paid on Dec. 15,
1938, this latter being the first dividend paid since March 15, 1938 when a
regular quarterly dividend of two cents per share was distributed.
At that
time directors decided to pay dividends semi-annually instead of quarterly.
—V. 149, p. 569.
American Water Works & Electric Co.,
Inc.—Monthly
The power output of the electric subsidiaries of the American Water
Works & Electric Co. for the month of October totaled 242,377,333 kilowatt
hours, compared with 192,918,376 kilowatt hours for the corresponding
month of 1938, an increase of 26%.
For the 10 months ended Oct. 31, 1939, power output totaled 1,992,525,592 kilowatt hours, compared with 1,738,385,335 kilowatt hours for the
previous year, an increase of 15%.
Weekly Power Output—
Output of electric
-v.'.
of the electric properties of American Water
energy
Works & Electric Co. for the week ending Nov. 25, 1939, totaled 54,011,000
kilowatt hours, an increase of 23.1% over the output of 43,863,000 kilowatt
hours for the corresponding week of
1938.
Comparative table of weekly output of electric energy for the last five
years follows:
Week Ended
Includes Thanksgiving Day.—V.
a
1936
1935
48,431,000 42,629,000
1937
1938
1939
44,293,000
46,531.000
54,923.000
55,518,0^0
44,359,000
44,513,000
47,728,000 43,446,000
54,914,000
45,582,000
44,631,000
47,134,000 43,756,000
a54,011,000 a43,863,000 a40,793,000 a46,495,000 44,400,000
4
Nov. 11
Nov. 18
Nov. 25
'
1,717
1,666
794
2,070
1,660
$2,967
3,332
$3,441
3,866
______
___________
Net profit-,-—
—
Earned surplus as at June 30
,
Total surplus.
$6,299
.$7,307
Class A stock
3,111
Class B stock
2,222
4,816
2,222
$967
$269
Dividends declared—paid Oct, 1:
Earned surplus at Sept. 30.
, _
Note—The A. P. W. Properties, Inc., was organized under the plan for
Output—
Nov.
380
account of
on
subscriptions to class A stock
Depreciation.
Co.—To Pay 6-Cent Dividend—
dividend of six cents per share on the common
a
-
Administrative expense
Accrued int. on collections received
Taxes
Directors have declared
.
Total income
149, p. 3401.
consolidation
of plants
of A. P. W. Paper Co., Inc., to finance the re¬
modeling of the latter's Liberty mill and the construction of a new storage
warehouse and office building.
The A. P. W. Properties, Inc., owns,
free from all liens, the land (1,457 acres more or less) just north of the
Liberty mill, the storage warehouse and office building erected upon it,
together with the two sealing machines used by the A. P. W. Paper Co.,
Inc., all of which is under lease to the A. P. W. Paper Co., Inc., for a rental
sufficient (after payment of all operating expenses) to provide 4% dividends
on all of the outstanding class A stock,
and 6% dividends on all of the
outstanding class B shares of the A. P. W. Properties. Inc.—V. 148, p. 2733.
Arizona
Edison
Privately—The
stitutions
an
Inc.-—$2,700,000
Co.,
with two in¬
4% series C
1, 1959.
bonds, dated Sept. 1, 1939 and due Sept
Proceeds
used to redeem series A 5s and series B 6s called for pay¬
were
ment Nov. 4 last.—V.
149, p. 2961.
Arkansas-Missouri Power
Directors
on
Placed
Bonds
company has placed privately
issue of $2,700,000 1st mtge.
Nov. 21
declared
a
Corp.—50-Cent Common Div.
dividend of 50 cents per share on the
stock, payable Dec. 15 to holders of record Nov. 30.
This com¬
pares with 35 cents paid on Dec. 23, 1938 and an initial dividend or 25
cents paid on Dec. 24, 1937.—V. 149, p. 3253.
common
Anaconda
Copper Mining Co.—To Pay 50-Cent Div.—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 5.
This compares with
25 cents paid on Sept. 21, June 22 and March 23, last, and on Dec. 22 and
March 28,1938: dividends of 50 cents paid on Dec. 20, Sept. 27 and June 28,
dividend of 25 cents per share was distributed on March 9. 1937.
—V. 149, p. 3252.
1937, and
a
Co .—Earnings—
Anderson-Tully
[Including Subsidiary Companies and Affiliated Common Law Trust]
Years Ended
$907,913
221,481
$546,351
155,228
62,748
211,823
135,939
87,306
221,757
$703,358
136,963
81,812
177,979
$170,286
41,447
$116,551
43,468
$462,910
106,955
$306,605
44,956
$645,087
168,975
84,345
...
Sell. & adminis. exps
Net profit from opers.
Other income
$160,020
137,924
$569,866
129,426
$351,561
170,531
$41,202
$22,096
$440,439
$226,961
$41,202
37,537
33,492
$22,096
48,523
8,380
$440,439
330,475
72.613
$225,290
60,567
13,991
$37,157
def$18,047
$182,577
$178,71
852,960
871,007
688,430
509,715
$890,117
Gross income
$852,960
$871,007
$688,430
$211,732
._
_
Profit for year
124,600
Loss from liquidation (of
Clark Wood Inlay Co.)
Total
___
Surplus charges
Surplus credits
.
_
1,671
_
_ _ _ _
Net surplus for year..
Earned surplus at
begin¬
ning of year.
Earned surpl. at end of
Consolidated Balance Sheet July 31
on
Notes payable
237,508
4,038
3,215
5,670
80,240
42,534
injury claims
Capital stock
2,176,738
31,212
2,176,738
Earned surplus
890,117
852,960
242,234
11,006
1,163,944
2,030
2,331,377
91,419
50,658
Due estate of C. I.
Notes and accts.
receivable, net-.
to tim-
Advances
bermen, net-...
1,138,745
Inventories
U.S. Treas. bonds
y
1938
101,962
Accounts payable.
$83,325
2,278,178
Property.......
142,787
Other assets
33,302
Deferred assets
Unclaimed
Res.
for
14
wages.
personal
units for the current week.—V. 149, p.
and timber
280,041
285,941
53,695
;
53,695
$3,975,994'
Total.........$4,028,249 $3,975,994
doubtful notes and accounts receivable of $5,481 inin 1938.
y After reserve for depreciation and depletion
of $5,089,337 in 1939 and $4,858,156 in 1938.—V. 147, p. 3445.
x
After reserve for
1939 and $7,122
Ann
Arbor
1937
1938
1939
after rents—
Jan. 1—
86,609
Gross from railway
3,257,231
615,101
265,363
$406,754
124,365
...
$351,703
82,676
50,848
3,340,742
599,542
267,216
2,842,901
379,676
4.3,060
Net
railway
1936
$314,533
48,566
16,989
$308,679
47,169
13,889
Net from
3,260,546
602,307
310,728
From
Net after rents
The Securities and Exchange Commission'Nov, 30 authorized payment
by the corporation of $560,464.97 interest due Dec. 1 on its 1973 debentures.
In approving the payment the SEC stated:
"The net income available
to the applicant for interest payments appears to exceed the payments due
on Dec.
1.
Such payments, if authorized, would, so far as now appears,
to to innocent purchasers outside the Associated System who had no part
in the transactions which have been challenged. , These facts, coupled with
the fact that the issues raised are exceedingly complex and resolution
thereof is impossible on the partial record now in process of completion,
have moved us to grant the application for an interim order.
Approval is
subject, however, to the condition that no payments, directly or indirectly,
will be made and no evidences of indebtedness will be issued, directly or
indirectly, by A. G. E. Corp. to A. G. E. Co. unless this Commission is
given 20 days' prior notice.
Our decision herein does not, of course, re¬
present an adjudication of the issues presented in the main proceeding, and
is made without prejudice to any other action which the Commission may
deem necessary or appropriate in this or any other proceeding."—Y. 149,
P. 3401.
Atchison Topeka
'39
$1,106,146
787,871
Oct.
$2,804,790 $15,495,344 $14,056,033
$402,470 and $383,589
accruals under the Carriers Taxing Act of 1937 and the Un¬
Net ry. oper.
Includes
$3,408,138
income.
1939
for
and
1938,
respectively,
representing
employment Insurance Acts.
y
respectively, $3,685,049 and $3,576,103
Carriers Taxing Act of 1937 and the Un¬
Includes for 1939 and 1938,
representing accruals under the
employment Insurance Acts.
To
Pay $2.50 Pref'. Dividend—
of $2.50 per share on the 5% nonpreferred stock, payable Feb. 1 to holders of record Dec. 29.
Aug. 1, last, and a dividend of $1 was paid on
Feb. 1, 1939. this latter being the first dividend paid on the preferred shares
since Feb. 1, 1938 when a dividend of $2.50 per share was distributed.
—V. 149, p. 3108.
Directors have declared a dividend
cumulative
Athey Truss Wheel Co.—30-Cent Dividend—
stock, payable Dec. 15 to
dividend of 30 cents per share on the common
holders of record Dec. 6. Dividend of 25 cents
of 35 cents was paid on Dec. 15, 1938.
paid on July 3. last, and one
—V. 144, p. 4167.
was
21,
3
-
Mos.
1938
.
Sept.
Birmingham & Coast RR.—Earnings—
October—
30-
railway
Net from railway.
Gross from
1937
1936
$831,334
622,072
$790,585
552,668
$8.54,732
594,467
Net after rents.-.____
From Jan. 1—'
$318,275
£>r4,895
$209,262
$237,917
Z>r3,700
$260,265
1,387
Net from railway.
$313,380
46,000
186,424
59,083
$209,718
38,580
123,424
48,343
1,107
$234,217
41,476
787
$261,652
39,266
160,668
48,128
1,352
$21,085
Cost of sales.
loss$ 1,73.5
loss$ 1,389
Gross from railway
prof it
.
Other income
456
Net after rents.
—V. 149, p.
i.
Net
& Santa Fe Ry.—Earnings—
[Incl. Gulf Colorado & Santa Fe Ry. and Panhandle & Santa Fe Ry.]
Period End. Oct. 31—
1939—Month—1938
1939—10 Mos.—1938
Railway oper. revenues_$16,525,594 $15,241,355$132,837,663$127,633,775
Railway oper. expenses- 11,466,207
11,184,404 104,149,326 100,139,298
Railway tax accruals
xl,810,404
xl,322,577 yl3,062,855 yl2,476,971
Other debits or credits-_
6Y159.156
CY70,415
Drl30,138
Dr961,473
Atlanta
Co., Inc. (& Subs.)—Earnings—95 Days—
Earns,
Corp.—Authorized to Pay
2961.
A. P. W. Paper
Gross
3401,
Electric
Directors have declared a
Net from railway—...
-V. 149, p.
&
Similar amount was paid on
RR.- -Earnings-
October—
Gross from railway
Gas
Debenture Interest—
x
ition of own stk.
$4,028,249
Co.—Weekly Output—
Gas & Electric System and the
Association Group report net electric output
This is an increase of 13.240,371 units of
14.6% above production of 90,512,389 units for a year ago.
Gross output, including sales to other utilities, amounted to 116,418,832
For the week ended Nov. 24, Associated
269
Minority interest.
Apprecla'n of land
Surp. from acquis¬
Total.....
pref.
15.—
$425,000
94,203
Accrued accounts.
$193,691
$450,000
Tully, deceased.
hand and
in banks
x
1939
Liabilities—
1938
1939
Assets—
Cash
share
Both
New England Gas and Electric
of 103,752,760 units (kwh.).
Associated
Other income charges._
Co.—Accumulated Dividend—
Associated Gas & Electric
1936
1937
1938
1939
July 31-
Depreciation
Depletion
Arkansas Power & Light
Company has declared dividends of $7 on $7 pref. stock and $6 per
on the $6 pref.
stock, thus clearing arrears on both these issues.
dividends are payable Dec. 20 to holders of record Dec. 5.
Regular quarterly dividends of $1.75 on $7 pref. and $1.50 on $6
were also declared, both payable Jan. 2 to holders of record Dec.
V. 149, p. 3401.
profit
per sh.
on
144,503
48,555
1.073
1
$12,239
$0.13
Note—No provision has been
—V. 149, p. 3108.
.
Nil
Nil
$0.08
made for surtax on undistributed profits.
$310,379
68,344
28,752
2,907,806
398,757
def62,488
2,811,557
286,978
defl76,477
3,122,819
359,544
def21,573
October—
Gross from
railway.
Net after rents
From Jan. 1—
Net from railway
Net after rents
—V. 149. p.
1938
2679.
Net from railway
2962.
1936
1937
$299,407
32,954
def5,416
$308,399
53,949
10,220
.
2,819,749
360,269
60,680
' '
.
Atlanta & West Point
Gross from railway
com.
stock)
I
1939
$309,093
60,016
20,085
RR.—Earnings—■
1939
$188,780
51,534
26,071
1938
$164,524
41,825
16,684
1,508,942
234,384
def7,266
1,382,486
129,006
defl08,269
,
1937
$158,388
27,745
3,596
1936
$161,078
25,795
defl,465
1,523,710
196,890
defl8,607
1,473.152
207,427
defl5,995
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3546
Atlantic Coast Fisheries
Co.—Earnings—
1930
$8,306
37,552
6 Mos. End. Oct. 31—
Net loss before charges.
Reserves for deprec
1937
1938
200
Net loss
Earnings
16,000
prof$1,319 prof$99,718
$0.33
$98,952
$45,858
per share
Note—In
1936
$45,382 prof$40,857 prof$160,236
53,570
39,338
44,518
Reserves for income taxes
and depreciation of idle vessels were
charged to operations.
In accordance with the practice instituted in our
year-end statement of April 30, 1939, these charges have now been carried
to surplus.—V. 149, p. 1616.
1938
certain
expenses
Atlantic Coast Line Co.—To
Directors have declared
Pay SI Dividend—
dividend of $1
a
share
per
on
the
Atlantic Coast Line
Bessemer & Lake Erie
Net oper. revenues—
$761,506
300,000
$546,519
350,000
$8,785,31'8
3,850,000
$7,240,923
3,950,000
Operating income..._
Equip. & jt. facil. rents.
$461,506
89,655
$196,519
56,690
$4,935,318
1,931.645
$3,290,923
1,405,793
Net ry. oper. income.
—V. 149, p. 2679.
$371,851
$1,39.329
$3,003,673
—.
Atlantic
operating income.
Costs, operating and general
Operating income before
Co. & Subs.
101,379,017
124,294,482
85,769,830
99,289,932
2,941,631
5,255,517
expenses....
Taxes
12,667,556
770,443
2,214,892
reserves
Insurance and doubtful receivables.
Intangible development costs
Depletion, lease amortization and abandonments.
Depreciation, retirements and other amortization.
19,749,033
819,938
2,453,501
2,267,694
7,898,709
10,148,522
loss$484,182
5,741,735
$4,059,378
256,948
5,257,553
4,316,326
796,591
796,591
7,787
.
Net operating income
Non-operating income, net
Income before interest charges
Interest and discount on long-term debt..
...
Other interest.
2,267,694
39,571
Net income for period.
4,421,391
Income applicable to minority interests
Dividends on preferred stock
592,000
3,511,948
7,249
592,000
Balance applicable to common stock.
3,829,391
2,912,699
149, p.
2962.
Net
1936
$1,480,360
418,262
164,452
$1,512,072
377,065
129,584
$1,501,723
12,822,241
2,713,881
610,062
railway
1937
13,723,013
3,321,957
Gross from railway
Net from
1938
$1,652,243
509,351
220,094
Net after rents
From Jan. 1—
46,276
14,172,342
3,357,626
709,898
13,373,030
2,869,615
261,301
after rents
417,358
150,531
—V. 149, p. 2678.
Autocar
Co.—Earnings—
10 Months Ended Oct. 31—>■
Net profit after provision for income taxes
—V. 149, p. 1467.
Auto Finance Co.-
148,
p.
1939
1938
1939
1938
$66,681
$50,941
1946.
Period End. Oct. 31—
Operating revenues
Oper. expenses
Co.—Earnings—
1939—Month—1938
$1,047,516
$1,007,580
836,191
822,116
em¬
A part of the proceeds from this financing together with 400,000 shares of
capital stock will be used by the company to acquire the assets of its prede¬
and the remainder will provide additional working funds.
Corporation was organized in Delaware in Nov. 1937 to succeed to the
business of a Missouri corporation of the same name.
Formed with a
capitalization of 1,000,000 shares of capital stock, the new company will
manufacture and sell a highly perfected typewriter-bookkeeping machine
known as the Bill-O-Type, as well as adding machines and kindred office
appliances.
Temporary offices are in St. Louis.
The Bill-O-Type machine, which uses a standard typewriter for its
writing head, adds or subtracts automatically in one or more accumulators
or
does both simultaneously, as desired, without interfering with
the
typewriter for ordinary use.
The greater flexibility and simplicity of
operation of the new machine, together with its low original and upkeep
cost, should encourage small concerns to apply it to problems now done by
hand, according to the prospectus.
The Bill-O-Type will make its debut to
the trade shortly.
cessor,
Co.—2o-Cent Dividend—
Directors haveKeclared
a dividend of 25 cents per share on the common
stock, payable Dec. 21 to holders of record Dec. 11.
This compares with
10 cents paid on Dec. 21, 1938; 25 cents on Dec. 23, 1937: 15 cents paid on
Oct. 22, July 30 and on March 25, 1937; an extra dividend of 25 cents paid
on Dec. 21, 1936, and an initial dividend of 50 cents paid on Dec. 15, 1936.
—V. 147, p. 3604.
Bishop Oil Co.—To Pay 2¥-Cent Dividend—
Directors have declared a dividend of 2J^ cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Regular quarterly
dividend of like amount was last paid on June 15, 1939.—V. 149, p. 2963..
Blaw-Knox Co.—Plans Convertible Issue—
convertiole debentures
the issue has called a
special meeting of stockholders for Dec. 26 to authorize issuance of company
obligations convertible into stock on such terms and conditions as may be
fixed by the directors.
Capital stock would be increased from the present
1,500,000 authorized no-par common shares to 2.000,000 shares of no par
There
165,542 shares
$185,463
91,960
$1,435,005
906,184
$1,298,911
877,101
$116,495
1,887
$93,503
890
$528,822
20,512
$421,810
18,270
$118,382
7,184
$94,393
6,179
$549,334
65,434
$440,080
5,214
$483,900
352,840
$383,855
235,243
$131,059
$148,611
Operating income
Non-oper. income
Fixed chargesNetincome
Int. declared on
ser.
$111,208
A 4 % & 5 % debs_
Remainder
56,225
Note—-The interest deduction of $352,840 is at
% rates—1U% on the
114% on the 5s—declared payable July 1, 1939.
Interest for the four months, July to October
inclusive, at the full stipu-
4s and
660^'y01*!/^1^ 2962e<^UC^°n ^ ma
above, totals approximately
Bangor & Aroostook RR.—Common Div. Omitted—
Directors
at a meeting held Nov. 22 decided to take no action
on the pay¬
ment of a dividend on the common
shares at this time.
Dividend of 50 cents
on
Oct. 1, last, and prior to then alterate
quarterly dividends of
were distributed.—V. 149, p. 3402.
62 and 63 cents per share
Beaumont Sour Lake & Western
Ry.- —EarningsOctober—
Gross from railway
Net from railway
Net after rents
From Jan. 1
Gross from railway
railway
Net after rents
1939
1938
1937
$232,506
91,758
37,058
$217,484
2,285,443
920,747
385 861
1936
35,698
$206,518
47,361
defl0,380
$196,340
61,402
10,895
2,286,267
2,453,226
910,523
403,145
364,538
1,814,712
473,582
def36,654
85,351
149, p. 2963.
979,753
Beech-Nut Packing Co.—Extra Dividend—
Directors
on Nov. 20 declared an extra
dividend of 25 cents per share
adoition to the regular quarterly dividend of
$1 per share on the common
stock, both payable Jan. 2. 1940 to holders of record Dec 8
Special dividend of 75 cents, previously declared will be
paid on Dec. 15.
in
Regular quarterly dividends of $1 and extra sof 25 cents have been paid
Djr fchis company in each of the 12 preceding quarters. In addition, special
dividend of 50 cents was paid on
Dec. 15, 1937.—V. 149, p. 3254.
tal
is
outstanding
presently
authorized
1,334,458
but unissued.—Y.
149,
p.
common
shares
with
3403.
Boeing Airplane Co.—To Increase Stock—Funds for Capi¬
Expenditures and Working Capital to Be Provided Through
Stock Sales—
A
proposed
The action
1939—10 Mos.—1938
$9,533,892
8,234,981
$211,324
94,829
—V.
100,000
Bill-O-Type Corp.—Stock Offered—Initial public financ¬
ing of the corporation wsa announced Dec. 1 with the offer¬
ing of 400,(XX) shares (50 cents par) common capital stock by
Von Gemmingen & Co., New York.
The stock is offered as
a speculation by means of a prospectus at $2 per share.
.
increase
Dec. 15, 1938
and
in the authorized capitalization of the company
1,250,000 shares (par $5) will be considered at a
special meeting of stockholders set for Dec. 22, P. G. Johnson,
President, announced Nov. 27.
$9,722,877
8,287,872
Net oper. revenues
Taxes
Net from
Grace, President of the corporation, informed
from 800,000 shares to
[Including Baltimore Coach Co.]
paid
To Restore Pension Cut—
Eugene G.
par
Baltimore Transit
was
Payment of the drawn bonds will be made on and after Jan. 1. at a price of
102H. at the corporations Stock Transfer Department, 25 Broadway,
New York.
value.
a dividend of $1.50 per share on the common
value, payable Dec. 15 to holders of record Dec. 5.
This
compares with 75 cents paid on Nov. 1, last; 50 cents paid on June 26, last;
$1 on Dec. 21, 1938; 50 cents on Oct. 25 and on Aug. 25, 1938; $1.30 on
Dec. 21, 1937, and 50 cents paid on Oct. 25, Aug. 2o, June
25, 1937, and
on
Oct. 23, 1936, this last being the first payment made since Dec. 15.
1935, when a similar dividend was paid.—V. 149, p. 1905.
$113
Redeem $1,100,000 Bonds—
not
Badger Paper Mills, Inc.—Larger Dividend—
no
149, p. 3402.
The company is considering marketing an issue of
to exceed $3,000,000 and in preparation for
-Earnings-
The directors have declared
stock,
13,132,319
6,737,301
5,840,392
Corporation has called for redemption on Jan. 1, 1940, through operation
of the sinking fund, $1,100,000 aggregate principal amount of its con¬
solidated mortgage 25-year sinking fund 4M% bonds, series D. due 1960.
The bonds to be redeemed have been determined by lot by the trustee.
$236,295 loss$466,130
6 Months Ended Aug. 31Net income after all charges
—V.
1,666,328
16,524,587
9,190,486
7,692,685
Bethlehem Steel Corp.—To
Binks Mfg.
1939
railway
Net from railway
564,857
6,872,163
2,107,258
3,977,558
Net after rents
RR.—Earnings—
October—
Gross from
631,721
10,982,740
4,950,744
a statement made public on Nov. 24 that wages were at the
highest point in the corporator's history, that a 15% cut in employee
pensions would be restored Jan. 1 and that consideration would be given to
pleas for a more liberal vacation policy.—V. 149, p. 2679.
Refining Co.—Earnings—
Gross
Alton
1936
$2,041,873
1,338,557
1,111,745
ployees in
Earnings for 12 Months Ended Sept. 30, 1939
Co. Only
—V.
1937
$1,474,285
739,801
1—
Gross from railway
Net from railway.----
$1,885,130
Taxes
1938
$1,285,363
756,239
1,009,252
rencs_-
From Jan.
RR.—Earnings—
1939
$1,927,681
1,247,042
October—
—V.
$3,372,575 $39,016,907 $36,733,745
2,826,056
30,231,589
29,492,822
Pay
have
Gross from railway
Net from railway
1939—10 Mos.—1938
$3,714,756
2,953,250
Inc.—To
declared a dividend of $1.25 per share on the $5 con¬
stock and a dividend of $1.75 per share on the 7% con¬
stock, both payable Dec. 1 to holders of record Nov. 27.
These will be the first payments made on these issues, since Dec. 1, 1937
when regular quarterly dividends of like amounts were distributed.—V.
149, p. 2693.
Directors
stock,
Operating revenues
Operating expenses.....
Dec. 2, 1939
Associates,
vertible preferred
vertible preferred
RR.—Earnings—
1939—Month—1938
Spinning
Preferred Dividends—
Net after
common
payable Dec. 21 to holders of record Nov. 28.
This compares
with $1 paid on Dec. 21,1937 and a dividend of $3 paid on Dec. 24,1937.—
V. 148, p. 2255.
par $50,
Period End. Oct. 31—
Fine
Berkshire
one
of $1 was paid on
is
new
Boeing
recommended
by the board of directors in view of the
large increase in the company's backlog of unfilled orders and the general
upturn in the aircraft manufacturing business, Mr. Johnson said.
Unfilled orders of the company's manufacturing division and subsidiaries,
the Stearman Aircraft Division in Wichita, Kan., The Boeing Aircraft
Co. in Seattle, and Boeing Aircraft of Canada Ltd. in Vancouver, B. C., in¬
creased from $12,308,112 on Sept. 1, 1939 to $27,954,175 on Sept. 30, 1939.
This increase brought an immediate need for additional working capital
as well as funds for a certain amount of new
equipment and new plant
facilities.
Consequently, arrangements were made recently for increased
bank loans, not to exceed $5,500,000, in which the Reconstruction Finance
Corporation agreed to participate, Mr. Johnson says in his letter to stock¬
holders accompanying the notice of the special meeting.
"It is believed that the credit resources made available by this arrange¬
ment are adequate to finance the productive program required to complete
the orders on hand," the letter states.
"Your directors, however, believe
that in view of the nature of the business, funds for capital expenditures
and working capital should be principally provided through
equity capital
rather than large bank loans.
Furthermore, it may become necessary for
your companies to obtain additional working capital in order to be in a
position to take on new business."
The increase in authorized capitalization would make possible such an
enlargement of capital structure, to correspond with enlarged business
operations. No definite program has been adopted by the directors for the
issuance of any of the additional shares of stock under the proposed auth¬
orization.
The directors have under consideration, however, an offer to
stockholders of rights to subscribe to a portion of such shaies at some date
following the special meeting, Mr. Johnson
says.
In his letter, Mr. Johnson states that the Board has
charged off to profit
development costs and manufacturing losses on the Model 314
clippers and Model 307 stratoliners. These write-offs are chiefly responsible
for a net loss figure for the nine months ended Sept. 30, 1939, of $2,606,106.
They include a charge to profit and loss of the portion of development costs
of the clippers and stratoliners which had been deferred at the close of the
year 1938, as well as additional losses incurred during 1939 in completion
of the clippers and a charge to profit and loss of the estimated amount bv
which the cost of the stratoliners will further exceed their sales price.
All
the clippers under the initial contract were delivered in the first nine months
of this year. The stratoliners are scheduled for delivery during the first half
and loss the
of next year.
The directors
concluded that these write-offs should be made, Mr.
Johnson said, in view of the uncertainties with respect to further orders for
the
clippers and stratoliners, or design rights, and in view also of the extra¬
ordinary nature of the portion of the stratoliner costs growing out of the test
accident last spring, the delays it occasioned, and the improvements that
have been developed since in the remaining planes.
Largely as a result of these charges to profit and loss, the deficit in the
consolidated earned surplus account increased from $873,203 on Dec. 31,
1938 to $3,471,686.29 on Sept. 30, 1939.
The directors recommend that
this
large deficit in earned surplus be eliminated by transferring $3,471,686
surplus account from the paid-in surplus account, which on
to the earned
Volume
ONE HUNDRED—
149
Sept. 30 stood at $4,388,890.
Action
Commercial & Financial
The
this proposal will be a second
on
of business at the stockholders'
meeting.
The letter points out that the new business
order
by the
recently secured
company, consisting of orders for six additional clippers for Pan American
Airways and additional flying fortresses and Stearman primary training
planes for the U. S. Army Air Corps, is expected to return a reasonable
profit.
All these types have already gone through the development and
proving stages in previous orders.
Regarding plant expansion, Mr. Johnson said the directors expect to be
care of the need for additional plant facilities to handle the
enlarged backlog of orders at the Boeing Aircraft Co. in Seattle by leasing
nearby factory space on a year to year basis, thereby avoiding the extensive
capital expenditures and delays involved in new building construction.
The plant facilities of the Stearman Aircraft Division are already being en¬
larged by the construction of additions to the present factory buildings, to
handle the marked increase in unfilled orders for Stearman planes.
able to take
Consolidated
Income
Statement
9 Mos.End.
'
1938
1937
Sept. 30,'39
Gross sales
(less returns
& allowances)
$2,292,772
1.742,933
$5,545,439
4,755,421
$2,006,345
1,730,031
56,565,655
6,472,962
488,068
Cost of goods sold
Costs & development on
722,383
Total costs
1,576,985
Engineer'g research
exp.
32,681
Sell., gen. & adm. exps._
Prov. for doubtful accts_
282,130
50*393
53,252
284,558
246,769
317
91,752
335,036
1,248
2,000
Cordage Co., Ltd.—Earnings
Years End. Aug. 31
Net profit after prov. for
777
$361,978 def$547,023df$2,507,476
23,432
24,280
32,311
$259,060
20,305
Total gross income
$268,117
x582,482
$298,273
y1,133,699
Total surplus.
1st pref. divs. paid
2d pref. divs. paid.
$787,607
50,142
$850,599
51,243
$1,431,972
83,095
119,000
78,632
—
Miscellaneous debits.
Prem.
1st pref.
on
redeemed.
Transf.
to
value of
~4", 060
__
shs,-
307,816
—
reduce
book
x260,947
tr.-mks., &c_
Balance, surplus.,
$737,465
$698,068
—
x Earned
surplus
capital surplus.
only,
Balance Sheet
Assess—
1939
bldgs.,
Bil
Fire
insur.
690.857
360,111
397.606
1939
$961,150
600,000
stock...—...
Common stock—
Accts.
incl.
accr'd charges.
1,077
412,850
1938
$955,225
...—
600,000
80.000
80,000
7% cum. 2d. pref.
x
prem.,
5,190
Net income
$238,754
$382,129 loss$551,5281oss$2598635
103
412,850
pay.,
38*847
58,531
31,106
-
2,290
1,271
—
—
undist'd
—
38,696
857,894
698.068
737,465
Prov.
Represented by 80,000
no
Brazilian Traction,
par
Period End. Oct. 31—
Gross earns, from oper._
for
Dom.
&
other taxes
.$3,226,492 $3,292,7671
Operating
17,562
8,914
868,332
_
pat.
rights & goodwill
x
15,952
Earned
Trade-marks,
1,061
2,976
7,814
profits
Canadian income taxes.
surplus
$3,226,492 $3,292,767
Total
shares.—V. 147, p. 3605.
Light & Power Co., Ltd.-—Earns.
1939—Month—1938
$3,000,970
1,447,866
1939—10 A/ox.—1938
$3,288,449 $31,255,519 $31,587,556
1,517,271
14,950,229
14,746,693
$1,553,104
expenses
$1,771,178 $16,305,290 $16,840,863
7,471
1,096
x
Net inc. for period.
$168,697
514,121
__
Bal. def. begin, of period
Other add'ns to surplus.
$310,516 def$554,957df$2,606,106
345,423
315,565
873,203
Cr7,624
$345,423
$34,907
3,055
277,603
$870,523
2,680
$3,471,686
$315,565
$873,203
$3,471,686
Charges to surplus
Cash dividend paid_
_.
Bal. earned (deficit)..
$345,423
Assets—
Cash,
Liabilities—
demand
on
Notes & accts.
..." §417,272
(net)..
rec.
Inventories.......
600,456
5,173,925
......
Other current assets
Notes
receiv.
21,773
maturing
.
...
Total
Bank overdrafts
$1,401
....
Notes pay. to banks
Accounts payable, trade.
Accrued liabilities
Provision for income taxes.
atter
Sept. 30, 1940
3,821
Investments, &c., assets.....
41,322
Fixed assets (net)
2,160,549
Deferred charges...
50,177
Other current liabilities
...
2,598,236
352,847
462,090
7,636
520,091
......
Capital stock (par $5).
3,609,790
Paid-in
4,388,890
surplus..
3,471,686
Earned, deficit
..$8,469,295
Total
$8,469,295
—V. 149, P. 2680.
Bond Stores, Inc.—Extra and
Directors have declared
tion to
a
an
Larqer Dividend—
extra dividend
quarterly dividend of 40 cents
of 50 cents per share in addi¬
per
share
on
Net earnings
x
Before depreciation and amortization.—V. 149, p. 2680.
Brokers'
Acceptance Corp. of Boston—Indictments—
The Department of Justice and the Securities and Exchange Commission
Nov. 16 reported that the Federal Grand Jury at Boston returned two
indictments against six persons charging violations of the fraud provisions
of the Securities Act of 1933, the Mail Fraud Statute and conspiracy in
connection with the sale of the stock of Brokers' Acceptance Corp. of
Boston.
The defendants named in the indictment were Joseph M. Lydon, Presi¬
dent of the corporation; Nathaniel F. Jones, Vice-President, and Soloman
Consolidated Balance Sheet Sept. 30, 1939
■
the
common
stock,
both payable Dec. 15 to holders of record Dec. 8.
Previously, quarterly
dividends of 20 cents were paid.
Extra dividend of 20 cents was paid on
Dec. 23, 1938.—V. 149, p. 3109.
Borden Co.—Final Dividend—
Directors
have declared a final dividend of 50 cents per share on the
stock, payable Dec. 20 to holders of record Dec. 8.
This com¬
with 30 cents paid on Sept. 1, June 1, and March 1, last; a final
dividend of 40 cents was paid on Dec. 20, 1938; interim dividends of 30
cents were paid on Sept. 1 and on June 1, 1938, and previously quarterly
dividends of 40 cents per share were distributed.
common
pares
Lipsett, Harry R. Coshnear, Louis E. Jacobs and Albert J. Felty, all sales¬
men.
According to the indictment Mr. Lydon also operated a securities
brokerage business in Boston under the name of Lydon, Diem & Co.
The defendants, the indictment charged, employed a scheme to defraud
investors involving the use of a pretended financial advisory service of
Lydon, Diem & Co. to persuade investors to dispose of their stocks and
invest the proceeds in the stock of Brokers'
Acceptance Corp,
The de¬
fendants falsely represented that they were
heavy investors in the stock
of that corporation, the indictment alleged, and were continuing to
pur¬
chase that stock.
...
Directors have declared a dividend of $1.10 per share on the common
stock, payable Dec. 15 to holders of record Dec. 1,
Last previous dividend
was paid on Nov. 15, 1937 and also amounted to $1.10
per share; prior to
then dividend of 25 cents was paid on April 15, 1931.—V. 145, p. 3002.
Brooklyn-Manhattan Transit Corp.-
of the Brooklyn-Manhattan Transit Corp. and
Brooklyn and Queens Transit
Corp., under the BMT-BQT Unification plan.
The total deposits of bonds and preferred stock under the plan at the
close of business
on
Nov. 30. 1939 were as follows:
Total Holdings
Ry.—Earnings—
1939
of October—
Total receipts
Total operating expenses
„.
Subway, tunnel and rapid transit line rentals
Interest
on
bonds__.__.......—.
——
—
———
Miscellaneous items.
...
Excess of cost of service over
receipts
$2,172,964
1,585,051
132,396
103,682
233,630
329,374
7,647
$2,168,961
1,459,449
$218,816
_^...
—
Federal, State and Municipal tax accruals
Rent for leased roads
1938
1,144
134,857
103,259
233,058
329,374
7,108
—V. 149. p. 2680.
Boston & Maine
RR.—Earnings—
Period End. Oct. 31—
1939—Month—1938
$4,499,178
2,971,695
Operating revenues
Operating expenses
$1,527,483
$465,895 ?HO,871,432
333,348
3,055,636
244,582
2,121,014
12,110
157,177
315,672
252,437
12,803
—
quipment rents—Dr..
lint facil. rents—Dr.,.
$6,142,762
3,147,246
1,909,217
99,480
bonds
as
a
unit
_
B. &
x$124,145
74,333
$5,537,605
973,917
$986,819
992,496
$1,029,757
x$49,812
$6,511,522
$1,979,315
Q. T. preferred stock—
623,603
620,721
6,200,183
6,218,941
$406,154
x$670,533
$311,339
x$4,239,626
x
Indicates deficit.—V.
149,
p.
11, 1936,
147, p. 3756.
Dec.
on
—V.
to holders of record Dec. 4.
This compares
1938; $1 paid on Dec. 11, 1937; 75 cents paid
and 25 cents per share distributed on June 1, 1935.
Bradford Electric Co —Sale of Promissory Note—
and Exchange Commission on Nov. 29 approved the
4% promissory note in the principal amount of $550,000
Sept. 1, 1949.
The note is to be sold to the Equitable
Life Insurance Society of the United States at the face amount.
Proceeds
from the sale of the note will be used for the immediate payment in full of
a note no>v held by the Chase National Bank, New York, which amounted
to $375,000 as of Oct. 31, 1939, and to pay for additions and improvements
to the physical property of the company.
The issuance and sale of the
note was expressly authorized on Oct. 26.
1939, by the Pennsylvania
Public Utility Commission.—V. 149, p. 2963.
The
Securities
private sale of a
which will mature on
Bristol Brass Corp.—To Pay $2 Dividend—
declared a dividend of $2 per share on the common stock,
payable Dec. 15 to holders of record Nov. 30.
This compares with
Sept. 15 last and regular quarterly dividend of 25 cents per share
Directors have
oar
$25
naid
'on
paid on June 15
last.—V. 149, p. 14^8.
62.8%
65.0%
Co., Inc.—Earnings—
1936
$
f29,389,752 a24 ,012,186
28,283,644
23 ,195,440
126,780,207
25,765,456
h Deductions—
125,017,651
24,655,380
108,263
3,000
136,500
6,000
140,479
6,377
144,000
22,599
107,300
28",300
156", 006
70,666
Int.
on 15-yr. .3 % % sink¬
ing fund debentures^.
Prem.
on
debs, retired—
sale of
on
factory
Estimated income taxes.
(estimated)
profits
10,000
.
Net profit
surplus
Sundry surplus credits
.
Total surplus.....
Directors have ddclared a dividend of $1 per share on the common stock,
par value, payable Dec. 8
with 40 cents paid on Dec. 19,
48.3%
66.4%
191,471
7,586,246
j6,350
793,251
7,525,127
g53,436
602,746
7,690,103
c384
773,589
7,275,793
3403.
Bourjois, Inc.—To Pay $1 Dividend—
no
—
Consolidated Income Account for Year Ended Oct. 31
1939
1938
1937
Net sales finished prod$
$
$
Add—Previous
Net income
10,704,000
165,592 shs.
$15,382,000
96,791 shs.
deposits and the rate at which they are being received indicate
widespread acceptance of the plan and augur well for its success.
It is
self-evident and urgently important, however, owing to the time limit and
rights of termination in the plan itself, that all security holders who desire
to accept the Plan should deposit their securities at once—certainly before
the oncoming holiday season and end of the year business.—V. 149, p. 3403.
Surtax on undist.
Total deducts, "(rentals,
interest, &c.)__
22,151,000
249,468 shs.
$24,520,000
149,217 shs.
75.0%
These
Prov. for losses & loss
$946,571
83,186
Net ry. oper. income _
Other income..
$108,000,000
unit
B. M. T. preferred stock
B. & Q. T. bonds as a unit——
Brown Shoe
1939—10 Mos.—1938
$3,887,961 $38,245,901 $32,920,182
27,374,469
26,777,420
3,422,066
Percent
of Total
1939
$80,969,000
Nov. 30,
Brooklyn Union Elevated Rd. bonds
and Kings County Elevated Rd.
uct to customers
axes.....
at Close
of Business
Deposited
Lnaer Plan
as a
Deposits
Received as
by Security
B. M. T. bonds
Boston Elevated
Month
for Deposits
The Transit Commission has extended from Nov. 30 to the close of busi¬
ness on Dec. 30, 1939 the time for the deposit of bonds and preferred stock
have been elected Vice-Presi¬
dents.—V. 149, p. 3254.
-Time
Extended to Dec. 30—
Holders to Be
Ramsdell and William Callan
'■
Brompton Pulp & Paper Co., Ltd.—Dividends Resumed
New Vice-Presidents—
Arthur W.
entire
1st pref.
stock
587,115
669,483
—
& accts. rec_
s
x$582,482
Being
z
Aug. 31
8% cum.
572.061
Inventories
surplus,
Liabilities—
1938
ma-
chin'y & equip. _$1,206,797 §1,203,262
Cash.
$795,296
capital
Includes
y
$385,411 loss$522,7421oss $247 5164
3,281
28,785
123,470
State i ncome tax
Federal excess profits tax
Federal normal inc. tax.
on
def$8,146
x795,296
457
$748,004
49,936
.
Total.
surtax
1937
"Res. for depreo'n—
$233,027
26,033
opers.
Income deductions
Fed.
1938
$8,889
737,465
1,650
income & other taxes.
Previous surplus.
Disct. on shs. redeemed.
prepaid
Net profit from
Other income
1936
1939
deple.,doubtful accts.,
Land,
flying boats.
a
3547
Subsidiaries)
(Including
-Calendar Years-
1936
YEARS OLD
Brantford
8,049,766
7,784,067
8,371,814
Deduct—Pref. divs. (7%)
Common dividends.._
8,292.849
See b
494,000
494.450
744",375
Other prof.& loss chgs.
d177,656
13,823
41,193
740,625
27,098
Profit & loss surplus._
Shs.com.stk.out.(no par)
7,378,110
7,275,793
247,405
7,586,246
7,525,127
247.000
247,000
$3.13
$0.77
$3.21
©246,500
$2.44
Earns, per share on com.
a
Includes income from sundry investments of :
1,075 less sundry interest
net, of $3,247; balance, $829; and elimination of reserve for ad¬
vertising, reconditioning of building and legal matters of $155,010, less
expense charged thereto of $150,000.
b Called for redemption Oct. 31,
1935.
c Profit on sale of lOO shares of company's own stock purchased
expense,
during the year,
d Premium paid on 15-year 3 % % sinking fund debentures
called for redemption as of April 13, 1939 $176,000 and expense in con¬
nection with retirement of 15-year Z%% sinking fund debentures $1,656.
e Does not include 5,500 shares held in
treasury,
f After deducting sundry
interest expense (net), *$11,218, less income from sundry investments of
$4,376; balance, $6,842.
g Proportion of the proceeds of 2,500 shares of
treasury common stock sold during the year to the President and other
employees,
h Cost of material, labor and selling, admin, and gen. exp.,
incl. depreciation and interest charges, bad debts. &c.
i Includes sundry
interest income—net of $6,670 ($8,284 in 1938) and income from sundry
investments of .*3,123 ($4,761 in 1938).
j Proportion of the proceeds of
400 shares of treasury common stock sold during the year to employees.
Consolidated Balance Sheet Oct. 31
1939
1939
5
Fed.
ing*. machinery,
72,063
225,743
1
c
424,018
435,423
152,247
163,874
Invest, in subs.,..
Cash
2.128,425
Accts. receivable..
4,944,838
5.524,083
1,319,178
4,832,496
Inventories...... 6,396,082
13,402
Deferred charges..
152,849
1
Reserve for in¬
come taxes
15-yr.
3Ji%
f.
s.
3,580,000
debentures
10-yr. note pay'le. 3,000,000
Reserve
76,288
70,721
.....
247,000
247,000
3,118,508
3,118,508
b Common stock..
Capital surplus...
surp.
971,031
955.031
Earned surplus—
7,378,110
15,915,8271
15,791,297
15,791,297 15,915.827
Total
depreciation of $3,373,971 in 1939 and $3,342,723 in
1938.
b Represented by 247,000 shares of no par value,
c Consists of
current yeara taxes of $107,300 ($28,300 in 1938) and prior years' of $118,473 ($124,549 in 1938).—V. 149, p. 2505.
a
After deducting
Budd Realty
outstanding first and refunding mortgage gold bonds, 6%
1941 and 6% series due Sept, 1, 1941 have been called for
Jan, 5, 1940 at 102 and accrued interest.
Payment will be
made at the Pennsylvania Co, for Insurances on Lives and Granting An¬
nuities, Philadelphia, Pa, or at the Chase National Bank of the City of
New York.—V. 149, p. 2964.
of the
All
Bulova Watch Co.
Net after rents
$1,502,550
1.937
$2,199,604
846,198
666,773
760,060
Expenses
1938
$143,440
2,005
def20,145
1,871,323
def49,442
1.982,298
325,680
48,674
108,469
defl69,492
242,601
Canadian Pacific Lines in Vermont-
def31,455
Gross from railway
822,816
def238,216
def491,356
_
Net after rents
687,131
def367,792
def632,026
971,169
defl09,315
def364,350
847,957
def263,856
def513,757
149, p. 2682.
Period End. Oct. 31—
Gross earnings...
Working expenses.
1939—Month—1938
1939—10 Mos.—1938
$16,667,801 $16.934,547$122,112,224$117,280,682
10,823,636
10,888,116 103,562,649 103.903,458
$6,045,431 $18,-549,575 $13,377,224
$5,844,165
Net earnings...
$903,103
bl70,081
$1,161,399
189,550
256,348
$851,324
d22,971
cl97,481
$1,453,322
a265,707
c275,549
$1,073,184
a163,560
cl31,609
$715,501
Other income
$1,439,544
13,778
$630,873
$2.20
$1.94
$912,066
$2.81
$778,015
$2.67
$95,310
Canadian Pacific Ry.—Earnings—
1936
$835,778
15,547
1936
1937
$95,537
def7,145
def26,341
Net after rents
From Jan. 1—
$1,416,745
513,642
$1,147,723
13,676
Earningsdef8,029
def26,977
Net from railway
—V.
-
1938
$74,059
def24,518
def54,597
1939
$105,189
def4,132
October—
Gross from railway
Nov. 21
Earnings for the Week Ended
—V.
Increase
1938
1939
$883,000
$2,785,000
$3,668,000
Traffic earnings..
Operating profit
1,777,706
—V. 149, P. 2681.
(& Subs.)—Earnings—
1939
$1,993,921
$143,995
def4,234
def22,472
1,849,934
307,088
37,714
Gross from railway
Net from railway
series due June 1,
3 Mos. End. Sept. 30—
$131,534
24,943
6,867
Net after rents
From Jan. 1—
redemption
Gross income
193
1937
33,194
12,785
$153,612
Gross from railway
Net from railway
Net from railway
Corp.—Bonds Called—
1938
1939
October—
7.270,793
Contributed
Total
Increase
$1,027,337
443,862
45,521
Accrued accounts,
1
Ac
1938
$3,810,813
149, P. 3404.
Canadian Pacific Lines in Maine—Earnings—
1
Trade name*, Ac..
Securities.
729,096
A State pay¬
1
..
1939
Gross revenues
—V.
roll taxes
2,710,808
Ac. 2,642,247
equipment,
Lasts
$
$4,838,150
1938
S
Mobilities—
Accounts payable.
build¬
Real est.,
Dec. 2, 1939
Earnings of the System for the Week Ended Nov. 21
1938
$
As wit—
a
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
3548
149, P. 3404.
Canadian Vickers Ltd.—Issues Additional Stock—
Total income
Other
—
charges
Deprec. & Fed. inc. tax.
Net
profit
Earns, per sh, on com.stk
doubtful notes and accounts, &c.
b Including
conversion, less loss from foreign exchange transactions,
c No provision
made for Federal surtax on undivided net income,
d No
reserve for doubtful notes and accounts receivable has been set up for the
three months ended Sept. 30, 1938, as none is required.—V. 149, p. 1618,
a
Includes provision for
profit
on
gold
Company has issued an additional 500 shares 7% cumulative preferred
and 500 common shares.
This stock forms part of the additional
stock
listing of 3,000 preferred and 3,000 common shares in February, 1935,
subscribed for and allotted but not issued.
In 1930 directors of the company underwrote a block of 3,000 preferred
and 3,000 common
shares at $90 per unit of one preferred and one common
sh^T6
Steps were taken earlier in the year to call for payment on this stock.
As a result the company received in July of this year $135,000 covering
the subscriptions
that the company
of three underwriters.
The current stock release means
has received an additional $45,000 leaving $90,000 still
receivable.—V. 149, p. 1171.
Burlington-Rock Island RR.—Earnings—
$137,688
35,871
$134,369
13,514
$115,351
20,688
20,645
11,374
defl8,&39
def231
1,135,642
113,009
1,212,907
144,935
1,138,602
161,151
def44,613
def86,206
def252,62l
149, p. 2964.
of ac¬
20 to
of $6 per share.—V. 149, p. 3110.
Cariboo Gold
Quartz Mining Co., Ltd.—Extra Div.—
addi¬
stock,
Directors have declared an extra dividend of two cents per share in
tion to
quarterly dividend of four cents per share on the common
a
payable Jan. 2 to holders of record Dec. 6.
Extras of one cent were
paid on Oct. 2, July 3 and April 1, last.—V. 149, p. 1756.
Calaveras Cement Co.—To Pay
$3 Dividend —
Directors have declared a dividend of $3 per share on account of accumu¬
Dividends of $2 per share
1, 1938.
18 last, and Nov.
Sept. 30, June 30 and March 31,
1937.—V. 148,
p.
were
paid
on
3837.
California Ink Co.—Extra Dividend—
Directors have declared an extra dividend of \2Y
cents in addition to
dividend of 50 cents per share on the common stock,
value, both payable Dec. 20 to holders of record Dec. 9.—Y. 149
p.3404.
the regular quarterly
Carpenter Steel Co.—To Pay 60-Cent Interim Dividend—
an interim dividend of 60 cents per
$5, payable Dec. 20 to holders of record
15 cents paid on Sept. 20, last; 40 cents paid
on June 20, last;
15 cents paid on March 20, last; dividends of 10 cents
paid on Dec. 20, Sept. 20, June 20 and on March 21, 1938; dividends of
25 cents paid on Dec. 20 and on Sept. 30, 1937; a final dividend of $1 paid
on June 20, 1937, and an interim dividend of 25 cents paid on March 20,
1937.—V. 149, p. 2964.
The directors on
Nov. 28 declared
share on the common stock, par
Dec. 9.
This compares with
par
Water Service
California
income
Gross
Co.—Earnings—
Caterpillar Tractor Co.—Earnings—
12 Mos. End. Oct. 31—
1939
Net sales
$56,520,447
Cost of sales, oper. exps.,
Earnings for the 12 Months Ended Oct. 31, 1939
after charges but before interest and Federal
Callahan Zinc Lead
dismissed
^
50,176,545
39,855,588
40,703,640
$9,317,348
2,518,981
$5,905,123 $15,974,575 $12,202,956
2,370,784
2,136,901
1,876.155
$6,798,367
$3,534,339 $13,837,674 $10,326,800
Gross profit (inventory
Co.—Hearing Ended Aftei Corrections
The Securities and Exchange Comission announced
company
/
1938
1937
1936
$46,608,763 $66,151,120 $52,058,544
47,203,099
less mi8cell. income
$1,010,332
income taxes
—V. 149, p. 2964.
Nov,
24 that it had
a proceeding to determine whether the common stock of the
should be suspended or withdrawn from the New York Stock
Exchange because of misleading information in statements registering it.
The Commission said that the company had filed corrective amendments
registration statement.
NotinR its "desire to protect the interest
of stockholders," the Commission said:
"This decision has been reached with the hope that in the future the
officers of this company will be careful and accruate in the presentation of
information to the stockholders and the general public."
to
the 6%
both
lations on the 7% cum. pref. stock, par $100, payable Dec. 15 to holders
of record Dec. 1.
This compares with $1 paid on June 30, March 31 and
no
on
holders of record Dec. 9 leaving arears
706,687
def89,215
def.38,841
Gross from railway
Feb.
a dividend of $3 per share on account
cumulative preferred stock, payable Dec.
Directors have declared
cumulations
1—
Net from railway
Net after rents
—V.
(Philip) Carey Mfg. Co.—Accumulated Dividend—
1936
$152,672
40,660
Net after rents
From Jan.
1937
1938
1939
October—
Gross from railway
Net from railway
estimated)
Depreciation
Profit
_
Interest
Interest
paid
25.406
533.429
5,572
503,081
5,870
419,673
9.851
280,810
earned
the
Net
Stock Exchange has authorized the release of transfer
79,700 common shares of company,/
These shares were
acquired by Harrison White, Inc., in 1938 by exercise of an option which
was
originally issued to Goldfield Consolidated Mines Co., and subse¬
quently was assigned to Harrison White Inc.
In accordance with the terms of a listing application of the company,
the restrictions affecting 26,700 shares and 53,000 shares were to have
expired on Jan. 20, 1939, and July 20, 1939, respectively.
The restrictions were not released on those dates, with the consent of
Harrison White Inc., in view of the proceedings instituted by the Securities
and Exchange Commission to determine whether continued registration
of the company's securities on the Exchange was warranted.
These pro¬
ceedings have been dismissed.—V. 149, p. 3255.
The
York
New
on
Cambria & Indiana RR.—
OrtfhhpT-——
Gross from railway
_
Net from railway
1937
1938
$118,708
51,544
97,513
$149,630
48,976
94,159
1936
$126,323
58,228
71,672
$129,043
63,977
85,641
Gross from railway
—V.
149,
p.
945,546
266,625
650,735
1,148,494
397,108
745,896
railway
Net after rents.-
Canada Malting
1,082,401
415,632
788,081
Co., Ltd.-
have declared
an
227,621
655,398
dividend of 50 cents per share in
cents per share on the
both payable Dec. 15 to holders of record
paid on Dec. 15, 1938, 1937, 1936 and 1935.
Quarterly dividends of 37 Y cents per share have been distributed since and
including March 15, 1938.—V. 147, p. 3449.
i
no
par
value,
Like amounts
were
Canadian National Lines in New
October—
1939
Gross from
railway
Net from railway
England-
1938
Earnings—
1937
$113,852
def23,127
def66,625
Net after rents
defl2,901
def56,692
1,164,716
def87,825
def542,024
1,137,755
defl29,789
def48.582
def549 622
def484,204
$122,450
$119,319
def2,660
def37,767
1936
$131,051
26,690
defl4,700
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V,
149,
p.
__
1,236,809
1,133,922
defl54,327
def568,641
2964.
Canadian National
Ry.—Earnings of System—
$4,650,861 $12,106,202
which
may
become due for
Balance Sheet Oct. 31
6,573,115
8,589,716
9.682,522
15,381,813
15,786,699
less reserves
Inventories
and
x
1
1
goodwill
Land,
buildings,
equipment, &c.-19,900,609 20,301,688
56,290
x
After
Pref .stk. (par
52,382,342
350,808
1 ,083,716
1 ,292,181
1,255,008
$100) 11 ,207,300 11,515,200
9,411,200
y Common stock..
9 ,411,200
Capital surplus... 13 ,733,577 13,733,577
surplus.14 ,789,052 14,658,944
38,317
..54,054,281
Total
282,969
expenses
Dividend payable.
Earned
Ac..J
taxes,
1,457,604
payroll A
Res. for Fed .taxes.
trade-inks.
Pats.,
2 ,254,285
Accounts payable.
Accrued
Notes A accts. rec.,
$
$
liabilities—
-.10.125,852
Cash
1938
1939
1938
$
...54,054,281
Total
52,382.342
for depreciation of $13,607,693 in 1939 and $12,803,323
Represented by 1,882,240 no par shares.—V. 149, p. 2506.
reserve
y
Celotex Corp.—FTC Issues
tion
Federal
Trade
Commission Nov.
26
issued
a
complaint charging
Celotex with violating the Clayton Act by acquiring capital stock of a major
competitor, the Certain-teed Products Corp.
The complaint alleged that about Jan. 1, 1938 Celotex acquired from
Phoenix Securities Corp. 9,946 shares of Certain-teed's preferred stock and
109,946 shares of common stock, and that about March 1, 1939, it acquired
additional 40,000 shares of Certain-teed common from General Invest¬
Corp.
The Commission alleged that these purchases had the effect of 'substan¬
tially lessening competition in interstate commerce between the two com¬
panies; of restraining interstate commerce in the sale of structural insulation
and acoustical material, including fiber and gypsum products, in certain
parts of the country, and of tending to create a monopoly in the Celotex
Corp. in the sale of such products."—V. 149. p. 1618.
an
ment
Central of Georgia
From Jan.
-
Net from railway
149,
p.
1938
1937
1936
$1,440,451
296,490
$1,397,890
281,128
175,706
$1,278,062
53,420
def37,450
$1,500,313
370,190
12,301,065
1,425,549
157,996
14,187,199
2,024,548
13,092,108
2,116,636
897,383
190,285
245,803
1—
Gross from railway
—V.
Ry.—Earnings—
1939
October—
Gross from railway,.
Net after rents
$2,195,607
Complaint Regarding Acquisi¬
of Certain-teed Products—
Net after rents
$5,453,848
1,883.237
$8,971,420
1,040,484
earnings—carried to surplus.
1939
Assets—
Net from railway
Period End. Oct. 31—
1939—Month—1938
1 939—10 Mos —1938
Operating revenues
$21,943,155 $19,935,153 $164189,092 $150272,587
Operating expenses
16,489,307
15,284,292 152,082,890 148,076,980
Net revenue
2,534,974
$2,903,678 x$11799,910
Before deducting provision for any amount
The
-Extra Dividend-
extra
$3,944,162 $14,334,884 $10,854,658
1,048,037
addition to the regular quarterly dividend of 37 Y
capital stock,
Nov. 30.
x
2964.
The directors
$5,555,408
surtaxes on undistributed
in 1938.
From Jan. 1—
Net from
1,498,362
Prepaid insurance,
-Earnings-
1 QQQ
Net after rents
$7,053,771
Netprofit..
Transfer Restrictions Lifted
restrictions
profit before Fed'l
taxes
Provision for Fed. taxes.
2682.
12,812,702
1,677,710
494,194
882,181
Volume
Central Electric & Telephone Co. f&
9 Months Ended Sept. 30—
Total gross earnings
Operating
Subs.)—Earns.—
1938
$2,089,047
814,265
256,822
203,378
814,031
260,231
189,013
$925,019
expenses
1939
$2,199,484
$825,771
315,591
217,569
6,664
16,609
30,415
69,528
311,749
230,057
4,820
Cr693
30,415
48,785
_
Maintenance
Taxes
(Scate, local, &c)____
_
___
____
Net earnings
Provision for depreciation
'
Funded debt and general interest
Amortization of debt discount and expense
a Net income_
Preferred stock dividends of subsidiary companies
,
Provision for income taxes
_
Central Electric & Telephone Co.
1st 5s due 1955
preferred and
$268,641
138,577
Balance
Applicable to
1469.
a
stock of subsidiary
common
Broad
Directors have declared
accumulations
Dec.
21
to
on
a
the $1.50
holders
of
conv.
Dec.
11.
pref. stock,
no par
1939
payment was
Dec. 20, 1938, and regular quarterly dividend of 37 H cents per
paid
on
Aug. 1, 1937 —V. 149,
p.
Period End. Oct. 31—
Net
$4,243,696
3.419,502
$5,668,487
4,627,884
$857,704
Dr2,260
$823,594
Dr7,851
$1,040,603
Drl,718
$855,444
537,983
$815,743
536,310
$1,038,885
641,683
All
$988,412
647,993
Net
—V.
$279,432
$397,202
$340,419
income
149, p.
Securities and
of Bonds and Stock—
Exchange Commission
agreement,
•
Federal Judge
trustees for
Guy L. Fake at Newark, N. J., Oct. 27 appointed two
The action was taken at a hearing on a voluntary
City.
The appointments must be confirmed by the Interstate Commerce
Commission.
In connection with the Central's proceedings, Judge Fake set Dec. 26 for
a
hearing on reorganization of the Dover & Rockaway
Mine RR., two
the
principal licensees of both
1939, for the
corporations would have to be ne¬
total British income) it
expires Dec. 31, 1939.
complete
1939 and
As to the remaining patents,
from these patents.
The impossioility
,
.
,
,
of renewing any of these agreements on relatively
profitable terms has been apparent for some time.
The outbreak of war
renders their renewal on any terms problematical.
these principal licenses there remain
(not counting a Polish
important and now presumably altogether dead) a license
Japan (including Manchukuo) which is subject to revocation
after Jan. 14, 1944, and a license covering Australia and New Zealand
expiring still later.
Royalties (net after taxes withheld ar source) from
these two licenses have averaged under $22,000 a year for the period 1935
Besides
license,
never
covering
throu|hl938.be
recognized that the enterprise after 1939 will be a
modest affair, no longer justifying the expense incident to its present
capitalization or the maintenance of its present liquid reserves.
Purpose of Plan—It is the purpose of this plan to reduce the authorized
capital stock and expense of corporate maintenance to proportions appro¬
priate to a business whose earning capacity is approaching exhaustion and
(after writing down the book value of depreciated assets) to return to stock¬
holders the greater part of funds reserved to replace disappearing patent
vaJu6s
recapitalization of the corporation or distribution of any of its
it had been originally planned to dissolve International and transfer
the Corporation.
Canadian counsel advise that under
present conditions dissolution of International may be impracticable for
a
considerable period.
Preliminary to and in anticipation of eventual
dissolution, International's capital has been reduced by appropriate pro¬
ceedings in Canada, and the capital so released, amounting to $980,000,
has been transferred to the corporation, $961,004 in cash or its equivalent
and $18,996 by the surrender of 5,300 shares of the corporation's stock
formerly held by International.
Outline of Plan—It is now proposed (1) to reduce the capital of the
corporation by $2,078,803 from $2,165,420 to $86,617; (2) to change its
authorized capital stock from 525,000 shares (no par), listed on the New
York Curb Exchange, to 105,000 shares (par $1), not listed on any Exchange.
Upon completion of these proceedings stockholders will receive new stock
in exchange for their present holdings on the basis of one new share for each
five shares of the existing stock surrendered.
The capital surplus thus created by the reduction in capital will be
employed (in conjunction with surplus previously existing) to the extent
of $1 586 892 in writing down the book value of the corporation's in vest¬
ment'in its subsidiary, International.
In the annual report for 1938 the
corporation's balance sheet as at Dec. 31, 1938, showed this investment
at
$2 771 892
(being cost less distributions from patent amortization
Before
capital
its assets in toto to
.
reserve)
the
'This book value has recently been reduced to $1,791,892 by
$980,000.
The directors believe the corpora¬
liquidating payment of
will be more intelligible if the book value is further
$205,000, a figure roughly representing the book value of
tion's balance sheet
written down to
International's patents after amortization to the ciose of 1939 plus cash
reserved as working capital and to meet expenses and contingent claims.
The balance of capital surplus remaining after this writedown will be
•
such reserves as the board of directors may deem it prudent
for return to stockholders on account of their investment.
It is
available (less
to retain)
planned (subject to reconsideration by directors) to distribute out of surplus
resulting from effectuation of this plan and surplus theretofore existing,
$1 496,544 contemporaneously with the exchange of old stock certificates
for new stock certificates, equivalent to $3.50 per share of existing Cen¬
trifugal stock outstanding in hands other than the corporation's.
Effect of the Plan—Upon consummation of the plan the authorized
capital stock will consist of 105,000 shares, of which 85,516.8 shares will
be outstanding in hands other than the corporation's.
It will not be
listed on any Exchange, since the future prospects of the enterprise are not
believed to justify the expense of a listed security.
Earnings for Period Jan. 1, 1939, to Nov. 15, 1939
Profit for period
Earned surplus from Jan,
Total
Dividends
$50,474
428,923
1,1934
______
-
paid
—
RR. and the Ogden
short lines leased by the Jersey Central.
Dec, .20,
royalties may be payable somewhat longer; but unless a pending patent
infringement suit brought by International and its British licensees against
the Clay Cross Co., Ltd., is successful, no further royalties will be receivable
of the Proposed Bonds and Indenture
the road.
1940, have been
corporation of some revenue until April 1, 1941.
The German license
expired Sept. 1, 1939, and the French and Belgian agreement will terminate
at the close of 1939.
The British agreement provides double expiration
dates.
As to certain patents (responsible for something over one-half
The
petition in bankruptcy, filed on Oct. 30, in which the company seeks
reorganization under section 77 of the Federal Bankruptcy Law.
The trustees are Shelton Pitney, Newark and Walter P. Gardner, Jersey
A.—Bonds Called—
6% collateral trust bonds, due
in the light of a situation thus defined.
The out¬
break of war has interrupted the negotiations, but not before it became
evident that the enterprise will be very much reduced in the future.
A new license agreement concluded early in 1939 with the American
licensee, United States Pipe & Foundry Co., at royalty rates (on domestic
business) about one-fifth as great as those previously in effect, assures the
mortgage
Central RR. Co. of New Jersey— Trustees Named—
of the outstanding
to formulate a program
not
Provisions
1,497,417
gotiated during 1938 and 1939.
When the report for 1938 was written it had been expected to
negotiations for new agreements with licensees before the end of
Purposes of the Proposed Financina
proposed bonds will be issued under an open-end indenture of
dated as of June 1, 1921, and more particularly a supplemental
indenture dated as of Sept. 1, 1939, by and between the applicant and
Old Colony Trust Co., as trustee, and will be equally secured by a first
lien on substantially all of the applicant's property and franchises.
The proposed series K bonds will be redeemable as a whole or in part at
any time at the option of the company by the payment of the principal
amount plus a premium of 7^% if redeemed on or before Sept. 1, 1940.
Thereafter the premium decreases
% annually to 6% on or before
Sept. 1, 1943, and thereafter it decreases V£% annually to Sept. 1, 1963,
after which time the bonds are callable without premium.
The applicant agrees that while any series K bonds are outstanding it
will pay $15,625 annually to tne trustee as a sinking fund for the redemption
of series K bonds.—V. 149, p. 3255.
_
special meeting of stockholders will be held
with
expressed in writing, with Nepsco, whereby the
latter has agreed to accept, in payment of advances of $500,000 in cash
made by it to the applicant in June and July of 1939, all or any part of the
5,000 shares of the proposed common stock on the basis of $100 per share.
Should any part of such shares be taken by the public holders of stock
having preemptive rights, the proceeds of such sales will be applied in full
by the applicant to the reduction of such advances.
It appears that these
advances were made in furtherance of a plan formulated by the executive
officers of Nepsco after a study of the financial requirements of Central
Maine Power Co., and submitted to its board of directors, whereby Nepsco
would assist the applicant to meet such requirements.
The plan included
the refunding of the applicant's 1st mtge. 30-year 5% gold bonds, due
Nov. 1, 1939; the permanent financing of its short-term loans; and the
payment of the dividend arrearages on applicant's pref. stock.
Since the
plan contemplated that, Nepsco would assist the applicant in meeting
these requirements by advancing substantial sums which were to be repaid
by the issuance of applicant's common stock, Nepsco in furtherance of
this policy has already advanced $1,000,000 to the applicant and was
repaid in common stock.
The instant application concerns the discharge of an additional advance
of $500,000 which was made by Nepsco to applicant in June and July,
1939.
It will be noted, therefore, that the present purchase of common
stock completes the plan of Nepsco to invest $1,500.000 in the applicant's
common stock for the purpose of aiding the applicant in meeting its financial
requirements.
According to the applicant the advances with which the
present application is concerned have been used by it to reimburse its
treasury for moneys expended from income for the purchase and con¬
struction of utility property.
The proposed bonds which are to be dated as of Sept. 1, 1939, are
to be sold at private sale to the Equitable Life Assurance Society of the
United States at a price of 100% of the principal amount plus accrued
interest from Sept. 1, 1939.
The applicant states that the issue and sale of the proposed bonds are
for the purpose of reimbursing its treasury for moneys expended from
income and
used for the purchase and construction of utility property
and states that it is the present intention of the applicant to pay, after
reimbursement of its treasury as aforesaid, the arrearages on its several
classes of pref. stock.
The company also states that part of such arrearages
were paid off subsequent to the advance from Nepsco in July, 1939.
In its application to the Public Utilities Commission of the State of
Maine, the applicant stated that as at June 30, 1939, it had expended
moneys from its treasury for capital expenditures amounting to $4,112,927
which have not been used as the basis of security issues.
The applicant has stated that upon completion of the proposed financing,
the entire amount of contributed surplus, $1,140,605, and $359,394 of
earned surplus, a total of $1,500,000, are to be transferred to common
stock liability.
It is stated that the purpose of these transfers is to maintain
a
ratio of stock liability to mortgage bonds which which will permit the
retention of applicant's mortgage bonds on the "legal list" in certain States.
an
_
To take action on proposals (a) to approve the plan of reorganization,
dated Nov. 27, 1939; (b) to reduce the capital of the corporation repre¬
sented by its outstanding shares of stock from $2,165,420 to $86,617.
(2) To decrease the authorized capital stock by changing the number
of the shares and changing the shares without par value into shares with
par value, so that the authorized capital stock consisting of 525,000 shares
(no par) shall, after such amendment, be 105,000 shares (par $1).
W. C. T. Carpenter, Prasident, states:
Corporation and its wholly owned Canadian subsidiary, International
De Lavaud Mfg. Corp., Ltd., are engaged in the business of holding and
exploiting certain patented processes for casting iron pipe by centrifugal
force.
Corporation owns the patents for the United States and its pos¬
sessions; International owns the patents for most of the rest of the world
(except Canada).
For the past three years annual reports to stockholders have made note
of the diminishing value of these processes and emphasized the drastic
curtailment of revenues and operations inevitable when new arrangements
The
has
_
(1)
on Nov. 20 issued an order
(a) of the Public
Utility Holding Company Act of 1935 in connection with the issue and
sale of:
(1) $1,250,000 1st & gen. mtge. bonds, series IC, 4%, due 1964,
at 100 plus accrued interest; and (2) 5,000 shares (no par) common stock
at the price of $100 per share.
The findings and opinion of the Commission state in part:
New England Public Service Co. owns 134,979 shares of applicant's
135,000 shares of presently outstanding no-par common stock, and 638
shares of applicant's 6,351 shares of presently outstanding 6% pref. stock,
the only classes of applicant's stock having normal voting power.
The
holders of applicant's 7% pref. stock and $6 pref. stock are presently
entitled to vote by reason of dividend arrearages, so that the voting power
of Nepsco is now approximately 41%.
After payment of dividend arrear¬
ages, as presently contemplated by applicant, the voting power of Nepsco
will be approximately 96%.
•
_
Centrifugal Pipe Corp.—To Reduce Capital, cfee.—
exempting the company from the provisions of Section 3
proposed issue of common stock will first be offered to the public
holders of applicant's common stock and 6% pref. stock in accordance
with the preemptive rights on a pro rata basis of one share for every 28.2702
shares, whether common or 6% pref., then held by such stockholders.
The offering will be at a price of $100 per share.
Applicant states that it
_
149, p. 3255.
following purposes:
2682.
Central Maine Power Co.—Sale
The
264,049
26,165,403
6,600,413
1,279,811
V. 147, p. 3907.
A
Int. & other deductions.
273,159
27,508,131
7,680,174
2,289,009
called for redemption on Dec. 31 at oar and accrued interest.
Payment
will be made at the Commercial National Bank & Trust Co. of N. Y.—
$1,009,355
Dr20,943
Gross income.
127,658
24,189,883
6,367,133
558,537
Central Violeta Sugar Co., S.
$5,134,020
4,124,665
$317,461
income
oner,
_
1939—12 Afos.—1938
$2,884,717
901,926
688,879
Net after rents,
Subs.)—Earnings—
$2,849,518
801,783
1—
Gross from railway___—
Net from niilway
made on
share was
$4,716,865
3,859,161
Other miscell. inc. (net)_
From Jan.
1936
1937
1938
$2,762,498
835,708
27,512,110
7,453,734
Net after rents._______
of
—V.
1939—10 Mos.—1938
Operating revenues
Oper. exps. and taxes
Div.—
572.
Central Indiana Power Co. (&
$3,477,123
1,380,008
railway_____
Net from railway
value, payable
Similar
York
N. Y. 1-752
Earnings for October and Year to Date
149,
dividend of 25 cents per share on account
cum.
record
New
A. T. & T. Teletype
October—
Illinois Securities Corp.—Accumulated
STOCK EXCHANGE
Street
Gross from
Central
stocks
DEPARTMENT
NEW YORK
MEMBERS
$62,060
held by public.—V.
•
common
Eastman, Dillon 8 Co.
$200,638
138,577
$130,064
:
TRADING
I
15
Net income
Preferred stock dividend requirement
p.
3549
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
149
Earned surplus Nov.
15, 1939
—
$479,397
129,872
$349,525
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3550
De
Lavaud
(net)
.
_
MIg.
$67,022
1
Cash in banks
1,791,892
1,754,550
16,500
_
Royalties receivable, est
$2,145,382
1,096,269
349,525
1,005
par)
Capital surplus
Earned surplus
Accounts payable
Reserve for Federal taxes
37,784
$3,629,965
Total
$3,629,965
Total
(427,584 shares
Capital stock
no
Corp.,
is
first
the
class
railroad
one
Dec. 2, 1939
reorganization
stage under Section 77 of the Bankruptcy Act.
The ICC's certificate showed that approximately
Liabilities—
Patents & patent rights (net),
Investment
in
International
This
(Before Giving Effect to Proposed Changes)
Balance Sheet Nov. 15. 1939
to
98%
reach
on
this fina
the average of
the creditors in each class voting approved the plan.
Earnings for October and Year to
Date
1939
1938
1937
1936
$1,622,206
617,916
414,008
$1,412,354
451,300
244,750
$1,450,488
192,688
$1,497,961
491,853
267,547
12,625,585
2,777,137
695,988
11,659,646
2,288,964
299,853
13,663,842
3,176,843
1,084,147
12,974,733
3,196,334
1,009,390
October—
Gross from railway
Net from railway
Net after rents
360,847
From Jan. 1—
Pro Forma Balance Sheet Nov. 15, 1939
Gross from
(After Giving Effect to Changes Proposed in Plan of Reorganization)
Jan. 1, 1939, less amortiza¬
tion to that date, $77,487; less amortization from Jan. 1, 1939, to Nov. 15,
1939, $10,465), $67,022; Investment in International De Lavaud Mfg.
Corp., Ltd., at cost (7,110 shares of pref. stock par $100, and 50,000 shares
of common stock, no par, and commission contracts carrying 20% of the
gross royalties receivable under various license agreements—acquired by
the issue of the company's capital stock at approximately $20 per share or
by purchase plus expenses incidental to acquisition, $3,005,208; less divi¬
Assets—Patents and patent rights (at cost to
dends
declared
out
of reserve for amortization
of patents in years
railway
Net from railway.
Net after rents
—V. 149, p. 2965.
October—
tion, $1,586,892), $205,000; cash in banks ($1,754,550, less—proposed
of $3.50 per share on 427,584 shares, $1,496,544),
$258,006; royalties receivable, estimated, $16,500; total, $546,528.
Liabilities—Capital stock (par $1), $85,517; capital surplus (as at Jan, 1,
1939, $1,096,269; add capital surplus arising from:
Reduction in stated
value of 433,084 shares from $5 to $1 per share, $1,732,336; exchange of
one new share for each five shares previously issued, $346,467; total, $3,175,072; deduct:
Proposed writedown of investment in International
De Lavaud Mfur.
Corp., Ltd., $1,586,892; proposed cash distribution
in liquidation of $3.50 per share on 427,584 old shares, $1,496,54-i; reduction
in book value of treasury shares from cost to proposed decreased par value
of $1 per share, $18,938), $72,697; earned surplus from Jan. 1, 1934, $349,525; accounts payable, $1,005; reserve for Federal taxes, $37,784; total,
$546,528.—V. 147, p. 107.
distribution in liquidation
/
Co.—Earnings-—
Consolidated Statement for 12 Months Ended
Sept. 30,
Selling, administrative and general expenses
152,114
44,711
-
Net income
$684,315
$1.80
Net income per share
After depreciation on plants and equipment,
y Based on number of
shares outstanding before acquisition of Baldwin-Duckworth for 10 months,
and total number of shares now outstanding for the last two months.
x
Chicago & Illinois Midland Ry.—Earnings—
$1,689,540
xl,394,703
yl,749,857
Reserves..
Inventories
Other current assets
Fixed assets—at cost
6,711,699
151,874
..$7,621,4081
After
$617,584
292,125
Capital and surplus
z2,481,962
Total
x
liabilities
173,472
Other assets
of $89,187.
reserve
y
After
Total
$7,621,408
of $106,077.
149, p. 3110.
for depreciation of $3,807,345 —V.
reserve
z
After
reserve
Champion Paper & Fibre Co, (& Subs.)—Earninqs—
12
Nov
xINet profits
Earnings
After
Nov
6 '38
$162,848
$725,805
$0.53
$0.10
$0.85
interest,
Federal
taxes,
Nil
&c.—V.
Charleston & Western Carolina Ry.Gross from
railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
7,726,946
1,461,899
Net after rents.
on
1937
1936
$220,667
55,961
35,386
$182,531
48,266
32,561
$194,.549
46,327
28,283
$194,525
62,991
44,452
2,068,067
663,899
411,155
1,802,645
421,641
209,796
2,121,988
690,324
427,748
79,785
8,501,079
1,254,283
8,474,705
1,724,333
293,152
184,072
def9,804
Chicago Memphis & Gulf RR.—Bond Extension—
the
new
Chandler Act.
involves the extension to Dec. 31,
1962, of the maturity
Chicago Milwaukee St. Paul & Pacific RR.—Seeks to
Pay Interest—
The trustees have filed a petition with the U. 8. District Court, Chicago
seeking authority to pay $1,891.895 interest on the general mortgage bonds.
Payments would be the remaining one-third of the interest that became
due on the several issues of general mortgage bonds July 1, 1935, Oct. 1,
1935, and Jan. 1, 1936.
On July 1, 1935, and Jan. 1, 1936, the road had
semi-annual interest due on its general mortgage bearer bonds and on
July 1, 1935. Oct. 1, 1935. and Jan. 1, 1936, it also had due quarterly
interest on fully registered bonds.
The road estimated its cash
on hand as of Nov. 30 will be $11,300,000.
Federal Judge Holly set hearing on the petition for Dec. 12.
Earnings for October and Year to
October—
Gross from
1939
railway
Date
1937
1938
1936
$11,241,952
3,518,492
2,319,812
$9,770,152
2,336,569
1,158,445
$9,996,171 $10,458,585
2,181,052
3,063,680
984,518
1,849,172
88,565,051
16,520,797
5,279,839
81,976,406
14,757,201
3,271,025
90,698,530
17,505,696
7,806,215
Gross from railway
90,440,357
18,887,263
6,803.182
Equipment Trust Certificates—
on
Nov. 21 authorized the
com¬
pany to assume obligation and liability in respect of not exceeding $5,080,000
equipment trust certificates, series U, to be issued by the Continental
Illinois National Bank & Trust Co. of Chicago, as trustee, and sold at par
and accrued dividends to the Reconstruction Finance Corporation in con¬
nection with the procurement of equipment.
—V. 149, p. 2966.
Chicago & North Western Ry.—EarningsOctober—
Gross fro
Nov. 21 declared
an
n
,1939
railway
Net from railway
Netafterrents
extra dividend of 50 cents in addition
quarterly dividend of 62
cents per share on the common stock.
The
extra dividend will be paid on Dec. 27 to holders of record Dec. 12 and
the quarterly payment will be made on Jan. 1 to holders of record Dec. 12.
Previously regular quarterly dividends of 50 cents per share were dis¬
From Jan. 1
..
..
1938
1937
1936
$9,470,083
3,142,055
2,385,844
$8,217,403
1,937,374
1,054,698
$8,312,669
1,807,579
976,549
$9,140,102
2,681,176
1,885,325
72,725,178
12,262,137
4,410,742
67,194,454
7.752,658
def819,365
76,008,918
6,988,202
def45,119
76,708,272
—
Gross from
railway.
Net from railway.
_
Net after rents.
-
..
..
..
11.627 103
3,293,475
—V. 149, p. 3404.
.
Chicago Rock Island & Pacific Ry.—Earnings—
Earnings for October and Year to Date
October—
1939
Gross from
Net
def42,665
The company, which is operated by the Illinois Central under lease, has
proposed to the Interstate Commerce Commission a plan to extend a bond
maturity and effect a modification of interest charges under provisions of
1,845,407
587,217
369,230
a
tributed
227,297
149, p. 2965.
The Interstate Commerce Commission
-Earnings—
Chesapeake & Ohio Ry.—Extra and Larger Dividend—
Directors
6,847,266
960,945
def403,926
$941,819
96,230
1—
Gross from railway.....
Net from railway
—V.
1936
$834,928
$813,442
199,917
52,636
From Jan. 1—
—V. 149, p. 2965.
to
941,014
1937
1938
$1,002,321
393,228
276,958
Net from railway
Netafterrents
on
1938
3,020,752
1,148,100
1939
Nov. 21 approved the exten¬
sion for a period not later than July 1,1941, of time of payment of a $100,000
loan by the Reconstruction Finance Corporation, matured Nov. 14, 1939.
—V. 143, p. 423.
Charles City Western Ry.—RFC Loan Extended—
1939
3,274,202
1,053,314
717,809
-
$10,946
p.3404.
October
2,854,889
783,179
489,153
Chicago Indianapolis & Louisville Ry.—Earnings—
Net from railway
Netafterrents
Interstate Commerce Commission
$416,225
222,737
175,690
—V. 149, p. 2965.
149,
The
$343,296
80,938
48,655
3,100,219
911,638
691,899
railway
railway
-rom
Net after rents
on
depreciation, depletion,
1936
1937
1938
$297,035
83,071
52,334
Frcm Jan. 1—
Gross from
Net
28 Weeks Ended
Nov. 12 *39
Nov. 6*38
$405,428
per share
stock
common
x
Weeks Ended
12 '39
1939
$413,008
164,943
122,657
railway
Net from railway
Net after rents
date of $735,000 of first mortgage bonds due Jan. 1, 1940, and a reduction
in the interest rate to 3% during the period of extension.—V. 119, p. 1171.
Liabilities—
Notes and accts. receivable
15,328,839
4,314,319
1,576,138
October—
Gross from
The proposal
Consolidated Balance Sheet Sept. 30, 1939
Current
15,719,068
3,596,282
589,548
—V. 149, p. 2965.
From Jan.
1,562,179
\mw
Assets—
14,075,504
2,988,610
231,935
.
-
Net after rents
Net after rents
$2,443,320
Cash and securities
railway
railway
Net from
1939
Federal income taxes
y
1936
$1,903,799
677,714
355,254
October—
Gross profit on sales
State income taxes
1937
$1 764,979
518,506
157,221
From Jan. 1—
Gross from
Gross from railway
Net from railway
[Including the Operations of Baldwin-Duckworth Division Since
Aug. 1, 19391
x
1938
$1,730,597
578,469
251,400
15,043,115
4,163,190
1,260,681
.
Net after rents
"
Chain Belt
1939
$1,815,539
670,339
316,534
-
railway
railway
Net from
1930,
1932, and 1933, $233,315; balance, $2,771,892; deduct; partial liquidating
distribution in 1939, $980,000; writedown proposed in plan of reorganiza¬
Chicago Great Western RR.—Earnings—
'
Gross from
-rom
railway
railway
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
1938
1937
$13,801,817 $11,738,030 $12,315,190 $13,742,824
7,343,523
5.897,873
5,914,371
7,482,249
5,717,762
4,460,982
4,873,205
6,323,889
96,978,245
40,392,460
28,972,622
—V. 149, p. 2682.
[Includes Chicago Rock Island & Gulf Ry.l
1936
87,374,932 108,760,854 111,807,908
34,075,418
47,851,473
53,159,452
23,602,840
36,517,697
42,542,921
October—
Gross from
railway
Net from railway.
Net after rents
1938
1937
Net from
$9,358,832
3,306,475
21072,275
$9,840,989
3,120,503
1.741,360
$9,834,129
3,691,439
2,332,464
79,366,486
19,867,719
8,944,883
76,440,145
20,321,270
9,090,420
83,656,651
20,576,174
10.440,709
80.483,511
21,255,435
10,284,814
From Jan. I—
Gross from
Net from
railway
railway
Net after rents...
149, p. 2965*
Chicago & Eastern Illinois
mittee Member—
149,
3405.
p.
Chicago St. Paul Minneapolis & Omaha Ry.—Earnings
October—
Gross from
13,886,976
1,891,334
def308,847
def268,011
1938
$1,555,013
290,206
1936
$1,705,975
377,273
143,663
1—
Gross from railway
Net from
302,764
59,729
1937
$1,671,499
349,649
105,003
1939
$1,832,777
544,392
railway
Net from railway
Netafterrents
14,686,523
2,180.268
railway
Net after rents.
def62,552
15,045,837
1,678,446
15.336.778
2,682.470
481,467
—V. 149, p. 2966.
Ry.- -Reorganization
Com-
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Period End.
W. Barriger III, chief examiner of the
Railroad Division of the
Reconstruction Finance
Corporation, has been appointed a member of the
reorganization committee, with the approval of the RFC.
Other members
of the committee are Carrol M.
Shanks, Vice-President of Prudential
Insurance Co. of America,
representing bondholders, and Kenneth D.
Steere, chairman of the board of the railway.
Security Holders Adopt Reorganization Plan—
Creditors and stockholders of the
company have accepted by ballot the
final plan of reorganization which has been
approved by the Interstate
Commerce Commission and the Federal Court at
Chicago
The Commission has made public the result of the
creditor's vote show¬
ing overwhelming percentage of those voting in each class
accepted the
final plan.
The result of the balloting was certified by the Commission
to the Federal
If the court is satisfied that the creditors have
accepted the plan
it will issue an order of confirmation making it
binding upon all parties'
Final consummation of the plan will take only a short thne
railway
From Jan.
John
Court.
65,009,243
10,479,965
1,473,268
•
Netafterrents
1936
$10,217,984
3,700,383
2,597,234
1,331,979
65.744,688
12,890,182
4,298,018
From Jan. 1—
Gross from railway
—V.
1939
1938
$7,210,148
1,680,721
942,119
2,109.335
Netafterrents
Chicago Burlington & Quincy RR.- —Earnings—
October—
1939
$7,661,624
Gross from railway
Net from railway
x
y
Earnings
Sept. 30—
1939—3 Mos.—1938
Net loss.
x
$28,557
per
share
After taxes and
Nil
charges,
y
1939—9 Mos —1938
$16,705 prof$24.315
Nil
$0.08
$28,510
Nil
On 300,000 shares common stock (no par).—
V. 149, p. 1470.
Chile
Copper Co.—50-Cent Dividend—
Directors have declared
a
dividend of 50 cents per share on the common
stock, par $25, payable Dec. 19 to holders of record Dec. 8.
Regular
quarterly dividend of 50 cents was paid on Nov. 28, last, thus a total of
$2.50 per share will have been distributed during the year 1939, same as
in 1938.—V.
149,
p.
3256.
Cincinnati Street Ry.—Dividend Resumed-—
Directors have declared
a
dividend of 15 cents per share on the common
1 to holders of record Nov. 25.
This will
paid on the common shares since Feb. 1, 1938 when
10 cents per share was distributed.
Dividends of 15 cents were paid in
each quarter of 1937.—V. 149, p. 3256.
stock, par $50, payable Dec.
be the first dividend
1
/
Volume
ONE HUNDRED —The Commercial & Financial Chronicle— YEARS OLD
149
Cincinnati New Orleans & Texas Pac. Ry.—Earnings—
October—
Gross from railway
1939
1938
1937
1936
$1,704,187
618,228
$1,425,455
539,679
416,141
$1,393,868
512,555
358,323
$1,472,942
593,628
484.333
14,647,013
5,589,722
4,173,148
12,454,674
4,013,080
3,101,586
14,534,867
5,731,830
4,166,975
13,816,336
5,470,700
4,059,836
Net from railway
Net after rents
738,230
From Jan. 1—
Gross from railway
Net from railway
Net after rents
.
—V. 149, p. 3405.
City Auto Stamping Co.—To Pay 15-Cent Dividend—
Directors have declared a dividend of 15 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 1.
Like amount was paid
on Sept. 20 last and on Dec.
24, 1938.—V. 149, p. 2683.
Cities Service Co.—Bonds Called—
A total of $7,670 convertible gold debenture bonds series A 5
% due Jan. 1,
1966 have been called for redemption on Jan. 1, 1940 at 102 and accrued
interest.
Payment will be made at the Central Hanover Bank & Trust
Co., New York.—V.
149,
Period End. Sept. 30—
1939—9 Afos.—1938
1939—3 Mos.—1938
sub^cpmpanies
$634,441 loss$114,448
$556,163
$170,110
77,273
99,736
32,760
7,838
110,217
78,439
50,857
C/-80.892
86,950
68,636
260,870
247,490
$292,204
Est. normal Fed. income
$60,875
taxes-
Minority interest
Int.
on parent company's
funded debt, &c
Consol.net profit
$184,915 loss$331,905
Note—No provision was made in the foregoing income account for Federal
surtax
on
was 726,088,774 kilowatt hours as compared with 608,357,452 kilowatt hours for October, 1938 an increase of 19.35%.
For the
10 months ended Oct. 31, 1939, the output was 6,392,750,492 kilowatt
hours as compared with 5,528,957,953 kilowatt hours for the corresponding
period in 1938, an increase of 15.62%.
Total outputfor the year ended
Oct. 31, 1939 was 7,653,090,181 kilowatt hours as compared with 6,734,868,588 kilowatt hours for the year ended Oct. 31, 1938, an increase of
13.63%.
The above excludes the output of the Tennessee Electric Power Co. the
electric properties of which were sold in August, 1939.
Gas output of the Commonwealth & Southern Corp. System for the
month of October was 1,316,929,600 cubic feet as compared with 1,160,392,200 cubic feet for October, 1938, an increase of 13.49%.
For the 10
months ended Oct. 31, 1939, the output was 12,613,177,500 cubic feet as
compared with 11,364,787,960 cubic feet for the corresponding period in
1938, an increase of 10.98%.
Total output for the year ended Oct. 31, 1939
was 15,741,011,700 cubic feet as compared with 14,498,799,500 cubic feet
for the year ended Oct. 31, 1938, an increase of 8.57 %.
Accumulated Dividend—•
City Stores Co. (& Subs.)—Earnings—
Profit of
Monthly Output—
Electric output of the Commonwealth & Southern Corp. system for the
month of October
3256.
p.
3551
undistributed profits.—V. 149, p.
1957.
The directors on Nov. 28 declared a dividend of 75 cents per share on the
preferred stock, $6 series, payable Jan. 2 to holders of record Dec. 8.
A
payment of like amount (which is one-half of the regular rate) was made in
each of the preceding
18 quarters.—V. 149, p. 2683.
Community Power & Light
posed Plan of Simplification—
Co.—SEC Approves
-
Pro¬
.
The Securities and Exchange Commission on Nov. 24 approved a proposed
plan of corporate simplification for the company under provision of Section
11 of the Public Utility Act of 1935.
The report of the SEC on the plan
follows;
The present
plan of simplification was filed by the company pursuant
(e), alleging in substance that the company's capital structure,
factors was unduly and unnecessarily complicated, that
voting power was inequitably distributed among the company's security
holders, and that the plan of simplification was necessary to comply with
the requirements of Section 11 (b) (2) of the Act. After appropriate notice
given to all stockholders and other persons affected by the plan, and follow¬
ing a hearing at which no stockholders or other persons appeared in op¬
position to the plan, the Commission has approved the plan as necessary
to effectuate the provisions of Section 11 (b) and as fair and equitable to
the persons affected by such plan.
to Section 11
City & Suburban Homes Co.—To Pay 25-Cent Div.-—
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 4 to holders of record Dec. 1.
This compares with
20 cents paid on June 5, last, and on Dec. 5, 1938 and a dividend of 15 cents,
per share distributed on June 4, 1938.—V. 149, p. 1909.
Cleveland Electric Illuminating Co.—-Year-End Div.—
Directors have declared a year-end dividend of 25 cents per share in addi¬
tion to the usual quarterly of 50 cents per share on the common stock, both
payable Dec. 20 to holders of record Dec. 18.
Like amounts were paid
on
Dec. 20, 1938, Dec. 31, 1937, and on Dec. 22, 1936.—V. 149, p. 3256.
Clinchfield
RR
$746,375
5,868.682
2,975,000
Net from railway
Net after rents-.
2,616,568
1936
1937
$589,870
309,649
299,017
$584,286
4,804,040
2,064,270
1,727.413
5,821,119
2,756,115
429,992
389,057
From Jan. 1—
Gross from railway
—V.
1938
1939
Net from railway
Net after rents
250,458
269,750
2,698,896
$569,626
253,222
234,352
5,066,571
2,178,683
2,087,841
149, p. 2966.
Cluett, Peabody & Co., Inc.—Final Dividend—
Directors
Nov.
24
declared a final dividend of $2 per share on the
value, payable Dec. 23 to holders of record Dec. 12.
paid on Sept. 25, June 26 and March 25 last;
a final dividend of 30 cents was paid on Dec. 24, 1938; dividends of 15 cents
were paid on Sept. 26 and May 2, 1938, previous to which
quarterly divi¬
common
on
stock,
no par
Dividends of 25 cents
dends of 25 cents per
were
share
were
distributed.—149,
Colorado & Southern Ryv
October—
1938
1937
1936
;
Net from railway
$614,726
174,402
51,885
$684,971
159,066
34,295
$752,733
215,629
113,245
5,364,096
1,302,019
364,219
__
Net after rents
149,
3405.
$659,608
208,411
106,342
From Jan. 1—
Gross from railway
—V.
p.
-Earnings—
1939
*
Gross from railway
Net from railway
Net after rents
5,332,898
1,060,505
90,747
6,556,242
1,576,682
709,273
6,013,160
1,263,239
374,542
3405.
p.
Columbus Auto Parts Co.—Accumulated Dividend—
Directors have declared
cumulations
on
a
dividend of $1.50 per share on account of ac¬
24, —V. 145, p. 4113.
Columbus & Greenville Ry.
October—
1939
Gross from railway
From Jan.
from
149, P.
a
-Earnings1937
1938
1936
$125,618
28,812
21,439
$126,051
5,841
def8,886
$141,165
35,602
24,094
1,189,441
267,645
163,022
997,486
158,162
1,083,008
130,493
5.090
981,062
94.703
stock and
and Louisiana.
Company has outstanding two classes of stock, preferred and common,
There are outstanding 68,962
$6 cumulative first preferred stoci, (stated value, $100 per
share), and 10,000 shares of common stock (stated value $250 per share).
Most of the stock of both classes is publicly held.
No dividends have been
paid on the preferred stock since Nov. 2, 1931, so that as of June 30, 1939,
unpaid dividends amount to $46 per share. No dividends can be paid to the
common stock, under the present charter provisions, until the company
has paid all of the accrued dividends on each share of preferred stock.
Company's present financial condition can probably be attributed
largely to various acts of financial mismanagement prior to 1931. At that
time the company was under the control of a holding company known as the
American Commonwealths Power Corp. (Del.) and its subsidiary American
Community Power Co.
Community Power & Light Co. was forced to
assume obligations in order to help its parent and affiliated companies and
was required
by them to pay excessive dividends on its common stock.
Speaking generally, the resources of this company were "milked" for the
benefit of the parent holding company (American Commonwealths Power
Corp.) and its affiliated companies.
New management was installed for Community Power & Light Co. in
1931 when both American Commonwealths Power Corp. and American
Community Power Co. were placed in receivership. Both these companies
are now defunct.
The common stock of Community Power & Light Co.,
which had been pledged to secure the debentures of American Community
Power Co., was subsequently distributed to those debenture holders or sold
both of which will be affected by the plan.
shares of the
for their benefit.
However,
as a
result of the previous acts of mismanagement, the company.
burdened with substantial debts, and was required to use any
available
and to pay its debts and loans. Accordingly,
has considered the financial position of the
company since Nov. 2, 1931, such as to make inadvisable any payments of
dividends, although substantial earned surplus has existed out of which
dividends might legally have been paid if the management had considered
such
payment financially feasible or desirable.
Such earned surplus
amounted to $1,591,370, on a corporate basis, as of June 30, 1939.
As a
result of this policy dividends have accumulated as pointed out above.
cash to improve its properties
the company's management
1—
railway....
Net from railway.
Net after rents
—V.
'public utility holding company which was incorporated in
The assets of the company consist principally of all of
a majority of the bonds of five of its subsidiary
companies and approximately 60% of the outstanding common stock of
General Public Utilities,
Inc.
Its operating subsidiaries produce and
distribute electricity, gas, ice and water in the States of Kansas, Missouri,
Arkansas, Texas, New Mexico, Florida, South Dakota, Nebraska, Arizona
the common
was
$145,926
38,413
26,827
Net from railway
Net after rents
Gross
Company's Business and Financial Condition
Company is
the cumulative convertible preferred stock, payable Dec. 1
to holders of record Nov.
certain
to
Delaware in 1927.
—Earnings-
October—
Gross from railway
due
140,466
80,421
2683.
Present
Voting Rights
charter provisions each share of common stock is
total of 250,000 votes for the 10,000 shares out¬
standing.
Each share of preferred stock is presently entitled to one vote
as a result of arrearages of more than four quarterly dividends, making a
total voting strength of 68,962 votes for the outstanding preferred stock.
In other words, the control of the company is now in the hands of the
common stocknolders even though the preferred stock is seriously in arrears
in dividends, and even though, on the basis of value, as hereinafter dis¬
cussed, the share of the assets attributable to the common stock appears
to be relatively small.
Under
the
present
entitled to 25 votes, or a
Commonwealth
Edison Co.—Chairman Dies—
James Simpson, who rose from a clerk to become one of the most important
figures in middle western finance and trade, died on Nov. 25 of pleurisy.
He had been ill for several weeks.
At the time of his death he was Chairman of the Board of this company
and Chairman of the Executive Committee of Marshall Field & Co. He also
was
a
director of New
York
Central
RR.,
A.
M.
Castle & Co.,
Public
Service Co. of Northern Illinois, and Western United Gas & Electric Co.
