The full text on this page is automatically extracted from the file linked above and may contain errors and inconsistencies.
BUS. ADM.
LIBRARY
JUL 17 1939
5
COPYRIGHTED IN 1939 BY WILLIAM B.
DANA COMPANY, NEW YORK.
VOL. 149.
Issuedw|,ea4pe°vtraCw"
ENTERED AS SECOND-CLASS MATTER JUNE
23, 1S79, AT THE POST OFFICE
AT NEW YORK, NEW
YORK, UNDER THE ACT OF MARCH 3, 1879.
NEW YORK, JULY 15,1939
N073864.
BROOKLYN TRUST
THE
COMPANY
CHASE
NATIONAL
Chartered 1866
BANK
OF THE CITY OF NEW
YORK
George V« McLaughlin
v
'SI
Maintaining effective cor¬
BROOKLYN
respondent bank service
;;President
NEW YORK
''
is
Member Federal Deposit
Insurance
traditional
a
policy of
the Chase National Bank.
Corporation
Broaden
service
your customer
with
Chase
cor¬
respondent) facilities.
Member Federal
Hallgarten & Go.
Deposit Insurance
Corporation
Established 18SO
:;l
PublicUtility
NEW YORK
Bonds
Chicago
London
Underwriters of capital issues
and
dealers
in
United
States
Government, State, County and
Municipal bonds and in Public
Utility, Railroad, Industrial
cj>he
FUNDAMENTAL
INVESTORS
and other investment securities.
first boston
corporation
new york
INC.
CHICAGO
PHILADELPHIA
Prospectus
Incorporated
63 Wall
SAN FRANCISCO
AND OTHER PRINCIPAL
ir-
Harriman Ripley & Co.
boston
Boston
Street, New York
Philadelphia
Chicago
CITIES
Representatives in other leading Cities
on
request
from authorized dealers in all prin¬
cipal cities or Fundamental Group
Corporation, Jersey City, N. J.
City of
Philadelphia
New York Trust
HI
HOMER
40
&
Commonwealth of
Company
CO., Inc.
IOO
Pennsylvania
BROADWAY
Bonds
Exchange Place, New York
Moncure Biddle & Co.
MADISON AVENUE
PHILADELPHIA
AND 40TH STREET
BEAR, STEARNS
&
CO.
ONE WALL STREET
ONE EAST
57TH STREET
JamesTalcott, Inc.
Founded 1854
NEW YORK
factors
General
European
Representative
KING WILLIAM ST.
Carl M. Loeb, Rhoades &Co.
61
LONDON, E. C. 4
Paris
■
''
1470 Peel St..
Amsterdam
i'
;
Correspondent Companies:
James Talcott of Canada, Ltd.
BROADWAY
NEW YORK
London
Offices:
225 FOURTH AVE., NEW YORK CITY
>..■
1889-1939
Fiftieth Anniversary
f
Montreal
James Talcott, Ltd.
6-8, Sackville St., London, W. I.
J
The Commercial &
II
July 15, 1939
Financial Chronicle
Leading Out-of-Toivn
Investment Bankers &
Brokers
ST. LOUIS
St/x i< Co.
SAINT LOUIS
NATIONAL BANK
oo^ouvc rt,
DETROIT
OF
STATEMENT OF CONDITION, JUNE
Memberi 8t. Louli
30,1939
Stock Exchange
BIRMINGHAM
RESOURCES
MARX &. CO
Cash
Hand and Due from Other
on
Banks
.
.
.
.
.
,
...
.
Obligations,
United States Government
and/or fully guaranteed
direct
Other Securities
.
Bank
Stock in Federal Reserve
192,300,413.98
,
11,317,660.53
.
,
.
.
.
.
.
BIRMINGHAM, ALABAMA
$188,001,405.58
.
SOUTHERN
750,000.00
.
.
.
.
.
.
.
...
.
MUNICIPAL AND
CORPORATION BODNS
Loans:
$ 56,477^75.05
Loans and Discounts
Real Estate Mortgages
Overdrafts
...
MILWAUKEE
10,079,094.63
66,566,728.57
10,258.89
v
Branch Bank Buildings)
Income Receivable—Net
Real Estate (24
Accrued
WISCONSIN
Teletype—Milwaukee 92
EDGAR, RICKER:& CO
1,695,529.70
$462,594,814.44
.
.
£
CORPORATION SECURITIES
87,147.18
Prepaid Expense
.
. v
.
.
.
.
.
Customers' Liability Account of
Acceptances and Letters of Credit
TOTAL RESOURCES
771,841.46
1,104,087.44
East Michigan
207
St.,
Milwaukee, Wis.
LIABILITIES
DETROIT
Deposits:
$384,984,506.99
Commercial, Bank and Savings
U. S. Government
.
.
.
18,607,225.43
: v
.
.
Treasurer, State of Michigan
Other Public
.
Deposits
.
.
.
DETROIT
$427,943,781.08
16,395,735.46
Preferred Stock
(380,000 Shares)
9,500,000.00
Common Stock
(750,000 Shares)
7,500,000.00
Undivided Profits
Reserve for Common
Reserves
.
.
.
.
Our
.
Stock Exchange
PENOBSCOT BUILDING,
.
.
30,974,796.57
5,974,796.57
.
,
DETROIT* MICH,
HARTFORD
250,000.00
Stock
Stock Dividend
375,000.00
payable August 1, 1939
.
.
Members of Detroit
8,000,000.00
.
Reserve forRetirement of Preferred
No. 10
& Co.
Charles A. Parcel Is
Capital Account:
Surplus
REAL ESTATE BONDS
7,956,313.20
,
.
,
1,355,707.09
Liability Account of Acceptances
and Letters of Credit
.
TOTAL LIABILITIES
.
.
.
Securities
PUTNAM & CO.
1,695,529 70
;
.
Specialists in Connecticut
.
...
.
.
$462,594,814.44
.
Members New York Stock
Exchange
HARTFORD
T. T. Teletype—Hartford 564
6 CENTRAL ROW
Tel. 5-0151. A.
carried at $38,905,000.00 in the foregoing statement
public and trust deposits and for other purposes required by law.
United States Government securities
are
pledged
to secure
Dividends
Member Fetlerul Deposit
Insurance Corporation
COLUMBIA
COLUMBIA
SVSTF M
GAS
ELECTRIC
&
CORPORATION
The
Board
Cumulative
No.
of
Directors
has
following dividends:
declared this day the
6% Preferred Stock, Series A
51, quarterly, $1.50 per share
Stock, 5% Series
quarterly, $1.25 per share
Cumulative Preferred
No. 41,
COMPLETE
NEARLY
FINANCIAL
The
ti
CHRONICLES
BE BOUGHT AT AUCTION
Keeps
your
Periodicals
ORDERLY
In sizes up to
PRICE
Price $2.00 each
Plus postage
Chronicle from 1872 to
issues
for nearly
on
application
The "EXPANDIT"
Spruce St.,
Binder
New York City
Commercial & Financial
holders of
25, 1939.
1908, inclusive, and loose
the entire period 1909 to
1938
estate of former owner, at
virtually buyers' price.
Condition of binding in
most instances is poor.
No reasonable offer will
be declined for
the lot, which also
includes four
1916—1919
-1920-1921.
Highest bid received by August 15,
1939, will be accepted, if not sold prior to that
date.
Buyer will be required to pay packing and
shipping costs from New York.
Address replies
to Y. M.f Box 32, care of The Chronicle, 25 Spruce
Street, New
Jr.
Secretary
July 12, 1939
be purchased from
issues of the
Prices for larger sizes
payable on August 15, 1939, to
record at close of business July
Howland H. Pell.
may
13x8 H inches
5% Cumulative Preference Stock
No. 30, quarterly, $1.25 per share
MAY
hxpandit" Binder
Bound volumes of the
25
OF
SET
Notices
Notice to Holders of
CHINESE
Financial Review (annual)
REPUBLIC
5% Gold Bendy of 1925
NOTICE
formity
claration
18 HEREBY GIVEN thct in con¬
with
the Chinese Government 6 de¬
of January 15, 1939 notified to all
governments, service on
pended.
the above issue is sus¬
BANQUE FRANCO-CHI NOISE
pour le Commerce et l'lndustrie
York City.
July 15,1939
Volume
149
Pacific Gas and Electric Company
SAN
The
FRANCISCO, CALIFORNIA
properties of the Company and its subsidiaries constitute an interconnected system, located
entirely within the State of California and operated by a single management.
years
For the past twenty-seven
operations have been subject to regulation by the California State Railroad Commission.
The
power
Company operates electric generating plants having an installed capacity of 1,676,902 horse¬
and is
ranks among
one
of the largest producers and distributors of electricity in the United States.
the major distributors of natural gas in the country.
numbered 868,971, gas customers 615,334
tomers
In the year
energy,
It also
On March 31, 1939, electric
cus¬
and water and steam customers 11,990.
ended March 31, 1939, 70.1% of operating revenues were derived from sales of electric
28.6% from sales of
gas,
The well diversified character of the
and 1.3% from minor activities.
Company's business tends to stabilize earnings and also to permit of economical operation.
SUMMARY OF
CONSOLIDATED
CAPITAL STOCKS
DIVIDENDS ON
INCOME AND
12 Months to
Mar.
Gross Revenue,
including Miscellaneous Income
-
-
-
-
Mar. 31, 1938
$101,086,100
$102,542,587
-
-
12 Months to
31, 1939
Operating Expenses, Taxes^xcept Federal income taxes) and Provision for
Depreciation, Insurance, Casualties, Uncollectible Accounts and Pensions
Gross Income
-
Bond and Other Interest, Discount
-
-
-
-
-
-
and Other Income Deductions
Provision for Federal Income Tax
Net Income to
Surplus
Dividends of Subsidiaries
on
-
-
-
-
-
-
-
-
-
-
Preferred Stock
on
-
-
Number of Full Shares of Common Stock outstanding at
Share of Common Stock
-
RECORD
-
OF
-
$ 24,509,605
-
7,758,827
Remainder—Applicable to Common Stock
Earned per
247,149
$ 23,613,549
-
-
-
end of period
-
-
-
-
-
$ 16.801,114
6,261,270
-
7,708,491
$ 15,854,722
-
-
$ 24,756,754
142,654
-
-
Remainder—Applicable to Pacific Gas and Electric Company
Dividends
3,620,809
$ 23,756,203
-
-
28,377,563
4,464,396
-
Capital Stocks held by Public, etc.
12,217,497
$
$ 28,220,599
-
-
-
60,491,040
$ 40,595,060
12,238,232
-
Net Income before Provision for Federal Income Tax
62,083,756
$ 40,458,831
-
-
-
6,261,270
$2.53
-
$2.68
GROWTH
RECENT
Sales of
Gross
Sales of
Year Ended
Operating
Electricity
Gas
Number of
Dec. 31
Revenue
K.W.H.
Cubic Feet
Stockholders
1931
-
1932
-
1933
-
1934
-
1935
-
1936
-
1937
-
1938
-
-
-
-
-
-
-
-
-
-
-
-
-
-
$
87,630,661
3,351,310,000
29,*431,022,000
85,058,617
2,932,003,000
34,594,302,000
95,483
84,596,084
2,940,606,000
39,802,857,000
96,824
87,555,480
3,269,116,000
41,074,683 000
96,225
92,084,934
3,303,312,000
48,686,774,000
92,670
95,333,336
3,696,378,000
63,439,510,000
90,263
100,443,116
3,935,803,000
59,531,331,000
92,704
101,424,595
3,906,866,000
62,477,013,000
95,985
BOARD
James B. Black, San Francisco
Allen L. Chickering,
San Francisco
OF
DIRECTORS
James F. Fogarty, New
D. H. Foote,
John D.
York
W. W. Crocker, San Francisco
Norman B. Livermore, San
Francisco
P. M. Downing,
Chas. K. Mcintosh, San
Silas H. Palmer, San Francisco
A. Emory
Francisco
Wishon, San Francisco
Copies of Annual Report may be obtained on application to D. II. Foote, Vice-President and Secretary-Treasurer,
t
2^5 Market Street, San Francisco, California
San Francisco
Henry D. Nichols, San Francisco
York
San Francisco
McKee, San Francisco
C. O. G. Miller,
San Francisco
Herbert C. Freeman, New
John P. Coghlan, San Francisco
84,705
■-
-
,
The Commercial & Financial Chronicle
IV
Thin is
announcement and is not to be construed as an
an
solicitation of an offer to buy the securities herein
made only by the Prospectus
July 15, 1939
offer to sell or as a
mentioned.
The offering is
solely to residents of the territory served by the Company.
45,000 Shares*
San Antonio Public Service Company
6% Cumulative Preferred Stock of 1939
($100 Par Value)
*
Shares
being offered by the
Underwriters named in the Prospectus are
those shares not required for issue to existing
preferred stockholders of the
Company and said offering is subject to such requirement and to allotment.
Price
$104 and accrued dividend
Copies of the Prospectus
may
be obtained from any of the undersigned.
Dewar, Robertson & Pancoast
Mahan Dittmar & Co.
Pitman & Co.
Russ, Roe & Co.
San Antonio, Texas
July lh, 1939
Dividends
Interest exempt from all present
Federal Income Taxation
$1,093,000
A
City of Jersey City, New Jersey
Due
Preferred
Stock
of
this
Corporation was declared
payable October 15, 1939,
sdnoB%AZ
3
quarterly dividend of 12A%
($1.75 per share) on the First
to
stockholders
of
record
September 30, 1939.
serially July 1, 1940 to 1964, inclusive
A dividend of
Legal investment, in
and
Trust
our
opinion,
Funds in
New
eighteen and
(18%c)
per share on the Common
Stock of this Corporation was
declared payable September
for Savings Banks
three-fourths
York State
These Bonds, to
be issued for hospital purposes, in the opinion of
counsel will constitute valid and legally binding obligations of
the City of Jersey City which has the power and is obligated by
15,
levy ad valorem taxes upon all the taxable property
within the city for the payment of the bonds and the interest
thereon without limitation
Prices to
These bonds
as
1939,
of record
law to
to
cents
stockholders
August 31, 1939.
Checks will be mailed.
to rate or amount.
yield 1.00% to 3.75%
offered when, as and if issued and received by us and
subject to approval of legality by Messrs. Reed, Hoyt, Washburn
tfe Clay, whose opinion will be furnished upon delivery.
are
TREASURER
1
Philadelphia, Pa.
July 14, 1939
MAKERS OF PHILLIES
HALSEY, STUART & CO. INC.
Dated July 1, 1939.
Principal arid semi-annual Interest,
at the office of the City Treasurer in
Jersey
City.
$1,000, registerable
January 1 and July
1, payable
Coupon bonds In the denomination of
as to
principal only or as to principal and Interest.
The information
contained herein has been carefully
compiled from sources considered reliable, and while
not guaranteed as to completeness or
accuracy, we believe it to be correct as of this date.
"Security Dealers of North America"
A directory of Stock
and Bond Housaa
July 16, 1939
Strong—Rugged—Dependable
HERBERT D. SE1BERT & CO
Publish art
25
Sprues Street
New York Cit*
Volume
The Commercial & Financial Chronicle
149
This is
an
to
and is
announcement
he construed
not to
as an offer to sell or as a solicitation
of an offer
The offering is made only by the Prospectus.
buy the securities herein mentioned.
$5,000,000
The Kansas Power
First
Dated
Company
Mortgage Bonds, Series A, 4%
July 1, 1939
Due July 1, 1964
Price
The
Prospectus
ment
and
he obtained in
may
is circulated
dealers
101V2 and accrued interest
are
in which this
any state
from only such of the undersigned
offering
securities law in such
these securities
in
as
announce¬
registered
are
compliance with
the
state.
Harris, Hall & Company
(Incorporated)
E. H. Rollins & Sons
Incorporated
Central Republic
A. G. Becker & Co.
Arthur Perry & Co.
Incorporated
Shields &
Company
•
Incorporated
Company
Tucker, Anthony & Co.
July 14, 1939
Foreign
ForteifUt
Foreign
Royal Bank of Scotland
Incorporated by Royal Charter 1727
Australia and New Zealand
NATIONAL BANK
Over
200
Year» of Commercial Banking
HEAD
Total number of offices, 258
3
FOREIGN
£8,780,000
6,160,000
8,780,000
Pald-Up Capital..
Reserve Fund.....
Reserve Liability of
....
...
Proprietors..
RESERVE
FUND.
£3,000,000
.
£3,000,000
...
LONDON AGENCY
DEPARTMENT
£23,710,000
Bishopsgate, London, England
6 and
7, King William Street, E. C. 4
Aggregate Assets 30th Sept., 1938. £127,064,001
Capital (fully paid)
£3,780,192
Reserve fund
£4,125,965
Deposits
Cairo
FULLY PAID CAPITAL
(ESTABLISHED 1817)
Manager
William Whyte
CHIEF
Head Office
WALES
NEW SOUTH
OFFICE—Edinburgh
General
of EGYPT
BANK OF
.£69,921,933
SIR
Branches in all the
ALFRED DAVIDSON, K.B.E.,
General Manager
Head Office: George Street,
principal Towns in
EGYPT and the SUDAN
SYDNEY
Associated Bank.
The Bank of New South Wales Is the oldest and
largest bank in Australasia.
With over 900
branches in all States of Australia, In New
Zealand,
FIJI, Papua and New Guinea, and
London, it offers the most complete and efficient
banking service to investors, traders and travellers
Williams Deacon's Bank, Ltd.
Dividends
Interested in these countries.
NATIONAL BANK OF NEW ZEALAND, Ltd.
Established 1872
Chief Office In New Zealand:
Wellington
P. R. M. Hanna, General Manager
LONDON OFFICES:
Boston, Mass., July 12,1939
^
29 Threadneedle
re&ular meeting of
a
47
vvifisSv the Board of Directors
business
on
as
Bank
The
£500,000
description
of banking
London Manager, A. O. Norwood
NATIONAL BANK OF INDIA, LIMITED Hong Kong &
^
Bankers
HOMESTAKE MINING
COMPANY
Dividend No. 819
to
the Government in Kenya
Office: 26, Bishopsgate,
In India, Burma, Ceylon, Kenya
Colony and Aden and Zanzibar
Subscribed Capital. .
(S.37J3)
Paid-Up Capital
share of $12.50 par value Capital
1939 to stockholders of
record 3:00 o'clock P.M. July 20, 1939.
Checks will be mailed by Irving Trust Company,
Dividend Disbursing Agent.
Per
CLARK, Secretary.
Reserve Fund.
... —
—
£4,000,000
£2,000,000
£2,200,000
The Bank conducts every description
and exchange business
of banking
Trusteeships and Executorships also
undertaken
Shanghai
BANKING CORPORATION
Incorporated in the Colony of Hongkong.
London, E. C.
Branches
The Board of Directors has declared dividend
No.
819
of
thirty-seven
and
one-half cents
Stock, payable July 25,
Colony
and Uganda
Hiead
every
Correspondents throughout the World
Vice President & Treasurer.
A.
conducts
business connected with New Zealand.
of the close of
John C. Montgomery,
R.
£2,000,000
...£1,000,000
Currency Reserve...
the U. S. A.
on
July 14, 1939.
July 5. 1939.
£6,000,090
Reserve Fund.....
July 12,1939, a dividend of 40 cents
per share was declared on
the
capital stock of the Corporation
payable July 25, 1939 to stock¬
holders of record
Moorgate, London, E. C. 2, Eng.
Subscribed Capital
Paid-up Capital.....
Agency Arrangements with Banks throughout
of The First Boston
Corporation held
Head Office: 8
Street, E.C.
Berkeley Square, W. 1
The
liability of members is limited to the extent and
in manner prescribed by Ordinance No\! 6 of 1929
of the Colony.
Authorised Capital (Hongkong Currency)Hf50,000.000
Paid-up Capital (Hongkong Currency)...H$20,000,000
Reserve Fund In Sterling
£6,500,000
Reserve
Fund In Silver (Hongkong Currecny).
-_H$10,000,000
liability of Proprietors (Hong¬
kong Currency)
HJ20.000.000
Reserve
A. G
72 WALL
KELLOGG, Agent
STREET, MEW YORK
The Commercial &
TI
July 15, 1939
Financial Chronicle
Issues
New
$35,000,000
City of New York
dna%A3
4% Serial Bonds
2
23/4% Corporate
Dated July 15,
1939. Due July 15, as
payable at the office of the
The Corporate
denominations
January 15 and July 15,
shown below. Principal and semi-annual interest.
Both Corporate Stock and Bonds issuable in coupon form in denomination of $1,000.
of any multiple of $ 1,000 and is interchangeable. The Serial Bonds may be registered in
of $1,000 or multiples thereof, but are not interchangeable.
of New York.
Comptroller of the City
Stock may be
Stock
registered in denominations
Interest Exempt
from all present Federal and
Eligible, in our opinion, as
Stock and Serial Bonds constitute, in
Taxes
Banks, Trust Funds and
the State of New
Life Insurance Companies in
These issues of Corporate
New York State Income
Legal Investments for Savings
York
legally binding obli¬
ad valorem taxes which may be
amount. The proceeds of these
awards for lands acquired for rapid transit,
the opinion of counsel, valid and
gations of the City of New York, payable as to both principal and interest from
levied on all of the taxable real property therein, without limitation as to rate or
issues
are
to be
liabilities and of
municipal purposes.
applied to the payment of contract
improvements, school and other
water, dock
AMOUNTS, MATURITIES AND
PRICES
(Accrued interest to be added)
BONDS
$13,100,000 2M% SERIAL
Due
Amount
Price to Yield
Hue
Amount
Due
Amount
Price to vleld
Pri^e n> Vield
2.40%
Price to Yield
Due
Amount
$390,000
ea.yr.
1955-57
2.70%
2.75
1940
.30%
$390,000
1945
1.60%
$390,000
1950
1941
390,000
1946
1.80
390,000
1951
2.50
390,000
.70
390,000
"
1958-62
1942
1.00
390,000
1947
2.00
390,000
1952
2.55
390,000
390,000
"
1963-68
2.80
1943
390,000
1948
2.16
390,000
1953
2 60
390,000
1.20
390,000
1969
2.85
1944
1.35
390,000
1949
2.25
390,000
1954
2.65
390,000
140,000
1970-79
2.85
$390,000
ea.yr.
$4,900,000 4% SERIAL BONDS
Due
Price to Yield
Amount
$540,000
1940
.30%
$540,000
540,000
1941
.75
340,000
340,000
1942
540,000
1943
540,000
1.10
340,000
1.25
$100,000
1952
2.70%
2.40
100,000
1953
2.75
100,000
1950
2.50
100,000
1954
2.80
100,000
1951
2.60
$340,000
1.76
340,000
1946
2.00
2.20
Due
STOCK—DUE JULY 15, 1969
accrued interest
when, as, and if issued and received by us and subject
Wood and Hoffman, Esqs., Attorneys, New York City.
Stock and Bonds are offered
approval of legality by Thomson,
The National City
to the
First National Bank
Bank of New York
The First Boston Corporation
Smith, Barney & Co.
Ripley & Co.
2.30%
1949
1.40%
1946
Price 98 and
Harriman
1948
1944
$17,000,000 2%% CORPORATE
The above Corporate
Price to Yield
Amount
Amount
1947
Due
Price to Yield
Price to Yield
Due
Amount
Halsey, Stuart & Co. Inc.
Incorporated
V•
Incorporated
Darby & Co.
G. M.-P.
Geo. B. Gibbons & Co.
INC.
Incorporated
Otis & Co.
Ingen & Co. Inc.
BUFFALO
Incorporated
SAN
B. J. Van
Manufacturers and Traders Trust Company
R. H. Moulton & Company
OF
Phelps, Fenn & Co.
Mercantile-Commerce Bank and Trust Co.
Kean, Taylor & Co.
Blodget
Stone & Webster and
The Anglo California
Kidder, Peabody & Co.
Ladenburg, Thalmann & Co.
Lazard Freres & Co.
Murphy & Co.
Eastman, Dillon & Co.
L. F. Rothschild & Co.
^..
Bacon, Stevenson & Co.
National Bank
FRANCISCO
Charles Clark & Co.
W. E. Hutton & Co.
Eldredge & Co.
Incorporated
Baker, Weeks & Harden
C. F. Childs and
Company
Incorporated
Hannahs, Ballin & Lee
;
(Incorporated)
First of Michigan
Corporation
Francis I. duPont & Co.
Stern, Wampler & Co.
Alex. Brown & Sons
Minsch, Monell & Co., Inc.
McDonald-Coolidge & Co.
Dean Witter & Co.
Washburn & Company
Incorporated
Edward Lowber Stokes & Co.
Mackey, Dunn & Co.
Farwell, Chapman & Co.
R. S. Dickson & Co.
Incorporated
Incorporated
Incorporated
Field, Richards & Shepard
Merrill, Turben & Company
The First Cleveland
Corporation
Wm. R.
Compton & Co.
Incorporated
Incorporated
The Union Trust Company
New York, July
12, 1939
of Indianapolis
Ira Haupt & Co.
Mullaney, Ross & Company
Glenny, Roth & Doolittle
ammerrW f
Vol.
JULY
149
No. 3864.
15, 1939
CONTENTS
Editorials
page
The Financial Situation
The
294
_
307
Building Industry and Restraints of Trade
The Failure of the Supreme
308
Court
Comment and Review
Gross and Net Earnings of United States
the Month of May__
Railroads for
___
________
Week
on
the European
299
Stock Exchanges
Foreign Political and Economic Situation
...
300
304 & 360
Foreign Exchange Rates and Comment
317
Course of the Bond Market
Indications of Business
309
312
Text of Revenue Act of 1939
318
Activity
Week
on
the New York Stock Exchange
298
Week
on
the New York Curb Exchange-.-
359
News
Current Events and Discussions
332
Bank and Trust
355
Company Items
General Corporation and Investment
403
News
440
441
Dry Goods Trade
State and
Municipal Department
Stocks and Bonds
Foreign Stock Exchange Quotations
Bonds Called and Sinking Fund
—367 & 369
363
Notices
363
Dividends Declared
Auction Sales
-
362
New York Stock
Exchange—Stock Quotations
New York Stock
Exchange—Bond Quotations
370 & 380
New York Curb
Exchange—Stock Quotations
386
New York Curb
Exchange—Bond Quotations..
370
390
Other Exchanges—Stock and
Bond Quotations
Canadian Markets—Stock and Bond Quotations
392
396
Over-the-Counter Securities—Stock & Bond Quotations.
399
Reports
303
360
Foreign Bank Statements.
Course of Bank Clearings...
332 & 367
Federal Reserve Bank Statements
General
Corporation and Investment News
403
Commodities
The Commercial Markets and the
Crops
427
Cotton
430
Breadstuff s
435
Published Every Saturday Morning by the William B.
Dana Company, 25 Spruce Street, New York City,
Herbert D. Seibert, Chairmai of the Board and Editor; William Dana Seibert. President and Treasurer; William D. Riggs, Business
Manager.
OthfT offices: Chicago—In charge of Fred H. Gray, Western Representative, 208 South La Salle Street (Telephone
State 0613).
London—Edwards & Smith, 1 Drapers' Gardens. London, E. C.
Copyright 1939 by William B. Dana Company.
Entered as second-class matter June 23, 1879, at the post office at New York, N. Y., under the Act of March 3, 1879.
Subscriptions
In United States and Possessions, $18.00 per year, $10.00 for 6 months; in Dominion of Canada. $19.50 per year, $10.75 for 6 months.
South and Central America, Spain, Mexico and Cuba, $21.50 per year, $11.75 for 6 months; Great Britain, Continental Europe
(except Spain), Asia. Australia and Africa, $23.00 per year, $12.50 for 6 months.
Transient display advertising matter. 45 cents
per agate line.
Contract and card rates on request.
NOTE: On account of the fluctuations in the rates of exchange, remittances
for foreign subscriptions and advertisements must be made in New York funds.
The Financial Situation
their part to
on
whether Congress, despite the obvious
SOME months ago, when it began to appear quite
doubtful
repeated demands for such action, would
need and
seriously undertake a careful revision of the National
Labor Relations Act, there were a number of easy
who
in the business community
reasoners
that the matter had for the time, at least, lost
in view of the loss of
to say
lation
designed to
all but academic importance
save
them and the rest of us from
disaster.
Whatever may have
been true in times past, par¬
country, eager to work and
Men
leaders and the lack of dis¬
or
Mice?
ignornat of conditions here,
A
position on the part of la¬
bor
to
has
now
evident
become
that labor, as more
has
realistic
knew
observers well
then,
It
trouble.
give
even
learned
not
a
great deal from its reverses
and, what is fully
has not learned
portant,
certain
elementary truths
about the economic
policies it
difficulties
interruptions
automobile
the
among
the
the
in
industry, where
the labor organiza¬
are
predominant, and
attitude
of
the
speaker at the Institute of Public Affairs
being conducted by the University of Vir¬
ginia, referring to "the drift toward govern¬
more
conservative unions toward
the
"I
for
"I intend
no
beyond
their
made
that
in
the
have
been
which relief is administered
through the Works Prog¬
Administration
ress
alone
the
are
the
on
point.
Precisely what effect, if
all this
a
prompt
and vigorous
rewriting of
the National
Labor Rela¬
reformer
an
that
of
lish, and, second, that the
controversy untouched
ex¬
cept by whatever warning
such
action
might
have
given those who direct the
affairs of the labor unions.
This
fact,
serves
to
however,
suggest
thoughtful, if
any
to
but
goes
What
terest.
importance
or
The
is to find ways
of
problem
and
means
altering the attitudes,
so
ideas and programs
unions that these
tions
truth
of
in fact and in
may
protect the interest
their
and
of the
organiza¬
membership
own
cease
of the
to be
an
old
man
about the neck
sea
of the entire
community.
Much would be
accom¬
the statute books?
We
are
sorely in need of
a
plished,
vigorous reawak¬
ening of the spirit of self reliance, but the
need of it reaches far beyond those techni¬
cally
on
of
labor
relief.
We—all of us—should resolve always to be
men,
could
courage
not mice.
It has often been said of
mere
summon
and
wage-earners
suggestion of the sort is needed,
some
friends
of
the
to drive home to
rank
the
doubt, if
no
trusted
the
file
of the
of
the
coun¬
try (over the heads of union officials if necessary)
certain very
ous
simple facts.
truth that when
does not
cease
to be
a
a
One of these is the obvi¬
man
joins
citizen of the
a
labor union he
country, responsi¬
ble for his conduct and amenable to the laws of the
land.
Many had hoped that the sad experience of
academicians, who spend their time, as did certain
of the ancient Greeks, in
endeavoring to discover some
labor unions with the so-called sit-down strike
thing, that employers in this country have a
great deal to learn about labor relations, that failure
to most wage-earners.
vital
is not the
past, but the present and
receive either from the Gov¬
ernment or any other source, and for that
matter, those who bask behind prohibitive
tariffs which their votes in effect place upon
by reformers, would-be reformers and
new
some
of
is
now
the future.
the
much deeper.
historian
else who finds it of in¬
one
never
thwarting any real and abid¬
ing recovery in business during recent years is not an
outgrowth merely of faulty labor legislation as such,
but
the
to
this is only half the story. What
of farmers who regularly re¬
that the part of labor in
late years
subject might well be left
to
the Government, of the
others who receive aid in the form of
loans or otherwise which, strictly upon merit,
have left the WPA-A.F.L.
charge
a
would be difficult to estab¬
millions
they would
all
abuses, the obvious reply
is, first, that such
many
would
statute
that
this is the result of earlier
ceive gratuities from
even
outright repeal of this
obnoxious
even
the
situa¬
professional
asserts
labeled.
But
the
in
If the
cians.
has
public relief, if feasible, might well aid in
elimination of the more glaring evils of
the system under which we now live.
Let no one, however, suppose for one mo¬
ment that this problem is confined to those
upon relief as such.
A great many govern¬
mental "projects" of one sort or another are
not labeled relief, but actually are really as
much relief undertakings as many of those
had,
it would be difficult to
say.
It would appear
able
failure to
our
tion, including the politi¬
individuals
control
the
so
tions Act would have
is
of
cause
other factor
agree fully
speaker has to say, there can
be no doubt that he has placed his finger
upon one of the real dangers not only to our
democracy as such, but to our economic sys¬
tem.
Temporary disfranchisement of those
one
progress
effect full recovery as any
on
quite conclusive
any, upon
not
own
and has been fully as much
with all that the
under
law
or
dozen
half
past
of its
way
brought to actual need when I say that those
on Government relief
should, like the citizens
of the District of Columbia, surrender their
right to vote.
It is too much like a judge
sitting in an action in which he has a finan¬
cial interest.
They should regain the suf¬
frage when they have again found their place
in
enterprise independent of the Govern¬
Whether
has
years
many
been standing in the
years,
ment."
changes
the
ing
men.
slur upon worthy
misfortune
labor
that
good
a
past, but particularly dur¬
not
direction of the destinies of
come
now
be said with¬
out fear of successful con¬
tradiction
bringing this question forward as
a
partisan appeal or in a spirit of carping
criticism.
The existence of a great body of
unemployed seems to me to call for a certain
amount
of
paternalism which, before our
time, has been inherent only in a totalitarian
government.
Still, the essential truth holds
that every move toward paternalism—how¬
ever necessary—is a move
away from individ¬
ual liberty and self-reliance and toward State
am
has
time
when it may
mental paternalism and the increasing ten¬
dency of great numbers to look to the State
for support,"and to the"prevailing trend away
from the individual
liberty and individual
responsibility the founders of America sought
to create," said:
whom
radical elements
more
tions
the
Cur¬
pursues.
discord,
and
conse¬
of
itself
to
quences
rent
im¬
as
this
into
swarming
were
labor
the
among
numbers of foreigners
ticularly in periods when large
prestige of the more troub¬
lesome
Own Way
Labor Stands in Its
wont
were
learn is costing them and the public
great deal, and that since they stubbornly refuse to
learn there is no alternative to aggressive public regu¬
a
or
two ago
a
year
had by this time brought this truth home
the sit-down strike
as
It
may
have taught them that
such is not
only unlawful but
Volume
The Commercial & Financial Chronicle
149
295
exceedingly unwise, considered from the standpoint
of the worker himself, but the lesson, if learned, does
dividual® of which it is composed.
not appear
support of its members unless, indeed, it has full
of
understood,
to have been particularly well
Otherwise
should not
we
now
be under the
necessity
dealing with types of picketing which differ in
but
essentials
themselves.
little
from
occpuation of the plants
The difference between taking
and hold-
ing the property of another and surrounding that
property in such
nature
of the
control
their
over
assume
case
It cannot in the
responsibility for the
economic
since the
activities,
labor of these members must provide the substance
which all must exist.
upon
socialized societies, such
in wholly tyrannized
as
Only in
completely
industrial Russia, or
like Germany
systems,
or
that neither the owner nor
a way
Italy, is it conceivable that tme Government can
his agents may
reach it and
it in the normal way
with the wisest and most vigorous of management
is
than the difference between twee die
undertake successfully to provide each citizen with
hardly
more
dum and tweedle
recognized in
dee, and the fact has long been
and
courts of law and by every man
our
land who has given
in the
woman
use
the matter any
and dispassionate consideration.
careful
the necessaries of life
or
starvation; and there it
to guarantee him against
can
be done
(in theory,
but not in practice due to human shortcomings,
among
other things)
only because Government is
empowered to compel each individual to create the
More Than Even
Legislators,
have
gone
the
long way in modifying older concep-
a
tions of the
things
and the general public
the courts,
rights of employers and employees with
whether always fully recognized or
purpose,
required
to
sustain
him.
Take
to
their
logical conclusion demands that Government assure
every man a
living and
for economic slavery.
this is
mere
we
Let
have in effect a demand
110
one suppose
abstract theorizing in vacuo.
that all
It is of-
not, of placing wage earners on an equal footing
fered
with
None
so-called strike of certain skilled trades against the
as
the tactics
hand that has been feeding them through the WPA,
unions in recent years appear
to suggest
and those with influence among wage earners would
of large
employers
have gone, or are
of labor
likely to
go, so
that labor leaders suppose
be persuaded to
may
of labor.
masses
far
of the
do well for both their friends and the rest of us to
Meanwhile, although per-
go.
in this
preach these eternal truths where they will do the
in
full recogni-
a
growth of labor unions
very
country has now often not only placed the
worker
their
fact, the
on
equal footing with the employer in
an
bargaining relationships but has placed him
distinctly advantageous position vis-a-vis the
a
Indeed,
employer.
tries, the railroads
is in
might
one
name
many
indus-
them, where the employer
among
existing circumstances utterly dependent
that vague
him from
exploitation, and this protector, inciden-
quite
proves
labor unions have been
various
upon
factor called public sentiment to protect
often
tally,
ineffective.
,
Moreover,
given favored status under
The
laws, notably the anti-trust statutes.
individual
wage
and groups of organized
earner,
have demanded not only the generally
wage earners,
recognized rights of citizens but other privileges—
have
and
must
not
infrequently obtained them.
They
recognizee the obligations and submit to the
restrictions
placed
citizens
all
upon
under
our
system of government if they wish to retain the
goodwill that they have heretofore enjoyed.
Another
in this
stand
the
elementary fact which the
one
no
on
and
his
sponsibility,
family.
or
he
fault of his own,
posed by it, in
fellow
wise
but
at
for
least
but
He
may
them
proper
provision for him-
not assume that
re-
fail, possibly through
no
may
which
to
do
in
the
or
case
it is the duty of his
decide what they think is
the
premises.
mind that
"society"
fail
refrain
to
and
upon
the idea in
owes
is
which economic
rested
may
temporarily for him and his dependents,
which may encourage
upon
They
part of wisdom to provide
they must carefully refrain from
so
agency,
himself, must bear the
fully to meet the obligations im-
countrymen to
it humane
find
semi-government
some
earth
responsibility of making
self
wage earner
country must somehow be brought to underis this: He, himself, not his employer, not
Government, not
and
to
him and his
a
living.
through the
it will
"Society" is, after all, but
doing that
individuals
any
To
endanger the foundations
progress
which
wholesome food for thought relating to the
they may have gone or
haps the public is slow in coming to
tion
as
an
ages
continue to
has
rest,
aggregate of the in-
most good.
,
.
A Third Lesson
A third elementary lesson labor is in need of
learning is in a sense a corollary of the second,
It is this: In the nature of the case labor cannot
over any very extended period of time have more of
the good things of life than it produces. It is all
very well for wage earners within reasonable limits
to haggle over the division of goods produced, but
there comes a time if the process is pushed too far
when there is nothing-left for any one else. When
that time arrives either prices must rise (in which
case labor loses through higher living costs what it
thought it had gained in higher wages) or production stops. A situation of this sor-t may be brought
to pass either by pressing wage demands too far or
by refusing or failing to produce efficiently, or in
the accustomed abundance. This is a simple truth
which inheres in any system of free enterprise. It
has nothing to do with politics, save as politics influence the behavior of labor, and it has nothing to
do with "liberalism" or ^"conservatism."
One of
the underlying difficulties with business for years
past is that it has found itself in or upon the very
verge of such a situation almost continuously,
It is very well to talk glibly about labor sharing
in the improvements that have been made or are
being made from day to day in organizing to get
useful work done and in the discoveries and inventions which reduce the amount of work required
in the production of goods or make it possible to
produce new or better goods.
The truth of the
matter is that for years past what is known as
management has been put to it to increase efficiency
(so far as it is within its power to do so without
full cooperation from labor) sufficiently to enable
plants to keep in operation at all. Scientists and
laboratory technicians in the employ of industry
have perhaps never striven so arduously to find new
materials, cheaper or better materials and new and
better processes of manufacture. Their efforts cornbined with those of management have in practice,
however, been quite unable to keep pace with the
T-ke Commercial & Financial Chronicle
296
increasingly costly demands of labor and of the
professed friends of labor who lay taxes upon eraployment.
Labor in recent years, encouraged by
sycophant politicians, has, in short, overreached
itself, and is still endeavoring to make a bad matter
is
Here
worse.
which cannot be
situation
a
indeed, partly
by legislation, although it is,
cured
created by
legislation, and which, even at its best,
by formalizing human contacts renders smooth and
efficient functioning more difficult.
When Mr. Green and the
paid by the WPA let them remember
rates of wages
would not be
workers
these
that
others complain of the
ment from the Government
seeking employ-
had they not failed in
their
responsibility to look after themselves and
their
own.
failed
When
through
breath
same
wage
certain
these
have
the
WPA
wages
in
en-
private
important,
an
of
seek
to
scales
wage
been
cause
men
Mr. Lewis
same
not
controlling,
sends
so
fault of their own and in the
no
charge that lower
that
a
have
scales in private industry, let them be
danger
industry
they assert that they
if
not
in
but
of
style, did
inducing
leaders
The sit-down
labor
the so-called
of
We have
strikes,
What is
in the motor industry and in
on
with
WPA
same
good purpose.
follow
in
wages
the
American
now
seems
now
go-
connection
to be further serving the
If all this and whatever is to
early future
public
will fully
the underlying
to
arouse
facts
of
the
market portfolio, the recession
holdings of United States Government
secur-
This reflection of
amounting to $15,500,000.
technical conditions in the discount bill market is far
member
bank
deposited
a
12
credit
a
huge increase of available
The
resources.
Treasury
large amount of gold certificates with the
regional banks, and nevertheless found its general
with
account
the
These influences
reservoir
currency
were
12
banks
somewhat
depleted.
a
less
than
decrease of
$198,893,000
and
recognized
continually kept in mind, although there are
even
The
a
reasonable
condition
demand
statement
no
for
ac-
of
the
weekly reporting banks in New York City reflects
advance of $4,000,000 in business
loans, to a
an
another record at
to
the
with
The
$16,174,000,000.
certificates
12 Federal Reserve banks, which now
deposited
Treasury
gold
$70,000,000
report $13,604,719,000 of such instruments.
Other
and
cash of the regional banks moved sharply higher,
reserves
thus mounted $105,235,000, to $13,-
Federal Reserve notes in actual cir-
decreased
$4,522,709,000.
$20,468,000 to
™
variations consisting$198,893,000 to of member bank
of an increase $10,349,946,000;
deposits by
reserve
a
decline of the
Treasury general account balance by
$29,612,000 to $790,596,000; a drop of foreign bank
deposits by $7,780,000 to $289,485,000, and a de¬
other
of
crease
The
n5?000.
deposits by $32,184,000 to $348,-
reserve
ratio moved
up
to 85.7% from
85.6%. Discounts by the 12 regional banks advanced
Industrial advances moved
$628,000 to $5,266,000.
Up
$178,000 to $12,496,000, while commitments to
make such advances
were
up
from
a
revised previous
figure by $395,000 to $11,353,000.
Government's Cotton Report
A GCORDING
to
the
Agriculture
Department's
report of cotton in cultivation, as of July 1,
only 24,943,000 acres were seeded to cotton on that
credit accumulation must be
commodation.
gate
date, and according to officials of the Agricultural
previous
$4,300,000,000. The explosive potentialities
of
country advanced
Monetary gold stocks of the
$38,000,000 in the week to July 12, raising the aggre-
moved
Needless to say, the latter
figure constitutes an
all-time record which far exceeds even the
indications
The holdings of bankers
and $447,938,000 bills.
bills remained unchanged this week at $556,000.
during the weekly
000.
of the idle
divided into $911,090,000 bonds, $1,176,109,000 notes
regional institutions.
period to July 12, and excess reserves over legal
requirements advanced $160,000,000 to $4,450,000,-
record of
of $15,500,000 Treasury bills re-
duces the total portfolio holdings to $2,535,137,000,
fall of $59,000,000 in
circulation and by a sizable
In consequence, member bank reserve balances
no
The
$13,378,000 Treasury bills out of the holdings.
current recession
making for expansion of the credit
augmented by
non-member accounts with the
up
The first
change of credits policy.
a
I^
permitted in the Treasury discount bill
outweighed, however, by
due to
$129,317,000 to $11,778,142,000, with the account
week in the official
ities
Board has indicated, finally, that the variations are
culation
SEVERAL outstanding items statistics. Another
banking are contained this
m
change that would have been regarded
to a few years ago. The Federal Reserve
966,122,000.
.
open
up
total
•
section of the
a
sizable
the
Federal Reserve Bank Statement
••;' U U,U;':
was
as
the
situation it will be worth all it costs.
run-off
outweigh
out
movement, and the
direction of the movement itself.
ing
let him
recovery,
great deal to discredit the unwise
a
credit sig-
nificance at a time when other factors can so greatly
decline of the portfolio, noted two weeks ago, took
party to this failure.
of the labor unions.
virtually is without
portfolio
market
When
trying than the attitude and policies
none more
portfolio means only an exaggeration of the technical
conditions of the market. The decline in the open
wages.
trying problems in this country at present,
many
avoidance of State levies of various sorts.
Yields
have been little more than nominal throughout the
current year, and maintenance of the Treasury bill
WPA
his associates be certain that they themselves
a
many
not
and
been
market obligations, owing to the special uses
buyers find for the instruments, such as
money
which
which
been
not
banks in replacing their holdings week by week,
Treasury bills hardly can be regarded as ordinary
distress
not
have
total of $1,409,000,000, while brokers loans on
security collateral advanced $1,000,000 to $496,000,000.
The change in the open market holdings of United
States Treasury discount bills can only be regarded as
a commendable move, even though it relates solely
to the difficulty experienced by the Federal Reserve
the
complains that the Administration has
successful
July 15, 1939
virtually
crop
the
Administration
Adjustment
complete
control
grower
program.
figure
cooperation
indicates
with
the
The area planted this year
is slightly below the 25,018,000 acres in cultivation
on
the
same
date in 1938, and the smallest area
planted to the staple in the 30 years that records
of the July 1 figures have been kept.
abandoned
24,424,000
this
acres
year
should
be
will be harvested.
If acreage
average,
about
The prospect
is, then, that a slightly greater area will produce
this year's crop than last year's; the 1938 harvested
Volume
of 24,248,000 acres
acreage
1899.
The Commercial &
149
But,
strated, the size of the
by the
yield
est
planted.
area
last
per acre,
record
on
in 1937.
226.8 pounds, the high¬
except for the 266.9 pounds yielded
pounds.
bales
were
the
The equally important factor,
year was
Consequently, last
that
area
12,008,000
year
produced from less than three-quarters
produced
13,553,000
It is too
until
early to estimate with
month
a
views range
hence;
and the Crop Re¬
217.4.
the
about
Their
however,
area,
the
of
average
be
around
700,000
higher
forecast
become
would
the basis of the Gov¬
on
figures.
acreage
estimate of
average
11,611,000 bales
400,000 bales less
would
recent
substantially
was
Government's, and their
harvest
ernment's
figure
a
estimators'
private
the
any accuracy
crop,
from 206.1 pounds to 228 pounds per
acre, and average
planted
of
A
crop
of this
smaller
bales
size
the
than
On the basis of
figures
the carryover
ferent,
more
less,
or
than
from
to have
appears
figure
that date
on
that
Since last
a
year's
of
year
is
amount
in
appears
crop
just about equaled consumption,
tion from the 1938 crop
dous
record
the
three-fourths
Government loans.
the
with
a
any
reduc¬
ought to reduce the tremen¬
accumulation, but the present figures suggest
possibility of only
The market
was
a
encouraged by the Government
report, having been led to expect
somewhat higher
a
West, there
Government Crop Report
PROSPECTS for this year's wheat crops underwent
improvement during June according to the
some
July 1
crop
Agriculture.
condition report of the Department of
The winter wheat forecast
537,767,000 bushels
June
points to above 10c.
pound for the first
a
178,888,000
bushels
approximation of
so near
now
Failures in June
May.
1,122 with 814,757,000
The June record
compares
favor¬
ably with the corresponding month of 1938 when
1,073 firms failed for 815,918,000.
6,563 bankruptcies
year,
Bradstreet,
which
recorded in the
same
recorded
number
while
1938, since 1933.
In the first half
recorded by Dun &
were
7% less than the
7,061
period of 1938, is the greatest
in
period,
half-year
any
except
In 1933 12,512 business casualties
occurred in the first six months.
June's failures
same
month of
were
there
was
were
1938 in four of the five commercial
month
as
divided.
are
the commercial service
60 failures
compared
with
with
group
The
in which
8510,000 liabilities last
47,
with
liabilities
of
8841,000 in June, 1938.
It is to be observed that
there
liabilities
reduction
The winter estimate
can
crop
is
be
now
716,655,000 bushels,
compared with
as
bumper output of 930,801,000 bushels in 1938,
and the average
000
for the 10
1928-37 of 752,952,-
years
bushels.
The prospect
excess
for the 1939 harvest is not greatly in
of estimated annual domestic
And in the
670,000,000 bushels.
ended June 30, export sales
consumption of
year
crop
which
of wheat and flour
are
reported to have amounted to 139,678,000 bushels of
wheat and 5,660,993
There should
barrels of flour.
result, therefore, quite
substantial reduction in the
a
surplus stocks of this commodity during the
just started, providing of
which has
exports are maintained at a similar level.
cessive
The
ex¬
estimated at 265,000,000 to 275,-
carryover
reach
crop
course,
on
normal
July 1, might in fact, be expected
proportions of about
125,000,000
bushels.
crop
since
the
1928, estimated at about
Domestic requirements there,
amounting to only about 100,000,000 bushels, leave
a
very
great excess for the export market; and this is
without
giving
consideration to the large surplus
already in existence in that country.
World
1938-39 (crops and
supplies of wheat in
carryovers)
are
reported
as
having exceeded five
The actual estimate
billion bushels for the first time.
5,114,800,000 bushels is expected to rise to 5,125,200,000 bushels in 1939-40.
lieved, will be
The problem, it is be¬
aggravated by
a
drop in the
pro¬
portion absorbed fro 75.3% in the 1938-39 year to
73% in the 1939-40 period.
fewer in number than in the
divisions into which the figures
exception
compared with the rough
as
month earlier of. 145,000,000 to
460,000,000 bushels.
in
811,609,000 liabilities from
on
placed at
now
Canada is believed to have in prospect this year
COMMERCIAL failures showed the 952 with
decline
June dropping to expected
liabilities in
raised to
bushels'
The indicated supply of all wheat
maturity.
then, is
was
523,431,000
substantially accurate, the
as
largest wheat
seasonal
a
170,000,000 bushels.
regarded
August, 1937.
Business
from
while the spring figure is
1,
000,000 bushels
time since
more
sharp increases in the Chicago,
were
to
following the report's issuance, spot cotton
with
In the West and Middle
Kansas City and Dallas districts.
session
15
The Philadelphia Federal Reserve
the only one in that vicinity
was
figure by the private calculators; at the trading
rose
1938.
showed the most favorable comparison
year ago.
casualties than last year.
year
dent in the surplus.
$1,234,000 liabilities in June,
geographical basis, the eastern sections of
District
will be only slightly dif¬
14,273,949 bales in existence
More
available, it
now
of American cotton at the end
of the current crop year
ago.
with
a
the <country
the
12,008,000 bales produced in 1938.
that
59
On
bales average
porting Board is not permitted to issue
than
from
10-year period.
probable yield of the current
297
-
insolvencies dropped to 50 with $1,150,000 liabilities
is not determined alone
crop
Average yield in the 10 years 1929-38 was
196.6
in the
the smallest since
was
last year's record forcibly demon¬
as
inancial Chronicle
involved.
A
corn
crop
this year on
greater
than the 2,542,238,000
last year.
the largest
bushels
of 2,570,795,000 bushels is anticipated
the basis of July 1 conditions, a little
bushels harvested
But stocks on farms on July 1 last
were
for the date on record and 193,999,000
more
than
on
that date in 1938.
No less than
836,921,000 bushels were on farms last July 1, com¬
The
pared with 642,922,000 bushels a year previous, and
large retail division had 585 insolvencies involving
376,299,000 bushels average for the date in the 10-
83,848,000
year
was
a
liabilities
volving 86,520,000
in
in
comparison
a year ago.
with
665
in¬
In the manufacturing
period 1928-37.
A carryover
of
corn on
Oct. 1 of five to six hundred
division, 166 firms failed for 84,468,000 compared
million bushels is said to be in prospect
with 198, for 85,939,000 last year.
estimators, so at that time,
numbered
with 104
91,
Wholesale failures
and involved $1,633,000,
involving $1,384,000 in 1938.
compared
Construction
by private
providing current
crop
prospects are unchanged, about 3,100,000,000 bush¬
els will be in the
offing.
The outlook
on
Aug. 15 will
The Commercial &
298
this
farmers; will vote
whether
determine
provides for
marketing quotas; the law
year
on
if the
a vote
and prospective carryover then appears to be
crop
110% of
normal supply.
a
•
,
Financial Chronicle
plainly were on the
apprehensions regard¬
ing Danzig.
The Cuban peso improved, after its
dip 'of last week. ..; .!■ /• ''' ''1 Europe to the United States
increase, however, owing to
the New
on
Both the volume of
trading and the tendency of prices showed better¬
ment, albeit spasmodically and temporarily. There
hopeful of further gains.
ests
occasion for
indicative
rise in the financial markets.
a
decision of
however, was the
event,
committee
Senate
long-debated;
the
shelve
to
One
a
so-
neutrality legislation until the next session,
called
apparently cleared the way for adjournment,
also constituted a resounding defeat for
This
President
Roosevelt, both circumstances being quite
satisfactory to the financial community.
Also disconcerting to the Administration was a decision of
a House committee to put over to the next session
Roosevelt's
Mr.
for
request
at
aid
of
betterment in the
the copper
financial
the
to
position of
section, owing to
a
which started
copper,
Foreign developments,
shares upward.
1%.
On
shares;
Monday they were 282,800 shares; on
on
424,850 shares;
Tuesday,
Wednesday, 913,380
Friday,
on
shares; on Thursday, 946,360 shares, and on
543,720 shares.
the New York
On
last
Saturday
Curb Exchange the, sales on
34,420
were
shares;
shares;
Tuesday,
on
shares, and on Friday, 81,830 shares.
Extreme quiet characterized the stock market on
Saturday last, and price changes in the main were
Of the various groups, the metal
most favorable attention, in-
purely fractional.
the
received
shares
On Monday dull and
duced by higher metal prices.
quiet trading again prevailed, and the tendency of
prices
ness
of the
pretty much throughout the session.
war scares.
all
sessions, but movements
after the incident
Extreme
and
good in nearly
pronounced only
were
relating to neutrality legislation.
apathy prevailed at the start of the week,
turnover
remained
far
under
the
Monday and Tuesday.
Stock
York
New
the
on
Exchange
500,000-share level
But
both
modest burst of buy¬
a
on
fashion
close! the
to
levels.
market
The
into
lapsed
again yesterday, with turnover small.
of the week consisted of
points
in
leading
smaller advances.
ers
dulness
Net results
gains ranging from 2 to 4
while
issues,
others
showed
Copper stocks proved the lead-
of the market for
time, when it appeared that
a
issues
pushed upward above
most
of
domestic
motor
and
buying
industrial
other
higher, and utility issues
Railroad
In
stocks
the
trend
listed
likewise
bond
shares
were
advanced
marked
were
favorites for
a
while.
slightly.
market
prevailed.
Steel,
followed.
thereupon
upward
United States Treasury
obligations moved fractionally upward, and
interest
appeared
in
best rated
on
Equities
points
on a
than
twice
the
equities division.
some
corporate bonds,
sentiment
of
the
Even foreign dollar bonds were
in quiet demand.
There
were
displayed
levels
few important new
sections of the financial community.
commodity markets the principal influence
the
betterment in
the
copper
shares
traded
in
on
hour, when the laggards
that period
action, and from
some
the
of
A
session,
previous day.
sales to
a
higher.
on
good
start
was
made
Foreign purchase orders stimulated
degree, and the market opened
Subsequent
metal
position.
Wheat fell
sizable
a
transactions
point
lifted
prices steadily upward, but with the approach of
a
had
movement
realization that the height of
been
reached
brought
on
a
gradual recession in values which persisted to the
close.
in
was
three
prices progressed without hindrance to the highest
heartened
the
to
one
slow in taking cognizance of what was going
until late in the second
for the
In
from
in the initial hour, but the remainder of the market
capital issues during the week, b.ut a number of im¬
portant offerings are to appear next week, which
some
the
amount
the
better
a
Heavy buying of utility stocks took place
Tuesday.
other
the
boosted
were
the second session
reflected
Optimism
Wednesday by traders taking
volume of sales that exceeded by more
Speculative railroad, traction, communication and
issues
of
A sagging
Thursday in carrying forward the advance of the
general
a
point.
part held to previous gains.
tion.
on
good deal
one
hopeful view of the general business situa¬
more
was
A
position,
were
small number
a
tendency developed in the afternoon, but prices for
the metal
the
the prominent stocks
fractions, while
kept within
foreign buying had reduced available supplies of
and bettered
day at moderately improved
Advances among
played its part
occasions.
Copper shares
stimulus to better prices, and
a
the general market in turn performed in fairly good
the
both
opening, and this tone was held
Tuesday proved
ing almost reaching the 1,000,000-share
on
Steadi-
toward irregularly higher levels.
was
attended the
ing developed Wednesday and Thursday, with trad¬
mark
Monday,
on
87,150 shares; on
Wednesday, 127,780 shares; on Thursday, 132,180
57,480
finally, again did not entail that resort to hostilicontinuing
sales at
Stock Exchange the
New York
the
half-day session on Saturday last were 113,320
the
ties which all the world has been led to fear because
The tone of the stock market was
unchanged
remained
Exchange
Stock
York
New
simple
and
The commodity markets
governmental bonds.
were
short
a
terminating tax exemption on future issues
statute
of
Exchange 51 stocks touched new high levels and 22
stocks touched new low levels.
Call loans on the
it
and
new
touched
developments that might suggest an
few fresh
were
high levels for the year while 36 stocks
new low levels.
On the New York Curb
touched
SOME signs of York stock market, with this inter¬
improvement appeared all week
stocks
66
Exchange
York > Stock
New
the
On
Market
The New York Stock
July 15, 1939
Net gains
day.
on
the average ruled at
one
point
Profit-taking entered trading yester¬
day and slowed down the advance launched earlier
the
week.
The
tone
firm, but sales volume
ment and
of
the
came
market
continued
in for sharp curtail¬
irregular price changes marked the close.
again last Monday, but improved there¬
after, while cotton was firm in most sessions. The
with the closing on Friday of last
week, closing prices yesterday reflect further prog¬
foreign
ress.
official
exchange
controls
significance.
markets
and
showed
remained
few
under
the
changes .of
any
Gold engagements for shipment from
As compared
General
against 34%
on
Electric
closed
yesterday
at
36%
Friday of last week; Consolidated
Edison Co. of N. Y. at 31% against 30%; Columbia
Volume
Gas
&
of N.
'
149
Elec.
J. at
The Commercial & Financial Chronicle
*
at
6%
Public Serviced
against 53%;
Harvester at
71% bid; International,^yesterday at 65%c. against 67%c, the close
57% against 54%; Sears, Roebuck &
77% against 75%; Montgomery Ward & Co;
at
51% against 49%; Woolworth at 47% against
46%, and American Tel. & Tel. at 164 against 161%,
Western
18%
Union
closed
at 23%
yesterday
day. of last; week.
of last week.
day at 27%c. against 30%c. the close?
-
against 17%;
National Dairy
day
against
National
Products
at
26%
at
16%
against
t
was
16.57c. against 16.36c. the close
of last week.
Domestic
copper
Friday
Fri-
on
on
Friday
closed yesterday at
10%c. against 10%c. the closing price
of last week.
166% against 163%; Standard Brands at 6%
on
The spot price for rubber yester-
nental Can at
at
Friday
;
,
26%; Texas Gulf Sulphur at 28 against 27; Conti-
38% against 36%; Eastman Kodak
closed
The spot price for cotton here in New York closed
day of last week.
Biscuit
-
.
yesterday at 9.77c. against 9.96c. the close
151% against 149; National Cash Register at 19
15%;
on
Fri-
on
at (Chicago
corn
July oats at Chicago closed yester-
against|gof last week.
against 161; E. I. du Pont de Nemours at
July
yesterday at 43c. against 47c. the close
Friday of last week; Allied Chemical & Dye
on
at 167
mar-
38% against 37; J. I. Case threshing t-^ketsj^tlief^ulyvoption^fOJf:{wheat[ in Chicago closed
Machine at 76 bid against
Co. at
299
«
on
Friday
In London the price of bar silver
yesterday closed at 16%
pence
per
ounce
against
against 6%; Westinghouse Elec. & Mfg. at 101%
17%
against 96; Lorillard at 23% against 22%; Canada
Dry at 17% against 17%; Schenley Distillers at
week, and spot silver in New York closed yesterday
at 34%c. against 36%c. the close on Friday of last
12%
week.
against 11%, and National Distillers at 26
against 25%.
In the rubber group, Goodyear Tire &
Rubber closed
yesterday at 28 against 26
of last
Friday
week; B. F. Goodrich at 18 against 16, and
United
States
railroad
week. |
on
Rubber at
shares
42% against 39%.
into
moved
The
higher territory this
Pennsylvania RR. closed yesterday at 17%
against 16%
on
14% against 13%; Union Pacific at 97
against 94% bid; Southern Pacific at 13% against
12%; Southern Railway at 15% against 14%, and
Northern
Pacific
stocks showed
Aveek.
United
against 45%
at
73%
at
States
on
The
steel
Steel closed
yesterday at 47
Friday of last week; Inland Steel
against
against 52%,
8% against 7%.
perceptible improvement the present
69%;
Bethlehem
and Youngstown
36% against 34.
Steel
at
55%
Sheet & Tube at
In the motor group, Auburn Auto
closed
the close
ounce
Friday of last
on
In the matter of the foreign exchanges, cable
transfers
London closed yesterday at $4.68 5/16
on
against $4.68% the close on Friday;of last week,
and cable transfers on Paris closed yesterday at
2.65c. against 2.65c. the close, on Friday of last
week.
'
,
Friday of last week; Atchison To-
peka & Santa Fe at 27% against 26; New York
Central at
pence per
'
,
European Stock Markets
\V 7AR threats remained the dominant
VV
week
stock exchanges in the
on
pean
financial
crisis
over
owing to
centers,
factor this
leading Euro-
the
developing
Danzig and the difficulties that Japan is
creating for all neutral Powers in the Sino-Japanese
conflict.
than
all large industrial
In
United
the
countries other
States business
the "cannon booms"
based
are
is
on
booming, but
tremendous
ar-
maments increases and they are not profitable in
the long run.
Then London, Paris and Berlin
mar-
kets obviously find little incentive in the existing
yesterday at 1% against 2 on Friday of last
week; General Motors at 45% against 42%; Clirys-
situation for the purchase of securities.
ler at
seller of securities necessarily faces the problem of
and
75% against 69%; Packard at 3% against 3,
Hupp Motors at 1% against 1%. Among the
oil
stocks, Standard Oil of N. J. closed yesterday at
42% against 41% on Friday of last week; Shell
Union Oil at
10% against 103/4, and Atlantic Refin-
ing at 20% against 19%.
In the
copper group,
Ana-
conda
Copper closed yesterday at 25% against 23%
Friday of last week; American Smelting & Refining at 44 against 40%, and Phelps Dodge at 36%
on
against 33%.
Trade
an
industrial
changes this week.
reports
reflected
few
Steel operations for the wTeek
reported
on
any
sizable
Nor
scale,
are
for
the
alternative that might maintain the value of the
currency
received for the holdings.
The tendency
in ail the European markets thus is to "sit tight'1
and await developments.
The market sessions
slow and dull, with the small advances of
offset by the small declines of the next.
are
day
one
Among
specific developments of the week should
the
mentioned
of
and
ending today
offerings
£20,002,848
matter
be
acquisition by the Bank of England
an
gold,
of adjusting
Wednesday,
on
the
reserve
merely
as
requirements
a
oc-
casioned by the advancing circulation of the British
were
estimated by American Iron and
"cannon boom."
Steel
Institute at
49.7% against 38.5% last week,
is rising.
when
Independence Day suspensions occasioned
a
Trading
on
French currency circulation also
the London Stock Exchange
dull
was
sharp drop from the 54.3% rate of the preceding
and dispirited at the opening last Monday, but the
week.
tone
One
month
steel
ago
47.0% of capacity, while
32.3%.
operations
a year
Production of electric
ago
power
were
the rate
at
was
for the week
to
July 8 amounted to 2,077,956,000 kwh., the Independence Day suspension occasioning a sharp fall
from the total of
2,300,268,000 kwh. for the preced-
ing week, while at the
was
1,881,298,000 kwh.
ended
to
same
the
was
a
but
a
time last
Association
of
the total
Car loadings for the week
July 8 Amounted to 559,109
drop of 106,419
year
American
cars
cars,
according
Railroads.
This
from the preceding week,
gain of 58,128 cars over the corresponding
week of 1938.
;
;
improved slightly
as
the session progressed
and net movements for the day were of little consequence.
Gilt-edged securities
were
slightly bet-
ter, while industrial issues and mining stocks
irregular in narrow limits.
were
The decline in the Lon-
don silver price, following the mark-down by
United States Treasury, proved disconcerting.
glo-American favorites
were
the
An-
firm in light turnover,
With the holiday season getting into full swing,
business on Tuesday was again modest.
Gilt-edged
issues were maintained and
a
firm tone
was
noted
in industrial stocks, but the mining group was uncertain.
Foreign securities were marked lower with
The Commercial & Financial Chronicle
300
which advanced
in the New York market,
Wednesday, prices drifted
exception of American stocks,
the
reports of a good tone
on
After
opening on
London market.
firm
a
lower
industrial stocks were
losses;
net
small
showed
issues
Gilt-edged
the
on
securities tended to improve. In the foreign section almost all issues lost
ground. An impending fortnightly settlement was
irregular and the mining
added
Thursday to the other factors making for
on
and trading in the London market was
Gilt-edged stocks receded, but in-
dullness,
at
minimum.
a
Anglo-American favor-
dustrial issues were better.
ites stood out in the
ties
foreign section, as such securi-
marked higher to conform with
were
the im-
York. Gilt-edged issues were
down yesterday, on the indications of heavy defense
financing, but industrial stocks were steady.
provement at New
reported
Small advances were
at the start of the
that the last week-end failed to
a
German
International securities led
the
modest advance, in
a
equities joined.
The turn-
Traders and investors remained on
light.
was
justify the fears of
to regain sovereignty over Danzig.
move
which rentes and French
over
the Paris Bourse
on
week, apparently on the ground
sidelines, Tuesday, but the small dealings never-
theless
brought about modest advances.
attracted
issues
tional
French
Bourse
was
also
stocks
and
bonds
of
most
depressed
the
by
Roosevelt's
President
of
failure
The
rumors
increase,
thqt foreign troubles again were on the
Tlie
but
better.
were
Wednesday
on
Interna-
buying,
"neutrality"
legislative efforts was one accepted explanation for
the downward
drift, which wiped out the previous
International
gains in* rentes and French equities.
lost
also
issues
ended at
toward
for
Trading
ground.
the week
Paris, Thursday, with a minor tendency
Gains were small but they
improvement.
took in all groups
Dealings were sus-
of securities.
for the observance of Bastille
pended, yesterday,
Day.
The Berlin Boerse
distribution of
the
resumed,
on
Monday, its quiet
under the control of the Nazi
course
regime.
The
corporate earnings is controlled in
Reich, along with everything else, and there is
little occasion for sizable changes in
tions.
trend
The
(Monday
on
was
security quota-
toward slightly
lower
levels, both for stocks and fixed-income is-
sues.
Nor
despite
was
the situation
changed
The
securities
merely held to previous levels,
monotony of Berlin
broken,
again
Wednesday,
for
than
gains.
The tone
steady, with dealings still
eral
issues moved
trend.
market reports
on a
that
was
un-
session
on
Thursday was
small scale.
Fixed-
downward, against the gen-
German
The
in
changes
with losses slightly more
fractional,
were
numerous
interest
Tuesday,
The bulk of
specialties, ranging to three points.
German
on
few upward and downward variations in
a
market
remained
idle
Chancellor Hitler. But the British Government,
retreating ever more precipitately from its former
policy of "appeasement," issued a virtual ultimatum
on Monday against settlement of the status of Danzig by unilateral action, whether the apparent im-
petus be internal or external. Germany, already
armed to the teeth, called the conscript classes of
1918, 1919 and 1920 to join the colors on Oct. 1.
But Chancellor Hitler, Foreign Minister Joachim
von Itibbentrop and the Chief of Staff, Gen. Waltber von Brauchitsch, all left Berlin this week for
summer holidays, and no immediate crisis is held
likely to develop. Some Italo-German developments
led to the suspicion, on the other hand, of troop
movements between these countries. Anglo-French
solidarity was demonstrated by a mass flight of
12 British bomber squadrons over French territory,
Tuesday. The Russian Government remained indisposed to join the Anglo-French alliance, which
seems sensible enough from the Russian point of view,
Danzig has been built up into such symbolic importance on either side that retreat may prove ex-
and perhaps impossible.
The
British Government plainly has decided that the
question of halting German aggression might just
as well stop at Danzig as at some more obscure
point in Eastern Europe. Over the last week-end
there were indications that the Polish Foreign
Minister, Col. Joseph Beck, was endeavoring to
temper British expressions on the problem of Danzig. After hasty negotiations the "go ahead signal"
finally was received in London, reports from the
British capital said, and on Monday a statement
was made before the House of Commons by Prime
Minister Neville Chamberlain. In this carefully
drafted declaration, Mr. Chamberlain conveyed to
the Polish Government the authority to decide
whether developments in Danzig justified the precipitation of a general European war. "Recent occurrences in Danzig," he said, "have inevitably
given rise to fears that it is intended to settle her
future status by unilateral action, organized by surreptitious methods, thus presenting Poland and
other Powers with a fait accompli. In such circumstances any action taken by Poland to restore the
situation would, it is suggested, be represented as
an act of aggression on her part, and if her action
were supported by other Powers they would be accused of aiding and abetting her in the use of force,
If the sequence of events should be such as is contemplated on this hypothesis, the issue could not
be considered as purely a local matter, but would
at • once raise graver issues affecting Polish national existence and independence. We have guaranteed to give our assistance to Poland in case of a
clear threat to her independence which she considers it vital to resist with her national forces,
tremely difficult,
and
we are
firmly resolved to carry out this under-
taking."
yesterday, with prices irregular.
While this statement
Danzig Crisis
ALTHOUGH the Free
July 15, 1939
intimations
were
was
being made in London,
supplied in Warsaw of the terms
European countries continued this week to make
of settlement which Poland would consider appropriate for Danzig. A Polish-German guarantee
of independence for the Free 'City would be the
it
cornerstone, a dispatch to the New iYork "Times"
*x
importance in
ever
which
more
the
There is
distinctly the bone of contention
issue of
no
City of Danzig is of little
itself, the opposing blocs
reason
war
to
or
peace
suppose
of
on
is to be decided,
that Germany has
said.
League of Nations control might be abolished,
it was suggested, and if the City were nazified even
than at present, Polish representation in the
relinquished its desire to reincorporate the former
more
Reich
foreign sphere might be withdrawn. But a customs
union would have to prevail between Poland and
some
territory in the Nazi State, probably within
undisclosed time limit set in his
own
mind
by
/
Volume
The
149
Commercial & Financial Chronicle
301
Danzig, and Polish citizens would have to enjoy
as a
equal rights with Danzigers, according to the War-
sion which Japan has been waging for more than
saw
Obviously enough, these Polish in-
reports.
timations
unlikely to receive
are
Berlin, which is determined
have had little
for
the
the recapture of
upon
ficulties, Japanese militarists this week increased
their efforts to modify British influence in China.
If the endeavors meet with success, foreign interests other than those of Japan clearly will not be
that pure conquest
!
On
excessive
French
over
German
military flight
thus would constitute
neutral nations, and
over
action to which
an
could not remain indifferent.
for
said
was
be
to
lending to its
allies the £60,000,(XX)
new
ex-
penditures voted by the Parliament for this purpose
last week.
in
On
top of this came the announcement
London, Wednesday, of
further £79,106,000
a
appropriation for the cost of establishing conscription in the United
Kingdom.
Chancellor of the Ex-
chequer Sir John Simon announced
that
loan of
a
on
Thursday
approximately £350,000,000 would be
this
necessary
to
year
rising costs
the
meet
of
British rearmament.
Measures taken
but
open,
sure
ress more
by the Kome-Berlin axis were less
doubtless
leaders in the Free
uncertain
Grand
extensive.
Nazi
City of Danzig continued to
community to Reich sovereignty.
Monday,
for
departure
from
The belief in
that
was
the
some
arrangements for
rapid troop movements over the Brenner Pass
being made by the Rome-Berlin axis.
were
The only
planation furnished by the Italian Government
that
such
orders
are
military reasons."
Of
order by the Italian
an
Tyrol of all foreigners.
Alliance circles
as-
early action by Herr Hitler
significance is
Government,
Italian
quite
also
the citizens there of
to restore the
necessary
exwas
for "political and
Rumors emanated from Switz-
erland, Thursday, that Italy had leased to the Reich
Austrian port of
the old
,
for
a
period of ten
lease would be
regarded
ernment
as a
Trieste,
on
interesting reflection
an
situation, but
more
seemed
were
a
on
port-
sea.
The Italian Gov-
Wednesday summoned home its London
on
notification
a
than
required before the Reich could be
Power in that
Ambassador, Count Dino Grandi,
formal
the Adriatic,
If the report is substan-
years.
tiated, it will provide
the Mediterranean
late
last
and
British
the
to
calculated snub.
concluded
a
lack
of
Government
Conversations in Berlin
week
by the Bulgarian
Premier, George Kiosseivanoff, and the close harmony
There
of the World War
were
allies
was
emphasized.
reports from Belgrade, Wednesday, that
Yugoslavia
might
which includes
occupied with their
signs of compliance
anti-British slogans," the correspondent of the New
York "Times" reported. "Mass meetings of vociferous patriots, harangued by retired generals, were
to be expected, but a more sinister development is
the spread of anti-British meetings, organized by
municipal, prefectural and village councils."
In one modest respect there is a relaxation to be
noted in the tension between Japanese and British
authorities. The Japanese blockade of the British
and French concessions at Tientsin, now in prog-
be attempted, but it promptly
pointed out in Berlin that such activities would
ment
are
are
"Every telegraph pole in Tokio is plastered with
that a
rumors
to Poland
a
against China, there
making hasty arrangements
were
airplane demonstration flight
involve
military circles which
war
Germany
There
newspapers.
next may
Although the latest
of anti-British sentiment started in the Japa-
The British Govern-
territory, Tuesday, involved 120 bomb-
joint Anglo-French
was
wave
by the civil regime in Tokio. On the second anniversary of the war being waged against peaceful
China, the Japanese army information bureau
issued an official statement in Tokio to the effect
that "never in history have the Japanese people
borne in their hearts such hatred for Great Britain
as exists today." The sort of propaganda reflected
by such declarations is impossible to offset in censored Japan.
The anti-British agitation was reported on Wednesday to be increasing rapidly,
airplanes
of British
The flight
and it brought sharply sarcastic comments from
ers,
permitted to exist in China.
uese
great European alignment,
test of arms were pushed with
any
speed.
Moravia
and
.
either side of the
preparations for
Bohemia
in
is the underlying motive, what-
the outward form.
ever
Free
difficulty in achieving this aim, but
demonstration
Obviously because of the
against China.
preoccupation of Great Britain with European dif-
German-peopled
the
over
years
hearing in
even a
City,
Ironically, the German authorities probably would
sovereignty
two
direct offshoot of the undeclared war of aggres-
join
the
German-Italian
bloc,
Hungary and Bulgaria.
than
a
month,
modified
on
Thursday
through permission for entrance into the area of
an almost normal supply of milk.
There are rumors, on the other hand, that Japan soon will take
steps at Shanghai and other treaty ports comparable to those in effect at Tientsin. The possibility
thus arises of a long series of "incidents," involviug Great Britain, France and also the United
States.
Diplomatic conversations at Tokio, designed to settle the Tientsin problem, have been delayed by the Japanese on the ostensible ground that
their importance requires extensive preparations,
It is proclaimed monotonously in Tokio that the
real question at issue is abandonment by Great
Britain of the aid allegedly being extended to General Chiang Kai-shek and recognition of the "victory" won by the Japanese. Nor is the situation
aided by the persistent bombing of helpless civilians
*n China, which the Japanese militarists hold
necessary for their purposes.
In an air raid on
Chungking, late last week, the British river gunboat Falcon was damaged, and in response to the
usual British protest Tokio handed out the customary note of apology. Another American in¬
test against the Japanese bombings
was announced
last Monday by Secretary of State Cordell Hull,
Actual fighting tactics of the J apanese and Cliichange little from week to week, but there
was a perturbing report from Shanghai, Monday,
that the former Chinese Premier, Wang Ching-wei,
had been selected to head another puppet-regime,
Hr. Wang urged in a radio address that China
liese
make terms with the
Far East
was
he
now
is
acting.
Japanese militarists, for whom
It is not yet clear whether this
HARDLY less ominous than the endless reports ist regime the former high official of the the situaappeal by will have
Nationalpreparations in Europe
fresh
real bearing
of
war
evidences of
are
spreading hostilities in the Far East,
any
tion.
on
The Japanese militarists have deployed
nu-
The Commercial & Financial Chronicle
302
throughout the vast
mobile corps
merous
"con*
area
quered" in the last two years, in an effort to stamp
guerrilla activities which make a mockery
the
out
But the Chinese guerrillas
of their claims of rule.
seemingly are in innumerable and ubiquitous force,
and the
(Japanese) troops is reported to be spread¬
possibly
and
magnitude
in
ing
(Russian) and Manchu
Outer Mongolian
between
kuoan
The "vest-pocket war"
struggle continues.
in
significance.
sides make absurd claims of victories in
Both
the
hostilities, which apparently are confined to a nar¬
and Finance
i
N THE
officials of this question well may be decisive for
the development of Spanish policy, both internally
and externally.
It is more than likely that the
Italian visitor speaks both for his own government
if
not
of
German
the
comments which
some
revealing,
The visit
especially instructive.
cerned
Reichsbank,
at least
are
impaired
Reich
in
recent
Saturday,
York "Times"
strate
barter methods
of
the
Dr. Funk explained last
years.
the part of his country to
on
Southeastern
in Holland had
financial
cussion
regarded
few
that
The German
matters which
With
only
can
be
a
gold concentrated in
"new monetary basis has
The
argument
Great Britain may
a
was
advanced
have to adopt
tary system based on labor.
dismissed with
a
methodically organized work of
nation."
even
dis-
a
reflection of the plight in which the
itself.
countries, he said,
entire
a mone-
The United States
was
pitying reference to its huge gold
accumulation and the inflation that Dr. Funk said
faces this
Country.
"Inflation is impossible in Ger-
because Germany is
many
a
totalitarian country
and the State controls financial
President
mentary
Dr. Funk's statements
another report
the
new
added.
An
adequate
was
supplied by
from Prague, which indicated that
decree last
a
tration of all
Reports from Spain suggest
a
Span-
munism, such having been the professed aim of the
Rome-Berlin axis.
Any real dispute
this point
on
could be viewed only with the greatest equanimity
Meanwhile, Spanish citizens
by non-fascists.
tinue to be beguiled by "treason trials," which
on an even
conare
lower moral level than the "spy plots"
discovered conveniently by authorities everywhere,
when internal
French
problems
points
border
available
of
mounting
Open clashes
monarchist
pressing.
From
indications
discontent
within
are
Spain,
said to have taken place between
are
fascist
and
become
numerous
factions
within
the
ranks
of the motley armies composing General Franco's
legions.
,
Saturday for the
Discount
seques¬
Rates
of
'HERE have been
T
Foreign Central Banks
changes during the week in
no
the discount rates of any
banks.
Present
rates
of the foreign central
the
at
leading centers
are
shown in the table which follows:
gold, silver and foreign exchange held
Roto in
Country
Pre¬
,:Spain
Effect
Date
Established
Rate
Argentina..
3M
Mar.
Ratavia
4
July
1 1935
Belgium...
:S}
4
Apr.
17 1939
1 1936
war
a
tory for the fascist insurgent armies headed by Gen¬
eral Francisco
Franco, but there still
little
toward
progress
reconstruction
seems
of
the
to be
war-
Effect
July 14
Pre¬
;v
Date
cious
Established
Rate
Bulgaria...
6
2
Chile
3
Dec.
16 1936
4~
4
July
18 1933
5
7
Aug. 15 1935
Mar. 11 1935
2
Hungary...
Canada
X
Country
Holland
2J4
Colombia..
NEARLY four months have passed since vic¬
the
Spanish civil
ended with
complete
Rate in
cious
July 14
'^0,
time
some
era! Franco when he accepted material aid on an
immense scale.
by the former Czech nationals.
■
represented,
were
ready to receive Spanish raw materials in
payment of the debt presumably incurred by Gen-
com¬
German masters of Bohemia and Moravia
had issued
Italy and Germany
ago, as
transactions," the
Reichsbank
on
On the strictly economic side a
for all of Europe.
difference of opinion appears to have developed.
vention by General Franco of the spread of com-
been created in the
an
If General Franco finds such argu-
opened the way to greater freedom
interchange, he added.
as a
by Italy and Germany for a political agreement
that would range Spain definitely with the Rome-
ish contention that the debt was paid through pre-'
monetary
Reich finds
of
His conversations
Europe.
spokesman thereupon launched into
of
alignments
developing
Italian Foreign Minister may be highly important
indicated, that he wished to demon-
of commercial
the
in
Europe, much pressure obviously is being exerted
traditionally prevail between
cultivate trade relations with countries other than
those of
Although the Franco regime has proclaimed on
number of occasions its desire to refrain from
Berlin axis.
by the
willingness
a
Spanish fascists.
ments persuasive, the outcome of the visit by the
dispatch from The Hague to the New
a
of the
success
eco-
Germany and the Netherlands, but which have been
greatly
the
con-
was
primarily with restoration of the good
nomic relations which
Germany, which also aided greatly
and for that of
in
commitments
visit to Holland, Dr. Walther
a
President
Funk,
made
of
course
Spanish
which Count Galeazzo Ciano can persuade
a
German Trade
visit indicated
Preliminary reports concerning the
plainly that Italy was quite anxious to present a
bill for the extensive support given to the Franco
faction throughout the long war.
The degree to
along the poorly defined frontier.
area
row
July IS, 1939
4
Aug. 29 1935
India.
3 .V
Nov. 28 1935
Italy
4K
3.29
Dec.
2 1936
Java
May
18 1936
Apr.
6 1936
3
Japan
Jan.
14 1937
15 1939
2HI
4HI
3H
5
3.65
4
vakia....
3
1 1936
Jan.
3H
Lithuania..
7
May
Morocco
Czechoslo¬
6H
May 28 1935
4H
Norway
W
4X
Jan.
4
5 1938
5
4
Jan.
2 1937
5
Poland
Feb.
23 1939
4
Portugal
4
Aug. 11 1937
4H
Eire
3
June 30 1932
3H
Rumania...
3 HI
May
4HI
June 30 1932
Danzig
Denmark..
....
Dec.
17 1937
5 1938
5
England...
torn
country.
the difficult
tions is
It is amply evident, however, that
problem of Spain's international rela¬
occupying the
new
regime.
Count Galeazzo
2
2K
South Africa
3H
May 15 1933
4
Estonia
4X
Oct.
1 1935
5
Spain
5
July
15 1935
5
Finland
4
Dec.
3 1934
2 1939
4H
Sweden
2HI
Dec.
1 1933
3
2
France
2
Jan.
2H
Switzerland
IH
Nov
25 1936
Germany..
4
Sept. 22 1932
5
Yugoslavia.
5
Feb.
1 1935
Greece
6
Jan.
yA
7
...
4 1937
6H
Ciano, Foreign Minister of Italy, arrived at Barce¬
lona^ Monday, for
nate this week-end.
effusively
He
on
a
his arrival
by Spanish
engaged all week in the
was
greeted
authorities.
usual round
,
length with General Franco
IN LONDON
1
bills
of statue
unveilings, dinners and other functions, interspersed with long conversations during which the
Teal purpose of the journey doubtless was discussed
at
Foreign Money Rates
visit of state which will termiThe Italian official
and his associates.
on
months' bills
last week.
34%*
open
Friday
market discount rates for short
11-16% as against 11-16®
Friday of last week, and 13-16% for three-
on
as
were
against 13-16@7A%
Money
on
At Paris the
call at London
open
on
on
Friday of
Friday
was
market rate remains at
2%% and in Switzerland at 1%.
Volume
The Commercial & Financial Chronicle
149
Below
Bank of France Statement
for
BANK
an
time of
years:
OF
in circulation
and
a
aggregated 101,504,245,690
year ago
the
before 88,643,276,925 francs.
year
discounted recorded
French commercial bills
a
loss
,
STATEMENT
July 12,
July 13,
July 14,
1938
1937
£
July 17.
1935
1936
£
!
/
,
July 15,
1939
£
Notes
123,477,000,000 francs.
to
up
'•
;
ENGLAND'S COMPARATIVE
867,000,000 francs, which brought the total
outstanding
francs
show the different items with comparisons
we
preceding
THE statementexpansionweeknote circulation,again
for the in ended July 6 this
showed
303
£
,
f
'
Circulation..,
507,930, 000 488,104, 398 493 ,405,804 443,258,762 399,567,687
7,883,273
29,524, 000 13,218, 780 23 ,120,702 20,391,831
123,892, 727 148,494, 810 126 ,301,725 131,321,103 142,427,136
Bankers' accounts.
87,110, 77c 113,004, 968 89 ,172,522 90,637,413 103,582,360
Other accounts
38,844,776
36,781, 952 35,489, 842 37 ,129,203 40,683,690
Govt, securities
100,441, 164 109,566, 164 103 ,960.695
96,813,310 91,886,044
Other securities
31,843, 232
30,871, 741 29 ,561,479 24,271,534 22,826,386
Disc't & advances.
8 ,818,835
9,232, 975
10,313, 508
5,864,044
9,276,901
Securities
22,610, 257 20,558, 233 20 ,742,644
13,549,485
18,407,490
Reserve notes & coin33 ,948,622
53,671,647
39,137, 000 39,289 ,562
48,695,527
Public deposits.
.
Other deposits
.
of 668,000,000
of
francs and creditor current accounts
The Bank's gold holdings
1,718,000,000 francs.
and the item
mained
of temporary
unchanged, the
advances to State re¬
former
92,266,003,211
at
francs and the latter at 20,576,820,960
The
francs.
Coin and bullion
Proportion of
64.14%, compared with 47.63% last
2%
lowing
furnish the various items with comparisons
we
for previous years:
•
148s. 6d. 84s.
Gold val. per fine oz_
24.2%
2%
UMd. 84s.
:
22.7%
2%
35.70%
32.00%
2%
2%
llj^d. 84s. ll^d
'
'
11 Hd. 84s.
%
Bank of Germany Statement
Fol¬
year.
i/V
25.5%
Bank rate
proportion of gold on hand to sight liabilities rose
to
247,066, 351 327,393, 960 327 ,354,426 231,954,289 193,239,334
reserve
to liabilities.
'HE
T
showed
the
for
statement
first
quarter
of
July
loss in note circulation of 200,000,000
a
■
BANK OF FRANCE'S
<V
STATEMENT
COMPARATIVE
marks, which reduced the total outstanding to 8,-
Notes in circulation last year
531,100,000 marks.
Cganges
r.
■
for Week
f: >
Francs
Francs
Credit bals. abroad.
Francs
Francs
v
totaled 6,195,819,000 marks
discounted.,
b Bills bought
abr'd
Credit,
...
acc'ts.
curr.
884,563,922
761,000,000
+8~6~,bob"666 3,556,000,000 3,564,313,179 4,189,707,322
+867,000,000 123477000,000 101504245,690 88,643,276,925
Advs. against secure
Note circulation.
6,031,000,000 10,037,516,569
6,945,000,000
*742,260,553
—668,000,000
bills of
—1,718,000,000 20,378,000,000 15,675,875,639 12,659,062,605
Temp. advs. with¬
20,576,820,960 40,133,974,773 23,913,748,518
No change
out int. to State..
Propor'n of gold on
•
48.23%
47.63%
64.14%
+ 0.38%
hand to sight liab.
Figures as of June 22, 1939.
Includes bills purchased In
a
the
of revaluing the
process
three entries
on
the Bank's
b Includes bills discounted abroad,
France,
Bank's srold under the decree of Nov.
c
In
13, 1938, the
books representing temporary advances to the
State
wiped out and the unsatisfied balance of such loans was transferred to a new
were
entry of non-interest-bearing loans
Revaluation of the Bank's gold
to the State.
(at 27.5 mg. gold 0.9 fine per franc
decree of Nov. 13. 1938. was effected In the statement of Nov
andec the
and the previous year
A decrease also appeared in
4,793,340,000 marks.
exchange and checks of 380,100,000 marks
French commercial
bills
c
•
July 7, 1937
92,266,003,211 55,808,328,519 48,859,359,303
25,165,290
13,956,810
*14,125,446
No change
Gold holdings
a
July 7, 1938
July 6, 1939
and in other assets of 124,165,000
gold holdings
pared
with
marks
70,773,000
com¬
year ; ago.
a
:
it
year
1.23%.
was
The
now
at
Silver and other
coin, advances, and other liabilities showed increases,
namely 3,701,000 marks, 9,600,000 marks, and 6,-
A comparison of the
355,000 marks, respectively.
different items for three years
is furnished below:
17. 1938; prior to
that date and from June 20. 1937, valuation had been at the rate of
marks,
gold to note circulation is
proportion of
0.90%; last
The Bank's
marks.
76,555,000
total
now
STATEMENT
REICHSBANK'S COMPARATIVE
43 mg. gold 0.9
franc; previous to that time and subsequent to Sept. 26. 1936, the value
fine
per
was
49 mg.
'v:
and before Sept. 26. 1036, there were 65.5 mg. of gold to
per franc,
for Week
July 7, 1939
July 7, 1938
July 8, 1937
Reichsmarks
Reichsmarks
Reichsmarks
Reichsmarks
1
Assets—
Bank of England
Statement
purchase that day of
result of the
than
from the Exchange Equalization Ac¬
that amount
The action
count.
was
a
little
*
Of which depos. abr'd
gain of £19,981,049 in its gold holdings as a
a
68,988,000
19,359,000
5,682,000
5,825,000
—380,100,666 7,778,800,000 5,838,784,000 4,958,412,000
175,326,000
133,408,000
169,126,000
+ 3,071,000
43,006,000
37,591,000
57,300,000
+ 9,600,000
403,436,000
846,236,000
8921,406,000
—124,165^666 1,389,925,000 1,123,588,000 706,425,000
more
taken, in preference to the
70,773,000
20,333,000
76,555,000
+ 5,800,000
Gold and bullion....__
'HE statement for the week ended July 12 shows
Changes
!
v.;
the franc.
*
Res've in for'n currency
Bills of exch. and checks
Silver and other coin—
Advances
Investments
Other assets...
'
Liabilities—
•
i
'
—200,000,000 8,531,100,000 6,195,819,000 4,793,340,000
Notes in circulation
+6,355,000
a984,581,000
406,711,000
970,001,000
267,136,000
697,663,000
221,880,000
+0.09%
0.90%
1.23%
1.55%
obllg.
Oth. daily matur.
Other liabilities
Propor'n of gold & for'n
alternative of
bolster the
raising the fiduciary issue, in order to
reserve
proportion, which had dropped
of the large expansion
in note circulation in the past*three weeks.
The
result was that the proportion of reserves to deposit
liabilities rose to 25.5% from 13.9% the week pre¬
precipitously
as a consequence
vious; two weeks ago the proportion was 18.3% and
before that,
000
in the latest week to
more
high
as
Note circulation rose £2,208,-
20.3%.
the peak reached in December,
as
Since June 21
1937.
the total expansion in circulation has
amounted to £13,259,000.
is
issue
£507,930,000, not quite
An expansion in the note
seasonally expected at this time, but this
year's has been greater than usual. 1
The
greater expansion this year is attributed in
part to the greater public spending power created by
the armament program,
firms
and also to the increase in
having "staggered" holidays for employees.
Because of the further rise in
crease
in
reserves
resulting
fell off
990
deposits
rose
£10,144,650.
was
securities
to note circul'n.
"Reserves
coin and
a
the
gold
currencies" and "Deposits abroad" are Included In Gold
in foreign
V-;'"/
bullion.
Figures as of June
23,1939.
New York Money
New
HE
this
money
funds
idle
market remained dull
continue to
bills and commercial
ers'
Market
There is little demand for accommodation,
ments.
while
York
week, with rates unchanged in all depart¬
in very
accumulate.
paper
were
Bank¬
turned over
The Treasury sold on Mon¬
small volume.
day a further issue of
$100,000,000 discount bills
days, and awards were at an average of
due in 91
0.012% discount, computed on an annual bank dis¬
count basis.
Call loans on the New York Stock
Exchange were maintained at 1% for all transac¬
tions, while time loans held at 1*4% f°r maturities
to
90
days,
and
1%% for four to six months'
■•■Vi
.
circulation, the in¬
from
New York
Money
Rates
gain
£10,223,000 and other deposits
DEALINGExchange from day toloan rates on the
in detail with call day, 1%
the
Of the latter amount, £9,365,-
ruling quotation all through the week for both new
from bankers' accounts and
other accounts.
*
datings.
amounted to £17,773,000.
Public
curr.
£778,660 from
The Bank's holdings of Government
dropped £18,265,000
as a
result of the gold
Stock
loans
and renewals.
continues
up
was
quiet.
The market for time
money
Rates continued nominal at 134%
to 90 days and lJ/£% for four to six months'
There has been a very modest increase
maturities.
purchase operation; other securities rose £589,806.
Of the latter figure, £444,084 represented an addition
this week in the volume of business in prime com¬
and advances and £145,722 to securities.
mercial paper, but the market is still comparatively
to discounts
The Commercial & Financial Chronitle
304
is short of the daily
for all
quiet and the supply of paper
Ruling rates
requirements.
are
ratio dropped to 18.8%.
The ratio on July
with 13.8% during the Munich crisis.
pares
The prospect
maturities.
August
Bankers' Acceptances
of
demand has been small.
light supply and the
are
There has been
change in rates.
no
Dealers' rates
as
reported by the Federal Reserve Bank of New York
and including 90 days are %% bid and
for bills up to
7-16% asked- for bills running for four months 9-16%
y2% asked; for five and six months,
bid and
and 9-16%
bid
The bill buying rate of the New
asked.
Yi% for bills running from
Bank is
York Reserve
1 to 90
The Federal Reserve Bank's holdings
days.
remain unchanged at $556,000.
of acceptances
HERE have been
T
changes this week in the
no
Federal Reserve banks.
following is the schedule of rates now in effect
the
of
classes
various
paper
the different
at
and greater
Date
Previous
Established
Effect on
July 14
Federal Reserve Bank
Boston.-.—-,—
New Yort
IX
Sept.
1
Aug.
Philadelphia
IX
Sept.
Cleveland....
Richmond
IX
May
IX
Aug.
IX
IX
Aug.
Aug.
St. Louis
IX
Sept.
Minneapolis
Kansas City
IX
Aug.
Atlanta.
Chicago
-
evidence of
active trade
more
that the Bank will not have to resort
means
Another vital result of the
anticipated sharp
increase in circulation.
purchase will
be
circulation
advance in note
weeks,
so
so
was
that
offset the
to
reserve
great as to create alarm.
transferred from the
ratio
can
Presumably the
British
Exchange
There has thus been another
reduction in the amount of
2
at
IX
2
international
its
during the next three
decline in the
any
Rate
gold which the fund has
disposal for the support of sterling in the
For the moment,
markets.
however,
2
this does not involve any
2
2
2
2
IX
IX
3, 1937
Aug. 31, 1937
ix
Sept.
3. 1937
probable that the Exchange Fund has ample
2
Ban Francisco
immediate drastic weaken¬
ing in the fundamental position of sterling.
2
Dallas
2
Sept.
basis.
improved tone in
The expansion in the size
employment.
2,1937
27. 1937
4, 1937
11, 1935
27, 1937
21,1937
21, 1937
2,1937
24, 1937
2
—
when the
The increased circulation, it is
an
Equalization Fund.
Rate in
as
redemption
fiduciary issue to meet the current seasonal
gold
FEDERAL. RESERVE BANKS
DISCOUNT RATES OF
gold
of the arm>'is another factor in the increased circulation- Furthermore, most industries are now giving
%%
holidays with full pay.
hi July 12 the Bank of England bought £20,002,848 of gold bars, or approximately $93,613,327,
the Iar8est Sold Purchase since December, 1936. The
not be
Reserve banks:
implication
same
strictly
business.
general
asserted, is only
Federal Reserve Banks
rediscount rates of the
The
the
a
on
London business circles stress the
action
\
Discount Rates of the
for
was
decline in the ratio during
a severe
very
ances
bills
Bank
5 com¬
to give London very little concern, as
seems
it does not carry
THE volume of business in prime bankers' accept¬
has been
light this week.
Prime
July 15, 1939
to meet
ordinary requirements, especially in view of
the dull conditions in the
Course of Sterling Exchange
It is
resources
foreign exchange markets.
Qn March 31 the British Fund held
£367,000,000 of
STERLING exchangeperhapsall foreign exchange in the total since then, apart from the effect of the
and
gold. Undoubtedly there has been some reduction
limited
transactions
were
than at the present
never
more
Although July marks the
time.
period when normally sterling and the Continental
units
seasonally in demand,
are
traders if fixed
on
the attention of
Tourist demand for
the dollar.
European currencies seems to be less effective than
The
usual.
between
for sterling this week has been
range
$4.68% and $4.68% for bankers' sight bills,
compared with
a
range
has been between
of between
$4.67% and
The range for cable transfers
$4.68 3-16 last week.
$4.68 3-16
of
pared with
a
$4.68 5-16
and $4.68 5-16,
$4.68
between
com-
1-16
and
week ago.
a
range
January the
066,000
as
Bank's gold
the
still
Caution is
Exchange Fund in order to replenish the Fund's
gold
up
resources.
The transferred
Subsequently
the
Bank
England
of
market rates instead of
that its
decline
acute
in
new
are
virtually at
watchword
a
among
now
progress
restrict
of the holiday
The
business.
un¬
European political situation are also
as
is particularly apparent in the
although
issues,
than
they
its
at
the statutory price,
so
gold holding of £127,066,000 became £227,-
Despite the rise in industrial activity the British
capital market is stagnant.
Total
mately one-half the
period and the
further to
hampering action,
changed
accounting practice and valued its gold at current
of the account
certainties in the
marked
was
sum
by the Exchange Fund to about £350,000,000.
first five months of this year
serve
Last
£127,-
the Bank transferred £200,000,000 to the
operators on the stock market. The imminent approach
season
reduced to
was
416,000 at the end of February.
The London financial markets
standstill.
present gold purchase, which is the first important
such purchase by the Bank since May, 1937.
were
a
war
fears
few weeks
are
ago.
less
The
issues in the
recorded during
amount
corresponding period last
new
have fallen to approxiand
year
are
about
the
one-
third of their volume in 1936.
For the first six months of this year
new
the total of
capital raised amounted to £57,144,773,
pared with £74,050,924 in the
same
period last
com¬
year.
approach of the mid-year settlement, the hoarding of
Domestic requirements accounted for £39,906,000,
bank notes
compared with £56,139,000 in 1938.
also
and the
early vacation requirements
are
responsible for the sharp increase in British note
activity has
now
carried the
British
Shrinkage in
capital
new
circulation reflected in the Bank's statement for the
market below the previous
low record levels of 1931,
week ended
when
the
caused
a
July 5, when the increase of £6,742,000
decline in the Bank's
the lowest of the year.
on
Jan.
There
the
reserves
The high point
to
13.9%,
was
37.6%
26.
are
intensification
heightened later by the
more
statements to be issued before
August holiday, when it
seems
entirely probable
brought
new
further
industrials this
year
the
crisis,
Austrian
gold standard by Great Britain
The "Financial Times"
96.7
In the August drain last
collapse of the
capital markets to
that the ratio will fall still lower and circulation be
expanded.
international
Credit Anstalt, the German bank moratorium, and
suspension of the
three
of
on
a
average
virtual standstill,
for industrials
July 11 and 46.8 for rails.
year was
105.3
on
The
high
was
for
March 8 and the
Volume 149
low
was
The Commercial & Financial Chronicle
91.4
Jan.
on
this year was 49.7
on
26.
The high level for
May 31 and the low
on
rails
was
35.2
Jan. 20.
on
July 1, 1935
with 84.4
a
100
as
77.8
was
July 7, compared
on
month earlier and with 88.8
The low record
on
Nov. 18, 1938.
beginning of the
100
as
high
a
90.6 at the end of
was
was
year
was
on
1928
a
September, 1931.
The
Despite the large movement of gold to the United
States since the war, figures published
by the
Reserve Board show that the
Federal
leading foreign
tries
coun¬
have made substantial increases in their
holdings.
Our
gold stock has
own
$16,174,000,000
of July
as
letin estimated that
12.
The Reserve Bul¬
foreign central gold
reserves now
aggregate approximately $11,000,000,000, as com¬
pared with less than $3,000,000,000 at the* end of
The combined
1913.
gold
of the five foreign
reserves
adherents to the tripartite
accord—England, France,
Belgium, The Netherlands, and Switzerland—were
$8,534,000,000 in December, 1938, as compared with
$986,000,000 in December, 1913.
mated the combined
gold
The Bulletin esti¬
of Germany and
reserves
The
rate
Italy at only $222,000,000 at the end of last
year, as
compared with $546,000,000 in December, 1913.
Despite the rising circulation of the Bank
Paris, the London
funds
%% and
ruled
this
discount
a
market gold price,
LONDON CHECK RATE
Saturday, July 8
Monday, July 10
Tuesday, July 11.
176.72
ON
176.72
LONDON OPEN MARKET GOLD
PAID
.
148s. 6d.
148s. 6d.
BY THE
RESERVE
Saturday, July 8.....
Monday, July 10
Tuesday, July 11______
176.71
176.72
176.72
PRICE
Wednesday, July 12.
Thursday,
July 13.
Friday,
July 14.
_148s. 6d.
FOR GOLD
PARIS
Wednesday, July 12
Thursday,
July 13
Friday,
July 14
176.72
Saturday, July 8_
Monday, July 10...
Tuesday, July ll__
PRICE
London check
mean
open
paid for gold by the United States:
MEAN
$35.00
UNITED
148s. 6d.
148s. 6d.
148s. 6d.
STATES
(FEDERAL
BANK)
Wednesday, July 12__
35.00
Thursday,
Friday,
$35.00
_
July 13
35.00
July 14
....
35.00
35.00
Referring to day-to-day rates sterling exchange
Saturday last was nominal as New York City
on
banks
closed.
were
and
steady.
and
cable
On
Monday exchange
Bankers' sight
transfers
was
was
dull
was
$4.68%@$4.68%.
$4.68 3-16@$4.68 5-16.
Tuesday the market continued limited.
On
The range
$4.68%@$4.68 3-16
for bankers' sight and
3-16@$4.68% f°r cable transfers. On Wednes¬
day the market continued dull. Bankers' sight was
$4.68
$4.68%@$4.68 3-16 and cable transfers $4.68 3-16
@$4.68 5-16. On Thursday sterling continued quiet
and
steady.
bankers'
The
sight
transfers.
of
Montreal
discount of
following tables show the
on
and the price
gold
reached
now
dollar.
a
5-32%.
The low
earlier.
141.6 at the end of January, 1935.
was
of
80.4 at the
July 7, compared with 120.3
on
month earlier and with 129.4
record
The high
The index
States
week between
year ago.
The bond index based
year.
117.9
was
a
73.7, reached at the end of last
was
September and again in January.
124.9
Canadian exchange is
displaying a slightly firmer
tone, though still ruling at a discount in terms of the
United
The "Financial News" index of 30 industrials based
305
On
$4.68 3-16@$4.68% for
$4.68%@$4.68 5-16 for cable
range was
and
Friday the
sign of change.
The
of sterling
course
range was
gave no
$4.68 3-16@$4.68%
England and the apathy in the securities markets in
London, the London money market continues not¬
ably easy, indicating lack of anxiety. Call money
transfers.
$4.68 3-16
for
against bills is plentiful at %%.
transfers.
Commercial sight bills finished at $4.68,
Two-months bills
23-32%, 3-months bills 27-32%, 4-months bills
29-32%, and 6-months bills 1%%.
for bankers'
are
Very little of the gold
market
arbitrage account.
been taken
offer in the London
on
have
to
seems
been
taken
this
open
week
Much of it is believed
for
commodity
form.
On
£181,000,
£428,000,
on
£200,000, and
Saturday
last
there
was
on
the week ended
July 12,
Reserve Bank of New
as
York,
$4.67%,
on
Friday
$4.68 5-16
90-day
bills
reported by the Federal
follows:
seven-day grain bills at $4.67 11-16.
at
.
^
Continental and Other Foreign Exchange
FRENCH francs continue and the dollar. With
exceptionally steady in
sterling
terms
of
both
respect to sterling the rate is consistently in favor
of Paris.
abundance of funds upon
without
to France, creating an
which the Treasury draws
difficulty by the continuous issue of short-
bonds.
The
note
circulation
France has been increasing
and
15,320,000 from Holland
None
level
2,808,000 from Switzerland
5,000 from Guatemala
of the
steadily for
Note—We have been notified
that
San Francisco,
francs,
approximately $10,100,000 of gold
of which
$5,510,000
came
from
Japan,
$3,662,000 from Australia, $592,000 from China, $258,000 from India, and
$78,000 from New Zealand.
'
.,
The above
nesday.
figures
ceived from Canada.
metal.
On
was
for the week ended
There
were
no
reported
came
There
on
Wed¬
was
re¬
was
received
from England and $6,000
were no
exports of the metal.
Friday that $169,000 of gold
received at San Francisco from Australia.
on
exports of the
Friday $18,241,000 of gold
$18,235,000
from Guatemala.
It
are
On Thursday $2,643,000 of gold
of which
of
Franch
public debt
Increase: $37,473,000
at
Bank of
some
weeks,
prices,
some
degree to the high
which although steady for
points higher than in 1936.
Figures recently published show that the French
Net Change in Gold Earmarked for Foreign Account
received
working hours and in
several weeks is about 285
$60,831,000 total
was
and
due in large measure to the increase in employment
$38,357,000 from England
4,341,000 from Canada
$4.66%,
Cotton
'
Exports
were
cable
grain for payment closed at $4.68.
term
GOLD MOVEMENT AT NEW YORK, JULY 6-JULY
12, INCLUSIVE
Imports
for
(60 days) at $4.67%, and
Money continues to return
gold movement for
was as
at
and
documents for payment
Friday £196,000.
At the Port of New York the
quotations
demand
have
to
Monday £389,000, on Tuesday
Wednesday £202,000, on Thursday
on
Closing
60-day bills
by private hoarders for reshipment to
Canada, where it may at any time be claimed in its
available
sight and $4.68%@$4.68 5-16 for cable
was
Jan.
on
May 21 amounted to 439,460,000,000
420,451,000,000 francs on
compared with
1 and with
428,392,000,000 francs on April 30.
during May reflects the proceeds of the
5% 40-year loan floated during the month.
The increase
Treasury receipts for the first five months covered
disbursements.
Receipts
amounted
to
238,303,-
000,000 francs and disbursements to 238,301,000,000
francs.
Expenditures financed by loans totaled
12,913,000,000 francs, of which 2,509,000,000 francs
made in May,
including 1,807,000,000 francs
extraordinary armaments budget and 535,000,000
were
for
francs advanced to the
national railroad
company.
The Commercial & Financial
306
trade reports for the first half of
French foreign
the year
show
a
reduction of 2,575,000,000 franc£ in
compared with the corresponding
While imports were 24,765,000,000
francs, an increase of 1,501,000,000 francs, exports
were
18,040,000,000 francs, an increase of 4,076,000,000 francs. The deficit was reduced from 9,301,000,000 francs last year to 6,725,000,000 francs this
import balance,
:
period last year.
dispatches state that the increase in the
Paris
due entirely
Equalization Fund's metallic reserves is
purchase of foreign currency, meaning sterling,
which is immediately converted into gold in London,
for while the French people have hoarded gold in the
to the
coin, they do not seem to have resold
form of foreign
appreciable amount.
currency continues steady, ruling well
above dollar parity of 16.95.
The discount on
any
Belgian
forward belgas has
On July 3 30-day
also improved.
of 5 points from spot and
Similarly,
90-day belgas, which were at a discount of 17 points
on July 3, are now at 12% points discount.
July 15,
1939
of the Bank of Switzerland for
weekly statement
of 2,469,000,000 Swiss
144.30%, and a
ratio of gold to total sight liabilities of 96.56%.
Despite the strong position of the bank, the gold
stocks are at the lowest level since the week ended
July 7 shows total gold stocks
francs,
Nov.
ratio of gold to notes of
a
14, 1936.
Bankers'
-
,
sight
on
Amsterdam finished on Friday
Friday of last week; cable
commercial sight
bills at 53.17, against 53.04.
Swiss francs closed at
22.54£4 for checks and at 22.54% for cable transfers,
against 22.54% and 22.54%.
Copenhagen checks
finished at 20.90% and cable transfers at 20.90%,
53.22, against 53.08 on
at
year.
Chronicle
53.22, against 53.09;
transfers at
against 20.90 and 20.90.
Checks on Sweden closed
at 24.12 and cable transfers at 24.12, against 24.11%
and
24.11% while checks
cable transfers
and
on
Norway finished at 23.53
against 23.52% and
23.53,
at
23.52%.
belgas were at a discount
are
currently ruling at 3 points discount.
change
German marks show no
improvement.
or
Recently published official figures show that the
total working income
between 1933
tion
in Germany increased 64.3%
The production of
and 1938.
goods increased only 29.5%.
income
absorbed in the main by added
has been
have,
workers
The
taxation.
consump¬
The added working
other
in
words,
increasingly been working for greater armaments for
in their own
the State rather than for improvement
Despite increased taxation, the
standard of living.
total German debt has
increased from 24,000,000,000
marks in 1932 to 64,000,000,000
The following
the United States dollar:
ing European currencies to
Parity
France
c
•
y
Italy (lira)
13.90
5.26
Switzerland (franc)
19.36
Holland (guilder)
40.20
Belgium (belga)
a
5.26^ to
8.91
y,
currencies,
The London check rate on
176.72, against 176.72 on
sight bills
on
de facto basis of 179
,
; i
"<
Paris closed on Friday
Friday of last week.