The electricity output of the Commonwealth Edison Co. group (inter¬
sales deducted) for the week ended Nov. 25, 1939 was 158,454,000
kwhs., compared with 133,989,000 kwhs. in the corresponding period last
year, an increase of 18.3%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
company
Kilowatthour Output
1938
Week Ended—
1939
Nov. 25
Nov. 18
Nov. 11-...-.
Nov.
—V.
Principal Changes Made by the Plan
primary purposes of the plan is to simplify the corporate
by recapitalizing it in such a way that preferred
dividend arrearages will be canceled and dividends can be paid in the near
One
Weekly Output—
— —
4
158,454,000
161,665,000
L
162,556,000
..-.164,997,000
133,989,000
140,273,000
138,256,000
135,873,000
Increase
18.3%
15.3%
17.6%
21.4%
r
149, P. 3405.
Commonwealth & Southern Corp.
of the
structure of the company
future to all present
stockholders.
voting power so that the present
control of the company.
The proposed plan provides for
■
.
.
the exchange of both present classes of
stock. Each share of preferred stock,
together with all accumulated and unpaid dividends, will be exchanged for
five shares of new common stock.
Each share of present common stock
will be exchanged for 1 4-5 shares of new common stock.
If the proposed plan is carried out, the resulting distribution of the
stock into one class of new common
new common
To
stock will be as follows:
present preferred
stockholders (5 shares to each share of
68,962 nowoutstanding)
(& Subs.)—Earns.
The plan is also designed to redistribute
preferred stockholders will have voting
To
of
1939—Month—1938
1939—12 Mos.—1938
.$12,137,285 $11,163,506 $138,417635 $129,190429
.
344,810 shs.
stockholders (1 4-5 shares to each share
outstanding)
18,000 shs.
present common
10,000 now
Period Ended Oct. 31—
Gross
revenue
Oper.exps. and taxes.6,611,381
Provision for deprec. and
retirement reserve
1,363,411
income—.1
5,921,621
72,563,450
67,736,966
1,236,746
16,112,322
15,032,935
$4,162,493
Int. and other fixed chgs.
3,098,970
$4,005,139 $49,741,863 $46,420,529
3,013,951
36,641,365
36,090,683
$1,063,523
$991,188 $13,100,498 $10,329,845
749,797
8,997,550
8,997,447
Gross
Net income
a
Divs. on pref.
stock—
749,801
$313,722
Balance
$241,391
$4,102,948
$1,332,398
Reflects deduction for full preferred stock dividend requirement at the
rate of $6 per share per annum.
Dividends were paid in full to Jan. 1,
a
1935, and at the rate of $3 per share per annum since that date.
electric properties of Tennessee Electric Power Co. and
Southern Tennessee Power Co. were conveyed on Aug. 15, 1939 to the
Tennessee Valley Authority and other public agencies, and those companies
have been dissolved and are in process of liquidation.
Accordingly, the
income accounts of said companies, and all interest and dividends received
Note—The
from
them
by Commonwealth
for all periods
& Southern Corp., have been eliminated
from this statement of consolidated income.
Total
new common
362,810 shs.
stock
that of the new common stock the present preferred
stockholders will own approximately 95% and the present common stock¬
holders approximately 5%. Since each share of new common stock will have
one vote, the control of the company will be in the present preferred stock¬
It
will be observed
holders.
The par value of each share of new common stock will be $10. The
preferred stockholders will therefore receive $3,448,100 par value of new
common stock, and the present common stockholders $186,000 par value of
new common
stock.
Fairness of Plan
As
pointed out, the substance of the plan is an exchange of
stock for the two classes of stock now outstanding.
In con¬
has been
new common
sidering the fairness of the plan as between the holders of preferred stock
and the holders of present common stock, it is appropriate to take into
account the value of the company's assets and the prospect of future earn¬
ings and dividends.
Based on book values the company's assets aggregate approximately
$21,582,800 and its liabilities approximately $14,870,000, leaving a net
book value for both classes of stock of approximately $6,712,800.
The
preferred stock has a stated or liquidating value of $100 per share, or a
total, for the 68,962 shares outstanding, of $6,896,200; it is evident that
ONE HUNDRED- The Commercial & Financial Chronicle—YEARS OLD
3552
(which may or may not represent actual values)
the common stock, since the company's
value of its assets and the amount
of its liabilities) is less than the stated value of the preferred stock, even
without the accrued and unpaid dividends of $6,172,252 as of June 30, 1939.
The book figures for value of assets, however, are not conclusive as to
the right of the common stock to participation. It is appropriate to consider
the company's earnings and prospects for dividend payments.
For the year ended June 30, 1939, the net income of the company (on a
corporate basis) was $571,746.
The net income of the company, com
solidating its subsidiaries on a basis in proportion to stock ownership, was
$829,652.
Net income figures, both for the company itself and of the
company and its subsidiaries on a consolidated basis, are as follows:
there is
value attributable to
no
(difference between the book
net worth
Years Ended—
Dec. 31, 1936
Dec. 31, 1937
Dec. 31, 1938
June 30,
1939
Pro-forma net
a Community
b Community &
c Community &
(Parent Co. Only) Subs. Consolidated Subs. Consolidated
$247,924
$349,469
$499,296
418,487
621,295
756,946
470,873
549,058
778,658
571,746
573.325
829,651
income based on the year ended June 30, 1939 (i.e. net
adjusted to eliminate the annual charge of $51,961 re¬
presenting the amortization of debt discount and expense) and the net
income per share on the proposed stock follow:
income per books
a
Pro-forma earns—
Includes
c
Community &
(.Parent Co. Only) Subs. Ccmsolidated Subs. Consolidated
$623,707
$625,286
$881,612
Earns, per share of
new com. stock,
a
b Community &
Community
$1.72
$1.72
$2.43
received
principally in the form of dividends from
(public Utilities, Inc.
b Excluding General Public
subs,
c Including
proportionate shares of General
income
Co.—Otis
Power
Consumers
the basis of book values
on
Cleveland, investment bankers, offered in a letter Nov. 24
Otis & Co.,
to
Offer Higher Price
Co.
for Company's Stock—
Than $28.25 Authorized
Commonwealth & Southern Corp.,
stock of the Consumers
L. Willkie, President of the
to Wendell
&
Dec. 2, 1939
underwrite an issue of 125,000 shares of common
substantially in excess ' of the $28.25 a share for which
the company has proposed to sell the issue to Commonwealth & Southern.
A copy of the letter was filed Nov. 24 with the Michigan P. S. Commission
at Lansing, Mich., which on Nov. 10 authorized sale of the stock.
A copy
also was sent to the Securities and Exchange Commission in Washington.
Otis & Co., who were said to represent bankers in Detroit and Chicago
in making the offer, informed Mr. Willkie that "if an opportunity is pro¬
vided, we will also guarantee an attractive bid for the proposed issue of
$28,594,000 of first mortgage 3M% bonds, series of 1939, due in 1969, of
Power Co. "at a price
Consumers Power Co.
,
_
.
.
24 that the proposed purchase by Commonwealth &
stock of Consumers Power was an inter-company
transaction.
Consumers Power, he continued, had decided to sell bonds
to acquire additional property, and to increase the equity back of these
bonds it had determined to issue additional common stock.
Both the
stock and bond issues had been approved by the authorities in Michigan
Mr. Willkie said Nov.
of common
Southern
and
SEC,
registration statement had been filed with the
a
t
owned by Commonwealth &
price at which the latter was to
acquire the new stock was the book value of the shares.
About a year ago.
Commonwealth & Southern had purchased common stock of Consumers
Power on that basis and the deal had been approved by the authorities.
Of the bonds to be issued, $18,500,000 would be used for refunding and the
balance for new capital.—V. 149, p. 3405.
All common stock of Consumers Power was
Southern, Mr. Willkie said further, and the
investments in General
Utilities,
and
Inc.
Continental Baking
dividends at the rate of $6 per share per
year, there would have to be paid out the sum of $413,772 annually.
At
the present time, accrued unpaid dividends on the preferred stock total
over $3,000,000.
Because of the company's financial condition it has been
required in recent years to use available cash for paying bank loans and for
improving its properties. According to the company's management, further
cash must be used for improvements, replacements, and betterments.
Accordingly, even if the net income of the company continued on the
present basis, it would probably take a considerable period of time, prob¬
ably in excess of 10 years, before the unpaid dividends on the preferred stock
could be paid and money made available for dividends on common stock.
29 declared a regular
quarterly dividend
share and a special dividend of $2.50 per share on the outstanding
preferred stock, both payable on Dec. 23 to stockholders of record at the
close of business on Dec. 11, 1939.
of $2 per
......
.
„
dividend is in payment of a portion of the special dividend of
preferred stock of this company which was provided
for im the agreement of merger, effective March 8, 1939, between this com¬
pany and Continental Baking Corp. in lieu of the arrearages of $8.5) per
per share then existing on the preferred stock of Continental Baking Corp.—
V. 148, P. 3529.
The special
$8.53 per share on the
Continental Telephone
Cmelusions
Co.—Earnings—
$222,641
30,210
$224,022
49,974
1937
$229,838
46,021
-
$192,431
$174,048
$183,817
Amort, of debt discount and expense.
93,750
7,324
93,750
7,324
93,750
7,324
$91,357
$72,974
$82,743
6^,250
40.219
26,250
40,219
35,000
53,625
20,947
Gross earnings
.
Operations and taxes
1938
1939
9 Months Ended Sept. 30—
From the standpoint of the preferred stockholders, the plan is beneficial
in that It gives them 95% direct ownership of the company and by creating
one
Co.—Special Preferred Dividend—
The board of directors on Nov.
Public Utilities, Inc. and subs.
In order to pay preferred stock
..
—
_
class of stock should enable the stockholders to require the payment of
dividends
as
the financial condition of the company
if earnings should continue at the present
justifies. Furthermore,
level and if the company were in a
oklers
gosition might conceivably such earnings in dividends, the preferred stockto pay out all of receive
dividends on the new common stock
Net earnings
Interest
on
funded debt
as
more
annual preferred dividend of $6 per share. In return
stockholders are required under the plan to
stock to receive a 5% participation in any current
than the present
for these benefits, the preferred
permit the
common
dividend distributions,
From the standpoint of the common stock, the plan is advantageous in
that the common stock will receive some new common stock on which there
will be
early prospect of dividend payments.
On the other hand, the
common stock is required to give up its right to receive all earnings after the
payment of preferred dividends in the apparently remote event that all
preferred dividend accumulations are paid and such earnings are available
over the annual preferred dividend requirements.
The proposed all common stock plan is more feasible than any plan pro¬
posing the issue of a new preferred stock.
The company's history and
earnings record indicates that a preferred stock issue in this case would
not be financially sound.
The existence of such preferred stock might well
lead to further dividend arrears with a consequent necessity for subsequent
recapitalization.
Probably because of the unfortunate experiences with
preferred stocks of holding companies in the past, Congress in the Public
Utility Holding Company Act of 1935 definitely limited the possibilities of
further issues of preferred stock by companies subject to the Act.
From the standpoint of both classes of stock, the plan should be beneficial
in that it results in a more simplified capital structure and distribution of
an
voting power.
While the Commission has approved the plan, this plan by its terms can
be carried out only after approval by two-thirds of the holders of preferred
stock and the majority of present common stock.
The plan provides
even after such
approval, it will not become effective until it has
that
been
Federal court, and the company has, in the plan, requested
the Commission to apply to a court for such approval pursuant to Section
11 (e) of the Act.
The plan provides no right for dissenters, except to receive the securities
contemplated by the plan.
Since the plan is proposed under the Holding
Company Act and has been found necessary to effectuate the purposes of
Section 11 (b), it is the present view of the Commission that dissenters will,
upon the approval of the plan by the requisite two-thirds of preferred and
majority of common stock and by the Court, be bound to accept the
securities provided by the plan and will have no further remedy.—V. 149,
p. 3111.
approved by
a
Compania
de
Petroleo
Ganso
Azul,
Ltd.—Registers
with SEC—
See list
given
Directors
and field.
over
on
Balance Sheet
on
first
page
Copper weld Steel Co.—Stockholders Authorize New Funds
at a special meeting Nov. 29 authorized
indebtedness from $500,000 to $3,000,000 to
Stockholders of the company
an
increase in the company's
provide funds to finance the erection and equipment of the company's new
steel olant now being built on property recently acquired at Warren, Ohio,
and for other purposes.
will put out an issue of $2,000 000 mortgage
be placed privately.
in the country of copper-covered
3406.
It is exoected the company
bonds which
may
The company is the largest producer
steel wire rods and strand.—V. 149
p.
Cornucopia Gold Mines—Earnings—
income
&
Federal
before
June 30, '39 Mar. 31,'39
Sept. 30, '39
3 Months Ended—
Net
State
of this department.
Nov, 22 declared
the
This distribution will be made in December and will aggregate
$37,330
$34,249
$5,587
income taxes
—V. 149, p. 1022.
Crane Co.—60-Cent Common Dividend—Directors have declared
a
dividend of 60 cents per share on the common
stock, payable Dec. 20 to holders of record Dec. 9.
Last previous payment
was the $1 dividend paid on Dec. 15, 1937."—V. 149, p. 1022.
Creameries of America, Inc.—Extra
Directors have declared
Dividend—
extra dividend of 2 34 cents per
an
a
Crown Zellerbach Corp.
share in addi¬
the common
net of returns
1938
1939
discounts
also V. 148.
(& Subs.)—Earnings
6 Months Ended Oct. 31—
Sales
1937
allow¬
$24,725,448 $27,729,645
outward freight. &c.
$27,736,702
Other oper. income, net, excl. of de¬
duction for depreciation
597,548
ances,
302,953
—
461,106
$100,000.—-V. 149, p. 2967.
_$28,334,250 $25,028,4 01 $28,190.751
18,055,595
16,945,961
17,747,822
Total..
Consolidated Coppermines
Period Ended
the period
3 Months
before charges shown
separately below.
Exploration and development charges for period..
Amortization of mine development, net of current
period's charges shown above
Net income before depletion & Fed. income tax.
$1,211,461
76,694
35,150
217,538
104,624
$330,948
$673,749
$0.42
income
p.
tax
for
the
$0.20
months'
nine
215,551
period is estimated at
3257.
Consolidated Edison
sold
Operating
expenses
Depreciation
Depletion
of
New
York, Inc.—Weekly
Output—
Provision
for
Company has notified the New York Stock Exchange of the appointment
Bank & Trust Co. of New York as transfer agent for its
stock and cumulative participating
preferred stock, effective as of
the close of business Nov. 30, 1939.—V. 147,
p. 3405.
of Continental
common
was
paid
on
June 15, 1938.—V. 147,
Consolidated Paper Corp.,
Hon. Charles A.
Pay Special Div.—
p.
the capital stock,
Special dividend of
on
735.
283,326
435,849
458,625
193,411
62,002
241,853
21,949
36.063
967,191
x202,763
562,918
797,352
...$3,662,982
$1.03
$2,338,608
$0.44
$4,440,801
$1.37
...
of other inc
proportion, Pacific
U.
S.
&
Canadian
x
per
in¬
_
for the period
share on common
Provision for
loss
on
revaluation of Crown
Zellerbach Corp.'s equity
assets of Pacific Mills, Ltd. a Canadian subsidiary, to
United States dollar value at the current rate of exchange.
current
the equivalent
149, p. 322.
Cutler-Hammer, Inc.—Dividend Increased—
Directors have declared
a
dividend of 50 cents per share on the common
stock, payable Dec. 15 to holders of record Dec. 5Dividends of 25 cents
were paid on Sept.
15 last, this latter being the first dividend paid since
Dec. 15, 1937, when 25 cents per share was also distributed.—V. 149,
p. 2969.
Curtis Publishing
Co.—Recapitalization Plan Withdrawn
Company's plan for recapitalization was withdrawn on Nov. 24 by the
a specia
meeting of stockholders on Dec. 6 was
directors and the call for
canceled.
Ltd.—New Director—
Dunning has been elected a director of this company. He
resumes the directorship which he relinquished upon
becoming minister of
Finance several years ago.—V. 149, p. 104.
$5,974,694
special dividend of 20 cents in addition
regular quarterly dividend of 30 cents per share
both payable Dec. 15 to holders of record Dec. 1.
a
15 cents
Net profit
—V.
a
605,441
$3,421,326
Mills, Ltd--.
in the net
Inc.—Change in Transfer
Agent—
Nov. 21 declared
$5,369,253
234.465
36,782
bonds and debentures
Other expenses net
Earnings
on
$3,186,861
Interest paid on bonds & on notes pay.
issued in connection with redem. of
Provision for loss on revaluation
kwhs. for the corresponding
p. 3405.
Consolidated Investment Trust—To
$5,111,990
234,465
$5,346,455
800,000
Trustees
2,978,442
1,690,791
404,443
Total..
Consolidated Edison Co. of New York announced production of the
electric plants of its syetm for the week ended Nov. 26, amounting to 143,-
Consolidated Film Industries,
2,962,464
1,638,354
29^,761
Profit from operations
come taxes
kwhs., compared with 138,100,000
week of 1928, an increase of 4.1%.—V. 149,
3,096,861
1,687,751
382,053
...
Divs. from Fibreboard Products, Inc.
Min. stockholders'
Co.
....
____
$520,906
78,113
Per share (1,592,218 shares outstanding)
Note—Federal
9 Months
\
Depreciation u.
$65,000.—V. 149,
Cost of goods
Corp.—Earnings—
Sept. 30. 1939—
Net income for
to
Sept. 30, 1939
$4,847,171: unamortized debt discount and ex¬
pense, $130,805; due from subsidiary companies, $39,582; cash in banks,
$201,284; special deposits, $12,569; total, $5,231,412.
Liabilities—7% cum. pref. stock (par $100), $500,000; 634% cum. pref.
debt, $2,500,000; due to subsidiary companies, $39,545; accounts payable,
$804; accrued interest, $20,833; accrued taxes, $5,788; accrued dividends,
$22,467; employees' benefit fund reserve, $5,100; capital surplus, $36,783;
surplus reserved, $40,000; earned surplus, $187,741: total, $5,231,412.
—V. 149, P. 3406.
Assets—Investments,
regular quarterly dividend of 1234 cents per share on
stock, both payable Dec. 27 to holders of record Dec. 9.
See
p. 3529.—V. 149, p. 3112.
an extra dividend of 50 cents per share in
regular quarterly dividend of 25 cents on the common
stock, both payable Dec. 15 to holders of record Dec. 2.
Directors also approved the recommendation of the management to
award a wage dividend from 1939 earnings to each employee in factory, office
on
to
Div.
...
pref. stocks—7% pref. stock
preferred stock
common paid Sept. 30, 1937.
on
6^%
tion to
Congoleum-Nairn, Inc.—Extra Dividend—addition
Net income-
Div.s
The plan,
which provided for exchange by owners of the $7 preferred of
of their holdings for a new $4.50 preferred issue, encountered
opposition from both individual and institutional holders of the
$7 preferred stock, on which arrears of dividends amount to $18 a share.
two-thirds
serious
Volume
In
a
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
letter sent
Nov. 24 to stockholders notifying them of the
on
board's
action, Cary W. Bok, Secretary, intimated that a new plan might be pro¬
posed later.
He wrote in part:
"The plan of recapitalization was offered to the stockholders after pre¬
liminary inquiries indicated that holders of substantial blocks of preferred
stock would welcome
an opportunity to make such an exchange.
"It is not the purpose of the directors to press for action any plan
does not have the support of the great mass of preferred and common
holders.
It
which
stock¬
is
generally recognized that an adjustment of the capital,
structure is desirable, but that there are substantial obstacles in working
out an adjustment acceptable to all.
The directors will continue to giv
their careful consideration to the problem."—V. 149, p. 3112.
reorganization plan for the company is expected to receive final ap¬
proval on Dec. 7.
Of the original $20,000,000, the SEC said, $14,500,000 was used for
construction and equipment.
The remainder went to promoters,
underwriters, attorneys and others.—V. 148, p. 2423.
land,
Denver & Rio Grande Western RR.- —Earnings—
1939
Dallas Power &
Net
'
1939—Month—1938
Operating revenues
Oper.exps.,incl. taxes..
$619,288
326,373
72,668
Prop, retire, res. approp.
Accident res. approp
1939—12 Mos —1938
$6,827,605
3,712,104
442,370
$579,315
317,190
41,644
______
$6,706,385
3.552,753
528,149
5,451
$220,247
$2,620,032
$220,481
:$2,673,131
5,238
457
$220,481
$2,678,369
$2,620,489
46,667
560,000
39,886
512,811
560,000
454,129
5,217
Int.
x
on mtge. bonds....
Other int. & deducts..
766,303
Netincome_________
$134,353
$1,605,558
507,386
$133,928
$1,606,360
507,386
551,820
412,645
18,953,694
2,388,463
22,580,680
1,998,488
def560,095
def334,318
20,984',478
3,666,450
1,068,653
—V. 149, p. 3406.
Denver & Salt Lake Ry.—EarningsOctober—
1939
railway
$327,809
171,690
Net from railway
Net after rents.:
181,203
$3*5,113
190,258
178,431
2,214,961
2,265.971
526,058
651,628
1,686,076
423,734
629,502
1936
$366,509
147,793
143,305
620,543
783,037
126,303
1,865,663
453.675
railway.____
railway
Net from
1937
1938
$259,768
116,673
595,981
1—
Gross from
Net after rents..
—V.
Divs. applic. to pref. stocks for the period.
$3,021,489
1,101,378
792,685
_n
Net after rents.
From Jan.
$225,464
46,667
44,444
1936
$2,983,237
821,568
20,515,545
3,560,844
912,597
after rents
Gross from
Net oper. revenues
Other income
1937
$2,810,554
917,485
From Jan. 1—
railway
Net from railway
Light Co.—Earnings—
1938
$3,011,559
1,064,434
Octoher—
Gross from railway
Net from railway
Gross from
Period End. Oct. 31—
3553
A
149, p. 2969.
Detroit & Mackinac
Ry.—Interest—
due June 1, 1939, on the mortgage 4% bonds, due 1995,
paid beginning Dec. 1, 1939.
The interest
Balance.
$1,098,172
_________
Includes amount required to amortize
x
$1,098,974
this statement; also includes
amount required to amortize preferred stock commission and expense over
the life of the charter plus an additional amortization of $12,528 for the
for the respective 12-month periods covered by
and
$12,528 for the 12 months ended current month.—V.
149, p. 2684.
Decca
Records, Inc. (& Suh.)Earnings1939
Years End. Aug. 31
Grass sales (less returns
$2,462,505
1,438,259
$1,776,043
1,076,299
$1,102,701
717,167
& adm. exp.
999,474
28,943
671,803
21,367
496,520
Provision for deprec
Taxes (other than excise
378,523
14,581
gen.
16,928
taxes and Fed. taxes on
48,485
31,811
13,802
2,763
$465,158
52,110
$299,264
35,249
$172,494
20,907
*$10,333
income)
income.___
Royalties earned
$517,268
Gross income
on
on
to affiliated company.
40,081
61,579
49,177
Excise taxes
19,522
1,340
16,890
26,936
30,393
2,062
27,213
40,988
"""484
Other interest
for
*$645
15,000
indebtedness
Cash discount.
Prov.
9,688
$193,401
12,500
$334,514
long-term debt..
Interest
Fed. taxes on
1936
47,896
34,123
22,215
$96,716
32,623
24,606
Net
after
701,570
162,788
79,727
rents
721,841
187,443
114,366
769,722
184,256
98,917
641,627
133,915
82,541
From Jan. 1—Gross from
railway
Net from railway
after
rents
Detroit Steel Products Co.—75 Cent Dividend—
dividend of 75 cents per share on the common
Dec. 20 to holders of record Dec. 9. Dividends
of the four preceding quarters and on Nov. 10,
1938, this latter being the first dividend paid since Dec. 22, 1937, when 50
cents per share was distributed.—V. 149, p. 1472.
Directors have declared
a
no par value, payable
of 25 cents were paid in each
stock,
Detroit Toledo & Ironton
RR.—Earnings—
1939
1938
i937
1936
$683,780
340,230
231,659
$464,715
182,648
124,894
$512,925
189,579
126,72,5
$566,639
railway
Net from railway
5,342,571
2,313,912
3,981,502
1,297,616
Net
1,524,555
769,091
6,368,179
3,028,862
1,943,052
6,354,934
3,168,886
2,197,009
October—
Gross from
railway
Net from railway
Net
after
rents
$373,993
9,134
Net income..
Bal. at beginning of year
Deficit charged to capital
$207,122
164
274
*$80,333
def.397.178
after rents
Detroit & Toledo Shore Line RR.1939
Net
after
88,833
y477,785
$207,286
223,995
198,153
80,355
$9,134
$0.58
$274
$80,519
416,777
$164
$0.22
payable in
3,191,909
1,754,353
910,429
2,031,279
855,774
209,260
$159,132
Balance at close of year
Earns. per
*
$1.00
sh. on cap .stk.
after rents
Diamond Match Co.—Earnings—
1939
1938
Nil
y Representing deficit from operations to Aug. 31,
1936, as
the books at that date.
During the year ended Aug. 31, 1937, Decca Records, Tnc. changed its
policy of outright sales to its subsidiary to one of delivering records on a
consigned basis.
This change, while it did not affect the profits on a con¬
solidated basis
(inter-company profits on inventory were at all times
eliminated), substantially reduced the profits of the parent company.
Since consolidated returns were not permitted, the company's income tax
returns showed no taxable income for the year ended Aug. 31, 1937 despite
a consolidated profit of $80,244.
Consolidated Balance Sheet Aug. 31
Lass,
shown by
1939
1938
$6,508
329,373
$27,593
*235,434
Inventories __—419,747
230,770
Assets—
Cash
Trade accts. receiv.
Miscell. accts. rec.
Aflil.
co. curr.
5,886
12,735
......
18,231
acct,
current.
$139,291
96,673
withheld
1,050
"""810
238,316
103,932
foreign royalties,
Prov. for Fed. tax
yl99,677
103,932
Cap. stock (par $1)
on
14,914
7,700
37,650
373,325
205,112
356,325
159,132
Paid-in & cap. surp
9,134
190,740
Earned simp, (since
Sept. 1, 1936)..
$1,184,176
$834,391
x After reserve of $19,600 in 1939 and $13,908 in 1938.
y After reserve
for depreciation of $91,657 in 1939 and $62,714 in 1938.
z Artists' fees
and cost of recording master records for original catalog.—V. 149, p 1023.
$1,184,176
Total.
$834,391
Delaware &. Hudson
Net from railway
Net after
rents
From Jan.
1937
1936
$2,363,490
770,339
187,330
$2,580,779
794,634
191,067
$1,540,270
3,977,196
6,267
$1,595,079
5,313,828
Drl 16,239
$1,520,531
5,585,915
Drl84,990
1,050,000
$5,523,732
1,200,000
2,625.000
$6,792,668
1,200,000
2,100,000
56,921,457
825,000
1,225,000
$2,917,574
$1,698,732
$3,492,668
$4,871,457
$1.30
$1.24
$1.31
$1.21
$2,337,885
576,445
436,247
21,037,847
6,609,079
4,573,964
17,248,812
3,934,078
2,427,825
21,364,201
3,958,528
2,583,084
20,753,946
3,571,668
2,267,451
—
Delaware Lackawanna &
1939
$5,011,621
Net from railway
1,647,742
Net after rents
1,173,677
October—
Western RR.—Earnings
1938
1937
1936
$4,095,829
961,217
565,888
$4,411,940
1,083,519
669,885
$4,480,680
1,210,437
872,546
9,700,908
4,777,556
36,148,711
6,364,4511,758,079
42,293,139
9,570,529
5,167,890
41,007,917
8,225,448
4,726,302
3258.
Detroit
Net
$1,586,245
income
Surplus Jan. 1
Surplus adjustments.
2.762,438
x518,890
Total surolus____.
$4,867,574
Preferred
Bridge
Co.—Reorg.
Claims
Court allowed.
The banks in New
_
Balance Sept. 30—--
York and one in Toronto which acted as depositories
Claims by three law firms in New York and one in
in part.
allowed nothing.
630,305
212,65.3
Earns, per sh. on 700,000
shs.
com.
stk.(no par).
149, p.
1472.
Distillers
Corp.-Seagrams
Ltd.—To
Pay
Dividend
in
Company has notified the New York Stock Exchange that directors
determined, in compliance with requirements of Foreign Exchange Control
Dominion of Canada, that dividend heretofore announced as
payable in United States currency, will be paid on the
Canadian currency.
Arrangements are being
made whereby stockholders in United States will receive 474^ cents per
share United States currency being an amount equal to 50 cents per share
United States currency,Mess 5% for Canadian dividend tax as previously
stated dividend will be paid on Dec. 15 to holders of record Dec. 1.—
149, p. 3407.
50 cents per share
basis of 55Vi cents per share
Dividend
Years
Shares,
Inc.—Earnings—
1939
$1,132,785
1938
$1,396,111
1937
$1,544,268
3.585
23,867
17,714
31,212
Ended Oct. 31—
Income—Cash dividends
proceeds from sale of security
received as div. distrib. on invest¬
ment held
Interest on bonds, &c
proceeds from sale of regular
stock divs. & rights, incl. per certificate of incorporation
Net cash
Total.
x
29,480
149,567
$1,453,043
$1,711,548
390,123
Dividends on
x
39,911
$1,203,908
-
capital stock
367,804
381,800
$813,785
2.131,040
Net income
$1,085,238
1,973,598
$1,329,749
3,430,117
stock dividends and rights sold, but
and losses.
Including proceeds of regular
cluding security profits
ex¬
Balqnce Sheet Oct. 31
Cash on dep. with
N.Y., trustee..
Cash divs. receiv'le
due
on
1938
$
for
securs.
purch., not yet
received
35,577
34,300
67,446
cap. stk.
for pur. at
surr.
liquidating val__
sub¬
Accts.
50,094
stock
_
Liabilities—
Pay.
5,027,425 10,580,310 Pay. for
scriptions to cap.
Deferred charges.
1939
1938
$
$
41,548,083 34,273,423
Assets—
Investments
Amt.
the U. S. District Court at Detroit allowed
$156,345 claimed by attorneys, depositories
and bondholders' committees connected with the reorganization of the
company.
He pointed out that the investing public had contributed $20,000.000 for securities now worth approximately $650,000.
The Securities and Exchange Commission commented that the original
financing in 1927-28 was "of the extravagant type of that period."
It
recommended payment of $113,000 on the claims, or $90,000 more than the
Judge Arthur F. Lederle of
Nov. 25 only $23,000 of the
Detroit were allowed
900,000
dividends.
Common dividends.
Guar. Tr. Co. of
International
Reduced—
were
797,169
179,315
1939
41,572,633
after rents
—V. 149, p.
$2,497,938
Fed., State & city taxes.
Depreciation.
1—
Gross from railway
Net from railway
Net
$2,562,729
Expenses
2684.
Gross from railway
From Jan.
1936
$2,147,361
363,618
252,608
_—
after rents
—V. 149, p.
1937
1938
$2,114,981
789,895
658,851
Net from railway
all
Net cash
RR.—Earnings-
1—
Gross from railway.
Net
Total
1939
$2,790,171
i_._
1,152,838
884,613
October—
Gross from railway
from
Board of the
82,500
income
106,304
Canadian Funds—
on
divs. and interest
Catalog.
earnings
sources
—V.
Due officer & empl.
Dividends payable
Gross
85,288
lncl.
publishers' ryal.
1,819
_
Plant & equip
z
liabil.,
1938
$258,924
16,546
68,070
Miscell. accts. rec.
—not
Acer,
Tax
Prepaid exps., advs.
and deposits
1939
Liabilities—
Trade accts. pay..
3,146,730
1,709,633
858,779
—V. 149, p. 2969.
9 Mos. End. Sent. 30—
$274
$334,720
198,005
1—
railway
Net from railway
Net
$383,127
$355,906
199,743
109,007
55,641
2,610,625
1,181,718
1936
1937
$286,384
148,539
rents
From Jan.
Earnings—
1938
$333,827
175,538
railway
Net from railway
Gross from
surplus, as authorized
by board of directors.
172,082
—V. 149, P. 2685.
Gross from
$80,245
250,649
From Jan. 1—
October—
37,650
81,696
income
Divs. paid or
cash
1937
$97,289
58,916
Gross from
Net oper.
Int.
1938
$116,472
—V. 149, p. 2685.
1936
1937
1938
1939
$104,866
42,370
31,621
October—
Gross from railway
Net from railway
Net
$3,640,998
2,098,938
Selling,
Earnings for October and Year to Date
debt discount and expense over
the life of the outstanding debt plus an additional amortization of $26,472
and $34,500 for the respective one month periods and $434,472 and $387,000
current month
will be
35,999
42,485
pay.
crued
&
34,427
ac¬
expenses.
52,910
47,350
71,632
67,933
Prov. for Fed. cap.
stk.,
State
&
miscell. taxes
Cap.stk. (par 25c.) 9,067,269
8,664,007
Capital surplus...35,948,964 34,638,927
Earned surplus...
Total
46,647,084
44,980,613'
Total
1,471,882
1,494,949
46,647,084 44,980,613
Note—No provision has been made for Federal income taxes for the 10
1936 and for the years ended Oct. 31, 1937, 1938
months ended Oct. 31,
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3554
and 1939, as the corporation has distributed all of its taxable income for
such periods and, on advice of counsel, has claimed classification as a "mu¬
tual investment
bution
will
normal
company" for such periods.
eliminate surtax
Federal
income
on
Such classification and distri¬
undistributed profits, and will eliminate
which
taxes
would otherwise
amount
to
approx¬
imately $216,000 for the 10 months ended Oct. 31, 1936, and approximately
$306,000, $120,000 and $193,000 for the fiscal years ended Oct. 31, 1937,
1938 and 1939, respectively.
There exists a possibility
proximately $21,600, liability for which
148, p. 3685.
ap¬
the corporation does not admit.
Envelope & Cartons (Western), Ltd.—Ac¬
cumulated Dividend—
Directors have declared
share on account of
accumulations on the 7% cumulative preferred stock, payable Dec. 1 to
holders of record Nov. 20.—V. 132, p. 4249.
Dominion Scottish Investments, Ltd.—Accum. Div.—
The directors have declared
accumulations
the
1
on
a
dividend of 50 cents per share on account of
cum.
to holders of record
Nov. 27.
Draper Corp.—Special Common Dividend—
Directors
have declared a special dividend of $1 per share In addition
regular quarterly dividend of 75 cents per share on the common stock
Like amounts were paid
on Jan. 3, 1939 and a special dividend of $2 per share was
paid on Jan. 1,
1938.—V. 147, p. 3455.
to
Application
(File
a
Duluth Missabe & Iron Range
October—
Ry.—Earnings-
1939
1938
1937
$1,323,802
790,550
683,085
$2,330,043
1.381,224
1,080,945
$3,078,327
2,166,489
1,886,862
16,351,408
9,185,289
7,047,289
8,572,804
2,936,175
2,203,906
26,329,920
17,301,881
14,053,681
17,512,218
10,604,073
8,993,555
From Jan. 1—
Gross from railway
Net from railway
company at par.
funds
are
Net after rents.
_
Co. for exemption
Power
The bonds will be sold to the parent company when and
^
#TT
.
Application (File 43-277) of Eastern Shore Public Service Co. of Va. for
from the requirement of filing a declaration regarding the
and sale of $1,372,500 of first mortgage bonds, 4% series, due
1969.
The bonds are to be sold to the parent company at par and will be
pledged as security for the parent's first mortgage & first lien bonjto. The
proceeds from the sale of the bonds will be used as follows: $1,247,500 for
the redemption at par of first mortgage gold bonds, 6%, due 1959; and
$109,390 for the repayment of advances made by the parent company.
Application (File 43-277) of the Eastern Shore Public Service Co of Md.
for exemption from the requirement of filing a declaration regarding the
issuance and sale of $2,142,500 of first mortgage bonds, 4% series, due
1969 and 2,855 shares ($100 par) common stock to be sold to the parent
company at par.
The securities will be pledged by the parent company
under its first mortgage & first lien bonds.
The proceeds from the sale of
the securities will be used as follows:
$1,742,500 for the redemption at par
of the refunding gold bonds held by the parent company: $558,700 for the
payment of advances made by the parent company; and $123,500 for the
payment of advances made by the Delmarva Power Co.—V. 149, p. 3113.
issuance
Eastern Massachusetts Street Ry.- -Eaminqs—
Period End. Oct. 31—
Railway
Railway
$574,186
374,935
$5,804,248
3,650,051
$5,323,516
3,400,425
$211,647
41,084
$2,154,197
568,221
$1,923,091
426,781
$170,563
5,152
$1,585,976
59,921
$1,496,310
50.658
$138,569
$175,715
$1,636,897
$1,546,968
45,355
95,290
46,826
95,967
458,206
957,006
497,354
•1,006,794
x$2,076
Gross corp. income
on
funded
debt.
335,588
$133,131
5,438
Net after taxes
$547,235
$199,251
66,120
Net ry. oper. revs
Taxes
Int.
Duluth South Shore & Atlantic Ry.
1939
$32,922
$221,685
$42,820
.
1937
$272,726
82,223
62,924
...
From Jan. 1—
Gross from railway—
Net from railway
...
$188,607
41,563
23,024
1.964,315
277,637
82,700
..
1,573,799
93,687
def82,541
Depreciation
—Earnings—
1938
1936
a
2,488,830
799,683
587,837
—V. 149, p. 2970.
Net income
a
$287,200
108,029
84,173
2,514,713
682,344
483,552
<
$246,419
52,791
25,383
Before provision for retirement losses,
October—
Gross from railway
$137,383
36,463
11,411
Net from railway
Net after rents.
1938
$84,582
def6,771
def29,718
1937
railway
1,088,717
dof77,033
1939—12 Mos.—1938
$8,896,689
$8,178,597
4,257,690
4,134,525
407,167
301,730
770,858
764,846
1,213,474
1,095.919
accruals
$193,132
Dr 1,826
$177,091
Dr3,851
$2,247,501
Drl0.571
i>43.l36
$191,306
36,067
$173,240
43,084
$2,236,930
462,276
$1,838,442
2,289
1,262
11.589
524,856
10.530
$128,894
$1,763,065
77,652
$1,303,056
a38,826
$1,685,413
res.
income)
$708,913
347,458
21,394
63,741
$1,264,230
99.228
1936
$117,532
$116,069
15.563
30,392
14,175
def6,022
914,852
def58,190
def272,617
Net from railway—140,624
Subs.)—Earnings-
$780,633
367,854
42,161
65,807
111,678
$152,950
Maintenance
Net oper. revenues
Non-oper. income (net).
Balance.
From Jan. 1—
Net after rents
Loss. —V. 149, p. 3259.
1939—Month—1938
Operating revenues
Operation...
Taxes (incl.
Earnings—
1939
x
Eastern Utilities Associates (&
Period End. Oct. 31—
Retirement
Winnipeg & Pacific Ry.-
1939—10 Afos.—1938
1939—Month—1938
oper. revenues.
oper. expenses.
rents, &c
October—
Gross from
Delmarva
and property.
—V. 149, p. 2685.
Not after rents
the
needed for construction of additions to the company s powrer
Other income
Gross from railway—
of
.plant facilities, it is stated. The parent company will pledge the bonds as
security for its first mortgage & first lien bonds.
The proceeds are to be
used as follows:
$1,150,000 for redemption at par of first mortgage gold
bonds, 5M%, due 1945, and $597,400 for additions to the company s plant
1936
$3,005,716
2,088,291
1,801,234
Gross from railway
Net from railway
Net after rents
Net from railway
Net after rents.
applied to the purchase of $600,000 cu
and the balance will b3
from the requirement of filing a declaration regarding the issuance and sale
of $1,750,000 of first mortgage bonds, 4% series, due 1969 to the parent
both payable Jan. 2 to holders of record Dec. 2.
Duluth
43-277)
1939
2,
_
5%
red. preference stock, par $50, payable
Like amount was paid on Sept. 1,
last, and compares with 70 cents paid on June 1, last; 50 cents paid
March 1, last; Dec. 1 and Sept. 1, 1938; a dividend of $1 paid on June 1,
1938; dividends of 50 cents paid on March 1, 1938. Dec. 1 and on Sept. 1,
1937; a dividend of $1.75 paid on June 1, 1937, and one of 25 cents paid on
March 1, 1937.—V. 149, p. 1912.
Dec.
Dec.
exemption
dividend of $17.50 per
a
The proceeds will be
first mortgage bonds of the Delmarva Power Co.
used for advances to that company.
as
of an assessment for taxes amounting to
—V.
Dominion
of New York.
1,197,846
230,945
def9,562
1,127,816
202,158
def23,939
.
Interest & amortization.
Miscell. deductions
Balance
—V. 149, p. 2685.
Preferred dividend deductions: B. V. G. & E. Co..
(E. I.) du Pont de Nemours & Co.—New Official—
Dr. C.
Lalor Burdick, chemist and executive of this
company since 1928,
been appointed Assistant to the
Presietnt, succeeding Henry B. du
Pont, recently advanced to the position of Vice-President and member of
the Executive Committee.—V. 149, p. 3407.
has
Applicable to minority interest.
$1,881,578
26.245
20,981
Non-subsidiary income.
$1,659,168
309.824
$1,243,249
309,824
Expenses, taxes and interest....
$1,968,992
133,662
$1,553,073
134,858
$1,835,330
$1,418,215
Duquesne Brewing Co. of Pittsburgh—Extra Dividend
Directors have declared
extra dividend of 40 cents
an
per share on
the
common
stock, payable Dec. 18 to holders of record Dec. 8.
Regular quar¬
terly dividend of 15 cents per share was paid on Nov. 1 last.—V. 149, p. 259.
Eason Oil
Earnings for 9 Months Ended Sept. 30, 1939
Gross operating income
expenses
$1,071,048
778,106
216,463
^
Net operating profit.
$76,478
Other income
4,048
Net profit before interest, depletion, depreciation, &c.
Interest charges
Depletion,
Net
depreciation,
$80,527
1,225
165,466
&c
loss
Dividend
paid
$86,164
21,524
payable
or
Semi-annual dividend usually declared in October not declared until
p. 26S5.
November.—V. 149,
Cost of sales and services.
Operating and general
Balance available for dividends and surplus
a
Co.—Earnings—
Easy Washing Machine Co., Ltd.—173^ Cent Pref. Div.
Company paid a dividend of 17 Yi cents per share on account of accumula¬
7% pref. stock, on Nov. 15, last.
Dividend of 35 cents was
paid on Nov. 1, 1938; 70 cents on Feb. 1, 1938, ancl dividends of 35 cents
were paid on Oct.
1 and on March 1, 1937, this latter being the initial
tions on the
distribution
on
the stock.—V.
Ebasco Services
147,
p.
2682.
Inc.—Weekly Input—
For the week ended Nov. 23, 1939 the kilowatt-hour
system input of the
operatng companies which are subsidiaries of American Power &
Light
Co., Electric Power & Light Corp. and National Power & Light
Co., as
compared with the corresponding week during
1938, was as f llows:
"—ITLCTCGLSB"
■
Balance Sheet Sept.
Assets—
1939
Operating Subsidiaries of—
Liabilities—
Cash in banks and
on
hand
$138,975
Receivables
x226,794
Inventories
Notes payable
Accounts
$20,425
payable
66,563
256,778
Due to officers & employees
Accr'd taxes, com'ns, int., &c.
22,536
31,129
Pref. stock div. pay. Oct. 5, '39
7,175
151,852
Deferred receivables
Investments
Property, plant & equipment.
Land, bldgs. & equipment not
y927,104
23,318
exps. & def'd charges.
8.130
750
Long-term liabilities.,
Deferred
used in the business
Prepaid
30,
$1.50
3,200
25,196
credit
cum.
conv.
pref. stock
460,520
zl,702,738
Earned surplus (deficit)
86,164
Treasury
382.620
After
Dr841,479
Total
'....$1,764,081
$1,764,081
for doubtful receivables of
$21,313.
y After reserve for
depletion, depreciation and amortization of $1,304,717.
z After charging
thereagainst deficits at June 30, 1936, Dec. 31, 1937, and Dec.
x
reserve
31, 1938,
aggregating $825,822, and dividends on preferred stock during the
year
1938 of $28,699 and in 1939 of $21,524.—V.
149, p. 1473.
Eastern Gas & Fuel
1939
Depreciation and depletion
II I"
Interest
;
Debt discount and expense.
Minority
interest
1938
$9,326,295
481,510
4,235,039
2,877,814
$8,616,286
302,550
4,027,301
2,964,881
649,965
1,627
'626*396
_
...IIIIIIIIIIIIII
542
_
Net income available for
dividend requirem'ts $1,104,994
$669,962
Earned per share on AH prior
pref. stock
$4.12
$2.72
P™vfeion has been made for surtax on
undistributed
profits.
149, p. 2685.
Eastern
Shore
Company
Public
and
its
Service Co
filed
with
under the
subsidiaries,
of Va.
the
Service
Co.
Delmarva
and Eastern
Securities
Power
Shore Public
(Del.)—Issuance
Co., Eastern Shore
Service Co. of Md
Exchange Commission
collateral for the note, which will be
purchased
any com¬
revenue
Total oper. expenditures
Operating surplus
1939—Month—1938
$66,419
$59,208
49,366
42,554
1939—10 Mos.—1938 ^
$595,740
*>563,739
464,948
433,045
$17,053
$16,654
Fixed charges
$130,792
5.776
5,776
57.764
5,000
4,791
5,000
4,487
70,000
44,487
$130,693
57,764
63,000
43.452
$1,485
$1,390
x$41,458
x$33,523
Taxes
Total surplus
x
Deficit.—V. 149. p. 2078.
El Paso Natural Gas Co.
Period End. Oct. 31
Gross oper. revenues
b99,409
42.573
b597,549
61.126
44,736
631.833
103,030
425,304
545.783
$228,331
$172,727
$2,746,518
$2,339,395
823
13,368
11,289
$229,502
30,528
$173,550
32,535
$2,759,886
346,729
$2,350,684
698
2.654
11,564
32,682
$198,276
$138,361
$2,401,593
$1,917,867
cl25,439
Net opei. income
$390,536
120,179
10,321
Drl9.942
$198,276
8,631
$138,361
8,632
$2,527,033
103,579
$1,897,925
$189,645
$129,729
$2,423,454
$1,794,346
Other income
Total gross income
102,666
of debt discount
and expense
a
Earnings1939—12 Mos—1938
$5,710,930
$4,790,357
1.632,364
1,376,845
$552,436
154,782
8,788
1,171
Taxes (incl. Fed. inc.)..
Pro v. for retirements.
Amort,
(Del.) (& Subs.)
1939—Month—1938
-
Net income
400,135
expense
Pref. stock div. requires.
103.579
,
and
the
following
6
Holding Company Act:
Declaration (File 43-277) of Eastern Shore Public
Service Co regarding
the issuance of $1,100,000 of first
mortgage & first lien bonds series C
due 1946 and a $1,000,000 two-year
3% note. The bonds are to be
as
12.4
10.0
Non-recurring income &
Public
of Bonds and Noteshave
7.8
7,007,000
6,909,000
Edmonton Street Ry.—Earnings—
Period End. Oct. 31—
Interest
—V.
8,837.000
Note—The above figures do not include the
system inputs of
panies not appearing in both periods.—V. 149, p. 3407.
Operation
Maintenance..
Associates—Earnings—
12 Months Ended Oct. 31—
Total consolidated income
Federal income taxes
(estimated)
Amount
113,101,000
56,475,000
68,615,000
Renewals
common stock—
143,328 shares at cost
Total
1938
75,524,000
Total
(par $20)
CommoD stock (par $1)
Paid-in surplus
1939
American Power & Light
Co...121,938,000
Electric Power & Light Corp._ 63,482,000
National Power & Light Co...
pledged
by Chase National Bank
Bal.
for
surplus
com.
divs. &
Before non-recurring income and expense, b Federal income tax
accrual
for balance of year to offset estimated de¬
ficiency in accruals for first nine months,
c Federal income
tax accrual
for the year 1938 was reduced by $124,768 due to the write-off
of
a
increased $37,000 per month
un-
Volume
Federal Mining & Smelting
The New York Stock Exchange has
Period. End. Oct. 31—
Subsidiaries—
stock (par $10)
(& Subs.)—Earnings—
Operating revenues
26,427,453
Oper. exps., incl. taxes. 15,499,135
Property retirement and
depletion res. approp.
4,236,710
25,114,921
14,487,909
Net oper. revenues
3,906,504
15,824,515
6,720,508
6,691,608
16,166,166
29,379,926
30,918,150
Rent from lease of plants
(net)
Operating income
6,720,508
29,379,926
86,939.
.609,073
6,691,608
Other income
80,958
5,560
30,923,710
taxes
Gross income.
Int.
29,611,065
12,122,436
6,721,339
6,685,129
3,009,091
long-term debt._
(notes, loans,
&c.).„.
on
3,078,558
30,699,338
12,467,198
Other int.
504,372
2,000,552
1,995,173
279,497
276,791
1,352,978
yl ,455,847
Cr4,107
1,971,618
Crl5,763
1,971,618
Cr39,565
7,886,473
66,652
Int. charged to construe.
Pref. divs. to
public
Portion applic. to min¬
ority interests
59,757
273,096
228,016
,
860,324
846,006
6,015,095
$801,395
Total
846,006
6,015,095
1,050
Federated
846,006
6.016,145
6,757,424
54,714
59,818
256,791
266,840
414,962
Int. and other deduct'ns
Inc.—50-Cent Dividend—
Publications,
Directors have declared
dividend of 50 cents per share on the common
a
May 5, 1938.—V. 147, p. 4054.
Fidelio Brewery, Inc.—EarningsSept. 30—
414,459
1,656,901
1,652,030
Balance carried to
$371,729
$390,648
Of Electric Power & Light Corp. in oncome
x
$325,140 representing non-recurring charges for
certain subsidiaries.
$461,264
7,863
$533,160
18,794
$879,107
26,807
$441,724
424,473
9,562
122,398
$551,955
584,239
107,544
$905,914
757,485
6,311
117,904
138,372
Total income
$417,652
x24,072
$469,127
State beer taxes
13,000
44,893
$253,081
$165,183
y$20,679
400,896
12,997
119,478
Expenses
Other deductions
Depreciation
Provision for loss
$4,102,453
$4,838,554
y Includes
reorganization expenses of
losses resulting from pending suits Und claims against United Gas Corp.
and certain of its subsidiaries (arising principally in connection with gas
producing properties).
It is the practice of the
any such losses when and as settled.
and oil
Statement
Gross income from subs.
Other
a
$2,263,454
59,818
256,791
266,840
387,500
1,550,000
64,052
1,550,000
d62,481
38,974
2,811
1,064
38,974
9,744
2,219
62
Premium.
$237,445
Net income
89
575
$344,584
$550,328
$96,859
$76,018
116,561
95,671
638
kegs,
3,460
123,058
3,565
211,468
172,235
Mortgage
1,187,043
8,000
1,249,227
8,000
33,589
44,700
Acer, wages,
rec.—trade
(less reserve)
rec.—misc.
Inventories
Real estate & equl p
Outside real estate
Prepaid
From Jan.
1938
$1,234,940
395,384
270,743
1937
$1,497,774
275,054
95,769
1936
$1,707,794
539,842
361,997
13,966,337
Net after rents
9,214,643
1,502,420
467,280
19,283,810
15,286,578
4,572,139
3,082,171
1—
Gross from railway
4,058,801
2,192,967
Net from railway
Net after rents.
—V. 149, p.
6,256,230
3,884,531
3407.
Erie RR.—New DirectorsDirectors of the Railroad on Nov. 22 elected to the board A. T. Lowmaster, Operating Vice-President of the parent Chesapeake & Ohio, and
Robert Jay Bowman,
Operating Vice-President of the affiliated Pere
Marquette.
They replace C. E. Denney. who recently resigned as
to take over the presidency of Northern Pacific, and
the Erie's President
H. B. Erminger of
Chicago.
Since George D. Brooke, President of the C. & O., the Pere
Marquette and the Nickel Plate, already is a director of the Erie, Erie
board members
affiliated with the C. & O. number three of 14.
Earnings jor October and Year to Date
[Including Chicago & Erie RR.]
1939
1938
1937
$8,819,313
$7,247,686
$7,610,333
3,316,229
2,232,866
2,321,670
October—
Gross from railway
Net from railway
1936
$8,088,017
2,888,403
2,323,636
1,314,833
1,594,303
1,985,583
66,706,045
17,928,843
9,510,219
57,124,159
10,518,096
2,137,199
72,224,518
21,078,550
13,327,286
69,852,524
21,084,685
13,513,134
Net after rents
G rossfrora
railway
Net from railway
Net after rents
—V.
declared a special dividend of $1 per share on the common
stock, no par value, payable Dec. 27 to holders of record Dec. 8.
Extra
dividend of 25 cents in addition to a dividend of 25 cents was paid on
Dec. 1, last, and prior thereto last previous dividend was the regular
quarterly dividend of 25 cents paid on March 1, 1938.—V. 149, p. 2971.
Directors have
Corp.—Extra Dividend—
declared an extra dividend of 10 cents per share on the
payable Dec. 27 to holders of record Dec. 14.
Extra
addition to regular quarterly dividend of 15 cents was paid
Nov. 29, last.
Extra of 30 cents was paid on Nov. 30, 1938.—V. 149,
2079.
Directors have
stock,
of 20 cents in
on
Farr Alpaca
On
Ohio
Co., Holyoke, Mass.—No Receiver—
petition brought by George P. Muhlhauser
minority stockholder, asking that a receiver be
the
a
of Canal Fulton,
appointed for the
Judge A. K. Pinanski of the Massachusetts Sunerior Court at
Boston declined to appoint a temporary receiver.
The Court ordered that
pleadings be completed by Dec. 4.
In the meantime, on Dec. 1 there is to
be a meeting of stockholders in which the question of electing new direc¬
tors may be taken up.—V. 149, p. 2079.
company,
The Securities
and Exchange Commission, Nov.
29, granted the appli¬
of the New York Stock Exchange to strike from listing and regis¬
value common stock of the company. The Exchange's
application stated, among other things, that delisting was requested be¬
cause facilities for the transfer and registration of the security in
New
cation
at the
The order for delisting becomes effective
Dec. 4.—V. 149, p. 1760.
longer available.
close of business on
57,490
$1,735,720 $1,773,112
First Security Corp.
(Ogden)—Extra Dividend—
Directors have declared an extra dividend of 15 cents per share in addition
regular semi-annual dividend of 50 cents per share on the class A
and B stocks, all payable Dec. 15 to holders of record Dec. 5.
Extra divi¬
dends of 25 cents were paid on Dec. 15, 1937.—V. 147, p. 3762.
to the
Firth Carpet
Co., N. Y. City—Bonds Placed Privatelyt—
The company recently sold privately to two New York
institutions an issue of $1,000,000 4%% 8-year bonds,
City
due
Proceeds will be used for expansion of com¬
pany's business and to provide additional working capital.
Sept. 1, 1947.
Fiscal Fund,
Inc.—Dividends—
declared a cash distribution on both series of
payable Dec. 15, 1939 to holders of record at close of
business Dec. 1, 1939.
The shares of both series will be quoted "ex" distrioution at close of business Nov. 29, 1939.
The transfer books will be closed from close of business Nov. 29, 1939 to
close of business Dec. 1, 1939, except for the purpose of registering shares
sold and confirmed up to and including Nov. 29, 1939.
These distributions amount to $0.0525 per share for insurance stock
series and $0,045 for bank stock series. —V. 149, p. 1177.
The board of directors have
beneficial
shares
Fitzsimmons Stores, Ltd.—Registers with SEC—
first page of this department.—V. 149, p. 3408.
See list given on
Florida East Coast Ry.—Earnings—
From Jan.
1936
$530,206
48,403
defl4,379
8,006,651
2,212,216
839,64 5
7,625,385
1,770,928
542,940
7,703,860
1,826,118
598,762
6,988,598
1,646,332
517,197
$531,017
35,206
1—
Gross from railway
Net from railway
Net after rents
—V.
def70,247
1937
$574,071
18,707
def90,292
1938
1939
$591,128
47,025
def37,728
October—
Gross from railway
149, p. 3261.
Florida Portland Cement
The directors
Co.—Accumulated Dividend—
have declared a dividend of $5 per share on account
of
stock, payable Dec. 1 to holders of
Dividend of $2 was paid on Aug. 15 last and one of $3.50
Dec. 23, 1938.—V. 149, p. 2511.
accumulations on the 7% partic. pref.
record Nov. 25.
on
Forest Lawn Co.—Bonds
Offered—An issue of $1,750,000
25-year 5% bonds, dated Aug. 1, 1939, and due
Aug. 1, 1964 was recently offered at 100 and int. by Banks,
Huntley & Co., Bateman, Eichler & Co., and Hill, Richards
1st mtge.
& Co.
Proceeds from the sale of the issue will be used to retire approximately
$1,132,000 6% first mortgage bonds due June 1, 1949, and to provide the
company with additional working capital.—V. 149, p. 2366.
Fort Worth & Denver
1938
$553,893
192,045
113,785
1937
$574,487
169,811
83,420
5,004,593
1,378,260
607,037
5,487,353
1,626,003
774,579
6,134,728
2,301,568
railway
Net from railway---.-.
Net after rents
From Jan.
-
1936
$570,212
222,264
188,585
1—
Net after rents
—V.
City Ry.—Earnings—
1939
$572,608
186,151
102,396
October—
Gross from
Net from railway
Works—Delisting—
tration the no par
York City are no
of
Total
.$1,735,720 $1,773,112
Gross from railway
Federal Screw
value
In Inventory
1938
Fairbanks, Morse & Co.—Special Dividend—
p.
4,000
1,167,605
28,873
market
Deficit since Oct. 1
Net after rents
Fafnir Bearing Co.—Extra Dividend—
have declared an extra dividend of $? per share in addition
to the regular quarterly dividend of $1 per share on the common stock,
par $25, both payable Dec. 15 to holders of record Dec. 6.
Extra of $1 was
paid on June 30, last.—V. 149, p. 107.
Directors
common
264,000
brew'g materials
Net from railway
149, p. 3407.
Falstaff Brewing
89,610
258,500
payable
—V. 148, p. 3375.
1939
$2,063,035
974,276
630,518
Gross from railway
"88,166
(partly curr.)
Res. for decline in
expenses,
supplies, &c
Total
Elgin Joliet & Eastern Ry.—Earnings—
Net from railway
bottles in trade—
net
s,boxes,bottles
&c
these bonds were assumed by this com¬
pany.—V. 149, p. 3407.
October—
boxes and
Cap.stk. (par $1). 1,167,605
Capital surplus...
28,873
Ke
d Represents interest
bonds retired,
44,116
Customers' dep. on
114,476
$169,409
5,500
65,863
taxes,
interest, &c
1,040
1938
$178,703
5,500
Instalm'ts on mtge
$60,084
in banks
Securities Corp. collateral trust gold bonds, American 6%
b On Debt discount and expense on gold debentures,
c And ex¬
series,
1939
Accounts payable-
On Power
pense on Power Securities Corp.
from Dec. 8, 1937, on which date
Sept. 30
Liabilities—
1938
1939
Cash on hand and
Other assets
Other interest deduct'ns
a
inventory at Sept. 30, 1938, of $4,000 and excess of amount reserved
30, 1938, for loss on old style boxes and bottles over actual loss
disposal of $2,754.
incurred upon their
Accts.
$2,464,020
17,127
9,743
$57,490
at Sept.
Accts.
$571,136
387,500
15,537
Interest..
b Amortization.
c
y
z
in
Assets—
54,714
Expenses, including taxes
Int. on gold debs., 5%
series, due 2030
'
cancellation of reserve for decline in market price of materials
Sept. 30, 1937, at $13,000.
Before including life insurance proceeds of $150,000.
Includes cancellation of reserve for decline in market price of materials
1939—12 Mos.—1938
$2,462,970
$2,262,389
1,050
1,065
$707,121
Total
Includes
x
in inventory at
Balance Sheet
of Income (Company Only)
1939—3 Mos.—1938
$707,121
$571,136
Period End. Oct. 31—
companies to record
z6,754
Net loss for year
of subsidiaries,
12,353
on con¬
Special credits
been made in the above statement for possible
Note—No provision has
1936
deducting Federal and
tainers
earned surplus
1937
1938
1939
Gross profit on sales after
Other income
Exps., incl. taxes
$546,082
•
stock, voting trust certificates payable Nov. 16 to holders of record Nov. 10.
This compares with 15 cents paid'on Dec. 22, 1938 and 20 cents paid on
1,065
860,324
depletion
—V. 149, p. 3260.
6,756,359
Corp.—
Total
131,361
123,952
Depreciation
6,756,359
860,324
Elec. Pow. & Lt.
Net equity
Other income
x
$786,006
15.389
U. S. income taxes (estimated), $40,000; other taxes, $27,006; gener.
expenses and sundry profit and loss charges. $64,355
Years Ended
Net equity
x
4,763,412
depletion
Interest, rents and miscellaneous income
Cr89,728
7,886,473
502,054
Other deductions
^5,519,418
freight & treatment, $1,581,309;
royalty, $150,647; total
Net income before
758,781
377,934
86,108
87,437
...
for Period Jan. 1 to Sept. 30, 1939
534,409
Other income deduct'ns,
including
'
Value of production
^
Cost of production, $3,031,456;
Net operating income, before depreciation and
,
of 246,640 shs.
previously listed and now outstanding.
Statement of Income
1939—12 Mos.—1938
$
$
105,945,638 105,123,729
60,399,546
58,381,064
1939—3 Mos.—1938
$
$
Co.—Listing—
iisting
authorized the
of common stock (par $2) on official notice of Issuance, pursuant to split-up
of shares in ratio of five for one, in substitution for 49,328 shares of common
parison of operations.—V. 149, p. 2970.
Electric Power & Light Corp.
3555
Financial Chronicle—YEARS OLD
&
ONE HUNDRED —The Commercial
149
amortized debt expense and premium on funded debt retired by refinancing
consummated Dec. 15, 1938.
Adjustment was credited to non-recurring
income instead of tax expense for the purpose of retaining normal com¬
1,573,192
4,856,752"
1,494,869827,083
149, p. 2687.
Fruit of the Loom Co.—$1
Directors
have
declared
a
Preferred Dividend—
dividend
of $1
per
the preferred
Initial dividend of
share on
stock, payable Dec. 20 to holders of record Dec. 1.
10 cents was paid on April 1, last.—V. 148, p. 1477.
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3556
Fort Pitt Brewing
1937
1938
1939
President of this company announced on Nov. 27
"contributory employees' pension system
presented to the stockholders for approval at a special
meeting to be held on Dec. 18 at Wilmington, Del.
The plan has been
under consideration for several years, Mr. Davis said.
All regular employees, officers and directors who are active in the con¬
duct of the business other than that of director only are included in the
1936
$369,276
9,805
$93,070
7,916
loss$70.740
2,824
Total income
$379,080
$100,987
3,794
3,685
loss$67,916
5,661
8,675
$142,876
Interest charges
Uncoil. accts. charged off
-
74,165
Prov. for income taxes.
4,042
12".165
Net income
$30,661
288,645
loss$94,417
384,208
$319,306
5,002
$289,791
1,146
$314,303
$288,645
$384,208
$0.38
$0.05
the age of 60, but before the age of 65; death benefits
active service; and return of contributions for members
$389,580
$481,441
which provide for retirement allowances at the age of 65;
arrangements,
$48,928
340,651
$541,441
be
disability allowances after 10 or more years of creditable service; special
retirement allowances to those involuntarily released from the service after
10,114
$227,137
314,304
Previous surplus
would
which
12,905
73,912
_
Davis,
that the directors had adopted a
10,148
46,533
14,248
62,598
73
Depreciation..
Other charges
D.
Donald
$140,258
2,618
Other income
for those dying m
leaving the service
prior to retirement.
under the system
The Bankers Trust Co. New York will be the trustee
Total surplus—
Charges
surplus,
Dividends paid
to
the
share on shs.
capital stock (par $1)
Nil
$0.09
Gross oper.
Comparalier Balance Sheet Oct. 31
*15,545
110,588
cur. assets..
2,794
1,129,444
Deferred charges.,
Claims for tax re-
17,498
Prov.
1,021,359
34,221
$18,594
5,686
3,311
6,545
4,773
lor
74,000
barrels and
14,847
88,579
cases
in
157,626
of
$487,253
14,396
21,253
179,871
267,922
$331,185
15,873
23,841
184,400
290,340
Surplus...
on
Nov.
stock,
$1,834,433
362,242
368,693
71,353
71,353
856,238
6,822
856,238
1,041
$48,494
$726,371
$605,393
distributed
$5 pref. stock.
on
3,242
def$73,962
p.
General
$51,834
Income Account (Exclusive
9 Mos. End.
$85,763
571
413
$842,530
2,832
1937
1936
$3,552,748
$3,474,943
$3,191,393
70,863
18,731
112,543
25,368
180,035
23,409
77,979
32,952
14,237
10,853
32,787
36,551
$66,370
$98,028
$189,412
$81,579
125,897
213,469
212,310
228,920
$310,499
improved prop.
after int., deprec., &c.
Loss
unimproved prop
on
Profit
of
Total
$901,981
7,027
other
not
cos.
profit from real
estate
Inc.
operation
from
other
sources
(net)...
Profit
Net oper. revenues...
$82,386
31,837
$86,176
31,335
$845,362
383,849
$50,549
$54,840
$461,512
13,578
equip, notes, &c.
Amort, of debt expense..
242
277
161,540
35,879
3,109
$38,835
$260,984
18,283
$401,723
207,957
208,558
202,743
Net prof it......
166,837
29,041
3,465
$34,080
$311,497
xl46,911
$45,356
$103,540
$193,165
$107,756
$339,641
46,453
State
and
tax
$538,985
13,501
2,726
$192,267
miscell. expenses
Salaries,
$909,008
370,023
:
Retirement accruals....
Including $500 provision for Federal income tax.
x
Gross income
►
on
Consolidated
Balance
Sheet
bonds, Houston
Electric Co..
Int.
Calendar Years-
Profit of
$3,512,692
1,734,778
457,459
418,474
Non-oper. inc. (net)
of Lefcourt Realty Corp.)
1938
consolidated
$3,701,702
1,835,043
563,447
460,682
Balance.
Interest
paid
on
G.-H. secured 6% income bonds.
Net income..
Dividends
2,150
—
declared
$242,700
14,604
.
—
Sept. 30 '39 Dec. 31'38
A ssets—
908,939
Clarence G. Sheffield, who for the past eight years has been merchandise
in charge of all apparel and fashion activities for B. Altman & Co.,
of New York, has resigned that position to become First Vice-President and
a director of this company.—V. 149, p. 3261, 2082.
and sundry
creditors..
4
tenants currently
Res.
& accr'd int. rec.
Real
estate
232,860
6,328,000
10,311
6,689,000
10,603
2,939,028
2,947,169
8,047,593
8,653,028
368,642
Surplus
Other assets...
622,563
19,090,848
market
4,454,605
4,724,480
in
•
17,243
16,584
y
cos.
.....
received
advance
Preferred stock.. 9,214,050
10,090^000
z
Invest. In stocks of
Total
386,172
estate
mortgages, &c__
Rents
Common stock..
"
allied
real
on
mtge.
loans
811,495
against advs.
234,414
Marketable secur
At
(Julius) Garfinkel & Co.—New Official—
Accts. pay., accr'd
277,086
exp.
renting agents &
Real estate invest.
Directors have declared a dividend of 25 cents per share on the common
stock, payable Dec. 22 to holders of record Dec. 12.
Initial dividend of
like amount was paid on July 1, last.—V. 149, p. 2687.
Sept. 30 '39 Dec. 31 '38
Liabilities—
$
Amounts due from
x
25 Cent Common Dividend—
$
Cash
$293,188
Note—Net income for the above 12 months' periods includes net income of
Houston Electric Co. in the amounts of $214,159 and $231,699 respectively.
$566,483
$2,641,297
operations
1939—12 Mos.—1938
$318,105
151,356
45,350
35,636
$687,461'
Gross income, real estate
(& Subs.)- •Earnings—
$81,815
Taxes.
on
38,910
Realty & Utilities Corp.—Earnings—
Sept. 30, '39
$333,114
161,899
48,200
41,199
revenues
_
_
_
1474.
1939—Month—1938
Maintenance
Int.
$45,252
38,910
common
Consolidated
a dividend of five cents per share on the
payable Dec. 15 to holders of record Nov. 30.
paid on Dec. 15, 1938 and one of four cents per
Dec. 28, 1937.—V. 143, p. 4154.
Galveston-Houston Co.
Balance
3,242
_
4,109
—V. 149, p. 2687.
was
on
$55,077
stock and surplus
50,620
70,746
552,334
819,449
18 declared
$1,
par
Period End. Oct. 31-
Operating
Operation
$1,951,673
29,731
Bal. avail, for
Fuhrmann & Schmidt Brewing Co.—Five-Cent Div.—
was
$150,619
30,612
bonds
$1,419,237
Including exchange.—V. 149,
share
$157,042
Divs.
$993,983
42,389
63,695
542,339
789,288
$3,811 def$183,269 def$443,728
Depreciation & depletion
Directors
2,342
$151,368
Dr749
Other interest
(& Subs.)—Earnings—
Bond interest
Dividend of six cents
4,080
--
$154,701
1939—3 Mos.—19381939—9 Mos.—1938
Earnings.
Bank interest, &c
Special loan interest
common
$1,823,255
11,179
'—
Net income
Fraser Cos., Ltd.
x
$1,497,146 $1,240,879
260.
p.
$1,916,412
35.261
543,812
557,117
108,603
profits
.
Charges of subsidiaries..
Charges of Gen. Public
Utilities, Inc.—
Interest on 1st mtge. &
collat.
trust
6Yz%
12,471
for doubtful accounts,
y After/reserve for depreciation
1939 and $359,721 in 1938.
z Less reserve for returnable
$3,095 and reserve for doubtful accounts of $3,095.—V.
Period End. Sept. 30—
x
Total
undistr.
$5,595,619
2,348,968
209,784
Gross income
600,000
reserve
containers
149,
$1,240,8791
....$1,497,146
lyess
of $445,241
212,954
644,087
595,382
108,180
...
income
Non-oper. income.
314,303
12,472
139,055
16,030
45,720
48,962
11,355
Net oper.
48,886
600,000
481,440
Paid in surplus
x
Federal
80,000
Earned surplus
Capital surplus
taxes
tax
Common stock
Total
General
Customers' dep. on
26,778
$5,999,756
2,522,741
15,291
59,065
57,233
9,400
Provision for retirements
73,912
Note pay. to bank
$468,418
194,983
Fed. normal income taxes
Income
taxes.....
,
I'v
funds....
$16,370
payable
$505,590
209,900
revenues
Operating expense
Maintenance
1938
Accrued expenses.
2,566
Permanent assets
y
1939
Accrued taxes
z9,755
163,846
Inventory
Accts.
$47,543
$141,240
Accts. receivable..
Other
Liabilities—
1938
1939—12 Mos.—1938
1939—Month—1938
Period End. Oct. 31—
1939
Cash.
Utilities, Inc. (& Subs.)—Earnings-
General Public
per
Assets—
responsible for the safekeeping, investment and reinvestment of
pension fund.—V. 149, p. 3408.
'
and will be
5,372
60,000
...
Earned surplus
Earns,
1939
Mills, Inc.—Adopts Pension Plant—
General
Co.—Earnings-
Years End. Oct. 31—
Gross income from opers.
Dec. 2,
values
(201,800 in 1938) no
—V. 149, p. 3409.
not
19,178,3881
in
3,049,133
2,416,830
19,090,848
Total...
1,544,322
19,178,388
of cost,
y Represented by 184,281
Represented by shares of $1 par value.
excess
shares
par
1,544,322
z
manager
General
addition
Acceptance Corp.—Larger Dividend—
Directors have declared
and common stock, payable Dec. 15 to holders of record Dec. 5.
Dividend
of 20 cents were paid in each of the three preceding quarters and previously
regular quarterly dividends of 15 cents per share were distributed.
In
addition, an extra dividend of five cents was paid on both issues on March
15, 1939.—V. 149, p. 1475.
General American
Transportation Corp. —Notes Placed
Privately—It was learned Nov. 30 that the company has
placed privately with the Equitable Life Assurance Society
of the U. S. an issue of $7,000,000 unsecured serial notes.
The sale was arranged through Kuhn, Loeb & Co.
The
notes are dated Oct. 1, 1939 and mature $1,000,000 semi¬
annually July 1, 1942 to July 1, 1945, both inclusive.
The
notes bear int. of 1 % to Jan. 1, 1940, and 2 % thereafter.
Proceeds will
be
used
to
refund
$7,000,000 of the $10,500,000 of 3%
serial notes now outstanding.
Of the $3,500.000 of 3s remaining, $1,750,000
will be retired Jan. 1, 1940 and $1,750,000 will be left
outstanding until the
maturity date, July 1, 1940.
Notes Called for
have
a
declared
an
extra
quarterly dividend
dividend
of
of like amount
25
(or
cents
a
per
total
share
of 50
in
cents
on the
General Steel
Castings Corp.—Earnings—
9 Mos. End. Sept. 30—
Profit from operation
1939
$1,406,679
895.794
Profit.
Other income
Profit
Bond int. & amortiza'n.
Loss on sale of real estate,
&c
Net
x
1938
$349,497
902,274
$510,886
11,223
Depreciation....
y$552,776
8,377
$1,023,833 y$l,080,657
$522,109
702,621
y$544,399
702,621
$1,049,112 y$l,060,426
705,221
702,640
1937
1936
$1,901,810 loss$208,055
877,977
872,603
25,279
20.231
154,994
loss.....
$335,507
Profit, before Federal taxes,
y
$1,247,020
Loss.—V. 149,
x$343,891
p.
$1,763,067
3409.
Georgia & Florida RR.—Earnings—
Period End. Oct. 31—
Payment .Jan. 1—
A total of $7,000,000 3% serial notes dated
July 1, 1936 and maturing
serially in 1941 and 1942 have been called for redemption on Jan. 1, 1940
at
to
share)
capital stock, both payable Dec. 15 to holders of record
Dec. 8.
Like amounts were paid on Sept. 15, June 15, and March
15, last;
Dec. 14, Sept. 15, and June 15, 193&, and previously
regular quarterly
dividends of 50 cents per share were distributed.—Y. 149,
p. 1325.
per
dividend of 25 cents per share on the class A
a
General Reinsurance Corp.—Extra Dividend—
Directors
1939—Month—1938
Ry. oper. revenue
Railway oper. expenses.
1939—10 Mos.—1938
$102,576
89,483
$93,235
86,591
$993,705
866,123
$932,465
871,813
$13,093
8,089
$6,644
6,576
$127,582
80,342
$60,652
60,651
$619
the
orincipal amount thereof and accrued interest threon to Jan. 1,
1940, plus premiums equal to
of 1% of such principal amount for each
period of six calendar months between Jan. 1, 1940 and the respective dates
of maturity of said serial notes so to be redeemed.
Payment will be made
at the
Manufacturers Trust Co.
New York
Net
rev.
from ry. oper.
Ry. tax accruals
Ry.
oper. income....
$5,003
Equipment rents (net)
Joint facil. rents (net)..
City.
Dr968
CV2.517
$47,239
Dr24,881
x$14,518
Cr3,060
Drl,950
Drl ,956
Drl9.597
Drl 9,322
$2,085
$630
$2,761
15,381
x$30.780
x$ 1.5,896
x$25,433
_
Dividend—
_
The directors have declared
a dividend of $1.25
per share on the com¬
par $5, payable Dec. 30 to holders of record Dec. 6.
This
with $1.12^ paid on July 1, last, Dec. 28 and on July 1, 1938,
$2 paid on Dec. 20, 1937; $1.50 paid on July 1, 1937; an extra of 25 cents
and a regular dividend of $1 paid on Dec. 21, 1936; a semi-annual dividend
of 87 H cents paid on Jan. 1 and on July 1, 1936 and
1935, and semi-annual
dividends of 50 cents per share previously distributed.—V.
149, p. 3408.
mon
stock,
compares
General Finance
Corp.—Earnings—
11 Months Ended Oct. 31—
—V. 149, p.
3261.
income.
income
1,411
Gross income
$3,496
x
1939
Loss
or
$0.12
928
957
$2,568
—
$155,830
$0.30
$2,063
$1,106
14,884
$8,623
9,537
deficit.
1938
$312,142
1,433
$18,142
9,519
Deductions from incomei
Surp. applic. to int...
Net Income after all charges
Earnings per share
Net ry. oper.
Non-oper.
Week End. Nov. 21
1939
Oper. revenues (est.)..
—V. 149, P. 3409.
$21,775
1938
$20,950
Jan.
1
to Not.
1939
$1,059,629
-
21
1938
$9b4 563
Volume
ONE HUNDRED—
149
Commercial & Financial
The
General Steel
Wares, Ltd.—Accumulated Dividend-—
Directors have declared a stock dividend
of $1.75 per share on account
of accumulations on
the 7% cum. pref.
stock, payable Dec. 15 to holders
of record Dec. 1. Like
amount was paid on Nov.
15, Oct. 10 and on Aug. 1
last and an initial
dividend of $3.05 per share was paid on Dec.
15, 1938.
—V. 149, p. 2973.
General Telephone Tri
Corp.—Extra Dividend—
The directors on Nov. 21
declared the quarterly dividend of 25 cents per
share and an extra dividend of
75 cents per share on the common stock,
both payable Dec.
22, 1939, to stockholders of record at the close of busi¬
ness on Dec.
15, 1939.
This compares with 25 cents
paid Sept. 20 last,
50 cents on June 22 last and an
initial dividend of $1 paid on Dec. 22, 1938.
—V. 149, p. 2368.
General Theatres Equipment
Corp.—15-Cent Dividend
Directors have declared a dividend of 15 cents
per share on the capital
stock, oayable Dec. 18 to holders of record Dec. 11. Like amount was
paid
on Oct.
16, last, and compares with 25 cents paid on
July 14 and April 17,
last and on Dec. 22, Oct.
18, July 16 and April 1, 1938.—V. 149, p. 2687.
Georgia Power Co.—Earnings—
Period End. Oct. 31—
Gross revenue
—_
$2,777,952
1,478,120
-
Oper. exps. and taxes—
Prov. for depreciation._
1939—12 Mos.—1938
$2,567,057 $30,947,400 $28,610,954
1,293,060
15,844,852
14,685,360
270.000
—
231,250
$1,029,832
610,380
Gross income
Int. & other fixed chgs..
$1,042,747
Net income.
Divs. on pret. stock....
$419,452
245.862
$492,368
245,862
$173,589
Balance
3,162,500
$246,505
—V. 149, p. 2687.
50
$5,3*3,758
2,950,350
$1,531,491
2,950,350
$2,393,408
$1,581,141
common
compares with
cents
paid on July 1, last; 20 cents paid on Dec.
31, 1938, and 40 cents
Sept. 15, 1938, this latter being the first dividend paid since Jan.
1,
1938, when a regular quarterly dividend of 25 cents
per share was distributed
—V. 148, p. 3377.
paid
on
Hamilton Watch Co.—50-Cent Dividend—
The directors have declared
a dividend of 50 cents
per share on the comno par,
payable Dec. 15 to holders of record Dec. 5.
This compares
with 25 cents paid in each of
the three preceding
quarters; 40 cents paid on
stock,
Dec.
15, 1938; 25 cents paid in each of the three
preceding quarters; 75
paid on Dec. 15, 1937; 60 cents paid on
Sept. 15, 1937; 40 cents paid
June 15, 1937, and 25 cents
paid on March 15, 1937, this last
being the
first dividend paid since
Sept. 1, 1931, when 15 cents per share was dis¬
cents
on
tributed.
Bonus to
Employees-—
Company announced a bonus of one week's
exclusive of executives, who have been with
the
to
wages
all
employees
company prior to Dec. 1,
will receive one-twelfth of one
of employment.
Bonus is payable Dec. 1.
Those hired after Dec.
week's wages for each month
—V. 149, p. 3262.
1,
1938,
Hart-Carter Co.—Smaller Dividend—
2,765,000
$11,940,048 $11,160,594
550,379
6,596,290
6,629,102
3557
Directors have declared a dividend of 65 cents
per share on the
stock, payable Dec. 30 to holders of record Dec.
15.
This
1938.^
.
1939— Month—1938
YEARS OLD
Haloid Co.—65 Cent Dividend—
Directors have declared a dividend of 15 cents
per share on the common
stock payable Nov. 25 to holders of record
Nov. 15. This compares with a
dividend of 50 cents paid on Nov.
25, 1938 and one of 25 cents paid on
June 10, 1930.—V. 148,
438.
p.
Hart &
Cooley Co.—Extra Dividend—
Directors have declared an extra dividend of
$2 per share in addition
the regular quarterly dividend of
$1 per share on the common stock
$25, both payable Dec. 16 to holders of record Dec.
6.
Extra of $1
was paid on
July 1 last.—V. 149, p. 110.
to
Georgia RR.—Earnings—
October—
par
1939
Gross from railway
Net from railway.
Net after rents
From Jan.
1938
$384,643
124,550
110,067
1937
$344,757
96,937
84,678
1—
Gross from railway
Net from railway..
3,103,543
604,990
567,572
Net after rents....
—V. 149, p. 2973.
1936
$296,461
8,232
def3,851
2,911,982
485,388
438,298
$360,566
93,000
74,797
3,136,014
512,288
527,351
3,059,039
559,886
560,068
Hartford
$187,380
24,011
Net after rents.
392
FromJan. 1—
Gross from railway
Net from railway
Net after rents..
—V.
149,
1938
1,902,171
304,072
43,557
1937
$167,269
'
2,034,721
384,432
179,372
def9,741
1,673,628
150,530
def42,632
$181,624
18,316
'
2,455
1,884,110
255,984
47,549
Regular quarterly dividend of 40 cents
paid
Directors have declared
dividend of 50 cents per share on the common
a
Globe Grain &
Milling Co,—Pays 40 Cent Dividend—
148,
p.3377.
Golden State Co.,
Exchange has approved the company's applica¬
Gorham
IQtQ
1Qt8
railway.....
$2,138,179
498,163
261,559
lQ*t7
IQtfi
$1,822,924
341,201
150,352
$2,130,678
422,187
199,831
434,387
113,301
17,526,921
14,343,725
2,791,560
589,016
763,694defl,303,699
20,695,538
4,812,146
2,328,622
19,447,035
4,392,835
2,069,817
From Jan. 1—
railway
Net from railway
Net after rents....
149, p. 2688.
Great Northern
1939
railway
$1,995,542
1938
1937
$9,090,276
3,935,470
3,003,140
$9,881,581 $10,526,828
4,193,542
5,276,615
3,028,246
4,203,372
Gross from rail way.....
77,812,867
Net from railway
Net after rents
26,679,048
16,481,492
66,121,042
20,369,494
11,397,118
83,018.438
30,339,096
Net from rail way
Net after rents
From Jan. 1—
....
Green Bay & Western
October—
1938
1937
$173,226
47,872
20,588
$149,519
39,964
24,657
1,275,668
327,242
1,435,557
From Jan. 1—
Gross from railway
Net from railway
Netafterrents
1936
$132,071
30,257
10,218
1,414,686
405,115
176,413
...
28,174,163
20,447,59.4
RR.—Earnings—
1939
Gross from railway
75,762,661
21,980,336
—V. 149, p. 2974.
Net from railway
Net after rents
390,333
230,296
140,723
—V. 149, p. 2974.
$150,124
33,976
14,741
.
*
1,333,312
312,872
138,455
Greyhound Corp.—Extra and Larger Dividend—
Directors have declared
an
extra dividend of
quarterly dvidend of 25
cents per
share
50 cents per share in addi¬
the common stock, both
on
payable Dec. 21 to holders of record Dec. 11.
Previously, regular quarterly
dividends of 20 cents per share were distributed.
In addition, an extra
dividend of 30 cents was paid on Dec. 25, 1938.—V.
149, p. 3262.
Gulf Mobile & Northern
October—
1939
Gross from railway
Net from railway
r FromJan. 1—
Gross from railway.....
Net from railway
Net after rents.
1938
•
1937
1936
$616,116
212,703
124,553
$677,553
226,246
105,879
$715,211
331,254
190,915
5,709,109
1,855,911
963,410
5,460,245
1,625,847
698,539
6,394,286
2,245,620
1,137,932
6,041,734
2,332,113
1,191,259
1939
railway
from railway
Netafterrents
P.
T
1938
*■
1937
def9,429
$95,815
2,593
def22,742
$122,250
19,882
def4,004
963,531
47,395
def203,017
998,374
16,465
def251,064
1,342,622
241,220
defl7,612
1936
$122,450
14,453
def9,820
1—
Gross from railway
Net from railway
Netafterrents
149,
$103,066
14,818
2975.
—
-
$117,538
149,941
loss$32,404
...
—
—
818,125
136,281
on
45,220
$168,064
loss$32,403
5,000
..-------
2 290
preferred stock
on
common
stock
27,245
-
Assets—
Cash
on
on
1939
1938
Liabililies-
deposit &
hand-
$303,986
$89,721
199,763
receivable
Fed.
6,497
3,705
204,778
Equip.
rev.
stamps
hand--'
on
Inventories
Vendors'
ers
Notes
220,416
-
not current.
_
340
—
Investments
1
1,142,928
2,200
2,934
Inventory of sup's.
38,870
Deferred charges__
35,773
x
After
—
-$1,921,006
reserve
1,222,632
165.635
def84,085
8,281
13,253
41,105
54,255
46,273
7,617
z26,875
28,519
16,052
called
redemption_
current
13,159
Mtges. payable
Res. for
1
1939
for
stock
Accruals
not
—
.
1,240
15,888
Notes payable,
con-
Trademarks and
Total
76,843
and
accept'ces
Fed.Inc. tax pay.
8,013
1
1,113,158
patents.
$32,000
92,662
payable
Beverage tax pay.
Deposits
on
con¬
Pref.
Preferred stock
($1 par)
Paid-in surplus
Earned surplus
$1,738,678'
Total
11,616
190,000
190,000
coating's.
Com. stk.
86,488
1938
$3,380
tainers
81
receivable,
Property
Uncompleted
notes
trade
contain¬
returnable..
y
1939
Notes payable
Accounts payable.
200,028
Accts. and notes
10,000
75,000
544,900
257,000
567,022
100(666
544,900
257,000
434,843
...$1,921,006 $1,738,678
for doubtful accounts and notes
receivable of $37,926 in
1938.
y After reserve for depreciation of
and $42,875 in
z
Includes premium of $1,875,
source
of
Hayes Body Corp.—To Vote
$1,782.-—V. 149,
on
p.
$403,051
a
Includes
1763.
Stock Increase and Name
Change—
Paving the way for entry into the aircraft field, corporation will ask
stockholders at their annual meeting on Dec. 15, to
approve a change in
name to the Hayes Manufacturing Corp., and an increase
in authorized
capital from 500,000 shares to 1,000,000 shares of $2 par value common
stock.
The company now is limited in its charter to manufacture of
automobile
bodies, furniture and certain metal products.
It asks the right to
manu¬
facture and deal in aircraft, parts, accessories and allied
goods and numerous
other products.
Part of the additional stock, if authorized, might be sold
to the public, directly or through an underwriter,
particularly in
to entering
the aircraft field.
be utilized for acquisition of
holders says.
reference
In addition, part of the additional stock
might
interests in other enterprises, a letter to stock¬
It is proposed further to grant to John W. Young,
President, an option
buy 25,000 shares within four years from Oct. I, 1939, when he was
employed as General Manager by the board of directors, later being elected
President. This option is part of an
employment contract running for three
years at an annual salary of $15,000 plus a bonus of 5% of net profits earned
in each annual period ending Sept. 30 over the life of the
contract.
The
option price is $4 each for 12,500 shares, $5 each for an additional
6,250
shares and $6 each for the remaining 6,250 shares.—V.
149, p. 2513.
to
Hecla Mining
Co.—To Pay 15-Cent Dividend—
Directors have declared
compares
p.
a
dividend of 15 cents per share
on
the common
25 cents, payable Dec. 22 to holders of record Dec. 2.
This
with 10 cents paid on June 15, and on March 15, last.—V.
149
par
1476.
Hershey Creamery Co.—50-Cent Common Dividend—
Directors on Nov. 28 declared a dividend of 50 cents
per share on the
stock, payable Dec. 21 to holders of record Dec. 6.
Dividends of
50 cents were paid on June 30, last, and on Dec. 21,
1938, this latter being
the first payment made on the common shares since Dec.
common
regular semi-annual dividend of 50 cents
p.
3611.
Ship Island RR.—Earnings—
October—
—V.
RR.—Earnings—
149, p. 3409.
Gross from
Dividends
Dividends
stock,
$693,937
282,632
160,913
Netafterrents
Net income.-.
1936
$11,038,896
5,463,595
4,102,997
FromJan.
$105,958
11,580
$283,911
69,727
—
-~
in 1939 and $337,691 in 1938.
Federal income tax withheld at
Ry.—Earnings—
October—
Net
469 073
_
expenses
str'n Job orders-
RR.—Earnings—
Net from railway......
Net after rents
Gulf &
$711,312
472,946
136,763
$214,184
—
1938
$1,529,437
$273,730
10,182
—
$1,787,816
904,378
$883,438
_
Gross income-..
Income charges------
a
Grand Trunk Western
Ortnbpr
—V.
Gross profit
Selling and delivery
x
dividend of $1 per share on the common
stock, no par value, payable Dec. 15 to holders of record Dec. 1.
A divi¬
dend of 50 cents was paid on Nov.
15, last; dividends of 25 cents were paid
on Sept. 15, June 15 and on March
15, last; one of $1 was paid on Jan. 16,
last; dividends of 25 cents were paid on Dec. 15,
Sept. 15, and on June 15,
1938; a dividend of $1.25 was paid on Jan. 26, 1938; dividends of 50 cents
were paid on Dec. 15, Nov.
15, Sept. 15, and June 15, 1937; a dividend of
25 cents was paid on March 15, 1937; a
special dividend of $1 was paid on
Jan. 25, 1937, and a regular
quarterly dividend of 25 cents per share was
distributed on Dec. 15, 1936.—V. 149,
p. 2974.
a
(net).
General and administrative expenses.
149, p. 3261.
Mfg. Co.—Dividend Again Doubled—
The directors have declared
tion to
1939
...
Cost of goods sold
Ltd.—Listinq—
The San Francisco Stock
Gross from
(Del.; (& Subs.)—Earnings—
Consolidated Balance Sheet Sept. 30
tion to list 20,000 additional shares of
capital stock.—V.
—V.
Years Ended Sept. 30—
Net sales-
Net income--.Provision for income taxes
Company paid a dividend of 40 cents per share on the common stock, on
Nov. 28 to holders of record Nov. 27.
Dividend of 50 cents was paid on
April 15, last, and one of 40 cents was paid on Nov. 26, 1938.—V.
Gross from
on
Harvard Brewing Co.
Othpr income credits..
stock, payable Dec. 23 to holders of record Dec. 11.
Last previous divi¬
dend was the regular quarterly
payment of 50 cents made on Jan. 3, 1938.
—V. 149, p. 1177.
the
paid on Oct. 2, last.
was paid on Dec.
1, 1938 and one of 20 cents
Dec. 1, 1937.—V. 147, p. 3309.
Profit from operations
Glidden Co.— To Pay 50-Cent Common Dividend—1
on
20.
was
2687.
p.
Gross from
an
Extra dividend of 40 cents
1936
$187,098
15,507
def4,491
7,413
,
Inspection & Insurance Co.
extra dividend of 40 cents
per share
common stock, par $10,
payable Dec. 1 to holders of record Nov.
was
1939
Boiler
Directors have declared
Georgia Southern & Florida Ry.—Earnings—
October—
Gross from railway.____
Net from railway
Steam
—Extra Dividend—
per share aws
21, 1937, when a
distributed.—V. 147
Hobart Mfg. Co.—Extra Dividends—
Directors have declared
an extra dividend of
50 cents per share on the
class A and class B stocks, and a year end dividend of
$1 per share on the
class B stock all payable Dec. 22 to holders of record
Dec. 9.
Regular quarterly dividend of 37 Yn cents per share was
paid on the A
stock on Dec. 1, last.
An extra dividend of 50 cents was paid on Dec.
23,
1938 and 1937 and on Dec. 1, 1936.
Company paid
a
year-end dividend of $1 in addition to an extra dividend
on Dec. 23, 1938.—V. 149,
p. 1763.
of 50 cents on the class B stock
(A.) Hollander & Sons, Inc.—Cited by the
Making False and Misleading Reports—
Loss
Commission.
_
basis of the charges
the
whether
Humphrey.
complaint the Commission charged that company had violated
Sections 12-b, 13-a and 13-b of the Securities Exchange Act of 1934 by
making incorrect statements in its registration statement of May 4, 1935,
for 200,000 shares of capital stock, and in the various annual reports filed
since. Under Section 19-a-2 of the same Act, the Commission has the right,
after an open hearing, to suspend or strike its securities from registered
exchanges if the charges are proved.
According to the complaint, the company failed to reveal that "certain
officers and directors of the registrant, that is to say, Michael Hollander,
in New York before Adrian C.
In
its
Benjamin W. Hollander and Albert Hollander, acting for themselves and
other members of the Hollander family, have been parents of the
for
registrant, as defined in the instructions to Form 10, and have owned, both
directly and through A. Hollander & Son, Ltd., a corporauon wholly
owned and controlled by them, substantial amounts of the capital stock
registrant."—V. 149, p. 578.
of the
Holland Land
Honolulu Rapid Transit Co.,
from transp..
rev.
Net
rev.
84,213
78,282
789,678
741,127
$40,322
1,575
$374,427
16,597
$385,512
16,497
$39,568
11,379
$41,897
11,175
1,458
17,861
$391,024
112,333
13,302
187,354
$402,009
CrA 25
Cr555
CV455
8
702
745
6,759
$8,374
from transp-
Rev. other than transp.
Net rev. from opera._
Taxes assign, to ry. oper.
Interest
$11,125
$77,844
$96,859
937
18,869
Depreciation
Profit and loss
Replacements
Net
1939—10 Mos.—1938
$1,164,105
$1,126,639
$38,198
1,370
Operating expenses
108.695
*
+
a
dividend
of $1
Inc.—Year-End Div.
per share on the common
record Dec. 15. This com-
$1.50 paid on March 24r
4 and on July 15, 1938;
special dividend of 50 cents paid on March 25, 1938; dividends of $1 paid
March 15 and Jan. 15, 1938. and dividends of 50 cents per share paid
on Oct. 1 and July 1. 1937 —V. 149, p. 110.
a
on
Illinois Bell
Telephone Co.—To Pay $2.50 Dividend—
have declared a dividend of $2.50 per share on the common
payable Dec. 15 to holders of record Dec. 4.
Previously regular
quarterly dividends of $2 per share were distributed.—V. 149, p. 3117.
Directors
stock,
Illinois Central
RR.—Equipment Trust Certificates—
Commission
The Interstate Commerce
on
Nov. 21 authorized the com¬
to assume obligation and liability in respect of not exceeding $7,800,000
equipment trust certificates, series S, to be issued by the Pennsylvania Co.
for Insurances on Lives <& Granting Annuities, as trustee, and sold at par
and accrued dividends to the Reconstruction Finance Corporation in con¬
nection with the procurement of certain equipment.
pany
Against $5,000,000 RFC Loan—
Interstate
Commerce Commission
Finance Director
O.
E. Sweet has
advised the company that the Commission's finance division cannot approve
a new $5,000,000 Reconstruction Finance Corporation loan to the road for
equipment repairs, on the ground that the collateral offered is not sufficient
to secure adequately the new advance.
The Illinois Central had sought the $5,000,000 loan for the purpose or
repairing approximately 11,000 freight cars and 51 locomotives. It offered
as collateral for the new advance its equity in securities now pledged with
the RFC for
outstanding loans, plus the equipment covered by equipment
15,986
Earnings of System.
1939
1938
1937
1936
$12,144,406 $10,721,472 $10,400,584 $11,258,577
4,204,390
3,973,263
3,588,812
3,326,353
3,509,523
2 847,046
2,554,100
2,214,029
October—
Gross from railway.
Net from rail way
Net after rents
From Jan.
1—
Gross from railway
Net from railway
91,515,621
23.772,139
Net after rents
13,954,590
13,879,241
93,495,968
22,539.697
12,053,787
Earnings of Company Only
1938
1937
1936
$10,434,250
$9,190,813
$9,592,883
4,004,987
3,363,405
1939
October—
3,049,946
2,455,756
$8,817,214
2,944,898
2,128,064
79,376,866
Gross from railway
Net from rail way
74,792,991
19,379,043
81,532,151
18,644,431
80,806,264
18,544,762
11,489,115
11,351,861
10,234,148
Net after rents
—V. 149, P. 2691.
95,040,605
23.145,248
86,691,690
23,175,413
13,219,586
—V. 149, p. 2975.
174,164
_
revenue
declared
77-B adminis¬
certificates "Q" and "R
Ltd.—Earnings—
1939—Month—1938
$122,411
$118,604
Period. End. Oct. 31—
have
Eares$1 paid on Jan. 3 last; 50 cents paid on Oct.
ist; with 50 cents paid on Oct. 4 and July 15, last;
ICC
liquidating dividend of 75 cents per share on
$25, payable Nov. 28 to holders of record Nov. 24.
This compares with 50 cents paid on Sept. 25, 1938; $1 paid on Dec. 24 and
Sept. 20, 1937; 50 cents paid on Feb. 24, 1937 and Dec. 22, 1936; $1 paid on
June 3, 1936; $2.50 paid on Feb. 6, 1936; $1 paid on Nov. 4, July 15 and
April 23, 1935; 50 cents paid on April 1 and $1 per share distributed on
Feb. 26, 1935; $2 on Dec. 29, $3.25 on Oct. 15, 50 cents on July 31, $1 on
April 27, 50 cents on March 31 and $1 per share on Feb. 23, 1934,—V. 147,
p. 1780.
Gross
Directors
stock, par $10, payable Jan. 3 to holders of
Co.—Liquidating Dividend—
The directors have declared a
the common stock, par
expensis.
Hyde Park Breweries Association,
the Commission
the company's
depreciation, amortization,
and other deductions.—V. 149, p. 3263.
operating
After
tration expenses
„
,
.
ordered a proceeding to
capital stock (par $5) should not be
suspended or withdrawn from listing on the jSTew York Stock Exchange.
The Commission set the matter down for hearing on Dec. 18 in its offices
On
x
1939—10 Afox —1938
$130,178
$109,402
1939—Month—1938
$7,511
$5,014
Period End. Oct. 31—
x
whose business is processing of furs, was charged, "Nov. 24,
by the Securities and Exchange Commission with making materially false
and misleading statements in reports and other documents filed with the
Dec. 2, 1939
Huyler's of Delaware, Inc. (& Sub.)—Earnings—
SEC with
The company,
determine
OLD
ONE HUNDRED -—The Commercial & Financial Chronicle—YEARS
3558
2,716,877
1,843,116
From Jan. 1—
(Geo. A.) Hormel & Co.—Earnings—
[Including Domestic Subsidiaries]
28, *39 Oct. 29, '38 Oct. 30, '37 Oct. 31. '36
Net sales
...$60,344,087 $56,921,648 $60,759,586 $55,806,821
Cost of prod. sold, selling
and admin, expenses.. 57,307,067
54,357,459
54,761,760
59,477,050
280,119
300,107
376,515
337,799
Depreciation
Fiscal Years Ended— Oct.
Gross from railway
Net from railway
20,145,080
12,383,988
Netafterrents
—V. 1*9, p. 2975.
Illinois Terminal RR.
Co.—Earnings—
1939
1938
1937
1936
$617,066
268,014
$492,992
155,476
$557,638
194,653
107,997
$547,838
218,720
151,474
5,227,966
1,919,439
4,934,774
1,803,261
1,235,677
October—
.
Portion of sub. loss appl.
to
xl61,504
02,530
227,986
53,578
28,373
68,704
Cr 39
minority interest..
Prov. for Fed. inc. tax..
Additional
zl,033,458
Net
y748,484
on
Divs.
on common
712,494
$767,387
86,722
474,990
$846,711
87,632
475,065
474,990
474,990
474,990
$3.19
stock.
$1,031,574
86,724
475,000
preferred stock
$1.98
$1.43
$1.59
Shs. of common stk. out¬
share on
stock (no par)..
com.
per
Includes surtax on undistributed profits estimated,
x
—Y.
Includes local
y
for Federal and State
Income taxes (less excess provision of $13,972 for prior periods), estimated,
of $228,178, and surtax on undistributed profits, estimated, of $18,100.
ix Includes local taxes of $233,747; pay roll taxes of $302,222, and provision
for Federal and State income taxes, including additional provision of $13,984
for prior years of $497,489.
104,362
4,377,128
1,232,837
628,748
1,272,783
149, p. 2691.
Imperial Tobacco Co. of Canada, Ltd.—Interim Div.—
Directors have declared
standing (no par)
Earnings
192,830
4,857,725
1,629,007
1,005,580
1—
Gross from railway
Net from railway
Net after rents.
$1,601,001
86,724
712,502
income
Divs.
42,031
26,046
Net after rents.
From Jan.
assessments
for prior periods
Miscellaneous charges..
Gross from railway
Net from railway
interim dividend of 10 cents per share on the
an
ordinary shares, payable Dec. 30 to holders of record Dec. 8.
Similar
amount was paid on Sept. 30 and on June 30, last.
A final dividend of
22 Yi cents in addition to an interim dividend of 10 cents per share was
paid on March 31, last.—V. 149, p. 1477.
taxes and social security taxes of $492,206, provision
Condensed Consolidated Balance Sheet
Oct. 28
39
Cash
2,300,310
Accis. receivable..
2,270,019
3,741.907
163,424
x
Liabilities—
$
Inventories
Land
39
899,217
2,205,191
Accounts payable.
1,161,380
Prov.for inc.taxes
797,647
652,803
a
Process, tax res.
941,973
980,053
329,649
329,549
13,370
1,455,400
6,116,686
1,455,400
Reserves
stock of sub
5,237.595
151,870
141,953
Class A pref. stock
y
Common stock..
Corn. treas. stock Z>r244,584
Surplus....
a
13,998,128
12,451,464
Total
6,116,586
Z>r244,707
3,426,806
2,600,765
13,998,128
12,451,464
Reserve for undetermined liabilities in connection with invalidation of
processing taxes.
Household Finance
Directors have declared
Associated
Indiana
Period Ended Oct. 31—
Operating revenues
Telephone Corp.—Earnings—
1939—10 Mos.—938
1939—Month—1938
$268,729
$142,468
$130,942
$1,353,341
Uncollectible oper. rev_.
139
127
1,316
1,233
Operating revenues—
Operating expenses
$142,329
75,454
$130,815
62,993
$1,352,025
698,083
$267,496
665,436
Net oper. revenues___
$66,875
$67,822
$653,942
$602,060
53
50
20.352
18,485
540
201,667
1,610
182,482
$46,470
33.892
$49,287
$451,735
329,237
$417,968
292,311
1939
$2,686,324
818,883
612,152
1938
$2,605,604
815,189
582,999
1937
$2,582,181
807,144
$1,255,289
483,945
125,363
$1,207,415
483,945
124,615
$1,220,490
522,648
124,461
$645,980
$598,855
$573,381
Rent for lease of operat¬
ing property
Operating taxes.
Net
xAfter depreciation of $2,581,948 in
1939 and $2,267,761 in 1938.
Represented by 493,944 no par shares,
z Represented by 18,944 no par
shares in 1939 and 18,954 no par shares in 1938.—V. 149, p. 1764.
y
operating income.
Net income.
38,757
—V. 149, p. 2691
Indianapolis Water Co.—Earnings—
Corp.—Special Dividend—
special dividend of $1 per share on the common
stock, payable Dec. 11 to holders of record Dec. 4 and the regular quarterly
dividend of $1 per share payable Jan. 15 to holders of record Dec. 30.
Special dividend of $1 was paid on Dec. 6, 1938 and an extra dividend of
$1 was paid on Dec. 10, 1937.—V. 149, p. 2975.
a
(Harvey) Hubbell, Inc.—Extra and Larger Dividend—
Directors have declared
an extra dividend of 20 cents per share in addi¬
quarterly dividend of 30 cents per share on the common stock
both payable Dec. 20 to holders of record Dec. 9.
Regular quarterly
dividend of 25 cents per share was paid on Sept. 20, last.—V
149, p. 1764.
tion to
on Nov. 28 voted a special dividend of 40 cents
share, payable Dec. 22 to shareholders of record Dec. 1.
This com¬
with 15 cents paid on Oct. 31, July 31, and on April 29, last; 50 cents
paid on Dec. 22,1938; 15 cents paid on Oct. 31, July 30, and April 30, 1938;
and 40 cents paid on Dec. 22, 1937; 25 cents on Oct. 30, 1937; 30 cents on
July 30, 1937; 25 cents per share paid on April 30, 1937, and a dividend of
$1.90 distributed on Dec. 22, 1936.—V. 149, p. 2691.
pares
14.816
152,524
646,198
Min. int. in capital
equipment
5,251,401
Sundry assets
132,221
Prepaid expenses..
137,947
Total.
'38
$
7.
•
Oct. 29
$
3.663,114
mach'y &
Land,
Oct. 28
Oct. 29 *38
$
Assets—
Incorporated Investors—To Pay 40-Cenl Dividend—
The board of directors
per
12 Months Ended Oct. 31—
Gross revenue
Operation, maintenance & retirem't
All Federal and local taxes
Net income
Interest charges
Other deductions
554,545
a
Balance available for dividends
—V. 149, p. 2514.
.
Hudson Coal
Co.—Sinking Fund Instalment Not Paid—
The Chemical Bank & Trust Co.
as
trustee for first mortgage
sinking fund
5% gold bonds, series A, has published notification to holders that the
sinking fund instalment which became due Oct. 1, 1939, under the in¬
denture, has not been paid, and that the 60-day period of grace provided
for in the indenture in respect of such payment has now
expired.
Company gives
as
its
reason
for
deferring sinking fund payments the
chaotic conditions of the anthracite industry and the desire to conserve the
assets of the company until stable conditions are restored in the anthracite
coal industry, and states that as of
Sept. 30, 1939, the sinking fund con¬
tained $8,456,000 par value of the $35,000,000
par value of bonds originally
issued under the mortgage of June 1, 1927.
The company has further notified the Chemical Bank that this action
will not affect the interest payable on bonds issued under the
mortgage and
held by the public.—V. 148, p. 2271.
a
director of this railroad.—V.
149, p.
Hudson Motor Car Co.—Sales Continue at
High Rate—
cars
for the three weeks ended Nov. 18 totaled
on Nov. 24 by G. H. Pratt, General Sales
7,155 units, it was reported
Manager of the company.
Retail sales in the United States alone for the
period gained 88% over the corresponding weeks a year ago. Mr. Pratt
stated.—V. 149, p. 3410.
no par
Inland Steel
Directors
common
on
stock,
Co.—Special Dividend—
Nov. 22 declared a special dividend of $1.50 per share on the
no par
This compares with
value, payable Dec. 20 to holders of record Dec. 5.
1, and previously regular quarterly
$1 paid on Dec.
dividends of 50 cents per share were
distributed.
Bonds Called—
A
total
of
$100,000 first
mortgage 3%
bonds, seriis E
due Jan.
15,
Payment will be made at the Guaranty Trust Co. of New York
the First National Bank of Chicago.—V. 149, p. 3116.
interest.
3410.
Total sales of Hudson
Corp.—Year-End Dividend—
a year-end dividend of 50 cents per share on the
value, payable Dec. 26 to holders of record Dec. 8.
This compares with 25 cents paid on Oct. 7, last, this latter being the first
dividend paid on the common shares since Jan. 3, 1938 when 25 cents per
share was paid.
See V. 147, p. 1879 for detailed record of previous dividend
payments.—V. 149, p. 3264.
stock,
1952 have been called for redemption on Jan. 15, 1940 at 102 and accrued
Hudson & Manhattan RR. Co.—New Director—
Kelley Graham has been elected
Industrial Rayon
Directors have declared
common
and at
Interborough Rapid Transit
Deposits Under Unification Plan—
The
Co.—Committees
protective committees for Interborough
Rapid Transit Co. 1st
ref. mtge. 5% gold bonds and 10-year secured convertible 7% gold
and Manhattan Ry. consol. mtge. 4% gold bonds, issued a letter
Nov.
Urge
&
notes,
dated
28, informing their depositors, and also non-depositors—(1) that the
,
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Interborough-Manhattan Unification
Plan
was
Transmit Commission
declared operative by the
on Nov. 22,1939, and (2) that in the
judgment of the
committees it is in the interest of
non-depositing holders that they should
promptly deposit their securities under the plan. The letter states in part:
More than 76% of the three senior issues and more than 66
2-3% of the
2nd mtge. bonds and
capital stock of the Manhattan company have now
assented to the plan—thus
fulfilling the requirements for declaring the plan
operative.
"On Sept. 18, 1939, a total of
$57,298,400 of the senior securities was on
deposit.
Since that date, an additional $78,117,000 of such securities has
been deposited. In contrast to this
strong support of the plan, only $94,000
principal amount of such securities was withdrawn during the 30-day with¬
drawal periods which have now
expired.
At the close of business on Nov.
27, 1939, holders of the following prin¬
cipal amounts of the three classes of senior securities had assented to the
plan and their securities were on deposit with the committees:
Interborough 5% bonds, $75,636,000 or 77.82% of total issue.
Interborough secured 7% notes, $25,714,400 or 81.13% of total issue.
Man¬
hattan consol. mtge. 4% bonds,
$33,971,000 or 83.52% of total issue.
1935; $2
15, 1935; $3 on Dec. 31, 1934; $2 on June 15, 1934; $3
Dec. 15. 1933. and $2 on June 15, 1933.—V. 148,
p. 3690.
International Rys. of Central
Period End. Oct. 31—
Railway
Net
advantage by continuing to withhold their
non-assenters
The plan makes express
assents.
event
that
the
prices
upset
favorable treatment to
more
than
to assenters.
Moreover, if for any reason the plan
consummation, the committees believe it probable that
security holders of the issues represented by them would ultimately
should
all
fail
of
realize less than under this plan.
Holders of undeposited securities
should
realize,
however,
that
the
securing o^ substantial additional deposits under the plan is still of real
importance.
There remain many complicated legal steps (such as fore¬
closure of the senior mortgages, purchase by the committees of the mort¬
gaged properties, and settlement of the Interborough-Manhattan con¬
flicting claims) which should be taken as rapidly as practicable if the time
schedule contemplated by the plan is to be
complied with.
Prompt ad¬
ditional deposits leading to substantially unanimous
support of the plan
will, of course, assist the committees materially in carrying out these
necessary steps with the greatest expedition and effectiveness.
These committees also desire to call the attention of
security
the fact that the city now has the
holders to
right to exercise either of the two options
granted it by Section VII of Article 8 of the plan, and also to the fact
that the city is not required to give advance notice to
security holders of
the exercise of the second
of these
options
to
nor
afford any additional
period for the deposit of securities.
Distributions Under Plan to 3 Senior Issues
The plan provides that upon its consummation,
(1) each holder of a $1,000 Interborough 5% bond will receive $825 in
principal amount of 3% city corporate stock or (at the option of city) cash,
together with a sum in cash approximately equal to interest at the rate of
3% on $825 from July 1, 1939 to the date of consummation,
(2) each holder of a $1,000 Interborough secured 7% note and appur¬
interest at the rate of 3% on $793.34 from July 1, 1939 to the date of con¬
summation, and
(3) each holder of a $1,000 Manhattan consol. mtge. bond will receive
$825 in principal amount of 3% city corporate stock or (at the option
of the city) cash, together with sums in cash
approximately equal to (a)
interest at the rate of 3%
on
$8,25 from July 1, 1939 to the date of
con¬
summation, and (b) interest at the rate of 4% on $1,000 from Oct. 1, 1937
to Jan. 1, 1939, i. e., $50 (which latter sum will
bring the payment of
interest on such bond up to the date to which interest has been
paid on the
Interborough 5% bonds and 7% notes.)
Asks Review of Decision on Manhattan-—
Representatives of the company have filed an application in the U.' S.
Surpeme Court for a review of the U. S. Circuit Court of Appeals' decision
holding that I. R. T. under its contracts with New York City is obligated
to continue operations over the Manhattan
Ry. elevated lines.
The Circuit
Court decision, handed down last April, left to negotiation between the
companies and the city the terms for Interborough use of the Manhattan
Ry. receiver filed
decision
cross-petition asking relief in so far as the Circuit Court
not considered as fully upholding Manhattan's
position in
was
a
the case.
In commenting on the I. R. T. petition and the Manhattan cross
petition,
Charles Franklin, counsel to Manhattan Ry., expressed the view that the
actions at this time are more or less
precautionary in character.
"Under
existing Federal statute and rules," Mr. Franklin explained, "the parties
stipulate more than 60 days' extension of time to file such writs.
This date expired Nov. 27, hence solely in order to preserve
rights a petition
a
The
Ry. unification plan.—V. 149,
International Milling Co.
Years Ended Aug. 31—
Net income after all charges
p.
3410.
1939
International Salt Co.—Extra Dividend—
.
of 50 cents
$745,217
259,344
8,322
...
_
_
$477,551
1939
1938
$
$
Assets—
Cash
Marketable
Drafts & accts.
on
est.,
871,624
388,723
81,503
126,043
35,841
44,672
Amer. & Canad.
186,715
9,609,328
217,383
225,535
Accrued commls'ns
12,128,045
11,958,941
Accr'd divs. on pf,
Wareh.Co., Ltd.
224,402
._
.
139,541
Taxes accr'd (Incl.
bldgs.,
.
76,012
,009,164
196,541
9,326,328
mach. & eqpt.
4,763,000
998,588
—Term. Dock &
92,506
expenses.
Other assets
$
1, 472,500
-
3,132,877
Inventories
Real
$
_
payable.
2,824,589
grain In
transit, &c
Prepaid
Accounts
Income
stocks
Res.
for
Can.
1st mtge.
67,261
1,500,000
2.7%
note
due Aug. 15, '49
Reserves
752,825
stk.
pf.
stk.
5,254,671
5,816,000
(par
$100)
2nd
500,000
5,734,500
1st pref.
(par
October—
Common stock
500,000
Earned surplus
733,966
aside
retire, of 1st
405,000
*2500,000
6,676,280
for
pf.
stock
26,923,578
28,670,6841
1937
$1,187,493
$1,182,385
190,509
19.645
From Jan. 1—
Gross from railway
266.803
110,557
9,485,886
9,988.700
1,127,929
11,062.716
10,037,366
1,604,216
126.861
Net from railway
Net after rents
"...
—V.
The directors have declared
on
the
no
par
holders of record Dec. 5.
a
$6
shares,
y
Funds with
dividend of $3.60 per share on account of
cum.
This compares
p.
2976.
1,877,207
378.576
def.596,858
I
International Telephone & Telegraph Corp.—Gain in
Phones—
Net gain of 5,256 telephones in service was shown in
October by sub¬
of this comporation, compared with 5,709 last
year, 1,558 two
sidiaries
4,993 in October, 1936.
During September, International Telephone subsidiaries operating in
Argentina, Brazil, Chile, Cuba, Mexico, Peru, Puerto Rico,
Rumania,
and Shanghai showed a net increase of 5,036
telephones in service, against
an addition of 6,369 a
year earlier, a loss of 1,980 stations in the like 1937
month, and an expansion of 5,131 in September, 1936.
For the first 10 months of this year, ITT subsidiaries
recorded a gain of
56,161 telephones in service, contrasted with 58,833 stations added in the
similar period last year.—V. 149, p. 2234.
years ago, and
Investment Corp. of
Philadelphia—Special Distribution
Directors have declared a special dividend of $2 per share in addition
to
quarterly dividend of 75 cents per share on the common stock, no par
value, both payable Dec. 15 to holders of record Dec. 1.
See also V. 146,
a
p.
1245.
Joslyn Mfg. & Supply Co.—Larger Dividend—
Directors have declared a dividend of $1.75 per share on the common
stock, payable Dec. 15 to holders of record Dec. 4.
This compares with
75 cents paid in each of the four preceding quarters; 50 cents paid on
Sept.15,
1938, and a regular quarterly dividend of 75 cents per share paid on
March 15, 1938—Y. 149, p. 3116.
Joy Manufacturing Co.—Earnings—
Company, manufacturers of merchancial coal loading equipment, Nov. 29
Exchange Commission an amendment to its
registration statement covering 105,000 shares of common stock, estimat¬
ing net income of approximately $220,000 for the months of October and
November.
This is equivalent to approximately 57 cents per share on
384,100 shares of common stock outstanding and brings earnings for the
11 months to approximately $1.65 per share.
Net income for the nine months ended Sept. 30, after all
charges and
provision for income taxes, as shown in an audited statement, amounted
to $413,709, exceeding earnings for the full year 1938 when net income
of
$364,907 was reported.
Despite increased shipments during the month, unfilled orders of the
company on Nov. 25 aggregated $1,177,824 as compared with $1,219,606
on Nov.
1.—V. 149, p. 3411.
filed with the Securities and
Kansas
City Gas Co.—Bonds Called—
City Bank Farmers Trust Co.,
as successor trustee, is notifying holders
1946, that there has been drawn
by lot for redemption out of sinking fund moneys on Feb. 1, 1940, at 102%.
$16,500 principal amount of these bonds.
Payment of drawn bonds will
be made on Feb. 1 at the principal office of the bank, 22 William St.—
V. 148, p. 3379.
of first mortgage gold bonds 5% series due
Kansas
City Power & Light Co.—Earnings—
Period End. Oct. 31—
Gross
earns,
Operating
1939— Month—1938
(all sources)
$1,409,533
689,702
expenses.__
$719,831
118,217
8,540
198,147
'—
Interest charges.
Amort, of disct. & prem.
Depreciation...
1 939—12 MV>s.—1938
$1,333,993 $16,717,505 $17,005,436
640,740
8,138,199
8,298,906
$69.3,253
114,531
8,540
192,547
$8,579,306
1,432,281
102,479
1,247,446
$8,706,530
1,379,125
102.479
2,286,590
Amortiz. of limited term
867
910
5,865
73,100
5,822
68,531
18,481
64,327
872,463
67,393
841,319
$315,095
$302,372
$3,741,828
$4,008,240
$0.56
$0.54
$6.67
$7.18
investments
Net profit and loss
'
21,384
Earns,
per sh. common
after income tax
Including maintenance,
and general and property tax.
Note—No deduction is made in the foregoing statement for the surtax if
imposed
on
undistributed profits under the Revenue Act of 1936.—V.
Kansas
City Public Service Co.—Distribution—
Effective Dec. 1 bondholders who deposited their securities in acceptance
of the company's plan of capital readjustment, may obtain $336.67 cash
and 10 shares of new 5% $70 par preferred stock by presenting certificates
of deposit to the various depositaries.
The plan, which was evolved after conferences with the Reconstruction
provides for distribution of $300 cash and $36.67
exchange of the company's 4% series C first mortgage
for each $1,000 bond. In
equipment, and through
reduction on fixed charges, to build up adequate depreciation reserves.
The bonds deposited under the plan are to be used as collateral for $3,154,542 in 5% 10-year notes sold to the RFC and cash obtained from RFC
is being distributed to bondholders.
Corporation,
bonds from Jan. 1, and the new preferred stock
this method the company hopes to modernize
The Chase National Bank of the City of New York has been appointed
transfer agent of preferred stock $70 par value, and registrar for voting
trust certificates for preferred stock $70 par value.—V. 149, p. 34ll*
Kansas Oklahoma & Gulf
1939
October—
Net from railway......
Net after rents
From Jan. 1—
Net after rents
Ry.—Earnings—
1938
$252,919
152,229
94,379
$228,092
120.487
2,316,175
1,267,154
826,202
1937
1936
$249,747
74,036
146,145
102,631
$213,711
107,030
64,235
1,919,235
927,173
565,866
2,023,061
1,087,692
708,344
2,053,081
1,068,534
654,356
149, p. 2693.
26,923,578 28,670,684
no par
pref. series A stock, payable Dec. 15
with $2 paid on July 1, last:
$2.50 paid on Dec. 15, 1938; $3 on June 17, 1938: $2 on Dec. 15, 1937 $3
on June 15, 1937; $4 on Dec. 15, 1936; $2 June 20, 1936; $3 paid on Dec.
30,
to
14,655
1936
"
149,
1,227,959
defl59,855
Net from railway
58,165
International Power Securities Corp.—Accum. Div.—
accumulations
'
1938
$1,051,664
165,147
Gross from railway
88,381
Total
Represented by 277,316 (70,019 in 1938)
insurance company.—V. 148, p. 440.
x
on
1939
—V.
Total
paid
was
$1,045,462
188,430
51,236
Gross from railway
$100)
Amt. set
the common
Extra dividend
on
of 25 cents
Transfer Agent—
4% sink.
fund bonds
10-yr.
one
Gross from railway
Net from railway
Net after rents
Finance
ex¬
change, &c
15, 1938, and
interest to date of
taxes)..
int., &c_.
payr.,
Dec.
on
1938
Due to Assoc. Co.
rec.
less reserves
Advs.
Notes payable
paid
149, p. 2693.
1939
Liabilities—
.$2,090,288 $3,176,568
y50,705
153,511
securs.
was
International Great Northern RR.—Earninqs—
any
Consolidated Balance Sheet Aug. 31, 1938
dividend of 25 cents per share in addition
Dec. 15, 1937.—V. 149, p. 733.
a
Surplus..
an extra
quarterly dividend of 37Yi cents per share
stock, both payable Dec. 15 to holders of record Dec. 1.
1938
$1,945,485
287,616
3,464
420,114
_
1,707,651
782,272
Fed. & State inc. taxes..
$1,234,292
....
1,754,375
883.279
Misc. income deductions
(& Subs.)—-Earnings—
Dividends first preferred stock
Dividends second preferred stock
Dividends common stock
90,299
def535
54,028
2976.
p.
Net earnings
on
foreclosure suit, which has been initiated by Central Hanover Bank & Trust
Co. as trustee under the mortgage, represents a step toward consummation
of the proposed I. R. T.-Manhattan
139,320
149,
Directors have declared
a
Hearings Get Under Way on Manhattan Foreclosure
Hearings began Nov. 27 before Federal Judge Robert P. Patterson
proposed decree of foreclosure of Manhattan Ry. first mortgage 4s.
$4,580,780
1,851,388
to the regular
cannot
for certiorari was filed."
$4,937,141
1,950.333
charges
elevated system.
The brief in support of I. R. T.'s petition for a review is
signed by counsel
of protective committees for all I. R. T. bonds and
notes, as well as by
Carl M. Owen, counsel to the I. R. T. receiver.
Counsel to the Manhattan
$390,827
112,285
Net income
tenant
Sept. 1, 1932 coupon, on which note and coupon $906.68 remains
unpaid, will receive $793.34 in principal amount of 3% city corporate
stock or (at the option of the
city) cash (being 87H% of such amount
remaining unpaid), together with a sum in cash approximately equal to
1939—10 Mos —1938
$450,759
166,765
rev.
—V.
on
America—Earnings—
1939—Month—1938
oper. revenues.
from ry. opers,
Income avail, for fixed
In view of the fact that the
plan has been declared operative, the com¬
mittees are convinced that non-depositors cannot
hope to obtain any
provision authorizing its termination in the
fixed in the foreclosure sales should result in
3559
on June
Kennecott
Directors have
Copper Corp.—To Pay $1.25 Dividena—
declared
a
dividend of $1.25 per share
on
the
common
stock, no par value,
payable Dec. 23 to holders of record Dec. 1.
This
with 25 cents paid on March 31, last; final dividend of $1 paid on
1938; dividends of 25 cents paid in each of the three preceding
quarters, and previously regular quarterly dividends of 50 cents per share
compares
Dec. 23,
were
distributed.
1937,
In addition, a special dividend of $1 was paid on Dec. 23.
and special dividends of 25 cents were paid on Sept. 30 and on
1937.—V. 149, p. 3411.
June 30,
Kansas Power Co. (&.
$150,211
$164,402
$472,772
$482,725
36
429
116
664
$150,248
69,742
$164,831
78,285
$472,888
305,015
$86,547
29,885
$167,873
119,540
$167,705
119,540
stock dividends—
Kaufmann Department
Stores, Inc.—Extra Dividend—
dividend of 30 cents in addition to a
dividend of 13 cents per share on the common stock, par $1.
The extra
dividend Will be paid on Dec. 15 to holders of record Dec. 8 and the regular
dividend will be paid on Jan. 29 to holders of record Jan. 10. / Previously,
company paid 12 cents on Oct. 28, 13 cents on July 28, 12 cents on April 28,
Jast, and an initial dividend of 13 cents on Jan. 28, 1939.—V. 149, p. 1919,
1180, 416, 282,.—V. 148, p. 3851, 1811.
have declared an extra
Kentucky Utilities Co. (& Subs.)— ■Earnings—
$9,167,489
5,792,211
$961,947
17,977
$3,771,208
1,424
1,354
Net
Divs.
$1,017,206
518,333
i.-
$428,807
114,016
income
on
Divs. on
94,681
378,686
378,686
$220,110
$815,814
$805,104
$758,151
10,753
$2,958,202
867
$2,668,686
118,832
$805,097
374,427
$768,904
396,027
$2,959,070
1,529,719
$2,787,518
1,590,592
$430,669
114,016
$372,877
114,016
$1,429,351
456,066
$1,196,927
456,066
94,681
94,681
378,686
$221,972
$164,180
$594,599
$362,175
_
income.
6% pref. stock.
junior pref.
Divs. on 7%
stock
—
149,
.
1,187,699
333,088
151,682
76,206
1,394,593
440,833
188,648
Net
after
rents
2,799,682
_
.
Lehigh Valley
Nov.
Kingston Products Corp.— To Pay
10-Cent Common Div.
of 10 cents per share on the common
15 to holders of record Dec. 1.
This will be the first
paid since Dec. 15, 1937 when a regular quarterly dividend of
per share was distributed.—V. 149, p. 2693.
dividend of 25 cents per share in addi¬
quarterly dividend of 15 cents per share on the common
stock, both payable Dec. 15 to holders of record Dec. 5.
An extra of 20
cents was paid on June 15, last; one of 10 cents was paid on Dec. 15. 1938;
50 cents on Dec. 20, 1937, and one of 15 cents was paid on Sept. 15, 1937.
—V. 148, p. 3225.
701.660
$4,622,673
1,453,800
1.095,165
37,403,124
10,155,613
5,669,969
33,822,777
7,705,742
2,863,486
41,134,880
9,"884,759
5,041,878
40,153.496
10,974,748
7,179,007
.
.
.
.
.
Corp.—Transfer Agent—
The New York Stock Exchange has been notified
1939—3 Mos.—1938
$515,187
$477,271
350,895
326,880
Oper. exps. and taxes
$191,292
111,040
91,806
$349,619
229,489
175,304
$417,775
294,719
232,853
2,490,026
1,560,149
1,049,323
Net after rents
From Jan. 1—
971,607
143,085
def82.210
3,129,686
1,989,487
1,492,015
2,676,565
1,649,201
Net from railway.
Net after rents..
1,216,043
2977
_
$622,532
7,295
38,737
$158,657
73,982
$629,827
279,611
$560,272
284,331
$84,675
39,988
$350,216
159,426
$56,322
Net income
Pref. stk. div. require'ts.
$44,687
$190,790
Oper. exp., incl. int
1,152,564
Operating income
$76,828
5,699
1936
1937
$1,792,424
1,538,952
$1,765,302
1,544,852
$253,472
28,612
1938
$1,750,415
1,534,543
$220,450
2,245
$215,872
5,749
Gross income
31
Years Ended Dec
9 Mos. End.
Sept. 30 '39
$1,229,393
$275,941
159,939
$116,002
149, p. 2517.
Link Belt Co.—Extra Dividend—
Directors have declared
an
extra dividend of 50 cents
per
share in addi¬
distribution will be made on March 1,
1940.—V. 149, p. 2977.
record Dec. 8 and the regular quarterly
1940 to holders of record Feb. 10,
Loew's London Theatres,
Gross ticket receipts....
Sundry
Ltd.—Earnings—
Weeks
ro Weeks-
——
-
Aug. 31,'39 Aug. 25, '38 Aug. 26, '37 Aug. 27, '36
Period—
$142,553
$137,005
$133,226
100,399
97,096
100,681
$43,052
$42,154
$39,908
$32,545
35
60
60
"""842
979
957
1,140
$43,894
$43,168
$40,926
$33,745
29.611
24,309
22,488
20,564
3,136
3,142
2,077
$11,816
5,905
&c
Balance
$132,902
324
$15,722
23,619
$15,597
5,905
$11,105
11,809
salaries,
exps.,
wages,
$136,176
830
2,467
Theatre
$142,416
137
105,214
.
$147,998
269
$148,267
revenues
Total income....
.
Rent received
Interest earned.
revenue
..
Taxes, insur., repairs, re¬
newals, &c
Prov. for Dom. & Prov.
taxes
Net profit
Preferred dividends
Balance Sheet
Asscts-
Aug. 31 '39
Cash
Bal.
$20,743
on
con.
x
Aug. 25 *38
$67,298
Aug. 31 '39
Aug. 25 *38
$5,096
$22,545
2.900
3,750
7% pref. stock....
Tr. Co
337,410
337,410
Common
500.000
500,000
13,224
6,633
$858,630
$870,338
Prov. for taxes
17,286
booking
516,827
516,827
286,620
Real est.,
Liabilities—
Accts. payable and
accrued charges.
with
dep.
12,060
shares..
261,396
4,847
15,068
Surplus.
hides.,
Ac
Movietone instal't.
Alter, to Arenova-
exp.
5,093
4,902
Total.........
$858,630
$870,338
Prepd. ins. A
After
for
reserve
-V. 148, p.
Corp. (& Subs.)—Earnings—
Lefcourt Realty
•
tion to the regular quarterly dividend of 25 cents per share on
the no par
common stock.
The extra dividend will be paid on Dec. 26 to holders of
x
Period—
$521,534
$150,391
8,266
$96,069
39,747
Int. & other deductions.
ti( n of theatre..
Gross from railway...--
—V. 149, p.
1936
$531,078
406,890
320,414
..
Net from railway.
$1,786,665
1,265,131
$167,729
71,659
Gross income
rights. Ac.
1937
1938
1939
October—
Gross from railway—
1939—12 Mos:—1938
$1,912,272
1,289,739
$164,292
3,436
Net oper. income..__
Other income (net).
Goodwill,
Ishpeming RR —Earnings—
of the appointment of
stock,
Lexington Utilities Co. (& Subs.)- -Earnings—
Period End. Sept. 30—
Operating revenues—__
tion to the regular
Lake Superior &
1936
1937
$4,215,756
1,142,770
149, P. 2977.
Total
Kysor Heater Co.—Extra Dividend—
Directors have declared an extra
1Qt»
$4,091,033
1,313,773
744,153
the Bank of Manhattan Company as transfer agent for its common
effective Dec. 15, 1939.—V. 149, p. 3117.
Up—
Kcppers Co.—Preferred Arrearages Paid
Company voted a dividend of $3.75 per share on the preferred stock,
payable Dec. 18 to holders of record Dec. 9. This payment clears arrearage
on
the issue.
Company also declared the regular quarterly dividend of
$1.50 on the 6% preferred, payable Jan. 2. to holders of record Dec. 9.
—V.
149, p. 3266.
550,969
1—
Lerner Stores
Directors have declared a dividend
10 cents
78,365
3,293,032
861,392
650,776
3,109,433
757,677
663,101
691,119
1Q3Q
Gross from railway
Net from railway
stock, payable Dec.
dividend
107,872
$4,590,669
1,572,447
1,126,479
.
Net after rents
Pay $2.50 Dividend—
24
$366,387
R R.—Earnin gs—
October—
-V.
declared a dividend of $2.50 per share on the
common stock, payable Dec. 20 to holders of record Dec. 11.
Dividend of
50 cents was paid on July 10, last, this latter being the first dividend paid
on the common shares since Dec.
1937.—V. 149, p. 112.
on
j
2693.
p.
Gross from railway
Net from railway
—V.
$320,514.
84,027
69,652
-1939
_kq
Keystone Watch Case Corp.—To
146,057
1—*
Net from railway
after rents
149,
1937
$313,458
99,758
74,408
3,570,066
1,359,953
1,075,718
.
Net
—V.
Directors have declared a
Directors
1,297,977
397,706
1936
1938
$446,440
208,237
160,078
■
From Jan.
Co.—Larger Dividend—
dividend of 20 cents per share on the common
stock, no par value, payable Dec. 15 to holders of record Dec. 2.
This
compares with 15 cents paid on Sept. 15 and on June 15, last; 20 cents
paid on April 15 last; dividends of 10 cents paid on Feb. 1, last and on Nov. 1,
1938; 40 cents paid on June 27, 1938; 15 cents paid on April 15, 1938;
25
cents paid on Nov. 1, 1937; 15 cents on Aug. 2, May 1 and on Feb. 1,1937,
and dividends of 50 cents per share paid on this class of sock on Nov. 1
and on Aug 1,1936—V. 149, p. 2516.
62,946
34,240
Lehigh & New England RR.—Earnings—
Balance.
Keystone Steel & Wire
$147,606
149, p. 2977.
October—
2370.
p.
30,188
1,317,874
418,301
Gross from railway
Net from railway
378,686
Dr7
Int. & other deductions.
Balance
1939—12 Mos.—1938
$7,720,321 $7,246,190
4,762,119
4,577,504
$1,946,403
1,188,252
income.
Other income (net)..
Gross income.
21,563
1936
1937_
$154,562
63,010
after rents
—V.
$482,348
(Company Only)
the common
1—
Net after rents
$2,058,000
1,252,896
Net oper.
—V.
$1,317,100
456,066
$1,650,566
456,066
1939—3 Mos.—1938
Period End. Sept. 30—
Operating revenues
Oper, exps. & taxes....
Net
From Jan.
$290,176
------
Statement of Income
on
$3,516,534
2,199,433
94,681
Balance
Divs.
551,117
114,016
6% pref. stock.
7% junior pref.
stock.
Net
$3,772,632
2,122,067
$979,924
$498,873
—
deductions.
1938
$147,219
49,953
after rents
From Jan.
$3,375,277
141,257
$1,015,852
income
Gross income—
1939—12 Mos.—1938
$9,751,515
5,980,307
""■*
Other income (net)
Int. & other
1939
$159,471
59,803
28,780
Gross from railway..
1939—3 Mos.—1938
$2,614,847 $2,450,970
1,489,023
1,598,995
Period End. Sept. 30—
Operating revenues. _—
Oper. exps. and taxes—
dividend of 10 cents per share on
Nov. 30, 1937.—V. 149, p. 3266.
on
Gross from railway
Net from railway
1919.
Net oper.
paid
was
Gross from railway
Net from railway
$48,165
$48,333
$56,662
$50,620
Balance
Directors
a
Lehigh & Hudson River Ry.—Earnings—
Net
—V. 149, p.
10-Cent Dividend
Lehigh Coal & Navigation Co.—To Pay
October—
income
SEC—
149, p. 2235.
first page of this department.—V.
on
Directors have declared
$483,389
315,684
$80,505
29,885
Int. & other deductions.
given
stock, payable Dec. 22 to holders of record Dec. 2.
Similar payment was
made on Dec. 24, 1938, and a regular semi-annual dividend of 15 cents per
share
Gross income.
Pref
See list
$477,392
327,181
Net oper. income
Other income (net)
Dec. 2, 1939
Lawyers' Mortgage Corp.—Registers with
Subs.)—Earnings—
1939—12\ Mos —1938
$482,313 $1,069,887 $1,675,10.)
317,911
1,197,11a
1,192,381
1939—3 Mos.—1938
Period End. Sept. 30—
Operating revenues
Oper. exps. & taxes
Net
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
3560
Total
depreciation of $196,027 in 1939 and $189,621 in 1938.
3072.
(Marcus) Loew
Period—
Total revenue
Theatre exps.,
s Theatres, Ltd.—EarningsAug. 31, '38 Aug. 2d, '37
52 Weeks
to Aug.30*39 to Aug.3Y3S Aug. 26, '3
$188,448
$201,158
$203,161
52
Weeks
\ug. 27, '36
$150,380
salaries &
10,650
10,350
9,300
$190,508
64,961
$178,098
66,367
$141,080
59,286
822,262
$125,547
753,930
$111,730
699,416
$81,795
663,394
Preferred dividends
Other income
$943,269
194,535
$879,477
57,216
$811,146
57,216
$745,189
45,773
Earned surplus
$748,733
$822,261
$753,930
$699,416
wages, Ac
Amt. written off reorgan.
$82,528
264,342
11,400
Prov. for Fed. inc. taxes
Net loss
......
$221,622
352,273
35,200
$282,083
350,868
x44,600
$222,695
350,141
x34,600
Int., taxes, depr., &c
$193,214
Total income
Depreciation
$165,851
$113,385
$162,046
15,176
Previous surplus
Preference dividends...
x
Includes
Liabilities—
Sept. 30 "39 Dec. 31 *38
Cash
$209,959
$121,007
profit
Sept. 30 *39 Dec. 31 *38
Accts. pay., trade.
$33,067
$42,742
Accrued liabilities.
$269,856
y88,959
Dep. with trsutee.
and
other
353,206
108,466
Balance Sheet
Def. Income, rents
Rents
received in adv.
charges
and accrued
33,738
Improved property 5,445,051
34,338
5,637,791
Prepaid expenses&
deferred
Res.
for
$3
cum.
Aug. 30 '39
24,091
13,086
Altera'ns to Yonge
Cash..
$378,700
bldgB. A equip..
conv.
242,372
preferred stock.
1,863,135
2,682,000
49,875
65,694
Com. stk. (par $1)
Earned surplus
210,000
210,000
522,125
3,126,601
707,304
2,462,362
Str et Theatre.
Goodwill
A
Total.....
$6,144,425
$6,250,051
Represented by 41,403 (59,600 in 1938) no par shares,
y Deposit with
of real estate taxes and interest on funded debt,
z Re¬
serve for possible additional taxes.—V.
149, p. 3412.
$400,550
Liabilities—
Aug. 30 '39
Aug. 31 '38
Accts. payable and
accrued charges-
$7,606
Prov. for taxes
1,062,202
$3,311
3,311
_
27,300
26,700
7% cum. pref. shs. '
1,025,908
653,900
653,900
Common
750,000
750.000
748,733
822,261
shares..
Earned surplus
book¬
750.000
30.COO
8,932
Prepaid ins. A exp:
750,000
24,000
ing rights
Organization exps.
$6,144,425 $6,250,051
Aug. 31 '38
Real est.,leasehold,
316,844
Capital surplus
Assets—
15,995
z20,295
conting,
& Fed. inc. taxes
x
charges
Miscell. assets..
Total
65.604
Total surplus
Consolidated Balance Sheet
rec.
$186,611
$17,200 ($13,250 in 1936) provision for Federal surtax.
Assets-
tenants'
Balance
Net
10,550
6,000
expenses
10,109
x
trustee for payment
Total.
-V. 149, p.
$2,187,540 $2,256,172
1768.
Total
$2,187,540 $2,256,172
Volume
Loft, Inc.—President Resigns—
James
W.
Carkner has
resigned as President of this company and the
elected him as Chairman of the Board.—V. 149,
directors have unanimously
p.3412.
Lone Star Cement
on Nov. 22 declared a regular quarterly dividend of 75 cents
share and a year-end dividend of 25 cents per share on the common
stock, both payable Dec. 22 to holders of record Dec. 11.—V. 149, p. 2694.
Directors
Long Island RR.—Earnings—
1939
1938
1937
1936
$2,360,955
692,061
$2,080,267
513,923
$1,953,958
381.739
$2,132,071
360,673
October—
The trustee estimated that, after deducting the estimated $7,000,000
cash available for creditors, there would be a balance of $21,829,996
frozen liabilities to be taken
126,353
20,618
def20,933
defl06,292
Gross from railway
21,837,963
Net from railway.—5,718,282
19,592,193
4,808,816
21,017,522
4,273,321
21,404,998
5,277,945
398,360
70,025
defl8,195
From
1—
Jan.
after rents.
Net
Louisiana & Arkansas Ry.—Earnings—
1939
1938
$847,507
389,319
railway
N.et from railway...;
*
$661,719
228,158
236,696
134,014
Net from railway
6,241,077
2,194,135
6,042,723
1,935,343
Net after rents
1,269,515
Net after rents
—
,
/
1—
Gross from railway..
;
Note—Includes accounts of Louisiana Arkansas & Texas Ry.
1,070,461
Co.—V. 149,
2978.
p.
Louisiana & North West
RR.—Reorganization—
The Interstate Commerce Commission on Nov.
21 authorized the com-
Eany to(2) $351,730exceeding (1) $517,250 general mortgage 5% 36-year
issue not 5% non-cumulative 70-year income debentures; and
onds;
130,723 shares of capital stock (no par), in effecting a
& North West RR.—Y. 149, p. 2518.
(3)
reorganization
of the Louisiana
Louisiana Power &
Light Co.—Earnings—
1939—12 Mos —1938
Operating revenues
Oper. exp., incl. taxes..
Prop, retire, res. appro.
1939— Month—1938
$718,453
$638,821
453,723
385,824
64,018
59,000
$7,463,040
4,771,697
743,264
$7,189,300
4,658,001
713,000
Net operating revenue
Other income (net)
$200,712
1,046
$193,997
1,771
$1,948,079
11,374
$1,818,299
22,582
$201,758
$195,768
$1,959,453
$1,840,881
72,947
72,960
875,459
875,540
4,336
4,347
58,428
61,769
Period End. Oct. 31—
Gross income.
Int.
on
mtge. bonds.
Other int. & deductions.
Int. charged to const
Oil,754
Crl,892
$126,367
Net income
Div. applicable to
356,532
$680,788
$547,040
.....
(Del.) (& Subs.)—Earns.
1939
1938
•..$11,032,564 $11,020,373
4,041,636
4,086,931
12 Months Ended Sept. 30—
Operating revenues
a Net
operating income..
1,335,748
b Net income
After
$903,572
2694.
Louisville Gas & Electric Co.
a
operating
In the matter of claims, Mr. Wardall reported that, as of July 31 last^
7,224 claims had been filed for an aggregate liquidated amount of $34,793,147, and that of this amount sundry claims of $5,978,917 had been
filed for which no comparable liability was reflected on the books.
He stated that while certain stockholders had filed claims for rescission or
damages in connection with the acquisition of their stock, he intended to
submit a plan which would offer "more favorable treatment to both classes
of stockholders than they would be entitled to if they were not potential
damage or rescission claimants."
He expressed the hope that security
holders generally would accept such a plan and would find it unnecessary
maintenance,
taxes,
appropriation for
b After deductions for all interest charges, amorti¬
&c.—V. 149, p. 2518.
Louisville Gas & Electric Co.
(Ky.) (& Subs.)—Earns.
1939
12 Months Ended Sept. 30—
1938
$10,890,684 $10,879,612
Operating revenues
4,082,532
4,107,515
2,733,369
operating income
b Net income.
2,673,712
maintenance,
taxes,
appropriation
for
retirement reserve, &c.
b After deductions for all interest charges, amorti¬
zation of debt discount and expense, &c.—V. 149, p. 2237.
a
After
operating
expenses,
Louisville & Nashville
October—
RR.—Earnings—
1939
railway
Net from railway
1938
1937
$7,976,256
2,036,871
1,597,162
$8,773,696
2,853,582
2,150,463
64,717,730
14,499,334
9,008,498
76,046,617
19,287,371
73,820,060
20,192,713
13,893,560
15,592,920
2,326,525
after rents
1—
Net
from railway
72.241,062
19,072,479
Net
after rents.
12,767,450
Gross from railway
'
149, p. 3412.
Luzerne County Gas
& Electric Corp/—Bonds Called—
This corporation, successor to Luzerne County Gas & Electric Co., has
issued a call for redemption on Dec. 30. 1939, of $400,000 princinal amount
20-year 7% sinking fund convertible gold bonds of the latter company,
due 1944, at 105 and accrued interest.
Payment will be made at the New
of the
York
Trust
Co.
At the ootion of the
profitably. The question of their permanent place in the business, can be
determined, he said, by the directors of the reorganized company after
reviewing results of operations over a longer period.
He submitted figures showing that for the first nine months of 1939 the
net profit from the wholesale drug business was $2,024,238 and that the
drug manufacturing business and the liquor business made a profit re¬
spectively of $192,687 and $453,939.
These earnings, he declared, are
equivalent on an annual basis to a return on the capital invested in each
department of 8.48% for the wholesale drug department, 12.99% for the
drug manufacturing department and 3.75% for the liquor department.
While admitting that the sales and profits of the drug manufacturing
business suffered during the first months of the year because of the adverse
publicity caused by disclosure of the Coster fraud, the trust3e declared
that this situation was only temporary, "as there is no connection between
such financial frauds and the quality of McKesson products."
Mr. Wardall indicated that he did not intend to formulate his reorganiza¬
tion plan until he had received the benefit of suggestions from creditors and
stockholders.
When such suggestions have been received and fully con¬
sidered, he said, "the trustee will, after conferring with the staff of the
Securities and Exchange Commission, the various intervening committees
and other interested groups, formulate and file with the Court a plan with a
petition asking the Court to fix a date for a hearing on such plan."
Comparative Consolidated Statement of Income
—Jan. 1 to Sept. 30—
—Juln 1 to Sept. 30—
1939
1938
1939
1938
--$107,613,574 $105031,847 $35,966,582 $33,733,884
Cost of sales.,
90,881,621
88,222,212
30,408,286
28,376,597
Selling and gen. exps
13,434,045
14,997,036
4,451,347
4,662,414
Deprec. and amortizat'n
400,348
395,364
130,329
129,212
Net sales__
_
Total income-
Int. and amort,
$2,897,558
425,676
$1,417,233
472,301
$976,619
144,254
$565,660
138,185
$3,323,235
Other income
$1,889,535
$1,120,874
$703,845
Miscell.
holder, the bonds called for redemption on Dec. 30
29,645
145,388
3,488
45,736
114,500
100,836
469,000
68,021
121,633
204,844
28,500
20,487
169,000
1,691
37,972.
100,022
$2,609,253
charges—
$628,077
$899,397
$279,987
439,108
—
99,286
—
Prov. for Fed. inc. taxes
Net
profit before de¬
ducting reorganizaexps.* paid or adding recoveries by the
trustee
Reorganiz't'n exps. paid
by the trustee *
Balance...
—
.
3,971
136,263
be converted up to and including Dec. 19, 1939 into shares of $7
first preferred stock of Luzerne County Gas & Electric Corp.,
successor company, at the rate of 11 shares of preferred for each
$1,000
face value of bonds, with adjustment for accrued interest and dividends.
—V. 148, p. 2127.
& Robbins,
Inc.—Trustee Discusses Plan for
Drug Firm—
These
following;
Comparative Condensed Consolidated Balance Sheet
Sept. 30, '39 Dec. 31. '38
{Lnaudited)
(Audited)
Assets—
$13,823,728
reserves—18,177,787
28,257,633
Other assets, less reserves
1,387,911
Investments and advances
610,239
Operating properties, less reserves for depreciation
and amortization
5,922,060
Real estate purchase option and equity in leased
property, less reserves for dep>reciation, &c
95,033
Non-oper. properties, less reserves for deprec., &c.
417,801
Cash in banks, on hand and in transit
Notes and accounts receivable, less
Inventories
mailed to cieditors and stockholders Nov. 27
special report laying the groundwork for preparation of a reorganization
plan for the company.
Notifying them to submit to him by Jan. 15 their suggestions for a
reorganization plan which he, as trustee, must formulate and submit to the
Federal Court, Mr. Wardall made the following points in summarizing his
11-month study of the corporation's finances and continuing operations:
(1) Reorganization is essential because the $15,725,000 in debentures,
now due and owing through action of the indenture trustee, would other¬
wise leave the company unable to discharge this and other indebtedn ss.
a
(2)
the
in
Reorganization would also correct the "top heavy" capital structure
interests of the company's credit and of the marketability of its
securities.
(3) "Equitable provision" should be made for the common stock.
Al¬
though balance sheet assets are currently insufficient to cover the stated
value of this stock, adjusted earnings for the full years of 1936 and 1937
and for the first nine months of 1939 show that profits have been available
for comaon dividends.
(4) Cash on hand as of Sept. 30 amounted to $13,823,727. This is suf¬
ficient to provide adequate working capital after releasing at least $7,000,000
Goodwill, trademarks,
trade
names,
&c
—
(5)
creditors.
Due to this strong cash position, a plan of reorganization can be
without recourse to public financing, should circumstances make
this desirable.
(6)
The drug manufacturing and liquor sales operations of the company,
as its main business of wholesaling drugs and drug sundries, should
well
as
be continued.
(7) As a guide to those who wish to submit recommendations as to the
reorganization plan, the trustee outlined various possible methods of
treating the interests of creditors and stockholders.
Increase in Net Assets
report contained new and heretofore unpublished in¬
formation respecting the financial condition of McKesson & Robbins.
An
unaudited balance sheet statement as of Sept. 30, 1939 shows total assets of
Mr.
Wardall's
approximqtely $69,200,000 and liabilities of approximately $39,600,000 or
exce8ss of assets over liabilities of $29,600,000.
This is an increase of
$2,300,000 in net assets over the Dec. 31, 1938 statement, no provision
having been made, however, for debenture interest and amortization since
the trustee was appointed.
$8,368,585
19,228,212
31,366,635
1,864,241
797,922
6,295,063
91,160
379,504
561,770
1
$69,221,978 $68,953,095
Total
Sept. 30, '39 Dec. 31, '38
(Unaudited)
Liabilities—
(Audited)
Liabilities of trustee and consol. sub. cos.;
------
$12,617
2,780,893
14,703
8,119,127
b,333,801
1,333,771
1,377,623
10,343
540,423
35,4.51
45,779
632,470
40,351
$5,996
Bank overdrafts
Acceptances payable, secured
Trade acceptances payable, unsecured
payable
salaries, local taxes,
.......
Accounts
accrued liabilities
commissions &c.,
:
—
payable in connection with real
purchase contracts-...
Reserve for Federal taxes
Due to non-consol. sub. and associated cos.
Instalments
estate
Total.
—$10,045,109 $11,238,237
------
Inc., debtor:
banks
payable to others and accrued interest
Liabilities of McKesson & Robbins,
Notes
thereon to Dec. 7,
1938—
—
payable—
—
Dividends payable on pref. stock, to be contested by the trustee.
Due to associated company
Due to non-consol. wholly-owned sub. cos
Accounts
20-year 5^% convertible debentures
Accrued interest on debentures to Dec.
-----
682,520
1,007,059
8,407,961
452,801
452,801
98,001
27,727
110,634
27,727
15,725,000
15,725,000
88,347
291,631
88,347
307,841
7, 1938-
$29,574,429 $30,418,827
Total
30,298,200
6,414,915
Preference stock
31, 1938Balance brought forward
Deficit Dec.
—V.
1,007,067
7,947,826
contingencies
Common stock
Total
3,608,935
4.,
Acceptances payable
Reserve for
3,253,507
682,520
Notes payable to
for distribution to
effected
529,784
1
Taxes, insurance, &c., prepaid charges
Wages,
William J. Wardall, trustee,
—
$279,987
expenses for the period Jan.
1 to Sept. 30, 1939 include the
Auditors and engineers, $291,250; legal counsel. $64,154; and
$804,082
$628,077
$2,306,409
Balance..
*
$279,987"
$800,111
$628,077
$2,170,145
Recoveries by the trustee
under fidelity bond, &c
may
dividend
McKesson
238,435
721,570
debs.
on
Interest paid, other
Losses ot non-consol .sub.
1936
$7,827,895
2,432,768
1,869,683
From Jan.
—V.
Profits
the trustee, $30,000.
$9,199,687
3,005,403
-
Gross from
Net
Shows Breakdown of
1,297,111
zation of debt discount and expense,
Net
to file further claims of this nature.
expenses,
retirement reserve, &c.
a
with interest
To it must be
books, which
might be allowed by the Court.
Net profit from opers_
$1,037,320
356,532
$118,461
preferred stock for the period
Balance..
—V. 149, p.
in
in
This
plan of reorganization.
and liquor sales operations, Mr. Wardall declared that the experience of
the last nine months seemed to indicate that these divisions can be operated
October—
From Jan.
a
Discussing the question of continuing McKesson's drug manufacturing
—V. 149, p. 2694.
Gross from
of under
balance, he said, included the principal amount of debentures
907,668
after rents.
Net
care
accrued to Dec. 8, 1938 when the trusteeship was instituted.
added the aggregate amount of claims not reilected on the
Corp.—Year-End Dividend—
per
Gross from railway
Net from railway
3561
The Commercial & Financial Chronicle—YEARS OLD
ONE HUNDRED—
149
—
-
-
-
-
-
-
9,417.084
2,306,409
30,298,200
6,414,915
9,417.084
$69,221,978 $68.953,095
149, p. 3267.
Macassa
Mines, Ltd.—Extra Dividend—
declared an extra dividend of five cents per share in addi¬
regular quarterly dividend of five cents per share on the common
stock, par $1, both payable Dec. 15 to holders of record Nov. 30.
Extras
of
cents were paid on Sept. 15, June 15 and March 15, last, and an
extra of five cents was paid on Dec. 15, 1938.—V. 149, p. 1624.
Directors have
tion to the
an
Madaras Steel Corp.
See list
of Texas—Registers with
given on first page of this department.
SEC—
ONE HUNDRED—The Commercial & Financial
3562
Maine Central RR.—Plans to Retire
Outstanding Secured iSs
The company has asked the Interstate Commerce Commission to
approve
plan for retiring and canceling its outstanding issue of $973,200 of 6%
secured bonds, second series, due Jan. 1, 1959.
The carrier proposed to
acquire from the bondholders the outstanding securities in exchange for
$660,000 of its general mortgage 434 % series A bonds and a cash payment
of $220,000.
a
,
The $660,000 of general
pledged
J
t
,
,
434s are now held in the road
s
treasury
un¬
ducts and pipe covering.
schools
reduction in the road's funded debt
charges of $28,692 per year, it was
and
band shells
Dec.
1939
2,
other
It is used in homes, offices, theatres, churches,
buildings, radio stations, telephone booths and
public
acoustical insulation.
as
Mr. Alexander explained that the Cellufoam process is just opposite that
used for Masonite.
In the former a foaming agent is employed to distend
the cellulose fibres, while in the Masonite process giant presses are used to
the fibres together.
Although it is extremely porous and weighs only
one-quarter pound per cubic foot, the new Masonite product is
press
.
The proposed exchange would effect a
of $314,700 and a reduction in the fixed
stated
YEARS OLD
As termal insulation Cellufoam is widely used in refrigerating equipment,
railroad cars, airplanes, automobiles, trucks and busses, for air conditioning
and
one
sufficiently rigid to support its own eright and will not
The Cellufoam plant is in Chicago.—V. 149. p. 2979.
sag nor
settle.
In addition to the
$973,200 of secured 6s outstanding, $1,500 are held in
the treasury. These also are to be canceled. The total amount to be retired
and canceled, $974,700,
is the remaining amount of an original issue of
$1,000,000, $25,300 having already been retired and canceled. The general
43^8 to be exchanged for the 6s are dated Dec. 1, 1935, and are due Dec.
1,
Martin-Parry Corp. (& Subs.)—Earnings—
Years End. Aug. 31—
Operating
Operating
1930— Month—1938
$1,069,222
721,117
revenues
expenses
Net oper. revenues—
admin. & gen. expense
Other income
Gross income
Deductions
...
income—
$268,891
75,275
Cr9,834
28,087
$2,798,452
262,684
$1,729,831
390,145
$205,464
170,216
$2,119,976
1,701,723
$1,414,560
$35,248
$418,253
Rentals, interest, &c.
Manila Electric
$5,631,633
2,313,693
486,865
705,000
180,331
468,183
610,000
$2,362,069
7,069
$2,071,966
1,005,164
104,100
CV3.143
$2,084,890
95,594
1.022,754
104,100
Cr2,569
$1,178,414
$865,011
...
...
Other income (net)
income.
long-term debt
Amortization of debt discount and expense
Interest charged to construction
Net income
149,
12,924
2088.
P.
Manila Gas
Mapes Consolidated Mfg. Co.—Extra Dividend—
Directors have declared an extra dividend of
$1
the regular quarterly dividend of 50 cents
per share in addition
per share on the common
The extra dividend will be paid on Dec. 22 to holders
of record
Dec. 22, and the regular quarterly distribution wil be
made on Jan. 1 to
holders of record Dec. 15.
Extras of 50 cents were paid on Dec. 26,
1938,
and on Oct. 1, 1937 , and an extra dividend of
25 cents was
paid
149,
p.
July 1,
on
1182.
Calculating Machine Co.—Extra Dividend—
Directors have declared
extra dividend of 50 cents
per share on the
226,642 shares of common stock outstanding, in addition to the
regular
quarterly dividend of 25 cents per share, both dividends payable Dec. 22
an
to stockholders of record Dec. 7.
The regular dividend is the
one
usually
payable in January.—V. 149, p. 2695.
Margay Oil Corp.—-Earnings—
Period End. Sept. 30—
Net profit after charges.
Earns. per sh. on cap. stk.
1939—3 Mos.~1938
$27,980
1939—9 Mos.~ 1938
$82,132
$170,480
$283,112
$0.19
$0.54
$1.13
$1.89
Production in the September period amounted to
142,928 barrels net, a
curtailment of 18% compared with the
previous three months when 174,500
barrels were produced.
In the third quarter of 1938
company's net
duction of crude oil amounted to
Marion-Reserve Power
Period End. Oct. SI—
Gross
revenues
General taxes
Pro v. for retire, reserve.
Net earnings.
on mtge. debt.....
Int. on ser. 3-5% notes..
$241,609
$81,784
Operation
$74,103
107,796
18,554
5,127
16,833
19,196
1939—12 Mos.—1938
$3,064,826
$2,846,248
28,429
20,643
$3,093,255
1,364,742
209,833
80,197
201,089
2,825
Netincome..
Div. accrued
on
$540,060
$5 pref.
stock
14,128
for
Masonite
28,318
10,239
p.
3119.
Jersey
,
,
WaS the princ,pal
corpora-
stoc&<"d'»-
">
The sale includes the transfer of all
the physical assets of the
New Jersey
as the assignment of
the patents and trademarks of
the
Delaware corporation to Mansonite
Corp.
There was no stock purchase.
Cellufoam, a distended fibrous sheet for both
termal and acoustical
corporation as well
being produced and marketed by the
Cellufoam division
said.
"The acquisition of Cellufoam
greatly strengthens the position of Masonite
line," Mr Alexander
in the industrial field and broadens its
already extensive
"Masonite is now in a position to furnish an
insulating
high efficiency for all types ot building construction and for
ot manufactured products."
(earned),.
Total
473.761
$1,191,389 $1,003,150
Represented by 175,000 shares no par value,
y After deducting re¬
for depreciation of $661,680 in 1939 and
$611,247 in 1938.—V. 149.
x
581.
p.
Master Electric Co.—Additional Dividends—
At
a meeting held Nov. 24 directors declared a
cash dividend of 40 cents
share and also an additional year-end cash dividend of 40 cents per share,
a total of 80 cents per share, both payable on Dec.
22, to holders
per
making
of record
Dec. 18.
On Nov. 17 directors declared
a stock dividend of
15% on the outstand¬
common stock and the company has filed the
necessary papers for quali¬
fication of this stock for trading on the New York Curb
ing
Exchange and for
meeting requirements under the Securities and Exchange Act of 1934.
Provided that actions upon these applications are taken in time to
have
the additional stock issuable and
outstanding by Dec. 18, then and in that
event the cash dividend will
apply to the stock issued as stock dividend as
well as to the formerly
outstanding stock.
a dividend of 40 cents per share on the common stock
Sept. 20 last and previously regular quarterly dividends of 25 cents per
were distributed.—V. 149, p. 3413.
share
Melville Shoe
a
Corp.—Sales—
Corporation on Nov. 30 reported sales of $2,961,069 for the four weeks
ending Nov. 18, as compared with sales of $2,706,667 for the comparable
four weeks in 1938, an increase of
9.40%.
Sales for the 48 weeks ending
Nov. 18 were $34,768,847, as against sales of
$32,700,200 in the similar
period last year, a gain of 6.33%.—V. 149, p. 3413.
Mercury Mills—To Vote
on
New Plan—
Directors announced
fund
a new plan for
dealing with the arrears of sinking
the first mortgage bonds and
providing for new money for addi¬
plant facilities to enable the company to maintain its
on
tional
competitive
position in the textile industry.
Bondholders will meet on Dec. 20 to con¬
the plan.
As it provides for the raising of new money without the
a prior lien the
plan is said to have already received the support
of holders of a large amount of the bonds.
The company now has $1,335,000 of
5Y% first mortgage bonds out¬
standing.
The sinking fund on the bonds will be in arrears $280,000 at
Dec. 31, 1939, while the 10,000 shares of
preferred stock are in arrears
of dividends since 1931.
sider
creation of
The new plan provides for the
issuing to present bondholders of $600
principal amount of new first mortgage bonds for each $1,000 bond now
held, such bondholders also to receive 30 new common shares.
Holders of
preferred shares are to receive 3 Y new common shares in
exchange for each
present preferred now held, while common shareholders are to receive one
new common share for each
10 shares now held.
The bonds will carry interest at
5% and be dated Nov. 1, 1939, maturing
in 1959.
There will also be created $240,000 of new serial bonds
maturing
Feb. 1 from 1941 to 1948.
Of these, $150,000 will be sold
immediately to
provide new capital to handle the increased volume of business now in
sight.
The net result of the
reorganization will be that the outstanding capital
of the company will consist of first
mortgage bonds to the extent of $951,000,
and 79,550 shares of common stock.
The bondholders will receive 40,050
shares, or more than 50% of the new common
stock, 35,000 shares going
to the holders of the old
preferred stock and 4,500 shares to the holders of
the old common.—V. 147,
p. 2538.
^
Merrimac Hat Corp.—Dividend Increased—
Directors have declared a dividend of 35 cents
per share on the common
stock, payable Dec. 1 to holders of record Nov. 24.
Previously regular
quarterly dividends of 25 cents per share were distributed.—V. 146,
p. 3508.
Michigan Gas & Electric Co.—Dividends—
Directors have declared
a dividend of $1.75
per share on the 7% prior
one of $1.50 per share on the
$6 prior lien stock, both payable
15 to holders of record Nov. 30.
Dividends are in arrears on both
149,
preferences
p.3119.
p.
2979.
rights of either class
or
Midland
October—
From Jan.
,
corporation has for the past
eight years manufactured a
known as
Cellufoam" under patent licenses
granted it by the
Delaware corporation.
J
Johnson & Johnson, manufacturers
of surgical supplies and
pharma¬
ceutical products, was the
principal stockholder in the New
said.
bonds
conv.
serve
Changed—
1939
material of
wide range
Net
after
against the other.
See also
V.
149,
1938
1937
1936
$134,322
61,927
38,318
$135,230
72,899
51,310
$156,463
82,360
60,554
$159,861
93,403
72,161
1,159,976
531,584
1,138,184
492,211
308,624
1,287,828
588,625
418,398
1,266,523
953,784
421,871
1—
Gross from railway. _;
Net from railway
—V.
as
Valley RR.—Earnings
Net after rents
product
Corp., Mr. Alexander
8,634
292,300
529,842
5-year 5% 1st mtge
$1,191,389 $1,003,1501
Gross from railway
Net from railway
corporation.
The New Jersey
of Masonite
50,000
14~526
Accrued 1 labilities.
11,146
61,036
Prepaid expenses-
1938
.$1,405,133 $1,400,000
9,372
18,277
shares from no par to $1
par.
The change will not, in any way, alter the
respective rights and interests of the two classes of
stock, nor the relative
Corp.—Acquisition—
now
22,461
68,291
1939
Capital stock.
Holders of voting trust certificates
representing stock of this corporation,
Nov. 29, approved the recommendation of directors
to amend
the
company's certificate of incorporation to change the value of authorized
.Corporation, according to Ben Alexander,
President, has purchased the
Cellufoam Corp. of New
Jersey and Cellufoam Corp., a Del ware
insulation, is
155,736
50,371
Liabilities—
x
Accounts payable.
Note payable
on
assets of
the"bel^areDrariwratiorLarZ °' Ch'Cag°
$898,268
Middle States Petroleum
Corp.—Par Value
Co.—Obituary—
Co., above.—V. 149,
1938
$888,673
Accts. receivable--
issues.—V.
$371,276
See Commonwealth Edison
1939
Inventories
Dec.
Note—The following figures include
operations of Ohio Electric Power
for P®nods Prior to the
merger of that company on Nov. 1, 1938.—V.
149, p. 2695.
Marshall Field &
Includes Martin-Parry Corp. of Canada, Ltd.
lien stock and
com.
stock
$159,815
Cash
$939,312
168,785
$31,147
avail,
1,250,200
207,748
42,658
212,958
214,015
&
expense
$183,502
1936
$86,954
Consolidated Balance Sheet Aug. 31
33,949
$45,275
disc't
$2,866,891
258,102
215
31,354
2,125
Other interest
of debt
1199.
$979,293
376,250
26,612
2,421
Int.
Bal.
p.
Co.—Earnings—
$265,813
119,116
17,683
7,717
17,887
21,616
Federal income taxes...,
Maintenance
Amort,
pro¬
170,409 barrels.—V. 147,
1939—Month—1938
$263,891
$239,830
1,922
1,779
Operating revenues
Non-oper. Income
$58,347
buildings,
equipment, <fcc-
stock.
Marchant
4,539
$58,748
Assets—
on
6% 20-year gold bonds dated July 1,
1926 have been called for redemption on Jan.
1, 1940 at 100 and accrued
interest.
Payment will be smade at the Philippine Trust Co., Manila,
P. I. or at the Chase National Bank of the
City of New York.—V. 149,
p. 3267.
1937.—V.
$155,276
9,584
xl937
$77,567
Company paid
Corp.—Bonds Called—
A total of $41,000 first
mortgage
to
$173,918
83
yLand,
167,791
84,603
...
Other interest
—V.
$58,264
754
_
Deficit
$6,180,531
2,446,266
...
Operating income..
$50,489
8,260
x
1938
$2,369,138
...
expenses
Provision for retirements
Provision for taxes
$157,778
2,502
Total
1939
revenues
on
y$336,120
244,732
$176,268
2,350
Operating loss
Co.—Earnings—
Maintenance
Gross
1,750,680
Deficit.—V. 149, p.2694.
y
12 Months Ended Sept. 30—
Interest
351,413
253,835
$60,995
2,730
Int. and miscell. charges
$1,063,147
Drl41,891
387,725
$51,243
Total loss
275.250
$175,363
30,101
$2,156,712
713.249
Dr105,066
664,046
422,637
operating loss
Other income
7,072,229
$106,921
Net ry. oper. income.
Operating
Operating
$9,228,941
$279,538
172,617
Joint faciJ. rents—Dr—
x
$9,934,695
7,136,243
$244,313
25,225
Equipment rents
Net
$944,196
675,305
$348,105
70,698
Dr5,950
27,144
Taxes
x
1939—10 Mos.~W.iS
xl938
$326,730
Net
Earnings for October and Year to Date
Period End. Oct. 31—
xl939
$371,395
Cost of goods sold, sell.,
rents
336,618
149, p. 2695.
Midvale Co.—Dividend Increased—
Directors on Nov. 22 declared a dividend of $3.50 per share on the
capital
stock, payable Dec. 16 to holders of record Dec. 7.
This compares with
$1.25 paid on Oct. 2, last; $1 paid on July 1, last; 75 cents paid on ArDil
1,
last; $2.50 on Dec. 17, 1938; $1 on Oct. 1, 1938 and 75 cents on
July 1 and
April 2, 1938.—V. 149, p. 736.
Minneapolis & St. Louis RR.—Earnings—
October—
Gross from railway
Net from railway
Net
after
rents
From Jan. 1—
Gross from railway
Net from railway
Net
after
rents
—Y. 149, p. 3268.
1939
$1,033,481
391,785
1938
1937
1936
297,350
$967,272
275,032
169,826
$861,058
196,764
65,457
$863,594
205,188
107,713
7.647,824
1,716,799
7,517.561
1,457,183
833,234
534,706
7,147,204
1,159,846
311.393
7.546,719
1.583,030
657,879
Volume
ONE HUNDRED—The
Commercial & Financial
149
Minneapohg-Mohne Power Implement Co.—-New Treas.
S. L. Angle, formerly auditor, has been elected Treasurer and a director
the company to succeed W. S. Piddie, deceased.
Mr. Angle was also
elected ControHer.—V. 148, p. 443.
or
Mountain States Telephone &
Period End. Oct. 31—
Uncollectible oper.
Period End. Oct. 31—
$1,481,885
46,276
118,072
1939—10 Mos.—1938
$1,230,681 $11,058,369
$9,826,551
53,924
702,665
673,492
104,860
1,075,374
1,044,596
$1,646,233
211,798
211,545
35,360
Transportation e;tps™.
598,922
General expenses—50,806
$1,389,465 $12,836,408 $11,544,640
187,759
2,180,357
1,868,974
2,208,863
2,244,500
211,564
34,021
345,937
334,880
542,252
5,385,332
5,216,591
53,873
544,362
530,904
1930—Month—1938
All other revenue
...
Total revenues...—
Maint. of way & str. exp.
Maint. of equipment™
Traffic expenses™
rev..
Operating revenues... $2,196,895
Operating
Net oper. revenues
$771,450
319,019
$537,803
119,885
111,477
Net after taxes—
Hire of equipment—Dr.
$417,917
33,672
13,065
$248,518
34,313
11,472
Taxes™.
Rental of terminals—Dr
$2,171,556
$359,995
$1,348,791
1,041,811
1,044,333
$1,129,744
258,676
131,742
$304,458
269,186
136,261
,
Net after rents
$371,180
13,941
$202,733
21,615
$739,326
120,474
x$100,987
140,560
$224,348
5,278
$859,799
40,830
$818,969
$6,255,941
2,827,806
$444,170
368,456
$4,086,453
3,266,578
$3,428,135
2,539,379
1939
$315,806
1938
1937
1936
$350,819
$417,684
$346,325
Selling, advertising and
admin, expenses-——
420,114
367,903
349,795
299,693
Loss from operations.
$104,308
$17,084 prof$67,889 prof$46,631
3,178
3,470
2,836
$104,308
7,521
44,659
$13,906 prof$71,359 prof$49,467
31,514
14,856
17,078
$156,488
$45,420
Other income.
....
Interest, bad debts, &c_
Depreciation
$39,573
45,124
$219,070
-
$7,144,489
3,058,036
Co.—-Earnings—
Years End. Sept. 30—
Gross profit on sales.
Total loss
Other income (net)
$747,260
303,090
$452,431
372,998
Net operating income.
Net income.
—V. 149, p. 2698.
.. _
Net railway
revs—
m
Telegraph Co,—Earns.
$2,121,645 $21,210,857 $20,198,255
1,374,385
14,066,368
13,942,314
1,425,445
expenses....
Operating taxes
Moxie
3563
1939—Month—1938
1939—10 Mos.—1938
$2,202,337
$2,131,263 $21,264,668 $20,298,322
5,442
9,618
53,811
100,067
Operating revenues
Minneapolis St. Paul & Sault Ste. Marie Ry.—Earns.
Freight revenues
Passenger revenue
YEARS OLD
x$5,551
Prov. for Fed. inc. taxes
~
™™
~ 4*336
9,381
■
Income before interest
Int. being accr'd & paid.
y
Loss
$380,574
deficit,
or
y
Before interest
on
bonds, &c.
October—
Gross from railway
Net from railway.
Net after rents
$3,014,102
1,088,425
763,271
From Jan. 1—
Gross from railway-™
Net from raUway
Net after rents-.
—V. 149, p. 2696.
•
23,660,294
5,454,164
2,509,155
$2,398,419
595,310
280,824
20,454,259
2,908,245
defl90,863
Assets—
Accts. rec.—trade. 1
$2,533,184
'
614,834
241,144
23,929,357
5,329,247
2,654,231
1936
$2,700,819
866,147
517,672
22,452,267
5.045,550
1,946,198
Notes
Marketable
Net after rents
Missouri & Arkansas
1936
$77,469
17,491
10,617
664,781
134,453
38,113
6,046
October—
$87,155
14,747
3,016
789,123
129,756
39,300
Customers'
l,0b0
900,357
183,509
65,066
Net after rents
From Jan. 1—
Gross from raUway
1938
$89,970
19,271
6,889
816,538
116,741
def2,320
Net from raUway
Net after rents....
1937
12,455
50
50
Accrued expenses.
18,674
1,069
Mtgf. notes pay'le
121,750
540.232
Heal estate mtges.
$92,089
27,247
14,432
14,479
defl,119
961,026
165,685
34,153
849,349
157,440
40,080
1937
7,002
655,925
Class A stock—
60*331
y
16.947
655,925
Class B stock—
121,684
a
Conv. pref. stock
272,180
1,000,662
x
Murray Corp. of America—Earnings—
I
8 Mos.
Period—
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1938
$214,921
103,792
63,840
$107,520
28,191
12,643
$133,216
39,640
11,821
$128,796
41,697
22,479
870,060
156,635
11,830
1,283,635
410,621
195.862
929,668
216,856
52,306
„
1,870,763
880,448
524,324
Net from railway
Net after rents.
—V. 149, P. 3268,
Missouri-Kansas-Texas Lines—Earnings—
Period End. Oct. 31—
1939—Month—1938
Operating revenues.
$2,684,972
Operating expenses
1,945,547
Inc. avail, for fixed chgs.
322,631
Fixed charges..„.....
366,560
Deficit after fixed chgs
—V. 149, p. 3268.
October—
1939—10 Mos.—1938
$2,577,350 $23,669,441 $23,321,482
1,899,366
18,669,029
18,741,736
258,283
1.391.326
904,722
357,462
3,657,963
3,576,910
$43,928
$99,179
1939
raUway
raUway
$2,266,637
$2,672,188
Net from raUway......
Net after rents
1937
1,853,656
874,339
$8,285,720
1,922,877
1,035,709
1936
$8,631,801
2,435,823
1,520,025
67.009,410
13,128,567
4.180,559
78,019,410
18,454,900
10,150,271
74,308,021
18,056,023
8,738.158
1938
$8,601,795
2,354,163
1,407,969
Net after rents
From Jan. 1—
Gross from raUway.
'
income™
$7,790,175
68,536,290
14,192,413
5,383,471
—V. 149, p. 2979.
»_
—-
Expenses, &c
Depreciation
Interest, idle property
$1,627,942
771,250
503,861
24,558
47,000
—
------
expense,
Federal income tax, &c
&c—
— — _. — ...
--------
—
End.
9 Mos. End.
Aug. 31 '39 Sept. 30 '38
$1,569,772
- $434,284
58,170
38,785
—
——.
Total income-!
Net profit
Earnings per share on capital stock
$473,069
821,596
574,028
25,659
------
$281,283 loss$948,214
$0.30
Nil
-
1183.
Narragansett Electric Co.—To Issue $5,000,000 Notes—
Company
has fUed with the Securities
and
Exchange Commission
a
declaration (FUe 43-273) covering the issuance of not to exceed $5,000,000
of unsecured notes to be issued from time to time to evidence loans by com¬
mercial banks or trust companies.
months or less, it is stated.
The notes wUi have a maturity of 9
as follows:
To the payment of $2,600,000 of outstanding bank loans; to the payment of open account indebted¬
ness amounting to $500,000 representing an advance made to the company
by United Electric Railways Co; and the balance, amounting to $1,900,000,
will be used to reimburse the company's treasury for expenditures for addi¬
tions and improvements made to its property.—V. 149, p. 1332.
The net proceeds wUI be applied
Narragansett Racing Association, Inc.—25-Cent Div.—
•
Directors have declared
a
dividend of 25 cents per share on the common
stock, par $1, payable Dec. 18 to holders of record Dec. 8.
Dividends of
40 cents were paid on Oct. 20 and on June 1, last, 35 cents paid on Jan. 4,
last; 25 cents paid on Oct. 20,1938; 50 cents paid on Nov. 26,1937; $1 paid
on Dec. 21 and on Nov. 12,1936, and a dividend of 25 cents paid on Dec. 6,
1935—V. 149, P. 2238.
Missouri Pacific RR.—Earnings—
Gross from
.
I
—V. 149, p.
1939
$1,679,488 $1,935,988
Total
Represented by 3,963 (4,481 in 1938) no par shares,
y Represented
154,429 (153,913 in 1938) no-par shares,
z Less reserves for depre¬
ciation.
a Represented
by 108,872 (107,836 in 1938) no par shares.
—V. 147, p. 3463.
Missouri Illinois Ry.—Earnings—
October—
Gross from railway.....
68,217
121,426
269,590
1.290,241
x
1936
—V. 149, p. 3414.
16,956
137",500
by
1936
,$106,870
716
credit
10,612
513,239
Other
Ry.—Earnings—
$31,342
balances
210,129
Profit after costs
1939
$121,754
42,433
26,997
Gross from railway
Net from railway
Nashville Chattanooga & St. Louis
Net after rents
From Jan. 1—
Gross from railwayNet from railway
Net after rents—
Ry.—Earnings1937
1938
1939
October—
Gross fro n railway
Net from railway
1936
$1,381,677
435,785
324,962
$1,305,578
406,977
300,096
$1,202,230
94,410
10,446
$1,349,525
281,333
217,788
12,394,964
2,879,035
1,821,049
11.296,631
2,429,482
1,435,640
12,201,511
11,608,678
1,609,241
1,056,572
1,763,334
973,660
—V. 149, P. 2698.
Mobile & Ohio RR,—Stockholders Ask Intercession
by ICC
of minority stockholders has asked the Interstate Commerce
Commission to intercede in their behalf for participation in new securities
to be issued to reorganize the M. & O. and consolidate it with the Gulf,
MobUe & Northern.
The ICC recently approved a plan for merger of the two roads, but left
the evaluation of the claims of the various security
holders, M. & O. is in equity receivership.
The M. & O. stockholders said they were not asking the Commission
to revoke or modify its order, or that the capitalization approved for the
new company be changed in any way.
Neither do they ask the Commission
to determine the conflicting claims of bondholders, it was stated, but merely
that the Commission consider the participation of the minority stock¬
holders.—V. 149, p. 3414.
to the equity court
Monongahela
Ry.—-Earnings—
October—
1939
Gross from railway—...
Net from raUway
Net after rents...™..
1938
1937
1936
$503,172
324,283
202,848
$364,783
237,514
133,545
$417,397
247,488
127,773
$454,961
291,888
167,911
3,269,475
1,933,292
899,699
2,705,126
1,625,651
676,730
3,833,872
2,237,170
1,049,715
3,839,435
2,343,600
1,167,301
From Jan. 1—
Gross from railway
Net from railway.™—
Net after rents
—
—V. 149, p. 2979.
Montana Power Co.
Period End. Oct. 31—
(& Subs.)—Earnings—
1939—Month—1938
Operating revenues
$1,272,002
Oper.exps.,incl. taxes..
632,590
Prop, retire. & deplet.
reserve approps
141,384
1939—12 Mos.—1938
$1,038,819 $14,631,955 $13,049,763
514,653
7,045,420
6,380,131
126,622
1,605,270
1,602,499
National Bond & Investment Co.—Extra Dividend—
50 cents per share in ad¬
quarterly dividend of 20 cents per share on the common
stock, both payable Dec. 21 to holders of record Dec. 10.—V. 149, p. 3269.
Directors have declared an extra dividend of
dition to the regular
National
Net oper. revenues—
Other income (net)—__
mtge. bonds
Interest on debentures—
Other int. & deductions.
on
National Funding Corp .—Extra
Dividends—
dividend of 17 K cents per share in
of 17 H cents per share on the
20 to holders of record Dec. 7.
Like amounts were paid on Oct. 20, July 20 and April ?0, last.
Extras of
7U cents were paid on Dec. °0 and Oct. 20, 1938, and extras of 2M cents
were paid on these issues on July 2 and April 20, 1937, and on Dec. 20
and Oct. 20, 1937V. 149, P. 3269.
The directors have declared an extra
addition to the regular quarterly dividend
class A and class B shares, all payable Dec.
National Gas & Electric Corp.
Period Ended Oct. 31-
Operating reveno es——
Gross income after re¬
tirement accruals.™
Net income
—V. 149, p.
(& Subs.)—Earnings
1939—12 Mos.—1938
1939—Month—1938
*135,457
$112,746
$1,433,368
$1,273,563
22,641
14,263
267,492
170,727
214.138
112,935
30,867
22,839
3120.
National Gypsum
Co.—Initial Common Dividend—
The board of directors on Nov. 28
declared an initial dividend of 25 cents
22, 1939, to stock¬
share in cash on the common stock payable Dec.
holders of record on Dec. 11, 1939.—V. 149, p. 3120.
$498,028
Dr5.250
$397,544
Dr2,966
$5,981,265
I>rl4,295
$5,067,133
Dr58,078
$492,778
158,328
44,125
34,910
$394,578
160,157
44,125
33,879
$5,966,970
1,909,303
529,495
421,675
Cr8,477
$5,009,055
1,930,077
529,495
422,362
Cr394,420
$156,417
$3,114,974
957,528
$2,521,541
957,486
to add to
$2,157,446
$1,564,055
from participating in the abnormally active sugar market in September
because of the strike which closed both of its plants at that time.
He also
Int. chgd. to construct'n
Divs. applic. to pref.
share on the common
record Dec. 5. Like amount
10 cents paid on July 31 and
Aug. 10 and April 20, 1938.
$255,415
Grosslncome
—
Cylinder Gas Co .—To Pay 15~Cent Dividend—~
Directors have declared a dividend of 15 cents per
stock, par $1, payable Dec. 20 to holders of
was paid on Oct. 6, last, and compares with
on April 27, last and on Dec. 27, Nov. 5,
—V. 149, p. 3269.
per
Net income.
1
215,697
1938
$71,860
secur.
761,241
198,100
125,778
1937
1938
713,073
Net from railway—72,891
Net after rents
def29,370
—V. 149, p. 2979.
Int.
1939
(404,143
Total---™-_.S 1,679,488 $1,935,988
$74,601
23,317
13,614
1939
$86,547
17,503
From Jan. 1—
Gross from railway
group
30
Accts. pay.—trade
Unclaimed empties
Surplus
October—
Gross from railway-...
Net from railway......
A
$116,378
Sundry accts. rec.
z Plant and equipPrepd. taxes & ins.
Pat't rights, trade¬
marks & g'dwUl.
Mississippi Central RR.—Earnings—
Net from
1938
$55,408
211,609
receivable../
Inventories—
prof$47,121 prof$28,052
Liabilities—
1939
Cash......
[Including Wisconsin Central Ry.]
1939
1938
1937
•
_
_
Net loss.
Balance Sheet Sept.
Balance-
x
$385,121
4,547
stock for the period
Balance..
—V. 149, p. 2697.
National Lead Co.—Extra Dividend—
Directors have declared an extra dividend of 37 K cents per share In addi-
regular quarterly dividend of 12 H cents per share on the common
stock, both payable Dec. 23 to holders of record Dec. 8.—V. 149, p. 882.
to the
National Sugar Refining Co.—No Dividend—
Directors of company, at their regular meeting held Nov. 28 decided not
the dividend disbursements of 75 cents per share already declared
and paid for the year 1939.
Charles D. Bruyn, President, said that the company had been prevented
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3564
pointed out that the September market had created a temporary sugar
surplus which was not yet exhausted, and that the directors also believed
it was advisable to conserve the company's capital for current improvements
in plant and equipment.
He said, however, that the results for the year
would show a marked improvement over 1938.
Regular quarterly dividend of 25 cents was paid on Oct. 2, last.—V, 148,
p. 3234.
National
repair of equipment not
business and enables the
applicant to repair and recondition other equipment which otherwise would
not be repaired or reconditioned at this time and which will be helpful m
may
satisfied that the undertaking of
$3,600,000 program, of which approximately $1,520,000 will be ex¬
pended for labor and $2,080,000 for materials—the labor expenditure
representing approximately 1,450,000 additional man hours of employment
for its shop employees, without taking into consideration the additional
"The management of the applicant is
this
production of the materials pur¬
advantage to the applicant and to the public
substantial cash payment of 20 or 25% of the cost of
proposed trust equipment."
hours of other labor involved in the
man
of
chased—is
far
the
greater
of
than the making
that the new bonds will have a sinking fund of $200,000
a year from 1940 to 1946 and of $450,000 a year thereafter.
The company is engaged in the business of manufacturing oil and gas
well and pipe line supplies, tubular products and machinery.
Its principal
plants are located at Etna, Ambridge and Carnegie, Pa., near Pittsburgh;
Toledo and Springfield, Ohio; Torrance, California and Houston, Texas.
—V. 149, p. 3203.
College,
Nazareth, Mich.—Bonds Offered—
Dempsey-Tegeler & Co., St. Louis, are offering $095,000
first mortgage 4% bonds.
Payment of principal and interest
guaranteed by Borgess Hospital Corp., Kalamazoo, Mich.
10,
10. 1939; principal payable annually Nov. 10, 1940 through
1950, incl.
Interest payable semi-annually (M & N) at Contin¬
ental Illinois National Bank & Trust Co. of Chicago, 111., corporate trustee,
Mercantile-Commerce
or
Bank
Trust
&
Co., 8t. Louis. Mo.
Denom.
$500 and $1,000.
Bonds may be prepaid and redeemed on any semi¬
annual interest payment date on or after Nov. 10, 1940, on 30 days' notice
at par and interest.
Security—These bonds are the direct obligation of Nazareth College, a
corporation duly incorporated under the laws of the 8tate of Michigan.
The land and buildings given as security for this loan have been valued at
$1,443,198.
Earnings—The average net earnings per year for the three years ended
July 1, 1939 of the Nazareth College and Borgess Hospital were $103,291
and the maximum annual interest on these bonds is only $27,800.
Purpose—To refund outstanding indebtedness at a reduced interest rate.
Maker—Nazareth College, the Motherhouse and Novitiate for this
Community of Bisters and maker of these bonds, is owned and operated by
Sisters of St. Joseph, of the Diocese of Lansing, a large community of
approximately 510 Sisters.
The Sisters established themselves at the
present location in 1889 as Nazareth Academy conducting a secondary
school for girls, and as a training school for Sisters in 1897.
The extension
of the program of studies to the College level in 1912 led to the formal or¬
ganization of Nazareth College in 1924 as an institution of higher learning
for women.
The college is now approved by the State Board of Education,
affiliated with the Catholic University of America, a member of the National
Catholic
American
Educational
Association
and
a
member
of
the
Association
of
Colleges.
In addition, the Sisters of this
community own and conduct Borgess
Hospital, Kalamazoo, Mich.; St. Joseph's Hospital, Flint, Mich, and
Mercy Hospital, Monroe, Mich.
They also teach in 17 high schools and
24 parochial schools.
Nehi Corp.—To
an
dividend
extra
of $1
per
share in addition
a regular quarterly dividend of 50 cents
per share on the common stock.
The extra dividend will be paid on Dec. 20 to holders of record Dec. 5 and
the regular quarterly payment will be made on Jan. 1 to holders of record
Dec. 5.—V. 149, p. 1185.
October—
after
rents.
From Jan.
railway.
Net from railway
Net after rents
,
1937
1 936
$64,849
33,277
24,538
$61,179
28,976
19,735
$66,886
34,017
26,499
$48,738
19,747
14,158
456,601
179,476
117,325
573,266
282,176
211,699
452,513
189,712
137,549
—V. 149, p. 2980.
New Mexico Gas Co.—To Sell Bonds
Privately—
Company
has filed with the Securities and Exchange Commission a
(File 43-274) covering the issuance and sale of $250,000 of
first mortgage series B 15-year
5% sinking fund bonds, due Nov. 15, 1954
and $150,000 of 5-year instalment
5% notes.
declaration
The bonds are to be sold
privately to the Connecticut Mutual Life
Insurance Co. and the notes are to be issued to commercial banks to evidence
loans
as
follows:
First
National
Bank
in
Albuquerque, Albuquerque,
New Mexico, $65,000; El Paso National
Bank, El Paso, Texas, $65,000;
Citizens Bank of Clovis, Clovis, New
Mexico, $20,000.
The net proceeds from the sale of the bonds and notes are to be used as
follows:
$232,061 for additions to plant, property and equipment; $15,070
oo,
*rge-certail? exiting obligations against
property and equipment:
$65,381 for liquidation of bank loans and contractual obligations; $36,000 to
be retained by trustee under indenture for
further bondable property addi¬
tions; and $41,738 for working capital.—V. 149,
p. 116.
New Orleans & Northeastern
October—
1939
Gross from railway.....
Net from railway
N^a/^rren^A
—V.
149,
2699.
p.
$269,038
107,070
60,057
2,561,764
2,772,866
2,272,610
875,339
1,076,325
760,519
326,350
496,208
308,507
1939
46,521
$193,669
29,454
26,111
1,939,180
521,714
573,559
i936
2,200,702
780,909
810,886
'
$193,423
50,746
40,952
1,690,038
397,176
285,724
2980.
Purjear,
Corp.—Bonds Called—
Corp., below.—V. 145,
p.
445.
Rolling Stock—
legal
assistant
to
the
Finance, why the
railroad proposes to finance
through the Reconstruction Finance Corpora-?/r8U^?^tantially the entire cost of $9,000,000 of new equipment.
Mr. luryear, writing to Mr. Sweet under date of Nov. 11, said the
railroad, 35 an incident to the RFC
financing, would spend $3,600,000
within one year for
repairing and reconditioning of existing equipment;
«
that not to be
required to make the down payment would
keep the railroad
better cash position for
meeting emergency traffic demands, and that
because of the unusually low unit
a
price of the equipment, owing to its
being manufactured by Despatch Shops, Inc., a New York Central subsi11
would be an initial equity in the
equipment comparable to that
usually represented by down payments.
"In view of the uncertain conditions
existing at this time, the recent rapid
in
the business level, with increased demands for
equipment,
resulting from war conditions," Mr. Puryear continued, "it seems advisable
to the management of the
applicant to finance substantially the entire cost
increase
Chicago & St. Louis RR.—Earnings—
1939
1938
1937
1936
$4,772,484
$3,520,273
2,148,784
1,524,402
1,271,760
806,962
$3,502,070
1,062,283
612,846
$3,887,586
1,471,549
918,413
35,122,521
11,616,222
6,583,987
29,622,375
8,068,605
3,589,269
35,807,226
11,892,964
7,110,862
34,248,423
12,323,823
7,412,233
October—
Gross from railway.
Net from railway
Net
after rents.
From Jan.
1—
Net
after
—V.
•
-
Gross from railway
Net from railway
rents
149, p. 3120.
New York City
Omnibus Corp.—Special Dividend—
Directors have declared
a special dividend of $1.25 per share in addition
quarterly dividend of 75 cents per share on the common stock, both
payable Dec. 22 to holders of record Dec. 14.
Like amounts were paid on
Sept. 26, last; dividends of $2 were paid on Dec. 15, 1938 and on Oct. 28,
1938; $2.50 was paid on Dec. 15, 1937 and an initial dividend of $2.40 was
paid on Oct. 15, 1937.—V. 149, p. 2981.
to a
New York
Connecting RR.—Earnings—
October—
1939
Gross from railway
Net from railway
Net
Net
1936
$280,999
209,772
127,038
$166,706
106,145
39,852
$214,958
157,764
91,805
2,108.018
1,421,535
1,121,054
after rents
FromJan.
1937
1938
$227,218
152,683
148,662
2,090,226
1,459,857
748,918
2,157,023
1,622,518
1,026,626
2,321,873
1,793,513
1,146,897
1—
Gross from railway.
Net from railway
after rents.
—V. 149, P. 2981.
•
<
RR.— To Authorize
New Haven & Hartford
New York
Interest Payment—
Federal
issue
Judge Carroll C.
Hincks said, Nov.
order authorizing the trustees
debenture interest totaling $3,465,993.
He
an
indicated
21
that he would notify
he
would
withhold
of the road to pay
order
the
bond and
Mahaffie
if Mr.
objected,
saying he would be reluctant to authorize payments if the Commissioner,
who presided at the ICC hearing on the New Haven's reorganization, should
feel tnat such action would delay or in any way jeopardize the reorganiza¬
Judge Hincks continued the hearing until Dec. 4 unless in the meantime
he signs the order.
Reopening of Reorganization Proceedings Asked■—
A group of common stockholders of the road have asked the directors to
reorganization proceedings of the New Haven so that a modified
plan might be submitted which would reflect current earnings of the road.
The demand sent to directors states that directors should petition the
Interstate Commerce Commission to reopen the proceedings and that
current earnings offer convincing evidence that the New Haven's probable
future earnings warrant the immediate allocation of definitive common
stock certificates to present holders in reasonable amounts.
In addition,
they are held to be entitled to receive warrants running for such terms and
embracing such provisions that the "inherent value and potential earnings
of the stockholders' equity in the road will be preserved to them."
reopen
Earnings for October and Year
Period End. Oct. 31—
Total oper. revenue
$8,010,755
al.480 363
1,691,138
d Net aLer charges.....
bc566.137
to
Date
1939—10 Mos.—1938
1939— Month—1938
Net ry. oper. income...
Inc. avail, for fixed chgs.
$7,177,462 $68,663,202 $59,585,747
1,119,300
a6,108,805
xl,026,222
1,234,175
7,860,333
405,488
93,909 xbc3415,651 xl 1,233,167
a The leases of the following companies
were rejected on dates stated
below but net railway operating income includes the results of operations of
these
properties: Old Colony RR., June 2, 1936; Hartford & Connecticut
1936; Providence, Warren & Bristol RR., Feb. 11,
Boston & Providence RR. Corp., 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
Wes&ern RR., July 31.
RR.,
Providence
Warren
&
Bristol
RR.
and
Boston
&
Providence
RR.
Corp. leases.
For
the
of showing the complete account for the operated
system, includes charges for accrued and unpaid real estate taxes on Old
Colony and Boston & Providence properties and accrued and unpaid charges
against said properties for Boston Terminal Co. taxes and bond interest.
d Before
guarantees on separately
operated properties,
x Indicates
deifcit.—V. 149. p. 3416.
'
c
purpose
The sale of $800,000 bonds
Ry,—Sells Holdings—
of Penn Anthracite Collieries Corp. by the
road to the Reconstruction Finance
Corporation for $96,000 was approved,
Nov. 27, by Federal Judge Murray Hulbert.
The sale will give the RFC
a first lien on Penn Anthracite properties and facilitate a loan of $250,000
by the RFC to Penn Anthracite for working capital.
The Court specified
that title to the bonds is not to pass unless the loan, tentatively approved,
is actually made.
Earnings for October and Year to Date
1939
railway
Net from railway
Net
after
rents
From Jan.
Reasons for Seeking
Vice-President of the road, has
written to the Interstate
Commerce Commission explaining, in answer to
an
inquiry from O. E. Sweet, Director of the Bureau of
in
149, p. 3270.
New York
Gross from
^r°r'c Central RR.—Gives ICC
RFC Aid for New
—V.
October—
See New York State Electric &
Gas
John
1937
$192,790
39,014
New York Central Electric
n
_278.363.006 242,023,064 310,240,195 294,573.431
69,011,812
47,972,829
73,870,657
73,740,473
28,418,491
9,620,322
35,178,568
38,471,583
after rents.