In
the French center finished on
Friday of last
2.65. Antwerp
belgas closed at 16.99% for bankers' sight bills and
at 16.99% for cable transfers, against 17.00 and
17.00.
Final quotations for Berlin marks were 40.13
for bankers' sight bills and 40.13% f°r cable trans¬
fers, in comparison with 40.13 and 40.13.
Italian
lire closed at 5.26)4 f°r bankers' sight bills and at
5.26% for cable transfers, against 5.26)4 and 5.26%.
Exchange on Czechoslovakia is nominally quoted
Friday at 2.65, against 2.64 15-16 on
week; cable transfers at 2.65, against
but
most
banks
Czech currency.
refuse
to
Exchange
make
on
commitments in
Bucharest closed at
0.72, against 0.72; on Poland at 18.83,
and
on
Finland at 2.07,
against
against 18.85;
Greek ex¬
2.07.
change closed at 0.85%, against 0.85%.
EXCHANGE on the countries neutral featuresthe
steady and presents
new during
of
war
is
by these
sterlingdollar-franc rates, the South American units are held
steady by local exchange controls. Even the Peru¬
vian sol, which has shown weakness for some weeks,
is
now
no
The Holland guilder is steady although
markets there are hampered by political uncertain¬
ties both at home and abroad.
Domestically, the
benefit derived
from the
Apart
from the
currencies
marked by an
greater steadiness in
improved tone.
,
Friday at 31.22
for bankers' sight bills, against 31.21 on Friday of
last week; cable transfers at 31.22, against 31.21.
Argentine
or
on
free market rate was 23.15@23.20,
Brazilian milreis are quoted at 5.10@
against 23)4-
5.10@5.15.
against
5.15,
closed
paper pesos
The unofficial
exchange is
Peru is
Chilean
(official), against 5.19.
nominally quoted at 18%, against 18)4quoted at
5.19
•—
EXCHANGE on the Far Eastern countries follows
the trends apparent during the past two years.
Chinese
The
units
highly
are
cables to the United States
were
to the effect that
at
ance
Chinese
gold and allowed to "float" on June 20, 1937.
1938 the franc was devalued on a
pound, or 2.79 cents a franc.
New York
5.26%
to 22.55%
53.083^ to 53.24
22.54
32.67
68.06
On May 5,
francs to the
at
2.64% to 2.65 1-16
16.99
to 17.00^
parity as before devaluation of the European
New dollar
b France cut from
c
This Week
Parity a
6.63
16.95
3.92
(franc)
Range
New Dollar
Old Dollar
b
marks at present.
table shows the relation of the lead¬
EXCHANGE on the South from those of recent
presents no new features American countries
weeks.
Chungking
Bankers
the Chinese Ministry of Fin¬
has
instructed the
Shanghai
the
Shanghai
Association
Native Bank Guild to
Recent
irregular.
Department of Commerce
and
notify member banks that a
partial moratorium will be enforced to prevent
flight
of
capital and attacks on the Shanghai open market
in
foreign exchange.
tions
for
depositors
payments
transactions
blocked
may
Under the moratorium regula¬
not draw more than 500 yuan
other than wages and all business
to be payable in wei wah checks on
are
bank
deposits.
This restriction does not
located in the
apply, however, to depositors in banks
controlled
areas.
Last week the Japanese Government
trol
of
capital
private bond flotations.
tures for any
assumed
con¬
markets in Japan proper, limiting
Under the program deben¬
but urgent needs will be
prohibited.
checks yesterday were
27.31, against 27.31 on Friday of last week. Hong¬
kong closed at 28 15-16@29 1-16, against 28 15-16@
29 1-16; Shanghai at 12%, against 12 15-16; Manila
at 49.85, against 49.85; Singapore at 54.95, against
54.92; Bombay at 34.93, against 34.92; and Calcutta
Closing quotations for yen
at
34.93, against 34.92.
Gold Bullion
in European
Banks
importance.
guilder is disturbed by Cabinet difficulties.
The
THE following table indicates the amounts of gold
bullion (converted into pounds sterling at the
British statutory rate,
84s. ll%d. per fine ounce)
Volume
in
the
The Commercial & Financial Chronicle
149
principal European banks
of respective
as
307
Association is suing for an injunction
against Local
dates of most recent
statements, reported to us by
No.
special
trical Workers to
prevent
cable
yesterday
shown for the
four years:
iv
corresponding dates in the previous
1939
1938
1937
£
141,346,651
311,709,184
b3,827,750
327,393,960
293,728,209
2,522,000
63,667,000
25,232,000
123,435,000
81,027,000
72,588,000
29,174,000
6,555,000
6,539,000
6,666,000
7,442,000
c63.667.000
a23,400.00C
96,333,000
93,690,000
98,764,000
Italy
Netherlands
Nat. Belg_.
Switzerland.
Sweden
_
.
Norway....
Total week.
£
327,354,426
£
193,239,334
231,954,289
436,854,089
296,117,329
2,481,450
87,323,000
25,232.000
570,810,875
3,591,050
2,372,300
88,092,000
63,047,000
50,936,000
107,141,000
49,292,000
56,737,000
101,530,000
24,028,000
107,305,000
83,598,000
90,777,000
42,575,000
103,824,000
••
1935
19,760,000
25,831,000
6,549,000
6,602,000
45,248,000
6,553,000
7,394,000
7,210,000
6,602,000
880,125,593 1,032,748,169 1,072,217,205 1,047,007,678 1,351,975,593
867,724,835 1,032,227,351 1,086,657,477 1,037,789,536 1,156,731,941
Prev. week.
Pursuant to the Currency
and Bank
Notes Act,
1939,
the Bank of England
statements for March 1, 1939 and since have carried the gold
holdings of
at the market value current as of the statement
date. Instead of the
the Bank
price,
formerly the basis of value.
On the market price basis (148s. 6d.,
per fine ounce), the Bank reported holdings of £247,066,351
equivalent, however,
to only about £141,346,659 at the
statutory rate (84s. 11 Hd. per fine ounce), accord¬
ing to our calculations.
In order to make the current figure comparable with former
statutory
which
of
periods as well as with the figures for other countries In the tabulation,
English holdings in the above In statutory pounds.
we show
Amount held Dec. 31, 1938, latest figures available,
b Gold holdings of the
Bank of Germany includes "deposits held abroad" and "reserves In
foreign cur¬
rencies.".
cAs of April 30, 1938, latest figure available.
Also first
a
franc; previously and subsequent to July 23, 1937, gold in the Bank
was valued at
43 mg. gold, 0.9 fine, per franc; before then and after
Sept. 26, 1936, there were
49 mg. to the franc; prior to Sept. 26,1936, 65.5
mg. gold 0.9 fine equaled one franc.
Taking the pound sterling at the rate at which the Bank of England values its gold
holdings (7.9881 gr. gold ll-12ths fine equals £1 sterling), the sterling equivalent
of 296 francs gold in the Bank of France is now Just about
£1; when there were 43 mg.
gold to the franc the rate was about 190 francs to the £1; when 49 mg., about 165
francs per £1
when 65.5 mg.. about 125 francs equaled £1.
Building Industry and Restraints
The
promise
United States
of
3.
The
prohibition extends
Arnold,
Assistant
Attorney General, to attack the
building industry
on
pres-.
have been
watching with alarm the revival in recent
of ancient abuses
ing industry.
They
wide scale in the build-
on a
thoroughly with Mr. Ar¬
agree
nold that "restraints of trade
housing field.
gregate effect
They
.
ideas. At
must be
a
important that the situation is
so
longer tolerable
.
present the execution of such ideas
compromise with existing
dustry horizontally split into
the
to
single
no
.
.
The
.
.
.
.
have kept the in¬
groups
product
whose separate
are
so
limited
increased volume by
the incentive of each
group can get
lowering prices.
is to
final
gangs
capable of curing it¬
seem
Restraints of trade
contributions
no
The housing industry is full
.
building trade does not
...
not scarce in the
are
prevalent and their ag¬
are so
Thus
.
.
.
raise prices to obtain for itself the
greatest share of
any new money
available for hous¬
International
Workers.
of which
turers,
This
is
bitter
well
building obstruction in
has become notorious.
years,
and
high
as
as
a
It is
church.
recent
deep
as
as
a
But unfortunately
the worst of the trouble is not in the field in which
the
Commission
accustomed
are
to
operate.
fact, rooted in local politics and tied
inereaseed
Fair
up
members
by
time New York City probably af¬
fords the best example of these restraints.
Two
the District
from
in
at law have recently
part of the corruption to light.
the
one
case
Attorney's office obtained guilty pleas
number
a
dragged at
In
cf
contractors
for
boycotting and
In the other, still pending before
a
master
Southern District Federal Circuit Court of
Appeals,
the
National
Electrical
Manufacturers'
jumped its
which
finally caused
a
it
its
members should
own
while
foreign experts
stand
did
the
The State of Nevada withdrew its Fair
entirely
wiring
would
because this union insisted that
of
five-ton
a
model
cement
have
required
of
the
locally, which
chiselling through the
con¬
crete model.
There is
impressive evidence here of
a
close tie-
with politics.
General Railway Signal Company
offering to install its part of the signaling equip¬
up
ment in the Independent
(city-owned) subway for
$112,694, but because of strike threats the work
was
switched
son
of
which
to
James
had
local
a
Hines,
quoted
concern
former
$139,000.
controlled
Tammany
Union
by
a
leader,
Switch
and
Signal Corporation's bid for installation of their
share of the
signal equipment
was
$138,771, but by
similar contrivance the work
was
finally awarded
to the
$363,000.
3
Board of
Gas
mands
bitter
concern
the
secured
at
construction
and
Electricity.
the
on
of
the
Their
inordinate
finest
de¬
Hospital Board recently brought
public rebuke from the head of
York's
Local No.
work
Transport, the Board of Education, the
Hospitals, and the Board of Water Sup¬
Board of
ply,
local
same
likewise
one
a
of New
hospitals.
are now
spreading to Boston, Phila¬
delphia, and to northern New Jersey. They were
tried in Los Angeles but that
city has not for¬
gotten the Macnamarra brothers and these methods
of control
The
were
scotched there.
technique is comparatively simple.
powerful union
to
can
A small
force contractors to comply
by threatening
or calling strikes.
thereby compelled to combine
support the union's demands. Thus, for instance,
The
the
At the present
bribery.
that
or
the payroll
on
with its demands
re¬
Electrical
required that either all
wiring must be torn out and rewired by its own
with the
straint of trade.
cases
union
because
but
alleged combinations of large manufacturers in
important
has. enormously
one
same
It is, in
of labor unions, rather than in
power
of
protest from the foreign exhibitors at the
World's
Department of Justice and the Federal Trade
least
the
These tactics
of
Brotherhood
Hence the work goes to local manufac¬
gross and net in recent years.
ing ..."
scandal
of Local No.
men
switchboards manufactured by other locals of the
same
a na¬
tion-wide scale, will be welcome news to those who
The
pages
to assemblies and
even
Hoover Dam be torn out and re-done
Thurman
ent obstructions in the
group
17,000
No. 3 will not permit the installation of out-of-town
the
of Trade
that
Elec¬
*
.
equipment unless it is re-wired by
exhibit
The
self
of
types of installation dropped from $475,000 in 1932
to $197 in
1937, and that of Westinghouse from
$278,000 in 1934 to around $2,000 in 1937. I Local
wiring.
new
Brotherhood
their alleged boycott of
testimony already taken in this case are astound¬
ing.
They show, for example, that the General
Electric Company's New York business in certain
report sub¬
sequent to Aug. 1, 1936.
The value of gold held by the Bank of France Is presently calculated. In accordance
with the decree of Nov. 13, 1938, at the rate of 27.5
mg. gold, 0.9 fine, equals one
of
International
The revelations to be found in the
was
years
the
out-of-town electrical work.
,
1936
£
34,167,000
_
Spain
Denmark
'
:
•,
,
£
England
France
Germany.
are
of
Banks of—
*
(Friday); comparisons
3
contractors
city
are
departments of New York
have been
named
above
obliged to accept the notorious "men
materials" clause
and
part of their contracts, stipu¬
lating that if a contractor uses men or materials
which
in
cause
default
threats and
form
of
New
labor
a
on
as
his
dispute he is automatically
By the use of strike
contract.
sabotage, the pay-off is achieved
in the
rigged bids.
York
bination
of
is
only
union
an
example.
The
officers, politicians,
same
and
com¬
con-
£4
The Commercial & Financial Chronicle
308
in
uncovered
been
has
tractors
other
numerous
Detroit, Cleveland, KanRight on the heels of Thur-
cities, including recently
City,, and Chicago.
sas
promise came the news that Sears,
Arnold's
man
had abandoned a 50-home develop-
Roebuck & Co.,
ment in
Chicago
account of restrictions imposed
on
by building contractors and labor unions.
Chairman Robert E. Wood testified before the Temporary
National Economic Committee at
his
earlier
to
Washington that
had built identical homes two years
about 50 miles from Chicago for from $3,100
company
$3,400 but found the cost in Chicago would range
$4,800 to $5,000, and that plumber union rules
from
the
prevented
and
bathtubs
facilities,
equipment
satisfactory
was-
own
in
though
metropolitan cities,
than
other
localities,
Roebuck
from installing its
company
heating
most
Searsunion
to
plumbers.
To
designers of these
the
extent
some
strictions
new
re-
to have adopted the new vogue
seem
for
interstate trade barriers.
local
with
Apparently by collusion
political authorities they have
set up
barriers, based on State or municipal lines, on the
import of "foreign-manufactured" building materials, thus creating in effect a protective system for
local
manufacturers, who are somehow tied in with
Thus in New York it
the rest of the racket.
that
certain Charles
a
the
Eidlitz,
Electrical
Metropolitan
a
former
seems
owner
of
Manufacturing
and
Company, whose business in New York has increased
enormously in recent years, is also "direc-
tor-general" of the Voluntary Code of Fair Competition
of
New
Construction
Electrical
the
Industry of
York, "impartial Chairman" of the Electrical
Manufacturers
of New
York, Inc., and "managing
director" of the Credit Association of the
Building
the problem,
Public housing has failed to meet
In the original hue and cry it was said "Private
initiative has failed to supply cheap housing for
poor people and public initiative must do it."
Private initiative failed because, among other
things, it was throttled. Public (i. e., political)
initiative has failed for the very same reason. It
has failed even more dismally, because it looked for
a time as though the professional public housers
might make good their claim that by large-scale
buying of equipment, and through the sheer weight
of big orders, they might cut substantially the cost
of building. They have not. They, too and quite
naturally, in the nature of politics—have succumbed
sail over the country to the pressure of the unions,
A case in point is the recent yielding of the
New York State Legislature at Albany to the pressure for the prevailing wage clause. Forward-seeing people in housing had urged that the public
housing authorities to be set up under the new
amendment to the State Constitution could cut
labor costs substantially by offering building labor
an annual wage with a guaranty of a minimum
yearly employment. The building trade wage rate
is now high on an hourly basis but low on a yearly
basis. The plan was to lower the hourly rate by
giving a promise on an annual basis.
Unit costs
could have been cut substantially. But, as the
laborer's hire is made more secure, the labor lead-
er's hire is made more insecure, and the State Assembly threw out the proposal, and kept the "prevailing wage rate" in the law.
Will the Department of Justice really go to the
root of the trouble? It is not certain. Washington is as sensitive to labor pressure politically as
local governments. It would be an unfortunate
reflection
Trades of New York.
July 15, 1939
on our
local governments if Washington
and
through grand jury indictments and high-pressure
municipal protective systems, free competition in
legal tactics, succeeded in rooting out abuses which
local governments could not excise; but it remains
to be seen whether Washington can do it. In this
sense, "can any good thing come out of Washington?" It remains to be seen whether it can, or
the
addition
in
But
the
to
newfangled
State
building industry has been choked by another
hand, that of anti-labor-saving-device rules incorporated in municipal ordinances and State laws
ap-
plying to building.
There
must
rapidly
labor,
be
some
on
connection
tie-ups
developing
between
these
between
whether the promised action will degenerate into a
and
vote-baiting persecution of the "big" manufacturers
of building equipment,
politics
one
hand, and the resistance of build-
any
downtrend
the
ing costs to
ing material prices today
on
are
Build-
the other.
levels, though the products of nearly all other industries
above
geration
to
on
assume
terial
either well below 1929
The Failure of the Supreme Court
Just what place the great men who drafted the
well
Constitution of the United States believed would
exag-
be eventually occupied by the Supreme Court for
the part of the Department of J ustice
which they provided is not disclosed in any of our
are
1929
'
close to 1929 price
It is probably
quality.
that
the
rapid
run-up
prices
a
or
gross
in building
ma-
prices in late 1936 and early 1937 was the
records.
Upon
it
they
conferred
highly important jurisdiction,
a
limited
but
embracing suits to
prime force in choking off home building in 1937,
which
but it
restricted by the Eleventh Amendment to prevent
probably had
some
effect.
The whole build-
ing trade speaks of costs with bated breath,
pre-
of the States are parties (subsequently
any
States being summoned by citizens of other
dicting continuance of the recent rise in residen-
ereignties
tial construction
dors representing foreign countries.
only "if costs don't rise too much."
And
since
liave
dropped somewhat, building labor prices have
1937, though building material
prices
actually risen slightly.
It
the
certainly
in
have decided there is little
sov-
States), and those affecting ambassaTo Congress
left the defining and regulating of the appel-
late jurisdiction but, within the limits provided, the
court
possible that Thurman Arnold,
Department of Justice, and the Federal Trade
Commission,
use
seems
was
or
of the
was
new
endowed with the whole judicial power
sovereignty.
Nomination of the Chief
Justice and Associate Justices
was
entrusted
to
or
no
the Chief Executive, subject to the "advice and con-
giving thought to manufacturers' prices
on
sent" of the Senate;
may
building materials
as
ject to violent jacking
tribution.
long
as
up at
these prices are sub-
the point of final dis-
power
upon
Congress
was
conferred
to determine the number of the judges, and
their compensation, limited, however, by the
con¬
stitutional tenure of judicial office, continuing dur-
Volume
The Commercial & Financial Chronicle
149
ing good behavior and by the protection against
reduction of compensation during such tenure,
any
It
is, of course, impossible to
that men
suppose
holding its annual convention this week, was told,
by Frank J. Hogan, its President, that some of the
union
of
indestructible
States," and, at the
rulings amount to:
new
trained in statecraft could contrive "an indestructlble
309
"...
The
most
devastating destruction of
constitutional limitations
Federal power, and
upon
same
time, believe that the terms and conditions of
the most unprecedented expansion
that
union
over
had
been
prescribed
so
to be per-
as
petually immune to the clash of conflicting opinions
and
factional
controversies.
Convention, these potentialities
less
because
lieved the
when
the
framers
of
were
evaded, doubt-
Constitution
the
be-
Supreme Court must know the law and
declare
necessary
nessed in
it
with
finality and
in-
tegrity.
century and
a
The foregoing is by
Nevertheless, in the
the
days of Thomas Jefferson, the
a
power
half."
no means
of what has happened.
over-statement
an
The invasion of the rights
of States, municipalities and individuals has been
both unprecedented and extreme.
prospect
unless
the
tarian government
From
of that
the everyday affairs of individual citizens wit-
Yet
be controlled.
can
is in
more
towards
movement
totali-
a
The defense
same
of the Supreme Court, which the President failed
phrases of the Constitution have been invoked to
to destroy by direct attack two years ago, has
finally yielded to the encroachments of time and
support and to condemn acts of the executive and
the
legislative departments of the central
ment,
the
and
pressly
clare
authorized, has been called
so
the
govern-
Supreme Court, although
not
upon
to de-
reality of the law and to restrain at-
tempted departures from the basic intent.
its decision in
Jefferson
shall
Marbury
was
vs.
Since
Madison, rendered while
in the White
Chief
was
House and John Mar-
Justice, the Supreme Court has,
when conditions have
mense
ex-
required it, accepted that im-
responsibility and has regularly issued its
mandates to restrain acts of
gress,
the President,
or
usurpation, when Con-
or any
subordinate officer
agent of any American government has exceeded
or
the
limits
written
of
constitutional
constitution
fundamental
law
Court, the only
tribunal
the
removed
a
1787
has
is
as
completely
of
as
partisanship,
century and
a
longer such
no
Court of the United
from
grew
is
oldest
no
small
been,
for
as men
The
Supreme
have known it
our
Nation
the
of
the
whom
have
Republic has1 left to it
departments, and in the hearts of
that
abdication
our
were
legislative
people.
heard
in
land must take their
merited that title.
Gross and Net
May continued to reflect the
poor state
of general business
special difficulties in which the carriers find
one reason or
ings for the period again
have been
common
less.
cue
from the body that
Where the court has failed,
ment
of
a way
our
another.
were at
Gross and net
earn-
the low relative levels which
in recent months and years.
more
recent
The
com-
results, but in view
particularly acute business prostration through which
country was passing early last year,
suffers
more
this is hardly
a
The simple fact is that railroad trans-
portation, like virtually
States,
the
the American Bill of Rights and the American dis-
tribution of sovereign
between the Federal
powers
Government, the several States, and the people,
Mr.
Hogan
declared
that when
the
has
court
failed, " ... in reliance against the exercise
of arbitrary power must be placed by the people in
meant
a
Congress the members of which would ful-
fill their oaths to support the
supreme
law of
Constitution,
the
country,
our
Mere slavish following of the letter of the Con-
the
itself
instrument
every
than
other business in the United
ever
before
from
governmental
interference and harassment, from excessive and multifarious
taxes and from the lack of
provides
for
amply
any
amendment that may prove desirable,
Our
people
instead of
of
our
learn
must
straints imposed
by
our
justice of
the
the
Constitution, since
re-
the
be addressed to the country
now
The enlightened patriotism
the court.
citizens is the only bulwark of
our
liberty.
has increased greatly in population and therefore in business
There is
potentialities.
the axiom still holds
no
exhaustion of
general confidence which results
materials and
are
unlimited,
that the spirit of enterprise suddenly
has withered and died.
Nor
can
it be said that any over-
expansion of economic significance which may have occurred
its
1920's
now
remains uncorrected.
business antagonism,
policy of
own
It is clearly time
errors
and
cease
of pump-priming
and
monetary mismanagement.
For the railroads the present situation is
especially diffi-
cult, since these carriers necessarily must depend
upon
freight and passenger transportation desires of the
commun-
ity
as a
whole.
They
degree that makes
more
budgets of the New Dealers.
fixed charges
Since the 1920's the country
raw
good that economic wants
It would be idle to argue
immediately from the monetary tinkering and unbalanced
living document;
a
for the Administration to correct its
surprise.
to
must be found to protect the interests
in the
matter for
resort
citizens and Our Nation from sabotage of
1938 somewhat favors the
the
once
But the situation is not hope-
parison of May earnings with those of the Same month in
of the
Supreme
any
Earnings of United States Railroads for the Month of May
Financial results of railroad operations for the month of
themselves, for
longer
no
people is in order, and through their sober judg-
argument must
San
where the American Bar Association,
the
guarantor of the true meanings of
a
Court, and the subordinate courts throughout the
protection except that remaining in the oaths
also
As
Constitution, there is
what is right and wise must be perpetuated, but
of
some
of office of those in the executive and the
and
devisers, had hitherto kept largely in the background.
republic to its present great-
retired, abdicated its noble function and
Francisco,
law
a
members,
ablest
of
and
stitution is not enough—it is
Great Charter
Echoes
attorneys
school professor who, although one of its original
the legislative rather than in the judicial," but he
-
arbiter.
States,
in the
power
shallow legislative follower of the
a
New Deal, two New Deal
possible from
half, the final arbiter and
an
designation of
It has, over the protests of its
more.
and
finally
the
a
no
the
lias
throughout the generations in which
ness,
indeed
been
the
land, and the Supreme
that could so function, a
authority under that great law.
It
Thus
the
agency
atmosphere
almost
of
of
authority.
the subtle utilization of the appointive
than
a
a
are
the
over-taxed and over-regulated to
normal return
on
a
invested capital little
boom-time dream, while at the present time
are
a
nightmare for
many
road&.
Congres
The Commercial & Financial Chroniole
310
has been
puttering around with remedial legislation for sev¬
eral sessions, and some of the measures
sideration
in
doubtless would
Washington
It would be far
currently under
helpful.
prove
beneficial, however, both to the rail¬
more
Administration
roads and to business in general, if the
to
con¬
were
The need for a sweeping reversal in
change its attitude.
July 15,
1939
Pacific
System, which heads the list in the case of the net
with
grin of $1,589,334, after reporting an increase
a
$1,667,837 in
of
earnings; the Great Northern, reporting
gross
and the New
$2,365,969 gain ir gross and $1,307,114 in net,
increase of $2,446,402 in gross and
York Central, showing ar
(These figures cover the opera¬
leased lines; when,
$1,113,917 in net earnings.
Washington could not be better illustrated than by gross
tions of the New York Central and its
earnings of the railroads for May of only $301,992,820.
however, the Pittsburgh & Lake Erie is
figure is
gross
This
advance of $29,975,377, or 11.01%, over the
an
for May of last year, but is far under results that were
Net earnings for May
1920's.
the
throughout
common
totaled only $65,168,331.
Although this is $9,681,998,
or
17.44%, better than the figure for May, 1938, it is far under
any
other May figure since 1920, with the single exception of
1932, when the economic collapse was most pronounced.
the recent comparison here in tabular form, and
We present
also the
suggest that the reader consult
more
extended tables,
running back to 1909, presented subsequently in this survey:
Month of
1938
1939
May—
Inc.
(+)
(—)
Dec.
or
233,545
234.694
—1,149
0.48%
—1301,992,820
*272,017,483
+ $29,975,337
11.01%
236,824,489
216,531,150
+ 20,293,339
9.37%
78.42%
an
Pennsylvania RR., which heads the list of increases in
The
earnings with $3,003,843, shows a gain this time in net
gross
of
The Atchison Topeka & Santa Fe, after
only $187,781.
reporting
to
included, the result
of $2,546,770 and in net of $1,156,191.)
increase in gross
an
-
Operating expenses
Ratio of expenses to earnings.
Net earnings
$65,168,331
-
$55,486,333
+$9,081,098
17.44%
obliged
increase in gross earnings of $580,701, is
of net earnings. As
showing decreases in both gross and net alike,
report a loss of $1,458,719 in the case
roads
to the
Chesapeake & Ohio and the Virginian report losses of
the
$1,578,481 and $227,018, respectively, in the case of gross
respectively,
earnings, and of $1,391,831 and of $130,384,
In the table below we show all changes for
in net earnings.
the
separate roads and
of
both gross
systems for amounts in excess
79.60%
Mileage of 135 roads
Gross earnings
is
$100,000, whether increases or decreases, and in
and net:
V.
-s
THE MONTH
PRINCIPAL CHANGES IN GROSS EARNINGS FOR
+, OF MAY
.
'
Increase
Increase
In order to indicate in
simplified form the
a
trade activity in relation to its
bearing
during the month under review,
in the table
railroad
on
of
measure
revenues
have brought together
we
give below the figures indicative of activity
we
Great Northern..
Union Pacific
important industries, together with those
more
taining to grain, cotton and livestock receipts and
freight
loadings, for the month of May, 1939,
car
with the
as
per¬
revenue
compared
period of 1938, 1937, 1932 and 1929.
same
On
._
Southern Pacific
Northern
Baltimore
in the
$3,003,843
a2,446,402
2,365,969
2,264,742
1,667,837
1,419,547
1,254,904
1,063,064
1,018,181
992,134
986,238
877,156
806,606
803,754
580,701
534,968
521,697
481,717
436,797
432,874
423,393
403,124
384,405
Pennsylvania
New York Central
(2 rds.).
Pacific.
& Ohio
_
ChicMilw StP&Pac...
Chic Burl & Quincy
N Y N H & Hartford.
.
_
Duluth Missabe & Iron R
Southern Ry
Chicago & North West..
Erie
examination, it will be readily
seen
that, with the exception
of bituminous coal,
the output of all the industries
tioned
was
in
the
substantial
of the
cars
table
increase
on
revenue
ceipts of cotton at
reduced
markets
(due to
a
is also shown in the number of
freight.
re¬
of livestock at
are on a greatly
the leading cattle
falling off in Kansas City receipts)
while receipts at the
smaller,
markets of the various farm
tively) show
On the other hand,
}he Southern outports
scale; receipts
somewhat
A
greatly increased scale.
a
(resulting from the larger production
various industries)
loaded with
men¬
are
Western primary
products (taking them collec¬
substantial falling off.
a
1939
May
1938
1937
1932
1929
Atchison Topeka & S Fe.
Lehigh Valley
Del Lack & Western....
Boston & Maine
Minn St P & 8 S M
N Y Chic & St Louis
Illinois Central
St L-San Fran (2 roads).
Grand Trunk Western..
Atlantic Coast Line
Seaboard Air Line
—
Island
PRINCIPAL
CHANGES
NET
IN
OF
192,059
297,508
516,919
184,225
604,691
5243,738
$77,172
$587,766
■u
contracts
$308,487
•!C:
•
Dul Missabe & Iron R__
$283,015
Bituminous.c
17,880,000 21,321,000 30,077,000 18,384,000 40,706,000
5,071,000 4,255,000 4,281,000 3,278,000
6,308,000
Pa. anthracite _d
(cars)e. *2,371,893 *2,185,822 *3,098,632 *2,088,088 *4,130,467
receipts,
South¬
ports (bales) _f._.
Livestock recelpts:g
ern
72,740
67,413
Chicago (cars)
City (cars)
Omaha (cars)
130,589
6,959
6,724
3,017
222,102
134,735
11,864
4,343
16,935
6,908
3,574
6,050
5,661
2,492
2,032
Kansas
3,713
1,827
1,865
Western flour and grain
receipts:h
Pacific
N YNH & Hartford....
Erie....
Chic R I & Pac (2 rds.)__
Del Lack & Western....
Western
Traffic:
Car loadings, all
Cotton
Northern
Union Pacific
(net tons):
Freight
Southern Pacific (2 rds.).
Great Northern........
New York Central
(3000):
awarded. b_—
Coal
Pacific
Grand Trunk Western..
Missouri Pacific
St L-San Fran (2 roads).
N Y Chicago & St Louis.
Maine
Lehigh Valley
Chicago & North West..
Chic Burl & Quincy
Southern
Ry
Lake Sup & Ishpeming..
Boston &
..
.
Flour (000 barrels)
Wheat (000 bushels)
xl,652
-Z2?
-
100,368
Pittsburgh & Lake Erie.
.$31,069,129
Total (57 roads)
Decrease
®L578,48*
227,018
122,582
EARNINGS
FOR
MONTH
THE
MAY
$1 589,334
1,307,114
al, 113,917
780,015
763,072
656,152
643,728
600,707
496,657
453,073
285,331
281,888
279,.585
256,129
247,889
246,680
244,310
218,102
208,695
204,225
188,368
Increase
$187,781
157,832
Pennsylvania
Atlantic Coast Line
Minn St P & S S M__._.
147,280
Cine N O & Texas Pac._
Missouri-Kansas-Texas
.
143,89b
_
Chicago Great Western..
Delaware & Hudson
Alabama Great Southern
116,668
Lehigh & New England.
105,80o
Total (33
roads)......$12,327,554
•
i
105,881
DccVCGtS#
/
Atch Topeka & Santa
Fe $1,458,719
1,391,831
Chesapeake & Ohio..—
Southwestern..
179,843
Virginian
Texas Pacific........—
Illinois Central
}?0,384
Total (6 roads).......
$3,387,276
St Louis
.
——
114,092
112,407
—
x9,902
*9,101
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
*2,421
*1,248
cluding Pittsburgh & Lake Erie, the result is an increase of
*6,452
x4,919
*6,220
X4.614
X4.703
*3,555
*1,603
x903
*2,123
xl,227
1,717,516
1,255,024
3,537,231
783,554
2,917,876
1,800,877
5,151,909
.
„
1,125,243
z917,995 zl,413,574
Z930.784 zl,322,304
z911,947 z1,189,996
Note—Figures In above table Issued by:
Commission,
d
U.
8.
a
3,896,082
5,286,246
Bureau
of
Mountains.)
Mines,
e
g
m
■*
a
The&e figures cover the operations
Turning
we
in
general totals.
z
Five
dealiDg with
to the separate roads
consonance
May,
are
the separate roads.
districts—the Eastern, the Southern and
with all the various regions comprising
single exception of the Pocahontas
case
of the net earnings the Southern dis¬
(including the Pocahontas region) reports
the percentage
a
decrease,
of loss for the Pocahontas region reaching
29.30%, and for the entire Southern district 6.39%.
districts show
them
How¬
several of the regions grouped under the two other
a
large percentage of gain in the net, among
being the Northwestern region in the Western district,
reporting
region and the Great Lakes region in the Eastern district,
able to report in¬
earnings alike
geographical
with the
earnings in
$100,000, while only three report losses above that
amount, and in the case of net earnings, 33 roads show in¬
creases of more than
$100,000 and but six roads decreases.
in both gross and net
$1,156,191.
1939, 57
of
are
or
region in the Southern district, show increases in gross earn¬
trict
Four weeks,
groups
with the figures for
these districts, with the
ings, but in the
Associa¬
arranged in
are
the Western—together
ever,
For
consonance
American
roads and systems are able to show
gains in gross
Among the roads and systems which
in
AH the three great
by major
have been
now
and systems, we find the exhibits
x
are
of
k "Iron Age.*'
of the New York Central and the
divisions, according to their location, the returns, it is found,
Reported
National Lumber Manufacturers'
In all that has been said above
the
b F. W.
National Bitumin¬
Association
tion (number of reporting mills varies in the different
years).
weeks.
in
c
h New York Produce Exchange,
1 American Iron and Steel Institute,
collectively.
Z595.157 zl,851,947
z665,787 zl,910,977
z631,820 zl,772,573
XJ. S. Bureau of the Ceasus.
east of Rocky
Compiled from private telegraphic reports,
stock yard companies in each city,
-
xl,854
Dodge Corp. (figures for 37 States
creases
-
xl6,110
zl,152,680
excess
—
*8,607
zl,150,734
zl,119,960
shown
Missouri Illinois—
*1,485
x6,486
received.m
results
105,245
102,617
Nashv Chatt & St Louis.
*14,779
Orders
the roads
*0£,9o3
Central Vermont
x9,179
Shlpments.m
f
120,300
112,419
Ill ,967
111,516
Wheeling & Lake Erie.. .
Chicago & Eastern 111—
Colorado Sou (2 road )..
x7,070
Lumher (000 board feet):
Coal
_
Lehigh & New England.
Chicago Ind & Louisville
*1.281
_.
Pig Iron production. k__
Steel Ingot production. 1.
Railroads,
Denver & Rio Gr West._
Missouri-Kansas-Texas.
*1,450
When the roads
ous
Chic St P Minn & Om__
*13,698
Iron & Steel (gross tons):
_
Mobile & Ohio....
*29,912
xl,091
Barley (000 bushels)
_
148,225
142,923
136,186
134,910
122,429
Western Pacific
x23,863
Rye (000 bushels)
.
200,445
172,316
160,418
Tshpem
Chicago Great Western.
Spokane Portl & Seattle.
xl8,315
—
Corn (000 bushels)
Oats (000 bushels)
Production .m
Lake Superior &
Increase
trucks, &c.)a
Construction
Chic R I & Pac (2 rds.)._
$1,928,081
a
These figures cover the operations of the New York Central and the
leased lines—Cleveland Cincinnati Chicago & St. Louis, Michigan Central,
Cincinnati Northern and Evansville Indianapolis & Terre Haute.
In¬
cluding Pittsburgh & Lake Erie, the result is an increase of $2,546,770.
(cars):
Production (passenger
Building
215,732
211,935
206,527
Bessemer & Lake Erie—
---
—
...
Central of New Jersey..
Delaware & Hudson....
Automobiles
cars,
25!'222
-
Cine N O & Texas Pac__
346,497 Chesapeake & Ohio. .—
290,990 Virginian
288,795 Louisville & Nashville._
267.867
Total (3 roads)...
266,322
Reading
Pere Marquette
Long
Wabash
365,307
363,423
362,886
Missouri Pacific
$264,508
Elgin Joliefc & Eastern..
the Southern
an
increase of 105.53%, and the New England
showing gains of 46.02% and 34.80%, respectively.
below.
Our
As previously explained,
summary
by
we
the roads to conform with the classification of the
group
Interstate
groups
as
Commerce Commission.
various groups
the table:
is
and regions
are
The boundaries of the
indicated in the footnote to
Volume
The Commercial & Financial Chronicle
149
'.V<
SUMMARY
*
•
'•
BY
GROUPS
District and Region
Month of May—
1938
Eastern District—
$
New England region
(10 roads)...
Great Lakes region (23 roads)
Central Eastern region (18 roads).
13,422,655
*•-'
11,770,565
Peoria—
)
(+) or Dec.(
Inc.
%
1939
V
49,935.980
+6,134,213
12.28
53,070,067
+6,324,900
11.91
.128,887,815
114,776,612
+ 14,111,203
12.29
J,';,- v.
Southern region (28 roads)
1939
...
.......
37,331,805
+ 2,762,769
7.40
15,241,541
—1,771,121
11.62
53,564,994
.
Western District—
52,573,346
+ 991,648
Southwestern region (21 roads)...
Totalall districts
.
58,089,190
.
24,111,602
+ 6,068,587
3.80
+884,895
,+ 14,872,486
14.20
+29,975,337
43,000
4,453,000
584,000
i.w...
103,000
114,000
...
......
104,000
145,000
-Net
Mileage
Earnings
1939
1938
$
$
1938
Inc.(+) or Dec.(-
■>">/
6,939
26,294
2,078,861
+956,730
46.02
12.764,433
9,469,056
+3,295,377
34.80
13.656,652
13,183,651
+473,001
3.58
57,955
29,456,676
24,731,568
+ 4,725,108
19.10
38,420
38,672
9,280,272
8,628,758
+ 651,514
7.55
6,057
6,039
3,712,194
5,251,126
-1,538.932
29.30
Pocahontas region
Total
44,477
44,711
Western District—
12,992,466
13,879,884
6.39
'
\
...
45,878
6,959,579
Central West'n region 56,326
Southwestern region. 29,349
3,386,101
+3,573,475
105.53
56,738
10,782,057
9,014,396
+1,737,661
19.21
29,412
4,977,553
4,444,381
+533.172
11.99
131,482 132,028
22,719,189
16,874,881
+5,844,308
34.63
Total all
districts..233,545 234,694
65,168,331
NOTE—Our grouping of the roads conforms
55,486,333
+9,681,998
17.44
•
to the classification of the Interstate
.
■,
New England
V'/A;'/
line from Chicago via
Pittsburgh to New York.
Central Eastern
Region—Comprises the section south of the Great Lakes Region
east of a line from
Chicago through Peoria to St. Louis and the Mississippi River
to the mouth of the Ohio
River, and north of the Ohio River to
Parkersburg. W. Va.,
line thence to
the southwestern corner
of
Maryland and by the Potomac
%+■'
SOUTHERN DISTRICT
Southern
Region—Comprises the
of the Ohio River to
section east of the Mississippi River and south
point near Kenova, W. Va., and a line thence
following the
boundary of Kentucky and the southern boundary of Virginia to tne
Atlantic.
Pocahontas Region—Comprises the section north
of the southern boundary of
Virginia, east of Kentucky and the Ohio River north to
Parkersburg, W.
a
eastern
Va.,
and south of
a
line from
Parkersburg to the southwestern
thence by the Potomac River to Its
mouthi
corner of
Maryland and
'
1,652,000
1,450,000
...
1938
Turning
~ fl
IT*
-
_
Central Western Region—Comprises the section
south of the Northwestern Region
west of a line from
Chicago to Peoria and thence to St. Louis, and north of a line
from St. Louis to Kansas
City and thence to El Paso and by the Mexican
boundary
*o the Pacific.
19637285
194
In
the
Western roads
whole) in May the present
oT;May,
1938, although
increased scale
as
year's shrinkage
corn
year
even
(taking them
practically due to the
on
a
a
greatly
much smaller
the receipts of all the other cereals, with
the exception of barley, were on an increased
scale, this being
movement,
as
particularly true in the case of wheat.
Altogether, the
ceipts of the five items, wheat, corn, oats, barley and
re¬
ended
Western
primary markets, during the four weeks
May 27,
1939,
aggregated
against 55,668,000 bushels in the
but
54,369,000
same
bushels,
of
1937.
Back
in
1932,
the
as
four weeks of 1938,
comparing with only 26,846,000 bushels in the
iod
May grain
same
per¬
movement
reached 44,299,000
bushels, and in the same four weeks of
1929 but 38,782,000 bushels.
In the following table we
give the details of the Western grain traffic in our usual form:
WESTERN FLOUR AND GRAIN RECEIPTS
4
119928675348657
OF
May 27
+ Flour
(Barrels)
Chicago—
1939
f 1938
...
...
Wheat
(Bushels)
Corn
(Bushels)
Oats
Barley
Rye
(Bushels)
(Bushels)
(Bushels)
*
825,000
814,000
1,382,000
1,287,000
16,924,000
8,958,000
2,108,000
1,632,000
1,924,000
7,258,000
1,951,000
1,804,000
923,000
407,000
62,000
1,324,000
1,903,000
1,589,000
684,000
53,000
Minneapolis—
1939
...
1938
...
442,000
320,000
Duluth—
1939
1938
...
...
......
4,009,000
......
2,225,000
1,874,000
3,877,000
247,000
585,000
129,000
955,000
1,197,000
453,000
1939
1938
...
65,000
25,000
426,000
44,000
...
60,000
781,000
1,488,000
12,000
820,000
23,000
1,137,000
8,000
Toledo—
1939
1938
...
...
......
......
443,000
243,000
886,000
18,000
6,000
371,000
1,577,000
2,000
6,000
Indianapolis & Omaha—
1939
1938
1,231,000
2,257,000
"862,000
657,000
...
1,520,000
701,000
4,000
56,000
4,000
St. Louis—
1939
1938
...
...
491,000
722,000
806,000
388,000
599,000
502,000
were
428,000
,
100,000
384,000
186,000
20,000
3,000
■;
•
'3,000
4,614,000
4,703,000
1
"
*
1,091,000
903,000
Southern roads, we
consid¬
the overland ship¬
a year ago,
35,141 bales..
for the past
COTTON
1
Details of the port
three
years are
AT
SOUTHERN
TO
END OF MAY,
set out in
-/(fc
Cv'
PORTS
FOR
Vit
MONTH
OF
MAY
1939, 1938 AND 1937
'
1939
Since Jan. 1
•
.
1938
1939
1937
-
.
1938
1937
—
15,663
13,701
122,599
142,235
381,935
188,829
371,542
182
109
18,349
30"050
6+924
22,719
18+949
3,634
677
13,036
2,312
559,507
45,558
1,991
147,008
4,300
11,065
529
.
16,339
14,389
2,894
..
22,676
12,939
2,326
23,920
..... .
...
Orleans
"""876
"2",393
4,661
8,091
12,373
109
3,999
4,559
601
11
44
18
300
24,308
4,683
579,726
122,498
1,150
33,656
23,438
2,303
....
Savannah...........
26,068
473
259
1,456
1,175
1,449
1,928
3,133
5,351
17,625
16,137
15,948
14
2
322
165
126
548
67,413
72,740
130,589
Wilmington.
Norfolk
Jacksonville
...
.'.
Total
In the table
parisons of the
9,477
512,518 1,451,133 1,139,946
present, a summary of the May com¬
we now
and net earnings of the railroads of the
gross
country is furnished for each year back to and including 1909:
Gross Earnings
Mileage
Month
Year
1910
1911
1914
Year
Year
Preceding
Dec. (—)
Cent
Given
Preced'g
220,314
229,345
236,230
217,933
225.274
226,184,666
+ 6,044,698
+ 2.67
235,410
232,503
231,597
232,879,970
+ 30,616,063
+ 13.14
239,445
236,619
239,427,10^
265,435,022
—26,007,920
—9.79
244,692,738
243,367,943
+ 1,324,785
+ 0.54
246,060
247,747
243,954
245,207
308.029.096
244,580.685
+ 63,448,411
+25.94
248,006
247,189
353,825,032
....
308,132,969
342,463,442
+ 45,692,063
+ 14.82
248,312
247,842
374.237.097
+ 31,773,655
+ 9.27
378,058,163
+ 35,132,305
+ 9.29
230,355
233,931
228,289
413,190,468
387,330,487
348,701,414
457,243,216
+ 38,629,073
+ 11.08
444,028,885
—13,214,331
—2.89
447,299,150
....
443,229,399
+0.92
+21.77
447,993,844
+ 4,069,751
+ 97,510,054
476,458,749
546,934,883
—70,476,134
—12.89
487.664.385
476,549,801
+ 11,114,584
+2.33
516,467,480
517,543,015
487,952,182
516,454,998
+ 1,088,017
+ 0.21
509,746,395
518,569,718
—8,823,323
—1.70
536,723,030
510,543,213
+ 26,179,817
+ 5.12
462,444,002
....
537,575,914
462,577,503
—75,131,912
—13.97
545,503,898
....
....
1926
....
1927
....
—-
....
1930
1931
Per
232,229,364
263,496,033
....
1923
1929
Inc. (+) or
$196,826,686 $170,600,041 + $26,226,645 + 15.37
+ 31,983,394
230.033.384
198,049,990
+ 16.15
—2.00
226,442,818
231,066,896
—4,624,078
....
1925
1928
Year
Given
of
May
368,485,871
....
242,716
241,995
242,143
+ 26,769,505
+ 10.50
238,983
—2,489,273
—0.88
237,951
+ 41,354,127
+ 31,630,038
—79,900,042
+ 14.82
+ 9.87
237,012
235,873
361,973,150
—22.70
234,759
240,906
238,980
238,159
236,357
235,547
272,017,483
+ 29,975,337
+ 11.01
233,545
234,694
352,014,249
272,073,108
301,992,820
320,487,420
.....
1939
.....
239,079
241,758
241,484
281,642,980
279,133,293
320,414,211
1937
237.275
240,798
+ 1.41
279,153,707
1936
236,858
—20.34
254,378,672
254,857,827
1938
+ 5.84
235,472
234,452
236,098
—30.95
257,963,036
281,627,332
....
+28,515,298
236,663
236,833
238,025
240,120
241,280
242,156
211,040
234,916
234,051
—94,091,632
254,382,711
1933
1935
;
213,206
235,333
234,931
235,186
235,894
234,339
368,417,190 —114,034,479
+ 3,584,364
1932
242,542
242,163
Net Earnings
Month
'
"Year
of
Year
May
Given
Preceding
Increase
(+) or
Decrease
(—)
Per
Cent
$64,690,920
$49,789,800
1910
70,084,170
64,857,343
+ 5,226,827
+ 8.06
1911....
69,173,574
66,035,597
73,672,313
57,628,765
70.868,645
—1,695,071
—2.39
68,488,263
66,499.916
—2,452,666
—3.58
1909....
1912....
....
...
—
.
1930...
+ 7,172,397
+ 10.79
73,385,635
—15,756,870
—21.47
57,339,166
+ 14,619,397
+25.50
71,791,320
+ 33,806,935
109,307,435
105.782,717
+ 3,524,718
+ 3.33
91,995,194
58,293,249
28,684,058
64,882,813
92,931,565
126,173.540
96,048,087
112,859,524
128,581,566
126,757,878
128,780,393
106,454,218
92,252,037
—14,459,024
—13.58
—33,958,788
—36.81
127,940,076
+ 840,317
+ 0.66
129,044.791
+ 17,754,001
+ 13.75
111,387,758
-
1925.
147,099,034
111,359,322
—35,711,276
—24.27
—30,320,738
—33,623,278
—27.23
81,052,518
47,416,270
+ 27,428,140
+ 57.85
73,703,351
72,083,220
—1,618,619
—1,666,850
—2.31
+ 10,397,914
+ 14.78
85.335,430
55,483,001
70,331,577
80,737,173
+ 4,598,257
+ 5.69
85.335,563
—29.852,562
—34.98
65.168.331
55.486.333
+ 9,681,998
+ 17.44
81,038.584
1932..
47,429,240
74.844,410
72,084,732
1939.
+ 29.93
146,798,792
....
1920........
1926..
+ $14,901,120
7,1958,563
105,598,255
1931
882,000
7,000
6,452,000
over
May
1927........
M Uicaukee—
-
7,000
'
Ports
1921....—.
49,000
1929
AND FROM JAN.
1913...
Weeks
Ended
13,698,000
Lake Charles
1934
rye,
the
at
16,000
6,486,000
to the cotton traffic
Charleston
1922
The present
very
24,000
May, 1932, total shipments fell to 23,095 bales,
Houston, &c
Corpus Christ!
1924
was
compared with May, 1937.
was
as
fell considerably below that
at that it
18,315,000
29,912,000
subjoined table:
1920
over
■
......
50,000
'
33,000
23,863,000
now
and back in
1919
The grain traffic
v/
ments of cotton were very much larger, gross
shipments over¬
land totaling 87,082 bales in May, 1939, as against only
75,402 bales in the same period last year and 76,884 bales in
1909
$ WESTERN DISTRICT
Northwestern Region—Comprises the section
adjoining Canada lying west of the
Great Lakes Region, north of a line from
Chicago to Omaha and thence to Portland,
ana by the Columbia
River to the Pacific.
„
«'*«,
318,000
/w
39,000
Pensacola
a
a
'
;
\
138,000
Mobile
Great Lakes
Region—Comprises the section on the Canadian boundary between
New England and the
westerly shore of Lake Michigan to Chicago, and north of
and
1".
"1,660
'
>
New
V+ .:
Region—Comprises the New England States.
River to its mouth.
•.......
all—
Beaumont
>
•
EASTERN DISTRICT
%
"
j
189,000
/
Total
Galveston.
Commerce Commissions, and the
following indicates the confines of the different
groups and regions:
'
V'
>'•)
......
RECEIPTS
45,807
Total
;•
...
1938
1,680,000
1,061,000
......
movement of cotton
-887,418
...
.
Northwestern region.
170,000
1
.
...
1937.
District—
Southern region
140,000
,
erably smaller than in May
%
$
57,586
Total
Southern
k— <
find that, while the port receipts of the
staple were
—-
24,722
3,035,591
..;
•
...
11.01
New England region.
6,764
Gjeat Lakes region.. 26,221
Central East'n region 24,601
242,000
11.66
'v>
272,017,483
1939
948,000
...
1939
26.91
104,667,525
District and Region
,.
5,111,000
...
1939
+ 7,919,004
29,420,215
52,020,603
23,226.707
.119,540,011
Month of May
Eastern District—
53,000
52,000
Sioux City—
(135roads)....301,992,820
..........
104,000
178,000
61,000
Joseph—
1939
Total (52 roads)
237,000
Wichita—
'
37,339,219
.
282,000
232,000
1.88
w"
Northwestern region (15 roads)...
Central Western region (16 roads)
1,800,000
2,543,000
+
...
1938
Total (32 roads)
Rye.
k
(Bush.)
,
141,000
1938
13,470,420
.
(Bush.)
1939
St.
: '
.
40,094,574
.
Pocahoi^as region (4 roads).
(Bush.)
)
Barley
(Bush.)
170,000
145,000
...
1938 ..."
;/
59,394,967
...
"Oats
I
'
Kansas City—
,1938
Total (51 roads)
(Bush.)
\ Corn
1
,
14.03
+ 1,652,090
56,070,193
Southern District—
Wheat
(Bbls.)
-Gross Earnings-
1939
>
311
Flour
....
70,416,370
—
80,729,491
...
51,056,449
+ 47.09
22,372,391
—43.82
20,043,003
+ 44,839,810
+ 223.72
64,866,637
+28,064,928
—
+ 43.27
93,599,825
+ 32,573,715
+ 34.80
126,496,150
—30,448,063
—24.07
96,0.54,494
+ 16,805,030
+ 17.49
112,904,074
+ 15,677,492
+ 13.89
127,821,385
—1,063,507
—0.83
—41.48
—2.20
The Commercial & Financial Chronicle
312
July IS, 1939
by Congress and Signed by President
Text of Revenue Act of 1939—Measure Passed
Profits Tax—Extends for
Corporate Taxes and Abolishes Undistributed
or So-Called "Nuisance" Taxes
Revises
Two Years Excess
are
each taxable year upon
became
normal-tax net income
was
The text of the
matter.
new revenue
income; or
:
"(c)
"For
on
Tax
14.
Special Classes of Corporations
on
Normal-Tax Net Incomes of Not More Than
Corporations with
"(b)
$25,000—If the normal-tax net income of the corporation is not more
$25,000, and if the corporation does not
(c), (d),
specified in subsection
(e) of this section, the tax shall be as
or
"Upon normal-tax net incomes not in excess of $5,000,
centum.
'
.
net incomes
"$2,725
tax
in
3481
(1),
1801,
in
incomes
net
of $20,000,
excess
out "1939" wherever
In the
(1), 3452, 3460
of
case
an
a
In the
of
case
foreign corporation not engaged in trade or
a
to extend the
(a), 3465,
gasoline tax for
"(f)
as
defined in Supplement Q, the tax shall be as
paragraph:
new
"The provisions of section 3452 (relating to expiration of taxes) shall not
"For
surtax
Section 3401
ing
new
of the
Internal
Revenue Code
(relating to the tax
on
section
case
of
a
14
"(b)
manufacturer
or
substantially the
same
proportions.
corporation shall in all other
cases
Sales by
a
by the
same
persons
manufacturer to
a
net
case
seqtion, the price for which
tax
net
or
a
be
or
not,
excluded
not stated as
the
a
transportation,
amount
of the
separate charge.
tax
amount which bears
required by law and held by it at the end of the taxable
"(3)
No
United
not
States
Insurance
delivery, insurance,
or
other charge,
and the
by the foregoing sentence to be included), shall be
established to the
(b)
The amendments made by subsection (a) shall be effective only with
respect to sales made after the date of the enactment of this Act.
taxable
Sec.
204.
as
Sections
read
as
on
Section
insurance
204
Insurance Companies
(a) of the Internal
companies other
"(a)
than life or
14, and 15 of the Internal Revenue Code
are
or
mutual insurance
section 14
amended to
"(a)
Tax
Definitions—For the
on
Corporations in General
purposes of this
on
chapter—
certain obligations of the United
means
Normal-Tax Net Income—The
States and
'normal-tax
(other than a life or mutual insurance
"(A)
"(B)
Government
net
income'
within the United States minus the sum of—
Interest
on
Obligations of the United States and
provided in section 26 (a).
Its
Instrumentalities—The credit
"(3)
term
the adjusted net income minus the credit for dividends received
provided in section 26 (b).
foreign insurance company
sources
corporations.
"(2)
insurance company (other than a life
company) a tax at the rates provided in section 13
(b).
company), the normal-tax net income shall be the net income from
"(1) Adjusted Net Income—The term 'adjusted net income' means
the net income minus the credit provided in section 26
(a), relating to
interest
13 and 14,
and paid for each taxable year upon the
Normal-Tax Net Income of Foreign Companies—In the case of
"(2)
a
13.
Mutual
is amended to read as
In General—In lieu of the tax imposed by section
"(1)
follows:
"Sec.
mutual)
or
(relating to the tax on
Imposition of Tax—
normal-tax net income of every
Corporation Tax in General
Other Than Life
Revenue Code
follows:
or
13,
the United
business transacted within
taxable under this section but shall be
corporations,"
other foreign
Tax
there shall be levied, collected,
II—INCOME TAX AMENDMENTS
201.
Business—Foreign life insurance
carrying on an insurance business within
the United States, shall not be
imposed by this section,-
satisfaction of the Commissioner, in accordance with the
regulations."
Sec.
bear to the
by it at the end of the taxable year upon all business
Whether sold at arm's length
excluded from the price only if the amount thereof is
TITLE
the same ratio to the normal-
regard to this paragraph, as the
States and holding no reserve funds upon
wholesaler's salesmen's commissions and costs and
expenses of advertising
and selling (not required
foreign life insurance company,
a
an
funds held
companies
charge incident to placing the article in condition packed ready for
shipment, only if performed by the actual manufacturer of the article, but
shall
tax at the
Companies
the normal-tax net
transacted.
charge for coverings and containers of what¬
any
or
13 and 14,
taxable year upon the
business transacted within the United States
upon
reserve
nature, only if furnished by the actual manufacturer of the article, and
whether
(relating to the tax on
read as follows:
income, computed without
funds
reserve
of this
article is sold, whether at arm's length
an
not, there shall be included any
purpose
Life Insurance Companies
income of every life insurance company a
of
income shall be
year
there
on
of the Internal Revenue Code
Normal-Tax Net Income of Foreign Life Insurance
—In the
in
selling
13 or
provided in section 13 or section 14 (b).
length.
ever
Tax
203.
(b)
In General—In lieu of the tax imposed by sections
"(2)
be prima facie presumed to be at arm's
"Notwithstanding section 3441 (a), in determining, for the
(relating to the tax on banks)
Imposition of Tax—
rates
the outstanding stock of the other, or if more than 75 per centum of the
outstanding stock of both corporations is owned
201
normal-tax
the selling corporation owns more than 75 per centum of
,
follows:
as
there shall be levied, collected, and paid for each
prima facie presumed to be otherwise than at arm's length if either the
avoid
(b)."
"(1)
sale by a manufacturer to a selling corporation of an
see
Banks and Trust Companies
life insurance companies) is amended to
article to which the tax under this section applies, the transaction shall be
v.-
"v;,•■"■■■
Rate of Tax—Banks shall be subject to tax under section
"(b)
paragraphs:
"In the
on
accumulate surplus to
102."
section
Section 104 (b) of the Internal Revenue Code
Is amended to read
Section
(a)
Tax
202.
see
Toilet Preparations Tax Amendments
toilet preparations) is amended by inserting at the end thereof the follow¬
which
corporations
on
shareholders,
Sec.
3.
•.
personal holding companies, see section 500.
on
surtax
on
apply to the tax imposed by this section."
Sec.
;y;y
under this chapter,
taxation
Personal Holding Companies—
on
Sec.
shells, and cartridges) is amended by adding at the end thereof the
following
from
Improper Accumulation of Surplus—
Sporting Arms and Ammunition Tax
Section 3407 of the Internal Revenue Code (relating to the tax on fire¬
arms,
exempt
101.
"For surtax
"(h)
*
provided in such
"
-.
corporations
"(g) Tax
one year
mail matter, and for other purposes," approved
ing therein and inserting in lieu thereof "1941."
2.
the tax
Exempt Corporations—
June 16,1933, are further amended by striking out "1939" wherever appear¬
Sec.
231 (a).
"(e) Mutual Investment Companies—In the case of mutual investment
section
on
office or place of
provided in Supplement G.
as
appearing therein and inserting in lieu thereof "1941."
modify postage rates
place of business therein,
equal to 18 per centum of the normal-tax
Insurance Companies—In the case of insurance companies,
companies,
Section 1001 (a), as amended, of the Revenue Act of 1932, and section 2, as
to
addition of
foreign corporation engaged in trade or business
amount
business therein, the tax shall be as provided in section
"For
are
centum in
income, regardless of the amount thereof.
"(2)
amended by striking
amended, of the Act entitled "An Act
per
business within the United States and not having an
POSTAL RATES
(b), and 3482 of the Internal Revenue Code
16
excess.
Foreign Corporations—
net
(f)
$5,000, and upon normal-tax
in excess of $20,000, 14 per
excess.
"(c)
w"
12H Per
.
normal-tax net incomes of $20,000, and upon normal-
upon
"(1)
Representatives of the United States
1802, 3403
.
of $5,000 and not
excess
in addition of such
centum
Supplement.
(a)
■
"$625 upon normal-tax net incomes of
Continuation of Excise Taxes and Postal Rates
1700
than
within one of the classes
come
follows:
shall be
Sections
hereinafter in this
(in lieu of the tax imposed by section 13) the tax
section specified.
such
che "Revenue
collected, and paid for
the normal-tax net income of the following corpora¬
within the United States or having an office or
as
to avoid
section 102.
see
Imposition of Tax—There shall be levied,
the tax shall be
AND
of Surplus—
corporations which accumulate surplus
each taxable year upon
ACT
TAXES
surtax
"Sec.
tions
500.
personal holding companies, see section
Accumulation
Improper
surtax on shareholders,
Act of 1939."
I—EXCISE
Personal Holding Companies—
on
"For surtax on
"(a)
see
101.
Tax
"(d)
"(e)
from taxation under this chapter,
exempt
corporations
section
"(d)
1.
Corporations—
Exempt
"For
Act follows:
of America in Cangress assembled. That this Act may be cited
income
of
net
than $25,000)—A tax of $3,525. plus 32 per centum
income in excess of $25,000.
more
the amount of the normal-tax net
To provide revenue, equalize taxation, and for other purposes.
TITLE
normal-tax
with
(corporations
Tax
Alternative
"(2)
slightly
[H. R. 6851]
Sec.
General Rule—A tax of 18 per centum of the
"(1)
[Chapter 247—1st Session]
Be it enacted by the Senate and House of
14, section 231 (a), Supplement G, or
following taxes is the lesser:
normal^ax net
Supplement Q) whichever of the
[Public—No. 155—76th Congress]
AN
the normal-tax net income of every corporation the
of which is more than $25,000 (except a corporation
subject to the tax imposed by section
passed by Congress in record time; it was adopted
by the House on June 19, was amended and passed by the
Senate on June 22; the House agreed to the Senate amend¬
ments on June 23, and the bill went to the President for his
signature on June 27.
The conclusion of public hearings on
the bill before the House Ways and Means Committee was
noted in our June 10 issue, page 3455.
Other items ap¬
peared in these columns June 3, page 3309; June 17, page
3618; June 24, page 3766; and July 1, page 34;
The new Act revises taxes affecting business: in lieu of the
tax heretofore imposed on corporations with incomes above
$25,000, the Act imposes a flat corporate tax of 18%.
The
new rate is to be effective with respect to taxable years be¬
ginning after Dec. 31, 1939.
The corporation tax which had
heretofore been in force, containing the undistributed-profitstax feature, is allowed to expire, as such tax, as explained in
the conference report on the bill, does not apply to taxable
years beginning after Dec. 31, 1939.
Corporations with
incomes of $25,000 or less are subject to the graduated rates
on small corporations, heretofore provided.
A summary of
some of the other changes in the corporate tax law was noted
in these columns June 24, page 3766.
The newly enacted measure extends for two years the
temporary excise taxes (so-called nuisance taxes) which would
have expired at the end of June or July of this year.
It also
extends for two years the 3-cent postal rate on non-local
first-class mail, and extends for two years the power of the
President to modify postage rates on other than first-class
bill
be levied, collected, and paid for
Imposition of Tax—There shall
"(b)
giving below the text of the Revenue Act of 1939
a law with the signing of the measure by
President Roosevelt on June 29, at 10 p. m., (EST).
The
We
which
Dividends Received—The credit provided in section 26 (b).
No United States Insurance Business—Foreign insurance com¬
panies not carrying on an insurance business within the United States
shall
not
be taxable under this section but
foreign corporations."
shall be taxable
as
other
Volume
Sec.
205.
The Commercial & Financial Chronicle
149
Tax
Mutual
on
Insurance
Companies Other Than
Life
to
Section 207
(a)
of the
Internal
Revenue
Code
preceding taxable year' do not include
(c)
Allowance
of
(other than
company
vided in section 13
*'(2)
foreign
life insurance company) a tax at
a
or
section 14
foreign corporations
insurance
companies
Sec.
206.
231
(b)
Tax
the rates pro¬
(b).
imposed by paragraph (1) shall
tax
well
as
not
domestic
as
carrying
within the United States shall be taxable
on
but
corporations;
business
insurance
an
other foreign corporations."
as
Resident Foreign Corporations
on
of the Internal
Revenue
Code
resident foreign corporations) is amended to read
(relating to the tax on
therein shall be taxable
207.
Tax
having
or
Corporations
Entitled
251
corporations
(c)
(1) of the Internal
deriving
Commissioner with the approval of the Secretary. The benefit of such
deduction shall not be allowed to a common trust
fund, but shall be allowed
participants in the common trust fund under regulations prescribed
by the Commissioner with the approval of the
Secretary."
(d) Allowance of Deduction to Partners—The Internal Revenue Code is
amended by inserting after section 188 the
following new section:
"(1)
section
of this
14
Section 261
(relating to tax
a
be
corporation
subject to
entitled
under
tax
the
to
section
13
or
of the
Internal
Revenue
Code
209.
Tax
on
follows:
as
Mutual Investment Companies
on
of the Internal
Revenue Code
mutual investment
companies) is amended to read
"(b)
each
Imposition
taxable
Sec.
210.
the
upon
investment company
(relating to the tax
on
Technical
Section 21
Cross
Supplement
Amendments
Q net
income of every
Made
Necessary
by
mutual
References—For
Section 141
in
to
read
taxable year
(c)
Section
see
credits
of
"sections
definition
section
of
'adjusted
income*
net
13."
or
receivership) shall
not
Denial
of the
Internal
-
Revenue
Code
(relating to additional
net
or
Sec.
14."
211.
Operating Losses
(a)
Section 23 of the Internal Revenue Code
(relating to deductions from
gross income) is amended by inserting at the end thereof
the following:
"(s) Net Operating Loss Deduction—For any taxable
v:V
•
•
■
The Internal Revenue Code is amended
by inserting after section 121
following
"(3)
Net
Loss
Carry-Over
"(a)
Net
over the gross
in subsection
"(b)
(d).
Amount
"(1)
of
Carry-Over—The
The amount, if
ing taxable
"(2)
The
'net
term
any,
of the net operating loss for the first
preced¬
of the net
amount
operating loss, if any, for the second
reduced by the excess, if any, of the net income
year
(computed with the exceptions and limitations provided in
subsection
(1), (2), (3), and (4) for the first preceding taxable
year over the
operating loss for the third preceding taxable
year.
"(c) Amount of Net Operating Loss Deduction—The
amount of the net
operating loss deduction shall be the amount of the net
operating loss carry¬
over reduced by the
amount, if any, by which the net income
(computed
the
exceptions and limitations provided in subsection
(3), and (4) exceeds, in the
case
of
a
taxpayer other than
a
(d)
(1),
(2),
Exceptions
and
Limitations—The
referred to in subsections (a),
"(1)
would
"(2)
exceptions
(b), and (c) shall be
as
and
limitations
depletion under section 114 (b) (2), (3),
There shall be included in computing
or
(4);
as
a
deduction by section 23
incurred
exempt obligations;
or
continued
to
(b), relating to interest
purchase
or
carry
on
computed the amount deductible
on account
capital gains, and the
of the short-term capital
amount
on
deductible
account of the
on
account
long-
of short-
on
account
gains:
operation of
a
shall
case
trade
of
or
a
not attributable to the
business regularly carried on by the
taxpayer
taxpayer other than
only to the extent of the amount of the
such trade
or
business.
a
gross
corporation) be allowed
income
not
derived from
For the purposes of this
paragraph deductions
and gross income shall be computed with the
exceptions and limitations
specified in paragraphs (1) to (4) of this subsection.
"(e)
Personal
Code
Holding
Companies—
(relating to definition of
"(c)
(j)
sub
end thereof the
by inserting at the
,
Net Loss Carry-Over Disallowed—The deduction for. net operating
(s) shall not be allowed."
Technical Amendment—Section 26
(c)
(2)
of the Internal Revenue
Code (relating to
operating loss credit) is amended by striking out "chapter"
and
inserting in lieu thereof "section."
212.
Corporation Capital Losses
Limitations—Section 117 (d) of the Internal Revenue Code (relating
to limitation
"(d)
on
capital losses) is amended to read
Limitation
Capital
on
Losses—Long-term
as
follows:
losses shall
capital
be
allowed, but short-term capital losses shall be allowed only to the extent
of short-term capital gains."
Net
Short-Term
No Carry-Over from Year Prior
to
1939—As used in this section,
the terms 'third preceding taxable year,' 'second
preceding taxable year', and
Loss
Carry-Over—Section 117 (e)
of the
Internal
Revenue Code (relating to the one-year carry-over of net short-term capital
loss) is amended
"(e)
to read
as
follows:
Net Short-Term Capital Loss Carry-Over—If any taxpayer sustains
in any taxable year,
taxpayer other than
in the
of
case
amount not
a
in
beginning after December 31, 1937, in the
corporation,
a
corporation,
a
net short-term
of
a
capital loss, such loss (in an
of the net income for such
excess
case
beginning after December 31, 1939,
or
year) shall be treated in
the succeeding taxable year as a short-term capital loss, except that it shall
not be included in
(c)
computing the net short-term capital loss for such year.'
Capital Losses of Foreign Personal Holding Companies—Section 336
of the Internal Revenue Code
income)
is
amended
(relating to definition of Supplement P net
by inserting
at
subsection:
"(c)
following
'/V'--
new
.
117
(d)
and
(e), and losses from sales
or
exchanges of capital
be allowed only to the extent of $2,000 plus the gains from such
exchanges."
or
(d)
end thereof the
Capital Losses—The net income shall be computed without regard
to section
assets shall
sales
the
1
Capital Losses of Domestic Personal Holding Companies—Section 505
of the Internal
income)
is
Revenue Code
amended
by
(relating to definition of subchapter A net
inserting
"(d)
at
the
end thereof the
following
new
Capital Losses—The net income shall be computed without regard
section
to
117
(d)
and
assets shall be allowed
sales
or
(e), and losses from sales
or
exchanges of capital
only to the extent of $2,000 plus the gains from such
exchanges."
(a)
213.
Assumption of Indebtedness
Assumption of Liability Not Recognized—Section 112 of the Interna
Revenue Code (relating to recognition of gain or loss) is amended by adding
at the end thereof the
"(k)
following
new
subsection:
.
Assumption of Liability Not Recognized—Where
upon an
exchange
the taxpayer receives as part of the consideration property which would be
permitted by subsection (b) (4) or (5) of this section to be received without
the recognition of gain
if it
were
the sole consideration, and
consideration another party to the
Deductions otherwise allowed by law
(in the
Revenue
amended
certain tax-
of long-term capital
term capital losses shall not exceed the amount includible
"(5)
is
Domestic
to
Internal
income)
Sec.
losses shall not exceed the amount includible
term
of the
net
.
No net operating loss deduction shall be allowed;
"(4) Long-term capital gains and long-term capital losses shall
be
taken into account without regard to the
provisions of section 117 (b).
so
Deduction
or
losses provided in section 23
gross income the amount
"(3)
As
Denial
subsection:
of interest received which is
wholly exempt from the taxes imposed
by
this chapter, decreased by the amount of interest
paid or accrued which
is not allowed
indebtedness
of this chapter the
purposes
means
following:
follows:
The deduction for depletion shall not exceed the amount
which
be allowable if computed without reference
to discovery value
to percentage
or
follows:
as
(b) without the applica¬
(i)
corporation, the
net income (computed without such
deduction), or, in the case of a corpora¬
tion, the normal-tax net income (computed without such
deduction):
"(d)
net
tion of paragraphs
(2) and (3)."
(b)
operating loss carryover'
(d)
with
for
the adjusted net income, computed
without the net operating loss deduction
provided in section 23 (s), minus
the basic surtax credit
computed under section 27
and
year;
preceding taxable
net
to read
Supplement Q Net Income—For the
'Supplement Q net income'
(a)
income, with the exceptions and limitations provided
deduction
.
in the case of
any taxable year the sum of:
means
income) is amended
"(a)
operating loss'
chapter
,
net
Operating Loss Deduction
Definition of Net Operating Loss—As used in this
section, the term
means thg excess of the deductions
allowed by this
Disallowed—The
362 (a) of the Internal Revenue Code
(relating to definition of Supplement Q
Sec.
122.
inserting in lieu thereof "The
operating losses provided in section 23 (s) shall not be allowed."
(h) Denial of Deduction to Mutual Investment Companies—Section
new section:
"Sec.
'net
■
of" and
the net income, computed without the
computing net income of foreign personal holding companies) is amended
by inserting at the end thereof the following:
.' .;•/
beginning
after December 31, 1939, the net
operating loss deduction computed under
section 122."
'
■.
sum
means
operating loss deduction provided in section 23 (s), minus the sum of."
Denial of Deduction to Foreign Personal Holding Companies—Section
chapter A
year
the Commissioner with
of Deduction
the net income minus the
Section 505
Net
Net Operating Losses
(g)
and inserting
appears
208.
term 'section 102 net income'
apply with respect to
China Trade Act corporations) is amended
by striking out
14 and 600" and
inserting in lieu thereof "sections 13, 14, and
in lieu thereof "section 13
the
operating loss deduction provided in
to Section 102 Corporations—Section 102
(d)
(1) of the Internal Revenue Code
(relating to the definition of section 102
income) is amended by striking out "The term 'section 102 net income'
term
600"; and by striking out "section 14" wherever it
(b)
net
net
and
beginning after Dec. 31, 1939.
262
Com¬
Secretary."
(f)
as
(j) of the Internal Revenue Code (relatirig to affiliated
corporations in bankruptcy
a
the
336 (b) of the Internal Revenue Code
(relating to disallowed deductions in
Change
(b) of the Internal Revenue Code is amended
'normal-tax net income,'
(b)
by
The Internal Revenue Code is amended by inserting after section
follows:
"(b)
the
in this supplement under
regulations prescribed by
the approval of the
tax equal to 18 per centum of the amount thereof.''
a
Corporation Tax
(a)
prescribed
"The benefit of the deduction for net
operating losses allowed by section
23 (s) shall be allowed to insurance
companies subject to the taxes imposed
means
follows:
as
Tax—There shall be levied, collected, and paid for
on
year
(2)
of
"Sec.
(relating to the tax
Corporation Tax—A corporation organized under the China Trade
(b)
regulations
Insurance Companies—
(s)."
China Trade Act Corporations
on
Act, 1922, 42 Stat. 849 (U. S. C.f 1934 ed.f title
15, chap. 4), shall be
subject to tax under section 13 or section 14 (b)."
Sec.
The amount
section 23
207 the following:
Tax
China Trade Act
corporations) is amended to read
Section 362
to
paragraph:
"(8)
domestic
shall
under
Allowance of Deduction
(1) Section 203 (a) of the Internal Revenue Code (relating to deduc¬
tions of life insurance
companies) is amended by inserting at the end
thereof the following new
on
within
sources
Net Operating Losses
.
208.
(a)
Tax—A
section
(b)."
Sec.
Code
to read as follows:
Corporation
benefits
Revenue
189.
"The benefit of the deduction for net
operating losses allowed by section
(s) shall not be allowed to a
partnership but shall be allowed to the
members of the
23
missioner with the approval of the
Secretary."
of
Benefits
Losses
the
(e)
large part of their income from
a
possession) is amended
"(a)
section:
to the
Section 251
Section
new
Net Operating
"The benefit of the deduction for net
operating losses allowed by section
23 (s) shall be allowed to estates
and trusts under regulations prescribed by
partnership
the
to
170.
"Sec.
place of business
or
provided in section 14 (c) (1)."
as
on
office
an
"Sec.
follows:
as
Resident Corporations—A foreign corporation engaged in trade or
business within the United States
Sec.
'
.
ing after the section 169 the following
Foreign Corporations—The
apply to
"(b)
beginning prior
year
to
In General—There shall be levied, collected, and paid for each
taxable year upon the normal-tax net income of
every mutual insurance
Section
taxable
any
1
Deduction
Estates, Trusts, and Participants in
Common Trust Funds—The Internal Revenue Code is amended
by insert¬
follows;
Imposition of Tax—
"(1)
313
January 1, 1939."
(relating to the tax on
mutual insurance companies other than
life) is amended to read as
"(a)
'first
payer or
exchange
assumes a
acquires from the taxpayer property subject to
assumption
or
acquisition shall not
money' received
be considered
by the taxpayer within
as
as
part of the
liability of the tax¬
a
liability, such
'other
property
the meaning of subsection
or
(c),
(e) of this section and shall not prevent the exchange from being
within the provisions of subsection (b) (4) or (5); except that if, taking into
(d),
or
consideration the nature of the liability and the circumstances in the light
of which the arrangement for the assumption or acquisition was made,
appears
that
the principal
assumption or acquisition
purpose
of the
was a purpose
taxpayer with
it
to
the
to avoid Federal incopie tax on
the
respect
The Commercial &
314
exchange,
In any suit or proceeding where the burden is on
the exchange.
upon
taxpayer to
the
received by the taxpayer, such burden shall not be con¬
as
money
sidered
as
sustained unless the taxpayer
made by paragraph (1) to the respective Acts
amended shall be effective as to each of such Acts as of the date of enactment
of such Act
amended to read
"(1)
(relating to definition of
consolidation,
solely for all
reorganization) is
as
(A) a statutory merger or
(B) the acquisition by one corporation, in exchange
'reorganization' means
or
of its voting stock, oi at least 80 per centum of
or a part
the voting stock and at least
80
of the total number of
per centum
(C) the
shares of all other classes of stock of another corporation, or
acquisition by one corporation, in exchange solely for all or a part of
its
i
voting stock, of substantially all the properties of another corpora-
the acquiring corporation of a liability of the
stock the assumption by
other,
corporation of all or a part of
corporation if immediately after the transfer the
(D)
its assets to another
transferor
transfer by
a
a
its shareholders or both are in control of the corporation
or
to which the assets are transferred, or
change
mere
in
form,
identity,
(E)
recapitalization, or (F) a
a
however
place of organization,
or
effected."
(5)
of the Internal
Revenue
liability, such assumption or acquisition (in the amount of the
a
liability) shall, for the purposes of this paragraph, be considered as money
(2)
The
ment of such Act.
Sec.
or
such
"(i) the
considered
(d)
stock
as
securities received by such
or
(relating to basis of property)
is amended by inserting
following:
"Where
taxpayer another party to the exchange assumed
or
liability of the taxpayer
a
acquired from the taxpayer property subject to
tion
old stock and the
before the last
liability, such assump¬
a
acquisition (In the amount of the liability) shall, for the purposes of
or
this paragraph, be considered as money received by
the taxpayer upon the
Taxable
subsections
Years to
(a),
(b),
Which
(c),
Applicable—The amendments
(d)
and
shall
made
applicable to taxable
be
Where upon
exchange occurring In
an
by
Commissioner with the approval of the Secretary.
"(B)
such
Where the
rights
part of the consideration property
as
subsection (b)
(4)
taxable
a
beginning before January 1,
year
included in the gross income for such year
was
entire amount of the proceeds of such
of the sale of such
corresponding provisions of the Revenue Act of 1924
the
in
taxable
a
as¬
from gross
of the old stock shall be deter¬
the gross
be excluded from
ever
,
Subparagraph (A) shall not apply if the new stock was acquired
"(C)
subsequent revenue
or
has not
that any part of
(A); and no part of the proceeds
income of the year of such sale.
1939, the taxpayer
or
stock shall
new
the
sale, then, if before the date of
the enactment of the Revenue Act of 1939 the taxpayer
mined without regard to subparagraph
which would be permitted by
(5) of section 112 of the Revenue Act of 1938,
or
stock and
stock consisted of rights to acquire
new
sold in
were
1939, and there
income for the year of its sale, the basis
years
taxable year ending after
a
December 31, 1923, and beginning before January 1,
received
the old stock: such
be prescribed by the
the proceeds of the sale of such new stock should be excluded
beginning after December 31, 1938.
(f) Assumption of Liability Not Recognized Under Prior Acts—
(1)
stock the adjusted basis of
new
shall,
be determined by allocating between the
hands,
serted (by claim for a refund or credit or otherwise)
exchange."
(e)
of the Sixteenth
the meaning
stock and of the old stock, respectively,
new
allocation to be made under regulations which shall
part of the consideration to the
as
the shareholder within
in the shareholder's
transferor."
acquired in a taxable year beginning
Amendment to the Constitution;
then the basis of the
Basis of Property—Section 113 (a) (6) of the Internal Revenue Code
sentence thereof the
income to
#
or
was
1935, and its distribution did not constitute
after December 31,
proportion
acquired in a taxable year beginning
was
stock
new
money') shall be
section (k) it is not to be considered as 'other property or
stock
new
January 1, 1936;
(if under sub¬
the amount of such liability
distribution by
called 'new stock'),
paragraph
of which such distribution was made
of stock in respect
consists
(hereinafter in this paragraph called 'old stock') and
only of determining whether the amount of
purpose
Internal
corporation, or rights to acquire such
(hereinafter in this
corporation
Code (relating to requirement of sub¬
securities received by each of the transferors is in the
V;.;'
=.
basis of property) is amended by
stock, acquired by him after February 28, 1913, in a
where the property of a transferor is transferred subject to
liability, then for the
.
If the property was acquired by a shareholder in a corpora¬
"(19) (A)
tion and consists of stock in such
"(ii) the
a
■
Revenue Code—Section 113 (a) of the
Basis Under Internal
Revenue Code (relating to the unadjusted
before
stock
•
■
Stock Rights
inserting at the end thereof the following new paragraph:
"Where the transferee assumes a liability of a
required by this paragraph,
V"
-
Basis of Stock Dividends and
214.
the following new sentence:
or
*
made by paragraph (1) to the respective Acts
as to each of such Acts as of the date of enact¬
amendments
stantially proportionate interests) is amended by adding at the end thereof
transferor,
the exchange."
received by the taxpayer upon
amended shall be effective
or
Requirement of Substantially Proportionate Interests—Section 112
(c)
(b)
liability of the taxpayer or acquired from the taxpayer property
a
subject to
(a)
the fact that property acquired is subject to a liability, shall
or
be disregarded, or
part of the
assumed
voting
determining whether the exchange is solely for
but in
tion,
(6) of the Revenue Acts of 1926 and 1924 are
last sentence thereof the following: " Where
consideration to the taxpayer another party to the exchange
(a)
amended by inserting before the
follows:
as
The term
Section 113 (a) (6) of the Revenue Acts of 1938,1936,1934, 1932 and
(1)
1928, and section 204
(1)
(g)
.
Basis Under Prior Acts—
(i)
preponderance of the evidence."
of the Internal Revenue Code
The amendments
(2)
sustains such burden by the clear
(b) Amendment to Definition of Reorganization—Section 112
determination shall be deemed proper."
result of such
that such assumption or acquisition is not to be con¬
prove
sidered
sentence shall not apply and the
of the preceding sentence, such
cation
(in the amount of the liability) shall, for the
of this section, be considered as money received by the taxpayer
purposes
July 15, 1939
liability was different from the treatment which would result from the appli¬
if not such purpose, was not a bonda fide business purpose,
or,
such assumption or acquisition
Financial Chronicle
included,
1936, and there was
beginning before January 1,
year
as
dividend, in gross income for such year an amount on
a
account of such
stock,.and after such inclusion such amount was not
Acts, to be received without the recognition of gain if it were the sole con-
excluded
(before the date of the enactment of the Revenue Act of 1939)
consideration, and
from gross income for such year.
change assumed
liability of the taxpayer
a
property subject to
considered
part of the consideration another party to the ex¬
as
or
acquisition shall not be
or
"other property or money" received by the taxpayer
as
within
the meaning of subsection (c), (d), or (e) of section 112 of the Revenue
of
1938,
the corresponding provisions
or
subsequent
revenue
within
provisions of
the
Act
of the Revenue Act of 1924 or
Acts, and shall not prevent the exchange from being
Revenue Act of 1938,
subsection
(b)
(4)
(5) of section 112 of the
or
the corresponding provisions of the Revenue Act
or
of 1924, or subsequent revenue Acts; except that if, in the determination
the tax
liability of such taxpayer for the taxable
occurred, by
year
of
in which the exchange
decision of the Board of Tax Appeals or of a court which
a
became final before the ninetieth day after the date of enactment of the
Subparagraph (A) shall not apply if the new stock or the old
"(D)
acquired from the taxpayer
liability, such assumption
a
stock
sold
was
or
otherwise disposed
of in
a
taxable
beginning
year
prior to January 1, 1936, and the basis (determined by a decision of a
court
or
decision
the Board of Tax Appeals,
date of the enactment of the
gain
loss
or
such
on
sale
Revenue Act of 1939)
disposition
other
or
closing agreement, and the
a
final before the ninetieth day after the
agreement became
or
or
was
for determining
ascertained by
method other than that of allocation of the basis of the old
(b)
Distributions
Internal
Revenue
Not
Code
Treated
a
stock."
115
of the
(d)
(relating to distributions applied in reduction of
basis) is amended to read
"(d)
Dividends—Section
as
as
follows:
Other Distributions from Capital—If any distribution made by
a
Revenue Act of 1939, or by a closing agreement, gain was recognized to
corporation to its shareholders is not out of increase in value of property
such
accrued before March 1, 1913, and is not a dividend,
by
taxpayer
of such assumption or acquisition of property,
reason
then the amount of
then for the purposes of section 112 of the Revenue Act of 1938, and corres¬
such distribution shall be applied against and reduce the adjusted
ponding provisions of the Revenue Act of 1924
the stock provided in section 113, and if in excess of such basis,
subsequent
or
revenue
Acts,
such assumption or acquisition (in the amount of the liability considered
computing the gain) shall be considered
as
money
in
received by the taxpayer
the exchange.
upon
(2)
1924 and subsequent revenue Acts
of the date of enactment
as
of each
such Act.
(g)
Definition of Reorganization Under Prior Acts—
(1)
Section 112 (g) (1) of the Revenue Acts of 1938, 1936, and 1934 are
amended to read
(c)
consolidation,
solely for all
(A)
a
statutory merger
or
(B) the acquisition by one corporation, in exchange
or
or a
means
part of its voting stock, of substantially all the proper¬
ties of another corporation, but in determining whether the exchange
is
solely for voting stock the assumption by the acquiring corporation of
a
liability of the other,
a
liability, shall be disregarded;
exchange solely for all
centum
of the
the fact that property acquired is subject to
or
or
or a part
the acquisition by qne corporation
of its voting stock of at least 80 per
voting stock and at least 80
per
centum of the total
number oi shares of all other classes of stock of another corporation, or
a transfer
by
a
corporation of all
or a part
as
or to a
Revenue
of Period
Code
of its assets to another
stock
or
The
or
a
recapitalization,
or
(E)
a
mere
change in
made
amended shall be effective
as
by paragraph
(1)
the respective
to
Acts
to each of such Acts as of the date of enact¬
of such Act.
ment
(h) of the
for which
the end thereof the following new
(a)
(19)
(A), there shall
be included the period for which he held the stock in the dis¬
Secretary)
distribution."
(d)
Taxable
subsections
(a)
,
Years
Applicable—The
Which
to
amendments
made
by
(b). and (c) shall be applicable to taxable years beginning
after December 31, 1938.
Basis Under Prior Acts—The following rules shall be applied, for the
(e)
purposes
of the Revenue Act of 1938 or any prior revenue Act as if such
were a
part of each such Act when it was enacted, in determining
acquired by
him after February
place of organization, however effected."
amendments
117
of period
tributing corporation prior to the receipt of such stock or rights upon such
(D)
identity, form,
(2)
Held—Section
determination
rights is determined under section 113
of stock in such corporation,
or
Which
(under regulations prescribed by the Commissioner with the approval of the
basis of property
are
for
In determining the period for which the taxpayer has held stock or
in control of the corporation to which the assets
both
distribution in partial or
paragraph:
rules
transferred,
a
not otherwise a dividend."
rights to acquire stock received upon a distribution, if the basis of such
holders
are
or
(relating to
corporation if immediately after the transfer the transferor or its share¬
or
excess
gain from the sale or exchange of
distribution which, under subsection (f) (1), is
dividend, whether
a
Determination
"(5)
'reorganization'
as a
property is held) is amended by adding at
follows:
as
"(1) The term
(C)
not treated
Internal
same manner
This subsection shall not apply to
property.
complete liquidation
Paragraph (1) shall be effective with respect to the Revenue Act of
in
shall be taxable in the
basis of
such
a
share-holder in
a
the
corporation which consists
rights to acquire such stock, acquired by
or
28, 1913, in
a
distribution by such corporation (herein¬
after in this subsection called "new stock"), or consisting of stock in respect
of which such distribution
made (hereinafter in this subsection called
was
"old stock"), if the new stock was
acquired in
(h)
Substantially Proportionate Interests Under Prior Acts—
January 1,1936,
taxable year beginning after December 31,
(1)
Section 112 (b)
1935,
(5) of the Revenue Acts of 1938, 1936, 1934, 1932,
and 1928, and section 203
amended by
feree
(b) (4) of the Revenue Acts of 1926 and 1924
inserting at the end thereof the following:
assumes a
is transferred
liability of
subject to
a
a
transferor,
or
are
"Where the trans¬
where the property of a transferor
liability, then for the purpose only of determining
whether the amount of stock
or
securities received by each of the transferors
is in the proportion required by this
paragraph, the amount of such liability
(if under section 213 of the Revenue Act of 1939 it is not considered
'other property or money') shall be considered
by such transteror.
If,
as
the result of
a
as
stock
the ninetieth
1939,
or
by
day after the date of the
a
closing agreement, the
securities received
determination of the tax liability
of the taxpayer for the taxable year in which the
decision of the Board of Tax Appeals or of
or
as
a court
exchange occurred, by
a
which became final before
enactment
treatment
of the Revenue Act of
of the
amount
of such
and
within the
its
or
acquired in
distribution
a
did not
a
taxable year beginning before
constitute income to the
shareholder
meaning of the Sixteenth Amendment to the Constitution:
(1) The basisof the new stock and of the old stock, respectively, shall,
hands, be determined by allocating between the
in the shareholder's
old stock and the
new
stock the adjusted basis of the old stock: such
allocation to be made under regulations which
the
Commissioner
(2)
Where the
with
new
the
approval
of
the
shall be prescribed by
Secretary.
stock consisted of rights to acquire stock and
such rights were sold and there was
Included in the gross income for the
taxable year of the sale the entire amount of the proceeds
of such sale,
then, if before the date of the enactment of this Act the taxpayer has
not
asserted (by claim for a
of the proceeds
gross
refund
or
credit or otherwise) that any part
of the sale of such new stock should be excluded from
income for the
year
of its sale, the basis of the old stock shall be
Volume
The Commercial & Financial Chronicle
149
determined without regard to paragraph
(1) and
of the sale of such
stock shall
new
ever
of the proceeds
no part
be excluded
Voluntary employees' beneficiary associations providing for
the payment of
life, sick, accident, or other benefits to the members of
such association or their
dependents or their
from the grosss
income of the year of such sale.
(3)
Paragraph (1) shall
not apply if the new stock was acquired in a
beginning before January 1,1936, and there was included,
dividend, in gross income for such year an amount on account of
if
taxable year
as
a
such stock, and after such inclusion
such amount
not
was
and
'
sold
was
otherwise disposed of in
or
January 1, 1936, and
or
taxable year
a
the old stock
ascertained
was
by
method other than that of allocation
a
Determination Under Prior Acts of Period for Which Held—For the
purposes of the Revenue Act of 1938
prior
or any
Act, in determin¬
revenue
ing the period for which the taxpayer has held stock
any
1
beginning after December 31, 1938.
Sec.
or rights is
determined under section 214 (e) (1) of the Revenue Act of
1939, there shall
(under regulations which shall be
prescribed by the Commissioner with the
rights
or
This subsection shall be applicable as if it were
part of each such Act when such Act was enacted.
Sec.
(a)
Income
215.
a
(2) of subsection (a) shall not apply to
Sec.
(a)
Amendment
as
that at
authorized
the time of such discharge the
filing the return, in such
of the
manner as
in
amount of any
(b)
an
In such
income of the taxpayer attributable to any unamortized
included in gross income and the amount of
the deduction attributable
to any unamortized discount
(computed as of the first day of the tax¬
able year in which such
discharge occurred) with respect to such
indebtedness shall not be allowed as a deduction.
As used in this
paragraph
the term
'security' means any bond, debenture, note, or
other evidence of indebtedness, issued
by any corpora¬
tion, in existence on June 1, 1939.
This paragraph shall not
certificate,
or
purpose of reports
to
with
new
of
case
a
"(4)
whole
or
a
(b) (9)
part
of the amount
excess
The amount to be
excluded from gross income, reduced
by the
amount of any deduction disallowed under
section 22 (b) (9) ) and the
so
particular properties to which the reduction shall be
allocated, shall be
determined under regulations (prescribed
by the Commissioner with
the approval of the
Secretary) in effect at the time of the filing of the
consent
by the taxpayer referred to in section 22 (b) (9).
shall be made
as
of the first
day of the taxable
charge occurred except in the
payer on such first
the
case
in which the dis¬
not
held by the tax¬
it shall take effect
as
of the time
holding of the taxpayer began."
Taxable Years to Which Applicable—The amendments made
by this
section shall be applicable to taxable
years beginning after December
31,
>■■■..-;
-
•
■■■
Sec.
(a)
216.
Disallowance of Credit
amended
by striking out
"If the taxpayer
131
signifies in
of the
Internal
foreign tax credit) is amended
on
his return
The
amount of the credit in respect
to any
country shall not exceed the
which
such
sources
of
a
credit
is
taken,
Revenue
to read as
case
"(2)
same
which
the
of the tax paid
Code
follows:
of
a
a
corporation,
corporation, for the
The total amount
of
the
or accrued
proportion of the tax against
taxpayer's net income from
within such country bears to his entire net
taxpayer other than
in the
income, in the
or to the normal-tax net
or to
the normal-tax net
same
taxable year."
(c)
-
Foreign
case
of
case
taxable year; and
same
credit
a
shall
not
exceed
taxpayer other than
income, in the
'•
Subsidiary—Section 131
217.
the
case
of
a
a
year or any
corporation, for the
»'
of the Internal
change to
a
different
loss, for
or
beneficiaries)
a
change to
a
the goods
specified
in
method different from
change to, and the
the
that
of, the different
use
(b)
Taxable
Years
to
Which
Applicable—The
made
amendment
subsection (a) shall be applicable to taxable years
beginning after
by
December
'"v '
••
(c) Amendment to 1938 Act—Section 22 (d) of the Revenue Act of 1938
(relating to inventories in certain industries) is amended to read as follows:
"(d) If the inventory method described in section 22 (d) (1), as amended,
,
of the Internal
Revenue Code is used for the first taxable year beginning
December
31,
1938, then, in determining income for the preceding
taxable year, the closing inventory of such year of the goods specified in
the application under section 22 (d) (2), as amended, of such Code shall
220.
'•••
■
'
Compensation for Services Rendered for
Years
(a)
the
or
a
'
•
'*;■
Period of Five
More
The Internal Revenue Code is amended by inserting after section 106
following
"Sec.
107.
new
section:
Compensation for Services Rendered for
:
"In the
case
•'
or
a
Period of Five
More
Years
;,
of compensation (a) received, for personal services rendered
individual in his individual capacity,
an
ship, and covering
a
or
as
a
member of
a
partner¬
period of five calendar
ning to the completion of such services,
years or more from the begin¬
(b) paid (or not less than 95 per
centum of which is paid) only on completion of such services, and
(c)
required to be included in gross income of such individual for any taxable
beginning after December 31, 1938, the tax attributable
year
to such com¬
pensation shall not be greater than the aggregate of the taxes attributable
to such
years
(b)
Sec.
compensation had it been received in equal portions in each of the
included in such period."
The amendment made by subsection (a) shall be applicable to tax¬
221.
beginning after December 31, 1938.
Extension of Time of Orders of
(a)
following
and
Exchange
8ection 373 (a) of the Internal Revenue Code (relating to the defini¬
tion of orders of the Securities and
Exchange Commission with respect to
is amended to read
as
follows:
"(a) The term 'order of the Securities and Exchange Commission'
an
means
order
the
(1) issued after May 28, 1938, and prior to January 1, 1941, by
Securities and Exchange Commission to effectuate the provisions of
section 11
Employees' Organizations
Securities
Commission
Revenue Code
...
year
which Supplement R applies)
(f)
Exemption of Certain Federal
paragraph:
taxable
31, 1938.
corporation,
Section 101 of the Internal Revenue Code (relating to exemptions from
tax on corporations) is amended
by adding at the end thereof the
new
a
same
(a)
.
inventory of such
(I) beginning with such subsequent taxable
thereafter.
In either of the above cases, the
'
Sec.
the closing
method shall be in accordance with such
regulations as tho Commissioner,
with the approval of the Secretary,
may prescribe as necessary in order that
the use of such method may
clearly reflect income,"*-.
able years
(relating to credit for taxes of foreign subsidiary) is amended by
striking
out "entire net income" and inserting in lieu thereof
"normal-tax net
income."
to
or
application, and requires
income,
proportion of the tax against which such credit is
taken, which the
taxpayer's net income from sources without the United States bears to
his entire net income, in the
proprietors,
prescribed in paragraph
his
"(b) Limit on Credit—The amount of the credit taken under this section
shall be subject to each of the
following limitations:
"(1)
used,
(1) in inventorying (for ascertaining income, profit,
other
or
by
(b)
the
procedure other than that specified in subparagraph (B) of para¬
to
Credit—Section
of
of such method
credit purposes, or for the purpose of
reports to shareholders, partners,
credited with."
(relating to the limit
approval
use
of the goods specified in such application shall be at cost.
year
some
have the benefits of this section, the tax
imposed by this chapter, except the tax imposed under section
102, shall be
on
the
a
be at cost."
desire to have the benefits of this
section, the tax imposed by this chapter
be credited with" and
inserting in lieu thereof "If the taxpayer
Limit
with
.
"(B) The Commissioner determines that the taxpayer has used for
any period beginning with or during any subsequent taxable
year
Sec.
shall
(b)
Commissioner,
Foreign Tax Credit
to Section 102
signifies in his return his desire
the
as
(1) is
of, such method shall be in accordance
subsequent taxable years unless—
"(A) With the approval of the Commissioner
Corporations—Section 131 (a)
of the Internal Revenue Code
(relating to allowance of foreign tax credit)
is
during the
method is authorized; or
after
(c)
1938.
or
.
The reduction
year
of property
case
day, in which
partners, or other proprietors, or
taxpayer, having complied with paragraph (2), uses the method
described in paragraph (1) for any taxable
year, then such method shall be
of the
applied (not in
so
that
for the
or
used in all
income shall be applied in reduction of
discharge occurred.
purposes,
In determining income for the taxable year
preceding the taxable
"(5) If
on
the basis of any
property held (whether before or after the time of the
discharge) by the taxpayer during any portion of the taxable
year in
which such
regulations
use
for which such method is first
preceding
corporation
any amount is excluded from gross income under section
22
account of the discharge of indebtedness the
other than
procedure
credit
may prescribe as necessary in order that the
graph
in the
for
period beginning with
any
clearly reflect income.
year
paragraph:
Discharge of Indebtedness—Where
amount so excluded from
gross
such
may
(b) Basis Reduced—Section 113 (b) of the Internal Revenue Code
(relat¬
ing to the adjusted basis of property) is amended
by adding at the end
following
loss,
to shareholders,
The change to, and the
Secretary,
apply to
discharge occurring before the date of the enactment of the Revenue
Act of 1939, or in a taxable
year beginning after December 31, 1942."
"(3)
or
beneficiaries) such goods for
"(3)
any
thereof the
such method filed at
first taxable year for which the method
described In paragraph
to be used.
the
(computed as of the first day of the taxable year in which
discharge occurred) with respect to such indebtedness shall not be
use
paragraph (1) in inventorying
uasound
case
application to
an
missioner that the taxpayer has used no
specified in subparagraphs (B) and (C) of
at the time of
premium
such
inventoried) specified in
manner as the Commissioner
may prescribe; and
"(B) Only if the taxpayer establishes to the satisfaction of the Com¬
consent to the regulations
(3) then in effect..
having been acquired at the
"(A) Only in inventorying goods (required under subsection
(c) to
be
the Commissioner, with the approval
Secretary, by regulations prescribes, its
prescribed under section 113
Treat those included in the opening
inventory of the taxable
(to ascertain income, profit,
taxpayer was
such
or not
such time and in such
corporation,
financial condition, and if the taxpayer makes and filed
;
to read as follows:
following method (whether
time and determine their cost
by the average cost method.
The method described in paragraph (1)
may be used—
"(2)
exercise
to
may use the
prescribed under
"(A) Inventory them at cost;
"(B) Treat those remaining on hand at the close of the taxable
year
being: First, those included in the opening inventory of the taxable
"(C)
the Commissioner by any Federal
agency
authorized to make loans on behalf of the United
States to such
agency
(d) of the Internal Revenue Code
industries) is amended
year in which such method is first used as
to
Federal
in certain
same
for which the taxpayer is liable evidenced
by a security (as
hereinafter in this paragraph defined) if—
;
i
(A) it is established to the satisfaction of the Commissioner, *or
any
been
Inventories
(in the order of acquisition) to the extent
thereof, and second,
those acquired in the taxable
year; and
payer or
by
beginning
year
corporation, the amount of any income of the taxpayer attributable to
the discharge, within the taxable
year, of any indebtedness of the tax¬
or
from
subsection (c)) in inventorying
goods
specified in the application required under
paragraph (2):
amended
power over such
has
219.
Code—Section 22
"(d) (1) A taxpayer
from
regulatory
to
(relating to inventories
Revenue
corporation
taxable year
a
prior to January 1, 1940."
Discharge of Indebtedness
(B) it is certified
exemption
January 1, 1940—The provisions
of clause
Discharge of Indebtedness—Section 22 (b) of the
Code
(relating to exclusions from gross income) is
by adding at the end thereof the following new paragraph:
"(9) Income from Discharge of Indebtedness—In the case of a
Internal
to
employees) is amended by inserting
before the first paragraph
"(a) Exemption from Tax—" and by inserting
at the end thereof
the following new subsection:
/
"(b) Taxable Year Beginning Prior to
method
distributing corporation prior to the receipt of such stock
Employees' Trusts
tax of certain trusts for
the benefit of
approval of the Secretary) be included the
period for which he held the stock
upon such distribution.
218.
Section 165 of the Internal Revenue
Code (relating
stock, received upon a
distribution, if the basis of such stock
in the
(other
private shareholder
The amendment made by this section shall
be applicable to taxable
years
rights to acquire
or
employees of the United States Government,
beginning before
of the basis of the old stock:
(f)
or
no
the basis (determined by a decison of a court or
the Board of Tax Appeals, or a
closing agreement, and the decision or
agreement became final before the ninetieth
day after the date of the
enactment of this Act) for
determining gain or loss on such sale or other
disposition
designated beneficiaries,
membership in such association is limited to indivi¬
to
officers
individual."
or
(b)
not apply if the new stock
(B)
are
part of the net earnings of such association inures
than through such
payments) to the benefit of
(before the
year.
Paragraph (1) shall
(A) admission
duals who
date of the enactment of this
Act) excluded from gross income for such
(4)
315
"(19)
820
(b) of the Public Utility Holding Company Act of 1935, 49 Stat.
Supp. Ill, Title 15, §79 (b) ). or (2) issued by the Com¬
(U. S. C.,
mission subsequent to
that
an
December 31, 1940, in which it is expressly stated
order of the character specified in clause (1) is amended or
supple¬
mented, and (3) which has become final in accordance with law."
The Commercial &
316
by subsection (a) shall be
The amendment made
(b)
Commodity Credit Loans
223.
the following new section:
Commodity Credit
123.
"Sec.
follows-
of property pledged to
the Commodity Credit
received as a loan from the
by the taxpayer as income
this chapter,
such loan with respect to which
Commodity Credit Corporation and treated
in which received pursuant to section 123 of
deficiency on
and to the extent of any
been relieved from liability."
the taxpayer has
The amendments made by subsections (a) and (b) shall
(c)
subject to
the
retroactively applied in computing income for any taxable year
Revenue Act of 1938, or any of
such Acts
The taxpayer elects in writing
(1)
amended, if—
as
(in accordance with regulations
of the Secretary)
prescribed by the Commissioner with the approval
within
one
such loans
from the date of the enactment of this Act to treat
year
as
income for such year,
and
The records of the taxpayer are sufficient to permit an accurate
(2)
computation of income for such year, and
(3) The taxpayer consents in writing to the assessment,
period
as
may
within such
Any tax overpaid for
to the
statutory period of limitation properly applicable
thereto.
subject
Revenue Act of 1936, or the Revenue Act of 1938, or any of such
amended,
the basis,
disposition of
as
security
Than Life or Mutual—Notwith¬
income,' as used in this subchapter,
other than life or mutual the
gross income, as defined in section 204 (b)(1), increased by the amount of
losses incurred, as defined in section 204 (b) (6), and the amount of expenses
incurred, as defined in section 204 (b) (7), and decreased by the amount
deductible under section 204 (c) (7) (relating to tax-free interest)."
loan obtained therefrom, shall be adjusted for the amount
on a
of such Joan to the extent it
considered
was
income and included in gross
as
such loan with respect to which the taxpayer was
Sec. 224.
deficiency
relieved from liability.
Charitable Contributions to Possessions and Charities in
Possessions
(a)
Charitable
Section 23
read
Deductions
of
"(1) The United States,
United
Than
Other
Taxpayers
Corporations—
State, Territory, or any political sub¬
any
the District of Columbia, or any
or
possession of the
States, for exclusively public purposes;
"(2) A corporation, trust,
created
or
community chest, fund, or foundation,
or
organized in the United States
in any possession thereof or
or
under the law of the United States or of any
State
Territory or of any
or
possession of the United States, organized and operated exclusively
religious, charitable, scientific,
for the prevention of cruelty to
1938/.
ing
(b)
on
no
literary,
or
any
which is carry¬
otherwise attempting, to influence
or
before the semicolon at the end thereof a
chapter, the term 'adjusted net
section 505
as
years
corporation, contributions
gifts payment of which is made within
or
a
chest, fund,
Sec.
foundation, created
possession thereof
State
Territory,
or
or
under
or
Sec.
the law of the
of the District of Columbia,
or
able, scientific, literary,
or
Section
new
case
or
or
■.
carrying
an
propaganda,
amount which
income
tions
individual, and
on
as
or
no
year
ending June 30, 1939, and the year ending
substantial part
does not exceed
the year ending
IV—MISCELLANEOUS AMENDMENTS
Sec.
gifts shall be allowable
and regulations prescribed
as
deductions only if
verified under rules
by the Commissioner, with the approval of the
Against
Validity
225.
The Internal Revenue Code is amended
by inserting
following
after section 151 the
new section:
a
business
Pan-American Trade Corporations
within the
owns
United
States
directly 100
(hereinafter referred to
per centum
of the capital
as
referred
to
a
trade
as
a
or
business in Central
Pan-American
trade
or
State
corporation),
such
or
corporations
the law
Territory in which the property subject to the
property subject to the lien
has not by law
lien is
provided for the
With
"(3)
is situated, whenever the State or Territory
provided for the filing of such notice; or
Clerk of District
Court of the United States for the
the District Court of
District of Columbia—In the office of the clerk of
the United States for the District of
to
the lien is situated In the
"(b)
though notice of a lien
in the manner prescribed in sub¬
Exception in Case of Securities—Even
(1)
section (a) of this section, or
Revised Statutes,
to
Columbia, if the property subject
District of Columbia.
provided in section 3670 has been filed
a
against any
or
as
notice of a lien provided in section 3186 of the
amended, has been filed in the manner prescribed in
subsection (a) of this section,
security,
as
mortgagee,
the lien shall not be valid with
(2) of this subsection, as
purchaser, of such security, for an
money's worth, if at the time
purchase such mortgagee, pledgee, or pur¬
defined in paragraph
pledgee,
or
adequate and full consideration in money or
the 'parent
the active
be valid a®
by the collector—
With Clerk of District Court—In the office of the clerk of the
States district court for the judicial district in which the
"(2)
United
"(2)
(hereinafter
and
filing of such notice; or
means
stock of one or
South America
Purchasers,
.
situated, whenever the State or Territory has by law
trade or
domestic corporations each of which is engaged solely in
conduct of
<
pledgee, purchaser, or judgment creditor until
mortgage,
pledge, or
chaser is without notice or
domestic corporation engaged in the active conduct of a
corporation')
more
152.
amended to read as follows:
Pledgees,
Under State or Territorial Laws—In accordance with
"(1)
of the
of such
♦
»
"Sec.
"If
mortgagee,
any
notice thereof has been filed
respect
Pan-American Trade Corporations
Mortgagees,
Securities
Invalidity of Lien Without Notice—Such lien shall not
against
such section
Sec.
on
Judgment Creditors
legislation;
Secretary."
Tax Liens
401.
Section 3672 of the Internal Revenue Code is
3672.
the value declared for
June 30, 1939."
TITLE
private share¬
the taxpayer's net
Such contribu¬
declared value for the year
ending June 30, 1940, shall be made on the basis of
of the activities of which is
5 per centum of
declaration year, the computation, under
a
paragraph (1) of subsection (b), of the adjusted
of any
computed without the benefit of this subsection.
If, under this subsection,
computed under paragraph (1) of subsection (b).
30,1939, is
thereof, and (2)
is in excess of the adjusted declared value
the value declared by the taxpayer
"Sec.
before the expiration
filing period or any authorized extension
the year ending June
June 30, 1940,
constitute an additional
(1) the taxpayer so elects
to such year
if with respect
year
(which election cannot be changed) in its return filed
gifts are to be used within
otherwise attempting, to influence
or
thereof the following
v.
each, if not otherwise a declaration year,
declaration
of its possessions exclusively for such purposes), no
any
1939
Additional Declaration Years—In the case of any domestic corpora¬
tion, the
of contributions or gifts to a trust, chest,
or
TAXES
Purposes,
(relating to declaration of
Internal Revenue Code
of the
1202
subsection:
"(e)
of any possession of
part of the net earnings of which inures to the benefit of any
holder
or
Stock
capital stock value) is amended by inserting at the end
exclusively for religious, charit¬
foundation, only if such contributions
the United States
or
States,
Capital
and 1940
educational purposes or for the prevention of
or
cruelty to children (but in the
fund,
United
for
PROFITS
EXCESS
AND
Value
of
Declaration
301.
made by this title
December 31, 1939.