Net
New York Ontario & Western
Ry.—Earnings—
1933
$187,202
40,292
51,944
1,956,532
510,458
549,812
Gross from railway
Net from railway..
Net after rents
p.
1936
$303,457
98,224
30,248
From Jan. 1—
149,
1937
$291,012
120,553
64,383
New Orleans Texas & Mexico
October—
Gross from railway.....
Net from railway.
Net after rents.
—V.
RR.—Earnings—
1933
$309,032
137,990
66,213
392,291
Gross from railway
Net from railway
1—
1937;
2,560,274
962,611
Net after rents.
From Jan. 1—
...
From Jan.
Gross from railway
Net from railway
None of the creditors at the hearing opposed the proposed payments.
1938
1—
Gross from
Net from railway......
Net after rents
tion.
Ry.—Earnings—-
537,962
255,929
167,651
railway.....
Net from railway
Net
/
1939
Gross from
1936
1937
1938
1939
railway.....$35,171,438 $29,312,752 $31,835,274 $33,034,358
11,380,617
7,881,883
6,540.118
9,318,411
7,064,476
4,040,080
3,023,513
5,791.607
Gross from
to
to
Nevada Northern
October—
Interstate Commerce Commissioner Charles D. Mahaffie that he intended
Pay Extra Dividend—
Directors have declared
a
Earnings for October and Year to Date
It is expected
Nov.
.
.
.
,
its cash to meet maturing obligations during the
"Such action preserves
funds.
Dated Nov.
proposed
balance of this year and during 1940, permits the
now serviceable required for the present volume of
or
Chairman, announced Nov. 29, that the company had
registration statement with the Securities and Exchange Commission
covering $7,500,000 first mortgage bonds, bearing interest at Z%% and
maturing Dec. 15, 1954.
It is expected that Kuhn, Loeb & Co., A. G.
Becker
Co,, Inc., Hemphill, Noyes & Co. and Harriman Ripley & Co.,
Inc. will be among the principal underwriters.
The proceeds derived from the sale of the bonds will be applied to the
redemption, at 103 and int. of the $5,415,000 5% bonds of Spang, Chalfant
& Co., Inc., the balance of the proceeds to be added to general corporate
a
Nazareth
1939
2,
usiness
Slacing the the Government position to upon it.
applicant in a
place meet any increased demands that
Supply Co.—Registers with SEC—
John M. Wilson,
filed
Dec.
be included in this trust through the sale of the
of the equipment to
trust certificates.
after
—V.
149,
rents.
p.
1937
1936
$595,340
99,503
1,802
$520,000
17,537
def38,000
$668,626
124,284
44,446
5,213,677
505,729
392,125
5,376,282
350,820
5,534,243
658,385
7,421,317
1,801,862
def522,789
def109,075
962,406
1—
Gross from railway
Net from railway
Net
1938
$447,358
13,321
def53,248
3270.
New York & Richmond Gas
Period End. Oct. 31—
Operating
Gross
after
accruals
149,
1939—Month—1938
1939—12 Mos.—1938
$1,180,141
p.
$104,023
$101,414
$1,205,793
30,941
revenues
inc.
Net income
—V.
Co.—Earnings—
32,010
19,634
348,211
193,216
retire.
17,855
314,378
159,140
2982.
New York State Electric & Gas
Corp.—Bonds Called—
This corporation, as successor company, will redeem on Jan. 1, 1940, all
outstanding first mortgage gold bonds 5% series of 1952 due July 1, 1952 of
New York Central Electric Corp., at 103% and accrued interest.
The
bonds will become payable on
Jan. 1 at the principal office of The New
York Trust Co., 100 Broadway, New York, but holders may, at thenoption, receive the full redemption price at that address at any time prior
to the redemption date.—V. 149, p. 2982.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
New York Susquehanna & Western RR.—Earnings—
October
Gross from railway...
Net from railway
Net after rents
1939
1938
1937
1936
$270,978
100,242
51,603
$268,862
84,023
35,391
$252,920
77,138
35,389
2,500,841
From Jan. 1—
Gross from railway
$262,177
101,461
34,744
2,467,655
779,026
66,104
2,710,781
893,051
309,237
paid
July 1, 1937, and on Dec. 16, 1936, and a special dividend of 10
was paid on Dec.
16, 1935, this latter being the first dividend paid
Sept. 2, 1930, when a quarterly dividend of 15 cents per share was
distributed.—V. 149, p. 3416.
cents
since
2,707,517
Net from railway
Net after rents
838,174
200,749
North American Light & Power
See list given on first
page
829,250
347,969
Expense
Co.—Earnings—
Jan. 1 to
July 1 to
April 1 to
Jan. 1 to
Sept. 30, '39 Sept. 30, '39 June 30, '39 Mar. 31, '39
Gross oil royalties
New York Title & Mortgage Co.—Distribution—
Co.—Registers with SEC
of this department.—V. 149, p. 3121.
North American Oil
—V. 149, p. 2699.
A distribution of $1,100,000 to the 5,000 certificate holders of series F-l
mortgage issue will be made on Dec. 31, the trustees announced Nov. 19.
The series is a $28,000,000 issue and is being administered
by Aaron Rabinowitz, James L. Clare and Lawrence N. Martin, trustees.
3565
on
$165,422
56,143
$55,577
20,601
$61,627
20,500
$48,218
15,042
$109,279
...
$34,976
$41,127
$33,176
a
Profit before deple'n &
taxes on income
-V.
The payment, covering both principal and interest, will be to owners of
record as of Dec. 11.
The principal payment, the second by the trustees
since their appointment on May 13, 1935, is at the rate of 1% of the out¬
standing certificates. The income distribution will be the 10th by them and
will amount to 3 % of the certificates held.
Holders of series F certificates, an issue of the same company, will get
M of 1% principal and 4% of income on Dec. 23, William J. Pedrick,
William J. Schmitt and Alexander Pfeiffer, trustees, have announced.—V.
149,p. 2699.
Norfolk & Southern RR.October—
Gross from railway
-Earning s-
1939
1937
1938
455,444
136,509
73,551
385,584
81,078
3,872,534
814,129
303,181
3,729,129
Net from railway
Net after rents
30,397
1936
415,779
70,370
11,106
387,772
70,388
4.180,210
928,846
370,132
3,697,579
683,407
21,324
From Jan. 1—
Gross from railway
Net from railway
Net after rents
734,404
248,786
218,684
Net oper. income.
Other income (net)
Other
Railway
313,699
31,093
53,514
revenues....
40,791
revs___$10,712,782
$71,621,151 $58,020,024
2,946,626
2,849,638
292,511
262,210
459,956
360,327
$8,500,061 $75,320,244 $61,492,201
726,524
7,438,397
6,717,679
1,360,129
14,899,172
12,715,300
145,484
1,400,214
1,378,810
1,783,810
16,699,038
15,811,511
17,562
174,715
165,533
187,351
1,784,219
1,763,619
50,243
6,969
34,051
$5,989,619
1,695,286
$4,286,170 $32,974,732 $22,973,800
1,200,212
10,688,387
8,973,417
Railway oper. income $4,294,333
Equip, rents (net)—0__
436,511
Joint fac. rents (net)—Dr
11,304
$3,085,958 $22,286,345 $14,000,383
314,835
2,379,535
1,903,910
18,804
148,679
144,727
Traffic
expenses
846,462
...
Transportation rail line.
Miscell. operations
General
expenses
Transport. for invest—Cr
Net ry. oper. revs...
Railway tax accruals...
on
Net
To
income
$4,719,539
962
income
$4,720,502
177,668
$3,400,663
178,453
$3,222,209
Min.
com.
piad
or
be the first extra dividend paid
This will
upon the
company's property investment.
"From present indications the company's earnings for the year will
amount
to
approximately 6.22% upon the property investment.
Con¬
tinuing the established policy of financing improvement from net income in
prosperous years expenditures aggregating $16,000,000 have been auth¬
orized for the coming year, including 25,000 tons of steel rail and fastenings,
3,500 hopper car-coal cars, 100 50-foot box cars, 10 heavy mallet freight
locomotives and the modernizing of ol der interlocking and signal installations"
—V. 149, p. 2982.
as
of
Special Dividend—
E. L. Shea, President on Nov. 29 made the following announcement:
"The board of directors (Nov. 29) declared regular quarterly dividends
Dec. 11; and also declared
a
dividend of 30 cents per
ending Dec. 31, 1939, payable
addition the directors
declared a special dividend on the common
Dec. 29 to common stockholders of record Dec. 6, in the form
for participating units of beneficial ownership of common
stock of Washington Ry. & Electric Co.
Each participating unit will re¬
present beneficial ownership of l-40th of a share of common stock of $100
par value of Washington Ry. & Electric Co., and the special dividend will
be at the rate of one participating unit for each 50 shares of North American
common stock.
No certificates for fractional units will be issued, and
stockholders will receive cash at the rate of 33 cents per share of North
American common stock in lieu of fractions of units (that is, in respect of all
holdings of North American common stock other than 50 shares or multiples
thereof), this,being on the basis of $660 per share of Washington Ry. &
Electric Co. common stock, approximately the current bid price.
"The certificates for participating units are to be issued under a deposit
agreement, with Bankers Trust Co.' as depositary, which gives to the
stock payable
of certificates
certificates
Electric Power Co. and one-half of the capital stock of Capital Transit
Co., both operating in the District of Columbia and vicinity. The North
American Co. at present owns 62,197 shares, or 95.69%, of the common
stock and 12,827 shares, or 15.09%, of the preferred stock of Washington
Ry. & Electric Co., together representing 50.02% of the total voting
stock of that company. The special dividend will result in the distribution of
approximately 3,900 shares or 6% of the outstanding common stock.
"With these final dividends for the year, the total cash distribution on
North American common stock for 1939 will amount to $1.20 per share,
the same as in 1938, and in addition the special dividend, which on the basis
of approximately the current bid price for the Washington stock, represents
33 cents per share on North American common stock.
"This special dividends gives North American common stockholders an
opportunity to participate directly in its investment in the common stock
of Washington Ry. & Electric Co."'—V. 149, p. 3121.
North Central Texas Oil Co.—Final Dividend—
a final dividend of 10 cents per share on the
stock, par $5, payable Dec. 15 to holders of record Dec. 1.
Like
paid on July 1, last, and on Dec. 15 and on July 1, 1938; a
dividend of 20 cents was paid on Dec. 15, 1937; dividends of 15 cents were
The directors have declared
common
amount
was
Sept.
30,
regular voting rights of its pre¬
Period End. Sept.
30—
1939—9 Mos.—1938
1939—3 Mos.—1938
Divs.
on com.
stock of
Lake Superior District
Power Co
$45,898
$68,848
"""$62
Other income
Total income
General & administrative
Taxes, other than inc
Gross income _:
on
dt. to assoc.
Net income
x
$187
5,284
1,680
2,185
$58,029
4,818
x$6,777
6,484
x$3,961
$53,211
x$13,261
1,383
456
$42,037
1,275
cos.
x$ 1,776
V
$40,762
Indicates loss.—V. 149, p. 1186.
Net from
Ry.— Earnings—
'
October—
railway
railway
$66,446
36,989
20,414
523,269
206,993
61,633
459,442
165,364
5,351
$71,478
28,296
10,229
$70,994
679,550
296,813
101,265
28,409
4,223
1—
railway..
Net from railway.
Net after rents
—V. 149, p. 2699.
581,763
246,258
83,598
■
Northern Indiana Public Service
Period End. Oct. 31—
Co.—Earnings—
1939—10 Mos.—1938
$1,913,767
$1,509,189
$0.42
$0.20
Net income
Earns .per sh.of com.stk.
a
1936
$70,747
41,361
24,515
_
Net after rents
From Jan.
1937
1938
1939
Gross from
a
$187
$68,848
5,680
3,788
1,350
$62
$45,898
1,387
1,124
1,350
1939—12 Mos.—1938
$2,277,797
$1,843,540
$0.50
$0.26
After depreciation, interest, Federal income taxes, amortization, &c.—
—V. 149, p. 2700.
Northern Pacific
Ry.—Earnings—
1939
1938
1937
1936
$6,842,594
2,319,798
October—
Gross from railway
Net from railway
$5,648,976
1,494,466
$6,318,870
2,047,733
1,606,777
$6,719,439
2,367,456
2,086,728
55,479,925
11,265,398
51,051,327
10,307,873
7,789,454
1,985,629
1,117,636
53,300,916
10,881,359
7,569,613
47,153,394
7,450,420
4,273,836
From Jan. 1—
Gross from railway.....
Net from railway
Net after rents
—V. 149, p.
9,666,061
3416.
Northern States Power Co.
(Del.) (& Subs.)—-Earnings
Year Ended Sept. 30—
Operating revenues
Operation
„
1,752,699
Maintenance
5,046,417
1,603,646
-
$11,857,929 $11,181,706
76,018
31,664
(net).
.
Amortization of debt discount and expense—
Other interest
(net)
Amortization or sundry fixed assets
$11,933,948
3,752,607
678,027
61,848
Dividendson
$7,265,670
1,375,000
"cumulative preferred stock...
b Dividend on preferred
63,361
►'
.
—
$5,227,149
$6,324,973
2,195,666
25,229
...
.
a
131,608
$6,771,853
2,557,016
of period
Total
Earned surplus, end of period.
.
$6,665,510
1,375,000
$5,648,669
1,123,184
Net income.
Adjustments as of Jan. 2, 1938 (net)
Miscellaneous direct items (net)
3,780,642
656,128
062,361
41,843
239,691
2,309
stock
Minority int. in net income of sub. cos
Earned surplus, beginning
$11,213,370
41,843
133,953
Miscellaneous deductions—.....
a
1,683,264
3,016,294
4,730,027
948,999
3,107,740
Appropriation for retirement reserve & deprec'n—
Taxes!
Provision "for Federal and State income taxes
Other income
1938
1939
$37,177,999 $35,595,770
14,035,479
13,809,567
full
proportional interests in all distributions,
rights and voting rights of the deposited shares of Washington common
stock, and in dividends paid on such stock after Dec. 31, 1939. Such divs.
have been currently paid at the annual rate of $50 per share, which would
be equal to $1.25 per annum for each participating unit.
"The principal investments of Washington Ry. & Electric Co., a sub.
of The North American Co., consist of the entire common stock of Potomac
companies
Statement of Income (Company Only)
of 75 cents per share on the 6% preferred stock ($50
par) and 71 % cents per
on the 5M%
preferred stock ($50 par), both payable Jan. 2, 1940
the common stock, for the quarter
Dec. 22 to holders of record Dec. 6.
$80,718
$457,474
ferred stocks.
share
on
$93,203
company which is not consolidated due to
Net after rents
North American Co.—Dividends—To Distribute Shares
Washington Ry. & Electric Co.
9,097
$197,258
Gross from
payment of the extra dividend declared at this time.
Total dividends for
the year amounting to $15 a share are equivalent to a return of 4.12%
of the
209,318
3,653
but does not include $59,632 undis¬
tributed income for the nine months ended Sept. 30, 1939, applicable to
stock owned of Lake Superior District Power Co., an operating
by the company since Dec. 22, 1937 when
distributed.
In announcing the current extra dividend, W. J. Jenks, President of the
Railway, said:
"The company's traffic has increased substantially during the last few
months which with low fixed charges resulting from large funded debt
retirements in recent years, has produced earnings which make possible the
holders
116,288
stock int. in
Northern Alabama
October will also be paid on Dec. 22 to holders of record Dec. 4.
"In
V 69,773
decl.
common
Pay $5 Extra Dividend—
to holders of record
261,162
17,766
9,330
839,440
subsidiary companies consolidated,
$22,956,282 $14,289,977
on Nov. 28 declared an extra dividend of $5 per share on the
stock, par $100, payable Dec. 22 to holders of record Dec. 4.
Regular quarterly dividend of $2.50 per share which had been declared in
share
279,813
224,923
11,427
11,995
931,202
4,354
1939, includes $306,776 not available for distribution to North West Utilities
Co. because of prior years' dividend arrearages on the preferred stocks of
Directors
was
86,571
5,089
a Provision
for dividends on preferred stocks of subsidiary
held by the public and minority interest in net income.
Note—Consolidated net income for the nine months ended
$24,737,786 $16,075,326
1,781,504
1,785,350
common
$6 per share
$2,796,802
1,379,068
74,379
4,359
2,387
349,161
Net income.,
1,381,988 $24,517,200 $15,759,565
18,674
315,761
220,586
$4,542,834
funded debt
$3,127,246
1,364,839
Divs. paid or declared
Bal. of div. require¬
Int.
Gross
$996,856
458,051
Income taxes
Net ry. oper. income.
Other inc. items (bal.)_.
Int.
$2,785,360
11,442
net income
1,604,462
143,176
1,933,549
17,380
185,271
7,136
oper.
Maint. of way and struc.
Maint. of equipment
$3,043,763
83,483
1939—10 Mos.—1938
5,114,477
37,252
transp. revenues.
Incidential and joint fa¬
$992,118
4,738
and expense
a
1939—Month—1938
$9,200,135
6,414,775
$1,084,078
452,881
.
•$9,661,949
6,618,186
General interest (net)
Other income deductions
a
1939—9 Mos.—1938
3 53,155,148
2,163,030
$1,028,519
55,559
___
Gross income
Int. on long-term debt..
Amort. of bond discount
a
1938
1939—3 Mos.
Operating revenues
$3,274,235
Oper. exps. & taxes.....
2,245,717
Norfolk & Western Ry.—EarningsPeriod End. Oct. 31—
Subs.)—Earnings-
[Exclusive of Lake Superior District Power Co.]
ments not
Freight revenues..--.. $10,311,457
Pass., mail & exp. revs.
310,558
739.
Period End .Sept. 30—
—V. 149, p. 3271.
cility
149, p.
North West Utilities Co. (&
1,609,924
1,559,485
157.342
$1,993,942
$1,123 ,384
-
i*
-
-
-
1,097,82.3
1,875.039
$5 series of Northern States Power Co. (Minn.) held by public,
b Of Northern States Power Co.
(Wis.) held by public.
Note—Northern States Power Co. (Minn,) made no provision for Fede al
and State income taxes for the year 1937, as it claimed as a deduction in its
income tax returns for that year unamortized discount and expense and
redemption premiums and expense and duplicate interest applicable to
bonds redeemed during the year 1937, which deduction resulted in no tax¬
able income for that year.
Weekly Output—
Electric output of the Northern States Power Co. system for the week
Nov. 25, 1939, totaled 30,093,492 kilowatt-hours, an increase of
14.9% compared with the corresponding week last year.—V. 149, p. 3417.
ended
1938
537,177,999 $35,595,770
13,651,534 13,927,034
1,752,699
Taxes:.
& deprecia'n.
Provision for Federal and State income
taxes
Net operating income
Other income
Gross
(net)
4,692,454
835,699
$12,156,770 $11,441,024
— 76,018
31,664
.............
3,809,173
656,128
CY62.484
41,843
131,609
3,752,607
long-term debt.
678,027
and expense.
Amortization of debt discount
61,848
41,843
Other interest
(net)
Amortization of sundry fixed assets
133,953
Miscellaneous deductions
812,955
330,825
Common stock..
Accounts payable.
202,230
255,469
202,230
120,101
76,587
35,965
271,427
230,867
271,427
i
Reserve for
674,464
308,936
10,019
Inventories
7,936
8,355
Deferred charges..
2,470
Other assets
Dividends
a
$7,564,511
239,691
Minority interest in net income of
accounta
and notes,
Represented by 202,230 no par
z
Nyanza Mill—To Sell Plant—
For comparative purposes the
(Minn.) effective as of Jan. 2, 1938.
(2) Northern States Power Co. (Minn.) made no provision for Federal
and State income taxes for the year 1937, as it claimed as a deduction in
its income tax returns for that year unamortized discount and expense and
redemption premiums and expense and duplicate interest applicable to
bonds redeemed during the year 1937, which deduction resulted in no tax¬
able income for that year.—V. 149, p. 2522.
Northwest
industrial plants in Fall River, New Bedford and other New England cities.
It is understood that the mill will be leased in sections to small manu¬
Engineering Co.—To Pay 50-Cent Dividend—
Directors have declared a dividend of 50 cents per
share on the com. stock,
payable Dec. 20 to holders of record Dec. 5.
This compares with 25 cents
paid on Nov. 1, last, and in each of the three preceding quarters; $1 paid on
Dec. 20,1938; 25 cents paid on Nov. 1,1938; 75 cents paid on Dec. 20, 1937,
and dividends of 25 cents per share paid on Nov. 1, Aug. 1, May 1 and on
Feb. 1, 1937.-—V. 148, p. 132.
sory
Co.—Earnings—
Northwestern Bell Telephone
1939—Month—1938
3328.
p.
eussIoT—.
$26,500,000 Promis¬
NJ Utilities Co
Notes to RFC—
Exchange Commission announced Nov.
The Securities and
27 that com¬
filed a declaration (File 43-275) under the Holding Company Act
covering the issuance and sale of $26,500,000 of secured promissory notes
to the Reconstruction Finance Corporation at par.
The interest rate and
pany
maturity date will be furnished by amendment.
According to a consolidated statement as of Sept.
NJ Utilities Co. and associated companies, filed with
30, 1939 of NY PA
the declaration, the
disposition of the proceeds from the proposed loan will be as follows: $6,084,448 to the payment of bank loans; $7,845,942 to the retirement or
redemption of long-term debt; $5,780,750 to the payment of Federal income
tax claims, consisting of $3,245,333 owed by Associated Gas & Electric
Corp. and $2,535,417 owed by General Gas & Electric Corp.; and $6,788,860
to remain available for construction or
investment.—V. 149, p. 3417.
Ogden Corp.—New Directors—Successor to Utilities
& Light Corp.—
A
Period End. Oct. 31—
143,
facturers.—V.
figures prior to Jan. 2, 1938
Midland Public Service Co., which became sub¬
subsidiary companies and
which has salvaged
River
Fall
NY PA
sidiaries of Northern States Power Co.
and the land on which it is located
Corp. of Fall River for $27,500.
corporation is an investment firm
to the Crescent
The
included in the year ended Sept. 30, 1938, figures above have been adjusted
to include the income accounts of Northern States Power Co. (Wis.) and
shares.—V. 148,
p.3695.
Co. (Wis.) held by public.
Of Northern States Power
Notes—(1)
$6,833,060
sub. cos
Net income
a
63,361
$7,322,510
preferred stock->.
on
$6,896,421
2,309
-
109,352
$1,555,259 $1,366,377
x After deducting $241,515
($209,910 in 1938) reserve for depreciation
After deducting $122,851 ($88,231 in 1938) reserve for bad and doubtful
Total
Stockholders voted to sell the plant
Balance
267,580
specific
contingency
Capital surplus—
Earned surplus
$1,555,259 $1,366,377
Total
y
$439,200
Accrued accounts.
95,476
Notes and accts.
receivables, <fec.
y
$275,756
90,930
$303,515
303,515
equipment.
Cash
$12,232,789 $11,472,688
income
on
3,016,294
5,005,610
1,503,646
-
-
1,683,264
3,107,740
-
Appropriation for retirement reserve
1938
$439,200
Preferred stock—
Prop., plant and
x
1939
Liabilities—
1938
1939
Assets—
_
Maintenance.
Dec. 2, 1939
Consolidated Balance Sheet Sept. 30
(Minn.) (& Subs.)—Earns.
Northern States Power Co.
Years Ended Sept. 30—
Operating revenues
Operation
Interest
Chronicle—YEARS OLD
ONE HUNDRED —The Commercial & Financial
3566
new
board of directors for the Ogden Corp., successor
Power
company to the
named Nov. 29 at a meeting of deben¬
preferred stockholders with Harry N. Gottlieb, special master.
elected on behalf of the debenture holders are:
Charles
Utilities Power & Light Corp. was
1939—10 Mos.—1938
ture and
The directors
Uncollectible oper. rev.„
$2,988,054
5,634
$2,917,591 $29,199,276 $28,252,169
8,814
78,364
94,765
Operating revenues-.
Operating expenses
$2,982,420
1,964,651
$2,908,777 $29,120,912 $28,157,404
1,885,755
19,395,769
19,188,410
$1,017,769
362,413
$1,023,022
369,979
$9,725,143
3,776,409
$8,968,994
3,707,855
trustee of Utilities Power; Benjamin H. Brewster, General
for Atlas Corp.; Leon Cole, an employee of Atlas; Thomas P.
Durell; Morris E. Feiwell, Vice-President of American National Bank &
Trust Co., Chicago; Archibald Jackson, Attorney, New York and Richard
C. Patterson, of Radio-Keith-Orpheum Corp.
M. L. Sindeband, a consulting engineer, and David G. Baird, VicePresident of Marsh & Mc Lennan, were elected directors representing the
$655,356
541,672
$653,043
616,265
$5,948,734
4,904,048
$5,261,139
4,904,137
such directors will not immediately
Operating revenues
True Adams,
Auditor
Net oper. revenues
Operating taxes
Net oper. income
income
Net
—V.
preferred stockholders.
As the reorganization plan has not been finally confirmed by the court
take office.
A dummy board of direc¬
tors for
149, p. 2983.
Ogden Corp. is now in existence which will
Co.—Earnings-
1939—Month—1938
Period End. Oct. 31—
1939—12 Mos.—1938
$4,276,671
2,752,050
$437,941
290,274
$387,176
259,747
$4,722,510
23
23
25,000
25,000
300,000
293,333
$122,667
17,810
Operating revenues
Oper. exps., incl. taxes..
$102,429
$1,342,269
211,860
$1,231,265
206,441
3,080,218
Amortization of limitedterm investments.
_
_
_
Prop, retire't res. approp
Federal Judge Holly has
tion of the plan.
Assents to
$104,857
$84,916
451
Operating income
Dr77
Other income (net)..
Dr 130
$1,132,175
323,096
1,750
237,626
$1,024,694
340,088
$84,839
28,222
1,750
21.971
evil
17,624
CY35
CV241
CY272
$53,956
$39,028
$569,944
334,185
$142,220
debentures..
on
Other int. & deductions.
Int. charged to construe.
208", 476
preferred stock,
100,000 shares of the
over
or more
x
income
Dividends applicable to pref.
stock for the period
Balance
Dividends
x
accumulated
and
unpaid
to
Oct. 31,
1939,
amounted to
Latest dividend on 7% pref. stock was $1.75 a share paid on
Oct. 2, 1939.
Latest dividend on 6% pref. stock was $1.50 a share paid
on
Oct, 1, 1932.
Dividends on these stocks are cumulative.—V. 149,
$1,086,147.
P.
Telephone Co.-
revenues
157
Operating revenues.
Operating expenses
_
$65,763
_
46,005
Operating taxes.
Earnings
Ohio Brass Co.—To
stocks
March 24, 1938, and regular quarterly dividends of
share previously distributed.—V. 146, p. 3674.
25 cents paid on
cents per
1939—Month—1938
1939—12 Mos—1938
$1,665,130
$1,565,804 $19,297,870 $18,581,343
828,660
744,497
9,222,446
9,009,591
225,000
200,000
2,425,000
2,400,000
revenue
1939
1938
1937
1936
$331,430
46,455
16,513
$311,071
25,352
def4,546
$337,500
16,843
defl2,374
$369,551
68,856
48,279
Int. & other fixed charges
2,796,127
36,959
def244,160
2,563,190
def455,228
def768.840
3,271,778
263,581
def9,529
3,152,645
440,228
265,534
..
Net after rents
From Jan.
...
*.
—V.
$611,470
277,567
$621,307
$333,903
155,577
$333,732
155,577
$178,326
Gross income
$178,155
287,575
$7,650,424
3,432,423
$7,171,752
3,403,252
1—
Gross from railway
Net from railway
Net
75
Ohio Edison Co.-—Earnings—
Oper. expenses & taxes.
Prov. for depreciation..
October—
Gross from railway
from railway
Pay $1 Dividend—
a dividend of $1 per share on its class A and class B
Dec. 23 to holders of record Dec. 8.
This compares with
on
_
Net
$133,893
Company will pay
common
Period End. Oct. 31—•
RR.-
$134,561
149,p. 2963.
Gross
Pacific
$202,153
68,260
709
72,095
$12,367
$12,245
$615,424
413,271
$206,656
44,009
$616,133
$646,729
440,073
$18,193
5,826
Net oper. income
-1938
$648,236
1,507
$62,202
$19,758
7,513
Net oper. revenues...
1939--10 Mos.
73
Uncoil, oper. revenue
3271.
Northwestern
-Earnings —
1939—Month—1938
$62,275
$65,920
Period End. Oct. 31-
Operating
—V.
Net
holders of more than 82% of
178.173 outstanding shares
than necessary for consummation of the plan
Consent of two-thirds the creditors claims and one-half of the preferred
tock is necessary to approve the plan.
'
of
$476,402
334,182
$235,759
mtge. bonds
Interest
$1,024,824
$1,130,409
1,766
$105,308
27,642
Gross income
on
17,513
deferred until Dec. 20 hearing on final confirma¬
plan have been received from
the debentures and
Ohio Associated
Net oper. revenues
Kent for lease of plant..
Int.
resign when the plan is
confirmed and elect the above as their successors.
Northwestern Electric
after rents
149, p. 3416.
Period End. Sept. 30—
Operating revenues
Oper. expenses & taxes..
_
pref. stock....
Balance
Co.—Earnings—
1939—3 Mos.—1938
$750,768
$733,052
541.960
519,939
Ohio Seamless Tube
1939—12 Mos.—1938
$3,002,755
$2,891,559
2,157,797
2,098,560
$208,809
1,354
Net income
Pref. stock div. require'ts
$844-,958
8,182
$793,000
10,019
$214,937
110,012
$853,140
433,811
$803,019
438,572
$103,417
70,062
Gross income
Int. & other deductions.
$213,113
1,824
$210,162
106,745
Net operating income.
Other income (net)
$104,926
70,463
$419,329
280,247
$364,447
281,843
—V. 149, p. 2983.
Norwalk Tire & Rubber
Co.—Earnings-
$3,768,500
1,866,923
$4,218,001
1,866,923
$2,351,078
$1,901,577
Gross sales
30
preferred stock,
on
Nov. 28.
The
no-par
$2,785,865
2,218,411
$2,249,895
1,891,898
$1,703,280
1,455,675
$741,438
$567,454
464,422
370,485
$357,997
259,957
of
Operating profit.
$98,040
27,321
$42,215
$125,361
43,864
11,575
4,560
1,651
$61,952
40,769
1,700
$63,711
$18,426
$277,016
4,374
$196,968
$281,390
42,095
$201,612
46,315
1,558
10,830
20,700
7,500
1,946
el4,072
$180,592
a30,745
$111,195
b61,488
c34.038
$149,847
Other income
$49,707
$0.40
$29,673
$0.16
4,644
shares of new
7% preferred
plan calls for the creation and issuance of 50,000
prior preference stock, ranking ahead of the present
new
and bearing an initial dividend
$2.68% per share and thereafter cumulative dividends at
annual rate of
$1.75 per share.
prioer preference stock will be offered in exchange
for one share of the present preferred, while the present no-par common
stock will be changed into an equal number of shares of common having a
par value of $5 per share, thereby reducing the stated capital of each share
to $5 from $13.22, according to the terms of the plan.
Dividend accruals on the present 7% preferred stock upon which divi¬
Four shares of the
new
of surplus earnings, totaled $547,440 or $50.75
1939, according to notice mailed to shareholders,
predict when the company could pay
arrearages of preferred dividends in addition to keeping up current divi¬
dends.—V. 149, p. 3417.
share
19.737
as
of Oct.
1,
which said that it would be difficult to
$247,606
205,391
sales..
was
stock and the common stock as to dividends,
per
1936
$3,785,181
3,043,743
Cost of sales
Co.—Recapitalization Plan Voted—
in order to satisfy dividend accruals
approved at special meeting of stockholders held
Plan for revision of capital structure
on
dends may be paid only out
Consolidated Income Account for Years Ended Sept
1939
1938
1937
on
income
on
—V. 149, p. 2700.
Northwestern Public Service
Gross profit
Expenses
Net
Divs.
Oklahoma
City-Ada-Atoka Ry.—Earnings—
1939
1938
1937
1936
$44,773
23,998
$44,994
16,774
$51,269
23,281
$45,678
14,021
October—
Gross from railway
Net from railway.
16,990
8,109
12,320
968
334,636
113,410
376,553
118,452
440,992
163,124
452,540
204,103
47,369
31,846
67,970
111,479
Net after rents
From Jan. 1—
Total income
Depreciation
Fed. income taxes (est.).
Undistrib. profits tax...
Interest, paid
~
....
Miscell. deductions
46,199
Gross from railway
Net from railway
Net after rents
—V. 149, p. 2701.
"
l",057
Oklahoma Natural Gas
Co.—Earnings—
1939
12 Months Ended Oct. 31—
Net profit
Preferred dividends
Operating
Gross income after retirement
a
Surplus.
Earns, per sh. on com.._
a
7%.
b 14%.
c7%%.
real estate in the amount
in the amount of $97.
$0.74
$18,426
Nil
Includes increase in reserve for outside
of $13,975 and loss on retirement of fixed assets
e
'
Net income
b Earnings per common
a
To surplus without
1938
$8,236,854
revenues
share
accruals
$8,033,077
2,976,959
1,572,267
2,958,010
1,480,819
$2.10
$1.95
deduction for surtax of $85,000 on undistributed
Srofits30, 1937), year ended Nov. 30, 1938 ($40,000 in fiscal year ended
Tov.
for fiscal charged to surplus, b 549,986 shares outstanding.—V.
149, p. 3417.
Volume
149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
Old Colony RR .—Service Ordered Restored—
Pacific Tin
The Massachusetts Department of Public Utilities has ordered the
New York New Haven & Hartford RR. to restore service at 88 stations on
which passenger service has been discontinued.
These stations are in
eastern and southeastern Massachusetts on lines served
by the Old Colony
Boston & Providence and New England RR.
The Commission states that service must be restored within 10 days of
the date of its order, which is Nov. 28.
It
the
was
test case, involving the Yarmouth-Provincetown branch of
that the U. 8. Supreme Court recently handed down a
upholding the jurisdiction of the Massachusetts Commission.
on
a
Old Colony,
decision
The decision ordering restoration of service was written by Commissioner
Grant, who pointed out that the New Haven has not made out a case. The
method of using a test week on expenses and a test month on passenger
revenues
and
building it
year's operations, it was held, was not
satisfactory and not in the public interest.
The method, furthermore,
does not coincide with that used by the Interstate Commerce Commission
in service discontinuance proproceedings, the order states.
The Commission recognizes the plight of the railroad but believes that
up
to
a
accurate information and evidence of actual losses and of revenues from all
including freight, should be presented in a matter so important to
thousands of residents and property owners of the Commonwealth.
The
sources,
Commission states that it will consider new petitions in the matter if the
railroad provides more accurate operating data.
Files Demurrer in Old
The Bankers Trust Co., New York, individually and as trustee under a
1st & ref. mtge. from the New Haven RR., has filed answer in the
Superior Court and a demurrer to the $17,000,000 suit brought
against it by Howard S. Palmer, James Lee Loomis, and Henry B. Sawyer
as trustees of the Old
Colony RR., in which it alleges that the Superior
Court has no jurisdiction as the Connecticut Federal District Court, acting
1920
as
Court
a
of
Bankruptcy, acquired exclusive jurisdiction and that the
an action against defendant either
individually or as trustee. The answer also denies all the allegations of the
suit and averrs that the matters contained in some of the
allegations are
barred by the six-year statute of limitations.
The suit alleges that the Old Colony in 1893 leased its property to the
New Haven, including an 1888 lease of the Boston & Providence to the old
Colony, and that the defendant, under the 1920 mortgage, and the lessee,
the New Haven, failed to pay rent for 1935-36 amounting to $1,564,037;
did not maintain the Old Colony property in good condition to its damage
in the sum of $970,000; did not pay taxes amounting to $1,104,618; failed to
return the property at termination of the lease or its equivalent, to damage
of plaintiffs' in amount of $4,587,627; failed to furnish extra equipment to
the plaintiffs' damage in amount of $1,106,317; falied to pay rent due the
allegations
Boston <fe
are
(whose shares of stock have been fully listed on the
New York Stock
Exchange since March 23, 1938), which holds 81.7%
or the
outstanding shares of capital stock of the corporation.
This plan
of reorganization
provided that the 3,500,000 outstanding shares of capital
stock, (par $5) of the corporation be reconstituted into 700,000 shares of
capital stock (par $1), holders of the old stock of the corporation
receiving
share of the new stock for each five shares held.
Tne amendment to
certificate of organization of the corporation was
approved by the
directors on Nov. 8, and by the stockholders on Nov. 21.
As a part of
such amendment and in connection
therewith, the name of the
one
the
corporation
changed from Yukon-Pacific Mining Co. to Pacific Tin Consolidated
Corp., and the authorized capital was reduced from $17,500,000 to $1,086,737, and the capital outstanding to $700,000.
was
a 8econd
8teP in the reorganization, Pacific Tin Corp. transferred to
the corporation all of its
assets, including its shares of capital stock of the
corporation, and an indebtedness of the corporation due Pacific Tin Corp.
&M>roximate amount of $2,217,000, as of Sept. 30, 1939, in exchange
for 958,792 shares of new
capital stock of the corporation.
This action
was
insufficient to maintain
Providence in amount
of $326,079; failed
to furnish
necessary
a special dividend of 30 cents per share in addi¬
to a quarterly dividend of like amount on the common stock, both
payable Dec. 27 to holders of record Dec. 14.
Similar amounts were paid
on Sept. 30, last.
A dividend of $1.30 was last paid on Dec. 29, 1938 and
tion
initial dividend of $1.80 was paid on
Dec. 23, 1937.—V. 149, p. 1484.
Oppenheim, Collins & Co., Inc.—Sales—
stores net sales of $2,149,431 for the quarter
31, an increase of $45,262 or 2.1% from the $2,104,169
volume reported for the corresponding period of the previous year.—V.
149, p. 2522.
Oct.
on
Orange Crush Ltd.—Sells Honey Dew Shares—
Assets—
Mr.
Taylor stated in his letter to Orange Crush shareholders:
"The business of Orange Crush Ltd. is expanding and it is expected that
additional working capital and plant capacity can be used to advantage.
The directors of your company have therefore determined that it is no
longer advisable for the company to retain its holdings of shares of Honey
Dew Ltd., and that it is desirable to sell such shares and utilize the proceeds
of such sale for the general corporate purposes of the
company."
Application for purchase of the shares were received by Montreal Trust
Co., Toronto, to Nov. 30.
Arrangements have been made for the sale to
E. P. Taylor at $12.50 a share of any balance of the 6,000 shares of Honey
Dew, which are not applied for by the company's shareholders.—V. 148,
p. 591.
Oregon Pacific & Eastern Ry.—Reorganization Plan—
The Interstate Commerce Commission has submitted to affected creditors
a
vote its final
has been approved
plan of reorganization for the company.
The plan also
by the Oregon Federal Court.—V. 148, p. 2909.
Otter Tail Power Co.,—Stock Issue Granted
by FPC—
The company has been authorized by the Federal Power Commission
to issue not in excess of 12,955 shares of $4.50 dividend preferred stock and
to borrow not more than $700,000 from the First National Bank & Trust
Co. of Minneapolis, subject to a number of conditions set forth by the Com¬
mission.
The number of shares to be issued and the exact amount of money to be
borrowed is dependent upon success of the company's proposal to redeem
not in excess of one-half or its
outstanding $6 preferred stock at a redemption
price of $100 per share, plus accrued dividends to Dec. 31. it was said.
The
company plans to make available for this proposed redemption $600,000
of its general funds and has made arrangements with the First National
Bank & Trust Co. of Minneapolis for a standby loan not to exceed $700,000,
the aggregate sum being sufficient to redeem for cash all call shares.
At the time of the redemption call, the company proposes to make an
offer to preferred stockholders whereby they will be given the option of
receiving the cash redemption price or exchanging present $6 preferred
share for share for preferred shares $4.50 dividend series, plus a cash bonus
not to exceed $3 a share.
In approving the application the
FPC specified that the new $4.50 divi¬
dend series preferred shares be issued only to the extent of advance sub¬
scriptions obtained under the exchange plan and also limited the bank loan
to the amount necessary for the redemption of the $6 preferred stock, plus
expenses.
The Commission said the authorization would expire in 150
days.—V. 149,
S.
Govt,
secure,
at
Accounts payable and accruals
Provision for taxes accriel
(at market quotations $198,-
961)
$97,361
Reserve for repairs.^
$409,797
cost
64,826
127,382
55,704
Minority interest in subs...
Capital stock ($1 par)
187.852
Capital surplus (as at Dec. 31,
317,220
1938, if proposed reorganiza¬
Accounts receivable
Tin concentrates—at cost
Materials & supplies—at cost.
Tin
shipments subject to de¬
ferred settlements—at cost.
Sundry
investments
serve of
(less
61,056
b
197.498
tion
37,079
had
effective
been
1,086,737
at
that date)
4,090,888
re¬
$999)
52,680
Deferred charges
Construction and equipment—
17,938
at cost (less reserve for depre¬
ciation of $2,375,754)......
Mining properties (leaseholds)
—at
cost
(less
to
consoi.
reserve for
1,581,681
group
depletion of
$1,567,742)
1,114,008
Amt. at which stk of Malay
States Tin, Ltd., is to be
a
.
stated
1,556,793
$5,528,2511
Total
Total
.....$5,528,25!
In the accounts of the corporation based on appraisal as of Sept. 30,
excess of its cost to consolidated group and undistributed earnings
accumulated since acquisition,
b Capital stock of subsidiaries held by
1939, in
minority stockholders at
allocable
such
to
par
stock
value, $389,572; net deficit from operations—
charges for total distributions, $262,190.
after
—V. 149, p. 3121.
Packer Corp.—50-Cent Extra Dividend—
Directors have declared
an extra dividend of 50 cents per share on the
stock, no par value, payable Dec. 15 to holders of record Dec. 5.
Regular quarterly dividend of 25 cents per share was paid on Oct. 14, last.
—V. 149, p. 2241.
common
American
&
Petroleum
Transport
Co.—To Pay
25-Cent Dividend—
Company will
dividend of 25 cents per share on its common stock,
1.
Last previous dividend was paid on
pay a
Paraffine Companies—•Dividend Increased—
Directors have declared
a dividend of 75 cents per share on the common
payable Dec. 23 to holders of record Dec. 6.
Previously regular
quarterly dividends of 50 cents per share were distributed.—V. 149, p. 2701.
stock,
Patterson-Sargent Co.—25-Cent Dividend—
Directors have declared
a
dividend of 25 cents per share on the common
stock, payable Dec. 1 to holders of record Nov. 28.
Like amount
paid on Oct. 28, last and previously regular quarterly dividends of
cents
share
per
Paulista
were
distributed.—V.
Period, End. Oct. 31—
1939—Month—1938
1939—12 Mos.—1938
$530,741
297,447
$531,575
281,447
$6,040,099
3,351,203
131
131
57,908
57,908
694,900
694,100
$175,336
17,810
$192,220
17,513
$1,993,865
$1,869,919
211,861
206,441
Operating income
$193,196
$209,733
Dr36
$2,205,726
Dr885
$2,076,360
L>r85
Other income (net)
was
2701.
Ry. Co.—Interest Payment—
Ladenburg, Thalmann & Co.,
as
fiscal agents, is notifying holders of
bonds.
tion
Payment will be made
and
surrender
fiscal agents.—V.
H.
U.
H.
Alfred
L.
the
p.
Assurance
Pearl
Named
of
149,
S.
on
March
and after Nov. 27, 1939, upon presenta¬
15, 1939 coupons at the office of the
3121.
Co.,
London—0.
Ltd.,
H.
Carlsson
Manager—
Audtin, managing director of the company has announced that
Merritt, United States manager, has tendered his resignation
31 and that Oscar H. Carlsson has been appointed by the
Dec.
effective
directors to succeed him from that date.
formerly foreign fire superintendent of the Pearl at the
covering its world-wide operations, has been associated with
the operations of its fire department were extended to
foreign fields.
He has paid several business visits to the United States.
Mr. Carlsson's entire business career has been devoted to insurance.
The chief office for the United States is at 80 John St., New York.
The
-Mr.
Carlsson,
home office,
the company since
company
is one of the largest in the world.—V. 138, p. 1928.
(David) Pender Grocery Co.—Special Dividend—
Directors have declared
a
special dividend of $1 per share on the class B
stock, payable Dec. 18 to holders of record Dec. 8.
This compares with
50 cents paid on Dec. 29, 1938 and on Dec. 22, 1936.—V. 149, p. 2242.
Inc.—Dividend—
meeting of the Board of Directors held Nov. 21, a regular quarterly
of this company was
declared to stockholders of record Dec. 1, 1939, payable Dec. 15, 1939.
A resolution was also passed calling for a special meeting of the Board of
Directors on Dec. 12, 1939 to consider declareation of a further dividend
a
$5,773,095
3,208,945
payable Dec. 26, 1939 to stockholders of record Dec.
investments
Prop, retire't res. approp
Net oper. revenues
p.
dividend of 75 cents per share on the common stock
limited-term
Rent from lease of plant.
149,
first and refunding mortgage 7% sinking fund gold bonds, that they have
received funds for the payment of the March 15, 1939 interest on these
At
Light Co. (& Subs.)—Earnings—
Operating revenues
Oper. exps., incl. taxes._
of
Dec. 21, 1937 and amounted to $1 per share payable in company's notes.
—V. 149. p. 3417.
Penick & Ford, Ltd.,
2983.
p.
Pacific Power &
Amort,
Liabilities—
Cash—demand deps. in banks.
U.
Dec. 21 to holders of record Dec.
share.
for
also
Pro Forma Consolidated Balance Sheet Dec. 31, 1938
Pan
Common shares of Honey Dew Ltd. held by this company, are offered to
Orange Crush shareholders in a letter from E. P. Taylor, President. The
shares held by Orange Crush total 6,000, and are being offered at $12.50
a
(See
Pacific Tin Corp. in Y. 149. p. 3417.)
;
Company reported total
ended
Corp. will
liquidating dividend in kind said 958,792 shares of capital
a
of the corporation, pro
rata, to its stockholders, and will dissolve.
distribution and dissolution is intended to be effected when the
registration shatement of the corporation becomes effective.
Such
a
Corp.—Special Dividend—
Directors have declared
an
as
stock
equipment for Boston & Providence, to its damage in amount of $684,191;
failed to pay Boston & Providence taxes in amount of $505,740; and failed
to make permanent improvements for Old Colony in amount of $3,101,800.
—V. 149, p. 3271.
Omnibus
likewise approved by the directors and stockholders.
The plan of reorganization further
provides that Pacific Tin
distribute
Colony Suit—
Mass.
3567
Corp.
887
2523.
15, 1939.—V. 149,
I
Pennsylvania Power & Light Co.—Earnings—
Oct. 31—
Period End.
Operating revenues
Oper. exps., incl. taxes.
of
Amort,
1939—Month—1938
$3,338,583
1,911.184
1939—12 Mos.—1938
$3,323,250 $39,151,529 $38,668,837
1,902,798
21,564,177
22,121,056
limited-term
investments
1,139
_
retire, reserve
appropriations
1,013
12,750
8,493
229,167
218,333
2,858,333
2,703.333
Property
Other int. & deductions.
$193,111
85,417
17,949
Int. charged to construe.
CY422
Int.
on
Net
mtge. bonds
$209,697
85,417
17,553
$90,167
income
$106,727
Divs. opplicable to pref. stocks for the period
$2,204,871
1,025,000
256,659
CY1.181
$2,077,247
1,025,000
227,482
$924,393
458,478
$824,819
$465,915
Gross income
$366,341
Net oper. revenues...
Other income (net)
-
458,478
Gross income
Int.
on
mtge. bonds
$1,197,093
$1,201,106 $14,716,269 $13,835,955
7,952
$1,205,045
7,168
453,750
277,083
—V.
Int. charged to construe.
149, p. 2701.
Pacific Tin Consolidated
The New York
Corp.—Listing—
Stock Exchange has authorized the listing of 1,086,737
(par $1), upon official notice of issuance pursuant
shares of capital stock
to
Other int. and deduct'ns
Net income.
148,781
5,079,306
Cr679
16,287
Cr260
751,667
509,508
Cr9,987
5,445.000
600,000
194,639
Cr5,150
$731,732
$688,497
$8,503,033
$7,750,247
Interest on debentures106,875
Balance
117.258
$1,208,274 $14,833,527 $13,984,736
-
90,034
50,000
Dividends applicable to preferred stocks for the
3,846,535
period
3.846.546
04.656,498
$3,903,701
plan of reorganization.
Yukon-Pacific Mining Co.), on
of reorganization with its parent.
PacificT in Consolidated Corp. (formerly
Nov.
10,
1939,
promulgated
a
plan
Balance
—V. 149, p. 2702.
,
ONE HUNDRED—The Commercial & Financial
3568
g*ch
Rorrirtnnl
[Excluding Long Island RR. and
Railway oper.
subject to
upon such
of the holder, of redemption in.
or exchangeability for, or conversion into common stock of Duquesne Light
Co. (or other securities into which such common stock may be changed)
now or hereafter owned by the company, and to have such other desig-
1939—Month—1938
1939—10 Mos.—1938
revenues.$47,522,904 $35,352,125 $348776,368 $295808,419
expenses. 32,355,873
23,379.498 249,818,229 212,151,153
nations, terms, relative rights, privileges, limitations, preferences and
voting powers or prohibitions, restrictions or qualifications of the voting
an(l other rights and powers, all as may be specified by the stockholders of
the company at said meeting; and thereafter from time to time, to reduce
the capital stock and capital of the company by the amount of the par
value or stated capital of the shares of such new class or kind of preferred
stock which shall be so redeemed, exchanged or converted, which shares
shall be canceled and retired and not reissued;
(3) To authorize the directors to issue and dispose of shares of such new
class or kind of preferred stock from time to time for such lawful consideration as the board may determine;
(4) To change or alter the voting rights of the holders of any or all of
the shares of the company's authorized or outstanding capital stock in such
manner as may be specified, as to the shares of any given class or kind,
by the stockholders of the company at said meeting;
(5) To reduce, by an amount to be determined by the stockholders of the
company at said meeting, the stated capital applicable to the authorized
common stock, both issued and unissued, without changing the number
_—
oper.$15.167.031 $11,972,627 $98,958,139 $83,657,266
3,359,000
3,126.470 25,941,700 24,144,528
570,014
460,148
4,741,243
4,123,377
Railroad retirem. taxes.
522,482
414.477
4,292,251
3,732,151
Equip, rents,—Dr. bal_.
408,500
529,820
4,568,196
6,269,737
Jt. facil. rents—Dr. bal.
142,556
143,035
1,290,054
1,398,294
Net
rev.
from ry.
Railway taxes
Unemploy. Jns'ce taxes.
$7,298,675 $58,124,695 $43,989,181
Income.$10,164,479
Net ry. oper.
Only
Earnings of Company
..00
1939
1938
1937
1936
$47,438,431 535,256,314 $39,902,999 $42,559,658
October—
Gross from railway
Net from railway
Gross from railway
66,120,485
44,190,875
58,374.098
Net after rents
Gf shares of either, and to reduce the preferred 5% capital stock in the
amount of $1,426,600 by canceling and retiring the 142,660 shares of such
stock now in the treasury of the company, thereby reducing the capital
68,027,884
3122.
stock and capital of the company by said amounts;
D
1
n
9,231,179
7,380,746
3£I'££1'99& 294,906,240 393,246,228 362,579,512
Net from railway.
—V. 149, p.
7,327,269
10,204,201
Net after rents
From Jan. 1—
f
1 •
_
Pennsylvania-Reading beashore Lines
1939
October—
.....
$389,536
defl4,961
$409,652
dpf29,446
$541,290
102,867
defl62,393
defl75,104
def75,533
From Jan. 1—
manner
5,975,175
4,596,141
defl,469
dfl,501,513
dfl,748,943
5,670,058
971,310
556,646
dfl,356,682
Pennsylvania Salt Manufacturing Co.—Acquisition—
_
n
^
,
e
a.
1
rt
i
11
j
Pennsylvania Telephone Corp.—Preferred Stock Called—
Corporation has called for redemption on Dec. 25, 1939, all of its outstanding 6% cumulative preferred stock at $110 per share plus accrued
dividends.
Payment will be made at the First National Bank of Erie,
Erie, Pa. and stockholders are advised that they may receive the full
redemption price of their shares, with dividends to Dec. 25, at any time on
and after Nov. 28.—V. 149, p. 3418.
_
...
,
rt'i
~
0
.
* in.
nnn
■
,
draft to go to creditors and security holders,
3. To examine officers and directors of the company and other witnesses
who may*have information concerning the company.
4. To ascertain and to report to him whether there were any facts relating
to misconduct, mismanagement or fraud by the managers and to report if
there is any basis for suit by bondholders against the officers and directors.
5. To report to him whether any of the reorganization plans hitherto
filed are "fair and feasible."—Y. 149, p. 2703.
a
$3,215,780
2,090,407
Net oper. revenue
Tailway tax accruals...
$1,125,373
179,450
$770,954
159,934
Operating income
Equip, rents (net)
Joint facil. rents (net)__
$945,923
82,606
52,771
$611,021
53,742
51,139
————
.
$810,546
—tpn.
——7—7
■
,Total income—-
Retirement expenses...
$3,561,968
740,645
443,942
$1,195,965
619,653
467,175
9 Months Ended Sept. 30—
Gross income, less discounts, returns
.)n
$2,377,381
17,103
304,234
t0
n?SftSi2
profit and loss
Loss
or
224,799
100,644
one,
*«i9
O,ol*
273,019
c7 nii
57t011
2,704,402
co kok
o0»o25
2.735,403
«**4 981
$554,283
celianeous income
Profit before provision for taxes—
x$143.381 x$2,475,004
«918 997
$238,237
1,150
*91
*«9 47fi i *4
x$144,531 x$2,476,154
deficit.—V. 149, p. 2702.
Perron Gold Mines,
one cent was
paid
on
Sept. 21, last.—V. 149,
Directors have declared
a
p.
_
„
„
885.
,,
,
_
Phelps Dodge Corp.—Stock Sold—Allen & Co. announced
Nov. 27 they have bought and disposed of 3,500 shares of
common stock of the company.—V.
149, p. 2984.
Co.—Special Meeting Dec.
5
to
Consider
Increase in Indebtedness and in StockA
special meeting
of the
holders
of
preferred
capital stock,
6%
cumulative preferred stock, $6 cumulative preference stock, $5 cumulative
preference stock and common stock, will be held Dec. 5, with the object of
considering and taking action on the following proposals of the directors:
CI) To increase the authorized indebtedness of the company to the
sum of $100,000,000, so that the aggregate indebtedness of the
company
at any one time outstanding, whether represented by bonds or other
evidences of indebtedness now outstanding or by bonds or other evidences
of indebtedness hereafter issued from time to time, may be any amount not
exceeding such sum, any such bonds or other evidences of indebtedness to
be hereafter issued to have such provisions as the board of directors may
determine and all or any part
deed of trust,
or
of which may be secured by mortgage, pledge,
otherwise in such manner and upon such terms as the
boa£d £f directors Pay detennine;
To increase the authorized capital stock of the company in an amount
not to exceed $65,000,000, in aggregate par value or stated capital, by
(2)
69.621
88,500
$371,186
$0.41
$401,457
$0.45
& Machines Co. to Sept. 30, 1939, $21,043.—
a
Directors have declared a dividend of $1 per share on account of accumulations on the $3.50 cum. preferred stocky no par value, payable
Dec- 21 t0 holders of record Dec. 8.
Similar payments were made on
0ct- 10, Aug. 5 and June 3, last.—V. 149, p. 1925.
Pittsburgh & Lake Erie RR.—Earnings—
J?39
$2,3o3,870
<92,083
771,421
~
.
J938
$1,634,067
406,335
391,047
-ic^ino^n
October
Gross from railway
Net fr®m railway
Ne* aftei! rents..
From, Jan. 1
Gross from railway
Net from railway
Net after rents.
n
15,019,849
2,151,311
2,538,117
11,284,420
1,012,952
1,422,756
$1,818,554
113,777
201,581
$2,239,291
480,014
476,861
,onnnc,„
no,
20,473,489
4,107,371
4,189,793
18,000,649
4,189,247
4,394,859
—v. 149, p. 3274.
Pittsburgh Shawmut & Northern RR.—Earnings—
1939
Gross from railway
From Jan. 1—
Gross from railway
Net from railway.
Net after rents
—V. 149, p. 2703.
_.
1938
$122,503
,
.
1936
$105,664
26 917
^
$85,721
^7 289
23 545
705,051
131,045
5,361
801,926
215,013
79,646
„
1937
$84,975
-»way;;;;;;50 449
get
5%
62.742
$471,078
149, p. 3418, 2703, 2377.
October—
Philadelphia
749
^41
24.541
share of Profit of British affiliate to June 30, 1939, $16,216, and profit
x
0f Canadian Postage Meters
Pay 40-Cent Dividend—
dividend of 40 cents per share on tlfe common
"■
.
88,000
$378,968
$0.42
9A
$4o9,686
Pittsburgh Brewing Co.—Accumulated Dividend—
stock, payable Dec. 20 to holders of record Dec. 8.
This compares with 30
cents paid on June 28, last; 41 cents paid on Dec. 23, 1938, and a special
stock dividend paid on Sept. 26, 1938.
For details of latter, see V. 147,
p. 1046.
See also V. 147, p. 3468 for detailed record of previous cash distributions.—V. 149, p. 2242.
_
*^7 9*50
$466,968
Net profits
Earnings per share
Ltd.—Extra Dividend—
Petroleum Corp. of America—To
,
—*37.2u9
Provision for Federal, State & foreign
taxes (excl. undistnb. profits tax)..
V.
Directors on Nov. 24 declared an extra dividend of three cents per share
in addition to the regular quarterly dividend of four cents per share on the
common stock, both payable Dec. 21 to holders of record Dec. 1.
Extra
of
1,327,969
$438,336
.
t
x
$2,091,749
1,396,820
$435,146
0»000
1,150
$2,213,391
1,408,386
$429,709
60,529
315
$2,268,340
!>rofit from operations
Piofits from British affiliate and misr^pllflnpmis inpnmft
63>583
$238,552
1937
282,041
99,385
5,860
$554,283
1938
301,508
128,737
270,202
income
$624,420
1939
and allowances
$381,453
Inc. applied to sinking &
other reserves funds..
$628,627
Provision for depreciation
Development and research expense..
$2,681,615
r
105,680
232,390
Cost of sales, operating, selling and
administrative expenses
$523,243
*
22,977
106,599
237,329
$109,136
272,317
——
^
676,450
18,149
Pitney-Bowes Postage Meter Co. (& Subs.)—Earnings
—————-
5'U2
Amtin^nonf
$616,011
...
676,200
—V. 149, p. 2524.
$834,964
Renter
equipmentInterest on debt
Balance available for dividends....
income tax.
$2,712,262
1,516,298
$506,140
—^
$1,661,919
....
Federal
$5,174,594
1,612,625
,
$1,666,905
676.000
11,663
94,953
241,844
Amortization and other deductions,_
$2,663,193 $24,444,010 $20,386,496
1,892,238
19,269,416
17,674,233
24,417
.
$1,640,471
Interest charges
1939—10 Mos.—1938
Operating revenues
Operating expenses
1937
$2,481,257
674,475
144,862
.....
Net earnings
1939—Month—1938
income.
130,044
1938
$2,472,714
673,022
132,787
1939
$2,443,118
672,603
Operation (incl. maintenance)...
Taxes
framings
Marquette Ry.
Other income
Philadelphia Suburban Water Co.—framings—
12 fonths Ended Oct. 31—
Gross revenues
Fnvninno
Rw
Period End. Oct. 31—
Net
,
^
„
2. To Prepare and submit to the SEC and other parties who have appeared in the reorganization proceedings a report of his investigation with
Company, Nov. 30, filed with the Securities and Exchange Commission
registration statement covering a new issue of $10,900,000 refunding
mortgage & collateral trust bonds, due 1964, according to J. A. Walls,
President.
The interest rate will be named in a later amendment.
White,
Weld & Co. will head the list of principal underwriters.
Net proceeds will be used to meet the forthcoming maturity of $10,903,000 first mortgage 5%. sinking fund bonds, which fall due Jan. 1,
1940. After the payment of the maturing bonds, the company's long-term
debt will consist of the new issue of $10,900,000 refunding mortgage &
collateral trust bonds, just registered, and $10,962,000 of first refunding
mortgage bonds, series B 41A%, due 1968.
The company operates a 111,000 kw. hydro-electric plant and a 20,000
kw. steam-electric plant at Holtwood, Pa. on the Susquehanna
River,
generating and transmitting electric power, sold largely at wholesale.
—V. 149, p. 2984.
_
„
relevant.
a
.
,
continuing it, and other matters that the Court may refer to him as
nnn
Co.—Files $10,900,000
Water & Power
Pennsylvania
Hand Issue
.
.
Federal Judge William H. Kirkpatrick has named Nicholas G. Roosevelt,
a distant cousin of the President, as special exmainer to make a complete
investigation of this company now seeking reorganization under the bankruptcy laws.
He is to determine whether the company can be reorganized and whether
its officers and directors have been guilty of waste and mismanagement
which would entitle bondholders and stockholders to sue them for any
losses.
The naming of an examiner was at the instance of the Securities and
Exchange Commission.
It also sought an explanation of why the company
assertecfly has lost upward of $68,000,000 in the last 10 years.
Judge Kirkpatrick's directions to Mr. Roosevelt are:
1. To investigate acts, conduct, property, liabilities and financial condition of the debtor company; the operation of its business and the desirability
Company has acquired the business and assets of the Sterling Products
of Easton, Pa., manufacturers of the Erusto line of washroom and
cleaning specialties for the laundry and cleaning industry.
The purchase was for cash, but the price was not disclosed.
The Easton
Co. is a closely held corporation.—V. 149, p. 3273.
Net ry. oper.
,
Philadelphia & Reading Coal & Iron Co.—Examiner
Named—
Co.
__
of the company
3419
T)
P*
def939,146
-v. 149, p. 2984.
p«0
Pere
and for such purposes either as the stockholders
direct or authorize at said meeting, or as the board of directors, in its
discretion, from time to time may determine; and for the transaction of
such other business as may properly come before the meeting.—V. 149,
may
?
4,992,462
217,700
Gross from railway.
Net from railway
Net after rents.
be made, such charges
against and uses of the surplus of the company, including the surplus to be
created by the reductions referred to in the preceding paragraphs, in such
1936
1937
1938
$498,893
60,760
Net from railway
Net after rents
(6) To authorize the directors to make, or cause to
framings
def98,683
Gross from ra'lway
,
with or without nominal
such rate, to have
cumulative dividends at
as
notice, to have such rights, at the option
Period End. Oct. 31—
Rallway oper.
priorit!e«
0f preferred and preference stock and the common stock, to be
redemption at the option of the company at such prices and
framings
Baltimore & Eastern RR.]
Pennsylvania KK. Kegionai oystem
8tock to consist of such number of shares
va]uei to be entitled to
to dividends and, in the event of liquidation or disso]Ution of the company, as to assets over any one or more of the present classes
guch
Earniuas
Svsf-e-m
par
or
Dec. 2. 1939
kind of prefen-ed stock of the corn-
creating and authorizing a new class or
r lnaa
Torn
put Dividend
Pennsylvania Olass Sand v,orp.
looeni uiviaena
declared a dividend of 75 cents a share on comstock voting trust certificates, payable Dec. 20 to holders of record
Dec. 8.
This compares with 50 cents paid on Dec
20. 1938, and on
Dec. 15, 1937; 25 cents paid on Oct. 1 and °n Ja'y 1< 1^37' and an initial
dividend of 50 cents per share paid on Dec. 15, 1930.—V. 149, p. 2984.
The directors on Nov. 28
mon
pr
Chronicle—YEARS OLD
844,683
87,540
def32,358
872,174
124,612
36,607
_
Pittsburgh & Shawmut RR.—Earnings—
October—
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1939
$104,064
33,485
25,153
1937
1936
$42,875
def6,652
defl0,733
$63,241
.6,935
6,499
$61,657
10,071
7,633
1938
537,136
381,661
542,585
437,969
Net from railway
58,347
def65,084
5,076
defl9,123
Net after rents
22,407*
def75,749
31,542
defll,177
—V. 149, p. 2703.
Volume
ONE HUNDRED—
149
Commercial & Financial
The
_
October—
1939
1936
1938
$286,957
66,764
68,630
$331,005
56,865
84,932
$356,459
77,142
88,870
2,893,922
2,414,980
3,592,092
3,179,116
939,763
785,100
476,951
448,819
890,659
1,019,315
983,088
1,060,481
$455,851
205,391
198,296
Net after rents.———
From Jan. 1—
Gross from railway
Net from railway. -...
1937
I
—
_
Net after rents.........
—V. 149, p. 2984.
Pneumatic Scale Corp.,
Ltd.—AO-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the common
stock payable Nov. 24 to holders of record Nov. 20.
Like amount was
paid on Nov. 1, last, and compares with dividends of 80 cents paid on
Oct. 2, July 15 and on March 1, last.—V. 149, p. 2984.
Portland Gas & Coke
Period Ended Oct. SI—
Co.—Earnings—
1939—Monty—1938
$274,569
$284,833
193,769
202,777
Operating revenues.....
Oper. exps., incl. taxes-
1930—12 Mas—1938
$3,450,103
$3,394,625
2,400,542
2,397,817
Amortiz. of limited-term
investments-
158
6,568
.-
Property retirement re¬
serve appropriations..
22,917
22,917
275,000
275,000
Net oper. revenues...
Other income (net).....
$57,725
2M83
$59,139
Dr90
$767,993
1,058
$721,808
Dr3,363
Gross income-_......
Int. on mtge. bonds—
Other int. & deductions.
Int. charged to construct
$57,542
40,604
4,399
$59,049
40,604
5,641
Cr46
$769,051
487,250
53,660
CV249
$718,445
487,250
52,863
Cr635
Net income..
$12,539
$12,850
Divs. applicable to pref. stocks for the period.—
$228,390
430,167
$178,967
430,167
Balance, deficit-
$201,777
$251,200
x
......
————
12 Mos.End. Elec. Sales
Sept. 30—
(Kwh.)
Dividends
accumulated and unpaid to Oct. 31, 1939, amounted to
Latest dividends, amounting to $1.25 a share on 7% pref.
stock and $1.07 a share on 6% pref. stock, were paid on Oct. 1, 1938.
Dividends on these stocks are cumulative.—V. 149, p. 2984.
x
3569
Excluding accrued interest.
(b) $243,245 will be applied to the payment or reimbursement for pay¬
ment of equipment obligations outstanding at Sept. 30, 1939.
(c) $2,190,000 will be applied to the payment of a like principal amount
of 6% demand notes payable to Cities Service Power & Light Co., without
premium, less a credit allowed by Cities Service Power & Light Co., being
the difference between redemption priqes and book costs of $737,300 of
company's funded debt owned on Sept. 30, 1939 by Cities Service Power
& Light Co., included In items listed above to be redeemed, which credit
computed as of Sept. 30,1939 amounted to $141,144; (exclusive of accrued
interest).
(d) The balance of the net proceeds will be applied in payment of interest
overlap, estimated at $449,000, and the remainder added to working capital.
Business—Company was incorp. in Colorado on Sept. 3,1924 as successor
by merger of a company of the same name (incorp. Oct. 3, 1923) and The
Colorado Power Co. (incorp. April 2, 1913).
Company organized Oct 3,
1923 was the successor by merger of a company of the same name (incorp.
Aug 2, 1923), Denver Gas & Electric Light Co. (incorp. Nov. 29, 1909)
and Western Light & Power Co. (incorp. April 3, 1906). The Denver Gas
& Electric Light Co. succeeded by mergers and consolidations to several
corporations, the oldest of which was formed in 1869 and commenced
operation in the City of Denver in that year.
Company is a public utility operating company engaged principally in the
production, transmission, distribution and sale of electricity and in the
purchase, distribution and sale of natural gas. It is also engaged, but to a
minor estent only, in rendering steam heating service, bus transportation
service and manufactured gas service, and in the manufacture and sale of
ice. For the 12 months ended July 31,1939 approximately 70% of its gross
operating revenue was derived from the sale of electricity, 30% from the
sale of natural gas and less than 1% from its other operations.
Company
also controls, through stock ownership, Cheyenne Light, Fuel & Power Co.
and Colorado-Wyoming Gas Co., and six other subsidiaries which are of
relatively small size.
As an indication of the growth of business of the company and its con¬
solidated subsidiaries, the following tabulation of revenues and sales {.In¬
cluding revenues and sales of acquired properties only from dates of ac¬
quisition and excluding revenues and sales of properties sold only from dates
of sale) for each of the 12 months' periods is set forth:
a
Pittsburgh & West Virginia Ry.—Earnings—
Gross from railway-.
Net from railway—
OLD
Oas Sales
Gross
Oper. Net Earns:
Revenues
<& Other
Mcf.)
$2,404,634.
■
Income
Net
Income d
c...
1939 (July 31)-429,184,000 10,809,451
$17,620,854 $6,319,894 $3,339,097
17,279,249
6,322,348
3,383,043
16,821,181
6.225,807 3,304,563
15,327,048
5,824,713
2,874,785
14,004,623
5,406,192
2,452,899
14,644,865
5,940,381
3,367,409
236,824,000 a3,855,186
11,776,769
4.652,422
2,328,081
190,413,000
3,082,515
9,963,068
3,444,722
1,046,015
The directors have declared an interim dividend of 30 cents per share on
the common stock, payable Dec. 21 to holders of record Dec. 2.
Like
1938---—.419,494,000
9,937,003
1937-- —.409,020,000 10,235,286
1936—
^-346,469.000
8.824,418
1935—
-.291,604,000
7,195,741
1931 ——269,740,000 b6,955,647
amount was
1928-—.
Power Corp. of Canada, Ltd.—30-Cent Dividend—
paid on July 25, last, and on Dec. 21 and July 25, 1938, and on
Dec. 21, 1937, and compares with 25 cents paid on July 26, 1937, and
Dec. 21, 1936, this last being the first payment made on the common stock
since
May, 1932.—Y. 149,
p.
2243.
Pratt & Lambert, Inc.—Dividend
Again Increased—
(G. E.) Prentice Mfg. Co.—Stock Dividend—
a
•
b
Directors have declared a dividend of 75 cents per share on the common
stock, payable Dec. 32 to holders of record Dec. 6. This compares with 50
cents paid on Oct. 2, last, and previously regular quarterly dividends of 25
cents per share were distributed.—V. 149, p. 2378.
Company paid
1925—
stock dividend of 50% on its common stock, par $25,
Dec. 1 to holders of record Nov. 21.
Extra dividend of 50 cents in addi¬
tion to regular quarterly dividend of 50 cents was paid on Oct. 15, last.
Extras of $1 per share were paid on July 15, last, and on Dec. 15, 1938.
on
a Changed from manufactured to natural gas at Denver in August, 1928.
Colorado-Wyoming Gas Co. included from Sept. 1, 1931.
c Prior to
interest and other income deductions, but after appropriations for repoacements and income taxes, d After appropriations for replacements, interest
and other income deductions and income taxes.
Company's operations are wholly within the State of Colorado and its
principal center of distribution of electricity and gas is the City of Denver
and the immediate vicinity.
On the basis of the 1930 Federal census, the company estimates that the
total population of the territory served with electricity or ^as or both,
including rural territory in which the comapny renders service, is about
426,000 which includes approximately 300,000 in Denver.
Capitalization
as
—V. 149, p. 2243.
Procter & Gamble Co.—-To
Pay 4% Bonus—
The board of directors on Nov. 21 authorized a bonus equal to 4% of
the net annual wages or sales of all regular employees who have been in
the service of the company since prior to June 30, 1939, and whose wages or
salaries do not
exceeds 3,000
of July 31,1939 (Company and Consol. Subs.)
Authorized
Outstanding
a unlimited
3 H % series due 1964—
$12,500,000
4% sinking fund debentures due 1949--.
1st pref. stock ($100 par):
7% cumulative———————
——.1
6% cumulative
———
fb250,000 shs
5H% cum. series of 1938—
]
5% cumulative.-.—J
'
I
Common stock ($100 par)
250,000 shs.
1st mtge. bonds,
The bonus is exclusive of the
pany's profit-sharing plan.—V. 149, p. 2704.
a year.
com¬
—
——
-
Public
Service
of Colorado-—Securities Offered—
for the company which will place the
entire funded debt of this operating utility on a basis in
line with current low interest rates on prime securities was
undertaken Nov. 28 with the offering by Halsey, Stuart &
Co., Inc., and associated underwriters, of $40,000,000 first
mortgage bonds, 3lA% series due 1964, and $12,500,000 4%
sinking fund debentures due 1949 of the company.
The
first mortgage bonds, which will be due Dec. 1, 1964, are
priced at 102 and accrued int. and the debentures, due Dec. 1,
1949, at 102 and accrued interest.
Upon completion of the
financing these two issues will constitute the only funded
debt of the company and its consolidated subsidiaries
Both
A
refinancing
Co.
program
.1
-
—————
— —
a
_
--------
-
Further issuance subject to restrictions of
$40,000,000
12,500,000
c58,727 shs.
39,957 shs.
None
3,750 shs.
229,900 shs.
b Certificate
the mortgage .
,
of incorporation provides that 100,000 shares of the first preferred stock
be known as 7% cumulative first preferred stock.
Directors have,
„
shall
untu
by them, limited the issuance of 6% cumulative first prer.
of 5% cumulative first preferred
5M% cumulative first preferred
series of 1938, to 50.000 shares, c Excludes 152 shares held in treas.
further action
stock to 50,000 shares and the issuance
stock to 10,000 shares and the issuance of
stock,
and
includes
158
shares reserved for predecessor
company
stocks unex¬
changed and still outstanding.
Summary of Earnings (Company and Its Consolidated Subsidiaries)
Years Ended Sept. 30-—
12 Mos.End.
1936
1937
1938
July 31,'39
Gross oper.
Operations-
revenues.-.$15,327,048 $16,821,181 $17,279,249 $17,620,854
—
6,332,839
7,161.659
6,983,300
7,137,557,
672,576
760.349
746,562
693,318
1,316,282
1,607,784
1,759,032
1,774,529
387,927
487,225
560,583
658,341
— -
--
MAint. & repairs—-—
General taxes—-----Fed. & State inc. taxes-
.
issues have been oversubscribed.
First Mortgage Bonds—Dated Dec. 1, 1939; due Dec, 1, 1964. Principal
and int. (J-D),
payable at office or agency of the company in New York.
Definitive bonds will be in coupon form in the denom. of $1,000, registerable
as
to
principal only, and in fully registered form in denom. of $1,000 and
authorized multiples.
Bonds will be red. as a whole or in part by lot on
notice published not less than 30 days prior to the date fixed for redemption
by payment of principal amount thereof, accrued int., and a premium of
7H% of such principal amount if red. on or before Nov. 30, 1940; with
successive reductions in such premium of H of 1% on Dec. 1 of each of the
years
1940 to and incl. the year 1945; thereafter with successive reductions
in such
premium of M of 1% on Dec. 1 of each of the years 1946 to 1961
incl., and if red. on or after Dec. 1, 1962, without premium. Company will
agree to reimburse resident holders, other than corporations or voluntary
associations upon proper application within 60 days after payment for the
personal property tax in Pennsylvania not exceeding five mills per annum,
and for the Maryland and Mass. income taxes on the interest net exceeding
6% of such interest per annum.
4% Sinking Fund Debentures—Dated Dec. 1, 1939; due Dec. 1, 1949.
Principal and int. (J-D) payable at office or agency of company in New
York. Debentures will be in coupon form in the denom. of $1,000, registerable as to principal only.
Debentures will be redeemable as a whole or in
part by lot on notice published not less than 30 days prior to the date fixed
for redemption by payment of the principal amount thereof, accrued
int. and a premium or 4% if red. on or before Nov. 30,1941; with successive
reductions in such premium of M of 1% on Dec. 1 of each of the years 1941
to 1948 incl.
Debentures will also be red. for sinking fund purposes at the
principal amount thereof, accrued int., and a premium of 3% If red. on or
before Nov. 30, 1941; with successive reductions in such premium of 34 of
1% on Dec. 1 of each of the years 1941 to 1944 incl ^thereafter with suc¬
cessive reductions in such premium of 34 of 1% on Dec. 1 of each of the
years 1945 to 1948 incl. Company will agree to reimburse resident holders,
other than corporations or voluntary associations, upon proper application
within 60 days after payment for the personal property tax in Pennsylvania
not exceeding five mills per annum, and for the Maryland and Mass. income
taxes on the interest not exceeding 6% of such interest per annum.
Purpose of Issues—Company will apply the net proceeds (estimated at a
of $54,283,018 after deducting expenses, but excluding accrued
interest) from the sale of the $40,000,000 of first mortgage bonds, $12,500,000 debentures, and $2,190,000 par value of common stock (not offered by
his prospectus) to the following;
total
(a) Retirement of the following outstanding funded indebtedness:
a
Amount
Reg'd for
Redemption
Denver Gas & E*. Co., gen.mtge. 5s, 1949-—-——
$5,510,820
Denver Gas & El. Light Co. 1st & ret. mtge. 5s, 1951-—.--.-6,369,300
Colorado Power Co. 1st mtge. 5s, 19533,721,725
Public Service Co. of Colo. 1st mtge. & ref. gold bonds:
Series A, 6s, 1953.
3,554,898
Series B, 534», 1954—.
——12,217,551
Series C, 6s. 1961...
10,811,048
20-year 6- gold debentures, 1946
3,194,327
4% secured note, 1941
— 4,500,000
—
----
*
——
—
—— ————— — — —
-
—
$7,229,772
380,576
$7,357,109
322,785
$7,610,348
1,288,000
$7,679,894
873,000
$6,225,807
$6,322,348
$6,319,894
$6,617,424
1,804,164
35,289
294,643
$6.652,*13
$7,098,807
828,000
Bal. of inc. before int.
& other inc. deducts. $5,824,713
Net oper. revenue.
Other income
——Gross income-
Approps. for replace
—
1,360,000
The annual interest requirements on the $40,000,000 of the first mtge.
bonds, 3H% series due 1964, to be outstanding will amount
to $1,400,000.
The annual interest requirements on the $12,500,000 of 4%
sinking fund
debentures due 1949, initially to be outstanding will amount to $500,000.
Stock, Ownership and Control—As of Oct. 31, 1939, Cities Service Power
Light
Co.,
owned of record and beneficially 207,979 shares
&
(excluding
directors' shares) of common stock, constituting 99.99% of the voting power
of the company.
Underwriters of Bonds and Debentures—The names of the several under¬
writers of the first mortgage bonds, 3 H% series due 1964 and 4% sinking
fund debentures due 1949 and the principal amounts thereof agreed to be
purchased by them, respectively, are as follows:
«
Halsey, Stuait & Co., Inc., $9,500,000 bonds and $5,250,000 debentures.
First Boston Corp., $2,750,000 bonds and $2,450,000 debentures.
Blytb & Co., Inc.. Harriman Ripley & Co., Inc., Central Republic Co..
Lehman*Brothers, Mellon Securities Corp., Otis & Co. and Smith, Barney
& Co., $1,000,000 bonds and $500,000 debentures each.
Bonbright & Co., Inc., $750,000 bonds and $250,000 debentures.
Blair & Co., Inc., Goldman, Sachs & Co., Harris, Hall & Co, (Inc.),
W. C. Langley & Co., E. H. Rollins & Sons, Inc., and Stone & Webster
.
and Blodget, Inc., $750,000 bonds
A. C. Allyn & Co., Inc., A. G.
and $175,000 debentures each.
Becker & Co., Inc., Boetteher & Co.,
Chanufce, Loughridge & Co., Coffin & Burr, Inc., Graham,
Parsons & Co., Hallgaiten & Co., Hemphill, Noyes & Co., Hayden, Stone
& Co., Ladenburg, Thalmann & Co., Lazard Freres & Co.* Lee Higginson
Corp., F. S. Moseley & Co., Paine, Webber & Co., Arthur Perry & Co..
Inc., Schrodei Rockefeller & Co., Inc., Union Securities Corp., and Whiting,
Weeks & Stubbs, Inc., $500,000 bonds each.
Bosworth,
Bacon,
Whipple & Co., H. M. Byllesby & Co., Inc., The Illinois Co. of
Chicago, Merrill Lynch & Co.. Inc., Newton, Abbe & Co., R, W. Pressprich & Co., Shields & Co., Sills, Troxwell & Minton, Inc., and Stern,
Wampler & Co., Inc., $400,000 bonds each.
Blair, Bonner & Co. and Dick & Merle-Smith, $300,000 bonds each.
Milwaukee Co., Staikweather & Co., and Tucker, Anthony & Co..
250,000 bonds each.
'
.J
Baker, Weeks & Harden, BancOhio Securities Co., Paul H. Davis & Co.,
Equitable Securities Corp., and Schwabacher & Co., $200,000 bonds each,
Bartlett, Knight & Co., Farwell, Chapman & Co., and First of Michigan
Corp., $150,000 bonds each; and Nichols, Terry & Dickinson, Inc., $100,000
bonds.
The Securities and Exchange Commission Nov, 28 issued a supplemental
order allowing to become effective a declaration and amendments thereto
filed by the company pursuant to Section 7 of the Public Utility Holding
Company Act of 1935 regarding the issuance of $40,000,000 of first mort¬
gage bonds, 3H% series, due 1964, $12,500,000 4% sinking fund debentures
due 1249, and S2.1LCXC0 ccrr men stock.—V. 149, p. 3419.
ONE HUNDRED—The
Commercial & Financial
3570
of N. J.—To Pay
Public Service Corp.
Directors on Nov.
65 Cent Dividend—
dividend of 65 cents per share on the
21 declared a
stock, no par. payable Dec. 20 to holders of record Dec.
amount was paid on Sept. 30, last; dividends
of 60 cents were
June 30.
on March 31, last; 55 cents paid on Dec. 20, 1938; 50
common
Sept. 30, and June 20, 1938. and previously regular quarterly
share were distributed.—V. 149, p. 3419.
1. Like
paid on
cents on
dividends of
65 cents per
Earnings for the 12 Months
Operating revenues
. —
Operating expenses and taxes_
Net operating
Ended Oct. 31. 1939
$40>280,902
—
<—
—
.
income
$9,289,548
—
Other income
30,901,354
263,071
—
3819.
146, p.
Richmond Fredericksburg & Potomac RR.
October-1939
1938
1937
Gross from railway
$666,518
$602,490
$633.2/3
Net from railway
147,498
168,319
120,955
Net after rents
156,366
95,567
54,703
Gross from railway
Interest
on
funded debt
..
Edison Co
payable to Commonwealth
unfunded debt
Amortization of debt discount and expense
Interest charged to construction
Interest
on
notes
- -
$9>££2,619
2,811,400
1,800,000
Net after rents
—V. 149, p.
Roan
Interest on other
Net income
575,630
( rlS.110
—
$4,296,306
...
—V. 149, p. 3122.
Radio Corp. of
America—To Pay 20-Cent Common Div.—
declared a dividend of 20 cents per share on the
16, 1940 to holders of record Dec- 8.
This
compares with similar dividend paid on Dec. 14,1938 and an initial dividend
of 20 cents paid on Dec. 21, 1937.—V. 149, p. 3123.
stock, payable Jan.
Railway Express Agency, Inc.—Earnings—
Period End. Sept. 301939—Month—1938
1939—9 Mos.—1938
Charges for transporta'n $14,729,312 $14,511,882 $120,921,872 $111,316,495
Other revs, and income.
239,858
238,102
2,077,860
2,009,997
Total
revs.
& income.$14,969,170 $14,749,984
8,799,005
575,527
9,009,885
622,853
Operating expenses.....
Express taxes
$122,999,732 $113,326,492
76,233,066
5,032,119
Interest and discount on
funded debt
a
a
Rail transp. revenue
Payments
to
rail
133,396
7,807
80,995
11,14 3
.....
Other deductions
709,445
72,240
„
1,207,003
177,801
$5,234,249 $40,952,862 $35,493,438
$5,244,294
carriers—express privileges.—V.
other
and
71,787,640
4,660,610
.
„
149,
p.2985.
Inc.—Earnings—
Rayonier,
$1.780,063
depletion
Interest ana other expenses net
—
of other income
Provision for Federal income taxes
Net
profit
576,350
567,177
129,436
GY283
170,864
171,697
$870,152 loss$l 18,370
_
For the three months ended Oct.
of the
1938
$577,960
1939
31, 1939, comprising the second quarter
company's current fiscal year, consolidated net profit amounted to
as compared with $217,516 in the preceding quarter, and $64,894
ended Oct. 31, 1938.
$652,636,
Resumes
dividend of 50 cents per share on the $2 cum.
preferred stock, payable Dec. 20 to holders
of record Dec. 7.
Reading Co.—Earnings—
Perioa End. Oct. 31—
Railway oper. revenues.
Railway oper. expenses.
1939—Month—1938
1939+-10 Mos.—1938
$5,933,895
$4,722,715 $46,145,495 $39,602,062
3,611,658
3,003,040
32,388,497 29,375,353
Railway
income.
oper.
$1,533,787 $10,019,123
$1,735.979
$7,793,968
Drl28,761
Joint facil. rents (net)
Oil,051
Dr439,793
019,267
0463
0 205,629
02,201
Eqpt. rents (net)
'1
Arncric^D sh3«r6
The
$1,564,105
1,579,793
$8,069,750
Reliable
Stores
$1,609,419
070,153
Exchange on
payable
which the "American
Rochester
dividend of 50 cents per share on the
stock, payable Dec. 22 to holders of record Dec. 11.
Similar
payment was made on Dec. 22, 1938, and an extra dividend of 25 cents in
addition to a regular quarterly dividend of 25 cents was paid on Dec. 20,
1937.—V. 149, p. 2524.
Directors have declared
an
Net oper. revenues...
Operating taxes
Corp.—50-Cent Dividend—
Nov. 22 declared
a
dividend of 50 cents per share on the
capital stock, payable Dec. 18 to holders of record Dec. 8.
Like amount
was oaid on Dec. 21,
1938, and an initial dividend of 25 cents was paid
on Dec. 24,
1937.
Scrip Certificates for Fractions of
a
Share of Common Stock—
As provided in the scrip certificates for fractions of a share
of the common
stock of corporation, the
period of time within which such scrip certificates
representing fractions of a share of common stock and aggregating in
amount one full share of such stock may be exchanged for a stock certifi¬
cate representing such one full share expires on March 14, 1940.
As soon
after that date as practicable there will be sold for cash on the New York
Stock Exchange the number of shares of common stock of the corporation
representing the total scrip certificates outstanding after the close of busi¬
ness on said date, and thereafter the bearer of each scrip certificate upon
surrender thereof at the office of the transfer agent of the corporation either
in New York, or Los Angeles, will be entitled to receive his pro rata share
of the net proceeds of such sale, but without interest: and after said date
the bearer of a scrip certificate will be entitled to no other rights in respect
■
A dividend of $0.50 per share has been declared on the common stock
payable Dec. 18, to holders of record Dec. 8, 1939.
Inasmuch as the
dividend is payable only upon full shares of stock (the scrip certificates
carrying no dividend rights), holders of scrip certificates aggregating in
amount at least one full share of stock are urged to surrender them, before
such latter date, at the office of the Chemical Bank & Trust Co., transfer
agent in New York, or at office of Security-First National Bank, transfer
agent in Los Angeles, for exchange for a certificate for one full share of
stock and for a new scrip certificate of an amount equal to the fraction,
if any, of the total amount of scrip certificates so surrendered over the
number of shares of common stock delivered on such exchange
Holders of scrip certificates aggregating less than one full share may
communicate with Cleve B. Bonner, Secretary of the corporation at Los
Angeles in reference to the purchase or sale of such scrip certificates from
or to the corporation in order to facilitate the consolidation thereof into full
shares of stock, or may communicate with Blyth & Co., Inc., at its offices
either in New York, Chicago,
San Francisco, Los Angeles, Seattle or
Portland, in reference to such purchase or sale.—V. 149, p. 3275.
$4,281,748
7,360
$439,081
297,080
$138,892
61,164
$142,001
53,208
$77,728
$88,793
$4,417,336
3,027,293
$1,390,043
589.970
$800,073
$4,274,388
3,050,309
$1,224,079
551,416
$672,663
63,086
543,844
422,532
income
2704, 2097.
Pendleton, Inc.—Special Dividend—
Roeser &
Directors have declared
a
the
The regular
will be paid
special dividend of 50 cents per share on
stock, payable Dec. 20 to holders of record Dec. 11.
quarterly dividend of 25 cents per share previously declared
on Jan.
1, 1940.
Extra of 50 cents was also paid on Sept. 20,1938.—V. 148, p.
134; V. 147,
1502.
p.
Ruberoid
on
Co.—Larger Dividend—
Nov.
21 declared
a
dividend of 80 cents per share on the
capital stock of the corporation, payable Dec .20, 1939, to stockholders
of record on Dec. 5, 1939.
A dividend of 30 cents per share was paid on June 30 last, making a
total of $1.10 for this year.
Dividends in 1938 aggregated 60 cents per
share.—V. 149, p. 2986.
RR.—Earnings—
1936
1937
1938
1939
October—
$333,965
73,561
$268,269
def21,976
49,390
def52,380
2,867,835
276,868
2,429,268
defl99,184
def500,039
$292,347
$314,856
4,156
def20,134
49,226
34,398
2,992,130
2,865,210
223,037
89,812
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 149, p.
See list
Similar pay¬
28, a dividend of $6 per share on the
6% cumulative convertible prior preference stock, series A, and a dividend
of $7.50 per share on the 6% cumulative convertible preferred stock were
declared, payable Dec. 21, 1939, to holders of record Dec. 11, 1939.
The above dividend on the 6% cumulative convertible prior preference
stock represents payment in full to Jan. 1, 1940.
The payment on the 6%
cumulative convertible preferred stock reduces accumulations on such stock
to $18 per share as of Dec. 31, 1939.—V. 149, p. 3420.
on
$4,427,167
9,83 1
common
St.
preceding quarters.—V. 149, p. 2704.
Republic Steel Corp.—Reduces Preferred Arrears—
Richfield Oil
$439,815
734
operating income
—V. 149, p.
53,398
252,855
29,869
3276.
given
first page of this department.—V. 148, p. 595.
on
Anthony Oil Corp.—Registers with SEC—
See list given on
St. Helen's
At meeting of the directors Nov.
Directors
$451,419
1,015
Ryan Aeronautical Co.—-Registers with SEC—
interim dividend of 20 cents per share on the
stock, payable Jan. 2 to holders of record Dec. 11.
1939—10 Mos—1938
1939—Month—1938
51,836
rev.
oper.
Operating revenues
Operating expenses
Remington Rand, Inc.—Interim Dividend—
ments were made in
"American
This div.
3276.
$450,404
311,512
revenues
Uncollectible
Net
dividend so
Telephone Corp.—Earninqs—
Period End. Oct. 31—
Operating
Net after rents
common
shares" are
for each such share.
and after Dec. 12.—V. 149, p.
on
Gross from railway
Net from railway
Corp.— Year-End Dividend—
Directors have declared a year-end
thereof.
Stock
York
New
listed requires 10 days' notice of the taking of a record for such
that Dec. 9 has been set as the record date of the holders of
Rutland
Net ry. oper. income.
-V. 149, p. 2704.
regulations to
distribution to
undertaking to
distribute it only to such holders as lodged with it a declaration
that they
were not
enemies of, nor acting on behalf of an enemy of. nor ordinarily
resident in, the United Kingdom of Great Britain and Northern Ireland.
Subject to this undertaking, the National Provincial Bank Ltd., London,
England, depositary agent to hold the deposited ordinary stock, has re¬
mitted the dividend funds converted into dollars at the official rate or
4.02 less commission of H of 1%. The amount received, after deduction of
expenses and remuneration provided for by the deposit agreement, and
after carrying forward the balance due from previous distributions, results
in there being distributable a dividend at the rate of 16 cents for each
Directors
$1,719,675 $13,756,998 $10,226,709
185,888
3,737,875
2,432,741
from ry. oper.
$2,322,237
Railway tax accruals...
.586,258
rev.
been advised that all reso¬
received the dividend on the
passed at such meeting and have
were
deposited ordinary stock subject to certain conditions.
The depositary was permitted under existing British
receive the dividend on the deposited ordinary stock for
holders of "American share" certificates subject to its
This will be
first dividend paid on this class of stock since'July 1, 1938 when a
regular quarterly dividend of 50 cents per share was distributed.—V. 149,
p. 1487.
common
stock.
Co., as depositary has since
The Irving Trust
the
Net
"American shares" so-called, were
each five shilling unit of ordinary
on
lutions
Net
Preferred Dividend—
Ltd.—Dividend—
notified by
things, that it had received
members of Roan Antelope
Copper Mines Ltd., one of the purposes of which was to declare the dividend
recommended by the directors of three pence sterling less British income
tax at an estimated rate of three shillings eight pence farthing in the pound,
in the quarter
Directors have declared a
1,380,395
589,931
2704.
Antelope Copper Mines,
Holders of certificates for
will be
6 Months Ended Oct. 31—
6,139,62
914,156
shares" entitled to the dividend of 16 cents
Profit from operations —
Pro v. for depreciation and
1936
$581,502
143.072
86,218
7,218,883
1.880.835
448,993
-Earnings
the undersigned on Oct. 21, 1939, among other
a notice of an ordinary general meeting of the
Directors on Nov. 24
common
6,377,802
1,328,638
7,081,025
1,798,922
886,040
_
Net from railway.
Gross income.
Dec. 2, 1939
Co.—Workers Receive Stock—
At the recent annual "Thanksgiving party" given for employees, com¬
pany distributed 12,000 shares of stock to some 2,500 workers.
This year's stock distribution is the third under the current four-year
plan of allotting stock to employees.
Since the first distribution was made
in 1920, more than 100,000 shares, which on present market value amount
to more than $4,000,000, have been issued to company's workers.—V.
V.
Northern Illinois—Earnings—
Public Service Co. of
Chronicle—YEARS OLD
Richman Bros
first page of this department.
Pulp & Paper Co.—Larger Dividend—
Directors have declared
a
dividend of 60 cents per share on the common
stock, par $10, payable Dec. 1 to holders of
record Nov. 25.
A dividend
of 40 cents was paid on Sept. 1, last; 20 cents was paid on March 1, last;
one of 40 cents was paid on Dec. 1, 1938; 20 cents on Nov. 1, 1938; 40 cents
Dec. 1, 1937; dividends of 20 cents were paid on Nov. 1, Sept. 1, July 1
on April 1, 1937: a dividend of 50 cents was paid on Dec. 1, 1936. and
previously regular quarterly divs. of 20 cents per share were distributed.
—V. 149, P. 1488.
on
and
St.
Joseph Lead Co.—Extra Dividend-—
Directors have declared an extra dividend of $1 per share
in addition to
dividend of 25 cents per share on the common stock,
$50, both payable Dec. 20 to holders of record Dec. 8.—V. 149, p. 887.
the regular quarterly
par
St. Louis Brownsville & Mexico
Net from
1937
$454,900
111,316
$478,418
90,889
railway
Ry.—Earnings—
1938
1939
October—
Gross from railway
$516,151
115,925
1936
$444,604
92,197
42,000
57,866
73,942
61,115
Gross from railway
Net from railway......
5,959,654
2,096,136
5,662,277
1,761,517
6,582,646
2,436,153
4,454,884
979,882
Net after rents....
1,438,637
1,095,663
1,814,270
503,659
Net after rents
From Jan.
—V. 149, p.
1—
2986.
St. Louis-San Francisco
1938
$4,155,027
902,560
'
1937
1936
$4,237,340
691,236
1,019,979
Net after rents
652,572
434,929
$4 ,738,259
1 .269,809
1 ,000,801
37,869,994
5,906,146
35,900,154
3,994,231
41,980,941
7,452,212
39 ,539,148
7 ,409,139
2,825,483
railway
Net from railway
From Jan.
Ry.—Earnings—
1939
$4,583,798
1,235,226
October—
Gross from
625,962
5,159,595
4 ,580,710
1—
Gross from railway.....
Net from railway.
Net after rents.
Earnings of System
Period End. Oct. 31—
Other income
Total income
...
Other deductions
Bal. avail, for int., &c.
-V. 149, p. 3420.
1939—10 Mos.- —1938
1939—Month—1938
$4,314,007 $39,548,005 $37 ,634,446
3.395,144
33,345,663
33 ,313,433
559,078
633,376
2,768,272
1,006.002
147,343
12,768
17,175
130,510
$4,742,227
3,488,327
Operating revenues
Operating expenses
Netry. oper. income
14.524
$650,550
7,.534
$2,898,782
77,190
$706,422
55,787
$1,004,246
$643,016
$2,821,592
$650,634
$1,018,770
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
St. Louis San Francisco & Texas Ry.- —Earnings—
October—
1939
Gross from railway..
1938
Earnings for October and Year
1936
1937
...
From Jan. 1—
Gross from railway
$109,114
1,029
def28,415
$120,144
9,689
def23,940
$122,542
def1,200
def41,637
$122,204
4,685
def26,410
1,322,397
250,988
def88,281
—.
Net from railway
Net after rents
1,387,663
287,258
def92,080
1,316,636
1,118,299
192,885
def167.789
def4,080
def383,617
—V. 149, p. 2987.
Period End. Oct. 31—
1937
1936
$3,359,790
423,665
87,218
$3,313,614
626,798
452,ICC
35,987,329
5,910,876
2,193,040
32,715,074
4,511,630
907,718
35,353,481
6,797,848
3,283,620
30,909,462
4,751,803
2,121,889
Netafterrents
Gross from railway.....
Net from railway....__
Net after rents..
Securities
Lines.—Earnings—
1939—10 Mos.—1938
$1,842,687 $16,077,893 $15,261,851
1,179,343
12,906,476
11,314,194
1930—Month—1938
oper. revenues.
oper. expenses.
$2,079,195
1,482,461
$596,734
120,123
s
$3,171,416
1,126,191
$3,947,657
1,056,018
$554,133
25.516
$2,045,225
274,768
$2,891,639
$503,520
130,147
s
income
Other railway oper. inc.
$663,344
109,211
$476,611
26,908
.
Railway tax accruals..
oper.
1938
$3,378,802
495,274
191,159
—V. 149, p. 3420.
St. Louis Southwestern Ry.
Railway
1939
$3,893,383
805,230
483,967
From Jan. 1—
Net from railway
Net after rents
Railway
Railway
October—
Gross from railway
Net from railway..
$579,049
144,893
$2,319,994
1,580,284
$3,152,521
1,669,940
$739,709
68,705
$1,482,581
73,053
$898,415
2,677,059
$1,555,634
2,682,732
260,882
Acceptance Corp.—Dividend Increased—
Directors have declared
a dividend of 25 cents per share on the common
$4, payable Dec. 24 to holders of record Dec. 10.
Dividends of
20 cents were paid in each of the five preceding quarters and previously
regular quarterly dividends of 25 cents per share were distributed.—V. 149,
p. 2527.
stock,
par
Seeman Brothers, Inc.—To
$373,373
$434,756
__
5,747
5,532
^0,288
Dednc. from gross inc..
$379,120
267,950
$111,169
$172,124 x$1,868,644 x$l,127,098
<
Net
__
income
Deficit—V.
x
149,
p.
Wilson,
was
Shawinigan
elected President of the
Water & Power Co., was on Nov. 23 named President of this corporation,
which is jointly owned by Shawinigan and the Brown Corp.
J. B. Challies
elected
was
a
Smith and he
St.
the
B.
O.
director to fill the vacancy caused by the death
was also named Secretary and Vice-President.
Power
Maurice
Brown
and
Corp.
Wentworth
of Julian C.
Directors of
also elected the following other officers:
Brown, Vice-Presidents; and W. S. Hart,
Treasurer.
Stockholders at their annual
meeting held Nov. 23 were informed that
such
satisfactory progress has been made in the 162,000
electric development presently under way at La Tuque
horsepower hydro¬
that it is now ex¬
pected this plant will go into commercial operation within 11 months and
possibly by Oct. 1, next, when three units each of 40,500 horsepower
capacity will be in production.
This will guarantee Brown Corp. a ready
and immediate power supply for its pulp mills at La Tuque which for some
time have been running to full capacity, and for any additions that may be
made thereto.
It will also put the Shawinigan Water & Power Co. in a
position to meet the growing demand for additional power on its system
which serves the major part of the Province of Quebec.—V. 148, p. 2604.
San Antonio Uvalde & Gulf
Gross from railway.
Net from railway..
Net after rents..
From Jan.
$83,349
$130,559
17,502
defl5,020
....
_
1,162,757
114,545
Gross from railway
defl9,542
def46,533
San
As the defendants had not filed any answer or motion since
of the preliminary injunction, the Commission moved the Court
judgment by default.
At the hearing on this motion the defend¬
ants were present and represented by counsel and were afforded an oppor¬
tunity by the Court to file an answer, but declined to avail themselves of
that privilege.
The Commission in its complaint alleged that the defendants were selling
the capital stock of Shallow Oil, Inc., without a registration statement cov¬
ering the securities being in effect.
It was also alleged that the defendants
in the sale of these securities had been making untrue statements of material
facts to purchasers and prospective purchasers.
The defendants, it was
charged, represented that they had drilled and equipped two good 430-foot
productive wells when in fact the two wells referred to, and known as Jones
Nos. 1 and 2 wells, were producing only a total daily average of two barrels,
and had at
defl96,530
942,568
deflll,965
def423,032
$90,269
def23,909
def55,284
$109,047
10,659
def16,845
1,038,848
67,617
1,067,474
306,653
23,188
def237,474
Jose
produced oil in commercial quantities.—V. 149, p. 1339.
Directors
Shepard-Niles Crane & Hoist Corp.—$1.50 Dividend—
stock
payable
Dec. 1 to holders of record Nov. 21.—V. 149, p. 2987.
June 1 and on
See also V.
147,
Shuron
Directors
common
p.
1353.
Nov.
on
29 declared
dividend of 25 cents per share on the
Co.—Earnings-
after
1939—12 Mos—1938
$2,065,207
$1,970,746
1939—Month—4938
re venues$186,355
income
Similar pay¬
Sept. 30, last and on Dec. 15, 1938.—Y. 147, p. 3774.
Period End. Oct. 31—
Operating
Gross
a
stock, payable Dec. 21 to holders of record Dec. 6.
$174,979
'
re-
919,583
784,645
748,128
615,938
Directors have declared a dividend of 75 cents per share on
\ <
the common
90,030
78,885
accruals
tirement
the common
stock, payable Dec. 18 to holders of record Dec. 8.
A dividend of 75 cents
was paid on Nov. 15, last; dividends of 25 cents were paid on Aug. 21, last
and on Dec. 22, 1938 and the last previous common dividend was the 75cent distribution made on Nov. 20, 1937.
Dividend of 50 cents was paid
on Aug. 30, 1937; 25 cents paid on May 28,
1937, and $1 per share dis¬
tributed on Dec. 15, 1936, this last being the first dividend paid since
September, 1931, when 25 cents per share was distributed.—V. 149, p. 3277.
dividend of $1.50 per share on the com¬
Optical Co., Inc.—2b-Cent Dividend—
ment was made on
Net
Savage Arms Corp.—To Pay 25-Cent Dividend—
a
1 to holders of record Nov. 21.
This compares
of the five preceding quarters; 50 cents paid on
March 1, 1938, and a dividend of $1.50 paid on Dec. 1, 1937.
payable Dec.
with 25 cents paid in each
Sierra Pacific Power
in addition
cents per share on the common stock, both
i
Corp.—Dividend—
Nov. 28 declared a dividend of 25 cents per share on the
on
stock, payable Dec. 20 to holders of record Dec. 8.
Similar pay¬
ment was made on July 20, last, and compares with 35 cents paid on Dec. 20,
and July 15. 1938.—V. 149, p. 2705.
common
Water Works—Extra Dividend—
Directors have declared an extra dividend of 30 cents per share
dividend of 37^
time
no
Shell Union Oil
mon
1936
1937
—V. 149, p. 2987.
a
On Aug. 14, 1939, the Court entered a preliminary injunction restraining
defendants from further violating the registration provisions of the
the
1—
Net from railway
Net after rents..
to
of 1933.
The directors have declared
RR.—Earnings—
1938
1939
October—
Nov. 21 that Judge
Okla., had entered a
L. Shoemaker from
of the Securities Ac
the entry
for a final
Corp.—New President—
who recently
Judgment—
The Securities and Exchange Commission
reported
Eugene Rice of the U.S. District Court at Muskogee,
final judgment restraining Shallow Oil, Inc., and R.
further violating the registration and fraud provisions
Securities Act.
2987.
St. Maurice Power
James
zoo,163
,
Pay lb-Cent Dividend—
Directors have declared a dividend of 75 cents per share on the common
stock, payable Dec. 15 to holders of record Nov. 30.
Previously regular
quarterly dividends of 62 H cents per share were distributed.
In addition,
an extra dividend of 50 cents was
paid on June 26, last.—V. 149, p. 3420.
Shallow Oil, Inc.—Final
Net ry. oper. inc
Non-oper. income
Gross income.
3571
Date
to
income....
.
67,275
55,928
—V. 149, p. 2705.
Directors have declared a dividend of 25 cents per share on
Schenley Distillers Corp.—New Official—
Corporation announed that Milton J. Nauheim had been elected
149, p. 2705.
Execu¬
tive Vice-President and a member of the board.—V.
Schulte Retail Stores Corp.
Period Ended Oct. 31—
x
Net loss
x
(& Subs.)—Earnings—
1939—Month—1938
$34,469
prof$3,244
1939—10 Mos.—1938
$525,532
$221,956
After 77-B administration expenses and depreciation,
Simmons Co.—To
statement
with
Sloss-Sheffield Steel & Iron Co.—$2 Common Div.—
stock,
payable Dec. 21 to holders of record Dec. 9.
A dividend of 50 cents was
paid on Sept. 21 and on March 21. last; $1 was paid on June 21, 1938. and
one of $1.50 was paid on Dec. 21, 1937, this latter being the first dividend
to be paid on the common shares since March 20, 1929, when a quarterly
payment of $1.50 per share was made.—V. 149, p. 2528.
Directors have declared a dividend of $2 per share on the common
but before special
Southeastern
x
Net
1939—12 Mos—1938
$4,097,538
578,689
489.419
depreciation, interest and income taxes.—V, 149, p. 1489.
profit
After
x
fol¬
the
installation or construction of its new filter plant, additional storage facili¬
ties and the newest paper-making machine and finishing equipment and
buildings to house them; $400,000 to erect an extension to its present plant
buildings, including added office space and shipping facilities; $315,000 for
improving its paper-making machinery and auxiliary equipment; $100,000
for added finishing machinery; $70,000 for added power plant and mainte¬
nance dept. equipment; $200,000 to purchase 2,000 additional shares of
capital stock of Brunswick Pulp & Paper Co.; and $900, 00 to provide funds
to redeem such of its 3 H % debenture bonds as are not presented for con¬
version into common shares. Remaining proceeds including funds not re¬
quired for bond redemption, will be used to restore $867,000 of working
capital expended in the-company's current expansion program and for 1940
and 1941 foreign wood pulp requirements.
The preferred stock to be sold will be redeemable at $110 per share through
Nov. 30, 1944, at $107.50 thereafter through Nov. 30, 1947; and at $105
thereafter, plus all accumulated unpaid dividends in each case.
The shares
will have no conversion
underwriting
other members of which will be named at a later date by amendment
the registration statement.
The offering price will also be given at a
Colorado
Southern
stock
(& Sub.)—Earnings
1939—3 Mos.—1938
$1,250,237
223,142
258,014
$4,122,719
$1,191,982
Gross....
Securities and Exchange Commission at Washington
of 30,000 shares of $4 cumulative preferred (no par)
privilege:
Smith, Barney & Co. and Cassatt & Co., Inc., will head the
Greyhound Lines
Period End. Sept. 30—
The company intends to use the net proceeds from this financing as
lows: $780,000 to apply against remaining payments in connection with
dis-
distributed.—V
the
covering an issue
made since Dec. 22, 1937 when 50 cents per share was
149, p. 2527.
first payment
charges and credits.—V. 149, p. 3277.
Scott Paper Co., Chester, Pa.—Registers with SEC—
Company has initiated financing plans with "the filing of a registration
Pay Larger Dividend—
stock, payable Dec. 20 to holders of record Dec. 8.
This compares with
50 cents paid on Nov. 1 and on Aug. 15, last; 75 cents paid on Dec. 19,
1938 and a dividend of 50 cents paid on Nov. 1, 1938, this last being the
Power Co.—Earnings—
12 Months Ended Oct. 31—
_
$2,403,524
Operating revenues
a Net operating income—
b Net
M8™,
$2,330,004
722,338
1
income
682,755
264,823
220,524
operating expenses, maintenance, taxes, and appropriation for
retirement reserve,
b After deductions for all interest charges, amortiza¬
tion of debt discount and expense, &c.
a
After
Accumulated Dividend—*
declared a dividend of $1 per share on account of accu¬
7% cum. pref. stock, par $100, payable Dec. 15 to holders
30.
Similar amount was paid in preceding quarters.—
Directors have
mulations on the
of record
149, p.
V
Nov.
2988.
Southern New England Telephone Co.—Earnings—
Period End. Oct. 31—
1939—Month—1938
1939—10 Mos.—1938
Operating
revenues....
Uncoil, oper. revenue
Operating revenues...
Operating expenses
$1,644,132
3,500
$1,544,454 $15,798,182 $14,990,829
5,000
35,000
45,500
$ 1,640,632
$1,539,454 $15,763,182 $14,945,329
1,425,482 10,969,152 11,054,535
1,118,818
group,
to
kt6r ckitc
According to the registration statement company reported net earnings
after all charges, including Federal income taxes for the nine months to
$1,324,785, against net earnings of $1,429,186 for the full
1938.—V. 149, p. 3420.
Sept. 30, 1939, of
year
Scoville Mfg. Co.—To Pay
lb-Cent Dividend—
dividend of 75 cents per share on the common
22 to holders of record Dec. 8.
This compares with
2 last; 15 cents paid on July 1 and April 1 last, and
paid on April 1, 1938, and Jan. 3, 1938.—V. 149,
Directors have declared a
stock, payable Dec.
20 cents paid on Oct.
dividends of 25 cents
p.
1488.
oper.
Bank.
revenues..
taxes
Net operating
income.
*
Loss.—V.
$3,890,794
$113,972
83,462
$4,794,030
149,600
1,400,840
1,244,257
$372,214
297,050
$30,510
*33,823
$3,393,190
2,655,088
$2,646,537
2,056,638
$521,814
...
Net income....
149, p. 3124.
Southern Pacific Co—iEarnings—
1939
1938
1937
1936
$16,582,651 $15,054,590 $15,432,897 $15,290,087
5,509,955
4,696,845
3,975,720
5,064,555
after rents........
3,395,662
2,646,482
1,885,284
3,588,909
October—
Gross from
railway
Net from railway......
Net
From Jan.
Seaboard Air Line Ry. Co.—To Redeem Certificates—
Legh R. Powell Jr. and Henry W. Anderson, receivers, are notifying
holders of receivers' certificates, series BX, due Feb. 1, 1940, that the
Federal Court for the Eastern District of Virginia has directed the redemp¬
tion on Dec. 29 of the entire remaining $1,470,000 principal amount of
these certificates now outstanding, at the principal amount and accrued
interest.
In the meantime the receivers are authorized to acquire any of
these certificates at par and accrued interest to the date of purchase.
On
and after Dec. 29, payment at the principal amount, together with accrued
interest to Dec. 29, will be made at the Corporate Agency Division of the
Chase National
Net
Operating
1—
railway.....138,253.377 125,735,819 145,619,681 124,568,062
38,388,169
27,085,641
35.484,527
34,574,006
Netafterrents
18,816,182
7,885.627
16.666.043
19,861,957
Gross from
Net from railway.
—V. 149, p.
3421.
Southern
Ry.—Shows RFC Loans Cut $2,000,000—
The company
has oegun to reduce its debt to the Reconstruction
Finarce
Corporation, having paid off $2,000,000 of its loans from the Government
agency, Nov. 22, Ernest E. Norris, President, said.
The payment reduced
outstanding RFC loans to the road to $27,095,000 exclusive of $3,900,000
equipment trust certificates held by the lending agency.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3572
The
$2,000,000 reduction may be considered to have
Earnings for October ami Year to Date
October—•
Gross from railway-
----$10,027,813
3,935,852
$8,837,096
3,338,489
2,895,306
2,305,786
1937
$8,559,296
2,207,459
1,149,143
81.368.761
25,093,984
73,270,970
20,119,816
83,840,654
23,5o8,36o
16,187,495
10,328,781
13,840,047
Net from railway-—
Net after rents.
—
-
Grcmfrorarailway
Net from railway-----Net after rents-.
1938
1939
--
—Third Week of Nov.—
1939
1938
Gross earnings (net)—
$2,796,992
1936
$9,113,859
3,087,793
2,227,431
78,957,438
23,223,756
15,627,682
—Jan. 1 to Nov. 21—
1939
1938
$2,454,228 $117436,958 $105108,707
—V. 149, p. 3421.
Southern Pacific SS. LmesGross from railway
Net from railway- -
$782,425
81,060
57,525
— -
$560,494
35,175
def 10,552
80,008
6,431,944
4,924,619
120.955
def33,456
194,805
def33,993
def 11,403
288,633
def52,057
—V. 149, p. 2988.
Southwestern Associated
Operating revenues.
- -—
was $4,629,433, whJch would make the 161,403 shares outstanding worth
$28.06 each, rather than $17.50 a share, for which it was sold on vote of a
majority of stockholders.
He asks that the Court set a "reasonable and
just valuation" on the stock at the time of sale and award to him and other
stockholders who might join him in the suit that amount in damages.—
V. 149, P. 2099.
Stanley Works—Year-End Dividend—
a year-end dividend of $1.50 per share on the
stock, payable Dec. 15 to holders of record Nov. 25.
This com¬
with 40 cents paid on Sept. 30 and on June 30 last; dividend of 25
paid in each of the three preceding quarters, and regular quarterly
dividends of 40 cents per sharepreviously distributed.
In addition an
extra dividend of $1 was paid on Dec. 15, 1937.—V. 149, p. 2528.
Directors have declared
common
pares
cents
Staten Island
.
19.609
-
Period End. Oct. 31-
Rapid Transit Ry.—Earnings—
1938
1937
1936
$149,813
30,156
def9,167
$149,882
22,460
defl7,756
$125,695
def3,416
def36,320
$136,350
def 1,726
def38,282
Gross from railway
1,373,860
Net from railway—141,973
1,350,274
111,062
def238,743
1,298,872
def9,332
def288,632
1,338,351
def 1,335
del360,566
1939
October—
Gross from
railway--.
Net from railway
—
Net after rents
From Jan. 1—•
—
1939—10 Mos.—1938
$1,071,340
2,700
$1,023,407
Sterchi Bros.
300
250
Operating revenues — Operating expenses. — -
$111,138
67,413
$103,607
60,345
$1,068,640
Net oper. revenues—
$43,725
11,567
$43,262
9,881
$410,513
102,924
$402,088
94.305 •
$32,158
$33,381
$307,589
$307,723
2,200
Stores, Inc.—Dividend
Directors have declared a dividend of $1 per share on the 5% noncumulative second preferred stock, par $20, payable Dec. 19 to holders of
record Dec. 14.
Previous second preferred stock payment was made on
$1,021,207
619,119
Uncollectible oper. rev—
def209,811
Net after rents...
—V. 149, p. 2989.
Telephone Co.—Earnings-
1939—Month—1938
$111,438
$103,857
Dec. 22, 1937 and consisted of 25 cents per
658,127
Net oper. income
—V. 149, p. 2988.
Net operating income-
$7,621,320
4,743,794
4,741,008
Balance
-V. 149, p. 1340.
$2,880,313
26,883
$840,258
249,567
$2,915,624
934,324
$590,691
154,605
$1,981,300
018,422
$1,911,981
618,422
$436,085
$1,362,878
The directors have declared
a dividend of $1.50 per share on account of
pref. stock, no par value, payable Dec. 22
Like amount was paid on Oct. 2 and July 1,
last and compares with S1.12H paid on April 1, last and in the last three
quarters of 1938; a dividend of $1.75 was paid on Dec. 18, 1937, and divi¬
dends of $1.12 M were paid on July 1 and April 1, 1937.
the $6 cum.
to holders of record Dec. 19.
The Securities and Exchange Commission announced Nov. 28 that com¬
pany filed a
declaration (File 43-276) under the Holding Company Act
covering the issuance and sale of $6,750,000 cf 1st mtge. bonds, series A,
3H%, due Dec. 1,1968.
The net proceeds from the sale of the bonds, together with other
funds of the company, will be applied as follows:
$5,543,712 to the re¬
demption at 102of $5,408,600 1st mtge. 5% gold bonds, series A,
due Feb. 1, 1957; $1,704,575 to redemption at 102H% of $1,663,00u
1st mtge. 5% gold bonds, series B, due Oct. 1, 1957.
No underwriting agreement has been entered into, it is stated; however,
the company expects to sell the bonds, to the following underwriters:
Harris, Hall & Co. (Inc.); Halsey, Stiart & Co., Inc., A. G. Becker & Co.,
Inc.; Glore. Forgan & Co.; Bonbright & Co., Inc.; Harriman Ripley &
Co., Inc.; Rucker, Anthony & Co., and Bartlett, Knight & Co.
The underwriting .spread will be 2%, it is stated.
The price at which
the bonds will be offered to the public will be furnished by amendment.
—V. 149, p. 3124.
1939
$74,907
23,693
11,722
674,111
160,435
630.797
120,675
82,179
Gross from railway
Net from railway
Net after rents
From Jan. 1—
Gross from railway
1938
$70,388
21.423
13,184
43,843
1937
1936
,
p.
Stewart-Warner
months
aggregated
-
October—
1939
Gross from railwayNet from railway
$820,547
296,494
168,794
Net after rents—
From Jan. 1—
Gross from railway
Net from railway
—
Net after rents
—
7,259,386
2,008,705
808,738
1938
$792,957216,013
81,004
6,824,690
1,831,071
621,628
Stouffer Corp.
p.
2528.
Earnings for 3 Months Ended Oct. 31, 1939
$101,252
Net income after all charges
$2.70
Strouss-Hirshberg Co.-—35-Cent Dividend—
Directors have declared a dividend of 35 cents per share on the common
stock, par $5, payable Dec. 15 to holders of record Dec. 5.
This compares
with 15 cents paid on Sept. 15, last; 25 cents paid on June 15 and on
March 15, last, 15 cents paid on Dec. 15, 1938, 5 cents paid on June 15,
1938, 15 cents paid on March 15, 1938; 25 cents paid in each of the three
preceding quarters, and 22>3 cents paid to March 15, 1937.—V. 149, p.
3422.
Swan-Finch Oil
on
Nov.
Corp.—Preferred Dividends—
15, last, declared
a
dividend of 3734% per share
per
share, payable Dec. 4 to holders of record Nov. 20.—V. 149, p. 2382.
Sweets Co. of America,
Period End. Sept. 30—
x
1939—3 Mos.—1938
Net profit
x
After
Inc.—Earnings$66,013
$432
expenses,
depreciation, &c.,
1939—9 Mos.—1938
$41,932
$122,453
but before Federal income taxes.
—V. 149, p. 1773.
Tacony Palmyra Bridge Co.—Extra Dividend—
Directors have declared
to the
an extra dividend of 25 cents per share in addition
regular quarterly dividends of 50 cents per share on the common and
30 to holders of record Dec. 15.
Similar
30 and on June 30 last.—V. 149, p. 2529.
class A stocks, all payable Dec.
distributions were made on Sept.
Tampa Electric Co.—Earnings—
Period End. Oct. 31—
income
tirement
Net
725,604
653,472
163,737
85,636
after
1939—Month—1938
$398,929
$364,322
1939—12 Mos.—1938
$4,626,750
$4,513,304
1,520,937
1,514,033
1,512,918
1,504,170
re¬
122.696
accruals
income
112,444
111,874
122,094
149, p. 2707.
19,998
October—
1937
1936
349,809
220,718
$928,781
420,201
278,159
68,064
2,014,545
486,912
206,698
7,767,494
2,557,829
1,450,672
6,899,822
2,374,784
1,100,410
Net from railway
Net after rents
—V. 149, p.
1938
$241,325
92,800
60,006
1,866,890
468,687
189,890
89,513
Net after rents
From Jan. 1—
Gross from railway
$866,357
Earnings—
1939
$261,554
Gross from railway
Net from railway
1937
$214,878
1936
27.337
$258,000
86,265
73,051
2,134,754
561,353
291,176
2,076.839
601,232
391,860
57.142
3422.
Terre Haute Malleable & Mfg.
Corp.-—Earnings-
Earnings for 10 Months Ended Oct. 31, 1939
Net sales.
$850,388
Cost of sales
743,098
-
Selling, general and administrative expense
The Massachusetts Department of Public Utilities has handed down an
order approving the extension of $2,890,300 bonds
Sept. 1, 1965.
The present bonds bear interest ranging from 6% to
7%•
5,ate wiU be reduced to 3% per annum with an additional 3%
payable to the extent permitted
by surplus net income and after payment
sinking fund of not more than $150,000 for any one year. Assent
at least 90% of the bondholders is essential
The order states that it is
reasonably clear that the company cannot ex¬
pect to raise on its credit, or by refinancing at reasonable terms, the amount
required to discharge the bonds to become due.
It was stated at the public
hearing that the present management expects to bring about operating
economies through gradual substitution of motor buses for
trolleys.
Unless the plan as substantially
proposed is accepted by the bond¬
holders,
Commissioner Webber states,
and approved by tne necessary
authorities, receivership is likely to follow."—V. 149, p. 2989.
(A. E.) Staley Mfg. Co .—Year-End Dividend—
year-end dividend of 40 cents per share on the
stock, payable Dec. 20 to holders of record Dec. 10.
This com¬
pares with 20 cents paid on June 30, last; 30 cents paid on Dec.
20, 1938,
and an initial dividend of 20 cents paid on June
21, 1938.—V. 149, p. 2706.
a
common
Standard Gas & Electric
Co.—Weekly Output—
Electric output of the public utility operating companies in the Standard
Gas & Electric Co. system for the week ended Nov. 25,
1939, totaled 126 002,652 kilowatt-hours, an increase of 17.6% compared with the correspond¬
ing week last year.-—V. 149, p. 3421.
i
39,714
Profit from operations
Other income
$67,576
6,550
maturing Sept; 1, 1940,
Pntu
to the extension agreement
by
to make the order effective.
on
the 6% preferred stock, par $25, for the quarter ending Sept. 1, 1939 and a
similar dividend for the quarter ending Dec. 1, 1939, or a total of 75 cents
—V.
Springfield Street Ry.—Bond Extension—
149,
(& Subs.)—Earnings—
Earnings per share on 36,029 shares class B stock—V. 149, p. 2099.
20.521
—V. 149, p. 2988.
Directors have declared
compared with
Corp,—Dividend Resumed—
25 cents per share was distributed.—V.
$74,765
188,888
107,888
$1,743,095
2706.
on Nov. 27 declared a dividend of 25 cents per share on the
stock, payable Dec. 20 to holders of record Dec. 8.
This will be
the first dividend paid on the common shares since Dec. 1, 1937 when an
extra dividend of 25 cents in addition to a regular semi-annual dividend of
$82,164
29.003
17,791
Spokane Portland & Seattle Ry.—Earnings—
into a
10
the
Tennessee Central Ry.-
Net from railway
Net after rents
—V. 149, p. 2706.
x$144,018
Directors
Gross
"
October
for
Operating revenues
Spoklane International Ry.—Earnings—
~
sales
Directors
To Issue Bonds—
x$218,863
common
$1,293,559
Southwestern Light & Power Co.—Accumulated Div.—
$11,997
$23,955
tion and Federal and State income taxes.
$2,907,195
995,214
$656,052
154,605
-
$2,906,043
9,581
$501,446
Net income-Pref. stock dividends
$836,100
4,157
1939—10 Mos.—1938
1939—3 Mos.—1938
Equivalent to 88 cents a share on 246,500 shares of common stock,
against 58 cents a share, for corresponding period of 1938. y After deprecia¬
1939—12 Mos.—1938
$7,649,837
$892,194
236,142
Int. and other deduc'ns_
-
$1,119,161—V. 149,
$888,428
3,766
Gross income
on
Net profit
x
-Earnings—
Period End. Sept. 30—
1939—3 Mos.—1938
Operating revenues$2,159,952
$2,072,854
Oper. expenses and taxes
1,271,524
1,236,753
accumulations
y
Net
Southwestern Gas & Electric Co.-
share.—V. 149, p. 3124.
Sterling Aluminum Products, Inc.—Earnings—
Period End. Oct. 31—
Operating taxes
Other income (net)
shares of stock, filed
sale of the
to the Standard Oil of Indiana was "wrongful, unlawful and
fraudulent" to minority stockholders.
Mr, Winter's petition charged that the net value of the stock on May 31
_
„
-
Clarence E. Winter of Omaha, Neb., as owner of 10
Nov. 23 in District Court a petition charging that the recent
company
1936
$630,596
79,778
5,437,896
—
Sale—
'
1937
$642,113
7,896
6,206,097
465,445
Net after rents
From Jan. 1—
Gross from railway
Net from railway
Net after rents
-Earnings
1938
1939
October—
Standard Oil Co. of Nebraska—Stockholder Protests Stock
applied to that part
of the deot which was used to pay current running expenses, such as interest,
rentals, and overdue vouchers as distinct from that part of the debt, pro¬
ceeds of which were utilized to meet maturities of funded debt.
The
Southern, it is believed, proposes to pay off from earnings the portion of
the debt which, since the original RFC loan was negotiated in February,
1932, went for current expenses and, when market conditions permit, to
refund the debt incurred to meet maturities of bond issues.
Dec. 2, 1939
Profit-
$74,126
28,027
18,642
-
Provision for depreciation
Provision for social security taxes.
Net profit, before providing
for Federal income taxes.
$27,457
Balance-sheet Oct. 31, 1939
$48,375; U. S. Government securities,
at cost, $1,018; accounts receivable—trade, $65,510; inventories, $186,322;
other current assets, $946; corporate stocks, $4,105; property, plant and
equipment (less reserves for depreciation of $516,328), $313,886; prepaid
insurance, $4,867; total, $625,029Liabilities—Accounts payable, $37,617; unclaimed wages, $5; accrued
liabilities, $32,954; reserve for contingencies, $17,000; common stock
(par $5), $372,465; treasury stock, 909 shares at cost, Dr$3,636; surplus,
$168,624; total, $625,029.—V. 149, p. 3278.
Assets—Cash in banks and on hand,
Texas Mexican
Ry.—Earnings—
1939
1938
1937
$77,389
19,024
October—
Gross from railway
Net from railway
$67,781
9,676
$112,813
19,431
,
1936
$99,112
14,786
10,651
1,173
6,701
4.183
railway—772,499
railway
156,823
819,407
108,778
1,255,688
361,493
64,805
20,245
234,372
1,066,332
278,788
156,010
Net after rents
-
From Jan. 1—
Gross from
Net from
Net after rents
—V. 149, p. 2707.
—
*
Volume
ONE HUNDRED—
149
Commercial & Financial Chronicle—YEARS OLD
The
Texas & New Orleans RR.—Earnings—
October—
Gross from railway
Net from railway
Net after rents
From Jan.
1939
1938
$4,350,191
1,558,170
1,031,315
United Aircraft Products,
1937
$3,824,959
1,108,543
646,364
1936
$4,059,238
893,508
417,914
$3,997,327
1,215.241
895,713
1—
Gross from railway
Net from railway
Net after rents
14 p. 2)i).
35,799,350
9,101,250
3,895.230
:
34,537,063
7,276,340
2,320,389
—-V.
39,172,627
9,148,650
4,045,271
33,478,186
7,371,301
3,474,200
Texas Pacific Land Trust—Dividends—
Directors have declared
a dividend of $10
per share on certificates of
proprietory interests, par $100, or the equivalent of 10 cents per share on
sub-share certificates, par $1, payable Dec. 18 to holders of record Dec. 1.
This compares with $15 and 15 cents
respectively, paid on Dec. 20, 1938
$20 and 20 cents on Dec. 27, 1937, and initial dividends of
$10 and 10 cents
paid on Dec. 21, 1936.—V. 148, p. 3700.
Thatcher
—V. 148, p. 3423
par
Like amounts
per share was
both payable Dec. 15 to holders of record Dec. 5.
were paid on Dec.
15, 1938 and a special dividend of $1.50
paid on Dec. 15, 1937.—V. 149, p. 3422.
Thermoid Co.—To Pay
Preferred Dividend—
quarterly distribution of 75
Third Avenue
was made.—V.
1939—Month—1938
$1,251,172
$1,216,415
revenues
939,043
149, p. 2707.
United
the corporation for
approval of the declaration and payment of dividends
amounting to $1.05 a share on 2,488,712 outstanding shares of its
cumulative preference stock.—V. 149,
p.
$312,128
154.818
$319,812
147,958
$157,310
Net oper. revenue
Operating income-
$171,854
$1,122,031
$1,053,593
606,466
$485,148
19,345
20.546
$192,400
217,822
$609,811
874,278
$583,744
870,69o
*41,679
Deductions.—
$25,421
$264,467
$286,951
Tide Water Associated Oil Co.—Debentures Called—
Company announced that $750,000 principal amount of its 15-year 3K %
sinking fund debentures due Jan. 1, 1952 have been drawn by lot for
redemption on Jan. 1, 1940, through operation of the sinking fund, at
102^% plus accrued interest.
Drawn bonds will be redeemed after Jan. 1
the office of the trustee, The First National Bank of the
City of New
York, 2 Wall St., New York.—V. 149, p. 2989. ,
at
Toledo Peoria & Western
October—
RR.—Earnings—
1939
Gross from railway
Net from railway
1938
1936
$240,093
114,910
69,141
$256,067
107,354
52,434
$223,061
127,803
52,644
1,883,600
646,331
268,900
Gross from railway
Net from railway
Net after rents
1,820,610
579,251
264,948
2,010,107
605,041
251,728
2,005,066
625,421
276,643
—V. 149, p. 2989.
Toronto
State
1939—Month—1938
$549,057
revenues
Uncollectible oper. rev._
$546,628
1,096
16
$5,146,163"
2,527
$5,285,016
$5,267,439
3,745,113
United Public Service
Corp.—Earnings—
[Including Kentucky Power & Light Co.]
Sept. 30—
1939—3 Mos.—1938
1939—9 Mos.—1938
Peru a End.
Operating revenues
Oper. expenses and taxes
$183,407
$172,652
125.089
$549,594
439,660
$509,715
143,171
$40,236
$47,563
$109,934
$109,488
Other
income--
400,226
Z>r2,217
152
189
$40,237
23,298
$45,346
$109,678
23,546
$110,086
69.724
$16,939
$21,800
$40,362
$37,797
Gross income
Int. A other deductions.
—V. 149, p. 3423.
71.880
United Public Utilities Corp.—Dividends—
Directors on Nov. 24 declared a dividend of 75 cents per share on
the $3
dividend series preferred stock and
68% cents per share on the $2.75 divi¬
dend series preferred stock of the corporation.
This dividend is payable
Dec. 15 to holders of record Dec.
1, and covers arrerage accumulated up to
April 1, 1936.
It brings the total payment in 1939 to $1.20 and
respectively,
on the two series of
United Shipyards,
$1.10,
preferred stock.—V. 149, p. 2990.
Inc.—May Dissolve—
a special meeting of stockholders for Dec. 12 to
act
proposal to dissolve and liquidate the company.
J. W. Powell, President, in his letter to
stockholders, calls attention to
certain litigation not yet completed.
A copy of a decision in a minority
stockholders' suit before Justice Samuel Rosenman in the New York
Supreme
Court is also appended together with an
agreement with Bethlehem Steel
Co. that may affect the date of distribution of assets.
Thd properties of this company were sold to Bethlehem Steel in
1938.
In liquidation, the class A stock of United is entitled to
$12.50 a share.
upon a
The class B stock is convertible into class A stock
upon payment of $10 a
The company's balance sheet shows that there is
$6,112,587, esti¬
to be the sum available for
distribution to stockholders.
The
$545,532
377,803
$5,143,636
3,978,526
Net oper. revenues.
$145,086
42,014
$167,729
46,935
$1,165,110
410,152
Operating taxes
U. S. Potash Co.—To
Pay 25-Cent Dividend—
have declared a dividend of 25 cents per share on the common
stock, payable Dec. 30 to holders of record Dec. 15.
This compares with
$1.25 paid on Sept. 28 last and dividends of 25 cents
per share paid on
June 30 and March 31 last.—V. 149, p. 2384.
17,577
496,714
United States Graphite
Corp.—Listing—
The New York Curb Exchange has approved the
listing of the corpora¬
tion's 160,000 outstanding shares of common scapital
stock, par $5.
Earnings for 9 Months Ended Sept. 15, 1939
profit after charges and Federal income taxes
Net
$46,576
—V. 149, p. 3423.
Net operating incomeNet income
—V. 149, p. 2989.
$103,072
105,331
-
Truax-Traer Coal Co.
3 Months Ended Oct. 31—
$120,794
59,750
$754,958
$1,025,612
395,642
693,546
1939
1938
$51,088
Union Oil Co. of California—Debentures Called—
1,
1952 have
been called for redemption on Jan.
1, 1940 at 105M and accrued interest.
Payment will be made at the Security First National Bank of Los Angeles,
or at Dillon, Read &
Co., New York City.
'
Director—
Samuel M. Haskins has been elected
a
Corp.—Obituary—
Adolph W. Vogt, Comptroller of the cororporation and widely known for
distinguished record in the field of cost accounting, died suddenly of a
heart attack
$177,534
15 year 3M% debenture, due Jan.
United States Steel
his
(& Subs.)—Earnings—.
Net profit after all charges
—V. 149, p. 1490.
All of the outstanding
is not calling for proxies and states that no proxy that des¬
a person connected with the management of the
company will be
voted—Y. 149, p. 3127.
management
ignates
$1,522,326
$549,041
403,955
director of this company.—V. 149,
3126.
Nov. 20 while returning to his home in Montclair, New
Jersey.
Mr. Vogt had been ill during the summer but had recovered suffi¬
ciently to spend part of his time in the office.
Mr. Vogt was one of the few remaining officials of the United States
Steel Corp. who was with the organization at its formation in 1901.
He
served throughout this lengthy period in important
posts, and became
Chairman of the United States Steel Corp.'s Cost Committee in 1905.
He
had begun his business career in 1894 with the Illinois Steel
Co., which
was one of the companies that became a
part of the United States
Steel
Corp.
In 1901 he became Chief Statistician of the Steel corporation, and was
appointed Assistant Comptroller in 1915. In 1936 he was made Comptroller.
—V. 149, p. 2990.
on
United States Tobacco Co.-—Year-End Dividend—
Union Premier Food
profit
Stores, Inc. (& Subs.)—Earnings
Earnings for 32 Weeks Ended Aug. 12, 1939
after depreciation, amortization, federal income
taxes, &c
Earns per share on 310,585 shares com.
—V. 149, p. 3423.
$467,024
$1.37
stock(par $1)
Directors have declared
a year-end dividend of 80 cents
per share on the
stock, payable Dec. 15 to holders of record Dec. 4.
This compares
with 32 cents paid on Sept. 15, June 15, and March 15, last; year-end divi¬
dend of 71 cents paid on Dec. 15, 1938, and 32 cents paid on
common
Sept. 15 and
June 15.
now
1938, this last being the initial distribution
outstanding.—V. 148, p, 3859.
U. S. Truck
Directors
12 Months Ended Sept. 30—
1939
1938
$513,538
267,506
$499,893
263,703
.
$246,032
$236,190
557
987
.
$246,589
$237,177
140,786
930
_
Operating
expenses
& taxes
-
Other income (net)
Gross income
Interest
Co.—Weekly Output—
Nov. 25, '39 Nov. 18, *39 Nov.
26, '38
107,322,279 107,732.253
95,478,864
Directors
1939—10 Mos.—1938
Operating revenues.
Operating expenses
Net
United Gas Improvement
Week Ended—
Electric output of system
(kwh.)
—V. 149, p. 3423.
mated
Telephone & Telegraph Co.—Earnings
Period End. Oct. 31—
New
12,689,704
3,994,935
1,728,842
share.
Elevators, Ltd.—Dividends Resumed—
Directors have declared a dividend of $1 per share on the common
stock|
payable Dec. 7 to holders of record Nov. 27.
This will be the first common
dividend paid since Oct. 30, 1937, when $1 per share was also distributed.
—V. 149, p. 2100.
p.
13,508,454
4,500,817
2,431.630
3,796,370
1,637,071
Company has called
1937
$271,646
128,297
46,115
Net after rents
From Jan. 1—
I
11,898,699,
12,138,755
3,627,059
1,485,473
railway
Net after rents
—V. 149, p 2992.
Net income.
loss
Operating
1936
$1,665,694
609,476
360,613
98,596
-V. 149, p. 2989.
Tri
1937
$1,583,370
643,914
415,836
699,403
452,664
Net operating income.
$178,655
218,334
Gross income
1938
$1,530,659
609,858
382,290
568,445
■■■»
Earnings—
1939
$1,710,156
Net after rents-From Jan. 1—
Gross from railway
$4,615,584
3,561,990
$515,564
94,246
Non-operating income.
October—
$3
3423.
Mississippi Valley RR.-
Gross from railway
Net from railway.
1939—4 Mos.—1938
$4,766,498
3,644,467
896,603
expenses
Taxes
Net
share
Ry. System—Earnings—
Period End. Oct. 31—
Operating
Operating
cents per
*il
Corp.—Hearing on Dividend Payment—
A hearing has been set for
Dec. 6 at 10 a. m. in the Securities and Ex¬
change Commission's Washington office on the application
(File 51-27) of
Net from
Directors have declared a dividend of $2 per share on account of accu¬
mulations on the $3 cum. pref. stock, payable Dec. 15 to holders of record
Dec. 5.
A dividend of 75 cents was paid on
Sept. 15 last; one of 60 cents
was paid on June 15 last and one of
40 cents was paid on March 15 last,
this latter being the first dividend
paid since Dec. 15, 1937, when a regular
$50,873
$0.37
3247.
Directors have declared an extra dividend of 30 cents in addition to
a
dividend of 30 cents per share, or a total of 60 cents
per share, payable
Dec. 15 to holders of record Dec.
5.
Previously regular quarterly dividends
of 20 cents per share were
distributed.—V. 149, p. 3126.
Yazoo &
value,
.
United-Carr Fastener Corp.—Extra and
Larger Dividend
Manufacturing Co.—Special Dividend—•
a special dividend of 50 cents
per share in addi¬
regular quarterly dividend of 25 cents per share on the common
a
no
Inc.—Earnings—
Earnings for 7 Months Ended July 31, 1939
Net profit after
deprec., int., Fed. income taxes, &c
Earns, per sh. on 135,612 shs. of
capital stock (par $1)
Directors have declared
tion to
stock,
3573
on
1939.
Lines, Inc., of Del.—Year-End Dividend—
Nov. 28 declared
Upson-Walton Co.—Dividends Resumed—
Directors have declared a dividend of 30 cents per share on the common
stock, par $1, payable Dec. 20 to holders of record Dec. 9.
This will be
the first dividend paid since March 21, 1938 when 10 cents
per share was
distributed; prior to then, regular quarterly dividends of 20 cents were
paid.
—V. 149, p. 891.
137,876
3,467
190
190
$105,056
$95,270
36,000
14,850
33,000
Gross from
39,600
Net from
Utah
Consolidated Balance Sheet Sept. 30, 1939
Assets—Plant, property, rights, franchises, &c., $5,424,701; investments,
$1,200; cash, $176,112; accounts, note and warrants receivable, $67,292;
accrued unbilled revenue, $14,577: materials and supplies, $27,768;
prepaid
insurance, &c., $2,480; deferred charges, $17,912; total, $5,732,044.
Liabilities—First lien
gold bonds, series A, $2,506,500; accounts
payable, $8,322; unearned revenue, $82,281; customers' meter deposits and
accrued interest thereon, $5,534; general taxes accrued, $9,140; Federal
income taxes accrued, $25,144; interest on long-term debt accrued,
$57,441;
miscellaneous accruals, $6,584: deferred liabilities, $242,251; reserve for
retirements and replacements, $823,239; contributions for extensions, $20,628; $6 cumulative preferred stock, $600,000; common stock 9,000 no
par shares, $820,000; capital surplus, $106,472; earned surplus, $418,508;
total, $5,732,044—V. 149 ,p. 2100.
on
shares
149, p. 2384.
long-term debt...
Preferred stock dividends
Common stock dividends-.
common
a year-end dividend on the common stock
payable Dec. 20, 1939, to holders of record Dec. 5,
This brings total dividends for the year 1939 to $1.50 per share.—V.
Miscellaneous interest (net)_.
-
the
of 75 cents per share
Amortization of debt expense-
on
on
Ry.—Earnings—
October—
1939
railway
railway
1938
$126,007
30,156
Net after rents
1937
$79,588
17,623
10,170
3,089
623,831
79,836
10,444
489,600
14,427
def78,819
1936
$134,778
49,209
33,091
$115,359
59,119
46,908
1,008,056
845,377
237,821
152,427
From Jan. 1—
Gross from railway
Net from railway
Net after rents
—V. 149, p.
200.479
96,146
2991.
Veeder Root, Inc.—To
Directors have declared
a
Pay $2 Dividend—
dividend of $2 per share
payable Dec. 15 to holders of record Dec. 1.
on
the
commons
stock,
Previously regular quarterly
dividends of 25 cents per share were distributed.
In addition, an extra
dividend of 75 cents was paid on Sept. 15, last, and extras of 25 cents were
paid in each of the six preceding quarters.
An extra of $2 per share was
distributed on Dec. 15, 1937.—V. 149, p. 1933.
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3574
& Light
Corp.—Successor Directors
Ogden Corp. above.—V. 149, p. 3124, 3280.
Power
Utilities
Named—See
Dec. 2, 1939
Consolidated Balance Sheet
Aug. 26, *39 Aug. 27, '38 Aug 28, '37 Aug. 29, '36
$
$
4 058,253
3,888,217
4,005,157
5,539,976
1 ,787,011
1,851,726
1,906,631
Accounts & notes receiv.
1,999,775
16,865,964
20 285,392
19,896,649
Inventories
16,735,331
214,559
276,374
Net curr. assets of subs.
240,118
1,613,945
,083,307
1,189,604
Rights and scenarios
1,160,867
Assets—
Cash
Virginia Coal & Iron
This
is
company
Co.—Bonds Called—
notifying holders of Keokee Consolidated Coke
Co.
Jurchase money mortgage and deed of for redemption outgoldsinking fund
uly 1, 1959, that there has been called trust 5% 50-year
of bonds, due
and accrued interest, on Jan. 1,1940, $23,000 principal amount
of these bonds.
Drawn bonds will become payable on Jan. 1, 1940 at the
office of City Bank Farmers Trust Co., successor trustee, 22 William St.
—V. 149, p. 3128.
moneys, at par
_
Dep. to secure, contr. &
sink, fund dep
rec.
$2,120,858
1,207,224
973,751
1937
$1,897,675
1,104,539
966,284
1936
$1,771,161
1,059,144
1,016,492
17,348.491
9,099,557
7,056,002
Gross from railway
Netfrom railwayNet after
-
rents./.
Guy^tromrailway
15,523,920
7,526,414
6,158,962
16,545,861
8,993,075
7,747,535
14,405,071
7,880,887
7,243,066
Net from railway.
rents.!
Net after
—V. 149, p.
3280.
1939
$4,615,165
1,587,699
997,950
Net after rents.
.
19.38
$4,089,994
1,142,387
553,389
1937
$4,040,961
786,533
249,451
1936
$4,096,361
1,187,030
677,124
36,473,384
8,152,472
2,327,869
October—
Gross from railway
Net from railway.
33,162,728
6,215,838
562,013
38,938,978
8,688,589
3,591,272
37,922,982
9,277,544
4,358,909
From Jan. 1—
Gross from railway
Net from railway
Net after rents.
—V. 149, p.
Props, owned & equipm'tll5,944,733
Props, leased & equipm't 14,952,623
Preferred charges
864,188
Good-will
8,331,792
Directors have
a
Dividend—
dividend of $1 per share on the common stock,
payable Dec. 20 to holders of record Dec. 1. This compares with 25 cents
paid in each of the four preceding quarters and on March 21,1938; a dividend
of $1.25 was paid on Dec. 20, 1937; 50 cents was paid on Sept. 30, June 21
and on March 20, 1937; $1.50 was paid on Dec, 21, 1936, and a dividend of
25 cents per share was distributed on Sept. 21, 1936.—V. 149, p. 1632.
(S. D.) Warren Co.—Dividend
Directors have
declared
a
Doubled—
dividend of $1 per share on the common stock,
payable Dec. 26 to holders of record Dec. 16.
Dividends of 50 cents were
paid in each of the four preceding quarters; 25 cents paid on Sept. 26, 1938
and 50 cents paid on June 27 and on March 28,1938.—V. 149, p. 2710.
Warren Brothers
Co.—Delisting Application—
Warner Bros. Pictures, Inc.—Annual
by the outbreak of war in Europe.
Since Sept. 1 film rental income in
European countries has declined and, futhrer, the dollar equivalent of such
income has decreased as a result of the decline in foreign exchange rates.
Not only does this effect gross income, but it also serves to reduce the film
rental income in the latter periods of realease, which in accordance with the
company's method of amortizing film production costs, accelerates the write¬
off in the earlier periods.
Consequently, based on the information now
available and the prevailing rates of exchange, the company has made
revisions to provide in its amortization table for the anticipated decline in
foreign income.
These changes are in addition to certain other revisions
which have been made based upon film rental income prior to Aug. 26,1939,
from distribution throughout the world.
The application of the revised rates has resulted in an increase in amortiza¬
tion charges of $674,781, of which $123,409 is due to conditions existing prior
to Aug. 26, 1939 and $551,371 to the European war.
Pursuant to the plan of exchange and without the payment of any com¬
missions or underwriting fees, $19,388,000 optional 6% con v. debs., series
due Sept. 1, 1939, have been exchanged for the company's 6% debs., series
due 1948.
The balance, of the optional 6% conv. debs., series due Sept. 1,
1939, were either purchased in the ope nmarket by the company or called for
redemption on June 29, 1939, and funds sufficient for such redemptionwere
deposited with the trustee.
The funds for the purchase of debs, in theopen
market and for the redemption on June 29, 1939 were obatined from work¬
ing capital, mortgages on individual properties, and a bank credit agreement.
Prior to Aug. 26, 1939 the company retired $588,000 6% debs., series
due 1948, in satisfaction of the sinking fund due on or before Dec. 15,1939.
Consolidated Income Statement
Aug. 26, *39 Aug. 27, '38 Aug. 28, '37 Aug. 29, '36
Years Ended—
a
Net income
Amount of film costs....
c
deprec.
of
Amort,
$41,659,751 $42,288,332 $42,164,493 $34,933,657
29,596,777
30,278,971
25,445,916
21,250,565
1,641,750
1,483,251
1,875,000
2,283,611
1,960,000
2,814,161
9,393,471
8,035,720
109,738
1,362,434
1,168,697
174,572
1,745,343
1,012,151
484,566
2,728,961
Accts. payable & sundry
accruals
Royalties payable
Advance paym't of film
deposits, &c
853,473
8,361,418
84,712
1,348,554
941,475
320,527
341,090
478,154
liabils. of subs.
b94,890
32,176
49,026
529,913
3,151,149
532,000
598,303
a933,963
3,012,773
1,270,000
546,212
a1,052,058
1,294,643
1,500,000
2,891,983
4,778,371
5,063,304
29,400,000
41,376,237
29,412,985
43,045,273
30,700,000
45,369,872
287,728
5,670,885
19,006,723
57,134,331
327,299
238,914
5,670,885
19,006,723
57,044,331
4,188,044
19,006,723
56,774,519
10,469,148
6,834,439
73,466
zl ,933,367
Due to affiliated cos
Deferred income
Net
curr.
Remit, from foreign cos.
640,545
383,053
Purch. money obligat'ns
Res. for Fed. inc. taxes—
Res. for
Serial
a480,916
2,937,317
366,000
contingencies—
bonds, sink, fund
requirements,
purchmoney & contract ob¬
2,441,637
ligations, &c_
6% debs., series due 1948 18,800,000
d Secured notes pay.
banks
ser.
5,500,000
debs.,
6%
Opt.
to
conv.
due 1939
Mtges. & funded debt
40,405,592
Prop, of cap. & surp. of
sub.
cos.
applic.
to
minority stockholders
244,952
y Preferred stock
5,670,885
x Common stock
19,006,723
57,241,428
Capital surplus
surl ,612,047
Dr31,810
Deficit
c
Pref. treas. stock
168,617,991
Total
4,851,773
Inventory adjustment.
_
Pro v. for misc. invest
Prov.
for
«
4,836,392
4,772,132
4,172,835
551,371
Interest expense.
Prov. for inv. in affil.co's
4,350,545
4,573.743
5,098,475
4,786,832
290,874
...
_
foreign
Includes $541,380 deferred
Includes notes payable maturing
Total
profit
of net earnings
losses applicable to
minority stockholders.
192,940
305,682
200,000
$2,130,249
286,403
$2,629,485
375,121
$6,881,827
560,481
*
$3,351,949
520,634
$3,004,606
bl,092,000
$7,442,308
bl,570,000
$3,872,583
687,000
Crll,255
Crl7,116
Cr3,875
10,270
$1,740,908
$1,929,721
327,299
4,188,044
$2,416,653
intercompany indebtedness of such companies, and gave a $3,000,000 1st
mtge. on certain of it studio properties located in Burbank, Calif., as addi¬
tional security for the furst maturing $3,000,000 of such loans.
mature in amounts of not less than $500,000 semi-annually,
The loans
beginning
April 1,1940 and ending April 1, 1944.
The net assets included in the con¬
solidated balance sheet, which are applicable to the stock holdings and the
intercompany indebtedness pledged as collateral security, amount to approxi¬
mately $45,300,000; the $3,000,000 1st mtge. referred to above is held by
the banks as security but it is not reflected as a mortgage payable in the
balance sheet inasmuch
as
Profit
on
1939—Month—1938
92,995
93,267
1,113,841
1,099,169
$365,884
1,115
$337,450
8 1,210
$4,066,141
26,000
$3,397,968
32,702
$366,999
64,167
6,800
$338,660
82,963
9,285
$4,092,141
939,440
107,640
Crl,452
$3,430,670
995,550
62,562
Cr2,152
$246,412
$3,046,513
622,518
$2,374,710
622,518
$3,423,995
$l,752,i92
Gross income
mtge. bonds
on
Intl charged to constr
'
Cr746
$296,778
Divs. applicable to pref. stock for the period
$5,876,183 g$3,177,313
10,469,148
14,961,310
388,203
867,441
562,941
502,957
1,116,015
Wentworth
1939
$4,448,504
3,983,455
Cost of goods sold
d336,635
f1,029,584
$3,693,388
494,656
$9,886,972
582,176
Profit & loss deficit.sur$l,612,047
$327,299
$0.41
$0.36
$4,188,044 $10,469,148
$1.48
$0.75
Before providing for amortization and depreciation, interest, miscel¬
laneous charges.
b Includes surtaxes on undistributed profits in the amount
a
for 1938 and $310,000 in 1937.
properties amounting to $995,208 in
of $370,000
c
Includes
1939;
depreciation of
$1,074,870
in
prior years of $124,216 and equity at Aug. 28, 1937 in the undistributed
earnings of a subsidiary company not consolidated at that date (since con¬
solidated) of $160,698.
f Includes recoveries of provisions made in prior
for investments in affiliated companies occasioned by sales of invest¬
during the year of $329,794, adjustments of Federal income tax
liability to and including the fiscal year ended Aug. 31,1929 of $309,484 and
adjustment of other reserves and accruals provided in prior years of $390;years
ment
Profits are not subject to the surtax on undistributed profits,
abandonment and provisions
i Loss
for demolition of properties.
on
Common dividend
Shs. of
com.
stk. outst'd'g
sales and
($1.25 par)
$182,507
$155,864
34,431
Dr22,150
26,643
82,003
410,016
$0.29
$0.16
Earnings per share
1938;
$991,453 in 1937 and $752,318 in 1936.
d Includes credit resulting from
exchange of bonds of a sub. company of $240,000 and adjustment of resevres
and accruals provided in prior years of $96,635.
e Includes profit (net) on
sales of capital assets of $27,139, adjustments of other reserves provided in
sale of subsidiary and affiliated companies,
Net income
Preferred dividend
340,126
$162,773
23,613
$101,414
34,033
82,003
410,016
Provision for Federal income taxes
328,504
$204,657
$121,718
20,304
Net income before Fed'l inc. taxes.
Earns, per sh. on com
1937
$4,707,150
4,204,251
330,396
Net
e312,053
...
1938
$4,503,547
3,970,386
$134,653
Drl2,935
Selling, general and admin, expenses.
$327,299
on
_
Manufacturing Co.—Earnings—
Years Ended Oct. Zl—
Net sales
H122.151
jg
h Profit
1939—12 Mos.—1938
$876,092 $10,709,764 $10,098,926
445,375
5,529,782
5,601,789
$942,245
483,366
_sur$l,923,963
Miscellaneous debits...
i311,916
304.
as
Washington Water Power Co. (& Subs.)—Earnings—
Period End. Oct. 31—
Balance
Total deficit
studio
is shown
secures
Operating revenues
Oper.exps.,incl. taxes..
Property retire, reserve
appropriations-
operating income
Other income, less other deductions._
Other credits
it
-V. 149, p. 3281.
redemption of
6% debentures
Adjust, of res. provided
in prior years
the indebtedness which
payable.
The agreement under which these loans were obtained
provides, among other things, that, as long as any of the notes are out¬
standing, or unpaid, neither the company nor any of its sunbsidi^e^shall
pledge, as security for loans, any motion picture negatives produced by the
company in the United States of America.
The accounts of subsidiaries operating in foreign territories (other than
Canada, which is included for the same period as the domestic companies)
are consolidated as at July 29, 1939 with the exception of the subsidiaries in
the Far East, other than Japan, and the Australasian subsidiaries which have
been included as of June 24, 1939 and the results of their operations are in¬
cluded for the year ending on those dates.—V. 149, p. 2709..
notes
685,000
or
Netprofit..
one year.
610 shares at cost.
c
Other int. and deduct'ns
Propor,
Previous deficit.
after
d As collateral security for secured bank loans amounting to $6,000,000
($500,000 included under current liabilities) the company pledged its stock
holdings in Stanley Co. of America, First National Theatres Corp. and
Northeastern Theatres, Inc., subsidiary companies, together with certain
Net income...
Prov. for Fed. inc. tax..
Represented by
b Current liabilities of subsidiaries operating in certain foreign territories
Int.
interest
y
exchange audits,
having exchange restrictions,
Other income (net)
140,000
12,000
Net profit before min.
Other income.
177,544,606 173,009,012
x Represented
by 3,801,344 shares common stock,
103,107 shares of no par value,
140,153
26,301
178,444
possible addi¬
tional taxes—
Prov. for contingencies._
174,368,991
273,432
5,670,885
Net oper. revenues..
of
property...
177,544,606 173,009,012
174,368,991
a
Report—
977,340
8,239.981
560,500
z
Harry M. Warner, President, says in part:
The accounts have been adjusted to reflect certain changes occasioned
1 ,133,727
8 ,299,503
1,014,155
8,325,337
.
Application to strike the $1 cumulative first preferred stock of company
listing and registration on the New York Stock Exchange is being
made to the Securities and Exchange Commission by the Committee on
Stock List.
This action, the Committee stated, is being taken "in view of
the small amount outstanding and inadequate distribution when con¬
sidered in the light of the total market value of the issue outstanding in the
hands of the public."
In announcing the filing of the application, the Committee on Stock List
emphasized that this action does not affect the other securities of the com¬
pany which are also listed.—V. 149, p. 2709.
from
1,565,678
....168,617,991
.....
held in abeyance
declared
110,000
,778,776
Liabilities—
2709.
Wagner Electric Corp.—$1
1,379,124
446,847
118,612,567 120 ,803,971 120,682,921
15,497,270
15,697,876
15 ,073,187
...
Notes payable (secured) _
Unsecured notes payable
Ry.—Earnings—
Wabash
511,018
110,000
1,396,032
110,000
966,928
Investm'ts and advances
Total
,405,902
1936
agreement
1938
$1,773,322
958,655
790,952
1939
604,139
from officers
February,
under
Virginian Ry.—Earnings—
October—
1,442,308
496,304
1,167,521
.
Mortgages receivable—
Accts.
$186,386
27,626
$158,760
34,533
133,246
410,016
$0.30
Balance Sheet Oct. 31
$1,435,745
not used
in business.....
Property
Fixed
assets
x
Common stock..
539,190
512,520
512,520
136,368
143,846
x
222,918
Capital surplus...
660
660
Treasury stock..
Z>r58,016
Dr60,416
Earned
Deferred charges &
Total
1938
$308,549
539,190
229,900
(less
depreciation)
prepaid
1939
$109,598
Conv. pref. stock
Liabilities—
1938
$1,251,766
Current assets
Current liabilities.
y
1939
Assets—
expenses
z
33,614
.$1,651,648
surplus
547,697
540,970
38,963
$1,841,4731
Total
.$1,651,648 $1,841,473
Represented by shares of $1.25 par.
y Represented by 39,940 no par
z Represented by 5,845 shares in 1939 and 6,085 shares in 1938 of
shares,
preferred stock.—V. 149, p. 1632.
Volume
Welch Grape Juice
Directors have declared
Wheeling & Lake Erie Ry.—Earnings—
Co.—40-Cent Dividend—•
West Virginia Pulp & Paper
Co.— Underwriters Listed—
Company Nov. 29 filed an amendment to its registration statement with
the Securities and Exchange Commission covering $8,000,000 first mortgage
bonds, 3% series due 1954, giving preliminary unaudited figures of results
of operations for the fiscal year ended Oct. 31, 1939.
During this period
the company s earnings after depreciation but before interest.
Federal
income taxes, &c., amounted to $1,881,360, or approximately 7.8 times
interest requirements on the bonds to be issued.
Net income available for
dividends during the fiscal year amounted to $1,093,879 as compared with
$260,353 during the preceding fiscal year.
During the year just completed
the company set aside $2,814,526 for depreciation, the highest figure in the
company's history.
The names of the underwriters and their participations are given in the
as
follows:
Harriman Ripley & Co.,
Inc
Blyth & Co., Inc
Kidder, Peabody & Co
White, Weld & Co
Goldman, Sachs & Co
—
-
TT->—
:*—
^
$2,880,000
1,200,000
800,000
600,000
600,000
600,000
Alex. Brown & Sons
Kuhn, Loeb & Co.
1,320,000
—
mortgage bonds are to be
option, as a whole or in part by
lot, upon not less than 45 days' published notice if redeemed other than
on an interest payment date, and upon not less than 30 days' published
notice if redeemed on an interest payment date, at the following redemption
prices: to an including June 1, 1942, at 102H%; thereafter with successive
reductions in the redemption price of H % during each successive 2 M-year
period to and including June 1, 1952; thereafter at 100%; in each case with
accrued interest to the date of redemption.
The bonds are also to be reredeemable, through operation of the sinking fund, in part by lot on Dec. 1
in any year upon not less than 30 days' published notice, at the following
sinking fund redemption prices: to and including Dec. 1, 1942, at 101%,
thereafter with successive reductions in the redemption price of ^ % during
each sucoessive three-year period to and including Dec. 1, 1951; thereafter
at 100%; in each case with accrued interest to the date of redemption.
The bonds of the 3% series due 1954 are entitled to the benefits of a
sinking fund requiring the retirement of $215,000, principal amount of the
bonds by Dec.
1, 1940, and progressively increasing amounts annually
thereafter calculated to retire 50% of the bonds by maturity.
Payments
into the sinking fund are to be made on Oct. 15 in each year, either in bonds
of the 3% series due 1954, or in cash in an amount equal to the redemption
price of such bonds applicable to redemption through the sinking fund on
the next succeeding Dec. 1 and accrued interest to such date.
Company plans to use the proceeds to be received from the sale of the
bonds, together with additional funds from the cash resources of the com¬
pany, to redeem on or about Feb. 7,
1940, its outstanding $9,268,000
first mortgage bonds, 4M% series due 1952.
At July 31, 1939, the con¬
solidated balance sheet showed current assets of $17,627,164 including cash
of $6,344,253; total current liabilities were $1,720,190.
Upon completion
of the financing bonds of the 3% series due 1954 will constitute the sole
amendment
shows
that
first
the new
1938
1937
1936
$1,101,353
337,763
285.407
$1,335,079
386,087
314,926
$1,412,726
415,597
372,121
12,019,724
3,918,697
3,239,358
Gross from railway
Net from railway.
Net after rents
From Jan. 1—
Gross from railway
Net from railway.
Net after rents...
8,786,028
2,254,213
1,626,008
14,008,556
4,551,530
4,082,621
12,709,096
3,620,115
2,770.753
—V. 149. p. 3281.
Wheeling Steel Corp.—Clears 5% Pref. Arrearages—
on Nov. 29 declared a dividend of $3.25 per share on the $5
prior pref. stock, payable Dec. 22 to holders of record Dec. 12.
This
Directors
cum.
payment clears up all arrears on the issue.
The regular quarterly dividend
of $1.25 a share on the same stock also was voted payable on Jan. 2 to hold¬
ers of record Dec.
12.
In addition the board authorized a quarterly dividend of $1.50 a share on
the old 6% preferred stock, payable on Jan. 2 to holders of record Dec. 12.
No action was taken on the accumulations on this stock, which total $31.50
a
share.
P.
The last payment on the
issue
was
$1.50
on
(S. S.) White Dental Mfg. Co. (& Subs.)—Earnings—
9 Months Ended Sept.
$6,326,679
statement
share
—V. 149, p. 1343.
Wieboldt Stores,
Inc.—Sales—
1939—3 Mos.—1938
1939—9 Mos.—1938
$5,823,988
$5,353,552 $17,101,816 $16,111,074
Period End. Oct. 28—
Sales
—V. 149, p. 1343.
Wilson & Co., Inc.—To
becomes effective.
Voted—
Redemption
Wisconsin Central
of
ance
new
$7,969,782
276,689
663,148
:$1,008,954
$10,823,885
$8,809,619
139,003
157,204
29,135
455,368
36,537
147,272
28,033
408,135
36,731
1,258,368
1,585,732
285,078
4,059,425
352,675
1,194,391
1,530,923
276,098
3,954,849
393,904
$1,241,962
_
Passenger revenue
All other revenue
of way
Maint.
&
struc.
Maint. of equipment
Traffic expenses
$550,621
83,097
$235,315
85,155
$3,282,608
784,274
$1,559,454
837,321
$467,524
37,736
37,697
$150,160
36,440
35,628
$2,498,334
$722,133
Hire of equipment
Rental of terminals
357,228
371,277
362,034
449,974
$392,091
Dr2,486
$78,092
Dr9,436
$1,769,829
Dr43,864
x$89,876
Dr87,660
$389,606
$68,656
$1,725,966
x$177,535
Net railway revenues-
3281.
Western Maryland Ry.—Earnings1939—10 Mos.—1938
1939—Month—1938
Operating revenues
$1,809,631
$1,305,824 $12,962,015 $11,080,514
1,314,950
1,593,609
Maint. of way. & struc.
288,291
161,245
2,434,145
2,766,944
Maintenance of equipm t
348,849
243,218
366,530
390,169
Traffic expenses
39,046
37,893
3,174,890
3,562,695
Transportation expenses
425,271
340,870
44,328
39,080
Miscellaneous operations
3,411
4,231
401,626
462,818
General expenses
52,982
45,271
_
.
Gross income.
_
Net income
7,712
$480,808
61,622
$4,179,129
785,000
$3,403,615
711,214
$419,186
036,646
Drl 1,300
$3,394,129
0235,255
Dr125,209
$2,692,401
0187,705
Drll2,341
$569,443
10,187
$444,532
9,957
$3,504,175
80,137
$2,767,765
104,218
and the series C
$454,489
278,446
$3,584,312
2,762,505
$2,871,983
2,753,478
$176,043
$821,807
$118,505
Western Pacific RR.—RFC Loan
and Certificates Extended
Commission Nov. 21 approved the extension
of time of payment for a period ending not later than Dec. 1,
1940, ot
loans by the Reconstruction Finance Corporation to the trustees of the
company, in the amount of $10,000,000 maturing Dec. 1, 1939,.
At the same time the ICC extended from Dec. 1, 1939 to Dec. 1, 1940, the
date of maturity of not exceeding $10,000,000 of trustees' certificates, to
bear interest during the extended period at the rate of 4% per annum.
Earnings for October and Year
to Date
1936
1937
1938
1939
$1,943,001
580,245
$1,803,629
$2,079,096
902,717
$1,803,170
581,184
670,982
338,441
322,199
585,354
377,731
11,903,645
13,789,162
144,852
2,872,566
1,221,738 def1,505,357
Net after rents
13,968,571
986,572
def489,030
12,173,522
1,264,157
def346,131
From Jan. 1—
Gross from railway
Net from railway
_
—V. 149, p. 3128,
2711, 2532.
Western Ry. of
Net after rents
Net from railway
after rents
—V. 149, p
$162,185
1,442,105
239,262
117,484
1,348,159
40,050
23,115
$145,499
14,745
4,157
$150,292
24,997
7,534
1,421,100
170,853
88,109
1,294,680
109,268
96,010
1—
Gross from railway
Net
1936
1937
$185,947
58,152
39,175
2992.
154,586
40,845
'
,
,
Westgate-Greenland Oil Co.—Extra Dividend—
declared an extra dividend of two cents per share on the
payable Dec. 15 to holders of record Dec. 9.—V. 145, p.
Directors have
common
stock,
3674.
'
Westinghouse Electric & Mfg.
declared a dividend of $1 per share on the common
$50) payable Dec. 22 to holders of record Dec 11.
This com¬
with 75 cents paid on Nov. 29 and Aug. 31 last, and previously regular
quarterly dividends of 50 cents per share were distributed.—V. 149, p. 2711.
Directors on Nov. 29
pares
Weyenberg Shoe Manufacturing
Co.—Dividends—
declared a special dividend of 25 cents per share in addition
to a dividend of 25 cents per share, or a total of 50 cents per share, on the
common stock, par $1 both payable Dec. 20 to holders of record Dec. 5.
This compares with 25 cents paid on July 6, last and on Dec. 31, 1938,
this last being the first payment made since Dec. 28, 1937, when a quarterly
dividend of 25 cents per share was distributed.—V. 147, p. 3859.
Wisconsin
$380,015
V. 149, p.2712.
93,920
x$271,455
Public Service
Corp.—Clears Up Preferred
Arrearages—
The board of directors on
Nov. 28 declared the regular quarterly dividends
of $1.75, $1.62)^ and $1.50 per share
cumulative preferred stock, the series B
to
respectively on the series A 7%
6H% cumulative ^referred stock
1939,
6% cumulative preferred stock, payable Dec. 20,
stockholders of record Nov. 30, 1939.
The payment of remaining unpaid preferred stock dividends, amounting
$3.50,$3.25 and $3 per share respectively for the series A 7%, series B
6H% and series C 6% issues also was authorized.
These payments will
be made in two equal amounts on Jan. 5, 1940 and Jan. 20, 1940 to stock¬
holders of record Nov. 30, 1939.
J. P. Pulliam, President of the company, announced that with the clear¬
ing up of the preferred dividends and the continuance of the results indi¬
cated by the 1939 record, it was planned to restore dividends on the $9,000,000 of common stock of the corporation on which nothing has been
paid for six years.
Mr. Pulliam also announced that at the meeting of the board, the con¬
struction budget for 1940 was
approved.
The budget totals $1,557,590,the
major items being expenditures of $132,000 for Green Bay-De Pere trans¬
lines and substations, $82,000 for changing over transportation
service at Wausau from street cars to motor buses, $413,000 for additional
urban and electric service extensions, $414,000 for other electric distri¬
mission
bution system
to
gas
expensitures and $143,000 for additions and improvements
plants and main systems.
the board meeting, that rate reductions
applicable to resident users of electricity, involving a saving of $40,000 per
would be made effective Jan. 1, 1940.
Additional reductions are
planned for the year, to be made from time to time if business conditions
and earnings continue satisfactorily, whihc will being total savings to
customers of approximately $200,000 per year.—V. 149, p. 3129.
It
was
also announced, following
annum,
Woodward Iron Co.—Bonds Called—
Feb. 26, 1940, $750,000 principal amount of its
cumulative 5% income bonds due Jan. 1, 1962 at par and
second mortgage
Holders have the privilege until Feb. 16 of converting
stock of the company at the rate of 40 shares of
$1,000 principal amount of the bonds. Called bonds, which
have been designated by lot, will be payable on the redemption date at the
principal office of The Chase National Bank of the City of New York,
trustee.—V. 149, p. 2246.
accrued interest.
their bonds into common
stock for each
Pump
Worthington
& Machinery Corp.—New
Vice-
President—
Maynard D. Church has
R.
W. Towne was
been elected a Vice-President.
elected Assistant Secretary.—V. 149,
Yale & Towne
p.
2712.
Mfg. Co.—Special Dividend—
Nov. 21 declared a special dividend of 15 cents per share in
quarterly dividend of 15 cents per share on the common
special dividend being payable Dec. 18 and the regular quarterly
dividend Jan. 2, 1940 both to holders of record Dec. 6.—V. 149, p. 2712.
Directors on
Co.—Common Div.—
stock (par
Directors have
x
bonds, &c
Loss or deficit.
Company will redeem on
Earning s1938
1939
October—
Gross from railway
From Jan.
-
Alabama
Net from railway
99,195
$1,626,771
to
The Interstate Commerce
October—
10,587
$58,069
9,590
3,924
3425.
Gross from railway
Net from railway
accrued
Balance before int. on
$535,705
Cr47,012
Z>r 13,274
_
income-
Net after rents.
being
aryi paid
59,570
$303,080
Joint fac. rents, net—
—V. 149, p.
Interest
$579,630
276,550
Operating income
Equipment rents
Fixed charges.
Income before interest
$655,705
120,000
Net oper. revenue
Net ry. oper.
Other income.-
Other income (net)
32,429
Transp. for invest,—Cr.
Taxes
153,468
Taxes
for redemptionn the
Period End. Oct. 31—
1939—10 Mos—1938
$9,798,220
249,433
776,231
$1,367,868
revenue.
General expenses.
meeting held Nov. 27 approved the proposal of
outstanding 4H% bonds, and issu¬
first mortgage bonds at a rate indicated at 3%.—V. 149, p.
Ry.—Earnings—
1939—Month—1938
$904,301
22,207
19,450
82,446
106,456
Period End. Oct. 31—
Freight
Stockholders at special
directors to call
Pay Preferred Dividend—
a dividend of $2.25 per share on the $6 preferred
the balance of 75 cents of the accumulation for the period
from Feb. 1, 1938 to April 30, 1938 and $1.50 accumulation for the period
from May 1, 1938 to July 1, 1938, payable Dec. 22, 1939, to stockholders
of record Dec. 11, 1939.—V. 148, p. 292.
Directors have declared
stock to apply on
Transportation expensesi
Bond
626
$38,926 loss$109,477
$0.13
Nil
Net profit
expense
bonds is expected Dec. 5, after the registration
$55,355
164,206
87,628
Interest, depreciation and income tax.
Foreign exchange loss
.
_
$473
54,882
$324,659
198,105
Other income
per
5,765,877
$272,423
52,236
1939
Operating profit
Earnings
1938
$5,766,350
6,054,256
30—
Costs and expenses, &c__
redeemable at any time at the company s
debt of the company.
Public offering of the new
July 1,1938.—V. 149,
2711.
Sales...
$8,000,000
The
1939
$1,813,972
752,171
667,735
October—
dividend of 40 cents per share on the common
a
stock, payable Dec. 11 to holders of record Nov. 28.
Like amount was
paid on Aug. 30 last, and a cash divided of 25 cents in addition to a stock
dividend of 5% was paid on June 15 last.—V. 149, p. 1195.
amendment
3575
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
addition to a regular
stock, the
Yellow & Checker Cab Co.—Accumulated Dividend—
declared a dividend of $1 per share on account of accu¬
8% cum. class A stock, par $50, payable Nov. 29 to holders
27.
Like amount was paid on Sept. 25 and on Aug. 12
ast.—V. 149, p. 1775.
Directors have
mulations on the
of record Nov.
Yukon-Pacific Mining Co.—Suspended from Dealings—
The New York Curb Exchange has suspended from dealings, the old
capital stock, par $5.—V. 149, p. 3425.
OLD
ONE HUNDRED—The
Commercial & Financial
13576
The Commercial Markets and the
Dec. 2, 1939
Crops
COTTON—SUGAR—COFFEE—-G RAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
reported when 9c.
COMMERCIAL EPITOME
Friday Night, Dec. 1, 1939.
closed 4 to 13 points net
Coffee—On the 25th ult. futures
lower for the
lots.
It
There
in the Dec.
sales reported in the
no
position at 5.99c. and 6.01c., while the remaining
at 6.15c. to 6.17c.
The quiet reflected
irregular with hard Santos 4s,
Brazil prices were
actuals.
reis
1$.4 milreis
higher at
200 reis lower at 16.4 milreis.
Dec. put
while
Rio contracts.
Of the 7 sales, 2 were
10 kilos and Rio 5s,
For the week liquidation in
per
that position down 13 points, but later positions,
liveries
the
There
totaling 27 lots.
contract, with sales
4 lots traded in
Rio coffee
prices closed
freight rates for
on
and the Green Coffee
flat rate of 75c. will be
andjfreight.
passenger
follows:
as
December
3.65| March
Santos coffee
prices closed
6.02
December
July
September
6.14
May
3.70
follows:
as
March
6.27
6.30
6.22
Visible Supply of
World's
Coffee on Nov. 1 Reached
Over Five Years, According to
New York Coffee and Sugar Exchange
Highest
Point
world's
The
were
Rio contract, Dec. and Mar. de¬
new
Some expect that a
fixed, applicable to all ships, both
On
points net higher for the
the 27th ult. futures closed 5 to 8
No agreement
shipment coffees has been reached yet between
the Brazilian-United States ship lines
Association.
lower, remained relatively steady on switches.
Santos
paid for Colombian Manizales and
was
asked today.
was
Jan. and Feb.
in Mar.
were
100
were
decidedly dull short session.
was a
5
with sales totaling only 7
Santos contract,
9%c.
in
visible
supply of coffee
the highest point in over
New York Coffee and
five
Nov. 1
on
reached
at 8,334,069 bags, the
years
Sugar Exchange announced Nov. 29,
showing net losses at the close of 10 to 2 points, the
This total, which does not include stocks in the interior of
10-point loss being in the Dec. delivery.
Scattered buying
Wednesday will be first
Brazil,
sent coffee futures up
loan, compares with 7,918,158 bags on Oct. 1 and 8,498,972
notice
4.00c.
at
Brazils
Dec.
New A contracts were 10 points lower, with
day.
Dec.
4 to 6 points.
during
early
afternoon.
Quotations
on
unchanged, but mild coffees were easier, with
were
Business with
Brazil for shipment next year has been hindered by lack of
information on freight rates beyond Dec.
On the 28th ult.
futures closed 5 to 7 points net lower for the Santos con¬
tracts, with Dec. showing a 1-point net gain at the close.
shipment Manizales offered at 9%c.
Transactions
was
no
in
Santos
totaled
contracts
There
15 lots.
The market
business recorded in the Rio contracts.
ruled steady during most of the session.
Traders appeared
to be awaiting first notice day tomorrow.
In Brazil cost
and freight offers were unchanged, but were subject to con¬
Mild
cessions.
offered in
were
coffees
some
were
steady.
barely
with buyers cautious.
instances at 9^c.,
Prices of mild coffees have fallen about 2c. a
pound in the
last two months while Brazils have held about
Some members of the trade believe that
will
soften
29th ult. futures closed 5 to 7
Dec.
the
There were sales of 7
lots.
Dec. contracts in old Rio, which
for
On the
points net lower for the Santos
contract, with sales totaling 27
today, and this despite the fact that no notices were issued
against the outstanding Dec. position.
In early afternoon
selling at 6.20c., off 6 points.
A decline in Santos
May
was
prices yesterday and continued easiness in mild coffees was
appear
to
have induced
to rest just a point or two
under current levels
war-time tops were
Five Ecuador notices were issued
hit.
and Dec. declined to 3.50c.
unchanged at 4.20c.
Dec. ship¬
against the old A contracts
The
new
A contract
ment Manizales were
On
lots.
reported sold
at
the
No business
Santos contracts, with sales
was
totaling 69
recorded in the Rio contracts.
easier trend in mild coffees was reflected in the
Santos futures.
They
The
decline in
off 5 to 6 points during early
were
415,911
while
bags
wholly in
was
1,460,158 bags to 1,977,-
3,247,000
were
stocks
bags
Nov.
Brazilian
all
at
on
1
ports
month later.
a
Exports from Haiti to United States Increased
Sharply Since Outbreak of European War
Exports of coffee from Haiti to the United States have
according to
report from Vice Consul Joseph H.
a
White,
Port-au-Prince, made public Nov. 27 by the Department of
Commerce.
totaled
October
19,083
shipments
American
the
to
market
representing 77%
132 pounds)
(of
bags
of
aggregate exports in that month compared with 8,511 bags,
32%,
or
recorded
October
for
1938,
said
the
Commerce
Department which added:
While
to
exports
the
difficulties
prevailing
accentuated
report
the
movement,
the United
said.
in
the
States
connection
in
shipments
the
Europe
to
augmented
the improved quality of
was
France
Exports to
with
factor
prime
October
Haitian coffee,
October of this year decreased
in
to
only 400 bags compared with 9500 bags in October, 1938 while shipments
to
Belgium and Denmark
were
Cumulative shipments
of coffee from Haiti
October
of
the
current
offeee
out,
crop
would
amounted
year
seem
bear
to
as
to
102,029
bags
many
new
drying
against
105,961
This decline in exports,
1938.
out
in the four months ended in
earlier
estimates
will be slightly smaller than the preceding
of the current crop, however,
years
curtailed.
likewise drastically
bags in the corresponding period of
pointed
the
that
one.
it
is
present
The quantity
is expected to be better than that of previous
been
platforms have
made available
for
the
of growers.
Cocoa—On the 25th inst. futures closed
Transactions totaled 47 lots
points off.
were no
notices issued against
short session
trade
or
unchanged to 3
630 tons.
was
In contrast with the
recorded
switches reached
a
in
There
December contracts during the
today, and this appeared to be quite
to the market.
one
9Kc. yesterday.
unchanged to 2 points
the 30th ulto. futures closed
lower for
neb
was
of
Europe
sharply increased since the outbreak of the European war,
or
prices which have been witnessed since the
about the low
October
before
month
a
coffee
The Exchange further said:
during
sight for
Supplies in
1930-40
agaist the
visible supply which rose from
3,315,000
Coffee
Fair buying orders
the selling.
bags.
stocks
in
pledged
dropped from 3,143,000 October 1st to 3,110,000
use
believed
increase
against
closed 11 points net lower
Santos coffee futures ruled heavy
delivery.
069
still
Sept. 1, 1934.
on
The
the United States
unchanged.
eventually Brazils
competition of mild coffees.
meet
to
Manizales
bags
coffees
or
the
total of only
activity
December
on
a
relief
Friday only
position, while
16 contracts.
Offerings
were
limited and interest scattered throughout the short session.
It
was
month
pointed out that the active demand for the spot
by all trade interests, dealers and manufacturers,
due to lack of offerings from
primary markets.
was
During the
afternoon, with Mar. selling at 6.08c., the lowest price since
week ended
ohe
points, with the nearby positions registering the best net
tops W3re seen.
war
While Brazilian cost aDd freight
quotations were not openly lowered,
to
Manizales
were
reported offered at 9c. after selling there.
Last week 111,137 bags of
co
ocean
Colombian coffees moved down
ports, while exports totaled 82,904 bags, of which
78,946 went to the United States.
coffees
exceed
3
mild coifee continued
decline under the pressure of Central American offerings.
in the United
a
million bags,
points net
was
a
record.
roasters
during Nov. will
Today futures closed 1 to
higher for the Santos contract, with
totaling 29 lots.
and this
States to
Deliveries of Brazilian
Only 2 contracts
were
sales
traded in Rio old,
in the Mar. delivery which closed 16 points net
Coffee futures were steady. Santos contracts stood
points higher to 2 points lower this afternoon.
Twelve
higher.
2
Dec. notices were
rary
issued but
soon were
stopped.
A tempo¬
halt in the abrupt decline in prices of mild coffees was
gains.
today
(Saturday) futures advanced 20 to 29
Local closing: Dec., 5.24; Jan., 5.27; Mar., 5.32;
May, 5.40; July, 5.48; Oct., 5.59.
On the 27th ult. futures
closed net 2 points up to 2
points off.
217 lots.
cocoa
The recovery
British control of the
in
Transactions totaled
futures, which set in after
West African
crop
was
announced,
continued today with prices gaining 8 to 10 points
afternoon.
Dec. sold at 5.33c., up 9
Bahia notices failed to halt the rise
stopped by manufacturers.
There
points.
as
they
was a
by early
Tender of 14
were
quickly
complete lack of
offerings by Gold Coast holders and only scattered hedge
selling by Brazilian holders.
6,300 bags.
bags
a
year
They
ago.
now
Warehouse stocks increased
total 1,057,838 bags against 909,555
Local closing: Dec., 5.26; Mar., 5.32;
May, 5.40; July, 5.47; Sept., 5.54.
closed
On the 28th ult. futures
unchanged to 2 points net lower.
Transactions totaled
Volume
64 lots.
ONE HUNDRED—
149
The market ruled dull
though the undertone
was
during most of the session,
firm.
Prices during early after¬
stood 1 to 3 points higher, with Dec. at 5.29c.
noon
to that time totaled
only 52 lots.
by the African producing
factor in the market.
markets
They
to
Commercial & Financial
The
today.
now
No
areas
A
year ago
stocks amounted
Local closing: Dec., 5.25; Mar., 5.32; May,
points net lower.
scattered
offered by the primary
Warehouse stocks increased 15,000 bags.
5.38; July, 5.45; Sept., 5.53.
little
continues to be the principal
cocoa was
total 1,072,689 bags.
909,555 bags.
4 to 7
Dec.
On the 29th ult. futures closed
Transactions totaled 152 lots.
liquidation caused the
cocoa
market to sell off 3 to 5 points with Dec. at 5.22c.
seven
Sales
The absence of offerings
notices of
delivery
were
issued but
were
The
futures
Thirty-
readily ab¬
sorbed by manufacturers.
was small on either side.
Wall Street interest in the market
Sales to early afternoon totaled
only 105 lots.
Warehouse stocks increased 10,800 bags
bringing the total to 1,083,417 bags compared with 909,555
bags a year ago. Local closing: Dec., 5.21; Mar., 5.26; May,
5.31; July, 5.39; Sept., 5.46.
On the 30th ulto. futures closed 2 to 4 points net higher.
Transactions totaled 86 lots.
Trading in cocoa futures was
without feature today.
The market paid little attention to
the fresh complications in Europe, which inspired buying of
other commodities.
Prices this afternoon stood unchanged
with Dec. at 5.21c. a pound on sales of 50 lots, making this
one
of
the
dullest
of
recent
sessions.
No
new
interest
appeared.
Warehouse stocks increased 18,800 bags. They
now total 1,102,296 bags against 910,258 bags a year ago.
Local closing: Dec., 5.23; Mar., 5.28; May, 5.35; July, 5.41;
Sept., 5.48.
Today futures closed unchanged to 3 points
net higher.
Transactions totaled 98 lots. Trading in cocoa
futures continued dull, but the market was firm, 2 to 4
points higher during early afternoon, with Dec. at 5.25c. a
pound. Sales to that time totaled 75 lots. The open interest
in Dec. is 989 lots out of a total open interest of 8,522 lots.
Twenty notices were issued, but manufacturers stopped them
quickly.
Altogether 198 Dec. notices have been issued.
Warehouse stocks increased 9,000 bags.
They now total
1,111,375 bags, against 905,329 a year ago.
The recent
increase in warehouse stocks reflects transfer of
cocoa
from
private to public warehouses for purposes of delivery. Local
closing: Dec., 5.23; Jan., 5.26; Mar., 5.29; May, 5.37;
July, 5.44.
Sugar—On the 25th ult. futures closed 1 to 2 points net
higher.
Transactions totaled 162 lots.
Further hedgelifting in the domestic contract against sales of sugar in the
world market added 1 to 2 points to the gains of the previous
day.
In addition to the hedge-lifting, scattered shortcovering over the week-end adjournment developed.
The
selling was for trade account and may have been against
actuals Although there were no sales reported.
On the 27th
ult. futures closed 11 to 12 points net lower for the domestic
contract, with sales totaling 584 lots.
The world sugar
contract closed 6 to 6K points net lower, with sales totaling
111 lots.
The sugar markets were depressed today.
Domes¬
tic sugar futures broke 11 to 13 points on the story that the
Government would permanently abandon the quota system.
That was exactly opposite the recent belief in the trade here.
Heavy selling caused prices to spiral downward.
The volume
of trading to early afternoon was 20,000 tons.
At that time
Mar. option was selling at 1.83c., off 12 points.
The first
sale of Cuban raw sugar here in nearly four weeks was re¬
ported today when 1,400 bags sold to the American Sugar
Refining Co. at 1.70c. a pound, off 10 points.
In the
world sugar market prices weakened sympathetically on a
moderate volume of trading.
Official Cuban statistics said
that 14,652 tons of sugar lost on sunken ships had been de¬
ducted from exports to world markets.
On the 28th ult.
futures closed 1 point down to 1 point up in the domestic
contract, with sales totaling 475 lots.
The world sugar
contract closed IK to 2K points net higher with sales total¬
ing 85 lots.
Domestic sugar futures rallied under buying
inspired by a new story from Washington, holding forth
hope that the Administration would restore sugar quotas if
the domestic sugar producing industry asked it to.
While
the question still remains an open one, enough people wanted
to buy sugar on the news to put the market up.
During
early afternoon prices were 1 to 2 points net higher.
How¬
ever, the raw sugar market was easier.
It was said that the
American Sugar Refining Co. had bought 6,000 tons of
Puerto Ricos, due the middle of Dec. at 2.95c. a pound,
off 5 points.
On that basis Cubas would be worth 1.45c.
and yet 1.70c. was paid yesterday, suggesting that the
American believes a reduction in the duty may be expected.
Cuba is reported to have sold between 10,000 and 12,000
tons of refined sugar to Scandinavian countries, while Ameri¬
can refiners were said to have sold 20,000 tons to Europe.
On the 29th ult. futures closed 5 points off to 2 points up for
the domestic contract, with sales totaling 127 lots.
The
world sugar contract closed 5 to IK points net higher, with
sales totaling 123 lots.
Trading in sugar futures quieted
down, but the market's tone continued strong, prices stand¬
ing 1 to 2 points higher for the domestic contract during
early afternoon and 1 to IK points higher for the world
contract.
Traders are hopeful that the Administration will
restore quotas.
In the raw market refiners were bidding
TEARS OLD
only 2.90c. for
3577
In the refined market all
raws.
cane
refiners
reduced prices 10 points to 4.70c. a pound.
The new price
is still 30c. above pre-war prices and gives refiners a margin
of 117 points to work on with raws at 2.95c.
Second Dec.
notice
day will fall tomorrow.
Two lots will be tendered
compared with 80 lots on Nov. 17, the first notice day.
On the 30th ulto. futures closed 1 point down to 4 points
net higher—for the domestic contracts, with sales totaling
418 lots.
The world sugar contract closed 5 to 6 points net
higher, with sales totaling 194 lots. Sugar futures continued
their rise today.
In the domestic market gains of 2 to 5
points were registered on buying which appeared to come
chiefly from Cuban sources.
In the raw market American
was credited with
buying 2,000 tons of Louisiana sugars at
2.90c., off 5 points.
The sugar was believed to be in a
prompt position.
Nearby duty-frees were generally held at
2.95c.
In the refined market business continued slow.
In
the world sugar market, prices were bid up 4K to 6 points
on the war news, but later turned easier.
Two Dec. notices
were issued but were
stopped promptly.
Notice was given
that
24
would be issued tomorrow, last trading day
Today futures closed 5 to 3 points net higher for
the domestic contract, with sales totaling 666 lots.
The
world sugar contract closed
K to 2 points net lower, with
sales totaling 168 lots.
Domestic sugar futures continued
their recovery but world sugar suffered a relapse after an
early rise.
In the domestic market prices during early
afternoon were 3 to 5 points higher.
Hedge lifting and war
buying were credited with causing the recovery.
A better
tone in the raw sugar market also
helped. It was rumored
that developments were brewing in the matter of the Cuban
trade treaty.
In the raw market a refiner was said to have
paid 1.79c. a pound for prompt Cubas, a rise of 6 points.
Refiners were reported interested in duty free sugars at
2.95c.
In the world sugar market prices were 1 to 2K points
net lower during early afternoon after opening as much as
IK points net higher. Profit taking and light hedge selling
accounted for the selling.
Twenty-four notices of delivery
on Dec. contracts were issued, but were
stopped abruptly.
more
for Dec.
Prices closed
as
follows:
January
l.?0
March
1.91
May
July......
September
.2.00
1.96
Refined
Sugar
Increased
Refined
Exports
75% Over
sugar
2.03
During 10 Months of 1939
Same Period Last Year.
exports by the United
States during the
first 10 months of 1939 totaled 80,121 long tons as contrasted
with 45,728 tons during the similar period last year, an in¬
of 34,393 tons or little over 75%, according to Lamborn
Co., New York.
The exports for the 10 months of 1939
are the largest since the comparable
period of 1935 when the
shipments amounted to 87,108 tons.
It is also stated:
crease
6
The
refined
went to
more
sugar
exports
during the January-October period of
than 50 different countries.
1939
The United Kingdom leads with
21,877 tons, being followed by Finland and Norway with 10.937 tons and
8,702 tons respectively.
In the previous season, the United Kingdom with
25,499 tons also headed the list, while Panama and Holland with 3,891 tons
and 2,660 tons, respectively,
followed.
Lard—On the 25th ult. futures closed 2 to 5
higher.
Trading
was
light, with volume
the
points
smallest
net
in
The opening range was
time.
unchanged to 5 points
higher.
No clearances of lara from the Port of New York
were reported today.
Hog prices today finished 5c. higher
at Chicago.
Hog sales ranged from $5.75 to $5.95.
Western
marketings totaled 17,400 head, against 33,300 head for the
same day a year ago.
On the 27th ult. futures closed 5 to 10
points net lower.
The undertone of the market at the open¬
ing was barely steady.
Scattered selling for speculative
account disclosed little support, the market uielding readily
to pressure.
The principal bearish influence against the
market appears to be the bearish developments in the market
for hogs.
Western hog receipts were much heavier than
trade expectations and totaled 135,100 head, against 129,900
head for the same day last year.
Hog prices at Chicago de¬
clined from 10c. to 15c. owing to the heavy marketings.
Sales ranged from $5.15 to $5.75.
No lard exports were re¬
ported from the Port of New York today.
On the 28th ult.
futures closed 5 to 7 points net lower.
The persistent weak¬
ness in hogs influenced further speculative selling of lard.
some
Pressure also
came
from trade interests.
No lard exports
reported from the Port of New York.
Export sales to
England and the Continent late on Monday were reported to
be very heavy.
Chicago hog prices closed 10c. to 20c.
lower owing to the continued very heavy marketings at the
principal packing centers in the West.
Receipts for the
Western run totaled 114,400 head, against 100,000 head for
the same day last year.
Hog sales at Chicago ranged from
$4.90 to $5.55 per cwt.
On the 29th ult. futures closed 5 to
7 points net higher.
The market acted much better today
than for some time.
For several days the Chicago lard
futures market has been declining due to selling influenced by
the bearish hog news.
The stronger action of the grain
markets had much to do "with today's firmness of lard.
Western hog receipts were still comparatively heavy, total¬
ing 78,800 head, against 76,000 head for the same day a year
ago.
Chicago hog prices finished 5c. to 10c. higher.
Sales
ranged from $4.90 to $5.55.
Chicago hog prices finished 5c.
to 10c. higher.
The late top price was $5.60.
were
On the 30th ulto. futures closed 17 to 22
The
opening
range was
points net higher.
10 to 12 points above previous finals.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3578
Western
hog marketings were much lighter than expected
against 72,600 head for the same
day last year.
The lighter hog receipts together with the
higher grain markets influenced considerable speculative
buying and short covering in lard futures. The market held
strong during most of the session.
No lard exports were
reported from the Port of New York. Hog prices at Chicago
advanced 10 to 15c. today.
Hog sales ranged from $5.10 to
$5.75.
Today futures closed 8 to 5 points net lower.
The
reaction in grains and the hog markets had its bearish effect
on lard.
Hog prices were mixed today at 10 to 15c. net
lower.
Sales of hogs took place at $5.80, the top price of the
day.
and totaled 42,700 head,
DAILY CLOSING
PRICES OP
LARD
FUTURES
Sat.
Mon.
Tues.
5.85
December
5.75
5.70
January
6.52
Fri.
5.95
5.87
5.87
5.82
5.85
6.07
6.02
6.27
6.32
6.57
6.50
6.42
6.50
6.70
6.65.
6.60
,
6.65
T*~
CHICAGO
Thurs.
6.47
6.37
May
July
1^
5.77
6.35
5-95
March
Wed.
6.52
6.62
6.85
6-80
Pork—(Export), mess, $19.75 (8-10 pieces to barrel);
family (50-60 pieces to barrel), $17.75 (200-pound barrel).
Beef: (export), steady.
Family (export), unquoted.
Cut
Meats:
Pickled Hams: Picnic, Loose, c.a.f.—4 to 6 lbs.,
11
6 to 8 lbs., 10%c.; 8 to 10 lbs., 10%c.
Skinned,
Loose, c.a.f.—14 to 16 lbs., 15%c.; 18 to 20 lbs., 14%c.
Bellies: Clear, f.o.b. New York—6 to 8 lbs., 12c.; 8 to 10 lbs.,
11 %c.; 10 to 12 lbs., 11 ^c.
Bellies: Clear, Dry Salted,
Boxed, N. Y.—16 to 18 lbs., 9%c.; 18 to 20 lbs., 9%c.; 20 to
25 lbs., 8%c.; 25 to 30 lbs , 8lie.
Butter: Creamery, Firsts
to Higher than Extra and Premium Marks: 24% to 30%c.
Cheese: State, Held '38, 21 to 22c.
Eggs: Mixed Colors,
Checks to Special Packs: 173^ to 26 %c.
Oils—Linseed oil in tank
cars is
quoted 9.1 to 9.3c. per
Quotations: Chinawood: Tanks, "regular" trade—
24c. bid; Independent, small lots—26 to 27c.
Coconut:
Crude, Tanks—.033^ bid; Pacific Coast, spot—.03)4 bid.
Corn: Crude, West, tanks, nearby—.05% bid, 0.5% offered.
Olive:
Denatured, Drums, spot, afloat— $1.00 bid; Ship¬
ment—.95 bid.
Soy Bean: Tanks, West, nearby—.04% bid
distant—.04% bid.
Edible: Coconut, 76 degrees—.09%
bid.