STOCK
III—CAPITAL
TITLE
Applicable
211, 213, 214, 215, 217, 219,
Revenue Code shall be applicable only with respect to tax¬
able years beginning after
corporation, trust, or community
the United States, organized and
operated
to
Taxable Years to Which Amendments
229.
220, 221, 222, 223, 226, 227 and 228, the amendments
organized in the United States or in
or
shall be applicable to taxable
beginning after December 31, 1938.
"(a)
follows:
the taxable year to or for the use of
any
(1)."
(a)
The amendment made by subsection (a)
(b)
legislation;"
"(q) Charitable and Other Contributions by Corporations—In the case
a
o^the dividend carry-over for the purposes of this sub¬
income' as used in section 27 (c) means the
allowed for Federal taxes under
the computation
adjusted net income minus the deduction
Charitable Deduction of Corporations—Section 23 (q) of the Internal
Revenue Code is amended to read
of
:
Code is amended by inserting
comma and the following: "and, in
Section 504 (a) of the Internal Revenue
(a)
for
private shareholder or
December 31,
for Personal-Holding
Computation of Dividend Carry-Over
Company Tax
Sec. 228.
educational purposes, or
substantial part of the activities of
propaganda,
Applicable—The amendments made by this
taxable years beginning after
:'v "■
;
children or animals, no part of the net
earnings of which inures to the benefit of
individual, and
Taxable Years to Which
(b)
of the statutory
V
division thereof
in the case of an insurance company
means,
shall
(2) of the Internal Revenue Code are amended to
(1) and
(o)
follows:
as
Other
Companies
Insurance
standing subsection (a), the term 'gross
pledged to the Commodity Credit Corporation
any property,
income for the year in which received, and for the amount of any
on
Acts as
the sale or other
loss from
for determining gain or
this subchapter shall have the
1.
meaning as when used in chapter
same
Revenue Act of 1934, the
of the
the provisions
to
Meaning of Terms Used
507.
"Sec.
General Rule—The terms used in
"(a)
to the Internal
Adjustment of Basis for Prior Years—in computing income for any
(e)
taxable year
Section 507 of the
(a)
follows:
Except the amendments made by sections
such year shall be credited or refunded, subject
any
Insurance Com¬
Company Tax
Internal Revenue Code is amended to read as
panies for Personal Holding
though the statutory period for the assessment of any such deficiency
filing of such consent.
■
applicable to taxable
31, 1938.
of Gross Income of Certain
Definition
227.
Sec.
be agreed upon, of any deficiency for such year, even
had expired prior to the
"i'J..
made by subsection (a) shall be
beginning after December
Act of 1934, the Revenue Act of 1936, or
the provisions of the Revenue
specified in this subsection) as
Deductions (other than these
(b) The amendment
years
'•!*,•
*
Code is amended to
follows:
as
section shall be applicable to
of subsection (a) shall be
Retroactive Application—The provisions
(d)
be applicable
beginning after December 31, 1938.
to taxable years
v.'
(10) of the Internal Revenue
(c)
Section 204
provided in section 23."
Corporation, to the extent of the amount
for the year
Mutual
read
of the
within the
Companies Other Than Life or
Deductions of Insurance
226.
"(b)
-"'-"y ■
in the case
"(G)
Sec.
corporations is derived from sources
States."
United
Loans
from the Commodity Credit Corporation
shall at the election of the taxpayer, be considered as income and shall be
included in gross income for the taxable year in which received.
"(b) If a taxpayer exercises the election provided for in subsection (a)
for any taxable year beginning after December 31, 1938, then the method
of computing income so adopted shall be adhered to with respect to all
subsequent taxable years unless with the approval of the Commissioner a
change to a different method is authorized."
(b) Adjustment of Basis—Section 113 (b) (1) of the Internal Revenue
Code is amended by adding at the end thereof a new subparagraph reading
as
income for the taxable year of any
"(3) No part of the gross
Pan-American trade
"(10)
"(a) Amounts received as loans
other than royalties,
annuities, and gains from the sale or
exchange of stock or securities; and
"(2) At least 90 per centum of the gross income for the taxable year
of each of the Pan-American trade corporations is derived from sources
other than royalties, rents, dividends, interest, annuities, and gains
from the sale or exchange of stock or securities; and
interest,
dividends,
rents,
v
-
of the gross income for the taxable year
corporation is derived from sources
of the parent
(a)
Code is amended by inserting after section 121
The Internal Revenue
(a)
conditions are satisfied:
At least 80 per centum
"(1)
Internal Revenue Code (relating to corpora¬
tion credit for amounts used or set aside to pay indebtedness) is amended by
inserting at the end thereof the following new sentence:
"A renewal (how¬
ever evidenced) Of an indebtedness shall be considered an indebtedness."
(b) The amendment made by subsection (a) shall be applicable to taxable
years beginning after December 31, 1938.
(c) Section 27 (a) (4) of the Revenue Act of 1938 (relating to corporation
credit for amounts used or set aside to pay indebtedness) is amended by
inserting at the end thereof the following new sentence:
"A renewal (how¬
ever evidenced) of an indebtedness shall be considered an indebtedness."
(d) The amendment made by subsection (c) shall be applicable to taxable
years beginning after December 31, 1937.
Sec.
within the meaning of section
that the following
Section 27 (a) (4) ot the
(a)
corporation') shall be deemed to be an affiliated group
141 of this chapter, provided
(including the 'parent
of corporations
Renewal of Indebtedness
222.
Sec.
applicable to taxable
31, 1938.
beginning after December
years
1939
July 15,
Financial Chronicle
knowledge of the existence of such lien.
Definition of Security—As used in this subsection the term
any
bond,
debenture,
note,
or
'security*
certificate, or other evidence of
issued by a govern¬
indebtedness, issued by any corporation (including one
ment
or
political subdivision thereof), with interest coupons or
form, share of stock, voting trust
or
in registered
certificate, or any certificate of interest
participation in, certificate of deposit or receipt
for, temporary or interim
Volume
The Commercial &
149
certificate for,
or warrant or right to subscribe to or purchase, any of the
foregoing; negotiable instrument; or money.
"
(3) Applicability of Subsection—Except where the lien has been enforced
by
proceeding, suit,
a
civil action which has become final before the date
or
of enactment of the Revenue Act of
1939, this subsection shall apply regard¬
less of the time when the
mortgage,
pledge, or purchase was made or the
lien arose."
Sec.
402.
transfers of
Transfers of Worthless Securities by Executor,
on
Etc.
(b) of the Internal Revenue Code (relating to the tax on
capital stock and similar interests) is amended by inserting at
the end thereof the following new paragraph;
"The tax
distributee of shares
of the
be imposed upon any
not
transfer by an executor or administrator to a legatee, heir, or
or
certificates of stock if it is shown to the satisfaction
or
Commissioner
that
the
value
of such
shares
certificates
or
is
Sec.
(a)
or
(b)
legacy, succession, and inheritance taxes paid) is
by inserting after
"District of Columbia,"
"or
the following:
United States,".
Sec.*404.
as
3604
Returns by Attorneys
as
of such Code is
tions between attorney
Internal Revenue Code,
amended by striking out
"Nothing in this
return with
require the filing by an attorney-at-law
respect to any advice given or information obtained through
the relationship of attorney and
405.
communica¬
and client." and inserting in lieu thereof "Nothing
in this section shall be construed to
Sec.
filing claims for refund of amounts paid under the Agricultural Adjustment
Act) is amended by striking out "July 1,1937" and inserting in lieu thereof
"January 1, 1940."
Sec.
Insolvent Banks
406.
Section 3798 (c) of the Internal Revenue Code is amended to read
(1) Any such tax collected, whether collected before, on, or after
Sec.
408.
Any tax, the assessment, collection,
under subsection
(a) of this section,
or
remitted after
it
shall
appear
the refunding of taxes.
or payment
of which is barred
such tax which has been abated
or any
May 28, 1938, shall be assessed or reassessed whenever
May 28, 1938, shall be assessed
or
refunded
reassessed after full payment of
such claims of depositors to the extent of the remaining assets segregated
transferred
as
and collection shall be suspended,
on
the making of assessment
during, and for ninety days beyond, the
period for which, pursuant to this section,
assessment) or collection may not
be made, and a tax may be reassessed as provided in paragraphs
of this subsection, and collected,
(2)
and (3)
during the time within which, had there
abatement, collection might have been made."
The term "agent"
as
shall be deemed to include
second-class mail matter."
as
words
or
American Samoa
"Guam,
Samoa"
American
and
after
the
a
words
m.
E. S. T.
rally has been continued this week in rather
convincing fashion.
Lower-grade issues have made some
fairly good gains, and high-grade corporates as well as
governments have remained firm.
Excess reserves of mem¬
ber
banks
a
reported this week stood at $4,450,000,000,
as
used in 3798 (b) of the Internal Revenue Code
corporation acting
as a
liquidating agent.
High-grade railroad
1992,
declined
%. to
issues,
8.
Oovt.
Averages
Bonds
120 Domestic Corporate *
Medium-grade
have
and
speculative
displayed
improve¬
Louisiana-Arkansas 5s, 1969, advanced % to
while Southern Pacific 4%s, 1981, gained 2y4e at 44.
85^,
Dur¬
ing the latter part of the week $7,575,000 Southern Pacific
Equipment Trust Certificates were sold at 101.41.
Utility bonds have advanced this week.
only fractional gains,
Best grade issues
speculative
but more
moved ahead paralleling action in the stock
light,
$5,000,000
week..
communication
traction,
favorably
affected,
general nature.
the
Of the
Kansas
and
the
numerous
Power
4s,
Power
groups
have
all
and
types
market.
advance has been of a
issues in registry only
1964,
were
offered
this
been
scored
this
'■A
...,■.■...
Although
in
several
the
minor
industrial
losses
section
have
of
the
list,
majority
the
of the issues have been
higher. Changes have been mostly
confined to fractions, but gains of as much as a point have
been registered in the lower-grade and speculative issues.
in
low level.
foreign bonds has been at
South American issues have
maintained,
and
some
of
the more
a comparatively
been generally well
speculative
European
issues, among them Polish 4^s and Italian utility issues,
showed
some
erately.
late
strength, while Germans improved mod¬
The trend in the Japanese department has been
mixed, with declines in government issues being offset by
small gains among public utility issues.
All
Corporate by Groups *
A
Baa
RR.
U.
106.17
122.17
117.94
103.02
86.64
93.06
111.64
115.78
13.. 117.05
106.17
122.17
117.94
103.02
86.64
92.90
111.64
12.. 117.02
105.98
122.40
117.94
102.84
86.36
92.75
111.43
11- 117.01
105.79
122.40
117.94
102.48
86.21
92.43
10- 117.02
105.79
122.40
117.72
102.30
86.07
92.28
117.50
P.
120 Domestic Corporate
by Ratings
Domes¬
Daily
f
Corp.
14—
115.57
13—
12
3.67
111.43
115.78
11
111.43
115.57
10—
115.57
2.89
3.66
115.78
Aaa
3.66
July
120 Domestic
tic
Averages
Indus.
14.. 116.99
120
1939
:
Aa
125.
ment.
120 Domestic
by Ratings
tie
Aaa
weakness.
some
(Based on Individual Closing Prices)
Domes-
Corp.*
shown
have
at 110; Chesapeake & Ohio 4%s,
MOODY'S BOND YIELD AVERAGE
AU 120
U.
Daily
bonds
the contrary,
on
{Based on Average Yields)
.y*'
a
high in recent years.
new
MOODY'S BOND PRICES t
July
Provided, That nothing in this sentence shall be
court:
(b) of the Internal Revenue Code is amended by adding
the
Interest
(4) The running of the statute of limitations
1939
misdemeanor and be punished by a fine not
a
by imprisonment not exceeding one year, or both, at
The Course of the Bond Market
described in subsection (b).
"
(b)
or
Approved, June 29, 1939, 10 p.
week
Any tax, the assessment, collection, or payment of which is barred
under subsection (b) of this section or any such tax which has been
no
authorized to be
part thereof,
or
"Puerto Rico".
that payment of the tax will not diminish the assets as
aforesaid.
been
list,
Exemption from Internal Revenue Tax of Articles Brought
and
comma
been
or
any
publication, entitled to admission to the mails
and
after
"It shall be unlawful for any
construed to be applicable with respect to any newspaper, or other periodical
erroneously collected, and shall be refunded subject to all provisions and
limitations of law, so far as applicable, relating to
"(3)
Returns
by any prior Act relating to the publication of
or
foregoing provision shall be
the discretion of the
the date of enactment of the Revenue Act of 1938, shall be deemed to be
"(2)
reproduction of
or
public by this Act
showed
follows:
"(c)
Tax
information derived from income-tax returns; and any offense against the
railroad
Agricultural Adjustment Act
Section 903 of the Revenue Act of 1936 (relating to expiration of time for
as
Income
from
circulate, for any consideration whatsoever,
or
Atchison 4s, 1995, lost *4
client."
Filing of Claims for Refund of Amounts Collected under
the
(a)
sell, offer for sale,
copy
made
of
to Foreign Corporations
of the date of the enactment of the
section shall be construed to require the divulging of privileged
a
Derived
Last week's
Effective
of
person to
The amendment made by subsection (a) shall be applicable only with
Act.
section
Information
.
respect to estates of decedents dying after the date of the enactment
this
of
the end thereof the following new sentence:
Section 3361
Possessions
Section 813 (b) of the Internal Revenue Code (relating to the 80 per
any possession of the
Sale
Section 148 (f) of the Internal Revenue Code is amended by adding at
into Guam
Credits Against Estate Tax of Tax Paid to
centum credit for estate,
amended
407.
Sec.
v-.,;
transfer."
403.
of the date
as
not
greater than the amount of the tax that would otherwise be imposed on such
delivery
(c) The amendments made by this section shall be effective
exceeding $1,000
imposed by this subsection shall
317
of enactment of the Revenue Act of 1938.
any
Tax
Section 1802
delivery
Financial Chronicle
Aa
3.08
A
3.83
Baa
4.85
Corporate by Groups
RR.
P.
U.
4.42
3.38
Indus.
3.18
2.89
3.08
3.83
4.85
4.43
3.38
2.88
3.08
3.84
4.87
4.44
3.39
3.18
3.68
—
2.88
3.08
3.86
4.88
4.46
3.39
3.18
3.68
2.88
3.09
3.87
4.89
4.47
3.39
3.19
3.19
,
3.19
105.60
122.17
103.30
85.93
92.12
111.23
8—-
3.69
2.89
3.10
3.87
4.90
4.48
3.40
7„ 116.82
105.60
122.40
117.72
102.12
85.93
92.12
111.23
115.78
7
3.69
2.88
3.09
3.88
4.90
4.48
3.40
3.18
6„ 116.77
105.60
122.17
117.72
102.12
85.79
92.12
111.03
115.57
6—
3.69
2.89
3.09
3.88
4.91
4.48
3.41
3.19
5- 116.46
105.22
121.72
117.50
101.94
85.52
91.81
110.83
115.41
5
3.71
2.91
3.10
3.89
4.93
4.50
3.42
3.21
4-
Exchan ge Clos ed
121.94
105.04
117.29
4
Stock
3- 116.28
101.58
85.38
91.66
110.83
115.41
3
3.72
Exchan ge Clos ed
3.91
3.11
2.90
4.94
4.51
3.42
3.21
1— 116.37
105.04
117.29
101.76
85.24
91.51
110.63
115.41
1
3.72
3.11
3.90
4.95
4.52
3.43
3.21
8- 116.82
Stock
121.72
Weekly—
(
—
3.72
105.04
121.72
117.29
101.76
85.24
91.51
110.63
115.14
June 30
23- 117.13
105.41
121.49
117.29
102.48
85.93
92.43
110.83
115.14
23
16- 116.80
105.22
121.27
117.07
102.12
85,79
92.12
110.63
114.93
16—
9- 117.34
105.41
121.27
116.86
102.66
86.21
92.59
110.83
114.72
—
9
2.91
3.11
3.90
4.95
4.52
3.43
3.70
2.92
3.11
3.86
4.90
4.46
3.42
3.21
3.71
2.93
3.12
3.88
4.91
4.48
3.43
3.22
3.70
June 30— 116.43
-
2.91
Weekly-
.
2.93
3.13
3.85
4.88
4.45
3.42
3.23
3.21
2— 117.61
105.22
121.04
116.64
91.97
111.23
114.30
2
2.94
3.14
3.84
4.93
4.49
3.40
3.25
May 26- 116.98
19- 116.97
104.48
120.82
116.43
102.12
84.55
91.05
110.83
3.75
2.95
3.15
3.88
5.00
4.55
3.42
3.28
103.56
120.59
115.78
83.46
89.84
110.43
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
113.68
113.27
113.48
May 26
101.06
12——
3.77
2.97
3.15
3.90
5.06
4.68
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
28- 115.41
102.84
119.47
115.35
100.53
82.40
89.40
109.24
112.25
3.84
3.01
3.20
3.97
5.16
4.66
3.50
3.35
21.. 115.13
102.66
119.03
114.93
100.53
82.40
89.10
109.05
112.25
21
3.85
3.03
3.22
3.97
5.16
4.68
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
3.60
24„ 114.70
104.48
119.92
115.14
102.12
85.79
92.28
109.84
113.27
24—
3.75
2.99
3.21
3.88
4.91
4.47
3.48
3.30
17- 114.64
104.67
119.92
114.93
86.07
92.43
109.64
113.27
17
3.74
2.99
3.22
4.89
4.46
3.48
3.30
10- 114.79
105.22
114.93
.87.21
93.53
110.04
113.68
10
3.71
2.97
3.22
3.87
3.84
4.81
4.89
3.46
3.28
102.84
85.52.
—
Apr. 28....
3.71
3.32
104.48
120.37
120.14
114.72
102.30
102.84
102.30
85.52
91.97
109.64
113.48
3
3.23
3.87
4.93
4.49
3.48
3.29
103.38
119.69
114.30
101.06
84.14
90.14
109.05
113.27
Feb. 24
3.81
3.00
3.25
3.94
5.03
4.61
3.51
3.80
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
Jan. 27.. 112.59
102.84
119.47"
113.68
100.88
83.19
89.10
108.66
113.48
3
3.84
3.01
3.28
3.95
6.10
4.68
3.53
3.29
101.94
103.20
119.03
119.69
119.47
69.83
82.00
87.93
27—
3.89
3.03
4.76
89.55
20
3.82
3.00
5.05
83.06
89.10
4.65
4.68
3.57
3.53
3.32
83.87
83.06
88.80
4.01
3.94
3.97
3.97
5.19
101.06
100.53
100.53
107.88
108.66
107.88
107.69
112.86
119.25
113.07
113.48
113.07
112.25
122.40
117.94
103.02
87.21
93.53
111.64
115.78
5.26
111.84
111 43
99.83
81.09
87.93
107.30
111.64
Low 1939
100.18
82.27
88.36
107.11
102.66
89.10
62.76
71.15
96.11
112.05
104.30
High 1938
Low 1938
3- 113.59
Feb. 24.. 113.38
17
20- 113.18
13- 112.93
6- 112.95
Hlgh 1939 117.72
102.66
102.48
106.17
113.48
113.27
112.86
Low 1939 112.59
101.94
118.60
High 1938 112.81
Low 1938 109.58
101.76
88 80
118 60
112 45
96.61
114.51
106.73
96.11
75.70
80.71
103.56
109.24
102.30
114.09
111.23
101.23
85.93
96.61
101.58
109.05
1 Yr. Ago
July 14'38 112.10
2 Yrs.Ago
July 14'37
*
Jan.
3.75
—
2.98
3.86
3.02
3.31
3.29
3.31
3.35
3.89
3.05
3.37
4.01
3.85
13
6
High 1939-
3.01
4.57
3.58
3.60
3.38
3.66
2.88
3.08
3.83
4.81
4.39
3.38
3.18
3.34
4.68
3.99
6.98
5.17
6.11
4.23
8.76
3.05
3.85
3.39
4.73
3.61
3.36
1 Year Ago—
July 14. 1938.2 Years Ago—
4.20
3.24
3.63
4.23
5.70
5.29
3.80
3.50
July 14, 1937—
3.87
3.26
3.40
3.93
4.90
4.20
3.91
3.51
-
maturing In 30 years), and do not purport to show either the average
more comprehensive way the relative levels and the relative movement of
They merely serve to Illustrate lh a
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 Feb. 18, 1939
4.70
4.76
4.70
3.90
-
These prices are computed from average yields on the basis of one "typical" bond (4% coupon,
level or the average-movement of actual price quotations.
5.11
5.11
8.29
3.80
3.32
pages 939 and 940,
The Commercial & Financial Chronicle
318
July 15, 1939
Indicationso/ Business
TRADE—COMMERCIAL
OF
STATE
THE
EPITOME
Friday Night, July 14, 1939.
Business activity dropped off sharply the past week, the
setback being attributed largely to the recent holidays.
The domestic situation presents anything but a gloomy
picture, with trade reports generally favorable.
With the
Government taking a firm stand against the Works ProgAdministration
ress
strike, and serious efforts being made
bring about a settlement of the General Motors strike,
to
the labor skies may
cations
be cleared sooner than expected.
of
the threat
that
for
The
shows little change, with indi-
situation abroad
political
will
war
be
overshadowing
an
long time to come.
The stock marketshowed unusual strength and activity at times during the
influence
week,
a
belief prevailing
the
that
some
bullish
news
was
about to come out.
According
business
of
"Journal
the
to
activity, there
of
was
a
Commerce" weekly index
drop to 74.2, which com-
revised figure of 87.3 for the previous week
the corresponding week of 1938.
It was
stated that all comx)onents of the index were lower, with
the exception of bituminous coal, which gained on a daily
average production basis.
The drop in the index figure
reflected the holiday contraction experienced during the
week of July 8.
New orders for steel products so far in July are not
holding at the volume of late June, when there was a considerable coverage at price concessions,
but demand is
better than some companies had expected, "Iron Age" states
in its mid-week survey.
The magazine, which estimates
current production at 50% of capacity, observes that the
farm implement industry, which is embarking on new output schedules, is hopeful of good buying; shipbuilding on
with
pares
61.6
and
a
for
Atlantic
the
seaboard
the World
since
is
War;
more
steel
active
than
construction
at
any
time
lines have
good
prospects, although awards
are temporarily slack, and the
industry, while "discouraged" by the strike
situation, is satisfied with the first-half record of passen-
automobile
sales.
These totaled 2,045,670 units, a gain of 57%
compared with the like 1938 period.
June sales were 70%
ahead of a year ago.
The sharp snap-back in steel proger car
duction
following the
despite
the
strike
Independence Day period occurred
tool and die makers at General
of
Motors
plants, which has crippled work on
up some steel releases, the
out.
Coinciding with the improvement in
scrap markets have turned stronger.
The
has held
and
the 1940 models
magazine points
steel operations,
"Iron Age" esti-
mate of first-half steel
production of 18,629,927 gross tons,
73% larger than for the same period of 1938, agrees with
figures issued
by the American
Iron
and
Steel
Institute
units,
Activity
according
Ward's Automotive Reports,
to
Inc., a
preceding week and an mcrease of 17,100 units from the corresiwndtog week
last
y*arWard s said that with an increasing^number of
manufacturers bringing their 1939
Producition bo an
end,
output of the automotive industry will show substantial declines from now on into Augusto
Retail and wholesale trade As not suffeiims,the usual
midsummer lull, the former showing
through sale of hot weather goods, olectiical[
and portable radios, accordingto tko weekly trade re\iew
today of Dun & Lradstreet. The aveiage for all reporting
distribution centers was estimated at; 5% to 11A higher
tlian m 1988» although trade comparisons with ^J^ear
for the country as a whole were virtually unchaneed
rise of 18,826 units from the
,
tlie week as compared with last year.
week was characterized by above-normal
tenipera-
fures
nearly the entire country. Government
advices state. The weekly means were decidedly high over
lar?e a^eaf; The warmest weather occurred in the in¬
tenor of the country, especially the area comprising the
central Mississippi and lower Missouri Valleys and the
central and southern Great Plains, where temperatures
ranged from o degrees to as much as 10 degrees above
normal. Generally favorable conditions were maintained east
of tlle R^'ky Mountains, except for the persistence of too
much moisture m some . southeastern sections. Conditions
were favorable for outside operations rather generally in
the Great Plains, the Ohio Valley, and the Lake region,
except that m many places in the eastern Ohio Valley
frequent rains delayed haying and harvesting. In. a large
southwestern area, extending from Wyoming and Ltah
southward to. the border, droughty conditions were intensi^ed ky
temperatures and persistent absence of ram.
ln s°me places the range is reported the driest in years,
wllile Pasture lands are generally suffering throughout this
area.
In the New York City area it has been generally
clear and warm during the past week,
xt was fair and warm
with temperatures ranging
from 68 degrees to 84 degrees. (Partly cloudy and cooler
weather is expected tonight and Saturday, followed by
fair weather and moderate temperatures on Sunday,
Overnight at Boston it was 64 to 78 degrees; Baltimore,
71 to 87; Pittsburgh,^ 68 to 87; Portland, Me., 60 to 72;
Chicago, 70 to 97; Cincinnati, 70 to 95; Cleveland, 68 to
^3» Detroit, 67 to 96; Milwaukee, 64 to 94; Charleston, 72*
87 > Savannah, 72 to 91; Dallas, 75 to 94; Kansas City,
71 to 101; Springfield, 111., unre^rted; Oklahoma City,
Jp to 96; Salt Lake City, 63 to 102; Seattle, o0 to 72;
Montreal, 60 to 75, and Winnipeg, 44 to 74.
earlier.
:-;s:
After
four
consecutive
electric light
and power
weekly gains, production by the
industry of the United States in
"Annalist"
Index of Wholesale Commodity Prices
Advanced 0.3 Point During Week Ended July 8
the week ended July 8
dropped below the preceding week's
to stay substantially above the
corresppnding 1938 total.
Output for the latest week, according to figures released by the Edison Electric Institute,
amounted to 2,077,956,000 kwh., or 10.5% above the total
of 1,881,298,000 kwh. in the week ended July 9,1938.
Comtotal,
but
pared
still
with
week
a
312,000 kwh.
managed
from
production decreased 222,Of 2,300,268,000 kwh., Which
previous,
the
total
the
highest output since the week ended Dec. 24.
Engineering construction totals $58,003,000 this week, a
13% gain over last year and 55% over last week, according
to "Engineering News-Record."
The total for the year is
$1,652,776,000, 19%% greater for the first 28 weeks than
was
last
year's.
this
week
Private awards
"Annalist" announced
on
July 10 that further im-
commoditymarkets during the
week ended July 8 and the "Annalist" Weekly Index rose to
77.4, a gain of 0.3 of a point as compared with the previous
week and the highest since the early part of May. It was
further announced;
Livestock led the rise
as
good choice hogs reached $7 per hundredweight
for the first time in nine weeks. Pork products
were also strong.
Steers and
poultry likewise improved. Activity in the metal markets centered around
copper as the red metal was boosted X cent to 10 X cents.
Grain were an
fxc?p??n to tl}e *eneral trend and wheat pr*ces lost ab?ut two <*nts a
S
week. CJorn, oats and rye were weak in sympathy.
"annalist- weekly index of wholesale commodity prices
total
$17,127,000, 12% below
of last week.
This
week's volume is the highest in five weeks.
Public construction, at $40,876,000, is 29% higher than the correlast year, but 123% ahead
sponding week last year and 36% higher than last week.
The gain over last week is in State and municipal awards,
since Federal volume, while 92%
higher than last year, is
3% below last week.
•
Car loadings of revenue freight for the week ended last
Saturday declined 106,419 cars,
16% from the previous
week, reflecting the shutdown over the July 4 holiday.
The loadings
aggregated 559,109 cars.
This constituted
an increase of
58,128 cars, or 11.6% compared with a year
Jm 8,1939
wv 7,1939
mv 9.1938
Farm products
72I
72^0
so1
Food products
67.x
60.5
73.8
SSff* fr°dttcta""'"'lli?
83.1
flit
Metals""IIIIZIIIIIIIIII
95(3
95.1
90.2
————
..71.0
71.1
08.7
MlsceUaneorallirillllllllll"!""
68>
68^8
70.7
AU
77 4
771
814
S£lsmaterW8
—
*
or
mw8 decrease of 119,849 cars, or 17.7% compared
wmi
The
provement took place in the
Revenue
Freight
Car
Loadings up
July 8
11.6%
in
Week:
Ended
Loading of
revenue
freight for the week ended July 8
totaled 559,109
cars, the Association of American Railroads
July 13.
This was an increase of 58,128 cars
«-??' ^as rePorted this week by Admin°nal(l. During the first six months
announced on
11.6% above the corresponding week in 1938 but a decrease of 119,849 cars or 17.7% below the same week in 1937.
Loading of revenue freight for the week of July 8 was a
decrease of 106,419 cars or 16.0% below the preceding week
due to July 4 holiday. The Association further reported:
+? -SrrASm
a0me mortgages selected for appraisal by
on^
amounted to $602,000,000 as compared with $455,-
cars below the preceding week, but an increase of 18,922 cars above the
a«
4,
undl l
.
,
.
year> as compared with the corre-
°.
?
ioQo
f
v
a5^ut 80% in construction of new homes
4,?.ousing Administration program during
vd
/wk
200,000 during the
Of 32%.
Production
of
same
iAfo,
ine
,
-A
i
,
fL
wLt
i
and
year,
trunk*
an
increase
In
thn
TTnitnd
in .me Uinrea
d. '? Sharp recovery from
week, Which
Independence Day holiday.
last
Miscellaneous freight loading totaled 214,884 cars, a decrease of 43,456
corresponding week in 1938.
Loading of merchandise less than carload lot freight totaled
automobiles
StatPS and Canada
thix
period
Cr
was caused by the
The output amounted to 61,610
127,662
cars' a decrease of 25 >799 «"* below the preceding week, but an Increase
0f 4,431 cars above the corresponding week in 1938.
Coal loading amounted to 89,635 cars, a decrease of 18,999 cars below
the preceding week, but
week in 1938.
an increase
of 19,090 cars above the corresponding
\
Volume
Grain
1,972
and
cars
149
The Commercial & Financial Chronicle
grain
products
loading
totaled
above the preceding week,
but
53,456
cars,
decrease of 2,864
a
the corresponding week in
1938.
319
REVENUE FREIGHT LOADED
AND RECEIVED
of
increase
an
below
cars
(Number of Cars)
In the Western Districts
alone, grain and
grain products loading for the week
of July 8 totaled 39,812
cars, an increase
of 1,382 cars above the
preceding week, but a decrease of 2,075 cars below
the
corresponding week in 1938.
'•
Live stock loading amounted to
9,422 cars,
decrease of 993
a
cars
Loaded
July 8,
below
decrease of 474 cars below the
corresponding
In the Western districts
alone, loading of live stock for the
week in 1938.
week of July 8, totaled
6,642 cars, a decrease of 768
ceding week, and
decrease of 185
a
1938.
,V
■.
:
■,
,
an
increase of
a
decrease of 7,679 cars below the
16,150
above the
cars
corresponding
■...
.
Coke loading amounted to 5,597
cars, a decrease of 507
increase
an
of
1,764
week in 1938.
All
above
cars
below the
cars
the
corresponding
compared
with
Central
the
Western
and
Southwestern
corresponding week in
1938.
reported
1939
Four weeks in January..
28,434
20,093
22,776
13,672
8,716
15,619
10,614
14,306
18,987
14,493
2,130
1,891
4,502
14,266
36,461
16,110
15,117
14,511
11,413
1,904
1,691
25,552
,5,444
3,711
Norfolk A Western
Ry........
2,297,388
2,390,412
2,832,248
2,371,893
4,093
5,221
"J
AND
4,843
4,975
27,895
5,204
588,880
802,346
500,981
678,958
15,902,231
14,731,613
4,096
5,167
21,323
6,476
4,785
7,198
8,231
35,721
9,131
4,539
37,415
4,520
5,775
1,141
1,574
2.411
7,382
25,232
6,906
3,349
28,710
3.412
2,960
6,256
6,315
8,194
8,143
RECEIPTS
FROM
CONNECTIONS
(Number of Cars)
,
3,712,906
3,098,632
2,962,219
19,719,133
......
Total.,
3,639
20,795
2,763,457
2,986,166
2,222,939
2,649,960
2,185,822
2,170,778
2,483,189
Week ended July 1
Week ended July 8
...
LOADINGS
2,714,449
559,109
..
13,857
42,696
3,398
3,049
5,995
6,675
7,786
7,256
263,502 313,818 244,073 159,919 182,507 139,471
TOTAL
1937
2,256,717
2,155,536
1,326
1,738
7,193
29,519
8,313
3,619
34,277
57,847
....
6,788
14,368
21,720
4,191
12,444
7,332
9,118
1,415
1,813
2,806
2,587
46,833
Wabash Ry.......
6,538
6,385
8,244
4,534
18,548
Pennsylvania RR
T°tal
665,528
Five weeks in April.....
Four weeks in May...
Four weeks in June.
13,111
29,825
4,771
All districts
1938
2,302,464
Four weeks in February
Four weeks in March
~~
Ry...
Pere Marquette Ry
1938
5,409
4,027
July 9,
1939
14,346
14,988
...
Erie RR
Southern Pacific Lines...
July 1,
4,855
2,007
1,387
reported decreases compared with the
corresponding week in 1937.
1939
25,961
11,501
RR
Missouri Pacific RR
New York Central Lines
N. Y. Chicago A St. Louis
July 8,
1938
19,786
Pittsburgh A Lake
,,
districts, except the
increases
Lines
July 9,
27,644
Missouri-Kansas-Texas
cars
week in 1938.
but
Coast
Connection
rom
Weeks Ended—
24,093
Chesapeake A Ohio Ry
Chicago Burlington A Qulncy RR
Chicago Milw. St. Paul A Pac.
Ry
Chicago & North Western Ry
Gulf
July 1,
1939
International Great Northern RR
Ore loading amounted to
36,423
Received,
24,531
Baltimore & Ohio RR
.
.
sponding week in 1938.
preceding week,
Atchison Topeka A Santa Fe
Ry.
below the pre¬
cars
Forest products loading totaled 22,030
cars, a decrease of 10,958 cars
below the preceding
week, but an increase of 1,109 cars above the corre¬
preceding week, but
1939
below the corresponding week in
cars
Lines
Weeks Ended—
the preceding
week, and a
CONNECTIONS
-
Own
on
FROM
Weeks Ended
July 8,1939
Illinois
Central
July 1, 1939
July 9,1938
27,917
27,015
13,202
25,739
23,557
11,507
A Pacific
25,376
23,494
60,377
Chloago Rock Island
68,134
60,646
Ry.
System
St. Louis-San Francisco
Ry
The first 18 major railroads to report for the week ended
July 8, 1939 loaded a total of 263,502 cars of revenue freight
on their own
lines, compared with 313,818 cars in the pre¬
ceding week and 244,073 cars in the seven days ended July 9,
1938.
A comparative table follows:
Total
*
\
11,350
.
In the
following we undertake to show also the loadings
for separate roads and
systems for the week ended July 1,
1939.
During this period 90 roads showed increases when
compared with the same week last year.
REVENUE FREIGHT LOADED AND RECEIVED
FROM CONNECTIONS
(NUMBER OF CARS)—WEEK ENDED JULY
Total Revenue
Railroads
Total Loads Received
Freight Loaded
1939
1938
Total Revenue
from Connections
1937
1939
Railroads
Total Loads Received
Freight Loaded
1938
1939
from Connections
1938
1937
1939
1938
Eastern District—
Ann Arbor
610
Bangor A Aroostook
Boston
A
Maine
Chicago Indianapolis A Loulsv.
Central Indiana
Central Vermont
564
455
1,156
1,102
7,362
1,648
...
1,215
6,808
1,448
1,159
8,776
1,620
252
230
9,426
1,803
8,162
22
Delaware Lackawanna A West.
23
18
1,250
5,073
9,519
1,255
4,516
9,338
Delaware & Hudson
Detroit & Mackinac
Detroit Toledo A Ironton
Detroit A Toledo Shore Line.
•
1,527
5,012
10,242
79
1,862
6,972
6,230
992
1,374
50
1,574
5,983
4,934
389
Grand Trunk Western
153
144
2,660
178
380
10,837
3,557
13,955
5,589
1,091
2,077
10,512
5,735
1,824
1,340
3,974
Lehigh A Hudson River
Lehigh & New England
Lehigh Valley
190
Monongahela
Montour......
191
1,574
8,027
New York Ontario A Western.
N. Y. Chicago A St. Louis
2,435
2,814
1,528
31,022
8,215
1,412
1,134
5,444
5,006
Pittsburgh A Lake Erie
Pere Marquette
Pittsburgh A Shawmut
Pittsburgh Shawmut A North..
Pittsburgh & West Virginia...
Southern System
Tennessee Central...
Winston-Salem Southbound...
4,518
4,253
4,184
4,843
1,512
9,371
4,671
1,671
1,023
6,294
1,522
Northwestern DistrictChicago & North Western
Chicago Great Western
Chicago Milw. St. P. A Pacific
Chicago St. P. Minn. A Omaha.
217
183
22
46
Duluth Missabe A I. R
Duluth South Shore & Atlantic.
28,742
9,526
1,384
7,212
3,698
3,958
6,168
45,446
11,032
1,143
5,420
7,673
1,612
9,131
5,744
4,520
6,410
270
168
324
42
36
381
269
379
203
201
1,062
1,025
829
791
Total.
35,721
11,217
2,053
9,576
3,071
4,188
2,459
3,674
2,024
36,461
9,477
New York Central Lines
N. Y. N, H. A Hartford
Richmond Fred. A Potomac
Seaboard Air Line
Elgin Joliet <fe Eastern...
Ft. Dodge Des Moines A South.
Great Northern
...
Ishpeming
Minneapolis A
St. Louis
Minn. St. Paul A S. S. M
Pacific
Northern
Rutland
614
538
707
5,204
3,500
5,041
3,039
5,226
4,816
V1,189
1,048
8,143
2,511
6,788
2,086
136,599
122,399
163,068
139,761
116,090
Central Western District—
Atch. Top. A Santa Fe
533
Total..
883
Allegheny District—
Akron Canton &
Youngstown.
Penn-Reading Seashore Lines.
32,209
6,982
702
15,619
1,612
96
14,343
1,603
435
5
5
1,343
6,255
865
1,156
7,134
17
10
5,735
495
Cornwall...
Cumberland A Pennsylvania
Ligonier Valley
Long Island
597
22,560
2,405
317
Central RR. of New Jersey
335
4,343
Buffalo Creek A
Gauley*
Cambria A Indiana...
10,737
543
9,608
605
44
41
215
178
258
40
32
42
20
142
32
596
18
563
733
2,326
1,318
37,415
14,829
3,926
2,317
1,135
33,327
13,024
2,081
'
'
Total.
50,112
11,426
5,203
29
28
3
0
3,148
West Virginia Northern
Western Maryland...
1,002
57,847
12,407
8,169
13
........
(Pittsburgh)
2,646
3,778
5,252
4,431
162,182
93,877
82,508
125,059
809
103,525
1,189
74,244
15,665
17,027
Chesapeake <fc Ohio
Total.
22,776
21,720
4,849
17,999
16,813
3,682
23,549
49,345
...
Virginian
38,494
21,786
4,346
10,614
4,539
1,180
49,681
16,333
12,677
381
319
278
397
8,028
7,740
18,269
8,039
20,883
1,019
3,795
3,851
13,011
3,640
3,247
11,465
366
329
435
494
434
139
136
175
582
598
86,134
101,088
60,084
53,105
17,776
2,418
18,625
3,603
13,827
15,954
2,330
18,008
9,118
21,011
797
693
4,020
26,571
1,466
8,669
2,080
6,695
2,726
6,062
4,167
9,380
3,383
7,350
20,465
2,512
2,493
7,256
3,343
162
1,754
2,276
935
145
453
336
3,928
3,389
498
493
444
180
170
17,281
13,120
25,916
2,784
2,647
577
564
607
617
495
1,077
1,640
4,860
7,944
2,861
1,616
7,211
11,067
67
78
1,642
2,485
3,549
1,693
1,888
3,265
339
249
273
203
1,755
1,563
1,461
1,258
102,988
83,677
136,959
39,811
35,737
27,644
2,838
Bingham A Garfield
Chicago Burlington A Qulncy..
25,997
2,824
34,120
3,367
5,409
2,472
4,709
1,722
424
128
694
51
60
14,306
1,410
14,350
2,401
14,584
1,461
14,664
2,119
14,831
1,759
16,448
2,565
6,788
6,421
576
661
8,657
2,451
603
589
718
8,227
2,039
1,206
2,213
Total..
Chicago A Illinois Midland
Chicago Rock Island A Pacific
Chicago A Eastern Illinois....
Colorado A Southern
Denver A Rio Grande Western.
Denver A Salt Lake
Fort Worth <fe Denver
Illinois
Terminal
...
Missouri-Illinois
Nevada
Northern
Alabama Tennessee A Northern
260
185
289
138
159
735
755
795
901
1,114
1,170
771
660
575
3,826
2,687
Central of Georgia
8,411
4,685
1,129
6,635
4,201
8,697
4,203
Pacific (Pacific)
Toledo Peoria A Western
Union Pacific System
Utah
4,214
535
Columbus A Greenville
Durham A Southern...
Florida East Coast
Fort Smith A Western
Gulf Coast Lines
x
57
454
462
8
38
148
0
0
23,688
21,755
26,946
331
187
13,688
12,871
15,132
4,486
1,323
7,131
3,893
242
296
8
11
1,504
2,017
1,644
105,482
129,691
48,159
42,430
199
Macon Dublin <fc Savannah..._
Mississippi Central
967
860
1,580
1,085
1,701
1,055
1,421
96
146
164
322
306
283
325
809
670
Midland
509
575
664
307
251
142
94
216
206
188
2,806
8,231
2,644
7,300
178
157
459
294
Missouri Pacific
4,502
4,560
5,509
14,303
14,609
18,974
397
28
Quanah Acme A Pacific
137
37
79
59
St. Louis-San Francisco
805
954
1,597
1,374
7,625
2,225
St.
Louis
Southwestern
401
592
409
407
1,470
Texas A New Orleans
1,570
17,646
17,067
1,787
20,441
21,787
1,132
9,404
890
Texas A Pacific
8,426
Wichita Falls A Southern
Wetherford M. W. A N. W
4,811
610
118
179
285
296
Note—Previous year's figures revised.
* Previous figures,
x
Total
Discontinued Jan. 24. 1939.
416
123
440
107
82
7,944
3,742
5,817
3,866
9,748
2,426
7,288
4,751
4,284
2,301
6,000
4,235
2,157
2.899
3.900
1,914
3,500
158
190
294
137
82
12
16
30
46
40
47,638
49,169
59,677
33,379
31,776
295
122
1,650
1,813
Louisiana Arkansas A Texas...
Litchfield A Madison
297
5,281
216
202
344
192
469
1,177
1,747
2,146
255
121
308
1,415
104
2,413
2,174
251
1,432
108
159
119
2,155
1,992
1,915
1,527
263
18,305
20,022
134
0
2,130
384
Louisiana A Arkansas
323
...
6,106
131
1,449
35
...
971
1,891
Valley
Missouri A Arkansas..
Missouri-Kansas-Texas Lines..
558
95
896
820
Gainsvllle Midland
Georgia
Georgia A Florida
209
1,832
707
1,915
City Southern
2,807
1,118
1,853
467
302
621
813
International-Great Northern..
Kansas Oklahoma A Gulf
547
388
609
196
37
Kansas
1,005
388
681
1,101
Southwestern District—
510
1,303
36
764
1,114
!
111,063
Total.
1,311
737
370
2,763
1,982
104
171
...
2,624
290
1,339
1,760
1,619
437
Charleston A Western Carolina
1,628
1,171
1,677
1,066
906
North Western Pacific
Peoria A Pekin Union...
Southern
1,897
1,366
2,659
208
City....
Burlington-Rock Island
Atl. A W. P.—W. RR. of Ala..
Atlanta Birmingham A Coast..
Atlantic Coast Line
Gulf Mobile A Northern
754
421
203
7,655
3,933
1,089
Southern District—
Illinois Central System
Louisville A Nashville
954
437
1,965
...
Western Pacific
Pocahontas District—
Clinchfleld
Spokane International
Spokane Portland A Seattle...
Alton
433
28,434
Baltimore A Ohio
Bessemer A Lake Erie
Norfolk A Western...
2,059
2,268
System.
Wheeling A Lake Erie
Pennsylvania System
Reading Co
2,091
2,738
2,368
2,205
1,742
5,994
9,415
Green Bay A Western..
Lake Superior A
Wabash
Union
1,951
2,525
1,443
92,836
...
1,718
2,669
1,834
18.912
Norfolk Southern
Piedmont Northern
1,761
221
2,104
8,108
2,200
Maine Central
Mobile A Ohio...
Nashville Chattanooga A St. L.
815
12,734
Erie
469
1,147
234
._
491
1,952
Southern District—(Concl.)
3,722
The Commercial &
320
thousand
Statistics of the Interstate Commerce
Commission has issued a statement showing the aggregate
of
Bureau
The
I
the month of April.
and were compiled
from 135 reports representing 140 steam railways.
The
present statement excludes returns for class I switching and
terminal companies. The report in full is as follows:
and balance sheet items of class
totals of selected income
For the Month
Income Items—
Net railway
$25,714,139 $20,033,178 $143,275,475
Total income
0.1% during the week ended July 8, Com¬
announced on July 13.
"The advance
brought the all-commodity index to the level of a month
ago, 75.6% of the 1926 average," Mr. Lubin said. He added:
8,072,474
index rose 1.9% during the week; foods
products increased 0.1%.
The following
materials, 0.7%; miscellaneous
commodities,
0.4%;
hides and leather products and chemicals and
drugs, 0.3%; and building materials, 0.2%.
Metals and metal products
and housefurnishing goods remained unchanged from the level of the pre¬
The
for
leased
roads
"■ I
>■
of higher prices for agricultural commodities and
raw
silk, the raw materials group index advanced
1.0%. The semi¬
manufactured goods index increased 0.1% and finished products declined
Principally because
and
10,362,259
11,220,379
39,548,781
equipment
Interest deductions.,
41,253,673
43,804,006
39,636,117 #158,297,174 #157,946,760
858,607
533,542
202,536
d8,067
Other deductions
0.3%.
$50,761,093 $50,200,912 $202,634,722 $200,059,040
Total fixed charges
<126,880,236 d32,251,431
1,015,274
1,015,832
Income after fixed charges
Depreciation (way & structures
d67,431,721 dl34,951,194
4,052,994
4,055,225
16,839,686
1,163,698
16,801,549
67,262,499
679,004
6,444,710
67,136,726
3,580,573
On common stock—
482,190
1,818,649
13,966,090
20,580,706
On
764,962
813,702
4,816,206
4,546,903
equipment).
-
Federal income taxes....
appropriations:
preferred stock
.
Balance at End of April
1938
1939
'
Selected Asset Items—
Ac., other than those
Investments In stocks, bonds,
companies...
$640,589,331
Demand loans and deposits
$652,620,728
$429,772,447
13,306,720
........
$305,903,442
8,010,846
19,674,157
57,440,742
below
Cash.'
...—
20,212,533
55,661,120
1,299,130
49,532,708
42,150,163
120,646,631
328,332,592
19,245,128
1,142,059
4,380,971
Time drafts and deposits
Special deposits—
......—
Loans and bills receivable
Traffic and car-service balances
receivable
and conductors..
Net balance receivable from agents
Miscellaneous accounts receivable
Materials and supplies
Interest and dividends receivable
Rents receivable.
Other current assets........
—...........
textile
group
Traffic and car-service balances
234,269,922
Interest matured
payable.
65,644,594
.......
860,792,262
unpaid
•
Dividends matured unpaid
1,809,751
—
Funded debt matured unpaid
645,211,278
...
878,373
Unmatured dividends declared
Unmatured Interest accrued.
24,600,560
....
the
1920
drugs
prices for anthracite,
i
hide and skin prices declined
index de¬
The
following
11,
1936,
and
by 0.3%.
down
5.7%
modities for the
the chemicals and
for fats, oils, and phenol brought
Average wholesalee prices of cattle
during the week.
table shows index numbers for the main groups of com¬
past five weeks and for July 9, 1938, July 10, 1937, July
index
group
declined
feed
and
July 13,
crude rubber decreased 0.3%
1935.
(1926=100)
July
Other than United States Government
138,946,693
taxes
53,386,926
137,378,108
accruals, including the amount in default,
b Includes payments
which will become due on account of principal of long-term debt (other than funded
Represents
July
10
July
1939
1939
1939
1938
1937
1936
1935
75.6
75.5
75.5
75.4
75.6
78.3
87.7
80.3
79.2
64.1
Tax liability:
55,412,244
June
1939
All
commodities
Farm
products
62.9
62.7
62.0
62.7
69.4
90.5
82.5
77.7
June
17
24
8
Commodity Groups
United States Government taxes
July
1939
July
$2,274,062,881 $1,985,882,906
Total current liabilities.
a
'
products group,
average.
Weakening prices
95,782,794
34,552,512
20,997,198
36,449,624
Other current liabilities.
leather
lower
result of
largely as a
and kerosene.
year,
gasoline,
hides and
the
June.
The building
materials group index declined 0.2% during the week
because
of lower
prices for yellow pine flooring and timbers, paint
materials, and lime.
Prices were higher for yellow j>ine lath, Douglas fir
and Ponderosa pine.
Minor price decreases for silver and pig tin were
counterbalanced by higher prices for quicksilver with the result that the
metals and metal products group index remained unchanged at 93.3% of
522,023,236
1,364,969
93,157,088
....
Unmatured rents accrued.....
and
the
0.5%, shoes dropped 0.4%, and leather fell 0.2%.
The group
0.3% to equal the level for the corresponding week of
231,794,250
63,482,817
245,266,064
57,912,173
710,129,972
2,576,921
65,772,130
payable...
Audited accounts nad wages payable—
fuel
cotton goods, raw silk, and silk yarns, caused the
index to rise 0.1%.
lighting materials group index dropped 0.7% to the low
for
group
creased
$212,561,395
245,477,299
1
prices
California
In
ago.
year
of
point
133,640,208
374,088,199
21,645,419
1,454,083
4,155,280
$259,097,232
months b.
Loans and bills payable c
,
index advanced 1.0% during
5.4% for dairy products and 2.3% for
products
The
3,766,100
47,965,024
37,427,275
Selected Liability Items—
Funded debt maturing within 6
a
Higher
$1,085,682,202 $1,015,170,775
Total current assets
Miscellaneous accounts
issued July 13 by the
the week largely because
fruits and vegetables.
Prices were higher
for butten, cheese (San Francisco), fresh fruits and
vegetables, veal, and raw sugar.
The subgroup of cereal products de¬
clined 0.5% and meats dropped 0.1%.
Quotations were lower for cheese
(New York and Chicago), flour, lamb, cured and fresh pork, coffee, and
lard.
This week's food index, 68.1, is 1.2% above a month ago and 7.5%
foods
The
of increases of
of affiliated
,
Department of
Labor, quoting Commissioner Lubin as above, also stated:
Average wholesale prices of farm products rose 1.9% to the highest
point reacheed since the latter part of May.
Quotations were higher
for rye, hogs, sheep, live poultry, eggs, apples, lemons, fresh milk
(New
York), and white potatoes.
Lower prices wore reported for com, oats,
wheat, cows, steers, cotton, oranges, hay, fresh milk (Chicago), onions,
sweet
potatoes, and
wool.
The group index, 64.1, is 2.2% above a
month ago and 7.6% below a year ago.
■-V'-
d$27896068 d$33266705 d$71,486,946 d$139004188
Net income.
Dividend
•:
The announcement
Contingent charges
and
recorded: fuel and lighting
were
ceding week.
Fixed charges:
Rent
textile
and
1.0%;
decreases
$65,107,846
2,083,697
products group
farrp
advanced
8,454,762
$135,203,001
Inc. avail, for fixed charges._ $23,880,857 $17,949,481
1,833,282
Lubin
missioner
$73,562,608
income
Miscell. deductions from
of
Bureau
$29,360,308
44,202,300
operating income.. $15,257,937
10,456,202
prices for hogs, sheep, potatoes,
the United States Department of Labor,
Labor Statistics' index of wholesale commodity
and dairy products,
1938
$9,397,133 $101,066,274
42,209,201
10,636,045
Other income.,-.,
Labor Index.
Department of
prices advanced
1939
1938
1939
According to United States
Largelv because of higher
For the Four Months of
of April
Advanced 0.1% During
Commodity Prices
Ended July 8,
Week
UNITED STATES (ALL REGIONS)
FOR THE
War threats are
Wholesale
railways in the United States for
These figures are subject to revision
TOTALS
was
of last year.
steam
to
the June output of 310
64% above that of June
still the greatest business deterrents.
of their plants for the change-overs
1940 models, but even so
larger than had been expected, and
of the
the production
for April
Steam Railways
already closed down most
ies have
Sheet Items of Class I
Income and Balance
Selected
July IS, 1939
Financial Chronicle
June
July
10
9
11
13
obligations which mature not more than two years after date
or
of issue,
c
Includes
d Deficit
other reverse items.
68.1
67.4
67.4
67.1
67.3
73.6
86.8
81.8
82.0
92.8
93.1
93.0
93.0
92.8
91.5 106.4
94.3
89.8
Textile
67.0
66.9
66.7
66.8
66.9
65.7
77.9
69.6
69.9
73.2
73.7
74.1
74.1
73.9
77.2
78.3
77.0
Metals
six months after close of month of report,
Hides and leather products..
Fuel and lighting
debt matured unpaid) within
93.3
93.3
93.5
93.4
93.5
95.3
95.3
86.1
85.7
89.3
89.5
89.8
88.5
96.9
86.1
85.0
75.5
75.6
76.8
83.0
78.6
Foods..
.
products
materials..
and metal products..
75.3
89.5
89.7
Chemicals and drugs
74.7
74.9
75.0
Housefurnishing goods
87.0
87.0
86.9
86.9
86.9
88.1
91.3
82.4
81.8
Miscellaneous
73.3
73.6
73.7
73.6
73.6
72.5
78.9
70.7
67.8
68.4
67.7
67.8
67.4
67.9
71.9
86.9
80.3
74.2
74.1
74.2
74.3
74.2
74.2
86.8
75.0
79.6
79.8
79.8
79.8
79.8
82.3
88.6
81.4
78.1
78.3
78.4
78.4
78.4
80.3
87.1
79.9
79.5
80.3
80.5
80.6
80.6
80.6
81.4
86.1
79.2
78.0
Building
Moody's Commodity Index Declines
Moody's Daily Commodity Index declined from 142.8
last Friday to 141.3 this Wednesday.
Subsequently it re¬
covered a full point, closing this Friday at 142.3.
The
principal individual net changes were a rise in hides and de¬
clines in corn, cotton, and sugar.
The movement of the index is as follows:
.
*
July
July
July
July
July
July
July
7....
8
10
11
12
13
14
—
*
.....
...142.8
*
..142.2
141.7
141.3
...141.8
142.3
Raw materials
Year ago,
July 14
1938 High—Jan. 10
Low—June 1
1939 High—March 6
Low—April 22
30
142.8
142.3
146.3
152.9
130.1
.145.8
138.6
commodities
farm
*
Upward
by
"Business activity turned sharply upward
from May to
Col. Leonard P. Ayres, Vice-President of the
Cleveland Trust Co. in the July 15 "Business Bulletin" of
the company, edited by Col. Ayres; he states that "the re¬
covery in June carried it the index of the Federal Reserve
System' back upward to the 98-99 level of February and
March, giving the record of business activity during the first
half year a V shaped pattern.
Improvement seems to be
continuing in July," says Col. Ayres, who also states in part:
says
Agricultural prospects are good, and retail trade is holding up well, and
particularly so in the rural districts.
Building construction is making
distinctly better record than it did last year
there
was a
or the year
decline in residence building in June.
other
79.5
than
than
products and foods..
Not computed.
Further Advanced Slight¬
Wholesale Commodity Prices
ly During Week Ended July 8
According to National
Fertilizer Association
Turn in Business Activity Noted
Col. Leonard P. Ayres of Cleveland Trust Co.
June,"
other
products
commodities
No index.
Sharp
.
Finished products
All
All
Two weeks ago, June
Month ago, June 14
...
Semi-manufactured articles.
farm
Fri.,
Sat.,
Mon„
Tues.,
Wed.,
Thurs.,
Fri.,
materials
a
before, although
The automobile compan¬
Continuing the upward trend of the two preceding weeks,
price index of the National Fertil¬
izer Association, during the week ended July 8, recorded a
fractional advance, rising to 72.0% from 71.9% in the
the wholesale commodity
previous week.
A month ago the index (based on the 19261928 average of 100%) registered 71.6%; a year ago, 74.7%,
and two years ago, 88.6%.
The Associations's announce¬
ment, under date of July 10, further said:
Last
week's rise in the all-commodity index was
prices for livestock an«? meats, with
slightly downward.
A decline in grain quotations was more
reached in the last two months.
than offset in the farm product group
stock.
near
The textile price
average
the high point for the year,
by higher prices for cotton and live¬
rose
moderately last week and is now
Under the
which was recorded in June.
influence of lower prices for silver
lowest level
due largely to higher
the trend for industrial commodities
The food price average is now at the highest level
and tin the metal index sagged to the
of the year and also the lowest since 1934.
'
•
'
/
'
In the sharp price
'
Volume
The Commercial & Financial Chronicle
149
rise in the spring of 1937 the metal index went above
the current level of 87-7.
ial index to
a
new
indexes
group
110, compared with
A drop in lumber prices took the building mater¬
low for the year.
representing the
Declines
were
be
321
2,300,268,000 kwh.,
week
a
increase of 14.2% over the like
an
year ago.
-
also recorded in the
prices of fertilizer materials
PERCENTAGE INCREASE FROM PREVIOUS YEAR
miscel¬
and
laneous commodities.
Major Geographic
Week Ended
Week Ended
Week Ended
Week Ended
Regions
Fourteen price series included in the index, including a number of im¬
portant and
July 8, 1939
July 1, 1939
June 24,1939
June 17,1939
heavily weighted items, advanced during the week while 27
declined; in the preceding week there
20 advances and 30 declines; in
were
New England
WEEKLY WHOLESALE
were
16 advances and 25 declines.
COMMODITY
PRICE
9.3
13.4
Middle Atlantic
11.6
11.3
10.3
13.2
Central Industrial
the second preceding week there
13.6
17.7
16.1
17.2
4.3
5.9
3.4
6.2
West Central
INDEX
Southern States..
(1926-1928=100)
8.4
13.7
13.9
13.6
19.2
20.5
13.7
7.6
11.5
10.3
9.9
10.5
14.2
13.2
13.7
Pacific Coast
Per Cent
Latest
Preced¬
Month
ing Week
Ago
Ago
July 8,
1939
July 1,
1939
1939
1938
69.4
69.0
67.8
'
Year
Week
74.6
Group
Total Index
25.3
Foods..-
23.0
Farm Products
Fats and oils
June
10,
Total United States.
July 9,
47.1
47.1
49.3
61.3
62.6
59.8
59.4
FOR
RECENT
67.4
Cotton
52.9
52.7
53.6
54.4
55.5
58.0
62.0
61.3
59.7
1939
74.3
Fuels..
Apr.
77.4
77.4
77.6
78.7
Apr.
8
77.6
77.9
77.8
77.6
Apr.
15
1
Textiles
63.0
62.7
63.2
59.1
7.1
Apr.
87.7
87.8
87.8
88.4
6.1
Apr.
83.4
__
84.0
84.9
78.8
Chemicals and drugs
May
6
91.9
91.9
91.9
94.7
May
13
67.5
68.3
71.3
69.2
May
20...
.3
Fertilizers
77.3
77.3
77.2
76.8
.3
Farm Machinery
94.9
94.9
98.1
June
72.0
71.9
71.6
74.7
__
10
June
17
June
1,951,456
+ 12.7
1,938,660
+ 12.6
2.193,779
1,454,505
1,699,822
1,939,100
+ 11.6
1,688,434
+ 10.3
1,436,928
1,698,492
+ 11.7
2,176,363
2,194,620
2,198,646
2,208,718
2,131,092
2,214,166
2,213,783
2,238,332
1,429,032
1,967,613
1,435,731
1,425,151
1,704,426
1,705,460
1,381,452
1,615,085
1,689,925
2,238,268
2,096,266
1,456.961
1,699,227
1,702,501
1,723,428
1,841,730
1.592.075
2,170,496
2,201,858
3.
June
+ 9.2
+ 10.9
1,878,851
1,991,787
1,991,115
2,019,036
2,014,702
1,881.298
24
2,264,719
2.285,083
July
1
2.300,268
Julv
8
2,077,956
--
Business among the chain stores in June slowed down a
more than is
seasonally shown at this time, in all de¬
Dodge
Reports
excepting the variety stores, according to the
current review by "Chain Store
Age."
Taken as a whole, however, volume increased to a
point
where the composite index stood at 111 of the 1929-1931
average for the month taken as 100, as compared with 110
in May.
During the same period of 1938 the index advanced
from 103.3 to 106.3.
Dollar
ing
for
variety stores group advanced to 118
May.
The indicated sales increase over
7.2%.
figures for other chain groups compare
with May and with the June
figures 1938, as follows:
in June from 115 in
June last year was
The June index
volume
the
any
first
May, 1939
June, 1938
100.5
101.0
the
of
132.0
120.4
127.0
128.0
126.0
118.0
months
119.0
109.7
Showed
of
of
Less
than
Usual
Department store sales showed somewhat less than the
usual seasonal decline in
June, the Board of Governors of
the Federal Reserve System announced on
July 8, and the
Board's seasonally adjusted index increased to
87, as com¬
pared with 85 in May and an average of 88 in the first four
The index is shown below for the last
June, 1938:
INDEX OF DEPARTMENT
States
•
+
STORE
SALES
All
ments
the
over
June,
1939
May, 1939
April, 1939 June,
1938
87
85
88
Without seasonal adjustment-.
82
83
87
88
79
Total sales
5% larger in June and 3% larger in the
corresponding periods of
1938, the Board said, in presenting the following compilation:
REPORT
BY
FEDERAL RESERVE DISTRICTS
Percentage Change from
a
Number
Year Ago
Number
of
Of
vt.".;
Stores
June*
Six Months
Cities
Reporting
Included
building
Boston
+2
+ 1
49
42%
(public
$538,258,000,
The
and
0
53
27
Philadelphia
+ 1
+6
28
Cleveland
+9
+5
11
7
Richmond
+3
+3
51
26
+ 13
+8
24
16
Atlanta..
Chicago
+9
months'
half
result
Commenting
said:
The
on
in
"Present
remainder
months
of
of
pll
+6
86
26
+8
+ 5
34
17
Minneapolis
+3
+3
29
13
+2
+ 1
22
14
0
+ 1
16
8
St. Louis
•
Dallas
San Francisco
+2
+2
88
+5
+3
491
f
Total
*
June
figures preliminary; in most cities the month had the
business days this year and last
year.j
«
half
period
indications
the
Electric
29
Output for Week Ended July 8, 1939,
Above a Year Ago
number
be
of
in
1938
the
of
10.5%
weekly report
electricity by the electric light
industry of the United States for the week ended
July 8, 1939, was 2,077,956,000 kwh.
The current week's
output is 10.5% above the output of the corresponding week
of 1938, when production totaled
1,881,298,000 kwh.
The
output for the week ended July 1, 1939, was estimated to
point
less
was
first
the
private and
public,
of
figure.
gains
was
31% increase
a
total
1938
over
a
the
public
funds,
year,will
good
a
than
with
in
volume
the
the
during
corresponding
past
six
months.
period of steadily mounting volume after a
whereas the month-by-month trend this
usual
gives
seasoned
every
building is
expenditures.
is also
probably close
as
of
Residential
continuing
at
building,
a
satis¬
likely to taper off somewhat due
Heavy
likely to
pattern.
indication
construction,
continue
largely supported
tapering off.
Even with an
1938 monthly totals from
the sixth
consecutive
increases."
Little
construction
comparisons
spectacular
a
factory rate; non-residential
lessened
to
half,
more
one
of
now
on,
construction
,
:
/'..v.-
«*■
.'jr.
Change Noted in Bank Debits
Debits to individual accounts, as reported
by banks in
leiding cities for the week ended July 5, which included
only five business days, aggregated $8,212,000,000, or 2%
below the total reported for the preceding week and about
same
SUMMARY
The Edison Electric Institute in its current
estimated that production of
and power
$1,699,364,000,
a
engineering
contract
corresponding
and engineering
these building
although
year,
will
is following
volume
Heavy
a
the
last year.
These figures are as reported on
Board of Governors of the Federal
224
same
had
total of
a
was
the construction record and outlook, Thomas S. Holden,
charge of the statistical division of F. W. Dodge Corp.,
of
1938
second
2%.
projects)
than
with
This
public contract volume
increased
utilities
greater
period,
year.
1938.
Vice-President
the
17%
1938
contracts
and
construction
of
the
over
$433,220,000 last
year,
11
Kansas City
country par¬
1938
of
increased
also
private
works
nearly
combined
first
the
the
increases, with incre¬
as
the total for the corresponding week of last
which also included only five business days.
Aggregate debits for the 141 cities for which a separate
total has been maintained since-January, 1919, amounted to
$7,535,000,000, compared with $7,758,000,000 the pre¬
ceding week and $7,532,000,000 the week ended July 6 of
30
+3
$644,527,000,
first half
was
the non-residential classification,
In
contracts
the
Federal Reserve districts:
New York
half
$516,579,000 compared with
by Federal
were
Moun¬
Rocky
for the
sections of
building
ever-narrowing spread between 1939 and
first half of the year than in the
total
the total
W.
F.
Dodge report said:
increase.
to
Adjusted for seasonal variation
the
to
ranging from 19% in
England to 125% in the Cleveland area.
Continuing,
of
six
first
year
+;'
of
than
greater
was
according
east
contract
the residential
slack
1923-25 Average=100
year
1929,
greater than
both
;
Contracts
building contracts let dur¬
this
the 37
public housing projects.
Non-residential
June, Reports Board of Gov¬
Federal Reserve System
months of the year.
three months and for
1,440,541
1937.
Out of a $245,000,000 increase over the 1938
period, $181,000,000 represented the increase in private resi¬
dential building and $64,000,000 measured the increase in
the
Seasonal Decline in
ernors
1,441,532
Construction
since
months'
61%
increased
Sales
+ 10.5
1,435,471
1938, and 25% greater than the total for the first half
19%
Store
+ 14.2
period
In
six
was
total
Department
+ 13.2
1,663,291
1,469,810
of
New
98.0
130.0
..
+ 13.7
1,679,589
1,696,543
1,709,331
1929—61% Above 1938
ticipated in
Shoe...
+ 13.3
residential
of
similar
36751—CPBRADohcsilatmdgnep
tains
Since
six
Dodge Corp.
which
The index for the
Apparel..-
+ 12.5
Half-Year's
Greatest
partments
Grocery
Drug
+ 10.3
1,480.208
1,465,076
1,480,738
Moderately
little
June, 1939
2,146,959
2,176,368
2,173,223
2,188,124
+ 11.7
1,967,807
1,973.278
2,113,887
2,256,823
May 27
94.9
..
1,978,753
1,957,573
2,182,727
2,163,538
2,170,750
.
1,990,447
2.170.671
2,199,002
Fertilizer materials
June Chain Store Sales Decline
1929
2.209,971
29
Building materials
All groups combined.i
1932
2,173,510
•
22
Metals
100.0
1937
1938
Miscellaneous commodities..
.3
KILOWATT-HOURS)
from
10.8
1.3
1939
1938
58.4
Livestock
OF
Change
Week Ended
17.3
.
(THOUSANDS
50.3
Grains
8.2
WEEKS
Percent
80.4
60.1
DATA
62.2
60.6
Cottonseed Oil.
15.9
15.8
Rocky Mountain
Each Group
Bears to the
12.2
4—Cleveland
8
St
FEDERAL
No.
Federal Reserve District
2—New York
BY
July 10, 1939, by the
Reserve System.
RESERVE
of
DISTRICTS
Week Ended—
Centers
Incl.
—
July 5, 1939
June 28, 1939
17
$454,295,000
15
3,738,016,000
468,233,000
536,040,000
277,102,000
$417,968,000
3,735,937,000
384,332,000
468,186,000
18
25
....
24
272,812,000
26
230,234,000
41
1,118,931,000
16
—
Louis
205,891,000
1,473,310,000
263,558,000
139,218,000
July 6, 1938
$450,776,000
3,802,145,000
465,045,000
491,706.000
286,808,000
222,552.000
1,062,332,000
9—Minneapolis
17
247,753,000
157,244,000
10—Kansas City
28
264,339,000
242,216,000
18
29
181,032,000
538.973,000
172,500,000
583,509,000
212,353,000
139,240.000
253,096,000
176,222,000
623,578,000
274
$8,212,192,000
'$8,359,437,000
$8,185,853,000
12—San Francisco
Total
:—
The Commercial &
322
than
in Canadian
showed
Higher temperatures during the past week in the prairie
provinces of Canada have been most beneficial and crop
prospects on the whole continue promising, according to
the July 13 crop report of the Bank of Montreal.
The bank
store sales and mail order house sales
The daily rate of retail sales of new
but chain
grocery,
grocery
in May.
increase
some
maintained near the April level.
passenger care was
estimated long term trend, and where necessary
(Adjusted for seasonal variations, for
changes)
for price
continued:
in the Peace River country which continues dry.
An in¬
of leaf rust has appeared in the southern sections of Manitoba and
fection
Industrial Production—
higher temperatures have promoted rapid growth and
overcoming the drawback of a late spring al¬
Copious rains and
materially assisted in
have
still somewhat backward.
In Ontario high
temperatures with occasional showers have hastened the growth of all crops
and the outlook continues favorable, although the Niagara Peninsula and
east central Ontario have suffered from insufficient rainfall.
though
sections
some
are
72
72
62
46
80
72
62r
82
34
50p
83
88
89
88 p
85r
91
91p
92 p
68
60
95
97
57
113
85
98p
99
111
99p
99 p
80
90
83
88
92
91
89
92
85
92
92
91p
63
74
73
73 p
30
44
37
45
64
53
71
52
69
78
76
77
61
72
60
66
91
88
81
91p
62
71
77
77
Department store sales, United States.—.......
76
; v 86
Department store sales, 2nd District
Chain grocery sales
—
Other chain store sales
74
81
79
101
115
114
86
88
99
Passenger cars
Motortrucks
....
Federal Reserve
of Business Conditions in
72p
/
52
68
...
Bituminous coal.....
Crude petroleum
...... ...... _. - — -
Electric power...—.————————
Cement r ............. * .... —-....... .—-—
55
Wool consumption
—
——
Shoes..Meat packing
-
70
Cotton consumption.....—
—
....
products
Tobacco
,
36
_
Employment—
Summary
59
61
75
58
Copper
■
1939
66
37
Steel
in Saskatchewan and parts of
Manitoba but damage to date is not extensive.
Hail has caused further
damage in a few districts.
In Quebec Province crops have shown marked
improvement during the past week and prospects generally are favorable
Grasshoppers are active
Saskatchewan.
May,
1939
1939
1938
present, except
April,
March,
May,
Moisture is adequate for the
headed out over large areas.
Wheat has
sales other
pronounced decline in chain store
There was a rather
factors.
Prospects
Reports Promising Crop
Prairie Provinces
Montreal
Bank of
July 15, 1939
Financial Chronicle
Employment, manufacturing, United
States
Employee hours, manufacturing, United States.
94
_
Districts
Construction—
business in the various Federal Reserve
Districts is indicated in the following extracts taken from
of
trend
The
Review" of the Federal Reserve Districts of
the "Monthly
Cleveland, Richmond, At¬
Chicago, St. Louis, Minneapolis, Kansas City, Dallas
New York, Philadelphia,
Boston,
lanta,
8.4% higher than in the corre¬
sponding period last year/and the sales volume of New England department
stores
and
apparel shops in May exceeded that of May of last year
June
ending
10
were
of
The amount
May
72,713 bales, as compared with 67,776 bales in April and 56,647
May last year.
.
.
.
Raw wool consumption, on a daily
was
bales
in
that
exceeded
basis,
average
24.3%
by
April
of
New
In
larger than
was
shoe production is estimated
1.2% less than in April and
during May boot and
11,715,000 pairs, an amount
England
been
have
to
and
I
May last year by about 67%.
in
6.4% under the total of May last year.
number
during
...
a
was
employed
in
activity, which had leveled off
following declines
in earlier months of the year,
May
to have turned upward in June," says the Federal
Bank of New York in presenting in its "Monthly
appears
Reserve
Review"
of
"Review"
July 1 its indexes
goes
to say:
on
The
activity.
business
of
.
change
first
of
May
the
for
cars.
the
in
latter
three
May,
in
from
demand
responding
activity,
concessions
level,
weeks
coal
had increased sharply
during the
plans for the restriction
substantial
in
retail
well-sustained
a
which
mining,
continued
announcement of
The
June.
of
reflecting
apparently
May,
of
volume
accounted, in
part at least, for substantial sales of cotton goods by the mills, which
were
reported to have exceeded production during most of June.
The
cotton
cloth
print
production
during
third
the
quarter
generation of electric power and shipments of freight by railway during the
first three weeks of the
month showed
more
than
the usual seasonal
Prices and
factors, business activity in May was little
seasonal
changed from the April level.
in
the
ment
,
and
mill
activity
buying
orders
half
the
for
of
the
slightly
of
which
placed
month.
month
period
a
as
whole
a
is
declined
usual
this
at
reduced
was
considerably
more
well-stocked
position of dealers,
rate
mill consumption
of
output,
changed
packing
time
of
after
5}&%
time
electric
of
in
adjustment
the
cotton
power
The
year.
in
the
of
latter
by the national defense
Some
tool
orders
reduction
second
in
seasonal
value
and
has
program
more
appears
to
as
than
was
lower
as
the daily rate
declined
reflecting in part a
31
32
152
153r
152p
152p
148
146
146
146
111
average=100)
V
—
(1926 avera'*e=100)
Wave rates
Preliminary,
111
lllp
lllp
:
60
Revised,
r
x
Not adjusted for trend.
Third (Philadelphia)
District
Philadelphia, in its "Busi¬
Review" of July 1, reported that "industrial produc¬
in the Third Federal Reserve District declined slightly
The Federal Reserve Bank of
ness
tion
April to May but continued at a substantially
further from
higher level than
The
decrease
seasonal
to
the
in
creases
following
tendency for several months.
upward
an
output
industrial production continued
of the year total
General
reduced
was
Virtually all lines of activity
the shutdown,
by
bituminous coal mining,
.
.
.
from April
improved
conditions
employment
De¬
sales of electric power were less than seasonal.
output and
the first five months
In
coal and crude oil during May was some¬
and manufacturing activity did not measure up
The production of both consumers' and durable
expectations.
declined,
goods
The Bank further reported:
ago."
a year
the output of
in
greater than usual,
May as prac¬
to
tically all lines except manufacturing reported increases in wage disburse¬
ments and in the number of workers employed.
The sharpest gains were
by
reported
mining, construction, and service industries.
Both
payments were above last year.
.•■■■,.
.
slightly less than usual from April to May,
wholesale were substantially larger.
Dollar sales in both
coal
the
employment and
Retail
trade
sales
wage
declined
sales
at
of trade were
channels
again well above a year ago.
Fourth (Cleveland)
than
than
more
To
tool
some
is
proved late in May and the first three weeks in June, as
orders were received in somewhat better volume than was
the
occurred
the
in
past
extent
ate
The
Bank
this
the volume of
been
increased
machine
store
Lake
and
considering seasonal
large
a
largest
gains
coal,
steel,
were
and
late
in
machine
the
in
industry
A
large
for
most
1919.
accounted
purchases
May and the
tools.
Steel
The
May
volume
were
of
New orders for
exceeded in
foreign
orders
only
and
of the increase.
shipping has also picked up as a result of improvement in steel
In mid-June two-thirds of the available ship capacity of the
Lakes
was
number
seasonal
they
trade
trends
than-seasonal
stores.
of
in
was
Retail
In
in
service, compared
ships
urban
during
decline
ore
in
areas
of
but in
May,
was
with 40% a year ago at that time.
ore
transportation
the
construction
early
three months.
a
nearly
double
...
the
the
experienced
mid-June manufacturers
being held at
was
receipts at lower lake docks are more than
last season.
were
in
engaged
and
1938,
district
apparently followed
usual
first three weeks of June a lessat weekly
reporting department
of consumers'
orders in much larger volume than a year ago
in
a
coal.
Great
was
during
prevailing before the strike.
by
since
business
of
volume
level
the
received
months
Government
The
sales
the
made
June
of
to
tools
other
two
months.
department
to be expected,
at
advanced
of industries where special
increases in operating rates.
case
about
period of price
weakness in May, and production of steel ingots has been expanded partly
as
a
result of anticipation of heavy deliveries of finished steel products
later in the year.
Coal mining has partially recovered from the effects
of the shutdown in April and the first half of May, but output has not
what
usual
which
weeks
booked
producers
little
meat
the
brought
further states:
industries
three
first
twice
at
Production and employment,
the year.
in
except
have
factors
April, but
degree stimulated
12
earlier in
case
however, have reflected this improvement only to a moder¬
it
were
orders
foreign orders,
June 30 "Monthly
its
The daily
in
District
Business Review" the Federal
Reserve Bank of Cleveland reports that "business sentiment
in
the Fourth
[Cleveland] Federal Reserve District im¬
In
what
operations
and
machine
tripled in
have
during May, whereas little change
well
or
assemblies
shoe production
factors,
of
and
average,
of the month.
part
considerably
dollar
May,
April
curtailment of operations at
slightly
generation,
for
year,
Automobile
part
was
the
from
sharply in May to the highest level since 1£37.
machine
heavy
the
reductions
price
19%.
and
establishments advanced
the
of
through
stimulus
than usual between April and
plants owing to strikes
copper
well
simultaneous increase in
a
was
additional
received
during
pig iron production
some
was
thd settle¬
Nevertheless the daily rate of steel ingot production
than
more
Following
increased.
traffic
controversy, bituminous coal production increased sharply
in the latter part of the month, and there
steel
further reduction
some
was
production of non-durable goods
railway freight
the labor
or
Although there
durable goods,
output of
maintained
59
36
City
Wages x
General price level (1913
Local
allowance for
60
York
York
average=100)—
Cost of living (1913 average=100)
advances.
After
61
67 p
between
ranged
Bituminous
part
orders
to
69 P
—»_,
New
deposits,
demand
of
(1919-25
while
placed during a period of
52% and 55% of capacity in
June, compared with an average rate of 48% in May; ordinarily steel
production tends to decline in June.
Despite the curtailment of auto¬
mobile production early in the month by a strike at plants of a major
producer
of car bodies,, total
assemblies appear to have shown little
mill
Steel
price
69
38
(1919-25 average—100)
Velocity
where
volume of business
"The
93
106
99r
reported substantial increases over last year, except
(New York) District
102r
90
13% above the corresponding period in 1938.
of Labor and industries.
Department
Second
in
there
May
wage-earners
Massachusetts
the
to
of
78
118p
Velocity of Deposits x
City
what
decrease of 1.9% in the
representative manufacturing
establishments, as compared with the number in April, and a decrease of
1.8% was reported in the amount of aggregate weekly payrolls, according
Massachusetts
In
total
84
85
44r
Velocity of demand deposits, outside New
during
in New England
by mills
cotton consumed
raw
'
Mail order house sales
New passenger car registrations
10.8%.
by
.V
.
Distribution to Consumer—
in New England
during May was maintained at about the same level as
that which prevailed during April, after allowances had
been made for customary
seasonal changes," stated the
Federal Reserve Bank of Boston in its "Monthly Review"
of July 1.
In part, the "Review" also said:
Consumption both of raw wool and raw cotton in mills in New England
during May was larger tlian in April and larger than in May last year.
Building contracts awarded in this district and production of boots and
shoes, however, decreased between April and May, and both were lower
tl;an in May last year.
New England freight car loadings during the
period
Exports
District
First (Boston)
five-week
and miscellaneous
Car loadings, other
t
of general business activity
"The level
Primary Distribution—
Car loadings, merchandise
Imports-...-.—..———--.—.---.—...
Francisco:
San
and
building contracts...
Residential
Non-residential building & engineering contracts.
goods reported incoming
at that time, and production
steady rate.
industry,
after having made more than
part of the year,
seems
to have leveled
seasonal gains
off during the last
Volume
The Commercial & Financial Chronicle
149
such
Fifth (Richmond) District
The
30
June
"Monthly Review" of the Federal Reserve
Bank of Richmond reported that
"nearly all available meas¬
ures
of trade and industry in the Fifth Federal Reserve
District showed favorable trends from April to May, and
also
indicated
substantial
improvement
over
a
ago."
year
The following is also from the "Review":
Retail
May,
trade
and
in
department and furniture stores advanced from April to
materially
wa3
wholesale trade in
preceding month
trations
of
this year
seasonally
South
in
May,
sumer
1939,
April
has
May
and
These
in
way
declined
probably
above
far
were
on
last year.
month
evidences
based partly
under
May last year, and
less
Cotton
than
a
tion
in
textile
year
all
in
continue
operations
Rayon
wages.
mills
surplus stocks of yarn declined
year
this spring,
of
the
coal
district's
leading
in
than
the
seasonal
Agriculture is getting off
to
until
least
at
Sixth
39%
point
the
hard
the
an
ment,
blow,
of
May
reserve
and
depleted
mines
stocks
hit
stocks
will
be
rebuilt.
are
for 1939.
start
average
half
but
tracts
the
were
operations
declined
May,
contracts
further,
and
influences.
business
in
the
Wholesale
failures
first
at
of
after
June.
in
first
the
.
Alabama
week in
.
both
contrary
number
the
to
and
usual
liabilities.
the
in
seasonal
trend,
and
Department
sales
actually increased in May, but the daily rate declined slightly
May had two more business days than April.
The May decline
was smaller than
usually occurs, however, and the seasonally adjusted index
of daily average sales rose
1.6%.
It was 9.8% above the index for May
because
last
and
year
the highest
was
back to
goes
for the month of
1919.
May in the series,
which
and
production
principal
in
in
the
was
May
both
over
with
case
month
a
months
4.8% above that for
was
other
in
seasonal
coal
the
the
district
underwent
comparable
occupations,
mines
following
moderate
also by resumption
settlement
of
the
improve¬
workers in agri¬
numerous
of
production
labor
recent
con¬
of industries
case
well
was
directly affected by seasonal influences,
through May and early June.
In the
sustained
industrial
May
centers consumption of electric power
by industrial
about 4% greater than in April and 15.6% more than a
was
Production of
ago.
bituminous coal at district mines was
appreciably
larger than in April, but about 8% less than in May last year.
Lumber
output showed little change from April to May, but continued well above
year
ago.
In
/.
.
Ninth
■' :
v.
1
(Minneapolis) District
tlie
Ninth
(Minneapolis) Federal Reserve District
business volume levels exceeded those of the two
preceding
months and of
May, 1938, it is learned from the "Monthly
Review" of the Minneapolis Reserve Bank issued
June 28,
from which the
following is also taken:
the
district
May
whole.
a
as
12%
were
The
increase
larger than in May last year
country stores, 13%, was a
at
little larger than at city stores where the increase
Electric power consumption in the district was
in
as
March,
materially
being about
employees at
end of May,
as
consumption
employment index
increase
large
as
the
over
Minnesota
the
number of
about
the kilowatt hours consumed in
increased
The
March,
in
the
in
of
earlier,
but
as
a
last
from
97.8
ago.
The
district
was
year
in
10%
was
being
months
99.4
to
.
months
two
same
April
great
as
.
large in April
as
those
gold and silver mines
copper,
month
one
about
both
rose
twice
only 11%.
was
the
larger
than
at
the
1938.
Flour production and shipments at Minneapolis declined
during May to levels that were below the May, 1938, volume, but the
rate
of production at
mills outside of Minneapolis was
expanded suf¬
ficiently to result in an increase of 6% over the preceding month for the
district
as
the level
in
a
The
ago.
product shipments in May dropped far below
1938.
in May
of
cut
larger than
May,
as
the
Linseed
preceding month, but
much
in
large
but
the
year
both
shipped
as
whole.
a.
of
May
were
month
in
Iron
April
and
output of silver and
and
and
far
shipments
ore
last year,
well above the volume shipped
lumber shipments in May
were
lumber
above
were
the output of
copper
was
much
the
gold
volume
than
more
was
smaller
and
cut
three
times
little larger
a
than
in
the
same
last year.
The output of gold, silver and copper was somewhat less
in May than in April.
:*■'v.
V
i
supply
to
necessary
.
.
conditions
Except in the
con¬
Textile
years.
department stores
allowance is made for
after
five
,
bituminous
in
residential
10
production
reporting
increased,
in
iron
increased
half
and
than
more
gains
being favorably affected by absorption of
year.
increased,
in
Pig
activity
May,
trade
declined
May
through
in
taken:
April.
mill
distribution
increased
in
month
any
over
but steel
further
rose
District
store
largest for
slightly
rose
Merchandise
Sixth
awarded
first
1938.
Department store sales in
statistics, it is stated in the "Monthly Review" of June 30,
issued by the Federal Reserve Bank of Atlanta.
From the
was
larger than
troversy.
for
Improvement in business, and in some lines of industrial
activity, in May is indicated in available Sixth District
Construction
the
cultural
(Atlanta) District
"Review" the following is also
for
Employment
con¬
below stocks held
first
during the suspension
average
diminu¬
no
domestic
to
yarn
jobbing, though good
than in May last year, while
and
a
total
period in
year
.
higher level
relatively
was
a
partly
.
trade
year earlier were reported by
several important wholesale lines,
notably drugs and chemicals, dry goods, furniture and plumbing supplies.
May sales of department stores in the leading cities were 1.2% and
16.2%
greater, respectively, than a month and a year earlier, while cumulative
a
a
April
industries
materially reduced
were
busier
and
.
reordering
:
<
retail
wholesaling and
and
con¬
partly
of
323
instances
numerous
demands.
Volume
users
considerably
a
more
more
further to
The coal shutdown
ago.
of
one
at
shipped
May than in April, and 60%
99%
of
relatively large
of
and operatives have consequently experienced
ago,
their
sumers
mills
May
large volume of construction
a
the district
activity in all branches of the textile industry,
steady employment in the tobacco manufacturing industry.
on
than
of
increase
an
of
Regis¬
those
sustained
on
a
in
in
current
larger in May tlian "in the
was
corresponding
sold
1938.
power are
been
6ales
of
leading the district with
May,
over
level
registrations,
Carolina
purchasing
work which
the
or
automobiles
from
last
the
leading lines also
many
new
year,
above
goods, and in
,
Seventh (Chicago) District
Tenth
In the June 26 "Business Conditions" issue of the Federal
Reserve Bank of Chicago it is stated that
May trends in
Seventh
District industrial
production
mixed, but in
the aggregate there seemed to be little
change from April
and margins of gain over 1938 remained
large. There were
were
reports of improved consumer demand in many fields, and
indications
least
that
are
high
as
industrial output should be at
Retail and wholesale distribution
April and department store sales
rose over
favorable through mid-June.
lowing to
The report also had
the
fol¬
corresponding period a year ago than did the first five
of the year.1 In its
"Monthly Review" of June 30
the Bank also had the following to
say:
May
steel operations were stepped
up in
late May after a flurry
buying in sheets and strip in mid-month, but the local
operating rate
had declined somewhat
by mid-June.
With strikes and the holiday holding
up
production somewhat, the manufacture of automobiles declined mod¬
May
May;
demand
expected.
in
for
Sales
May, and
Trends
most
May
industry,
April
over
because
of
other
and
than
contracts
have
only
to
make
showed
little
.
been
4%
had
lower.
no
There
was
an
change.
good
than
for
than
more
in
a
1938.
in
the
off
increase of 3%
the
stocks
of
comparisons
with
1938
Department store inventories
period
were
6%
already
had
been
shoes
sales
at
retail
showed
distribution
reporting
no
groups
lighter
than
lines
most
than
showed
expanding
than
usual
were
12%
May
on
April
over
trended
considerably
more
better
a
for
2%
from
for
a
indus¬
with
1938
reduced
of
depart¬
15%
the
in
and
increased
industrial
and
downward, and
31,
1938,
from
volume,
favorable,
Trends
total
the
at
by
earlier
a
which
peaks.
year
close
time
Sales
but
more
in
wholesale
May
sales
of
The
this
generally
is
hog
in
is
true
larger
slaughter
is
of
a
check
quantities,
higher.
as
Special
,
.
;
were
year
ago.
r
:
12%, and
Increases
in
in
the
first
May
were
five
months
rather
of
general
increase
little
are
in
were
for
the
for all
month
any
changed
district
general
from last
this
year.
was
about
principal
year;
Sales
6%
larger
lines.
total
rose
This
sales
8%
for
from
<■
following
regarding
business
conditions
in
the
Eleventh Federal Reserve District is taken from
the July 1
"Monthly Business Review" of the Federal Reserve Bank
volume of
higher
prospects
than
during
the
production
average
first
half
of
that
seasonal
in
have
May,
been
district.
more
sea¬
for
activities
The
reflected
number
certain
petroleum declined
during May and
level about 8%
higher than in the
Drilling activity during May was nearly
earlier.
Although the value of construction
at
a
year
13% below the April volume, it was
17% above
Conditions in the agricultural arid livestock
industries
improved by heavy rains throughout most of
the
.
demand
to
seasonal
crude
year.
for
merchandise at
considerable
a
stimulated
some
department stores
in
this
district
expansion
extent
merchandise.
during May.
Although buying was
by clearance sales, there was a
heavy demand
Sales were 9.4%
larger than in April and
corresponding month last year by 7.4%, the latter
increase being the highest recorded
for a
year-to-year comparison since
January, 1938.
The increase over last year,
however, was occasioned in
part by the fact that May this year had one more
business
those
in
Distribution
of
reflected
a
the
merchandise
substantial
upturn
day.
through
during
reporting firms in nine lines of trade
wholesale
May.
channels
The
in
combined
this
sales
district
of
82
6% greater than in the
preced¬
ing month and exceeded those in the corresponding month of
1938 by 11%.
Increases
a
in
.
a
of
was
was
greatly
Consumer
last
than
1938.
.
but
June,
corresponding period
exceeded
commodity distribution in
than expected
the
for
April.
favorable
classifications, sentiment in
optimistic
same
market
to
and
April to May.
furniture
business community as a whole
preceding two or three months.
Purchasing of seasonal merchandise, which had been delayed
by the late
spring, was in sufficient volume to substantially reduce inventories of
was
date
to
year
May
increases
sizable
lower
improvement during May and the first half of June."
survey also stated:
to
first
and
awarded
than
agriculture,
general business in the Eighth District developed noticeable
addition
the
moving
May wholesale sales
one-third
by
important lines
of
ago,
contracts
better
In its June 30 "Business Conditions" the
Federal Reserve
of St. Louis stated that "influenced
In
a
12%
Bank
of
the
and
year,
...
Sales by weekly reporting
for May.
distinctly
over
gain
a
equaled ,the April
expansion
in district
Eighth (§t. Louis) District
sonable-weather
last
picture
marketings and slaughter of calves and sheep.
May, June has generally been an unusually wet
probably will be somewhat larger than earlier
,
above
year
Daily
during May
aggregate and of 10% on a daily average basis.
in the first three weeks of June totaled
of
than
the
of Dallas:
stores
earlier.
day
so,
Eleventh (Dallas) District
aggregate
Comparisons
even
Cattle
.
3%
value
•the
.
in
The
was
crop
sales
lines.
a
dry
very
wheat
.;
all
than
but,
been
hogs.
lower
retail
year
for
has
and
for
a
The
anticipated.
automobile
good.
6tore; sales;
Grain
cattle
Following
Trade
ment
also
Total
business
more
items
appreciably higher and
were
showings.
was
The
been
seasonally
generally
heavier
mid-Mav
because
■/,.
.
recorded
schedules
in
3%
were
.
favorable
production
employment
payrolls
10%.
awarded
were
continued
vehicles
continued
about
construction
lowered
partly
country proved better than
district declined less than
up
and
district industrial
previous,
levels
in
construction
Chiefly
tries
but
increased
were
the
were
building
rise
Residential
in
cars
sales
schedules
the
over
new
car
district
1939,
fractional
cars
of
used
in
of
month
subsequently,
figures
transactions.
the
one
some
one.
Trade
month.
had
year
affected
favorable
District
in
this
probably
factors account
of
erately
City Federal Reserve Bank,
May generally made greater improvement over
months
have
Inaustry
(Kansas City) District
Kansas
the
trends continued
in part:
say,
the
to
business in
June
in May.
as
According
lines
tion
of
of
over
both
comparative
trade, but. the
most
were
months
pronounced
machinery and equipment.
were
registered by all reporting
improvement was in the distribu¬
Twelfth (San
Francisco) District
the
From
December, 1938, through April this
year Twelfth
(San Irancisco) District production,
factory payrolls, and
the next have been practically
slightly declining tendency is evident
a whole is considered, it was noted by
trade from any one month to
but
unchanged,
the
when
period as
Francisco Federal Reserve
San
the
In May, however, the downward
these important
drift in
indicators of the general business
and an upturn in activity ap¬
situation
interrupted,
was
It was
noted:
three
increased
output
Value of sales of department stores continued practically unchanged
fifth consecutive month, sales of furniture stores increased, and
May.
the
for
automobile
new
a
decline has been customary
and May was slightly lower than earlier in
high levels. Judging from data
of residential permits increased
contra-seasonally in that month, and the adjusted index is tentatively
placed at 60% of the 1923-25 average, compared with 50 in May, 52 in
but activity was still at fairly
covering the first 23 days of June, value
the year,
April, and 54 in March.
contrast
In
precipitation for this season through June has been
much of the Twelfth District,
Although dry conditions were
subnormal
in
alleviated
somewhat
effects of
the
in late May and early June,
probably be reflected in larger
and reduced yields per acre of most
widespread
by
storms
water supply will
the scant
of acreage
abandonment
usual
than
rain and snowfall of the winter and spring
the ample
with
total
1937-38,
of
number of products may also suffer.
Unless crop
damage is considerably greuter than is now anticipated, however, and if
general business activity continues at about current levels, cash receipts
from crop marketings during the coming summer and fall months should
Quality of
crops.
be
not
pulp industrial groups were the only two of
industrial groups to report net increases in both
and
a
seriously affected.
-
...
1
M
r
Labor's index of factory employment
The corresponding payroll index was
the average for those three years.
Compared with the same
last year, there were about 11% more factory workers employed
York State Department of
The New
.
80.9% of the 1925-27 average.
was
75.0%
of
period of
preliminary tabulations covering 2,240 repre¬
sentative factories throughout the State,
These factories employed 388,838
workers in May at an average weekly wage of $26.67.
The reports are
collected
and analyzed each month by
the Division of Statistics and
Information under the direction of Dr. E. B, Patton.
figures are based on
These
Reductions in Forces in All
Net
only
losses
were
recorded.
decreases
the
April to May, 1939
CUy
ployment Declined 2.9% in May—Total Below 10,000,000 for First Time Since December
Unemployment in the United States declined 2.9% in
May, falling below 10,000,000 for the first time since last
December, according to the monthly estimate of unemploy¬
ment and employment prepared by the Division of Industrial
Economics of The National Industrial Conference Board.
May numbered 9,881,000, or about the
This figure shows an im¬
Jobless workers in
in October of last year.
as
provement of 1,500,000 from May, 1938, but remains over
4,000,000 greater than that for the third quarter of 1937,
when the low point of the recovery period was reached.
Under date of June 30 the Board further said:
Total employment
in the country in May rose from 44,298,000 to 44,"
The greatest rise in any single industry
strikes in the bituminous
645,000, or nearly 1% over April.
occurred in mining, owing mainly to the settling of
17% more miners are now at work than in April, but the
coal industry.
below the level of over 700,000 which
total number employed is still far
prevailed for several years prior to the strikes,
but
3.8%
of
Agriculture's gain
seasonal,
employment
in employment over April was
in all forms
less than
of transportation increased at a
manufacturing
there
a
was
greater-than-seasonal
decline,
owing
automobile manufacturing that resulted from
Briggs and other automotive supply plants. The construction
largely to curtailed activity in
3.7% from the April figure
Slackness in non¬
for this decline, for residential
industry showed the greatest decline, dropping
to
the lowest
level
building
residential
reached since August of last year.
employment accounts
building employment continued the
since the low point
The emergency
tion,
upward trend which has been in evidence
binghamton-Endlcott-Johnson City.
Albany-fechnectady-Troy
New York City
Syracuse.
Under
Civilian Conservation Corps and
Federal Projects Works Program,
This
during March,
and May, 1939, and comparisons with May, 1938 and March, 1933,
Unemployment totals and the distribution of employment
shown in the following table:
Industrial
the
Commis¬
completion of
increases from
construction industry in New York
State were somewhat lower this year than in preceding
years." She added that "gains from April to May this year
April
May in the
to
6.2% in payrolls and
of some World's Fair
contracts
and reductions in
working forces on others
caused great enough decreases in the New York City area
to reduce substantial
gains reported Upstate," said the
8%
in
employment,
man-hours.
Completion
amounted
14.3%
to
in
statement which went on to say :
statements
These
B.
E.
Dr.
Firms
8.0%
in
58.8%
amounted
State
which
is
of
almost
Department
under
to
reported decreases
York City
gains of
All
man-hours.
in
hundred
40.7%
types
twenty-four firms were
projects
municipal
or
York
the
1,709
of
firms
Labor's
direction
of 7.1%
of
in em¬
payrolls and 5.0% in man-hours.
Losses were re¬
building contractors and subcontractors.
Firms work¬
Upstate reported
ing
and
reports
the
Information
and
New
in
by general
ported
on
New
Patton.
working
ployment,
the
to
Statistics
of
division
based
are
month
each
in employment, 54.0% in payrolls
of construction improved Upstate.
working on Federal, State, county
employed 29,139 workers in May.
Payrolls
943,537 hours worked.
Increases from April
and
for
$1,091,129
in employment, 16.0% in payrolls and 29.0%
working on private construction reported decreases
to
May amounted to 20.8%
in
2,918,000 in May, a drop of 3.8%.
21,
June
date,
later
a
sioner, Miss Miller, said that "because of
World's Fair contracts, the usual seasonal
reached in this branch of construction last February.
decline followed one of 8.6% in April.
are
Rochester
Six
labor force, represented by the Works Progress Administra¬
declined from 3,032,000 in April to
April
——**-
Buffalo
reporting
change from April.
strikes in the
Utica
Wholesale and retail trade showed no
normal rate for this time of year.
In
Industrial Districts
predominant in most industrial groups in May,
but they were also felt in all sections of the State.
All seven industrial
districts
reported net losses in employment this month, and all but
Utica had net drops in payrolls.
The smallest drop in forces, amounting
to 0.2%, was in Utica, and this was accompanied by a 0.6% payroll rise.
The fact that both non-ferrous metal and silk goods plants operated with
reduced forces on higher total payrolls and hours was the main reason
for these opposite changes.
Although the metals and machinery industrial
group in both Rochester and New York City showed a net increase this
month, large seasonal reductions at clothing shops more than offset this
gain.
In Syracuse and Binghamton-Endicott-Johnson City, the substantial
lay-offs at shoe and business machine plants, with even larger payroll
decreases, were the main factors in the net declines.
If it were not for
the large losses at railroad repair shops in the Albany-Schenectady-Troy
area and at piano
and shipbuilding firms in the Buffalo area, the totals
for all other plants in these two districts would show net increases rather
Not
Industrial Conference Board Reports Unem¬
National
same
approximately 17% higher.
weekly wages were
May and total
than
Li
Commissioner Miller's statement con¬
payrolls.
and
ment
the 11
employ¬
tinued :
New residential building undertaken in the
District during April
Twelfth
although
advanced,
sales
May of most recent years.
The food and tobacco, and paper
majority of industries.
this
and factory employment and payrolls in
Pacific Coast States expanded more than is customary during
Industrial
in
May and in June.
have taken place in
to
further
the
Bank in its "Business
of June 27.
Conditions"
pears
a
July IS, 1939
Chronicle
The Commercial & Financial
324
man-hours.
in
employment
26,702
were
amounting
Firms
on
$1,088,509
to
although longer hours were worked.
There
financed by private funds with payrolls
for 876,537 hours worked.
and payrolls
employed
jobs
(In Thousands)
Avye.
March,
May,
March,
April*
1933
1938
1939
1939
1939
469
Unemployment total
Employment total........
•.*
14.70C
11,36*
10,401
10,175
35,940
42,521
44,018
44,298
44,645
9,961
11,123
10,838
11,339
11,767
187
18*
192
198
14,079
15,509
15,262
15,151
1,067
Extraction of minerals
136
10,980
645
733
741
468
548
11,064
.
267
19,102
Forestry and flsaing
Industrial
9,881
47,886
10,539
Agriculture
Total Industry
Industrial Employment and Payrolls
Increased During May
May*
1929
6,980
8,994
9,943
9,906
9.773
3,340
941
1,688
2,094
2,156
2.076
Transportation
2,465
1,549
1,719
1,805
1,803
1,815
Public utilities
865
944
926
931
939
Trade, distribution and finance..
1,167
8,007
6,407
7,207
7,186
7,251
Service Industries
8,960
7,752
9,076
9,403
9,361
9,378
1.011
70'
851
899
8^3
891
Construction.....
.......
.
Mlscell. lndust-ies and se'-vices..
*
York
New
and Payrolls
Mid-May—World's
Opening Reduces Usual April-May Construc¬
State
Factory
Employment
Declined Seasonally in Month to
Fair
tion
The
Increases
usual
factories
from
according to
missioner
seasonal
a
the middle of
occurred
in
New
York
State
April to the middle of May,
statement issued June 10 by Industrial Com¬
Frieda
S.
Miller.
Total
employment
dropped
1.4%, while total weekly payrolls fell off 1.9%.
Decreases
in both employment and wage payments are to be expected
at this
the
season
average
of the year; the usual changes, as shown
by
movement for the last 24 years, are decreases
employment and 0.8% in payrolls.
Whereas
April were mainly due to seasonal reduc¬
tions at apparel factories, the decreases this month were
more
general in scope, with net drops reported by the
of
1.3%
in
the net declines in
issued
The
current
in
Illinois
during
by the Department:
increases for all reporting industries represent a
April-May
contra-seasonal
increase
in
employment and a greater than seasonal increase
1923-1938, inclusive, the records of
decrease of
0.2 of 1% in employment and > an increase of 0.2 of 1% in payrolls.
In
only seven of the preceding 16 years were increases in both employment
and payrolls reported for all reporting industries in
Illinois during the
in
For the 16-year period,
payrolls.
Division
April-May
The
As
that
the
average
April-May changes are a
period.
current
indexes show that employment is
May
compared with May,
industries
payrolls.
76.3
show
2.0% and payrolls
higher than in January, 1939.
2.5%
decline
payrolls
as
ment
the
Preliminary.
and
compared with April, increased 0.4 of 1% and 0.7
of 1%, respectively, according to a statistical analysis of
the data contained in reports from 6,889 manufacturing
and
non-manufacturing establishments reporting to the
Division of Statistics and Research of the Illinois Depart¬
ment of Labor.
The following is also from the announce¬
May,
7,261
Manufacturing
employment
in Illinois
in
in
Illinois
The
May,
1939,
1938, the current May indexes for all reporting
of 4.4% in employment and 8.5% in
show increases
index
as
employment for all reporting industries was
compared to 73.1 in May, 1938 (1925-1927 average
of
1,000 persons employed during
were employed in May, 1939.
The index of payrolls rose from 63.4 in May, 1938, to 68.8 in May, 1939.
That is to say, that for every $1,000 paid out in wages during the 19251927 period, approximately $634 and $688, respectively, were paid out in
In other words, for every
1925-1927 period, only 763 persons
equals
the
May,
100).
1938 and 1939.
During May,
1939,
practically no changes in wage rates were reported.
Only 18 reports of wage rate increases,
by the Division.
affecting 673 workers, were received
Three wage rate reductions, affecting 83 persons, were
Volume 149
indicated.
affected
Only 0.1 of 1% of the total number of workers reported
by
8.2%
was
The Commercial & Financial Chronicle
rate
wage
and
of
changes.
decrease,
The
weighted
increase
of
rate
Production
were
these
from
4,723
manufacturing
ments, which designated
of
0.6
of
workers
ments
and
employed.
reported
1.5%
number
the
1% and 1.4%,
In
respectively,
the
increases
in the
of
of
0.8
non-manufacturing
working
and
female
of
1%
employees.
the
in
Increases of
employed
women
in
paid
wages
and
the
1%
in
to
non-manufacturing
total
industries
paid
wages
and
for
manufacturing
the
1.1%
workers
women
manufacturing
An
of
manufacturing
increase
for
of
all
to
wages
of
0.5
reporting
industries.
in
more
the
shown
was
group
paid out 0.4 of 1%
group
both
in
industries.
of
groups
to
The
non-
during
women
May than in April.
Average
In
all
both
reporting
sexes
Average
combined;
wekly earnings
In
the
$26.27 for both
weekly
average
$28.74
for
male
earnings
and
$15.81
$26.31
were
for
female
for
all
male
and
worked
reporting
female
industries
combined; $27.68 for
April.
Hours
female
4,635
these
in
of
and
1%
3,849
separately
Report
earnings
reported
these
in
during
1939,
1.5%
in
hours
total
with
comparison
for
reporting
1.6%,
and
for
male
and
respectively.
Lumber
Movement,
July 1, 1939
Week
Ended
Association
operations
orders.
of
from
important
regional associations
softwood and hard¬
Reported production
13%
was
above
the
seasonal weekly average of 1938
production, and shipments
weekly shipments.
Compared with the preceding week, production of the week
ended July 1 as reported
by 13% fewer mills was 7%
below that week's
output; shipments were 1% below ship¬
ments, and new orders were 7% below the new business of
were
10%
in
1938
of
excess
seasonal
that week.
New business (hardwoods and
softwoods) was
6% above production and shipments were
5% above output
in the week ended July 1.
Reported production for the 20
weeks
of
the
weeks
of
1938;
and
period.
New
date
to
year
shipments
orders
new
feet
of
were
17%
were
above
business for
week
softwoods
booked
week
the
orders
July
feet; orders,
mills
468
combined;
feet.
249,842,000
of
1938
the
1939
of
reported
Lumber
same
mills.
feet,
reported
totaled
produced
218,799,000
230,087,000 feet;
shipped
Revised
figures
235,721,000
for
feet;
the
preceding
shipments,
232,-
feet.
above the
for
222,450,000
Shipments
as
from
feet,
4%
for
the
Production
mills
week.
ended
or
reported
hardwood
89
1938
the week
4% above production.
or
Reports
or
production
orders
mills
35%.
1937.
gain
above
during the four weeks ended
July
Hardwood orders showed
1,
1939,
gain of 49%
a
1939
compared with
as
1938.
Danube
Basin
Wheat
Crop for 1939 Estimated at
Bushels—Represents Decline of 13%
Crop, but Is 20% Above Average
410,000,000
1939
countries,
at
wheat
of
crop
being
now
the
Danube
harvested,
410,000,000 bushels, according to
office
of
Foreign
Agricultural
Basin
producing
unofficially
is
estimated
report received in the
a
Relations,
Department of
While this represents a
decline of about 13%
compared with the record 1938 crop
of 471,000,000
bushels, it is still some 20% above the aver¬
age crop of 340,000,000 bushels for the five-year
period
Agriculture, made public July 7.
ment further
The Agriculture Department's announce¬
said:
Much
interest attaches to the wheat
crop situation in the Danube Basin
producing countries, not only because it is the principal surplus
producing
in Europe, but also because the
surplus competes in European mar¬
kets with wheat from
Canada, the United States, Argentina, and Aus¬
tralia.
The marketing of the Danube Basin wheat
surplus in recent years
area
has
been
handled
clearance
largely
through
with
arrangements
the
official
and
governments
semi-official
of
nearby
trading
deficit
and
producing
countries.
No
estimate
keting
able
ended
of
export
or
amounted
history
of
the
probable
(July 1-June 30)
year
for
bushels
were
over
made
during
yet.
as
the
1939-40
the
This
1938-39
included
preceding
shipping
avail¬
just
season
the
post-war
7,800,000
approximately
Approximately
crop.
during the marketing
wheat, including, flour
mar¬
The surplus
105,000,000 bushels, the largest in
Basin.
from
exported
surplus
been
during the
carryover
about
Danube
carried
bushels
for
to
the
export
has
78,000,000
(July-June) 1938-39,
of
from the countries of the
during the five-year period ending with the 1937-38 shipping
averaged 44,457,000 bushels annually.
In view of the large crop
Actual
exports
year
Danube Basin
season,
anticipated this
year
the average
recent
Ihose
for
of
the
1938-39
Philippine
it is quite likely that
years,
but
they
marketing
1939-40
exports will
probably will
just
season
not
be
be above
as
large
or
Sugar Quota Deficit of 59,111 Tons ReForeign Countries Other Than Cuba
allotted to
The
Sugar Division of the Department of Agriculture an¬
on
July 10 the reallotment of the 1939 Philippine
quota deficit of 59,111 short tons, raw value, to for¬
above
same
the
production
week
of
the
The
Tydings-McDuffie Act
amount of sugar
from the
(Philippine
business
as
9,435,000
feet,
Independence
Act)
the
fixes
which may be admitted free of duty into the United State
Philippines during
refined sugar and
any calendar year at
800,000 long tons of
un~
50,000 long tons of refined sugar, or the equivalent o'
raw value, on the basis of 1938 polarization
figures.
981,912 short tons,
1939 sugar quota
a
tons, official advices from the islands stated that
no
of 1,041,023 short
more
than the duty¬
free portion of the quota would be filled.
220,782,000
were
213,057,000 feet.
new
The deficit, reallotment
required under the Sugar Act of 1937, was pro¬
rated on the basis of the quotas in effect for such countries.
In announcing this, the
Agricultural Department said:
of which is
Although the Philippines received
July 1, 1939, by 391 soft¬
was
give
sugar
eign countries other than Cuba.
The
1939
quotas for foreign countries other than
raw value) are as follows:
Cuba
(in terms of pounds,
Shipments as reported for the same week were
62% above production.
Production was 5,742,000 feet.
Identical
Last
week's production
feet, and
a
220,455,000
feet
and
it
year ago
feet
and
216,557,000
of 387
was
feet.
shipments,
feet and
7,260,000
Reports
identical
In
feet
feet,
softwood
the
a
and
and
of
case
year
mills
15,592
were,
respectively,
3,978,000 feet and 3,915,000
feet, and orders,
6,971,000
5,993,000 feet.
Brazil
—
British Malaya
487
705
703,533
1,018,350
2,861
4,141
28
63
91
Canada
603,520
1,348,708
China and Hongkong...
308,191
688,726
1,952,228
996,9:7
—
Colombia
286
639
925
22,033
49/238
281,649
629,411
71,271
911,060
7,133,147
15,940,700
226,114
505,305
7
16
187
418
605
125
279
404
800,567
1,158,805
3,188,909
11,877,151
6,062
13,871
20,871,111
-
Costa Rica
Czechoslovakia
Shipments
Weeks Ended
We give herewith
data
on
of
Lumber
July 1, 1939
July 1, 1939, as reported by the
Manufacturers Association on July 10:
average
of
506
mills
Trade Barometer" for the
reported
four
Four
as
follows
weeks ended
to
National
Lumber
Haiti
the
"National
Lumber
1,874
Shipments
1939
1938
1939
-—
908,628
733.903
889.980
759.187
938.206
789,085
19,644
19,417
30,769
22,716
32,692
22,013
753.320
920.749
781.903
970.898
753,842
24,432,846
26,567.754
375,102
310,209
693,235
35,366,060
38,456,297
28,402,670
1,213,356
1,003,444
52.902,000
118,222,000
171,124,000
118,222.000
171,624,000
19,622,148
838,254
1938
Sub-total
928.272
520,796
10,933,214
11,888,543
8,780,522
United Kingdom
9,583
14,418,927
233,046
Netherlands
Venezuela
1938
23
4,288
Peru
Orders Received
4,188
23,073,847
731,419
6,452,184
Nicaragua
July 1, 1939:
2,203,076
8,205,398
Italy
Salvador
Production
1939
Softwoods
985,833
3,671,753
—
Mexico
(In 1.000 Feet)
Hardwoods
358,238
-:—
Honduras
Japan
'
/
Germany
Guatemala
identical mills for four weeks
ended
An
During
50,436
218
Dutch West Indies
and
Quota
34,844
314,817
1,280
Dominican Republic
Dutch East Indies
Production
Revised
Prorations
Quota *
Australia
orders
5,169,000
1939
212,957,000
was
received, 222,262,000
hardwoods, 72 identical mills
ago
A dditional
Country
Argentina
162,748,000 feet; shipments
reported production last week and
feet;
Mill
194,896,000
as
ended.
64% above production.
9,305,000 feet,
'
a
>
production.
The Asso¬
regions but Western Pine, Southern Cypress and Northern Pine
reported new orders above production in the week ended
July 1, 1939.
All but Western Pine and Northern
Pine reported shipments above
output.
All regions but Southern
Pine, Cypress and Northern Pine reported orders
above those of
corresponding week of 1938; all reported shipments above
last year.
All but Northern Pine and Northern Hemlock and Hardwood
wood
18%
were
same
of
On July 1,
1939, unfilled orders as reported by 417 softwood mills were
676,517 M feet, the equivalent of 20
days' average production, compared
with 502,226 M feet on
July 2, 1938, the equivalent of 15 days' average
7%
was
All
regions
period.
nounced
production,
;
orders
weeks
5% above output.
1939,
hardwoods
537
the
the 26
1,
231,885,000
Mills,
were:
410,000
ended
and
of
1938
17%
received
20% above corresponding
16% above the shipments,
was
above output; shipments were
ciation further reported:
During
period
same
the
20%
gain
ending with 1937.
Reported new orders in the week ended July 1,
16% in excess of the seasonal weekly average
were
1938
of
of
were
The
man-hours
enterprises
May
establishments
increased
of
Manufacturers
wood mills.
during the
production
from Record 1938
1, 1939,
production
in 1929; 66% of the seasonal
weekly average of shipments
in 1929, and
72% of the seasonal weekly average of new
business in 1929, according to reports to the National Lum¬
ber
mills
above
July 1, 1939, gross stocks as reported by 418 softwood mills were
3,591,777 M feet, the equivalent of 103 days'
average production
(threeyear average 1936-37-38), as
compared with 3,664,798 M feet on July 2,
1938, the equivalent of 105 days' average
production.
averaged
The lumber industry
during the week ended July
stood at 63% of the seasonal
weekly average of
covering the
1%
On
and $14.60 for women.
men
enterprises
combined;
seven-tenths
worked
workers
Weekly
industries
workers
increased
comparable
of
weeks of
Changes in Man-Hours During May in Comparison with April
In
of
was
workers.
the manufacturing industries were $26.33 for
combined; $29.02 for male and $16.15 for female
non-manufacturing
sexes
records
in
male and female workers
workers.
Weekly Earnings—May
industries
the
corresponding week of
increased
men
below
hardwoods
were
by
as
in
above' those
2,425 non-manufacturing establishments.
Total
was
Hardwood output
Orders
the
shown
were
1939,
of
corresponding weeks of 1938.
Softwood orders in
19% above those of similar period of 1938 and 8% above the
and
female
2.0%
17%
1937.
1,
Shipments during the four weeks ended July 1,
1939,
those of
corresponding weeks of 1938, softwoods showing
forces, showed increases
the number of male
in
establish¬
manufacturing classification 2,298 establish¬
0.2 of 1% in the number of male employees
of
number
and
men
their
of
sex
and
of
July
reported by
23% above that of corresponding weeks of 1938.
Soft¬
1939 was 24% above that of the same weeks of 1938
production
and
Changes in Employment and Total Wages Paid According to Sex
Reports
mills,
wood
average
10.6%.
325
during the four weeks ended
811,098
Unallotted
Total.
*
reserve
500,000
53,402,000
Established in G. S. Q. R. Series
6, No.
500,000
1, Rev. 1.
I
FSCC Purchased
1,700,000,000 Pounds of Agricultural
$66,000,000 During Fiscal
Commodities at Cost of
Ended June 30
Year
the FSOC purchased 38 different commodities,
including 79,000,000 pounds of dried beans, 122,000,000 pounds of butter,
171,990,000 pounds of corn meal, 3,210,000 dozen fresh eggs, 1,950,000
boxes of grapefruit, 58,000,000 cans of grapefruit juice, 13,900,000 pounds
of dry skim milk, 61,200,000 quarts of
fluid milk, 1,800,000 boxes of
oranges,
10,000,000 pounds of dried peaches, 2,264,000 bushels of white
potatoes, 20,100,000 pounds of raisins, 66,600,000 pounds of wheat cereal,
178,000,000 pounds of white flour, and 61,740,000 pounds of whole wheat
flour.
In addition to these foods the Corporation bought 28,000 bales of
cotton
and 3,798,000 yards of cotton
ticking for use by the welfare
agencies in making bedding.
Reports to the FSOC from the .State welfare agencies show that an
average of 2,800,000 families, or 10,446,000 people, received surplus foods
every month during the first 11 months of the fiscal year.
(June figures
are
not yet available.)
The high month of the year was March, 1939,
when 3,300,000 families, or 12,600,000 people, were on the recipient list.
The low month of the year was July,
1938, when surplus commodities
the
During
fiscal year
distributed
to
families,
2,300,000
8,300,000 persons.
or
July IS, 1939
against sales for export. The Departmen
of Commerce reports that exports of refined sugar amounted to 39,264 short tons,
raw value, during the first five months of 1939.
include sugar delivered
b Deliveries
c
Federal Surplus Commodities
Corporation show that during the fiscal year ending
June 30,
1939, the corporation purchased nearly 1,700,000,000 pounds of surplus agricultural commodities at a
cost of approximately $66,000,000,
including freight and
handling charges, it was announced on July 10.
These
commodities, with the exception of 15,500,000 pounds of
cotton and cotton ticking, were foodstuffs, and have been
donated to welfare agencies in 48 States, the District of
Columbia, Puerto Itico, and the Virgin Islands for distribu¬
tion to families on relief rolls.
An announcement by the
Department of Agriculture further said:
Preliminary reports of the
were
Chronicle
The Commercial & Financial
326
Revised.
representing losses in transit,
by a small amount
d Larger than actual deliveries
through reprocessing, Ac.
3—STOCKS.
RECEIPTS,
CONSUMPTION SUGAR FROM
TABLE
AND
DELIVERIES OF DIRECTt
SPECIFIED AREAS, JANUARY-MAY,
1939
(In Short Tons, Raw
Sugar Value)
Deliveries
Source of
Jan.
Supply
Stocks on
or
Slocks on
May 31,
1939
Receipts
1,
Usage
1939
0
3,496
a7,787
Hawaii
93,120
34,463
-
Puerto Rico
100.578
3,49659,010
167,721
66,418
Cuba
6.994
Philippines
England
,
al33,561
0
41,897
27,266
14,191
0
0
71
0
0
0
0
71
878
1,961
2,837
2
193,258
189,651
China and Hongkong
Other foreign areas—
300,832
82,077
Total
Sugar Division from reports and information submitted by
importers and distributors of direct-consumption sugar on Forms SS-15B and SS-3.
a Includes sugar in bond and in customs' custody and control.
the
in
Compiled
DIRECT-CONSUMPTION SUGAR BY MAIN¬
OF
TABLE 4—DELIVERIES
cane mills
LAND
direct-consumption sugar by Louisiana and Floria mills, on
basis of incomplete reports, amounted to 54,357 short tons, raw value, during
first five months of 1939.
of
Deliveries
the
the
5—DISTRIBUTION OF SUGAR FOR LOCAL CONSUMPTION IN
TERRITORY OF HAWAII AND PUERTO RICO, JANUARY-
TABLE
THE
MAY, 1939
(Short Tons, Raw Value)
8,137
26-479
Territory of Hawaii
Puerto Rico.
-
-
Sugar Consumption in 13 Principal European Countries
During Nine Months of Current Crop Year 8.8%
Above Last Season
Department of Agricul¬
Statement of Sugar Statistics of
Months
Five
ture
for
Year
of
Above
1939—Deliveries
Ago
The Sugar Division of the United States Department of
Agriculture on July 6 issued its monthly statistical statement
covering the first five months of 1939, consolidatirg reports
obtained from cane sugar refiners, beet sugar processors,
importers, and others. Total deliveries of sugar during the
first five months of 1939 amounted to 2,380,019 short tons,
value, compared with 2,250,216 torn during the corre¬
sponding period last year.
Distribution of sugar in Con¬
tinental United States during the period January-May, 3939,
in short tons, raw value, was as follows:
Consumption of sugar in the 13 principal European coun¬
tries during the first nine months of the current crop year,
September, 1938 through May, 1939, totaled 6,104,465
long tons, raw sugar value, as compared with 5,613,452
tons consumed during the similar period last season, an in¬
crease of 492,013 tons or approximately 8.8%, according to
Lamborn & Co., New
Sugar stocks on
3,659
1,683,568
445,177
193,258
64,357
„
Importers of direct consumption sugar (Table 3)
Mainland Cane Mills for Direct Consumption (Table 4)
-
Total....
of 394,400 tons or
crease
The
European countries,
according to advices received from
European sugar authority, is
3,911,600 acres in the previous season, an
for local consumption in the Territory of
for the first five months of 1939
was
Hawaii
8,137 tons and in Puerto Rico it
was
Stocks of sugar on hand on May 31, in short tons, raw value, were as
follows: (Not including raws for processing held
by importers other than
stocks of sugar held by mainland cane factories):
refiners,
nor
Refiners'
raws
1
1938
1939
.
13 countries included in
The
the survey are Belgium, Bulgaria,
487,545
469,723
189,651
455,119
165,302
1,086,480
1,107,966
Importers' direct-consumption sugar
In addition to the above stocks, beet sugar factories had 980,028
tons of sugar, raw value, for
and Comparisons with
A graphic chart showing the distribution of sugar and the
comparisons with quotas for the 1934-39 period is being
distributed by Lamborn & Co., New York, sugar brokers.
An announcement in the matter further said:.
•
were
requires
short
marketing against the 1939 quota of 1,566,719
Secretary
Agriculture
of
supplying the United States market.
consumption
determine
to
The statement of charges against the
1939 sugar quotas during January-May was made public on June
statement was given in "Chronicle" of June 17, page
SUGAR:
DELIVERIES
REFINERS'
FOR
DIRECT
STOCKS,
(This
7.
3600).
MELTINGS-
RECEIPTS,
CONSUMPTION
JANUARY,
FOR
MAY, 1939
(Iu Short Tons, Raw Sugar Value)
Stocks
Supply
Jan.
Cuba
Slocks
Deliveries
Receipts
Meltings
Lost
for Direct
by Fire,
Consumption
on
1,
1939
&c.
on
May 31,
1939
278,765
10,136
Puerto Rico
640,517
371,005
883
22,299
Hawaii
347,853
421,875
330,692
2,011
0
484,956
192
0
37,449
51,431
387,853
382,291
400
0
33,274
169,978
244,132
138
0
25,655
0
0
0
0
0
114,704
28,112
99,947
Philippines
Continental
Virgin Islands
0
Other countries
13,766
18,844
32,043
35
0
532
0
192
192
0
0
0
(sweepings.&c)
Total
288,964 1,987,112 1,845,311
0
3,659
Complied in the Sugar Division, from reports submitted by sugar
Form SS-15 A.
TABLE
2—STOCKS,
BEET
SUGAR
PRODUCTION
BY UNITED
JANUARY-MAY,
AND
STATES
DELIVERIES
REFINERS
OF
AND
427,106
refineries on
CANE
AND
PROCESSORS,
1939
(In Short Tons, Raw Sugar Value)
Space is made available on the
Refineries
the date cur¬
figures become available.
Prices Declined One Point,
Agricultural Economics
Livestock
prices declined sharply
during the month
ending June 15, while grains, cotton and most other groups
of farm commodities advanced slightly, the Bureau of Agri¬
cultural Economics, United Staten Department of Agricul¬
ture, reported on June 29.
The drop of five points in the
group average price of meat animals) brought the index of
all prices received by farmers on J|tne45sdown one point
from a month earlier, thereby losing the gain noted in midMay.
At 89% of pre-war, the June 15 index was three
points lower than on June 15 last year.
The Agriculture
Department's announcement further said;
a
Factories
358,137
d445,177
469,723
980,028
Final stocks of refined, May 31, 1939
73,642
Compiled by the Sugar Division, from reports submitted by the sugar refineries
and beet sugar factories on Forms SS-16 A and SS-11C.
The refineries' figures are converted to raw value by using the factor 1.060259,
which is the ratio of meltings of raw sugar to refined sugar produced during the
1937 and 1938»
Farm
lambs declined more than other classes of livestock, although
declined.
The group 'average index for chicken
Hogs and
all classes of meat animals
and egg
prices also was down, but by only^two points.
May 15.
prices, although rye,
oats and barley also advanced.
Wheat and rice were lower.
Farm
product groups showing slight increases the past month were
fruits by eight points; dairy^piroducts, two points; cotton and cottonseed,
one
point.
ComparecU-with' June 15 of last year, meat animals were
down nine points} chickens and eggs, 16 points, and grain, four points.
Cotton andpoftonseed prices were four points higher than in June, 1938,
Grains,
Corn
were
reported ope point higher than on
points.
20
15
a
one-point
May
15 of this year and
the same as in mid-
last year.
than
less
the
index of prices received by farmers
prices paid by farmers.
at 74% of pre-war, was
advance in
exchange value of farm products,
by
point lower than on
more
mill
up
accompanied
June
Declines
for
group,
Bureau reported that the lower
June of
but
a
contributed most of the- gain in grain
fruits*were
was
one
as
prices
TK'e
cl,351,563
1,834,418
bl,722,832
of
Reports Bureau of
The
Initial stocks of refined, Jan. 1, 1939...
Production
Deliveries
years
the price level.
chart so that one may keep
subsequent monthly distribution
Mid-June Index
and
Domestic Beet
a
balance of the year, state
should have an important influence on
rent as
period of 1938. It is
charted.
Lamborn & Co.,
distribution of the four previous years
Sugar distribution for the
requirements, and to establish quotas for the various sugar producing areas
Misc.
increase of 129,803 tons or
approximately 5.8% when compared with the same
obtained in the administration of the Sugar Act of 1937,
the
1—RAW
five months of 1939. amounting to
2,380,019 short tons, raw value, reflects an
tons, compared with stocks of 730,166 tons last year.
The data
Distribution of
Quotas for 1934-39
Issues Chart Showing
Lamborn & Co.
however, the smallest
Total.
Source of
France,
Hungary, Irish Free State, Italy, Poland, Roumania,
Sweden, United Kingdom and the Protectorate of Bohemia-Moravia.
Germany, Holland,
Distribution of sugar for the first
427,106
Refiners' refined
AND
5,540,000 long tons of
last season.
sugar
Sugar
26,479 tons (Table 5).
TABLE
compared with
increase of 158,100 acrees, or
countries produced
These
4%.
approximately
F. O. Licht, the
placed at 4,069,700 acres, as
2,380,019
The distribution of sugar
which
1939 amounted to
3,393,200 tons on the same date in 1938, a de¬
approximately 11.6%.
estimated beet sowings for the current season for the 13 principal
2,998,800 tons as against
raw
Raw Sugar by Refiners (Table 1)
Refined Sugar by Refiners (Table 2, less exports)
Beet Sugar Processors (Table 2)
The firm added:
York.
hand for these countries on June 1,
in
wheat
offset
than
prices
in
the East North Central States and Kansas
slight advances
usual.
Local
second consecutive
in other
market prices
month.
Corn prices advanced,
cotton increased in June
areas.
for
Exports continued small, but domestic
activity continued substantially higher
than
a
year
ago.
Volume
Hog
of
The Commercial & Financial Chronicle
149
have
prices
hog prices to
dropped
months.
consecutive
four
relation
The
prices became less favorable to hog producers as corn
corn
prices advanced,
for
Lamb
prices declined sharply, terminating the advance that started last Novem¬
ber.
Wool prices averaged nearly lc. a pound above the average of prices
during
the
Dairy
and
previous
products
seasonally,
Chicken
they
except
prices declined
than
more
average
advance.
to
reported
levels
during the month.
usual
contra-
year
a
ago.
Egg prices,
mid-May, continued to decline into June.
Mid-June apple prices, at an
higher than the 77c.
the
strengthened
milk,
retail
for
below
were
which usually start upward in
the
trend.
month.
prices,
though
continued
downward
their
continued
hog prices
of $1.02
average
reported
Potato
dropped
prices
Oranges and lemons
than
more
usual
during
month.
Federal
Credit
Five
Loaned
Have
Unions
Years'
$125,000,000
in
Existence
Federal Credit Union Act was
passed, in June, 1934, credit unions chartered under that
Act have loaned their members $125,000,000, said Director
It.
Orchard
of
Union
Credit
the
Section
Credit Administration, on June 29.
credit
unions
members
with about 3,000 new
Of the 3,342 Federal
passed 700,000,
added each week.
being
Farm
the
Enrollment in Federal
has
credit unions thus far chartered,
in
fully 90% remain active.
"Share capital of Federal credit unions," said Mr. Orchard,
"contributed entirely from members' savings, now stands
at
$33,000,000, and total assets at $36,000,000.
The total
increasing at the rate of $10,000,000 to $15,000,000 a
year."
The FCA announcement further said:
is
At
the
end
of
outstanding of
made
for
last
aggregated $760,000
reserves
year
$23,728,000.
Up
$98,653,000 and only
$54,000
had been
against loans
as
time 1,177,000
that
to
loans
charged
off
had
been
uncol¬
as
lectible.
Federal
of
1%
credit
reduce
the
Returns
unions
month
per
rate
on
on
to
are
limited by law to a maximum
member
benefit
members'
loans.
There
borrowers,
savings
in
Mr.
is
Federal
unions
dividends
paid
members
in
the
Last
reserves.
form
at
rates
year
of
dividends
of
tendency
to
stated.
credit
variable,
are
each
year
after
70% of all active Federal credit
to
over
6%.
the
2%
last
Earnings
five
returned
to
have
totaled
Nichols
Seek
years
$1,513,000.
Petroleum and
Its
Products—Rowan
&
Injunction Against Tender Board—Federal Agency
Has
Ruled
Average
Its
Production
Crude
"Contrabrand"—Daily
Production
Above
mate—Crude Petroleum Stocks
Market
Esti¬
Slump—Silver Ques¬
tion Muddles Mexican Situation
Rowan and Nichols, temporary victors over the Texas
Railroad Commission in their fight to increase their produc¬
tion in East Texas, have now taken on the Federal Tender
Board
No.
1
their next adversary and on Saturday
(July 15) Judge Whit Davidson will hear their application
for an injunction against the Federal oil unit in
Tyler,
as
The company filed an application for the court writ on
Tuesday, asking the court to restrain the Federal Tender
Board No. 1 from interfering with the movement of the
oil from its leases produced by the company under the terms
of a temporary injunction granted against the Texas Rail¬
road Commission by a Federal Court.
The company's
petition also named as defendants Chairman Jack W. Steele
and E. W. Chatterton of the Board, and the Tidal
Co. and the Texas Empire Pipe Line.
Last
Saturday, the Board
acting
on
Pipe Line
application for
a
forecast tender by Rowan and Nichols for July production,
ruled that production from the company's lease under the
court order in excess of the regular allowable for the area was
contrabrand oil under the meaning
of the Connally Hot Oil
measure, and refused to grant a tender.
Furthermore, the
Board ruled, the court order did not apply to the Federal
Tender Board.
In the meantime, however, the
company continues to
enjoy a temporary victory over the Texas Railroad Com¬
mission, the next round in the court fight coming up this
fall in the Circuit Court of
Appeals at Atlanta, Ga. Federal
Judge R. J. McMillan, in granting the original temporary
injunction against the Railroad Commission, ruled that the
company was entitled to twice as much oil as had been
granted under the Railroad Commission's allowable orders
for East Texas.
The
initial week of
daily average production of
soar
66,800 barrels to hit
3,529,800 barrels daily, reports made public by the American
oil
Petroleum
ended
the week of
July 1. The U. S. Bureau of Mines report dis¬
holdings had dropped to 271,567,000 barrels from
272,297,000 barrels a week earlier.
Foreign crude stocks
closed that
off
294,000 barrels while the decline in holdings of
petroleum totaled 436,000 barrels.
California
heavy crude stocks,.which are not included in the "refinable"
report, totaled 14,199,000 barrels in the July 1 week, a
domestic
decline of nearly 90,000 barrels from the
previous week.
Further complications in the
expropriation tangle current
between the Mexican Government and American oil com¬
of American and British oil
some
$500,000,000
properties developed during the
week when
Congress considered measures which would end
the purchase of
foreign silver.
Since reports are that an
early settlement of the bothersome oil question is in order, it
indicated that Administration leaders are chary that
too-quick action on discontinuing purchases of Mexican
silver might endanger any settlement.
In the
meantime, President Lazaro Cardenas told the
United Press in Tijuana on July 10 that the Mexican Govern¬
ment intends to
repay foreign investors within 10 years for
all properties which were
expropriated by the Government
during 1938.
He also welcomed new investors but warned
that they must be governed in their business activities
by the
Mexican viewpoint and by its laws.
"Twenty per cent of all money obtained from the export
sale of oil is being put into a reserve fund from which ex¬
propriated capital will be paid," Mr. Cardenas said in the
first interview granted by him since he started his tour of the
northern areas in Mexico.
Pointing out that friendly
was
companies affected by the expropriation decree, President
Cardenas added:
"These companies have proposed to the Government that
they cooperate in the exploitation of oil fields.
The Govern¬
ment is considering the proposal.
Mexico can use foreign
capital to great advantage to develop its resources.
Such
capital will be protected by consitutional guarantees.
We
are glad to have American
investments, but the American
investor must come to Mexico with a new viewpoint.
He
must operate under Mexican statutes.
In the past, the big
investors have suited themselves about what laws they should
obey because they had strength."
There were no crude oil price changes posted during the
week.
Prices of Typical Crude per Barrel at Wells
(All gravities where A. P. I. degrees are not shown)
$2.00 Eldorado, Ark., 40
Bradford. Pa
$1.05
Lima (Ohio Oil Co.)
1.25
Rusk, Texas, 40 and over
1.05
Corning, Pa
1.02
Darst Creek
1.02
Illinois
Western
95
Michigan crude
.78
in
the
Institute
July 8
was
July
United
saw
States
disclosed.
16,000 barrels
The
a
total
for
the
period
day higher than the market
demand estimate for July of 3,513,200 barrels set forth
by
the United States Bureau of Mines in its regular
monthly
forecast.
All
major oil-producing States, with the exception
higher production totals.
the production picture this
week, rising to a new record of slightly better than 260,000
barrels daily.
Earlier this year, oil men had anticipated
production of 250,000 barrels daily for Illinois by the end of
1939 but the production is running ahead of
expectations.
Louisiana also scored a record high, climbing 3,500 barrels to
274,750 barrels.
Texas production was up 35,550 barrels
to a daily average of 1,347,700 barrels with Oklahoma's
daily total of 464,400 barrels representing a jump of 12,450
barrels.
California was 16,600 barrels higher at a daily
of Kansas, turned in reports of
Illinois held the spotlight in
1.20
1.10
Sunburst, Mont.
1.22
Mid-Cont't, Okla., 40 and above—
Texas.
crude
Substantial declines in both classifications contributed to
decline of 730,000 barrels in inventories of
foreign and
domestic petroleum held in the United States at the end of
relations exist between the Mexican Government and the oil
unions
taking the form of dividends declared from net earnings
deducting 20% for
interest charge
noticeable
a
Orchard
off 1,500 barrels
was
panies affected by early 1938's seizure of
In the five years since the
C.
610,600 barrels.
Kansas
of 167,600 barrels.
average
net
a
were
bushel, were markedly
per
earlier.
year
a
average of
to a daily
327
Huntington, Calif., 30 and over...
Rodessa, Ark., 40 and above...
1.25
Kettleman Hills, 39 and over
1.22
1.24
Kentucky.
Smackover. Ark., 24 and
REFINED
.75
over
PRODUCTS—GASOLINE
MOTOR
FUEL
SLUMP—WITHDRAWALS
STOCKS
TIONS
PRICES
INVENTORIES
MOUNT
ABOVE
PARED, BUT
50%
1938
SHOW
UNDER
OFF
IN
LAST
SUMMER-
TOTAL—REFINERY
STILL ARE
TEXAS-
DISAPPOINTING
OPERA¬
HIGH
General
weakening of gasoline prices throughout Texas
developed over last week-end with tank-wagon and retail
prices of motor fuel sliding off 1 cent a gallon in the major
markets throughout the Lone Star State.
Continental Oil
led in the move to lower prices following the failure of the
Texas subsidiary of Standard of California to participate in
the recent shortlived advance.
Under the revised price schedules, tank-wagon prices
through Texas are 11 ^ cents for third-grade, 13 cents for
regular and 15 cents for premium grades. Under the new
retail price setup, Fort Worth motorists pay 16 cents, 18
cents and 20 cents for third-grade, regular and premium,
respectively. Dallas motorists pay 15 cents, 17 cents and 19
cents, respectively, for the three grades.
The shockingly low decline in motor fuel inventories over
the July 4th week-end highlighted the failure of the industry
to maintain its refinery operations in line with demand.
Despite the fact that demand for motor fuel has been running
far ahead of even the 1938 record level, stocks since the
start of the heavy consumption season have been built-up
far above normal levels by the excessive runs of crude oil to
stills.
Unchecked refinery operations are held responsible for the
fact that stocks of finished and unfinished motor fuel
were
off
only 6,298,000 barrels during the April 1-July 8 period,
as compared with a decline of 12,770,000 barrels during the
comparable period last year.
In 1938, stocks were being
drawn upon at double the rate of this year's figures.
In
other words, withdrawals of gasoline from stocks this year
are more than 50% smaller than during the like 1938 weeks.
A decline of only 279,000 barrels in stocks of finished and
unfinished
motor
fuel
for
the
week
ended
July
8 pared
inventories to 80,823,000 barrels, the American Petroleum
Institute reported.
For the second successive week, stocks
were
above the totals
held for the comparable period last
Estimates of oil economists place excess stocks of
gasoline "today" at better than 10,000,000 barrels. When
year.
this
it
potential surplus is considered in relation
assumes
a
serious aspect.
to the
market,
„
The Commercial &
328
While there
average
Shutdowns are
c
drop of 1.7 points during the July 8 week pared refinery
operations to 83.9% of capacity.
Daily average runs of
were off 60,000 barrels to 3,420,000 barrels
(Figures In Thousands of Barrels
.0SH-.08 H
T. Wat.Oil.
New
Orleans.
ports...
85.9
102
79.7
398
89.5
505
98.2
2,043
419
81.6
256
74.9
z923
316
50.3
118
74.2
469
89.5
846
94.5
2,705
Louisiana Gulf
149
97.3
140
96.6
335
North Louisiana & Arkansas
100
55.0
29
52.7
Rocky Mountain
118
54.2
38
59.4
195
California...
828
90.0
523
70.2
1,389
85.8
3,073
83.9
10,013
..
Reported
3,420
4,268
July 1, 1939.
4,268
11,921
X3.221
yl0,750
*
Estimated
z
27 plus
I
$.04
28 30 D
$.053
.1951
Brooklyn
Boston
...
July,
1938,
I
Stock of
Daily Average Crude Oil Production for
July 8 Up 66,800 Barrels
average
gross
United
States
the
of
ended
weeks
four
July
totaled
8
compared with
and
a
received
Coast ports for the week
daily average of 24,000 barrels
States,
indicate
Mines
that
and
finished
all
the
companies
refining
from
that
basis,
all
owning
85.8%
the industry
3,420,000
barrels
had
companies
in
as
a
of
the
United
of
whole ran to stills, on a Bureau
oil daily during the week,
at refineries, bulk terminals, in
crude
storage
of
and unfinished gasoline.
The total amount of gasoline produced
companies is estimated to have been 11,378,000 barrels during
transit and
by
ended July 1,
estimated daily potential refining capacity of the
4,268,000-barrel
of
168,000 barrels, a
daily average of 20,714 barrels for the week
26,071 barrels daily for the four weeks ended July 8.
Reports
in
At
and in
Pipe Lines
Pipe Lines
4,723
in Transit
Refineries
4,262
4,707
4,781
21,413
3,281
225
65
404
12,511
6,765
13.223
7,074
2,994
587
2,841
""""40
48
2,930
Inland Texas
1,324
1,537
331
7,853
9,246
4,283
"""356
5,770
""~27l"
Louisiana Gulf
2,272
2,633
1,113
33
1,481
310
400
496
263
9
586
1,437
1,516
110
No. La. & Arkansas
Rocky
Mountain..
1,811
599
13,835
15.224
8,691
"l",665
61,122
2+035
69,728
75,643
24,156
7,544
82,251
28,918
5,080
5,180
735
74,808
74,977
80,823
a24,891
7,544
81,102
a23,465
7,765
72,821
79,550
California...-
Reported..
Est. unreported
1
•Est. total U. 8.:
1
..
;
1,423
July
8, 1939...
July
1, 1939...
U.
8.
of
B.
28,918
a84,576
a84,580
28,808
Mines
•July 8, 1938...
*
2,325
of Mines basis,
Bureau
Estimated
114,120
25,195
a
For comparability with last year these
figures must be Increased by stocks "At Terminals, &c.," In
California district.
July 8.
Receipts of California oil at Atlantic and Gulf
ended
At Terms,
TrankU
and in
Texas Gulf..
July 8 totaled 1,102,000 barrels,
for the week ended
ports
average
in
20,356
2,975
111., Ky
Okla
Kan., Mo...
crude
157,429 barrels, compared with a daily average of
169,714 barrels for the week ended July 1, and 187,071 barrels daily for
daily
Refineries
Ind
oil-producing States during July.
a
At
and
East Coast
ended July 8, 1939, was
Daily average production
for the four weeks ended July 8, 1939, is estimated at
3,473,200 barrels.
The daily average output for the week
ended July 9,
1938, totaled 3,296,250 barrels.
Further
details as reported by the Institute follow:
Imports of petroleum for domestic use and receipts in bond at principal
Finished
Appalachian
oil production for the week
3,529,800 barrels. This was a rise
of 66,800 barrels from the output of the previous week, and
the current week's figure was above the 3,513,200 barrels
calculated by the United States Department of the Interior
to be the total of the restrictions imposed by the various
daily
Fuel Oil
At Terms,
Unjin'd
the
that
Stocks of Residual
and Distillates
Finished
Week Ended
estimates
1
Stocks of Gas OH
Finished and
Unfinished Gasoline
pipe lines
as
of. the end of the week, 80,823,000 barrels
June Anthracite
Shipments Total 2,959,303 Net Tons
Shipments of Anthracite for the month of June, 1939 as
reported to the Anthracite Institute, amounted to 2,959,303
net tons.
This is a decrease, as compared with shipments
during the preceding month of May, of 1,246,261 net tons,
and when compared with June, 1938, shows a decrease of
909,264 net tons.
(in net tons)
Shipments by originating carriers
are
as
follows:
June, 1939 May, 1939 June, 1938 May, 1938
week.
CRUDE
OIL PRODUCTION
719,590
841,065
a
Calcu¬
State
lated
Allowable
Ended
Require¬
July 1
July 8,
1939
ments
Week
Change
from
Previous
Week
763,349
734,674
718,274
274,487
466,590
353,418
348,377
319,280
568,127
318,718
372,441
351,727
317,344
352,145
368,001
622,471
Delaware & Hudson RR.
Four
Weeks
794,024
261,282
Reading Company
(Figures in Barrels)
B.ofM.
609,217
501,892
Delaware Lackawanna & Western RR
AVERAGE
Lehigh Valley RR
Central RR. of New Jersey
DAILY
Week
Ended
Ended
July 8,
July 9,
1939
1938
Pennsylvania
Kansas
160,300
464,400 + 12,450
457,150
166,000
1,500
168,300
71,600
60,800
77,650
323,240
131,166
119,101
2,959,303
4,205,564
3,868,567
3,821,416
160,770
141,900
86,000
380,083
159,354
303,315
443,300
167,600
—
Crude Petroleum and Petroleum Products,
Panhandle Texas
North Texas
+ 100
32,350
28,700
West Texas
227,400
+ 8,500
220,300
214,500
East Central Texas
101.050
+ 8,750
94.100
95,750
East Texas.......
373,000
+200
222,200
—3,300
372,750
222,800
438,000
Southwest Texas
221,650
+ 6,700
215,900
32,600
West Central Texas...
Coastal Texas
237,550
211,600
1,426,500 bl362158 1,347,700 + 35,550 1,315,800 1,364,550
Total Texas.
North Louisiana
71,700
Total Louisiana
+ 50
72,700
79,250
203,050
Coastal Louisiana
+ 3,450
198,950
189,350
264,500
264,163
274,750
+ 3,500
271,650
61,117
59,550
+ 550
58,150
243,850
47,350
monthly petro¬
leum statement reported that the daily average production
of crude oil in May rose to 3,566,000 barrels, a gain of 49,000
barrels compared to April.
The major part of this increase
occurred in Illinois where production reached a record figure
of 221,000 barrels daily, a gain of 40,000 barrels.
Average
daily production increased 9,000 barrels in Oklahoma and
6,000 barrels in Wyoming, while Texas showed a decrease
of 22,000 barrels daily.
The Bureau further stated:
The indicated demand for domestic crude petroleum in May was
million
Illinois
187,400
261,700 + 16,500
105,900
53,200
89,800
94,900
J 141,100
69,150
+ 550
67.800
52,900
Wyoming
73,200
57,700
—9,300
62,300
58,300
Montana.
16,100
16.150
+ 250
15,750
13,050
4,800
4,000
106,700
—50
4,000
+ 100
106,450
3,750
101,450
Eastern (not incl. 111.).
Michigan.
Colorado
New Mexico..
116,100
116,100
—8,400
barrels,
supplied by
crease,
a
2,918,000
595,200
of
5%
over
May,
1938.
111.7
This demand
was
production of 110 5 million barrels and a crude stock de¬
The
export demand for crude amounted to 8.6 million barrels, a 10% gain over
May, 1938.
Runs to stills
were
3,411,000 barrels daily, and represented
the highest monthly average since
foreign
3,529,800 + 66.800 3,473.200 3,296,250
crude
petroleum
over
September 1937.
approximated
4
The May demand for
million barrels,
representing
a
May, 1938Refined Products
As
a
a
increase
2,919,200 + 50,200 2,866,100 2,636,250
c595,000
610,600 + 16,600
660,000
607,100
3.513,200
California
.
an
including California heavy crude, or about 1.1 million barrels.
72% increase
Total east of Calif.
May,1939
The U. S. Birreau of Mines in its current
268,600
53,900
Arkansas
334,328
75,622
329,138
Lehigh & New England RR
Total..
428,000
83,350 + 14,350
+250
86,450
456,100
563,623
475,355
321,160
202,102
Erie RR
N. Y. Ontario & Western Railway
{July)
Oklahoma..
Corp
RR
compared to May, 1938. the total domestic demand for all oils showed
gain of about 10% while refined exports increased by almost
These are Bureau of Mines calculations of the requirements of domestic crude
The indicated
domestic demand
for motor fuel
was
14%.
49,547,000
barrels
oil based upon certain premises outlined in its detailed forecast for the month of
As requirements may be supplied either from stocks or from new production,
contemplated withdrawals from crude oil inventories must be deducted from the
July.
or
10%
more
than the demand a
4% below last year.
year ago.
Exports of motor fuel
•
'
V
,
District
Total
Institute
daily
AND
AND UNFINISHED GASOLINE AND GAS
WEEK ENDED JULY 8, 1939
Total
Petroleum
This Is
y
;
...$.17
.1851 Chicago ...—....—..176
Not Including 2% city sales tax.
American
daily average,
(Figures In Thousands of Barrels of 42 Gallons Each)
Included
$.159, Buffalo
$.1961Newark...
x
FUEL OIL,
$.02^-.03
iTulsa
Gasoline, Service Station, Tax
sNew York
basis,
Mines
FINISHED
Terminal
Chicago—
of
Bureau
based on the United States Bureau of Mines July, 1938,
12% reporting capacity did not report gasoline production.
week's production
average,
STOCKS OF
i
(Bayonne)—
The
11,378
3,480
'
•U.S. B.ofM. July 8, 1938
a
I
1.65
Gas Oil, F.O.B. Refinery or
c
1,365
I North Texas..
Diesel
•
347
July 8, 1939...
White, Tank Car, F.O.B. Refinery
$.04
i New Orleans.$.05*4-.054
(Bayonne)
$.04% | Los Angeles.. .034-05
|Tulsa
.04 -.04)4
Fuel Oil, F.O.B. Refinery or Terminal
N. Y. (Bayonne)—
California 24 plus D
. New Orleans C
$0.90
Bunker C
...$1.05
$1.00-1.25 Phila., Bunker C
1.45
Y.
78
•Estimated total U. 8,:
Kerosene, 41-43 Water
New York—
N.
....
Estimated unreported
.07H-.08
Warner-Q..
.
1,000
TnJand
Tp*fi#i Gulf
04H.-05H
Tulsa
1,478
83.9
516
149
574
Oklahoma, Kansas, Missouri
.05H
RlchOil(Cal) .0814-.08*4
Blended
Indiana, Illinois, Kentucky.
$.05
-.05 H
.06^-.07
Gulf
Inc. Natural
Appalachian
Other Cities—
Chicago
J.07H-.08
084-.084
Shell East'n .07 H- 08
Percent
Operated
100.0
615
East Coast
Refineries
Daily
Average
Percent
Reporting
Rate
posted by all major distributors.
Tank Car Lots, F.O.B. Refinery
Gulf
Production
to Stills
at
Potential
of 1 cent a gallon in tank-wagon and retail
Texas
Gasoline
Crude Runt
District
prices of gasoline throughout Texas was
-.06 M
1939
of 42 Gallons Each)
Daily Refining
Capacity
industry wants to enter the fall in a top-heavy supply position.
Not only is the unsettled statistical position of motor fuel—
the industry's pay-off product—affect sentiment in the
Nation's major marketing areas, but the effect upon the crude
price structure of any possible break in prices of gasoline is
causing oil men to become gratly perturbed about the general
outlook for the industry.
Representative price changes follow:
.06
PRODUCTION OF GASOLINE, WEEK
ENDED JULY 8,
daily.
Std.OUN.J.J.06H-.07
produced.
STILLS AND
TO
RUNS
CRUDE
Here again, the figure is far too high despite the
Refinery runs, according to economists, should
be held to a maximum of 3,200,000 barrels daily unless the
estimate of any oil which
indicated above do not include any
Note—The figures
reduction.
Socony-Vac
Committee of California Oil Producers.
Recommendation of Central
might have been surreptitiously
crude oil to stills
July 1.
baBic allowable for the 31-day period beginning
ordered for all Saturdays and Sundays during July,
dally
b Net
A
U. S. Gasoline (Above 65 Octane),
New YorkNew York
amount of new crude to be
produced.
activity during the initial July week, operations are still far
above what the trade's economists hold best for the industry.
July 8—A general reduction
July 15, 1939
requirements to determine the
estimated
Bureau's
moderate reduction scored in refinery-
a
was
Financial Chronicle
were
The larger demand for motor fuel in May only par-
Volume
The Commercial & Financial Chronicle
149
tially offset the unexpectedly low demand in April.
Domestic demand
for the first five months of 1939 has been
6% greater than last year.
ished gasoline stocks decreased
by 3.3 million barrels in May.
The total demand for fuel oils continued to
Fin¬
well ahead of last year.
run
For the first five months of
1939, the demand for residual fuel was about
11% greater than for the
period in 1938, while the
same
demand
for
gas
net
tons,
year.
Cumulative totals of both bituminous coal and anthracite
production in 1939 to date indicate gains of
slightly more
and distillate fuels
was 16% greater.
In May, 1939, total residual demand
15% greater than for May, 1938 and gas and distillate demand was
16% larger.
was
According to the Bureau of Labor Statistics, the price index for petroleum
products in May, 1939 was 52.5, compared with 51.9 in April and 56.4 in
May, 1938.
The crude-oil capacity represented
was
by the refinery data in this report
4,120,000 barrels; hence the operating ration was 83%, compared with
80% in April and 79% in May, 1938.
SUPPLY AND
DEMAND
OF ALL
°ver the corresponding period of 1938.
rnr
The United States Bureau of Mines in
its current
weekly
production in Pennsylvania for
July 1 is estimated at 866,000 tons, or 144,300
tons per
working day, an increase of 130,000 tons (more
than 17%) when
compared with tonnage in the preceding
week.
Compared with the week of July 2, 1938, however,
there was a decrease of
125,000 tons (about 12%).
report stated that anthracite
the week ended
ESTIMATED
OILS
329
increase of 230,000 tons, or 3.5%, over the
preceding week. This is in comparison with 5,280,000 tons
produced in the corresponding week last
an
UNITED
COMPARABLE
(Thousands of Barrels)
STATES
DATA
ON
PRODUCTION
PRODUCTION
OF
OF
SOFT
CRUDE
WITH
COAL
PETROLEUM
(In Thousands of Net Tons)
Jan. to
Jan. to
May,
April,
May,
May,
May,
1939
1939
1938
1939
1938
Week Ended
July 1
110,541
105,610
3,517
4,232
98,674
4,280
130
162
114,951
3,708
..
Dally average
...
Total production
Dally average
Imports b:
Crude
3,436
3,368
4,196
20,755
20,918
117
839
109,904
102,987
540,378
530,154
3,663
3,322
3,579
3,511
494
use
284
277
1,831
1,223
3,434
„
2,648
1,804
10,125
9,232
Refined products:
Receipts in bond-———.
2,130
supply, all oils
new
Dally
average—
1,475
7,746
7,390
1,530
520
366
401
2,817
1938
114,677
107,008
3,823
3,452
241
4,617
cl,651
4,514
6,500
1,083
5,280 162,588 151,796 259,573
880
984
1,681
1,058
5,531
4,899 141,922 138,188
pound of coal,
Subject to revision,
c
PRODUCTION
121,293
110,060
3,913
3,669
108,659
'
3,505
558,027
3,696
1939,
OF
PENNSYLVANIA
ANTHRACITE
AND
BEEHIVE COKE
(In Net Tons)
3,649
Week Ended
Calendar Year to Dale
July 1
Dally average
i,
d Sum of 26 full weeks ended July
and corresponding 26 weeks of 1938 and 1929.
ESTIMATED
Demand—
Total demand...
111,257
Includes for purposes of historical comparison and statistical convenience the
production of lignite,
b Total barrels produced during the week converted to
equivalent coal assuming 6,000,000 B.t.u. per barrel of oil and 13,100 B.t.u. per
a
26,483
3,921
—...—-
Increase In stocks, all oils
1929
1938
5,547
Coal equivalent of weekly output
551,036
562,541
3,725
1939
6,730
1,122
Crude Petroleum b—
2,681
121,538
Receipts for domestic use
Total
1939
a—
Total, Including mine fuel
Dally average
667
petroleum:
Receipts In bond
Receipts for domestic
Bituminous Coal
508,569
3,183
3,566
Natural gasoline
Benzol.a
518,784
Year to Date d
July 2
1939c
New Supply—
Domestic production:
Crude petroleum
Calendar
June 24
June 24
July 2
1939
1939
1938
524,553
3,474
1939
1938
1929
c
c
Penna. Anthracite—
Exports b:
Crude petroleum
8,643
Refined products
Domestic demand:
6,222
7,798
29,118
32,753
12,128
....
d9,243
10,681
48,028
Total,
including
liery fuel a
46,905
Dally
Motor fuel
49,547
4,368
Residual fuel oils
5,04i
3,637
26,492
7,357
Kerosene
Gas oil and distillate fuels
196,461
23,497
10,04?
24,806
d7,144
d22,353
59,147
132,021
119,794
1,770
1,730
9,172
52
92
398
480
25,646
Lubricants
d
2,132
__
Wax
102
Coke
44,911
587
394
422
2,714
1,840
2,203
695
267
593
5,798
5,386
214
Asphalt
181
Road oil
Still gas
Miscellaneous
Losses
208,406
49,724
2,762
7,717
7,261
5,542
1,543
26,270
908
Beehive Coke—
United States total
Daily
a
12,700
2,117
average.-.
Includes washery
1,251
1,362
833
1,410
6,045
10,534
100,522
d94,595
90,180
480,881
444,895
3,243
3,153
2,909
3,185
12,500
2,083
10,200
315,700
503,300
3,375,800
1,700
2,024
3,226
21,640
and dredge coal, and coal shipped by truck from authorized
operations, b Excludes colliery fuel,
working days in the three years.
715
1,994
736,000 991,000 26,596,000 24,861,000 35,733,000
122,700 165,200
174,400
163,000
234,300
699,000 941,000 25,266,000 23,618,000 33,160,000
144,300
24,881
143
866,000
Commercial produc'nb 823,000
8,298
43.97?
col¬
average
ESTIMATED WEEKLY
Adjusted to make comparable the number of
c
PRODUCTION
OF
COAL, BY STATES
(In Thousands of Net Tons)
[The current weekly estimates
based
are
railroad carloadlngs and river ship¬
on
2,946
ments and are subject to
Total domestic demand
Dally
average
1'
Stocks—
and State sources
or
revision on receipt of monthly tonnage reports from district
of final annual returns from the operators.]
Week Ended
'
Slate
Crude petroleum:
Refinable in United States
278,087
278,565
298,983
278,087
298,983
14,492
15,198
14,492
17,353
6,212
5,484
259,492
17,353
6,548
6,212
6,548
267,585
260,193
267,585
Heavy in California
Natural gasoline
Refined products
June
June 24 June 17 June 25 June 26 June 22
260,193
1939 p
Alaska
568,984
558,739
590,469
558,984
590,469
143
152
168
151
170
Days' supply
1938
1923e
8
8
2
1
3
3
236
142
245
298
7
Colorado
Avge.
1929
1937
219
6
21
17
54
39
Alabama
40
62
79
96
Arkansas and Oklahoma
Total all oils
1939 p
-—
1
Illinois
490
Indiana.
#
1
Georgia and North Carolina
*
387
70
175
8
8
b
Imports of crude
as
reported to Bureau of
merce.
c
d Revised.
Decre;ise.
PRODUCTION
CRUDE
OF
PETROLEUM
BY
STATES
425
544
600
819
1,243
190
188
193
239
289
416
Iowa
27
34
43
16
55
Kansas and Missouri
From Coal Economics Division,
a
Mines; all other imports and exports from Bureau of Foreign and Domestic Com¬
52
45
87
74
93
128
660
684
477
708
840
661
Kentucky—Eastern
AND
88
January to May
April,
May,
1939
1938
1938
4.0
123
197
708
1,155
51.4
1,403
1,080
7,292
1,719
Long Beach
Wilmington..
55.4
1,526
1,277
8,000
5,881
7,036
1,648
53.2
1,593
2,220
8,412
11,981
1,498
Total Arkansas
48.3
1,45?
1,800
7,377
8,687
89.9
2,635
2,786
13,142
19,074
Total California
Colorado
Illinois
3,036
12,999
423.9
12,719
14,291
64,667
73,299
615.3
18,404
21,347
93,455
108,051
132
Rest of State
4.3
124
142
531
220.9
5,415
1,440
26,632
14,084
6,394
77
Kansas
...
Kentucky
2.5
60
78
312
360
5,359
172.9
5,221
4,758
25,250
Rodessa
12
38
38
36
36
47
38
New
15
15
24
22
43
51
Mexico
20
13
11
sll
436
356
296
405
441
888
23
North and South Dakota
1,625
1,132
1,945
2,754
3,613
71
76
71
100
97
113
Texas
19
14
16
18
20
Utah
30
27
26
33
57
89
277
258
192
227
225
240
22
21
23
30
42
44
1,580
1,660
1,135
1,614
1,901
1,380
517
550
388
560
711
856
72
69
81
83
104
Pennsylvania
bituminous
Virginia
Washington
—
West Virginia—Southern a
Northern b
52
Wyoming
15.9
418
459
6,029
194.5
5,816
5,489
25.8
800
84?
1,207
2,249
28,752
4,200
2,165
26,734
962
937
6,070
8,145
10,417
Includes operations on the N. <fc W., C. &
6,257
1,258
6,908
5,762
the
7,954
39,860
38,753
7,969
62.4
1,811
1,711
508
16.4
479
439
8,663
2,257
2,001
3,318
107.0
3,142
2,889
15,543
15,134
439
14.1
406
447
District
and
counties,
Mineral,
Grant,
7,208
O., Virginian, K. <fe M., B. C. & G.,
and the B. & O. In Kanawha. Mason, and Clay
1,423
8,086
1,935
12,822
753
7,213
46.4
Montana
85
10,866
1,956
736
—
Total, all coal
266.7
Michigan
5,108
82
7,236
Pennsylvania anthracite d—
Panhandle
*
1
6,460
1,438
Total Louisiana
21
9,244
1,173
6,500
Total bituminous coal..
a
*
*
Other Western States c
8,267
Rest of State
814
1,590
25,620
494
Louisiana—Gulf coast
47
14
608
6,849
Indiana
183
44
4
Tennessee
1939
Avge.
1,596
California—Kettleman Hills
208
24
2
—
Ohio
123
Rest of State
117
22
6
Michigan
May, 1939
Total
90
24
Montana
Arkansas—Rodessa
73
6
Maryland
(Thousands of Barrels)
Dally
76
26
Western
PRINCIPAL FIELDS
*
<
and
b Rest of State, including
Tucker
counties,
c
Includes
d Data for Pennsylvania anth¬
racite from published records of the Bureau of Mines,
e Average weekly rate for
entire month,
p Preliminary.
s Alaska,
Georgia, North Carolina, and South
Dakota included with "other Western States."
*Less than 1,000 tons.
Arizona, California, Idaho, Nevada, and Oregon,
2,184
18,844
New Mexico
New York.
-
288
Rest of State
Total Oklahoma
...
Pennsyl vanla.
9.3
255
281
109.7
3,229
3,500
133.1
3,878
3,510
18,811
18,159
7,284
Seminole
3,402
4,125
Ohio
Oklahoma—Oklahoma City..
2,028
1,305
16,746
235.0
6,962
7,378
35,316
41,214
14,811
477.8
14,069
14,388
70,873
6,992
51,759
78,217
50.1
1,406
1,517
10,807
348.6
10,443
9,090
6,883
222.0
6,602
5,701
13,447
1,553
Texas—Gulf coast
West Texas..
East Texas
11,900
2,177
1,833
28.5
872
1.071
9,236
Total Texas
13,407
71.9
884
Rest of State
433.8
2,227
Panhandle
Rodessa
297.9
9,231
8,115
32,633
62.130
1,362
7.699
46,049
28,829
65,454
10,155
4,432
9,739
44,120
205,229
41,359
4,795
43,484
1,402.7
42,732
37,710
West Virginia
320
10.3
288
322
1,481
1,560
Wyoming—Salt Creek
497
16.1
425
476
2,311
2,380
1,411
45.5
1,237
1,034
5,784
4,823
1,908
61.6
1,662
1,510
8,095
7,203
6
0.2
6
5
29
3,565.8 105,510
98.674
518,784
Rest of State
Total Wyoming
Other, a
Total United States
a
110,541
196,225
,
28
Non-Ferrous
Domestic
Metals—Buying Wave in Copper Raises
Price to 1034c.—Foreign Silver Declines
"Metals and Mineral Markets" in its issue of
re¬
way in the preceding week was carried to even greater
heights during the last week.
The "wave" was the largest
in almost three years and raised the price one-quarter cent.
Lead business was active at unchanged prices, with zinc
also in demand.
Tin was dull.
The Treasury posted silver
prices daily, beginning with July 6, but at lower levels. The
publication further reported:
Copper
508,569
Includes Missouri, Tennessee, and Utah.
July 13
ports that the buying movement in copper that got under
With inventories reduced, and no further doubt
over
the stability of
the
market, consumers continued to buy copper during the last week at wha^
turned out to be the highest rate since Oct., 1936.
Weekly Coal Production Statistics
The latest
weekly coal statement of the National Bitu¬
minous Coal Commission showed that the total production
of soft coal in the week ended July 1 is estimated at 6,730,000
last
week amounted to
date to
150,379 tons, bringing the total for the month to
157,575 tons.
The price was raised early on July 7 to
same
Domestic sales for the
day to 10Hc.
However, based
-weighted average for July
7
was
on
10Hc., Valley, and late
sales reported to E. & M.
10-015c.,
Valley,
or
9.790c.,
on
the
J., the
f.o.b.
re-
became firmly established at 10He.,
On the following day the price
finery.
Chronicle
The Commercial & Financial
330
TONNAGE
July IS, 1939
SHIPMENTS OF STEEL PRODUCTS BY MONTHS FOB
OF
YEARS INDICATED
Valley.
decreased 7,228 tons during June.
World stocks of refined copper
47,731
10,809
-
U.S.scrap, Ac
February
—
Foreign mine..,.
Foreign scrap
-
90,693
16,840
.
March
——-
-
Totals——
Year
668.056
—
-----
578,108
July
647,794
024,497
614,933
-
984,097
886,065
950,851
923,703
961,803
1,007,417
882,643
Year 1938
1,149,918
1,133,724
1,414,399
1,343,644
1,304,039
1,268,550
1,180,752
1,107,858
1,047,962
792,310
587,241
979,907
591,728
598,915
June—————
April
May-
Year 1937
1936
721,414
676,315
783,552
634,065
682,137
January
Deliveries, Refined—
May
June
June
61,226
63,673
47,872 U.S. domestic-12,609
10,289
11,444 U. S. exports.b__
—113,000 116,671
89,473 Foreign
13,014
May
Production, Crude—
U. S. mine
Year 1935
Month
May and June Statistics of the Copper Institute, in
A summary of the
short tons, follows:
518,322
474,723
677,994
767.910
701,459
723.165
478,057
733.433
Stock at End,
Totals
b Duty-free copper.
details of the large sale of cop¬
per to the French authorities that started all the excitement in the market
and stiffened prices here, it is now well known that the total quantity in¬
Though producers are still guarding the
volved
was
wag
1,067,365
489,070
-(23,750)
-(40,859)
-(77,113)
+ (30,381)
7,347,649
10,784,273
12,748,354
6,655,749
September.
—
October
086,741
—
November--
— —
Totals-————0620,898 513,670
170,472 173,206
—
Corrected,
s
337,166 336,012
—183,743 178,658
..101,936 111,486 Foreign--
Foreign
681,820
661,515
August.--..
Refined—
01,719 United States
08,630
441,570
558,634
577,660
963,287
679,653
694,204
Yearly adjustment
al65,033 101,803
Totals---
Production, Refined—'
UnitedStates.b——-
Total for year—
least half of which
in the neighborhood of 50,000 long tons, at
This domestic material will
general picture until actually shipped, at which time It
-
Copper Statistics for Month of June, 1939
produced in the United States.
copper
not enter into the
probably in those of July and August.
will be revealed in the statistics,
Lead
The
Copper Institute on July 12 released the following
statistics pertaining to the
of U. S.
Sales of lead Increased substantially, owing partly to the excitement in
COPPER
OF
SUMMARY
week.
a
b
Deliveries to
In ore/matte, process-a----—----In base bullion:
—.
June 1
May 1
53,748
-----------
54,938
18,846
1,743
21,275
14,249
112,311
11,083
Antimonial lead--*-
1,730
16,343
118,485
10,785
219,006
—
210,530
—
—
—————
——————
Total stocks.At smelters.
Sales of the
fair, but the price situation remained unchanged.
grades for the last week amounted to 3.081 tons,
common
The quotation for Prime Western
against 4,888 tons in the week previous.
continued at 4He., St. Louis.
Stocks of zinc in the United States,
cover¬
here moved within narrow limits during the last week.
Business
was
quiet.
Tin plate mills are operating at around 65% of capacity.
nominally as follows: July 6th, 47.375c.; 7th,
47.375c.; 8th, 47.375c.; 10th, 47.375c.; 11th, 47.125c.; 12th, 47 125c.
DAILY PRICES OF METALS ("E. & M. J."
731",629
7*48*666 764",560
"54,447
964,176 803,095
638,076 481,803
381,109 297,411
62,798
Year 1938--
644,869
—
372,093
6 mos. 1939
Dec., 1938—
Foreign Copper
Year 1935—
Year 1936-
"
69*170
Tin
Lead
Zinc
New York
New York
St. Louis
9.775
9.900
48.600
4.85
4.70
Dom.,Refy. Exp., Refy.
6—
St. Louis
4.85
4.70
51,659
3*768
59,452
66.718
48,267
50,803
3,310
58,368 42,484
58,536 cSl.225
61.719 53,573
4,183
12,669
10,289
4,222
4.85
4.70
...
107,097
101,379
Mar., 1939-—;
102,557
97,659
Apr., 1939.
Mine
10.025
48.500
4.85
4.70
4.50
10.025
48.450
4.85
4.70
—17", 031 —70*347
259,351 + 17,869 +98,283
289,755
+6,793 +30,404
335,012 —9.016 +45,257
289,755
+2*854
301,244
+ 1,255
309,119
320,812 —4,966
332,513
+4,180
c337,155 c—-9,936
335,012 —-2,403
+
11*. 489
+7,875
+11,693
+ 11,701
c+4,642
—2,143
106,433
102,487
192,255 + 54*266 —61,658
211,844 + 47,265 + 19,589
169,072 —1,163 —42,772
178,658 —21,579 + 9,586
169,072
"—566 + 11*835
180,907
98,221 187,138 —3,073 +6,231
103,638 189,280 —3,223 +2,142
190,209 —10,281
107,011
+ 929
cl08,402 cl83,743 c+4,497 c——6,466
110,571
178,658 —8,999 —5,085
95*762
107", 597
104,452
105,780
107,940
101,936
111,486
smelter production or shipments, and custom intake, Including scrap
or
4.50
9.950
48.500
4.85
4.70
4.50
9.944
9.971
48.558
4.85
4.70
4.50
June
Production and Shipments of Slab Zinc
American
The
Zinc
Institute
July 6 released
on
ZINC STATISTICS (ALL GRADES)—1929-1939
SLAB
(Tons of 2.000 Pounds)
During
Shipped
During
Period
Period
Year 1929
631,601
4.850c.; St. Louis lead, 4.700c.; St. Louis zinc, 4.500c.; and silver, no quotation.
The above quotations are "M. & M. M.'s" appraisal of the major United States
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
*
(a)
Produced
9.828c.; export copper, 9.908c.; Straits tin, 48.050c.; New York lead,
markets,
the
following tabulation of slab zinc statistics:
Domestic copper f.o.b.
8 are:
231,415
161,068
(excluding Russia, Japan, Australia, &c.)
b At refineries, on consigment and in
Exchange warehouses, but not including consumers' stocks at their plants or ware¬
houses.
c Corrected.
4.50
Average prices for calendar week ended July
refinery,
Refined
253,913
9*73*545
1,282,284
1,337,733
629,605
Dec,, 1938-—.
Jan., 1939
Feb., 1939
4.50
48.650
10.025
_.
48.650
9.975
10.025
Average
9.950
10.025
July 12
Blister
4.50
9.790
10.025
7
July 8
July 10.
July ll-—_.
60~310
911,887
96M53
1,349,138 1,301,873
1,293,798 1,294,961
639,191
617,612
May, 1939—.
June, 1939
QUOTATIONS)
125,869
38,441
60,707
61,752
62,548
C68.600
59,316
Jan., 1939
Feb., 1939—
Mar., 1939
Apr., 1939—
May, 1939.
June, 1939——
a
Straits
Electrolytic Copper
July
July
Period
Export
982,045
0 mos. 1939
Tin
was
Domes.
Year 1937-—
Year 1938
With the London market showing little change, prices for Straights tin
99%,
Increases(+)
Decreases {—)
Free Copper—
Year 1937
ing all grades, increased 2,166 tons during June.
Chinese tin,
Refined
Year 1935
—
Zinc
was
Crude
Year 1936——
In process at refineries--——--——.—
Inquiry for zinc
or
U .8. Duty
—————————
In transit to refineries
a
Stock
End of
a
Refined lead
Stocks
shows total lead stocks at the works of smelters
and refiners in the United States, in short tons:
Smelters and refineries—
Refined
Customers
Production
reduction In the supply on hand on June 1.
The following tabulation
MEMBERS OF
COPPER INSTITUTE
(In Tons of 2,000 Pounds)
battery makers and cable Interests.
The industry was pleased with the statement on total stocks of lead,
which showed
BY
REPORTED
STATISTICS
THE
Quotations were unchanged at 4.85c,,
New York, which was also the contract basis of the American Smelting &
Refining Co., and at 4-70c., St. Louis.
Prominent among the buyers were
3.037 tons in the preceding
production, deliveries and stocks
duty-free and foreign copper:
Business booked for the week amounted to 10,267 tons, against
copper.
789,305
572,199
601,972
465,081
December——
0177,660 180,433
Year 1939
Retorts
Average
Stock at
Shipped
End of
Period
for
Export
Operat¬
ing End
During
of Period
Period
Retorts
Unfilled
Orders
End
of
Period
75,430
143,618
57,999
68,491
18,585
504.463
196
31,240
47,769
26,651
Year 1931
300,738
602,601
436,275
314,514
6,352
Year 1930-
per pound.
129,842
41
19,875
23,099
18,273
Copper, lead and zinc quotations are based on sales for both prompt and future
deliveries; tin quotations are for prompt delivery only.
Year 1932
213,531
218,517
324,705
15,978
Year 1934
Year 1936
366,933
431,499
523,166
21,023
27,190
32,944
18,560
23,653
trade, domestic copper prices are quoted on a delivered basis; that is,
delivered at consumers' plants.
As delivery charges vary with the destination,
the figures shown above are net prices at refineries on the Atlantic seaboard.
De¬
344,001
352,663
124,856
105,560
119,830
83,758
170
Year 1933-
livered prices in New England average 0.225o, per pound above the refinery basis.
Year 1937
589,019
In the
Export quotations for copper
reduced to net at refineries
the Atlantic
seaboard.
On foreign business in copper sellers usually name a c.i.f. priceHamburg, Havre, and Liverpool,
The c.l.f. basis commands a premium of 0,325c.
per pound over f.o.b. refinery quotation.
are
Year
on
1935
465,746
561,969
569,241
239
148
59
38,329
44,955
0
42,965
65,333
0
48.812
88,532
108,138
118,009
20
0
42.423
39,267
33.528
0
36,466
38,035
20,806
135,238
0
34,691
37,510
24,628
148,120
0
30.799
29,248
149.671
0,
January
February
.
March
-
21,540
Zinc
Electro.
3M
24,931
43,399
June..)—
Lead
Tin, Std.
Copper
48,087
41,140
May
Copper, Std.
3M
July 6——
July 7
July 10July 11.-.
July 12.
-
(Bid)
Spot
43
43«i«
49
22954
43
4354
49
%
43su
43»u
49
42»n
43K
49H
42«i«
43
49
229 %
229 H
22954
22954
Spot
3M
July—..—.
Spot
30,362
33,825
146,208
0
224 %
224 54
14ui«
14%
14%
1454
14"i.
14»i«
14«u
August—
32,290
36,507
141,997
0
22454
1454
1454
14%
14ai«
1454
1454
14%
14xi«
September—.
32,328
43,582
130,743
0.
14uu
14»i«
14%
14 X
14»w
October..
36.740
43,355
124,128
0
November
40,343
43,693
120,778
0
3M
222 X
224 X
Spot
Prices for lead and zinc are the official buyers' prices for the first session of the
London Metal Exchange: prices for copper and tin are the official closing buyers*
prices.
All are in pounds sterling per long ton (2,240 lb.).
.
Shipments Higher in June
Total for year-
45,345
39,354
456,990
38,083
0
June, 1939, amounted to 733,433 tons.
The June shipments compare with 723,165 tons in the
preceding month, an increase of 10,268 tons, and with
478,057 tons in the corresponding month of 1938 (June),
an increase of 255,376 tons.
January
44,277
42,639
128,407
0/
February
39,613
39,828
128,192
0
compared with 3,010,354 tons in the comparable period of
an increase of 1,382,912 tons.
In
tbe table below
January, 1935:
we
list the figures by
months since
45.400
51,180
78.620
48,339
*31,769
33,818
*30,317
28,071
*23,728
25,805
*22,490
avge.
38.891
29,023
^27,069
23.444
41,785
39,350
29,805
*26,471
30,940
♦27,648
30,554
31,912
40,730
*28,312
36,243
35,621
*31,509
38,510
40,435
40,280
395,554
126,769
Monthly
1938,
44.623
41,644
38,923
35,321
*28,411
Shipments of finished steel products by subsidiary com¬
panies of the United States Steel Corp. for the month of
For the year 1939 to date shipments were 4,393,266 tons
*29,710
31,525
*27,549
26,437
*23,451
25,596
*22,073
29,767
*26,433
31,555
*28,099
32,427
*32,131
December-..,
United States Steel Corp,
30,783
1938
April
Dally London Prices
8,478
28,887
32,341
37,915
45,383
38,793
*33,683
32,963
40,829
*33,398
34,583
1939
March
45,084
45,291
127,985
0
April
43,036
40,641
130,380
0
May——
42,302
39,607
133,075
June
39,450
37,284
135,241
*
Equivalent retorts computed on 24-hour basis,
In total shipments.
°{
°{
39,500
39,365
*34,321
39,459
*34,183
38,251
*33,324
*34,186
39,191
*33,905
39,379
*34.172
38,763
*33,312
36,331
38,617
33,332
129,314
38,041
*31,381
*32,131
[29,250
36,291
*31,067
36,331
134,179
129,987
[38,447
135,874
*31,107
a Export shipments are included
Volume
The Commercial & Financial Chronicle
149
June Pig Iron Output Up
273^%
July 13 issue of the "Iron Age" stated that produc¬
pig iron in June totaled 2,118,451 gross tons,
compared with 1,717,516 tons in May.
The daily rate in
June showed a gain of 27.5% over that in
May, or from
55,404 tons a day in May to 70,615 tons in June.
The
rate of operation last month was at
51.7% of the industry's
capacity, as compared with 40.8% in May.
The "Iron
Age" further states:
The
tion of coke
Production for the first six months this
tons
as
compared with 7,873,026 tons
On
year.
12,522,369 gross
totaled
year
for the corresponding period last
daily basis production averaged 69,184 tons,
a
gain of 59.1%
a
the 43,497 tons daily in the same period last year.
over
There
tons
were
of 60,515
tons
blown
were
118 furnaces in blast
July 1, operating at the rate of 72,495
on
day, compared with 107 furnaces
a
operation.
daily.
out
Thirteen furnaces
banked.
or
The
June 1, producing at the rate
on
put in operation and two
were
United
States
Steel
Corp. put four in
Independent producers put nine in operation and took
off
one
blast and merchant producers blew out or banked one furnace.
Furnaces
One
Ohio,
Gary, Carnegie-Illinois Steel Corp.;
one
&
blown in included:
South Chicago
one
(new), and
Ens ley, Tennessee, Coal, Iron
one
Railroad Co.; one Donner, one Haselton, one United and on Peioneer,
Republic
Steel
Corp.;
Sparrows
one
Point,
Ashland, American Rolling Mill Co.;
Tube Co.; and one LaBelle and
Furnaces
Bethlehem
Corp.;
Steel
one
Campbell, Yoimgstown Sheet &
one
Riverside, Wheeling Steel Corp.
one
331
New orders for steel products
is
far this month
so
volume of late June, when there
cessions, but the volume
not
are
holding at the
considerable coverage at price con¬
was
better than
of the steel companies
some
had
expected.
The farm implement industry, which is
embarking on new pro¬
duction schedules, is
hopeful of good buying shipbuilding on the Atlantic
seaboard is now the most active since the
World War; the steel construc¬
tion industry
sees
a
good deal of work still ahead of it, though awards
car
sales ..totaling
2,045,670,
57% gain
a
over the firet half of
1938, while
June sales
were 70% above those of the same month last
year.
On the other side of the
picture, railroad buying prospects are
no
blown
Corp. and
DAILY
out
one
banked
or
Federal
the
were
steel awards were only 8,000 tons in the
week.
will require 16,000 tons of
11993345762645
A
Chester, Pa., shipyard
plates and shapes for two boats to be built for
Seatrain Lines, Inc.
Steel prices
are
undergoing
be fully apparent for
THE
period of test the results of which will not
a
weeks.
some
"IRON AGE"
COMPOSITE
Finished
July 11, 1939. 2.236c.
a
Lb.
PRICES
Steel
Based on steel bars,
One week ago
One month ago
One year ago
beams, tank plates,
wire, rails, black pipe, sheets and hot
rolled strips. These products represent
85% of the United States output.
2.236c.
2.300c.
2.236c.
of
Interlake
High
Low
Colorado Fuel & Iron Co. furnace.
AVERAGE PRODUCTION OF COKE PIG IRON IN THE UNITED
STATES
BY
MONTHS
SINCE
JAN.
1,
1935—GROSS
1939..
2.286c.
Jan.
3
2.236c
1938
furnace
2.512c.
May 17
2.211c
2.512c.
Mar.
9
2.249c
2.249c.
Dec.
28
2.016c
2.062c.
Oct.
1
2.056c
1936
1935
TONS
1934
1937
Apr. 24
1.945c
1.953c.
Oct.
3
1.792c
1932..
1935
1936
2.118c.
1933
1938
1939
1.915c.
Sept.
Jan.
6
7
1.870c
1.962c
Jan.
4
2.212c
1930
January
70,175
46,100
103,597
65,351
47,656
February
73,578
46,367
57,448
77.246
46,854
107,115
111,596
62,886
March
65,816
57,098
April
68.539
55.404
45,871
40,485
113,055
May
114,104
85,432
55,713
June
70,615
35,400
103,584
86,208
51,570
Half year
69,184
43,497
80,125
108,876
55,449
74,331
54,138
July
38,767
49,041
48,193
112,866
116,317
83,686
August
87,475
56,816
September
56,015
113,679
91,010
59.216
October
66,203
93,311
96,512
63,820
November.
75,666
66,891
71,314
48.075
98,246
100,485
68,864
December
12
mos.
average
51.458
100,305
67,950
83,658
67,556
1'...2.192c.
1927
2.402o.
...
OF
COKE
PIG
IRON
AND
FERROMANGANESE
(GROSS TONS)
July 11, 1939, $20.61 a Gross Ton
One week ago—.—
1939
January
February
—
-
.
.•;
1938
2,175,423
2,060,187
_
March
1938
2,118,451
1,717.516
12,522,369
20,805
22.388
18,655
20.205
16,008
21,194
11,518
18.607
7.888
13,341
16,617
14,546
7,873,026
110,281
91,491
2
8
Jan.
.
2
May
.
2
Mar. 15
.
Oct.
.
Nov.
.
29
1
(Based on average for basio iron at Valley
furnace and foundry Iron at Chicago,
Philadelphia,
Southern iron at Cincinnati.
Buffalo,
Valley
High
1938.
$23.25
1937
and
Low
June 21
6
Mar.
9
20.25
Feb.
16
19.73
*
July
23.25
„
Nov. 24
18.73
Nov.
17.83
Aug. 11
May 14
18.84
$19.61
5
17.90
Gross Ton
a
Jan.
27
13.56
Jan.
8
Jan.
5
13.56
Dec.
6
Jan.
7
15.90
Dec. 16
19.71
Steel
16.90
5
18.21
*
1
Dec.
14.81
1930
May
16.90
Jan.
4
17.54
Nov.
(Based
on No. 1 heavy melting steel
quotations at Pittsburgh, Philadelphia
$14.71
and
14.79
-
1
Scrap
Chicago.
13.08
.
High
1939
1938..
.
8
Jan.
.
19.611
One month ago
One year ago
1,298,268
1,452,487
1,376,141
1,255,024
1,062,021
2,056,177
June
1939
Mar.
Mar. 10
.
20.61
One week ago
y
1,429,085
2,394.615
April
May
Half year
Ferromanganese
x
Oct.
.
.
$20.61-{
....
One month ago
One year ago............
July 11, 1939, $14.79
Pig Iron
May 16
.
Pig Iron
1927
PRODUCTION
better,
though hope still exists, and tin plate production is
slowly tapering off,
but will remain fairly good
probably until September at least.
Structural
1937....
Iron
are
temporarily slack, and the automobile industry, while discouraged
by the
strike situation, derives satisfaction from
its first-half record of passenger
Low
$15.29
Mar. 28
$14.08
15.00
Nov. 22
11.00
June
21.92
Mar. 30
12.92
Nov. 10
17.75
-
Dec. 21
12.67
June
Apr. 29
May 16
13.42
Dec.
10
10.33
13.00
Mar. 13
9.50
12.25
Aug.
8
6.75
Jan.
1932....
7
9
Sept. 25
3
1,201,785
20,818
1,493.995
*-1 ** ** <*
6.088
1,680,435
630
October
2,052,284
3,621
November
2,269 983
13,156
December
2 210.728
x
19,197
18.782.236
Year......
173.791
These totals do not include charcoal pig iron,
Steel
Ingot
Production
y
Included in pig iron figures.
Recovers
50%—Further
to
Gain Seen
The "Iron
Age" in it's issue of July 13 reported that while
regained all of its losses of the
holiday week, it has snapped back to a 50% rate for the
industry, with indications that additional units will be active
again late this week or early next week.
The "Iron Age"
further reported:
steel production has not yet
This
rise in operations
is
occurring
despite the strike of tool and die
workers at General Motors plants, which has crippled work on
1940 models
and has held up some steel releases.
In
several
steel-producing districts,
notably
Detroit,
vania, Buffalo, Birmingham and the West, operations
were
in
the
eastern
Pennsyl¬
higher than they
are
pre-holiday week, while in the Youngstown and Wheeling-
Weirton districts the
same
rate
has
been attained
as
before the holiday.
The Pittsburgh and Chicago districts are only one
point
below their pre-
In
the
Birmingham district
17 open
14 the early part of last week.
road Co. has put on another blast
in operation,
been
a
and its
hearth furnaces
in
are
operation
The Tennessee Coal, Iron & Rail¬
furnace, which places all of its furnaces'
Ensley rail mill is resuming this week.
sharp rise at Detroit, where
one
There
has
plant has added two open hearths.
Middletown plant of the American Rolling Mill Co. while
being instaUed and
a
temporary shutdown of
a
blooming
a new
plant in the Cleve¬
land district, this week's rate for the industry would have been more than
two points higher.
stronger.
Sizable purchases
50c.
curred
market for No.
Pittsburgh.
The Chicago
scrap
markets have
by two companies in the Cleveland
district have raised quotations there
at
quotable at $13.25 to $13.50, but brokers
a
ton, while a 25c. rise has
are
oc¬
1 steel scrap is still
finding it difficult
to
buy at
less than $13-50, while the $15-50 quotation at Philadelphia is in
strong posi¬
and points higher because of continued good export shipments and
tion
an
July
5
15.00
Feb.
18
11.25
Deo.
9
1927
15.25
Jan.
17
13.08
Nov. 22
The American
Iron and Steel Institute on July 10 an¬
telegraphic reports which it had received
indicated that the operating rate of steel companies having
97% of the steel capacity of the industry will be 49.7% of
capacity for the week beginning July 10, compared with
38.5% one week ago, 53.1% one month ago and 32.3% one
year ago. This represents an increase cf 11.2 points or 29.1 %
from the estimate for the week ended July 3, 1939.
Weekly
indicated rates of steel operations since June 6, 1938, follow:
nounced
that
improving domestic demand.
The
| nin
1938—
1938—
June
6
26.2%
Sept. 19
June 13
27.1%
June 20
28.0%
Oct.
1939—
2
50.7%
Apr. 17
50.9%
Sept. 26
47.3% Jan.
46.7% Jan.
9
61.7%
Apr. 24
48.6%
3
47.9% Jan.
16
52.7%
May
1
51.4%
8
47.8%
47.0%
45.4%
48.5%
52.2%
Oct.
10
June 27
28.7%
Jan.
23
51.2%
May
July
22.4%
Oct.
17
49.4% Jan.
30
11
32.3%
July 18.—-36.4%
July 25
37.0%
Aug.
1
39.8%
Aug.
8
39.4%
Aug. 15
40.4%
Oct.
24
53.7% Feb.
6
May 22
Oct.
31
52.8%
53.4%
54.8%
5
July
Nov.
56.8% Feb. 13
7
20
5
Dec.
12
Sept.
6
39.9%
Dec.
Sept. 12
45.3%
5
June
12
55.1%
65.7%
June 19
June 26
55.4%
61.9% Mar. 6
60.7% Mar. 13
59.9% Mar. 20
Dec.
May 29
June
July
3
56.1%
Nov. 21
Nov. 28
May 15
53.7%
55.8%
62.6% Feb. 27
42.8%
44.0%
Aug. 22
Feb.
61.0%
Nov. 14
Aug. 29
July
10
19
57.6% Mar. 27
3
51.7% Apr.
54.7%
Dec. 26
38.8% Apr. 10
54.2%
53.1%
55.0%
54.3%
38.5%
49.7%
52.1%
"Steel" of Cleveland, in its summary of the iron and steel
on
July 10 stated:
markets
Steel
are
rapidly from
recovering
holiday and vacation shutdowns.
the
interruption
of recent
Ingot production last week dropped 12
points to 42% but most of the loss will be retrieved this week,
Finished
steel
tions
demand
has
rebounded to
approximately the
late-June
by plants closed for vacations and inventory-taking.
"Iron Age" scrap composite price
However, such
gains will be offset by declining requirements of the automotive industry
which is slowing down in anticipation of model changes
the next four to
six weeks.
A disturbing
Coinciding with the improvement in steel operations,
turned
6.43
rate, and consumption shortly will be bolstered by the resumption Qf opera¬
Were it not for the shutting down of the open-hearth department of the
mill is
12
markets,
holiday rate.
against
Jan.
1930
July
August
September
8.60
factor
in the automotive outlook is the strike of General
Motors tool and die workers.
Timed to interfere with new model prepara¬
tions, this suspension might seriously delay
addition
to
retarding
steel
deliveries
late
introduction of 1940 cars, in
this
when
quarter
assemblies
originally were expected to be increasing rapidly.
Five motor plants already have completed production of current models.
This
and
the
holiday shutdown
units, a drop of nearly 28,000.
latest curtailment was from
reduced
Output
assemblies
last
a year ago was
week
to
42,784
25,375 units.
The
22,873 to 13,775 for General Motors, 21,810 to
has gained 8c. to $14.79, recovering the ground lost since the second week
13,980 for Chrysler, 19,600 to
of June and being only 50c. below its peak for the year.
others.
In the first half of this year steel ingot
corresponding period last
higher.
10,788,583 tons in the
52.74%
year,
while
The total for ingot production
same
production gained 73% over the
pig iron
was
period last year,
compared with 31.08%
output
18,629,927
was
almost
an average rate this year
in the first half of last year.
of
June pro¬
duction was 3,130,381 tons compared with 2,917,876 tons in May.
60%
gross tons against
Pig iron production in June
10,800 for Ford and 6,380 to 4,229 for all
was
27.5% ahead of the daily rate in May,
when the coal strike restricted blast furnace operations.
month
was
70,647 tons, against
55,404 in
May and
Daily output last
35,358
a
year
Active furnaces June 30 numbered 117, a gain of 11 for the month.
production the first six months
was
12,521,131 tons against 7,931,098.
nearly
58% larger than
a
ago.
Total
year ago,
The Commercial & Financial Chronicle
332
Heavier steel demand is in prospect this month from farm equipment
manufacturers, following shutdowns the past two weeks by a number of
plants.
Business in merchant wire products employed widely In rural
areas held up unusually well during June but is due for a seasonal letdown
Miscellaneous steel
and
are
Cleveland 2314 points to 2714.
users are
counted on to be
a
contributing
a
strong supporting
the fact demand from warehouses
late June and early
experienced less than its usual letdown in
July.
*
Building and engineering construction continue the leading steel outlet.
Small private Jobs are
31, Detroit 1 point to 56 and Birmingham
steady to strong, but the composite is unchanged at
The finished steel composite is down 10 cents to $55.60-
Scrap prices vary from
large share of current demand
influence on steelmaking during
Indicative of sustained steel consumption generally is
July and August.
Buffalo 214 points to 3214. Cincinnati 37
points to 28, St. Louis 11 points to
6 points to 65.
$14.54.
this month.
July IS, 1939
Steel ingot production for the week ended July 10 is
placed at 39lA% of capacity according to the "Wall Street
Journal" of July 12.
This compares with 54^% in the
previous week and 55K% two weeks ago.
The "Journal"
further stated:
taking a fairly large portion of the total tonnage, but
federally-financed projects still predominate. New business in fabricated
structural shapes has tapered from its recent peak, but heavy shipments
against old orders are indicated through August.
Railroad equipment buying remains
disappointing.
Freight
car
awards of
1,324 units in June brought the first-half total to 9,532, less than 20% larger
This
than the 8,021 units placed a year ago.
45,985 and
compares with
28,109 in the corresponding periods of 1937 and 1930, respectively.
moderate improvement in
U. S. Steel is estimated at 3414%, against nearly 4814% in the
and
before
Despite
ago.
The following
table gives a comparison of the percentage of production
week of previous years, together with the
with the nearest corresponding
week immediately preceding. /
approximate changes, in points, from the
railroad earnings and optimistic forecasts regard¬
ing freight traffic the next six months, few freight cars are actively pending.
fairly large tonnages on order and in prospect.
United
States maritime commission takes bids this week on additional cargo vessels
and probably will order 10 or more.
Two ships placed by Seatrain Lines,
Steel
producers
making
are
Withdrawal July 1
further
so
on
stability.
price
of prices below official levels on several
should raise the average return
figure
toward
progress
more
products
business this month to the best
new
far this year.
steelmaking decline.
Pittsburgh
The Week with the
bank
increased
reserves arose
circulation,
was
67
+
61
+
•28)4
H
3
76
+ 14
72
+
3
37
+3
34
+
2
39
+
4
28
+
4*4
28
+
4
28)4
+
4)4
56
+
2 K
47
+
2
63
+
2
1931----
31
—
1
31
+
IX
31
1930.
57
2
63
—
———
1
52
—
95
+2
99
+
3
91
—
2
67
1930
— -
1934—
—
——
-
1933
—
—
1928
—
69)4
...
—
IX
73
X
69
+
67
1927
1H
1
—
3
—
+
1
1
—
64
1932 not available.
July 5
CityChicago
—
July 13 July 12
July 5
July 13
1939
1939
1938
1939
1939
$
%
$
$
t
Lumuus—
1938
$
Demand deposits—adjusted-...
7,656
7,524
6,206
1,674
1,666
1,527
from decreases of $59,000,000 in money
630
628
649
494
495
464
61
62
109
60
60
77
2,940
2,940
2,456
763
752
708
$40,000,000
non-member deposits and
in
$29,000,000 in Treasury
Inter-bank deposits:
Domestic banks
........
532
.....
541
274
348
Foreign banks....i._
Borrowings
360
294
15
12
17
1,477
1.480
264
266
246
12
7
"
....
-
Other liabilities.....
Capital account-..
Complete
1,478
—......—
*
*
•» -
Returns of Member Banks of the Federal
the Preceding Week
Reserve System for
As
principal change in holdings of bills and securities
reduction of $16,000,000 in United States Treasury
explained above, the statements of the New York and
Chicago member banks
are
given out
Thursday, simul¬
on
taneously with the figures of the Reserve banks themselves
The statement in full for the week ended
July 12 will be
368 and 369.
Changes in the amount of Reserve bank credit outstand¬
ing and related items were as follows:
on
pages
Increase
(+) or Decrease (—)
Since
July 12, 1939
July 5, 1939
$
July 13, 1938
$
$
Bills discounted---——-—...—...
5,000,000
1,000,000
U. S. Government securities-.-...- 2,535,000,000
Industrial advances (not including
$11,000,000 commitm'ts—July 12)
12,000,000
Other Reserve bank credit.........
16,000,000
Bills
1
Time deposits......
United States Govt, deposits...
to
bills.
found
5
+
July 12
week.
a
+
81
——New York
reserve
deposits with Federal Reserve banks and $25,000,000 in
Treasury cash, and from increases of $38,000,000 in gold
stock and $5,000,000 in Treasury currency. Excess reserves
of member banks on July 12 were estimated to be approx¬
imately $4,450,000,000, an increase of $160,000,000 for the
The
27
+8
member
Additions
$199,000,000.
other Federal Reserve accounts,
was
+4
78
Reserve Banks
Federal
During the week ended July 12 member bank
in
28
—————
1937-
—15
36%, Chicago 6>4 points to 4414, Youngstown 15 points
to^38, eastern Pennsylvania 0 points tor32, Wheeling 17 points, to 02
balances
1938—
1929-
All districts shared in last week's
down 11 points to
39 H
—16
43 H
—14
34)4
1939--—..—-—-
1935—
Inc., New York, require 10,000 tons, mostly plates.
Independents
C7. S. Steel
Industry
Shipbuilding is taking up some of the slack in railroad demand for heavy
steel products, with
week
two weeks ago.
Leading Independents are credited
compared with 60% in the preceding week and 62% two weeks
4714%
with 4314%,
—4,000,000
bought——————.—,—
-16,000,000
+15,000,000
Total Reserve bank credit..,
2,509.000,000
Gold stock
—16,174,000,000
Member bank
———.
covering the
week, instead of being held until the
same
following Monday, before which time the statistics cover¬
ing the entire body of reporting member banks in 101 cities
cannot be
compiled.
In the
following will be found the comments of the Board
System respecting the
returns of the entire body of reporting member banks of the
Federal Reserve System for the week ended with the close
of business July 5:
of Governors of the Federal Reserve
The
condition
of
statement
weekly
reporting member banks
in
101
leading cities shows the following principal changes for the week ended
July 5:
....—
2,885,000,000
....
+ 10,000,000
—27.000,000
+ 38,000,000 + 3,195,000,000
+ 5,000,000
+169,000,000
—
—
Treasury currency
-29,000,000
—4,000,000
and
cultural
An increase of $39,000,000 in commercial, industrial and agri¬
loans; decreases of $68,000,000 in holdings of "Other securities,"
and $111,000,000 in demand deposits—adjusted; and an increase of $175,-
000,000 In deposited credited to domestic banks.
reserve
balances.—..10,350,000,000 +199,000,000 +2,077,000,000
Money In circulation.——.—
Treasury cash.—.
Treasury deposits with F. R. bank.
7,041,000,000
2,552,000,000
791,000,000
-59,000,000
-25,000,000
-29,000,000
+597,000,000
+237,000,000
+ 163,000,000
It eral Reserve accounts—895,000,000
—40,000,000
+262,000,000
.
Non-member deposits and other Fed-
Commercial, industrial and agricultural loans increased $21,000,000 in
New York City and $39,000,000 at all reporting member banks.
Holdings of Treasury bills Increased $45,000,000 in the Chicago district
$38,000,000 at ail reporting member banks.
Holdings of Treasury
and
notes
Increased
$12,000,000 in
reporting member banks.
Return
of
Member
Banks
in
New
York
City
and
Chicago-—Brokers'Loan
banks and also for the Chicago member banks for the current
week, issued in advance of full statements of the member
banks which will not be available until the
coming Monday.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS
—New York City
Chicago
July 12
July 5
July 5
July 13
1939
1939
1938
1939
1939
1938
$
$
$
$
%
$
8,140
July 13 July 12
2,108
546
544
519
1,405
1,464
359
357
126
132
18
17
$35,000,000 in
the
member banks.
securities"
purchasing
496
495
496
35
35
29
190
200
193
71
72
68
1,815
Chicago
district
......
Loans to banks
Other loans...
$111,000,000
115
114
119
49
45
435
144
167
820
Reserve with Fed. Res. banks...
Cash in vault
Balances with domestic banks...
Other assets—net
13
13
12
*50
50
~~55
93
386
2,214
Obligations fully guaranteed by
United States Government
at
all
reporting
Deposits credited to domestic banks increased in all districts, the principal
increases being $49,000,000 in New York City, $24,000,000 in the Chicago
.district and $18,000,000 in the Cleveland district, and the total increase
being $175,000,000.
Deposits credited to foreign banks increased $20,-
A summary of the principal assets and liabilities of re¬
porting member banks, together with changes for the week
and the year ended July 5, 1939, follows:
(+)
or
Decrease
(—)
Since
July 5, 1939
Assets—
$
June 28, 1939
July 6, 1938
%
$
Loans and investments—total. —22,000,000,000
379
'
$56,000,000
$54,000,000 in New York City,
and
Increase
or
—
decreased
Time deposits decreased $8,000,000.
16
'■
Loans to brokers and dealersOther loans for
"Other
339
120
Treasury bills
7,449
2,932
1,409
—
of
and
agricultural loans
Open market paper
carrying securities—
Real estate loans..
8,136
2,771
2,125
2,758
industrial
Holdings
Demand deposits—adjusted decreased
Borrowings of weekly reporting member banks amounted to $1,000,000
on July 5.
(In Millions of Dollars)
Commercial,
banks.
City and $13,000,000 at all
000,000 in New York City.
IN CENTRAL RESERVE CITIES
Loans and investments- -totaL.
member
York
City and $11,000,000 at all reporting
in New York City and $68,000,000 at all reporting member banks.
Below is the statement of the Board of Governors of the
Federal Reserve System for the New York City member
Assets—•
New
Holdings of United States Government bonds
increased .$17,000,000 in New York
823
241
241
236)
8,142,000,000
+ 53,000,000
Commercial, industrial and agri¬
cultural loans
;
3,872,000,000
+ 39,000,000
—8,000,000
+ 11,000,000
—21,000,000
Open-market
Loans
230)
628
2,837
2,206j
+49,000,000 +1,524,000,000
Loans—total—...
627]
to
_
paper
brokers
314,000,000
and
in
loans for purchasing
carrying securities..
869
dealers
or
securities
650,000,000
687
136
136
120
Real estate loans
1,075
993
333
335
307
Loans to banks
4,985
4,881
3,412
856
847
943
Other loans
Treasury bills
67
69
52
32
31
35
77
76
77
224
231
203
376
370
478
45
46
50
—
Treasury notes
United States bonds
......
...
+ 2,000,000
—11.000,000
542,000,000
—1,000,000
—35,000,000
1,159,000,000
56,000,000
1,549,000,000
—2,000,000
+2,000,000
+ 5,000,000
—64,000,000
—1,000,000
+ 38,000,000 f
+ 13,000,0004
+27,000,000
469,000,000
2,125,000,000
Other
1,093
1,105
1,094
—110,000,p00
5,891,(MX),000
+ 11,000,0001
+
758,000,000
Volume
The Commercial & Financial Chronicle
149
Increase
(+)
Decrease
or
(—)
Since
July 5, 1939
%
Assets—
Obligations
United
fully
States
July 6, 1938
%
June 28, 1939
%
by
guaranteed
Government
441,000,000
—14,000,000
2,759,000,000
+ 3,000,000
+ 651,000.000
+ 226,000,000
+1,896,000,000
+ 38,000,000
+ 331,000,000
17,109,000,000
—111,000,000
+ 2.308,000,000
5,229,000,000
United States Government deposits
555,000,000
—8,000,000
2,160,000,000
Other securities
__
Reserve with Fed. Res. banks
+ 2,000.000
3,223,000,000
8,473,000,000
—68,000,000
Cash in vault
Balances with domestic banks
Liabilities—
—6.000,000
$203,000 of Credit Consortium for Public Works of
Italy External 7% Gold Bonds, Series B, to Be
Redeemed Sept. 1
J. P.
Demand deposits-adjusted
Time deposits
+92,000,000
Inter-bank deposits:
6,922,000,000
+175,000,000
+ 959,000,000
624,000,000
+ 24,000,000
+ 306,000,000
1,000,000
+1,000,000
+1,000,000
Foreign banks
Borrowings
Condition
of
Settlements
.
Bank
as
International
for
of June 30
monthly statement of condition of the Bank for
International Settlements, Basle, Switzerland, as of June 30
compared as follows with the previous month and a year
ago, according to the
"Wall Street Journal" of July 7.
Figures in Swiss francs:
Assets—
June 30, *39
May 31, '39
June 30,'38
Gold...
62.600,000
64,700,000
29,300,000
Cash
23,200,000
6,700,000
41,100.000
Sight funds at interest.
22,400.000
16,200,000
15,300,000
Rediscountable bills and acceptances:
Comm'l bills and bankers' acceptances... 144,500,000
143,800,000
141,800,000
80,900,000
76,000,000
106,600,000
33,000,000
34,300,000
54,700,000
Treasury bills
July 13 notified
on
Public
bonds
have been drawn by lot for redemption on
1939, out of moneys in the sinking fund.
The
drawn bonds, upon presentation and surrender at the office
the
fiscal
thereof
drawn bonds will
A
wTill
agent,
be
paid
the
at
and after the redemption date.
on
after
cease
principal
Interest
sum
the
on
Sept. 1, 1939.
July 11, 1939, $1,000 principal amount of the Series
March 1, 1937, and $21,000 principal amount
bonds due
of
the
Series
B
bonds
previously
drawn
still
were
un¬
$782,000 of Kingdom of Norway 20-Year 6% External
Gold Bonds to Be Redeemed on Aug. 15
The National City Bank of New York, as fiscal agent, is
notifying holders of Kingdom of Norway 20-Year 6% sink¬
ing fund external loan gold bonds, due Aug. 15, 1943, that
$782,000 principal amount of these bonds have been selected
lot
for
fund,
redemption,
Aug.
on
15,
.....
office
of
Treasury bills
J..........
41,000,000
45,300,000
37,000,000
Sundry investments.
54,100,000
Between three and six months:
23,300,000
50,400,000
r
.
Treasury bills
32;600,000
38,600,000
32,200,000
Sundry investments....
59,100,000
50,000,000
84,500,000
23,900,000
15,500,000
28,300,000
32,000,000
1,600,000
1,500,000
1,100,000
125,000,000
125,000,000
25,000,000
24,300,000
255,100,000
257,200,000
87,600,000
75,300,000
125,600.000
34,400,000
33.800,000
57,400,000
1,700,000
1,800,000
1,800,000
2,800,000
3,500,000
2,800,000
13,300,000
13,200,000
9,800.000
City.
Bank
Interest
after Aug. 15,
of the sinking
bonds should be
1939.
New
of
York,
55 Wall
will cease
bonds
the
on
The fiscal agent announces
June
26, $133,000 principal amount of the bonds
previously called for redemption had not been presented for
on
125,000,000
25,100,000
...^.......255,100,000
that
City
35,500,000
27,500,000
from and
operation
The drawn
the redemption date at the head
on
National
the
Street, New York
Maturing in three months:
through
100%.
at
presented for payment
Not exceeding three months....
Sundry bills and investments:
Over six months:
Treasury bills
Sundry investments...
Other assets..
payment.
♦
Swiss
American
Liabilities—
Capital paid
Reserves.
Long-term deposits
Not over three months
........
Sight
Central banks for account of others:
Sight...
Other deposits
Sight deposits, gold
Profits allocated for distribution...
The
formation
7,800,000
....
Miscellaneous items
36,500,000
35,500,000
36,200,000
The
Corporation
foreign
interests
Switzerland,
with
A
cablegram received from the Government of the Com¬
monwealth of Australia at Canberra by the Australian
Government
George
whereby
an
Commission in the United States to
interim statement issued by the Treasurer
ended June 30, 1939, the receipts of the consolidated
fund of the Commonwealth exceeded
expenditure
by approximately £627,000—Australian currency.
From
the announcement issued by the Trade Commissioner's
office in New York the following is also taken:
The surplus was due principally to savings on National Insurance Admin¬
New
Works
which
more
than
offset
the
increased
Defence
expenditure due to enlarged militia forces.
The following
are
the principal
recepits:
revenue
Z Australian
Customs and excise..
Sales tax
..
....
..
....
_.
..
.......47,600,000
9,300.000
.
Income tax........
11,900.000
revenue...
,.17,400,000
Flour tax receipts amounted to
various States for relief to
£1,800,000 all of which
tentatively announced
was
paid to the
wheatgrowers.
The approximate results of State government finances
for
1938-39
were
follows:
as
£Australian
New South Wales
.
_
_
.
_
2,801,000
........
Deficit
825,000
...—
......
Deficit
South Australia
402,000
Deficit
Western Australia
220,000
Deficit
Queensland............
Results
for
account is
The
the
State
14,000
of
Tasmania
are
not
available
Surplus
but
a
balanced
indicated.
The total
amounted
amount
to
provided by all Governments for sinking fund purposes
£10,875,000.
statement
June 30, 1938, was
of
condition
reported in
for
our
the
fiscal
year
issue of July 23,
ended
503
page
+.
President
The
Given
Operations—Bill
Power
Destined
to
to
the
by
represented
The
Credit
a
of
Zurich,
commence
business
Suisse
will
capital
of
$2,500,000
and
in cash.
consists
of
will
occupy
Corporation
completed
building
the
will
Daniel
F.
behalf
on
Norton, J.
at
24
commence
&
26
of
the
Straessle
Pine
business
Corporation
Street
these
at
(Speyer
offices
'
or
"
Member
Trading
on
New
The Securities and Exchange Commission on July 7 made
public figures showing the volume of round-lot stock trans¬
actions on the New York Stock Exchange and the New York
Curb Exchange for the account of all members in the week
ended June 17, 1939, continuing a series of current figures
being published weekly by the Commission.
Short sales are
shown separately from other sales in the New York Stock
Exchange figures.
Trading on the Stock Exchange for the account of all
members during the week ended June 17 (in round-lot trans¬
actions) totaled 1,127,765 shares, which amount was 21.15%
of total transactions on the Exchange of 2,665,670 shares.
This compares with member trading during the preceding
week, ended June 10, of 1,371,250 shares, or 22.17% bf total
trading of 3,091,920 shares.
On the New York Curb Ex¬
change member trading during the week ended June 17
amounted to 166,460 shares, or 16.78% of the total volume
on that Exchange of 495,945 shares; during the previous week
trading for the account of Curb members of 173,500 shares
was 16.50% of total trading of 525,685 shares.
The Commission yesterday (July 14) made public the fig¬
ures for the week ended June 24, which are
incorporated
below with the previous week.
The figures for the week ended June 10 were given in
these columns of July 1, page 31.
The Commission in mak¬
ing available the data said:
The data
Stock
published
Exchange
are
based
upon
advices of July 10 said:
effort to bolster the peso, the President receives
virtually com¬
plete control of the monetary system "in order to impede unjustified de¬
an
preciation of the national money."
He will be able
rises in prices, including those in the
weekly reports filed with the New York
and the New York Curb Exchange by
These reports are classified
as
New
York
their
respective
follows:
WeekEnd.June 17,1939
Regulate Exchange
Depreciation
Under the bill, which he had asked and which the Chamber
and Senate
currencies.
New York
New
York
WeekEnd. June 24, 1939
New
York
New
York
Stock
to take
steps to prevent
public service and tarifft.
peso on
a
legal parity with other foreign
Total number of reports
Curb
Stock
Curb
Exchange
United Press Havana
The bill establishes the Cuban
York Stock and
Curb Exchanges During Weeks Ended June 17 and
June 24—
Avoid
President Federico Laredo Bru of Cuba
signed a bill on
July 10 which it is reported gives him power to regulate
Cuban fiscal operations pending passage of
adequate legisla¬
tion to stabilize the peso.
The bill was passed by the Senate
on July 7 and
by the Chamber on July 8.
Regarding the
passed in
of
Corporation
all paid
of Silver Peso
measure
July 10.
on
\
auspices
been
The
members.
Cuban
was announced
♦
year
revenue
Victoria..
have
July 11.
of the Commonwealth of Australia discloses that for the fiscal
Post office
it
new
Lindsay.
Arrangements
Building).
a
Trade
the effect that
and
N.
Corporation,
in the investment securities
said:
directors
of
in
States, incorporated under the laws
the
$3,000,000
board
American
engage
1856.
in
surplus of $500,000,
The initial
and
under
of
Engage
to
Business
organized and the capital is subscribed mainly by
was
founded
resources
Securities
York,
further
announcement
capital
Financial Position of Australia for Fiscal Year Ended
June
30
Shows
Surplus
of £627,000 in
Con¬
solidated Revenue Fund
United
the
of the State of New
.
Organized
Swiss
of
organized to
company
business in
Central banks for their own account:
istration
Corp.
Investment
up
Short-term and sight deposits:
r
for
1,
by
Time funds at interest:
-
fiscal agents,
as
Consortium
redeemed.
The
-
Credit
Sept.
On
of
of
Works, of Italy
external loan sinking fund 7% secured gold bonds, Series
B, due March 1, 1947, that $203,000 principal amount of
of
Domestic banks
Statement
Morgan & Co.,
holders
these
.
333
Exchange
Exchange
1,079
Exchange
received...
1,078
804
specialists
2. Reports showing other trans¬
195
99
194
102
actions initiated on the floor.
218
37
203
46
1.
3.
Reports
showing other trans¬
actions initiated off the floor
4.
804
Report showing transactions as
Reports 'showing
no
224
70
197
62
trans¬
actions...
584
606
617
601
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
dealer as well as those of the specialist.
The
number
than the
carry
of
reports
in
the
various
classifications
number of reports received because, at times,
entries in more than
one classification.
a
may
total
single report
more
may
The Commercial & Financial Chronicle
334
TOTAL
STOCK
ROUND-LOT
ON
SALES
YORK
NEW
THE
STOCK
EX¬
STOCK
OF MEMBERS * (SHARES)
Week
Week Ended June
Total for
Total for
Total
for Week
a
for
account
2,556,890
for
the
519,881
17,099,994
Dollar value
Odd-lot purchases by dealers (customers' sales):
odd-lot ac¬
specialists:
except
19,335
Number of shares
100,660
of
transactions
members,
(customers' purchases):
Odd-lot sales by dealers
2,456,230
2,665,670
Total galea
Number of orders:
Customers'short sales
counts of odd-lot dealers and
1.
1939
1,
Number of orders
107,450
2,558,2?0
..
Other sales, b..
Round-lot
July
Per
Cent
Week
a
A. Total round-lot sales:
B.
Ended
17 Week End. June 24
Per
Cent
Week
ACCOUNT OF ODD-LOT
STOCK EXCHANGE
ODD-LOT
THE
DEALERS AND SPECIALISTS ON NEW YORK
CHANGE AND ROUND-LOT STOCK TRANSACTIONS FOR ACCOUNT
Short Hale*
FOR
TRANSACTIONS
1939
July 15,
815
19,660
—.—
............
Customers' other sales.a.
Transactions of specialists In stocks In
—...
—
which they are registered—Total pur¬
chases
275,420
33,720
257,240
39,910
233,150
290,960
Customers'total sales
289,760
Short sales
273,060
Other sales.b„_
...
♦
Customers' short sales
21,447
486,003
—.....
—
Customers' other sales.a.....
Total sales--
20,475
:
Number of shares:
.
...— — _—,.—
i
•
507,450
Customers'total sales
Total purchases and sales
566,380
-
10.62
562,820
11.01
,
2.
Other
transactions
Initiated
floor—Total purchases
17,014,437
...
...
the
on
-
Dollar value
161,430
Round-lot sales by dealers:
167,075
15,700
166,400
....
21,700
145,630
Number of shares:
Short sales
...
Other sales _b_
Total sales
182,100
Total purchases and sales—.....
343,530
Short sales
334,405
6.54
124,580
Other
Initiated
transactions
floor—Total
the
off
a
80,395
88,000
11,050
126,410
110,994
—
99,560
.—
Sales marked "short exempt" are reported In this item.
8,785
102,209
137,460
1
Round-lot purchases by dealers:
Number of shares.
3.
0
124,580
—
—
Total sales
167,330
6.44
...............
Other sales, b
purchases..........
odd-lot orders and sales to liquidate a long position
b Sales to offset customers'
which is less than a round lot are reported In this item.
Short sales
.......
Other sales.b
Total sales......
217,855
Total purchases and sales.......
4.
Total—Total purchases.
Short sales
.
4.09
198,994
New
on
York
Stock
June 30 Below May 31
On July 8 the New York Stock Exchange issued the follow¬
ing announcement showing the total market value of bonds
listed on the Exchange June 30:
70,395
480,989
610,520
;
Listed
Bonds
of
3.89
544,835
60,470
550,050
—
...
Other sales, b
Value
Exchange
517,245
.....
Market
.
551,384
As
of the
of business
close
June
on
30,
1939, there
were
1,389
bond
Total purchases and sales
1,127,765
21.15
1,096,219
issues aggregating
$52,751,311,452, par value listed on the New York Stock
Exchange, with
Total sales....................
total market value of $48,570,781,615.
a
21.44
On
STOCK TRANSACTIONS ON
THE
NEW
YORK
ACCOUNT OF MEMBERS ♦
EXCHANGE
CURB
Total for
B. Round-lot
Total far
for
Per
Cent
Week
a
495,945
transactions
members:
Week End. June 24
Per
Cent
Week
A. Total round-lot volume
FOR
(SHARES)
Week End. June 17
a
446,590
May 31 there were 1,388 bond issues aggregating $52,647,221,728 par value listed on the Exchange with a total
market value of $48,920,968,566.
In the following table, listed bonds are classified by
governmental and industrial groups with the aggregate
market value and average price for each:
of
account
,
1. Transactions
of
June 30, 1939
specialists
In
Bought
52,320
59,685
43,570
73,685
Sold
Total
117,255
initiated
on
112,005
11.82
12.54
the
6,175
13,900
transactions
Initiated
off
1.40
19,505
2.18
the
Total
35,305
3.56
26,570
70,085
Total
79,620
166,460
for
16.78
158,080
46,622
17.70
24,326
73,999
"members" Includes all Exchange members,
77,907
their firms and their
partners, including special partners.
In calculating
transactions
as
per
cent of twice total round-lot volume.
these percentages, the total of members'
with twice the total round-lot volume
of members'
transactions includes
volume includes only sales.
b Round-lot short sales which
rules are included with
are
Railway operating and
The
York
total
Curb
Only
or
three
a
96.08
94.19
31,309,213
94.60
5,867 130,206
655 746,861
55.17
6,005,178,633
56.47
98.35
600,097,082
98.91
8 553,835
91.97
8,434,550
90.68
Textile
Gas and electric (operating)
3,292 092,488 107.20
54.03
3,317,066,705 107.53
211,796,936 96.96
1,097,307,630 104.43
258,518,605 54.03
Business and office equipment
20 ,137,875 103.75
20,040,825 103.25
13 ,421,880
47.42
13 ,019,160
56.75
13,893,446
13,779,000
49.09
Shipbuilding and operating
501,566
98.25
500,290
98.00
...
Gas and electric (holding)
212 ,248,890
—
1,090 ,220,305 103.74
Communication (cable, tel. & radio)..
Miscellaneous
97.17
258 ,517,814
utilities
purchases and sales,
both
U. 8. companies operating abroad
Miscellaneous businesses
118 ,915,206
Total United States companies
on
13,215,812,659
1,690,329,922
72.64
958,968,778
63.45
while the Exchange
44 209,650 129.05
60.06
46.96
43,893,009 128.13
130,210,403 51.40
35 ,505,675 103.00
35,359,200 102.58
exempted from restriction by the Commission's
Exchange Short
During June
Interest
short position of stocks dealt in
Exchange for the month of June,
Decreased
on
the New
cos.