Lard:
Ex. winter prime—9% offer.
Cod: Crude,
Norwegian, dark filtered—no quotation.
Turpentine: 31%
to 33%.
Rosins: $5.40 to $7.70.
pound.
Oil sales yesterday, including switches, 104
Crude, S. E., val. 5%.
Prices closed as follows:
Cottonseed
contracts.
December
6.55@
6.54@
6.60@
6.72@
—
January
February
—
March
6.60 April
6.58 May
n
June
6.73 July
___
6.77@
6.82©
6.87 @
6.92@
n
6.84
n
6.93
Rubber—On the 25th ult. futures closed 6 points lower
to 10
points higher. The futures market today was another
quiet affair, with very little in the news of striking interest.
London was closed today, but Singapore came
through
1-16d. to 3-32d. easier.
Sales
on
the local
Exchange totaled
There was no activity in the outside market. Spot
standard No. 1 ribbed smoked sheets, in the actual market
remained the same at 20%c. per pound. Local closing:
350 tons.
Dec.,
20.35; Jan., 19.60; Mar., 19.43; May, 18.76; July, 18.35.
the 27th ult. futures closed 13 points lower to 12 points
On
higher
compared with previous finals. A feature of today's session
was the
heavy commission house liquidation of the Dec.
delivery as first notice day nears.
Commission houses and
dealers
were
afternoon.
tons
was
which
also sellers in the forward positions
totaled 1,570 tons,
Transactions
exchanged for physicals.
reported in the actual market today.
w^re
during the
including 20
Little activity
Spot standard
No. 1 ribbed smoked sheets in the trade remained the
same
Stocks of certificated rubber in licensed Exchange
are
now
at 1,840 tons.
Local closing: Nov.,
20.22; Jan., 19.72; Mar., 19 37; May, 18.68; July, 18.25;
Sept., 18.00. On the 28th ult. futures closed 23 to 15 points
at
20%c.
warehouses
net lower.
Transactions totaled 175 lots.
The market
was
easier
today.
Factory interests were credited with selling
hedges in distant positions against purchases of rubber
abroad.
Trading tended to increase after a dull opening.
Tenders of 10 tons
were
made
on
Nov. contracts.
The Nov.
option expired today.
During early afternoon futures were
15 to 19 points net lower, with Dec.
selling at 20.20c., off
17 points.
Certificated stocks of rubber in warehouses
licensed by the Exchange decreased
1,810 tons. The London
market closed l-16d. higher to l-16d. lower.
Singapore also
was steady.
Local closing: Dec., 20.18; Jan., 19.52; Mar.,
19.19; May, 18.45; July, 18.05; Sept., 17.85. On the 29th
ult. futures closed 34 to 15
points net lower. Transactions
totaled 269 lots.
Circulation of 92 notices of
delivery on
liquidation in that position, with the
result that the quotation fell about 18
points to 20 cents by
Dec. contracts caused
?ariXr*a^e,rnoonto 199
The spread
over
March has been reduced
points.
While certified stocks of rubber are
small, an
abundance of rubber of tenderable
grade is due to arrive here
Within a few days.
As a result shorts are not at all worried
over
their position.
The London market closed
steady and
lower. Singapore also was
unchanged to
steady. Local
closing: Dec., 20.00; Mar., 18.85; May, 18.28;
July, 17.78;
o0pt», 17.7U#
On the 30th ulto. futures closed
5 points net lower.
were
10 points net
higher to
under
Forty tons
December contract,
The open interest in
December has been reduced to 428 lots or 4,280 tons.
The
London market closed steady, unchanged to 7-32d lower.
Singapore also was steady.
Local closing: Dec. 20.10;
Jan. 19.40; Mar. 18.85; May 18.30; July 17.85; Sept. 17.65.
Today futures closed unchanged to 10 points net lower.
Transactions totaled 72 lots.
Rubber futures developed a
firm tone, but trading was small, the turnover to early,
afternoon reaching only 210 tons.
The market ignored
softness in the London market.
During early afternoon
March stood at 18.88c., up 3 points.
Certificated stocks of
firm, early losses being almost entirely erased.
tendered
distinctly
for
delivery on the
bringing the total so far to 960 tons.
were
London closed l-8d lower
Singapore was firm. Japan was credited
in cables with buying rubber in Singapore.
Conflicting
reports of the available shipping facilities were current.
Local closing: Dec. 20.10; Jan. 19.30; May 18.24; July
17.83; Sept. 17.65.
rubber decreased to 1,740 tons.
to 7-32d
higher.
Hides—On the 25th ult. futures closed 14 to 15 points net
off to 5 points
pounds.
No
developments worthy of note were reported in the do¬
mestic spot hide market today.
Certificated stocks of hides
in warehouses licensed by the exchange increased by 1,090
hides to a total of 1,005,896 hides.
Local closing: Dec.,
14.35; Mar., 14.35; June, 14.60; Sept., 14.85; Dec., 15.20.
higher.
The opening range
Transactions
advance.
was
totaled
6 points
5,840,000
new
On
the
27th
ult.
futures
closed 2 to 5
points net lower.
Transactions totaled 200 lots.
Although 1,120,000 pounds
of hides were tendered for delivery on Dec. contracts today,
the raw hide futures market held firm.
During early after¬
noon Dec. stood
10 points net higher at 14.10c. a pound.
Evening up of the Dec. position was a feature.
Dec. was
switched into Mar. and June with trade interests taking the
other end of the transactions.
Sales of spot hides at steady
prices were reported.
Certificated stocks of hides decreased
1,428 pieces to a total of 1,004,468 hides.
Withdrawals
from stocks so far this month have totaled 91,597 hides.
Local closing: Dec., 13,98; Mar., 14.30; June, 14.59.
On
the 28th ult. futures closed 2 points up to 4 points net lower.
Transactions totaled 72 lots.
Trading in raw hide futures
was quiet, but the market ruled firm during most of the ses¬
sion. „Prices were 2 to 12 points higher during early after¬
noon, with
Dec. at 14.10c., up 12 points.
Tenders of
200,000 pounds were made on Dec. contracts, bringing the
total this week to 1,320,000 pounds.
They were well taken.
Sales of futures to early afternoon totaled only 1,560,000
pounds.
Certificated stocks of hides decreased 950 pieces
today, bringing the total down to 1,003,518 hides.
With¬
drawals
so
far
this
month
have
aggregated 92,547 hides.
14.55.
On
unchanged.
Local closing: Dec., 14.00; Mar., 14.30; June,
the 29th ult. futures closed 3 points net lower to
Transactions totaled 103 lots.
The hide futures market was
firm.
Surprise was expressed at the large number of spot
hides sold in Chicago yesterday at steady prices.
That
seemed to bolster sentiment.
During early afternoon fu¬
tures were 2 to 3 points higher, with Dec. at 14.02c.
Sales
to that time totaled 1,040,000 pounds, of which 120,000
pounds were exchanged for physicals.
In the domestic
spot hide market 33,400 hides were sold yesterday on the
basis of 14c. for light native cow hides, Oct.-Nov. takeoff.
In the Argentine market sales totaled 11,500 hides also at
steady prices.
Local closing: Dec., 13.97; Mar., 14.27;
June, 14.50.
On the 30th ulto. futures closed 19 to 21 points net higher.
Transactions totaled 258 lots. Short covering, attributed to
a Wall Street operator,
gave raw hide futures a sharp lift,
after they had opened lower. During early afternoon active
positions were 23 to 24 points net higher, with December at
14.20c., and March at 14.50c.
Trading was active, and
largely in the March contract, which at one time stood 26
points net higher. Sales to early afternoon totaled 6,720,000
pounds.
In addition 80,000 pounds were tendered on con¬
tract, making 1,600,000 so far this month.
Certificated
stocks of hides decreased 6,641 pieces.
They now total
996,877 hides.
For the full month 100,087 hides were with¬
drawn from stocks.
Local closing: Dec. 14.16; Mar. 14.48;
14.95.
Today futures closed 27 to 34
points net higher.
Transactions totaled 302 lots.
Broad
scale commission house buying advanced the hide futures
market 7 to 14 points by early afternoon in face of trade
selling. The turnover was the largest in some time, with a
total of 5,520,000 pounds by early afternoon.
December
was then selling at
14.30c., up 14 points. Certified stocks
of hides decreased 7,010 pieces to a total of 989,867 hides.
In the domestic market 30,000 spot hides were sold at
steady prices. In South America sales totaled 16,000 hides.
Local closing: Dec. 14.45; Mar. 14.75; June 15.05; Sept.
June
14.71; Sept.
15.28.
Ocean
Freights—During the early part of the week
chartering interest was quite active, but the very firm rates
now being asked by all owners continues to be a depressing
influence in the market.
Charters included: Grain booked:
loads, New York to Antwerp, Dec., 40 to 45c.
Grain:
to
Denmark, Nov., Dec., 52c. per hundred
pounds.
Scrap iron: Atlantic range to Japan, Dec., $11 per
ton, completing at Gulf at $11.25 per ton.
Gulf to Japan,
Dec., $11.25 per ton.
Atlantic range to Italy, Dec., $12
per ton.
Time: Vessel, three to five months, West Indies
12
Baltimore
Transactions totaled 98 lots.
Rubber
pressure of commission house
selling
around the opening, but later the market
turned
futures
Dec. 2, 1939
Volume
or
Canadian
trade, Dee., $2.50
six months West Indies trade, Dec.,
Dec., $16
per
per ton.
$3.50
advices
indicate that anthracite output is
The total production of Pennsylvania anthracite
for the week ended Nov. 18, amounting to 899,000 tons,
decreased 19,000 tons from the total of 918,000 tons reported
for the week of Nov. 11, but was 41,000 tons above the
corresponding week of 1938, according to the Department
of the Interior.
It is understood in the trade that production
of anthracite coal will be reduced further in order to keep
slowing
the Dec. No. 1 contract.
on
double extra silk uptown advanced 534?. to
On the Yokohama Bourse prices were 25 to
per ton.
ton.
Coal—Latest
The price of crack
$3.44 a pound.
53 yen higher.
Local closing:
No. 1 Contracts: Dec., 3.41; Jan., 3.3934
Mar., 3.35; May, 3.28. No. 2 Contracts: May, 3.18; June,
3.16.
Today futures closed 7 to 9c. net lower for the No. 1
contract with sales totaling 201 lots in this contract.
Traders
in silk futures were disappointed with the statistics on mill
takings, with the result that buyers backed away from mar¬
ket.
Prices were sharply lower this afternoon, off 6A to
8>4?. Sales to that time totaled 1,060 bales, all on the No. 1
contract.
In the uptown spot market crack double extra silk
was
34j. higher at $3,443^ a pound.
Yokohama Bourse
prices were 2 to 18 yen lower.
Grade D silk outside ad¬
vanced 10 yen to 1,885 yen a bale.
Local closing: Dec.,
3.34; Jan., 3.3134 Mar., 3.26; May, 3.20; June, 3.16; July,
delivery
Another vessel,
Delivery
New York, redelivery west coast United Kingdom or Havre,
Dec. 5-15, $7.75 per ton.
Trip across, via South Atlantic,
redelivery United Kingdom, Dec. 1-15, $7 per ton. Three
to
five months,
neutral trading only, delivery Genoa,
Nov. 25-Dec. 15, $3.50 per ton.
Sugar: Cuba to Bordeaux,
and
up.
<
Of course,
be quite a
factor in the degree of the reduction.
Prices locally are
still running from 65 to $1.05 per ton lower than circular
schedules.
Unless the larger supplies on hand and the
demand increases, no relief from the current price situation
is seen, observers state.
With a decided lull in the demand
for bituminous coal, prices have been ruled slightly weaker
3.L3.
during the past few weeks.
evident in most wool markets at
time, and a generally firmer tendency is seen in
spot domestic wools. It is reported that dealers' supplies are
declining steadily while mill stocks are being depleted by
heavy movement of wool through the cards and combs of
the industry.
Original bag wools lead in mill demand.
Graded
wools, fleece
wools and scoured pulled wools
show a tendency to drag.
The feeling prevails that
the downward trend has about run its course and a re¬
action for the better is looked for.
Fine French combing in
Wool—A better feeling is
the present
original bags has moved up a couple of cents and
A sharp rise of class No. 3 wool is not
pated, though reaction would be
is now
antici¬
quick enough if mill buying
assumed any urgency.
The Texas group is unchanged, as is
also the bright fleece wool group, and the foreign wools, the
Australians and New
Zealands in' bond.
the largest recent loss is the scoured
100.1 Nov. 17th to 96.4 Nov. 24th.
The
group
to show
pulled, which fell from
Montevideo wools have
declining throughout the month, the group price now
against 36 at the beginning of November, grease basis.
Mill buyers generally fail to show any real substantial in¬
■;
.
.
the present supplies from growing even larger.
the operators point out, weather conditions will
close to $1.
3579
YEARS OLD
ONE HUNDRED—FAe Commercial & Financial
149
,
COTTON
Friday Night, Dec. 1, 1939
the
Movement of
The
Crop,
indicated by
as
tele¬
our
from the South tonight, is given below.
For the
week ending this evening the total receipts have reached
227,545 bales, against 178,607 bales last week and 202,576
bales the previous week, making the total receipts since
Aug. 1, 1939, 3,768,372 bales, against 2,539,623 bales for
the same period of 1938, showing an increase since Aug. 1,
1939, of 1,228,749 bales.
grams
492
Brownsville
Houston...
7",903
_
.
Beaumont
4.—
-
-
912
Charleston
6,218
8,878
10",§l4
"889
70,516
3,210
6,218
253
33
352
2,038
1,757
1,778
148
263
_
—
k
■
21
-r
"245
"237
185
—
,
115
LakeCharies....
'"
w*
....
124
165
23
Baltimore
864
""68
417
685
16
685
.....
55.886
44,607
Totals this week.
33
"698
24
42
121
Norfolk
64,283
30
230
...
Wilmington
25",620
;
'm
789
Savannah
5",033
492
12,269
672
484
Jacksonville
76,718
4",557
-
17,079
Mobile
14,577
30
21,376
New Orleans....
5,468
'
v
11",670
9,500
-
m
Corpus Christi..
Total
Fri.
Thurs.
■
'
••
''
4,128
11,148
27,933
13,464
Wed.
Tues.
Mon.
Sat.
Receipts at—
Galveston
44,129 227,545
21,676
25,134
36,113
following table shows the week's total receipts, the
1, 1939, and the stocks tonight, compared
The
been
total since Aug.
33
with last year:
as
terest..,.Receipts to
futures closed 1 to 3 points net
There was a sale of two lots
which showed a net gain of 14
Week
points at the close.
The raw silk futures market today was
steady.
Tenders of 370 bales on the November No. 1
contract and of 70 bales on the No. 2 contract were made and
notices were stopped by trade interests.
November No. 1
was firm, gaining
A-eent to $3.17 a pound.
This was the
last day that tenders could be made on November contracts.
Altogether 820 bales have been tendered, of which 500 were
on the No. 1 contract.
The price of crack double extra silk
in the New York spot market declined l^c. to $3.35^ a
Brownsville
pound. The Yokohama Bourse ciosed 8 to 24 yen lower,
while grade D silk advanced 7 A yen to 1,835 yen a bale.
Local closing: No. 1 contratcs: Dec., 3.29; March, 3.213^;
April, 3.18^; May, 3.1734' June, 3.103^.
No. 2 contracts:
Nov., 3.17.
On the 28th uito. prices closed 3c. to 8c. net
higher.
In spite of the bearish feeling that prevails in most
trading quarters, silk futures worked steadily upward under
dealer and Japanese buying.
During early afternoon the
market was 23^ to 6c. higher, with December No. 1 standing
at $3.35, up 6c.
Sales to that time totaled 750 bales, all on
the No. 1 contract.
The price of crack double extra silk
in the New York spot market advanced A-cent a pound to
$3.36.
The Yokohama Bourse closed 1 to 10 yen lower,
while the price of grade D silk in the outside market declined
5 yen to 1,830 yen a bale.
Local closing: No. 1 contracts:
Dec., 3.3234 Jan., 3.31; March, 3.25; May, 3.2034 July,
3.14.
On the 29th ulto. futures closed 6^c. to 134>. net
higher, with transactions totaling 137 lots, and all in the No. 1
contract.
No trades were recorded in the No. 2 contract.
Buying attributed to trade interests, coupled with continued
absorption by Japanese buyers, caused silk futures to forge
further ahead today.
During early afternoon January was
5c. higher at $3.36 and April was up 33^c. at $3.27.
Sales
to that time totaled 700 bales, all in the No. 1 contract.
The price of crack double extra silk in the New York spot
market advanced 2 3^c. to $3.38 lA a pound.
The Yokohama
Bourse closed 13 to 21 yen higher, while grade D silk in the
outside market was 10 yen higher at 1,840 yen a bale.
Local closing:
No. 1 contracts:
Dec., 3.39; Jan., 3.35;
March, 3.31; April, 3.35; May, 3.2534 July, 3.1834
On the 30th ulto futures closed 2 to 534?. net higher—for
the No. 1 contracts, with sales totaling 65 lots. There were
1, 1939
New York
Houston
Corpus Christi
Beaumont
New Orleans.
Mobile
...
Pensacola & G'p't
Jacksonville
»»
1, 1938
17,997
33
2,038
1,778
756,919
X
X
798.407
8,124
270,851
16,568
547,143
34,758
7,072
1,694
24,176
•
28,704
1,508
668
1
342
143
15,158
44,158
234
38,072
Wilmington
864
5,161
1,093
9,390
Norfolk
417
10,503
311
8,887
Charleston
Lake
263
Charles
/
1939
M
«
14,068
9,463
27,890
only 3 contracts traded in the No. 2 contracts, with May
closing 2c. net higher and June 2c. net higher. Active posi¬
tions in the silk futures market were bid up 2 to 6c. to new
said the Japanese
purchased nearby
but sold distant deliveries, while profit taking sup¬
contracts. Trading to early afternoon totaled 380
high price levels for the season.
It was
interests continued to buy.
Importers
positions
plied the
bales in the No. 1 contract.
Eighty bales were tendered for
Totals
x
...
k
m
78,834
31,847
758,690
65,228
z5,917
2,316
149,680
39,744
16,786
17,493
29,741
100
786
2,542
1,075
1,075
-
m
-
-
294
8,642
227,545 3,768,372
Receipts included in Corpus
933,061
100
k
M
872,436
.
123,211
40,811
'
685
Baltimore
to
-
921,088
52,551
70,592
720,478
53,106
66,334
1,826
'
Boston
1938
869,784
•
30,538
14,260
1,732
30,240
33,050
—
-
«.
...
Savannah
Since Aug
Since Aug
76,718 1,01" ,851
492
40,498
64,283 1,252,133
30
173,197
41,790
6,218
70,516 1,044,964
53,193
3,210
Galveston______
This
Week
This
Dec. 1
higher for the No. 1 contracts.
in November No. 2 contract,
Stock
1938
1939
Silk—On the 27th ulto.
-
«-
10,528
89,957 2,539,623 2,973,163 3,005,490
Christi.
z
Gulfport not included.
comparison may be made with other years,
give below the toials at leading ports for six seasons:
In order that
we
Receipts at—
864
1,093
7,721
9,321
227.545
89,957
169.362
Orleans.
Mobile
Savannah
Charleston
Wilmington
1937
17,997
30,538
28,704
40,046
48,193
67,022
6,060
1,260
1,758
1,251
2,241
1,531
Houston
New
1938
76,718
64,283
70,516
3,210
2,038
1,778
1939
Galveston
__
417
Norfolk
All others
....
Total this wk.
1,508
342
143
311
...
1936
58,383
57,720
76,892
8,454
1934
1935
28,960
58,712
81,607
62,563
32.577
588
23,447
27,403
4,662
2,627
5,982
3,047
4,128
11,188
3,060
516
494
779
2,975
1,546
6,113
2,232
8,207
211,898
258,950
104,014
2,886,429
Since Aug. l._ 3,768,372 2.539,623 4,866,774 4,440,257 4.722,214
for the week ending this evening reach a total
54,373 bales, of which 6,219 were to Great Britain, 6,909
to France, 16,444 to Italy, 5,118 to Japan, 235 to China,
and 19,448 to other destinations.
In the corresponding
The exports
of
week last year
season
to
against 1,539,476 bales in the same period of
season.
Below are the exports for the week:
Dec.
the previous
1. 1939
Exports from—
1,482
4,600
Galveston
Houston
Ger¬
Great
Britain
France
Italy
many
5,271
2,271
1,638
Lake Charles
China
100
Other
Total
16,237
7,113
3,903
20,533
8",209
5,152
12,091
"235
101
Mm
125
125
98
—
235
19,448
54,373
me
137
6.219
16,692
28,183
1937
80.330
16.444
6,909
Total 1938...—
Total
>
4",917
3",781
—
Norfolk
Japan
10,392
Corpus Christi..
New Orleans....
Total
For the
total exports were 110,495 bales.
date aggregate exports have been 2,237,667 bales,
40.033
8,305
31.845
5,118
235
7,049
25,023
3,862
15.1«*
f>«5
21,381 110,495
/t7
517 215.461
ONE HUNDRED—The
Commercial & Financial Chronicle—YEARS OLD
3580
From
Exported to—
Aug. 1,1939 to
Dec. 1.
1939
Ger¬
Great
Britain
Exports from—
France
Italy
many
China
Japan
Other
Total
Galveston
15
73,9V
1,563
42,504
74.668
11,677 175,702
534,174
Houston
239,217
58.221
10,781
76,136
84,171
27 424
14,971
14.507
36,225
68,231 201,947
10,390 24,473
729,712
71.308
8,496
6,861
4,334
4,309
3,922
Corpus Christ'
Brownsville
_.
,126
mmmm
199,295
27,922
'
Beaumont
New Orleans
212.2-55 120 096
.
10.411
Mobile
32,100
8.169
1,135
4,339
—
Jacksonville
Savannah....
185
9,693 101,652
505,964
8.234
20,271
601
45,060
Charleston...
18,757
Wilmington..
2.239
Norfolk
7,545
—
*■m
-
*.
*8t
«.
fO
-
«■
-
~
'mmmm
„
2,959
50
761
13
3.248
3.022
100
1,165
40,782
....
rnm+m
20,332
mmmm
2.239
'mmmm
....
mmm-rn
2,452
....
mmmm
3,450
3,450
1,361
1,512
.
mmmm
200
mmmm
mm
mm
mmmm
.
6,697
•
mmmm
m m-m-
51,478
726
2,300
63,369
mmmm
18,633
74
1,110
26,514
10
Los Angeles.
Francisco
San
points over the closing levels of the preceding day.
Around
midday prices were 6 to 9 points higher.
Following the
sharp advances at Bombay and Liverpool, the local market
opened with gains of 8 to 9 points in active trading.
Liqui¬
dation in Dec. was light ana readily.absorbed, and the spot
month moved into new high ground for the current movement.
A continuation of yesterday's lively bidding for Mar. and
May contracts was witnessed today, the demand coming
from spot interests, Liverpool and Bombay.
Some tiade
buying also came into the Dec. and July deliveries.
Offer¬
ings were supplied by hedge selling, commission house liqui¬
dation and local professionals.
13,093
mmrnm
*
....
mmmm
-
mmmm
950
„
....
mmmm
1,271
100
7,715
-
_
5,061
mmmm
m
-
+ mm~
Boston
_
mmmm
1,825
"
14,684
mmmm
1,575
M
-
mmmm
„
211
35.783
York
.
m
-
491
75
2,934
-
39,415
mmmm
500
__
Pensacola, Ac.
m
m -
...
Lake Charles,
New
185
■
—
1939
active months registered gains of 5 to 8
of business
close
Dec. 2,
On
The
the 30th
substantial
net
10
Seattle
ult.
prices closed 5 to 16 points net higher.
market turned
1
was
to 4
firm in
gains
at
points lower.
late
the
afternoon
At
close.
the
and
the
noon
scored
market
The pronounced strength in for¬
eign markets again proved the key to early price advances
801,133 296.535
41,986 173,053
292,482 104.915 527,563 2237,667
in the local futures list.
Total 1938...
223,329 274,526
241,008 136,141
357,561
12,405 294,506 1539,476
higher
this
Total 1937...
829.344 452.665
474.813 223,843
99,559
21,309 465,692 2567.225
distant
positions
Total
In addition to above exports,
our telegrams tonight also
the following amounts of cojton on shipboard, not
cleared, at the ports named:
give
us
and
morning,
Opening values
with
the
trade houses were
centered
in
the
Bombay connections
where brokers with
conspicuous buyers.
erpool support—apparently based
3 to 4 points
were
firmness
Scattered Liv¬
the advances abroad—
on
additional support.
Hedge selling appeared in Janu¬
May and July, and there also was scattered spot house
liquidation and Southern and commission selling.
The
lent
ary,
On Shipboard. Not Cleared for—
Dec. 1 at—
Britain
Galveston
Ger¬
France
13,300
17,309
Houston
New
Orleans..
788,984
859,358
Egyptian Premier has announced minimum prices fixed for
supporting the cotton market.
Basis prices will be those
prevailing on Nov. 15 instead of Oct. 25.
Negotiations are
continuing at these prices for the 155,000,000 pounds of cot¬
666,033
ton which
Leaving
Great
Other
Coast¬
many
Foreign
wise
1,500
4.451
—
-
60,000
52,650
39,303
6,000
1,771
10,691
Stock
Total
80,800
61,730
54,445
Savannah
4", 179
Charleston
4",i79
Norfolk.
123,211
36,632
27,890
216.795
Other ports
Total 1939..
Total 1938
Total 1937
35,060
12,272
28,457
Speculation
in
1,500
13,532
45,019
cotton
9",351
34,341
for
146,132
56,885
54,407
future
18,462 201,154 2,772,009
7,668 99,708 2,905,782
5,353 167,577 3,001,193
delivery
was
quite
active
during the past week, with price trend generally
upward, and current levels the highest for the recent up¬
ward
movement.
Tightness in the December position and
distant months were features, as mar¬
kets abroad moved sharply higher.
In Bombay further
sharp advances developed, occasioned by a big bull specu¬
foreign
support in
lative
movement
cotton
values.
and
by
local conditions favoring Indian
Today
Government has offered to buy.
closed
24 to 3 points net higher.
After
moving uncertainly during the greater part of the session,
prices for cotton futures held fairly steady for the day in a
heavy volume of sales.
A short time before the close of
business active positions showed no change to an
of
4
from
points
the
closing levels
Around midday the market
higher.
ward
The
local
futures
of
4 points
was
market
the
advance
previous
day.
lower to 1 point
continued
to
move
up¬
this
morning in active trading following the further
advances abroad, and initial prices were 3 to 7 points higher.
Despite another contraction in the spread between Bombay
and
New York, brokers with
Bombay connections sold
actively in March and May, but this selling was readily
taken
local
On the 25th ulfc.
the British
prices
for
by active
and
spot
trade
house
support.
buying
A
keen
together
demand
with
little
a
witnessed
was
July contracts, which
prices closed 6 to 12 points net lower.
The improvement which started Friday in the cotton market,
received a severe check in today's session when renewed
was fairly general in scope, com¬
ing from spot interests, foreign accounts, and Wall Street.
The official quotation for middling
upland cotton in the
southern
New York market each
selling and liquidation appeared.
It seemed as
though all support of the market had been discouraged by
this fresh wave of selling.
With the Liverpool market closed,
values responded to declines at Bombay, which were ac¬
companied. by selling orders from that source.
Spot houses
also sold as did other Southern sources and initial
prices
were barely steady at losses of 6 to 12
points.
There were a
few trade buying orders to account for recoveries of a few
points from the opening declines, but other demand was
lacking.
The late buying movement of Friday was at¬
tributed to price fixing against trade sales of cotton to
Europe, but there was no renewal of this support.
Southern
spot markets were 10 to 15 points lower, while middling
quotations ranged from 8.94 up to 9.68c.
Sales totaled
44,703 bales, against 9,636 a year ago.
On the 27th ult.
prices closed 7 points up to 4 points net lower.
After
opening slightly easier, cotton prices developed a better tone
later in the day in a moderate volume of business.
A short
time before the close of dealings active contracts recorded
advances of 3 to 7 points over the previous finals.
Around
midday the market was 3 to 4 points higher.
Partially
responding to the declines at Liverpool and Bombay, the
local futures market opened unchanged to 3
points lower in
moderate trading.
March and May held relatively steady,
receiving good support from leading spot interests, New
Orleans and buying by brokers with
Bombay connections,
who also purchased sparingly in July.
Scattered foreign
selling in July and Oct. also was in evidence, which, together
with liquidation in Dec., hedge offerings, Southern and
commission house liquidation, supplied most of the contracts.
Trade price fixations came into the Dec. and Mar.
positions.
Local professionals were on both sides of the market.
On
the 28th ult. prices closed 2 to 9
points net'higher.
The
opening range was 2 to 9 points up despite the issuance of
notices against 11,900 bales from the
18,935 of certificated
stocks
available for
this
purpose.
While there was some
Dec. liquidation, the
offerings were well taken by trade'
covering.
The Dec. position developed strength when it
became known that large
spot cotton interests had promptly
stopped the notices.
Spot houses, who sold Dec. contracts,
were good
buyers of Mar. and May.
After net gains of 8
to
14 points had been
established, however, there was
enough profit-taking and Southern selling to cause
partial
reactions.
With sales of 20,000 bales of spot cotton reported
at Memphis, total sales in
reporting markets amounted to
25,981 bales, against 9,136 a year ago.
Middling quota¬
tions were 5 to 11 points higher,
except Houston which ad¬
vanced 20 points.
They ranged from 9.10 to 9.83c.
On
the 29th ult. prices closed 12 to 4
points net higher.
The
cotton market continued to move into new
high ground today
in a heavy volume of transactions.
A short time before the
Sat.
Mon.
Tues.
Wed, Thun.
Fri.
9.89
9.97
10.11
10.16
1 0.30
10.12
10.20
10.31
10.36
10.50
Premiums and
Discount for Grade and Staple—The
gives the premiums and discounts for grade and
staple in relation to the base grade.
Premiums and discounts
for grades and staples are the
average quotations of 10
markets designated by the
Secretary of Agriculture.
table below
Old
Contract—Basis Middling
inch, established for de¬
and staple premiums
represent 60% of the average premiums over J^-inch cotton
liveries
at the
on
contract
10 markets
on
Dec.
on
7,
Nov. 30.
Old
Contract—Basis Middling 15-16-inch, established for
deliveries on contract on Dec. 7, and
staple premiums
and discounts represent full discount for
%-inch and 29-32inch staple and 75% of the
average premiums over 15-16-inch
cotton at the 10 markets on Nov. 30.
Old-Contract
%
15-16
Inch
Inch
New Contract
1 In.
and
%
15-16
31-32
Inch
Up
29-32
Inch
Inch
Inch
1 In.
and
Up
White—
Mid. Fair
.50
on
.61
on
.70
on
.33
on
.41 on
.50
on
.56
on
.62
St. Good Mid
.45
on
.55
on
.65
on
.27
on
.35
on
.45
on
.51
on
.57 on
Good Mid
.39
on
.49 on
.59
on
.21
on
.29 on
.39
on
.45
on
.51
on
St. Mid
.27
on
.38
on
.47
on
.10
on
.18
.27
on
.33
on
.39
on
Mid
Basis
.11
on
.20
on
.18 off
.10 off
Basis
.06
on
.12
on
St. Low Mid
.52 off
.42 off
.33 off
.69 off
.62 off
.53 off
.48 off
on
on
.42 off
Low Mid
.125 off 1.16 off 1.09 off 1.43 off 1.36 off 1.28 off 1.24 off 1.19 off
♦St. Good Ord..
1.96 off 1.90 off 1.86 off 2.14 off 2.09 off 2.03 off 2.01 off 1.98 off
2.57 off 2.52 off 2.49 off 2.75 off 2.73 off 2.67 off 2.65 off 2.62 off
♦Good Ord
Extra While—
Good Mid
.39
on
.49 on
.59
on
.21
on
.29
on
St. Mid
.27
on
.38
on
.47
on
.10
on
.18
on
Mid
Even
.11
on
.20
on
.18 off
.10 off
Even
St. Low Mid
.52 off
.42 off
.33 off
.69 off
.62 off
.53 off
.39 on
.45
.51
on
.27
.33
on
.39
on
.06
on
.12 on
.48 off
.42 off
on
on
Low Mid
1.25 off 1.16 off 1.09 off 1.43 off 1.36 off 1.28 off 1.24 off 1.19 off
♦St. Good Ord.. 1.96 off 1.90 off 1.86 off 2.14 off 2.09 off 2.03 off 2.01 off 1.98
off
♦Good Ord
2.57 off 2.52 off 2.49 Off 2.75 off 2.73 off 2.67 off 2.65 off 2.62 off
Spotted—
Good Mid
.07
on
.17
on
.26
on
.12 off
.03 off
.06
St. Mid
.07 off
.03
on
.12
on
.24 off
.15 off
.07 off
Mid
.66 off
.55 off
♦St
Low Mid
•Low Mid
Tinged—
Good Mid
St. Mid..
♦Mid
♦St. Low Mid
♦Low Mid
^
day for the past week has been:
Nov. 25 to Dec. 1—
Middling upland K (nominal)__ 9.82
Middling upland 15-16 (nom'l).10.05
on
.11
on
.17
on
.01 off
.04
on
.47 off a.83 off a.76 off a.65 off a.60 off a.54 off
1.41 off 1.31 off 1.26 off 1.58 off 1.53 off 1.42 off 1.40 off 1.36 off
2.11 off 2.08 off 2.06 off 2.29 off 2.28 off 2.24 off 2.22 off 2.21 off
.55 off
.47 off
.40 off ♦.73 off *.68 off *.59 off ♦.56 off *.51 off
.78 off
.71 off
.64 off ♦.96 off ♦.92 off *.84 off ♦.81
1.53 off 1.48 off 1.45 off 1.71 off 1.69 off 1.62 off 1.60
2.17 off 2.15 off 2.14 off 2.35 off 2.34 off 2.31 off 2.31
2.87 off 2.86 off 2.85 off 3.05 off 3.05 off 3.03 off 3.03
off ♦.76 off
off 1.58 off
off 2.30 off
off 3.02 off
Yellow Stained-
Good Mid
♦St. Mid
•Mid
1.19 off 1.12 off 1.06 Off *1.36off *1.32off *1.25off *1.23off *1.17off
1.66 off 1.64 off 1.62 off 1.84 off 1.83 off 1.80 off 1.79 off 1.78 off
2.30 off 2.29 off 2.29 off 2.47 off 2.47 Off 2.46 off 2.46 off 2.46 off
Gray—
Good Mid
St. Mid..
•Mid
.65 off
.57 off
.48 off ♦.83 off ♦.78 off ♦.69 off *.64 off ♦.58 off
.82 off
.75 off
.67 off 1.00 off
.96 off
.88 off
.84 off
.78 off
1.38 off 1.33 off 1.28 off 1.56 off 1.52 off 1.46 off 1.44 off 1.41 off
•
Not deliverable on future contract,
only when and if the Secretary establishes
a
Middling spotted shall be
a
type for such grade.
tenderable
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
New York Quotations for 32 Years
1939
10.30c.
1938
8.95c.
1937
1931
1930
6.10c.
1923
37.65c.
1915
10.60c.
1922
25.25c.
1914
12.40c.
_
_
7.50c.
13.50c.
12.85c.
8.06c.
12.63c.
1929
17.30c.
1921
17.55c.
1913
20.40c.
1920
.16.65c.
1912
12.20c.
12.75c.
1927
19.90c.
1919
40.25c.
1911
1926
12.45c.
1918
27.50c.
1910
1933
10.15c.
1925
21.10c.
1917
30.90c.
1909
14.70c.
1932
5.80c.
1924
23.40c.
1916
20.10c.
1908
9.35c.
1936
1935
1934
...
—___
1928
.
Market and Sales
The total sales of cotton
9.40c.
-----
15.00c.
Volume of Sales for Future Delivery—The Commodity
Exchange Administration of the United States Department
of Agriculture makes public each day the volume of sales
for future delivery and open contracts on the New York
Cotton Exchange and the New Orleans Cotton Exchange,
from which we have compiled the following table.
The
figures are given in bales of 500 lb. gross weight.
New York
at
Open
New York
the spot each day during the
week at New York are indicated in the following statement.
For the convenience of the reader we also show how the
market for spot
on
Nov. 24 Nov. 21
days:
on same
Nov. 27 Nov. 28 Nov. 29 Nov. 30
Contracts
Nov. 30
1939—
December—Old
and futures closed
3581
50,000
New
17,200
56,100
35,300
100
18,100
*154,600
300
22,600
a2,400
200
300
1940—
Contract
Spot
Old
Saturday
Monday
Tuesday
Wednesday
Thursday
Friday
New
Old
January—Old
Total
Old
New
500
o
::c:
I11 11» 11
1 1f f1tf1 11
1,099
|
2,317
52,593
|
;
1
2,317
62,793
10",200
9,800
54,700
18,300
24,900
49,600
53,400
39,000
400
400
400
100
572,600
7,700
*1,000
2l", 500
22,800
44,900
50,900
2,000
36,700
1,000
532,100
35,800
35,000
8" 100
21,500
24" 600
28,100
28,400
556,000
1,300
900
5,600
1,100
700
500
40,100
14,266
3J00
5",900
9~900
11", 100 25" 100
136~000
57,400
New
1114
Total week
Since Aug. 1-
5,900
900
May—Old
318
■
400
61,700
_
900
July—Old
'400
318
1,100
New
500
1,099
200
New
March—Old_
New
-
"400
1,500
New
300
October—Old
New
Inactive
months—
August, 1940—Old..
New
200
Total all futures
223,200
69,900 138,700 166,400 175,100 159,000 2,093,200
Futures Market Closed
Spot Market Closed
6ld
New
Open
New Orleans
Nominal.
Saturday
Monday
Tuesday,
Wednesday
Thursday
Friday
Steady.
Steady
Steady
Very steady
Steady
Very steady
_
Nominal
Nominal
Nominal
Nominal
Nominal
Steady
Steady
Steady
Very steady
Steady
Very steady
Nov. 22 Nov. 23 Nor. 24 Nov. 25 Nov. 27 Nov. 28
Nov. 28
1939—
December—Old
6,850
Futures—The
850
5,850
New
28,000
4,950
35,200
150
2,900
200
700
1940—
January—Old.
York for the past
Contracts
highest, lowest and closing prices at New
week have been as follows:
50
100
New
March—Old
HOLI¬
11,700
9,300
3,000
8,000
6,100
84,450
17,000
12,700
1,650
5,400
7,700
67,500
1.400
11,350
10,450
3,000
5,100
7,550
1,300
94,250
100
New
DAY
May—Old
_
200
New
Saturday
Monday
Tuesday
Nov. 25
Nov, z /
Nov. 28
Wednesday
Nov. zy
Thursday
Friday
Nov. 30
Dec. 1
July—Old
New.
5,450
October—Old
Dec. (1939)
New
5,100
Range.-
9.58-
Closing.
9.66
9.59- 9.7C
9.71-
9.68- 9.70
9.61
9.76
9.80
9.80- 9i
9.84-
9.88
9.93- 9.94 10.07
—
9.94
9.88-10.07
Total all futures
*
Dec. {new)
9.82- 9.82
9.85-
9.78 n
9.83n
9.89M
Range..
9.59- 9.59
9.54- 9.63
9.67- 9.74
9.76- 9.84
9.82- 9.89
9.89-
Closing.
9.56n
9.64n
9.71m
9.83
9.88m
9.99m
9.71/z
9.79m
9.86m
9.98m
10.06m
10.17m
9.49n
9.56n
9.64m
9.75m
9.81m
9.91m
Range..
Closing.
9.85
10.05-10.10 10.11-10.27
10.03m
250
350
1,950
28,300
42,850
8,850
46,950
29,700
320,350
Includes 12,100 bales against which notices have been Issued leaving net open
contracts
142,500 bales,
a
Includes
1,100 bales against which notices have been
Issued leaving net open contracts 1,300 bales.
10.27
10.11m
4,300
52,000
{oUt)
Jan. (1940)
The Visible
{old)
9.93
Jan. {new)
Range..
Closing
Feb.
.
{old)
Range..
Closing
.
Dec. 1—
Feb. {new)
Range..
Closing
9.73m
9.82m
9.93m
9.99m
9.43- 9.50
9.51-
9.61
9.61- 9.71
9.65- 9.77
9.68-
9.48
9.66M
.
9.57- 9.59
9.68- 9.69
9.74
9.84- 9.85
9.74
10.10m
Mar. {old)
Range..
9.41-
Closing
9.43
_
9.47
9.85
Mar. {new)
9.63-
9.63
9.74-
9.89- 9.89
9.88- 9.88
9.61 n
9.67m
9.78m
9 88m
9.93m
10.03m
9.31m
9.37m
9.45m
9.55m
9.61m
9.70m
9.50m
9.55 n
9.64m
9.75m
9.85m
_
Range..
.
April {new)
Nange..
Closing
Range..
9.18- 9.23
9.20- 9.27
9.30- 9.40
9.3.5- 9.46
9.39- 9.52
9.43-
Closing
9.20
9.26-
9.27
9.33- 9.34
9.42
9.48- 9.50
Movement to Dec.
9.56- 9.58
_
—
9.58
Towns
May {new)
9.37- 9.40
Range..
Closing
9.39m
.
9.43M
9.60- 9.66
9.68m
9.76m
9.0Sn
.
9.10m
9.24M
9.14m
Eufaula
9.25m
9.32 m
9.44m
9.49m
9.59m
8.90- 8.95
8.89- 8.95
8.96- 9.03
8.99- 9.OS
9.03- 9.17
9.10- 9.25
Closing
8.92 n
8.94
9.96
9.07
9.12
9.24
9.21- 9.26
9.28- 9.34
9.39-
9.27m
9.31m
9.43 m
.
28
Ark.,Blythev.
9.25n
Forest
~4,06d".
3.97d~
5.63d".
5.84d.
6.00d.
8.06c!
7.08d.
4.02d.
4.12d.
5.67d,
-
Season
5,141
501
City
Helena
1,260
Hope
716
Jonesboro..
292
Rock
4,700
1
1
Receipts
Week
Season
Ship¬
Stocks
ments
Stocks
Dec.
^^cCf .J? Co1
^
\
Movement to Dec. 2, 1938
1, 1939
Dec.
Week
2
l
850
26,979
13,521
29,712
22,539
145,017
8,139
28,863
58,525
2,986
100
330
469
1,073
31,385
10,729
62,812
74,585
204,462
60,326
74,709
66,124
37,495
171,157
3,313
145
61,488
2,033
59,611
11,802
61
1,278
76,251
2,024
98,477
142
42,818
497
85,666
1,915
121,795
2,584
173,025
54,079
9,547
248
37,516
477
440
58,942
1,413
157
425
295
37,442
1,492
38,155
18,741
96,346
2,915
147,004
625
37,993
519
43,607
3,054
122,831
4.284
140.960
474
46,890
871
47.85C
284
11,815
118
146
18,270
380
33,437
7,755
2,629
73,597
4,820
81,680
3,410
69,503
50,747
La., Sbrevep't
9.10- 9.11
Closing
9.11
_
9.05- 9.12
9.08
9.16-
9.20
9.13m
9.40
3,991
747
16,034
216
41,490
552
107,976
25,496
Greenwood-
Range..
37,354
7,534
76,434
36,765
100,338
60,461
9,579
26,818
39,981
103,881
6,100
23,330
14,752
101,256
124,872
Columbus..
—
564
Miss., Clarksd
.
July {new)
3,465
202,571
9,657
2,847
178,999
8,971
150,489
338
152,235
28,374
30,431
489
44,517
Llttle
510
Newport
Pine
Range__
9.1 Iw
.
9 08m
9.27m
9.13m
9.43m
9.31m
Bluff.
5,059
Walnut Rge
724
Ga., Albany._
Aug.—
184
Athens
Atlanta
Range..
8.81n
.
8.78m
8.91m
8.80m
9.11m
9.01m
3,315
200
Columbus..
Oct.—
Range..
8.49- 8.53
8.46- 8.51
8.46- 8.56
8.48- 8.55
8.55- 8.75
8.71- 8.80
Closing
8.52
8.48
8.47
8.55
8.71
8.80
.
3,860
7,261
Augusta...
Sept.—
■,
Macon
1,618
804
Rome
Nov.—
Range..
Closing
261
282
Selma
Range..
Closing
1,163
Montgom'y
9.40m
9.30m
Range..
Closing
Week
Ala., Birm'am
{new)
Closing
July {old)
1936
370,000
6.81d.
9.9ld.
,
[
{old)
Closing
4.65d.
7.22d.
8.30d.
Receipts
9.66- 9.66
9.66m
9.51m
9.70- 9.70
Range..
June
1937
305,000
5.14d.
detail below:
.
May {old)
June
1938
398,000
323,000
7.95d.
At the Interior Towns the movement—that is,
the
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
corresponding period of the previous year—is set out in
April {old)
Closing
1939
Stock in Alexandria, Egypt
Middling uplands, Liverpool
Egypt, good Giza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C. P. Oomra No. 1 staple, super¬
fine. Liverpool
9.89m
Range..
Closing
Supply of Cotton—Due to war conditions,
are not permitted to be sent from abroad.
We are therefore obliged to omit our usual table of the
visible supply of cotton and can give only the stock at
Alexandria and the spot prices at Liverpool.
cotton statistics
1,693
295
3,860
1,492
5,192
615
66,351
139,194
65,412
14,327
39,195
2,324
89,093
3,548
2,902
158,403
31,800
31,727
37,622
102,417
6,476
2,635
221
200
651
525
_
299
19,88/
2C0
5,300
200
145,930
159,981
34,600
734
24,918
459
39,877
778
14,166
250
31,118
489
84,341
2,610
98,291
2,409
5,277
95,816
182
44,350
80
96,341
27,702
7,146
714
87
132
19,908
126
7,321
77
16,721
324
23,103
207
26,184
571
26,995
YazooClty.
127
65,481
3,453
74
56,664
4.952
44,437
62,824
927
11,486
47,020
138,039
1,632
1,131
11,062
29,648
Mo., St. Louis
Nominal
Vicksburg.-
4,797
4,330
N.C., Gr'boro
m
16
1,490
75
929
24
2,328
69
2,422
318,694
7,062
315,187
48,382
7,207
320,178
Jackson
Range for future prices at New York for the week ended
Dee. 1, 1939, and since trading began on each option:
Option for—
Range for Week
Range Since Beginning of Option
Natchez
Oklahoma—
Dec.
1 1939
12,667 264,153 17,731
62,446
4,897
8. C.. Gr'vllle
2,437
Tenn., Mem's 146,759 1919,923 127,417
1 1939 10.27 Dec.
1 1939
Texas, Abilene
15 towns *.
1939
Dec.—Old
.
Dec.—New_
9.58 Nov. 25 10.07
Dec.
1
7.26
Jan.
Nov. 27 10.27
Dec.
1
8.25
Sept.
9.93
Dec.
1
7.29 Jan.
9.82
26 1939 10.07
1940—
9.54 Nov. 27
Jan.—New.
27 1939
9.93
8.37 Aug. 30 1939 10.02
6,977
488
120
14,61?
417
1,121
4,235
111939
Brenham
Sept.
8 1939
Dallas
1
.
Feb.—New.
Mar.—New
Apr.—New.
Apr.—Old
May—Old
May—New.
.
June—Old
74,925
972,984
14,953
203
Dec.
-
Mar.—Old
699
36,431
1,529
4,724
Austin
Jan.—Old--
Feb.—Old.
21,004
636
.
-
Paris
1
Nov. 25
9.85
Nov. 27
9.88 Nov. 30
9A8
Nov. 25
9.58
Dec.
1
Apr. 20 1939
9.85
Dec.
8.19 Aug. 28 1939
9.88
Nov. 30 1939
7.36
1 1939
Ban
Marcos
Texarkana
9.37 Nov. 27
7 '.Si
~M ay" i 7" 1939 "9?85 _Dec."i
9.70 Nov. 30
8.05
Sept.
9.25
7.63
Sept.
1 1939
9.78
Sept.
9.62
1939
Nov. 27
Sept.
Dec.
1
9.05 Nov. 27
9.40 Dec.
1
1 1939
7.90 Sept.
1 1939
8.08 Aug. 31 1939
8-46
8.80 Dec.
1
8.25
8.89
Oct
Nov. 27
Nov
Nov
1 1939
154
14,282
4,042
60
14,762
266
4,820
298
13,325
292
4.112
39,863
46,364
367
38,792
487
44,873
714
61,345
2,410
45,711
69
717
4,620
6,470
263
2,320
41,495
12,913
26,376
162
3,502
252
411
37,537
23,657
651
52.009
1,310
26,930
1,497
Includes the combined totals of 15 towns In Oklahoma.
The
Dec.
78,066
906,628
20,759
Tot.. 56 towns' 230,508'4035,375'232,631 3534,867 112,483 3417,976 128,476 3508,828
*
8 1939
9.63 Sept. 8 1939
8.10 Aug. 31 1939
8.80
1,810
1,712
3.549
60,129
242
8 1939
.
June—New.
July—Old-.
July—New.
Aug
Sept
12
3,447
28,390
53,418
968
-
2,291
Waco
\
Dec.
6,518
37
Robstown..
9.41
9.63
60,340
2,807
62,093 1236.005
1 1939
above
decreased
totals
during
show
the week
that
2,123
the
interior
bales
and
stocks
have
tonight
26,039 bales more than at the same period last year.
The
receipts ol all the towns have been 118,025 bales more than
in the same week last year.
are
YEARS OLD
ONE HUNDRED—The
Commercial & Financial
3582
movement
telegraphic
Aug. 1 in the last two years are as
follows:
'
Dec. 1—
Shipped—
Via St. Louis...
Via Mounds, &c
-.
Aug. 1
4,797
4,797
5,375
5,375
61,758
75,446
....
714
682
4,605
4,605
4,501
25,128
3,217
3,217
66,279
66,279
250,368
250,368
3.589
3,589
18.661
18.661
276,561
49.473
576,290
32,701
485,288
Via Rock Island
Via Virginia
Week
....
«...
points.
...
Via other routes, &c..
overland
*
Deduct Shipments—
Oyerland to N. Y., Boston, &c—
Total gross
—
-
279
279
_
4,053
66,756
294
195
3,637
3.560
216
10.819
3,886
139,899
6,918
170,365
4,517
152,105
7,428
185,070
44,956
Between interior towns
424,185
25,273
300,218
8,646
685
—
Inland, &c., from South
37
50
36
Pensacola
dry
78
44
61
dry
70
35
52
dry
65
70
71
67
69
33
31
34
31
27
49
51
53
49
48
29
29
28
27
48
49
43
44
27
44
Atlanta
Since
Mean
56
64
53
Low
75
77
dry
dry
Tampa
1938
Since
Week
Aug. 1'
136,921
11.062
136.921
114,900
8,100
114,900
High
dry
Miami
Georgia—Savannah
1939
Thermometer
Inches
Florida—Jacksonville
The results for the week and since
reports Friday night.
Dec. 2, 1939
Rainfall
Days
Week and Since Aug. 1—
Overland Movement for the
We give below a statement showing the overland
for the week and since Aug. 1, as made up from
Via Louisville
Rain
Augusta
South Carolina—Charleston
70
^
fdry
dry
__
North Carolina—Asheville
dry
dry
Charlotte
1
2
0.72
0.19
67
68
58
60
2
0.58
60
0.17
1
Raleigh.
Wilmington
Tennessee—Memphis
Chattanooga
dry
Nashville
has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
The following statement
Dec.
1, 1939
Dec. 2, 1938
Feet
Total to be deducted
Leaving total net overland
*
*
foregoing shows the week's net overland movement
has been 44,956 bales, against 25,273 bales for
the week last year, and that for the season to date the
1.5
2.0
Memphis
Above zero of gauge.
0.8
8 8
Nashville
Above
of gauge.
9.4
9.7
Shreveport
Vicksburg
Canada.
Including movement by rail to
Feet
of gauge.
Above zero of gauge.
Above zero of gauge.
0.9
5.2
1.7
8.7
New
Above
Orleans
zero
zero
The
this
year
exhibits
aggregate net oveiland
of 123,967 bales.
increase over
an
1939
424,185
2,470,000
Came into sight during
crop
which finally reaches the market through the outports:
Week
Receipts from Plantations
Stocks at Interior Towns
Receipts at Ports
End.
1937
1938
1938
1939
1,555,905
302,584
651,049
week...430,378
836,739
214,507 171,494 330,292
8. 209,955 195.347 309,808 2487,313 2044,616
918,178
270,132 290,308 361,614
369,908 381,855 480,006
461,318 428,052 606,163
481,977 465,081 724,826
22. 306,040 236,651 411,639 2745,834 2390,140 1246,539
199.237
6,666.330
8,418,424
-
' 1937
Sept.
1. 196,344 144,055 300,222 2427,136 1949.655
15. 266,665 227.732 347,270 2590,556 2198,739 1059,914
-
1938
1939
1937
4,807,841
215,230
*15,993
6,662,557
1,104,818
—432,501
*2,123
Excess of Southern mill takings
over consumption to Nov. 1
Interior stocks in excess—
Total in sight Dec. 1
2,539,623
300.218
1.968,000
planta¬
figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
1939
marketed—
Total
Aug. 1
89,957
25,273
100,000
3,768,372
Receipts at ports to Dec. 1
227,545
Net overland to Dec. 1
44,956
South'n consumption to Dec. 1—160,000
following table
The
tions.
Since
Week
Aug. 1
Week
1938-
—
Since
Sight and Spinners'
Takings
In
a year ago
Plantations—The
the
from
Receipts
indicates the actual movement each week from the
29. 297,080 221,656 479,801 2930.731 2633,565 1490,564
Oct.
North,
*
512.984
29,464
691,181
spinn's'takings to Dec. 1. 65,179
183,369 441,721 3113,815 2881,036 1715.693 480,640 430,890 666,850
6. 297,556
Movement into
368,276 366,043 471,196
330.329 263,541 392.329
Nov.
Bales
Since Aug. 1—
Bales
359,985 1937
348,178 1936
412.239 1935
Week—
433.993 434,239 596,889
27. 243,288 150,872 313,437 3486,871 3387.084 2129,804
sight in previous years:
1937—Dec. 3-.1936—Dec. 4
1935—Dec. 6....
13. 290,322 205,107 379.066 3262,486 3110,218 1904.035
20. 230.932 200,646 323,319 3399,830 3275,615 2051,912
Decrease.
9,281,755
8,829,906
8,335,609
-
3. 231,212 256.332 263.182 3533,182 3460.497
10. 237,671
92,125 245,688 3543,918 3510,308
17. 202.576 125,857 195,034 3549.579 3518,088
24. 178,607
88,143 160,560 3536,990 3524,821
Dec.
Quotations for Middling Cotton at Other Markets—
are
the closing quotations for middling cotton at
Southern principal cotton markets for each day of the week:
Below
2226,923 277,523 329.745 388,719
2387,570 248.407 141,936 406.335
208,237 133,637 267,158
166,018 94,876 202,425
2459.694
2501,559
'
89.957 169,362 3534 867 3508,828
l._ 227.545
73,964 213,711
225.422
254,908
statement shows:
The above
(1) That the total receipts
from the plantations since Aug. 1, 1938, are 4,865,921 bales;
in 1938
Closing Quotations for Middling Cotton on-
Dec.
Friday
Thursday
Wednesday
Tuesday
Monday
Saturday
Week Ended
they were 4,204,322 bales and in 1937 were 6,600,444
(2) That, although the receipts at the outports the
past week were 227,545 bales, the actual movement rrom
plantations was 225,422 bales, stock at interior towns hav¬
ing increased 2,123 bales during the week.
bales.
1
15-16
%
15-16
%
15-16
V*
15-16
Vs
15-16
VH
15-16
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
In.
9.35
9.55
9.40
9.60
9.49
9.69
9.60
9.80
Hoi.
Hoi.
9.76
9.96
9.55
9.75
9.58
9.78
9.67
9.87
9.79
9.99
9.85 10.05
9.37
9.47
9.43
9.53
9.52
9.62
9.63
9.73
9.69
9.57
9.72
9.63
9.78
9.74
9.89
9.83
9.98
9.89 10.04 10.00 10.15
Norfolk
9.60
9.75
9.65
9.80
9.70
9.85
9.75
9.90
9.80
9.95
9.8f 10.00
Montgomery.
9.30
9.40
9.35
9.45
9.45
9.55
9.55
9.65
Hoi.
Hoi.
9.70
Augusta
9.68
9.83
9.73
9.88
9.83
9.98
9.93 10.08
Memphis
9.10
9.30
9.15
9.35
9.25
9.45
9.35
9.55
9.45
9.65
9.55
9.75
9.25
9.55
9.30
9.60
9.50
9.70
9.60
9.80
9.65
9.85
9.75
9.95
To Great Britain
Little Rock..
9.05
9.25
9.10
9.30
9.15
9.35
9.30
9.50
9.35
9.55
9.45
9.65
To France
Dallas
8.94
9.14
9.00
9.20
9.10
9.30
9.20
9.40
9.26
9.46
9.36
9.56
To Italy.
To Japan
Galveston
New Orleans
.
Mobile
Savannah
_..
Houston
„..
9.93 10.13
9.90
9.80
9.79
9.80
leading contracts in the New Orleans cotton market for
the past week have been as follows:
for
shown
News—As
up
Monday
Tuesday
Wednesday
Nov. 25
Nov. 27
Nov. 28
Nov. 29
Friday
Thursday
Nov. 30
Dec.
1
Q
100464005a 10.15-10.16
Bid
9.48
Bid
9.43
9.19
9.55
Bid
9.16
9.91
9.21
Bid
9.64
Bid
9.97
9.31
9.73
Bid
10.05
Bid
Bid
9.66
9.78
Bid
Bid
9.24- 9.25
9.32- 9.33
9.38
Bid
8.5o6 8.57a 8.546 8.56a 8.626 8.54a 8.606 8.62a
Oct
Bid
9.93- 9.94
9.61
9.17
Bid
10.19
Bid
9.85
Bid
9.52
9.07
9.05
9.02
10.08
Bid
9.79
Bid
9.43
9.36 n
9.31n
July (old)
(new)
9.79
Bid
9.70
Bid
9.67
(new)
May (old)
(new)
10.02
Bid
9.67
9.58
9.55
Mar .(old)
9.89
Bid
9.79
Bid
9.74
2,271
To
Norway
To Sweden
3,962
..
HOUSTON—
To Great Britain
10,392
825
3,078
101
3,781
1,600
2,529
4,050
To Holland
To South
America.....
30
CORPUS CHRISTI—
To Japan
To China
4,600
1,638
To Italy.
To Norway
9.46
Bid
4,917
235
NORFOLK—
To Great Britain
137
To Sweden
98
Alexandria
now
Total
125
America
Receipts and
52,763
Shipments—We have only
received the Alexandria movement for the week ended
Nov. 2,
which
below.
we present
been coming in
received.
regularly,
we can
As these reports have not
only publish the leports as
Bid
8.84
8.79
To South
1939
Alexandria, Egypt,
1937
1938
Nov. 2
Steady.
Steady.
Steady.
Steady.
Very Stdy.
Steady.
Very
stdy.
Receipts (cantars)—
Steady.
Very Stdy.
Steady.
Very
stdy
This week.
Steady.
Steady.
Steady.
Old futures
Steady.
Steady.
Newf'tures
Steady.
Steady.
Spot
Since
6 Bid.
Nominal.
Returns
a
Asked.
by Telegraph—Telegraphic
Tem¬
normal.
peratures have been below
-Thermometer
Mean
Low
Rain
Amarillo
Austin
_
Brownsville.
Corpus
.
67
35
51
1.C5
66
29
48
65
2
81
49
80
45
63
1.37
66
31
0.49
70
44
57
1.09
57
33
45
This
Exports (bales)—
Liverpool.
To
To Manchester,
To Continent &
Since
This
Since
This
Since
Week
Aug. 1
Week
Aug. 1
Week
Aug. 1
5,400
6,800
26,720 8,800
9,600
38,541
157,385 17,750
500
3,571
45,085
47,092
173,539
6,816
226,217 36,650
272,532
48,497
43,548
12,000
7,200
9,400
152.839 19,100
28,600
&c
India
34
_
266,159 31,300
To America
21,275
Total exports
Note—A
is 99 lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week ended Nov. 2 were
500,000 cantars and the foreign shipments 28,600 bales.
53
.
1
0.83
72
2
0.76
68
1
.
_
420,000
3,281,758
can tar
49
2
.
0.06
0.04
3
Rio
Palestine
0.67
4
.
_
Paso
Houston
35
340,000
2,308,683
57
14
3
.
Christi
Dallas
43
55
2
.
Hiqh
0.03
4
.....
....
Abilene
0.79
1
.
Inches
2
.
Rainfall
Days
Texas—Galveston
500,000
2,519,061
_
Aug. 1
advices to us this
rain in the western
evening indicate that there has been some
half of the cotton belt, but dry in the eastern half.
Del
To Yugoslavia
To Ghent
100
2,851
300
To Denmark
Tone-
El
Bales
To Japan.
To Italy
LAKE CHARLES—
Q7
9.856 9.88a
9.76
9.71 n
(old)
10.25 Bid
10.14 Bid
10.0/ Bid
9.97 Bid
9.88 Bid
9.86 Bid
(new)
Jan.(1940)
9.926 9.94a 9.986-1000a 10096-101 la
(old). 9.646 9.66a 9.69& 9.71a 9.796 9.81a
(new)
the
page,
NEW ORLEANS—
1,482
5,271
To Sweden
Dec.(1939)
orevious
a
Bales
GALVESTON—
To France
Saturday
on
from mail and telegraphic reports, are as follows:
9.99 10.14 10.09 10.24
Market—The closing quotations
New Orleans Contract
Shipping
exports of cotton from the United States the past week have
reached 52,763 bales!
The shipments in detail, as made
0.65
69
36
53
1
0.29
70
35
53
1
0.24
54
28
41
51
34
Cotton
York
Freights—Current rates for cotton from New
longer quoted, as all quotations are open rates.
are no
Oklahoma—Oklahoma City...
Arkansas—Fort Smith
Little Rock
3
56
28
42
Foreign Cotton Statistics—Regulations due to the war
in Europe prohibit cotton statistics being sent from abroad,
and we are therefore obliged to omit the following tables
2
1.42
59
24
47
which
Louisiana—New Orleans
1
0.15
1.93
70
44
57
57
29
43
0.32
66
0.30
66
32
72
34
.
__
Port Arthur
San
Antonio
.
.
__
.
.
2
Shreveport
Mississippi—Meridian
1
..
1
Vicksburg
Alabama—Mobile
dry
Birmingham
Montgomery
1.32
.
.
..
43
19
49
<
51
1
0.21
62
23
0.09
67
28
48
have heretofore
given weekly.
Takings of Cotton.
India Cotton Movement from All Ports.
Alexandria Receipts and Shipments.
43
1
we
World's Supply and
Liverpool Imports, Stocks, &c.
Volume
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
Liverpool—The tone of the Liverpool market for spots
day of the past week and the daily closing
prices of spot cotton have been as follows:
and futures each
Spot
Saturday
Tuesday
Monday
Friday
Thursday
Wednesday
A fair
Market,
12:15
Quiet
Quiet
Moderate
business
Quiet
P. M.
demand.
doing
Mid. upl'ds
7.95d.
7.80d.
7.73d.
7.60d.
7.50d.
CLOSED
Futures
Steady at
Quiet, st'y.
Market
11
unch'g to
pened
2
Market,
pts. adv.
adv.
pt.
Prices of futures at
Nov. 25
Sat.
9
advance
6
25
Liverpool for each day
Tues.
Mon.
are
2
5 pts.
to
decline.
given below:
Fri.
Thurs.
Wed.
4
Steady;
at
pts.
advance
pts.'adv.
to
pts. adv.
adv.
Firm
12
to
unch.
14
to
pts.
Steady at
adv.
pts.
Steady:
Steady at
y,
7 to 9 pts.
15 to 22
decl. to 1
P. M.
14
pts. adv.
pt. Very st'y,
1
St'y,
4
to
Quiet, st
to
Close Noon Close Noon Close Noon Close Noon Close Noon Close
Dec. 1
New Contract
d.
d.
d.
December, 1939.
January, 1940..
d.
d.
7.11
_
7.08
d.
d.
d.
d.
d.
d.
7.26
7.55
7.57
7.32
7.18
7.10
7.26
7.31
7.32
7.41
7.59
7.57
7.53
7.02
7.03
7.13
7.21
7.27
7.28
7.39
7.53
7.57
7.52
May
6.95
6.97
7.07
7.16
7.21
7.25
7.36
7.50
7.54
7.48
July
6.89
6.90
7.02
7.11
7.16
7.21
7.32
7.46
7.50
7.44
6.73
6.74
6.86
6.95
7.00
7.06
7.16
7.31
7.34
7.27
March
October
X
6.69
December
6.91
7.02
7.27
_
7.26
-
_
—
7.23
7.22
6.68
6.90
7.01
March
6.66
6.87
6.99
7.24
7.19
May
6.64
6.85
6.97
7.22
6.62
6.83
6.95
7.20
7.15
spreading rust. On the 28th ult. prices closed %c. to l^c.
higher.
The market received its chief stimulus today
from foreign buying.
European buyers reentered the North
American grain market today for more than 10,000,000
bushels, the biggest purchases in one day since the war
began.
This helped to lift domestic prices of all principal
cereals. Most of the buying was centered in Canadian grain,
principally wheat, but inasmuch as the Dominion's large
surplus is a weight on world wheat markets in general, this
business tended to strengthen the Chicago price.
Winnipeg
quotations for wheat shot up 2%e. at one stage, their sharpest
advance since early days of the war.
Continued drought in
the domestic Southwest and strength in securities also in¬
duced some buying of grains.
Great Bricain, the leading
European buyer, took approximately 8,000,000 bushels of
Canadian wheat and 750,000 bushels of United States corn.
In addition, continental European countries bought 500,000
bushels of wheat, 500,000 barley, some rye and oats from
Canada.
On the 29th ult. prices closed 3^c. to lc. net
higher.
The Chicago Board wheat prices advanced today
as much as l}4c.,
which carried December contracts to a
new season high, and
gains held fairly well up to the close.
Sharp advances at Winnipeg, which helped extend early
gains here, attracted profit-taking by commission houses and
prices reacted iy to 134c. from the day's best levels, but
still held gains of about a cent. Some late selling at Winnipeg
net
7.17
July
1941..
January,
x
—
-
-
—
_
3583
attributed to the wheat board.
was
Some rain fell overnight
the hard-winter wheat belt, but no important moisture
in
reported and only intermittent showers were forecast
area tonight.
The Government's Weekly
crop summary said small gains were made in sections of the
hard-winter wheat territory, but that little growth occured
because of prevailing low temperatures.
was
Closed.
Market—Our report
Manchester
received by cable to¬
night from Manchester states that the market in both yarns
and cloths is firm., Demand for home trade has been good.
We give prices today below and leave those for previous weeks
of this and last year for comparison:
On
Cotton
32s Cop
ings, Common
Mlddl'g
Twist
to Finest
Upl'ds
d.
d.
s.
d.
s.
32s Cop
Mlddl'g
Twist
to Finest
Upl'ds
d.
8.
d.
s.
d.
ult.
The best
to 2c.
September
bushel
a
d.
boom caused wheat prices to jump
war
today to the highest level in almost two
Itusso-Finnish warfare and reports that much grain
lost in recent sinkings of merchant ships in the
years.
has
higher than previous
prices closed %c.
buying the grain market has experienced
Cotton
8X Lbs. Shirt¬
ings, Common
d.
the 30th
finals.
1
8% Lbs. Shirt¬
parts of the
since the
1938
1939
for
been
European
December and May
while July, repre¬
stimulated buying.
zone
war
contracts led the wheat market advance,
Sept.
1—
9% @10%
5.71
@93
9
8%@ 9%
9
@
9
3
4.85
8-
Nominal
Nominal
7.03
8%@
9%
9
@
9
3
4.71
senting the 1940 crop, lagged, due to reports of rains over
15..
Nominal
Nominal
7.09
8%@
9%
9
@
9
3
4.81
much
4.76
of
the
southwestern
drought
area
and
forecasts
22.. 13
@13% 11
2
@11
6
6.77
8%@
9%
9
@
9
3
29- 13
@13% 11
3
@11
6
6.74
8%@
9%
9
@
9
3
4.80
9
@
9
3
5.00
9
@
9
3
5 24
5.19
to stored grain,
demand were strengthening factors in the wheat
continued
shaded
Oct.
6.. 13
@13% 11
3
@11
6
6.44
13— 13
@13% 11
3
@11
6
6
6.27
6.35
8%@ 9%
8%@ 9%
8%@ 9%
9
@
9
3
6
6.38
8%@ 9%
9
@
9
3
5.20
6
6.22
8%@
9%
9
@
9
3
5.09
7%
7.01
8%@
9%
9
@
9
3
5.05
7.10
8%@
@
9
3
5.08
8%@
9%
9%
9
7.51
9
@
9
3
5.22
20- 13
@13%
11
3
27.. 13
@13% 11
3
@11
@11
Nov.
3.. 13%@14
11
11
3
@11
4%@U
6
@11
11
9%@12
10— 14
@14% 11
17— 14
@14%
24.. 14% @15
!
9
1— •15
@15% 12
@12
7.95
3
8%@
9%
9
@
9
3
Early
of
gains
lc.
of
were
slightly later, but the market maintained a strong
Russian-Finnish hostilities, reports of damage
The
tone.
and evidence of some improvement in flour
pit today.
Today prices closed %c. lower to l%c. higher.
Demand
December wheat contracts, which call for delivery of
for
grain this month, lifted the price today lc. a bushel
actual
to its
Dec.
weather.
unsettled
May and July, 1940
almost two years.
best level in
5.14
lagged behind, and showed little or no
contracts, however,
Profit-taking, attracted by the recent
to unsettle the market, although
traders
continued
to watch
spreading warfare abroad.
No. 2 red wheat sold at 98%c. per bushel in the spot mar¬
gain for the session.
Friday Night, Dec. 1, 1939
Flour—There has been quite a pick-up in the local flour
ket,
served
of prices,
upturn
BREADSTUFFS
No. 2 yellow hard brought
booking ahead anywhere from 60 to 90 days.
The leading
mills reported that the demand will increase further if the
market
recently.
Buying
of flour was
grain markets continue firm for the next few days.
felt
that
that consumers will
It is
book up to 120 days in the event
$1.00%
at
nervously
82,884,000 bushels.
DAILY
CLOSING
PRICES
OF
Sat.
unchanged to ^c.
mixed, and trade
operations on the Chicago Board were more or less mixed.
Prices dipped y2G. in early dealings, but recovered later,
erasing most of the early fractional less. • Reports of snowfall
over parts of the drought stricken hard winter wheat area
despite the official forecast suggesting no likelihood of
material precipitation, attracted sellers but this was offset by
crop damage news from the Southern Hemisphere where
wheat is being harvested in Argentina and Australia.
A
private message told of snow at Goodland in western Kansas,
in the heart of the big producing area where moisture is
badly needed.
Snow also was reported at other points and
in Nebraska.
The Northwest
ana
the soft winter wheat belt
daily and weekly forecasts promised
comparatively dry weather although possible moisture in
got some rains, but the
Texas and Oklahoma.
l^c.
Buenos Aires wheat advanced 1 to
top of corresponding gains yesterday. On the 27th
ult. prices closed %c. lower to %c. higher.
The news was
on
mildly bullish today and the market responded fairly well.
The hard winter wheat belt drought and unfavorable crop
reports from Argentina
and Australia resulted in an upturn
the Chicago Board today, led by July,
1940, contracts, which advanced as much as %c. at one
stage.
Private cables from Buenos Aires, where prices were
up about 2c., reported the fourth night of frosts in Southern
Argentina in the last six days, but said good weather is
checking spread of black rust. Export business in Canadian
wheat and flour was estimated at 1,000,000 bushels.
With
of wheat
prices
frost continuing
on
and with Buenos Aires wheat prices about
top of corresponding gains late last week, more
attention was paid to the growing seriousness of crop con¬
ditions in that country.
Estimates "of the Argentine crop
2c.
higher
on
now being harvested were reduced sharply last week due to
unsatisfactory yields in early districts as well as reports of
%c., however, with the
due to persistent
times
profit-taking and switching of hedges from December into
deferred deliveries.
Open interest in wheat tonight was
the market remains firm.
Wheat—On the 25th ult. prices closed
lower.
The news on wheat today was
on
gains in wheat were held to about
fluctuating
grain here since
March 3, 1938. Early
actual
highest price quoted for
the
fairly general in
the local market the last two days, with bakers and jobbers
business
No. 2 red
DAILY
—
..
CLOSING
PRICES
OF
_
—
——
92%
May
July--
90%
86%
DAILY
CLOSING
Dec.
Sept.
Dec.
PRICES
A— — -
Man.
88%
88
86
83%
Tues.
—
,-
NEW YORK
Wed.
108%
Thurs.
Fri.
110%
111%
IN CHICAGO
Wed.
Thurs.
Fri.
OF WHEAT
88%
87%
FUTURES IN WINNIPEG
Man.
Tues.
70%
—
December--
July--
107%
FUTURES
85%
83%
—
Sat.
November
May
106%
89%
91%
92%
87%
88%
89%
,—
85%
85%
86%
86%
Made
I
Season's Low and When Made
1, 1939 December.... 62%
July 24,1939
7, 1939fMay
63% July 24,1939
1, 1939|July
77%
Oct.
9,1939
—
—
Season's High and When
December
IN
Tues.
Man.
WHEAT
Sat.
December-
May
July.
WHEAT
.107%
70%
70%
73%
72%
74%
76%
75
76%
76%
78%
—
Wed.
..
Thurs.
Fri.
..—
73%
75%
76%
78%
79%
79%
81
80%
81%
Corn—On the 25th uit. prices
closed 34c. lower to 34c.
Corn prices held to a very narrow range.
With
the country selling little grain, there was only small hedging
pressure to be absorbed and support came from cash and
elevator interests as well as exporters and industries.
Gov¬
ernment officials estimated approximately half of the 250,000,000 bushels of 1937 and 1938 corn under loan has been
resealed and said the resealing program is continuing.
On
the 27th ult. prices closed unchanged to 34c. higher.
Corn
prices also advanced fractionally.
Traders said the reduced
1940 corn acreage coupled with the loan program at rates
well above current prices justified the country holding policy.
On the 28th ult. prices closed 34 to %c. net higher.
Corn
strength was associated with the export business as well as
heavy shipments by lake from Chicago.
Shipments to
Eastern ports totaled 1,641,000 bushels.
Chicago stocks
higher,
continued to decline last week and
now are around 12,000,000
3,000,000 smaller than a year ago.
No. 2 yellow
corn was quoted 1 to 2c. over Dec. in the spot market, while
No. 1 white was 1034 over.
On the 29th ult. prices closed
unchanged to 34c. higher.
Corn futures moved up as much
as J4c., but had trouble holding gains.
The spot market was
bushels,
or
ONE HUNDRED—
3584
strong and prices were
selling at 52% to 53 %c.,
,
On the 30th ult.
corn
Commercial &The
Financial Chronicle—YEARS OLD
X1Aq. higher.
No. 2 yellow
1% to 2%c. over Dec.
prices closed xy2 to 2c. net higher.
The
to
or
market showed pronounced strength today, and closed
with. substantial gains.
The firmness of com was attrib¬
some good speculative buying, apparently influenced
uted to
by the much
receipts
lighter
from the
interior.
In four
days this week 3,054,000 bushels of corn have been shipped
out of Chicago, while only 046,000 bushels were received.
Today prices closed %c. higher to %c. lower.
Com prices
of other grains, declining frac¬
tionally at times.
Brokers said buying was very light,
while there was some disposition to accept profits.
Open
interest in corn tonight totaled 42,932,000 bushels.
to follow
failed
the upturn
DAILY CLOSING
OF CORN
PRICES
Mon.
Sat.
No. 2 yellow
65%
65%
DAILY CLOSING PRICES
December
May
July
-
Season's High and When
December.— 60%
Sept.
63 %
58%
May
July
65%
Sept.
Sept.
Thurs.
66%
68%
Fri.
68%
OF CORN FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
50%
52%
-
Wed.
50%
52 %
52%
53
Season's
Made
7, 1939 December
7,1939 May
23. 1939 July
50%
53
53%
51%
53%
53%
Low and
53
54%
55%
53%
54%
54%
39 %
July
July
Oct.
52%
26. 1939
26, 1939
23.1939
price, the market held firm.
Traders said outside
points are paying better prices than Chicago buyers without
attracting any increased movement from the country.
Both
tures
Oat futures
quiet today, though the undertone ruled
session.
On the 28th ult. prices
closed % to lc. net higher.
Shippers sold 41,000 bushels
of oats over night, and Dec. oats advanced to 38%c., within
%e. of the best level of the season.
Traders said feeding
demand was good in view of the corn sealing program.
On
the 29th ult. prices closed unchanged to %c. higher.
Trad¬
ing was light and without feature.
were
firm during most of the
On the 30th ult. prices
closed % to %c. net higher. The
strength displayed in wheat and com had its effect on oats,
and prices for this grain rose substantially higher.
Today
prices closed unchanged to %c. down.
Trading was light,
with the undertone heavy
DAILY
CLOSING PRICES
40 lbs. feeding
OATS
Sat.
December-
Season's
the last three years:
of
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
Receipts at—
■
Duluth
Milwaukee.
Tues.
36
32
Thurs.
38%
36%
33%
33
May
July
DAILY CLOSING PRICES
OF OATS FUTURES
Sat.
;
December
-
-
-
Mon.
31%
33%
33%
39%
37%
33%
Fri.
39%
37%
33%
Wed.
33%
34%
34
33%
34%
34%
Thurs.
33%
35%
35%
Rye—On the 25th ult. prices closed *^c. off to %c. up.
market was very quiet, with prices moving within
extremely narrow limits.
On the 27th ult. prices closed
% to %c. net higher.
Strength in rye was associated with
reports of need of rain in areas of greatest production and
of reduced acreage.
Some buying also was credited to
export interests.
On the 28th ult. prices closed % to lc.
net higher.
The firmness of rye values was influenced
largely by the pronounced strength of wheat.
There was
considerable short covering and some speculative buying,
and prices closed at about the highs of the day.
On the 29th
ult. prices closed % to %c. net higher.
The rye futures
market did not show any appreciable response to the firm¬
ness of wheat, though prices held
steady during most of the
session.
fluenced
effect
the
war
other
developments
grains,
abroad
values
rye
There
was
In¬
slow
not
to
considerable specu¬
lative
buying and short covering, which accelerated the
upward movement of rye.
Today prices closed %c. up to
%c. net lower.
Trading was relatively quiet and without
particular feature.
DAILY
CLOSING
PRICES
RYE
OF
Sat.
December
May
July
Season's High and
December
58
—
May
July
60%
57%
DAILY CLOSING
When Made
I
PRICES
53
54%
54%
Thurs.
55%
57%
57
Fri.
55%
57
56%
When Made
40%
43%
52%
RYE
FUTURES
Sat. Mon. Tues.
55%
56%
58%
58%
58%
61%
May
July-
61
PRICES OF BARLEY
Aug. 30, 1939
Aug 12. 1939
Oct.
9, 1939
December
Tues.
42%
45
46
45
45
45%
were as
WINNIPEG
IN
Wed.
42%
44%
May
July-
IN
Wed. Thurs.
59%
61%
62%
63%
62%
63%
FUTURES
Mon.
Sat.
_
Closing quotations
CHICAGO
53%
55%
55%
Season's Low and
43%
44
46%
45%
Fri.
61%
64%
63%
499,000
424,000
392,000
104,000
389,000
St.
48,000
Joseph-
Wichita
Tot. wk. '39
Nom.
30,000
9,000
1,000
2,000
11,918,000
144,000
435,000
14,539,000
451,000
6,703,000
6,464,000
Same wk '37
375,000
7,747,000
10,225,000
7,361,000
"4",000
550,000
525,000
1,655,000
1,063,000
1,714,000
7,751,000 173,351,000 101,535,000
7,336,000 184,937,000 127,920.000
6,672,000 183,297,000 82,970,000
1937
"4",000
124,000
23,000
159,000
1,454,000
Same wk '38
Since Aug. 1
1939
778,000
133,000
369,000
26,000
73,000
227,000
Sioux City.
2,206,000
338,000
2,226,000
750,000
2,299,000
50,670,000 12,562,000 58,999,000
52,722,000 15,745,000 50,177,000
61,716,000 18,140,000 48,860,000
Total receipts of flour and grain at the seaboard ports for
the week ended Saturday, Nov. 25, 1939, follow:
Flour
Wheat
bbls 196 lbs
bush 60 lbs
Receipts at—
New
Corn
Oats
bush 56 lbs
bush
Barley
Rye
32 lbs
bush 56 lbs bush 48 lbs
York.
143,000
662,000
106,000
33,000
2,000
310,000
Philadelphia
31,000
947,000
2,000
14,000
1,780,000
110,000
263,000
4,000
Baltimore.
22" 660
12,000
27,000
80,000
190,000
23,000
.
New Orl'ns*
Galveston.
Montreal.
29,000
2,094,000
_
.
16~666
Boston
6,000
Sorel
i5i",66o
212,000
33,000
79,000
264",660
170",000
220,000
Tot. wk. '39
5,891,000
920,000
229,000
188,000
576,000
14,178,000 103,844,000
231,000
22,290,000
5,092,000
2,244,000
8,720,000
30,000
510,000
Since Jan. 1
....
m
Week 1938-
4,690,000
1,142,000
420,000
13,208,000 126,950,000
298,000
86,869,000
7,212,000
Since Jan. 1
1938
*
Receipts do not Include grain passing through New Orleans for foreign ports
The exports from the several seaboard ports for he week
ended Saturday, Nov. 25, 1939, are shown in the annexed
Wheat
Corn
Flour
Oats
Rye
Barley
Bushels
Exports from—
Bushels
Barrels
Bushels
Bushels
Bushels
New York
Albany
290,000
144,000
Philadelphia
317,000
New Orleans
55,000
15l"666
17"o"666
264",000
151,000
382,000
213,000
319,000
~~4~666
Total week 1939._
3,066,000
4,502,000
Same week 1938
267,000
73,520
146,248
591,000
The destination of these exports for
July 1, 1939, is
as
530,000
the week and since
below:
Flour
Wheat
Corn
Exports for Week
and Since
Week
Since
Week
Since
Week
Since
July 1 to—
Nov. 25
July 1,
Nov. 25,
July 1,
1939
1939
1939
Nov. 25.
1939
July 1,
1939
Barrels
Bushels
Bushels
Bushels
Bushels
Bands
Total
1939.....
73,520
1,750,156
3,066,000
146,248
Total 1938
2,169,151
4,502,000
48,342,000
79,881,000
267,000
1939
5,463,000
591,000 48,349,000
Detailed figures not available.
The
visible
supply
of grain,
comprising
the
stocks in
and
granary at principal points of accumulation at lake
seaboard ports Saturday, Nov. 25, were as follows:
GRAIN STOCKS
Corn
Wheal
United States—
Bushels
Boston..-
Bushels
Oats
Barley
Rye
Bushels
Bushels
Bushels
412,000
New York
320,000
257,000
Philadelphia
330,000
82l",666
33,000
10,000
10,000
4,000
Baltimore
871,000
569,000
25,000
27,000
3,000
New Orleans
679,000
1,429,000
85,000
3,000
10,000
202,000
2,000
287,000
14,000
Wichita-...
3,419,000
9,208,000
3,630,000
Hutchinson
7,546,000
06,000
"
afloat
Galveston
Fort Worth
3,936,000
27,413,000
Kansas City
Omaha
8,852,000
879,000
Sioux City
St. Louis
521~,666
1,350,000
3,922,000
744,000
1,003,000
214,000
140,000
287,000
316,000
177,000
7,153,000
1,882,000
1,841,000
2,000
371,000
1,587,000
22,000
16,000
28,000
432,000
119,000
48,000
68,000
44,000
17,000
5,000
161,000
167,000
1,132,655
634,000
62,000
8,087,000 12,452,000
Indianapolis
316,000
5l"666
"
afloat
199,000
On Lakes
1,646,000
...
Milwaukee
Minneapolis
15,332,000
1,284,000
3,529,000
Duluth
follows:
43,000
220,000
Chicago
45%
47%
46%
69,520
212"666
2,094,000
Peoria
Fri.
55,000
1,000
Montreal
Sorel.
WINNIPEG
45%
47%
47%
3,322,000 24,402,000
through bills of lading.
on
21,937,000
1,494,000
842,000
Detroit.
Hard winter clears
94,000
6,000
25,000
Thurs.
FLOUR
Spring pat. high protein._5.80@6.00
Spring patents
5.70@5.90
Clears, first spring
5.30@5.50
Hard winter straights
5.95@6.20
Hard winter patents
6.10@6.25
73~ 000
226,000
38,000
St. Joseph
OF
December.
CLOSING
IN
Wed.
Tues.
52
54
54
May 31, 19391 December
Sept. 6, 19391 May
Sept. 27. 19391 July
^
DAILY
FUTURES
Mon.
51%
53%
53%
3,000
24,000
11,000
409,000
205,000
15,000
155,000
69,000
147,000
264,000
128,000
Kansas City
the bullish
and
were
48,000
114,000
55"666
103,000
140^666
Louis..
*
by the
on
prices closed 1% to 2c. net higher.
follow in the upward trend.
336,000
30,000
123,000
1,000
7,000
3,000
Peoria
*
the 30th ult.
500,000
Indianapolis
Fri.
34%
36%
35%
This
On
222,000
1,346,000
410,000
185,000
statement:
IN WINNIPEG
Tues.
32%
33%
33%
1,644,000
CHICAGO
IN
Wed.
38%
36*4
38%
134,000
Toledo
St.
Barley
Rye
bush 56 lbs bush 48 lbs
1,056,000
259,000
229,000
Minneapolis
1939
High and When Made
I
Season's Low and When Made
39%
Dec.
1, 1939 J December
26
July 25,1939
39%
Sept.
6, 19391 May
27%
July 24.1939
35%
Sept. 23. 1939)July
30%
Oct.
9.1939
December
May
July...
Mon.
37%
35%
31%
May
July.-.-
FUTURES
61%
49-59
Chicago, cash.
regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
during most of the session.
OF
52%
74%
All the statements below
1938
5ye and oats are 27th ult. prices closed % farm consumption
emand.
On the expected to meet good to %e. net higher.
No. 2 white
Rye. United States c.i.f—
Barley. New York—
Corn, New York—
No 2 yellow, all rail
Buffalo
Oata—On the 25th ult. prices closed unchanged to %c.
down.
With actual oats quoted several cents over the fu¬
1939
Oats. New York—
No. 2 red, e.i.f., domestic--.lll%
Manitoba No. l.f.o.b. N Y. 90%
Omaha
When Made
42
Wheat. New York—
Chicago
NEW YORK
IN
Tues.
Dec. 2,
GRAIN
387,000
163",000
1,934,000
4,004,000
3,157,000
3,650,000
8,063,000
2,693,000
2,118,000
130,000
3,000
6,000
3,000
4,793,000
2,152,000
2,147,000
1,708,000
1,524,000
21,000
Buffalo
125",000
235,000
1,532,000
"
Rye flour patents
4.45( >4.70
Seminola, bbl., Nos. 1.3_.6.50( >6.70
Oats good
On Canal
246,000
3.00
Cornflour
2.10
Barley goods—
Coarse
Prices Withdrawn
Fancy pearl (new) Nos.
1.2-0.3-0.2
afloat
-
Total Nov.
25, 1939.. 128,786,000 36,139,000 13,305,000
9,804,000 15,745,000
13,053,000 10,133,000 16,005,000
19,788,000
8,600,000 11,804,000
Total N9v. 18, 1939..129,981,000 33,613,000
Total Nov. 26, 1938..124,560,000 43,973,000
Note—Bonded grain not Included above:
4.50@6.50
bushels,
against
441,000
bushels
in
1938.
Oats—Buffalo, 997,000; total, 997,000
Barley—New
York,
371,000
bushels;
Volume
Buffalo,
ONE HUNDRED—
149
501,000;
Baltimore,
137,000;
The Commercial & Financial Chronicle—YEARS OLD
1,009,000 bushels, against 647,000
bushels In 1938.
Wheat—New York, 5,077,000 bushels; New York afloat, 17,000;
Boston, 1,935,000; Philadelphia, 1,806,000; Baltimore, 2,965.000; Buffalo, 2,488,000; Buffalo afloat, 3,253,000; Duluth, 306,000; Erie, 1,515,000; Albany, 4,-
736,000;
crop
ciently established to withstand normal winter weather.
In Missouri wheat shows slight improvement, with
Canal, 340,000; total, 24,438,000 bushels, against 13,352,000 bushels in
ing in drill
Wheat
Corn
Bushels
Canadian—
Bushels
55,515,000
Ft. William A Pt. Arthur
Oats
Rye
Bushels
Bushels
Barley
Bushels
3,196,000
347,000
1,965,000
70,891,000
1,963,000
Other Can. & other elev_200,404,000
5,107,000
765,000
1,361.000
1,734,000
5,063,000
Total Nov. 25, 1939—326,810,000
Total Nov. 18, 1939—332,327,000
10,266,000
10,422,000
2,473,000
2,661,000
Total Nov. 26, 1938—160,608,000
8,229,000
1,881,000
8,762,000
9,371,000
6,572,000
.128,786,000 36,139,000 13,305,000
10,266,000
In the western and principal-producing sections of Iowa wheat is poor,
the drought in Nebraska continues unabated, with plants slowly
deteriorating in most of the State.
In central-northern States, including
Montana, unfavorable dryness continues; also in Wyoming and eastern
Colorado.
In Washington and Oregon conditions are fairly favorable
west of the Cascades, but in eastern wheat sections unfavorable dryness
persists. In Washington germination in light soils is poor with considerable
seeding not accomplished.
9,804,000 15,745,000
2,473,000
8,762,000
Total Nov. 25, 1939—455,596,000 36,139,000 23,571,000
Total Nov. 18, 1939—462,308,000 33,613,000 23,475,000
Total Nov. 26, 1938—285,168,000 43,973,000 28,017,000
12,277,000 24,507,000
12,794,000 25,376,000
10,481,000 18,376,000
Canadian
326,810,000
Great
while
SummaryAmerican
Plaints
the general condition varies from poor to very good.
In
States, except eastern Kansas and extreme eastern
Oklahoma, the outlook remains decidedly unfavorable.
In Kansas the
condition of wheat is good in eastern counties, but much has not germi¬
nated in the western half of this State; some farmers are still seeding in
extremely dry soil. In Oklahoma, except the extreme east, slow progress or
deterioration is reported, with some further seeding in dust.
In Texas
wheat made but little growth because of dryness.
1938.
Lake, bay .river Aseab'd.
plants mostly show¬
rows;
the
on
3585
is likewise fair to good, with plants still making some growth; con¬
siderable wheat is two to four weeks late, but much apparently is suffi¬
total,
THE DRY GOODS TRADE
The world's shipment of wheat and corn, as furnished by
Broomhall to the New York Produce Exchange, for the week
New
Wheat
York, Friday Night, Dec. 1, 1939.
Holiday gift buying got off to
a fairly active start during
period under review, although unseasonally mild tem¬
peratures served to hamper business to some extent.
Ready-
ended Nov. 24 and since July 1, 1939 and July 1, 1938, are
shown in the following:
<
the
Corn
to-wear
lines, accessories and certain home furnishing articles
Week
Since
Since
Week
Since
Since
Nov. 24,
July 1,
July 1,
Nov. 24,
July 1,
July 1,
1939
1939
1938
1939
1939
1938
corded in the industrial sections of the country, whereas rural
Bushels
Bushels
Bushels
Bushels
districts continued to send somewhat less favorable
reports.
Ex-ports
Bushels
Bushels
335,000
75,617,000 108,467,000
16,408,000
50,336,000
69,947,000 25,070,000
11,293,000 36,786,000
7,344,000
2,012",000
13,720,000
14,960,000
1,020,000
25,928,000
Total... 10,448,000 186,985,000 242,963,000
3,367,000
commanded
86,028,000 146,304,000
No. Amer_
4,406,000
1,080,000
4,346,000
Black Sea.
Argentina.
Australia
.
India
5,137,000
51,842,000
781,000
2,075,000
54,182,000
71,690,000
attention.
most
Best
Department store sales the country
results
over
the corresponding week of last
over
re¬
for the week ended
Nov. 18, according to the Federal Reserve
2%
again
were
Board, increased
year.
In New York
Other
616,000
countries
and Brooklyn stores the gain reached 3.1%, while in Newark
20,697,000
establishments it
Winnipeg Grain Exchange to Allow Non-Residents
Trade—According to a Winnipeg dispatch to the "Wall
Street Journal" of Nov 21, the following statement has
to
been issued
by the Winnipeg Grain Exchange
exchange:
on
November.
came
foreign
instructions issued today by the Foreign Exchange Con¬
on
the Winnipwg Grain Exchange.
Since the coming into force of the
A number of
fill-in
orders for
into the market but their total volume
foreign exchange control order, trad¬
by non-residents has been restricted entirely to United States grain
operating for their own account and the transfer of funds to and from
the United States to cover margins.
Profits or losses arising from trading
on the Winnipeg Grain Exchange on this basis have been permitted by the
ing activities, both for the holiday
ing
promotion sales,
grew a
Board.
Exchange provided margins are put up in the first place in United States
If margins have been deposited in United States dollars the Board
prepared to provide United States dollars for the payment to non-resi¬
dents of any profits made on futures trading and for margins from time to
This will permit
non-resident individuals as well as grain firms to trade
Winnipeg grain futures.
Weather
Report for the Week Ended Nov. 29—The
of
the
The weather of the week was characterized by
unseasonably high tem¬
over the Northwestern and more Western States, abnormally
cool weather in eastern sections and throughout the South, much sunshine
peratures
practically everywhere and very little precipitation.
Weekly mean tem¬
peratures ranged generally from about 3 to 9 degrees below normal from
eastern Texas, Arkansas and Missouri eastward and northeastward.
The
greatest minus departures from normal occurred in the Southeastern
States where they averaged 6 to 9 degrees.
On the other hand the North¬
western States had an abnormally warm week, the plus departures from
normal
from
temperatures ranging from 8 up to 16 degrees rather generally
upper Mississippi Valley westward to the Rocky Mountains.
the
Also, west of the Rockies the plus departures were generally large, ranging
up to 10 degrees locally.
In the Central and Eastern portions of the country minimum tempera¬
tures for the week were relatively low, especially in the Southeastern States.
The freezing line as reported
from first-order stations extended as far south
Georgia and extreme southern Alabama.
In fact, freezing
reported during the week throughout the entire country, ex¬
cept locally along the Atlantic coast from New Jersey southward and in a
narrow
belt along the southern border from the Atlantic to the Pacific
Oceans and along the Pacific coast.
Canton, N. Y.. reported a minimum
temperature of 7 degrees on the 26th, Elkins, W. Va., 14 degrees on the 27th
and Meridian, Miss., 19 degrees on the 28th.
In the West the lowest
reported was 7 degrees at Sheridan, Wyo., on the 27th.
Another decidedly dry week over most of the country.
Light precipita¬
tion occurred from Tgorth Carolina and Tennessee northward and local,
light to moderate showers in southern New Mexico, northern Arizona,
as
southern
weather was
extreme
southern
California
and
from
northern
California
northward.
Otherwise stations generally reported no precipitation at all or only traces
—amounts too
light to measure.
No drought-relieving rains occurred during the past week and,
conse-
?uently,parts of the Atlantic area from continues over much of the country,
most a serious lack of soil moisture the Carolinas northward, the central
n
and eastern Lake region, the Ohio Valley, and from
Missouri southward,
in fairly good condition from previous rains, and
making rather satisfactory advance in these areas.
Also, conditions are fairly favorable in parts of the far Southwest and in
the western portions
of Washington and Oregon.
Elsewhere extreme
dryness continues.
In many midwestern areas September and October
combined were the driest of record, followed by extremely scanty rainfall
so far in November.
Minneapolis, Minn., with records going back more
than 100 years, has had the driest November in more than a century.
The shortage of water supplies for domestic use and for livestock is be¬
coming increasingly serious in some interior sections, with considerable
deepening of wells.
Also, in the southwestern Plains, the dry, loose con¬
dition of the topsoil favors severe duststorms with high wind, although
no storms of consequence occurred during the past week; there were local
duststorms in some Central-Northern States.
Conditions during the week were decidedly favorable for outside opera¬
tions, except plowing, rather generally, while the abnormally warm weather
favored livestock in the northwestern and western sections of the country.
Frost extended well into southern areas, but no material damage resulted.
The low temperatures favored farm butchering in the southeastern States.
the
topsoil continues
fall-seeded
crops
are
Small Grains—The winter wheat crop shows some slight improvement
in
of the eastern belt, although little growth occurred because of
prevailingly low temperatures.
Conditions were fairly favorable also
from Missouri and eastern Kansas Southward.
Otherwise, the outlook
continued decidedly unfavorable with slow deterioration in many places
and no noteworthy improvement anywhere.
In Ohio progress of wheat is fair to good and its general condition fairly
good. Also in Indiana fair to good progress is reported, with plants ranging
from one to six inches high.
In Kentucky surface-soil moisture is now
sufficient in most places, but growth is reported slow because of cold;
the late-seeded fields show the best stands.
In Illinois condition of the
parts
the
restricted.
be anticipated.
of
.
reserve
ing
users
field
in
feature
and for January
Business in silk goods
lively, although the high price of the
a
retarding influence.
remained active, and it
was
raw
Trading
reported that lack
stocks prevented producers from fully supplywith wanted quantities or from entering the export
yarn
response
to
Latin-American inquiries.
the increasing demand for yarns
was
on
A notable
the part of
knitting mills.
weather bulletin issued
by the
Department of Agriculture, indicating the influence of the
weather for the week ended Nov. 29, follows:
summary
more
in rayon yarns
dollars.
is
time released.
trifle
may
material continued to exert
Under the new instructions to the grain trade, the same facilities are now
to be afforded to any non-residents wishing to trade on the Winnipeg Grain
general
holiday goods
was
season
firms
n
'
fairly active demand existed for work clothing.