(incl. Cuba and Canada).
All listed bonds
48,570,781,615
13,326,710,933
55.00
1,767,054,858
73.51
57.45
975,079,508
64.34
92.08 48.920.968,586
92.92
The following table, compiled by us, gives a two-year com¬
parison of the total market value and the total average
price of bonds listed on the Exchange:
on
more.
with
75,403,509
Leather and boots..
Tobacco
reported as
30, amounted to 9,650 shares, compared with 12,785
May 31, the Exchange announced on July 12.
of June
shares
57.04
94.04
556,042,177 105.43
95.59
transactions is compared
the Exchange for the reason that the total
"other sales."
Curb
116,899,772
holding com¬
pany s & equipment manufacturers.
Steel, Iron and coke
;
Foreign
York
46.18
56.54
74,611,718
29,885,266
Foreign government
New
9,277,720
51,589,846
Shipping service.
Total
members'
92.85
93.34
586.330,880 104.75
Retail merchandising.
53,581
27.477
Sold
Shares In
Iron)
58,213,334
46.88
115,238,013
Machinery and metals
Mining (excluding
98,272,759 103.92
91.88
50,737,966
__
Paper and publishing
of
account
specialists—Bought
term
2.98
26,462,487 80.87
36,849,675 106.01
210,563,352 102.41
51,961,130
9,419,319
—
,
Land and realty
78,460
96,375
Sold
a
Electrical equipment manufacturing..
Amusements
16,252,896 87.26
211,892,056 103.13
91.27
71,605,823
68,333,728 91.22
26,718,920 81.91
36,848,524 106.01
210.304,808 102.41
Petroleum
4. Total—Bought
transactions
Price
16,090,419 86.38
211,337,761 102.86
-
Rubber and tires...
14,735
11,835
20,340
14,965
Sold
C. Odd-lot
Value
97,772,796 104.00
-
Food
floor—Bought
The
Chemical
...—....
Financial
8,100
Building
Total
*
11,405
7,725
Sold
Other
Aver.
Price
Companies—
Autos and accessories
floor—Bought
3.
Market
$
$
U. 8. Govt. (lncl. States, cities, &c.)._ 32,705,470,256 109.12 32,852,123,267 109.77
United States
transactions
Aver.
Value
In which they are registered—
2. Other
May 31, 1939
Market
stocks
issues
They
showed
were
a
short
interest
of
500
Market
Electric Bond & Share Co., common,
short interest of
1,333 shares, compared with 1,628
May 31; Fisk Rubber Corp., common, with 700 shares,
against 200 at the end of May, and Standard Steel Spring
Co., common, with 790, compared with 1,043 in the pre¬
on
1937—
Average
Market
Average
Value
shares
Price
Value
Price
S
Aug. 1
44.296.135.580
92.98
July
30
44,561.109,796
90.19
Sept. l._
43.808.755.638
93.93
4 ug.
31
44,182,833,403
89.40
Oct.
S
$
1
43,270,678.790
92.76
Sept. 30
44.836,709.433
89.08
Nov. 1
42,591,139.774
91.51
Oct.
42,109,154,661
90.11
Nov. 30._..
45.539,192.999
45,441.652,321
90.67
Dec.
Dec.
47.053.034,224
91.27
91.03
1
1938—
ceding month.
1938—
$
31
31
90.34
Jan.
Odd-Lot
Trading
New York Stock Exchange During
Week Ended July 1
on
On July 7 the Securities and
Exchange Commission made
public a summary for the week ended July 1 of corrected
figures showing the daily volume of stock transactions for
odd-lot account of odd-lot dealers and
specialists on
the New York Stock Exchange,
continuing a series of current
the
figures being published weekly by the Commission.
The
figures for the week ended June 24 were given in our July 8
issue, page 187.
The data published are based upon
reports filed with the
Commission by odd-lot dealers and specialists.
1
42,782,348,673
89 26
Feb.
1
42,486,316,399
42,854,724,055
89.70
Ian.
31
46,958,433,389
Mar. 1
♦
88.68
Feb.
28
47,471,484,161
91.85
Apr.
1
41.450,248.311
85.71
Mar.
1
48.351.945,186
91.80
May 1
42,398,688,128
87.82
Apr. 29----
48.127,511,742
91.56
1
42.346.644,435
87,78
May 31
48,920.968.566
92.92
43.7*6.515.00O
88.08
June
48.570,781,615
92.08
June
June 30
1939—
30
Changes in Amounts of Their Own Stock Reacquired
by Companies Listed on New York Stock Exchange
The New York Stock Exchange issued on
July 12 its
monthly compilation of companies listed on the Exchange
reporting changes in the reacquired holdings of their own
stock.
A previous list appeared in our issue of June
17,
page 3610.
The following is the list made available by the
Exchange on July 12:
Volume
The Commercial &
149
Financial Chronicle
335
Mr. Martin's letter to Mr. Frank follows:
Shares
Shares
Previously
Per Latest
Reported
Company and Class of Stock
Report
We have examined
carefully your recent suggestions as to the possible
advisability of establishing "brokerage banks."
These suggestions, which
are
Allegheny Ludlum Steel Corp.,
5,273
6,173
2,399
common..
al,847
Allied Stores Corp., 5%
preferred
American Agricultural Chemical Co. (The), common
Armour A Co.
Atlas
Corp.,
Barnsdall Oil Co., common
Belding Heminway Co., common
Bucyrus-Erie Co., 7% preferred—;
The
11,615
260,822
13,558
28,432
130
1.560
53,468
16,942
23,000
clO.OOO
..
155,251
158,951
—...
11,800
fidence
b None
Crane Co., common shares
Curtis Publishing Co.
(The), $7 preferred
Davega Stores Corp., common
Edison Brothers Stores, Inc., common
...
Firestone Tire & Rubber Co. (The), common...
Florshelm Shoe Co. (The), class A common
General Motors Corp., common
General Realty & Utilities Corp., $6 preferred
The Glidden Co., common
...
302
Certificates,
19,400
1,900
3.561
41,400
£900
44,200
h26,524
44,112
International Mining Corp., common
Kaufmann Department Stores, 5% preference
44,412
957
1482
2,371
II,188
,
Plymouth Oil Co.,
—
common
Raybestos-Manhattan, Inc., common...
Safeway Stores, Inc., 5% preferred
6% preferred
7% preferred.—.-4--
—
.
At
debentures,
due
brokers,
of 1,252
to the
viously granted to C. B. Nolte, leaving 10,000 shares sunject to option to Mr. Nolte
at
d After giving effect to the acquisition of 1,375 shares and the
$10 per share,
transfer of 12,725 shares to employees who subscribed under
year stock
purchase plan.
e
the
company's three
After giving effect to the retirement of 800 shares and
100 shares, t After giving effect to the acquisition of 8,616 shares
16,135 shares under an employees' bonus plan,
d After giving
1939. f After giving effect to
the acquisition of
our
authorized
to
such
engage
advisors,
We
technical
and
We believe you, with us, will be glad to have the
conference today Mr. Martin handed
appointment
delivery of shares upon conversion of convertible
series due 1958.
c 13,000 shares taken down under option pre¬
b Decrease
be
I have requested these gentle¬
to report at the earliest possible date.
the scope of the studies which this board will
on
further improvement that may be desirable and feasible in the
of his
board
to
protection
or
that
some
me
study the credit
following the suggestion of the
established,
After giving effect to the acquisition of 700 shares and the retirement
a
shares,
you
accom¬
Following the meeting yesterday in Washington Mr. Frank
stated, according to the New York "Sun" of last night
(July 14):
-.7
•
6,576
Youngstown Sheet & Tube Co. (The), common.
suggestions" toward the
any
benefit of this careful study.
492
.
will
interest of the public.
1,981
4,610
350
7,536
— ....
hear
objective of customer protection.
immediately and
no limits
It
way to any
36,870
79,673
1,909
3,909
...
Wheeling Steel Corp., 6% preferred
White Dental Manufacturing Co. (The S. S.), capital
Wisconsin Electric Power Co., 6% preferred...
"mind¬
as it may deem
necessary.
We have every hope that the report
Board will contain recommendations and conclusions
pointing the
of this
3
36,750
are
otherwise,
1679
79.707
Standard Oil Co. of Kansas (The), common
Swift & Co., capital
conduct.
2,400
2
You have pointed out that you
the
imposing
are
3,562
2,109
eager to
our common
to proceed
men
4,300
3,668
Sheaffer Pen Co. (W. A.), common
Standard Oil Co. (Indiana), capital
con¬
functioning of the financial machinery" and, that
matter and related
aspects of our business.
324
Inc., common
Petroleum Corp. of America, capital
In
332
284
high degree of
interest of this common objective, I have invited Messrs.
W.
Randolph Burgess, Carle C. Conway, Walter J.
Cummings and Roswell
Magill to serve as a Public Examining Board in connection with this entire
173,100
Household Finance Corp., common
Insuranshares
plishment of
249
153,400
Hecker Products Corp., common
the
"ready, willing and
are
557,168
10,415
9,902
preferred
of
ful of the practical
314,542
46,200
Hat Corp. of America, 6
a
We are naturally
has testified to the noteworthy
Exchange's accomplishments in customer protection as
you,
complex one
fl1,081
4,168
549
It
the part of the customers of its member firms.
which must be expertly studied.
elOO
557,167
8,735
9,402
—
the
expressed in the thirteen-point program
put into effect within the last year.
You are aware that the
subject of "brokerage banks" is a
4,296
18,600
4,293
314,457
.
...
character
d450
800
on
pleased that the Commission, through
53,368
4,809
5% preferred
The Detroit Edison Co., common..
DuPolnt de Nemours & Co. (E. I.), common
of
opportunity to increase the adequacy of its safeguards.
ing efforts in this direction have been rewarded by
I,710
preferred
Commercial Investment Trust Corp., common
Commonwealth Edison Co., shares
problem
a
same determination as the Commission to
provide for the customers
of its member firms the fullest
measure of protection possible.
Its continu¬
2,396
Collins & Aikman Corp., 5%
present
has the
177
1,921
consideration,
Exchange's conception of its responsibility to the public is such that
it welcomes
any
7.957
Century Ribbon Mills, Inc., 7% preferred
Chicago Pneumatic Tool Co., $2.50 prior preferred
open-minded
our
brokerage business which, as you know, is already
struggling under reduced volume and increased costs.
2
None
11,207
245,916
10,758
27,332
6,869
(Delaware), 7% preferred.
common
receiving
utmost importance to the
SEO
his letter announcing the
and
deposit
that
functions
brokerage
of
banks
be
equally adequate alternative be suggested for the
of customers.
It
is
the
Commission's
sincere
hope that the
studies of this board may be
productive of an acceptable solution of this
problem for exchange members and that the Board
may suggest measures
which will be helpful with respect to brokers and
dealers in the over-thecounter markets.
I believe this is an
important step forward.
We shall be
happy to confer with members of this new board at
any
time.
and the delivery of
effect to the retirement of 18,500 shares on June 1,
the acquisition of 400 shares and the distribution of
20,076 shares on June 30, 1939
23, 1939.
i Decreases due to retirement of shares on June
stock dividend,
as a
New York Stock
ment
Permits
Short Interest
New York Stock Exchange
on
the June 30 settlement
date,
business on
compiled from information
by the New York Stock Exchange from its mem¬
bers and member firms, was
667,804
as
shares
May
on
651,906 shares, compared with
31,
both
excluding
totals
short
positions carried in the odd-lot accounts of all odd-lot deal¬
ers, it was announced July 11.
As of the June 30 settle¬
ment
date, the total
accounts
May 31.
on
Of
the
there
in
which
in which
or
a
change
shares occurred
The
June
number
of
1939,
30,
the
issues
on
July
a
in
which
of
June
short
interest
dealers'
short
is
shown
Feb.
967,593
May
June
30
Nov. 30
....1,214,082
....1,184,215
July
31
....1,051,870
Aug.
29
31
Dec.
944,957
....
966,935 Apr.
1938—
Jan.
*
31
June 30
shares
than
more
2,000
was
reported
position,
as
Exchange,
July 12, approved of the adoption by the
Corp. of an amendment to the corporation's
rules, which will permit the delivery and settlement, through
the Stock Clearing Corp., of transactions between members
at its
the short
in unlisted
securities.
cording
an
to
transactions
Nov. 29
Dec.
30
...
587,314
500,961
1939—
Jan.
31
447.543
Feb.
28
536,377
833,663
Mar. .31
729,480
Apr.
28
629,559
*662,313
588,345
May
31
30
651,906
settlement
to
facilities in
This
amendment embraces only the "settlement"
of
transactions, i.e., the physical delivery of the certificates
and receipt of payment; it does not refer to
"clearing," the
Exchange said.
J
ciations of over-the-counter brokers and dealers for the
pur¬
of effectuating
pose
The SEC
Exchange Appoints Board to Study
Business—Follows Suggestion Made by
SEC Chairman Frank for Establishing "Brokerage
Banks"
Martin Jr., President of the New York
Exchange, yesterday announced the appointment of a
Public Examining Board to conduct a comprehensive study
of the security business.
The naming of the Board is the
result of a suggestion made by Jerome N. Frank, Chairman
of the Securities and Exchange Commission, that the Ex¬
change establish "brokerage banks."
Those asked by Mr.
Martin to undertake the study are: W. Randolph Burgess,
Vice-Chairman of the National City Bank; Carle C. Conway,
Chairman of the Board of Directors of Continental Can Co.;
Walter J. Cummings, Chairman of the Board of the Conti¬
nental Illinois National Bank & Trust Co., Chicago, and
Roswell Magill, former Under-Secretary of the Treasury.
)» The announcement was made in a letter which Mr. Martin
presented to Mr. Frank in Washington yesterday while he
and Edward E. Bartlett Jr., Chairman of the Governors of
the Exchange, were discussing the "brokerage bank" pro¬
posal.
of cooperative regulation.
prescribed form, also made public today.
for registration
These must be filed
application.
and
ments
York Stock
program
The rules provide that an application for registration must be made
a
tration
Security
a
explained:
ments to the application
.
the
ac¬
securities which have heretofore been
available,
since 1928, to transactions between members and some 15
banks in the financial district.
667.804
Jupe
William McC.
members
amendment,
is to extend
unlisted
of each year.
between
of this
announcement,
The Securities and Exchange Commission announced on
July 13 its rules for the registration of national securities
associations under the Maloney amendment to the Securities
Exchange Act of 1934.
The Maloney amendment provides
for the organization and registration of one or more asso¬
each
669,530
Stock
The effect
Exchange
interest
of
Revised.
New
on
SEC Issues Rules for Registration of National Securi¬
ties Associations Under
Maloney Act
28
Oct.
meeting
Stock Clearing
408,
was
Sept. 30
....1,222,005
Between
of
1938—
28
29
31
....
29
of
on
30, 1937:
1,141,482
1,097,858
1,384.113
1,343,573
1,050,164
Oct.
shares
5,000
business day
193$
....
Transactions
+.
a
of the last
Mar. 31...
Sept. 30
than
more
the short position
odd-lot
opening
30
Aug. 31
57,750
the Exchange
on
short interest of
following tabulation
since
30
dealers'
oddlot
May 31.
1937—
June
in
exclusive
existing at the
month
all
with
during the month.
compared with 403
In
compared
The Exchange's announcement continued:
issues
26
in
interest
1,234 individual stock issues listed
were
existed,
short
45,470 shares,
was
of
The Board of Governors of the New York Stock
The short interest existing as of the close of
obtained
Settlement
Members in Unlisted Securities
Decreased
During June
Exchange Governors Approve Amend¬
Clearing Corporation's Rules—
Stock
to
on a
are
on
Consolidated annual supple¬
required promptly after March 1
prescribed form similar to the regis¬
A form is also provided for the filing of current supple¬
for amendments
to
correct
information included
in
the
regis¬
tration application.
The
principal items of information sought by the registration applica¬
tion are a detailed description of the association's rules
relating to member¬
ship, officers and directors, dues and expenses, business conduct and finan¬
cial responsibility of members,
and disciplinary provisions.
copies of the association's charter and by-laws, &c.,
balance sheet, income statement and a
In
our
are
In addition,
required
as
well
as a
membership list.
issue of June 10, page 3467, reference
was
made to
the action taken by
the Governors of the Investment Bank¬
ers' Conference, Inc., in adopting amendments to its rules
to make possible registration as a national securities associa¬
tion under the Maloney amendment.
Chicago
Stock Exchange
to
The
on
in
Board of Governors of the
July 5 accepted
Floor
Adopts Three Amendments
Trading Rules
Procedure
the rules of the
Chicago Stock Exchange
recommendations
and
authorized
of
three
the
Committee
on
important changes
Exchange, it is learned from a Chicago
dispatch, July 5 to the New York "Herald Tribune."
They
announced the changes will be to:
The Commercial & Financial Chronicle
336
members for the proper
ex-rights.
permission.
3. Prohibit dividing full-lot orders into odd-lot orders.
In
commenting on the changes, Frank E.
McDonald,
Chairman of the Committee on Floor Procedure, said:
These rule changea represent a continuing effort on the part of floor
1.
Clarify
fix responsibility of
understandable procedure for
They
filling of orders on the floor in the best interests of customers.
particularly important to those customers who use our rapidly expand¬
optional odd-lot system.
They codify existing practices of prohibiting
use of
the optional odd-lot system when it is not to the customer's
members
the
are
ing
the
and
committees
provide
to
$2,044,287 in Outstanding Bankers' Accept¬
June—Total June 30 Reported at
Decrease of
ances
During
$244,630,440—119,692,150 Below Year Ago
outstanding brokers' dollar acceptances
The volume of
ances
outstanding amounted to $264,222,590.
The decrease in the volume of acceptances
outstanding
on
31 was due to losses in credits drawn
imports and exports, while in the year-to-year compari¬
sons all branches of credit declined except imports and dollar
June 30 below May
for
exchange.
"■
■■
•• •
The following is the report for June 30, as issued by the
.
#
New York Reserve Bank:
BANKERS
—BY
Information
OUTSTANDING—UNITED
FEDERAL RESERVE
bearing
held with Federal
on
of foreign authorities
resources
Reserve banks is contained in the
July
by the Board of Governors of
number of the "Bulletin" issued
the Federal Reserve System.
According to the "Bulletin,"
on June 21, foreign monetary authorities held $360,000,000
of short-term balances with the Federal Reserve banks, com¬
pared with $160,000,000 at the beginning of May, 1938, and
their total resources in gold and balances with the Reserve
banks amounted to $1,460,000,000, an increase of nearly
As
STATES
and recent gold and capital movements
this
to
the
"Bulletin" has the following to say:
In the latter part of May imports of gold to the United States began to
decline from the high levels of the preceding two months.
from March
In the 10 weeks
15 to May 24 receipts of gold from abroad had amounted to
$1,250,000,000,
an average
of $125,000,000
week, while in the next five
a
weeks they totaled $250,000,000, an average of $50,000,000 per week.
Up to the latter part of April, when the atmosphere of crisis in Europe
began to lift, the shipment of gold to the United 8tates reflected largely the
heavy transfer of privately-owned short-term funds to this country that
followed German occupation of Czecho-Slovakia in March.
private
toward
movement
the
end
of
April,
A decline Id this
however, and its
eventual
reversal in May were not immediately reflected in a decrease of gold imports
because
their
that
at
time
foreign
States
authorities
monetary
resumed
building
holdings of dollar balances and gold in the United 8tates.
own
not until this accumulation
private
DOLLAR ACCEPTANCES
$1,460,000,000—Gold and Capital Move¬
ments
$1,000,000,000 in 14 months.
1929, amounted to $244,530,440, a
30,
Amount to
on
decrease of
$2,044,287 as compared with the May 31 figure of $246,574,727, it was announced yesterday (July 14) by the Ac¬
ceptance Analysis Unit of the Federal Reserve Bank of New
York.
As compared with last year, the June 30 figure is
$19,692,150 below that of June 30, 1938, when the accept¬
June
on
clear,
advantage.
of $360,000,000
Held by Foreign
Monetary Authorities With Federal Reserve Bank
June 21 Compared with $160,000,000 at begin¬
ning of May, 1938.
Board of Governors also States
that Total Foreign Resources with Reserve Banks
orders for stocks selling ex-dividend of
bunching odd-lot orders without customer's
open
Prohibit
2.
and
procedure
handling of
July 15, 1939
Balances
Short-Term
It
up
was
by the authorities diminished somewhat and the
turned outward that the rate of gold inflow to the United
movement
substantially reduced.
was
Since gold imports in May and June went largely to swell the accounts of
DISTRICTS
foreign monetary authcrities at the Federal Reserve banks, they had little
Federal Reserve District—
June 30, 1938
May 31, 1939
June 30, 1939
effect
7,870,570
1,798,661
279,227
373,990
832,227
Atlanta
1,317,896
1,418,781
1,504,713
4,406,906
461,936
4,611,942
440,642
902,039
8,187,081
286",506
267", 366
Boston
2.
New York
181,609,731
Philadelphia.
3.
$
4.
Richmond
6.
.
Cleveland...
5.
7.
Chicago..—
8.
St. Louis
9.
Minneapolis....
10.
9,001,239
2,200,753
351,235
1,989,602
maximum
a
Excess
reserves.
San Francisco
124",440
-•
16,870,422
Decrease for month, $2,044,287.
15,958,511
21,395,753
$244,530,440
$246,574,727
The
chart
official
[this
omit—Ed.]
we
shows
that
the
at
were
work—in
some
cover
specific financial operations in this country, in other
ment
of favorable
influences
May 31, 1939
$81,994,101
8,398,946
30,201,205
19,613,380
Exports
7,192,894
28,446,812
19,413,667
Domestic shipments.
Dollar exchange
Based on goods stored in or
June 30, 1938
30, 1939
Domestic warehouse credits
$78,728,011
62,817,964
8,923,590
49,378,186
1,077,354
50,785,525
shipped
59,538,474
between foreign countries.
fo$ dollars.
resources
Some of these
movement was one of accumu¬
lation.
In the spring of 1937
in
a
rumors
of
possible reduction in the dollar price of
a
element into the situation.
new
with
common
private
Certain foreign central
holders
of gold throughout the world,
began to acquire dollar balances in large amounts in preference to gold.
The movement of private funds to the United 8tates
largely ceased early
$81,427,298
45,351,137
—
the develop¬
balances of international payments, and in general the
transient, but the prevailing
were
A
for funds to
cases
desire, strengthened by the gold-bloc crises, to have adequate
gold introduced
TO NATURE OF CREDIT
June
Imports
began in 1936.
the need
cases
were
of rebuilding
process
of gold and dollars in the United States
reserves
number of influences
banks,
ACCORDING
banks, which
$4,300,000,000 in the third week of May,
slightly below this level during the following five weeks.
$264,222,590
Decrease for year, $19,692,150.
of member
reserves
of
available in this market to meet sudden demands
Dallas
12.
190,665,924
Kansas City..i
11.
974,835
27,836,697
member bank
on
reached
$
28,091,398
184,319,712
8,184,787
1,986,419
28,815,816
$
1.
58,741,728
63,297,485
in
July
1937,
but
bank
central
balances
continued
increase
to
through
September, when a sharp business recession developed and rumors of an
opposite character, namely of a contemplated further advance in the
price
of gold
and
brought to
a
1937, there
reduction in the exchange value of the dollar,
consequent
halt the inflow of foreign funds.
a
was
During the final quarter of
conversion of official dollar balances into gold, and
some
in the first four months of 1938 total
central bank resources in the United
States declined.
HELD
BILLS
BY
ACCEPTING BANKS
The
Own Bills.
.$121,856,899
69,447.635
Bills of others.
.
Total...
—
Decrease for month
CURRENT
$191,304,534
------
...
RATES
MARKET
ON
239,181
....
PRIME
JULY 14,
BANKERS
ACCEPTANCES
periods
Dealers'
Dealers'
Dealers'
Buying Rates Selling Rates
Days—
X
X
1
90
X
1
...
The
120
CO
!
60
v-*
t-M
X
%
9-16
180
COC
9-16
150-
%
of
rapid
at
us,
furnishes
a
bankers'
1938.
The movement
Czech crisis in the
expansion,
in progress
were
accumulation
of
however,
in
resources
this
have
as
and,
more
Mar. 31
Jan.
31.
Feb.
28.
$396,471,668
395,031,279
385,795,967
Mar. 31.
31
364,203,843
351,556,950
Apr. 30.
May 31.
Aug. 31
343,881,754
June 30.
Sept. 30
344,419,113
July
Oct.
Apr. 30
May 29
June 30
July
30.
30
346,246,657
Aug. 31.
Nov. 30
348.026.993
Sept. 30.
Dec. 31
343,065,947
Oct.
31.
.
.
307, ,115,312
292, ,742,315
Nov. 30..
Dec. 31
_.
Jan.
31-.
268, 098,573
Feb.
28-.
.
264, 222,590
Mar. 31..
.
264, ,748.032
Apr.
.
.
.
29
Earmarking of gold has also been
recently,
in
May 31..
261 ,430.941
June 30
_
-
Reserve
for
269,605.451
.
255,402,175
March 31,
.
248,095,184
June 21,
.
237,831,575
246,574,727
.
244,530,440
x
gives
End of Year—■
Common stocks (market value)..
Bonds (par value)
Direct Investments (book value)
Other Investments (various bases of value)..
Total
(various bases of value)
$1,202,000
351,000
204
X
36
X
X
available.
for
foreign account in
India, most of which is believed
Canada,
South
avail-
are
Africa, and
be official, amounted to $395,-
to
Cn June 21, foreign monetary authorities held
$360,000,000 of
balances
the
at
with
the
Federal
beginning of May
Reserve
banks,
compared
1938, and their total
with
resources
gold and balances with the Reserve banks amounted to
$1,460,000,000,
increase of nearly $1,000,000,000 in 14 months.
in
an
Central Gold Reserves 1913-1939
Notwithstanding the
United
serves
States
of
to
extensive and
the
meet
War, and in the
four to 20 times
(omitting
are
case
as
recurrent
still three
large.
of gold
and governments available to meet
or
four times
of members of the
Russia)
movements
to the
private demand for dollars, the total gold re¬
foreign central banks
demand for dollars
increased
Central gold
amounted
to
as
large
further
before the World
as
Tripartite Accord they
reserves
a
are
from
of the world at the end of
about
$4,000,000,000.
They were
by recapture of gold coin from circulation during the
war, dis¬
tribution of Russian gold to the rest of the
world, and the steady flow of gold
from the mines; and by the end of 1924 the United
States alone had
1938
$4,000,-
$1,850,000
$2,250,000
425,000
536,000
430,000
565,000
1,518,000
1,675,000
1,685,000
750,000
750,000
580,0 > >
750,0
0
000,000—a
years.
$5,270,000
$5,690,000
figure
Gold
production
The
.
around
reserves
end of 1924 to
1934.
$4,357,000
155
At the end of March, the latest date for which
complete data
.
Preferred stocks (par value)
India
96
652
1.095
X
able, gold earmarked
1913
1937
British
81
449
1,047
Information not yet
$160,000,000
figures
316
545
.
1939
1939...
short-term
by the Department of Com¬
merce.
The "Bulletin" says that this material, with corre¬
sponding data for the years 1934 and 1937, is given below
in substantially the same form as that
employed by the
Department of Commerce.
1934
South
Africa
Canada
245,016,075
of 1938, as issued
Types of Investment
Stales
397
showing foreign long-term investment in the United States
at the end
United
April 30, 1938
British
July
British
,
Countries
.
269, ,561.958
"Bulletin"
and
Gold Earmarked for Foreign Account in
000,000.
Federal
Africa
Date
Foreign Long-Term Investment' in United States,
1934, 1937 and 1938
The
South
.$273,327,135
.
258, 319,612
foreign monetary
some
risen to unprecedented levels for
[Millions of Dollars]
record
the
Sept. 30, 1938.
278, 707,940
.
While
EARMARKED GOLD
1939—
.
The
immediately
shown in the table below.
1938—
.$325 ,804,395
by
country
now
Four
1938-
weeks
the private demand for dollars abroad delayed
resources
Canada
in
progress
India,
acceptances outstanding at
close of each month since Mar. 31, 1937:
1937—
the
resources
accelerated
of that year.
summer
were
was
Munich in September and those preceding and
the period for which reports are available.
9-16
following table, compiled by
of the volume
phase of accumulation of official
following the second Czech crisis which developed in March 1939.
in
30
of most
authorities, but these
Dealers'
Buying Rates Selling Rales
active
most
States began in May
following the settlement
the crises
1939
and
in connection with the first
the
Days—
latest
in the United
of
which its
$8,000,000,000
Then
came
reserves
reserves
foreign countries
fluctuated for the next nine
grew
at the end of
from $5,000,000,000 at the
1933, mainly
as a result of new-
revaluation of the dollar in terms of gold in
January
of this country were marked
up to
and foreign gold reserves
were
increased in
dollar
nearly $7,000,000,000,
value to
$13,500,000,000-
Volume
The Commercial & Financial Chronicle
149
Since January 1934 the United States has added $9,000,000,000 more to its
monetary gold stock;
but during the
probable, although complete figures
$500,000,000 has
the net
draft
amounted to
reserves are
foreign gold
but $2,500,000,000-
such as India, so that
sources
favor of the United
in
reserves
additional
not available, that an
are
States has
It is probable that foreign central gold
At the end
currently in the neighborhood of $11,000,000,000-
of 1913 they were less than $3,000,000,000.
The situations of individual countries show yet
The
wider differences.
table below presents for three dates the gold reserves of foreign countries
with
and
free exchange markets
of
have adhered
that
Accord
the Tripartite
to
Fractions must not
Tenders will
and
trust
be
companies
vestment
tenders
are
bank
the
to
prices
Dec., 1913
England.
than
COUNTRIES
the
amount
Dec., 1929
Those
jection
Dec., 1938
$710,000,000
$3,449,000,000
1.633,000,000
163,000,000
180,000,000
115,000,000
2,766,000,000
625,000,000
$986,000,000
279,000,000
$2,801,000,000
Treasury
267,000,000
273,000,000
$8,534,0C0,000
29,000,000
193,000,000
$546,000,000
$817,000,000
$222,000,000
purposes
48,000,000.
Switzerland
61,000,000
33,000,000
.
Total (five countries)..
Germany.
.....
Italy
Total (two countries)
995,000,000
699.0C0.000
544,000,000
available
all
of gold
stabilizing currencies in free exchange markets, the concentration
today
nificant.
that
in the countries
have such
The heavy flow of gold to the
has diminished the
reserves
has been partly offset
by
bills
gold production and dishoarded gold, and has
fundamentally altered the
picture
reserve
as
shown in the table for the
Foreign members of the Tripartite Accord
countries with free exchange markets still have much larger
gold
available for meeting a demand for dollars than they had in
reserves
or in
of the
great
Such
United States since
the
was
1933
this spring during
case
the second Czecho slovak crisis, the effects of which on the
this country's foreign trade has played a part in the gold movement which at
has outweighed that of the capital flow.
While it is still
an
running in the current
1937 to May 1938.
year at
as
shown on the chart, has been
year
This situation reflects
partial reversal of the conditions
a
maintained to the end of the year.
was
Exports, however,
were
well
The decline in business activity abroad
purchase
substantial
quantities of manufactured
goods in this country.
Tenders of
$259,665,000 Received to Offering of $100,of
91-Day
Treasury
Bills—$100,392,000
Accepted at Average Rate of 0.012%
000,000
A
total
of
$259,665,000
$100,000,000,
tendered
was
to
offering of
the
July 12 and maturing Oct. 11, 1939,
it was announced on
July 10 by "Secretary of the Treasury Morgenthau.
Of this
cepted at
The
an
of
thereof
offering
Federal
the
at
the
to
to 2
$100,392,000
said,
was
ac¬
of
were
p.
Reserve
Banks
allowed
re¬
and
the
branches
Total accepted $400,392,000
Range of accepted bids:
Will
be
claim
lay
Treasury
or
thereabouts,
invited on July 14 by Secret¬
Henry Morgenthau Jr.
the
at
highest bidders, will
Federal
The
tenders
Reserve
lie dated July 19 and will mature
.on
the maturity date the face amount of the
bills will be payable without interest.
There is a maturity
of a similar issue of bills on
July 19 in amount of $100,-
444,000.
In his announcement
Morgenthau also said:
or
(the
bills)
denominations
will
of
be
$1,000,
issued
in
$10,000,
of
the
bearer
tender
tender
must
for
be
offering,
Secretary
$100,000,
only,
and
in
in
and
this
and
notice
Credit
Intermediate
'
debentures
consolidated
Credit
Banks
July
on
6
re¬
heavy oversubscription within
a
books
the
closed
were
Charles
by
made
was
R.
the
day.
same
Dunn,
be used in part to
will
Claim
Expedition To
Roosevelt
Land for United
July
commissioned Rear Ad¬
Antarctic expedition to
behalf of the United States to the territory
on
8
lead
on
an
.polar region covered by the Monroe Doctrine.
Ad¬
miral Byrd, who commanded two previous Antarctic expe¬
ditions, said that he and his party would be ready to sail
between Oct. 1 and Oct. 15.
Congress recently appropriated
$340,000 for the expedition at the request of the President.
This
reported in our issue of June 3, page 3308.
was
ciated
Press
ing to say concerning the trip:
The expedition
will undertake to
lands
ditions
recent years
of
to
air
future
interest
which
on
because
important
the
,
and clinch for the United States
map
and
Byrd
Lincoln
planted the American
possible
the
of
value
polar
Norway,
and
based
claims
among
the
on
expe¬
It is regarded here
southernmost
the
' V
Germany
securing
Ellsworth
flag.
of
travel.
Britain,
in
Asso¬
Washington advices of July 7 had the follow¬
Antarctic
•
also have
others,
explorations
Antarctic
as
continent
evinced
of
their
nationals.
already has provided $340,000 for the expedition and author¬
Congress
ized
Dr.
The
have
Ernest
States
United
hand
equipment
Gruening, of the Interior Department, to claim for the
Navy,
State,
a
H.
in
it
675,000
approximately
miles.
square
Treasury and
Interior,
Agriculture
expedition.
the
equipping
has
ships
Each
Departments
will
supply
will
whatever
is needed.
that
be
the
Oakland,
Star,
to
and
amount
multiples
less
of
than
$1,000.
$1,000
The
the
Which
miles
Ross
compose
designed
specially
Byrd
ice ship
now
Alaskan
$500,000, and
$1,000,000
will
price
considered.
offered
must
Each
be
ex¬
Coast
Guard
lending to the
is
by the Bureau of
vessel;
Government,
Indian
the
to
continent.
They
the
Bear
and
Affairs
to
the
carry
three vast
These areas
dependency,
a
discovered
and
explored by himself
Land, lying just east
British claim; James W. Ellsworth Land, over
in November,
1935, and 75,000 square
flew
Ellsworth
Princess
areas
include Marie Byrd
Elizabeth
Land, explored
by
Mr.
Ellsworth
last
January.
The
south
areas
of
include
more
than
a
thousand
miles
of
coast
line
directly
Horn.
Cape
Early in June Admiral Byrd appeared before a House
Appropriation Subcommittee to urge action by Congress to
authorize the expedition.
The Admiral was accompanied
to the hearing by Dr. Gruening and Richard B.
Black, a
member of Admiral Byrd's 1933-35 expedition.
President
Dr.
Roosevelt
Franz
Columbia
be
explorer-scientists
Antarctic
natives.
of
used
the
the
said that the purpose of the expedition would be to claim
States
Lincoln
south
transport
to
largely
Admiral
Ellsworth.
Mr.
used
that
Northland,
which
United
the
for
be
will
wastes
amounts
-
an
by
1%
Intermediate
Sends
Dr. Franz Boas
form
(maturity value).
No
amended,
as
the
of
of
were
Banks, or the
branches thereof, up to 2 p. m., (EST), July 17, but will
not be received at the
Treasury Department, Washington.
Ihe bills, which will be sold on a discount basis to the
They
Sold
Richard E. Byrd to
supplies
offering of $100,000,000,
new
91-day Treasury bills
on
418,
Roosevelt Orders Admiral Byrd to Leave on
Admiral Byrd
18, 1939;
the
for
outstanding.
President
miral
North
accepted.)
was
S
Oct.
from
exempt
recognized,
States
Three
Offering of $100,000,000 or Thereabouts of 91-Day
Treasury Bills Dated July 19, 1939
received
No.
Circular
proceeds of the two issues
wind-swept
(7% of the amount bid for at the low price
lie
not
are
disposition of the Treasury
otherwise
or
imposed by the United States or any
$12,050,000
of
Antarctic
will
of the
deduction,
a
'
time,
President
of
will
other
or
(Attention is invited to
bills
Treasury
$13,700,000 debentures maturing today (July 15) ;>
balance, $2,050,000, represents new indebtedness.
At
close of business today $197,450,000 FDIC debentures
the
99 997; equivalent rate approximately 0.012%.
ary
that
Debentures
offering
The
Average price,
a
•
■
100-00
Tenders to
re¬
immediately
retire
99 995; equivalent rate approximately 0.020%.
of
other
or
New York,
fiscal agent for the Banks at a price slightly above par.
The issue is dated July 14 and matures July 1, 1940.
In
addition to the public offering, $3,100,000 debentures were
placed privately, that is, within the system.
The latter
issue is also dated July 14 but matures Oct. 16, 1939.
Low,
New
as
Department
Federal
the
short
m.,
Total applied $259,665,000
High,
inheritance taxes.
ruling
of any tax now or hereafter
Great
bills
Treasury
(EST), July 10.
Reference to the
offering appeared in our issue of July 8, page 191.
The
following regarding the accepted bids to the offering is
from
Secretary Morgenthau's announcement of July 10:
up
be
offering
The
rate of 0.012%.
average
tenders
ceived
Morgenthau
Secretary
amount,
or
Treasury bills allotted
cash
.
sulted, it is announced, in
thereabouts, of 91-day Treasury bills dated
or
4550,
possessions.
An
In the second half
for the most part limited as compared with the American recession and
to
for
in
Banks
abroad following the drought of 1936, led to reduced
imports of industrial materials and grains.
foreigners continued
and to allot less
1939.
19,
''
abundant harvests of certain agricultural commodities which it had been
necessary to purchase
offered
on
expressly reserves
such respect shall be
in any
Reserve Banks
the
probably
thereafter,
parts of tenders,
or
No loss from the sale
$15,750,000
sharp decline in the volume of industrial production, and
a
possible
of the Treasury
about half its rate in the period from October
that led to the development of the export surplus in 1937.
of that
public announcement of
and
as
issue.
the
important factor in the movement of gold to the United
States, the surplus of merchandise exports,
Federal
except estate and
Decision
shall
its
gold movement
For the past two years, however, the export balance in
waning.
all tenders
or
July
on
tax.)
many
of the United States
of gold to the
movement
reflects the inward flow of capital.
now
well as
as
1929.
The Merchandise Balance
Most
soon
Secretary
Payment at the price
funds
Treasury
a
end of 1938.
other foreign
in¬
an
prescribe the terms of the Treasury bills and govern the conditions of their
United States this year, while it
of England, the Netherlands, and Switzerland,
new
any
opened
as
The
markets is sig¬
exchange
by
payment
submitting tenders will be advised of the acceptance
taxation,
the gift
of
Since gold reserves are primarily needed in international finance for the
applied for, unless the
of
Treasury bills will be exempt, as to principal and interest, and any
gain from the sale or other disposition thereof will also be exempt, from
Note—Gold is valued at the dollar parity effective on the given date: i.e., $20.67
ounce in 1913 and 1929 and $35.00 an ounce in 1938.
Gold of the British Ex¬
purpose of
de¬
The
an
change Equalization Account (as of Sept. 30, 1938) and of the French Stabilization
Fund and the Belgian Government has been made public and is included in the
December 1938 figures.
Gold of the Netherlands and Swiss Funds and possibly
certain German gold is unreported in 1938.
>
in¬
a
accompanied by
guaranty
express
be
follow
be made at the
679.000.000
.
be
must
applied for, and his action
thereof.
$165,000,000
...
France
Belgium
Netherlands..
times
will
right to reject
CERTAIN
an
in
recognized dealers
and
company.
closing hour will
acceptable
must
are
trust
or
the
RESERVES OF
others
Immediately after the closing hour for receipt of tenders on July 17,
19S9, all tenders received at the Federal Reserve Banks or branches thereof
up
final.
1913
by
accompanied
corporated
incorporated banks
deposit from
responsible
from
posit of 10% of the face amount of Treasury bills
or trade
Country
from
Tenders
following morning.
CENTRAL GOLD
not
and
securities.
the
control.
used.
be
accepted without cash
Germany and Italy, two leading countries that have adopted ex¬
change
337
the basis of 100, with not more than three decimal places, e. g.,
on
99.125.
by the world's mines and it seems
balance from other
come on
on
period $6,000,000,000 of gold
same
has been produced at the new valuation
pressed
on
Message of Greeting
81st Birthday
to
Boas, Professor Emeritus of Anthropology at
University, received messages of congratulations
on
the celebration of his 81st birthday on
July 9 from
President
Roosevelt, Secretary of Agriculture Henry A
going
Interior Harold L. Ickes.
In addition, Professor Boas received a message of greeting
signed by 136 members and friends of the American Com¬
mittee for Democracy and Intellectual Freedom, of which
he
is founder and chairman, and the Council for PanAmerican Democracy, of which he is honorary chairman.
President Roosevelt sent the following message:
It gives me great pleasure to join with others of your friends in extend¬
ing hearty greetings to you on the happy occasion of your 81st birthday.
I
hope you may long be spared in health and strength to pursue the
learned studies
which have made your career so distinguished in the
the
of
Secretary
and
Wallace
F. of L. members to take up the fight
Congressmen in their districts.
It provided that copies of the
with the
Bankhead, of the
Roosevelt, Speaker William B.
protest were to go to Mr.
President of the Senate.
directed against the Administration or
House, and Vice-President John Nance Garner, as
None
accusations
heated
of the
congressional leaders was included.
"security wage" system was
July 10, as noted in the following
United Press Washington dispatch of that date:
A resolution
they received under the scrapped schedules.
normally opposes on almost every issue.
1940 relief Act
C.
but principally to talk over the change in
was
The relief measure, he said, is the handiwork of
days will be discharged.
Congress, and there is nothing for him to do
to
out
carry
and
Sundays
Inasmuch
mandate.
its
Wednesday, this
means
Tennessee Valley
ordinarily
are
considered
not
'
•
Roosevelt
opposition iO the security wages by describing them as "not only
the
on
conference devoted
the Government barge lines
conducted strikes
past
and was asked whether
"It is this condition,'
unions
as
employed by subsidiary
will have
While
the policy laid down by Works
Col. Harrington ruled that those missing work for five consecutive
passage
of the bill.
thousands
went
on
strike in
defiance
others returned to work to avoid dismissal, Mr.
"We
are
determined
now
130-hour requirement
days were automatically subject to dismissal.
and
to
strikes against the
Mr. Murphy was asked by the WPA earlier today to
determine whether
violations of the 1939 Relief Act had been committed in East St. Louis by
reported to have prevented
a
large number of WPA workers from
returning to their jobs.
"We
of
Federation
of
Labor
and
the
Industrial
Organizations had protested the
provide for maintenance of
the prevailing wage scale, although William Green, Presi¬
dent of the A. F. of L., said on July 12 that the remedy
"lies with Congress rather than through strikes on WPA
projects."
The adoption of the bill by Congress and its
approval by the President on June 30 was noted in our issue
of July 8, page 192.
The new law makes appropriations for
failure of the
new
are
relief law to
work relief
for
the
fiscal year
ending June 30,
1940.
L., at an emergency conference in Washing¬
July 12 on the new law adopted a resolution calling
congressional action to restore the prevailing wage rate
on
Washington advices
The resolution,
"The
solution
of
Congress.
the
...
"Strikes
on
WPA
passed
unanimously,
came
in
as a
problem
presented
President
-
Recalling that thousands of workers throughout the country were being
dismissed because of a five-day strike at the
very moment the meeting was
to
conference
this
lies
with
projects reflect the state of mind of WPA workers.
They have never been ordered
They have been spontaneous in character.
we
fully recognize the fact that the remedy lies
Roosevelt's
strikes
on
comments
WPA projects."
on
the
situation
were
summarized, in part, as follows in a Washington dispatch
of July 11 to the New York "Times":
On
basis of figures
the
Projects
Commissioner,
supplied
the
by Colonel F.
President
strikes and estimated that only about
mainly in a few communities.
.
C. Harrington,
minimized the seriousness
Work
of the
3% of WPA workers were on strike,
.
Colonel Harrington made public the results of a survey as of
July 10r, which, he said, disclosed that 77,627 persons
Monday,
wcrk on
were not at
WPA projects out of a total employment of 2,400,000.
"In New York City 12,298 workers had
in the situation
as
failed to report,
an
improvement
compared to that existing at the end of last week," the
statement added.
"Ohio reported 15,532 workers out, the
In
work stoppages being scattered.
Wisconsin, 17,835 workers failed to report, the bulk of these being con¬
centrated in Milwaukee.
2,500
were
in
Illinois reports
Chicago.
showed 8,790 workers
were out,
In Minnesota, 7,000 had joined in the
protest, the bulk of these being in Minneapolis.
"Other
States
reporting
more
than
1,000 not at
work
Indiana,
were:
1,142; Mississippi, 1,200; Kansas, 1,718; California (Northern), 3,300; and
Washington, 3,500"The total for the Nation showed little change from Saturday."
WPA officials did not expect to have any
for much criticism before
the further maintenance
result of much sacrifice on
.
by the A. F. of L., because
that date to the New
on
said, in part:
the Presidents of the national and international
groups could be mollified
established
the part of organized labor in private industry.
of whom
The A. F. of
York "Herald Tribune"
of the
thoroughly committed to the
was
firmly convinced that the recognition, application and continua¬
and preservation of wage levels
with Congress, rather than through
by WPA employees, the present week were in
protest against the recent action of Congress in substituting
a
security wage system for prevailing wages, the change
having been embodied in the Administration's relief bill,
appropriating $1,755,000,000 which became a law on June
American
lift the
The officers and members
it.
remove
tion of this principle by Government is necessary to
"Strikes"
the
regulations, and
of WPA
Green said:
establishment and maintenance of the prevailing rate of wage principal.
made
by Attorney General Murphy in
Washington on July 13 after he had announced that he had
asked Department of Justice agents to investigate WPA
strikes in East St. Louis and Minneapolis.
Advices from
Washington to the New York "Times" added:
was
12 quoted
do all that lies within our power to
A. F. of L. assumed that the Government
Government
Members merely voted
the compensation question.
the
on
Mr. Green
Projects Commissioner F. C. Harrington in coping with the present situa¬
no
brick
1940 elections, and may delay
Associated Press Washington advices of July
as follows:
Federation of Labor, who wants
prevailing wage system restored.
The declaration that there must be
halt some
political hot
Congress, in rescinding the prevailing wagd policy, reversing a four-year
planned to confer on the WPA situation today with
up
have generated a
precedent it had set at the insistence of organized labor, did not record
"yea" and "nay"
backed
to
bearing on the
pertinent
itself individually on
operation.
statement
employment."
adjournment of Congress far beyond dates presently anticipated.
.
However, in the case of the WPA, he said, it represents a fundamental
Mr. Roosevelt said he
labor
he. said, "that has particularly aroused the
they claim, such a situation will bring about a lowering
The strike situation, which impeded or brought to an abrupt
which
-J
President's
because,
35,000 WPA projects, appeared
Authority workers could walk out.
William Green, President of the American
below the
union la bor pay for trades, but below the prevailing wages in private
average
of the wage standard in private
The President replied that inasmuch as they were
t!ie, iaw"
in the
days
work-reporting
employment in a major pcrtion of che country."
go.
relief and
administrative officer but
as an
the relief stoppages began last
as
that discharges will start tomorrow, as Saturdays
WPA.
corporations of the Government he did not know exactly how far they could
Congress
announced
back at their posts within five
that workers who walked out and are not
the Government."
reminded that workers
had in
Both
worker morale
the House group handling the relief bill, previously
to
wages
would be
provision of the new Relief Act.
persons
the same day in
Harrington
discuss new problems created by changes in the
Harrington, who strongly recommended abolition of prevailing
Colonel
discussion of the fight of WPA workers against the security
Mr. Roosevelt
The
F.
Commissioner
caused by the pay change.
workers' strike on WPA
Roosevelt expressed his opinion in a brief press
government
WPA
with
meet
Chicago, ostensibly to
Representative Sabath struck the keynote of labor-minded congressional
"You cannot strike against
Louis
WPA State Administrators
While the labor chieftains plot their course,
will
investigation was begun
Departing from customary press conference procedure, Mr.
St.
The
workers groups
principally involved in the walkouts, stands firmly behind its rival, which it
C. I. O., although it has few members in the construction
authorized the direct quotation of his opinion as follows:
a
July 12r to mobilize their
political and economic strength to restore the previous pay scales.
said in part:
Mr.
The A. F. of L. announced that Presidents of all its
All sides held firm.
constituent unions would meet here Wednesday
Yesterday (July 14) the President supported the conten¬
tion of Attorney General Murphy that WPA workers could
not strike against the Federal Government.
United Press
accounts from Washington last night, reporting this also
mainly to
of the
opposition of
the A. F. of L. and its rival, the C. I. O.
There were indications of more widespread walkouts shortly.
discharged.
The "vacations" are
prevailing wage, abolition of which has provoked the bitter
disorders in Minneapolis.
Meanwhile, throughout the country the skilled
months to take a
scheduled to start
Mont.), are expected to lead the fight in the Senate for restoration
substituted in
projects continued, despite warning that those absent five days
bill—that calling for relief
(Dem., N. Y.), and James F. Murray (Dem.,
Senators Robert F. Wagner
Chief Executive in effect disapproved a bill
The President's view was expressed as a Federal
into fatal WPA strike
IU.), proposed
(Dem.,
Keller
Kent
Representative
Sept. 1.
required to work many more hours for it.
cases are
bill,
30-day "vacation."
compulsory
Under the new regulation workers earn the same monthly wage
some
similar
a
recipients who have been on the rolls for 18 consecutive
Senators—mostly New Dealers—that would restore the
prevailing wage clause for which the new requirement was
but in
the same amount of compensation
repeal of another controversial section of the relief
that workers put in 130 hours
month, despite widespread strikes of skilled work¬
ers
protesting the provision, said the Washington "Post"
of July 12, which added, in part:
Congress.
workers must
Under the security pay system
put in about twice as many hours to earn
July 11 expressed belief that the
stick to the new Works Progress
At his press conference, the
approved
bill for 1940, in
by Congress in the $1,750,600,000 WPA appropriation
a
sponsored by 22
(Dem., 111.), New-Deal-minded dean
introduced a resolution to scuttle the security wage,
favor of the former rates.
Administration requirement
of labor
on
Representative Adolph J. Sabath
of the House,
on
would
Administration
the
revise
to
introduced in the House
to you my personal good
to express
President Roosevelt
for
Congress to restore
passed, the resolution on relief petitioned
As finally
In
ton
projects, particularly the
restore arts
prevailing wage scales and urged A.
♦
30.
Federation
unanimously, directed the
to
power
Federal Theater.
Reported Endorsing 130-Hour
Month
in
New Relief Appropriation Measure—
House Seeks to Revise "Security Wage" Provision
—WPA Strikers Oppose Both Provisions—A. F. pf L.
Asks Congress to Restore Prevailing Wage Rate
tion.
everything in its
do
passed
also
resolution,
Another
to
Roosevelt
President
the
threatened stoppages on all Govern¬
lacked many of
.
these teeth.
wishes and congratu¬
lations.
Not only are you entitled to honor for your contributions to
science, but I think especially should you be congratulated upon the active
part you are taking in the defense of democratic liberties. 'It is grati¬
fying that so eminent a scientist as yourself should come forward to lead
and inspire hie fellows with the will to preserve intellectual freedom and
democratic ideals, without which the contributions of science are futile.
like
should
wage
.
.
projects, but the resolution they finally approved
ment
Secretary Wallace wrote:
in
delegates
the
on,
July 15, 1939
of science.
realm
I
Chronicle
The Commercial & Financial
338
on
dismissals of WPA employees
five-day limit.
definite data before tomorrow
who have remained
No further instructions
are
on
required
strike beyond the
for
trators, who are empowered to put the dismissals into effect
.t was
said.
State
Adminis¬
automatically,
Volume
The Commercial & Financial Chronicle
149
President
Roosevelt
in
Message to Congress Urges
Action on Neutrality Legislation at This Session
Following Action of Senate Committee in Deferring
President
1940
a
In
This bill
Relations has deferred action
next
I
The Presidents'
States:
and
advised that by a vote of 12 to 11 the Senate Committee
am
on
peace and
Foreign
on
appending hereto
advisable
that
the
needed action.
to
of American neutrality and security, it is
Congress
In the
this
at
session
should
take
light of present world conditions, I
see
1.
the
much
The statement of
D.
The Congress has pending before it at the
present time certain proposals
providing for the amendment of the existing so-called neutrality legislation.
Some of these proposed changes I
regard as necessary to promote the peace
security of the United States.
In
the
situation
present
complacently close its
policy,
peaceful nation like
a
cannot
ours
ears in
formulating a peace and neutrality
though abnormal and critical conditions did not exist.
as
3.
therefor
was
.
importance.
The
gentlemen's
farm
to
proposals
the
million
and
bill
dollars,
been
until
congressional
added
While
the
year
as
a
means
of
I
this
new
additional
debates
is
bill
year's
raising
have
the
payments
the
some
to
Congress,
form
consideration
parity
of
this
payments
at
tax
to
spring
running
appropriation
no
revenue
this
on
farm
I
into
be made
required to finance them
and
no
additional
to
the
fiscal
new
approval
of
year
this
our
of
has
complete
a
$225,000,000
been
made
no
action
has
been
has
by
the
needed.
in
insisting that agricultural
welfare, I also hold that this
national
begins
indicated
sum
provision
revenue
safely be brought about
can
bill
additional
an
consistently taken the lead
essential
the
my
and
clear
Foreign Relations Committee voted 12 to 11
July 11 to postpone consideration of neutrality legislation
at
this session of Congress.
United Press Washington
advices of July 11 reported this action as follows:
1939.
Admin¬
following facts:
that
only with due regard to
its
budgetary structure.
in
a
appropriation
few
hours,
bill.
But
I
am
the
not
with¬
situation
regard to the financing of these parity payments, remains what it
rests
The Senate
under
was
for
relationship to all other features of
holding
'
to
for
happy condition
American people to rely upon
war.
30,
Credit
for parity
agreement
and asked that
understanding of this position.
5.
Notwithstanding the above,
Those who urge the retention of the present
embargo continue to advance
the view that it will keep this
country out of war—thereby misleading the
keeping out of the
June
Farm
should be called to the
large addition chiefly
a
definite
present
unless
Because
false and illogical delusion
beginning tomor¬
day,
Department and the
provided.
4.
.
a
the
hundred
prosperity
,.
citizens
our
the
attention
several
coming months is of the
This question should, in my
judgment, receive full and careful considera¬
tion and be acted upon
by this Government without unnecessary or undue
fiscal year
previous
of the Congress to this at the
beginning of the
but no tax legislation has been passed to
carry out the
by reimbursing the Treasury.
When
called
during
the
the
session,
Congress
delay.
the
for
on
I called the attention
The entire question of peace and
neutrality at this serious juncture in its
possible effects upon the safety and the interest of the United States
utmost
me
...
of danger
and
eyes
an
for the extra appropriation.
agreement
Secretary Hull referred to by the Presi¬
De¬
functioning tomorrow.
approved
with
to
beginning of the following session, would enact
2.
ROOSEVELT
dent, said in part:
stop
I
Administration
comes
approval
my
1938
make up
reason
no
In
present
FRANKLIN
1939,
will
farmers,
highly
certain
Credit
1,
withhold
The attention of
change that opinion.
and
July
I
from the Secretary of State which
has my full approval, and which I trust will receive
your earnest attention.
It has been abundantly clexr to me for some time that for the cause of
peace and in the interest
Agriculture
providing the appropriations for the Department of Agriculture
Farm
istration
statement
a
the
row,
If
neutrality legislation until the
session of the Congress.
am
$1,194,488,633
adding
follows:
To the Congress of the United
I
record
for
additional $225,000,000 for
parity payments to farmers
without providing for raising the additional
revenue needed.
The text of the President's
statement follows:
highly advisable that the Congress at this session
should take certain much needed action."
message
the
Signing
Duty of Congress to
Financing Parity
Is
Funds
on
appropriation bill on June 30, as was noted in
these columns
July 8, page 191, President Roosevelt issued
a
statement criticizing congressional action in
mittee on Foreign Relations in
voting to defer action on the
neutrality legislation until the next session, and declared
that "it is
approving
Issued
partment
July 11 of the Senate Com¬
on
Bill—Says It
Additional
Payments
Congress yesterday (July 14) President
message to
Roosevelt noted the action
Farm
Statement
Provide
Consideration
In
339
Roosevelt's
was
in
last
taken
by the Congress.
It, therefore, seems
that the
duty of providing additional funds for the
Treasury still
directly with the Congress.
on
The
the
committee
immediate
action—a
adjourn within the next
blow
severe
possibility that
two
President
to
Congress
will
wind
Roosevelt—raised
its
up
business
and
weeks.
The committee agreed to defer all
neutrality action until the next session
of
Congress.
Opponents
visions
of the
the
of
Administration
proposal
law succeeded
present
by
eliminate
to
embargo
margin in
narrow
a
pro¬
forcing the
committee to suspend consideration of neutrality
proposals for the current
session.
The
Administration
floor, preferably
shipments of
had
hoped to report
revision
a
bill to the
Senate
bill without the House continuance of the embargo on
a
arms
and munitions to belligerents.
President Roosevelt Signs
$305,188,514 War Department
Civil Functions Bill
President Roosevelt
June 28 signed the
$305,188,514
Department civil functions appropriation bill which
provides for flood control and river and harbor
improvements.
The House passed the bill on
May 15 (noted in our May 20
issue, page 2983) and the Senate approved it in amended
form on June 1.
A joint conference was
necessary when the
on
War
House refused to concur in the Senate
changes.
The con¬
ference report on the bill was
adopted by the Senate on June
13 while the House on June 20
agreed to the report with one
amendment which the Senate
approved the next
21).
House passage of a revised
neutrality bill
our issue of
July 8, page 193.
noted in
was
Regarding the provisions of the bill,
Associated Press advices of June 29 said:
Congress increased the President's estimates for flood
control and river
and harbor work by $50,000,000.
bill, $172,000,000
President Roosevelt Vetoes Bill Giving Special
Recog¬
nition
to
Services
Rendered
by Employees in
Construction of Panama Canal
President
Roosevelt
June
on
19
disapproved
viding for further special recognition
dered
by
civilian
officers and
employees in
pro¬
ren¬
a
the
construc¬
tion and establishment of the Panama Canal and the Canal
Zone.
bill
The
would
have
granted
employees
dered three years' service an annuity of
salaries
for
the
highest five consecutive
multiplied
by the
said
the
that
ployees
nition
the
Zone
part,
of
gives
Canal
Zone
and
the
during
ren¬
service
benefits
gives
to
the
construction
veto
special
period.
We
Panama
Canal
construction
and
period,
the
is
Canal
designed
recog¬
quote,
in
message:
Zone
for
primarily
services
performed
during
to
grant such employees,
retired, who rendered at least three years' service during
such period, an
annuity of 2% of their average salaries for the highest
five consecutive years of Isthmian
service, multiplied by the total years
of such service, not
exceeding 30.
These annuities would be effective upon
whether active
or
the
employees' reaching the compulsory retirement age; upon being retired
by reason of disability; or upon being retired after 30 years' service on
the
River and its tributaries, and
including $39,000,000
$96,000,000 for
main¬
In addition, the measure carried
$7,000,000 for continuing construction
of power facilities at the Bonneville Dam
on the Columbia River in
and $2,000,000 for a similar service at the
Fort Peck Dam, Montana.
It
also carried slightly more than
$5,000,000 to start construction of the
Denison Dam on the Red River, between Texas and
Oklahoma.
Other items in the measure were
$163,140 for the office of the United
States High Commissioner to the Philippines.
$24,774,924 for maintenance
and operation of the Panama Canal Zone
Government and $200,000 for
Alaska
communication
system.
President
,
Roosevelt Signs Bill to
Isthmus.
The present
Train
Civil Aircraft
Pilots
em¬
benefits to employees who served in
the President's
Mississippi
Of the total provided
by the civil functions
earmarked for flood
control,
was
tenance and new work on rivers and harbors.
the
The President
yqars.
special
also
of
years
the
average
bill, while extending the thanks of Congress to certain employees
the
the
number
law
additional
from
This
of
in
and
total
present
who
2% of their
for
Oregon
bill
services
the
of
day (June
Washington
President Roosevelt on June 27
signed a bill providing for
the training of civil aircraft pilots.
According to the As¬
sociated Press, the measure provides for the
training of
15,000 pilots in the next 12 months and authorizes a
$5,675,appropriation for the purpose.
It authorizes an ad¬
ditional $7,000,000 appropriation
annually until mid-1944
000
for the
training of another 20,000 aviatoifs each year. The
passed by the Senate on June 15 and by the House
April 19.
bill
on
was
A statement issued at the White House said:
The purpose of this bill is to authorize the Civil
Aeronautics Authority
to conduct a civilian-pilot-training program
during the fiscal years 1939 to
1944, inclusive.
The training of civil aircraft pilots would
encourage the
development of civil aeronautics and would provide a large
group of civilian
law, providing annuities to civilian employees in the Canal
Zone, effective July 1, 1931, was enacted after careful
consideration,
and not only gives special benefits to"
employees in the Canal Zone as
compared with civilian employees subject to the Civil Service Retirement
national emergency.
Act, but also gives special recognition and additional benefits
Text of Bill Enacted
who
served
employees
of
in
are
the
entitled,
j£36 for each
The
tion
not
Civil
of
the
feel
reason
year
Service
Canal
justified
of
Zone
service
of
during
under the
the
construction
present
construction
law,
to
period.
to
employees
Such
additional
an
Retirement
Act,
has
any
further
during
the
construction
informed
me
special
period,
that
this
it
does
class
appreciate
rendered
by
these
employees
during the
period, and it is with regret that I do not, for the
stated, feel justified in giving this bill my approval.
reasons
above
in
the
event
of
a
By Congress Extending President's
Powers to June 30, 1941—Provides for
Expiration of Powers on June
30, 1939
provisions of the bill continuing from June
30, 1939
June 30, 1941 the powers of the
President to devalue the
The
of
con¬
turn
Enacted after
by
to
the services
struction
could
.
of Devaluation Powers
and $2,000,000,000 Stabilization Fund—Opinion By
Attorney
General Murphy
Upholding Legality of Provisions
annuity
recognition,
for
forces
Continuation
service.
recommending
the nation's defense
Monetary
Commission, which is responsible for the administra¬
Zone
in
which
+.
latter
employees.
I
pilots to
dollar and to continue the
a
law on July
6,
became
Roosevelt
on
that
$2,000,000,000 stabilization
fund
with its approval by President
date; while the conference report on the
The Commercial & Financial Chronicle
340
legislation was approved by the House on June 30, it was
not until July 5 that the report was adopted by the Senate,
as was indicated in our July 8 issue, page 192.
In the meantime, as was noted in our item of a week ago,
the President requested from Attorney General Murphy an
as to whether the provisions of the bill would
sufficient to accomplish their purpose if enacted into
"be
An affirmative view
was
opinion
June 20, 1939."
after midnight
law
expressed by the Attorney General, whose opinion, as given
in the "Congressional Record" of June 30, follows:
Department of Justice
performed by the Government of the United States relative to the coinage
and delivery of silver
is 55 per centum,
'
.V':
after midnight, June 30, 1939.
In particular,
question is whether under such circumstances the powers which are
conferred upon you by the bill will be extended by it so that they will not
1941, unless sooner terminated by declaration on your part
with the terms of the bill.
in accordance
will/confer upon you the powers enumerated in it until June 30, 1941.
he Circuit Court of Appeals for the eighth circuit said in city of Bea¬
Masslich:
conflict of opinion on the subject, the decided
there is some
"While
and the better opinion is that an amendatory statute
though it purports to amend a statute which had previously
weight of authority
is not invalid,
.for any reason been
.
,
held invalid.
authorities cited, in the recent opinion of the United
Circuit Court of Appeals for the Seventh Circuit in the case of Wire
States
the
disposed of in the same manner as other bullion or silver dollars
Columbia Wire case the court for the Seventh Circuit said:
Judge Cooley, writing the opinion in
amendatory act which refers to
invalid, said:
argument that an
existing act must be
"
response
repealed or non-
a
H. R. 3325, in so
far as it relates to your question, extends certain powers
granted the President by
specified sections of prior acts of Congress to which
As the Supreme Court of Arkansas, in dealing
specific reference is made.
said in Fenolio v. Sebastian Bridge District (200
similar question,
a
S. W. 501),
not longer
"The law itself Is not dead though
the power conferred could
determine prescribing how silver
Federal decision in conflict with the
of State courts,
I find no
view.
In re Rahrer, (140 U. S.
545); Baltimore & Ohio R. Co. v. Van Ness (2 Fed. cases 574); Patton v.
(232 Mass. 28); Crocker v. Crane
(21 Wend (N. Y.) 211); Anderson v. Douglas (Colo.) (186 Pac. 284);
People ,v. Board of County Canvassers (N. Y.), (37 N. E. 649); State v.
Bailey (42 Pac. 373; C. J. page 856); Sutherland statutory construction,
Lawton, Spinning Co. v. Commonwealth
Congress has accepted this
1928, orgiinally required that
application for payment of awards under the
years
since 1928
"four
Act be made within
period
a
The Act has been amended five times
after its enactment.
by merely striking out "two years" and inserting in lieu thereof
years," "six years,"
two times
The last
and
Approved, July
1939.
6.
our item of July 8, page 192, Secretary
Morgenthau, issued on July 6, under sec¬
tion 4 of the above Act of July 6, 1939, "regulations pro¬
viding for the receipt by the coinage mints of domestic silver
mined subsequently to July 1, 1939."
"Depositors," said
the announcement, "will receive 71.11 cents per fine troy
of the Treasury
for such silver."
ounce
Senate
Adopts
iv"-"-.
V
,
Enabling
Legislation
Title
Take
Cotton
Loan
to
Government
Carry Out
to
"eight years," "ten years," or "twelve years."
that this Act has been amended in this respect
(1936
1938) the extending Act has in each case extended the expiring pro¬
Respectfully,
vision after it had terminated,
Frank Murphy,
■
Attorney General.
Preceding the adoption of the conference report by Con¬
gress, as indicated above, the earlier action of Congress had
been taken as follows: Bill passed by the House April 21;
amended and passed by the Senate on June 26; disagreement
by the House to Senate amendments, and agreement on the
part of the House to a .conference followed by the adoption
of the conference report by the House June 30, and the Senate
July 5.
The differences between the two branches of Con¬
gress over the legislation were detailed in these columns
July 1, page 38.
As passed by Congress and signed by
President Roosevelt the newly enacted law reads as follows:
July 6 approved
on
bill permitting the Gov¬
a
ernment, through the Commodity Credit Corporation, to
take title to the surplus cotton it holds under loans advanced
producers, which will be traded to Great Britain for stocks
provided in the treaty signed on June 23. Sena¬
tor Byrnes of South Carolina is the author of the bill. 1 The
text of the treaty, which was ratified by the Senate on
June 29, as well as favorable action on the bill by the Senate
Banking and Currency Committee was noted in these
columns July 1, page 42.
From Washington Associated
Press advices of July 6 we quote:
of rubber, as
Mr.
Byrnes said the measure would facilitate the exchange of 600,000
bales of cotton for approximately 175,000,000 pounds of rubber under an
by
this
country
Britain
and
to
store
these
commodities
H.
Ownership of the cotton, now held on loans to
ferred to the CCC under terms to be prescribed
growers,
would be trans¬
by the Secretary of Agri¬
culture.
:
.+.
.
Passes
Senate
Federal
Amendments
Government
to
Socialj[Security Act—
Would
Contribute
$2
for
Every $1 Paid by State for Old-Age Pensions—Other
Amendments Voted—Bill Goes to Conference with
House
By a vote of 57 to 8 the Senate on July 13 adopted the
bill amending the Social Security Act.
The House on June 10
passed a bill embodying proposed changes in the Act, and the
differences are expected to be adjusted in conference.
Under
the bill passed this week by the Senate, Federal grants for
old age pensions are fixed at $2 for every $1 contributed by
the States.
The House bill retains the present ratio, dollar
for dollar.
It was noted in the United Press July 13 that
the
Senate
amendments
and State costs of
than
add millions of dollars to Federal
administering the
1,000,000 additional workers
program,
under its
brings more
benefits and
reduces business taxes by $1,635,000,000 in
the next three
Just before the passage of the bill by the Senate
July 13 said the same advices, a eolation of Republicans and
Democrats forced acceptance of a provision by Senator
Edward C. Johnson (Dem., Colo), requiring States to con¬
tribute a minimum of $10 per person toward old-age pensions.
years.
The United Press also said:
Under
(Dem.
R. 3325r
adopted
previously
a
Tex.),
the
Federal
amendment
Government
is
by
Senator
required
to
Tom
Connally
contribute
$2
which the
fund and alteration of the weight
enacted
powers
Voting
relating to the stabilization
of the dollar
may
be exercised.
Reserve Act of 1934, approved January 30,
1934,
as
amended, is
further amended by striking out the period at the end of such
and adding thereto the words "and to the
Sec.
2
approved
Subsection
(c)
January 30,
of section
1934,
10
10 of
subsection
Gold
Reserve
Act of
1934,
as^amended, is further amended to read as
*
follows:
"(c) All the
powers conferred
ended, and
the operation of the stabilization fund terminated."
title
3.
The second sentence added
III, of the Act approved May
Reserve Act of
1934,
as
the
into
tions
to
12,
paragraph
(b)
(2) of Section 43.
1933, by section
amended, is further amended
to
12 of said Gold
read
as
follows:
1941, unless the President shall
sooner
declare
the
i
Each United States coinage mint shall receive for coinage
standard silver dollars any silver which such mint, subject to regula¬
(a)
prescribed by the Secretary of the Treasury, is satisfied has
contribute less than $10
now
per
person
per
said that Senator Johnson's provision would
amendments,
with
other
changes
adopted
yesterday,
now
go
House, which, in passing its version, insisted on retention of the
on
the temporarily defunct
The membership
was
to
ex¬
believed
been
$200-a-month Townsend pension bill, but the
Johnson change may cause an about
face.
ConnaUy amendment also provides that the 50-50 matching basis
prevail in States which pay pensions of more than $15 and fixes the ceiling
in this category at
$40-
States which reduce their contributions below the
present 50-50 level would not be eligible for the 2 to
taxes
4.
(Rep.,
(Dem., Miss.) of the Senate Finance Committee,
States
isting matching ratio of dollar for dollar.
objects of this section in his judgment may require; except that such powers
Sec.
Bridges
eliminate them from the program.
amendment
June 30,
31
month to old age assistance and
of the President specified in this paragraph shall be deemed
to be separate, distinct, and continuing powers, and may be exercised by
him, from time to time, severally or together, whenever and as the expressed
existing emergency ended."
Fla.),
C.), Taft (Rep., Ohio), Tobey (Rep., N. H.) and White (Rep., Me.).
The
"The powers
shall expire
(Dem.,
ready to accept the Connally amendment, rather than risk another fight
by this section shall expire June 30, 1941,
unless the President shall sooner declare the existing emergency
Sec.
Andrews
were:
passage
Chairman Pat Harrison
pointed out that
The
Congress."
of the
against
N. H.), Frazier (Rep., N. Dak.), Guerney (Rep., S. Dak.), Smith (Dem.,
S.
by the Senate and House of Representatives of the United
Sates of America in Congress assembled, That subsection (a) of section
the Gold
for
The
Johnson amendment establishes a minimum of $25.
AN ACT
To extend the time within
it
as
strategic war materials.
each SI contributed by the States up to a maximum of $15 per month.
Be
to
Barter
Agreement With Great Britain
The settlement of
view in the past.
War Claims Act of 1928, approved March 10,
of two
United States or any
July 1, 1939.
places subject-to its jurisdiction subsequent to
(2nd ed.), p. 435).
1
The
tendered to such mints shall be identified
(229 111. 512); Attorney-General v. Stryker, (141 Mich. 437);
The People
(vol.
Act, with such changes as he shall
having been produced from natural deposits in the
as
view above expressed, and the great
weight of authority fully supports that
contained in the regula¬
approved April 23, 1918 (40
pursuant to the Act of Congress
Stat. L., p. 535), known as the Pittman
agreement
be exercised without further legislative action."
there are some inconsistent decisions
While
prescribe regulations
Such regulations shall contain
the purposes of this section.
to
to us too refined for practical value.
Under
our Constitution, the mode of amending a section or a statute is by enacting
that the section in question "shall read as follows."
The position of the
section in the original statute is not changed, and there is no reason why
subsequent amendments of the same section should not be made by reference
to Its number in the original statutes.'"
'This reasoning seems
with
belonging to the Treasury.
The Senate
"In Jones v. Commissioner
to the
or
tions issued
affirmed."
In the
or
The Secretary of the Treasury is authorized to
A.) 104 Fed. 172, to which we refer without citing
Finding no error in the record, the judgement of the Circuit
cases.
Court is
standard silver dollars
as
Boyce (C.'C.
v.
bullion by the Treasury or coined into
be retained
This question is quite fully
considered, and all the
Co.
The 45 per centum of such silver so deducted shall
mint under this section.
As mentioned in
that the bill, if enacted after midnight, June 30, 1939,
It is my opinion
delivery of silver to a United States
provisions substantially similar to the provisions
Roosevelt:—I have the honer to refer to your inquiry
provisions of H. R. 3325 will be sufficient to accomplish their
expire June 30,
shall be delivered to the
transfers
depositor of such silver, and no provisions of law taxing
owner or
your
trice v.
equal number of other standard silver dollars
any
(c)
Dear Mr.
if enacted into law
The balance of such silver so received, that
dollars.
shall be coined into standard silver dollars and the same or
of silver shall extend or apply to any
to carry out
White House.
purpose
The Director of such mint with the consent of the owner shall deduct
received 45 per centum as seigniorage for services
(b)
and retain of such silver so
Washington, D, C.
whether the
subject to the jurisdiction thereof.
States or any place
held in
The President,
The
July 1, 1939, from ntaural deposits in the United
mined subsequently to
and held
Office of the Attorney General,
My
July IS, 1939
Senator
insurance.
Robert
R.
Reynolds
(Dem.,
1 ratio.
N. C.) obtained adoption of
excluding unnaturalized aliens
from benefits
on
an
the old age
It provides for refunds to aliens who have paid social security
but have not taken out naturalization papers.
The bill said the
same advices extensively revises the New
provide a secure future for workers when
they reach retirement age, and advances to Jan. 1, 1940,
the beginning of payments of retirement annuities from a
Deal's program to
Volume
149
The Commercial & Financial Chronicle
fund built up by joint
worker-employer contributions.
Further United Press
accounts, as given in Washington advices to the New York "Journal of
Commerce" July 13 said:
reserve
Thp
The
unAHfir-
specific tax
pv«a
1
tar
1
amnnmio.
economies
would
.
be
ooo to
been raised against the
foHows.
as
and
Freezes Pav 11011 Taxes
.
_
in three years.
2.
$3,000 of
SSZSScompematlon'effect,nB
3.
A provision
it
"safe"
a
States
for6refunds
A provision
4.
43
nf
tu
w,i
Boost
„
„
65
,„.0
19
!SnU ty 1>a5™en
widows
H
,
and dependent
aged wives
S 8°Cia! B^'Ty ™6rVe
niSr™
000
was
accumulated fOT a COn-
Z t" °ld,age PrOBIam :
additional
bank employers and employed persons ov3r
'
1
-
,
.
Wfre:
,
,
«'i
aoa
aaa
>
-v.
.1
4.u
•
4.
™
j
o.
.
*
^
.
,
j
ehod™?h.,n,?,ZTs
I*"*, gpant8,t0 13,870,000.
criPPled
raising the total outstanding authorization
children,
to
Health, Vocational Grants
$2,062,000 in the authorization for Federal
grants to States for vocarehabilitation work,
increasing the outstanding authorizations to
$4,000,000.
4.
$4,000,000 in the authorization for Federal
grants to States for public
health work, hiking the
outstanding authorization to $12,000,000.
The Federal basis for
matching State funds in the care of dependent
children is increased from 1 to 2 to
50-50 and the maximum age limit is
raised from 16 to 18.
It was estimated that these
changes will raise the
cost between $30,000,000 and
$60,000,000 per year.
needs of
Senator
Hayden (Dem.,
exempting States from any
requirements to provide social security for Indians within
their borders.
By Senator Robert F. Wagner
(Dem., N. Y.), creating an advisory
council on unemployment insurance
representing employers, employees and
general public to study the system.
By Senator Wagner, creating an advisory council
Amendments rejected included"
By Senator Theodore Bilbo
eral
contribution
to
$30
By Senator Lewis B.
benefits
to persons
property not in
mentioned in
(Dem., Miss.), to provide
our
minimum Fed-
a
V
not in excess of
r
Mi
_
Today
10
was
The Senate
on
United Press said in parti
Senate
as
well
exempted all news carriers from provisions
fishermen employed on ships of 400 tons or less.
group
as
The committee also deleted
standards
a
of
the
House proviso requiring minimum
benefit
embodies.
The amendments
propose abolition of the $48,000,000,000 reserve fund
contemplated in the original Act and provide for establishment of a trust
fund, to be administered by the Secretaries of the
Treasury and Labor in
to
the
Chairman
of the
Social
Security
Board.
The
new
fund
could not aggregate more than three times the
highest annual expenditure
Two
»
New
Adminlstration has
enable them to
r
to
n
r\rr
i
•
$100,000,000—Secretary of Agriculture
lace Presents Views at Committee
Thft
I lie
AH ministration'<?
.Administration S
^
Was
advices
given
from
its
in
upw
new
splfJimiidfltinn
sen
loan
Ioa,n
uquiaating
June
our
Wal-
This
new
House
Washington
money involved comes to
Banking and
24
issue,
program
bureau
3764).
page
July
$100,000,000 for the
Farm
10,
the
In
New
$2,660,000,000, plus
Committee,
Security
plus
$800,000,000
an
now
pending in the
unexpended
balances
Administration and $40,000,000 for
The largest cut which has been made in the estimate of the amount needed
the
Roosevelt
letter
lies
in
through the Export-import Bank.
remedy by passing
a
Under thls legl8latlo„, the Farm
made loans M nearly 7M0 tenant famlllea M
land
of
their
own.
Congress
program should be started on
Today, however, the
provided—very
cautious, experi-
a
experimental period is over, and the
program
has
only $103,033 was due as of March 31, 1939, the borrowers already had
repaid $138,978, or 135% of maturities. Many borrowers not only had met
their installments on the date due, but had made substantial payments in
advance. In view of this splendid repayment record, there can be little
doubt that the tenancy program has been established on a sound, selfliquidating basis.
...
tration has carried
program, the Farm
Security Adminis-
on a program of rural rehabilitation, which is to
extent a substitute for relief in farm
It has
areas.
a
large
made small loans
to
needy farm families to enable them to buy the seed, tools, livestock, canning
and other equipment needed to get a new start on the land. Such loans
made only to families which
are
obtain adequate credit from any
cannot
other source.
^de to more than 750,000 needy farm families,
relief;
Although such loans ordinarily
are
many of which were once
made for
and the program has been in operation for only
families already have paid off their loans in full.
Federal
Treasury.
five-year period,
a
four,
than
more
There is every prospect that at least
loaned will be repaid
money
87,000
80%
of all the
with interest.
Even the relatively small losses which have been realized under the
present rehabilitation program should be almost entirely eliminated under
The great majority of the past defaults
have occurred in the northern Great Plains areas, which has suffered from
seven
the
amount
set
aside
for
of
years
conditions,
severe
and unprecedented drought.
such losses
no
can
foreign loans
Under normal weather
be expected.
Moreover, most of the loans which
are
delinquent
are so-called emergency
loans, made to farmers in
natural
Advances would be made only to standard rehabilitation bor-
program.
rowers,
areas stricken by floods,
droughts, hail, or other
No such loans would be made under the proposed
catastrophes.
and every loan would be based
drafted
with
the advice of the
on a
Extension
sound farm management plan
Service and state Agricultural
College specialists.
Such
would
loans
be
secured
by chattel mortgages
on
the
borrowers
property and liens on his crops; and for additional protection, FSA field
wdj
provide advice and
guidance
to
borrower
every
sound
on
men
farming
methods
Finally, the lower interest rate contemplated in this proposal should make
fGr
schedule.
individual rehabilitation borrower to meet his payments
Consequently there is
every
that
expectation
the
typical
rehabilitation loan will be completely self-liquidating.
^
„
,,
,
.«.
,.
On the proposed expansion of the Rural Electrification
Secretary Wallace had the following to sav in part
the hearing on July 12 before the Senate Banking and
Currency Committee:
program,
a
program
for self-liquidating public works
included the suggested provision of $460,000,000 for carrying forward and
expanding the Federal
jg
good
news
Government's rural electrification program.
This
for rural America.
The outstanding impression from approximately four and one-half
years'
experience by the Rural Electrification Administration is that rural people
everywhere have an overwhelming desire to secure at once the many ad van-
tages that electricity can provide.
when in Ma^ 1935
RE^ wasr^r an emergency agency to formulate
^hfu^ s'tX™™
one
farm in five in the United States had electricity at the
in contrast with the ratio of
a
one
beginning of 1939,
farm in ten, four years ago.,
real job yet to do.
Even after the proposed
pleted approximately 56% of the farms
will
be
program is com-
without
central
station
electric service.
^
of
rural electrification.
since
doubt
Proved itself ready for a sound and reasonable expansion.
Repayments
under the Bankhead-Jones program have exceeded
expectations.
Although
There is
Housing Administration,
Currency
grave
long survive.
basis, authorizing appropriations totalling only $35,000,000 for the
first two years, and $50,000,000 annually thereafter.
The President's outline of
nrnmin
York "Herald Tribune" said:
increase for the United States
is
can
mental
Hearing
was introduced
simultaneously m the Senate and House on
July 10 by Senator Barkley, of Kentucky, Majority Leader,
and by Representative Steagall, of Alabama, Chairman of the
House
Banking and Currency Committee.
The
total
amount involved comes to
$3,660,000,000, instead of the
$3,860,000,000 asked by President Roosevelt on June 21 in
his letter to Senator Byrnes of South Carolina
(thetext of
which
purchase
wisely, I think-that this
on
Self-Liquidating Loan Program Offered in Congress—President's Total of $3,860,000,000 Reduced
to $3,600,000,000—Latter
Including $800,000,000 for
Housing Administration—Foreign Loan Proposal
Cut
If this trend is not
every year.
yearn ago Congress took the first step towards
it far
0
in this country during the last fifty years.
42'"; of all American farmers are tenants, ami the number
the Bankhead_Jontt Farm Tenant Act,
expected for the ensuing five years.
...
am sure, are familiar with the alarming speed with which
more ttian
checked—and checked in the very near future—there
whether America's traditional
system of tamily-sized farms
which
States must meet if they desire to reduce their
general
contributions toward the cost of their
program below 2.7%.
The amendments, which are
expected to win Senate approval, possibly with no debate, climax a two-year drive to liberalize
provisions of
the security statute in response to
widespread criticism of features it now
addition
Farm
the lending proposal in this bill.
_
The
the
Administration
As of April 20, 1939, a total of $320,434,338 had been advanced under
tbis Program, and nearly $83,000,000 already had been repaid into the
t
June
on
July 6 favorably reported the bill, changed only
slightly, it
is said, from the House form.
Under date of July 6 the
Act
by
on
Electrification
urgent and obvious
(he proposed expanslon of these servicHi
rela_
of tenant8 ,8 lncreasing by about 40.000
on
age
$2,500 and personal
tt
the
being carried
are
Rural
Since this activity was undertaken in
1935, rehabilitation loans have been
(Dem., Wash.), extending old
bill by the House
June 17 issue, page 3616.
Or
I
the
not
Department of
expansion of well established, self-
Moreover, in view of the
farm peop[e
"au of^ou.
'
of $500.
'
.
adoption
disability insurance.
on
person.
owning real estate
excess
,
Ine
per
Schwellenbach
our
and
In addition to the Bankhead-Jones
Ariz.)',
Carl
programs which already
by this Committee does
functions of the
or
an
farm tenancy has increased
Other amendments adopted
today include:
By
It simply provides for
Securlty Administration,
with WW*"* success.
3.
tional
consideration
any increase in the authority
liquidating
......
' ap'^0,(X>0 in the authorization for Federal grants to Statts for ma85^20 000
services, making the present total authorization
,
o
"
rural
electrification and farm tenant purchases.
bef°r6 ^ Committee is
R P&rt &S lOllOWS.
Agriculture.
.
.
years of a
.
expansion of
involve
.
nmanUmBn,.
a
foo'.oooiooo
esti-
Payments
^«t^?,°',tPlan,HnHer "£!?
M7 ™
tfn^^^rV^f oX S L
Th.
late, amounting to an
X rn5 '°?Z S,^r'y
S2.093.000,000 durmg the 194044 period, it
rttaaid
750 M0 000
460,000,000
day's hearings on the bill before the Senate
Banking and Currency Committee on July 12
Secretary of
Agriculture Henry A. Wallace indorsed both the
proposed
employers who paid their
.,
m
™
1
At the opening
reduce their
which finance them
economy would approximate
tax
were
to"railroads!!ZZZZZZZ1ZZZZZZ1ZZZZZZZ1Z 500!000',000
The lending
proposal under
l^
of
Equipment for lease
Rural electrification
amounts
fellows-
ns
outlines tfcem, as Allows
,
ToUroSdsand toldgesf!?:::
un~
$15,000,000To
Artvar™.
to
reserve
taxes
and abatements to
1936, 1937 and 1938 State unemployment
mated saving of
kh
benefit by this provision and that if
can
r^j ^rates from 27w 2% the
nnn
the President outlines them
as
an eetlmat6d Ki9s.ooo.ooo saving in
permitting States with
estimated that
was
salary is taxable for
a
unemployment insurance contributions and the
inm
reported
*
,
A provision that
only the first
proposal not only in Congress but throughout the
The idea of the Administration was that the extension of short
long-term loans to foreign countries would
promote foreign trade.
Outside of the foreign loan item the other
1. Freezing present
pay roll taxes at the current rate of 1% each on
employer and employee, instead of
allowing the previously scheduled increase to
1.5%.
This would effect an estimated
saving of $825,000,000
_
341
amount allocated for foreign loans has been reduced from
$500,000,$100,000,000, or a cut of $400,000,000, after considerable outcry had
country.
-
0
effected
The
President
Roosevelt
Asks
Congress
to
Appropriate
$102,000 for Added Duties of SEC
t->
• j
.l
t->
„
i,
t
i
r-
,
.,
President Roosevelt OB July 5 recommended, m a letter to
Speaker of the House William B. Bankhead, that Congress
The Commercial &
342
supplemental appropriation of $102,000 for the
the 1940 fiscal year.
The funds he indicated are needed to pay for three additional
duties.
Regarding these tasks, a Washington dispatch to
the "Wall Street Journal" of July 6 said:
approve
a
Securities and Exchange Commission for
The Bureau of the Budget, in a statement
The bureau also said the additional
situation the SEC needs a foreign office.
funds
needed4
are
said
Bureau
the investment trust investigation and to pro¬
to further
these factors
were
considered when the regular
not
$102,000 of additional funds
requested will be necessary to accomplish the purposes outlined.
The 8EC explained that it needed the additional funds to enforce the
budget for the SEC was prepared and that the
bankers and dealers in
forming associations for self-regulation.
Credit inspection was one large
item, the commission said.
The New York Stock Exchange performs its
own credit inspection, but the SEC inspects credit in the case of the counter
July IS, 1939
the
and staff,
the com¬
annually.
Further details as reported in a Washington dispatch of
July 5 to the Baltimore "Sun" follow:
Soviet
The resolution, which was sent to
Republics.
Senate, authorizes the setting up of a commissioner
with the provision that the expenses, including
missioner's $9,000 salary, shall not exceed $25,000
Private
at
this
in
claims
estimated
against the
country
Soviet Union are roughly
and nature have
Their exact amount
$461,000,000.
some
determined, however, and for that reason
been fully
never
sponsoring the plan to appoint a
ment is
over-the-counter trading.
vide for regulation of
The
which accompanied the Presi¬
Speaker Bankhead said that because of the international
dent's letter to
Financial Chronicle
the State Depart¬
commissioner to make a complete
finding.
Government against the Soviet
Claims of the United States
Union total
defin¬
These claims, it was pointed out, are
approximately $361,000,000-
itely fixed, and thus would not figure
in the commissioner's work.
House and Senate Conferees
End Deadlock on Proposal
Maloney Act in view of the delay of investment
dealers.
Library at
Roosevelt's
a
establishment and maintenance of the Franklin D. Roosevelt
Library at Hyde Park, N. Y.
Before passage, which came
debate, the House refused by a roll-call
vote of 219 to 132 to recommit the resolution with instructions
after several hours
that provision be made to limit the cost of maintaining the
library by the Government to $12,000 a year.
This re¬
solution had previously been defeated by the House on June 5
when it failed to receive the necessary two-thirds vote re¬
quired under the procedure adopted by House leaders; as
reported in our June 10 issue, page 3456.
In describing the
legislation, Washington advices of July 13 to the New York
"Times" said;
measure
behalf of the nation
on
Archivist of the
the
authorizes
12-acre tract
a
United
of land, to
States
the
Roosevelt
Library, Inc., a non-profit organization, to construct a building on the site
house
to
the public and personal
manuscripts, maps,
papers
of the President, and historical
books and pamphlets which the President
paintings,
tendered.
•,
House struck out
The
provision for
a
25-cent
a
admission
fee to
the
building, after having refused to strike out another provision for a 25-cent
Trust
Interstate
Indenture
Bill Reported to House
Foreign Commerce Committee
and
by
on Interstate and Foreign Commerce
reported ,to the House for passage the revised
trust indenture • bill clarifying requirements for corporate
trustees and restricting discretionary powers of the Securities
and Exchange Commission.
In our issue of July 1, page 37,
the principal changes approved by a sub-committee of the
June 30
House Interstate Commerce Committee
were
detailed.
in our
3619.
In Associated Press accounts
from Washington, July 11, it was stated that President
Roosevelt gave virtual assurance that he would sign the
issue of June 17, page
Representative William P. Cole
Interstate
and
Subcommittee
drew
which
up
action
for
Cole stated amendments adopted by the committee "have as their
Mr.
interpretation of the bill, while at the
same
time preserving its primary
objectives.
(Republican), of New York, and Short (Re¬
withheld their signatures from the conference
report approving a new $61,500,000 bond issue to finance TVA's share
of the $78,600,000 Tennessee Electric Power Co., contract and subsequent
or
further to
believed, minimize fears that the
concentrate
indenture trusteeship
in
the
from
A
The U. S. Senate
July 6, without a record vote, passed
providing for Government insurance of farm mortgage
to 100% of the appraised farm value as a means of enabling
tenants to purchase farms.
The bill, which was sent to the
House, limits the amount of mortgages which may be in¬
sured at any one time to $350,000,000.
Senator Josh Lee of
Oklahoma is author of the measure, which was also sponsored
by 51 other Senators.
Under date of July 7 the Washington
on
bill
"Post" described the bill
Lee
bill sponsors
follows;
as
Housing Administration's plan for financing urban home purchases.
Under
period.
The
3%
interest
and
The maximum rate
bill goes
on
amortization
of principal
over
a
3%
represented
is
great
FHA insured mortgages is 5%.
length to
If
a
assure
sellers
of land
which
"The
from
May said:
bbnd issue
to the
but also and primarily earmark every dollar of those bonds
the territory, as concerns the bond issue in question, in which
$100,000,000
define
the
money
"As
Authority
Northeastern
its
the
of
authorities,
TVA
a
binding
memo¬
offiieals that none of the monies appropri¬
the fiscal
of
year
1940 will be expended
specified area,
in
with special reference to
and Northern Alabama.
that the TVA cannot
limitations of the proposed
authorization
and appropriation by the
conference
beyond
operations
without
bill
amended
for
Mississippi
"Adoption
saving of nearly $40,000,000
a
the
upon
work outside of the
development
extend
restraint
made by TVA
been
the
to
$61,500,000,
to
be spent.
can
further
a
agreement not only reduce the proposed
that
of
terms
and
much to the stabilization of all busi¬
means
compromise agreement arrived at today by
conferees on legislative proposals affecting the de¬
the
TVA.
the
of
velopment
in
Senate
and
House
the
Compromise
announcing terms of the compromise, Mr.
"Constructive action,
report
the
further
will
mean
general
Congress.
"The
significance
far-reaching
of
the
conference
report
concerns
the
industry
has been definitely
stopped.
I am confident that no future Congress will lend an ear to
the pied pipers of subsidized Federal hydroelectric power."
Mr.
May said the conference report provides that the bonds may be
assurance
in
given to business as a whole and to the electric utility
particular,
the
that
the following
for
trend
toward 6tate socialism
purposes:
"Purchasing electric utility properties of the Tennessee Electric Power Co. in
an amount not to exceed $46,000,000.
"Loaning, under the authority of Section 12(a), to such municipalities within
the
that they will
farm buyer falls in arrears more than six
Government-guaranteed debenture in exchange for the mortgage.
If the buyer lost a crop and could not make payments on his mortgage, the
Mississippi
$2,000,000;
Power Co., an amount not to exceed
"Rebuilding, replacing, repairing electric utility properties purchased from the
Co., Alabama Power Co., and Mississippi Power Co.,
40-year
months, the Secretary of Agriculture could issue to the holder of his mortgage
a
"the trend
May Explain
Tennessee Electric Power
an
to
receive the money due them.
York
Kentucky, Chairman of the House conferees, de¬
report, if adopteed by both branches, would
toward State socialism has been definitely stopped."
properties of the Tennessee Electric Power Co., Alabama Power Co., and
Existing farm mortgages could be refinanced under the Lee bill, which
for
New
the
purchased area as may desire loans-for the purpose of purchasing electric utility
than $6,000, and 80% on homes costing more.
provides
to
conference
the
that
In
The FHA, however, mortgages are insured up to 90% on homes costing not
more
11,
July
dispatch,
said, in part:
that
mean
used
have compared the insurance scheme to the Federal
counties.
Representative May of
ated
Mortgage Insurance Bill—$360,000,000 Program to Aid Tenants in Buying Farms
a
Mississippi
Washington
"Times"
randum has
Farm
Passes
Corporation in 27 North
Commonwealth & Southern
the
-V
himself and Representative Short,
said the compromise did not contain two provisions the House advocated:
A sinking fund providing for the amortization of the bonds and "definite
provision" restricting the territory in which the TVA could operate.
and
Representative Andrews, speaking for
larger
financial centers," he said.
Senate
Andrews
Missouri,
purchases
taxpayers,
"These and other changes will, it is
bill would tend to increase the expense of public distribution of indenture
of
Thursday.
of
elimination, so far as practicable, of administrative discretion in the
securities,
(Independent),
Representative
ness,
major purpose simplification of procedure for the qualification of indentures,
(Democrat), of South
(Democrat), of Okla¬
Nebraska, and McNary (Republican), of
Oregon for the Senate group and Representatives May (Democrat), of
Kentucky, Harter (Democrat), of Ohio, and Thomason (Democrat), of
Texa.*, for the House, will be formally presented to the House tomorrow
the
with two minor changes made by the full committee.
Smith
Senators
(Democrat), of Montana, Thomas
Wheeler
Norris
homa,
(Dem., Md.), Chairman of the House
Commerce
Foreign
by
approved
legislation,
Carolina,
bill after lengthy hearings, today explained that the measure was reported
and
quote:
we
The
clared
une
From the same ad¬
legislation when it reaches his desk.
Re-
30 to reporting of the bill, Washington advices of
farding the the New York "Journal of Commerce" said;
bonds.
bill to conference was noted
sending of the
Alabama
The House Committee
on
other privately-owned
as
to be derived from the
money
publican),
fee to enter the grounds.
Revised
Company, as well
The
be carved out of the
Roosevelt estate, and authorizes him to permit the Franklin D.
properties of the
the
purchasing
accept
to
author¬
Authority to issue bonds
Tennessee Electric
utility
properties in three Southern States, was ended on July 11
when a joint Committee of Senators and Representatives
agreed on a compromise, reducing the bond issuing author¬
ity to $61,500,000 from $100,000,000, as proposed in the
Senate, and $65,000,000 approved by the House. The House
version providing certain
restrictions on the TVA was
eliminated by the conferees, who nevertheless earmarked
for
vices
The
for the Tennessee Valley
ization
Power
vote of 221 to 124 passed with
minor amendments the Senate-approved resolution for the
July 13 by
Senate and House regarding
deadlock between
A
Approves Resolution Establishing
Hyde Park, N. Y. to House President
Papers
House
on
$61,600,000
Flotation
4.
The House
Authorize TVA Bond Issue—Agree on
to
amount not to exceed $3,500,000.
"Constructing such electric transmission
facilities
necessary
Tennessee
Eleetric
to
connect the
Power
Co.,
the
Co. to the electric power system
lines, substations
and
other electrical
electric utility properties purchased from the
Alabama Power Go., and Mississippi Power
of the Authority, an amount not to exceed $3,-
500,000.
Government could pay the mortgage-holder cash and collect later from the
"Purchasing electric utility properties of the Alabama Power Co. and Mississippi
Power Co. in northern Mississippi and northern Alabama, an amount not to exceed
farmer.
$6,500,000, which should end the present duplication of transmission facilities
by
the TVA in Mississippi and elsewhere."
House
Passes
Resolution
TVA Agreement
Establishing Commission to
Settle American Claims Against Soviet Russia
The House
July 5 approved a resolution to appoint %
commissioner to receive and adjuciate the monetary claims
of United States citizens against the Union of Socialist
on
The
President
pany
between
agreement
of
the
the
Commonwealth
TVA
and
Extended
directors
Southern
and
Wendell
Corporation,
L.
Willkie,
parent1 com¬
under
pending
of the Tennessee Electric Power Company, expired last month
the
original
the
outcome
terms,
of
the
but
by
conferees'
further agreement it was
efforts.
continued
Volume
The Commercial & Financial Chronicle
149
House action
July 12,
day
report which had been planned for
postponed because of the funeral services that
late Representative McReynolds.
was
for
the
on
the
343
and producers to
bargain collectively for prices to be paid
Court of Appeals was sum¬
follows in Associated Press
Albany advices of
producers.
marized
The decision of the
as
July 11;
Circuit
The
Court
of
Appeals at Philadelphia
Decision in Apex Hosiery Co. Case
United
States
Circuit
Court
delphia reserved decision June 19
of
Appeals
Phila¬
at
the appeal of Branch 1
on
of the American
Federation of Hosiery Workers, an affili¬
Congress of Industrial Organizations, to upset
the
$711,932 triple damage verdict won by the Apex
Hosiery Co. in Federal Court last April.
The C. I. O.,
represented by Leo Pressman, in its appeal told the court
ate
of
that
case was "a
test of how far great corporations
to defeat the rights of labor by invoking the Fed¬
eral anti-trust law."
marized
from
Mr.
Pressman's arguments were
follows in Associated Press advices
as
sum¬
The
took
court
under
Court
consideration
jury
verdict.
the
hosiery union's
plea
to
reverse
its arguments the union was also
by counsel to the American Civil Liberties Union, the National
Lawyers Guild, the Textile Workers' Union of America, the Workers'
Defense League, and the International
Juridical Association.
Pressman
criticized
the
Supreme
the verdict, which held that the
Anti-Trust
Act
by
interfering
Court
his
in
arguments
against
hosiery workers had violated the Sherman
with
interstate
during
commerce
hold
the
that
of
use
The
unions
violence
tradictory
could
labor
in
be
disputes,
held
liable
under
declared, appeared to
the
while others
anti-trust
apparently
laws
were
for
con¬
decisions.
Apex
the
assessing
trust
laws
triple
and
the
damages,
held
flatly
heavy penalties,
"Are you asking us to reverse the United States
see
puts
vital
no
different
a
replied
the
Mr.
that
Supreme Court?" asked
why not,
reason
social
and
in view
industrial
of
the
"There is
invalid delegation of legislative power
merely because the
no
on its face authorizes the
commissioner to fix and equalize prices, since
the Legislature has
provided the manner in which the Commissioner must
act."
1
The
Katz
aspect
the
on
rights
of
labor,"
had contended that unions could not be
as
Tbe Apex
Hosiery Co., in a brief filed June 15, conceded
right of organized labor to carry on legal strikes and
case
which
on
it
challenge that right.
The judgment was obtained
dispute
in
■■
■
■■
Supreme Court, invalided
the
'
'
State administration, through
tionality of the law before the
Mr.
Noyes, defended the
constitu¬
after Justice Francis Bergan, of the
court
price fixing and
equalization
features
on
Feb. 22.
Justice Bergan's decision led to
speedy legislative
milk law, which went into effect 11
days ago.
The
Rogers-Allen
after attempts
of
the
law,
also
to
to
permitting
dealers
and
enactment
producers
be paid the latter, was suspended
obtain voluntary dealer support
to
of
to
a
new
bargain
March
on
continue
14
operation
invalidated
Federal-State pact failed.
The United States
Supreme Court several weeks ago upheld the validity of the
Federal-State
which
sit-down
obtained
as
tactics
law
by
of
a
seven
used.
were
pany contended that the union and its
Sherman anti-trust
judgment did not
result
a
week
The
United States
Italian
Adds
Silk
Countervailing Duty on Imports
Goods—Impost Assessed to Offset
Subsidies Offered by Italian Government
The Treasury Department on
July 5 announced that it
imposing countervailing duties on im¬
portations of silk from Italy, effective Aug. 13, in order,
it is said, to offset the amount of subsidies
which the Italian
had issued
an
order
Government pays to exporters of silk products.
Customs
officials said that countervailing duties
in effect
on
are
now
any
Treasury announcement said in part:
Official reports before the Department
bounties
or
grants are paid or bestowed
establish to its satisfaction that
directly
indirectly in Italy
or
the export to the United States of silk
goods which
commerce.
not
other imports from Italy, and added that in general
Germany and Italy were the Nations using the bounty
method of reducing the foreign
price of their exports.
The
com¬
officers violated the
halting interstate
y
—.—
legislation which
new
attorney.
that the
administrative
said.
under the Anti-Trust Act because it had the same objective
Wagner Labor Relations Act—"distribution of national income."
said
an
confiscatory is settled beyond
Legislature recently passed a new milk law to remedy
by lower courts in the Rogers-Allen Act, the Court of
found
unions
Pressman
prosecuted
the
or
Appeals opinion said:
of
Earlier, Attorney Isadore
the
.
arbitrary
'
Although the
"defects"
Judge William Clark.
"I
is
agreement.
decision,
within
came
high court's decisions, Mr. Pressman
labor
it
controversy."
collectively for prices
the
under
properly delegatable to
agency and that the plan for equalization is not
strike
a
1937.
Some of
promulgated
and standards provided to
carry out the legislative purpose
means
is within the
scope of the power and
In
supported
Mr.
order
Act
Philadelphia:
the ^District
in
that the
June 19
on
the
nor
"That the legislation is within the
scope of the police power of the State,
the
go
Act
unreasonable under the facts set
up in the complaints," the Court of Appeals
ruled in reversing a lower
court decision holding the law unconstitutonal.
The decision ended months of
legal arguments in the test case launched
by Holton V. Noyes, Agriculture
Commissioner, against four dairy groups.
Judge Harlan W. Rippey's opinion read:
the
can
;
"Neither the
Reserves
are
on
dutiable under the
provisions of the Tariff Act of 1930.
United
States
Circuit
Court
Cincinnati
at
Reverses
NLRB Order for Election to Determine
Bargaining
Agent in Michigan Utility
Company—Tribunal
Says Ruling, Favoring C. I. O., Is Invalid
The
sixth
Cincinnati
the
United
States
June
on
National
28
Labor
Circuit
Court
of
Appeals
unanimously reversed
Relations
Board
for
at
order
by
election
to
an
an
Notice is hereby given that pursuant to the provisions of section
303 of
the
be collected
bargaining agent for 3,000 employees of the
of Jackson, Mich.
This represented
first high court decisions in connection with
of
one
the
controversies
and
between
American
from Cincinnati
The
case
was
of
offshoot
Power
Board
January.
1,160
the
Electrical
of
as
The company has
The
said, in part:
before
came
an
Consumers'
NLRB
an
result
a
of
on
petition
a
F.
(A.
of
election
an
at
the
granted
the ballot only a
"forced
U.
W.
the
plant
elections
"We
unfair
think
in
Florence
he
which
the
effect,"
E.
Allen
said
and
employee
was
was
He
through.
could
take
parallel of Hobson's
This
was
Hobson,
that
was
shortly
after
the
•• v.■
for
request
who wanted
men
between
Judge
Xen
or
bestowed
will
publication of this notice in a weekly issue of
"Treasury Decisions," whether
imported in the condition in which exported from Italy or changed in con¬
dition by remanufacture or otherwise.
The liquidation of all entries covering merchandise described above and
for consumption or withdrawn from warehouse for
consumption
entered
after 30 days after publication of this notice in
Decisions"
shall
amount of the
be
suspended
bounty
or grant
pending
the
determined
or
a
weekly issue of "Treasury
declaration
of the
total
net
estimated to have been
paid
bestowed and
the net amount of the
countervailing duties to be col¬
A deposit of estimated countervailing duties shall be
required at
the time of entry.
The foregoing instructions, however, shall not
or
lected.
no
union
the
two
the
pages
that
Hicks's
Simons
decision,
in
of the donee
or
of
the net weights of the
silk (including schappe and bourrette) contained in
products, plus 33 1-3% of such weights if the natural gum
has been removed from the silk used in the production or manufacture of
the imported product:
(a)
Raw silk yarns, dyed, simple or twisted of double cocoons; lire 32.8
kilogram.
Yarns of silk waste (schappe) including sewing thread; lire 49.2 per
kilogram.
(c) Yarns of Combings (bourrette)' lire 8.2 per kilogram.
(d) Raw silk doubled and twisted, drawn, dyed silk, silk sewing thread;
lire 84.5 per kilogram.
(e) Woven materials, velvets, ribbons, tulles, crepes, knit goods and stock¬
ings, in raw state; lire 87.0 per kilogram, subject to the following vari¬
per
but
union.
from
put
This
having
instead.
"a repetition
proposed
use
The amount to be deposited
(b)
of history."
the
importations consisting of gifts for the personal
the imported
in
.''a
unions
was
to
shall be calculated in accordance with the following table and
predicated on
Act.
fall.
appeal
run-off,
a
no
proposed by the Board
illegal and
Charles
given
not
either ratify or reject
self.
C.
have darkened
order
paid
election
which
was
Judges
concurred.
ations:
(1) For every kilogram of double yarn lire 34.8.
(2) For every kilogram of yarn of waste content lire 52.2.
(3) For every kiligram of yarn of bourette content lire 8.2.
(f) Woven materials, velvets, ribbons, tulles, crepes, knit goods and stock¬
ings, exported in the dyed or finished state; lire 89.5 per kilogram of
silk content
"The
it
declared the method
counsel
those
O.
run-off
a
1303) countervailing duties
against
Wagner
next
throats."
demanded
sec.
have been
articles purchased at retail for personal use.
issued
the
choice between the U. W. O. C. and
their
down
brotherhood
The
could
of
.-'.'.Va
NLRB
found to
run-off.
the
The Utility Workers' Organizing Committee (C. I. 0.) received
the brotherhood
1,072, but 606 workers wanted neither
policy, it told the court, prevented
Its
order
violations
alleged
the International
enjoin
votes,
The
of
by
to
desist
and
cease
L.)
appealed this and arguments will be heard
held
(U.S.C., title 19,
or grant
dutiable merchandise composed in whole
apply
tribunal
Workers
union.
one
Labor
of
Congress of Industrial Organizations.
In a sum¬
of the ruling, Associated Press advices of June 28
Brotherhood
on
Federation
the
mary
It
the
bounty
on
or in part of silk
and imported directly or indirectly from
Italy, when entered for consump¬
tion or withdrawn from warehouse for
consumption after 30 days after
determine the
Consumers Power Co.
Tariff Act of 1930
equal to any
who
an
let
freedom
of
choice.
If
he
voted
he
the nominee of the Board, but if he rejected
He had
the
full
no
alternative; he could not choose for him¬
representative
offered
him
or
none
all—a
at
to
horses.
every
every
The facts in
regard to each importation shall be reported promptly to
The entry and related papers shall
accompany
the Bureau of Customs.
choice."
allusion
(not weighted), subject to the following variations;
kilogram of double yarn content lire 36.8.
kilogram of yarn of waste content lire 55.2.
(3) For every kilogram of yarn of bourrette content lire 9.2.
(1) For
(2) For
the
He
seventeenth
required
century
every
Englishman,
customer
to
take
Thomas
the
the report.
JAMES H. MOYLE,
horse
Commissioner of Customs.
happened to be standing nearest the door.
♦
N.
Y.
Court of
Appeals Upholds 1937 Law Permitting
Bargain Collectively
Invalidating Statute
Milk Dealers and Producers to
on
Prices—Reverses Decision
The New York State Court of
Appeals on July 11 reversed
by a lower Court which invalidated the State's
1937 Rogers-Allen Milk Control Law, which has since been
replaced by a revised statute.
The law was referred to in
the "Chronicle" of May 22 1937 (page 3429) and June
10,
1939 (page 3457).
State Supreme Court Justice Francis
Bergan had invalidated the price-fixing and equalization
provisions of the law on Feb. 22.
The law permitted dealers
a
decision
Temporary National Economic Committee Hears SEC
Conclude
Presentation
of
Data
on
Insurance
In¬
quiry—SEC Investigators and Insurance Officials
Give Testimony as to Activities of
Companies—
Hearing on Savings Bank Life Insurance Committee
Opens Hearings on Construction Industry
The
Temporary National Economic Committee
heard the final presentation of insurance data
curities and Exchange Commission.
Future
on
June 21
by the Se¬
plans have not
been announced, but there is a
possibility that a subcom¬
mittee may be appointed to hear further insurance
testimony.
the Committee's hearings appeared
A recent reference to
June 3,
these columns
in
At the hearing on
3312.
page
witnesses described cooperative efforts by life in¬
companies to minimize risks with respect to physical
impairment of potential policyholders., This testimony was
June 21,
surance
summarized in the following
York "Times":
to the New
Dr.
Washington dispatch of June 21
Bolt, medical director
William
of the New York Life Insurance
Recording and Statistical Corp., which is an agency
Bureau to maintain current files on
physical impairments of present and potential policyholders of nearly 100
life insurance companies, now has about 6,700,000 cards in its files.
The
bureau, he said, dates from 1902.
The information is printed in code.
The cards, he said, contain information gained by life insurance medical
examiners and any other facts relating to the insurability of the individual.
Excessive drinking habits or history of social diseases might be included,
Co., testified that the
used
by
Medical Information
the
he said.
companies buy all the cards, paying $5,000 to $6,000
service, Dr. Bolt testified.
the corporation for this
year to
their interests to cards issued for certain
panies often confine
areas.
Smaller com¬
geographical
,
Vice-President of the Equitable Society, described co¬
Frank L. Jones,
leading companies after 1929 to reduce loss of busi¬
or "twisting."
Replacement, according to
cancellation of insurance in one company
new policy in another company.
In "twisting," the replace¬
from misrepresentatons by the agent selling the new policy.
operative efforts of the
through
ness
replacement
Gerhard Gesell, SEC attorney, is
and taking a
results
ment
life insurance companies told
that under the pressure of general
finaucial conditions representatives of their companies met
to eliminate "unsafe" terms and practices regarding settle¬
Actuaries of several Eastern
the Committee on June 20
operations and cash surrender values of policies.
Dewey, Deputy Commissioner of Savings
Bank Life Insurance in Massachusetts, and Clarence B.
ment
On June 15 Judd
Plantz, Assistant Vice-President of the New York Savings
Bank, testified regarding savings bank life insurance systems
in Massachusetts and New York.
Their testimony was
summarized in part as follows in the "Bulletin" of the
Savings Banks Association of the State of New York, dated
June 23:
traced the history and growth of savings bank life insurance.
Mr. Dewey
He also presented
various
tables making comparisons with the life insurance
companies.
Massachusetts
It now re¬
presents 3 1-10% of all of the insurance In that State.
He said there were
now 26 issuing banks and 159 agency banks, including their branches.
In
According to his testimony savings bank life insurance in
from $114,953 in 1908 to $154,788,000 last year.
has grown
addition there
are
267 employer agencies making savings
available to their employees.
The testimony given
1938 there
of savings
bank life insurance.
Massachusetts was
that state last year,
only 6.81% of the new ordinary insurance written in
net
bank life insurance in force represented 45.66%
of savings
gain
In
gain of insurance in force of over $15,000,000 and al¬
was a net
though the insurance written by the savings banks in
the
of the net gain of ordinary insurance in the
to
stated:
He stated that efficient conduct of the business
of agent's commissions.
by the banks, lower mortality record and the fewer lapses of policies also
the
reduce
to
that the system
which it had
the
to
cost
had built
up a
He told the Committee
policy-holders.
$190,000 general insurance guaranty fund
been necessary to touch and that
never
fund out of premium income have
Dewey told of
contributions to that
industrial demand.
by the agricultural States, on the
one hand, and Michigan, on the other, the degrees of decline varied widely
among the States.
On the whole, income was better maintained in agri¬
cultural States, particularly in the South, than in the industrial areas.
The
lesser declines
occurred in Nevada, where Government silver and
reclamation programs have added notably to local income, and in Louisiana,
Arkansas, Mississippi and Iowa, all of which were large per capita bene¬
ficiaries of
Government spending.
The largest declines, after that of
Michigan, were suffered by Ohio, Connecticut, Delaware, Indiana, Penn¬
sylvania and West Virginia, whose losses were between 16% and 14%.
Income in the State of New York fell from $10,637,000,000 to $9,770,C00,000, a decline of 8%, or less than the national average.
The people
of New York, who number about
10% of the population and have a
higher cost of living than the average for the country, nevertheless received
15.6% of the total realized national income received in 1938.
Nevada was
least important in this respect,
its proportion of the
national income amounting to only 0.1%.
Vermont received 0.2%; 0.3%
was
received by Utah, Arizona, New Mexico, Idaho, North Dakota, South
would not be able to withstand
combat the spreading of the
a
of actual
96.69%.
from
were
Mountain
incomes
average
banks
of the savings
Mr. Plantz's testimony brought our that
in New
industrial
iu
powers
in Massachusetts of the trustees
to
assist
in obtaining new
estimate of expenses at the beginning and
New York of 4% of premium income to the
no
He also
New York
business.
He testified that because of the advisibility of adopting a
which is
conservative
because of the contribution in
State Insurance Guaranty Fund,
longer required in Massachusetts, the premium rates
the New York State actuary
higher than the rates in
fixed by
for savings bank life insurance are somewhat
For instance,
Massachusetts.
the premium for
$1,000 straight life policy at age 35 is $23.96 in New York
Massachusetts.
of the
of taxation.
State employees were used as instructors in
no
In his opinion, he testified, there
and $22.19 in
life insurance in the
questioned by the Committee regarding the type of people avail¬
ing themselves of this form of insurance.
plicants represented
a very
Mr.
Plantz said that the ap¬
broad classification and presented a table show¬
ing a classification of the first 1,000 policies of The New York Savings
The
largest
Only 5.9%
class,
were
Seven of the first
companies.
Bank.
9 5%.
level
1,000 policy-holders
or less
were
employees of life insurance
While some of the
of insurance.
considerable insurance the amazing fact
policy-holders stated that they
bank life insurance.
other issuing
in
that
double
they
pay
conditions.
have
no
policy-holders
is that 42.6%
other
insurance
of all of the
except
The experience of that bank is the same as
savings
that of the
banks in New York City.
Income
tional
000 for
in
1938
Decreased
Conference
The first authoritative estimates of individual income in
the
48
States
and
the
comparisons cannot
standard of
the South at a far lower income
City dwellers must pay more than
that are available on farms, and
food
major
items
higher rent and other expenses because of the crowded living
The population in the North must spend more than that in
for
during
clothing
and
the winter season.
the
South
The
figures must therefore be interpreted with such qualifications in
capita
per
48
than
more
national
the
double
average.
New York ranked highest in this respect, with $748,
by Nevada, California, Delaware and Connecticut.
Lowest among
capita income was Mississippi, with only $201, while
in per
States
of
that
$1,065,
of
States,
Among the
followed
the
$537.
was
figure
mind.
1938 amounted to $480,
The District of Columbia led last year with a
entire country in
the
for
income
1937 it
while in
heating
housing,
capita
Arkansas
North
Carolina,
South
Alabama,
$213.
was
Dakota,
Georgia and Kentucky ranged from $219 to $279.
Tennessee,
District
of
Columbia
during
the
Deficit
Government
June
Ended
Year
Fiscal
for
30
$3,542,000,000—Represents Increase of $2,158,000,000 Over 1938—Receipts Decline by $674,000,000, Chiefly Due to Decrease of $453,000,000 in
Was
Taxes—Gross
Income
Amounted
Debt
Public
to
$40,440,000,000
Secretary
1
Henry Morgenthau Jr. on
showing that financial
of the Government for the fiscal year 1939
decrease of $574,000,000 in revenues and an
of
operations
reflected
a
Treasury
the
public
made
statement
a
$1,584,000,000 in expenditures as compared with
increase of
preceding year.
Total receipts amounted to $5,668,000,000 as compared with $6,242,000,000 in 1938; and total
the
retirements, were $9,210,The net deficit
(excluding debt retirements) for the fiscal year 1939 was
$3,542,000,000 as compared with net deficits of $1,384,000,000 for 1938 and $3,149,000,000 for 1937.
Mr. Morgenthau's statement continued:
compared with $7,626,000,000 in 1938.
as
Total
than
receipts
general
those
income
their
of debt
exclusive
expenditures,
000
for
taxes
to
laneous
for
the
extent
year
was
1939
duties
$20,000,000.
$574,000,000 less
were
accounted
for
by
a
falling
off
Taxes upon carriers and
$453,000,000.
of
customs
;
decreased
fiscal
other
internal
taxes
and miscel¬
Taxes collected under the Social
$41,000,0000;
decreased
$47,000,000
revenue
the
decrease
This
1938.
employees
decreased
revenue
decreased $40,000,000,
Security Act increased $27,000,000.
The total
tained
were
less
receipts for the fiscal year
in
were
in
the
The
in
the
1939, which amounted to $5,668,-
of the estimated receipts
excess
President's
estimated
than
budget message as
for this period as con¬
Total receipts
$5,520,000,000, or $148,000,000
budget message of Jan.
3, 1939.
receipts actually realized.
total
expenditures for the fiscal year 1939
(exclusive of debt retire¬
ments) which amounted to $9,210,000,060, were $282,000,000 less than
estimated
budget
10%, Reports Na¬
Board—$62,500,000,1938 Compares with $69,400,000,000 in 1937
Industrial
in the North.
or
same
expenditures
message
budget message
National
city
a
the
for
000,000,
...
77.6% of the policy-holders of The New York Savings Bank
applied for $1,000
have
13%; salesmen composed
clerks, accounted for
executives.
by States
Capita Incomes
the figures alone, since a comparable
drawn from
be
always
in
two States.
was
worst
Per
should be eventually no
substantial difference in the net cost of savings bank
He
fared
States,
pointed out that the significance of per capital
It is
July
the laws effective in the two States
General Insurance Guaranty Fund and the method
pointed out that
partly because they were the
expenditures.
The Dakotas and
the droughts, and the major
in comparison with their income positions
1929,
Federal
1929.
better
for three major differences—the $3,000 limitation
York, the additional
large
relatively
of
those of
with
compared
are
Nebraska, which had not yet recovered from
77 9%, while
was
for all insurance was 58.95%.
very similar, except
18.5% higher than in
the District of Columbia was
South Carolina, North Carolina, New Mexico and Louisiana
2% to 5% above the 1929 level.
In general, the Southern and
States were relatively better off than other sections when their
recipients
1937 the ratio of savings bank life insurance was only
In
35.89% and the
Compared with 1929 Income
Income
while
1929,
In that year the ratio
insurance companies.
expected mortality
to
Hampshire.
and New
income in
1938
In
represented
extremes
1938
experience of all ordinary insurance, including savings bank life insurance, the
were
the
Delaware
Dakota,
However, during the in¬
major epidemic.
fluenza epidemic in 1918 the savings banks' mortality experience was
the experience of the
in automobile and
collapse
virtual
He stated that it had been claimed that savings bank life insurance
system.
shown by the fact that
general among the States is
were
South Dakota, still slowly recovering from the drought disaster,
enjoyed an increase, which was only 1%.
Income in other agricultural
States and the District of Columbia was relatively well maintained in 1938.
At the other extreme was the 23% decline in Michigan, which reflected a
one,
been discontinued.
of the criticisms of savings bank life insurance
some
and the efforts of the insurance companies to
was
declines
That
only
Per
Mr. Dewey attributed the lower cost principally to elimination
of lapses.
tnan
1937
bank life insurance and the very low percentage
in the lower cost of savings
Mr.
the national total falling from $69,400,000,000 in
$62,500,000,000 in 1938.
Since the population of
the country grew by about 958,000 during the year, the drop
in per capita income was somewhat greater, 10.6%.
The
announcement issued by the Conference Board further
last year,
State of Massachusetts.
by the questions asked Mr. Dewey, indicated an interest
The Committee,
tend
by its Division of Industrial Economics.
According to the
estimates, the American people took a 10% cut in income
living can be maintained on a farm or in
by Mr. Dewey indicated that there has been in¬
acceleration in the growth
creasing
bank life insurance
\
1938 were released June 10 by the National
Board, on the basis of a survey made
recession year
Industrial Conference
Between
Some of the larger
a
July IS, 1939
Chronicle
The Commercial & Financial
344
The
for
year
the
this
period
as
contained
in
Total expenditures were
3, 1939.
the
the President's
estimated in the
$9,492,000,000.
as
general expenditures of the Government amounted to $5,328,000,000
fiscal
1938
The
of Jan.
for
;
year
an
1939
as
compared with
$4,661,000,000 for the
fiscal
increase of $667,000,000.
principal
increases
in
general
expenditures
were:
departmental,
rivers and
$86,000,000;
public works
(public buildings, public highways,
harbors
flood
reclamation,
and
control,
Rural
Electrification
Administra-
Volume
tion,
The Commercial & Financial Chronicle
149
Tennessee
Valley
decreases
of
the
in
general
$64,000,000
expenditures
under
under
expenditures
;
the
such
1918-1919
$32,000,000;
items,
military
soon as
naval
Civilian
and
insurance
Conservation
refunds
policies;
Corps
and
of
in
public
for
1938.
principal
including
under
relief
this
under
Progress
was
$867,000,000
were
increase
Works
Against such increase there
classified
and
recovery
The
works,
remote
Agricultural Aid, and $45,000,000 in
in
$1,032,000,000.
Administration,
decrease of $120,000,000
a
was
in expenditures
other
flat rate with no distinction between grades.
a
long time and
a
one
be
for which "the possibility of increase would be
compared with the possibility of decrease"
as
Secretary Wallace proceeded with plans yesterday for
placing a cotton export subsidy into effect despite united
opposition of cotton trade organizations, it was reported in
United Press accounts from Washington yesterday (July 14)
1939
in
more
classification
possible and favored
continued
taxes,
miscellaneous
other
practical
He added he felt that the initial
subsidy rate should be one which could
$36,000,000.
Expenditures
than
and
utilize existing trade machinery in the most
to
way as
The Secretary said he believed the program should be made effective as
$30,000,000, due principally to the full and final payments due under
the
a
would be administered in
program
manner.
Administration
Veterans'
345
"temporary" and promising that the
the
Social Security Act, $51,000,000; national defense, $101,000,000 ; interest
on
the public debt, $14,000,000; Agricultural Adjustment program, $425,000,000; and Farm Tenant Act, $24,000,000.
These items were offset by
Authority),
which in part also said:
items.
Officials of the trade group were virtually unanimous in their outspoken
Expenditures for 1938 under Agricultural Aid included an item of $94,300,000 to restore the impaired capital of the Commodity Credit Corpora¬
tion, whereas corresponding expenditures for 1939 include no such item.
opposition to this subsidy, but pledged their cooperation if one is put into
An
concluded last night.
estimate
in
gress
but
the
fiscal
appropriation
Congress
(H.
year
available
the
of
with
accordance
$119,600,000
requirements
appropriate
June
8,
by law,
would
1939
year
to
317,
authorized
as
fiscal
failed
Doc.
of
the
such
been
this
If
the
same
Con¬
8,
1938,
the
end
had
sum
under this
about
the
March
of
before
sum
1939).
expenditures
have
submitted to
was
the Act
of
been
,,
The one-day conference
was
,
Houston, Texas,
have
not
changed
He predicted that
for
three
fiscal
four years.
or
it gets so low
1938, and the net deficit for 1939 would have been increased by this
year
,,
Clayton,
of the Nation's leading cotton
one
exporters, told Secretary Wallace that "we have opposed a subsidy all along
and
made
the
for
William
the
of
classification
as
effect, Agriculture Department officials said.
position."
our
,
subsidy program would be ineffective for at least
a
Foreign competitors will meet the American price until
make the growing of cotton
as to
unprofitable for them, he said.
amount.
Operations
expenditures
of
account
on
of
$93,000,000,
revolving
funds
reduction
a
during
of about
involved
1939
$28,000,000 from
net
Report of Operations of RFC Feb. 2, 1932, to May 31,
1939—Loans
of
$13,307,060,046 Authorized—$2,238,179,778 Canceled—$7,404,517,340 Disbursed for
Loans and Investments—$5,519,736,439 Repaid
1938.
Expenditures representing transfers to trust accounts amounted to $685,000,000 for 1939 as compared with $607,000,000 for 1938, an increase of
$78,000,000.
for
the
road
Retirement
retirement
.
The
as
Transactions
for
1939
Old-Age Reserve Account;
Account;
increase
an
increases
of
of
$2,000,000
$116,000,000
for
Finance
'•
..
The
public
compared
in
debt
with
$3,275,000,000.
Public Dept
June
30,
$37,165,000,000
The
the
on
following
public debt is
1939,
table
30,
shows
accounted
1938;
the
$40,440,000,000
to
increase
an
which
in
manner
Increase
of
»
excluding
—889,000,000
+622,000,000
18% and the total expenditure for
advertising probably amounts to less than 3% of the aggre¬
gate sum paid by "terminal buyers" for finished goods, ac¬
cording to a survey of the costs of distribution conducted
by a special reserach staff working under the supervision of
Fund.
however, the foundation's
"advertising takes
so
many
forms and varies
so
is hazardous to make any generalization about it."
Strikingly low per-unit outlays for advertising
the most intensively advertised lines, such
14-cent cigarettes and 16-1000ths of
a
as
reported in
are
one
half cent
cent for each
glass of
some
a
some
During May $35,073,243 was disbursed for loans and in¬
$31,637,994 was repaid, making total dis¬
May 31, 1939, of $7,404,517,340 and
of
$5,519,736,439
(approximately
74.5%).
bursements
through
repayments
Chairman Jones continued:
During
May,
loans
and trust
$74,480
disbursed
those
in
has
approximately
605,587,
owing by
and trust
banks,
open
or
"bom¬
disbursed.
or no
a
Of this amount $507,-
amount $1,904,94.2%, has been repaid.
Only $8,533,696 is
and that includes $7,366,072 from one mortgage
authorizations
May
made
were
this
latter
purchase
to
capital
loans
Through May 31,
banks
and
trust companies
aggre¬
authorized in the amount of
preferred stock, a total authorization for
by
be secured
to
stock,
6,781
and 1,122
gating $1,345,645,459
make
and
debentures of six banks and
made for the purchase of preferred stock,
debentures of
and
notes
preferred
similar
loans
and
notes
were
debentures
6,859
of
banks
and
trust
$169,877,587 of this has been withdrawn
$63,295,200 remains available to the banks when conditions of author¬
of
companies
brand at all."
Of
by preferred stock, capital notes and
$48,237,755
"the consumer often
nationally-advertised branded article than for
private brand
or
1939,
$23,232,485 remains available to borrowers,
been
companies in the aggregate amount of $3,798,500.
capital
31,
(including
company.
During
trust
May
Through
7,537 banks and trust companies
withdrawn,
$2,021,158,159
repaid.
$1,302,156
to
aggregating $2,551,402,174.
receivership)
has been
011,531
and
authorized
loans have been
in
Cancellations and withdrawals of loans to banks
(including those in liquidation) amounted to $65,111;
companies
was
(in liquidation)
authorized to seven banks
were
the amount of $4,183,043.
and
$1,393,883,214;
been
have
izations
Cotton
and
vestments
of
popular and
advertisingf
The investigators also observe that
a
'■
tures.
package for
bastic claims about useful products" and for "nonesense about useless
a
withdrawals
and
1939, authorizations have been
The Fund report at the same time criticizes
for
includes
May, Mr. Jones said, making total can¬
of $2,238,179,778.
A total of
$868,660,086 remains available to borrowers and to banks
in the purchase of preferred stock, capital notes and deben¬
cellations
secured
a
nationally exploited soft drink.
more
June 26 by Jesse H. Jones,
a total of $1,059,-
on
latter amount
re¬
widely among different types of distributors and kinds of products that it
pays
announced
was
This
authorized for other governmental agencies and
$1,800,000,000 for relief from organization through May
31, 1939.
Authorizations aggregating $3,441,865 were canceled or
and
In presenting this and other conclusions,
search staff cautions that
harmful ones."
making
over
the Distribution Committee of the Twentieth
Century
The announcement issued in the matter June 25 said:
article sold under
$1,973,776,
to
May
withdrawn during
fraction of 1 % of the price of finished goods
a
amounted
through
526*842
$3,275,000,000
-+$3,542,000,000
Advertising
1% of Price
of
Finished
Goods to
Over
18%—Total Adver¬
tising Expenditure Less than 3% of Aggregate Sum
Money spent to advertise commodities in the United States
from
authorizations
Chairman.
Twentieth Century Fund Reports Cost of
Commodities Ranges from Less than
maximum of
$51,853,924,, rescissions of previous authoriza¬
commitments
307,060,046, it
-
Reconstruction
the
of
commitments
31, 1939, and tentative
commitments outstanding at the end of the month of $13,-
the
$3,275,000,000
a
and
total
for:
Increase in general fund balance.--
to
tions
840,440,000,000
—37,165,000,000
Increase Is accounted for as follows:
Net deficit, excluding sinking fund
Excess of receipts in trust accounts,
retirements of National bank notes
and
Corporation in the recovery program during May
amounted to
>,
amounted
June
on
Gross public debt June 30, 1939
Gross public debt June 30, 1938
ranges
Authorizations
Government
funds.
gross
increase
and
reflected
decrease of $40,000,000 for the Rail¬
a
met.
During May loans were authorized for distribution to depositors of nine
Export
Subsidy Program Discussed at Con¬
ference Between Secretary of Agriculture Wallace
banks
closed
the
in
amount
of
$4,268,958,
cancellations
and
withdrawals
amounted
trade
and
July 13 with representatives of the
on
per
pound will be paid
No decision has been reached
actually exported.
on
1938,
on all cotton
The subsidy will
use
not
be
Of
of cotton
chase
Any changes in the subsidy rate from that originally announced will be
made retroactive.
Rates will be set subject to change to protect export
prices.
A program
'
fcr protection of the domestic textile industry from imports of
goods manufactured from the subsidized cotton through
or
use
of either quotas
increased tariff rates will be provided within four to six weeks after the
was
opened with
statement
pressing hope that need for making payments
by Secretary Wallace
on
exports
ex¬
would be only
Through
disbursed.
of
available
May
31,
1939,
levee and irrigation
which
$31,682,560
to the
borrowers,
has
and
of Section 5
(d), which
industry
19,
been
with¬
$86,818,569
was
added to the Recon¬
1934, and amended April
$14,009,634
aggregating
during
loan
May.
Through
companies to assist
May
31,
business
Recovery Administration
1939,
and
were
including
industry in
program,
the
13,
authorized
were
Authorizations in the amount of $1,775,829
canceled
loans
to
cooperation
Corporation has
6,409 loans for the benefit of industry aggregating $333,517,375.
$74,702,604 has been withdrawn and $99,749,466 remains
to
the
borrowers.
participations
In
amounting
addition,
to
the Corporation
$4,721,532
in
loans
agreed
to
76
to
pur¬
businesses
during May and similar authorizations aggregating $2,929,846 were with¬
drawn.
Through May 31, 1939, the Corporation has authorized or has
to the purchase of participations aggregating $110,921,367 of
1,470 businesses, $19,641,407 of which has been withdrawn and $76,010,532
remains available.
During May
a
and
been
agreed
subsidy program is made effective.
The conference
withdrawn
amount
available
bale covering.
$143,262,995,
to
National
the
this
was
Corporation Act June
loans
May.
authorized
weight of bales to encourage
been
authorized to refinance 635 drainage,
Finance
withdrawn
with
originally planned.
on net
has
amount
$62,600, authorizations in the amount of $81,973
$173,766
the provisions
mortgage
apply to all cotton actually exported and will
The rate will be based
this
disbursed.
131
during
the definite payment
and
aggregating
Under
will apply to all grades and staple lengths.
confined to the 1939 crop as
increased
$24,761,866 .remains
been
struction
or
same rate
were
districts
drawn,
has
rate.
The
of
available to the borrowers; $986,093,328 has
$928,320,311, approximately 94.1%, has been repaid.
remains
and
loans have been
the following points:
of from 1 to 2 cents
$328,956,749
withdrawn
were
the discussion between trade interests and the Department
A flat subsidy rate
to
Through May 31, 1939, loans have been author¬
depositors of 2,775 closed banks aggregating
During May the authorizations to finance drainage, levee and irrigation
districts
and statements of officials indicated that the program to be
promulgated
cover
distribution
for
disbursed
the New York "Journal of Commerce," which further said:
by the Secretary will
$2,125,245.
$24,054,402
textile
on
to
$1,339,104,479;
cotton
industry, the latter having been invited
to Washington by Mr. Wallace to discuss a
plan for increas¬
ing expprts of American cotton.
The inauguration of an
export subsidy program on cotton by August 1 was indicated
by officials of the Department of Agriculture following the
conference, according to a Washington dispatch July 13 to
Reports
$73,111, disbursements amounted to $174,480, and repayments
ized
Secretary of Agriculture Henry A. Wallace conferred in
Washington
to
amounted
and Trade Officials
to
public
drawals
eight loans
agencies
amounted
for
to
in
the amount of
$21,509,400
self-liquidating projects.
$138,000,
disbursements
were
Cancellations
amounted
to
authorized
and
with¬
$2,307,000,
The Commercial & Financial Chronicle
346
and repayments amounted to
have
been authorized
$226,239.
Through May 31, 1939, 292 loans
The loans authorized and authorizations canceled
sell-liquidating projects aggregating $512,978,316;
$40,932,343 of this amount has been withdrawn and $123,496,777 remains
available
the
to
844,451
has
During
a
been
disbursed
Public
of
purchased
Corporation
the
Works
from
blocks
five
the
at
and
(four
issues)
premium
a
of
The Corporation
securities having
$65,655.
of
Administration
also
collected
Public
value
par
of
Federal
Emergency Administration of Public Works 4,027 blocks (2,970
issues) of securities having par value of $638,914,549.
Of this amount,
securities having par value of $456,409,891 were sold at a premium of
Securities having a par value of $156,754,278
addition,
chase,
be
to
securities
has
the Corporation
held
and
with
agreed
collected
or
sold
at
the
a
are
still
Administrator
aggregate
later
date,
such
held.
pur¬
part
ments for
as
Railroads
(including receivers)
Mortgage loan companies
275,000
90,000
2,500,000
Alton RR. Co
Ann Arbor RR. Co. (receivers)..
634,757
2,500,000
634,757
621,438
459,757
Ashley Drew & Northern Ry. Co.
400,000
400,000
400,000
Baltimore & Ohio RR. Co. (note)
95,358,000
95,343,400
12,171,721
41,300
Birmingham & So'eastern RR.Co.
Buffalo Union-Carolina RR.
Carolina Clinch field & Ohio
Regional Agricultural Credit corporations
Joint Stock Land banks
State funds for Insurance of deposits
moneys
Agricultural Credit corporations
Fishing industry
Credit unions
Processors
388,987,712.15
387,236,000.00
173,243,640.72
116,489,690.55
86,742,050.16
17,806,930.70
13,064,631.18
12,971,598.69
9,250,000.00
5,561,956.89
361,760.63
583,983.21
distributors for payment of pro¬
or
cessing tax
14,718.06
14,718.06
3 ,983,023,600.22
to
of
Secretary
Agriculture
to
3,285,135,380.92
purchase
cotton
3,300,000.00
3,300,000.00
Loans for refinancing drainage, levee and lrrigaK tion districts
Loans to public
of
teachers'
86,818,569.09
3,734,733.64
22,450,000.00
22,302,000.00
schooj authorities for payment
and for
salaries
refinancing out¬
standing indebtedness
Loans to aid in financing self-liquidating construc¬
tion projects
348,549,195.01
Loans for repair and
damaged
by
12,003,055.32
14,150,000
3,124,319
Central of Georgia Ry. Co
Central RR. Co. of N. J
and purchases of assets ot closed banks.
on
Loans to mining businesses
i
Loans to finance the carrying and orderly market¬
22,488,080.52
52,011,674.09
42,016,237.02
1,783,387.55
Other
Total loans,excl.of loans secured by
of preferred stock, capital
(Trustee)
notes
debentures of banks and trust companies
cluding
$18,063,730
disbursed
and
Chic.
(including
the purchase of
$100,000
(in¬
Federal
7,727,920.79
1,150,000
13,718,700
10,398,925
2,098,925
13,718,700
8,300,000
8,300,000
29,504,400
53,600
29,450,800
1,561,058
60,000
53,500
2,000,000
60,000
8,300,000
219,000
Columbus <fc Greenville Ry. Co.
Copper Range RR.
-
Co
Del. Lackawanna & Western Ry.
Denver & Rio Grande W.RR.Co.
Works security transactions
1,800,000
1,800,000
3,182,150
16,582,000
16,582,000
1,800,000
71,300
582,000
Eureka Nevada Ry. Co
3,000
8.176.000
15,000
78,000
for loans to:
Farmers
145,000,000.00
2,600,000.00
Joint Stock Land banks
Federal Farm Mtge. Corp. for loans to farmers.
Federal Housing Administrator:
55,000,000.00
To create mutual mortgage insurance fund..
Litchfield & Madison Ry. Co
For other purposes
provide
...
Stock—Commodity Credit Corporation
Stock—Disaster Loan Corporation
Regional Agricultural Credit corporations for:
Purchase of capital stock (lncl. $39,500,000
held in revolving
Expenses—Prior
fund)
22,667
1,000,000
6,000,000*,
13,915
520,000
35,290,000
9,278,000
6,000,000
13,915
520,000
120,000
8,500,000
800,000
800,000
800,000
2.556:666
2,556:666
50,000
200,000
3,000
197,000
1,729,252
744,252
985,000
Bigbee River Ry. Co.
6.843,082
23,134,800
99,200
100,000
2,309,760
785,000
1,070,599
99,266
785,000
1,070,599
25,000
27,499,000
18,200,000
27,499:665
18,200,000
600,000
3,000,000
18,200,000
7,699,778
28,900,000
809,888
28,900.000
3,000,000
222
7,700,000
29,500.000
Pioneer & F'ayette RR..
a6,843,082
100,000
5,124,000
•
3,000,000
11.500
<
17,000
17,000
4,975,207
300,000
300,000
St. Louis-San Fran. Ry. Co
*
St. Louis-Southwestern Ry. Co..
Salt Lake & Utah RR.
(receivers)
7,995,175
18,790,000
200,000
7,995,175
4,975,207
117,750
18,672,250
200,000
400,000
758,600
300,000
2,805,175
18,672,250
200,000
400,000
162",666
162,600
1,300,000
765,000
640,000
640.000
c32b:66o
162,600
Southern Pacific Co
45.200,000
41,000,000
22,000,000
Southern Ry. Co
51,405,000
50,905,000
100,000
100,000
5,147,700
5,147,700
17,897,672
100,000
147,700
706:666
706:666
30,000
30,000
30,000
23,231,583
4,366,000
13,502,922
22,439,383
750,000
22,525
Totals.
*
115,000,000.00
1,200,000
108,740
108.740
700,000
45,000
6,000
39,000
39,000
4,366,000
1,463:660
13,502.922
3,600,000
750,000
400,000
22,525
22,525
763,414,217 106,393,556 646,843,461 215,381,358
Represents
a
guarantee; in addition the Corporation also guaranteed the pay¬
ment of interest.
'
The loan to Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
(The Soo Line)
was secured by Its
bonds, the interest on which was guaranteed by the Canadian
Pacific Ry. Co. and when the "Soo Line" went into bankruptcy, we sold the balance
a
40,500,000.00
97,000,000.00
16,000,000.00
due on the loan to the Canadian Pacific, receiving
$662,245.50 in cash and Canadian
Pacific Ry. Co.'s notes for $5,500,000, maturing over a period of 10
years, $350,000
of which matured and
b Includes
Total allocations to governmental agencies..
299,984,999.00
was paid on Feb. 1, 1939.
$5,000,000 guarantee; in addition the Corporation also guaranteed
c Represents securities
sold, the payment of principal and interest is guaranteed
by the Corporation.
...
In addition to the above loans authorized the
928,434,424.83
For relief—To States directly
by Corporation
To States on certification of Federal
Relief
a
the payment of Interest.
3,108,278.64
13,696,502.92
115,696.87
126,871.85
Since May 26, 1933
Administrative
Administrative expense—1932 relief
99,422,400
6,843,082
100,000
5,124,000
44,500,000.00
to May 27, 1933
354,721
*350,000
2,550,000
WrightsvIUe & Tennille RR
capital for pro¬
duction credit corporations
1.111,000
546,000
Georgia & Fla.RR.Co. (receivers)
354,721
Great Northern Ry. Co
...105,422,400
Green County RR. Co
13,915
Gulf Mobile & Northern RR. Co.
520,000
Illinois Central RR. Co
35,312,667
Lehigh Valley RR. Co
10,278,000
10,000,000.00
61,046,074.55
revolving fund to
3,183,000
Wichita Falls & Southern RR.Co.
...
Commissioner
Sec.of Agricul. for crop loans to farmers (net)..
Governor of the Farm Credit Administration for
78,000
f
Wabash Ry. Co. (receivers)
Western Pacific RR. Co
Western Pac. RR. Co. (trustees).
124,741,000.00
Bank)
15,000
Q
10,539
10,539
3,183,000
546,000
Galveston Terminal Ry. Co
393",706
627,075
227,434
8,176,000
Texas Southern-Eastern RR. Co.
Tuckerton RR. Co
200,000,000.00
Capital stock of Federal Home Loan banks._
Land
Gainesville Midland RR. Co
Gainesville Midl'd Ry. (receivers)
Galv. Houston & Hend. RR. Co.
Sumpter Valley Ry. Co
Secretary of the Treasury to purchase:
Capital stock of Homeowners' Loan Corp...
(now
3,000
90,000
Tennessee Central Ry. Co
Texas Okla. & Eastern RR. Co..
Texas & Pacific Ry. Co
7,404,517,340.44 5,519,736,439.46
Loan
3,182,150
717,075
227,434
Fla. E. Coast Ry. Co. (receivers)
Ft .Smith <fe W.Ry.Co. (receivers)
Ft. Worth & Den. City Ry. Co..
Savannah & Atlanta Ry. Co
Seaboard Air Line Ry .Co.
(receiv)
Allocations to Governmental agencies under pro¬
visions of existing statutes:
Farm
2,000,000
sbo.ooo
(trustees)
474,124,130.31
603,000,209.49
53" 500
53,500
8,081,000
Salt Lake & Utah RR. Corp
Sand Springs Ry. Co
Public
Total
l.loO.OOO
Denver & Rio Grande W.RR.Co.
Denver & Salt Lake West.KR.Co.
Erie RR. Co
588,012,109.92
1,231,185,426.56
of
150,000
.
34,475,000.00
Administration
3,840,000
838
150,000
Pittsburgh & W. Va. RR. Co...
Puget Sound & Cascade Ry. Co..
11,000,000.00
preferred stock)
Emergency
537
3,840,000
1,289,000
RR. Co.
no. shore & Milw.
Pennsylvania RR. Co
Pere Marquette Ry, Co
580,284,189.13
for
Total
11,500,000
Cincinnati Union Terminal Co._
Colorado & Southern Ry. Co
N. Y. Chic. & St. L. RR. Co
N. Y.N. H.& Hartford RR.Co.
$11,296,-
disbursed
500,000
23,134,800
99,200
Mobile & Ohio RR. Co
785,000
Mobile & Ohio RR. Co.(receivers)
1,070,599
Murfreesboro-Nashville Ry. Co..
25,000
New York Central RR. Co
b32,499,000
2,425.46
133.87 repaid on loans secured by pref. stock)..1,160,710,426.56
Purchase of stock of the RFC Mortgage Co
25,000,000.00
companies
46,588,133
Chicago R. I. & Pac. Ry. Co...
Mlssouri Pacific RR. Co
Missouri Southern RR. Co
and
Purchase of stock of the Fed. Nat. Mtge. Assn..
Loans secured by preferred stock of insurance
36,000
155,632
4,338,000
1,000
3,840,000
Minn. St. P.& S.S.Marie Ry. Co.
Mississippi Export RR. Co
Missouri-Kansas-Texas RR. Co_
pref.stock.5,570,331,704.39 4,457,600,199.23
Purchase
464,299
5,916,500
12,000,000
(trustee)
767,716,962.21
18,810,615.49
19,644,491.78
61,150,000.00
Loans to Rural Electrification Administration...
220,692
464,299
140,000
Chicago & Eastern 111. RR. Co..
Chicago & North Western RR. Co 46,589,133
Chicago Great Western RR. Co..
1,289,000
Chic.Gt. West. RR. Co.(trustee).
150,000
Meridian &
767,716,962.21
...
3,124,319
35,701
140,000
5,916,500
Maryland & Penna. RR. Co
ing of agricultural commodities and livestock:
Commodity Credit Corporation
14,150,000
500,000
Louisiana & Arkansas Ry. Co
Maine Central RR. Co-.
4,454,251.40
47,224,586.66
168,632,837.41
45,369,706.69
4.448,700.00
Loans to aid in financing the sale of agricultural
surpluses in foreign markets
Loans to business enterprises
Loans
233,844,450.93
reconstruction of property
fire, tornado, flood
earthquake,
and other catastrophes
139,909
13,200
Ry.
Fredericksburg & North. Ry. Co.
Total loans under Section 5_.........
Loans
11,204
535,800
53,960
Chic. Milw. St .P. & Pac. RR. Co.
13,064,631.18
12,971,598.69
9,250,000.00
5,643,618.22
719,675.00
600,095.79
.................
41,300
11,069,437
(Atlantic Coast Line and Louis¬
ville & Nashville, lessees)
$
of public
Livestock Credit corporations
Federal Intermediate Credit banks—
14,600
41,300
11,069,437
53,960
549,000
Boston & Maine RR
Chic. Milw. St.P. & Pac. RR. Co.
525,004,217.40
387,236,000.00
173,243,640.72
119,526,777.50
90,693,209.81
22,423,504.87
Building and loan associations Unci, receivers).
Insurance companies
$
127,000
275,000
Repayments
receivers)..,1,975,788,451.92 1,862,589,350.37
646,843,461.06 *210,231,357.61
Federal Land banks
Repaid
$
Ala. Tenn.& Northern RR. Corp.
$
Banks and trust companies Unci,
Disbursed
127,000
Disbursements
Loans under Section 6:
$
127,000
of
follows disbursements and repay¬
all purposes from Feb. 2, 1932, to May 31, 1939:
listed
dis¬
Aberdeen <fc Rockflsh RR. Co—
Charles City Western Ry. Co
report
with¬
or
amount
or
Withdrawn
$
par
time to time.
The
Canceled
Authorized
Carlton <fc Coast RR. Co
to
value of $33,591,000 as the Federal
Emergency Administration of Public Works is in a position to deliver from
having an
the
(as of May 31, 1939), contained in the report:
vaule of
par
Through May 31, 1939, the Corporation has purchased from the
$13,043,506.
table
with
together
repaid by each, are shown in the following
securities
$48,825.
Works
to and
railroad,
Emergency
maturing
In
bursed
$233,-
for
1939
Authorizations
Federal
value of $2,255,000 and sold securities having
par
$4,798,050
has
$348,549,195
each
drawn
repaid.
been
May
Administration
having
on
borrowers;
July IS,
has
al7,159,232.30
approved,
in
principle,
loans
in
the
Corporation
amount
of
$96,-
485,675 upon the performance of specified conditions.
—.—
Administrator
tinder Emergency Appropriation
Act—1935...
Under Emergency Relief
Appropriation Act,
1935
499,999,011.22
500,000,000.00
Continued
by
500.000,000.00
Expansion of Business Activity Reported
Secretary Hopkins—Says June Level of Pro¬
duction Exceeded That of March
Total for relief.
Interest
and
on
.1,799,984,010.22
notes issued for funds for
allocations
33,177,419.82
Grand total
*
weeks, Secretary of Commerce Hopkins on July 4, in a
of June developments, said that industrial
produc¬
review
10165113,195.31 a5536895,671.76
Does not include
were
Reporting expansion of business activity during the last
six
relief advances
Co., which
17,159,232.30
$5,150,000 represented by
accepted in
payment
for the
tion
notes of the Canadian Pacific Ry.
creased coal and steel
balance due
on
loan
made to
the
Minneapolis St. Paul & Sault Ste. Marie Ry. Co.
In addition to the repayments of funds
disbursed for relief under the Emergency
Relief and Construction Act of
1932, the Corporation's notes have been canceled
in the amount of
$2,707,436,622.57, equivalent to the balance of the amount dis¬
bursed for allocations to other governmental
agencies and for relief by direction of
a
Congress and the interest paid thereon, pursuant to
provisions of
No. 432) approved Feb. 24, 1938.
an
Act
(Public
exceeded
.while
the
added
that
is
being
the
level
of
last
March.
He
said
that
in¬
output contributed to the June gains,
employment opportunities also increased.
He
the
recent
sustained
impetus
to
the business
by
movement
construction, increased real income
and retail buying.
He also noted improvement in foreign
trade, particularly in exports of manufactured goods.
A Washington dispatch of July 4 to the New York
"Times"
quoted
from
the
report
as
follows:
Volume
"Recent
The Commercial & Financial Chronicle
149
economic
changes,"
said
Mr.
Hopkins,
readjustment of domestic business toward
current
flow
augmented
tinuing
ing
of
by
income
the
and
volume
of
of
of support to
source
influence
which
retail
position
a
buying.
Government
industry.
constituted
"have
line with the
in
more
Both
which
expenditures
is
activity during
production have moved upward promptly."
spring,
the
and
orders
Hopkins, however, could find
private capital
issues
to
refunding
"Recent
of
the results
substantial,
mainly
as
has
been
the
54%
the
duced
in
industrial
contra-seasonal
capacity
influenced
was
inventories
While these
the
were
from
come
flow of
two months
to
up
measure
mining
and
tie-up
goods into
consump¬
months,
enlarged
recent
been
have
and
necessary,
markets.
production
increase
substantial volume of
a
replenishing
has
increase
security
in June
traceable to
was
coal production following the termination of the industrial
in
The
of
the
throughout
by distributors and manufacturers
recovery
dispute.
the coal
of
As
sustained
has quickened activity in wholesale
"Part of
they followed
quarter did not
result
a
in
follows:
as
May
production
well
as
down
47%
from
price reductions,
buying,
drawn
were
obvious
wider range
a
steel
by the
forward
which
more
in
to
which
in¬
by the need for
as
during the
tie-up.
coal
changes, the evidence of better business
of industries.
Opportunities
in
June
by
the
increase
in
manufacturing,
the return of additional coal miners to work, and the
expansion in construction and agriculture.
Construction continues
strong support to the general level of activity, with actual
operations expanding.
There was some reduction in the volume of contracts
seasonal
to
afford
let
Council, Inc.
in
June,
canceling at least part
for
payments
the
half
year
mately $65,600,000,000,
and
the
1937
of
estimated
are
compared
with
according to preliminary data,
the
April-May
at
the
Turner
Public
under
Utilities
the
supervision
of
Division.
decline.
annual
an
1938
total
rate
of
Income
of
approxi¬
$64,200,000,000
figure of $69,000,000,000."
on
Commission
and the De¬
July 7 made public the second report of
The report
Foreign Bondholders Protective
prepared by Herbert Feis,
Department adviser on International Economic
Affairs, and George C. Mathews, SEC Commissioner. A
was
similar
report, made early last year, was referred in the
"Chronicle" of Jan. 15, 1938
(page 364). The latest report
commends the work of the
Council, but expresses concern at
inadequate methods of obtaining revenue, and recommends
change in policy whereby the Council could levy a man¬
datory charge on bondholders who accepted settlements it
had negotiated.
In that connection, the report said:
a
The inadequacy of the Council's
Board of Visitors.
bonds.
In
It
expert
facilities
has
large
earned
a
should
as
it
has
five years it has shown a
displaced other agencies in this
a
permanent,
be
always
matter of concern to the
a
over
behalf of American holders of defaulted
on
measure
place
is
revenues
During its existence of
record of commendable endeavor
available
contral institution whose
to bondholders.
But it is
obvious that, lacking adequate
financing, it cannot render a full measure
of service, nor be assured of a
permanent existence.
As of Dec. 31, 1938,
the condition of the Council's finances caused
grave concern as to its ability
to function on
This
"The monthly index of income payments,
A.
State
during the first three weeks of June.
rose
the
the Board of Visitors for the
field.
improved
were
C.
of
Securities and Exchange
partment of State
foreign
Employment Opportunities
Employment
The
significant increase
a
During the second quarter industrial
political conditions abroad.
however,
but
the second
of
the recent rise
statement
the preceding quarter.
commitments
this
been
His
volume for
curtailed
was
unsettled
tion,
total
of
He attributed
operations.
have
gains
decline the
output
expenditures.
by
Work of Council in 1938 Is Reviewed
evidence
no
prepared
was
SEC and State
Department Publish Second Report on
Work of Foreign Bondholders Protective Council—
New Method of
Raising Revenue Recommended—
Capital Expenditures
Mr.
in
analysis
Roy Smith, former director
con¬
a
With the alleviation of the retard¬
restricted
C.
347
been
these have
of
The
a
a
permanent basis.
has
concern
extent
some
•
«
.
been alleviated to
by information from
the Council that
subsequent to Dec. 31, 1938, it has received a payment of
$76,482.95 from the Republic of Poland in connection with debt adjust¬
ments
negotiated by the Council affecting bonds issued by the Republic,
This payment, together with the cash
on
hand,
the Council's
assures
con¬
tinued existence for
a further
period of approximately two years without
regard to other income during that period.
Additional
SEC
Analysis
of
177
Operating
Electric and Gas
Utilities in 33 Registered Holding
Company Sys¬
tems Shows Combined Assets of
$9,927,396,496 on
Dec. 31, 1938—Earnings Totaled
$1,467,940,496
The Securities and Exchange Commission made
public on
July 6
analysis prepared by the Public Utilities Division
showing that the combined assets of 177 operating electric
and gas utilities in 33 registered
public utility holding com¬
an
systems
pany
The
aggregated
combined
1938
year
earnings
gross
totaled
$9,927,396,496 at Dec.
these
of
$1,467,940,496.
31.
1938.
companies for
Further
details
the
of
the
Only operating utilities with securities outstanding with the public and
assets
of
$5,000,000 or more are covered in the analysis.
The
with
assets
of
177
the
companies
approximately
are
total assets
of all registered
holding company systems.
17,985,054 electric and gas customers at Dec.
served
The
analysis
funded
on
dends
an
debt,
10
each.
Two
companies
71%
of
The 177 companies
31,
1938.
Eighteen
while
companies
one
another
The
of
companies
charges
interest
earned
one
companies
failed
to
and
preferred divi¬
showing
company
failed
to
interest
earn
fixed
earn
a
charges
and
debt,
had
companies
interest rate
return
a
whatever
its
on
8.32%.
averaging
their
on
stock,
common
stock
common
arrearages
or
of
63.21%
and
3.25%
low
as
interest
ranged anywhere from
funded
on
proposed
recommends that provision should be made
settlement for
as
small payment to the Council
a
the settlement.
changes
of
policy
with
In other words, payments
In lieu thereof the Council
an
integral part of the debt
by all bondholders accepting
by bondholders accepting the
settlement would be mandatory, not voluntary as in the
past, the amount of
course to be limited to the small sum solicited in the
past, i.e., $1.25 per
$1,000 bond.
not
This change in policy, the Council points out, would
only to increase the Council's revenues, it would also allocate
serve
a
sub¬
bondholders accepting the benefits of the Council's efforts, and
among the
thus avoid the unfairness involved
those bondholders
upon
The Board of Visitors
change of policy.
the
It is
who
in
permitting these costs to fall only
voluntarily contribute payments.
has given
careful consideration
this suggested
to
of the fact that, having no feasible alternative
aware
Council, bondholders will be obliged to make the indicated payment
irrespective of their individual wishes.
siderations
appear,
particularly
As against this,
the unfairness
voluntary contribution, the essential
nature
Council is
however, other
of the
present
are
of
finally, the fact that the
non-profit organization and that all its income,
a
con¬
system
of the Council's services and
the moderate amount of the charge involved, and
as
well
subject to the scrutiny of the Board of Visitors.
its
as
Under
all the circumstances the Board has concluded to interpose no objection to
the Council's proposal.
of this
new
The Board expects to follow carefully the operation
policy and to reexamine its desirablity in the light of its applica¬
was
6.04%, with 22
com¬
and four companies paying an average dividend
According to the survey,
dividends at Dec. 31, 1938.
$1.48
share to $49
per
49
companies had
These
arrearages
In
governments.
a
duration
change of policy
addition
to
permanent
settlements,
Council
the
has
number of temporary debt settlements of from one to four years
with
foreign
It
governments.
has
not
been
the
policy of the
Council to request contributions from bondholders in connection with these
It
settlements.
is
suggested
that in
connection
with
future
temporary
settlements, provision for payments by bondholders should be made
integral part of the debt settlement.
share.
a
the second place, the Council has recommended a
In
with respect to contributions following temporary settlements with foreign
effected
3.13%.
as
preferred stock
on
4 %%.
preferred
on
outstanding at Dec. 31, 1938,
interest of 6% or more on
paying
were
paying
were
more
of
debt
paying
were
companies
dividend rate
stock
funded
on
companies
Four
panies paying 7%
Total
had
return
no
return
a
while two companies
preferred
important
tion to future debt settlements negotiated by the Council.
Eight
debt.
The average
on
the
43.83%.
average
funded
two
policy of seeking only voluntary contributions from bondholders receiving
disbursements,
showed
company
4.40%.
was
stock
common
to
but to accept a settlement offered by a foreign debtor with the
approval of
preferred stock dividends.
On
consideration
the benefits of debt settlement negotiated
by it.
the
with three companies showing a
Fixed
of 1.52 times, with
times.
18
operating
2.48 times,
average
while
177
the
times
10
than
more
funded
on
than
earned
of
that
average of
an
more
were
coverage
shows
debt
of
coverage
give
respect to payments from bondholders in connection with debt settlements.
In the first place the Council feels that it should no
longer continue its
stantial part of the costs of the Council's operations
evenly and equitably
study follow:
combined
sources
of revenue for the
Council, however, are plainly
Accordingly the Council has suggested that the Board of Visitors
required.
as an
The Board of Visitors also has
no
surplus of the 177 operating companies at
$8,558,816,628, of which $7,943,903,463 represented
capital and $614,913,165 represented surplus.
Of the total capitalization
objection to this proposal but is of the opinion that such payments should
and surplus,
amount.
Dec.
capitalization
31,
1938,
was
bonds and debentures
stock,
common
and
22.92%;
and
preferred stock,
;
miscellaneous,
2.16%,
18.21%;
and
sur¬
the
plant
value
and
From
ducted
of
operating
combined
reserve
while
fixed
and
charges,
of
and
property.
$259,627,171.
aggregated $96,347,686, "leaving
of $256,989,128.
$1,467,940,496 were de¬
of
of
Accompanying the analysis is
$191,223,119, mainte¬
$151,262,388,
were
was
leaving
a
net
13.03% of total operating
The
average
combined
a
Preferred
a
property,
investments
10.30%.
There
94.34%
was
analysis showed
taxes
of
Taxes
was
177 companies
The
revenue
depreciation
of $469,104,257.
of
of
$571,115,144,
depreciation
10.05%
was
operating
of
expenses
revenue
the group
investments.
$8,815,100,459
total
$85,235,588,
revenues,
after
property and
operating
nance
ments
of
equipment of
a
depreciation
income,
dividend
stock
net
require¬
balance of $163,279,485.
a
Smaller companies
covered
debt
average
chart classifying the 177
funded
interest
($5,000,000 to $10,000,000) earned interest
of 2.14 times, while larger companies
debt
rate
interest
and
an
preferred
panies were lower than in the
and
5.4%,
case
of
ing
respectively,
taxes,
revenues,
reserves
for
companies,
as
dividend
stock
case
rate
The
whereas
the
smaller
larger companies,
being 9.40% of
5.33%
with
companies
however,
property as
the
for
less than
compared with
com¬
being 4.08%
In
the
13.16% of operat¬
paid 10.26%.
was
funded
larger
6.44%.
and
the larger companies paid an average of
the
average
of the smaller companies,
compared
funded
(over $200,000,000)
of 3.2 times.
average
on
for
Depreciation
the smaller
13.26%.
A
sum
of
thereabouts per $1,000 bond would, it is believed, be a reasonable
Furthermore, the
made if the period
Board
believes
of the settlement is one
that
no
payment
should
be
year or less.
discussing the work of the Council in 1938, the Board's
report said in part:
During the course of the year the Council has been engaged in discuss ions
with many countries.
It has negotiated definitive settlements with regard
bonds issued by Poland, Silesia and the City of Warsaw.
to the dollar
consummated
a
It
similarly important agreement with the Republic of Cuba.
It has laid the groundwork for discussion looking toward the settlement of
various
bond issues of various
On the other
Latin American countries,
hand, in the course of the
year
now in
default.
political changes in Europe
have led to the complete cessation of payments on various dollar bond issues
of the former Austrian
Republic and of the Czechoslovak Republic, which
securities were being paid in full before the political changes occurred.
companies into groups according to size and showing finan¬
cial statistics for each group, as to which the SEC
says:
an
or
In
Capitalization and surplus of
debt
50c.
7.19%.
plus,
of
49.52%
were
notes
be in smaller amounts than in cases of permanent settlements.
In
these situations the Council has had to reckon with the fact that settlements
providing the continued payment on other securities of these
appear to
same
debtors
be in the course of discussion.
It is believed that the Council during the year 1938 continued to estab¬
lish itself among American holders of foreign dollar bonds
and disinterested representative.
as
The Board of Visitors is
an
appropriate
again
glad
to
express
its belief that the Council has been earnestly and actively endeavor¬
ing
obtain
to
secure
them
adequate consideration for American bondholders and
forceful and single-minded representation.
the Council in arranging mutually
The
progress
to
of
satisfactory settlements of difficult debt
situations is a matter in which others besides bondholders
can
recognize an
interest, for the prolongation of default situations adversely affects the course
of commerce, the economic
capital.
development of other countries, the activity of
The Commercial & Financial Chronicle
348
SEC Issues Report on 86 Manufacturers of Automobile
Parts and Accessories—Based on Census of Ameri¬
immediately following a session when
July 7 made
public the 18th of a series of reports based on a Works
Progress Administration project - known as the Census of
American
Listed Corporations.
The report contains a
summary of selected data oh 86 corporations whose business
is primarily the manufacture of automobile parts and ac¬
cessories which were registered underthe Securities Exchange
Act of 1934 at June 30, 1938.
The SEC further explained:
subsidiary of
One of these corporations was a
one
on
of the others
Comparable data
includes only 85 enterprises.
85 enterprises which reported information
84 of these
are
parable data
for the two years, one
did not report sales
or cost
83
which
enterprises
presented
<
comparable data for the last
two
showed a combined volume of business amounting to $1,175.on or
about Dec. 31, 1936.
These
enterprises showed a combined operating profit during this period of $114,000,000 or 9.7% of sales for the fiscal years ended
all charges
on or
about Dec. 31,
about Dec. 31, 1937,
on or
compared with an operating profit of $115,000,000
fiscal years ended
11.2% of sales for the
or
A combined profit after
1936.
(including non-operating gains and losses, prior claims, interest,
taxes) of approximately $92,000,000 or 7.8% of sales was re¬
The Twentieth
Century Fund, in announcing the results
July 9, said that chain stores lumped together
as a whole operate at lower expense ratios, pay higher aver¬
age wages, show greater sales per employee and have a faster
rate of stock turnover than do independent stores as a whole.
It is added that their locations in larger towns and cities
and their frequently limited services make adequate com¬
parisons difficult and render dangerous any judgement as
to the inherently greater efficiency of one type store over
the other.
The summary of the survey said in part:
of
a
survey on
which
ported for the fiscal years ended on
United
or
about Dec. 31, 1937, compared with
9.2% of sales in the fiscal
or
years ended on or about
Dec. 31,
has just
Five selected expense items
studied—maintenance and
&c., taxes
which
repairs,
are
shown separately in the
The survey was
conducted
mately $100,000,000 in the fiscal years ended
compared with $83,000,000 in the fiscal
Dividends
1936.
paid out
by these
on
84
enterprises
for these enterprises
accounts
about Dec.
or
000,000 during the two fiscal years ended
during
Dec. 31,
1937
totaled
The combined total for
increased
on or
approxi¬
31, 1937,
years ended on or about
$77,000,000 compared with $74,000,000 in 1936.
all surplus
to
approximately
$51-
about Dec. 31, 1937.
The
combined balance sheet assets for all 84 enterprises totaled
$713,000,000 on
or about Dec. 31, 1937,
compared with $698,000,000 on or about Dec.
31,
1936.
Current liabilities decreased during the same period from
$109,-;
000,000 to $95,000,000, while stockholders equity, as indicated
by the tJtal
of capital stock and surplus, rose from
$550,000,000 on or about Dec.
on or about Dec.
were
made public
the report
Pointing out the difficulty of making direct comparisons,
If chain
and
stores
independents
were
identical in all respects
says:
except
their management—in average size of store, in the kinds of goods carried,
in the nature of the services rendered, and in the size of the city in which
they operate—comparisons
would justify valid and significant
...
/
conclusions.
Actually, however,/it is known that phain stores, on the average, are
larger than independents, which helps to explain the fact that their average /
sales per employee are greater.
A larger proportion of chain stores than
of independents, moreover, are located in the larger cities, where retail
sales and turnover are greater than in the smaller communities, and where
wages are necessarily higher.
Chain stores have better locations, too,
than independents, which involves higher rents, but also contributes to
higher sales volume.
On the other hand, chain stores, as a rule, render
fewer services and carry a more limited variety of merchandise than do
many of the independents, thus reducing some of their expenses.
31,
1936, to $567,000,000
of the research report
July 9 by Evans Clark, Executive Director of the Fund.
profits), management
excess
fees, and rents and royalties—amounted
under the supervision of the
Distribution Committee of the Twentieth Century Fund, of which Willard
depreciation, depletion, amortization,
(other than Federal income and
and service contract
reports
staff
special research
a
completed a survey of the cost of distributing goods in the
States.
L. Thorp is Chairman, and parts
1936.
forth by
These findings and conclusions are set
and income
$94,000,000
Ratios Than Inde¬
Have Lower Expense
pendent Extablishments, According to Survey by
Twentieth Century Fund—Faster Rate of Stock
Turnover Also Shown in Analysis
1937,
of sales separately and,
000,000 in the fiscal years ended on or about Dec. 31, 1937, compared with
$1,024,000,000 in the fiscal years ended
while on days following price increases,
the case.
Chain Stores
prises.
The
Furthermore, on days following price declines, pur¬
♦
therefore, figures relating to these two items are given for only 83 enter¬
fiscal years
non-members and round-lot and odd-lot cus¬
curtailed relatively,
were
the opposite was
com¬
available
are
When prices rose, on the other hand, there was a relative
tomers' transactions.
also presented for 60 of these enterprises which reported •;
are
Of the 84 enterprises for which comparable data
by these groups rela¬
On days of decline, buying was increased
balances.
tive to their sales.
chases
transactions of odd-lot customers were
changes in a fashion opposite to that of members'
to daily price
increase in the sales of both
for the two fiscal
information for the fiscal years ended on or about Dec. 31, 1934 to
inclusive.
transactions and from the aggregate
related
that the
so
non-members' aggregate round-lot
The daily balances resulting from
(7)
,
presented for
ended on or about Dec. 31, 1936 and 1937, in one group, and
years
indexes showed price losses, whereas on
days after price rises their sales showed a relative increase.
Commission
The Securities and Exchange
group
purchases, relative to their sales, on trading days
increase their aggregate
Listed Corporations
can
July 15, 1939
There also was a tendency on the part of these member groups to
(6)
Chain
31, 1937.
With
Stores
as
caution that such
a
Group Show Lower Costs
a
modifying factors
these should be kept in
as
mind, the research staff cites figures to show that during the last year for
which
SEC Issues Sixth Study of Capital Markets and Stock
Exchange
Flow of
Developments Since 1933—Deals
Stock Trading on New York Stock and
with
Curb
Exchanges
ing and Exchange Division has submitted
to the Securities
and
Exchange Commission the sixth of a series of studies of
capital market and stock exchange developmerts since 1933,
as reflected in statistics
generally available or collected by
the Section.
The third, fourth and fifth studies of the
were
mentioned in
issue of
our
July 8,
page
188.
The
Commission's announcement of July 12 said:
This study deals with
Stock and
Curb
Generally covering the period from early
1935 to
June 30. 1938, it describes various features of the transactions of
stock exchange members, odd-lot
customers, foreign customers, investment
companies,
and
reporting
persons
Exchange Act of 1934: these
stock
trading
on
under
Section
16(a)
25 and 27 5% of net sales.
tween
The
trading
tendencies
independent
of the
Securites
of
domestic
non-
stores
as
a
The
some
be given because of the
can
be¬
as
of the trends in operating costs during recent years, the
research staff points out
expense
to
No exact figure
precise allocation of certain chain activities
a
the wholesaler function and the retailer function.
Examining
that for all kinds of retail outlets the operating
ratio averaged 24.8% in 1929 then
rose
(as sales volume decreased)
32.2% in 1933, and stood at 27 5% in 1935.
Making
detailed
more
a
analysis with respect to chain stores and independents, the research staff
finds that between
1929 and
in total sales and
lesser increase inc ost ratios than did the independents.
a
1933 chain stores showed both
smaller loss
a
"But by 1935 this trend was reversed," says the research report, "and the
more
expenses
at
a
rapid rate than the chains."
Summing up the general influence of the chain stores on
merchandising system of America, the Twentieth Cen¬
tury Fund's special research staff said in part:
the
Although
groups account for about one-half of the total
exchanges.
(1935),
independents increased their sales and decreased operating
"The Flow of Stock Trading on the New York
Exchanges."
available
are
comparable ratio for chain stores is estimated to lie somewhere between
difficulty Of making
On July 12 the Research and Statistics Section of the Trad¬
series
complete statistics
whole used 28.4% of their net sales to pay their operating expenses.
chain
methods
their
have
demonstrated the benefits of
disadvantages,
they
have
clearly
buying under central supervision,
mass
care¬
members dealing in round lots also is inferred from
figures on the transac¬
tions of the groups mentioned above.
Because of its
ful stock control, rapid turnover, central warehousing, intelligent display
released
of
length, this study is
in
two
The first
parts.
released
part,
today
(July
12),
briefly
and store arrangement,
part-time
the outstanding trends in the balances of the various
groups
from 1935 to June, 1938, then goes on to discuss in
detail some of the trad¬
force
ing tendencies of stock exchange members, odd-lot
under
summarizes
members trading in round lots.
customers,
The second part, to
will discuss the information available
on
and
non-
be released shortly,
the trading tendencies of foreign
customers, investment companies and persons reporting under Section
16(a).
briefly indicated
(1)
on
as
study released herewith
follows, by the Commission:
Exchange
March, 1937, the supply of stock
came
predominantly from domestic
training
It
was
of the
soon
selling
discovered
and
by better cooperation between retailers,
management
producers.
Economies
were
effected
by other types of
chains.
Consumers
well
as
as
business interests
have
been at least par¬
cooper¬
cost
enterprises
to
cut
the
price spread
between the production
of
goods and the ultimate selling price.
non-
came
"Balkanization" of Europe Could only Bring Ultimate
Ruin to
were
the principal net
buyers.
First
non-members, notably investment
panies, while members also
were
net
sellers; odd-lot
customers
were
com¬
almost
During the 10-weeks period beginning
early in April which preceded
the sharp recovery in prices
starting late in June, none of the groups showed
definite trading balances.
(4)
From March, 1936, to June, 1938, the number of
specialists and the
proportion of the total round-lot volume
represented by their trading showed
tendency to increase.
The number
of members
account in other capacities meanwhile
was
There
was
a
consistent
trading for
their
own
declining.
tendency for specialists, floor traders and
members off the floor to increase their
aggregate purchases relative to their
sales on days when stock price indexes
rose, and to curtail their purchases
relative to sales on days when prices declined.
This tendency was apparent
not only in
the
period from March, 1936, to March, 1937, when
prices were
rising on the whole, but also in the subsequent year of decline.
According
National
to
of
Bank
Is
The world is
As prices declined more rapidly
the only net purchasers.
All,
Walter Lichtenstein of
Chicago—Says Prosperity
Impossible for World if Europe Is to Be Cut
into Many Small Countries—Low Interest Rates,
He Says, Menace Safety of Banking Structure
in considerable amounts, on balance,
from August, 1937, to
April, 1938, the bulk of the net selling came from the
round-lot transactions of domestic
(5)
and
services.
ative
During the early phases of the subsequent price decline, from April
1937, members' net selling increased in volume, while odd-lot
customers
a
non-essential
business operation which have made them better able to compete with the
August,
(3)
independent
wholesalers
from members initiating their trades off the
Exchange floor, while odd-lot
customers' net purchases were added to
foreign net buying.
(2)
systematic selection
of
During the rise in prices from 1935 to late 1936, sale balances in stocks
the New York Stock
members trading in round lots, and net
purchases were made principally by
foreign investors.
In the latter phase of the rise, from
November, 1936, to
to
employees,
elimination
that many of the advantages of the chains could be adopted or achieved
tially influenced by the lower price levels of the chains to establish
Some of the facts disclosed in the
are
and
standards of cleanliness and quality, effective use
economic
and
more
more
becoming
a
single entity in
and
"and none of us are going to prosper
flourish if the world, and especially Europe, is to be
cut
up
an
into
sense,
a
large
which maintains
number
of
small
almost impenetrable
an
countries, each of
barrier against the
entry of goods from elsewhere,"
Vice-President
of
the
First
said Walter Lichtenstein,
National Bank of Chicago, in
address on July 7 before the Institute of Public Affairs
Charlottesville, Va.
Mr. Lichtenstein, who spoke on the
subject, "A Banker Looks at Europe," declared that there
an
at
is
too
much
without
tendency
sufficient
at
Washington
regard to
the
at
ultimate
present
"to
act
consequences."
He said, in part:
A
remark
at
times
attributed
to
Bismarck
did not exist it would have to be created.
the
trade
routes
and
the
economic
is
that
if
Austria-Hungary
What he had in
interrelation
along the
mind
was
Danube
that
are
of
Volume
Buch
least
The Commercial & Financial Chronicle
149
nature
a
that
it
economic
some
large free trade
is
absolutely essential to have, if not political, at
unity.
areas
Under
modern
our
essential
are
to the
permit the
production
system of mass
prosperity of the world,
state
Germany, by being given a free hand in Southeastern Europe, should be
able thereby to include the countries of that
part of the world in a large
economic sj'stem and enhance their
productivity and organize them so as
to
make
them
conditions,
conform
then
the
than
more
world
as
been
has
whole
a
in
true
would
be
do
wish
to
point
that
out
in
of
Europe would bring ruin
banker, but perhaps rather
I
recognize
time,
that
it
in
this
which
conditions
wish to
is
Messrs.
long
as
student
a
recent
months,
what
is
really
if
the
individualism
century
the
to
socialism,
had
we
of
which
end
at
are
the
doubtful
great
extended
the
of
.
more
course
..
.
words,
is
here
and
is
acts
has
to
come
do much
ments
of
man's
ability to control them that he is dominated by them.
the age
in which
period
of
relative
rulers
of
the
in
result
an
Lenin and
economic
live have
we
and
peace
better
a
forces
come
much
so
understanding
which
have
end,
an
to
It
change
been
But
the
on
let
rapidly than
more
loose
long
a
of
part
will
orderly development and give time for necessary adjustments.
predecessors felt rightly that a control of the credit instru¬
control
means
instrumentalities
of the
still
are
whole economic system.
banks; their resistance to complete govern¬
control is being undermined
by those forces, so largely centered
Europe, which keeps business stagnant and interest rates low, restrict
international
from
trade,
country to
thing to have
and
quite
the
in
it
In the
of
come
if
it
world
low
saieij
business
use
is
the
result
war.
interest
safety of
of
general
chaos
has
undue
an
" in
n
snid
said
he
causincausm
of their funds
proper ion
for
the
purchase of bonds, mostly Government bonds, and a sudden
change in the yield on securities would result in a drop in
tive bond market
would seriously impair or'threaten.to
impair the capital structure of the banking sy:st
country, and might
even^go so far as to> pi o e a
In part, the speaker continue
private enterprise.
Most of
colleagues in the banking business
my
the prevailing low
rates
Treasury
Federal
pleas
end
the
and
these
to
the
of
or
the
cheap
of
exaggerated;
the
business
to
A
change
mental
the trend
until
the
One
gold
our
which,
hand
to
ness
to
.send
There
is
foreign
and
be
possible
the
this
if,
by
talk,
as
but
justifiably
out
I believe,
directly
is
to
prevail
than
now
of
the
,
;
.
hope
be
Our
which
Union.
outside
is
that
this
a
As
eliminated
I
great
more
befdre
and
buy
change,
develop¬
will
not
to
work
of
and
in
the
is
larger
made
was
barriers
more
today,
between
course
of
Chandler
Four
shadow
becoming
a
Bill
Adverse to Security Holders'
Interests,
Opinion of Fenner & Beane
principal rail
economic
measures
factors
in
now
the
before
current
Congress
rail
over¬
outlook
and
promise significant changes in the rail security
market,
according to the F. & B. Industries Service, monthly
survey of major industrial groups, prepared by Fenner &
Beane, New York Stock Exchange firm, made public on
July 14.
The
survey
also said:
The most important and only adverse one of the four
measures frbm the
security holder's viewpoint, in the opinion of the study, is the
Chandler
designed to afford temporary relief for borderline solvent roads
by
imposing on dissenting bondholders any interest reduction and
maturity
extension plan approved by stipulated majorities of all. and
of each class
bill,
of bondholders.
Next in importance and most favorable of all is
on
•
a
bill to
will
step unnecessary.
not wait
so
which exempts
by "needy" corporations
Hanes, Under Secretary of the
Treasury, testify¬
July 11 before the House Ways and Means
arguments
advanced by
tax
United States Conference
th
of
mistaken in stati
would unsettle
bo/dg
TT^hpr
1?®
Secretary
of
income from future
Mr. Hanes, in
particular, took
on
Guardia, of New York, and the
Mayors, had said declaring that
TV /T
L
-
J
t^xi
that
munici|al finance8g
^hle "
Committee,
Treasury
opponents
exemptions
were
declared
declared,
"is
---'J
1
1
the income
Mr. La
fio-btino-
+La
GuarSa^
mnitir.iin«
is lighting the multiplica¬
Qn
July 12 the Ways and Means Committee
voted today
defer until the next session
legislation to prohibit future
issuance of tax-exempt securities and
to reduce surtaxes
on
individual incomes in the hhrher brackets.
higher
Assnc.iaf.fid Proas
Associated Press
advices from Washington on that
date said:
to
The Treasury had recommended a
ban on future tax
exemptions on the
ground that they tended to deprive
industry of much needed
investment
capital and interfered with the
Government's tax system.
Treasury officials contended that while surtaxes
on individual
incomes
as high as 70%, investors were
inclined to
ranged
put their money in taxexempt bonds rather than risk it in
venturesome enterprises.
The committee's action eliminated
another possible barrier
to
ment.
adjourn-
"
.
.
,•••, •
Chairman Robert L. Doughton
(D,, N. C.) said the committee
felt there
was too little time left before
adjournment to attempt
passage of the legis¬
lation this session.
.V1
\
V;-.'
"
Previous
testimony before the Committee by Mr. Hanes
was reported in our issue of
July 8, pages 198 and 199.
A
Washington dispatch of July 11 to the New York
"Herald
Tribune" summarized his
July 11 statement as follows:
John W.
Hanes, Under Secretary of the
Treasury, and Representative
Democrat, of North Carolina,
Chairman of the
House Ways and Means Committee,
combined today in criticism
of recent
statements by Mayor F. H. LaGuardia of New
York opposing the
Adminis¬
Robert
L.
tration's
Doughton,
proposal to
remove
the tax exemptions
from
municipal securities.
Their
hearings
Federal, State
and
rebuttal of
on
Mayor LaGuardia marked the
conclusion of public
the Administration plan and
brought from Representative
Doughton the opinion that legislation
until the next session of
session tomorrow
to
be made part of
next
session,"
involved question.
the subject
on
was
would be postponed
The Committee will
on
a general tax-revision
Chairman
adjournment
Congress.
determine its action
may
before
single entity, and none of us are going to prosper and flourish if the
world, and especially Europe, is to be cut up into a large number of small
countries, each of which maintains an almost impenetrable barrier
against
the entry of goods from elsewhere.
same
"credit"
issues of public securities.
exception to what Mayor La
be
economic
world of
progress
trade
have said
economically speaking the world
of
to
sake and safety,
organization
march
own
of
the
country.
will
people
the economic
better
for
unwilling¬
the
country
own
is
on
European
our
our
due
an
of
this
have
to
There
In
.
must
exist.
Constitution,
our
States
us
govern¬
have,
elsewhere
or
accumulation
part,
However,
so.
more
.
huge
in
of
entirely
do
any
cannot
here
indirectly the modernization
or
there
which
the other,
on
must, for
we
would
we
in
time
importance to
reasonable
cannot
.
the
purposes
present
stagnation
long as two years, the
jeopardize their
integrity and
to
management
doing, however, they will
proposal to eliminate
as
may easily be
by the tides, and
but
either
certainly
the
System
over
steps
that
is
moment
and
power
away
banished.
trade and,
the
parts of Europe.
areas
various
the
at
quite
hold
is
war
to the aid of that continent.
several
trade
is
investment
the utmost
will
go
prosperity
free
any
business
many
either
Reserve
concomitant
than
entirely
for
and
be of
done in helping either
life in
the
to
attitude
declare
to
their
carried
belief
better
of
not
reluctance
suffer undue losses
if
time,
worries
capital
which
ultimately
of
sure
securities,
it will
ments
hand,
are
and
own
favorable balance of
a
great
a
wish
listened
their
Federal
rates
My
aggression and
great
to
one
of
interest
take.
period
threat
of
us,
rates
money
of
might
agency
prolonged
any
like all of
low
not
the
of
other
have
I
due to forces which they may influence
steady improvement of business the world
are
control.
the
the
and
they change
should
Governors
On
they also,
for
causes
that
e
^
.
of the opinion that
are
entirely to the activity of the
System,
I
money.
Board
being entirely innocent.
due
are
Reserve
Government agencies
era
Treasury
of interest
so
criticized
resulted
year, many of the
by the bill, in the
John W.
ing
following
i
rates prevailing in this country
whole banking structure."
"The
our
in
stagnation
to
else
of his remarks Mr. Lichtenstein stated that
course
the
we
impossible the free movement of capital
Collectivism may be inevitable, but it is one
upon the world gradually and in orderly fashion,
another
"the present
menace
make
country.
something
wake
banks
and
rail
one
as
John W. Hanes Defends
Proposal to Tax
Municipal and
State Bonds—Under
Secretary of Treasury Tells
Ways and Means Committee
Mayor La Guardia^
of New York, Erred in His
Arithmetic When
Oppos¬
ing Plan—Committee Moves to
Defer Legislation
Until Next Session
The chief credit
the
mental
in
quick
as
as
to
relief offered
par, the survey concludes.
his
mentalities
be
seek
from income tax
liability those profits realized
which repurchase their own
bonds at less than
our
least
at
seems
long as to miss this chance
a plan can be
submitted to the ICC for
approval, it must
have the support of 25% of all
bondholders, and this, together with
the
actual formulation of the
plan, obviously requires
considerable time.
The most desirable of all the
measures, though far less certain of
being
passed than the Chandler bill, is the
measure
providing for open market
purchase of rail bonds by the
RFC, in the opinion of Fenner &
Beane.
By permanently reducing debt and
interest charges, this measure
would
achieve permanent as
against the temporary relief offered
by the Chandler
bill, the study believes.
Its enactment should
tend to buoy rail
security'
prices; the measure also fits
nicely with the tax revision bill
day in
likely to remain.
can
But it
for relief; before
State
the
not
inasmuch
to
If the period is
a
In
of
The mechanical improve¬
set.
we are
of
.
unpredictable,
probably defer as long as
possible the evil day, hoping that
political, legislative or economic
develop¬
ments may make such
.
of individualism
which
upon
other
In
i
might
standing,
less from the sixteenth
or
would be the order
world.
era
Collectivism
roads
to
war
period
influence is somewhat
the final compromise
version.
finally restricted
the next
so
that
on
borderline railroads would rush
would
recent
on,
to
as
.
market
a
opinion of the survey.
in these
what
the
as
going
end
century,
disguised,
work; the
been
corftplete
a
visualize
Just
war.
had
that
whether any specific governmental
fundamentally the
of the
conclusion
some
have tried to
nineteenth
name
possibly for centuries.
is
I
put
may say
of
through to
way
another
would
country
every
Great forces
tides
the world, but I have been,
collectivism
we
by whatever
practically
my
desirable, and
doubt,
no
the great
as
depends
the
Senate version), it will
prove an adverse market
factor, particularly for the
stocks and the junior bonds of
borderline roads.
Moreover, the shorter the
life of the Act, the
more adverse the
immediate market influence.
If the period of the
Act is
history and of current affairs,
against
bill
much
so
a form
permitting roads other than the
Valley (to which the effect of the bill is
limited in
a
as
already in bankruptcy.
Chandler
safe to say that if the
bill passes in
B. & O. and
Lehigh
whole
Hitler and Mussolini succeed, and I do not wish to see
process
have
of
The
because
are
due so largely to economic trends and
beginnings in the eighteenth century.
I do not
trying to think
happen
I
war,
the
important bill is that which would
bring water carriers
achieve equality of regulation for
all forms of
The fourth would set
up a special court to
expedite long
deferred reorganization of carriers
regimes, but I
Balkanization of
a
most
ICC jurisdiction to
transportation.
not
am
with approval of the
Inter¬
purchase railroad bonds in the
open market
to
account, or for the road concerned.
The third
instance
feasible and
hastened
their
or
I
own
under
modern
to
past
gainer.
In other words, not only
swim
totalitarian Power rule Europe and
a
run
everyone.
impossible to
which had their
see
the
upon
the
the
saying this from any love for Hitler and Mussolini
Commerce Commission
for its
and if
349
Reconstruction Finance Corporation
meet in executive
the proposed
legislation.
"It
measure
to
be drafted for the
Doughton said, adding that the
time
remaining
short to permit
proper consideration of the
too
Appearing before the Committee
to answer
recent
opposition testimony
the Administration bill, Mr. Hanes took
issue with
Mayor LaGuardia's
contention that the legislation has been
proposed "just 150 years too
late"
and its enactment would wreck the finances of
States and cities,
"I have pointed out,"
on
sai<| Mr. Hanes, "that
granted are incompatible with progressive
the tax exemptions
rates of taxation
based
on
now
ability
that they interfere with the flow of investment
capital into private
enterprise and they involve a net revenue loss to the
to
pay,
Government.
"I note that the Mayor of New York told
you that comparisons
I offered
show that tax-exempt securities can and
do afford
opportunity of tax
avoidance are 'wild and cockeyed.'
They are, of course,
simple arithmetic.
The Mayor is fighting the multiplication
table.
Unfortunately, his faulty
arithmetic has placed him in the
uncomfortable position of
acting as the
champion of intrenched special interest which is
profiting from
to
the great
to
an
mass
of citizens.
injustice
"Clearly, the existence of 100,000 taxpayers who
reported almost
$4,000,000.000 in net income in 1937, or about one-fifth
of the
on
individual income tax returns, and the
existence of
of other taxpayers also in position to
gain
serious threat to the progressiveness of
the
Estimating that the annual
ments
combined
as
net
loss to
total income reported
an
unknown number
by tax exemption,
constitutes
a
income tax."
Federal, State
and local govern¬
the result of tax
exemptions amounts to from
$100,000,-
/
Under Secretary llanes insisted there was no substantial
Governors that the elimination of tax
000 to .1250.000,000.
fears of Mayors and
for the
basis
would ruin their governments.
take a very high estimate," Mr. Hanes said, "even as much as
exempts
"Let
Chronicle
The Commercial & Financial
350
and
tunnels,
Tobin
State and local units, and make
no allowance
for simultaneous increases in State income-tax collections.
This is only 1 % of the total State and local budgets In 1938.
Budget in¬
creases of this amount have not been uncommon even from one year to the
next.
This change would take place gradually over a period of 50 years and
absorption into the budget should not be difficult. Thus the effects of even a
high estimate of increased cost could not be nearly as serious as has been
1105,000,000 of the total additional costs to
claimed."
against the proposal were
follows in a Washington dispatch July 5 to the
Mayor La Guardia's arguments
reported
as
New York "Times":
the war between
security as a device for tax
avoidance, Mr. Tobin said that recent studies reveal that in all taxable
estates probated within the last 10 years only 5.63% of State and local
securities were in their portfolios.
Experts who studied the matter con¬
cluded that
the ownership of tax-exempt securities in
large estates is
definitely incidental to their corporate and other private investments.
"The failure of the Treasury Department to attempt
in any way to
explain these figures, or to reconcile them with their continued one-line
appeal to the public, that our State and municipal securities afford the
wealthy a haven of tax avoidance," Mr. Tobin said, "is an enlightening
In
theory and fact on the use of the tax-exempt
fact.
what
on
While
bit of real
too."
I'll collect it,
the United States Conference of Mayors.
LaGuardia represented
Mr.
Other
presented the stand of Governors of the States, the State
witnesses
which represents most of the States' Attorneys General
Council on Defense,
curities of States and
But the
is
reverse
The proposal comes 150 years too late because the present
Guardia
La
Mr.
se¬
municipalities 150 years ago," said the Mayor, "there
led into a discussion of economic conditions by
was
Representative Tread way, Republican of Massachusetts, after the Mayor
mentioned the plight of many cities which have bonded debts.
The Federal
stop suddenly.
cannot
we
It has to be a
"I believe we will get out of it.
carrying eut the intent and
"That bill
careful
to
"It
of
nations, as part
would
in this country.
a recovery move
agriculture machinery, automobiles,
clothing,
burden
workers
of
I'd sell this
delivered,
"When
Law
cotton,
and
etc.,
for
$1,000,000,000
American
South
in
and prevent them from buying war supplies."
"Suppose it is dumpring," he said; "they charge us with everything else,
Federal
Proposal to Tax State and Municipal Bonds
as Economically and Legally Unsound
Address by A. J. Tobin Before American Bar
Mr. Tobin.
York
New
Counsel
General
Authority Opposes
Financing
Port
of
Federal
Inter¬
ference with State
J.
Austin
Tobin, Assistant
York
New
Authority,
General
told
in
the proposed
Counsel
the Port
of
Law
Section
July 11 that the ulti¬
on
Federal plan to tax State and
stitute
Internal Revenue, Mr. Tobin
find
must
its
Government
"The
States.
the
out
tralized
power
history
Tobin
the
this
is
proposition that
the
supreme
of
of
course
that has
of
pointed out that the proposed
support' in
has
proponents
marked
the
power
he
plan,"
the
direct
most
the
to tax the
said, "have
march
to
cen¬
the
Secretary
of
Conference
the
on
Defense, an organization formed last year by the
Attorneys General of some 40 States, to combat the Federal
invasion
careful
of
the
State
States.
That
elaborate study
and
and
organization
had
made
a
of the effects of the proposal
municipal financing,
and
as
its
to
found,
local
J.
result
of
in
an
from
costs
the proposed
60
local
cost
$113,000,000
to
increase State
would
tax
upward,
points
additional interest
approximately
increased
that
and
the
in
the States and
annually.
This,
in
turn,
would
tax rates.
taxpayer,
the home
burden.
His
of
the
proposal,"
owner
and
disillusionment
the
will
purports to 'soak the rich' will,
Among
increased
the
costs
stultification
of
harmful
are
the
effects
Tobin
said,
"is
storekeeper will bear
come
in
when
he
finds
that
of
projects,
will
inevitably
municipal
such
as
.
.
plan
a
flow
refunding
vehicular
of constitutional
witnessed in a century and a half,"
President of the American Bar Associa¬
the
of
Supreme
The "recent far-reach¬
Mr.
Court,"
liberties."
San
from
Solicitor
of
the
which
from
plans,
bridges
Hogan
said,
General,
the Associated
Robert
by
ses¬
address
an
on
let ourselves
we
not
are
the Constitution;
departing from
"There is nothing in the Constitu¬
provides that there shall be
regulate
no power to
wages," the Solicitor General said.
or
Jackson,
same
tolerant and far-seeing view of the art of
a
we
returning to it."
tion which
II.
the
addressed
disputing that contention in
the Constitution," asserted "when
be guided
are
According to
Francisco,
in
government,
we
of
.
States
and
sion,
Thurman W.
Arnold, Assistant United States Attorney General, likewise
speaker,
slower
"the parallel be¬
quoted as asserting that
was
the German
tween
development of 15 years and to
our own
since 1890 is startling
economy
enough to bring home
enforce an anti-trust policy, or free
will slip from under us."
From the Associated
Press
quote further:
pace
the point that we must
we
Mr.
We
Arnold,
in
talk
a
ization
"The Road
on
Freedom,"
Economic
to
told
the
"open agreements in restraint of trade are everywhere apparent.
getting into
are
of
some
situation where everyone must belong to
a
kind
take
and
orders
from
order
in
someone
an
to
organ¬
stay
in
business."
"unreasonable restraints
described
He
ous
for
reasons
prices"
in
"On
the
■■.
some
high
or
and
the
depend
"the most
as
"a
said
expected to result from
was
failure of
represent
.
trade"
of
costs,"
construction
cities
success
....
future,"
break
form
of
United
Press
as
Pierce
Butler
sion
building
prosecutions.
principles which
the
conspicu¬
in
.
.
.
anti-trust
Government
our
in
the
he declared.
Hogan
advices
San
from
praising Justices James
Francisco
for
"courageous
after landmark
of
precedents
of the
to
the
Clark
efforts
reported
to
land¬
preserve
law," and to stop "the
graveyard.
Mr.
McReynolds and
The
proces¬
United
Press
continued:
the small
the brunt
that
effect, penalize the small taxpayer."
which
nullification
self-liquidating
Mr.
preserves
citizens
accounts
United
aggregate
An official summary of Mr. Tobin's speech of this week
remarks as follows:
effect
longer
no
At¬
of its recent rulings con¬
some
their munici¬
reported his
net
Assistant
"compel the conclusion that the American people must look
to the Legislature rather than the judiciary for the preser¬
mark
"The
Court
of
devastating destruction
Hogan,
decisions
laws
for example,
intevest
would result in
by Mr. Kent.
tion, said on July 10 in his annual address to the Associa¬
findings
stated:
was
presented before the
was
upon
individual
Frank
attorneys
country."
also
Municipal
Federal power, and the most unprece¬
dented expansion of that power over the every-day affairs
been attempted in the politi¬
ever
State
palities
Supreme
liberties, and
"most
the
limitations
a
Philip J. Wenchel, General Counsel of the Bureau of
It
States
United
The
with
Federal
for the
case
the
before
presented
Contentions—Remarks
General Arnold
constitutional
prices
it is
While the
by Mr. Wenchel, it
torney
municipal securities reaches way beyond the mere matter
of increased municipal costs.
In debating the proposal
statute
debated the merits
also
Hogan Says United States Supreme Court
Longer
Protects Constitutional Liberties—
"Back to
Municipal
the
American Bar Association
issue
the
the
Rely on Congress to Offset Decisions by
Tribunal—United States Solicitor General Jackson
Press
of
for
a
J.
vation
Association—Assistant
and
with
expert,
was
such
In
case,
him
compensate
to
income.
measurable."
and
tax
Government
em¬
on
Head of American Bar Association Declares Nation
in
on
rate
the
definite
is
State
tax
a
of bonds, however, the bondholder
case
tax
on
of
case
and local government is merely
interest
a
proposal
Is Described
Mr.
In the
pay
the
in
was
"That distinction,"
Must
ing
cal
the fact that
Federal
a
Court
Supreme
State bonds.
to the State
higher
the
valid,
held
Court
Supreme
tion's convention in San Francisco.
anyway."
mate
the
salaries
local
No
of
proposed to take $500,000,000 from present relief appropriations to
of the
which
in
upon
to
conviction that
instead of a
He pointed out that
firm
the
simple statute,
a
would be unconstitutional.
Kent,
Frank
I would
finance this program, because it would provide jobs.
of
Unconstitutional
Disputes
He added that he would put this money in the Far East.
He
the
upon
by
the immunity of
a
having
Section
On this, he said:
markets to meet the competition of dictator nations, destroy their balance
of trade,
selecting
own
expressed
tax,
employees'
"rests
upon
of
the
"dictator'
and above the number now employed.
over
said,
Arthur
machine,
the
serve
manufacturers on the condition that they be pro¬
place those orders with
duced by
proposed
cases
State
distinguish
insist
necessity
orders right now for $1,500,000,000 of shoes, typewriters,
"I would place
who
persons
Tobin
Mr.
speculative and conjectural.
conceived to reduce the working day
was
also advocated an economic attack on the
Guardia
La
the
of
on
Tobin
Mr.
job and not any additional jobs."
Mr.
law,
recent
tax
In its present application it creates overtime for the man with
and week.
instances
a
spirit of the Wages and Hours Law.
mankind, instead of having mankind
Guardia went on.
La
few
carefully
by
and
incomes
do is to create spread of employment by
I understand it was to apply the present use of machinery
as
for the benefit of
a
approach
by citing
today
you
Tax Section of the American Bar Association
"The first thing you ought to
Mr.
very courageous
security program.
to our
the
in
Federal
had it not been for Federal aid.
years
the
effectuation
income
has sustained life.
program
that could have survived in the last few
There isn't a city in the country
discussing
even
perceive that we cannot continue indefinitely at the rate we are going
"I
and
Mr.
asked him about the Federal debt, and Mr. La Guardia replied
Tread way
wealthy
of
ployees' salaries, the burden
scheme of our fiscal system."
exemptions are part of the
had
examples
constitutional amendment,
.
wouldn't be any move at this time to exempt them.
exactly true.
In
the
Relief Praised
of the Federal Government's policy to tax the
"Had it been a part
to
dollar
Proposed Statute Labeled As
Mr. LaGuardia said.
Federal
million
between theory and
war
I am sure that the Treasury
large blocks of tax
exempts.
But the facts prove conclusively that these are the exceptions
rather than the rule.
They prove, as one Treasury witness testified during
the recent congressional hearings, 'there has been no great flight by the
rich from other investments to tax-exmpt securities.' "
individual
proposal, to remove the exemption on future issues of public securities
"150 years too late,"
came
to be a
consider
now
appeal
again
with
malefactors
of
New York Authority.
and the Port of
The
will
Department
municipal bonds," Mr. LaGuardia shouted, "I'll tax every
estate the Federal Government owns in New York City—and
"If you tax
must
we
failing to explain these figures,
Means Committee that
already high cost of government.
with what the speaker called
dealing extensively
comment
of New York City led the attack, telling the Ways and
removal of the exemptions would add greatly to the
Mayor LaGuardia
Wealthy
Not Extensively Held by
Tax Exempts
us
In addition, Mr.
will have to
projects.
government.
of
activities
1939
15,
if made to bear the burden,
that many cities,
essential
housing
low-cost
of
defeat
the
forecast
curtail
July
Mr.
the
Hogan
court's
stitution.
of
the general
the
that
the
to
its
and
of
such
I
said
there had been
interpretation
Continuing,
direct
he
of
the
said:
a
curtailment of States'
interstate
"It
is
commerce
to
this
rights through
clause
expansion
of
of
the
the
government over practically every branch of human
attention
m
the
hope
that
my
recognition by the people whose liberties
power."
feeble
are
voice
may
Con¬
power
industry
contribute
involved in the exercise
Volume
The Commercial & Financial Chronicle
149
Mr.
Hogan spoke before the morning assembly, tracing the history of
Supreme Court.
In its last two terms the court affirmed 135 cases
the
and
reversed
175.
There
199
were
declare
ciples
and
"The
client
plain
what
or
not
he
is
concepts,"
new
result
the
he
was
Robert
be
to
II.
intended
Mr.
Jackson's
"era
of
the
the
law."
only
the
on
commerce
vigorous
of
the
high
his
whether
as
in
proudly
men."
and
States,
said
interprets
now
the
it
as
an
ended
the
up,
what
law
by
case
Constitution,
"We
This
into
the
but
are
termed
becoming not
case,
"for
Hogan.
he
Constitution."
changed
said.
Mr.
to
answer
a
prac¬
super-
better,"
taxation
and
back
on
really
not
the
to
concluded.
Federal
totalitarian
anti-trust
policy is necessary to prevent establish¬
in the United States, Thurman W. Arnold
economy
the Association.
Mr.
"a
Arnold,
free
industrial
United
structure
States
blocked
so
with
that
restraints
"If
we
his
organized
he could
the
quartermaster's
States
are
Nation
the
run
supplies.
doing,"
like
plant at
Mr.
an
That
Arnold
and put
army
capacity and
is,
said.
in
effect,
"But
general
a
caught
in
curing
this
the
what
aside
said:
is
a
dangerous
kind
of
the
itself
straitjacket
for
the
of
simple
aggressive
combinations
that
reason
the
is
incapable
of
weak
Contrast this
10 years expenditures for relief
purposes repre¬
sented only about one-fifth of the
total disbursements.
Keep that fact in
mind in
thinking of the increase in the public
debt, the taxes, and the
expenses of government.
Life
insurance
the recent
duty
have loaned
companies
depression
they
years
were as
billions
on
mortgages.
During
the debtors
to
generous
their
as
as trustees of other
people's money permitted; but they were forced
to take over
by foreclosure a great deal of real
estate, both city and farm.
You all know that insurance
laws discourage investment in
real estate for
other than home office
purposes, and most of them require that foreclosed
property must be disposed of as
rapidly as possible.
Recent activities of
the Federal Government have
greatly intensified the problem of disposing
of the foreclosed real estate in
Insurance principles
orderly
manner.
vastly different from those widely
are
in vogue
today according to Mr. Best.
principles of insurance he said are:
The fundamental
To work, to save, to
pay just debts and to treat every man
honestly and
In contrast
we
are
surrounded
by people teaching and practicing
finance, bad psychology and bad morals; bad economics
because continuous experimentation
with unsound theories retards
recovery,
by making it impossible safely to
plan for the future—which condition is
by unfair competition with private
enterprise; bad finance
because
of reckless
no
exaggeration to say that, in several
instances, what were Irankly termed
were in fact the most
devasting de¬
struction of constitutional limitations
upon Federal power, and the most
unprece¬
dented expansion of that power over the
every-day affairs and
citizens, witnessed in the century and
The
recent
received
by
the
decision
Federal
Federal
"cause
for
tradition
our
of
judges
income
serious
that
the
there
is.
governmental
for
tax
referred
by
those
as
holding
their
nothing
system
Court
performing
was
to
concern
activities of individua
half of the existence of the United States.'
a
Supreme
of
to
who
us
completely
a
judicial
Mr.
compensation
duties
Hogan
have
important,
so
the
been
self-respect
are
in
and
said,
in
shift
cases
ticularly to
of
tax
can
constitutional
independent judicial
the
impaired
Court, and,
officers
salaries
and
of
during
far
so
framers
templated
States
said.
of
that
should
"But
the
the
be
even
depart¬
last
they
Legislature.
Congress,
carefully
constitutional
fetters
legislative
tinuance
of
Constitution
of
let
security
framed
was
the
par¬
tax
can
State
employees,
of
the
govern¬
he said that
national
Supreme
of
of
and
the
the
plainly
of
the
sent
Court,
blessings
all
of
Government
the
been
and,
so
courage
halls
of
Freed
is
the
very
few
but
reliance
liberty
of
he
those
have
this,
Legislative
sole
United
limited
the
hopes.
from
power.
almost
to
con-
wise,"
limits
know
it
the
be
ability and stability, the
America's
now
of
would
should
women
Supreme
exercise
it
and
many
States
and
who adopted
Government
that
guarded
to the
rest
people
the
down,
America's
are
the
of
United
men
the
its
on
wisdom
that
the
There
by the action
and
anticipated
knowing, give increasing attention
of
terms
incurring of debts
without
any
psychology because self-reliance
morals
because
robbed by pay
undeserving Paul, and the phrase
treated as a joke.
Through all this barrage of
deserving
"sanctity of
and
Peter is
contract" is
propaganda, however, the
rank and file of insurance officials
still adhere to the old, sound and tried
principles of business and ethics.
men
recognize that losses can be paid only from the
premiums
collected, and that therefore it is unsound either to
give insurance free to
some policyholders while
charging others, or to charge the same rate of
premium for every risk assumed, thus
making the good risks carry the load
of the bad ones, and
holders
at
the
giving something »for nothing to
of the
expense
of the policy¬
some
rest.
Similarly, insurance companies, in
loaning the trust funds in their
possession, select borrowers who have the
inclination to meet their indebtedness and
may reasonably be expected to
do so.
The companies also
expect repayment within a
reasonable
time.
contrast, we see in operation a
theory that good banks must be com¬
pelled to pay losses occurring through the
mismanagement of bad banks
and hundreds of millions of
taxpayers' funds
as the assets of insurance
(which
are
just
much trust
as
companies) being "loaned" to irresponsible
borrowers, frequently at far less than a reasonable rate
of interest, and
with a period for repayment
ranging up to 40 years.
It seems reasonable
to
believe
that
a
50-year-old
farmer
who
borrows money repayable in
period of 40 years is going to get
pretty tired of
the instalments by the time he
is, say 80 years old, and that it is highly
monthly instalments
over a
doubtful that he will live out the entire
40-year period.
To demonstrate tlie
importance of insurance in the national
following assertions:
economic life, Mr. Best made the
branch
and
The guards have been
obliterated.
The people of the
national
two
Constitution
legislative
independence
Hogan
Referring
Government
that
and
Mr.
immunity implicit in dual sovereignty—"was
powers.
the
officers
made,
immunity is concerned, it is apparently marked
powerful,
so,
and
the
bad
funds
been
immunity.
employees,
Federal
the
State
as
destruction."
"The
has
decisions holding that the Federal
State
the doctrine—the doctrine of
greatly
doctrine
involving intergovernmental tax
recent
salaries
ment
in
fine
so
ment."
Another
the
and
undermined; and
In
essential,
so
subject
furnishing
as
nurtured
expenditure
sound provision for their
payment; bad
Insurance
"It is
•important shifts in constitutional doctrines'
and
the last
bad economics, bad
totalitarian
war or
of the national income.
amortization—on
in 1916, the year before we
entered the World War.
with the rigid
economy exercised in the insurance business.
fairly.
are
not
capable of
the strong."
discussing the effect of what he termed the Supreme Court's
turning
from well established
principles of constitutional law, Mr. Hogan
In
and
than 23%
mention
ment
com¬
conquering
for
larger than at any previous time, in
more
to
the present Federal
debt exceeds by two hundred
millions the entire cost of the
Federal Govern¬
from
governmental policy of letting business alone, cutting down
spending
reducing taxes provides no answer, Mr. Arnold said, because "business
and
the
year, which is
alone—not
intensified
A
in
Interest
in
solution."
to
a
and equivalent to
goods
distribute the
attitude toward
rails.
peace,
Attorney General, said that when
becomes
undeserving.^
railroads, Mr. Best said:
an
Assistant
goods cannot flow in commerce, people instinctively turn to the
army form
of organization."
mand,
the benefit of the shiftless and
The total taxes of the
country are now estimated to exceed fourteen and
half billions
Incidentally, in
constitutional
has
the
Jackson
discarded
often
so
United
have
about
"grew
of
the
principles
a
simplejfact is that the thrifty
The "Non-Sense"
group are doing all they can to injure the
utilities, and
nothing of real value is being done to
improve the unfortunate position of
document.
now
clause
been
of
the
be
may
has
not
of
courts
law
said,
Mr.
power,
he
and
interpreted
condition
due-process
what
Constitution
which resulted
General
'That
Constitution,"
drafted
was
established
yesterday
is
laws
the
Nation's
follows
advise
know
can
the utilities and
a
General
Constitution but
Solicitor
common
ment
speech
said
negation,"
of
the
Solicitor
who
men
he
if
safely
can
farmer,
no
that.
of
government
lawyer
no
man,
principle
"rediscovered"
by the
the law
A
a
Jackson,
Jackson
tice,
that
for
constitutional
a
high court had
told
is
business
tomorrow, and this, all this,
proclaimed
the
this
no
breaking the law,
likely to be doing exactly
doctrine
an
all
is;
prin¬
new
said.
is
"What
Mr.
of
law
he
The
concern
Assailing the Washington Administration's
has
court
being "rooked" for
are
dissenting opinions.
"These figures indicate the extent to which the reconstructed
undertaken to disavow and discard old doctrines and to
353k
school professes the greatest
a
our
independence
for
for
the
con¬
which
United
States
the
of
First,
form of insurance affects,
directly
some
or
indirectly,
every man,
woman, and child in the country.
As society became more and more com¬
hazards arose, and through the
progress!veness and ingenuity of
underwriters the insurance business has
plex,
new
kept
Second,
the
of
assets
of
reservoir
savings
numbers of people.
companies
the
insurance
built
These
pace with these
companies
through
up
the
assets now aggregate
approximately 33
billions
developments.
constitute
small
an
enormous
contributions
of
great
for all classes of insurance
of
dollars.
The magnitude of the
figure emphasizes the vital importance of
protecting these assets against
depreciation arising from artificial causes.
Third, the business is the
most
important in the country, because of the
well
vast property values and
protected.
power
over
Fourth, insurance companies, with
7M billions of dollars a year and disbursements
the largest single aggregation of capital in the
world
a
cash
earning
income
of
of much less, form
for
investments.
created."
Alfred
M.
Best
Tells
Bar
Association Convention of
Adverse Affects of Government
Policies on Insur¬
ance
Companies
Addressing the insurance section of the American Bar
Association, in convention at San Francisco, on
July 10,
Alfred M.
Best, insurance publisher, and a
recognized
authority on insurance administration and finance, informed
the group that in 1938, the
earnings of the 220
insurance companies,
largest life
beyond the amount required to main¬
tain their reserves,
dropped to only $93,000,000 from $222,000,000 in 1928.
The reason for the
huge shrinkage, he
ascribed to the artificial
he
said affects life
than other insurance
est rate
is
a
culations."
depressing of interest rates, which
insurance companies more
particularly
companies, "because an assumed inter¬
basic element of life insurance
premiums cal¬
Mr. Best went
on
to say:
Moreover, this shrinkage has taken place despite the fact
that the assets
have tremendously increased
during that period, due to
of the companies
the fact that
a
large part of every premium paid
must be and is added to
enable the companies to meet their
obligations
at maturity.
The interest paid to depositors by mutual
savings banks has
similarly shrunk; in New Jersey, for instance, the rate
policy reserves, in order
to
was
to
1% by order of the Banking Department.
The beneficiaries of trust funds of all
sorts
recently reduced
and of investments
senting their savings have had their income
greatly reduced.
Often the people who
deserving elements of
are
our
many in the low income
hurt by this condition
population, and,
are
the most
moreover,
thrifty and
frequently include
groups—the very ones for whom the
repre¬
new
thought
absorbing sound
Fifth, the economic soundness and stability of this
great
business
America
been
have
demonstrated again and again over a
long period of
years—in times of peace and war, and in times of booms and
depression.
Other addresses made before the convention
elsewhere in
European
War
Could
Country, According
of
A
covered
to
in which
war
cannot
Not
Adversely Affect This
Dean Madden of Institute
Finance
International
European
volved
are
today's issue.
adversely
the
affect
United
the
States
United
is
States
not
to
in¬
any
appreciable extent during the period of hostilities, accord¬
a bulletin entitled "Possible Economic Effects of
a
European War on the United States," issued July 10
by
Dean John T. Madden, Director of the
Institute of Inter¬
ing to
national
Finance
New
of
York University.
"From an in¬
angle," the bulletin states, "this coun¬
try is in an impregnable position.
Economically, too, the
United States is less dependent on
Europe than in 1914."
ternational financial
The
bulletin
During
the
increased
sales
either
gold,
goes
to
on
period
war
abroad.
say:
the
United
Payment
for
States
these
is
bound
to
profit
from
sales,
however, can be made
States already has more than suf¬
ficient to meet all prospective
needs, or through the liquidation of
foreign
assets held by the
belligerents.
The loss of foreign
investments, in turn,
will
materially reduce the ability of European countries
to
purchase
in
of
which
the
United
abroad.
"Whether
United
a
States
major
in
a
European
manner
war
similar
would
to
affect
that
of
the
the
foreign trade
World
War
of
the
depends,"
"mainly upon four factorg: (a) the nature of
legislation, (b) keeping the seas open for
trade, (c) the ability of the European and other countries to finance the
purchase of goods in the United States, and (d) the duration of the war."
to the bulletin,
according
neutrality
States
United
the
methods of financing purchases
in the United States, the bulletin
the possible
In discussing
European nations
of the
states:
Act is on the statute book, Great Britain,
Italy, Germany, Russia, Poland, Greece, Hungary,
Latvia, Lithuania and Estonia are precluded from
borrowing in the United States.
Furthermore, the Neutrality Act of 1937,
after a proclamation by the President that a state of war exists, prohibits
loans to governments of belligerent States, their political subdivisions, or
to any person acting on their behalf.
"
,
The nations
constituting the present Anglo-French group, i.e., Great
So
long
Rumania, Greece, Turkey, held at the end of
Poland,
than three
about $6,280,000,000 of gold, which was more
amount at the disposal of the war allies, including
1939,
times the
1914.
The Anglo-French group, including Russia,
the gold production of the world.
Gold valued at
in
Italy,
of
thirds
mined during 1938
Empire and Russia.
in the British
Russia and
controls two$840,000,000
The tradition¬
countries, i.e., the Netherlands, Switzerland and Sweden, and
end of April, 1939, a total of $2,290,000,000 of gold
exclusive of gold in the stabilization funds of Switzerland and the Nether¬
lands.
Thus the gold stocks of the European countries which probably
could
trade directly with the United
States in the event of a general
ally neutral
Belgium held at the
amount to $8,570,000,000, not including the gold holdings
prospective member of the Anglo-French group, nor substantial
European
war
of
a
Russia,
to
sign a U. M.
countries
are
the nations
amount
neutral exchange-free
On March 1, 1939,
$7,700,900,000 dollar assets, or an
figure of $7,000,000,000 for such hold¬
the world owned about
of
the estimated
near
upper
Again as in 1914, the Anglo-Frenc^i group, including
Canada, and the probable neutrals, own the' bulk of these assets.
England,
France
and Canada
alone hold $3,970,000,000, or <51% of the total
1914.
in
foreign owned dollar assets.
Furthermore, the Anglo-French group, notably
Great
Britain and such neutrals as
Switzerland, the Netherlands, and
direct investments and securities of countries scattered
throughout the world which could eventually be sold in the
United
States and the proceeds used to pay for imports from the United States.
hold
Belgium,
the bulletin,
would also accrue to Europeans in the form of earnings on
their investments in the United States prior to their sale
to the United States, immigrant remittances, and shipping
Substantial amounts of dollar exchange, says
1937
In
charges.
the United States payments for these
$658,000,000, of which amount
items amounted to a total of
two-thirds
probably
went
Europe.
to
The bulletin also says:
expected that
is not
it
and
is far different from what it
at present
banking situation
1914,
would
hostilities in
the outbreak of
in
Europe
was
create any serious
New
States.
York
difficulties for the banking system in the United
has
developed into a world financial center, with
machinery and resources to handle international transactions.
banks, as a whole, with over $4,000,000,000 of excess reserves, are
Early settlement of the
in
a
of
1935
liquid position, and the lombard provision of the
liquidity of their secondary reserves.
very
enhanced the
1938,
items
in
process
Federal
Banking Act
On
Dec. 31,
cash on hand, balances with other banks and cash
of collection to total assets of all banks insured by the
of
ratio
the
Corporation
Deposit Insurance
was
29.8%
as
against a
ratio of
18.7% for all banks in the country on June 30, 1914.
On the latter date
loans and discounts
constituted 56.7% and investments 20.7% of total
assets,
and
while these ratios for insured banks on Dec.
31, 1938, were 28.4%
37.9%, respectively.
a
leaders with intent to effect a truce
picketing until the quarrel could be sub¬
mitted for arbitration to William L. Green, President, or
other officers of the A. F. of L.
The controversy went into Supreme Court at White Plains,
on July 12, when Local 60 asked that Local 147 be enjoined
from picketing various shafts on the project as it has been
doing since it called a strike on June 30.
for
conference of union
a
which would end
Suspends
spread to a total of 11 of the company's plants in Detroit,
Cleveland, Pontiac and Saginaw, and involves 6,700 skilled
workers.
The only statement issued so far by the conferees
was that the discussion was "progressing nicely".
Previous
reference to the strike appeared in our issue of July 8,
page 201.
Indicating that loans to employees, were being suspended
by the company on account of the strike, Associated Press
dispatches of July 8, from Detroit, said:
The General Motors Corporation,
anticipating a possible delay in starting
1940 model production because of a
conference.
Advices of July 13,
of temporary
the difference
strike of skilled workers, today sus¬
Trial began before
"income
designing to take care of employees during inevitable periods
layoff."
It provided that General Motors would advance
between an employee's actual earnings in a given week and
the corporation had placed in effect an
Knudsen, President of General Motors,
who
hold
After
announced that the
the jurisdictional fight
A. F. of L. United Automobile Workers unionsj
strike, which he said is simply another chapter of
between the C. I. O. and
County
Coal
Sent
Striker
from
Killed—Investigators
Washington
'•
A clash between strikers in the Harlan County
a
jobs
on
day of lawyers' arguments
a
militia
trial of the
Meanwhile,
Mr.
Murphy dispatched
-
will continue until a truce
injunction suit
plaint on the ground it did not state a cause
before resorting to
After studying
that
He
a
litigation.