Prices
ruled steady for most staple items, reflecting the general
belief that, following the inventory period, a revival in buy¬
Board, facilities will be provided on and after Dec. 1 to enable non¬
residents to trade
limited to 1.3%.
A
.
Under revised
trol
was
Trading in the wholesale dry goods markets remained quiet
in anticipation of the annual inventory taking at the end of
Domestic
Cotton
Goods—Trading in the
gray
markets continued in its previous desultory fashion.
cloths
A dis¬
appointing development was the failure of the Federal Surplus
Commodities Corporation to consider bids on approximately
11,000,000 yards of 80-square print cloths, although this
influence was counteracted by the continued strength of the
raw cotton market, and the steady demand for
bag materials
caused by the high prices of burlap.
Notwithstanding the
present lull in business, an early resumption of buying is
predicted in some quarters where it is believed that the large
cloth purchases made immediately following the outbreak of
hostilities in Europe are steadily being absorbed by consump¬
tive requirements.
Business in fine goods remained inactive
and
transactions
were
confined
to
scattered
fill-in
lots.
Faille taffetas moved in fair volume.
cloths
were
as
follows: 39-inch
6^c.; 39-inch 68-72's, 6^c.;
38K-iDeh 60-48's, 4% to 4Mc.
Woolen
Closing prices in print
80's, 7c.; 39-inch 72-76's,
38K-inch 64-60's, 5^c.;
Goods—Trading in men's
wear
fabrics remained
quiet and prices showed a slightly easier trend, reflecting the
waning of previous fears concerning an impending shortage
of wool supplies as a result of the impounding of the Austral¬
ian wool clip by Great Britain.
A notable exception was
the active demand for overcoatings, reflecting the depletion
of stocks in users' hands.
Mill operations continued at pre¬
vious high levels based
on^the still existing large backlog
of unfilled orders.
Reports from retail clothing centers made
a promising showing with the dollar volume of sales
running
substantially ahead of last year.
Business in women's wear
fabrics continued its moderate gain.
Worsted twill weaves
moved in fairly large volume and active interest existed in
sheet pastel dress goods for formal evening wear.
An en¬
couraging factor was the better flow of goods in retail chan¬
nels.
Foreign Dry Goods—Trading in linens remained spotty,
disturbed Continental supply situation con¬
tinuing the paramount factor. Reorders on gift items reached
the market in fair volume.
Business in burlap again bore a
with the greatly
highly erratic character.
Following the sharp decline in
prices early in the period under review, because of the weak¬
ness in the Calcutta market and the
growing switching of the
demand to cotton materials, prices rebounded quickly, re¬
covering most of the ground lost previously.
The reversal
was
caused by advancing raw jute prices and reports of
additional huge British sandbag orders.
Domestically light¬
weights were quoted at 7.80c., heavies at 11.00c.
ONE HUNDRED —The Commercial & Financial Chronicle—YEARS OLD
3586
Dec. 2, 1939
York State," concluded Mr. Enslow, "is some
"What is needed in New
machinery that will relieve the taxpayer in proper instances without the
procedure and which at the same time will not
embarrass municipalities and create further inequalities by unwarranted
delay and expense of court
Specialists in
reductions in assessment
In addition to Mr.
Illinois & Missouri Bonds
Connecticut—List of
Stifel, Nicolaus 6t Co,lnc.
314 N.
DIRECT
CHICAGO
WIRE
ST.
Legal Investments for Savings Bank•
—Complying with Chapter 209 of the Public Acts of 1937,
Founded 1890
105 W. Adams St.
Enslow, conference speakers on the subject of assess¬
included John A. Zangerle, Cuyahoga County Auditor, Cleve¬
ment review
land, Ohio: C. R. Erdman Jr., Princeton University: Rollin G. Posey,
University of Pennsylvania, and Ernest K. James, State Tax Commissioner.
Charleston, W. Va.
Walter
Broadway
issued
Commissioner,
Bank
Perry,
on
Nov.
1,
finds upon
legal investments for savings banks.
This
1939, the list of bonds and obligations which he
LOUIS
investigation
are
Km
list is revised semi-annually on May 1 and Nov. 1.
Commissioner again
News Items
law, which discriminates against the "special assessment"
"improvement" bonds, or other bonds or obligations which
not direct obligations of the city issuing the same, and
for which the faith and credit of the issuing city are not
Municipal Bond Switching Held Not Valid for Tax
Loss Purposes—The Philadelphia "Inquirer" of Nov. 28
carried the following report, dealing with the sale of municipal
bonds of one maturity and the purchase of another maturity
establish
to
or
are
public utility obligations showing the
case with the previous
revision.
The last list published was for May 1, 1939,
and appeared in tie "Chronicle" of May 20, 1939, on pages
3099 and 3100.
We give herewith the Nov. 1, 1939, list
in full, indicating by means of an asterisk (*) the securities
added since May 1, 1939.
Those securities that have been
dropped from the list since May are shown in a separate
compilation which appears at the end of the section.
The following table shows the State and municipal bonds
past six months, the
U. S. Board of Tax
Appeals ruling forbidding income deductions for "swaps" of municipal
bonds of "substantially identical" maturity dates if the sale and purchase is
U. S. Circuit Court of Appeals here yesterday upheld
within
The
30
main
days.
principle applies to securities of Federal Farm Credit Ad¬
same
ministration, the Court held. .
The Court ruled, however, that the "losses" are allowable if the proceeds
of the sale are invested in the- bonds of securities of "other" Farm Loan
banks, for although these institutions are backed by Government bonds,
security and credit, each bank stands alone with "no indication that such
collateral is
pooled indiscriminately behind all bonds of all the land banks."
N. Y.—Court of Appeals Restricts City to
of Housing Law—The Court of Appeals, sitting in
Albany on Nov. 28, held that local housing officials cannot
compel the owners of old buildings to make improvements
beyond those required by law, "even where highest standards
and additional requirements might reasonably be exacted,
and even where the Legislature has been remiss in failing to
New
York,
Terms
of
a
of
a
States, or
Chelsea. Mass.
Chicago Hts., Hi.
ponds of Chlcopee, Mass
Cincinnati, Ohio
U S. Panama Canaj 3s, 1961
Clarksburg, W. Va.
Colorado Spgs., Col.
Treasury bonds and notes. aU Issues
Home Owners' Loan Corporation (guar- Concord. N. H.
anteed)—All Issues
Covington, Ky.
Federal
Farm
Mortgage
Corporation Cranston, R. I.
(guaranteed)—All Issues
Danville, 111.
Reconstruction
Finance
Corporation Davenport, Iowa
notes.
(If guaranteed)
Dayton, Ohio
United States Housing Authority notes. Decatur, 111,
(If guaranteed.)
Denver, Colo.
♦Commodity Credit Corporation notes. Des Moines, Iowa
(If guaranteed.)
Dulutb, Minn.
States is pledged, including the
the District of Columbia.
that of N. H. Lyons & Co., lessees
brick building at 25 Bowery, New York, erected in 1889 and consisting
cellar and five stories, the cellar and first floor being used for business
purposes and the upper
than 100 lodgers.
considered legal investments:
are
those for which the faith of the United
Ludge Irving Lehman wrote the Court's prevailing opinion, which was
case was
had been the
as
First—Bonds of the United
concurred in by all the members of the Court except Chief Judge Frederick
E. Crane, who wrote a dissenting opinion, and John F. O'Brien, who was
The
revisions,
which
exact them."
absent because of illness.
Few changes have been made in the list in the
pledged.
loss for tax purposes:
a
floors for lodging with accommodations for more
The appeal was from an order of the Appellate Division, First Depart¬
which reversed Justice Charles B. McLaughlin, of the Supreme
Court, in refusing to vacate an order made by Harry M. Prince, Deputy
ment,
Second,—Legally Issued bonds and interest-bearlng obligations of the following
of the City Department of Housings and Buildings,
to
retarding treatment of the stairways and ceilings and con¬
stairway and bulkhead to the roof.
States:
(Savings banks may Invest not exceed,a„Vn
lng 10% of their deposits and surplus
■
Elyrla. Ohio
therein.)
a
York
New
Procedure
State—•Assessment
Termed
In¬
adequate—Every State needs assessment review machinery
designed to afford relief without the delay and expense of
court
procedure, but fortified against unwarranted re¬
ductions in assessment which would only create further
inequalities, Harold R. Enslow, Assistant Director of Local
Assessments, New York State Department of Taxation
and Finance, told assessing officers of eastern States.
Mr. Enslow was one of several speakers on "Review of Real Property
Tax Assessments" at the Eastern States Conference on Assessment Adminis¬
tration
of
the
National
Association
of
conference opened in Philadelphiak on
Hotel.
Assessing Officers.
The two-day
Nov. 27 at the Bellevue-Stratford
Asking continued emphasis on the need for good assessment in the first
instance, whatever may be done to establish review machinery, Mr. Enslow
declared that "no amount of review can cure bad original assessment."
"Concurrent with our interest in review of assessments," said the New
York State official, "we must continue to work for more thorough assess¬
ment methods.
The best man to iron out inequality is the assessor himself,
who probably after all is better acquainted with property values in his local
community than any board of review can possibly be, whether it be a
county, regional or State body."
Mr. Enslow outlined the assessment and review process with special
reference to up-State New York communities.
He pointed out that the
problem has gained current attention because of the inclusion in the State
Constitution adopted in 1938 of a tax article containing the provision:
"The Legislature shall provide for the supervision, review and equalization
of assessments for purposes of taxation.
Assessments shall in no case exceed
full value."
"The New York State Tax
Commission has recognized
the importance
of the problem of assessment review," said Mr. Enslow.
"Five years ago
in its annual report the Commission said:
'Adequate review of assessments
is
a
The
Arizona
recourse
to
should have
protest before
therefore, seems highly im¬
opportunity to present his
an
the courts becomes
essential.
It
portant that some inexpensive machinery be instituted to make possible a
reconsideration of assessor's judgments by some agency other than the
courts.
It would
seem
that action along
proceedings and offer greater
assurance
this line should decrease certiorari
that assessments are made only
Fvanston, 111.
New Hampshire
New Jersey
Colorado
Evansviile
New York
Fall River, Mass.
North Carolina
Idaho
Oregon
Kentucky
Gary, Ind.
Glen dale, Calif.
South Dakota
Louisiana
Tennessee
Maine
Utah
Massachusetts
Vermont
Michigan
Gloucester, Mass.
GloversvilJe, N Y.
Green Bay, Wis.
Hamilton, Ohio
Hammond, Ind.
Harrisburg, Pa.
Haverhill, Mass.
Holyoko, Mass.
Texas
Maryland
Virginia
Washington
.
West Virginia
Wv^Sln?
,
J
J
Third—Legally Issued bonds and obllgacalif
tlons of any county, town, city, borough,
Hutchinson, Kan.
°chool district, fire district, taxing district
or
county, town, city, borough, school dls- Joplin, Mo
trlct, fire district, sewor district or metro- Kaiamazoo, M lch.
polltan district shall not exceed 2% of the Kenosha Wis
deposits and surplus of any such savings ^Kingston, N. Y.
Kokomo, Ind.
.
authorized
bonds
of la Crosse
the following cities outside of Connecticut
and which are the direct obligations of the
city issuing the
and for which its faith and credit are not
pledged
"Continuing, the Commission said in 1934, 'It is recommended that there
be set up in each county a board of review.'
It may be noted also that the
recent tax study commission in New York State, known as the Mastick
Commission, recommended the creation of county boards of review.
This
Alameda, Calif.
Belolt, Wis.
Alhambra, Calif.
Berkeley, Calif.
Benin, N H.
and
was
supported by
1936, but did not become law.
the
State Tax
Commission
in
1935
"The New York State Tax Commission made no pronouncement con¬
cerning a bill introduced at the 1939 Legislative Session which would have
provided for a State Board of Review along the lines of those found in
Massachusetts and New Jersey.
New York is a larger and more populous
State than the two mentioned. Assessment conditions vary widely through¬
out the State.
Assessed valuations range from a few hundred thousand
dollars in the smaller rural towns to many billions of dollars in the City of
New York. Individual properties range from a few undred dollars to several
millions of dollars.
To say the least, this would make the work of a State
Board of Review very difficult.
To meet this objection some persons have
suggested the creation of regional boards of review. Others consider that a
County Board of Review would offer the best solution to the problem and
say that since there is no State tax on real property in New York, the need
for uniformity from county to county is not so great as is the case in many
other States where State governments continue to derive support from a
real property
tax."
Wis.
Lafayette.' Ind."
Lakewood
Ohio
Lancaster,'Pa
"Special Assessments" and "Improvement" bonds which
T.ftn^ng Mich
are not the direct obligations of the city
Lawrence Mass.
same.
after mature consideration.'
recommendation
Indianapolis, Ind.
sewer district In State of Connecticut,
Ithaca NY
•
and In the obligations of the Metropolitan
Jamestown N. \.
District of Hartford County, provided janesvilie Wis.
the Investment In the obligations of such
Joiiet 111
Fourth—Legally
are not allowable.
Alton, 111.
Altoona, Pa.
Ashtabula, Ohio
Atlanta, Ga.
Augusta, Ga.
Aurora, Hi
Beverly, Masa.
Lewis ton. Me
Lexington, Ky.
Lincoln, Neb.
Lock port, N. Y
Lowell, Mass.
Bingham ton, N. Y. Lynchburg, Va.
Bloomlngton, Hi.
Lynn, Mass.
Macon, Ga.
Brockton. Mass.
Madison, Wis.
Burlington, Iowa
Baltimore, Md.
Butte, Mont.
Bangor, Me.
Cambridge, Mass.
Battle Creek, Mich. Canton, Ohio
Bay City, Mich.
Cedar Rapids, Iowa
Belleville, 111.
Oentral Falls, R. I.
t
Lebanon, Pa.
Boise City, Idaho
Bakerefield, Calif
Beiungham, Wash.
.
_
Northampton, Masa
Norwood, Ohio
Oakland, Calif.
Ogden, Utah
Omaha, Neb.
Oshkosh, Wis.
Parkersburg, W. Va.
Pasadena, Calif.
Peoria, 111.
,
Huntington, W. Va. St. Louis, Mo.
Huntington Park,
Salem, Mass.
_
„
Newport, Ky.
Portland, Me.
Pottsviiie, Pa.
Providence, R. I.
Qulncy, 111.
Qulncy, Mass.
Racine, Wis.
Reading, Pa.
Richmond, Ind.
Riverside, Calif.
Rockford, 111.
Rock Island, 111.
Sacramento, Calif.
Saginaw, Mich.
St. Cloud, Minn,
Gales burg, 111.
South Carolina
.
New Albany, Ind.
New Bedford, Mass.
New Castle, Pa.
Pittsfield, Mass.
Fort Wayne, Ind.
Calif.
Rhode Island
Kansas
Missouri
Muskegon, Mich.
Nashua, N. H.
Newark, Ohio
Port Huron, Mich.
Fresno
Pennsylvania
Iowa
Montana
M uncle, Ind.
Fond-du-lac, Wis
Oklahoma
Illinois
Mississippi
Mollne, 111.
Fargo, Jtf. Dak.
North Dakota
Ohio
Minnesota
Mlddietown, Ohio
Milwaukee, Wis.
Minneapolis, Minn.
Fitchburg, Mass.
l lorlda
Georgia
Indiana
Ind.
Fveiett, Mass.
Everett, Wash.
New Mexico
Connecticut
Delaware
a
Erie. Pa.
Nevada
Alabama
fundamental requisite for effective administration of the property tax.
taxpayer
VtT
California
Massilon, Ohio
Medford, Mass.
Melrose, Mass.
Mlddietown, N.Y.
SfJLNewton, Mass.
Nor. Adams, Mass.
Commissioner
require fire
struction of
The
calls attention to the wording of the
Charleston, W. Va
Maiden, Mass.
Manchester, N. H
Manitowoc, Wis.
Mansfield, Ohio
Marlon, Ind.
Marlon, Ohio
Mason City, Iowa
Bait Lake City, Utah
Ban Diego, Calif.
Bandusky, Ohio
Ban Francisco, Calif
Ban Jose, Calif.
Santa Ana, Calif.
Santa Monica, Calif.
Scran ton, Pa.
Sheboygan, Wis.
Sioux City, Iowa
Bloux Falls, S. Dak.
Somerville, Mass.
South Bend, Ind.
Spokane, Wash.
Springfield, 111.
Springfield, Mass.
Springfield, Mo.
Springfield, Ohio
Bteubenville, Ohio
Taunton, Mass.
Terre Haute, Ind.
Topeka, Kan.
Wajtham, Mass.
Warren, Ohio
Waterloo, Iowa
Wauwatosa, Wis.
Wheeling, W. Va.
Wichita, Kan.
Wilkes-Barre, Pa.
Williams port, Pa.
Wilmington, Del.
Woonsocket, R. I.
Worcester, Mass.
York, Pa.
Eanesvllle. Ohio
Fifth—Railroad bonds which the Bank Commissioner
finds
to
be
legal investments are showm below.
Savings
invest not exceeding 25% of their deposits and
surplus therein.
banks may
Volume
Danbury A Bethel Gas A Electric Light
Pennsylvania System
Go.
Albany & Susquehanna RR.
Atchison Topeka & Santa
Guar. gen. 3 Ms, 1950
Guar. gen. 3 Ms and 4Ms,
Fe
Geii. mtge. 4s, 1995
1942
Consolidated refunding 4s. 1951
First mortgage 5s.
Little Miami RR. 1st 4s,
Bangor & Aroostook System
Northern 6s, 1947
Aroostook
1943
Northern Conn. Lt
Guar. gen. A ref. 4Ms, 1977 A
Columbia A Port Deposit 1st 4s,
First 4s.
Gen. mtge. A
Debentures, 5s, 1942
Gen. series B 5s,
Refunding 6s, 1946
Improvement 4Mb. 1978
United New Jersey RR. A
General
Pitts.
System
Allegheny A Western Ry. 1st 4s, 1998
Clearfield A Mahoning Ry. 1st 5s. 1943
Central Ry. of New Jersey System
Canal Co.—
1951
General 4 Ms. 1973 and 1979
Wash. Term, (guar.) 1st 3 Ms A 4s, 1945
1948
1955
Columbus & Toledo RR. 1st ext. 4s,
Norfolk Term. A Trans.
Lack.
Del.
&
Co. 1st 5s, 1948
2000
& Hartford System
1st mtge
Gen. A ref. 4s
Edison Elec
1st 3Ms,
♦Ref. series F 3Ms.
1930-44
exceed¬
Savings banks may Invest not
deposits and
surplus therein
Bridgeport Hydraulic Co.—
Series H 3Ms. 1968
Debentures, 3 Ms, 1966
Debentures, 3 Ms. 1961
Debentures, 5 Ms, 1943
1st 5s, 1952
Tel. ser. B 4Ms. '01
A Tel. ser. C 3Ms, '68
New England Tel. A Tel
Also undei
Subdivision 34.
ing 5% of their deposits and surplus In
the following bonds, but not more than
in the bonds of any one
phone company.
Bell Telephone Co. of Pa.—
2%
under Subdivision 22 any bonds
such tele¬
Pacific Tel. A Tel. ref. 3 Ms,
Greenwich Water Co.
Southwestern Bell Telephone
Naugatuck Water Co.
New Haven Water Co.
Stamford Water Co.
Torrington Water Co.
1900
Co.—
i.
1st ref. 3s, 1908
Tenth—
Cos. In Conn.
exceed¬
centum of their deposits and
Savings banks may invest not
ing two per
surplus therein.
So
New England
Telephone Co
—
1st 5s. 1948
1 '66
Debentures 3Ms, 1968
Debenture 3Ms,
Bonds of Gas
and Electric Lighting
Companies in Connecticut
Savings banks may Invest not exceeds
ing two per centum
of the r deposits and
surplus therein, or a total of 25% In gas
and electric bonds of all companies:
Bridgeport Gas Light Co. 1st 4s,
Connecticut Power Co.—
1st A gen.
Connecticut Ilght
Outside of Conn.
exceed
of their deposits and
Savings banks may invest not
Ing two pereentum
surplus therein.
St.
Aroostook System—
John's River Extension 5s, 1939
Washburn Extension 5s,
1952
G 3Ms,
1971
Railroad Bonds—
1939
of St. Louis 1st mtge.
Erie ref. 4s, 1966
N. Y. Telephone Co. 1st 4Ms, 1939
Consolidated Gas of Baltimore 1st mtge.
5s, 1939
Rochester Gas A Electric Co. gen. mtge.
series E 5s, 1952
Southern California
Edison
Co.
ref.
mtge. 4s, 1960.
.
Michigan—Board of Education Revenue Bonds Held Subject
to Intangible Tax—It was held by Attorney General Thomas
Reed on Nov. 23 that revenue bonds issued by the State
Board of Education to finance construction of buildings at the
normal colleges will be subject to the intangible tax.
Dr.
Eugene B. Elliott,
State Superintendent of Public Instruc¬
spokesman for the Board, said the opinion also
would apply to revenue bonds issued by the University of
Michigan, Michigan State College and the Michigan College
of Mining and Technology.
tion
and
3Ms. 1965
1st 6s. 1956
Ninth—
Bonds of Telep. Co*.
Bridgeport Hydraulic Co. series
Equipment Trust Obligations—
Chesapeake A Ohio Ry. Co. series V 5s,
serially 1925-1939
1st ref. 3 Ms, 1964
Eighth—
of Telephone
Public Utilities—
N. Y., was deleted
Bangor &
Wheeling & Lake
1st & ref. 5s, 1960
N. Y. Tel. Co. ref. 3Hs. 1907
Bridgeport Hydraulic Co,
such Government or Province
list:
4M», 1939
1st A ref. 6s, 1948
Series B 3 Ms, 1970
Ansonla Water Co.
Government or Province and
pledged for their payment, principal and interest,
aDd provided the Province issuing such bonds or obligations,
or said Dominion, shall have not defaulted for more than
ninety days in the payment of any part of either principal
or interest of any bond or interest-bearing obligation for the
five years next preceding the making of such investment.
The investment of any savings bank in the bonds or interestbearing obligations of any one Province shall not exceed two
per cent of the deposits and surplus of such savings bank.
Removals—The following is the list mentioned in the intro¬
duction, showing the securities which have been dropped
since the publication of the May 1, 1939, legal investment
Term. RR. Assn.
Illinois Bell Telephone—
lowing water companies:
of such
from the municipal section.
Savings banks may invest not exceed¬
Interest-bearing obligations of the fol¬
Bonds
obligations
The City of Auburn,
1974
New Haven Water Co.—
1st A ref. 3Ms, series A, 1962
1st A ref 4 Ms, series B, 1970
1st A ref. series C 4 Ms, 1981
1st A ref. series D 4 Ms, 1983
Stamford Water Co. 1st 5s, 1952
ALso
deposits and
New England Tel. A
♦Series I 3 Ms.
or
1937 to 1946
1941
invest are (savings
New England Tel.
Co.-
5s, 1951
shall be
Amer. Tel. A Tel. Co.—
Seventh—
Corp.—
1963
York Haven Water A Power
that the full faith and credit of
serially, 1920 to 1940
invest not exceeding 2% of their
therein):
Ms, 1961
Twelfth—Savings banks may invest not exceeding 10%
deposits and surplus in the bonds or interest-bearing
obligations of the Government .
.
.
.of the Dominion
of Canada or any of its Provinces, provided that such
bonds or obligations are payable in United States dollars
within this country, and such bonds or obligations have
a
fixed and definite date of maturity, and shall be the
Series E. 2 Ms. serially. 1937 to
Other securities in which banks may
Co.—
of their
Wheeling & Lake Erie
banks may
Bonds of Water Cos. In Connecticut
Co. 1st 3Ms, 1961
Light Co.—
mtge. 4Mb, 1960
lst mtge
1938 to 1952
Series D, 2Ms. serially,
1st mtge. 3
/
1966
Wisconsin Public Service
1st 4s,
♦1st
serially, 1938 to 1952
Series E, 4Mb.
Series of 1936 2 Ms, serially
lst mtge. 3 Ms.
Wisconsin Michigan Power
1st 4s, 1961
direct
Series of 1935 3s, serially 1936-50
1937-40
Series of 1937 2s, serially 1938-47
♦Series of 1939 2Ms, serially 1940-49
D4Ms, 1968
E 4s. 1971
series G 4s, 1965
1st 4s, 1940
Virginian Railway
Series of 1930 4Mb, serially 1931-45
3Ms, 1968
Wheeling Elec. Co. 1st 5s, 1941
Wisconsin Gas A Electric Co.-
♦New Jersey Power &
1951
1942
series E 5«, 1963
series I 3 Ms. 1966
New England Power
Chesapeake & Ohio Ry. Co.
Series W 4 Ms. serially 1926-10
1st mtge
1st mtge. series J
Narragansett Electric Co.—
1st series A 3Ms, 1966
Union Pacific
Series E. 2Ms;
1st mtge.
Power Co.—
Metropolitan Edison Co.—
Co.
1938 to 1947
Series L 2Ms, serially. 1939 to 1950
Series K 2Ms, serially,
Eqult. Gas A Elec. 1st 5s,
Ref. A ext. 5s, 1957
West Penn Power Co.—
1954
First mtge. series
—
3Ms, 1968
Utlca Gas A Electric Co.—
Co.—
First mtge. series
Co
3Ms, 1960
Toledo Edison Co. 1st mtge.
1st 3 Ms. 1966
First mtge
4s, 1965
Ref. mtge
1947
1961
Kings County Lighting Co.—
Cincinnati New Orleans & Texas
Series H. 2 Ms. serially.
1st mtge.
Southern California Edison
First mtge. 4Ms,
Other Roads
♦Atchison Topeka & Santa Fe
1967
111. Co. of Boston—
First mtge. 5s,
Chattanooga Station 1st 4s. 1957 (guar¬
anteed by Cln. N. O. A Texas)
Connecticut A Passumpslc River 4s, 1943
Detroit A Toledo Shore Line 1st 4s, 1953
Series C 2Ms, 1940 to 1949
ing two per centum of th^ir
1966
Jersey Central Power & Light
Sixth—Equipment trust obligations as follows (savings
banks may invest not exceeding 6% of their deposits and
surplus therein):
surplus
Gen. mtge. series
1965
1st ref. 5s and 6 Ms,
Portland A Rumford Falls Ry. 5s.
8eries of 1929 4 Ms, serially
Gen. mtge. series
Lake Superior District
New London Northern RR.
F 4s, 1960
G 3 Ms, 1966
H 3 Ms, 1967
Gen. mtge. series 13Ms, 1967
♦Gen. mtge. series J. 3Ms, 1969
San Diego Consol. Gas & Electric Co.—
Gen. mtge. series
1961
First mtge 3 Ms. 1065
Fall River Elec. Lt. Co. 1st M. 3Ms, '68
serially to 1949
1966
♦Ref. series E 2Mb.
series C and D 3Ms, 1960
series F„ 3 Ms. 1961
series F 3Ms. 1966
Rochester Gas A Electric Co.—
1st mtge.
Duquesne Light Co. 1st mtge. 3Ms, 1965
Virginian Ry.
1970
Bangor & Aroostook RR.
A Lt. Co.—
—
Gen. & ref. 3Ms,
Co. 1st 5s, 1949
H.—
1st mtge
3 Ms, 1966
4 Ms.
1944
Newark Gas Co. 1st 6s,
Hudson County Gas
1st mtge.
1965, 1967 and 1970
Detroit Edison Co
Gen. & ref
1st 5s, 1949
Consolidated Gas Co.—
Public Service Co. of N.
3Ms, 1965
1st mtge
Lighting
1943
Consol. 5s, 1948
Cumberland County Pr
1st A ref. 3 Ms, 1966
Guar. 1st 4s, 1960
Term, (guar.)
Newark
Co.—
4 Ms 1954
1st mtge. 3Ms. 1966
Wheeling & Lake Erie
1971
Guar, series E 3 Ms. 1969
Consolidated mortgage 4s, 1996
Norfolk Terminal Ry. 1st 4s, 1961
Scioto Val. A New Eng. RR. 1st 4s. 1989
Winston-Salem Southbound—
Co. 1st 4s,
Trenton Gas & Elec. Co.
1968
1st mtge. 3 Ms,
First consolidated 4s, 1949
Guar, series D 1st 3 Ms,
Co. 1st 5s, 1953
Gas Electric Light & Power
Cons. Gas of Baltimore gen.
RR. A Nav. Co
1961
Refunding mortgage 5s and 4a, 2008
Cincinnati Union Terminal—
Guar, series C 1st 5s. 1957
Winston Salem
♦1st 3Ms,
Consol
Electric A Traction
Somerset Union & Middlesex
Gen. mtge. 3Ms, 1965
♦Commonwealth Edison Co.—
1st & ref. (guar.) 4s,
Electric Co.
consol. 5s, 1949
Syracuse Gas Co. 1st 5s, 1946
Syracuse Lighting Co. 1st 5s, 1951
Oregon-Washington
Norfolk & Western System
1954
South Jersey Gas,
Cleveland Electric Illuminating Co.—
4s, 1947
Oregon Short Line—
Consolidated 1st 5s, 1946
Consolidated 4s, 1960
Income 5s, 1946
Holyoke A Westfield RR. 1st 4 Ms. 1951
Norwich A Worcester 1st 4Mb, 1947
*
Gen. 5s,
Consol. 5s, 1949
Paterson & Passaic Gas &
1st A ref. 6s, 1947
First mortgage
New York Central System
Y. N. H.
2037
Gas & Elec. Co. of Bergen County-
Duke Power Co. 1st A ref. 3 Ms A 4s,
Memphis Division 4s, 1951
N.
1st & ref. 5s,
1st A ref. 7s, 1946
Union Pacific RR.
and 1968
1st A ref. 8s, 2037
Northern New York Utilities—
1953
Gen. refunding mtge. 4s,
1st A ref. 3 Ms, 1966
4s, 1960
3 Ms, 1968
Gen. mtge. 3 Ms, 1962
of
Gas Co.—
1st A ref. 3 Ms,
Central New York Power Co.—
Consolidated mortgage 5s, 1944
Chicago St. Louis & New Orleans—
Consol 3 Ms and 5s, 1951
N. Y. A Harlem RR. ref. 3 Ms,
1st A gen.
—
1963
Co. of N. J. 1st 4s, 1949
1965
United Elec
3 Ms, 1966
cons.
1st A gen
consoli¬
Terminal Railroad Association
St. Louis
Illinois Central System
First mtge. 4s,
Public Service Electric A
1st A gen. 3 Ms, 1966
1955
East Pennsylvania 1st 4s, 1958
System
Western
ref. 3 Ms, 2000
(guar.) ref. 3 Ms, 2000
N. Y. Lack. A West, (guar.) 1st 4s and
4Mb. 1973
Warren RR.
Providence Gas Co
1967
Consumers Power Co.—
A Bound Brook RR.
Philadelphia Electric Co.—
Phila. Electric 1st A ref 3Ms, 1967
Central Maine Power Co.—
Reading Company
Morris A Essex RR (guar.)
1st <feref. 3 Ms, 1961
Central Illinois Light Co.—
1st A
1966
1st & ref. 3 Ms.
Co.—
First & ref. (incorp.) 3 Ms, 1965 &
3 Ms,
—
1964
4s
Pennsylvania Electric Co.—
1st A ref series F 4s, 1971
1st & ref. series G 4s, 1961
1st & ref series H 5s, 1962
Penn. Pub. Serv. 1st A ref 6s. 1947
Penn. Pub
Serv. 1st A ref. 5s, 1954
First A ref. 5s, 1941
Pitts. Cln. Chic. & St. L. RR.
dated
38, 1968
Central Hudson Gas A Elec.
Consolidated gold A 4 Ms.
Delaware
1st & ref
Kings Co. El. L. A P. nur. M. 6s. 1997
1940
1941
Consolidated gold B 4 Ms. 1942
Chesapeake & Ohio RR.
Consolidated gold C 4Mb, 1942
Consolidated gold D 4s, 1945
Craig Valley Branch 1st 5s, 1940
Consolidated gold E 3 Ms, 1949
Rich. A Allegheny Dlv. 1st 4s, 1989
Consolidated gold F 4s, 1953
Rich. A Allegheny Dlv. 2nd 4s, 1989
Consolidated gold G 4s, 1957
Warm Springs Valley Branch 1st 5s, 1941
Consolidated gold H4s, 1960
Green Brier Ry. 1st 4s, 1940
Consolidated gold I 4 Ms, 1963
Big 8andy Ry. 1st 4s, 1944
Consolidated gold J 4 Ms, 1964
Paint Creek Branch 1st 4s, 1945
General mortgage A 5s, 1970
Coal River Ry. 1st 4s, 1945
General mortgage B 5s, 1975
Potts Creek Branch 1st 4s, 1946
Kanawha Bridge A Terminal 1st 5s, 1948 General mortgage O 4Ms. 1977
Vandalla RR cons. A 4s 1955
General mortgage 4Ms, 1992
Vandalla RR cons. B 4s. 1957
Refdg. A lmpt., series D 3Ms, 1990
Refdg. A lmpt., series E 3Ms, 1990
Pittsburgh & Lake Erie
Refdg. A impt., series F 3Ms, 1963
Monongahela Ry. (guar.) 1st 4s, 1960
flocking Valley Ry. 1st consol. 4Mb, 1999
Col. A Hock. Val. RR. 1st ext. 4s,
Pacific Gas A Electric Co
Cons. 3Ms, 1966
General 3 Ms,
1st 4s, 1962
Ohio Public Service Co.
1st & ref. 6s, 1941
Cons.
4s, 1948
General 4s. 1944
Branch RR. gen. 4s A 5s,
N. Y. A Long
33.
Bangor Hydro-Elec. Co 1st 3 Ms, 1966
Brooklyn Boro Gas Co. gen. & ret. 5s, *67
Brooklyn Edison Co.—
general 4s, 1948
&
Companies
Subdivision
1964
1981
Ashtabula RR.
Gen. series D 4Ms,
Rochester
Utilivy
under
25% of their deposits and surplus In the
following bonds, but not more than 5% in
the bonds of any one such corporation.
Atlantic City Elec. Co gen. mtge. 3Ms,
1977
Gen. series C 4Ms,
Pitts. Youngstown A
Public
Savings banks may invest not more than
1974
1951
1952
Refunding 5s, 1963
of
,
Niagara Falls Power Co.—
1st & ref 3 Ms. 1966
Authorized
4s. 1960
Terminal 3 Ms,
Terminal 8 Ms,
Buffalo
Bonds
1943
First mortgage 4Mb. 1943
Y. Gas, E. L
N
1951
H. A P. 1st 5s, 1948
H. & P. pur M.4s'49
N. Y. Gas, E. L.,
Eleventh—
Philadelphia Baltimore A Wash.—
Boston & Albany RR.
1st & ref. 3 Ms, 1966
5s, 1948
United Illuminating Co. 1st 4s, 1940
1943
Phila. A Baltimore Central 1st 4s.
1968
1965
1st A ret. 3Ms.
A Pr. Co. 1st 5s. 1946
Stamford Gas & F.lec. Co. cons
1962
Ohio Connecting Ry. 1st 4s,
Piscataquis Division 5s, 1943
Van Buren Extension 5s, 1943
1st A cons. 3 Ms,
New York Edison Co.—
Edls El 111. of N. Y. 1st cons. 5s, 1995
Co. series A mtge bonds 6s, 1948
New Britain Gas Light Co 3Mb 1961
1981
1940
Connecting Ry. 4s. 4 Ms and 5s, 1951
Elm Ira A Will lams port RR. 1st 4s, 1950
Erie A Pittsburgh RR. gen. 3 Ms, 1940
Transcontinental Short Line 4s, 1958
1st & cons. 3 Ms, 1965
Danbury A Bethel Gas A Electric Light
Guar. gen. 3 Ms, 1948
Lt. A Power Co.
N. Y. A Queens El.
Co. 1st 5s. 1953
Cleveland A Pittsburgh—
First mortgage 3 Ms. 1940
3587
Chronicle—YEARS OLD
ONE HUNDRED—The Commercial & Financial
149
A Power Co.—-
1st A ret. A 7s, 1961
1st A ret. F 3 Ms,
1966
1st & ref. G 3 Ms, 1966
1st A ret. H 3 Ms, 1968
Municipal Forum
of New York
on
Wednesday, Dec.
Schenefield, Director
Forum
to Hold
Luncheon—The Municipal
will hold its next luncheon meeting
6, at the Lawyers' Club.
Hale T.
of the Coordinating Division of the
ONE HUNDRED—The Commercial
3588
U.
S.
Housing Authority, will be the guest speaker,
subject will be "Ohio Municipal Finance."
& Financial
Massachusetts
His
William
P. Capes, Executive Secretary of the New York group, said
a proposed New York State sales tax had developed because
possibility of loss of business to communities located just over the
border from adjoining States.
"If an identical plan is evolved for all States," he said, "the barrier would
opposition to
of the
be removed."
Public Salary Tax Act of 1939
Reviewed—Discussing
generally the applicability of the Federal income tax law to
compensation received by State and local officers and em¬
ployees in the light of the Public Salary Tax Act of 1939,
John Philip Wenchel, Chief Counsel, Bureau of Internal
Revenue, explained to the National Institute of Municipal
Law Officers in Washington on Nov. 27 the provisions of the
Act, which covers both the future taxation of compensation
of State employees and the prevention of taxation, in certain
cases, of the compensation received by State employees in
prior years.
Texas—Tax Remission Law Held Valid in Court
Dallas
The
Bond
Texas ad
ALABAMA
DECATUR, Ala.—BOND OFFERING—We are informed by H. O.
Troup, City Clerk, that the City Council will offer for sale at public auction
on Dec. 4, at 11 a. m., an issue of $1,236,000
4% semi-ann. refunding bonds.
Dated Jan. 1, 1940.
Denom. $1,000.
Due Jan. 1, as follows: $22,000 in
1941, $23,000 in 1942, $24,000 in 1943, $25,000 in 1944, $26,000 in 1945,
$27,000 in 1946, $28,000 in 1947, $29,000 in 1948. $31,000 in 1949. $32,000
in 1950, $33,000 in 1951, $34,000 in 1952, $36,000 in 1953, $37,000 in
1954,
$39,000 in 1955, $40,000 in 1956, $42,000 in 1957, $44,000 in 1958, $45,000
in 1959, $47,000 in 1960, $49,000 in 1961, $51,000 in 1962, $53,000 in
1963,
$55,000 in 1964, $47,000 in 1965, $58,000 in 1966, $60,000 in 1967, $64,000
in 1968, $66,000 in 1969, and $69,000 in 1970.
Those of the bonds which
mature in 1969 and 1970 shall be subject to redemption at the
option of the
city, in the inverse order of their numbers, after 30 days' published notice,
on any interest payment date on or after Jan.
1, 1945, at the following
Test—We
law, which means an estimated
upheld Wednesday by Judge John A.
.
Judge Rawlins denied an application for a temporary injunction against
County.
Attorney General Gerald Mann had declared the Act
unconstitutional in his opinion.
Attorneys interpreted the ruling as holding there is no constitutional
inhibition against passage of a tax remission Act and that
any law enacted
by the Legislature is presumed to be valid.
Plaintiffs William Andress Jr. and Charles S. McCombs, and Assistant
Attorney General Glenn R. Lewis, who intervened on behalf of the State,
filed an immediate notice of
appeal to the Fifth Court of Civil Appeals.
District Attorney Andrew Patton, under whose direction the successful
fight against the ruling of Attorney General Mann was conducted, an¬
nounced that the appeal would be fought to the last ditch.
Judge Rawlins also held that remission of one-half the State ad valorem
Dallas
taxes for the next five years would not be a
gratuity to
Texas counties affected, attorneys pointed out.
This
Srices1, 1950 to July 1, 1954, at 103, from Jan. 1,July 1,to July 1, 1959 at
plus accrued interest: From Jan. 1,1945 to 1955 1949 at 104, from
an.
102, from Jan. 1, 1960 to July 1, 1964 at 101, and thereafter at par. All
bids must include accrued interest and no conditional bids will be considered.
The bonds shall be general obligations of the
city, and shall be
approximately 200
by Attorney General Mann in his opinion.
i
understood, however, that the trial court judge did not consider
arguments on the question of the disputed law coining within the
calamity
It
was
clause of the Texas Constitution.
The Court upheld each provision of the tax remission
law, providing for
expenditure of the tax funds beginning Oct. 1, 1940, for soil erosion, lower¬
ing of tax rates for county purposes, for irrigation and drainage projects,
for flood-control improvements, reforestation and road
building, conserva¬
tion of water, WPA projects, purchase of
right-of-way, navigation develop¬
ment projects, for paying interest on bonded debts or
counties and for gen¬
eral relief and charitable purposes.
United
States—Tobacco
Tax
Revenues Mount for States
yielded $57,555,000 in the
23 States which had this
levy in effect during the 1938-39
fiscal year, the Federation of Tax Administrators
reported
in
on
1939—State
tobacco
taxes
Nov. 27.
The total yield was $1,654,000 higher
$55,901,000;
and
$927,000
The 1939 figures included
higher
revenues
than in 1938, when it amounted to
than the 1937 figure of $56,628,000.
from two States—New York and Rhode
Island—collecting tobacco taxes for the first time.
Although in these
two States the tobacco tax was in effect
only 20 and 30 days respectively,
together their
revenues
tobacco tax collections
increase over 1937.
almost
were
over
1938,
equal to the total increase in State
and they were even greater than the
Annual yields from tobacco levies in all 26 States which
now have this
new States adopted it in 1939—are
expected to top $90,000,000
in the 1939-40 fiscal year.
The estimate is based on information obtained
from the National Tobacco Tax
Conference, one of the Federation's con¬
stituent organizations.
It is anticipated that about two-thirds of the
levy—three
$90,000,000 will be collected by the States of Massachusetts, New
York,
Ohio, Pennsylvania, Texas and Wisconsin.
additionally
by irrevocable pledges of the following:
(a) All uncollected public
improvement assessments and any properties which have heretofore been
acquired by the city in the enforcement of liens securing public improve¬
ment assessments and which are now pledged for
payment of any of the
outstanding bonds; (b) the 2-cent gasoline tax now levied by the city;
(c) so much of the annual license and privilege taxes of the city as may be
necessary in order to pay the principal of and interest on the new bonds as
and when the said principal and interest shall
respectively mature; (d) all
sums which the city
may receive from the State derived from any liquor
license tax or any sales tax levied by said State and distributed to the
city; (e) so much as may be necessary, but not exceeding $15,000 per annum,
of the surplus revenues derived from the water works
system of the city and
representing that portion of said revenues available to the city for use
by
its general fund; and (f) any ad valorem tax which the
city may hereafter
be lawfully authorized to levy for the
payment of bonded indebtedness.
There shall further be specially pledged, as
security for the payment of those
of the new bonds which shall refund the said series B
bonds, the one-third
of the three-mill school tax which is now
pledged for the payment of said
series B bonds.
All such pledges shall be first
pledges.
The proceedings
shall contain appropriate provisions for the
maintenance of said pledges
during the life of the new bonds. The new bonds shall be subrogated to
the rights of the
outstanding bonds respectively refunded thereby, except
that the provisions contained in Ordinance No.
265 of the city respecting
its general fund revenues in excess of
$80,000 per annum shall be rescinded
and any pledges contained in said ordinance in conflict
with the foregoing
pledges shall likewise be rescinded. The city will furnish to the
purchaser
the opinion of nationally known bond
attorneys approving the validity of
the bonds, which opinion will contain the
customary reference to the con¬
secured
argument had been
advanced
Proposals and Negotiations
BRIDGEPORT, Ala.—BONDS SOLD—It is reported that $75,000 4K %
water system revenue bonds have been purchased
by Roy
Gridley & Co. of Birmingham.
valorem tax remission
was
•
stitutional limitation
on the
taxing power of the city. The bonds will not
be sold for less than par plus accrued interest
to date of delivery and pay¬
Those of the bonds numbered
ment therefor.
378, inclusive, will be delivered
bonds will be delivered
on
by State, figures
Louisiana
high of $2.00 in Louisiana.
$2.00
Arizona
Alabama
»„$1.09
North
Dakota...$0.71
1.50
Ohio
Connecticut
1.48
Vermont.
Arkansas
South Carolina
.70
1.28
South
Dakota
.90
Mississippi
Washington
.66
Tennessee—>
Georgia
.88
Utah
Texas
1.19
1.16
.63
Kansas.
Pennsylvania
Oklahoma
Jan.
consecutively from 1 to
1, 1940, and the remainder of ths
A certified check for
ARIZONA
GILA COUNTY (P. O.
Globe), Ariz.—BOND CALL—It is stated by
Elton S. Bryant, County
Treasurer, that refunding bonds numbered from
70 to 88, aggregating $19,000, are
being called for payment on Jan. 1, 1940,
at his office.
These bonds are part of a total issue or
$88,000, dated Jan. 1,
.60
1.10
on
prior to Jan. 15, 1940.
LEEDS, Ala.—BOND OFFERING—The City Clerk will receive sealed
bids until Dec. 4, according to
report, for the purchase of $10,000 public
improvement bonds.
State
were as follows:
or
$25,000, payable to the city, is required.
(The above offering notice supplements the tentative
report given in our
issue of Nov. 25—V. 149, p.
3435.)
Per capita income from tobacco taxes for the
fiscal year 1938-39 ranged
a low of $0.50 in
Kentucky, to a
from
1939
semi-annual
follows from a news story appearing in the
"Morning News" of Nov. 23:
Rawlins of the Sixteenth District Court.
2,
azard rate, there will be to
E resent situation is reduced twonormal.
more years of work needed before the fire
as
$40,000,000 to Texas counties,
Dec.
next, with
121,917,000 board feet, sold for $1,403,531.
Maine salvaged 46,660,000 board feet, selling it for $546,203; Vermont
salvaged 45,416,000 board feet, selling it for $558,712; Connecticut, 17,230,000 board feet salvaged, sold for $206,773; Rhode Island, salvaged
9,526,000 board feet, selling it for $105,777.
A definite policy has been established to
keep the huge timber supply
from depressing the market, the report said.
Logs in water storage are
being sold to domestic industries and sawed logs to foreign markets "with
a view to maintaining stabilized employment for the maximum period."
A 20% gradual price rise in recent weeks is reported due to the war, a
rainy season in the South, and a lumber shortage on the market.
Meanwhile, approximately $2,500,000 has been spent by the Federal
Government in the fire hazard reduction program progressing hand-inhand with the salvaging operations.
The forest service has spent $300,000
on fire-fighting equipment.
Roadways and fire lanes, totaling 7,484 miles,
have been cleared, as well as 115,981 acres of brush-littered land.
At the
Municipal Revenue Problems to Be Discussed—
Mayors from five eastern States will meet in New York City
Dec. 15 to discuss a possible identical tax plan to solve mu¬
nicipal revenue problems.
quote in part
Chronicle—YEARS OLD
was
.80
1.05
.91
Iowa__
81
.70
Kentucky.
.50
Various factors account for the difference in
per capita income of the
State tobacco taxes, the Federation said.
In the first place, rates of the
taxes vary—on cigarettes, from two to five
cents per package.
Moreover,
12 of the 26 States tax only
cigarettes, while others gain revenue from
cigars, smoking tobacco and snuff.
The -variations in tobacco
consumption
habits, and a certain amount of tax evasion in some
States, are other factors
income.
that affect the tax
The New York State tax produced
$954,000 in the final 20 days of the
fiscal year 1939.
An annual yield between $17,500,000 and
$22,500,000 is
anticipated.
In Rhode Island, one month's collections in the
1939 fiscal
$173,000.
The annual yield, it is estimated, will be
$1,500,000.
Massachusetts, New Hampshire and Wisconsin were the three States
enacting tobacco tax laws which became effective after their
year totaled
years had been
completed.
1939 fiscal
These States anticipate annual collections of
$8,000,000, $1,000,000 and $6,000,000 respectively.
1936, maturing $44,000
ST. FRANCIS LEVEE DISTRICT
(P. O. West Memphis)
REPORT ON TAX COLLECTIONS—The above named
said to be the largest of its
type in
books Nov. 30, after which
25%
Bell System Teletype SF 469
OFFIOE8
IN
dmber
PRINCIPAL
CALIFORNIA
CITIES
CALIFORNIA
In addition to
the $7,000,000 paid the
owners, extra
niay be made because of
price rises caused by war needs.
Society said that Great Britain is
no&otiatinfir for the nurchase at
State-by-State basis.
salvaged—368,853,000
OTHER
United States Department
d^ Pricerepor^Sbetween
a
Municipals
485 California Street, San Francisco
from
$2,000,000 and $3,000,000.
The Northeastern Timber
Salvage Corporaton
already has entered into 12,172 contracts for timber
purchase.
Actual salvage operations are carried on
by timber owners and the
orestry service.
The service has salvaged more than
600,000,000 board
eet of lumber, and private interests
about 400,000,000
board feet
Of
the 2,500,000,000 board feet blown
down, 1,250,000,000 board feet'were
found to be salvageable.
On
are
Bankamerica Company
Northeastern Timber
of Agriculture.
of the
salvaging program completed, owners of fallen
timber have sold through the
Salvage Corporation more than
610,000,000
The
Ark.—
district, which is
the world, closed 1939 tax collection
is $494,367,
California
addition, fire hazard reduction
programs, started when salvaging
operations began about a year ago, now are half
completed.
The lumber salvaging
operations In the States—Maine, New
Hampshire
Vermont, Massachusetts, Connecticut and
Rhode Island—resulted
board feet of lumber.
cease on
delinquency penalty will be applicable,
20% greater than last year. Amount assessed for
divided as follows:
Crittenden County, $123,666
Craighead, $37,925; Cross, $38,066; Mississippi, $171,347; St.
Francis,
$47,679; Lee, $12,227, and Poinsett, $63,454.
payments thus far
payment
In
J
Interest shall
ARKANSAS
agencies, have salvaged and sold $7,000,000 in timber blown
down by last year's
hurricane, information from the American
Society of Planning Officials showed on Nov. 28.
wtK!? ?orp^lon„
With four-fifths
July 1, 1944 and 1945.
ARKANSAS, State of—BOND TENDERS INVITED—It is reported
that tenders were received until Dec.
1, by Tom H. Alford, Chairman of
the Board of Trustees of the State Teachers'
Retirement System, for the
purchase of $273,750 State bonds.
New England Farmers
Salvage $7,000,000 in HurricanBlown Timber—Farmers and timbermen of
six New England
States, in cooperation with State and Federal conservation
the cooperation of farmers and
timbermen with the
on
the date called.
New
Hampshire leads in the amount of
board feet, which sold for
$4 221 820
CALIFORNIA,
State
of— WARRANTS SOLD—A total of $4,208,was offered for sale on Nov. 28 and the warrants
awarded to R. H. Moulton & Co. of San Francisco, at
3%, as follows:
$1,708,206.91 general fund warrants sold for a premium of $859.
206.91 registered warrants
were
2,500,000.00 unemployment relief warrants sold for a premium of $1,259.
Dated Dec. 1,1939. Due on or about Aug. 29, 1940.
Legality approved by
Orrick, Dahlquist, Neff & Herrington of San Francisco.
LOS ANGELES COUNTY (P. O. Los
Angeles) Calif.—BONDS NOT
SOLD—The $3,000 not to exceed 6% semi-ann. water works
bonds of
Water Works District No. 21, Kagel Canyon, offered on Nov.
28—V. 149,
p. 3297—were not sold as no bids were received.
Due $1,000 on March 1
in 1963 to 1965.
Volume
PALO
that
ILLINOIS
ALTO, Calif.—BONDS SOLD—It is stated by the City Clerk
$175,000 hospital bonds have been purchased by the City Treasurer,
ALEXIS, III.—BOND ISSUE DETAILS—'The $34,000 bonds purchased
of Davenport, as reported
3s.
as
SANTA
3589
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
149
ROSA, Calif.—BOND SALE DETAILS—It is stated that the
$190,000 fire department bonds sold jointly to Donnellan & Co., and J. S.
Strauss & Co., both of San Francisco, as noted here—V. 149, p. 3436—were
purchased as follows:
$160,000 as 2s, due on Dec. 1:
$5,000 in 1940 and
1941; $10,000 in 1942 to 1944, and $15,000 in 1945 to 1952; the remaining
$30,000 as l^s, due $15,000 on Dec. 1 in 1953 and 1954.
Denom. $1,000.
Interest payable J-D.
Prin. and int. payable in lawful money at the
County Treasurer's office.
Legality to be approved by Or rick, Dahlquist, Neff & Herrington of San Francisco.
earlier in the year by the White-Phillips Corp.
in V. 148, p. 3563, were issued as follows:
$22,000 water and
system and disposal plant bonds as 4s, at par.
$500 from 1942 to 1949, incl.; $1,000 from
sewer
Due Jan. 1
follows:
as
and $1,500 from 1959 to 1964, incl.
Principal
payable at First National Bank, Chicago.
system bonds as 3Ms, at par.
Dated June 1,1939
Denom.
$500.
Due Dec. 1 as follows: $500 from 1940 to 1953, incl., and
$1,000 from 1954 to 1958, incl.
1950 to 1958, incl
,
and interest
12,000
sewer
Principal and interest payable at the First National Bank of Chicago.
COLORADO
11 (P. O. La Junta)
Superintendent of Schools reports that the
$15,000 3 J4 % college completion bonds sold to Bosworth, Chanute,
Loughridge & Co. of Denver, as noted here—V. 149, p. 3436—were pur¬
chased at par. Due serially in 1944 to 1954.
OTERO COUNTY SCHOOL DISTRICT NO.
Colo.—PRICE
PAID—The
bonds
DETAILS—'The $45,000 sewer
bonds purchased
ISSLE
Conn .—BOND
bonds sold to the city water department and $25,000 sewer
by the City National Bank & Trust Co. of Danbury, as reported in Y.
149, p. 3436, were issued as 134s (not lHs). at par, and mature as follows:
$45,000 due Oct. 1
follows:
as
CARLYLE, 111.—WATER CERTIFICATES SOLD—An issue of $135,000
power plant revenue certificates was sold several months ago to
Stifel, Nicolaus & Co. of St. Louis, at a price of 99.
394%
CENTRALIA, 111.—BONDS DEFEATED—An issue of $60,000 airpor
was turned down by the voters at an election on Nov. 24.
CONNECTICUT
DANBURY,
111.—BOND SALE CONTRACT—The Channer Securities
of Chicago has contracted to purchase an issue of $750,000 334%
judgment bonds, to mature in from 3 to 20 years.
BERWYN,
Co.
$6,000 from 1941 to 1947 incl, and $3,000
in 1948.
25,000 due Oct. 1 as follows: $3,000 in 1948; $6,000 in 1949
$5,000 in 1951 and 1952.
and 1950 and
CHICAGO,
B.
CALL—R.
Upham,
City
Comptroller,
$1,300,000 3% refunding bonds of 1937, dated Jan. 1, 1937, the bonds in
question being numbered variously, having been drawn by lot.
Principal
payable at office of the City
and interest of the bonds to be redeemed will be
Treasurer
Conn .—NOTE SALE—F. W. Horne & Co. of Hartford
Nov. 22 an issue of $100,000 tax anticipation notes at 0.273%
Dated Nov. 22, 1939 and due Aug. 6, 1940.
Certified by and
III.—BOND
that the $4,000,000 334% refunding bonds of 1935, second
series, dated July 1, 1935, $1,000 each and numbered from 1 to 4,000, incl.,
have been called for redemption at par and accrued interest on Jan. 1,1939.
Also to be redeemed on that date and on the same terms are a total of
announces
the Guaranty Trust
or at
Co., New York City.
MILFORD,
purchased
discount.
on
payable at the Milford Trust Co.
NEW BRITAIN, Conn.—BOND OFFERING—W. H. Judd, President
of Finance and Taxation, will receive sealed bids, care of New
of Board
Britain National
Bank, New Britain, until 11:30 a. m. on
Dec. 6 for the
purchase of $50,000 1 H% sewer fund bonds, 15th series, fourth issue.
Dated July 1, 1939.
Denom. $1,000. Coupon bonds, due $5,000 on July 1
from 1941 to 1950 incl.
Principal and interest (J-J) payable at First Na¬
tional Bank of Boston, or at the New Britain National Bank, at holder's
option.
AH of the city's taxable property will be subject to levy of un¬
and interest on the issue.
limited ad valorem taxes to pay principal
will be engraved under the supervision of
Bonds
and authenticated as to genuine¬
by the First National Bank of Boston. Legal opinion of Storey Thorndike, Palmer & Dodge of Boston will be furnished the successful bidder.
ness
SPRINGS, Conn.-NOTE SALE—F. W. Horne & Co.
STAFFORD
Hartford obtained award of $75,000 tax notes at
0.324% discount.
DISTRICT,
111.—BOND
CALL— District
Treasurer Frank O. Birney calls for payment on Jan. 1, 1940 the following
refunding of 1935 Series B bonds:
Nos. B-1561 to B-2080, 5%, aggregating $520,000.
Denom. $1,000.
Nos. B-4505 to B-5013, B-27661 to B-28440 and B-81893 to B-82142,
434%, aggregating $1,539,000.
Denom. $1,000.
Nos. B-25266 to B-25270, 434%, aggregating $2,500.
Denom. $500.
Nos. B-36241 to B-36490, B-46111 to B-46860, B-70193 to B-71292, and
B-8.5393 to B-85892, 414%, aggregating $2,600,000.
Denom. $1,000.
Refunding, 4%, aggregating $2,995,000.
Denom. $1,000.
Payable at the First National Bank, Chicago.
Interest shall cease on
CHICAGO
date called.
'■
.
,
:v-
...
CHRISTY (P. O. Sumner), III.—BONDS SOLD—The
improvement bonds authorized at an election last July have
$8,000 road
been sold to
the First National Bank of Sumner.
of
Due
in six months.
SANITARY
COOK COUNTY,
EAST MAINE SCHOOL DISTRICT NO. 63 (P. OVOTED—At an election held on Nov. 18 the
Des Plaines), 111.—BONDS
voters
approved an issue of $31,000 construction
bonds.
Okawville), 111.—BONDS SOLD—
$20,000 road bonds authorized at an election on Sept. 2 have been sold
COVINGTON TOWNSHIP (P. O.
The
FLORIDA
to
BONDS
Clyde C. Pierce Corporation
Barnett National Bank Building
FLORIDA
JACKSONVILLE
Branch Office:
First
National
Bank
Building
T.
TAMPA
8.
Pierce, Resident
1945.
ISSUE DETAILS—The $9,000 refunding
Bank & Trust Co. of Galesburg—
issued as 4 34s, at par, and mature Jan. 1 as follows:
$1,000 in 1941 and $2,000 from 1946 to 1949 incl.
DALLAS CITY, 111.—BOND
V. 149, p. 1356—were
Manager
HUNTSVILLE TOWNSHIP (P. O. Rushville),
at
FLORIDA
(P. O. Inverness) Fla.—BOND TENDERS IN¬
VITED—It is stated by F. E. Marlow, Chairman of the Board of County
Commissioners, that he will receive sealed tenders until Dec. 18, at 10
a. m., of road and bridge refunding bonds, dated Nov. 1,1933.
The amount
of bonds to be purchased will be determined by the above Chairman.
Offerings must be firm for at least 10 days or they will not be considered.
CITRUS COUNTY
FERNANDINA, Fla.—BOND ELECTION—A special election is said to
proposed issuance of $50,000
5% semi-annual funding bonds, to mature $25,000 in 1955 and 1958.
be scheduled for Dec. 19 in order to vote on the
LEE
COUNTY
are
(P.
now
Fort
O.
Myers)
F\m.—ADDITIONAL INFOR¬
informed by the County Clerk that the $75,000
4% semi-ann. airport building bonds approved by the voters on Nov. 7,
as noted
here—V. 149, p. 3143—have not been validated as yet so no
offering date can be scheduled at present.
Dated Jan. 1, 1940. Denom.
$1,000.
Due as follows:
$3,000 in 1945 to 1954, $4,000 in 1955 to 1959,
and $5,000 in 1960 to. 1964.
Prin. and int. payable at the City Bank
Farmers Trust Co., New York City.
Legality to be approved by Caldwell
& Raymond, of New York City, or other authorized attorneys.
MIAMI, Fla.— WATER CERTIFICATE SALE SEEN LIKELY—'The
following information is taken from the November bond bulletin put out
by A. B. Morrison & Co., Congress Building, Miami:
The market for City of Miami bonds is much stronger due to notice by
city of its intention to purchase $200,000 of its bonds and calling for tenders
on Dec. 13.
This is the first call Miami has made for its refunding bonds.
Incidentally, Miami will have to sell in the near future possibly $7,000,000
of water revenue certificates to finance purchase of the water distribution
system and make the necessary extensions.
If the refunding of the general
debt of Miami into lower rate serial obligations could in some way be coupled
with the sale of water revenue bonds, it would obviously solve one of
Miami's pressing problems.
ST.
PETERSBURG
SPECIAL
ROAD
AND
BRIDGE
13
(P. O.
Board of County Commissioners are
for Dec. 4 to validate
as
of Jan. 1,,1940.
SANIBEL-CAPTIVA
SPECIAL
ROAD
BRIDGE
AND
(P. O. Fort Myers) Fla.—BOND SALE—We are
DISTRICT
informed by the Clerk
that the $20,000 6% semi-ann. road
and bridge bonds offered on Nov. 6—V. 149, p. 2545—were sold on Nov. 22
at a price of 95.00, a basis of about 6.53%.
Dated May 1,1939. Due$l,000
on May 1 in 1944 to 1963 incl.
of the Board of County Commissioners
MILLS CONSOLIDATED SCHOOL DISTRICT
Dublin), Cm.—BOND SALE DETAILS—It is now
(P. O.
stated by the District
bonds which -were sold, as noted here—
V. 149, p. 3436—were purchased by Brooke, Tindall & Co. of Atlanta as
4s for a price of 101.20, a basis of about 3.90%.
Dated April 1, 1939.
Due $5,000 on April 1 in 1944, 1949, 1954, 1959, 1964 and 1969.
Clerk that the $30,000 construction
TIFT COUNTY (P. O. Tifton),
Ga.—BOND OFFERING CHANGE—
offering set for Dec. 4, of the $50,000 hospital bonds,
noted in our issue of Nov. 25—V. 149, p. 3436—it is stated by the Clerk of
the Board of County Commissioners that the hour of receiving bids has
been set back from 10 a. m. until noon, (EST), on that date.
In connection with the
IDAHO
OWYHEE
AND
CANYON
COUNTIES,
JOINT
INDEPENDENT
SCHOOL DISTRICT NO. J-80 (P. O. Homedale), Ida ho—BONDS
SOLD—It is reported by the District Clerk that the $8,000 construction
bonds approved
Idaho.
by the voters on June 17, have been
PRIEST RIVER SCHOOL
been
sold to the State
DISTRICT (P. O. Priest River), Idaho—
school building bonds is reported to have
purchased by the State Department of Public Investments.
BONDS SOLD—A $90,000 issue of
on
Nov.
111.—BONDS VOTED
improvement bonds was approved by the voters
14.
COMMUNITY HIGH SCHOOL DISTRICT
III.—BONDS SOLD—A group composed of Paine,
Mississippi Valley Trust Co., St. Louis, Charles
K. Morris & Co., Chicago, and Baum, Bernheimer & Co. of Kansas City,
purchased earlier in the year an issue of $165,000 314% school bonds at a
price of 101.42, a basis of about 3.10%.
Due Nov. 1 as follows: $5,000
in 1941; $6,000,1942; $7,000,1943; $8,000.1944; $9,000 in 1945 and $10,000
COUNTY
NO. 156 (P. O. Roxana),
from 1946 to 1958, incl.
MAHOMET, III.—BOND ISSUE DETAILS—'The
purchased early in 1939 by Doyle, O'Connor & Co. of
in V. 148, p. 1841, were sold as follows:
$33,000 water bonds
Chicago, as reported
$26,000 revenue bonds as 4s.
Due Dec. 1 as follows: $1,000
1960, incl., and $2,000 from 1961 to 1963, incl.
7,000 general obligation bonds as 5s.
1954, incl.
from 1941 to
Due $500 on Dec. 1 from 1941 to
,
.
•
(P. O. Westfield), 111.—BONDS SOLD—The
$106,000 road bonds authorized at an election on Aug. 8 have been sold.
PARKER TOWNSHIP
ROODHOUSE, 111.—BONDS
sold to the Municipal Bond
1938.
Due $1,000 Dec.
to 1957, incl.
Denom. $1,000.
was
Dec. 1.
SOLD—An issue of $35,000 sewer bonds
Corp. of Chicago, as 4s, at par.
Dated
1, 1940, and $2,000 on Dec. 1 from 1941
Interest J-D.
SIDNEY, III.—BONDS SOLD—An issue of $24,000 registered 4% water
bonds was sold to Doyle, O'Connor & Co. of Chicago, at a price of
Due from 1940 to 1967 incl.
Denoms. $2,000, $1,000 and $500.
revenue
92.25.
Interest J-D.
STERLING, 111.—BOND SALE—Mullaney, Ross & Co. of Chicago
purchased on Nov. 27 an issue of $155,000 street improvement bonds as
154s, at a price of 101.291, a basis of about 1.55%. Due Dec. 1 as follows:
$15,000 from 1941 to 1945 incl. and $16,000 from 1946 to 1950 incl.
VANDALIA
SCHOOL DISTRICT, III.—BONDS SOLD—An issue
$25,000 construction bonds was sold to
VINCENNES TOWNSHIP (P. O.
of
Paine, Weboer & Co. of Chicago.
Vincennes), Ind.—BOND OFFER¬
Township Trustee, will receive sealed bids until
Jan, 2 for the purchase of $14,500 not to exceed 5% interest
bonds, divided as follows:
ING—I.
1
p.
m.
Grant Beesley,
on
$4,000 school
township refunding bonds.
Due $1.,000 on Jan. 15 from
Bonds are direct obligations of the school town¬
ad valorem taxes to be levied on all
1953 to 1956 incl.
ship, payable out of unlimited
of its t^x3-bi0 prop6rtv«
10,500 township refunding bonds issued to fund outstanding 5% judgment
funding bonds.
Denom. $500.
Due $5,000 Jan. 1 and $5,500,
July 1, 1951.
Bonds are direct obligations of the civil township,
payable out of unlimited ad valorem taxes to be levied on all of its
taxable property.
Each
one rate
1, 1940.
Interest J-J.
Bidder to name
expressed in a multiple of 34 of 1 %.
Success¬
issue will be dated Jan.
of int. on each issue,
required to provide for and pay for printing of the bonds.
Lecal opinion of Matson, Ross, McCord & Clifford of Indianapolis will be
furnished the successful bidder.
No conditional bids will be considered.
ful bidder will be
GEORGIA
HAMPTON
election
Webber & Co., Chicago, the
DISTRICT
Clearwater), Fla.—BONDS TO BE VALIDATED—The
reported to have a meeting scheduled
$1,252,000 refunding, Issue of 1939 bonds, through
the Circuit Court of the Sixth Judical Circuit of Florida.
BOND CALL—It is stated by Ray E. Green, Clerk of the Board of County
Commissioners, that various refunding bonds of the above district, in
Series A, B and C, aggregating $1,252,000, are being called for payment
NO.
an
MADISON
'
MATION—We
1
bonds sold to the First Galesburg National
—An Issue of $6,000 road
in
i
Washington County banks.
GENESEO,
111.—BONDS SOLD—The Municipal
Light & Power
Utility Co. of Geneseo purchased $5,500 234% water revenue bonds at
par.
Due July 1 as follows:
$1,000 from 1940 to 1944, incl. and $500 in
DETAILS—'The $30,000 sewer system
the White-Phillips Corp. of Davenport—V.
3H% interest, were issued at par and mature as follows:
$1,000 on Dec. 1 from 1941 to 1948 incl.; $2,000 Dec. 1 from 1949 to 1958
incl. and $2,000 July 1, 1959.
VIRGINIA, 111.—BOND ISSUE
bonds sold earlier in the year to
149, p. 2725—bear
WHEATON
Wheaton Bank
PARK
DISTRICT, III.—BONDS SOLD—The Garyand the Wheaton Trust & Savings Bank, jointly, purchased
improvement bonds at par.
Dated
Sept. 9, an issue of $10,000 3%
Oct. 1, 1939 and due in nine years.
on
INDIANA
ELWOOD, Ind.—BOND OFFERING—Calvin D. Sizelove, City ClerkTreasurer, will receive sealed bids until 4 p. m. on Dec. 12 for the purchase
of $25,000 not to exceed 434 % interest improvement bonds.
Dated Oct. 1,
1939. Denom. $1,000. Due as follows: $1,000, July 1.U943; $1,000, Jan. 1.
and July 1 from 1944 to 1955 incl. Bidder to name a single rate of interest,
expressed in a multiple of 34 of 1%. Interest J-J. The bonds are payable
from unlimited ad valorem taxes to be levied on all of the city's taxable
property and the approving legal opinion of Matson, Ross, McCord &
Clifford of Indianapolis will be furnished the successful bidder.
A certified
check for $500, payable to order of the city, must accompany each proposal.
ONE HUNDRED—
3590
Commercial & Financial Chronicle—YEARS OLD
The
GIBSON COUNTY (P. O. Princeton), Ind.—BOND OFFERING—
Walter T. Cox, County Auditor, will receive sealed bids until 10 a. in. on
Dec. 16, for the purchase of $10,309.35 6% ditch bonds.
Dated Oct. 3,
1939.
Denom. $500, except one bond for $154.67 and one for $154.68.
Due as follows:
$654.67 May 15 and $654.68 Nov. 15, 1940, and $500
May 15 and Nov. 15 from 1941 to 1949, incl. Interest A-O. The bonds are
issued for the purpose of reimbursing the General Ditch Improvement Fund
and the County General Fund for expenditures made for the establishment
and construction of the Lillard Ditch and the Doulan Ditch, established by
the Gibson Circuit Court, and for the purpose of raising money for the
unpaid balance due for said ditches.
These bonds are secured by the unpaid
balance to be collected of assessments made and confirmed by the Gibson
Circuit Court on lands in the county, assessed as benefited in the Lillard
and Doulan Ditch proceedings, which assessments are a first and paramount
lien
on
said lands,
HAMMOND
SANITARY
DISTRICT.
Ind.—BOND
SALE—The
$600,000 coupon series D sanitary bonds offered Nov. 24—V, 149, p. 3143
—were awarded to an account composed of Kidder, Peabody & Co.; R, W.
Pressprich & Co., both of New York, and Stifel, Nicolaus & Co. of Chicago,
at a price of 101.783, a basis of about 2.62%.
Dated Dec. 1, 1939
and due $20,000 on Jan. 1 from 1942 to 1971, incl.
The bankers re-offered
the bonds at prices to yield from 0.80% to 2.75%, according to maturity.
The following is a list of the bids for the issue:
as
Interest
Bidder—
Rate
Kidder, Peabody & Co., New York; R. W. Press¬
prich & Co., New York, and Stifel, Nicholas &
Co., Inc., Chicago
Mercantile Bank, Hammond
Halsey, Stuart & Co., Inc., Chicago; First of Michi¬
gan Corp., and Charles K. Morris & Co., Inc—
Northern Trust Co., Chicago, and Braun, Bosworth & Co.__
Premium
WICHITA, Kan.—BONDS SOLD—It is stated by C. C. Ellis, City
Clerk, that $164,000 1*4% refunding bonds were purchased on Sept. 6
by the Fourth National Bank of Wichita, at a price of 95.003. Due in from
one to
$10,698.00
9,912.00
6,840.00
2%%
chased
as
3s, are dated Nov. 1, 1939, and mature in from 1 to 10 years.
KENTUCKY
OF
WESTERN
KENTUCKY
STATE
COLLEGE, Bowling Green. Ky.—BOND CALU-lt is
by Treasurer H. W. Sublett, that all outstanding 4% semi-ann.
building revenue bonds of 1936, of the above college, are being called for
payment on Jan. 1, 1940, at the place of payment designated in the bonds.
Dated Jan. 1, 1936.
BOARD
REGENTS
OF
TEACHERS
stated
4,979.40
2%%
1,980.00
Ky.—BOND OFFERING—Sealed bids will be
Clerk, for the purchase of an
$85,000 issue of coupon hospital bonds, to tear int. at 2*4%, payable J-J.
Denom. $1,000.
Dated Jan. 1. 1940.
Due on the amortization plan from
1941 to 1955.
Principal and interest payable at Bowling Green.
Legality
to be approved by Chapman & Cutler of Chicago.
A certified check for
$2,000 must accompany the bid.
'
A. C. Allyn & Co., Chicago; Stranahan, Harris &
GREEN,
received until Dec. 1, by W. J. Spillman, City
Lehman Bros., New York; Union Trust Co., Indi¬
anapolis, and Fletcher Trust Co., Indianapolis..
Kan.—BOND SALE DETAILS—It is stated by the City
.
2*4 %
*
KENTUCKY, State of—BOND CALL—It Is stated by Robert Hum¬
phreys, Commissioner of Highways, that various 1*4%, 2*4%, 3% and
Kentucky bridge revenue refunding bonds aggre¬
3 M % Commonwealth of
Co., Inc.; Blair & Co., Inc. and Ryan, Suther¬
land & Co....
The Calumet National Bank,
10 years.
WICHITA,
Clerk that the $81,000 refunding bonds sold at par to the 8tate School
Fund Commission, as noted here on Oct. 28—V. 149, p. 2725—were pur¬
BOWLING
25*%
2*4%
Dec. 2, 1939
HUTCHINSON, Kan.—BONDS SOLD—A $77,596.66 Issue of internal
Improvement bonds is stated to have been purchased by Beecroft, Cole &
Co. of Topeka, paying par on the bonds divided as follows:
$46,596.66
as
l^s, due $4,596.66 on Feb. 1 and $5,000 on Aug. 1, 1941; $9,500 on
Aug. 1 in 1942 and 1943, and $9,000 on Aug. 1,1944 and 1945; the remaining
$31,000 as 1 *48, due on Aug. 1:
$9,000 in 1946; $8,000, 1947 and 1948, and
$6,000 in 1949.
3%
3%
Hammond—...—
1,025.00
535.00
MONTGOMERY COUNTY (P. O. Crawford), Ind.— BOND SALE—
The $100,000 Culver Union Hospital bonds offered Nov. 29—V. 149,
3005-—were awarded to Paul H. Davis & Co. of Chicago as 2s, at a price
101.362, a basis of about 1.88%,
Dated Dec. 15, 1939 and due $5,000
Jan. 15 and July 15 from 1948 to 1957, incl.
Second high bid of 101.078
for 2s was made by John Nuveen & Co. of Chicago.
p.
gating $983,000, are being called for payment on Jan. 1, 1940.
LEBANON, Ky.—PRICE PAID—The City Clerk states that the $100,000 34 % semi-ann. sewer revenue bonds which were sold to 8tein Bros. &
Boyce, and J. J. B. Hilliard & Son, both of Louisville, jointly, as noted
here—V. 149, p. 3298—were purchased by them at a price of 98.718, a
basis of about 3.64%. Due on Oct. 1 in 1941 to 1957.
of
MUNCIE, Ind.—BOND SALE—The $4,000 series D refunding bonds of
1939, offered Nov. 29—V. 149, p. 3298—were awarded to Browning, Van
Duyn, Tischler & Co. of Cincinnati as IHs. at a price of 100.71, a basis of
about 1.64%.
Dated Dec. 15, 19.39 and due Jan. 1, 1947.
Second high
bid of 100.84 for 2s was made by Raffensperger, Hughes & Co. of Indian¬
apolis.
NEW CASTLE, Ind.—BOND SALE—The $9,000 sewer bonds offered
27—V. 149, p. 3298—were awarded to the Fletcher Trust Co. of
as 2s at a price of 101.172, a basis of about 1.79%.
Dated
Nov. 1, 1939.
Due as follows: $1,000 Jan. 1 and July 1 from 1944 to 1947,
incl., and $500 Jan. 1 and July 1, 1948.
Other bids;
Ky .—BRIDGE BONDS NOT
LOUISVILLE,
on
TO BE REOFFERED—
It is stated by E. H. West, Sec.-Treas, of the Bridge Commission, that no
proceedings have been taken as yet to reoffer for sale the $3,75O,O0O not to
exceed 24% semi-annual bridge revenue refunding bonds that were offered
without success on Sept. 26, as noted here.
NEWPORT, Ky.—BOND SALE NOT CONSUMMATED—The sale of
the $125,000 2*4% semi-annual pumping station electrification bonds to
the Weil, Roth & Irving Co. of Cincinnati, at a price of 100.55, as noted
here on June 3, was not consummated, as the bonds were defeated by the
voters at the general election on Nov. 7—V. 149, p. 3144.
Nov.
Indianapolis
Bidder—
Kenneth
Rate Bid
Int. Rate
8,
Johnson
Raffensperger, Hughes & Co
-
First National Bank of New Castle
PARK HILLS
(P. O. Ludlow), Ky.—BONDS NOT SOLD—The $ 11,000
to exceed 6% semi-annual sewage disposal plant bonds offered on
Nov. 28—V. 149, p. 3437—were not sold as all bids were rejected, according
not
to the
City Clerk.
Due
100.855
100.709
2%
2%
2%
2%
2%
2%
2^%
24%
100.611
on
April 1 in 1941 to 1950 incl.
LOUISIANA
100.61
100.555
100.51
100.74
100.135
ORLEANS, La.—CERTIFICATE CALU-It is stated by Jess S.
Commissioner of Finance, that 44% semi-ann. refunding paving
are being called for payment at par and accrued interest on
Jan. 1, 1940, at the places designated in said certificates.
Dated Jan. 1,
1936.
Due on Jan. 1 ,'1951.
Said certificates should be called for payment
with all unmatured coupons attached.
Interest shall cease on date called.
BUCHANAN
COUNTY
(P.
O.
Independence),
Iowa—BONDS
SOLD—A $30,000 issue of 2)4% semi-annual poor fund bonds is said to
ST. LANDRY PARISH SCHOOL DISTRICT NO.
5, FOURTH
POLICE JURY WARD (P. O. Opelousas), La.—BOND SALE—The
$40,000 coupon school bonds offered for sale on Oct. 10—V. 149, p. 2261—
were purchased by the Ernest M. Loeb Co., Inc., of New Orleans, as 4*4e
and 5s.
Dated Oct. 1, 1939.
Due on Oct. 1 as follows: $2,000, 1940 to
1942; $2,500, 1943 to 1948; $3,000, 1949 to 1952, and $3,500 in 1953 and
Indianapolis Bond & Share Corp
John Nuveen & Co.
„
....... —
»_
...............
McNurlen & Huncilman
Browning. Van Duyn, Tischler & Co--_-
...
A. S. Huyck & Co
—
IOWA
have been
purchased on Nov. 14 by Leo L. Mak, Inc. of Waterloo.
$10,000 on Nov. 1 in 1944 to 1946.
Due
NEW
Cave,
certificates
1954.
CHEROKEE, Iowa—BOND OFFERING—Sealed and open bids will be
received until 1:30 p. m. on Dec. 7, by J. A. Cary, City Clerk, for the pur¬
chase of the following bonds:
$30,042.68 street improvement bonds. Dated July 6, 1939.
Decom. $500,
one for $542.68.
Due May 1, 1940 to 1949.
Prin. and int.
(May 1) payable at the City Treasurer's office.
These bonds
are payable only out of special assessments against property
benefited by certain street improvements, which assessments
have been levied and certified to the County Auditor.
4,000.00 city improvement fund bonds.
Dated Nov. 1, 1939. Denom.
$1,000.
Due $2,000 Nov. 1, 1941 and 1942. Interest payable
May and Nov. 1.
The bonds are payable only out of the city
improvement fund.
Bids shall specify the rate of interest at which the bidder will take the
bonds at par plus accrued interest.
The bonds shall be sold subject to the
opinion as to their legality of Stipp, Perry, Bannister & Starzinger, of
Des Moines, which opinion will be delivered with the bonds.
A certified
check for 5% of the principal amount bid upon is required.
COBURG CONSOLIDATED SCHOOL DISTRICT (P. O. Coburg)
Iowa—BOND SALE DETAILS—It is now reported that the $50,000
refunding bonds sold to the White-Phillips Corp. of Davenport, as noted
here, were purchased as 3 Me, Dated May 1, 1939. Denom. $1,000. Due
Nov. 1, as follows: $3,000 in 1940 to 1949, and $4,000 in 1950 in 1954.
Prin. and int. payable at the District Treasurer's office.
These bonds are
issued to provide funds to retire a like amount of outstanding building bonds
EARLY, lovra—MATLRITY—It is stated by the Town Clerk that the
$10,000 in town hall bonds sold to Jackley & Co. of Des Moines as 3s, at
par, as noted here—V. 148, p. 3437—are due $500 on June 1 in 1942 to
1961, inclusive.
EDEN TOWNSHIP RURAL INDEPENDENT SCHOOL DISTRICT
NO. 5 (P. O. Vinton), Iowa—BONDS SOLD—It is stated by the District
Secretary that $2,700 building and equipment bonds have been sold.
HARRISON COUNTY
stated
(P. O.
Logan), Iowa—BONDS SOLD—It is
by the County Treasurer that $25,000 2% % funding bonds have
been^urchased by Vieth, Duncan & Wood of Davenport, at
IOWA
a price
of
CITY, Iowa—BOND OFFERING—It is reported that bids wil
be received until 9 a. m. on Dec.
5, by E. B. Raymond, City Treasurer, for
the purchase of the following bonds,
aggregating $9,514.32; $8,268.25
street
improvement paving, and $1,246.07 sidewalk improvement bonds.
MONTEZUMA. Iowa—BONDS TO BE SOLD—It is stated by C. FDickson .Town Clerk, that $132,000 electric
light and power plant revenue
bonds will be taken by
Fairbanks, Morse & Co. of Chicago.
MONTGOMERY COUNTY (P. O. Red Oak) Iowa—BOND SALE
V?1 AILS—It 18 reported by the County Treasurer that the $95,000
refunding bonds sold to Stern Bros. & Co. of Kansas City, as 0.75s—V.
$3l'(W0
in
1943Fe
°n Jan'
** foUows: $32-°°0 in *941 and 1942, and
ItwE,fr°o NT? (aP* P- Muscatine), Iowa—BONDS
is stated by the
County Auditor that
It
purcnased
on
Nov. 20
(P*
stated
SOLD—
$40,000 poor fund bonds
_by Vieth, Duncan & Wood
paying a price of 100.405.
Due in 1948 to 1950.
°*
of
Davenport,
.£or£don)' Iowa—BONDS
were
as
2s,
*
SOLD—It is
by the County_Treasurer that $30,800 funding bonds have been
chased by the White-Phillips Corp. of Davenport as 2
4s.
pur¬
KANSAS
HARVEYVILLE RURAL HIGH SCHOOL DISTRICT (P. O. H»rv.vKan.—BOMMS SOLD-lt Is stated by the District CleVk that
$35,000 budding bonds approved by the voters last June, have been sold
the Columbian Securities Corp. of Topeka.
ville),
WINN
PARISH
SCHOOL
DISTRICTS
(P.
O.
Winnfield),
BOND OFFERING—Sealed bids will be received until 10
a.
m.
on
La.—
Jan. 5
by D. E. Sikes, Secretary of the Parish School Board, for the purchase of
the following issues of bonds, aggregating $206,000: $36,000 Dodson School
District and $170,000 Winnfield School District bonds.
Interest rate is
not to exceed 6%, payable J-D.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1, 1940 to 1954.
Rate of interest to be in multiples of 4 of 1%.Prin. and int. payable at the office of the Treasurer, Parish School Board,
or at the Central Hanover Bank & Trust Co., New York.
These bonds
were authorized at the election held on Julv 25.
The approving ooinion of
Thomson, Wood & Hoffman of New York will be furnished.
Enclose a
certified check for 2% of the amount of the bid, payable to the Parish
School Board.
p.
,
(These bonds were offered for sale without success on Nov. 17—V. 149
2726.)
...
.
MARYLAND
BRUNSWICK, Md.—BOND OFFERING—W. Claude Lutman, Clerk
of the Mayor and Council, will receive sealed bids until 8 p. m. on Dec. 8,
for the purchase of $161,000 not to exceed 5% interest couoon refunding
bonds of 1939.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1 as
$3,000 from 1941 to 1955, incl.; $5,000 from 1956 to 1978, incl.
and $1,000 in 1979.
Rate of interest to be expressed in a multiple of 4 or
l-10th of 1%.
Bonds will be issued pursuant to authority contained in
follows:
Chanter 293 of Acts of Maryland General Assembly passed at
the Jan., 1939
session.
Principal and interest (J-D) payable in legal tender at the office
of the Mayor and Council.
Bonds may be registered as to principal on
books kept for that purpose by the above-mentioned official.
Unlimited
taxing power of the city will be pledged for their payment.
The bonds to
be refunded mature in 1941 and are part of the city's total outstanding
funded debt of $289,000.
A certified check for 5% of the bonds offered,
Sayable to order of the Clerk-Treasurer, is required. Legal opinion of
riles, Barton, Morrow & Yost of Baltimore will be furnished upon request
of the
successful bidder.
FROSTBURG,
Md.—BOND
OFFERING—Roland
Lammert,
City
Clerk, will receive sealed bids until 7:45 p. m. on Dec. 4 for the purchase
of $35,000 not to exceed 4% interest coupon water bonds.
Dated Nov. 1,
1939. Due $7,000 on Nov. 1 from 1955 to 1959 incl. Rate of interest to be
expressed in a multiple of 4 or l-10th of 1%. Principal and interest (M-N)
payable at the Manufacturers Trust Co., New York, or at the Fidelity
Savings Bank, Frost burg. A certified check for 5% must accompany each
proposal
(Previous mention of this offering appeared in V. 149, p. 3437.)
MONTGOMERY COUNTY (P.
O. Rockvllle), Md.—BOND OFFER¬
ING—Richard H. Lansdale, Clerk to County Commissioners, will receive
noon on Dec. 12 for the purchase of $370,500 not to exceed
sealed bids until
4% interest coupon bonds, divided as follows:
$195,500 refunding bonds of 1939, series B. Dated Dec. 1, 1939. Denom.
$500 or any multiple thereof as requested by purchaser. Registerable as to principal or as to princioal and interest.
Due Dec. 1 as
follows:
$10,000 from 1944 to 1953 incl.; $20,000 from 1954 to
1957 incl. and $15,500 in 1958.
Interest J-D. The bonds to be
refunded mature during months of Jan. to May, 1940, incl.
Refunding authorized under Chapter 158, Laws of 1939.
175,000 public school construction bonds of 1940.
Dated Feb. 1, 1940.
Denom. $1,000 and bonds may not be registered as to interest.
Due Feb. 1 as follows: $10,000 from 1944 to 1953 incl. and $15,000
from 1954 to 1958 incl.
Interest F-A. Bonds authorized under
Chapter 479, Laws of 1939.
Principal and interest payable at the Montgomery County National Bank,
Different rates may be bid for each of the two issues, but all
bonds of the same issue must bear the same rate.
Principal and interest
Rockville.
payable as maturing from an ad valorem tax on all of the county's taxable
property.
The bonds will be valid and legally binding obligations of the
county, issued upon its faith and credit, and exempt from State and local
taxation.
The legal opinion of Niles, Barton, Morrow & Yost of Bal
Volume
ONE HUNDRED—The Commercial &
149
bidder.
Delivery of bonds to be
made at the office of County Commissioners or at any incorporated bank or
trust company specified by the purchaser provided he agrees to pay cost of
such delivery. A certified check for 2% of the issue or issues bid for, payable
to order of the County Treasurer, must accompany each bid.
'
'
■
' '
will
timore
•
be furnished the successful
•
MASSACHUSETTS
current
year
anticipation notes offered Nov. 29 were awarded to the Boston
Safe Deposit & Trust Co. of Boston, at 0.107% discount.
Dated Nov. 27,
1939 and due Nov. 8, 1940.
Other bids:
revenue
Discount
_0.112%
0144%
0.18%
Bidder—
Second National Bank of Boston
First National Bank of Attleboro.
: —
Merchants National Bank of Boston
—
„
i
RIVER, Mass.-—BOND SALE—The $55,000 coupon incinerator
bonds offered Nov. 27—V. 149, p. 3437—were awarded to
FALL
construction
Tyler & Co. of Boston as 2Mb at 101.567, a basis of about 2.32%.
Dated
Dec. 1, 1939, and due Dec. 1 as follows:
$3,000 from 1940 to 1949 incl.,
and $2,500 from 1950 to 1959 incl.
Other bids:
Rate Bid
Int. Rate
Bidder—
100.61
100.06
100.567
FOXBORO, Mass.—NOTE SALE—The Second National Bank of
Boston purchased an issue of $100,000 notes at 0.164% discount.
Due
Whiting, Weeks & Stubbs__
Newton, Abbe & Co—
Bond, Judge & Co
;
— —
_
— —
—
—
—
— _
$50,000 each on Nov. 15 and Dec.
delivered
only.
city reserves the right on bonds purchased, which are
subsequent to Dec. 14, 1939, to pay accrued interest up to that date
The city reserves the right to reject any or all offerings.
The
GILMORE TOWNSHIP
2^%
2^%
2M%
Dated Sept.
Co.,
$1,000
on
WANTED
of
dated Nov. 1,
regarding
furnished
by the Board upon request. All tenders shall specify the Road Assessment
District number, the bond number, the portion of each road (whether
county portion, township portion, city portion, or assessment district
100.03.
NOTE SALE—An issue
of $300,000 notes was awarded the same
0.119% discount.
Due $200,000 June
day to
26 and
Other bids:
Manufacturers Central Bank of
Lynn, 0.187%; Leavitt & Co., N. Y., 0.212%; Jackson & Curtis, 0.22%;
Security Trust Co., Lynn, 0.23%; Day Trust Co., 0.24%; First National
Bank of Boston, 0.26% and National Shawmut Bank, 0.26%.
Oct.
$100,000
Mass.—BOND
MEDFORD,
awarded
1940.
15,
SALE—The
Nov. 28 an issue of $50,000
on
Boston
First
Corp.
was
relief bonds as IKs, at a price of
basis of about 1.36%.
Dated Dec. 1,1939. Due $5,000 on Dec. 1
from 1940 to 1949, incl.
Principal and interest (J-D) payable at the Na¬
tional Shawmut Bank of Boston.
Legality approved by Ropes, Gray,
100.729,
a
Boyden & Perkins of Boston,
Other bids:
of Boston——
National Shawmut Bank of Boston,-.
Halsey, Stuart & Co., Inc——_ —
—
Swan & Co..
F. M.
MILLBURY,
—
Rate Bid
100.39
100.312
Int. Rate
1 )4%
Bidder—
Merchants National Bank
1H%
— — —
100.299
100.27
1^%
1M%
—
Mass .—NOTE SALE—The $29,500 registered
awarded to Kinsley & Adams, of Worcester, as
offered Nov. 29 were
notes
l)4s,
Sale consisted of:
municipal relief notes. Due Dec. 1 as follows: $2,500 in 1940 and
of about 1.45%.
price of 100.215, a basis
at a
$20,500
1949 incl.
9,000 State tax funding notes. Due Dec. 1 as follows: $ 2,000 from 1940
to 1943 incl. and $1,000 in 1944.
Each issue is dated Dec. 1, 1939.
Principal and interest payable at the
Merchants National Bank of Boston.
Notes will be certified as to their
genuineness by the Director of Accounts, Department of Corporations and
Taxation, Commonwealth of Massachusetts.
$2,000 from 1941 to
Mass.—NOTE SALE—The $500,000 revenue anticipation
notes offered Nov. 28 were awarded to the Merchants National Bank of
Boston, at 0.07% discount.
Dated Nov. 29, 1939 and due Nov. 29, 1940.
Other bids:
Day Trust Co., 0.08%; Boston Safe Deposit & Trust Co.,
0.0917%; Second National Bank of Boston, 0.123%.
ADAMS, Mass.—NOTE SALE—The $100,000 revenue antic¬
ipation notes offered Nov. 28—V. 149, p. 3437—were awarded to R. L.
Day & Co. of Boston, at 0.14% interest, payable at maturity.
Dated
Nov. 29, 1939 and payable Nov. 5, 1940.
Other bids: Second National
Bank of Boston, 0.164%; Third National Bank of Springfield, 0.21%;
Merchants National Bank of Boston 0.22%; Jackson & Curtis, 0.26%.
RANDOLPH,
Mass.—BOND SALE—An issue of $20,000
Projects Administration purpose bonds was
Due $2,000 on April 26 from 1940 to 1949
SOMERVILLE,
Nov.
offered
28
Mass.—BOND SALE—The $203,000 coupon bonds
awarded to Goldman, Sachs & Co. of Boston, as
100.931, a basis of about 1.60%. Included in the sale
were
l%s, at a price of
were:
2% Work
sold to the Randolph Trust Co.
incl.
7
7.7
$113,000 municipal relief bonds.
Due Oct. 2 as follows:
to 1942, incl. and $11,000 from 1943 to 1949,
$12,000 from 1940
incl.
Due $5,000 on Oct. 2 from 1940 to
90.000 sewer construction
1957, inclusive.
bonds.
All of the bonds are dated
Oct. 2, 1939.
Denom. $1,000.
Principal and
nterest (A-O 2) payable at the National Shawmut Bank of Boston.
Legality
approved by Storey, Thorndike, Palmer & Dodge of Boston.
Other bids:
Halsey, Stuart & Co., 100.069 for l%s; Lyons & Co., and Bond, Judge &
Co., 100.234 for $90,000 2s and $113,000 l$*s; C. F. Childs & Co., 100.15
for $90,000 2s and $113,000 1Mb Estabrook & Co. and Whiting, Weeks &
Stubbs. 101.30 for 2s.
WINCHENDON, Mass.—NOTE SALE—The $50,000 revenue notes
Nov. 27—V. 149, p. 3437—were awarded to the Second National
0.187% discount.
Due Nov. 15, 1940.
Other bids:
offered
Bank of Boston at
Bidder—
of Boston—
—
Bank of Boston — _ — ——
Jackson & Curtis————
*
First Boston Corp
— — — — —
R. L. Day & Co—
National Shawmut Bank—
.—
First National Bank
„
Merchants National
•_
—
-----------
Discount
0.219%
0.25%
0.258%
0.278%
0.279%
0.29%
MICHIGAN
BOND OFFERING—The
city is expected to receive
sealed bids on Dec. 12
purchase of $3,378,000 refunding bonds, to mature as follows:
$62,000 in 1941; $72,000 from 1942 to 1944 incl.; $62,000 from 1945 to 1947
incl.; $124,000 in 1948 and $186,000 from 1949 to 1963 incl.
the
BOND OFFERING
more
than 4 %,
DETAILS—Bidder is to name an interest rate of not
1940 and approved as to legality
Bonds will be dated Jan. 1,
Wood & Hoffman of New York City.
RESIGNS—City Comptroller John N.. Daley has
resigned, effective Nov. 30, to become Executive Vice-President of the
by Thomson,
CITY COMPTROLLER
Wabeek State Bank
portion), and shall stipulate the lowest price at which the owner will sell
the bonds to the sinking fund.
Bids to be firm through Dec. 13. Bonds
purchased must have May 1, 1940, and all subsequent coupons attached
and be delivered to the Detroit Trust Co., Detroit, on or immediately
following Dec. 15, accrued interest being computed to and including that
date. The right is reserved to reject any and all tenders and no tenders at
prices above par and accrued interest can be considered.
Bank
as
Coughlin, City Controller, will receive
Dec. 7, to remain firm until 1p.m. the
day, of bonds in the amount of about $400,000 for the Water
city
computed from the dollar price.
bonds maturing beyond 1959 will be accepted.
as
No
Mich.—NOTE SALE—The $20,000 tax
27—V. 149, p. 3438—were awarded to
Dated Nov. 25, 1939, and due Sept. 25,
second higher bidder,
anticipation notes
the Owosso Savings
1940. Crouse & Co.
offered a premium of $1 for 3
Hs.
PONTIAC, Mich.—$150,000 BONDS RETIRED—In connection with
the previous report in these columns—V. 149, p. 3299—of the retirement
by the city of $150,000 series A and B bonds, we learn that this resulted
from acceptance of four sealed tenders submitted at the city's request.
The
bonds bear 4)4% interest and were scheduled to mature in 1964.
Action
reduced the city's outstanding funded debt to $5,700,250.
Tenders accepted
were as
follows:
Siler, Carpenter and Roose,
at
Detroit, series A, $1,000,
series B, $1,000,
99.99.
Central Trust Co., Lansing, series
A, $1,000, at par.
Ann Arbor public school district, series A, $6,000, at par.
State of Michigan, series A, $81,000, series B, $60,000, at par.
ST. CLAIR SCHOOL
DISTRICT, Mich.—$200,000
DEBT PAID OFF
will
YEARS—A reduction of more than $200,000 in the school debt
30, 1940, the end of the last 10-year school period,
according to Supt. Theo. V. Eddy.
He said this would result in a
savings of nearly $1,000 a month in interest charges.
"In 1930 the school district still owed $247,000 on the high school, and
the annual interest charge was $15,305," Supt. Eddy said.
"Next July 1,
IN 10
have been made by June
net
$87,000 in
school
and
but
just 10 years later, there will be a net debt of approximately
spite of the fact that the district has a new $79,000 elementary
constructed with the aid of a $35,910 Federal grant, and a school site
athletic field worth at least $7,000.
The interest on this debt will be
$3,452 per year."
M. Heenan, City
Dec. 4, for the pur¬
divided as follows:
obligation trunk line sewer extension bonds.
Due $500 on
from 1940 to 1945, incl.