State and Federal labor statutes
Justice Patterson held
that the complaint was defective.
"labor dispute" was involved and
granted permission to attorneys for Local 60 to
York
New
men
shortly
before
of
Chamber
State
Luncheon
amend it overnight.
appeared in our
tion also Honored at
Com
nerci
Tenders
Military Mission—Delega¬
Brazilian
to
New York World's Fair
The Chamber of Commerce of
the State of Ne
terday (July 14) tendered a luncheon to
tary Mission headed by Major General
Chief of Staff of the Brazilian Army.
v
York
yes¬
the Brazilian Mili¬
de Goes- Monteiro,
In welcoming the
delegation, Richard W. Lawrence, President of the Chamber,
said that "we are indeed proud to greet those who come from
a nation whose friendship with our own country dates back
so
is
proud that the United States is
are
of
Brazil's best customer, that you
between our two countries
preferred customers and that trade
our
Our mutually profitable business
expanding steadily.
warm
to
In his remarks Mr. Lawrence also said:
years."
many
We
are one
international friendship illustrate how
relationship and
nations at peace may cooperate
mutual advancement.
has much
a
troubled world as we do today, real
more
than
a
sentimental value.
and Brazil it means that
we
friendship between nations
In the case of the United States
need have no fear that freedom, progress
and
be destroyed by foreign conquest
lusting for power and maddened by racial hatreds.
May the bonds of friendship between our two countries ever grow stronger
and prosperity and happiness attend our peoples.
the right to
individual happiness ever will
The mission visited the New
where
York World's Fair on July 12,
special exercises took place in
their honor, including
and marine detachments at the
Fair, a luncheon given by Grover A. Whalen, President of
the Fair Corporation, a reception at the Brazilian pavilion
review of the army, navy
a
dinner at the Federal
Argentine
man
the
is
of the com¬
of action.
Contending that
the quarrel is a "labor dispute," although employers are not involved, the
attorney said the complaint should allege that Local 60 had followed every
avenue within the international and the A.
F. of L. to end the dispute
Today Mr. Cohn moved for dismissal
signed, the justice said.
Building.
Independence Day Observed at New
he received
a
letter
John L. Lewis of the C. I. O., who also is head of the United
York
World's Fair
others
from President
the attorney's
I told them the public
Aug. 19, Justice Patterson said.
and
in which a miner
seriously wounded, and several
injured, brought two observers from the Civil Liberties
Division of the U. S. Dept. of Justice, to the scene, to find
if any violations of civil liberties have occurred.
According to United Press dispatches from Washington
July 13:
killed,
the Justice summoned
and later said:
soft coal
fields and National Guardsmen July 12,
was
from interfering with the men of Local 60
the aqeuduct under agreements with the contractors.
has no sympathy for
labor unions that get into fights among themselves. It is different when men
go on strike against employers for better wages or improved working con¬
ditions. Then there is considerable sympathy, but not in this case.
"The unions are just piling up ill-will for themselves and unions must
live on good-will.
There is no excuse for this situation and the men should
be ashamed of themselves.
Then, too, they are piling up big expenses for
the taxpayers who must provide police protection along the aqueduct."
Justice Patterson said the attornies, Ralph 8. Kent and Ropert J. Fitzsimmons for Local 60 and Sidney E. Cohn for Local 147, agreed to summon
leaders of the international union from Salem, Mass., and Washington.
If a truce is arranged, an arbitration hearing probably would begin on
a
Harlan
injunction suit brought
Justice Patterson today of an
spanked both sides.
"I
affected directly or indirectly by the
plan would be suspended in all plants
the New York
said:
by Local 60 to stop Local 147
Living in
60% of his normal income.William S.
from White Plains, to
"Times," reporting on the dispute,
pended loans to idle employees.
security plan,
the
the
for
the
permitting a situation which "reflects on
good name of trade unions, draws no sympathy from
public and forces the taxpayers to provide extra police
riot duty," that attorneys for the Locals arranged for
for
Negotiated—
Employees Loans
Conversations between representatives of the General
Motors Corp. and the United Automobile Workers (Congress
for Industrial Organizations) commenced July 12, in an
effort to settle the strike which started July 5, and has now
The first of this year
excoriated leaders of both
after Justice Patterson
was
factions
previous item bearing on the strike
issue of July 8, page 201.
Settlement
Strike
Motors
Company
and 147
Caisson, Subway,
Coffer Dam and Sewer Construction Workers (American
Federation of Labor), over control of the 3,200 sandhogs
employed on the Delaware aqueduct project appeared
possibility July 13, when attorneys for both sides arranged
A
♦
General
dispute between Locals 60
Compressed Air, Free Air, Tunnel,
of the
adequate
The
Toward
in Westchester Moves
Settlement
into chambers,
The
renewal.
W. A. contract
Sandhog Union Dispute
It
securities and direct investments in
another means of payment for imports.
Bank balances,
'
opposing
election."
had been asked to do some special work
and that they will advise him if they discover any violations of civil liberties.
"Obviously," he added, "our aim is to work out any problem harmoni¬
ously with the local authorities."
Yesterday's incident marked a continuation of violence which has been
prevalent since April when the Harlan Coal Operators Association refused
said that his men
Mr. Murphy
hoarded gold held in London.
amounts of
ings
ordered guardsmen
the U. M. W. A. for
year's Senatorial
him in last
Yugoslavia,
France,
Britain,
April,
A. B. Chandler had
"exact vengeance upon
miners to
Belgium,
France,
Rumania,
was
the Johnson
as
charging that Gov.
Mine Workers,
to shoot
July IS, 1939
Chronicle
The Commercial & Financial
352
The
was
123rd anniversary
of the independence of Argentina
World's Fair on July 9 in the
observed at the New York
Argentine Pavilion, with addresses by General J. A. de Marval, Commissioner General to the Fair from Argentina, and
Grover A. Whalen, President of the Fair Corporation.
An
address
by L. S. Roe, Director
General of the Pan-American
Volume
The Commercial & Financial Chronicle
149
Union, was also read by Edward F. Roosevelt, Director of
Foreign Participation at the Fair.
Regarding these speeches
the "Herald Tribune" of
July 10 said:
The
100
"In
,
ways,"
many
independence
the
United
States.
moved
were
he
continued,
parallel
ran
with
We both
"the
the
development of the
life in the
by the impulse of freedom and
New World.
both
greatest
"Your glorious Fourth and
proximity
very
seem to
Ninth of July are dates which by their
our
symbolize the analogy of
Our future national integrity was
advent to the concert
our
certified when the
States—the first to recognize our
independence—opened the
acknowledgment of Argentina's place among nations."
way
United
for world
Mr. Whalen said, that, having
enjoyed 163 years of independence,
can recommend it to others who
have not attained it in full
"We
and
measure,
heartily join in celebration
with those who have achieved it for themselves
and know that it is to be cherished and
guarded.
The fact that Argentina
is today celebrating 123 years of
independence is cause for rejoicing in the
two
hemispheres where
Mr.
Roe
stated
in
our two
the
read
by
Mr.
his
Roosevelt
that
with
the
in
lost
service
this
he
has
benefited
has
country.
been
by its
toward reach¬
Throughout
statesman
a
of
the
and
of
the
loyal
a
Treasury Henry L.
Morgenthau
Jr.—The
Government
and capable
friend.
Postmaster General James A.
Farley—Death has claimed
executives
and
A.
in
than
Holiday July 14 at the
Nation
great progress
of
statesman in tire death of the Secretary of
As Senator, diplomat and Cabinet officer he served his
country
We who have known him
personally mourn the loss of a faithful
ment
Celebration of French National
the
made
defense
Navy.
Claude
enjoyed to the fullest extent."
are
Operations—The Navy has
Secretary of the Navy Swanson.
few years when he remained
consistently at his duties though ill.
in the Administration
capped a long and distinguished career
Secretary
deeply respected than in the
Freedom of association, freedom of speech, freedom
public
York
Naval
of
of
has
the
New
Secretary Swanson
work
well.
Argentine Republic.
the
and
for
the
to
placed
public life.
forward by a vigorous people conscious of the
important part which they
called upon to play.
In no other section of the continent are the
of the press and religious freedom
defenses
sea
expansion
in
7
sailors,
was
family vault.
a
death this morning.
Never was devotion to public
courageously demonstrated than by Secretary Swanson during
more
the past
has
more
July
300
coffin
Secretary Swanson's
service
the
individual
of
The
of the tributes to
strength
career
followed by
placed in
was
sorry to learn
of
"establishment of independence the people of Argentina laid the foundations
a
truly democratic regime.
These democratic traditions, character¬
of the
Station,
Cabinet.
attainments, of unquestioned integrity, and he has
devoted himself
unremittingly and without reserve to the best interests
of his
country.
We of the Navy feel deeply the passing of our distinguished
and beloved
Secretary.
Secretary of Commerce Harry L. Hopkins—I was
terribly
of
fundamental rights
leadership the
highest character
istic of the early history of the Argentine
Republic, are today being carried
are
dispatch
some
peace-time
long
his
the retiring Chief of
irreparable loss in the death
adequate
an
His
people live and flourish."
address
ing
and
Leahy,
an
his
inspired by the
were
spirit of democracy.
of nations.
Admiral
suffered
Union
Richmond, Va., where it
Washington
Under
both
we
We
the
to
President
for
"Times" quoted
as follows:
Argentine
development of the independence of
to
came
353
moved
the
train
a
A
of "our allegiance to
severance
then
marines,
aboard
Mr. de Marval said that the
signing of the Declaration of Independence
in 1776 in this country contributed to the
the Spanish sovereign.'*
"
caisson
of
one
Swanson,
the
service
that—he had
the
most
Secretary
a
of
his
loyal
of
Democrats
the
Navy,
which
country
in
leaves
is
Administration.
record
proud
a
of the finest
one
the
a
of
achieve¬
More
memory.
personal record that surpasses his distinguished public
career.
New York World's Fair
The
Celebration
of Bastille Day (July 14), the French
holiday, at the New York World's Fair was started
national
Death of
lowed ceremonies at the pavilion
observing Huguenot-Wal¬
loon
Day, in which officials of France, Belgium, the Nether¬
lands and the United States took
part.
Representative Sam D. McReynolds of Ten-
neessee—Was
Chairman of House Foreign Affairs
Committee and Member of
Congress Since 1923—
Tributes Paid by President Ropsevelt and
Secretary
of State Hull
day in advance with a luncheon in the French Pavilion.
Addresses stressing the friendship
existing between the United
States and France were made
by Mayor F. H. LaGuardla,
Count Rene Doynel de
Saint-Quentin, French Ambassador
to the United States, and other officials.
The luncheon fol¬
a
Representative Sam D. McReynolds of Tennessee, Chair¬
of the House Foreign Affairs Committee and a
mem¬
man
ber
of
the
House
of
Representatives since 1923,
died
of
heart
disease in Washington on
July 11 after an illness of
nine months.
He was 67 years old.
A close
personal friend
of
Lebanon Pavilion Dedicated
at
New York World's Fair
The
Republic of Lebanon dedicated its pavilion at the
New York World's Fair on
July 14 with speeches by Mayor
F. H. LaGuardia, Charles Corm, Lebanese Commissioner
General to the Fair, Count Rene de
Saint-Quentin, French
Ambassador to the United States, and others.
The New
York "Herald Tribune" of July 14 had the
following to say
regarding the principal address delivered by Mayor La
Guardia:
of
1932
Mayor F. H. LaGuardia praised the Lebanese for having retained their
pointed out that the
period
in
their
6,000
years
"We enter this exhibit
with awe,"
5,500
years
of culture
State
Cordell
Foreign
Hull,
Affairs
Mr.
McReynolds
Committee
since
was
December,
instrumental in the passage of
neutrality
legislation in 1935 and 1937.
The House, on July 11, ad¬
journed in respect to his memory after an hour of eulogies.
was
A message
(President
I
to
of condolence
Roosevelt.
have learned
and
a
by
exceptional
Ours
has
been
in
integrity
the
and
the loss
the
long
a
and
great
which
has
passing of
and
unbroken
delightful
come
devoted
a
friendship,
comradeship.
brought to his public duties
capacity
important Committee
McReynolds by
said:
of
sorrow
crushing force
legislator, Sam McReynolds
ability,
Chairman of
as
personal
such
Mrs.
to
President
of association
years
national
sent
was
The
great
with
father.
strengthened
As
with
and yours
you
of existence.
Phoenicians, forerunners of the Lebanese, had
contributed greatly to civilization and had
enjoyed
before the discovery of North America.
of
the
and
husband
identity despite the turbulent
He
Secretary
head
for
work
and
Foreign Affairs,
on
latterly,
he rendered
high public service.
Mayor LaGuardia said.
He
"What im¬
presses me more than anything else is the fact that your people have kept
the faith for 6,000 years.
A people who could have gone through many
dark centuries of transition and yet retain its
identity makes us proud to
have you here in our World's Fair."
it
and
I
always
found
ourselves
in
accord
issues
paramount
on
and
has
been a great loss to me to be
deprived of his counsel and advice
during the period of his illness when questions of great importance liave
been
before
To
,
us.
and
you
those
to
who
with
mourn
I
you,
offer
an
assurance
of
heartfelt sympathy.
Honors
at
Accorded
State
Late
Funeral
Secretary
in
of
Navy
Senate—Tributes
funeral
state
chamber
or
held
was
The
with
by Cabinet Associates
A
Secretary Hull voiced his regrets
Swanson
Rendered
in
the
United
States
Senate
deepest
a
His
death
of
I
sorrow.
loyal
more
life long friend,
my
public service
will
His
unselfish and highminded.
issue
of
a
where
made
to
the
week
202, in which reference was
President Roosevelt to Mr.
Swanson's memory.
Describing the exercises in the Senate
chamber, where the late Secretary had served for 23 years
as a
Senator from Virginia, United Press
Washington ad¬
vices, July 10, said, in part:
It
was
of
one
when
Members
his
of
Justices
filled and
C.
1
at
Cabinet,
James
by
impressive services held in
were
the President arrived
Court
page
paid
the most
The galleries
years.
ago,
tribute
p.
spectators
the Capitol
m.
diplomats,
foreign
attaches, Supreme
Black; Charles Edison,
Acting Secretary of the Navy, and
preceded him.
a
of high-ranking naval officials
group
Executive sat in
chair
a
in front of
the seat
assigned
today
Justice
M.
Carter
to
senior
Senator
a
seat
the
across
formal morning clothing,
Democrat, acting speaker of the House, clad in
the
at
Flowers
in
the
German
The
huge
service
boomed
The
to
After
the
services
As
His
Vice-President
Sam
Rayburn,
Senate
the
by
only spot
at
the
which
in
chamber
ZeBarnev T.
tribute
was
hours
two
from
paid
the
the
to
Phillips, Senate chaplain, opened
of the fleet and naval
only
the
on
had
four
21
arm
and
minutes.
.
his naval
of
emptied
marines
drawn
Kindly Light"
arriving
stations
throughout the
salutes.
lasted
chamber
began
the coffin
and
four
.
was
sailors.
"Funeral
Roosevelt,
the
aide.
by eight white horses.
Chopin's
Mr.
.
carried
It
A
March."
1933
In
His
throughout his distinguisheed
keen
a
missed.
are
outstanding
standards
career
of
personal
Mr.
he
of
was
member
a
of
the
of
friends
every¬
American delegation
Tribune" of July 12
April 6,
was
Bledsoe
at
Bachelor
County
horn
As
and
then
Arts.
farm
a
son
youth,
a
Cumberland
of
on
1872, the
McReynolds.
studying
and
Congress in 1923 Mr. McReynolds was
judge in the Criminal Court at Chattanooga.
McReynolds
on
high
conscientious,
entering
"Herald
Tenn.,
me
lasting.
loss.
the World Economic Conference in London.
York
were
were
The people of Tennessee and his
sense
fills
and
of Isaac
Mr.
entered
University,
Later
he
read
to
From the New
the following is taken:
near
Pikeville,
Bledsoe County,
Virginia Adeline
Stephens and
McReynolds
studied
in
the
schools
People's
from
law
College, at Pikeville, later
which he received the degree
in
the
office
of
Senator
J.
B.
down
was
naval
the
placed
hand
,
,
In
later
bench
1893, at the age of 21,
moved
in
to
1903
Chattanooga.
and
later
won
he
He
was
admitted to the bar
was
appointed to
three successive
the
and
two
Criminal
years
Court
terms.
John
Tex£s
white linen suit, presided
offering of asters and gladioli,
large Nazi swastika.
guns
19-gun
black-draped caisson
"Lead,
and
a
One
the Rev.
depart, left
the
a
not
was
Episcopal service,
first
of
quantities
began.
Embassy, bore
Senate
Cabinet officer.
world
had
Virginia.
services.
before
the
The seat
from
aisle.
wearing
feel
Before
usually occupied
junior Senator from Virginia, Harry F. Byrd.
McReynolds took
Garner,
Glass,
acts
McReynolds,
honest, faithful public servant
more
Frazier.
by majority leader Alben W. Barkley, Kentucky Democrat.
been
seat made was the
and
will
Davis
naval
McReynolds and Hugo L.
course
for 20 years a
in recent
sitting in the aisles
were
had
The Chief
his
a
achievements
be greatly
July 10 for the late Claude A. Swanson, Secre¬
tary of the Navy, whose death on July 7 was noted in our
on
knew
never
friend.
follows:
as
Representative
steps
on
a
played
Deatb of L. G.
Walker, Editor of Chattanooga "Times"
Lapsley G. Walker, editor of the Chattanooga (Tenn.)
"Times," since 1903, died after a long illness on July 12 in
Chattanooga.
He was 84 years old.
Regarding his news¬
paper career the New York "Herald Tribune" of
July 13 said:
Mr. Walker was born in Rogersville, Tenn.
He was graduated from
McMinn Academy in Rogersville in 1872,
earning money after school hours
setting type on a weekly paper there, and went to
Princeton, where he
received an A. B. degree in 1876.
He was admitted to the Tennessee
bar
and practiced law for a short
time, but was appointed editor of "The Chat¬
tanooga Democrat" in 1882.
The next year
he joined "The Chattanooga Times"
telegraph editor, beginning
He
an
as proofreader and
association which endured until his death.
appointed managing editor in 1885 and remained in
that position
until 1903, except for four years after
1890 when he was chairman of the
was
The Commercial &
354
Works.^During his term the city's streets
of Public
Chattanooga^ Board
paved.
were
"The Chattanooga Times" by the
appointed editor of
1903 he was
In
and publisher of that newspaper
8. Ochs, owner
late Adolph
and of "The
active editorial work in 1932, but
the paper's masthead continued to carry his name as editor, and until about
year ago he visited his office almost daily.
...
He retired from
York Times."
New
a
to contribute 2% of their salaries for political
purposes."
T
.
Mr. McNutt, speaking on July 7 before the Institute of
quired
Charlottesville, Va., said that the
Public Affairs at
France
of
honorary
Jean Tannery,
Governor of the Bank of France,
7 at the age of GO. M. Tannery was
Governor of the Bank of France from January, 1935 to
June, 1936.
The New York "Herald Tribune" of July 8
Tannery
was
a
was
was
use
In 1932 he represented France at a con¬
cost of the American Army on the Rhine.
Inflation was forecast in
1935 when Premier Pierre-Etienne FJandin
removed Clement Moret as Governor of the Bank of France and appointed
M. Tannery in his stead.
He favored the organization of the short-term
convention operations.
of
time
which dealt with the
ference
market in conformity
to finance its deficits,
money
sums
with the Government's plan to borrow large
but campaigned for the stabilization of the
pound, and with it the dollar and
Premier Leon Blum summarily
to
opposition
his
of
because
lose
the franc.
dismissed him a year and a half later
inflation, and replaced him with Emile
of
Head
High Commissioner to the
American
McNutt,
V.
Paul
July 11 by President
Administrator, thus
bringing into close Administration circles the man whose
candidacy for the presidency in 11H0 has been openly spon¬
sored by his friends.
Mr. McNutt, former Governor of
Indiana, whose nomination was confirmed by the Senate
on
July 12, will head one of three new agencies created
under a plan for Government reorganization.
He will have
executive control over the Social Security Board, Civilian
Conservation Corps, the National Youth Administration,
the office of Education, and the Public Health Service.
Mr. McNutt was sworn into office on July 13 at the office
of the Surgeon General.
In commenting on the appoint¬
ment, Associated Press Washington advices said, in part:
Philippine Islands, was nominated on
Roosevelt
to
be
Federal Security
recently declined considera¬
vice-presidential candidate, said flatly the object was "to build
Senator Wheeler,
tion
a
as
Democrat of Montana, who
McNutt for 1940."
Some politicians took a less direct view.
They argued that Mr.
velt was not necessarily showing favoritism for the former Indiana
up
nor,
Roose¬
Gover¬
but recognized his hat was in the ring and was giving him a chance
fall on the record he will make in a key position here.
to stand or
tion
circles that Mr. McNutt's selec¬
him in direct alignment with the New Deal forces.
general agreement in political
is
There
puts
Associated Press accounts, July
From Washington
7, we
continuance
President
not contest
talk with
the Philippines, said today that
third term he himself would
the nomination.
He made the statement to reporters following
Cordell Hull, Secretary of State, on Philippine and Far Eastern
decided to
Roosevelt
have
ever
seek
for a
run
"If,
Chief
in
with
laid
the contrary,
on
dictates
Asked
velt
be
would
he
the 1940
Mr.
race,
McNutt said:
that Mr.
the provision
"All my
Roosevelt would not
third term.
a
chose
to
in
run
he does want a
words of
1940
in
nomination,
he
one
third term, my loyalty to
syllable
this meant that if Mr. Roose¬
himself would
he replied:
"That's
not be a candidate for
the
it."
sending Mr. McNutt's nomination to the
After
the
take."
action I should
what
whether
Democratic
Senate the
conference on July 11 said, according
to the Associated Press, that he did not think Mr. McNutt
would be found running as a presidential candidate any
more than a dozen or 15 other individuals
who might be
President at
named
Mr.
a
press
"every ounce of domestic
should allow the Filipinos
States
absorb," Mr. McNutt said, "while holding in our own
hands foreign
affairs, tariffs, immigration, currency, and public debt—
scarcely more than marks the necessary reservation of a dominion."
This country "should feel free in case of any crisis to help preserve
the democratic basis of the Philippine Government," he added.
In the economic sphere "we should give the Philippines the best trade
deal we can without injuring our domestic producers," he urged.
"We
must admit the possibility of competition.
.
.
.
Our. aim should be
to assist with capital and men, with goodwill and such preferences as we
can afford, the return to a complementary and reciprocal economy between
the United States and the Philippines."
Any future relationship between the two peoples must be worked out
with the "enduring safety and welfare of both countries" as the
"para¬
autonomy they can
consideration,"
mount
been
all
he
on
islands
The
McNutt
Mr.
40-year rule in
America's
administration,
side."
one
are
declared.
the Philippines has been a model
while pointing out that "the
maintained,
of colonial
profit has
,
purchasing from 60%
America's seventh best customer,
from this country, he stated.
Although United
States imports from the Philippines exceeded the
islands' orders here by $41,000,000 in 1937, Mi*.
McNutt asserted that
70% of their requirements
to
who considers that margin
for economics."
loss to this country "has
a
mistaken
arithmetic
James Speyer Leaves for Vacation at Saratoga,
To Keep Private Office in New York
James
N. Y.—
Speyer has left for Saratoga,|N.|l\, where he ex¬
pects to stay for two
weeks, it
was
announced yesterday
(July 14).
He is retaining his private office in the Speyer
Building, 24 and 26 Pine Street, New York City, which, as
noted elsewhere in this issue, is now occupied by the new
Corporation.
Swis^ American
active business
on
June 30
as
Mr. Speyer retired from
senior partner of the now dis¬
continued banking firm of Speyer &
in
Co.; this was announced
issue of June 17, page 3630.
our
Roosevelt
President
,
Three
Appoints
.
Administrative
Assistants
President Roosevelt
on
July 12 named three of the^six
administrative assistants authorized to him under
the?Re¬
organization Act of 1939.
The new assistants, whoTwill
receive $10,000 a year, enlarge the President's executive
staff and will coordinate work in various departments.
The three named
confirmation
by Mr. Roosevelt, who do not need Senate
are:
Lauchlin Currie, of Maryland, economist, of
William H. McReynolds, of Michigan,
the Federal Reserve System.
administrative assistant to Henry
Morgenthau Jr., Secretary of the Treasury.
James
H.
Rowe Jr.,
of Montana, who has been serving as assistant to
Brig. Gen. Edwin M. Watson in the latter's capacity as secretary to
the
E.
S.
Duffield
Appointed
Relations—J.
P.
Head of
Cotton
Treasury's
Named
Public
Assistant to Sec¬
Morgenthau
Eugene S. Duffield, Special Assistant to Secretary of the
Treasury Henry Morgenthau Jr., was recently placed in
charge of the public relations of the Treasury Department,
succeeding Herbert E. Gaston, who is now an Assistant
Secretary.
Senate confirmation of the President's nomina¬
tion of Mr. Gaston was reported in our June 17 issue, page
3631.
Reference to the appointment of Mr. Duffield as
special assistant was noted in these columns of Nov. 5, 1938,
2813.
The appointment of Joseph P. Cotton as an assistant to
Secretary Morgenthau was also recently made known.
Mr. Cotton will specialize on foreign trade and foreign financ¬
ing matters.
page
easily.
McNutt's
nomination
was
sent
to
the
Senate
on
Committee after its ap¬
proval by the latter.
Confirmation by the Senate came
after a resolution had been presented by Senator Bridges,
seeking to prevent Mr. McNutt, while serving as Federal
Security Administrator, to establish a "Two Per Cent Club"
in the agencies under his control.
In the preamble it was
stated that Mr. McNutt "was alleged to have been instru¬
mental in forming the so-called Two Per Cent Club,' made
July
?"
not had outposts
we
United
The
retary
if
have' been
plans
protec¬
provided by law.
In .retort to the argument that the Philippines are far removed
from
the major sphere of America's interests, Mr. McNutt demandad: "When
islands in 1946, as now
tion from the
matters.
Asked
for the
McNutt, High Commissioner to
Paul V.
a
Orient where
and peace reign," but expressed grave anxiety
of these blessings if the United States withdraws its
democracy
President.
also quote:
if
,
"the one place in the
Philippines as
the
described
anyone
V. McNutt as
Philippines Is
Named Chief of New Federal Agency—In Public
Address He Urges United States to Retain Islands
Nominates Paul
FSA—Commissioner to
Roosevelt
President
.
.
.
of direction."
sense
our
decency,
not
of the Court of Audits.
Labeyrie, Attorney General
destiny of America
He
and began his career as a
diplomat, but his interest in economic questions soon led him to abandon
promising start in that field.
In 1906 he was appointed chief assistant
to the Secretary of the Audit Office, and in 1910 he was sent to South
America to carry out a series of financial investigations.
During the World War he headed the economic information department
in
the War Ministry,
and after it was over, represented the Finance
Minister in conferences in London.
He became President of the guaranty
committee charged with control of Germany's reparation payments.
He was appointed Director of Accounts in 1923, and two years later
promoteed to the Director Generalship of the Deposit and Consignment
Office.
Premier Kaymond Poincare put him in charge also of the auto¬
nomous sinking fund,
which he established in 1926 to bolster the franc.
He
of much assistance to successive Governments, as he was able to
the vast sums under his control
in the Deposit and Consignment
Office as well as the sinking fund to support Government issues at the
M.
occasion to affirm his faith in
the future of America, the same faith
which has been the essence of the American spirit."
"I scorn the suggestion of surrender to the demands of difficult circum¬
stances," he said.
"I believe we have the power within us to solve our
problems with fairness and justice to all.
We must not, we will not,
his career:
to say regarding
the son of a scientist,
the following
had
"Post" said, in part:
the Washington
Governor also took
former Indiana
The
"the
Paris on July
died in
United
immediately proceed to a "realistic reexamina¬
tion" of the Filipino needs and American interests in the
Far East.
In reporting his speech a Charlottesville dis¬
States must
patch of July 7 to
Governor of Bank
former
Jean [Tannery,
of
Death
July 15, 1939
Financial Chronicle
11
by
the
Senate
Finance
up of State employees and office holders of that State,
whereby the said employees and office holders were re¬
Dr.
Bruggmann Named Swiss Minister to
Succeeding Marc Peter
United States
Dr. Charles Bruggmann, Secretary of the Switzerland
legation in Washington from 1920 to 1924, has been made
Swiss Minister to the United States succeeding Marc Peter.
Mr. Peter, who
asked to be relieved of his duties because of
ill health, had been
Switzerland's
envoy
since 1920 and was
Washington Diplomatic Corps.
Dr. Brugg¬
mann, a brother-in-law of Secretary of Agriculture Henry A.
Wallace, is not expected to take over his new post until 1940.
dean
of
the
Volume
Martin
The Commercial & Financial Chronicle
149
Riger
Appointed Assistant Director
Reorganization Division
SEC
of
heads
Commission,
appointed
was
on July 6 Assistant Director of
Levy of Newport, R. I., now
special counsel on Bankruptcy Act matters in the Legal
Division, will succeed Mr. Riger.
division.
Samuel
to Employ Uniform Methods for
Analyz¬
ing Cost of Checking Accounts Urged in A.lB.iA.
Study
The employment of uniform methods for
analyzing the
cost of handling
checking accounts is urged upon banks as
♦
The
nomination of
Arthur S.
Civil
as
good merchandising practice in a
study on this subject
completed by the Bank Management Commission of the
Fleming, of Washington,
American
D. C., to be a member of the Civil Service Commission was
confirmed by the Senate on July 5.
President Roosevelt
had nominated Mr.
Fleming on June 23 to succeed Samuel
H. Ordway Jr., who
resigned, effective June 1.
way's resignation
page
mentioned in
was
3473.
L. A. Steinhardt Sails
Ambassador
to
Take Pest
by the Research
Association, which in a foreword states that
plan projected in the study "should serve as a
greatly
needed factor of
public relations for banks by fostering
greater uniformity in account analysis and service
charge
10,
procedure, not only among a bank's own customers but
among different banks."
The study was made and the
plan was evolved by a com¬
mittee of the Bank
Management Commission under the
chairmanship of Robert H. Myers, Vices-President of the
Merchants National Bank, Muncie,
Ind., which had as
technical consultants John J. Driscoll of
Driscoll, Millet &
Co., Philadelphia, and Ernest S. Woolley of George S.
May
Co., New York.
as
Laurence A.
Steinhardt, new United States Ambassador
to Soviet Russia, sailed for Moscow on
July 12 aboard the
United States liner Washington.
Mr. Steinhardt, who will
fill the post left vacant since the transfer of
Joseph E. Davies
as Ambassador to
Belgium last January, recently returned
from his former post as Ambassador to Peru.
The nomina¬
tion of Mr. Steinhardt by President Roosevelt on March 13
was noted in these columns of March
IS, page 1582.
Sixth
International
Exposition
Leipzig Trade Fair
Hold
to
its
1982nd
Session
Sixth
International Heating and
Ventilating Ex¬
position will be held at Cleveland, Ohio, Jan. 22 to
26, 1940.
The Exposition
will, as usual, be under the auspices of the
American Society of
Heating and Ventilating Engineers and
Aug. 27 to Aug. 31
The historic
Leipzig Fair will hold its 1982nd session this
from Aug. 27 to 31. Some 6,000 firms from 25 countries
display their standard wares and newest items.
It is
assured that over 150,000 business men from 74 countries
year
will
attend.
The
Fair
offers
valuable preview
a
of
every
conceivable
art and industrial product carried
by depart¬
specialized stores. It will include the great Build¬
ing Show with its comprehensive display of building materials
and equipment with demonstrations of the newest
building
ment and
methods.
Harrison
American
to
Senator
Pat
fiscal
Speak at Annual Convention of
Bankers
Seattle, Wash.,
ican
Association
Be
to
Held
at
Sept. 25-28
Harrison
of
Mississippi will
discuss
Fed¬
Association
be
to
held
at
Seattle, Wash.,
Sept. 25-28, according to announcement by Philip A. Benson,
of
include Dr.
versity,
Association
the
Bank
Savings
of
Brooklyn,
and
President
of
the
Dime
Y.
Other speakers will
Bruce R. Baxter, President of Willamette Uni¬
Salem,
Ore.;
II.
Donald
Campbell,
President
the
Marquette, Mich.
four
announced:
The
Exposition wiU bring together hundreds of
exhibits, showing the
developments in heating, ventilating, and air
conditioning equip¬
ment, including refrigerating equipment related to air
conditioning. Equip¬
ment on display will include heaters and
burners designed for gas, oil, and
solid fuels, also fans,
blowers, exhausters, air filters, humidifiers, unit
speakers will
the
at
general
sessions of
Mr. Harrison and Mr. Campbell will speak
the convention.
heaters and unit
appear
designed
'• '•
The
On Tuesday, Sept. 26, the bank¬
and their wives will take a special boat
trip to Victoria,
ers
British Columbia.
various
commissions,
committees
and
sections
will
be held.
are
Programs for tiiese and the round table meetings
process of being completed and will be announced
in
later.
held
A
Constructive
Customer
Relations
clinic
will
be
Wednesday evening, Sept. 27.
Mr.
Benson
Other
officers
will
of
preside
the
all
at
Association
the
general
sessions.
are:
First
Vice-President, Robert M. Hanes, President of the
Bank & Trust Co.,
Winston-Salem, N. C.
Second Vice-President, P. D. Houston, Chairman of the
Board of the American National
Bank, Nashville, Tenn.
Treasurer, M. H. Malott, President of the Citizens Bank,
Abilene, Kan.
Wachovia
Conference
of
Members
pendent Business Men
to
of
Congress and Inde¬
Be Held in
Washington
July 16 to Discuss Patman Chain Store Bill
A non-partisan
joint conference of members of Congress
independent business men will be held in Wash¬
ington on July 16.
A special Congressional Committee,
headed by Representative Luther Patrick of
Alabama, has
been formed to cooperate with a national committee of
inde¬
pendent business and professional men.
The conference
will be held on a steamboat on the
Potomac, leaving Wash¬
ington early in the afternoon and returning about 6 p. m.
An announcement by Representative Patman
says that
"many important problems confronting independent busi¬
and leaders of
will be discussed.
limitation
plained."
of
the
The
of
'•
.
COMPANIES,
&C.
Commodity
in
As
of
of
the
Central
Savings
July 5 that June
on
which comparative
was
deposits
month of the previous
same
July 1, exactly 80 years since the bank
was
founded, assets amounted to $225,002,918, and total deposits
of $196,081,536 were credited to
204,000 accounts.
Total
resources
size
H.
of
Committee
R.
the
1, the Patman Bill for the
corporate chain, will be ex¬
which Representative Patman
of
$624,289,902 are reported by the Bank
Co., New York, in its statement of con¬
June 30,
as
compared with
$642,553,046
of the Manhattan
dition
of
as
March 31.
In
banks and
the
present
statement
bankers amounted to
cash
and
due
from
$250,822,240 against $274,-
581,134 on March 31; holdings of United States Government
obligations to $112,770,025, compared with
$86,965,303, and
loans and discounts, including demand loans
against col¬
lateral, to $177,810,393 against $185,789,802.
Capital and
surplus are
unchanged
at
$20,000,000 each;
undivided
profits, at $6,296,674, increasing from $6,271,600, and total
deposits of $566,947,600, which compares with
at the end
of
The New
as
ness
TRUST
outing
13th consecutive month
$583,574,855
the first quarter.
York
♦
Joint
-
The usual meetings of the Association's
Division, State Bank Division,
Savings Division, and Trust Division, as well as meetings
the
golf
have been greater than for the
four divisions, National Bank
of
BANKS,
annual
Charles G. Edwards, President
Bank, New York City, announced
year.
devoted to entertainment.
ABOUT
first
:
Exchange,
Inc., was held yesterday (July 14) at the Fairview Country
Club, Elmsford, N. Y.
Following the outing a testimonial
dinner was tendered to Floyd Y.
Keeler, recently retired
President of the Exchange.
by well known banking personalities and
full day being
•'
ITEMS
the
a
Modern instruments of precision will
comprise
indicate,
taining correct temperature and humidity conditions in structures of
every
type.
the morning session, Sept. 27, and Mr. Pearce and Dr.
Baxter will speak the following morning,
Sept. 28.
An innovation in convention
proceedings this year will
see two afternoons
devoted to round table discussions led
at
coolers.
to
record, control, and regulate temperature,
volume, velocity, draft, and other factors involved in main¬
pressure, air
N.
Chase National Bank, New York, and E. L.
Pearce, Execu¬
tive Vice-President Union National Bank,
All
meeting of the Society.
During the same week, also in Cleveland, will be held the
meetings of the National Warm Air Heating and Air Con¬
ditioning Association, together with other meetings which
have, not yet been
definitely announced.
It was further
those
policies at the annual convention of the Amer¬
Bankers
President
will coincide with the 46th annual
latest
Senator
eral
Heating and Ventilating
Cleveland, Jan. 22-26
to Be Held in
The
from
will
called "Commercial Bank
No. 23," which contains a
plan for
The study is published
the
Russia
to
Association
uniform methods.
Council of the
Mr. Ord-
issue of June
our
Bankers
Management Booklet
■
..
Representatives
Arthur
C.^Anderson,
Byrns Jr., Tennessee;£VincentlF.
Plan for Banks
H.
Senate Confirms Nomination of A. S.
Fleming
Service Commissioner
355
Missouri; Joseph W.
Harrington, Iowa.
Martin Riger of New York,
supervising attorney of the
Reorganization Division of the Securities and Exchange
that
includes
of June 30,
with
Trust Co., in its statement of
shows total assets of
$459,600,006
condition
compared
$433,963,406 on March 31, and deposits of
$412,592,078
against $385,774,760.
Cash items, June 30,
amounted to
$158,464,420 against $156,711,361; holdings of United
States
Government
obligations
(direct
and
guaranteed) totaled
$184,332,390 against $156,230,881, and loans,
discounts and
bankers' acceptances amounted
762,680.
and
now
$25,000,000,
$2,920,385
of the
are
respectively,
in
comparison
quarter.
first
to
$88,296,514 against $87 unchanged at $12,500,000
while undivided profits are
Capital and surplus
with
$2,900,462
at
the
end
♦
The
City Bank Farmers Trust
Co., New York, reported
total deposits of
$63,283,812 and total assets
as
of June 30
of
$91,8d0,913, compared, respectively, with
$59,177,473 and
$87,445,924
amounted
on
to
March
31.
Cash
$35,356,210 against
and
due
$26,780,325;
from
banks
holdings
of
The Commercial &
356
Government securities to $24,921,007 against
$27,751,210, and loans and advances to $5,016,593 against
$4,819,383.
Capital and surplus are unchanged at $10,000,000 each, and undivided profits were $4,025,010 against
$4,856,730 at the end of March.
United States
of the Marine Midland Trust Co. of New
30 shows deposits of $124,039,572, compared
The statement
York for June
$121,109,571 on March 31.
Total resources at the
date are $142,399,931, contrasting with $138,778,207.
Cash and due from banks amounted to $45,723,220, com¬
pared with $50,051,637; investments in United States Gov¬
ernment
obligations to $15,037,567 against $10,602,053;
loans and bills discounted increased to $28,022,035 from
with
latest
while, demand loans secured by
$16,948,404 from $15,026,694.
Capital
remain unchanged at $5,000,000 each, and
$26,794,031,
gained to
plus
profits are now
collateral
and sur¬
undivided
$4,271,801 against $4,262,504 on March 31.
\
-
■
1939, of the
York shows
total resources at $33,268,555, a gain of $31,604,350 from
year ago, and from $31,878,228 at the end of the first
condition as of June 30,
National Bank & Trust Co. of New
statement of
The
Sterling
a
Deposits are reported at $28,855,231
$27,330,088 on June 30, 1938, and $27,769,472 on March 31, 1939. Capital, surplus and undivided
profits total $3,269,055 as compared with $3,160,241 a year
ago and $3,237,394 at the end of the first quarter.
Reserves
quarter of
this year.
compared with
as
show
also
an
from $470,733 on
upward trend,
June 30,
$564,456 on March 31, 1939, to $623,703 in the
Cash and due from banks is listed at
$12,753,650, an increase of almost $3,000,000 as compared
with $9,889,995 on March 31, 1939, and about $400,000 less
than the $13,153,605
reported a year ago.
Holdings of
United States Government securities aggregate $2,996,109
as compared with $3,441,253 on June 30, 1938, and $3,414,987
on
March 31 last.
State, municipal and corporate securi¬
ties, carried at $2,080,127, are up more than $500,000 on
the year, but somewhat below the March 31 level.
Loans
and discounts, at $14,812,887,
are more than $2,000,000
above the $12,776,489 figure
a year ago, but below the
1938,
to
current statement.
$15,855,773 reported at the end of
July 15, 1939
Financial Chronicle
March.
He continued as
until Dec. 1, 1927,
Co.
Trust
of Trustees.
addition to his banking
In
connections. He
Chamber
Brooklyn
Historical
Society.
■
•
Board of
and formerlv a Standard Oil Co. Vice-President, died on July 6.
He was 71 years old.
Born in Salamanca, N. Y., Mr. Craw¬
ford, following his graduation from Trinity College, entered
the emplov of the Standard Oil Co. and subsequently be¬
come a Vice-President in charge of the Rockefeller natural
gas interests, a post he held when the dissolution of the
coinpanv was ordered by the courts.
After that Mr. Craw¬
ford became head of the Union Oil Co. of Delaware, retir¬
ing 15 vears ago when it was merged with the Shell inter¬
ests.
Although he had retired from active business, Mr.
Crawford in 1933 consented to head a citizens' board to
reorganize the Huguenot Trust Co. following the "bank
holiday" of that year.
He later became President of the
institution, and eventually Chairman of the Board, the
Crawford, Chairman of the
of New Iiochelle, N. Y.,
William Roy
John
Huguenot Trust Co.
the
his death.
he held at
office
National Bank of Lindenhurst,
Stockholders of the First
27 unanimously approved a proposed plan
of recapitulation announced the previous week by Frank X.
Graser, President of the institution.
The Brooklyn "Daily
Eagle" of June 28, in its report of the matter, further said:
The plan, according to Mr. Graser, has already received the approval of
the Comptroller of the Currency and of the Treasury Department as well
as
the Reconstruction Finance Corporation, owner of all of the present
outstanding preferred A stock, which has a par value of $73,500.
The new capital of $12,500, to be constituted in 500 shares, each of the
par value of $25, has already been fully subscribed.
Upon completion of
the plan the capital will then total $74,250 and there will be a substantial
sum
in the surplus and undivided prqfits account.
The new stock will
consist of $25,000 par value common, $36,750 par value preferred A stock,
Y., on June
N.
and
$12,500
value preferred B stock.
par
the
of Basle, Switzerland, has ap¬
State Banking Department for per¬
mission to open an agency in New York City, is is learned
from the Department's "Weekly Bulletin" of July 7.
Swiss Banking Corp.
plied to the New York
#
>
Wagner, Second Vice-President of the Guar¬
anty Trust Co. of New York, died on July 8 at the United
Hospital, Port Chester, N. Y.
Mr. Wagner was born in
Sclilestadt, Alsace, Oct. 1, 1888.
He was educated in the
Institut Superieur de Commerce in Antwerp, from which
he was graduated in July, 1910.
Before coming to New
York in 1912, he worked two years in London for the Anglo
Austrian Bank and Wassermann Plant & Co.
Mr. Wag¬
Eugene T.
the National Bank
1912, to
March, 1914.
He was employed by Ladenburg, Thalmann
& Co. from March, 1914, until he entered the foreign de¬
partment of the Guaranty Trust Co. on Aug. 14, 1916.
He
was identified with the Foreign Exchange Division
before
and after his promotion to Assistant Secretary on Dec. 31,
1925, and later when he became Second Vice-President in
of
position in this city was with
Commerce "where he
remained from December,
1929, until his recent illness.
National Bank & Trust Co. of
recently placed in voluntary liquida¬
tion.
The institution, which was capitalized at $250,000,
is succeeded by the National Bank of Middletown.
the
Maynard, Chairman of the Board
Brooklyn
Savings
Bank
$718,323,926 and total assets of $820,305,858 as
$652,510,128 and $753,185,571 on March 29
statement, cash and due from banks
total $393,504,566 (comparing with $323,217,101) ; loans, dis¬
counts and investments, $263,244,709 (against $257,821,367) ;
of
posits
In
bookkeeper.
positions as a
and in 1902 was appointed
1912 was elected President.
President of the Savings
of New York.
On July 1,
as
an
assistant
$108,601,607 (com¬
State and municipal securi¬
ties, $20,532,662
(having risen from $20,006,893).
The
bank's capital is unchanged at $27,812,500, but surplus and
profits are now $52,510,806 against $52,590,924 on March 29.
The figures of Old Colony Trust Co., which is beneficially
owned by the stockholders of the First National Bank of
Boston, are not included in the above statement.
of the State
Savings Bank and of the Savings Banks
securities,
A
Connecticut
small
banking institution, the
Plantsville
Plantsville, was closed on June 26 by vote
its directors, it is learned from Southington, Conn., ad¬
National Bank,
of
vices
the
in
that date to the New Haven
on
"Register."
The direc¬
stated, followed the disappearance of
bank's former Cashier, Edward L. Sullivan.
We quote,
tors'
action,
it
was
part, from the dispatch:
A.
Clarence
last
and
Deposit
bank
April
the bank,
«
,
by the Federal
stated that all
Insurance
Deposit
deposits would lose any money.
begin paying off
officials were expected to
Insurance
established
assets
a
16
years
ago.
According to a statement of
$476,476.99 and capital stock $50,000.
There
The liabilities included the stock, the undivided
of $904.54.
Demand deposits totaled $85,579.88,
were
accounts.
and
time
All
was
6,
2,600
were
insured
were
week.
a
profits,
bank
He said that none of the
Corporation.
Federal
President of
Cowles,
the
in
accounts
reserve
deposits of $305,856.56,
information
Comptroller
on
the
-
reopening of the bank will
of the Currency in Washington,
William
F.
Hoffman,
come
through the
D. C.
Chairman of the Board of Direc¬
Newark, N. J.,
Mr.
Hoffman, who -was 72 years old, was born in Newark, and
as a
boy entered the employ of the Standard Oil*Co. of
New Jersey.
Subsequently he left the Standard Oil Co.
to establish his own business in New York, the American
Oil & Supply Co.
Twenty years ago he entered banking,
and since 1924 had been successively Vice-President, Presi-
died
1913, Mr. Maynard left the savings banking field to become
President of the Brooklyn Trust Co., resigning as President
Government
pared with $112,289,405), and
result of successive promotions,
Comptroller of the bank, and in
In May,
1913, he was elected
the present
States
United
tors
tof the Brooklyn
of June 30,
offices and foreign branches, the First
Bank of Boston, Boston, Mass., reports total de¬
National
During the next ^O years he filled various
Banks Association
of condition as
statement
condensed
its
In
1939, covering all
The
P.
Merchants
First
The
Middletown, N. Y., was
within
of Trustees
of the Brooklyn Trust Co., Brooklyn, N. Y., celebrated his
75th birthday on July 12.
Born in Brooklyn, N. Y., July
12, 1864, Mr. Maynard was educated in the public schools,
and at the age of 15 was employed by Ammidown, Lane
and Co., dry goods commission merchants.
In September,
1882, he began his banking career by joining the staff of
Edwin
,,
4
last.
ner's first
to complete
during the
is intended to strengthen the capital structure and
write-off of depreciation
in securities which occurred
The plan
compared with
«
The
activities, Mr. Maynard has
business, philanthropic and social
is among his varied connections, a member of the
of Commerce of the State of New York, the
Chamber of Commerce, and the Long Island
many
of condition of
$432,289.
Chairman
when he became
the Board
of
depression years.
Clinton Trust Co. of New
York as of June 30, 1939, shows total assets of $10,233,974
compared with total assets of $10,634,751 reported on
March 31, 1939.
Loans and discounts rose to $2,805,110
from $2,602,336 on March 31; cash on hand and due from
banks are reported as $3,059,231 compared with $3,163,821,
and investments in
bonds, $3,880,235 against $4,352,883.
Deposits declined to $9,003,392 from $9,331,893 three months
ago.
Capital stock remained unchanged at $600,000, while
capital notes stood at $125,000 against $150,000 on March 31.
Surplus and undivided profits remained unchanged at
The statement
President of the Brooklyn
Association.
of the United
at.
his
States Savings Bank of
summer
home in
Deal, N. J., on July 4.
Volume
Savings
Bank.
director
of
of the
Board
the
Among
of the Board of the
a
Total
States
Chairman
Irvington Varnish & Insulator Co., and
Chairman
and
dent,
The Commercial & Financial Chronicle
149
United
of the
other interests
he
689,715
was
Trust
of
Congoleum Nairn Co.
deposits of $112,322,324 and
Co.
June
June
N.
statement of condition
30,
J.,
with
1939,
Fidelity
assets
$171,784,200
which
of
Trust Co. of Newark,
$160,494,294 (as compared
March 29, 1939), the principal items
the
total
reports
on
United
are:
of business
the close
at
as
Union
of
Government
States
obligations,
$43,265,134 (against $53,723,397
loans and discounts,
$42,859,915
direct and fully guaranteed,
earlier
the
on
date)
;
$36,-
(against $43,853,952), and cash and due from banks,
530,657 (having risen from $31,518,905).
On the liabilities
side of the report total deposits are shown at $148,188,834
March 29).
The bank's
capital and surplus remain unchanged at $7,250,000 and
$6,250,000, respectively, but undivided profits have risen
to $1,903,648 from $1,675,464 on March 29.
$154,765,723
(comparing with
v
proposed
known
the
under
of
charter
National
Hudson
West
the
as
the
of
the
Bank
Kearny National
and
operate
Bank,
be
will
capitalized at $774,000 (consisting of $600,000 preferred
stock and $174,000 of common stock).
The principal office
will be in Harrison and the building of the
Bank will
be used
branch office.
a
as
Kearny National
At the organization
meeting of the directors, held July 5, the following officers
were named for the newT institution:
William J. Church,
President
formerly
of
West
formerly a Vice-President of the Trust Co., Vice-Presidents;
Carl
heretofore
Iiizolo,
Cashier
of
Kearny
the
Engelhard,
Bank, Cashier, and Francis J. Foster, William
Arthur
J.
National
Edward C. Davey and William
Fitzpatrick,
H.
Beeves, Assistant Cashiers.
According
the
to
West
Hudson National
ment
showing
June 30.
Liquid
of
assets
totaling
July
issued
has
liabilities
hand
on
bonds.
Federal
6,
the
financial
a
new
state¬
$10,123,627
of
$7,331,325.77,
total
and
Other
Housing
other
$265,289.68,
institution
new
cash
Government
bonds,
municipal
the
represents
States
counts
Bank
and
assets
of
of
as
We quote the paper:
$0,325,040.15
"United
"News"
Newark
banks
in
include
assets
Administration
mortgages
$691,864.89
guaranteed
$348,337.62,
and
which
of
and
of
condition
dis¬
$379,270,546
466,118
on
items comprising
principal
United
States
obligations, $229,517,280 (against $214,005,430 on the earlier
date)
;
cash and due from banks, $94,127,941
with
$40,521,471).
Deposits
(comparing with $311,759,260
bank's capital and surplus are
$25,000,000,
to
respectively,
but
$1,923,548 from $1,172,498
038,581), while capital and surplus remain unchanged at
$3,040,000 and $5,000,000, respectively, and undivided profits
are now $2,243,077 against $2,219,169 on March 29.
Archie
D.
risen
March 29.
on
March
hand
31
and
last,
the
chief
items
are:
in
banks, $35,636,449 (increasing from
$31,355,786 on the earlier date); State, county and munici¬
pal securities, $27,785,458
(compared with $31,076,128) ;
other
investment
securities,
$22,939,283
(against
$23,847,123);
loans,
$21,652,381
(against $21,742,922),
and
United States Government securities, $17,430,000
as
on
March
31).
Total deposits are shown
against $109,370,684.
same
$6,700,000
at
divided
profits
the
$15,000,000,
and
(the same
$109,441,892
respectively,
$1,573,815,
now
March 31.
institution, which
859,385
as
Capital stock and surplus remain the
are
but
un¬
from
decreasing
$1,-
Marshall S. Morgan is President of
on
was
organized in 1866.
88S,071
deposits
are
of
of
June
total
assets
of
$105,-
reported by the First National Bank of Phila¬
30, 1939,
contrasting
respectively,
and
due
611,990
from
banks,
the
earlier
on
securities,
$27,469,279
with
March
on
statement the chief items
29,
making
up
as
$89,729,932 and $100,1939.
In the present
the assets
are:
Cash
$35,169,048
date);
(having
(compared with $31,United States Government
risen
from
$26,957,597)
;
time loans and discounted paper, $16,266,570 (against $16,252,211), and demand loans, $10,904,666 (compared with
$10,164,504).
No change has been made in the bank's
capital and surplus, which stand at $3,111,000 and $4,000,000,
respectively, ' but
undivided
profits are
now
$1,662,638
against $1,571,422
three months ago.
Pa., shows total deposits of $44,511,786 and total
delphia,
assets of
931,266
$53,894,749 (comparing with $42,152,301 and $51,March 29, 1939). The chief items comprising the
on
in the
assets
present statement are:
Cash and due from
$19,347,759 (as against $16,732,723 three months
banks,
ago) ; loans and discounts, $15,757,326
(compared with
$16,201,260), and United
States Government securities,
$10,168,488
(previously
$10,510,144).
The
institution's
capital and surplus remain unchanged at $3,300,000 each,
but undivided profits account is now $1,487,741 against
$1,452,588
on
March 29.
'
4
"Post" of July 1, Justice
the Washington
According to
District Court on June 30 tentatively ap¬
proved a compromise settlement whereby depositors of the
defunct Park Savings Bank of Washington, D. C., would
receive an additional $500,000.
The compromise was agreed
Bailey
the
of
by John F. Moran, receiver
to
is
members
since 1933.
in the courts
case
filed,
the
for#the banking institution,
of the depositors' committee,
will
agreement
which has kept
opposition
Unless valid
July
become final
The
25.
"Post" continued:
Under
provisions of the compromise, $350,000 of the amount would go
1929 and $150,000
depositors who had accounts with the bank prior to
divided
this
said
Attorneys
the bank closed
since
lias
all depositors on
among
been
returned
Between
and
paid
bring the total amount
would
they said.
previous payments,
20,000
depositors
to
A total of 24%
March 6, 1933, to almost 50%.
on
under
18,000
minimum balance basis.
a
depositors would receive
payments, it was
released
the
compromise
from
stopped, however,
of
Receiver
directors and stockholders would be
agreement,
further liability in litigation.
any
Creditors would not be
from making claims against further assets in the hands
Moran.
the Thompson suit and others
receivership would be paid from the $350,000, as
and expenses of E. Hilton Jackson and William E. Richardson,
the depositors' committee.
Expenses of settlement and litigation in
against
pending
would
fees
counsel
for
the
"Thompson suit" was brought by the depositors'
The
committee, headed
by J. W. Thompson, and was but one of several instituted after the bank
in an effort to have directors and stockholders held liable for a
crashed
$2,225,000 shortage.
United
The
States
Court
of
Appeals
directors, 28 in number, were personally
as
of
final
Aug.
30,
ruled
in
March,
1939,
that
the
liable for all accounts of the bank
1929—if these were not closed out or
liquidated prior to
closing of the institution.
The
affairs of the
Park
defunct
ferred to in our issue of
Savings Bank
March 18, 1933
were
re¬
(page 1835), and
4
$94,672,829 and
delphia, Philadelphia, Pa., in its statement of condition
987,038,
report as at the close of business June 30
subsequent issues.
♦—
Total
President.
In its condition
Under
of which
is
stated.
Fidelity-Philadelphia Trust Co. of Philadelphia, Pa.,
in its condition statement of June 30, 1939, reports total
resources
of $134,197,099 as against total assets of $134,on
Swift
last, the Tradesmens National Bank & Trust Co. of 'Phila¬
be
have
$16,483,280
with
$20,105,765) ; United States Government securi¬
$8,944,094 (compared with $9,473,663), and demand
loans, $8,674,809 (up from $8,452,837 on March 29).
De¬
posits are shown as $57,777,027
(contrasting with $52,-
shown as $333,689,872
three months ago).
The
unchanged at $7,500,000 and
are
undivided profits
(comparing
time loans and discounts, $20,476,568
(against
to
The
Cash
hand, in Federal Reserve Bank and
on
$21,511,473
ties,
«
411,161
Cash
banks,
the earlier date) ;
on
(comparing
on
being:
from
due
(against $83,-
711,314), and loans and discounts, $37,281,855
1
of
March 29 last, the principal items of the current state¬
ment
the
are:
■
Bank
National
Philadelphia, Phila¬
delphia, Pa., in its condition statement as of June 30, 1939,
shows total resources of $69,790,424 as against $64,109,091
and
the assets
*
'V,
The Central-Penn
with total resources of $356,-
March 29, 1939.
■
'
-
In the present statement the
compared
as
Pittsburgh, Pa., in its state¬
1939, shows total assets
of June 30,
as
In
comprising the assets are:
29.
;
mortgages
loans
♦
of
March
29,
March
on
in
$730,294.85.
The Mellon National Bank of
ment
respectively,
$1,006,285.62
and
1939.
the current
Cash
and due from banks, $39,754,666 (against $35,960,179 three
months ago) ;
United. States Government securities, $29,332,254
(contrasting with $28,163,938) ; bills discounted,
$15,852,854
(against $16,822,909) ;
other securities, $11,490,408 (increasing from $11,032,299), and demand loans,
$9,483,069 (comparing with $9,202,076). The bank's capital
remains at $4,550,600, but surplus and undivided profits
account has been increased to $9,581,047 from $9,275,476 on
Presi¬
National Bank,
Kearny
the
Clarendon C. Campbell, formerly President of the
Hudson County Trust Co., and Herbert L. Morris,
dent;
Philadelphia, Pa., in its condition report as
1939, comparing with $108,230,505 and $124,-
statement the chief items
on
—4—
merger
of
30,
on
Kearny National Bank,
Kearny, N. J., with the West Hudson County Trust Co. of
Harrison, N. J., was ratified by the stockholders of both
banks on June 30.
The consolidated bank, which will be
The
assets of $128,-
total
reported by the Corn Exchange National Bank &
are
198,089,
In its
357
The
densed
Cleveland
Trust
statement
of condition
Co.,
Cleveland,
Ohio,
in
its
con¬
of June
30, 1939, shows
total
resources
of
$384,776,874
(contrasting with total
assets of $374,858,907 on March 29 last), of which the prin¬
as
cipal items are:
Loans, discounts and advances, less re¬
serves,
$129,768,714 (against $126,075,908 on the earlier
date)
from
tions,
cash on hand and in banks, $114,866,080 (increasing
$108,630,036), and United States Government obliga¬
;
direct
and
guaranteed,
less
amortization
$108,566,327
reserve,
(comparing with $107,454,991 on the earlier
date).
On the liabilities side of the report total deposits
are shown as $347,924,333
(contrasting with $338,434,804),
while the company's capital structure is given as $33,231,706
(as against $32,812,155 on March 29).
'
National City Bank of
of June 30, 1939, shows total
resources of $183,495,547
(comparing with total assets of
$170,510,640 on Dec. 31, 1938), of which the principal items
are:
Cash and due from banks, $07,277,036 (as compared
with $50,911,207 on the earlier date); United States Gov¬
ernment obligations, $53,276,007 (against $55,965,099), and
loans and discounts, $38,693,117
(having risen from $33,720,297). On the liabilities side of the statement the bank
reports corporation, individual and bank deposits, savings
deposits and trust and public deposits aggregating $164,289,012 (against $150,731,730 on Dec. 31).
The bank's
capital remains the same at $9,000,000, but surplus account
has been increased to $4,050,000 from $4,000,000, and undi¬
vided profits are now $892,100, up from $721,303 at the
statement
condition
The
Chronicle
The Commercial & Financial
358
of the
Cleveland, Cleveland, Ohio, as
July IS,
1939
shown in the condition
Wisconsin National Bank of Mil¬
waukee, Wis., as at the close of business June 30, 1939
(contrasting
with total resources
of $242,002,797 on
March 29 last), of which the principal items are:
United
Total
of $246,375,129 are
assets
of
statement
First
the
$96,250,215 (against $96,date); cash and due from banks,
(comparing with $85,308,765), and loans and
securities,
Government
States
469,277
the earlier
on
$87,902,135
$31,411,831 (against $33,542,376). The liabilities
shows total deposits of $222,499,240, con¬
trasting with $220,348,087 three months ago.
Capital and
surplus remain unchanged at $15,000,000 and $2,500,000,
respectively, but undivided profits have risen to $2,353,374
from $1,879,627.
Walter Kasten is President of the in¬
discounts,
side of the report
stitution.
■
—♦
.
close of last year.
♦1
""
In its condition report as
Savings Bank
of Chicago, 111., became a National institution under the
title of the Mercantile National Bank of Chicago.
Accord¬
ing to its statement of condition as of July 1, the new
organization has total assets of $17,819,083,
of which
$7,183,243 represents cash and due from banks; $4,729,185
United States Government obligations, and $4,020,471 loans
Effective
1 the Mercantile Trust &
July
statement shows deposits as $16,$600,000, and surplus and undivided
profits as $594,292. The officers of the institution continue
as
heretofore, with Wm. W. Farrell as President; J. E.
O'Shaughnessy and J. G. Itoseland, Vice-Presidents, and
and
The
discounts.
capital
275,457;
as
V. Benner as Cashier.
D.
business June 30,
at the close of
Louis, Mo.,
with total
on March 29 last).
The principal
resources in the present statement
1939, the First National Bank in St. Louis, St.
shows total assets of $264,504,411
(comparing
$252,243,899
of
assets
making
items
the
up
banks, $108,470,196 (comparing
loans
and
discounts,
$57,851,977
(against $59,762,444), and United States Government securi¬
ties, $56,118,338 against $75,897,812.
On the liabilities side
of the statement total deposits are given as $243,028,699
due from
and
Cash
are:
$75,131,407) ;
with
(contrasting with
$231,563,997 on March 29). No change
which stands at $10,-
the bank's capital,
has been made in
200,000, but surplus and
profits are now $8,561,037 against
$8,679,134 on the previous date.
,
♦
In
June
statement
condition
its
the close
at
as
of
business
30, 1939, the Northern Trust Co. of Chicago, 111., re¬
total deposits of $344,261,615 and total assets of
$370,734,400 as compared with
$314,417,699 and $340,356,841, respectively, at the close of business March 29
last.
The principal items comprising the assets in the
ports
present statement are:
Cash and due from banks, $131,468,814
(against
$128,443,306 on
the previous date) ;
United States Government securities, $108,762,186 (having
other bonds and securities, $91,
$79,489,877), and other loans and dis¬
counts, $18,634,263 (compared with $21,960,105 on March
31).
Capital and surplus are unchanged at $3,000,000 and
$6,000,000, respectively, but undivided profits are now
$4,209,204 as against $4,317,182 on March 29.
risen
$90,822,722);
from
445,209
(against
St. Louis, Mo., in
1939, shows total
assets
of $111,999,491
(against $113,619,085 on March 29
last), of which the chief items are:
Cash and due from
banks,
$41,270,610
(comparing with $36,857,564 on the
condition
(against
securities,
29). De¬
(contrast¬
ing with $103,783,333 three months ago).
The company's
capital remains unchanged at $6,000,000, but surplus and
of
resources
$145,557,718
statement of condition as of June
are
30, 1939 (comparing with
The principal items mak¬
Cash and due
from banks, $70,959,281 (against $49,825,934 on the earlier
date); United States Government securities, $32,202,517
(against $37,791,798), and loans and discounts, $32,784,408
(contrasting with $33,159,210).
Total deposits are shown
as
$137,073,370 (comparing with $122,418,763).
Capital
and surplus remain the same at $4,000,000 and $2,000,000,
respectively, but undivided profits have risen to $1,161,085
$131,002,492
on
March 29, 1939).
ing up the assets in the current report are:
from
undivided
discounts,
$35,883,898
profits
now
are
(against $3,056,540
$3,017,316
March 29).
on
*
its
total
resources
Cash
29,
vault
in
Bank
National
March
on
condition as of June 30, 1939, the
of Chattanooga, Tenn., reports
of
statement
Hamilton
(comparing with $47,565,454
which the principal items are:
due from banks, $18,316,046 (against
of $45,669,558
1939),
and
of
$16,868,202 on the earlier date) ; United States Government
bonds, $9,381,721 (compared with $14,200,889), and loans
and discounts, $12,309,978
(increasing from $11,782,233).
On the debit side of the statement, deposits are shown at
(comparing
$41,368,297
The
bank's
capital
$43,326,524
with
remains
on
29).
March
but
stand at $1,559,862, up
the same
surplus and undivided profits now
from $1,537,530 three months ago.
at $2,700,000,
-
Chicago, 111., as compared with $53,427,484 and $57,415,966,
respectively,
prising the
due
on
March 29 last.
The principal items com¬
in the current statement are:
Cash
banks, $24,385,846 (against $17,022,877 on
resources
from
the
previous datej ; United States Government obligations,
direct
and
fully guaranteed,
$15,392,599
(against $17,-
110,736); municipal and other marketable securities, $13,(against $10,930,519), and loans and discounts,
$13,125,051 (compared with $11,915,317).
The company's
capital continues at $1,600,000, and its surplus at $1,000,000,
356,694
but undivided profits have risen to
$443,586 from $377,662
March 29.
its
Whitney National Bank of New Orleans, La., in
as at the close of business June
The
deposits of $62,622,136 and total assets of $66,643,616 are reported in its June 30 statement of condition
by the American National Bank & Trust Co. of Chicago,
on
and
loans
;
$1,044,756 three months ago.
.Total
and
date)
earlier
$37,320,011), and United States Government
$24,641,707 (compared with $29,843,091 on March
posits are given in the statement as $102,144,682
In
shown by the City
National Bank & Trust Co. of Chicago, Chicago, 111., in its
Total
Mississippi Valley Trust Co. of
statement as of June 30,
The
its
30,
statement of condition
reveals deposits
1939,
of $129,174,369 and assets of
$139,-
606,497, contrasting with $126,795,020 and $131,675,091, re¬
spectively, on March 29 last.
The chief items comprising
the assets in the present statement are:
Cash and due
from banks, $46,570,367 (comparing with $41,448,115 on the
previous
direct
date);
United States Government obligations,
fully guaranteed,
$43,868,110 (against $43,-
and
881,895), and loans, discounts and acceptances, $34,686,275
(against $37,767,446).
The bank's capital structure is now
$9,931,215, comparing with $9,841,120 three months ago.
Registering
new
high figures in respect to total deposits
and total resources,
the
Wells
the mid-year statement of condition of
Fargo Bank & Union
Trust
Co. of San Fran¬
cisco,
The following concerning the
affairs of the defunct Bank
Saginaw, Saginaw, Mich., is taken from the "Michigan
Investor" of July 1:
of
The Bank of
to
18,371
since
the
Saginaw Wednesday (June 28) began payment of $1,200,000
commercial
bank
institution's
$3,111,300,
or
and
closed
return
45%,
pay-off totaled 20%,
in
to
and
or
savings
February,
the
was
This
depositors.
1933,
depositors.
released
$1,577,400, and
represents
The
pay-off, the third
15% of the closed
pay-off amounted to
24, 1935.
The second
first
on
Jan.
was
paid
on
Aug.
12, 1937.
Assets
totaling $462,594,814 are revealed by the National
Detroit, Detroit, Mich., in its condition statement
as of June 30
(comparing with $429,825,997 on March 29
last), of which $188,001,406 represents cash on hand and
Bank
of
due from other banks
March 29) ;
$192,300,414 United States Government obligations (con¬
trasting with $205,469,609), and $66,566,729 loans (against
$72,384,107 three months ago).
On the debit side of the
(against $136,722,563
with
$246,986,651 at the end of last year, and with $227,-
251,564
on
June 30,
1938.
The percentage increases over
earlier amounted to 16% in the case of
demand
deposits and 14.6%
for time deposits.
Total
resources
were
$290,267,433 on June 30, 1939, as against
$275,472,926 on Dec. 31, and $256,339,237 on June 30, 1938.
Holdings of United States Government securities during
the year further increased from $98,583,367 to $141,891,094;
on the other hand, loans and discounts decreased from $45,631,132 to $37,934,305.
Real estate loans at $11,134,431
held fairly even.
Undivided profits during {lie year in¬
creased $66,677, bringing this account up to a total
of
figures of
$2,698,567.
a
year
Capital is $9,000,000 and surplus
$6,000,000.
on
statement total deposits are given as $427,943,781 (against
$395,835,585), while the bank's capital structure is shown
at $30,974,797 (against $30,929,728 three months ago).
Calif., shows total deposits of $264,650,554 compared
The
Farmers
&
Merchants
Bank
of
Los
Angeles,
Los
Angeles, Calif., in its statement of condition as at the close
of business June 30 reports total resources of $139,091,504
(contrasting with $133,034,012 on March 29), of which the
Cash on hand and with Federal Reserve
chief items are:
Bank, $41,214,616 (against $40,019,592 three months ago) ;
United States Government securities, direct and fully guar-
Volume
The
149
Commercial & Financial Chronicle
(comparing with $61,267,877), and
discounts, $22,579,018 (against $22,687,761).
In
the later statement deposits stand at $130,240,544 (against
$123,987,303 on March 29).
Capital (paid-in) and surplus
THE
$68,367,604
an teed,
loans and
remain the
but
$3,000,000 and $4,500,000, respectively,
have decreased to $777,671 from
March 29.
$968,412
at
same
undivided
on
profits
♦
Price movements
mixed
on
the
Wednesday and the trend turned strongly up¬
specialties attracted a
on
Public utilities and industrial
goodly part of the speculative attention and
tops
The Anglo California National Bank of San Francisco,
Calif., in its condition report as of June 30, 1939, shows
total
resources
of
$228,029,020
(comparing with $220,902,747 on March 29 last), of which the principal items are:
Loans and discounts, $68,669,482 (against $73,549,313* three
months
ago);
cash and
due from
banks, $64,811,711
(against $52,249,956); United States Government securi¬
ties, $65,437,935 (comparing with $65,150,817), and State,
municipal bonds and other securities, $19,490,894 (against
$19,690,242 on the previous date). On the debit side of the
report, total deposits are given as $198,125,519 (contrasting
with $189,860,313).
The bank's capital remains the same
at
$18,000,000, but surplus is now $4,090,000 and undi¬
vided profits account, $2,218,342 (comparing with $4,000,000
and $2,701,837, respectively, on the earlier date).
EXCHANGE
CURB
CurblExchange were somewhat
during the early part of the week but the market
steadied
ward,
359
little
was
a number of new
Aviation stocks did
established in these groups.
were
during the fore part of the week but some improvement
Aside from the gains in the indus¬
apparent later on.
trials and utilities, changes were
generally small and without
special significance.
Stocks held
fairly steady during the two-hour session on
Trading was light, and while there Were occa¬
Saturday.
sional advances of
list
were
favorites
were
a
point
or more,
the changes in the general
Many of the trading
usually in minor fractions.
were
absent from the tape
and customers'
rooms
generally deserted due partly to the heat wave and to
the vacation
season
Saturday exodus from the city.
utility preferred issues continued active and several
were
apparent
as
the session
ended.
Public
new tops
Aircraft stocks were
quiet and practically unchanged from the previous close.
deposits of $142,596,896 and total assets of $158,shown in the condition statement of the Crocker
First National Bank of San Francisco,
San Francisco;
Calif., as of June 30, 1939, compared with $133,245,140 and
$148,277,272, respectively, on March 29 last.
In the latest
Total
050,817
are
chief items
statement the
Cash and sight exchange,
are:
$33,485,998 (comparing with $30,999,151 three months ago);
United States bonds, $43,419,675 (against $43,481,634), and
loans
and
discounts, $25,892,588
(comparing with $26,539,342 on the previous date).
The bank's capital and
surplus remain at $6,000,000, respectively, but undivided
profits are now $2,193,747 against $2,246,549 on March 29.
Aluminum shares
were
metal issues
down.
Bank
The
California
of
N.
A-
(head office
Fran¬
San
Calif.) reports in its statement of condition as of
June 30, 1939, total deposits of $116,489,134 and total re¬
sources of $135,008,140 as against
$110,507,099 and $129,-
517,077 on March 29 last.
The principal items comprising
the assets in the later statement are:
Loans and discounts,
$47,921,319 (comparing with $50,847,593 on
March 29); cash and exchange, $51,022,208 (against $44,231,163), and United States securities, $25,299,088 (against
$22,976,900).
The institution's capital remains the same
at $6,800,000,
but surplus and undivided profits are now
$7,974,565 against $8,260,652 on the earlier date.
less
Public
United States National Bank
The
the election of Abbot L.
of
succeed the late Edgar H. Sensenich.
United
States
National
forces
Portland, Ore., an¬
Mills Jr.
in
as
a
director to
Mr. Mills joined the
1933,
and
was
elected
Vice-President several years later.
He came from the First
National Bank of that city, of which his father had been
President for many years.
On his graduation from Har¬
vard
Mr.
through
In its
United
Mills
started
as
a
and
messenger
worked
up
department of banking.
every
published statement of condition
posits of $125,800,210 and
resources of
of June 30 the
as
States National Bank of Portland,
Ore., shows de¬
$136,676,386,
in¬
an
of
approximately $5,000,000 each since Dec. 31 last
of around $13,000,000 since June 30, 1938.
crease
and
•
The statement of accounts
as of June 30, 1939, of Bar¬
clays Bank, Ltd., of London, one of the "Big Five" English
banks, shows deposits of £428,072,569
(comparing with
£436,030,565
advices
office
on
July 11.
at
date
Other items
Cash
in hand
in
as
The
statement
year),
York
according
to
representative's
shown in the latest state¬
and
with
other
the
Bank of
British
Eng¬
banks
and
of
collection, £14,632,306; money at call
notice, £25,176,440, and bills discounted, £47,-
course
short
571,929.
last
New
the
£47,872,375; balances with
checks
and
same
received
ment include:
land,
the
on
cable
two
chief
items
on
the
asset
side
of
the
investments, which are reported at £96,347,836, of which £89,367,949 are securities of or guaran¬
teed by the British Government, and advances reported as
£208,572,824.
Acceptances and endorsements, &c., for ac¬
count of customers total £15,387,124.
The
are
Westminster Bank,
its statement of condition
Ltd.
as
(head
office
of June 30,
London), in
1939, shows total
of £379,802,501 (as compared with total assets
£396,580,385 on the same date last year), of which
resources
of
the
principal
items
Advances
are:
to
customers
and
other
accounts, £136,757,541;
investments, £104,288,017;
bills discounted, £40,836,816; coin, Bank of England notes,
and
balances
money
with
at call
and
the Bank
short
of
notice,
England, £34,609,214, and
£23,333,795.
Current de¬
and
other
accounts
are
given
at
£341,717,335
(against £360,205,902), and liabilities for acceptances, en¬
dorsements, &c., as per contra, at £19,431,981 (against £17,728,636 on the previous date). The bank's paid-up capital
posits
and
reserve
remain
£9,320,157.
the
same
as
a
year
ago,
both
at
Industrial
mining and
specialties
were
lower
registered small gains.
utility preferred stocks
were
generally higher
on
Monday and several of the popular speculative issues worked
into
tops for the year.
new
Trading
was
slow, the volume of
transfers
dipping to 58,190 shares, the smallest volume for
the full day since July 3.
Industrial specialties displayed
moderate improvement, Colt's Patent Fire Arms leading the
advance in this group with a gain of 4
43.
to
was
The aluminum stocks
Noteworthy among the gains
to
points to 81 %,
Nehi
also in good demand and moved forward 3 points
were
quiet and mining and metal shares
were
mixed, oil issues
were
were
moderately higher.
Axton Fisher A, 3 % points
44%; United Shoe Machinery pref., 1% points to 45%;
and Bell Aircraft, 1% points to
21%.
Industrial stocks moved to the front
reserve,
nounces
off and oil stocks and
and tire and rubber shares
Corp.
cisco,
were
on
Tuesday with gains
ranging up to a point or more, and while the transfers con¬
tinued extremely light, the volume was slightly larger than
the
preceding
active and
tion.
a
aay.
Public
number of
Aviation shares
new
were
lower levels and oil stocks
utilities preferred issues^ were
tops were registered in this sec¬
quiet with
were
mixed.
a
tendency toward
The gains included
among others such active issues as Aluminum Co,
2 points to 109; Dayton Rubber A, 2% points to
of America,
28; General
Gas & Electric pref. B, 3 points to 65; New England Tel. &
Tel., 2% points to 117%; Singer Manufacturing Co., 2
points to 169; Utah Power & Light pref., 2 points to 56%; and
Tennessee Electric Power 7% pref. (7), 8% points to 98%.
Trading on the New York Curb Exchange on Wednesday
was noteworthy for the broad advances among the industrials
and public utilities, and as the market continued to hold up,
some of the best prices of the day were recorded in these
stocks.
The gains ranged from 1 to 3 or more points, with
practically every active group participating in the upturn.
Transfers climbed to 127,880 shares against 87,265 on Tues¬
day.
Prominent among the stocks closing on the side of the
advance were Aluminium, Ltd., 3 points to 127%; Newmont
Mining, 4% points to 69%; Pepperell Manufacturing Co.,
2% points to 69; and Standard Steel Spring, 3% points to
36%.
Curb stocks again moved upward on Thursday, and while
number of substantial declines scattered through
gains largly outnumbered the recessions.
There
were occasional brief periods of profit taking apparent but
this was generally absorbed without serious check to the
advance.
Industrials and public utilities attracted a large
part of the speculative attention, particularly Great Atlantic
& Pacific Tea Co. nv stock which forged ahead 5% points
there
were a
the list, the
to 118 and Aluminum Co. of America which
3
surged upward
points to 114. Other noteworthy advances were General
Share pref. 5 points to 74; Pittsburgh & Lake Erie 2%
points to 51; Sherwin Williams 2% points to 91 and Chiias
pref. 1% points to 46%.
Irregular price movements due to profit taking charac¬
terized the early dealings on the Curb Exchange on Friday.
As the day progressed the trend pointed downward though
the declines, on the whole, were largely fractional.
Alum¬
inum Co. of America held its gain of 2 points at 116, but
Great Atlantic & Pacific Tea Co. nv stock slipped down to
115 with a loss of 3 points,
In the public utilities pref.
stocks Pacific Power & Light 7 pref. was the outstanding
strong issue as it climbed upward 6% joints to 91%.
As
compared with Friday of last week prices were generally
higher, Aluminum Co. of America closing last night at 116
against 106 on Friday a week ago; Aluminium Ltd. at 126%
against 125; American Cyanamid B at 25% against 24;
American Gas & Electric at 37 against 35; American Light
& Traction at 16% against 15%; Electric Bond & Share at 8
against 7; International Petroleum at 22% against 21%;
Lake Shore Mines at 40% against 39%, and United Shoe.
Machinery at 83% against 82.
.
The Commercial & Financial Chronicle
360
AT THE
TRANSACTIONS
DAILY
YORK CURB EXCHANGE
NEW
good re¬
last week. This
that the United
for six months
its buying price of 64.64 cents per ounce for domestic silver.
Sellers were
disposed to hold back and with buying by the Indian Bazaars and for
American trade, prices reached 19%d. for cash and 19 7-16d. for two
months' delivery, the quotations of June 24 and June 26.
Yesterday,
however, fresh alarm was occasioned by reports that the United States
Senate had approved certain amendments to the Monetary bill, including
one that purchases of foreign silver should be discontinued.
As matters
stand, it is understood that the bill is now to be considered by a committee
of both Houses, presumably in an effort to arrange some compromise, the
Until yesterday
CNumber
of
Shares)
34,420
57,480
1,193,000
1,921,000
1,866,000
132,180
81,830
1,945,000
1,516,000
520,840
$9,006,000
..
Wednesday.....
Thursday.....
Friday
Total
Week Ended July
Sales at
Total
Corporate
$6,000
$572,000
14,000
$1,000
4,000
$565,000
Monday
Tuesday.—
Government
Domestic
87,150
127,780
Saturday
Foreign
Foreign
Week Ended
Jmy 14, 1939
1,211,000
1,934,000
11,000
2,000
27,000
14,000
32,000
9,000
23,000
1,925,000
1,964.000
1,548,000
$82,000
$9,154,000
5,000
$66,000
1 to July
1939
1938
1939
14
1938
520,840
20,250,623
23,418,864
$7,564,000
$247,406,000
$179,657,000
66.000
276,000
30,000
2,681,000
3,961,000
82,000
3,190,000
3,424,000
$9,154,000
Domestic
Foreign government..
1,066,590
$7,870,000
$253,277,000
$187,042,000
.
.
'
Foreign corporate.....
of conjecture.
....
RATES
FOREIGN EXCHANGE
Pursuant to the
Act
requirements of Section 522 of the Tariff
Bank is now certifying
the Secretary of the Treasury the buying rate for
1930, the Federal Reserve
of
daily to
different countries of the world.
cable transfers in the
give below
a
BANKS TO
Canada
British India
8,652
6,916
Other countries
We
Denmark
Cable Transfers in New York
July
13
July
$
$
.169902
.169919
.169933
.169916
.169877
June 22-.19%d.
June 23 —19 7-16d.
.012125*
.012100*
.012100*
.012125*
.012125*
June 24
$
$
$
Europe—
Belgium, belga
Bulgaria, lev
a
a
a
a
a
June 26
June 27
Czechoslov'la, koruna
Denmark, krone
.208937
.208959
.208962
.208943
.208966
Engl'd, pound sterl'g
4.681250
4.681250
4.681875
4.681666
4.681736
.020550
.020545
.020554
.020541
.020545
.026486
.026486
.026490
.026491
.026491
....
—
Germany, reichsmark
.401155
.401156
.401111
.401138
.401112
Greece, drachma
.008575*
.008596*
.008596*
.008600*
.008621*
Hungary,
Italy, lira
.195760*
.195750*
.195750*
.195750*
—
—
19 l-16d.
19%d.
,
19 7-16d.
19 7-16d.
18%d.
19%d.
19%d.
18 15-16d.
^ ;
IN NEW YORK
"V
-Bar Silver per Oz. Std.Cash
2 Mos.
14
'
?
LONDON
IN
July 12
;
,
Quotations during the week:
Unit
July 11
3,922
*
£175,470
£36,440
Coin of legal tender in the United Kingdom.
x
July 10
...
.i.—
Other countries.........
Value in United States Money
July 8
*5,750
2,633
2,350
1.703
Sweden
Poland
1939, TO JULY 14. 1939, INCLUSIVE
Noon Buying Rate for
1,472
30,175
Viv---
Bermuda...
RATES
Country and Monetary
£127,465
United States of America.
£20,872
France
CERTIFIED BY FEDERAL RESERVE
TREASURY UNDER TARIFF ACT OF 1930
JULY 8,
Finland, markka
France, franc
Exports
Imports
Belgium
record for the week just passed:
EXCHANGE
FOREIGN
„
,
,
Total
....
amount of nervous selling which, in the cir¬
with poor resistance and prices fell sharply, being fixed
ll-16d. lower at 18 15-16d. and 18%d. for the respective deliveries.
The market suffered a further shock as it became known late last evening
that the United States Treasury had reduced its buying price for foreign
silver from 43 cents per ounce .999 fine (at which it had stood since March 29,
1938) to 40 cents.
Further offerings of silver found buyers extremely
reluctant, with the result that today there was another sharp fall or %d.
to 18 3-16d. and 18d. for cash and two months' delivery respectively; the
quotation for cash was the lowest since Dec. 28, 1937, and that for forward
the lowest since Oct. 17, 1933.
.
,
The events of the latter part of the week under review have made for
great uncertainty and movements in the immediate future are difficult
to foresee, depending as they do upon developments in the United States.
The following were the United Kingdom imports and exports of silver,
registered from mid-day on the 19th inst. to mid-day on the 26th inst.:
cumstances, met
$9,006,000
Stocks—No. of shares
Bonds
must naturally be a matter
nature of which
The news caused a certain
Jan.
14
New York Curb
Exchange
the market had shown a much firmer tone, a
covery having been made from the low levels recorded
was due to a large extent to the report from Washington
States Treasury had intimated its willingness to extend
Bonds (Par Value)
Slocks
1939
July 15,
SILVER
June 28...18 3-16d.
•
18d.
Average_._19.177d.
June
June
June
June
June
June
(Per Ounce .999 Fine)
21.
43
22—
........43
23
—
43
24
-...43
26
43
27
40
cents
cents
cents
cents
cents
cents
18.990d.
The highest rate of exchange on
from June 22 to June 28, 1939, was
-
New York recorded during the
$4.68% and the lowest $4.68.
period
.105750*
.052604
pengo
.052604
.052604
.052604
Netherlands, guilder.
.530918
.530818
.530900
.531816
Norway, krone
Poland, zloty
.235200
.235196
.235212
.235187
.235211
.188260
.188300
.188200
.188060
.188120
.052604
Portugal, escudo
.042557
.042570
.042562
.042575
Rumania, leu
.007057*
.007064*
.007035*
.007035*
.007035*
Spain,
.110225*
.110225*
.110225*
.110225*
.110225*
Sweden, krona
.241112
.241129
.241137
.241106
.225416
.225433
.225397
.225427
.225391
.022880
.022850
.022800
.022725
.022800
closing quotations for securities, &c., at London,
reported by cable, have been as follows the past week:
The daily
.241125
Switzerland, franc...
Yugoslavia, dinar...
peseta
HOLI¬
Asia—
r
.042587
China—
Sat.,
.121500*
.121750*
a
a
.122437*
.122687*
a
a
Shanghai (yuan) dol
.126933*
.127550*
,127000*
.127833*
.124333*
Tientsin (yuan) dol.
.102666*
.104500*
.095833*
.095833*
.093200*
.288250
.288250
.287937
.287937
.287962
.348843
.348933
.348968
.348918
Japan,
.272800
.272814
.272828
.272814
.272814
.547687
.547500
.547550
.547862
.548000
Australia, pound
3.730000
3.730000
3.730125
3.730000
3.730125
New
3.744750* 3.744750* 3.744875* 3.744750* 3.744875*
yen
Straits Settlem'ts, do)
Australasia—
.348918
Wed.,
Thurs.,
Fri.,
July 11
July 12
July 13
July 14
Gold,
p.
16 %d.
148s.5%d.
16 l-16d.
148s.6d.
16%d.
16 9~16d.
16 13-l6d.
148s.6d.
148s.6d.
148s.6d.
Holiday
£68
£68%
£68
£67%
£67%
Holiday
£93%
£94
£93%
£93%
£93%
Holiday
Sliver, per oz_.
£106%
£106%
£106%
I6%d.
fine oz. 148s.6d.
2%%.
3)4%
W. L._.
Hongkong, dollar.
British India, rupee..
Tues.,
July 10
:
:
a
a
Mon.,
July 8
,
British
Chefoo (yuan) doi'r
Hankow (yuan) do!
Zealand, pound.
as
Consols
DAY
MARKET—PER CABLE
FINANCIAL
ENGLISH
.531911
British 4%
1960-90.
£106%
34%
34%
34%
71.10
34%
34%
Closed
BarN.Y.(for'n)
£106
in the United
price of silver per ounce (in cents)
States on the same days have been:
The
71.10
71.10
U. S. Treasury
(newly mined)
71.10
71.10
71.10
Africa—
Union South Africa, £
4.631875
4.632083
4.633437
4.633281
4.633250
Canada, dollar
.997558
.997674
.997947
.997946
.998121
Cuba, peso.
Mexico, peso..
.999500
.999500
.999500
.999500
.999500
.167300*
.168166*
.168353*
.169933*
.170800*
Newfoundl'd, dollar.
.995078
.995234
.995507
.995468
.995625
with
.312070*
.312070*
.312060*
.312090*
.312125*
upon
.060586*
.060586*
.060586*
North America—
South America—
Argentina,
peso
...
Brazil, milrels official
.060586*
.060586*
.050180*
*
Nominal rates,
a
.051700*
.040000*
.040000*
.040000*
.040000*
.569800*
.570750*
.571500*
.615971*
peso, contr.
.051400*
.051700*
.669850*
Non-controlled
.050100*
.051700*
.040000*
_
.051200*
.051733*
.615978*
.615996*
.615985*
.616010*
.356910*
Uruguay,
.051100*
.051733*
Chile, peso—official"
"
"
export
Colombia, peso...
.358685*
.357343*
.359151*
.359142*
.570750*
COURSE
BANK
CLEARINGS
year ago.
Preliminary figures compiled by us based
telegraphic advices from the chief cities of the country
indicate that for the week ended today (Saturday, July 15),
clearings from all cities of the United States from which it
is possible to obtain weekly clearings will be 9.5% below
those for the corresponding week last year.
Our preliminary
total stands at $5,303,771,078, against $5,857,451,027 for
the
No rates available.
OF
this week will show a decrease compared
Bank clearings
a
same
a gain for the
Our comparative summary
At this center there is
week in 1938.
week ended
Friday of 0.3%.
for the week follows:
THE ENGLISH
We
reprint
the
GOLD AND
SILVER
following from
the
MARKETS
weekly
circular of
of
Samuel Montagu & Co. of London, written under date
June 28, 1939:
England gold
287,061 at 148s. 5d. per fine
the previous Wednesday.
?,n y?e.
Chicago..
against notes on June 21 was £226,showing no change as compared with
reserve
ounce
open market about £2,600,000 of bar gold changed hands at
1939
15
the
177,574,983
92,264,736
Kansas City
_
—
Quotations—
June 22
J
Ounce
Ounce
148s.
6d.
6d.
June 23.
148s.
June 24
148s. 6d.
June 26.
148s. 6d.
_148s. 6%d.
June 27
+ 6.8
+ 7.5
+ 1.7
Baltimore..
Eleven cities, five days
...
Other cities, five days.
Total all cities, five days
cities, one day
—1.9
72,297,126
54,615,915
+20.1
$4,149,386,397
$4,059,771,171
+2.2
746.504,275
+8.4
$4,958,608,480
345,162,598
...
+ 3.3
125,096,000
85,974,400
809,222,083
_
Detroit
71,900,000
122,663,000
96,119,321
76,417,677
86,863,004
59,066.352
San Francisco;
All
90,762,063
cent
74,300,000
St. Louis
Cleveland
Per Fine
+ 2.8
Boston
Pittsburgh
Per Fine
+ 0.3
284,000,000
165,233,747
292,000,000
following the vote in the United States
against the continuance
after June 30 of the President's powers to devalue the dollar; this was a
movement by holders of dollars to exchange into gold, influenced by the
mm* that the power to devalue
might be exercised during the short period
still remaining—a contingency considered to be extremely improbable.
S2,807,040,825
239,231,109
255,514,850
—
Philadelphia
daily fixing during the past week.
A good proportion of the supplies was
was provided
by the authorities and purchases were made for shipment
to New York.
Yesterday, however, there was an interesting feature
Senate
1938
$2,816,602,474
Week Ending July
New York
GOLD
The Bank of
Per¬
Clearings—Returns by Telegraph
$4,806,275,446
+3.2
1,051,175,581
—67.2
$5,303,771,078
$5,857,451,027
—9.5
63,619,986
+ 11.8
+20.1
+8.1
148s. 6d.
June 28
The following were the United Kingdom imports and exports of gold,
registered from mid-day on the 19th inst. to mid-day on the 26th inst.:
Imports
Union of South Africa...£1,663,255
Southern Rhodesia
26,028
British East Africa
British India
New Zealand
Netherlands
France
Venezuela
Other countries
19,618
66,719
4,728
2,317,666
2,587
3,180
3,072
Total all cities for week
_
148s. 6.08d.
Average
1,015,509
Netherlands
France
67,889
35,580
Germany
3,500
16,015
1,371
Switzerland
Other countries.
them today, inasmuch as the week ends today
(Saturday) and the Saturday figures will not be available
until noon today.
Accordingly, in the above the last day
furnish
Exports
United States of America. £6,139,851
British India
36,685
Siam.
Complete and exact details for the week covered by the
foregoing will appear in our issue of next week.
We cannot
of the week in all
cases
£4,106,853
£7,316,400
and complete
ended July 8.
present further below, we are able to give final
results
for
the
week
For that week there
The SS. Ranchi which sailed from Bombay on June 24 carries gold to the
value of about £37,400.
has to be estimated.
In the elaborate detailed statement, however, which we
previous—the
week
increase of 19.2%,
the aggregate
clearings for the whole country having amounted to
$5,472,459,201, against $4,590,873,679 in the same week
of
was an
Volume
in 1938.
The Commercial & Financial Chronicle
149
Outside of this there
361
increase of
was an
8.6%, the
bank clearings at this center
having recorded a gain of
27.6%. We group the cities according to the Federal Re¬
serve districts in which
they are located, and from this it
appears that in the New York Reserve District
(including
this city) the totals record an
expansion of 26.1%, in the
Boston Reserve District of
7.9% and in the Philadelphia
Reserve District of 17.4%.
In the Cleveland Reserve Dis¬
trict there is an
improvement of 13.6%, in the Richmond
Reserve District of 0.3% and in the Atlanta Reserve District
of 19.6%.
In the Chicago Reserve District the totals are
larger by 8.5%, in the St. Louis Reserve District by 14.9%
and in the
Minneapolis Reserve District of 9.0%.
The
Kansas City Reserve District registers a
gain of 4.4% and the
Dallas Reserve District of
8.5%, but the San Francisco Re¬
serve District records a loss of
1.6%.
In the following table we furnish a
summary by Federal
Week Ended
Clearings
July 8
at-
Inc.
1939
1938
or
1937
Dec.
1936
%
Seventh Feder al Reserve D istrict—C h 1
cago
Mich.—Ann Arbor
454,981
373,432
+21.8
Detroit
76,647,560
63,565,180 +20.6
Grand Rapids
2,737,468
2,069,749
+ 32.3
Lansing
Ind.—Ft. Wayne
Indianapolis
South Bend
Wis.—Milwaukee
la.—Ced. Rapids
Des
Moines
Sioux City
111.—Bloomington
Chicago
1,003,537
1,358,772
17,494,000
2,297,861
4,028,836
16,481,530
1,069,835
+ 19.6
260,736
97,830,950
2,551,149
1,238,189
—25.6
976,901
1,178,823
+ 18.8
20,495,000
7,921,419
3,162,974
315,757
255,856,135
+ 31.7
+ 18.6
2,790,030
+0.1
398,938
248,780,634
19,423,732
1,206,993
10,433,104
17,406,000
1,362,566
4,297,874
18,123,603
950,174
7,121.730
2,666,371
315,711
2,290,277
4,754,233
Terre Haute
+2.8
313,472,302
—0.3
+ 18.0
+ 17.9
+ 12.8
1,442,727
5,286,126
21,687,177
1,126,913
9,085,677
3,860,249
365,463
964,281
Rockford
Springfield
SUMMARY OF BANK CLEARINGS
Total (18 cities)
822,538
+ 17.2
3,483,049
1,308,911
1,628,707
Decatur
Peoria
Reserve districts:
1,200,604
1,010,578
20,791,000
344,129
82,187,142
2,457,806
1,150,787
3,334,277
1,048,442
1,226,105
+24.8
+ 32.8
271,508,040
817,673
3,551,300
1,225,286
1,430,809
407,670,344
375,858,229
+8.5
418,101,788
488,908,684
85,200,000
32,546,415
+ 4.5
880,423
5,347,101
1,305,573
1,494,106
Inc.or
Week Ended July 8,
1939
1939
Federal Reserve Dists.
1st
2d
3d
1938
Dec.
S
Boston
12 cities
New York..13
"
1937
%
227,755,922
3,361,945,013
t
224,779,078
+26.1
2,665,969,183
1936
$
4-7.9
211,105,865
'
3,189,109,464
286,711,019
3,641,794,631
PhiladelphlalO
Cleveland.. 7
"
359,247,290
306,041,028
4-17.4
325,240,619
4th
"
256,544,582
225,828,245
+ 13.6
266,065,863
6th
303,469,659
Richmond..
6
"
120,716,072
133,529,366
6th
Atlanta
10
"
140,086,668
Chicago....18
"
407,670,344
8th
St. Louis
"
121,601,908
9th
Minneapolis 7
Tenn .—Memphis
4
"
93,464,421
City 10
"
124,107,726
6
10th Kansas
"
57,210,732
10
"
120,345,200
11th Dallas
12th San Fran
Total
113 cities
Outside N. Y. City
Canada
5,472,459,201
32 cities
94,787,313
110,030,862
163,099,769
57,918,590
55,865,832
208,643,381
238,988,395
383,990,955
5,313,596,584
6,095,667,619
2,229,832,646
2,571,712,634
+8.1
355,362,055
Ninth Federal
St.
Paul
473,741,134
D.—Fargo...
S.
D.—Aberdeen
Mont.—Billings
Helena
454,017,708
1938
Total (7cities).
Lincoln
or
1937
Dec.
First
Federal
Reserve Dist rict
Me.—Bangor
Omaha
1936
+ 18.3
+26.8
191,917,043
178,480,927
+ 7.5
726,938
Mass.—Boston..
623,970
300,005
541,793
+2.9
River..
Lowell
'
303,501
New Bedford.
Mo.—Kan. City.
+ 16.5
Fall
557,277
_
Springfield
3,172,744
1,925,145
11,084,365
Worcester
Conn.—Hartford
New
Boston
526,701
1,820,018
Haven
2,989,981
1,780,828
716,716
1,830,401
192,575,443
864,057
2,198,428
246,850,985
546,715
304,636
608,669
3,159,365
1,988,257
+ 8.1
+ 52.7
9,369,600
530,748
+ 14.9
122,759,598
134,186,036
3,116,205
73,220,025
26,410,040
Reserve Dis trict—M i
n n
eapdlis
2,918,132
60,580,569
23,909,482
2,034,511
674,105
3,321,863
56,598,673
20,151,050
1,965,376
585,033
—12.2
+ 3.5
4,712,825
62,710,466
21,551,882
1,859,683
+ 15.2
643,391
952,894
566,083
+ 14.9
2,580,852
+4.5
673,233
2,635,833
3,382,802
93,464,421
85,768,930
+ 9.0
94,787,313
110,030,852
Reserve Dis trict—K
+ 7.9
224,779,078
286,711,019
227,755,922
211,105,865
9,469,567
3,678,961
—4.0
4,483,650
Y.—Albany..
713,584
Buffalo
4,057,281
1,180,658
25,400,000
386,462
Blnghamton...
Elmira
Jamestown
New Ylrk...
7,401,160
—45.2
7,467,410
6,828,935
970,615
+21.6
1,012,204
—0.8
32,000,000
508,042
—23.9
504,187
804,377
—11.3
663,762
Dallas..
1,523,954,985
8,718,073
4,145,523
3,144,521
4,138,036
5,414,346
Westchester Co
4,202,370
4,613,485
438,781
3,869,678
4,129,598
391,003
16,783,910
23,171,959
15,471,090
33,296,181
Newark......
Northern N. J
+ 8.6
■
3,003,178
4,404,391
330,055
+8.5
15,644,057
19,849,789
—30.4
29,487,259
35,748,795
3,361,945,013 2,665,969,183
Third Federal
527,658
Reserve Dist rict—Philad elphia-
531,867
Bethlehem
479,676
478,013
297,656
599,350
Chester...
323,413
Lancaster
+26.1 3,189,109,464 3,641,794,631
+ 10.9
+25.4
+ 8.7
1,067,699
1,052,385
+ 1.5
343,000,000
Philadelphia
295,000,000
1,803,333
1,980,862
1,010,305
1,197,798
+ 16.3
Reading
1,976,172
2,723,299
Scranton
Wilkes-Barre..
838,672
York
1,179,218
7,007,600
N. J.—Trenton.
359,247,290
+ 3.6
105,390,891
+ 5.0
+ 70.2
2,952,054
622,184
608,144
632,842
—3.9
602,553
858,366
124,107,726
118.900,641
+ 4.4
148,475,097
163,099,769
1,305,584
38,747,611
+ 83.7
1,181,320
1.354,776
+ 8.3
6,888,684
—0.7
42,504,017
6,341,373
1,583,000
55,865,832
—12.1
+8.9
Total (6 cities)
57,210,732
52,705,367
+ 8.5
57,918,590
+ 9.6
+ 37.5
—17.0
—1.6
2,741,000 + 155.6
Twelfth Feder al Reserve D istrict—San
Wash.—Seattle..
Yakima
Ore.—Portland..
Utah—S. L. City
Pasadena
San
Francisco
.
San Jose
Santa Barbara
.
Stockton
767,159
297,905
686,592
400,000
1,445,361
312,000,000
1,724,289
2,516,442
975,971
1,530,114
3,469,000
369,718
1,432,237
369,000,000
1,380,442
2,584,747
1,349,041
1,620,277
15,164,000
325,240,619
Grand
total
28,787,589
1,269,593
25,745,449
306,041,028
+ 17.4
—4.0
908,144
24,235,776
+39.8
+ 6.2
+22.6
—3.5
—21.6
—4.1
121,866,000
2,821,537
+ 10.3
2,652,558
3,206,859
1,645,172
2,778,352
—7.5
—26.1
1,450,676
2,390,432
2,350,109
202,108,223
205,436,113
-1.6
208,643,381
238,988,395
11,835,711
at—
Inc.
$
130,929,527
127,306,174
2,404,875
+ 17.:
116,990,141
137,757,941
Hamilton
256,544,882
225,828,245
+13 J
266,065,863
303,469,659
St. John
311,354
2,893,000
37,465,587
1,183,403
69,615,075
25,745,365
2,556,664
52,468,036
79,840,668
9,686,500
Winnipeg.
Ottawa
Va.—Norfolk..
Richmond
S. C.—Charleston
Md.—Baltimore
D. C.—Wash'ton
Quebec.
Halifax
2,767,456
...
Reserve Dist
rict-
-Richm ond—
London
364,554
307,555
+ 18.1
2,617,000
31,762,077
1,231,715
61,503,435
23,237,291
2,238,000
29,916,483
1,100,594
65,730,477
21,052,091
+ 16.$
+ 10.4
382,532
2,752,000
37,826,579
1,364,951
69,055,282
22,148,022
120,716,072
120,345,200
+0.3
133,529,366
137,213,784
Fort William
+ 22.3
3,006,841
Peterborough
+ 3.2
16,803,473
42,000,000
977,178
858,980
15,664,000
16,311,684
1,506,591
3,678,025
17,108,053
51,500,000
1,408,478
1,054,317
14,489,000
17,599,177
1,524,277
+ 6.S
+ 11.$
—6 A
_
m
Sixth Federal
Tenn.—Knoxville
Edmonton
Regina
Brandon.
4,317,587
Augusta
Macon
Fla.—Jacksonville
Ala.—Blrm'ham.
.......
Miss.—Jackson..
Vicksburg
LaN ew Orleans
3,529,148
14,640,806
46,400,000
40,306,000
1,237,855
Ga.—Atlanta....
332,666
cities)
535,131
1,350,779
Lethbrldge..
Saskatoon
Moose Jaw
18,340,575
24,372,280
6,297,864
2,837,209
5,118,981
4,888,031
%
+ 14.7
+ 5.1
1937
%
149,169,989
161,747,213
—4.9
47,388,652
23,246,975
29,747,461
6,899,866
—2.5
3,671,787
+ 19.0
+ 11.1
—10.9
+ 17.9
9,022,733
—2.5
2,256,062
—10.7
6,353,580
2,563,605
1,899,288
3,237,181
4,247,834
+ 9.9
2,275,628
—3.7
3,749,084
+4.0
+ 14.4
4,348,327
5,486,801
442,178
516,598
—0.5
1,690,109
3,695,225
391,071
467,598
1,357,300
+ 4.0
—14.9
1936
$
138,911,280
108,101,282
98,988,324
20,898,132
32,646,529
5,552,739
3,065,452
5,823,583
6,426,077
2,032,833
2,094,023
3,893,414
4,788,440
4,225,655
456,559
485,641
1,696,688
*610,500
...
584,652
+ 4.4
796,072
655,577
1,222,558
1,179,708
777,631
+ 3.6
1,379,222
—11.8
973,400
891,637
1,504,471
923,895
722,411
686,086
782,108
913,506
14,543,000
13,329,883
729,154
16,971,000
17,284,909
1,813,816
1,296,041
x
+ 15.1
+ 58.3
—20.2
+ 16.7
+29.7
+40.0
x
x
145,846
*88,532
—22.6
172,619
36,076,310
27,578,929
+ 30.8
26,885,061
x
161,710
32,888,867
738,933
650,560
Medicine
255,015
231,013
743,123
313,403
330,746
—10.7
858,676
870,890
859,985
+ 34.5
836,613
727,430
1,256,733
2,893,439
140,086,668
117,101,953
+ 19.6
124,186,427
Hat...
663,673
1,156,388
1,217,787
3,138,174
Sherbrooke
Kitchener
+ 4.2
1,361,611
+ 6.0
317,311
748,360
680,119
649,798
506,109
+ 5.1
3,270,855
417,145
+ 9.1
1,128,398
764,685
—9.4
809,655
—9.1
662,476
767,207
565,194
+ 4.2
593,115
571,903
1,020,003
+ 6.2
1,128,270
968,125
383,990,955
355,362,055
+ 8.1
473,741,134
454,017,708
333,378
816,451
616,415
Moncton
Kingston
Chatham
1,168,266
2,960,957
527,248
Prince Albert
505,063
—....
Sarnia
—
Sudbury.
(32 cities)
141,411.904
»
1 t».n tut.
+ 13.6
+ 10.4
1,083,175
Windsor.
Total
Total (10
2,013,558
2,087,608
3,117,533
4,416,848
3,844,081
*
or
Dec.
New Westminster
Reserve Dist rict—Atlant
15,110,191
Nashville
6,036,657
4,764,824
....
Brantford
Total (6 cities)
Mobile
21,705,285
5,988,211
-
Victoria
Fifth Federal
114,168,209
121,100,409
27,609,343
32,845,607
20,378,166
Vancouver
Calgary
M
$
Montreal
1,839,594
W.Va.—Hunt'ton
1938
Toronto
2,684,260
cities).
1,573,933
393,987,054
+ 17.1
+2.1
145,984,022
3,999,655
4,109,086
123,106,000
14,512,493
3,861,114
3,220,254
118,024,000
3,111,935
1,521,262
Week Ended July 6
Clearings
+ 60 J
+ 16 J
33,135,482
1,028,051
28,049,663
15,195,920
4,790,187
3,674,169
+8.6 2,229,832,646 2,571,712,634
1,347,959
2,175,661
89,897,263
+ 14.1
8,599,200
31,932,001
1,081,634
26,327,454
13,758,888
3,664,121
3,519,617
+ 19.2 5,313,596,584 6,095,667,619
10,010,100
1,587,297
3,493,151
105,326,391
+ 5.F
SCO
5,472,459,201 4,590,873,679
84,370,112
1,998,170
48,281,671
73,528,321
Franci
29,996,680
(113
cities)
Cleveland...
Total (7
877,200
3,205,466
Outside New York 2,205,520,603 2,030,249,833
Cincinnati
_
+ 5.5
2,054,534
Calif.—L'g Beach
Columbus...
Mansfield...
Youngstown...
774,647
District—Da lias-
937,036
2,725,555
1,879,244
58,662,654
87,324,671
13,996,800
1,443,474
Pa.—Pittsburgh
109,391,597
3,195,441
2,398,708
41,964,925
2,166,000
2,109,01?
49,648,80c
.
132,058
238,216
3,834,481
37,011,284
2,402,950
5,260,729
2,675,890
580,322
823,481
2,968,934
Total (10 cities)
514,378
Feder al Reserve D istrict—Clev eland—
Ohio—Canton..
+ 8.4
Wichita Falls..
La.—Shre veport
Canada—
Fourth
+0.1
—27.0
*
987,455
1939
Total (10 cities)
98,700
124,918
2,480,131
26,998,972
2,858,348
6,346,346
+ 25.7
40,400,812
10,361,971
1,887,000
944,698
3,142,789
"
„
+ 8.8
+9.9
-
6,936,581
2,053,000
842,221
+ 12.2
+ 11.7
Total (13 cities)
Pa.—Altoona
City
as
Worth...
Galveston
Fort
627,905
+ 27.6 3,083,763,938
+27.5
7,012,471
—16.7
3,816,552
4,509,769
Conn.—Stamford
J.—-Montclair
3,958,042
84,353,839
725,294
1,068,190
32,200,000
Syracuse
N.
2,372,657
2,223,592
York
25,600,000
3,266,938,598 2,560,623,846
9,548,156
7,489,247
Rochester...
+ 7.0
+ 18.7
94,961
190,631
2,258,512
23,852,438
3,250,628
3,957,918
81,406,499
Eleventh Fede ral Reserve
Texas—Austin...
_
Feder al Reserve D i strict—New
a n s
103,272
209,464
Total (10 cities)
10,744,000
1,478,664
9,292,200
1,144,112
Total (12 cities)
i
105,812,925
648,843
+ 15.0
R.I.—Providence
N.H.—Manches'r
N.
121,601,908
2,808,770
3,960,450
2,105*760
12,280,139
+1
+ 6.1
+ 18.3
3,973,351
9,683,300
749,132
Second
608,000
St. Joseph
Colo.—Col. Spgs
Pueblo
714,915
381,128
9,635,859
4,702,247
__
Wichita
_%
623,187
2,307,163
Portland
x
588,000
2,839,102
25,866,981
Kan.—Topeka
$
15,831,621
x
+ 10.4
...
1939
x
579,000
Neb.—Fremont..
Hastings
July 8
atInc.
+ 15.9
639,000
.
Tenth Federal
Week Ended
79,200,000
29,110,578
13,861,020
x
2,697,036
Minneapolis...
We now add our detailed statement
showing last week's
figures for each city separately for the four years:
Clearings
+ 14.7
650,586
Minn.—Duluth
N.
+ 19.2
+8.6
4,590,873,679
cities).