Callable on any interest date at
ST. IGNACE,
Mich.—BOND OFFERING—Florence
Clerk, will receive sealed bids until 8 p.m. (EST) on
chase of $25,000 not to exceed 4% interest coupon bonds,
$3,000 general
Oct.
15
par and accrued interest, upon 30 days'notice.
22,000 general obligation city hall completion bonds.
Due
follows:
$1,500 from 1940 to 1951, incl.; $2,000 in 1952 and
Callable on any interest date at par and accrued interest,
Oct. 15 as
1953.
upon
30 days' notice.
All of the
bonds will be dated
interest to fce
Denom. $500. Rate of
1%. Principal and interest
Dec. 1, 1939.
expressed in a multiple of M of
(A-0 15) payable at the First National Bank, St. Ignace, or its successor
paying agent, which shall be a responsible bank or trust company
Mackinac County,
City is authorized and required by law to levy upon all
of its taxable property such ad valorem taxes as may be nexessary to pay
the bonds, without limitation as to rate or amount.
A certified check for
2% of the bonds, payable to order of Henry B. Cheeseman, City
is required.
Bids shall be conditioned upon the
Miller, Canfield, Paddock & Stone of Detroit.
City will pay cost of opinion
and expense of printing the bonds.
Assessed valuation of the city is
$1,085,747 and there is no bond or floating debt presently
in
Treasurer,
unqualified opinion of
outstanding.
TECUMSEH
election held on
SCHOOL DISTRICT. Mich.—BONDS
Nov. 16 the voters authorized an issue of
purchase bonds.
BONDS SOLD—The above issue has
Bank of Tecumseh at par.
been sold to the
VOTED—At an
$6,200 property
United Savings
UNIVERSITY OF MINNESOTA
(P. O. Minneapolis), Minn.—
CERTIFICATE OFFERING— It is stated byW.T. Middlebrook, Secretary
of the Regents, that he will receive sealed bids until 11 a. m. on
for the purchase of $400,000 Coffman Memorial Union
revenue
certificates of indebtedness, series of 1940.
Dated Jan. 1, 1940. Denom.
$1,000.
Due Jan. 1, as follows: $30,000 in 1941 and 1942,
in
to 1946, and $45,000 in 1947 to 1950.
The certificates will each
to redemption and prepayment at the option of the Regents on any
date at par and accrued interest, in inverse order of serial
30 days' notice.
Rate of interest to be specified by successful
and int. (J-J) payable at the Northwestern National Bank & Trust
Minneapolis.
No bid of less than par and accrued interest
con¬
sidered.
The certificates will be issued for the purpose of providing
to aid in the construction and equipment of a student union building now
under construction on the campus at Minneapolis.
Both
interest will be payable solely out of the net earnings of said
including a union building fee to be collected from students now
Building
Dec. 15,
$40,000
1943
be subject
interest
numbers, after
bidder. PrinCo.,
will be
funds
principal and
building,
registered
the
of Fletcher,
hereafter registering at the University.
The Regents will furnish
printed and executed certificates and the approving legal opinion
Dorsey, Barker, Colman & Barber of Minneapolis, both without cost to
the purchaser.
Enclose a certified check for $8,000, payable to the Secretary
or
MINNESOTA
(P. O. Plainview) Minn.—BOND OFFERING—It is reported
that sealed and auction bids will be received by W. A. Kulawske, Village
Clerk, until Dec. 4, at 8 p. m., for the purchase of $28,000 sewage disposal
plant bonds.
Denom. $1,000.
Dated Dec. 1, 1939. Due on Dec. 1 as
follows:
$1,000 in 1942 and 1943, and $2,000 in 1944 to 1956.
Rate of
designated by the purchaser.
interest to be
The bonds will be payable at
de¬
the
Barker,
suitable bank or trust company designated by the purchaser, and
made on or prior to Dec. 15.
The village will furnish
printed bonds and the approving legal opinion of Fletcher, Dorsey,
Colman & Barber, of Minneapolis, to the purchaser.
Enclose a certified
check for at least $1,000, payable to the village.
any
livery will be
ST. LOUIS COUNTY (P. O. Duluth) Minn .—BOND ISSUANCE
AUTHORIZED—The County Board of Commissioners is said to have
authorized recently the issuance of $391,000 in poor relief bonds.
ST. LOUIS
PARK, Minn.—CERTIFICATES SOLD—It
Village Recorder that
debtedness were sold on
as
5s at par.
$2,213.10
is stated by the
street improvement certificates
Nov. 13 to the W. G. Schanke
Due in 1940 to 1942.
of in¬
Co. of Minneapolis
Minn.—ORDERS SOLD—The $10,000 street im¬
orders offered for sale on Nov. 27—V. 149, p. 3438—were
National Bank of St. Paul, as l^s, paying a price of
100.40, according to the Village Recorder.
VIRGINIA, Minn.—BOND SALE—The two issues of bonds aggregati¬
ng $38,000, offered for sale on Nov. 28—V. 149, p. 3007—were awarded
jointly to three Virginia banks, as follows:
$35,000 water, light and heat plant extension bonds as 2s, paying a pre¬
mium of $420, equal to 101.20, a basis of about 1.82%.
Due on
ST.
premium: (a) when the interest rate
4)4% or higher, the yield shall be computed to the first call date; (b)
when the interest rate is less than 4)4%, the yield shall be computed to
the third call date.
If bonds are offered at par or less than par: yield shall be computed to
the date of maturity.
All offerings shall be in writing and shall be sealed.
Offerings shall show the purpose, the rate of interest, late of maturity,
the dollar value and the yield.
Offerings will be accepted on the basis of the highest net yield to the
is
3s.
of Detroit,
of Detroit.
TENDERS WANTED—E. C.
sealed offerings until 10 a. m. on
following
Board Sinking Fund, as follows:
If callable bonds are offered at a
receive sealed tenders
PLAIN
DETROIT, Mich.—PROPOSED BOND ISSUE—It is reported that the
city may offer for sale in the near future bewteen $3,500,000 and $4,000,000
refunding bonds.
for
Road Commissioners will
county highway improvement (Covert) refunding bonds,
1935, due Nov. 1, 1958,, until 10 a. m. on Dec. 11.
Information
extent of available funds for purchase of the different issues will be
NEWTON,
NORTH
Pontiac), Mich.—TENDERS
OAKLAND COUNTY (P. O.
—The Board of County
OWOSSO,
the First Boston Corp., at
improvement
June 1, 1940,
June 1 from 1941 to 1949 incl.; $10,000 3Ms, due $1,000
June 1 from 1950 to 1959 incl.
Net cost of about 3.177%.
Dated Nov. 20,
1939.
Legality approved by Miller, Canfield, Paddock & Stone of Detroit.
and
offered Nov.
NOTES SOLD—The $25,000 coupon
water mains bonds offered Nov. 28—V. 149, p. 3437—were awarded to the
Security Trust Co. of Lynn, as l^s, at a price of 100.399, a basis of about
1.69%.
Dated Dec. 1, 1939 and due Dec. 1 as follows: $2,000 from 1940
to 1949, incl. and $1,000 from 1950 to 1954, incl.
Other bids, all for 2s:
Newton, Abbe & Co., 101.521; Tyler & Co., 100.85, and R. L. Day &
sold.
1941;
Webber & Co. of Grand
Mich.—BOND SALE—Paine,
Rapids have purchased an issue of $19,750 waterworks and
bonds at a price of 100.086, as follows:
$9,750 3s due $750
1, 1940.
Mass.—BONDS AND
LYNN,
(P. O. Elberta),
SCHOOL DISTRICT NO. 3
issue of $4,500 school bonds has been
1, 1939.
Due Feb. 1 as follows:
$720 in 1940; $800.
$870, 1942; $960 in 1943 and $1,150 in 1944.
Mich.—BONDS SOLD—An
GLADWIN,
$100,000
SALE—The
Mass.—NOTE
^ATTLEBORO,
3591
Financial Chronicle—YEARS OLD
LOUIS PARK,
provement
awarded to the First
Jan.
1 in 1942 to 1951, incl.
3,000 water, light and heat plant extension
Due $1,000 on Jan. 1 in 1942 to 1944.
bonds as l^s, paying par.
/
3592
ONE HUNDRED—
The Commercial & Financial Chronicle—YEARS OLD
WILLMAR, Minn.—CERTIFICATE OFFERING—Sealed
bids
will
be
received
until 7 p. m. on Dec. 4, by E.H. Brogden,
City Clerk, for the
purchase of $2,480 3M% street improvement, certificates of indebtedness.
Denom. $310.
Dated Dec. 1, 1939.
Due $310 on June and Dec. 1 in
1940 to 1943.
Prln. and int. (J-D) payable at one of the local banks.
A certified check for $50, payable to the City
Treasurer, must accompany
the bid.
•
WYKOFF
INDEPENDENT
SCHOOL
Clerk
that
the
$18,000 3%
semi-ann.
NO. 104 (P. O.
Is reported by the District
building addition and equipment
bonds sold to the State, as noted here—V. 149,
p. 3145—were purchased at
refunding
alternative bid of $67.50 premium
3Ms and 3s, with the bonds being non-callable prior to final maturity.
an
McCOOL CONSOLIDATED SCHOOL DISTRICT (P. O.
McCool),
Miss.—BONDS SOLD—It is stated by the Superintendent of Schools that
$10,000 6% semi-annual building bonds have been sold to Lewis & Co. of
Jackson.
Dated Oct. 1, 1939.
Legal approval by Charles & Trauernlcht
Louis.
NATCHEZ, Miss.—BONDS VOTED—It
on
is stated by the
Deputy City
Nov. 24 the voters approved the issuance
by
wide margin.
a
bonds.
DELAWARE
TOWNSHIP, N. J.—REFUNDING APPROVED—The
Municipal Finance Commission on Nov. 21 approved the township's
State
Elan to refund its $1,340,000 of debt and thus emerge from municipal
ankruptcy, according to report.
Dated Jan. 1, 1940.
BONDS
Approval or the plan is expected to bring about withdrawal of Chancery
Court suits instituted by the Catholic Daughters of America and the Ameri¬
Catholic Beneficiary Society to recover interest on bonds.
Other
threatened suits also
are expected to be dropped.
Township committee members previously declared the refunding would
a reduction In the present $5.86 tax rate, but the committee expressed
doubt the reduced rate could be maintained in subsequent years.
The program was worked out by F. A. Gary, MFC refinancing agent,
and Augustus Waldron, MFC Auditor assigned to the township.
Mr. Gary recently informed the township committee that holders of
bonds readily could obtain court judgments for unpaid interest and thereby
force the delinquency into the 1940 tax rate.
By refunding of the indebted¬
ness, Mr. Gary explained, next year's tax rate could tentatively be fixed
effect
at $5.20.
The refunding, according to Mr.
Gary, should bring about
SCHOOL
Overland),
Court order
was
22 at
Clayton, ordering the incorporation of the above
district, which intends to Issue $34,500 of bonds to supplement a
Work Projects Administration grant of
$103,500, to be used in financing
construction estimated at $138,000.
The Court is reported to have ordered
the County Board of Election
Commissioners to set a date for the election
named
of trustees and the submission of the
proposed bond issue.
SENATH, Mo.—BONDS
that
$19,000
4%
SOLD—It
semi-annual
is
Denom
$500.
Due Ju!y
1
as
after 1944.
by Chester Wilson, City
refunding bonds have been
Dated July 1, 1939
1941 and 1942, $1,000 in
in 1958 and $1,500 in 1959.
Callable
Legality approved by Charles & Trauernicht
of St. Louis.
DETAILS—It is also reported by the above Clerk that the
$18,000 4% semi-annual refunding water bonds
purchased at par by Berger-
W9.dU6 0n JU'y
MONTANA
Mont.-—BOND SALE—The $15,000
.
street
Improvemnt
bonds offered for sale on Nov.
28—V. 149, p. 3438—were purchased
by the
State, as 3 Ms, according to the City Clerk.
.v,SJa7^AJ7US' Mont.—BOND
that the
ments,
SALE DETAILS—It is now reported
$30,000 water bonds sold to the State Board of Lands and
Invest¬
3Ms. as noted here—V. 149, p. 3438—were
as
purchased at
and mature in 20
years.
1939 to Nov. 22, 1939, this accounting being final, according
HO-HO-KUS, N. J .—BOND OFFERING—John W. Lucas, Borough
Clerk, will receive sealed bids until 8:30 p. m. on Dec. 6 for the purchase of
$13,000 not to exceed 6% interest coupon or registered fire apparatus bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due Dec. 1 as follows:
$2,000 in
1940 and 1941 and $3,000 from 1942 to 1944 incl. Bidder to name a single
rate of interest, expressed in a multiple of H or 1-10th of 1 %. The price for
which the bonds may be sold cannot exceed $14,000. Principal and interest
payable at the Citizens First National Bank & Trust Co., Ridgewood. The
bonds are unlimited tax obligations of the borough and the approving legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
nished the successful bidder.
A certified check for $260, payable to order
of the borough, must accompany each proposal.
MAGNOLIA, N. 3.—PROPOSED BOND ISSUE—The Borough Council
on first reading an ordinance providing for an issue of $67,000 not
exceed 4% interest refunding bonds.
Dated Dec. 1, 1939.
Due as
follows: $1,000 in 1940; $2,000, 1941 to 1944, incl.; $3,000, 1945 to 1949,
to
incl.; $2,000 from 1950 to 1954, incl. and $3,000 from 1955 to 1965, incl.
follows: $500 in
J£43 to 1956, $1,500 in 1957, $1,000
15,
passed
stated
sewer
purchased at par by Berger-Cohn & Co. of St. Louis.
par
MIDDLESEX
COUNTY
ordinance
an
on
Nov.
20,
is said
providing for the issuance
NEW
SALE CON¬
by the Clerk of the Board of County Com¬
missioners that $87,000
refunding bonds, when and if issued, will be dis¬
posed of through Steinauer & Schweser of Lincoln.
NEW
HAMPSHIRE
N. H.—NOTE OFFERING—
Jf $2^!w0 tai^^«r,%ayabl^Dec.S5,ai940.IdS UntU D"; 4
NEW
the PUrCha6<J
JERSEY
JERSEY
Denom. $1,000.
Due $1,000 on Nov. 1 from 1940 to 1959
incl.
Bidder to
name a single rate of
interest, expressed in a multiple of M of 1 %. Principal
and interest (M-N) payable at the Second
National Bank of Phillipsburg.
The sum required to be obtained at sale of
the bonds is $20,000.
The
bonds
a-eTt
imited tax obligations of the borough
and the
approving legal opinion
of Hawkins, Delafield &
Longfellow of New York City will be furnished the
A certified check for
to order of the
borough, must accompany each proposal.
BARRINGTON, N. J.—BOND OFFERING—Frank Adams, Borough
£4?r^wilLreceive sealed bids until 8 p. m. on Dec. 7 for the purchase of
f76.000 4%
coupon or registered refunding bonds of 1939. Dated Dec. 1,
Denom. $1,000. Due Dec. 1 as follows:
$6,000 in 1940;
$10,000,1941:
frhoiv
i:<& d 29'nnn43' f4-000' 1944= $2,000, 1945; $4,000, 1946; $3,000
ftl^o^^H'?^1949 and 1950: $9'°°0 111 1951 and 1952; $5,000,
h
to 1957 incL- $3,000 in 1958; $1,000
in
1961.
Principal and interest (J-D) payable
Bank, Audubon. Sum required to be obtained at
$72,183.66. The bonds are unlimited tax
obligations of
b?ro„u£Th an<* the approving legal opinion of Hawkins, Delafield & Long¬
fellow of New York
City will be furnished the successful bidder.
A certified check for
2% of the bonds offered, payable to order of the
borough, must accompany each proposal.
at thei Audubon National
sale of the bonds
is
BAYONNE, N. J .—BONDS APPROVED—The
meSt'fSng^nX
State Funding Commis-
$4'345«°°0 refunding and $220,000
public improve-
The debt to be extended matures in
December and during 1940. Unless
a
refunding is completed, a tax rate of $60 or more would be
necessary next
year,
according to Horace K.
Robertson, Director of Department of
and
Revenue
finance.
The refinancing was dictated
by loss of revenue
resulting from failure of large companies to
pay their taxes, the Director
said, mentioning in this connection the appeal of the
Standard Oil Co
of
New Jersey which has withheld part of its
1939 taxes amounting to
nearly
$t)0U»UUU.
BORDENTOWN,
3M% series of 1940
at par.
N. J.—BONDS TO BE SOLD—An issue of $13 000
refunding bonds will be taken by local investors
sewer
issue of
(State of)—-ENDS FISCAL YEAR WITH $5,000,000
Frank J. Murray reported that the State
21
HILLS
TOWNSHIP
SCHOOL
PENNSAUKEN
DISTRICT
election held on
bonds for school
an
the voters authorized the issuance of $60,000
building construction
pur poses.
TOWNSHIP
(P.
O.
Merchantville), N. 3.—BOND
Leslie
Rogers, Township Treasurer, will receive sealed
Dec. 11 for the purchase of $30,000 4% coupon or
registered relief bonds of 1939. Dated Nov. 1, 1939. Denom. $1,000. Due
$6,000 on Nov. 1 from 1940 to 1944 incl. Principal and interest (M-N)
bids until 8 p.
m.
on
payable at the Pennsauken Township National Bank, North Merchantville.
The bonds, issued pursuant to Chapter 332, New Jersey Laws of 1939,
will be general obligations of the township, payable from unlimited ad
valorem taxes. The statutory 20-day peroid for commencement of litigation
respecting validity of the bonds will expire on Dec. 20. Should litigation be
instituted prior to that date, the township will not be liable for any delay
or failure in delivery of the bonds pursuant to any award.
Bonds will be
delivered on or about Dec. 31, 1939. A certified check for 2% of the issue,
payable to order of Township Treasurer, is required.
Legal opinion of
Caldwell & Raymond of New York City will be furnished the successful
PHILLIPSBURG, N. 3.—BOND SALE—Shields & Co. of New York
Barclay, Moore & Co. of Philadelphia, were successful bidders at the
offering of $140,000 coupon or registered school bonds offered Nov. 24.
—V. 149, p. 3146.
Bankers bid for $138,000 bonds, naming an interest
rate of 2M% and paying a price of $140,102.15, equal to 101.523, a basis
of about 2.38%.
Dated Nov. 15, 1939, and due Nov. 15 as follows: $4,000
in 1941 and 1942; $5,000 from 1943 to 1966, incl.; $6,000 in 1967 and $4,000
and
in
1968.
Other bids:
No.
2% of the bonds offered, payable
iotn: and 1960 and
® *92cn954i.$io,0,2£/r0in 1955
1959
$3,000 in
an
bidder.
ALPHA, N. J.—BOND OFFERING-—Alfred W. Seiss, Borough Clerk,
will receive sealed bids until 8
p. m. on Dec. 11 for the purchase of $20,000
not to exceed 5% interest
coupon or registered bonds. Dated Nov. 1. 1939.
successful bidder.
3.—NOTE
priation bills were given by Mr. Murray as principal reasons for the deficit.
General State fund revenues, for the fiscal year 1938-39, said the Comp¬
troller, amounted to $39,980,820, whereas the State anticipated it would
receive
$43,272,378.
Supplemental appropriations by the Legislature
during the year reached $3,050,000, the largest sineie item approved being
$1,997,999 for State aid to local school districts.
Mr. Murray's figures
did not include the State Highway Department which operates on a separate
calendar year budget, but Highway Commissiomr Sterner has said the
department deficit in 1938 was $5,995,737.
Mr. Sterner also has predicted
a $3,092,977 highway fund deficit for 1939.
of
COU,N7Y (P- 9- Dakota City), Neb.—BOND
are informed
N.
1939 and payable
DEFICIT—State Comptroller
bonds.
rruS1r?AFFORD COUNTY (P. O. Dover),
Brunswick),
closed its last fiscal year on June 30 with a $5,027,537 deficit.
Reduced
State revenues and approval by the Legislature of supplemental appro¬
OFFERING—W.
TRACT—We
New
(P. O. Boonton, R. D.), N. J.—BONDS VOTED—At
CHADRON, Neb.—BONDS AUTHORIZED—The City Council
water system
O.
$255,000 2% bond anticipation notes, dated Nov. 30,
Nov. 30, 1940.
Nov.
passed
(P.
SALE—H. B. Boland & Co. of New York purchased on Nov. 17
PARSIPPANY-TROY
NEBRASKA
$85,000 in
Nov. 21 the voters
of 548 to 183.
_
MISSOURI
Clerk,
on
a vote
to report.
BUILDING, ST. LOUIS, MO.
O.
reduction
DISTRICT, N. J .—BONDS VOTED—Harry
Jr., Clerk of Board of Education, reports that
an issue of $63,000 construction bonds by
March
Nov.
a
of $15,000 in the township's 1940 debt service, which this year was $85,000.
the purposes of the deposi5 agreement dated March 15, 1935 as amended,
have been accomplished and the agreement will be terminated as of Dec. 30,
1939.
The committee has filed with the depositary, the Chemical Bank &
Trust Co., New York, an account of its receipts and disbursements from
SCHERCK, RICHTER COMPANY
LACKLAND SANITARY SEWER DISTRICT
(P.
Mo.—BOND ISSUANCE CONTEMPLATED—A Circuit
,
FORT LEE, N. J .—COMMITTEE TO TERMINATE DEPOSIT AGREE¬
MENT—Depositors of the committee for bondholders of the borough are
being advised that the committee has adopted a resolution declaring that
Markets in all State, County & Town Issues
on
,
can
Bari
entered
the township
settle $440,000 due
$260,000 in school district
the tax rate bv 66 cents.
authorized
LANDRETH
O.
CLIFTON, N. J .—REFUNDING TENTATIVELY APPROVED—The
FAIR LAWN
MISSOURI
(P.
,
bonds offered for sale on Nov. 24—V. 149, p. 3299—was awarded to
White,
Dunbar & Co. of New Orleans, as 3Ms, according to the
City Clerk.
Due
Jan. 1 in 1944 to 1968; optional on and after Jan. 1, 1946.
The premium
paid on this bid was $162.50, equal to 100.2708, a basis of about
3.20%, to
the callable date.
of $33,000 3% water plant bonds
Due in 1941 to 1947.
DISTRICT
The township committee may now refund $1,080,000 in municipal and
debts.
The refunding is expected to reduce
of
on
Clerk that at the election held
SCHOOL
The refunding, a Commission spokesman said, will permit
MISSISSIPPI
of St.
CALDWELL
J.—BONDS VOTED—An issue of $20,000 improvement
by the electors on Nov. 21 by a count of 361 to 148.
authorized
which defaulted in payment of interest six years ago, to
on bonds for $144,000.
HATTIESBURG, Miss.—BOND SALE—The $60,000 issue
on
N.
2, 1939
State Funding Commission has tentatively approved the proposal calling
July 1 in 1945 to 1955.
The successful bidder also offered
was
for the issuance of $2,266,000 general refunding
DISTRICT
Wykoff), Minn.—BOND SALE DETAILS—It
par, and mature on
CALDWELL-WEST
Caldwell),
bonds
Dec.
Bidder—
Int. Rate
139
2M%
101.353
140
2M%
100.64
140
2M%
2M%
2M%
2M%
2M%
2M%
2%%
2%%
2%%
2%%
2H%
3%
100.599
100.303
100.14
100.085
101.65
101.58
101.29
100.77
100.71
100.665
100.63
101.58
Rate Bid
Ingen &
__
J.
Bonds
Bid for
E.H. Rollins & Sons., and B. J. Van
Co_
S.
Rippel & Co.; C. A. Preim & Co., and
Dunning & Co__
Colyer, Robinson & Co., and Campbell,
Phelps & Co
C. P.
A.
C. Allyn & Co. Inc
Minsch, Monell & Co., and H. L. Allen & Co.
Kean, Taylor & Co., and Van Devanter Bros.
Charles Clark & Co., and Bioren & Co.
Butcher & Sherrerd, and Yarnall & Co
Blair & Co., Inc., andMacBride, Miller & Co
C. C. Codings & Co., and Burr & Co., Inc
140
140
140
138
138
139
139
M. M. Freeman & Co
139
Halsey, Stuart & Co., Inc
140
H. B. Boland & Co.______
Stroud & Co., and Suplee, Yeatman & Co
140
SADDLE
138
RIVER TOWNSHIP
(P. O. Saddle River), N. 3.—BOND
OFFERING—Joseph Gardiner, Township Clerk, will receive sealed bids
until 8 p. m. on Dec. 8 for the purchase of
$15,500 not to exceed 6% interest
coupon or registered street improvement bonds.
Dated Dec. 15, 1939.
Denom. $500.
Due Dec. 15 as follows: $3,000 from 1940 to 1943, incl.
and $3,500 in 1944.
Bidder to name one rate of interest, expressed in a
multiple of M or 1-10th of 1 %.
Principal and interest (J-D) payable at the
Rochelle Park Bank, Rochelle Park.
Thd price for which the bonds may
$16,500.
The bonds are unlimited tax obligations
township and the approving legal opinion of Reed, Hoyt, Washburn &
Clay of New York City will be furnished the successful bidder.
A certified
check for $310, payable to order of the township, must
accompany each
proposal.
be sold cannot exceed
of the
Volume
_
SEA GIRT, N. J.—BOND ELECTION—At
SOMERVILLE,
plant
an
election to be held on
voters will be asked to authorize an issue of $39,000 storm drain
bonds
N.
SALE—The $17,000 sewage disposal
bonds offered Nov. 29—V. 149, p. 3439—were
J.—BOND
and improvement
f^rdod to H. B. Boland & Co. of New York City,
as
l&s,
at a price of
100.11, a basis of about 1.48%.
Dated Dec. 1, 1939 and due
follows: $2,000 from 1940 to 1946 incl. and $1,000 from 1947 to
Other bids:
rrBidd^r~
H L.Allen
& Co
Julius A. Ripple,
Ira Haupt& Co
\M%
100.275
___1$* %
-15*%
1.90%
2%
2%
2%
100.091
100.011
100.038
100.882
100.561
100.321
100.31
________
____
Somerviile Trust Co
W. E. Wetzel & Co.
West Side Trust Co
J. S. Ripple & Co
Mmsch, Monell & Co
C. C. Collings & Co
Buckley Bros
2%
2%
29*%
_
_____
Second National Bank of Somerville
SOUTH
100.447
IH%
Inc
Dec. 1 as
1949 incl.
Rate Bid
Int. Rate
„
.
100.298
Par
N. J .—BOND OFFERING—George A.
Bowen,
Borough Clerk, will receive sealed bids until 8 p. m. on Dec. 11 for the
purchase of $5,000 4.30% coupon or registered sewer bonds. Dated Jan. 1,
1937.
Denom. $1,000.
Due Jan. 1, 1962. Part of an authorized issue of
$135,000, of which $120,000 have already been sold. Principal and interest
(J-J) payable at the First National Bank, South River. Legal opinion of
Caldwell & Raymond of New York City will be furnished the successful
bidder.
The bonds will be prepared under the supervision of the Security
Bank Note Co. of Philadelphia, which will certify as to genuineness of
signatures of borough officials and seal impressed on the instru nents.
A
certified check for 2% of the bonds bid for, payable to order of the borough,
must accompany each proposal.
RIVER,
UNION
CITY, N. J .—BOND ISSUE DETAILS—The $1,378,000 re¬
funding bonds recently approved by the State Funding Commission will
be dated Dec. 1, 1939, bear 5% interest and mature as follows: $35,000
in 1940: $96,000,1941; $113,000 in 1942 and 1943; $111,000 in 1944; $35,000,
1949; $38,000, 1950; $44,000, 1951; $49,000, 1952; $51,000 from 1953 to
1955 incl.; $431,000 in 1956 and 1957 and $55,000 in 1958.
City Com¬
mission will consider at final reading on Dec. 7 an ordinance providing for
an
3593
Commercial & Financial Chronicle—YEARS OLD
The
ONE HUNDRED—
149
Nov. 29 were awarded to Campbell, Phelps & Co., Inc. and Sherwood &
Co., both of New York, jointly, as 2.40s, at a price of 100.33, a basis of
about 2.36%.
Dated Dec. 1, 1939.
One bond for $867.83, others $1,000
each.
Due Dec. 1 as follows:
$3,867.83 ip 1940 and $4,000 from 1941 to
1958 incl.
Principal and interest (J-D) payable at the National Bank of
Haverstraw & Trust Co., Haverstraw.
The bonds are payable from un¬
limited ad valorem taxes and approved as to legality by Reed, Hoyt,
Washburn & Clay of New York City.
Reoffered to yield from 0.75% to
2.30%, according to maturity. Other bids:
.
Roosevelt & Weigold, Inc
E. H. Rollins & Sons, Inc. and A. C. Allyn & Co., Inc.
m
Y.—BOND OFFERING—Frances G.
Zitzmann,
District
Clerk, will receiye sealed bids until 3:30 p. m. on Dec. 11, for the purchase
of $325,000 not to exceed 6% interest coupon or registered school bonds.
Dated Dec. 15, 1939,
Denom. $1,000.
Due Dec. 15 as follows:
$10,000
from 1940 to 1964, incl. and $15,000 from 1965 to 1969, incl.
Bidder to
name a single rate of interest, expressed in a multiple of 3* or l-10th of 1 %.
Principal and interest (J-D) payable at the South Shore Trust Co., Rockville
The
Centre.
bonds
from unlimited taxes.
Frank
W.
A
are
general obligations of the district, payable
payable to order of
certified check for $6,500,
District
Price,
Treasurer,
must
accompany
each
proposal.
Legal opinion of Reed, Hoyt, Washburn & Clay of New York City will be
furnished the successful bidder.
(P. O. Huntington), N. Y.—BOND SALE—The
registered bonds offered Nov. 28—V. 149, p. 3439—
& Co., Inc. of New York, as 2.20s.
price of 100.585, a basis of about 2.15%.
Sale consisted of:
HUNTINGTON
$44,000
were
at a
coupon
or
awarded to George B. Gibbons
$37,000 refunding water bonds.
Due Sept. 1 as follows: $1,000 from 1945
to 1949, incl.; $2,000 in 1950; $1,000, 1951 to 1953, incl.; $7,000,
1954; $2,000, 1955; $8,000, 1956; $9,000 in 1957 and $1,000 in 1958.
7,000 South Huntington Water District bonds.
Due $1,000 on Sept. 1
from 1940 to 1947, incl.
1, 1939.
They were re-offered by
yield from 0.50% to 2.10%, according to maturity.
All of the bonds will be dated Sept.
the successful bidders to
Other bids:
Int. Rate
2.20%
R. D. White & Co_-__
(P. O. Belmar), N. J .—BONDS SOLD—An issue of
$8,000 fire pumper bonds was sold as follows:
$7,000 to the New Jersey
Fire Equipment Co. and $1,000 to the Wall Fire Co,
100.28
100.239
HEMPSTEAD UNION FREE SCHOOL DISTRICT NO. 12 (P. O.
Maiverne), N.
Bidder—
issue of $42,000 school promissory notes.
WEST BELMAR
100.401
100.559
2.60%
2.90%
2.90%
2.90%
Marine Trust Co. of Buffalo and R. D. White & Co-_
,
Rate Bid
Int. Rate
Bidder—
Manufacturers & Traders Trust Co. of Buffalo
Rate Bid
100.17
2H%
A. C. Allyn & Co., Inc
Sherwood & Co
___
100.288
2.40%
2H%
-
Manufacturers & Traders Trust Co_
100.33
100.619
100.23
Roosevelt & Weigold, Inc
(P. O. Islip), N. Y.—BOND OFFERING—Roy E. Pardee, Town
Clerk, will receive sealed bids until 2 p. m. on Dec. 12, for the purchase
of $275,000 not to exceed 6% interest coupon or registered bonds, divided
ISLIP
New York State
Municipals
follows:
as
$125,000 series A public works bonds.
Due Dec. 15 as follows: $7,000
from 1940 to 1942, incl. and $8,000 from 1943 to 1955, incl.
Tilney & Company
76 BEAVER STREET
Telephone:
Bell System
NEW YORK,
75,000 series B public works bonds.
Due Dec. 15 as follows: $15,000
in 1940 and $20,000 from 1941 to 1943, inclusive.
75,000 incinerator plant bonds.
Due Dec. 15 as follows:
$5,000 from
1940 to 1948, incl. and $6,000 from 1949 to 1953, inclusive.
N. Y.
WHitehall 4-8898
Teletype: NY 1-2395
All of the bonds will be dated Dec. 15,
to name a
Principal and interest (J-D)
1%.
YORK
AUBURN, N. Y.—BOND SALE—The $140,000 coupon or registered
bonds offered Nov. 29—V. 149, p. 3439—were awarded to
Freres & Co. of New York as 1.10s, at a price of 100.077, a basis of
about 1.09%.
Dated Sept. 15, 1939 and due $14,000 on Sept.' 15 from
1940 to 1949 incl.
Reoffered to yield from 0.20% to 1.20%, according to
maturity.
Other bids:
Lazard
Rate Bid
Bidder—
100.31
and Kaiser & Co., jointly
100.23
Harris Trust & Savings Bank, Chicago____
;
100.207
Manufacturers & Traders Trust Co., Buffalo.
100.159
Mercantile-Commerce Bank & Trust Co., St. Louis, and R. D.
White & Co., jointly
_
„
100.083
Halsey, Stuart & Co
_
100.069
For 1H % Bonds—
E. H. Rollins & Sons, and A. C. Allyn & Co., jointly. ___
-.100.189
Geo. B. Gibbons & Co., Inc., and Kean, Taylor & Co., jointly
100.144
Campbell, Phelps & Co., and Sherwood & Co,, jointly.
100.127
First of Michigan Corp.,
_
___
Shields & Co.
..100.096
_______
Kidder, Peabody & Co., and Estabrook & Co.,
100.06
jointly
For
1.30% Bonds—
Marine Trust Co., Buffalo
____
100.12
Union Securities Corp., New York, and Roosevelt & Weigold, jointlyl00.08
For 1.40% Bonds—
•>*:
\ ,
F. W. Reichard & Co..
-
___.
100.07
BUFFALO, N. Y.—CERTIFICATE OFFERING—Frank M. Davis'
City Comptroller, will receive sealed bids until 10 a. m. (EST) on Dec. 5,
for the purchase of $3,425,000 not to exceed 6% interest tax anticipation
certificates of indebtedness.
Dated Dec. 15, 1939 and due June 15, 1940.
Total issue is made up of $600,000 series of 1934-35 certificates; $500,000
series of 1935-36; $550,000 series of 1936-37; $975,000 series of 1937-38;
$800,000 series of 193&-39.
Interest on certificates will be payable at
maturity.
Principal and interest payable at the City Comptroller's office
or, at holder's option, at the Central Hanover Bank & Trust Co., New
York City.
Bidder to name one rate of interest, expressed in multiples of
any fraction of 1%.
Bidder to state denoms. desired, which must be in
multiples of $5,000.
Legal opinion of Caldwell & Raymond of New York
City will be furnished the successful bidder. A certified check for $68,500
payable to order of City Comptroller, must accompany each bid. Delivery
of certificates will be made on or about Dec. 15 at City Comptroller's office
or at Central Hanover Bank & Trust Co., 70 Broadway, New York City,
preferred place of delivery to be specified in the bid. Since certificates for
any fiscal year may not be issued in excess of the amount of taxes for such
fiscal year remaining uncollected at the time of the delivery, the right is
reserved by the city to reduce the amount of certificates awarded for such
fiscal year accordingly.
COLONIE, N. Y.—BOND ISSUE DETAILS—The
bonds sold to the National
ESSEX COUNTY (P. O.
$1,000
Elizabethtown), N. Y.—BOND OFFERING—
County Treasurer, will receive sealed bids until 2 p. m.
on Dec. 12 for the purchase of $264,000 not to exceed 5% interest coupon or
registered bonds, divided as follows: $104,000 public welfare bonds. Due
July 1 as follows: $10,000 from 1940 to 1948 incl. and $14,000 in 1949.
$160,000 tax revenue bonds.
Due $40,000 on July 1 from 1940 to 1943 incl.
All of the bonds will be dated July 1, 1939.
Denom. $1,000.
Bidder
to name one rate of interest, expressed in a multiple of
or l-10th of 1%.
Prin, and int. (J-J) payable as follows: on $104,000 issue at the Bank of
Lake Placid, Lake Placid, with New York exchange; on $160,000 issue at the
Ticonderoga National Bank, Ticonderoga, with New York exchange.
The
bonds are general obligatios( of the county, payable from unlimited taxes.
A certified check for $5,280, payable to order of the County Treasurer, is
Fred A. Torrance,
vut
oi
Legal opinion of Dillon, Vandewater
furnished the successful bidder.
& Moore of New York
GENEVA, N. Y.—BOND OFFERING—Walter F. Foreman, City Trea¬
surer, will receive sealed bids until 2 p. m. on Dec. 7 for the purchase of
$20,000 series A of 1939 coupon or registered refunding bonds.
Dated
Oct. 1, 1939.
Denom. $1,000.
Due $4,000 on Oct. 1 from 1940 to 1944
incl.
Bidder to name one rate of interest, expressed in a multiple of J* or
l-10th of 1%.
Prin. and int. (A-O) payable at the Guaranty Trust Co.,
New York City.
The bonds are general obligations of the city, payable
from unlimited taxes.
A certified check for $400, payable to order of the
city,
must accompany
Moore of New
water &
HAVERSTRAW,
MIDDLETOWN,
N.
OFFERING—P. E.
Y.—BOND
Benedict, City
will receive sealed bids until 2 p. m. on Dec. 5 for the purchase
exceed 5% interest coupon or registered home relief bonds.
Dated Dec. 15, 1939. Denom. $1,000. Due $5,000 on Dec. 15 from 1940 to
1944 incl. Bidder to name a single rate of interest, expressed in a multiple
Clerk,
of $25,000 not to
l-10th of 1 %. Principal and interest (J-D 15) payable at the Orange
County Trust Co., Middletown, with New YorK exchange. The bonds are
general obligations of the city, payable from unlimited taxes.
A certified
check for $500, payable to order of the city, must accompany each proposal.
Legal opinion of Dillon, Vandewater & Moore of New York City will be
furnished the successful bidder.
each proposal.
Legal oDinion of Dillon, Vande¬
York City will be furnished the
successful bidder.
Y.—BOND SALE—James P. McCabe, Village
$75,867.83 coupon or registered sewer bonds offered
N.
Clerk, reports that the
NASSAU COUNTY (P. O.
Mineola), N. Y.—WARNS OF
MOUNTING
the course of a public hearing on the
budget of $18,910,007, Avery Claflin, President of the
Nassau Taxpayers League, declared that "because of increasing debt ma¬
turities Nassau (county) faces a very difficult period of eight years.
Referring to proposed refunding of $1,500,000 bonds due next year the
speaker said that such a procedure might not be possible after 1940, adding
that annual bond principal requirements will continue to increase until a
peak of $4,170,000 is reached In 1947.
The maturities in 1940 aggregate
$3,690,000, he said.
DEBT SERVICE CHARGES—During
1940
proposed
NEW
ALBION
UNION FREE
SCHOOL DISTRICT NO. 1 (P. O.
Cattaraugus), N. Y.—BOND OFF ERINQ—W. J. Krager, District Clerk,
will receive sealed bids until 1 p. m. (EST) on Dec. 4 for the purchase of
$25,000 not to exceed 5% interest coupon or registered refunding bonds.
Dated Nov. 1, 1939. Denom. $1,000. Due Nov. 1 as follows: $1,000 from
1940 to 1954 incl. and $2,000 from 1955 to 1959 incl. Principal and interest
(M-N) payable at the Bank of Cattaraugus, with New York exchange.
single rate of interest, expressed in a multiple of M or
The bonds are general obligations of the district, payable
from unlimited taxes.. A certified check for $500, payable to order of F. E.
Johnson, District Treasurer, is required.
Legal opinion of Dillon, Vande¬
water & Moore of New York City will be furnished the successful bidder.
Bidder to name a
l-10th of 1%.
NIAGARA FALLS BRIDGE COMMISSION, N. Y.—BOND SALE
CONTRACT—John J, Bennett Jr., State Attorney General, on Nov. 24
approved a contract for the financing by Stranahan, Harris & Co., Inc.,
New York, of a bridge to be constructed across the Niagara River between
the City of Niagara Falls, N. Y., and Niagara Falls, Ontario.
The contract
calls for issuance by the commission of bonds to bear interest at 4>* % and
mature in not more than 40 years.
The bankers offered a price of 94 for
the bonds, the amount to be issued to be determined at a later date,
(The
commission unsuccessfully offered on Sept. 26 last an issue of $3,620,000
bonds.
Legislation for the issue as approved by President Roosevelt pro¬
vided that the bonds be subject to Federal taxation.—V. 149, p. 2120.)
$2,500 street impt.
Commercial Bank & Trust Co. of Albany—V.
149, p. 3301—bear 4% interest and were issued at par.
Denoms.
and $1,500.
Due Nov. 15, 1939 and May 15, 1940. Registered.
required.
bidder.
of J4 or
1.20% Bonds—
Adams, McEncee & Co
ty
payable at the First National Bank,
town,
refunding
For
Denom. $1,000. Bidder
multiple of J* or l-10th of
The bonds are general obligations of the
payable from unlimited ad valorem taxes.
A certified check for
$5,500, payable to order of the town, is required.
Legal opinion of Dillon,
Vandewater & Moore of New York City will be furnished the successful
Islip, with New York exchange.
NEW
1939.
single rate of interest, expressed in a
ONONDAGA COUNTY (P. O. Syracme), N. Y.—BOND OFFERING
Giminski, County Treasurer, will receive sealed bids until 11
m. on Dec. 13, for the purchase of $2,749,000 not to exceed 5% interest
—John .F.
a.
coupon or
registered bonds, divided as
follows;
for
$2,090,000 series A general bonds of 1939-1940 issued to provide funds
home relief.
Due Jan. 1 as follows:
$160,000 from 1941 to
1943, incl.; $170,000 in 1944 and $240,000 from 1945 to 1950,incl.
659,000 refunding bonds of 1939-1940.
Due Jan. 1 as follows: $29,000
in 1941; $30,000 from 1942 to 1948, incl. and $35,000 from 1949
to 1960, inclusive.
All of the bonds
Denom. $1.000. Bidder to
of J* of l-10th of 1%.
will be dated Jan. 1, 1940.
one rate of interest, expressed in a multiple
Principal and interest (J-J) payable at the First
name
Trust & Deposit Co.,
York City. The bonds are
unlimited ad valorem taxes.
of the County Treasurer, is
opinion of Hawkins, Delafield & Longfellow of New York
Syracuse, or at the Guaranty Trust Co., New
general obligations of the county, payable from
A certified check for $54,980, payable to order
required. Legal
City will be furnished the
successful bidder.
N. Y.—NOTE SALE—An issue of $89,000 0.69% tax
purchased on Nov. 29 by Shields & Co. and R. D. White
& Co., both of New York, in joint account.
Dated Dec. 12, 1939 and due
Dec. 12, 1940.
PEEKSKILL,
revenue
notes was
PUTNAM
COUNTY
(P.
O.
Brewster),
N. Y.—BOND SALE—The
$95,000 coupon or registered bonds offered Dec. 1 were awarded to
Allyn & Co., Inc. and E. H. Rollins & Sons, Inc., both of New
jointly, as follows:
A. C.
York,
$49,000 highway improvement, series No. 36 bonds, issued as 2.40s, at
100.277, a basis of about 2.375%.
Dated Nov. 1. 1939 and due
Nov. 1 as follows: $2,000 from 1940 to 1962 incl. and $3,000 fn
1963.
Interest M-N
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3594
46,000 bridge, series No. 37 bonds, issued as 2.30s, at 100.333, a basis of
about 2.26%.
Dated Oct. 1, 1939 and due Oct. 1 as follows:
$3,000 from 1940 to 1947 incl. and $2,000 from 1948 to 1958 incl.
Interest A-O.
Denom.
$1,000.
Principal
semi-annual
and
interest
payable
at
the
First National B-nk, Brewster.
The bonds are payable from unlimited ad
valorem taxes to be levied on all of the county's taxable property.
They
reoffered by the banners from a yield of 0.50% to a price of 99.
Second
higher bidder at the sale was Roosevelt & Weigoldt Inc., New York, which
bid 100.20 for $46,000 2.30s and 100.60 for $49,000 2.50s.
R. D. White
& Co. of New York bid for both issues as 2 Ms.
were
ROTTERDAM FIRE DISTRICT NO. 2 (P. O. Schenectady), N. Y.—
an election on Nov. 17 the voters refused to auth¬
BONDS DEFEA TED—At
orize an issue of $13,000 fire truck purchase bonds.
SANDLAKE
NO.
1
(P.
O.
AND POESTENKILL CENTRAL SCHOOL DISTRICT
Averill
Park), N. Y.—BOND OFFERING— Fred A. Shoe¬
noon on Dec, 11 for the
purchase of $45,000 not to exceed 5% interest series of 1939 coupon or
registered school bonds. Dated Nov. 15,1939. Denom. $1,000. Due $3,000
on Nov.
15 from 1940 to 1954 incl.
Bidder to name one rate of interest,
expressed in a multiple of A or l-10th of 1 %. Principal and interest (M-N)
payable at the National City Bank, Troy, with New York exchange. The
bonds are unlimited tax obligations of the district and the approving legal
opinion of Dillon, Vandewater &Moore of New York City will be furnished
the successful bidder.
A certified check for $900, payable to order of the
district, must accompany each proposal.
maker, District Clerk, will receive sealed bids until
SOMERS, N. Y.—BOND OFFERING—Ella M. Brady, Town Clerk, will
receive sealed bids until 11 a. m. on Dec. 7 for the purchase of $12,000 not
to exceed 6% interest coupon or registered public works bonds.
Dated
Nov. 1, 1939.
Denom. $1,000.
Due $3,000 on Nov. 1 from 1940 to 1943
incl. Bidder to name a single rate of interest, expressed in a multiple of
A or l-10th of 1%.
Prin. and int. (M-N) payable at the Mount Kisco
National Bank & Trust Co., Mount Kisco.
The bonds are payable from
unlimited ad valorem taxes on all of the town's taxable property and the
approving legal opinion of Reed, Hoyt, Washburn & Clay of New York
City will be furnished the successful bidder.
A certified check for $240,
payable to order of the town, must accompany each proposal.
TARRYTOWN,
N.
Y.—BOND
OFFERING—Catherine
P.
McCaul,
Village Clerk, will receive sealed bids until 3 p. m. on Dec. 14 for the pur¬
of $50,000 not to exceed 6% interest coupon or registered sewer
bonds.. Dated Dec. 15, 1939.
Denom. $1,000.
Due Dec. 15 as follows:
$2,000 from 1940 to 1949 incl., and $3,000 from 1950 to 1959 incl.
Bidder
to name one rate of interest, expressed in a multiple of
A or 1-10th of 1 %.
Principal and interest (J-D) payable at the Tarrytown National Bank &
Trust Co., Tarrytown.
The bonds are general obligations of the village,
payable from unlimited ad valorem taxes.
A certified check for $1,000,
payable to order of the village, must accompany each proposal.
Legal
opinion of Reed, Hoyt, Washburn & Clay of New York City will be fur¬
chase
Dec.
2,
1939
$13,000 refunding water and light bonds.
Dated Dec. 15, 1939.
Due on
Dec. 15 as follows:
$4,000 in 1940 and 1941, and $5,000 in 1942, without
of prior payment.
There will be no auction.
Denom. $1,000:
coupon bonds registerable as toprincipal alone; prin. and int.
(J-D 15),
payable in legal tender in New York City; general obligations; unlimited
tax; delivery on or about Dec. 19, at plaice of purchaser's choice.
Bidders are requested to name the interest rate or rates, not exceeding
6% per annum in multiples of A of 1%.
Each bid may name one rate for
option
Eart of the bonds (having the earliest maturities), and another rate for the
alance, but no bid may name more than two rates, and each bidder must
specify in his bid the amount of bonds of each rate.
The bonds will be
awarded to the bidder offering to purchase the bonds at the lowest interest
cost to the town, such cost to be determined by deducting the total amount
of the premium bid from the aggregate amount of interest upon all of the
bonds until their respective maturities.
No bid of less than par and accrued
interest will be entertained.
Bids are required on forms to be furnished
with additional information and each bid must be accompanied by a certi¬
fied check upon an incorporated bank or trust company, payable uncon¬
ditionally to the order of the State Treasurer, for $260.
The approving
opinion of Masslich and Mitchell, New York City, will be furnished the
purchaser.
LEE COUNTY
(P. O. Sanford), N. C.—BOND SALE—The $104,000
school refunding bonds offered for sale on Nov. 28—V. 149, p. 3440—were
awarded jointly to Campbell, Phelps & Co., New York, and the First
Securities Corp. of Durham, paying par on the bonds divided as follows:
$48,000 as 2%s, due on Sept. 1; $4,000 in 1941; $5,000, 1942 to 1945, and
$8,000, 1946 to 1948; the remaining $56,000 as 3s, due $8,000 on Sept. 1
in
1955. incl.
1949 to
NASH COUNTY (P. O.
Nashville), N. C.—BOND SALE—The $24,000
school bonds offered for sale
to the
Nov.
on
28—V.
149,
p.
3440—were awarded
Branch Banking & Trust Co. of Wilson as 2 As, paying a premium of
$26, equal to 100.108, a basis of about 2.23%.
$4,000 on June 1 in 1942 to 1947, inclusive.
Dated June 1, 1939.
Due
WADESBORO, N. C.—BOND SALE—The two issues of bonds aggre¬
gating $23,000, offered for sale on Nov. 28—V. 149, p. 3440—were awarded
to R. S. Dickson & Co. of Charlotte as follows:
$4,000 street
improvement refunding bonds as 2s, paying par.
Due on
Nov. 1, 1945.
19,000 public improvement bonds as 3 As, paying a premium of $135.90,
equal to 100.715, a basis of about 3.20%.
Due $10,000 on Dec. 1,
1959, and $9,000 in 1960.
NORTH
DAKOTA
ROLETTE COUNTY SCHOOL DISTRICT NO. 3 (P. O. St. John),
N. Dak.—BONDS NOT SOLD—The $2,100 not to exceed 6% semi-annual
school bonds offered on Nov. 27—V. 149, p. 3302—were not sold.
Dated
Dec. 1, 1939.
Due on Dec. 1 in 1942 to 1949, incl.
nished the successful bidder.
WESTCHESTER COUNTY (P. O. White
providing for
a county-wide tax
levy of $7,993,602, the largest on record, and a tax rate
of $4.93 per $1,000, the highest since 1926 and an increase of 22 cents over
present rate.
A public hearing on the budget will be held Dec. 5 and the
Board of Supervisors must approve a program by Dec. 27.
Total assessed
valuation for next year is expected to be $24,979,353 less than the current
level.
Moreover, the amount of funded debt to be retired will be $300,000
more than this year.
County debt at end of
1940, will be approximately
$94,000,000, a reduction of $13,000,000 from the peak reached in 1935.
After allowing for supplemental appropriations during
1939, including
$290,000 for home relief and $70,000 for the park commission to offset
Playland losses attributed to World's Fair competition, the gross budget
for 1940 of $12,546,324.65 represents an actual increase of but $76,000.
YONKERS, N. Y —NOTE SALE—The
York purchased on Nov. 27
Chase National Bank of New
issue of
$770,000 1% tax anticipation notes,
par.
Dated Nov. 29, 1939 and due May 29, 1940.
Legal opinion of
Hawkins, Delafield & Longfellow of New York City.
an
OHIO
Plains), N. Y.—MAY IN¬
CREASE TAX RATE—Wm. F. Bleakley, County Executive, submitted to
Board of Supervisors on Nov. 25 a proposed budget for 1940
at
BATAVIA,
Ohio—BOND
SALE— The $11,290 storm and sanitary
system bonds offered Nov. 25—V. 149, p. 3302—were awarded to J. A.
White & Co. of Cincinnati, as 2Ms, at par plus $104 premium, equal to
100.921, a basis of about 2.37%.
Dated Nov. 1, 1939 and due Nov. 1 as
follows: $290 in 1941 and $1,000 from 1942 to 1952 incl. Second high bid of
100.655 for 2Ms was made by Stranahan, Harris & Co., Inc. of Toledo.
Bids at the sale
were as
follows:
Bidder—
Int. Rate
Ami. Bid
2M%
2M%
2M%
2M%
$11,394.00
11,364.00
11,335.00
11,327.00
11,320.85
J. A. White & Co..
Stranahan, Harris & Co
BancOhio Securities Co
Weil, Roth & Irving Co.
Seasongood & Mayer
P. E. Kline, Inc
2M%
2M%
2M%
2M%
2%%
2M %
3M%
Browning, Van Duyn, Tischler & Co
Charles A. Hinsch &
Co
Ryan, Sutherland & Co
Provident Savings Bank & Trust Co
Saunders, Stiver & Co
NORTH
CAROLINA
100.006,
$9,000
as
149, p. 3440—were awarded to the
Waynesville, paying
a
as
premium of $1, equal to
as follows:
remaining $6,000
interest cost of about 4.15%, on the bonds divided
4s. due $1,000 on Dec. 1 in 1940 to 1948; the
a net
4Mb, due $2,000
BESSEMER
Dec. 1 in 1949 to 1951.
on
SANITARY
COUNTY
(P.
O.
(P.
O.
Bridgeport),
Ohio—BOND
OFFERING—
Theodore Ehni, Village Clerk, will receive sealed bids until noon on Dec. 15
for the purchase of $6,170 4% street improvement bonds.
Dated Dec. 23,
1939.
One
bond
for
$545,
$545 in 1941, and $625 from
ferent
rate
of interest,
Aheville),
N.
C —BONDS
PUR¬
CHASED—In connection with the call for tenders
up to Nov. 28, as noted
in our issue of Nov. 18—V. 149,
p. 3302—it is stated
of
raising
others $625 each.
1942 to 1950 incl.
provided
multiple of A of 1%.
DISTRICT
(P. O. Greensboro), N. C.—
BOND SALE—The $45,000 water and sanitary sewer bonds offered for
sale on Nov. 28—V. 149, p. 3302—were awarded
jointly to the Wachovia
Bank & Trust Co. of Winston-Salem, and Lewis & Hall of
Greensboro,
paying a premium of $11, equal to 100.024, a net interest cost of about
3.73% on the bonds divided as follows: $11,000 as 3 Msdue $1,000on Sept. 1
in 1940 to 1950; the remaining $34,000 as
due on Sept. 1, $1,000 in
1951 to 1954 and $2,000 in 1955 to 1969, incl.
BUNCOMBE
11,327.50
BROOKSIDE
ABERDEEN, N. C.—BOND SALE—The $15,000 public improvement
bonds offered for sale on Nov. 28—V.
First National Bank of
11,307.77
11,443.00
11,350.60
11,327.50
11.327.26
Due
Interest A-O.
Bonds
Oct.
1
as
follows:
Bidder may name a dif¬
that fractional
rates
are
are
expressed in
a
issued for the purpose
in anticipation of collection of special assessments for
improvements.
A certified check for $100, payable to order of the
village, must accompany each proposal.
money
street
CLEVELAND
The
State
CITY
SCHOOL
Treasurer
purchased an
Due in 1941.
Callable
3s at par.
DISTRICT,
issue
of
Ohio—NOTE SALE—
$852,636 refunding notes as
,
DIXON TOWNSHIP RURAL SCHOOL DISTRICT (P. O.
Eaton),
Ohio—NOTE SALE—The Preble County National Bank of Eaton pur¬
on Nov. 30 an issue of $4,156.81
two-year refunding notes as 3s.
chased
by Curtis Bynum,
Secretary of the Sinking Fund Commission, that the following bonds were
purchased by the sinking funds:
FORT
LORAMIE,
Ohio—BOND
OFFERING—Martin
J.
Romie,
Village Clerk, will receive sealed bids until noon on Dec. 16 for the purchase
of $10,000 3% coupon water bonds.
Dated Nov. 1, 1939.
Denom. $500.
$165,000 County of Buncombe refunding bonds dated July 1, 1936 at 35.05^
150,000 City of Asheville general refunding bonds dated
July 1, 1936 a
Bidder may name a diffeent
a multiple of A
of 1%.
Interest J-D.
A
payable ot order of the Village Treasurer, must
accompany each proposal.
The bonds are issued for the purpose of con¬
structing and or acquiring a general ater works system, including acquiring
real estate, for the purpose of supplying water to the
Village and the in¬
habitants thereof, and for all incidental and necessary expenses connected
thereto and therewith and for the purpose of contributing the Village's
share of the project for which Federal aid has been
granted and authority
35.05.
21,000 Asheville Local Tax School District refunding bonds dated
July 1.
1936 at 35.55.
3,000 Biltmore Special School Tax District
refunding bonds dated
July 1, 1936 at 53.
2,000 Beaverdam Water and Sewer District refunding bonds dated
July 1, 1936 at 33.
4,000 South Buncombe Water and Watershed District refunding bonds
dated July 1, 1936, at 33.60.
17,000 Swannanoa Water and Sewer District refunding bonds dated
July 1, 1936 at 32.89.
11,000 Woodfin Sanitary Water and Sewer District
refunding
dated July 1,
water and
sanitary
bonds offered for sale on Nov. 28—V.
149, p. 3302—were awarded to
Kirchofer & Arnold of
Raleigh, paying a premium of $1, equal to 100.001,
a net interest cost of about
1.70% on the bonds divided as follows: $12,000
sewer
lMs, due $4,000 on Dec. 1 in 1942 to 1944; the remaining
$48,000
lMs, due on Dec. 1; $6,000 in 1945 to 1948, and $8,000 in 1949 to 1951.
as
ELIZABETH
received until
CITY, N. C.—BOND OFFERING— Sealed
11
a.
m.
on
Dec.
5 by W.
E.
bids
will
as
be
Easteriing, Secretary of the
PS£r-^overn.ment Commission, at his office in Raleigh, for the purchase
2^
9£Aridge k°nd®' dated Dec. 1, 1939, maturing annually, Dec. 1,
f, 999'
1964, incl., without option of prior payment.
Denom.
$1,000;
prin. and int. (J-D) payable in New York
City in legal tender;
general obligations; unlimited tax; coupon bonds
registerable as to principal
delivery on or about Dec. 19, at place of purchaser's choice.
There
will be no auction.
.bidders
6%
are requested to name the interest rate
per annum in
part of the bonds
balance, but
no
or
rates, not exceeding
multiples of A of 1%.
Each bid may name
(having the earliest maturities), and another
bid may name
specify in his bid the
amount
more
one rate
for
rate for the
than two rates, and each bidder must
of bonds of each
awarded to the bidder
rate.
The
bonds
will
be
offering to purchase the bonds at the lowest interest
cost to the city, such cost to be
determined by deducting the total amount
of the prenuum bid from the
aggregate amount of interest upon all of the
bonds until their respective maturities.
interest will be entertained.
No bid of less than par and accrued
Bids must be
must
on a form to be furnished
with additional information and
b© accompanied, by a certified check
upon an
incorporated bank or
payable unconditionally to the order of the State
Treasurer,
for $500.
The approving opinion of Masslich and
Mitchell, New York
City, will be furnished the purchaser. The right to reject all bids is reserved.
trust company,
FOREST
CITY,
N.
C.—BOND OFFERING—Sealed bids will be re¬
ceived until 11 a. m. on Dec. 5, by W. E.
Easteriing, Secretary of the Local
Government Commission, at his office in Raleigh, for the
purchase of
of
on
June 1 from 1942 to 1961 incl.
interest, expressed in
certified check for $250,
of the laws of Ohio and of Sections 2293-2 and 2293-19 to 23 inclusive of the
General Code of Ohio and Amended Substitute Senate Bill No. 48 of the
93rd General Assembly and under and in accordance with a certain resolution
of the Village Council passed on Nov. 13.
bonds
1936 at 53.90.
CHARLOTTE, N. C.—BOND SALE—The $60,000
Due $.500
rate
INDIAN
HILL
RURAL
SCHOOL
DISTRICT
(P.
O.
Cincinnati),
Ohio—BONDS DEFEATED—An iss^e of $38,000 construction bonds
rejected by the voters at the Nov. 7 election.
LAKEWOOD
CITY
SCHOOL
was
DISTRICT, Ohio—NOTE SALE—
George T. Lennon & Co. of Columbus were awarded on Nov. 27 an issue of
$70,138.29 two-year callable refunding notes as 2s, at a price of 100.129,
a basis of about
1.93%.
NEW BOSTON
CITY
SCHOOL
DISTRICT, Ohio—NOTE SALE—
The National Bank of Portsmouth purchased an issue of
ing notes
as
3s.
$12,825.94 refund¬
Due in 1941.
NILES, Ohio—BONDS TO BE SOLD—An issue of $28,000
poor
relief
bonds will be sold to the Treasurer's Investment Board.
TRUMBULL COUNTY
(P. O. Warren), Ohio—NOTE OFFERING—
Robert H. Roberts, Clerk of Board of County Commissioners, will receive
sealed bids until 2 p. m. on Dec. 11 for the purchase of $100,000 3% poor
relief notes.
Dated Dec. 1, 1939.
Denom. $1,000. Due $25,000 on April 1
and Oct. 1 in 1941 and 1942.
Bidder may name a different rate of interest,
frovided A-O. fractional rates are expressed in a multiple of Afunds1%.
that The
of for
nterest
issued for the purpose of providing
notes are
poor relief for the fiscal
year 1939, under authority of the general laws of the
State, particularly Section 2293-43a of the General Code of the State, and
under and in accordance with
a
certain resolution of the Board of County
Commissioners passed on Nov.
14.
The County will pay for printing of
Enclose a certified check
$1,000, payable to the County Commissioners.
notes, purchaser to pay for opinion as to legality.
for
VINTON VILLAGE SCHOOL DISTRICT, Ohio—NOTE SALE—The
Ohio Valley Bank of Gallipolis purchased on Nov. 30 an issue of $7,941.91
refunding notes as 4s, at par.
Due in 1941.
WARREN CITY SCHOOL DISTRICT,
Ohio—NOTE SALE—The
$65,415.79 refunding notes offered Nov. 27—V. 149, p. 3010—were awarded
George T. Lennon & Co. of Columbus, as 2 Ms, at a price of 100.128, a
basis of about 2.18%. Due in 1941. The Second National Bank of Warren,
next best bidder, named a rate of 2M %. at par.
to
Volume
149
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
OKLAHOMA
CLINTON, Okla.—BOND ELECTION—We
Clerk that
the voters will
struction bonds at
an
pass
on
are
informed by the City
the issuance of $25,000 in airport con¬
election to be held
on
Dec. 12.
.
bonds aggregating $439,500:
$387,000 sanitary
struction, and $52,500 fire equipment purchase bonds.
following
sewer
con¬
informed by F. M. Cald¬
well, City Clerk, that an election will be held on Dec. 19 in order to vote
on the issuance of $54,868 in 5% bonds for water and sewer improvements,
HUGO, Okla.—BOND ELECTION—We
and fire
department purposes.
are
Due serially in 10 years.
SCHOOL DISTRICT NO.
1
(P. O. Oaklahoma City R. R. No. 2), Okla.—BOND SALE—The $40,000
on Nov. 24—V. 149, p. 3441—were purchased
by R. J. Edwards, Inc. of Oklahoma City, at an interest cost of about
2.73%, according to the District Clerk.
Due $3,000 in 1944 to 1956, and
PUTNAM
CITY
CONSOLIDATED
school bonds offered for sale
$1,000 in
1957.
STILLWATER, Okla.—BONDS DEFEATED—It is stated that at tl*
election held on Nov. 21, the following bonds aggregating $458,000, were
turned down by the voters:
$337,000 electric distribution system, and
$121,000 water works system bonds.
Okla.—
Nov. 28
149, p. 3441—was awarded to Francis Bro. & Co. of St. Louis, at a
interest cost of 2.45%, according to the District Clerk.
Due in 1942 to
NO. 33 (P. O. Tulsa)
issue of school bonds offered for sale on
TULSA COUNTY SCHOOL DISTRICT
BOND SALE—The $15,000
—V.
net
1949 incl.
OREGON
FREEWATER, Ore.—BOND OFFERING—Sealed bids will be received
until 7 p. in. on Dec. 4, by E. J. Davis, City Recorder, for the purchase of a
$35,500 issue of refunding bonds. Interest rate is not to exceed 5%, payable
J-D. Dated Dec. 10, 1939. Denom. $500. Due Dec. 10, as follows: $2,500
in 1944 to 1946, $3,000 in 1947 to 1949, $3,500 in 1950 to 1952, $4,000 in
1953, and $4,500 in 1954. The approving opinion of Teal, Winfree, McCulloch, Shuler & Kelley, of Portland, will be furnished.
Enclose a certified
check for $1,000.
COUNTY SCHOOL DISTRICT NO. 3 (P. O. Route 7,
Salem), Ore.—BONDS NOT SOLD—We are informed by the
bonds scheduled for award on Nov. 25
—V. 149, p. 3303—were not sold on that date, as no bids were considered.
He states that these bonds will be readvertisedfor sale.
MARION
Box
430,
District Clerk that the $7,000 school
SCHOOL
NANTICOKE
Dr. B. A.
ENJ P t Okla.—BOND ELECTION—It is reported that an election will
pe held on Dec. 5 in order to have the voters pass on the issuance of the
3595
Bockius, of Philadelphia, which opinion will be furnished free of charge to
the purchaser.
Enclose a cretified check for 2% of the face amount of the
bonds, payable to the township,
Pa.—BOND
DISTRICT,
Stegura, District Treasurer, will
OFFERING—
receive sealed bids until 3:30
Dec. 7, for the purchase of $59,000 2,2A,2A,2H,3,3A,3A.33A
or 4% coupon funding and refunding bonds.
Dated Dec. 1, 1939. Denom.
$1,000.
Due Dec. 1 as follows:
$6,000 from 1940 to 1948, incl and $5,000
p. m. on
in
1949.
Bidder
to
name
rate
one
of interest.
Principal and interest
(J-D) payable at the District Treasurer's office.
Part of the bonds matur¬
ing in 1939-1940 fiscal year will be refunded.
A certified check for 2% of
the bonds bid for, payable to order of the District Treasurer, is required.
Bonds will be issued subject to favorable legal opinion of Townsend, Elliott
& Munson of Philadelphia.
NORTH
UNION TOWNSHIP SCHOOL
DISTRICT (P. O. Union-
town), Pa.—BOND SALE—The issue of $40,000 funding bonds
Nov. 28—V. 149, p. 3303—was awarded to Phillips, Schmertz &
Pittsburgh, at a price of 106.64.
NORWOOD, Pa.—BOND OFFERING—"William J. A. Kimber,
offered
Co. of
Borough
Secretary, will receive sealed bids until 8 p. m. on Dec. 1, for the purchase of
$35,000 2A, 2%, 3, 3 A and 3A% coupon bonds.
Dated Nov. 1, 1939.
Denom. $1,000.
Due Nov. 1 as follows:
$2,000 from 1942 to 1944, incl.;
$3,000 from 1945 to 1947, incl. and $4,000 from 1948 to 1952, incl.
Redeem¬
able in whole or in part in inverse order of bond numbers on any interest
payment date on or after Nov. 1, 1942, at a price
Bidder to name one rate of interest.
Bonds will be
of 103.
Interest M-N.
payable without deduc¬
future State taxes, except gift, succession or inheri¬
tance taxes. They will be issued and sold subject to approval of proceedings
by the Pennsylvania Department of Internal Affairs.
A certified check for
2% of the bonds payable to order of the Borough Secretary, must accom¬
pany each proposal.
Legal opinion of Saul, Ewing, Remick & Saul of
Pittsburgh will be furnished the successful bidder.
tion for any present or
PHILADELPHIA,
OFFERING—Robert C. White,
Pa .—BOND
City
Comptroller, will receive sealed bids until noon on Dec. 18 for the purchase
of $4,620,000 not to exceed 4% interest serial loan bonds.
Dated Dec. 1,
1939. Due $231,000 on Jan. 1 from 1941 to 1960 incl. Not callable prior to
maturity.
Interest J-J.
Rate or rates of interest to be designated by the
bidder in multiples of A of 1 %. Bidders may not designate more than two
rates for all the maturities and not more than one rate may be designated
for bonds of the same maturity.
Bids must be for not less than par and
accrued interest and offers may be made on an "all or none" basis. Nego¬
tiable interim certificates will be issued if desired, pending engraving of
8 p. m. on Dec. 5, by Charles Standley Jr. , City
chase of a $7,500 issue of refunding water bonds.
certificates.
Loan certificates will be interchangeable as to
form from registered to coupon, or from coupon to registered, and reexchangeable from one to the other from time to time at option of holder,
and coupon form may be registered as to principal.
A certified check for
2% of the bonds bid for must accompany each proposal.
MA Y IMPOSE INCOME TAX—The city may decide on a flat income tax
exceed
levy
TURNER, Ore.—BOND
Jan. 1,
on and
office.
OFFERING—Sealed bids will be received
until
Recorder, for the pur¬
Interest rate is not to
6%, payable J-J.
Denom. $500.
Dated Jan. 1, 1940.
Due on
as follows:
$1,500 in 1942. and $1,000 in 1943 to 1948; redeemable
after Jan, 1, 1945.
Prin. and int. payable at the Citv Treasurer's
A certified check for not less than $150 must accompany the bid.
SCHOOL
CARBONDALE,
Dec.
11
for
Pa .—BOND OFFERING—Sealed
Krantz, City Clerk, will be received until
the purchase of $360,000 3 A, 3%, 4, 4A
bids addressed to
8 p. m. (EST) on
or 4H% coupon,
registerable as to principal, judgment funding bonds.
Dated Dec. 1, 1939.
Denom. $1,000.
Due June 1 as follows: $5,000 in 1942 and 1943; $10,000
from 1944 to 1946, incl.; $15,000, 1947 to 1952, incl.; $25,000, 1953; $30,000,
in 1954, and $35,000 from 1955 to 1959, incl.
Prin. and int. (J-D) payable
at the City Treasurer's office.
Bonds to be free of all taxes except succession
or inheritance taxes, under any present or future laws of the Commonwealth
of Pennsylvania.
The bonds are general obligations of the city, backed by
its full faith and credit.
A certified check for 2% of the bonds bid for,
payable to order of the
subject to approval of
City Treasurer, is required.
Bonds will be issued
Internal Affairs,
the Pennsylvania Department of
approving legal opinion of Townsend, Elliott & Munson of Philadel¬
phia.
FINANCIAL SURVEY—In connection with the above offering, a de¬
tailed survey of the city's finances and economic position has been prepared
for distribution by Messrs. Degen, Messer & Co., municipal accountants
and auditors, First National Bank Bldg., Easton, Pa,
and
DISTRICT (P. O. Mounted Route 7, Ellwood
Pa.—BOND OFFERING—Carl O. Lersch, District Secretary, will
ELLPORT SCHOOL
City),
receive sealed bids until 7 p. m. on
Dec. 16 for the purchase of $8,000 4%
registered series of 1940 school bonds.
Dated Jan. 1, 1940.
Due Jan. 1 as follows: $500 from 1941 to 1954, incl., and
$1,000 in 1955.
Interest J-J.
The bonds are free in the hands of the holder
or holders or the registered owners of taxes now or hereafter to be levied
thereon, or on the debt thereby secured, by the Commonwealth, except
estate or inheritance taxes.
Proceedings for said issue are subject to the
approval of the Department of Internal Affairs.
The cost of printing the
bonds to be paid for by the purchaser.
Enclose a certified check for $200,
payable to the District Treasurer.
JOHNSTOWN
SCHOOL DISTRICT,
Pa.—BOND OFFERING—
George B. Hunter, District Secretary, will receive sealed bids until 8 p. m.
on Dec. 13 for the purchase of $235,000 not to exceed 3% interest coupon,
registerable as to principal, refunding bonds.
Dated Dec. 15, 1939.
De¬
nomination $1,000.
Due Dec. 15 as follows: $58,000 in 1940 and $59,000
from 1941 to 1943, incl.
Bidder to name one rate of interest, expressed in
a multiple of A of 1%.
Interest J-D.
The bonds and the interest thereon
will be payable without deduction for any tax or taxes, except succession
coupon
or
Denom. $500.
hereafter levied or assessed thereon under a
Commonwealth, all of which taxes the district
These bonds are issued subject to the favorable
opinion of Townsend, Elliott & Munson of Philadelphia.
Enclose a certi¬
fied check for 2% of the par value of the amount of bonds bid for, payable to
or
inheritance taxes, now or
present or future law of the
assumes and agrees to pay.
the District
of providing an estimated
position as to the manner in
O. Keiser),
Pa .—BOND OFFERING—Law¬
D'Angelo, Borough Secretary, will receive sealed bids until 7 p. m. on
Dec. 4, for the purchase of $25,000 not to exceed 4A% interest coupon
funding bonds.
Dated Nov. 1, 1939.
Denom. $1,000. Due Nov. 1 as
follows:
$1,000 from 1940 to 1954, incl. and $2,000 from 1955 to 1959, incl.
Redeemable in whole or in part in inverse order of their numbers, on any
interest date, at a price of 105.
Bidder to name one rate of interest, payable
N-M.
Bonds will be registerable as to principal only and both principal
and interest will be payable without deductions for Pennsylvania State,
taxes exce.)t succession, gift or inheritance taxes.
They were authorized
at an election on Sept. 12 and will be issued subject to approval of the
Pennsylvania Department of Internal Affairs.
A certified check for 2%
of the bonds bid for, payable to order of the Borough Treasurer, is required
rence
by Saul, Ewing, Remick & Saul of Pittsburgh.
Lima), Pa.—BOND OFFERING—
Roger F. Patched, Townhsip Secretary, will receive sealed bids until 8
p. m. on Dec. 4 for the purchase of $20,000 1A, 1%, 2, 2A. 2A, 2A,
4. 3A, or 3A% coupon, registerable as to principal only, series of 1939.
bonds. Dated De^. 15, 1939. Denom. $1,000. Due $2,000 on Dec. 15 from
1940 to 1949 incl. Bidder to name one rate of interest, payable J-D.
Prin,
and int. payable without deduction for any tax or taxes, except gift, suc¬
cession or inheritance taxes, which the township may be required to pay
thereon, or retain therefrom under any present or future law of the Common¬
wealth, all of which taxes the township assumes and agrees to pay.
These
bonds are issued subject to the favorable legal opinion of Morgan, Lewis &
Legality to be approved
MIDDLETOWN TOWNSHIP (P. O.
which the additional funds should
be
REVENUE NEEDS—Addressing a
large group, which included 1,000 leaders of business, industry, finance,
banking and transportation in Philadelphia at a luncheon sponsored by the
Pennsylvania Economy League, Inc., Mayor-elect Robert E. Lamberton,
in discussing the question of balancing the budget said there were only
three alternatives; a tax on real estate, a sales tax or an income or wage tax.
"Among them we must make our choice", he added.
An advisory com¬
mittee is now working on the subject and soon will make its report he said.
The city is handicapped, he continued, because by law it can't tax anything
that is taxed by the State.
There are many small taxes that could be
MAYOR-ELECT COMMENTS ON
levied, he said, but the answer to
of the three taxes
Philadelphia's financial problem was one
enumerated.
Things to be gained by balancing the
would be able to pay cash for supplies
budget, he said, were that the city
which would result in a savings in
and that it would improve the credit of the city.
"If we can con¬
vince investment people that we can balance the budget and pay as we go.
we can refinance bonds as they become due at lower rates of interest and
save a great deal of money thereby, he declared.
Referring to the gap
between expected receipts and anticipated expenditures, Mr. Lamberton
said this had been due in large part to the drop of $21,000,000 a year in
income from real estate taxes.
Deficits had continued, he added, in the
hope that real estate values would come back, but they have not come
and the "time has come when the budget must be balanced no matter what
money,
back
it costs."
WAGE
TAX LAW BEING
DRAFTED—Acting Mayor George
Connell
city ordinance to levy a 1 % tax on all wages paid
if the earner lives outside the ctiy, is being drawn at
order to be ready when Council considers the 1940 budget.
A similar
was passed by Council last year, but was repealed almost immediately
disclosed, Nov. 29, that a
in Philadelphia, even
his
tax
after wide protests.
hort
of
Council's estimates of income are
about $15,000,000
expected revenue for 1940.
SCHOOL DISTRICT, Pa .—BOND SALE—The
$5,000,000 serial taxable bonds offered Dec. 1—V. 149, p. 3303—were
awarded to the Pennsylvania School Employees' Retirement Board, Harrisburg, as 2
at a price of 100.625, a basis of about 2.45%.
Dated Dec. 1,
1939, and due Dec. 1 as follows: $239,000 in 1944, $238,000 from 1945 to
1953, incl., $239,000 in 1954 and $238,000 from 1955 to 1964, incl.
Other
bids were as follows: Lehman Bros., New York, and associates, 100.40
for 2%s; Blyth & Co., Inc., group, 100.28 for 2^s, and Halsey, Stuart &
Co., Inc., account bid, 100.16 for 2^s.
A feature of this financing was
the fact that it represented the first offering of taxable bonds by the dis¬
trict.
As the Retirement Board, which obtained the award, and similar
bodies are not subject to such taxation, they thus were conceded an advan¬
tage over investment bankers in competing for the loan.
PHILADELPHIA
PLYMOUTH,
Pa .—BOND
ISSUE
$8,000 street
Bank, at a price of
$2,000 on Aug. 1
DETAILS—The
improvement bonds sold to the Plymouth National
101.165—V. 149, p. 3441—bear3H% interest and mature
from 1940 to 1943, inclusive.
TRAFFORD, Pa.—BOND
OFFERING—W. B. Meager, Borough Secre¬
Shaw, 604
the
Dated
in 1945
gift,
approval of
Affairs. A
will receive sealed bids at the office of Scales, Loughran &
National Bank Bldg., Greensburg, until 10 a. m. on Dec. 2 for
purchase of $25,000 not to exceed 4% interest borough bonds.
Oct
1
1939.
Denom. $1,000.
Due Oct. 1 as follows: $10,000
and 1951 and $5,000 in 1955.
Bonds to be free of State tax, except
succession or inheritance taxes.
They will be sold subject to
proceedings by the Pennsylvania Department of Internal
cer¬
tified check for $500, payable to order of J. B. Cunningham, Borough
Treasurer, is required.
tary
First
SOUTH
Treasurer.
MARION HEIGHTS (P.
$15,000,000 needed to balance
budget, according to press reports.
Such a levy, it was said,
to be favored over several other suggested revenue producing
measures, including a general sales tax, or increases in the tax on real estate
and in water rates.
Mayor-elect Robert E. Lamberton has yet to make
appears
raised.
DISTRICT, Pa .—BOND OFFERING—R. L.
Thompson, District Secretary, will receive sealed bids until 7:30 p. m. on
Dec. 18, for the purchase of $140,000 2, 2M. 2li, 2%, 3, 3A, 3%, 3% or
4% coupon, registerable as to principal only, refunding bonds.
Dated
Jan. 15, 1940.
Denom. $1,000. Due $14,000 on Jan. 15 from 1941 to 1950,
incl.
Bidder to name a single rate of interest.
Principal and interest
(J-J) payable at the Central Trust Co. of Atloona.
Bidders will not be
permitted to name depository,
Bonds to be free of all taxes, except succes¬
sion or inheritance taxes, under any present or future laws of Pennsylvania.
They have been authorized by the voters and the successful bidder may select
attorneys who shall furnish the legal opinion.
Purchaser may select printer
for printing of the bonds and must pay for such printing.
Proof of proposed
bond issue must be submitted to the district for approval.
The district
will prepare papers and submit same to the Department of Internal A 'fairs
of Pennsylvania for approval, cost of which will be borne by the district.
Alcertified check for $5,000, payable to order of the district, is required.
Gertrude A.
as a means
1940
the
known his
PENNSYLVANIA
ALTOONA
permanent
CAROLINA
C.—CERTIFICATE SALE—The $30,000 annual coupon
paving certificates offered for sale on Nov. 25—V. 149, p. 3441—were
awarded to Johnson, Lane, Space & Co. of Savannah, as 2^s, paying a
premium of $121.58, equal to 100.405, a basis of about 2.42%.
Dated
Aug. 15, 1939.
Due $3,000 on Aug. 15 in 1940 to 1949, incl.
ORANGEBURG, S. C.—BOND CALL—It is stated by L. F. Theiling,
City Treasurer, that the following 5% bonds are being called for payment
on Jan. 1, at the Chase National Bank in New York City:
$100,000 street
improvement; $45,000 water; $10,000 sewerage, and $45,000 electric light
bonds.
Dated Jan. 1,1920.
Due on Jan. 1, 1960; callable on Jan. 1,1940.
The bonds presented should have Jan
1, 1940, and all subsequent coupons
CHESTER, S.
attached.
SOUTH CAROLINA, State of—NOTE OFFERING—Sealed bids will
be received until noon on Dec. 12 by E. P. Miller, State Treasurer, for the
purchase of an issue of $1,000,000 not to exceed 4% semi-annual coupon or
registered funding notes.
Dated Dec. 15, 1939. Denom. $1,000. Due
$200,000 Dec. 15, 1940 to 1944.
Principal and interest payable at the
State Treasurer's office, or at the agencies of the State in the cities of
Charleston and New York.
Rate of interest to be a multiple of A of 1%,
and must be the same for all of the notes bid for.
The notes will be awarded
to the bidder offering to take them at the lowest rate of interest, at a price
not less than par and accrued interest to the date of delivery.
The notes
are to be issued pursuant to Section 106 of Act No. 332 of the Acts of
1939
ONE HUNDRED—The Commercial & Financial Chronicle—YEARS OLD
3596
of South Carolina, approved July 1, 1039, which pledges to the retirement
of the notes an amount of the license tax imposed by Section 2542 of the
Code of Laws of 1932 upon the sale of soft and bottled drinks in the State,
cover the annual payments by way of principal of and interest
the
The full faith,
notes.
credit and taxing
power
of the State
are
pledged to the payment of the notes.
The purchasers will be furnished
with the opinion of Heed, Hovt, Washburn & Clay of New York, that the
obligations of the State, such opinion to be paid for by the
purchaser.
The notes will be delivered in Columbia or New York, at the
option of the purchaser.
Enclose a certified check for 1 % of the amount
of notes bid for, payable to the State Treasurer.
notes are valid
offered the above bonds for public subscription.
to yield from 0.20% to 1.10%, while the 1
are
priced to yield from 1.10%
to 2%.
The bonds are legal investments, according to the bankers, for
savings banks and trust funds in New York, Massachusetts, Connecticut
and certain other States.
They are, in the opinion of counsel, interest
exempt from all present Federal and West Virginia income taxes.
WISCONSIN
TENNESSEE
COUNTY
GIBSON
(P. O. Trenton), Tenn.—BOND CALL—It i3
stated by W. R. Kinton, County Judge, that highway reimbursement re¬
funding, Series No. 1 and Series No. 2 bonds are being called for payment
on Jan. 1,
1940, at par and accrued interest, at the American National
CLINTONVILLE,
Wis.—BONDS VOTED—It is stated
obligation bonds were approved by a wide margin at the election held on
Nov. 21.
KENOSHA,
Wis.—BOND
SALE—The
OFFERING—Sealed bids will be re¬
ceived until 8 p. m. on Dec. 19, by F. L. Cloud, City Manager, for the
purchase of the following bonds aggregating $48,850:
$25,000 public improvement bonds.
Due on Dec. 1 as follows: $1,000 in
1940 to 1945: $2,000, 1946 to 1953, and $3,000 in 19.54.
23,850 city improvement bonds.
Due on Dec. 1 as follows: $850 in 1940
$1,000 in 1941 to 1945, and $2,000 in 1946 to 1954.
Interest rate is not to exceed
were
awarded to Farwell,
refunding coupon
24—V. 149, p. 3304—
following
bonds aggregating $33,000, offered for sale on Nov.
Tenn,—BOND
Chapman & Co. of Chicago, as 234s, paying
a
premium of $389.41, equal to 101.18, a basis of about 2.40%: $5,000 school,
2nd series of 1925: $7,000 grade
2nd series of 1939; $11,000 high school,
Dated Dec. 15, 1939.
separation, and $10,000 school, series of 1929 bonds.
Due on Dec. 15, 1953. Other bids were as follows:
Names of Other Bidders—
Harriman Ripley Co
5%, payable J-D.
Coupon bonds, dated
1, 1939.
Denom. $1,000. one for $850.
Rate of interest to be in
multiples of 34 or l-10th of 1% and must be the same for all of the bonds.
The bonds will not be sold at less than par.
Principal and interest payable
at the Central Hanover Bank & Trust Co., New York.
The bonds will be
Int. Rate
Price Bid
$33,103.00
33,063.67
^34%
;
Bartlett, Knight & Co
awarded to the bidder offering to purchase the same at the lowest interest
A. S. Huyck & Co
Dec.
by the City
Clerk that $80,000 2% semi-ann. relief and improvement funding, general
Bank in Nashville.
KINGSPORT,
1939
follows:
as
Sept. 1: $10,000 in 1944, and $30,000 in 1945 to 1964, incl.
BONDS OFFERED FOR INVESTMENT—'The successful bidders reThe 4% bonds are priced
sufficient to
on
Dec. 2,
$140,000 as 4s, due on Sept. 1 as follows: $30,000 in
1940 to 1943, and $20,000 in 1944; the remaining $610,000 as l^s, due on
divided
Blair Securities Corp
John Nuveen & Co
234%
2%%
2M%
*
Paine, Webber & Co—
—
33,356.40
33,121.70
33,171.79
2%%
2%%
3H%
Stranahan Harris & Co
33,053.00
33,276.00
cost to the
city, after deduction of the amount of the premium, if any, bid.
The approving opinion of Thomson, Wood & Hoffman of New York, will
be furnished.
The city will have bonds printed at its expense.
Enclose
a certified check for $500, payable to J. R. Pecktal, City Treasurer.
TENNESSEE,
CURRENT
State
YEAR—A
of—LARGE
DEBT REDUCTION MADE
in 4%% highway bonds
of $9,400,000
total
IN
was
scheduled for payment on Dec. 1, thus bringing about a total debt liquida¬
tion during the current calendar year of $23,737,000, or 18% of the total
outstanding indebtedness at the beginning of the year.
Retirements during the past three years have reduced outstanding deb
of the State to $110,215,847, from $132,319,522.
During that period
$6,621,000 of new obligations have been issued, making net reduction of a
little more than $12,000,000.
The relatively heavy debt retirement this year is part of the debt re¬
Wis .—BOND SALE—Of the $93,000 issue of refunding,
3442—a block of
Barney & Co. of New York, as 134s,
paying a price of 100.728, giving a basis of about 1.41%. The remaining
$14,000 bonds, maturing $7,000 on Dec. 1 in 1953 and 1954, were held
by the city for its own funds The $79,000 bonds mature on Dec. 1 as follows:
MADISON,
series of 1939 bonds offered for sale on Nov. 24—V. 149, p.
$79,000
was
purchased by Smith,
$16,000 in 1943, and $7,000 in 1944 to 1952 incl.
The $50,000 street improvement, series No. 85 bonds also offered at that
were purchased by the above firm at the same price.
Due on Dec. 1
time,
in 1943 to 1954 incl.
OUTAGAMIE
COUNTY
(P.
O. Appleton), Wis .—BONDS AU¬
THORIZED—The County Supervisors are reported to have approved
recently the issuance of $385,000 in court house bonds.
TOMAHAWK. Wis .—BOND SALE DETAILS—It is now reported by
the City Clerk that the $47,700 refunding bonds sold to the Channer Se¬
organization program adopted in the spring of 1937, when the State,
a difficult maturity schedule and the necessity of heavy refunding
operations, revised its finances.
Under the program the State was able
curities Co. of
to divert
at par,
faced with
excess revenues
in certain sinking funds to the general indebtedness.
Chicago, as noted here in August, were purchased as 134 s,
and mature on April 1 as follows: $5,000 in 1940 to 1942; $4,700,
1943; $5,000, 1944 to 1948, and $3,000 in 1949.
TRENTON, Tenn.—BONDS SOLD—Mayor W. E. Seat reports that
the following bonds, aggregating $33,000, were awarded on Nov. 22 to the
Union Planters National Bank & Trust Co. of Memphis, at a price of 99.545,
a net interest cost of about 3.70%:
$11,000 general improvement bonds as 3 MsDue on Sept. 1, 1959.
22,000 Church Street assessment bonds as 334s.
Due on Sept. 1
follows:
$2,000 in 1940 to 1948, and $4,000 in 1949.
as
WYOMING
FREMONT COUNTY SCHOOL DISTRICT NO. 32 (P. O. Pavillion),
Wyo.—BOND SALE—The $15,500 issue of building bonds offered for sale
Nov. 20—V. 149, p. 2732—was awarded to Brown, Schlessman, Owen &
Co, of Denver, as 334s, paying a price of 100.296, according to the District
on
Clerk.
TEXAS
CANADA
DENISON, T exas—BOND SALE DETAILS—It is now reported that the
$275,000 water and sewer bonds sold to Mahan, Dittmar & Co. of San
Antonio, at a price of 100.83, as noted here—V. 149, p. 3149—were pur¬
chased as follows:
$192,500 as 3s, due $13,750 on Jan. 1. 1941 to 1954, the
remaining $82,500 as 2%s, due $13,750 on Jan. 1 in 1955 to 1960, giving a
net interest cost of about 2.79%.
Denominations $1,000 and $250.
Dated
Jan. 1,1940.
HUFFINES
SCHOOL
DISTRICT
(P.
O. Linden), Texas—BONDS
SOLD—A $13,000 issue of 334% semi-annual building bonds
approved by
the voters last June, have been purchased
by the County Permanent School
Fund.
Denom. $1,000.
Dated July 1, 1939.
Due $1,000 on
to
1952; optional
on
July 1,
1942.
Prin.
and int.
July 1, 1940
(J-J) payable at the
First National Bank In Linden.
JACKSON
COUNTY
ROAD
DISTRICT
Texas—BONDS VOTED—It is stated
that at the election held
on
NO.
4-A
(P. O. Edna),
by W. H. McClure, County Judge,
Nov. 25, the voters approved the issuance of
the^S 100,000 road bonds that were sold subject to the election—V. 149,
CANADA (Dominion of)—TREASURY BILLS SOLD—An issue o
$25,000,000 three-months Treasury bills was sold on Nov. 30 at an average
interest cost of 0.831%.
FORT
the
WILLIAM, Ont.—BOND SALE—Dyment, Anderson & Co. and
Securities Corp., both of Toronto, recently obtained the
$102,696 4 % improvement bonds at a price of 100.27.
Other bids:
Midland
award of
Bidder—
Rate Bid
Gairdner & Co
R. A. Daly & Co
*100.92
99.52
Wood, Gundy & Co
Mills, Spence & Co., and Bank of Montreal
99.13
Cochran, Murray & Co
P. H. B. Dawson, Ltd
Bell, Gouinlock & Co
Fairclough & CoHarris, Ramsey & Co
*
Option bid.
99.074
99.08
98.628
98.30
97.43
97.375
GRAND
'MERE, Que.—BOND SALE—The Banque Canadienne Na¬
tionals, of Montreal, and Harrison & Co. of Toronto, jointly, purchased an
price of 99.57, a basis of
PLEASANT RUN SCHOOL DISTRICT (P. O. Fort Worth). Texas—
BONDS SOLD—It is stated by the County Superintendent of Schools that
$5,250 4% construction bonds have been sold to the State Board of Educa¬
tion.
Due in 1969.
issue of $152,000 4% improvement bonds at a
about 4.06%.
Due from 1940 to 1954, incl.
SEYMOUR, Texas—BOND ELECTION—An election is said to be sched¬
uled for Dec. 4 in order to have the voters pass on the issuance of a total
of
$310,000 in electric system extension revenue and revenue refunding bonds.
of
ported
to
Utah—BONDS
have
passed
Ont .—BOND
SALE—Fairclough
&
Co.
of
HYACINTHE,
Que.r—BOND SALE
DETAILS—In
connection
with the report in V. 149, p. 3442, of the award of $410,000 334% 30-year
bonds to Burns
Bros.
&
Denton, of Toronto, at a
serial improvement
AUTHORIZED—The
ordinance recently
an
COUNTY,
Wood, Gundy & Co., 99.90; Dominion Securities Corp., 99.817; Harris,
Ramsay & Co., 99.767.
ST.
UTAH
OGDEN,
HALTON
Toronto purchased an issue of $14,000 3% five-instalment bonds at a price
100.43.
Among other bids were these:
Bank of Nova Scotia, 100.08;
City Council is re¬
calling for the issuance of
$83,000 in refunding bonds.
price of 94.11, a basis of about 4.01%, we learn that the following also
participated in the purchase of the loan: Fairclough & Co. of Toronto and
Royal Bank of-Canada.
Bids at the sale were as follows:
—Price Bid—
Bidder—
VIRGINIA
MANCHESTER SANITARY DISTRICT NO. 1
(P. O. Chesterfield),
Va.—BONDS VOTED—At the election held on Nov. 14 the voters are said
to have approved
the issuance of sewerage and water supply bonds for
a
project estimated at $120,000.
RICHMOND,
Va .—BOND OFFERING—11 is stated by J. Maurice
Miller, Deputy City Comptroller, that $800,000 permanent improvement
bonds will be offered for sale
Dec. 20.
on
Due serially in from one to 20
years.
WASHINGTON
CLALLAM
COUNTY
SCHOOL DISTRICT
NO. 7 (P.
O. Port
Wash.—BOND SALE DETAILS—It is stated by the
County
Treasurer that the $41,000
gymnasium construction bonds sold to the
State of Washington, as noted
here—V. 149, p. 3442—were purchased as
Angeles)
Par. aml are due on Nov.
1
as
follows:
$5,000, 1943 to 1948, and $6,000 in 1949.
LINCOLN
COUNTY
SCHOOL
E?«e"p^Tt)
Nov.
sale
on
Hank,
as
$1,000 in 1941; $4,000, 1942;
DISTRICT
NO.
105-157
(P.
SALE—'The $10,000 school bonds offered
SAL.E7 DETAILS—It
is
now
O.
for
State
ff
?
93%
stated by the
H6,
a Price °f 97.90, and mature
on
July 1
as
1943, and $2,000 in 1944 to 1949, giving a basis of
m
WEST
VIRGINIA
HUNTINGTON, W. Va .—BOND CALL—It is stated
by M. D." Lewis,
City Clerk, that all outstanding 4% semi-ann. central
flood wall revenue
bonds are being called for payment on Jan.
1, 1940, at the place of payment
Sled1
m
100.226
Wood, Gundy & Co.; L. G. Beaubien & Co., and Rene T.
Leclerc&Co93.30
A. E. Ames & Co., and Dominion Securities Corp
93.28
Dyment, Anderson & Co.; Midland Securities Corp., and
100.14
Harris, Mackeen, Goss & Co
92.70
Mills, Spence & Co.; Savard, Hodgson & Co., and Banque
99.01
Canadienne Nationale
Bell, Goinlock & Co
Hanson Bros., Inc., and Cochran, Murray & Co__
99.62
91.34
97.57
99.15
98.78
HAMILTON, Ont.—TREASURY BILLS SOLD—An issue of $200,000
1 % % six-months Treasury bills was sold to Wood, Gundy & Co. of Toronto.
Dated Nov. 1, 1939, and due May 1, 1940.
PETROLIA, Ont.—BOND SALE—Burns Bros. & Denton of Toronto
purchased an issue of $9,500 3% improvement bonds at a price of
have
99.29,
a
basis of about 3.25%.
lf 1938, interest to
were awarded an issue of
Due from 1940 to 1944, incl.
at a
cease on date
$12,800 3 34 % pumping station construction bonds
price of 100.01, a basis of about 3.49%.
Due in 15 instalments.
Other
bids:
Rate Bid
-
Dyment, Anderson & Co
99.45
R. A. Daly & Co
F. H. Deacon & Co
J. H. Crang & Co
99.20
98.315
^
Burns Bros., & Denton, Ltd
Dominion Securities Corp
98.00
97.89
97.25
—
Bell, Goinlock & Co
Cochran, Murray & Co
96.50
94.855
SAYABEC, Que—BOND OFFERING—J. A. Ross, School SecretaryTreasurer, will receive sealed bids until 7 p. m. on Dec. 2 for the purchase
$34,500 4% school bonds.
Dated Nov. 1, 1939, and due on Nov. 1 from
of
1940 to 1949, incl.
SOUTHAMPTON, Ont.—BOND SALE—Dyment, Anderson & Co. of
were awarded an issue of $9,500 4% improvement bonds at a price
Toronto
WEST
bonds
Bank..
Bidder—
^ $18,000 534% semi-ann. light and power revenue
PV,Qfor^ivrl1S«!mb 35 P°ted here—V. 149, p. 3150—were purchased by
a^out^
4%
94.11
Denton, Ltd.; Fairclough & Co., and Royal
SWANSEA, Ont.—BOND SALE—Harris, Ramsay & Co. of Toronto
24—V. 149, p. 3304—were awarded to the Odessa
2 J4s, paying par,
according to the County Treasurer.
MILTON, Wash.—BOND
334%
Burns Bros. &
VIRGINIA, State of—BOND SALE—The $750
offered for sale on Nov. 28-V..149,
p.
000 issue nfrmrt
3442--wia^rdedto
dicate composed of R. W. Pressprich & Co. of New
York, Young
a syn¬
Moore &
Co., and the Kanawha Valley Bank, both of Charleston, paving a nremhim
100.0092, a net interest cost of about 1.84%, on the bonds
of $69, equal to
of 101.50, a basis of about 3.78%.
oids: J. L. Graham & Co., 101,275;
VERDUN
ROMAN
Due from 1940 to 1954, incl.
Other
Harris, MacKeen, Goss & Co., 100.65.
CATHOLIC
SCHOOL
COMMISSION,
Que.—
BOND SALE—An issue of $295,500 5% 10-year serial bonds was sold
Generale de Finance, Inc., at a price of 101.
to
@FedFRASER