+ 14.6
13,044,836
134,186,036
—1.6
2,030,249,833
Total (4
141,411,904
65,700,000
26,489,089
488,908,684
122,759,598
148,475,097
205,436,113
2,205,520,603
124,186,427
418,101,788
4" 8.5
52,705,367
202,108,223
393,987,054
75,300,000
30,701,878
14,961,030
111.—Jacksonville
Qulncy
137,213,784
7th
+0.3
117,101,953 + 19.6
375,858,229
+8.5
105,812,925 + 14.9
85,768,930
+ 9.0
118,900,641
+4.4
Eighth Federa 1 Reserve Dis trict—St. Lo uis—
Mo.—St. Louis._
Ky.—Louisville..
x
Ft units ttaiitlif.
408,351
*
public debt and Treasury cash hold¬
ings of the United States, as officially issued as of Mar. 31,
1939, delayed in publication, has now been received, and as
interest attaches to the details of available cash and the gross
and net debt on that date, we append a summary thereof,
making comparison with the same date in 1938:
This statement of the
TO PAY
CASH AVAILABLE
MATURING OBLIGATIONS
Mar.
31.
1939 Mar. 31, 1938
After deducting
thereon held by the
or
Deduct— Excess or
under disbursements on
22,375,174
—16,865,687
3,367,103,656
56,556,230
3,123,477,861
709,952,897
567,098,256
3,472,575
—
Deduct outstanding obligations:
Matured Interest obligations....
Disbursing officers' checks
—
Savings certificates
warrant checks.....
—.....
Discount accrued on War
Settlement on
Total..
Balance, deficit (—) or
surplus (+)__
INTEREST-BEARING DEBT
1939—figures as of March 31, 1939, are not available.
designated depository banks and the accrued interest amounting
secured by the pledge of collateral as Provided In the
Regulations of the Postal Savings System, having a face value of $82,536,213.29,
cash In possession of System amounting to $70,074,921.59, Government and Govern¬
ment-guaranteed securities with a face value of $1,129,572,190 held as investments,
d Figures as
and other assets.
Ctf. Fund—Ser. 1938
21,500,000
1938.. 1,185,000,000
1947-1952..........—A.-O.
758,945,800
J.-D. 1,036,692,900
27,900,000
743,665,000
1940-1943
J.-D.
1941-1943...........M.-S.
334s Treasury bonds of 1946-1949............J.-D.
3s Treasury bonds of 1951-1955............._M.-S.
834s Treasury bonds of 1941
.......F.-A.
4348-334s Treasury bonds of 1943-1945.......A.-O.
834s Treasury bonds of 1944-1946
.....A.-O.
8s Treasury bonds of 1946-1948...
....
J.-D.
834s Treasury bonds of 1949-1952
J.-D.
234s Treasury bonds of 1955-1960...........M.-S.
234s Treasury bonds of 1945-1947.......
M.-S.
234s Treasury bonds of 1948-1951...........M.-S.
234s Treasury bonds of 1951-1954...
...J.-D,
2348 Treasury bonds of 1956-1959
M.-S.
234s Treasury bonds of 1949-1953
J.-D.
234s Treasury bonds of 1945
J.-D.
234 Treasury bonds of 1948..
M.-S.
3Hs Treasury bonds of
8Hs Treasury bonds of
234s Treasury bonds of 1950-52
2s Treasury
755,432,000
834,453,200
1,400,528,250
1,518,737,650
1,035,874,400
491,375,100
2,611,093,650
1,214,428,950
1,223,495,850
1,626,687,150
981,827,050
1,786,140,650
540,843,550
450,978,400
J.-D.
918,780,600
M-S 1,185,731,700
...J.-D. 1,485,375,100
234s Treasury bonds of 1958-63
1960-65
J. D.
bonds of 1947
1935
1936...
U. S. Savings bonds, series C, 1937
U. S. Savings bonds, series C, 1938
U
S. Savings bonds, series D, 1939
U. S. Savings bonds, series A,
U. S. Savings bonds, series B,
......
.
Unclassified sales
Service bonds of 1945
...
Adjusted Service bonds, (Govt. Life Insurance
1946)
3a Adjusted
Fund series
J.-J.
2Ha Postal Savings bonds
Treasury notes
Treasury bills
Reconstruction Finance Corporation.
amount of First Series notes
the Treasury and reflected in the public debt.
Include $10,000,000 face
I Bonds in the face
in
the
_
ernment
454,135,200
352,993,450
544,870,050
818,627,000
755.434,500
834,453,200
1,400,528,250
1,518,737.650
1,035,874,400
491,375,100
2,611,095,150
1,214,428,950
1,223,496,350
1,626,687,650
981,837,550
Holdings in U. S. Treasury
V
Net gold coin and
May 1, 1939
Apr. 1, 1939
Net United States notes-.
on the
Net National bank notes-
856,916
817,976
996,262
11,778.618
12,875.548
295.603
226,060
44,540.781
3.559,050
8,768.645
380,897
3,930,457
20,805.820
19,479,964
19,624,359
Net Fed Res. bank notes..
Net subsidiary silver
Minor coin,
&c
Total cash In Treasury.
Less gold reserve
fund
Cash balance In Treas—
450,978,400
1,468,571569 1,484.712,318 1,428,592.644 *1368099,735
156,039,431
156,039,431
156,039,431
156,039.431
1.312.532,138 1,328.672.887
1,272,553.213 1,212,060,304
858,231,000
975,380,182
776,415.000
791,688,000
970,735,362 1,021,983,116
866,226,000
Government securities.
Dep. In Fed. Res. banks.. 1,387.927,429
182,786,357
338,163,333
National
in
Deposit
701,074,900
cl78,126,001
c327,495,192
c429,732,911
c521,600,855
cl58,810,437
c91,307,601
290,731,800
and
other bank deposltaries-
71,786,159
332,328,500
Cash In Philippine Islands
30,940,167
35,035,940
2,200,298
219,394
184,526
To credit disb. officers.
Net
cash
in
500,157,956
500,157,956
117,776,160
118,065,420
9,017,177,600 11,322,211,050
1,311,453,000
1,802,534,000
3.389.478.83! 3.043.525,035 2,924,260,044
Available cash balance
*
as
Includes
on
July 1 $586,105,177 silver bullion and
NATIONAL BANKS
The
following information regarding National banks
$
9,464,303
138,924
1,497,682
236,379
125,152
51,562
*1,380,909,900
1206,815,828
641,828
835,085,600
96,178,600
236,476,200
103,147,500
100,122,000
9,900,000
11,514,005
3
H% bds. of 1944-64.
3% bonds of 1942-47.
2^% bds. 011942-47.
1H % bonds of 1939..
1
H% bonds of 1939..
Department:
CHARTER ISSUED
Amount
5—The Johnson County National Bank & Trust Co.,
5004-5006 St ate Line, J oh nson County, Kan_
_
Capital stock consists of $200,000, all common stock.
Presi¬
dent, Fred C. Vincent; Cashier, Alexander M. Meyer.
Primary organization.
July
ceeded by The National Bank of
ter No. 13,956.
CHANGES
The
1,392,423,905
afloat
986,060
960,000
debentures
7,354
6,561
9,732,241
993,414
966,561
13,916
778,579,375
debentures
254% bds.,
ser.
1,959,976
904,762,450
325,254,750
4,143,494
1,626,272
4,944,326
211,460,000
297,639,000
310,090,000
1,288,036
1,086,341
337,287
54% notes, series R__
819,189,000
Tenn. Valley Authority.
U. 8. Housing Authority
*
$191,358,627
154% notes,er.B, 1944
Maritime Comm..
2,711,665
.2,554,510
1939
Tender Notes—
___*$189,291,607 *$220,687,930
the Treasury.
bonds redeemed by Secretary of
bank notes outstanding
$2,258,881.50 on July 1, 1938.
Reserve
Federal
secured by lawful money, against
July
AUCTION
The
c821,900,665
following securities
wrere
sold at auction on Wednesday
of the current week:
114,418,609
261,609
By R. L. Day & Co., Boston:
Shares
5,410,011,360
35,589,360
5,445,600,720
$ per Share
Stocks
60 Fleming Mfg. Co. common,
Secretary of Agriculture.
33,931,482
S3,000,000
6,250
dl
292,683,385
- —
*—
H
•
Bonds—
$400 National Service Cos. 6s,
Feb.
Percent
___.___18 & int.
15, 1952, reg
By Crockett & Co., Boston:
1,261.751,903
33,937,732
1,295,689,635
Shares
6
S100
par $5
3,006,250
Other Obligations—
R.notes (faceamt.)..
——
5 Seattle Gas Co. common
1,258,751,903
Total based on credit
of the United States
321M
4
10M lot
5
Haverhill, Mass., par $100—
70 Stafford Iron Works, Inc., par
Postal Savings System:
254% bds.,ser.A, 1943
4 Haverhill National Bank,
100 Eastern Utilities Associates conv
On Credit of U. S.:
Funds due depositors
Tenn Valley Authority
1939,
SALES
on
guarantees
1,
212,748,036
298,725,341
310,427,287
J
114,157,000
1938
$223,242,440
2,067.020
Includes proceeds for called
Note—$2,218,619.50
U. 8.
F
1939 and 1938:
Amount of bank notes afloat July 1____
Corp.:
54% notes, ser. N
54% notes, ser. P
and July, and the amount of
during the month of June for
Net decrease during June
2,908,081,734
20,446,334
secured by legal tender deposits)
are
beginning of June
the years
883,983,151
f2,887,635,400
Total, based
(all of which
Amount afloat June 1
908,905,944
326,881,022
879,038,825
1942-44
Reconstr'n Fin.
788,311,616
B,
1939-49..
Middletown, N. Y.t Char¬
NATIONAL BANK NOTES
IN
National Ranh, Notes—All Legal
154% bds.,ser.F, 1939
254% bds., ser. G,
$250,000
the decrease in notes afloat
Home Owners' L'n Corp:
3% bds., ser. A, '44-52
LIQUIDA HON
following shows the amount of National bank notes
the
at
1,946,060
3%
$200,000
July
7—The First Merchants National Bank & Trust Co, of
Middletown, N. Y
Effective June 7, 1939.
Liquidating agents: Herbert Senger
and Clifford A. Owen, care of the liquidating bank.
Suc¬
844,549,903
96,317,524
237,973,882
103,383,879
100,247,152
9,951,562
Fed'l Housing Admin.:
254%
is
of the Currency, Treasury
Total
Commodity Credit Corp.:
3% bonds of 1944-49.
2,838,225,533
$2,627,536 minor, &c., coin
97,786,885
Contingent Liability
206,174,000
174,027
included in statement "Stock of Money."
VOLUNTARY
U. S.—
1,870,406
211,094
Treasury
Detail
%% notes,ser.C, 1939
Fed. Farm Mtge. Corp.:
34,253,525
and In banks
3,635,081,366 3,229,987,877 3,105,892,774 3,086,628,035
248,402,502
181,632,730
186,462,842
245,602,535
Deduct current liabilities.
Compiled from Latest Reports Received by the Treasury
Guaranteed by
36,934,133
37,676,699
1,384,756
34,581,174
31,007,673
34,315,216
2,196,393
Deposits In foreign depts.
448,508,520
110,063,850
To credit Treas. U. S._
2,595,822,872+2,501,480.780
a
306,080
3,815,000
21,001,880
Deposit In special deposi¬
tories account of sales of
CONTINGENT LIABILITIES OF THE UNITED STATES, MARCH 31, 1939
Interest
$
714,383,033
615,152,338
2,231,593
1,334,411
9,875,400
757,635,155
634,041,962
3.214,907
Net Federal Reserve notes
540,843,550
basis of dally Treasury statements, was
Amount of
July 1, 1939
1,786.147,050
$39,985,224,003.07, and the net amount of puDllc debt redemption and receipts in
transit, &c., was $5,691,244.99. b No reduction Is made on account of obligations
of foreign governments or other investments,
c Amounts issued and retired include
accrued discount; amounts outstanding are stated at current redemption values.
Principal
1939
$
814.444,874
631,015,488
2,293,358
831,245,886
596,663,825
2,384.120
bullion.
Net sliver coin and bullion
1,
June
$
$
from the office of the Comptroller
31,1939,
April,
of business on the first of
Treasury at tbe begm^irg
b37,395,092,376 35,058,343,873
Net debt
MONEY HOLDINGS
compilation, made up from the daily Gov¬
statements, shows the money holdings of the
Tbe following
#39,990,915,248 37,559,824,653
Total gross debt March
reflected
held by the Treasury and
amount of $272,500 are
public debt.
489,080,100
124,643,490
.....
Total debt
Deduct Treasury surplus or add Treasury deficit ..+
a
and accrued
interest thereon, held by
1,036,692,900
39,447,766,563 37,004,126,895
418,505,195
457,910,873
Aggregate of Interest-bearing debt..
Bearing no Interest
Matured, Interest ceased
758,945,800
489,080,100
454,135,200
352,993,450
644,870,050
818,627,000
SHb Treasury bonds of 1946-1956...
..M.-S.
3Hs Treasury bonds of 1943-47...........
J.-D.
2348 Treasury bonds of
presented for redemption.
been
not
g Held by the
I Does not
28.894,500
Unemployment Trust Fund—Series
bonds of 1944-1954............
have
49,800,000
Special:—4s Adjusted Service
4s Treasury
consists or
United
commercial paper.
f Includes only unmatured bonds issued and outstanding.
Funds have been de¬
posited with the Treasurer of the United States for payment of matured bonds which
The collateral security for Federal Reserve notes Issued
$4,789,500,000 In gold certificates and in credits with the Treasury of the
States payable In gold certificates, and $3,828,000 face amount of
TREASURY
»
Certificates of Indebtedness:
2 He
notes held by the
of their own Federal Reserve
and $268,217,440.00
deposited in
$9,602,379.33 redemption fund
circulation, exclusive of
In actual
the Treasury
31, 1939 Mar. 31, 1938
49,800,000
28,894,500
Q.-M.
bonds of 1946-1947......—.—Q.-J.
-
4H* Treasury bonds of
of Jan. 31,
$82,967,471.54, which is
OUTSTANDING
Payable
Loan—
3s convertible
49,967,164
1,299,082
Interest Mar.
Title of
8s of 1961
accrued Interest
Issuing banks.
771,280,784
621,997,081
+ 2,595,822,872-f-2,501,480,780
-
$379,555,878.43 face amount of notes and
Treasury and reflected in the public debt.
Offset by cash In
to
3,551,775
1,379,886
belated Items
of the United
payments.
Include
not
Does
c
deposited with the Treasurer
amounts of funds
States to meet interest
e
or
3,389,478,830
dally statements.-deficiency of reoelpte over
Balanoe end of month by
Add
3,140,343,548
Issued and outstanding.
Includes only bonds
a
OF THE UNITED STATES
COMPLETE PUBLIC DEBT
July 15, 1939
Chronicle
The Commercial & Financial
362
'
Stocks
Plymouth National Bank, Plymouth, Mass., par
$20-,
$ per Share
19
25 Berkshire Fine Spinning Associates common
e4,370.477,480
100 A. & G. J. Caldwell,
Inc., par $1
1.20
Volume
149
The Commercial & Financial Chronicle
REDEMPTION
CALLS
AND
SINKING
363
FUND
NOTICES
Below will be found
Per
list of bonds, notes and preferred
stocks of corporations called for
redemption, together with
sinking fund notices.
' The date indicates the
redemption or
number gives the
last date for
making tenders, and the page
location in which the details were
given in the "Chronicle":
Company and Issue—
Date
American Colortype Co. 6% bonds
Associates Investment Co.. 10-year
3% debs
Atlantic Beach Bridge Corp. 1st
Page
1
-Aug.
Aug.
Aug.
mtge. 6Hb~.
"
9
1
Bates Valve Bay Corp.
6% debentures
1
Aug.
Buckeye Steel Castings Co. prior pref. stock
1
Aug.
Bush Terminal Co. 1st
mtge. 4s
July 27
Central Illinois Electric & Gas Co. 1st
mtge. bonds
1
Sept.
Chicago Union Station Co. 3H% guaranteed bonds
1
Sept.
Cincinnati Gas & Electric Co. 1st
mtge. 3Ms__
1
Aug.
Colgate-Palmolive-Peet Co. 6% pref. stock
1
Aug.
Consolidated Gas, Electric Light & Power Co. of Bait.—
1st mortgage bonds
1
Aug.
Cuban Telephone Co. 1st mtge. bonds
1
Sept.
Dominion Textile Co., Ltd. 1st mtge.
4Hs
1
__Sept.
General Motors Acceptance
Corp. 3% debentures
1
Aug
(B. F.) Goodrich Co. 6% conv. debentures
298
5Hs. series A
Indiana & Michigan Electric Co. 1st
mtge. 5s
International Salt «'o
1st mtge
5s_Iowa Power & Light Co. 1st mtge.
4J^s
Kansas City Gas Co. 1st mtge. 5 s
Kirby Lumber Corp., 1st mtge. bonds
♦Loew's, Inc., 3H% debentures
Marshall Field & Co. 7% pref. stock
Memphis Power & Light Co.—
1st & refunding mtge. 5s
1st & refunding mtge.
4Hs
July
3377
2261
3690
2261
440
l
3379
3535
2417
3853
.July 27
Aug.
1
„
2114
2262
2114
..Sept.
1
..July 31
Sept.
1
„
1st mtge. 5s
Nord Railway Co. 6X% bonds
Northeastern Water A Electric Co. coll. trust 6s
North Texas Co. 1st coll. lien bonds
Oklahoma Power & Water Co. 1st mtge. 5s
♦Ontario Power Co. of Niagara Falls
2419
2263
2421
Jan.
1
2421
..Oct.
1
1176
Aug.
1
July 22
Aug.
1
5% gold bonds..
Aug. 15
Pacific Coast Power Co. 1st mtge. 5s
July 20
Pacific Lighting Corp. $6 pref. stock
July 15
Paramount Pictures, Inc. 6% debs
...July 31
Paris-Orleans RR. 5H% bonds
1
Sept.
Pekin Water Works Co. Series A bonds
July 20
Series B bpnds
July 20
Peoples Drug Stores, Inc.. 6X% pref. stock
Sept. 15
Philadelphia Electric Power Co. 1st mtge. 5Hs
Aug.
1
♦Phillips Petroleum Co. notes
„_Aug,
1
Poll New England Theatres,
Inc., 1st mtge. bonds
July 20
Reliance Mfg. Co. preferred stock
Sept.
1
Robertson Paper Box Co. 6% pref. stock.
July 15
Rochester Gas & Electric Corp. gen.
mtge. 5s
Sept.
1
Safe Harbor Water Power
Corp. 1st mtge. 43^s
Aug.
4
St. Joseph Ry., Light, Heat & Power Co. 1st
mtge. 4Hs._Aug.
1
♦Scott Paper Co. 3)4 % debentures
Sept. 1
♦Seneca Power Co. 1st mtge. 6s
.Sept.
1
♦Shawmut Bank Investment Trust
4H% debs..
...July 26
(Robert) Simpson Co. Ltd. 1st mtge. 5s
__Jan
1
(Robert) Simpson Co., Ltd., 1st mtge. 6s
..Jan.
1 '40
Socony-Vacuum Oil Co., Inc., 15-year 3Hs
July 21
Southern California Edison Co., Ltd., 1st & ref.
mtge. 4s. .Sept.
1
(A. E.) Staley Mfg. Co. 1st mtge. 4s
Aug.
1
Sunray Oil Corp., 5% debentures
July 31
Tennessee Corn. 6% debs, series B & C
Sent.
I
United Cigar-Whelan Stores Corp.
5% bonds
_July 27
United States Cold Storage Co. (K. C.) 1st
mtge. 6s
__Aug.
1
Wheeling & Lake Erie Ry. ref. mtge. bonds
Sept.
1
Winston-Salem Terminal Co. 1st mtge. 5s
Oct.
1
Woodward Iron Co. 2nd mtge. 5s.
Sept
1
.
„
_
Announcements this
wees:,
x
$2
S2H
F~und.__
$9c
...
40c
69c
(quar.)
887
2265
3855
2421
2118
3079
2266
1179
3855
3855
2119
2119
2422
Fuller Brush Co., class A
common (quar.)
General Foods Corn,
(quar.)
General Tire & Rubber Co
I
Getchell Mines,
Inc..
Globe & Republic Insurance of
Amer__
Grace National Bank
(semi-annual)
Havana Electric & Utilities Co.
6% 1st pref__.._
Haverhill Electric Co..
__
25c
25c
_
Hormel (Geo. A.)
3lifi.
Preferred A (quar.)
Horn (A. C.) Co.
7% non-cum. pref. (quar.)
6% non-cum. 2d partic. pref.
(quar.)
Houston Lighting & Power
8Hc
45c
7% pref. (quar.)
SIX
Humberstone Shoe Co (quar.).
Hydro-Electric Security 5% cl. B pref. (s.-a.)..
Insurance Co. of State of Penna.
(s.-a.)._
Inter-City Baking Co. (irregular)
International Industries, Inc
International Railways of Cent. Amer.
5% cum. preferred
Kansas City Life Insurance
(s.-a.)...
Knickerbocker Insurance
Kootenay Belle Gold Mines (quar.)
Kress (S. H.) & Co.
(quar.)
Merck & Co
we
show
the
Then
we
Co., Ltd.,
cents
on
coupon
per
share
35, the
50c
10c
25c
3243
2268
2124
3700
in
full
Michigan Bakeries, Inc
Prior preferred (quar.)
15c
2270
3547
3860
Michigan Central RR. Co. (s.-a.)
2128
3398
which
have not yet been paid.
Further details and record of past
dividend payments in many cases are
given under the com¬
pany
News
in our "General Corporation and Investment
Department" in the week when declared.
name
The dividends announced this week
are:
86 prior lien
_
_
.
.
Mine Hill & Schuvlkill Haven RR.
(s.-a.)
Monroe Loan Society, class A
SIX
t $ 1.31 X
■tsix
825
SIX
Name of Company
r
Share
Adams-Mill is Corp
American Discount preferred A (s.-a.)
Payable of Record
1
July
21
81
25c
5, c
1 July
20
25 July
15 July
18
14
18
15
1
1
Aug.
Aug.
July
July
American Stove (irregular)..
25c
Aug.
Anglo-Canadian Telephone, 5H% pref. (quar.)
68Xc Aug.
Associated Telep. & Teleg. Co. 7% 1st pref
49c
Aug.
$6 1st preferred
42c
Aug.
Atlantic City Electric Co., $6 pref. (quar.)
SIX Aug.
Atlantic Rayon Corp., prior pref. (quar.)..
62 He
Aug.
Best & Co., Inc
40c
Aug.
Best & Co., preferred (semi-annual)
S3 July
Beverly Gas & Electric (irregular)
75C July
Boss Mfg. Co...
50c Aug.
Boston Fund (quar.)...
14c
Aug.
Bourjois, Inc., preferred (quar.)
68 He
Aug.
Brentano's Book Stores, Inc., A
40c
(quar.)..
Aug.
Budd Realty Corp
$8 July
Bullock Fund, Ltd
luc
Aug.
Burdine's Inc..:
10c
July
Canadian Eagle Oil Co., Ltd. ord. coup 6—...
t6d. July
Partic. preference shares coupon No. 6
$23.88c July
Canadian Investment Fund soecial shares
(qu.)
J4c
Aug.
Canadian Investors Corp., Ltd. (quar.)
$10c Aug.
Cedar Rapids Mfg. & Power (quar.)
75c
Aug.
Central Tube
3c
July
Century Shares Trust
40c
Aug.
Cberry-Burrell Corp
20c
July
Preferred (quar.)
SI H
July
Colgate-Palmolive-Peet Co. (quar.)
12%c Aug.
6% preferred (quar.)
Oct.
SIX
Colonial Life Insurance of America
(quar.)
$3
July
Columbia Gas & Electric Corp.—
6% preferred A (quar.)
SIX Aug.
5% cumulative preferred (quar.)...
$IH
Aug.
5% cumulative preference (quar.)
SI X
Aug.
Commonwealth International, Ltd. (quar.)
4c
Aug.
Community Public Service
50c
Aug.
Concord Electric (quar.)
70c
July
6% preferred (quar.)
UH
July
Conduits National Co. (irregular).:
10c
Aug.
...
.
....
-
.
Consolidated Chemical Industries cl. A
Continental Can Co. Inc. (interim)
Courtaulds,
Ltd.
(interim)
Holders
25c
American Equitable Assurance, N. Y.
(qu.)_...
American Fidelity Co. (quar.
37 He
5uc
2%
1
1
15
15
1
1
15
2h
14
15
21
15
1
18
1
27
17
July
July
Aug.
Aug.
July
July
July
July
July
July
July
Aug.
July
July
July
July
13
28
25
27
8
31
31
1
15
18
15
20
1
July
July
15
18
15 July
25 July
31
15
1
July
18
31 July
22
22
25
31 July
15 July
1 Sept.
7
5
July
6
15 July
25
15
25
25
15
15
15
15
15
8
1
Aug.
Aug. 15
July
July
July
July
July
July
Aug.
July
July
5
1
Aug. 15
July 14
July 31
Aug.
1
Aug. 15
Aug. 15
Sept. 1
Sept. 1
Aug.
1
Aug.
1
Aug.
1
Aug.
1
July 12
July 31
July 26
Aug.
July
July
July
Aug.
Aug.
Aug.
Sept.
Sept.
15
25
22
1
1
1
15
11
1
8
21
20
29
29
15
15
15
15
15
18
10
15
July "18"
July 15
July 20
J'dy 20
July
14
Aug. 31
Aug. 19
July 15 July
8
July 15 July
8
July 29 July 20
Oct.
Oct.
1 Sept.20
1 Sept. 20
Newburrv Street Garage.
New York Air Brake (resumed)
.......
North Boston Lighting Properties (quar.)...
Voting Trust certificates (quar.
6% preferred (quar.)
Northern RR. of N. H. (quar.)
Norwalk Tire & Rubber, pref. (quar.)
Occidental Insurance Co. (quar.).
.._
...
—
...
Orange & Rockland Electric
Outboard Marine & Mfg. Co
Pacific Oil & Gas Development.
*
Panhandle Eastern Pine Lines Co. (quar.).
Paymaster Consol. Mines, Ltd
Pelham Hall Co......
Preferred
__.....
—
....
(semi-ann.)
Pfeiffer Brewing Co
Philadelphia Suburban Water Co., pref. (quar.)
Philippine Long Distance Telep. (mo.)
Monthly...
.......a-....
Pneumatic Scale Corp.
Potomac Edison 7% preferred (quar.)......—
6% preferred (quar.)
Portland Gas Light $6 preferred
...
Portland RR. (semi-ann.)
Procter & Gamble (quar.)
Public
Electric-Light Co. (quar.)
Raymond Concrete Pile (quar.)
Preferred (quar.)
Regent Co
Republic Petroleum 5H% preferred (quar.)
Reynolds (R. J.) Tobacco Co. (interim)
Rockland Light & Power (quar.)..
Roosevelt Co. (irregular).
St. Lawrence Flour Mills (quar.)
Preferred (quar.)..
San Carlos Milling
—
Scotten Dillon
—
15
25
6
6
3
15
25*
$6 preferred (quar.)
Seton Leather
.....
Co
Sharp & Dohme, Inc., $3H Pref. A (quar.)
Shell Transport & Trading American shares
Smith Agricultural Chemical (irregular).
6% preferred (quar.)
Springfield Gas Light (quar.)...
Sterling, Inc. (quar.).
Preferred (quar.)
Tavlor (Wm.) Corp. (initial)....
Quarterly
;
Texas Power & Light Co. 7% pref.
(quar.)
Toburn Gold Mines, Ltd. (quar.)
81
SIX
(s.-a.)
20 Oct.
6X %
10c
Aug. 15 Aug.
20c
81
10c
Weisbaum Bros. Brower
Baumer Candle Co.
5c
mx
...
Oct.
1 July
Aug.
Aug. 22 July
Aug. 22 July
1 July
Aug.
1 July
Aug.
1 July
Aug.
Tuly 15 July
July 27 July
Aug.
li
Aug.
1!
2c
2c
Warwick Co
Westminster Bank Ltd., £4 shs.
£1 shares (interim)
5
July 15 July
Aug.
1 July 22
1 Aug. 16
50c
July 15 July
J
50c
1 July 21
Aug.
75c
8
July 15 July
75c
8
July 15 July
75c
8
July 15 July
81 H
Tuly 31 July 14
87 He
Sept. 29 Sept.15
3(Jc
5
Aug. 15lAug.
10c
Aug.
1 July 25
60c
Aug. 10 July 25
2c
5
July 12 July
5nc
5
July 21 July
tic Aug 15 July 31
10c
5
July 15 July
40C
6
July 14 July
75c
1 July 11
Aug.
1 July 11
81
Aug,
25c
Aug. 19 July 31
81X Sept. 1 Aug. 12*
42c
Tuly 31 July 20
42c
Aug. 31 Aug. 19
30c
July 15 July
6
1 July 20
SIX
Aug.
81 H
1 July 20
Aug.
t5f)c
1
July 15 Tuly
1 July 15
82 X
Aug.
50c
Aug. 15 July 25*
25c
Aug.
1 July 21
25c
Aug.
1 July 20
75c
Aug.
1 July 20
81
July 15 July
5
68^c Aug. 15 Aug.
5
50c
Aug. 15 July 25
18c
1 July
15
Aug.
5°c
Tuly 15 Tuly
5
25c
1 July 20
Aug.
1 July 20
SIX Aug.
20c
July 15 July
3
40c
Aug. 15 Aug.
4
1 Aug; 15
tic
Sept.
1 July 20
Aug.
1 July 20
81X
Aug.
50c
1 July 18
Aug.
87 He
1 July 18
Aug.
23c
July 24 July 17
81
1 July 21
Aug.
1 July 21
SIX Aug.
25c
July 15 July
6
5c
1 July 21
Aug.
1 July 21
Aug.
July 20 July 10
Sent.
373|c
Extra
Triumph Explosives. Inc; (quar.).
Tubize Chatillon 7% preferred
Tung-Sol Lamp Works, pref. (quar.)
Will &
6
July 15 July
Aug.
July 20
Aug.
July 20
Aug.
July 15
Aug.
July 15
July
July 21
Aug.
July 15
July
July 13
1
Aug. 15 Aug.
81
Second Standard Royalties, Ltd., pref.
Securities Corn. General $7 pref. (quar.)
17
1
15 Aug.
22
29
20
21
25
21
17
20
25
50c
Pennsylvania Gas Co
Peoples National Bank (semi-ann.)
When
5c
75c
SIX
—
P
SIX
25c
$7 preferred (quar.)..
Michigan Gas & Electric 7 % prior lien
2124
second table in which
but
22
31
14
6
31
20
of 8% on the
nominal value of such shares in
respect of the
uear 1938.
1
National Savings & Trust Co
Newberry (J. J.) Co., pref. (quar.)
a
July
July
July
July
July
July
July
July
July
July
Aug.
Aug.
July
July
July
July
July
Aug.
Aug.
July
July
July
July
July
July
July
'
Moody's Investors Service part. pref. (quar.)..
previously announced,
15
25
15
15
1
1
1
15
sum of 32 Mexi¬
satisfaction and
can
Volume 149.
follow with
$8
1 July 15
] July 15
1 Aug. 11
1 Aug. 11
1 July 15
1 July 25
15 July
6
1 July 20
31 July 18
31 July 18
1 July 12
discharge of the fixed dividend
are
dividends
SIX
12 He
4c
SIX
........
3388
grouped in two separate tables.
In the
bring together all the dividends announced the
current week.
10c
25c
....
_
we
60c
...
(quar.)
3388
DIVIDENDS
Dividends
25c
SIX
HP
50c
Libbey-Owens-Ford Glass.
Myles Standish Co
first
25c
40c
15c
6% preferred (quar.
Mexican Eagle Oil Co., Ltd.—
Canadian Eagle Oil Co., Ltd., in pursuance «f
its guarantee obligations will on
July 17, 1939
pay to the holders of the
8% participating
preference shares of the Mexican Eagle Oil
2423
SIX
Special preferred (quar ).
Lane Bryant,
Inc., pref. (quar.)
Masonite Corp. (quar.)Massachusetts Power & Light Assoc.—
$2 preferred
(quar.)
McNeel Marble Co. 6% 1st pref.
Sept.
t75c
I
Hawaiian Pineapple Co.
(quar.)
Horder's, Inc. (quar.)
3082
2423
121§
75c
Merchants & Manufacturers Ins.
(N. Y.)
2423
50c
3c
....
3855
2267
2267
2267
2122
25c
10c
12 He
50c
....
$6 preferred (quar.)
Aug.
July
July
Aug.
July
July
July
Aug.
Aug.
Aug.
Aug.
Aug.
July
July
July
$1
$1
$1
Fiduciary Corp. (quar.)
Aug.
Aug.
July
15c
Extra
2256
3376
Sept.
Sept.
25c
Florida Portland Cement
7% cum. pref. (qu.)__
Franklin Fire Insurance
(quar.)
2258
Aug.
Aug.
lHc
2892
Sept.
♦Mengel Co. lfet mtge. 4J^s
Nashville Railway & Light Co. 50-year
5% bonds
♦New York State Elec. & Gas
Corp. 1st mtge. 5
Preferred (quar.)
I_.II
Dividend Shares, Inc. (quar.)
(Texas) (quar.)
Exeter & Hampton Electric
(quar.)
Fidelity Fund (quar.)
Fidelity & Deposit of Maryland (quar.)
Fitchburg Gas
1474
Aug. 15 July 31
Aug. 15 July 31
75c
Employers Casualty
Holders
Payable of Record
SIX
„
2102
17
Aug
2c
40c
6% preferred (quar.)
_5^% preferred (quar.)
Dictaphone Corp
& Electric
When
Share
First All Canadian Trust
Shares (1945)
First Boston
Corp...
July 16
.Aug. 15
Sept. 30
...
Company
Cresson Consol. Gold
Mining & Milling (quar.)
Crown Cork Seal Co.
(quar.)
Cumberland County Power &
Light Co.—
2255
2100
2102
2
Aug
July 31
Aug. 16
1
Aug.
Gulf States Utilities Co. 1st
mtge. 4s
Houston Oil Co. of Texas 10-year
x96
3525
*254
3837
_
•
Name of
a
9%
10
18
21
21
21
20
19
5
13
The Commercial & Financial Chronicle
364
When
Per
Name of
Share
Company
Wisconsin Electric Power pref.
Name of
60c
10c
1 Aug. 15
Oct.
2 Sept. 15
1 Aug. 15
1 Aug. 10
1 July 12
Canada Bud Breweries, Ltd
6% preferred
Canada & Dominion Sugar
XXX *
*1 •
1
f
Name of
Abbott Laboratories
Affiliated Fund, Inc
6c
6c
---
----
Agnew-Surpass Shoe Stores
130c
(semi-annual)..—
Bonus.
Preference
J20c
nk%
(quarterly)
(quarterly)
$1M
pref. (quar.)—
Alaska Juneau Gold Mining—
Allegheny Ludlum Steel, pref. (quar.)
Allentown Bethlehem Gas pref (quar )__
Allied International Investing Corp.—
$3 conv. preferred (quar.)
Alpha Portland Cement
*
Aluminum Goods Mfg. Co. (quar.)..
Aluminum Mfg. Co., Inc. (quar.)
Quarterly
7% preferred (quar.).....
7% preferred (quar.)
Amalgamated Sugar 5% pref. (quar.) —
15c
—
SIM
87 Me
3
15
31
Dec. 31
US
1214c
5uc
70c
25c
$i m
*1
(quar.)
(quar.)
75c
A pref
of cl. B stk. or cash.
Opt. div. l-32d sh
Class 'A-
20
50c
20c
Y. (quar.)
Art Works, Inc., 6% pref. (quar.)
Asphalt Roof Corp. 6% pref. (quar.).
American Chicle Co.
15
30
50c
25c
—
(quar )
American Cities Power & Light class
2 Sept.
July 15 June
Aug.
1 July
Aug.
1 July
Sept. 1 Aug.
Aug 10 July
Aug.
1 July 15
Sept. 25 Sept.
1
Oct.
2 Sept. 15*
Sept. 30 Sept. 15
f50c
Amerex Holding Corp. (semi-annual)
American Alliance Insurance Co., N.
American Can Co.
Aug.
1 July 15
July 20 June 30
July 15 June 30
Sept. 1 Aug. 15
Sept. 1 Aug. 15
Oct.
25c
Reduction
Alabama Power Co. $5
Amerada Corp
15 June 30
July 25 July 15
July
50c
15c
-•
(J. D.) Mfg. (quar.)—
Administered Fund Second
Holders
Payable of Record
SIM
4M% conv.pref. (quar.)__
Abraham & Straus
American
-1
When
Share
Company
Adams
American
1
paid.
Per
Air
•
The list does not include dividends an¬
this week, these being given in the preceding table.
and not yet
nounced
VAiV
5X V VAX
Dec.
15
Sept. 30 Sept. 15
15
Dec.
Dec. 31
Aug.
1 July
July 31 July
Aug.
1 July
July 15 July
luly 15 June
July 15 June
Aug. 15 July
Sept. 15 Sept.
Aug.
1 July
17
15*
12
6
30
30
25*
1
11
+37 Mc
Aug.
1 July
11
34Mc
......
Aug.
1 July
11
Opt. div, l-64th sh. of cl. B stk. or cash.
Class A 1936 series
Opt. div. l-32d sh. of cl. B stk. or cash.
American District Telegraph
of N. J—
Preferred
(quarterly)
American Envelope Co. 7% pref. A (quar.)
7% preferred A (quar.)
American Export Lines stock div of 3-1 Oth of a
share of Am. Exp. Air Lines for each share held.
American Fork & Hoe (quar.)
Preferred (quar.)
American Furniture Co. 7% pref. (quar.)
American Gas & Electric Co. pref. (quar.)
American General Equipment (quar.)
American Home Products Corp. (monthly)
American Light & Traction (quar.)
Preferred (quar.)
American Machine & Foundry Co
-
SIM
$1 M
SIM
15c
SIM
SIM
SIM
lMc
20c
30c
37^cC
25c
American News Co
American Paper Goods
Co., 7% pref. (quar.)-.
7% preferred (quar.)
Amer. Radiator & Standard Sanitary, pref. (qu.)
American Reserve Insurance Co., N. Y. (s.-a.).'
SI M
SIM
SI M
Appleton Co. (quar.)
25c
50c
SI.12
15c
87 Mc
50c
_
Preferred (quar.)
Archer-Daniels-Midland Co. pref. (quar.)
Associated Telephone Co., Ltd., pref. (quar.)...
Atchison Topeka & Santa Fe Ry. 5% pref.
preferred (quar.)
Ault & Wiborg Proprietary, Ltd., 5M% pref..
Automatic Fibres preferred (quar.)
Badger Paper Mills, Inc., 6% pref. (quar.).....
Baldwin Co., 6% pref. (quar.)
Baldwin Rubber Co., common (resumed)
...
Common (resumed)
Baltimore American Insurance (semi-annual)
Extra
__
Barnsdall Oil Co. (quar.)
...
Beattie Gold Mines
Bell Telephone of Canada (quar.)
Bell Telephone of Penna., 6M% pref. (quar.)..
Berland Shoe Stores
Preferred (quar,)
Biltmore Hat Ltd. (semi-ann.)
Birtman Electric Co. (quar.)
r-
Bon Ami class A (quar.)
Class B (quar.)
(qu.)_
....
Brautford Cordage Co., Ltd., 1st pref. (quar.)._
Bridgeport Hydraulic Co. (quar.)
British Columbia Electric Ry. 5% prior pref
British Columbia Power, class A (quar.)
Telep. 6% 2nd pref. (quar.)__
Brookline Oil Co. (resumed)
Brooklyn National Corp
Brooklyn Teleg. & Messenger (quar.)
Brooklyn Union Gas Co. (resumed)
Buckeye Steel Castings Co.—
6M% preferred (quarterly)
6% preferred (quarterly)
III.I
I..II
Buffalo Ankerite Gold Mines
Buffalo, Niagara & Eastern Pow. $5 1st pf. (qu.)
Bullock's, Inc., preferred (quar.)
Bunte Bros., 5% preferred (quar.)
5% preferred (quar.)
Byers (A.M.) preferred
(a) $2.20 15-16.
Represents div. of $1.75 due
May 1, 1939, and accrued int. on div. of
45 15-16 cents up to Aug. 1, 1939.
California Packing 5% pref. (guar.)Corrected.
Aug.
Aug.
75c
Aug.
SIM
12Mc
12 Mc
July
July
10c
c
25c
Sept.
Aug.
Aug.
Aug.
Aug.
July
*82
Aug.
Aug.
July
SIM
July
5c
12 Mc
SIM
Aug.
Aug.
July
July 31
July 31
20c
Sept. 15
$2
Aug.
1
16c
July 15
July 15
S4
July 15
84
20c
July 15
10c
July 15
32 Mc
July 15
July 15
40c
*2M% July 15
July 15
*50c
Aug.
1
*S1M
lc
July 20
25c
July 15
Sept.
1
SIM
25c
Aug.
1
SIM
*25c
SIM
SIM
SIM
SIM
(a)
62 Mc
15
July
15
1
1
1
1
15
20
20
15
15
1
1
15
1
15
15
15
1
1
15
1
1
25
1
SI
62 Mc
Extra..
Bralorne Mines, Ltd. (quar.)
Extra
British Columbia
Aug.
SIM
25c
Bloomingdale Bros
Blue Ridge Corp. S3 pref. (quar.)_.
Opt. div. of l-32dsh. of com. or cash.
5
Sept.
25c
Aug.
Aug.
SIM
18Mc July
75c
Sept.
Preferred (quar.)
Bond Stores, Inc., common (quar.)
Boston Edison Co. (quar.)
Boston Personal Property Trust (Boston)
Boston Safe Deposit & Trust (s.-a.)
SIM
SIM
SIM
Bayuk Cigars, Inc., 1st pref. (quar.)
Beattie Bros. Ltd., 1st pref. (quar.)
15 Dec.
Aug.
37 Mc
3<
Bangor Hydro-Electric Co., (quar.)
Dec.
July
5c
...
Aug.
1 July
Aug.
1 July 14
Aug.
1 July 14
Aug.
1 July 17
5
July 15 July
5
Sept. 15 Sept.
Aug.
Atlantic Refining Co., 4% Pref. A (quar.)....
Atlantic Safe Deposit Co., N. Y
Atlas Powder Co.
8
5
14*
June 23
S2M
-
14
Aug.
25c
pref. (quar.)
July
July
S2M
SIM
Common (extra)
Amsterdam Trading Co. (final)
Anchor Hocking Glass Co
July
July
1
5
5
July
50c
Co., Ltd.—
Corp. (quar.)
7% preferred (quar.)--
——
Canada Southern Ry. (semi-annual)
Canada Wire & Cable, class A (quar.)
Class A (quar.)
Canadian Breweries, pref. (quar.)
5
July
July
6
20
15
July
24
July
20
July
June 30
July 15
Sept.15
July
July
31
31
July
10
July
15
II.1
50c
preferred
Central Power Co. (Del.) 6%
7% preferred
Central Power & Light Co. 7% cum. pref
6% Cum. preferred
Central
Republic Co
Century Ribbon Mills, pref. (quar.)
Cerro de Pasco Copper.Chain Store Invest. Trust
Chase National Bank
20
20
June 30
July 14
July 14
July 15
Aug.
4
15
15
Sept. 8
July 10
July
July
June 30
June
30
June 30
June 30
Nov. 30
Aug.
July
July
Aug.
July
July
June 30
July
July
July
July
July
Aug.
July
Aug.
Aug.
Co
City Baking Co. pref. (quar.)
City Title Insurance Co. (quar.)
Clark Equipment
Irregular
-—
Preferred (quar.)
Cleve. Cin. Chic. & St. Louis common (s.-a.)
3
17
10
June 30
Aug. 21
July
3
Aug.
1 June
Aug.
1 June
Aug. 15 Aug.
Aug.
1 July
Aug.
1 July
Sept.
1 Aug.
30
30
1
15
11
26
Nov. 24
Dec.
1
Aug.
I July
Aug. 15 July
10
31
June
SIM
SIM
25c
Extra
60c
Angeles) (initial)
Collins Co. (quar.
81M
-
Columbus & Southern Ohio Elec. 6M% pf. (qu.)
Commercial Alcohols. Ltd., 8% pref. (quar.)
Commonwealth Edison Co
...
Commonwealth
Investment Co.
(quar.)
Commonwealth Utilities, 6M% pref. O (quar.).
Concord Gas Co. 7% preferred
Coniagas Mines
Coniaurum Mines, Ltd. (interim)
Connecticut Light & Power (quar.)
Preferred
June
Consolidated Cigar Corp. 7% preferred
6M % preferred (quar.)
Consolidated Edison Co., N. Y., Inc., $5 pref__
Consolidated Laundries Corp. pref. (quar.)
15
15
July
7
Aug. 21
1 July
15
1
1
15
July
$1.62
*10c
40c
4c
SIM
+50c
12Mc
*5c
15
5
Sept. 18
July
Dec.
18
July
July
lJuly
15 Aug.
15 Aug.
31 July
31''July
15 July
25
15
17
30
30
21
75c
Aug.
Sept.
Sept.
July
July
July
July 20|July
July 20 July
July 20 July
June
July
July
Aug.
July
July
July
Aug.
;
Corn Exchange Bank Trust (quar.)
Corn Products Refining Co
— .
15
3
14
31
29
24
Sept. 15
Aug. 15
July
1
Aug. 15
July
Oct.
SIM
81M
SIM
SIM
July
Sept.
Aug.
Aug.
Aug.
July
July
July
Aug.
July
Sept.
June 30
Aug. 15
July 15
June 30
$2
Oct.
15
3
15
Sept.19
15c
5c
July
July
July
July
Aug.
$m
Aug.
Aug.
SIM
SIM
$3 M
25c
Crum & Forster
Preferred (quar.)
t$2M
Cuban Tobacco 5% preferred
Cumulative Trust Shares
8.4c
75c
_
SIM
(guar.).,
—
Drug Stores, Inc. (quar.)
6% preferred B (quar.).
Curtiss-Wright class A
10
29
July
July
Sept.
Aug.
75c
Cosmos Imperial Mills 5% pref. (quar.)
Crowell-Collier Publishers 7% Pref. (s.-a.)
Press
1
10
10
15c
Consolidated Traction Co. of N. J. (s.-a.)
Coon (W. B.) (quar.)
7% preferred (quar.)
21
July 14
Aug. 15
Aug.
Sept.
Aug.
Aug.
Aug.
SIM
$3
81M
20c
Consolidated Retail Stores, 8% pref.
(quar.)
Consolidated Royalties 6% preferred (quar.)
Consolidated Royalty Oil Co. (quar.)- —
Preferred
18
June
82
Consolidated Mining & Smelting Co. (Can.)
Consolidated Oil (quar.)
7 % preferred (quar J
30
July
*50c
Consolidated Car Heating
Cuneo
10
June 30
75c
(quar.)
Conn. & Passumpsic Rivers RR. 6% pref. (s.-a.)
Connecticut River Power 6% pref. (quar.)
Cunningham
30
July
1-1-
25c
Coca-Cola Bottling (Los
18
10
17
17
June 30
15
15
1
15
15
1
Aug.
July
25c
SIM
—
50c
2c
50c
Dayton Rubber Mfg., class A (quar.)
Dennison Mfg. Co. debenture stock (quar.)
Denver Union Stock Yards, 5M% Pref. (quar.)
Deposited Insurance Shares, series A
7 Mc
50c
June 30
15
June 30
July
July
15
July
21
July
July
July
July
July
5
Aug.
July
July
July
Sept.
July
July
15
5
June 30
24
5
Sept. 20
12
July
Aug.
July
20
1
Sept.
Sept.
July
July
July
July
July
July
Sept.
June 30
10
10
June 30
Sept. 5
July 14
July 15
July
Aug.
Aug.
5c
Aug.
$2
Detroit Gasket & Mfg
Detroit River Tunnel (s.-a.)
Diamond Match Co.. common
July 20
Aug. 20
July
1
July
1
July
June 26
25c
Series B
Detroit Edison Co
July
July
July
Sept.
Aug. 10
82
$1.37 M Sept.
Aug.
6Mc
$4
50c
July
5
7
Corrected
25c
Common
Participating preferred (s.-a.)
Participating preferred (s.-a.)
Distillers Cor p.-Seagrams, Ltd., 5% pf. (quar.)
Dec.
Nov. 10
75c
75c
Sept.
Aug. 10
*$1M
15c
Dixie Home Stores (quar.)
Dr Pepper Co. (Increased quar.)
30c
30c
50c
Quarterly
Dome Mines, Ltd. (quar.)
25c
June 20
July
July
Oct.
Dominguez Oil Fields (mo.)
July
July
June 26
20 July
1 July
1 July
3-1-40 2-10-40
Aug.
1 July 15
1
July 15 July
Sept. 1 Aug. 18
Dec.
July
July
Dominion Tar & Chem. Ltd.
June 30
June 30
July
June 30
June 30
June 30
June 30
Aug.
1 June 30
July 20 June 30
6M% preferred (quar.)
Cincinnati Union Terminal 5% pref. (quar.)
5% preferred (auar.)
Clinton Water Works 7% preferred (quar.)
Coca-Cola Bottling Co., St. Louis (quar.)
7
20
20
June 30
15
15
31
15
15
4
Cincinnati Postal Terminal & Realty Co.—
July
July
June 20
Aug. 31
July
Aug.
1 July 10*
July 15 June 30
5
July 15 July
—
Daniels & Fisher Stores Co. (quar.)
Davidson Bros, (increased quar.)
July
July
June 30
Dec.
July
(Boston)
(N. Y.)___
Chemical Fund, Inc
Chilton
June 30
Sept,
July
July
Aug.
July
July
Aug.
Aug.
July
Sept.
Aug.
pref. (quar.)
6% preferred (quar.)
Central New York Power pref. (quar.)_._
Cypress Abbey
June 23
Nov.15
June 30
Central Investors Corp
June 3(J
15
31
Dec.
July
July
Aug.
Ltd. (quar.)—
Central Kansas Power Co. 7%
Aug. 15
Sept.
|30c
*75c
SIM
*37 Mc
*81M
Preferred (quar.)
tSIM
Canadian Fairbanks Morse 6% pref. (quar.)_-—
Canadian Foreign Investment, Ltd.,—
Coupon stock (quarterly) coupon No. 44
Registered stock (quarterly) coupon No. 44-Canadian Industries, Ltd
7% preferred (quar.)
Canadian Light & Power Co. (semi-annual)
Canadian Malartic Gold Mines
Carolina Clinchfield & Ohio RR. (quar.)
Central Arizona Light & Power, $7 pref. (quar.)
$6 preferred (quar.)
Central Hudson Gas & Electric (quar.)
Canadian Bronze Co.,
Aug.
1 July 15
July 15 June 30
July 15 June 30
July 15 June 30
5
July 15 July
37 Mc
37 Mc
(quar.)..
New (quar.,
p.).
Canada Northern Power
5% preferred (quar.)
July
Sept.
Aug.
50c
American Telep. & Teleg. (quar.)-.
American Thermos Bottle Co. common
Nov. 25
1
31 Mc
American Smelting &
Preferred (quar.)
American Stores Co
Dec.
July [15
Sept. 15
July 15
July 15
Aug.
1
July 15
SIM
1M%
12C
Co
Refining Co
July 15 June 15
Sept. 1 Aug. 25
l Aug. 25
1 July 17
July 15 June 30
Aug.
1 July 17
4
Aug. 31 Aug.
7
July 31 July
July 28 July 15
July 15 June 15
Aug.
1 July 20
Aug.
1 July 20
July 15 July 10
July 15 June 30
July 25
Aug.
July 20
Aug.
July 20
Aug.
July 21
Aug.
75c
American Seal Kap Corp
American Ship Building
Animal Trap of America
(1927 series)
7% preferred
New
If v
Holders
of Record
SIM
SIM
SIM
SIM
t20c
Calgary Power Co., preferred (quar.)..
California Oregon Power Co. 6% pref.
Sept.
Sept.
Aug.
SIM
»T
Company
Sept.
10c
Wool worth (F. W.) Co. (quar.)
Yuba Consol. Gold Fields
Per
Share
Holders
Payable of Record
SIM
(quar.)
July 15, 1939
5M% pref. (qu.)-_ S1.37M Aug.
July
*81M
Dominion Textile, Ltd. pref. (quar.)
75c
Aug.
Dow Chemical Co
Aug.
1M%
Preferred (quar.)
50c
Aug.
Duplan Silk Corn
July
SIM
du Pont (E. I.) deNemours, $4.50 pref. (quar.).
-
6% debenture (quar.)
Duquesne Light Co. 5% 1st preferred (^uar.)-East Pennsylvania RR. (s.-a.)_
Eastern Theatres. Ltd., 7% preferred
(s.-a.)
Elgin National Watch Co
Electric Bond & Share Co. $6 pref. (quar.)
$5 preferred (quar.)
El Paso Electric Co. (Del.) 7% pref. A (quar.)-E1 Paso Electric Co. (Texas) $6 pref.
(quar.)
Ely & Walker Dry Goods 1st pref. (s.-a.)
2d preferred (s.-a.)
Empire & Bay State Telephone, pref. (quar.) —
Employers Group Associates (quar.)
Emporium Capwell Corp. 4M% pref. A (quar.)
4M% preferred A (quar.)
7% preferred (semi-ann.),
SIM
SIM
SIM
*$3.50
25c
SIM
SIM
SIM
SIM
S3 M
83
SI
25c
56 Mc
56 Mc
S3M
1 Nov. 18
20
31
1
15
15
15
15
25
June 30
1
1
15
15
15
July
July
June
June
July
July
Aug.
July
Sept.
July
July
17
12
June 30
29
29
Aug.
4
July 10
July 25 July 10
July 15 June 15
8
July 18tJuly
July 31 June 30
Sept. 23'Sept. 9
Aug.
Aug.
July
July
July
July
Sept.
July
Oct.
15
1
31
2
1-2-40
July
July
10
10
30
30
3
3
2l
17
21
'Dec. 21
Sept. 23 Sept.13
Volume
149
The Commercial & Financial Chronicle
Per
Name of Company
When
Share
Holders
Eppens, Smith Co. (semi-annual)
$2 Aug.
1
Eureka Pipe Line Co
50c
Aug.
1
Falstaff Brewing
Corp. (quar.)
15c
Aug. 31
Preferred (s.-a.)
Nov.
3c
1
Fansteel Metallurgical
Corp. pref. (quar.)
S1H Sept.30
Preferred (quar.)
Dec. 18
Federal Insurance Co.
(N. J.) (quar.)
Oct.
2
Federal Services Finance
Corp. (Wash., D. C.)
Common (quarterly)
75c
July 15
6% preferred (quarterly)
S1H July 15
Federated Dept. Stores, Inc
25c
July 31
4A% conv. preferred (quar.)
S1-06H July 31
Fiberboard Products, Inc.,
6% pr. pref. (qu.)__
1
S1H
Aug.
Filene's (Wm.) Sons Co
25c
July 25
Preferred (quar.)
S1.18H July 25
Firemans Fund Ins. (San
Fran., Calif.) (quar.).
$1
July 15
_
Firestone Tire & Rubber Co
25c
First Mutual Trust Fund
Fishman(M.H.) Co.,5%com.conv.pref.(quar.)
Fisk Rubber preferred
(quar.)
t
$2H
25c
30c
Fyr-Fyter Co., class A
Gardner-Denver
Co.
25c
(quar.)
25c
$3 convertible preferred
(quar.).
Gardner Electric
General Electric Co
75c
$4
25c
General Finance Corporation
General Foods Corp.,
$4H preferred (quar.)
General Mills, Inc. common
5c
Extra
Guardian Realty Co. (Canada)
7% pref...
Halle Bros. Co. pref.
(quar.)
Harbison-Walker Refractories Co 6%
pref.(qu.)
Harris (A.) & Co., 7%
pref. (quar.)
Harrisburg Gas Co., 7% pref. (quar.)
;
...
—
Hartford Times, Inc., 5H %
Hat Corp. of America,
pref. (quar.)
6H% pref. (quar.)
Hecker Products Corp.
(quar.)
Hercules Powder Co., pref.
(quar.)
July
July
10
20
June 30
June 23
July
SIM
9 Ac
'
15c
40c
Sept.
July
July
July
July
luly
t$2 A
"too
tig
SIM
68Mc
SIM
15c
15c
:5c
:5c
July
lc
July
Aug.
July
July
Aug.
Sept.
July
July
July
Sept.
Sept.
SIM
37 Ac
45c
50c
_
25c
(quar.)
Dec.
SIM
50c
SI
m
Insurance Co. of North America
(s.-a.)
Interallied Investment Corp., class A
si
35c
(s.-a.)
SIM
:37Mc
:37Mc
i
(quar.)
40c
t50c
III.IIIIIIII.IIH
IIHIIIIIIIIIIII.
Preferred (quar.)
25c
UA
Refining Co
Little Miami RR.,
original capital (quar.).
Original capital (quar.)..
Special guaranteed
(quar.)
Special guaranteed
(quar.
Little Schuylkill
Navigation RR. & Coal.
Lockhart Power Co.,
7% preferred (semi-ann.).
Loew s, Inc.,
$6H cum. pref. (quar.)
25c
SI.10
SI.10
50c
50c
$3 A
UA
Lone Star Gas Co
Longhorn Portland Cement Co.—
5% refunding partic. preferred
(quar.)
Extra
20c
1
July 12
6
July 24
1
15
15
15
15
June 30
June 30
June 30
Preferred (quar.)
Luzerne County Gas &
Electric, $7 pref. (quar.)
$6 preferred (quar.)
Mac Andrews &
Forbes, common.
6% preferred (quar.)..
Macfadden Publications,
Inc., preferred (quar.)
McCall Corp. (quar.)*.*
6
25
30
15
18
10
4
25
25
18
15
19
15
30
15 June 30
25 June 30
43 He
43 He
Coll-Frontenac Oil, pref.(quar.)
McCrory Stores Corp. 6% pref. (quar.)
tSlH
S1H
Mc Leila n Stores Co.
preferred (quar.)
Madison Square Garden
;
McGraw Electric Co
25c
S1H
Magma Copper Co
Magnin (I.) & Co., pref. (quar.)
Preferred (quar.)
Mahon (R. C.) Co., $2 class A
preferred (quar.)
1 July
25 July
20 July
1 July
1 Aug.
15 June
15 June
15 July
30 Sept.
30 Sept.
15
20
12
12
12
30
30
7
22
22
30 Dec. 22
15 July
1
'
1-2-40 Dec. 30
31 July
5
July
July
July
Aug.
July
July
15 June 30
15 July 10
July 20
15 June 30
15 June 30
_
Oct. 10 Sept.
Aug.
1 July
July 15 June
Aug.
1 July
22
17
20
15
25c
25c
S1H
UA
50c
Convertible preferred
(quar.)
Manhattan Bond Fund, Inc.
(quar.)
55c
11c
Extra
2c
_
Manufacturers Trust Co. preferred
(quar.)
Marchant Calculating Machine
(quar.)
Maritime Telep & Teleg Co
,
Ltd (quar )
7% preferred (quar )
Maryland Fund, Inc. (quar.)
Quarterly
Masonite Corp., common
(quar.)
5% preferred (quar.)
Massachusetts Investors Trust (quar.)
Massachusetts Utilities Assoc. 5% pref.
(qu.)_.
Massawippi Valley RR. Co. (s.-a.)
May Department Stores Co. common
(quar.)
Maytag Co. $6 pref. (quar.)
50c
25c
17 He
171S
5c
25c
UH
19c
62Hc
S3
75c
S1H
*
$3 preferred (quar.)
75c
Melville Shoe Corp.
(quar.)
Preferred (quar.)
75c
;
Michigan Public Service, 7% preferred
6% preferred
tSlll
_
.
Midwest Piping & Supply
(quar.)
Midwest Rubber Reclaiming..
Preferred
25c
SI
30c
(quar )
Mississippi Valley Utilities (liquidating)
Model Oils, Ltd
4c
Moneta Porcupine Mines, Ltd
Monongahela Valley Water Co., 7% pf. (quar.).
Monsanto Chemical Co., S4H Pref. A
(s.-a.)
:3c
UH
$2 A
Preferred B (s.-a.)
Montana Power Co. pref. (quar.)
Montgomery Ward & Co
S2H
$6% pref. (s-a.)
Interstate Dept. Stores, Inc.,
7% Pref
Interstate Home Equipment
(quar.)
Intertype Corp. (irregular)
Investment Foundation Ltd.
6% pref. (accum.)_
SIM
SIM
mtf
SIM
12 Ac
20c
Aug.
July
Aug.
July
Aug.
July
July
15
June 30
July
3
June 30
July
July
18
1
June 30
June 30
July
July
July
July
July
July
Sept.
Aug. 10
30c
Dec.
Nov. 10
20c
Investors Fund C
Iowa Electric Light & Power, 7
% pref. A
6H % preferred B
6% preferred C
Iron Fireman Mfg. Co.
Aug.
July
July
Sept.
Aug.
July
tSl
5% conv. pref. A (quar.)
Mortgage Corp. of Nova Scotia (quar.).
Mt. Diablo Min. & Dev. (quar.)
Mountain States Telep. & Teleg.
(quar.)
Mutual Chemical Co. of Amer., 6% pref.
(quar.)
6% preferred (quar.)
10c
(81 Mc
t75c
30c
20c
*
12
*
Special
Joplin Water Works 6% preferred (quar.)..—
Julian & Kokenge Co
_
Kalamazoo Stove & Furnace
Kaufman Dept. Stores, common
Kellogg Switchborard & Supply
Preferred (quar.)
Kemper-Thomas, 7% special pref. (quar.)__
7% special preferred (quar.)
Kennedy's, Inc., pref. (quar.)
Kentucky Utilities 6% preferred (quar.)
Keystone Custodian Fund B-l (s.-a.)
Knott Corporation, common
Kresge (S. S.)
Kroger Grocery & Baking Co
SIM
SIM
12Mc
13c
—
_
*
—
Extra
15c
SIM
SIM
SIM
31Mc
SIM
77c
10c
30c
40c
25c
SIM
SIM
SIM
_
Landis Machine Co. (quar.)
25c
25c
Quarterly
Lee Rubber & Tire Corp
Lehigh Portland Cement Co. (quar.)
4% preferred (quar.)
75c
37>|c
Co
__
25c
July
Aug.
July
July
July
Sept.
Dec.
July
July
July
July
Sept.
Sept.
Sept.
June 30
June 30
June 30
June 30
July 20
June 30
June 30
Sept.
July
July
July
July
July
July
July
Aug.
1
1
20
10
11
11
22
June 20
Aug. 31
Aug.
8
Aug.
8
Oct.
40c
UH
20
Aug.
Aug.
Sept. 20
July 20
Aug. o
Nov.
Nov.
Aug.
Aug.
Julv
14*
July
14
4
Oct.
Sept. 14
July
July
8
June 30
Dec. 23
Nov. 30 Nov. 29
15 June 30
July
July 20
Aug.
July
5
Aug.
July 11
Aug. 31 Aug. 18
Sept. 15 Sept. 1
Aug. 15 Aug.
5
Nov. 15 Nov.
July 15
July 15
July 15
July 15
July 15
July 15
July 15
July 15
Sept.15
4
June 30
June 30
July
July
July
June 20
Aug. 31
Sept.
Aug. 20
July
July
June 30
June 30
Aug.
Sept.
July
Aug.
Aug.
July
July
Aug.
Aug.
Aug.
July 14
July 14
July 15
July 15
7
July
July 20
Aug 19
Aug.
July
Aug
Sept
July
July
July
July
Dec.
Dec.
1
Aug. 16
15
15
June 24
June 20
June 30
July
1
Nov. 10
Nov. 10
July
12
June
9
June 30
June 30
Aug.
Aug.
Oct.
28 Dec. 21
15 June 30
15 June 30
15 June 30
20 July 10
1 July
24
1 July 18
14 Sept.12
Aug. 31 Aug. 15
July 15 June 30
July
Aug.
Aug.
Aug.
July
Aug.
July
July
July
July
Aug.
Aug.
July
July
Aug.
75c
10c
50c
25c
17Hc
171Cc
10c
10c
10c
37 He
SI H
50c
15 June 30
1 July 11
1 July 15
1 July
19U0 Corp., class A (quar.)
Class A (quar.)
10
15
15 June 30
20 June 30
20 June 30
20 July 30
15 July 31
15 July
1 June 27
Aug. 15 Aug.
50c
Nov. 15 Nov.
S2H
a
SI
:$i.5o
5.4c
5c
5.4c
3c
160c
t$lH
31
15 June 30
15 June 30
50c
Norfolk & Western Ry. (quar.)
Preferred (quar.)
15
21 July
1 July
...
6% preferred (quar.)
1
15 Nov. 30
Sept. 10 Aug. 20
—
Northern Ontario Power Co.
(quar.)
5
Dec.
July 15 June
S1-18H Aug.
1 July
Light Co
87 He
July 18 July
Newberry (J. J.) Realty, 6 A % pref. A (quar.)..
UA
Aug.
July
6% preferred B (quar.)
SI H
Aug.
July
New Brunswick Telephone Co
12Hc July 15 June
New York Merchandise (quar.)
Aug.
July
Niagara Hudson Power Corp.—
1st 5% preferred (quar.)
UK
Aug.
July
2d 5% preferred series A & B (quar.)
IlH Aug.
July
6ifCoI~_"_V_~"1111111
5
June 30
June 20
New Bedford Gas & Edison
North American Co. 6% preferred
(quar.)
North American Trust Shares
(1956)
1958
1955
Northern American
1
Aug.
1
Sept. 22
50c
(semi-annual)..
$1H preferred (quar.)
J
June 30
Aug.
15c
50c
National Power & Light Co. $6 pref. (quar.)....
National Steel Car Corp. (quar.)
Neisner Bros. 4H% Pref. (quar.)__.
15 June 30
15
15
15
15
25c
—
National Money Corp., class A
June 30
June 30
Oct.
S1H
UH
...
(quarterly)
National Liberty Insurance Co.
Extra
6
zu
Aug.
July
July
July
July
—
National Cylinder Gas Co
National Distillers Products (quar.)
National Fuel Gas Co
National Funding Corp class A and B (qu )...
Class A and B (extra)
National Investors Corp—
18
Nov. 21
June 30
Nov.
Class A
Nov.
July 15 June 30*
July 15 June 30
Aug.
July 14
Aug. 31 Aug. 30
Dec.
Mutual Investment Fund Shares
Mutual System, Inc., pref. (quar.)
National Bond & Share Corp
National Cash Register
National City BanK of N. Y. (s.-a.)
National City Lines, $3 pref. (quar.)...
July 18
Sept.18
July 17
2-2-40
2-2-40
July 25 July
3
July 15 June 30
Sept.
1 Aug. 15
Aug.
1 July 24
Sept. 1 Aug. 15
July 15 June 30
Sept. 28 Sept. 21
—
Morrell (John) & Co
Nachman-Springfilled Corp
National Automotive Fibres, Inc.7—
6% preferred (quar.)
Nat. Bearing Metals Corp. 7% pref. (quar.)
Aug. 21
Aug. 21
July
July
July
4
Sept. 30 Sept. 30
Morris (Philip) & Co., Ltd., Inc.
(quar.)
common
Sept. 25
July 28
July 20
Nov. 20
July
Montreal Tramways (quar.,
reduced)
Moore (Wm. R.) Dry Goods (quar.)..
National Biscuit Co..
Preferred (quar.)
24
9 Nov. 24
June 16
July 15
Sept.25
Aug. 15
Aug. 21
Aug.
July
Montreal Light, Heat & Power Consol.
(quar.).
Montreal Telegraph
Quarterly
15
5
24
24
Aug. 15 July 31
Aug. 15 July 31
July 15 June 30*
7% preferred (quar.)
*
Oct.
2 Sept.
July 25 July
Sept. 9 Aug.
Dec.
9 Aug.
Sept. 9 Aug.
1-2-40
___
______
8
27
Oct.
McClatchy Newspapers, 7% pref. (quar.)
1
1 Oct.
July
July
July
Aug.
Aug.
„„
Mc
15 July
Nov.
Aug.
1 July 17
July 20 July 10
Sept. 1 Aug. 10
Aug.
(quar.)
(quar.)
(quar.)
20
27
Oct.
5% cumulative preferred
(quar.)
Louisville Henderson & St. Louis RR.
(s.-a.)
Preferred (s.-a.)
pref.
5
1 July
1 July
Aug.
Loose-Wiles Biscuit Co
I
HI II._I„_.II
5% preferred (quar.)__
Taylor, 2d preferred (quar.)
Louisville Gas & Electric Co.
(Ky.)—
Co
15 July
Aug.
Aug.
Dec.
Dec.
Lord &
Lunkenheimer
July
Sept.
Sept.
5% refunding partic. preferred
(quar.)
Extra
7 % cumulative
preferred
6% cumulative preferred
Payable of Record
Dee
$1.05
Common
International Milling Co., 5% pref.
(quar.)
International Nickel Co. Canada, Ltd.
7% pref.
International Products Corp.,
(quar.)
Quarterly
Ironrite Ironer, preferred
(quar.)
I X L Mining Co. (block
shares)
Jefferson La.ce Oil Co., Inc
15c
15 Aug. 15
24 June 10
July
July 21 July 11
Aug. 10 July 31
Aug. 15 July 31
Oct.
2 Sept. 30
5c
___
International Invest. Corp., $3 conv.
pref
International Metal Industries, Ltd.—
Preferred and preferred A
3
30c
25 July 10
15 Aug. 15
July
20 July
Aug.
1 July
July 15 June
Aug.
1 July
Aug.
1. July
Aug.
1 July
Aug. 15 Aug.
Aug. 15 July
Aug. 15 July
July 28 July
Aug. 25 Aug.
Sept. 29 Sept.
Sept. 1 Aug.
July 15 June
50c
6% cum. partic preferred (quar.)
International Business Machine
International Cigar Machinery Co__
International Harvester Co.
1
30c
87 He
Material Co
...
34Mc
ISl A
15c
(quar.)
1
1
1
10
10*
10
17
20
15
15
15
20
July 15 June 30
1 July 15
Aug.
SIM
SIM
Preferred
(quar.).
Hyde Park Breweries Assoc., Inc. (irregular)
Idaho Maryland Mines
Corp. (monthly)
Illuminating & Power Secur. Corp., com. (quar.)
7% preferred, (quarterly)
Imperial Life Assurance (Can.) (quar.)
Quarterly
Incorporated Investors
10
19
15
15
June 30
1
Aug.
July
Sept.
Sept.
July
Aug.
July
Aug.
15c
Hershey Chocolate (quar.)
Preferred (quar.)
Hibbard, Spencer, Bartlett & Co. (mo.)
Monthly
Monthly
,<
Hires (Chas. E.) Co. class A
(quar.)___,
Hollinger Consol. Gold Mines (monthly)
Extra*
Holly Development Co. (quar.)
Holly Sugar Corp., 7% pref. (quar.)
Homestake Mining Co.
(monthly)
Honolulu Gas Co. (quar.)
Horn & Hardart (N. Y.)
(quar.)
Preferred (quar.)
Household Finance, common
(quar.)
5% preferred (quar.)
Hutchms Investing
Corp., $7 preferred
Huttig Sash & Door Co. (resumed)
Le Roi
June 30
July
Aug.
July
July
1
25c
(quar.)....
(quar.)
Co., N. Y. (quar.)..
Great Lakes
Engineering Works (quar.)
Great Lakes Power Co.,
Ltd., A pref. (quar.).
Green (H. L.) Co.
(quar.)
Griesedieck-Western Brewery—
5H% convertible prefrred (quar.)
Guarantee Co. of North Amer.
(quar.)
7% preferred (quar.)
6% preferred (quar.)
7% pref. (quar.)
June 30
1
SIM
SI A
Gotham Silk Hosiery,
7% pref.
Great American Insurance
Jewel Tea Co., Inc
21
21
15
15
UA
*
>
Lion Oil
July
July
50c
Quarterly
Lincoln Printing
Co., pref. (quar.)
Line
June 30
June 30
Oct.
50c
(quar.)
16
15
15
*7&der$
When
Share
Lerner Stores
Corp. (quar.)
4M % preferred (quar.)
Lincoln National Life
Insurance (quar.)
Link Belt Co
20c
....J.*..
Goodyear Tire & Rubber Co
$5 convertible preferred (quar.)
Gotham Credit Corp., class B
Interchemical Corp., pref. (quar.)
International Bronze Powders, Ltd.
15
50c
SIM
UA
(quar.).
Preferred
Dec.
15*
Name of Company
Sept. 21
Aug.
Aug.
Sept.
Sept.
87 Ac
Telephone Allied Corp., $6 pref. (qu.)__
(s.-a.)j
Gibralter Fire & Marine Insurance
Extra.
Gibson Art Co. (quar.)
Gillette Safety Razor $5 conv.
pref.
Gimble Bros., $6 pref.
25
July
July
July
July
July
July
July
Aug.
Aug.
Sept.
$1A
General Motors Corp., $5
pref. (quar.)
General Shoe Corp
General Steel Wares, preferred
General
July 15
July 15
July 20
Sept. 1
July 24
July 24
July 15
July 26
1
A.ug.
July 15
July 25
<uly 15
1
Aug.
1
Aug.
1
Aug.
July 31
$1H
UA
Fort Wayne & Jackson KK.,
pref. (semi-annual)
Froedtert Grain & Malting
Preferred (quar.)
July
July
Aug.
Sept.
Sept.
July
July
July 21
July
5
20 July
5
July
10c
Per
Payable of Record.
%m
365
30
15
3
15
15
30
20
14
14
1
1
Sept.19 Aug. 31
Aug. 19 July 31
July 25 June 30
July
July
July
July
July
July
15
15 June 30
15
20 July 10
25 June 30
25 June 30
The Commercial & Financial Chronicle
366
Per
Name of
Share
Company
$2
Northern Central Ry. (s.-a.)
Northern Illinois Finance Corp
Preferred
-
25c
37Hc
(quar.)
Northern States Power
2.5c
25c
SIX
5% preferred (quar.)
Oahu Sugar Co., Ltd. (monthly)
Ohio Public Service Co. 7% pref.
6% preferred
58 l-3c
(mo.).
50c
(monthly)
41 2-3c
5% preferred (monthly)
:.
flH
5H % preferred (quar.)
25c
Old Colony Trust Associates (increased).
50c
Oliver United Filters, class A (quar.).-75c
Outlet Co. (quar.)
:
SIX
7% preferred (quar.)
SIX
2nd preferred (quar.).
20c
Pacific Finance Corp. or Cal. 8% pref. A (quar.)
16Hc
6 A % Preferred C (quarterly)
5% preferred (quarterly)
Pacific Gas & Electric Co_
t
Pacific Lighting Corp. (quar.)
$5
62 He
preferred
For
a
period from May 15 to June 30
(quar.)—_
Telegraph Co.6% pref. (qu.)
Packer Corp. (quar.)
Paraffine Cos., Inc. 4% conv. pref. (quar.)
Pacific Public Service $1.30 1st pref.
Pacific Telephone &
Paramount Pictures, Inc
32Hc
tip
25c
iti
June 30
June 30
July
July
July
July
July
July
July
July
July
July
Aug.
July
July
July
Aug.
Aug.
Aug.
Aug.
July
Aug.
Aug.
Aug,
Aug.
Aug.
Aug.
Aug.
July
Aug.
July
—
—
SIX
SIX
50c
$2
25c
—
...
25c
10c
SIX
(guar.)
15
65c
15
June 30
5
3
June 30
Aug.
5
Aug.
July
July
July
Aug.
5
21
11
15
31
June 21
June 30
July 10*
Sept. 25
Sept.17
July
1
July 10
Sept.
July
Aug.
1 Sept.15
Oct.
12-10-39
1-4-40
July
July
July
Sept.
15
16
20
15
July
July
July
July
July
July
July
Oct.
15
15
15
15
15
15
16
Aug. 2
50c
Aug.
2
41 2-3c, Aug.
2
50c
July 15
Public Service Co. of N. J. 6% pref. (monthly)
65c
Sept. 30
Public Service Corp. of N. J., com. (increased).
Sept. 15
preferred (quar.)
Sept.'15
preferred (quar.)
Sept. 15
preferred (quar.)
50c
Aug. 15
preferred (monthly)
50c
Sept. 15
preferred (monthly;
50c
pref. (qu.)
(irregular)
SIX
Quaker Oats Co. pref. (quar.)
Quarterly Income Shares Inc. (reduced) (quar.)
Railroad Employees Corp., class A
SIX
...
15c
20c
July
July
July
Aug.
Sept.
Aug.
10c
pref. A & B
Participating preferred A & B
Randall Co. class A (quar.)
Reading Co. (quar.)
1st preferred (quar.)
2d preferred (quar.)
,*
10c
50c
25c
50c
50c
t50c
7Hc
10c
$1
50c
Reed
(C. A.) Co. pref. A
Y.)
Reliance Mfg. Co. (111.)
Reinsurance Corp. (N.
Rhode Island Public Service class A (quar.)
$2 preferred (quar.)
8c
(H. W.) & Co. (s.-a.)
7c
Extra
50c
15c
50c
Rich's, Inc. (quarterly)
Richmond Insurance (N. Y.) (quar.)
Rike-KunJer Co
Riverside Cement preferred (quar.)
Rochester American Insurance, N. Y. (quar.)
Rochester Button common (resumed)
SIX
25c
25c
37Hc
preferred (quar.)
Holland Paper
Preferred (quar.)
13c
Roos Bros., Inc., preferred (quar.)
Roses 5-10-25c. Stores (quar.)
...
SIX
SIX
20c
Royal Typewriter Co., line
Preferred (quar.)
Safety Car Heating & Lighting Co
Saguenay Power Co., Ltd.—
75c
SIX
SI
1
1
June 23
July
5
June 30
July
July
July
15
15
15
June 16
Sept.
1
Aug.
Aug.
Aug.
July
Aug.
1 Oct.
Nov.
20c
80c. preferred (quar.)
Rainier Brewing Co., partic.
16
30
July
July
15
15
15
15
15
Oct. 14 Sept.15
July 15 June 30
July 15 June 30
1
Aug. 31 Aug.
20c
20c
Class B
July
June
2 Sept. 20
58 l-3c
Public Utility Engineering & Service,
June 30
Sept. 15
Dec. 15 Dec. 15
July 25 June 30
July 15 June 30
July 15 June 30
preferred (quar.)
preferred (monthly)
June 30
June
1
20
20
20
10
10
1
Aug. 10
Sept. 14
15
June 30
June
30
June 30
Aug.
7
Sept. 7
July 20
July 13
Aug. 24
Oct.
12
Sept. 21
Aug.
July
Aug.
Aug.
Aug.
July
July
Aug.
Aug.
July
Aug.
July
July
Sept.
Aug.
1
15
1
1
1
15
15
July 20
July
5
July 21
July 15
1
1
17
1
July
July
July
July
July
July
July
July
15
20 July
1 Aug.
15 Aug.
Sept. 15 Aug.
Aug.
1 July
Aug.
1 July
July 15 July
July 15 July
Sept. 1 Aug.
15
1
1
26
11
3
14
5
8
19
15
15
15
20
5
5
15
5H% preferred (quarterly)
* $1.37 H Aug. 1 July 14
$3
Saratoga & Schenect RR. (semi-annual)
July 15 June 30
St. Croix Paper Co. (irregular)
8
$1
,July 15 July
St. Joseph Lead (quar.)
25c
Sept. 20 Sept. 8
San Diego Consol. Gas & Electric pref. (quar.)_
SIX
July 15 June 30
Schumacher Wall Board Corp. $2 pref
5
t50c
Aug. 15 Aug.
Scott Paper Co., $4H cum. pref. (quar.)
Aug.
1 July 20*
SIX
Seaboard Oil Co. (Del.)__
25c
Sept. 15 Sept. 1
Sedalia Water preferred (quar.)
1
July 15 July
I
III
SIX
Servel, Inc., preferred (quar.)
Oct.
1 Sept. 15
SIX
I
„
Preferred
(quar.)
"U
Sheep Creek Gold Mines, Ltd. (quar.)
Extra
lc
Shell Union Oil Corp
_HIII~
25c
"I
SIX
Shenango Valley Water preferred (quar.)
Sierra Pac. Power Co., 6% pref. (quar.)
SIX
II
4c
Simpsons, Ltd., 6H % preferred (accumulations)
Skefly Oil Co. 6% preferred (quar.)
Smith Howard Paper Mills, pref. (quar.)
XS1X
SIX
Silbak Premier Mines
Bono tone
Corp. (irregular)
South Pittsburgh Water Co.
7% preferred (quar.)
6% preferred
SIX
5c
5% pref. (s.-a.)
SIX
SIX
SIX
1-3-40
July
July
July
Sept.
Aug.
July
Aug.
Aug.
July
July
Aug.
July
July
Dec.
15
15 June 30
15 June 30
20 July 11
1
1
25
1
1
15
15
19
15
15
Aug. 21
June 20
July
July
July
5
19
5
.June 30
3P
f$lH
na
(quar.)
(quar.)
Extra
Superior Portland Cement class B
Supervised Shares, Inc. (quar.)—
Superior Water Light & Power class B
Tacony-Palmyra Bridge pPref. (quar.)
Technicolor, Inc. (irregular)
Telautograph Corp
Thatcher Mfg., conv. pref. (quar.)
Tivoli Brewing (quar A
Toledo Edison Co. 7% preferred (mo.)
6% preferred (monthly)
5% preferred (monthly)
Towle Mfg. Co
—
Trade Bank of New York (quar.)
Transamerica Corp
Tuckett Tobacco Ltd., pref. (quar.).
Union Electric Co. of Mo. $5 pref. (qu.)
Union Gas Co. of Canada (quar.)
United Corp. $3 preferred (quar.)
United Corporations, Ltd., $1.50 class
June 30
15
July 15 July
1
1 June 17
Aug.
July 17 July
1 July
Aug.
Aug. 15 July
July 20 July
2 July
58 l-3c Aug.
2 July
50c
Aug.
2 July
41 2-3c
Aug.
July 15 July
SIX
1 July
15c
Aug.
25c
July 31 July
15 June
July
SIX
Aug. 15 July
SIX
20c
Sept. 15 Aug.
10c
July 17 July
25c
Aug. 10 July
5c
90c
*\a
15c
—
20c
85c
38c
A (quar.)
$1
25c
(quar.)
58 l-3c
pref. (mo.)
58
l-3c
7
15
31
1
15
15
15
7
20
14
30
31
19
8
10
l'July 17
Aug.
July 15 June 39
Oct. 16 8ept. 30
Sept. J 5 Sept. 5
July 19 July 10
Aug. 15 July 31
July 15 June 22
Sept. 30 Aug. 31
Sept. 30 Aug. 31
1 July 14
Sept. 1 Aug. 15
Aug.
—
2
l:July
Sept.
53c
Oct.
l'Aug. 15
2 Sept. 15
50c
50c
Aug.
Sept.
50c
Oct.
25c
July 17|June
Aug.
11 July
Aug. 15 Aug.
30
20
lc
Dec.
15. Dec.
5
58 l-3c
53c
68Mc
2%
50c
8% non-cum. 1st preferred
Co. (quar.)
60c
Quarterly
$1
87 He
U. S. Smelting Refining & Mining common
7% preferred (quar.)
United States Sugar Corp. preferred (quar.)
United Stockyards conv. preferred (quar.)
SIX
17Hc
$1
Universal Leaf Tobacco Co., Inc. (quar.)
Common (extra)
$1
Upper Michigan Power & Light—
6% preferred (quar.)_
6% preferred (quar.)
6% preferred (quar.)
Upressit Metal Cap Corp., 8% pref
Van Sciver (J. B.) Co., 7% preferred
Vapor Car Heating Co., 7% pref. (quar.)
7% preferred (quar.)
Ventures, Ltd. (irregular)
Vertientes-Camaguey Sugar
Virginia Coal & Iron Co. (quar.)__
Virginian Ry., 6% pref. (quar.)
Vulcan Detinning Co. pref. (quar.)
Preferred (quar.)
Walgreen Co. (quar.)
Quarterly (div. represents new rate & dates)-.
Preferred (quar.)
;
Walker (H.)-Gooderham & Worts, Ltd
Preferred (quar.)
Washington Gas Light Co. (quar.)
Cum. conv. preferred (quar.)
Welch Grape Juice Co., preferred (quar.)
West Jersey & Seashore RR. (semi-annual)
West Penn Electric Co., 6% pref. (quar.)
7% preferred (quar.)
-West Penn Power Co. 6% pref, (quar.)
7% preferred (guar.)
Western Grocers Ltd. (quar.)-Preferred (quar.)
Western Pipe & Steel pref. (s.-a.)
Westinghouse Air Brake
Westminister Paper Co. (semi-annual)
Westmoreland, Inc. (quar.)
Weston (Geo.), Ltd., pref. (quar.)
Westvaco Chlorine Products pref. (quar.)
—
"Wheatley Mayonnaise Co
Wichita Union Stock Yards 6% preferred (s.-a.)_
Wilson Line, Inc., 5% 1st preferred (s.-a.)
Wins ted Hosiery Co. (quar.)
Extra
Sept. 15
14
1 July 14
l'Aug. 15
15
2 Sept.
5
Sept. 22 Sept. 8*
Sept 20 Aug. 31
Dec. 20'Nov. 29
July 15'June 28
July 15 June 28
5
July 15 July
July 15 June 29
1 July 12
Aug.
1 July 12
Aug.
1 July 29
Aug.
1 Oct.
Nov.
Oct.
July
2 Sept. 15
15'July
Sept.
9 Sept.
Dec.
9
Dec.
July 29 July
Aug.
1 July
Sept.
1 Aug.
Aug.
1 July
July 20 July
Oct.
20 Oct
Aug.
1
Sept. 20
Sept.15
Sept. 15
Sept. 15
Aug.
1
Aug. 10
Aug. 31
July 15
Aug.
Aug.
Aug.
Aug.
July
July
July
July
Nov.
28
1-29-40
2-1-40
July
Aug.
Aug.
Aug.
Aug
July
July
Aug.
July
15 July
15 July
1 July
1 July
1
1
1
18
15
21
15
10
10
10
20
24
25
25
15
31
15
1
21
21
5
5
15 June 20
15 June 20
15 June 30
31jJune 30
1 Oct.
15
Oct.
2
Sept. 15
Aug.
1
July
Aug.
July
J'July
15
10
15 June 30
July 15 July 10
1
Aug. 15 Aug.
Aug.
1 July 15
Aug.
1 July 15
Nov.
Extra
Wisconsin
Telephone preferred (quar.)
Worcester Salt pref. (quar.)
Wrigley (Wm.) Jr. (monthly)
Monthly
Monthly
1 Oct.
15
Nov.
Quarterly..
Wisconsin Electric Power Co., 6% pref. (quar.).
Wisconsin Gas & Electric Co., 6% pref. C (qu.)
1 Oct.
15
31 July 15
July 15 June 30
July 31 July 20
Aug. 15 Aug.
4
July 20
Aug.
Sept.
Aug. 19
Oct.
Sept. 20
July
Oct.
Yale & Towne Mfg
Zellers, Ltd., pref. (quar.)
Zion's Cooperative Mercantile Inst, (quar.)
Oct.
Aug.
53c
lc
U. S. Petroleum, common
Common
United States Rubber Co.—
*
1
15 Aug.
3
15 June 30
50c
7% prior preferred (monthly)
7 % prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6.36% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
6% prior preferred (monthly)
United States Fidelity & Guaranty (quar.)_
United States Hoffman Machine prer. (quar.)
June 15
17
15
1
15
July
(quar.)
United States Pipe & Foundry
14
15
July
35c
(Calif.)
United Light & Rys., 7% pripr
14
15
Aug.
SIX
7% preferred (quar.).
United Bond & Share Corp., Ltd. (quar.)
Quarterly
United-Carr Fastener Corp. (quar.)
United Gas Improvement
Preferred (quar.)
15 Dec.
15
SIX
31Mc
United Biscuit Co. of America—
United Fruit Co.
Dec.
July 15 July
July 15 July
1 July
Aug.
Sept. 15 Sept.
1 July
Aug.
Sept. 15 Sept.
July 2'z July
20
30
A ug.
1 July
1
1
July
7
Aag.
July 15 June 30
5c July 27 July 17
12Hc July 15 June 30
1 July 20
20c
Aug.
1 July 20
37 He
Aug.
July 15 July
5
12Hc
5uc
July 20 July 11
July 20 July 11
$1H
50c
July 15 July
5
8c
July 15 June 30
Superheater Co. (quar.)
Super-Mold Corp. (Calif.) increased (quar.)
Union Oil Co.
75c
July 15 June
1 July
Aug.
July 15 June
Sept. 15 Sept.
t$2H
6% preferred
Sudburg Basin Mines (irregular)
Sun Glow Industries (quar.)
Sun Ray Drug
Preferred
$1H
$1H
$1H
15 June 30
15 June 30
Aug. 15 July 31
*43 He
*43 He
7% pref. (quar.)
Common (quarterly)
Strathmore Paper Co.,
75c
15c
15 June 20
15 June 20
50c
(quar.)
Union Investment Co
1 Sept. 15
July 20 July 10
Oct.
4 Sept. 10
Prosperity Co. preferred (quar.)
Prudential Investors $6 preferred (quar.)
Public National Bank & Trust Co. (N. Y.) (qu.)
Public Service Co. of Colorado—
Putnam (George) Fund of Boston
4
Oct.
Premier Shares Inc. (s.-a.)
Prentice (Geo.) Mfg. (quar.).'
Extra
7% preferred (monthly)
6% preferred (monthly)
5% preferred (monthly)
.
El. Co. 4.8% pref. (qu.) $1.2%
Southern New England Telephone.
Southwestern Portland Cement, 8% pf. (quar.)
Steel Co. of Canada.
July
July
Preferred (quar.)
State Street Investment
20
'
6H% cum. preferred (s.-a.)
Pittsburgh, Bessemer & Lake Erie—
(Semi-annual)
—--Pittsburgh Cin. Chic. & St. Louis RR. (s.-a.)..
Pitts. Ft. Wayne & Chicago 7% pref. (quar.)..
7% preferred (quar.)
Plomb Tool 6% preferred (quar.)
Plymouth Rubber Co., Inc., 7% pref. (quar.)..
Plymouth Cordage (quar.)
Pollock Paper & Box, 7% pref. (quar.)
7% preferred (quar.)
Power Corp. of Canada (interim)
1st preferred (quar.)
2nd preferred (quar.)
Premier Gold Ming Co. (quar.)
conv.
20
June 30
Aug.
Sept.
July
July
July
37 He
Southern Indiana Gas &
July
July
July
6% preferred (quarterly)
Preferred A (quar.)
Southern Canada Power (quar.)
June 30*
Oct.
Philadelphia Co. (quar.)
Philadelphia Electric Co., $5 pref.
Pilot Full Fashion Mills, Inc.—
$1.50
20
July
July
July
—
Stanley Works 5% pref.
July
July
Aug.
July
July
July
July
Sept.
Aug.
Co., Ltd.-
preferred (quar.)
5H% pref. series C (quar.)
Southern California Gas Co.-
15
20
July
July
July
Southern Calif. Edison
5% original
Payable of Record
Company
15
1
21
July
Aug.
Aug.
Aug.
July
7 He
Name of
8% preferred (quarterly)
Spicer Mfg
$3 preferred (quar.)
Spiegel, Inc
Preferred (quar.)
Squibb (E. R.) & Sons, 1st 6% pref. (quar.)
Standard Brands, Inc., $4.50 preferred (quar.)
Standard Fire Insurance (Trenton, N.J.) (quar.)
Standard Oil of Ohio, 5% preferred—
15
Nov.
SIX
(quar.)
Peterborough RR. (s.-a.)
Phelps Docfge Corp
Richel
15
15
15
91X
75c
(quar.)
Pennsylvania Power Co. $5 preferred (quar.)
Pennsylvania Salt Mig. Co. (quar.)
Peoples Gas Light & Coke Co
Peoples Telep. Corp. (Butler, Pa.) (quar.)
Permutit Co
7q
6
Oct.
Penn Traffic Co. (s.-a.)
o
15
15
15
Nov.
--
Penman's, Ltd. (quar.)
Procter & Gamble 8%
15
15
Aug. 21
July 20
Sept. 15
91X
(qu.)
Peninsular Telephone
Preferred A (quar.)
Preferred
June 30
July
July
SIX
Parkersburg Rig & Reel Co. $5H pref.
Pearson Co., Inc., 5% pref. A (quar.)
Preferred A
July
Aug.
Aug.
Holders
When
Holders
When
Payable of Record
tSl-3 IX July
July
t$lH
(Del.), 7% pref
Co.
July 15, 1935
—
2
Sept.
1 July
Aug.
July 15 July
8
15
5
Transfer books not closed for this dividend,
Aug. 10
t On account of accumulated dividends.
July
July
i
1
1
Payable in Canadian funds, and i n the case of non-residents of Canada,
a tav of 5% of the amount of such dividend will be made.
deduction of
Volume
The Commercial & Financial Chronicle
149
Condition of the Federal Reserve Bank of
Weekly Return of the New York City
Clearing House
New York
The
367
following shows the condition of the Federal Reserve
The
Bank of New York at the close of business July 12, 1939,
in comparison with the previous week and the corresponding
date last year:
weekly statement issued by
Clearing House
STATMENT
OF
July 5. 1939
$
$
AT
CLOSE
OF
THE
*
on
United States Treasury.*.
Total reserves
1,040,000
85,796,000
1,040,000
99,009,000
1,854,000
Govt,
S.
Total bills
discounted
281,000
342,000
1,061,000
440,000
1,284,000
_
Bills bought in open market
Industrial advances
Bonds
2,873,000
1,403,000
Irving Trust
216,000
216,000
213,000
2,804,000
2,833,000
4,198,000
268,574,000
346,697,000
132,045,000
269,030,000
347,285,000
226,407,000
136,846,000
196,498,000
747,316,000
753,161,000
780,147,000
751,620,000
..
...
...
Treasury bills
Total (J. S. Government securities-
Total bills and securities
757,613,000
787,431,000
63,000
4,348,000
63,000
Average
Deposits,
Average
Uncollected Items
Bank premLses.
3,089,000
5,426,000
156,213,000
160,892,000
8,942,000
14,-302,000
„
13,888,000
...
10,787,000
47,777,000
167,020,000
5,414,000
54,339,000
98,080,000
44,918,000
26,908,000
82,607,000
916,981,200 11,830,923,000
639,163,000
500,000
131,089,400
3,890,300
25,000,000
6,000,000
80,095,400
2,497,400
5,000,000
9,271,800
12,500,000
7,000,000
7,000,000
Public Nat Bk & Tr Co.
175,195,000
3,476,000
5,972,000
1,187,000
47,870,000
4,083,000
34,748,000
2,926,000
3,183,000
27,056,000
2,431,000
50,988,000
43,59,800
100,270,000
Title Guar & Trust Co..
Marine Midland Tr Co..
New York Trust Co
Comm'l Nat Bk & Tr Co
27,920,400
8,418,200
9,461,700
518,997.000
53,307,000
d2,402,604,000
48,870,000
e992,726,000
13,946,000
112,049,000
365,257,000
92,953,000
*
As per official reports:
companies, June 30, 1939.
9,874,000
National, June 30, 1939; State, June 30, 1939; trust
Includes deposits in foreign branches
c
....
Co
Continental Bk & Tr Co.
Totals.
184,528,000
8,942,000
14,655,000
Other assets....
90,000,000
42,227,000
Chase National BankFifth Avenue
Bank.....
Bankers Trust Co
357,242,000
13,782,500
21,000,000
15,000,000
10,000,000
50,000,000
4,000,000
66,000
Due from foreign banks
Federal Reserve notes of other banks...
Total assets
Time
Deposits,
26,296,700
454,948,000
60,670,200 al,789,501,000
56,010,900
585,970,000
182,957,600 51,768,929,000
45,129,400
583,025,000
71,802,300
C885.085.000
20,482,900
268,458,000
109,782,800
564,545,000
53,061,500
590,948,000
20,000,000
Co
Cent Hanover Bk&Tr Co
Corn Exch Bank Tr
Co.
First National Bank
United States Government securities:
Treasury notes
HOUSE
13, 1939
Net Demand
6,000,000
Chem Bank & Trust Co.
2,433,000
1,003,000
.
77,500,000
Guaranty Trust Co
Manufacturers Trust
obligations,
direct or fully guaranteed
Other bills discounted
20,000,000
National City Bank
6,563,805,000 6,499,864,000 4,569,110,000
.
U.
JULY
Undivided
Surplus and
Capital
Bank of New York
Bank of Manhattan Co.
108,833,000
Bills discounted:
by
CLEARING
6,463,756,000 6,413,028,000 4,458,423,000
notes
Other casbf
Secured
*
Members
hand and due from
Redemption fund—F. R.
YORK
Profits
Clearing House
Assets—
Gold certificates
NEW
OF BUSINESS THURSDAY,
July 13, 1938
$
the New York City
Friday afternoon is given in full below:
MEMBERS
ASSOCIATION
July 12, 1939
on
$7,436,000; d $98,399,000;
e
as
follows:
a
$275,534,000; 5 $97,383,000;
$35,413,000.
7,527,961,000 7,440,086,000 5,546,687,000
*
>
Liabilities—
F. R. notes in actual circulation
Deposits—Member bank
reserve
acc't.
U. 8. Treasurer—General account-
Foreign bank
Other deposits
Total deposits
1,130,418,000 1,141,992,000
899,523,000
5,591,342,000 5,488,628,000 3,921,663,000
161,497,000
137,139,000
211,032,000
103,320,000
106,121,000
46,691,000
289,385,000
191,680,000
255,845,000
THE
each
Total liabilities
156,747,000
862,000
668,000
Sat.,
154,970,000
501,000
Wed.,
July 11
July 12
40/7%
93/9
Cable & Wire ordinary.
Canadian Marconi
Central Min & Invest.
„
50,854,000
52,463,000
7,457,000
8,438,000
...
......
Surplus (Section 13-b)
Other capital accounts
...
Total liabilities and capital accounts..
reserve
to
deposit
4
50,956,000
62,463,000
7,457,000
8,440,000
51.943,000
De
90.7%
Co
Electric & Musical Ind.
9,984,000
Ford
<
HOLI¬
DAY
Hudsons Bay Co
Imp Tob of G B A I
London Midland Ry_.
86.7%
purchased
Metal
h
9/7%'
Ltd
Gaumont Pictures ord.
and
90.6%
Beers
Distillers
7,744,000
93/9
£50%
£14%
58/1X
26/7)4
£6%
94 /-
Courtaulds 8 & Co
7,527,961,000 7,440,086,000 5,546,687,000
F. R. note liabilities combined
Contingent liability on bills
for foreign correspondents
50,852,000
40/10)4
£50
Cons Goldtlelds of 8 A.
Surplus (Section 7)
total
Tues.,
July 10
Boots Pure Drugs
British Amer Tobacco.
Capital Accounts—
of
Mon.,
July 8
165,659,000
7,408,749,000 7,320,874,000 5,426,060,000
Capital paid in
received by cable
as
day of the past week:
6,112,004,000 6,021,273,000 4,371,066,000
Deferred availability items
Other liabilities, lnel. accrued dividends.
Ratio
LONDON STOCK EXCHANGE
Quotations of representative stocks
15/3
2/9
H19/3
126/3
£14
Box
4/3
£14%
58/1%
26/3
£6%
94/-
9/7)4
15/6
2/9
H19/3
126/3
£14%
69/-
Thurs.,
40/9
93/9
£50%
4/£14%
58/9
25/10)4
£6)4
94/3
9/7)4
15/6
2/9
1/19/3
126/3
£14
Fri.,
July 13
40
/9
93/9
40/4)4
93/9
£50%
£50
4/3
£14%
58/9
£14%
4/1)4
27/9
£6
94/3
9/6
15/9
2/9
lh
19/6
128/-
.
£14
to
make Industrial
Roan Antelope Cop M.
Rolls Royce
2,211,000
2.222.000
t "Other cash" does not Include Federal Reserve notes
or a
bank's
3.955,000
own
Federal
certificates given by the United States Treasury for the gold taken
are
15/3
104/4)4
£34 %
£34 %
Shell Transport
Swedish Match B
ad-
Reserve bank notes.
These
105/-
£34Iii
104/4)4
£34)4
£4%
£4%
£4%
£4%
Rand Mines
.......
Rio Tlnto
vances
*
69/£7%
£11%
15/3
103/9
Royal Dutch Co
Commitments
394,000
Unilever
from the Reserve oanks when the dollar was, on Jan. 31, 1934, devalued from
100 cents to 59.06 cents, these certificates being worth less to the extent of the
difference, the difference itself having been appropriated as profit by the 1 reasury
over
24/—
34/6
23/6
18/3
Ltd
United Molasses
Vickers
West
under the provisions of the Gold Reserve Act of 1934.
£7%
£11%
15/3
69/-
69/-
£7%
£11%
24/3
34/6
23/9
£7%
24/-
18/4)4
£11%
15/6
24/3
34/6
23/9
18/4)4
34/6
23/9
18/6
Wltwatersrand
Areas
£A%
£4%
£4)4
July 14
£4)4
58/1)4
28/3
£6)4
94/S
9/6
15/9
2/9
1/19/3
128/m%
68/9
£7%
£11%
15/6
103/9
£34)4
£4)4
24/
33/6
23/9
18/3
£4)4
Weekly Return for the Member Banks of the Federal Reserve System
Following is the weekly statement issued by the Board of Governors of the Federal Reserve System,
giving the principal
items of the resources and liabilities of the reporting member banks in 101
leading cities from which weekly returns are obtained.
These figures are always a week behind those for the Reserve banks themselves.
The comment of the Board of Governors of
the Federal Reserve System wpon the figures for the latest week
appears in our department of "Current Events and Discussions,
immediately preceding which we also give the figures of New York ana Chicago reporting member banks
for a week later.
Commencing with the statement of May 19, 1937, various changes were made in the breakdown of loans as
reported in this statement, which were
described in an announcement of the Federal Reserve Bank of New York of
April 20, 1937, as follows:
The changes in the
report form are confined to the classification of loans and discounts.
This classification has been changed primarily to show the
amounts of (1) commercial, industrial and agricultural loans, and
(2) loans (other than to brokers and dealers) for the purpose of
purchasing or carrying
securities.
The revised form also eliminates the distinction between loans to brokers and
dealers in securities located In New York City and those located
outside New York City.
Provision has been made also to include "acceptances of own bank purchased or discounted" with
"acceptances and commer¬
cial paper bought in open market" under the revised caption "open market
paper," instead of in all other loans," as formerly.
Subsequent to the above announcement, it was made known that the new items "commercial, industrial and
agricultural loans" and "other loans"
would each be segregated as "on securities" and "otherwise secured and unsecured."
A more detailed explanation of the revisions was published in the
May 29,1937, issue of the "Chronicle," page 3590.
ASSETS AND LIABILITIES OF WEEKLY REPORTING MEMBER BANKS IN
101 LEADING CITIES
Federal
Reserve
Districts—
ASSETS
Loans and Investments—total
Total
Boston
New York
PhUa.
$
$
$
S
22,000
$
BY DISTRICTS ON JULY 5, 1939 (In Millions of
Dollars)
$
•Atlanta
Chicago
St. Louis
$
Cleveland Richmond
$
$
Minneap. Kan. City
%
%
Dallas
$
$
1,156
8,959
1,117
1,885
671
596
3,201
692
373
Loans—total
650
514
8,142
580
3,125
411
242
309
873
2,186
659
312
162
268
Commercial, Indus, and agricul. loans
Open market paper
256
3,872
265
945
1,509
185
234
102
179
503
184
81
160
314
168
63
302
133
25
6
10
3
31
3
4
Loans to brokers and dealers In secure.
18
2
650
25
501
16
21
21
4
8
40
6
1
4
5
14
542
22
259
32
26
15
12
83
13
7
10
14
1,159
80
201
49
53
169
36
30
102
50
7
25
21
385
114
53
62
50
46
""179
Other loans for purchasing or carrying
securities
Real estate loans
Loans to banks
Other loans
56
2
45
1
3
1,549
123
477
94
200
8
237
3
28
873
39
4
221
175
32
422
49
34
77
50
300
136
100
911
101
599
153
110
113
81
652
Treasury bills
Treasury notes
2,125
52
United States bonds
5,891
344
469
167
14
1
75
.
'
76
3
_
~
-
-
1
*
8
102
102
267
67
24
3,223
132
2,392
1,168
1,234
44
265
66
89
491
163
290
103
Reserve with Federal Reserve Bank..
Cash In vault
43
134
8,473
415
55
5,022
359
146
116
321
453
1,073
184
85
169
441
140
117
87
17
18
12
61
334
40
11
Balances with domestic banks
6
13
2,759
156
11
180
208
289
172
177
499
25
150
Other assets—net
125
291
1,225
78
458
249
100
103
35
47
263
80
23
16
23
29
233
17,109
1,101
8,809
855
1,204
433
371
2,444
446
286
485
5,229
249
445
1,004
279
736
200
185
928
950
191
118
555
16
144
81
53
136
42
28
40
108
22
1,059
3
23
32
107
6,922
286
3,026
364
400
256
251
1,001
302
133
624
30
391
542
13
1
218
2
14
294
Obligations fully guar, by U. 8. Govt.
Other
securities
2,150
48
52
58
55
LIABILITIES
Demand
deposits—adjusted..
Time deposits
United States Government deposits..
Inter-bank deposits:
Domestic banks
Foreign banks
Borrowings
Other
Capital
1
1
21
1
......
liabilities
743
20
365
13
14
28
7
16
6
account
6
3,715
243
3
1,599
4
224
372
96
93
403
"261
93
58
100
85
349
The Commercial & Financial Chronicle
368
July 15, 1939
Federal Reserve System
Thursday afternoon, July 13,
showing the condition of the 12 Reserve banks at the close of business on Wednesday.
The first table presents the results
for the System as a whole in comparison with the figures for the eight preceding weeks and with those of the corresponding
week last year.
The second table shows the resources and liabilities separately for each of the 12 banks.
The Federal
Reserve note statement (third table following) gives details regarding transactions in Federal Reserve notes between the
Reserve Agents and the Federal Reserve banks.
The comments of the Board of Governors of the Federal Reserve System'upon the
Weekly Return of the Board of Governors of the
The
returns
following
issued by the Board of Governors of the Federal Reserve System on
was
department of "Current Events and Discussions."
for the latest week appear in our
COMBINED RESOURCES AND
July 12,
July 5,
June 28,
1939
(000) Omitted
Three Ciphers
BUSINESS JULY 12, 1939
LIABILITIES OF THE FEDERAL RESERVE BANKS AT THE CLOSE OF
1939
|
1939
S
ASSETS
June 21,
June
14,
May 24,
May 17,
July 13,
1939
June 7,
1939
1939
1939
May 31,
1939
1939
1938
$
$
Total reserves
13,505,719
13,465,718
14,420,719
13,391,719
13,317,722
13,282,718
13,222,730
10,634,922
8,412
8,313
9,467
317,756
367,357
8,721
366,966
375,874
9,273
349,876
8,547
346,667
9,372
382,078
9,372
365,383
9,884
401,129
13,860,887
13,881,389
13,841,405
13,806,060
13,750.868
13,672,936
13,674,168
13,597,485
11,045,935
1,493
3,773
940
1,575
3,795
1,081
3,712
1,447
1,690
1,808
3,698
1,659
2,084
1,974
2,207
1,848
1,668
1,946
3,261,
5,266
notes)
13,534,719
8,242
353,161
U. S. Treas. x_
13,604,719
13,966,122
Gold ctfs. on hand and due from
Redemption fund (Federal Reserve
Other cash *
4,638
5,370
4,793
3,137
3,467
4,058
4,055
3,614
9,266
561
561
561
562
540
Bills discounted:
by
Secured
U.
S. Government obligations
guaranteed
direct or fully
Other bills discounted
Total bills discounted.
Bills bought in open
556
556
556
556
561
12,496
12,318
12,440
12,377
12,469
12,429
12,487
12,825
12,796
16,274
911,090
1,176,109
447,938
911,090
1,176,109
463,438
911,090
1,176,109
463,438
911,090
911,090
1,176,109
476,816
911,090
1,176,109
1,176,109
476,816
911,090
1,176,109
476,816
911,090
1,176,109
911,090
1,176,109
476,816
744,105
1,174,105
476,816
2,564,015
2,564,015
2,564,015
2,564,015
2,581.121
2,581,456
2,580,987
2,590,095
market.
Industrial advances
securities—Bonds-
United States Government
Treasury notes
—
bills
Treasury
Total U. 8. Government
Other
6,005
476,816
—
2,535,137
2,550,637
2,550,637
2,564,015
2,564,015
2,553,455
securities
2,564,015
2,568,149
2,569,003
2,581,741
2,580.182
2,580,472
645,805
securities
Foreign loans on gold
Total bills and securities.
Gold held abroad.—
Due from foreign banks
167
167
167
162
161
161
161
161
20,218
590,799
18,886
20,577
19,612
579,855
42,427
21,684
762,610
42,452
19,807
593,886
42,523
53,092
19,450
683,343
42,552
52,171
16,965,093
16,976,149
14,396,457
583,822
42,405
46,718
641,188
42,356
47,377
45,723
61,182
56.990
19,494
551,229
42,464
54,138
17,340,713
Uncollected items
Bank
17,129,953
17,142,390
17,173,228
17,274,332
17.030,411
16,921,543
4,522,709
banks.
707,815
42,356
48,235
—
premises
All other assets
Total assets.
42,453
LIABILITIES
46,027
Total deposits
Deferred availability Items
4,429,306
4,437,703
4,476,310
4,476,764
4,446,379
4,463,349
4,134,161
10,151,053
10,099,163
8,273,069
281,541
363,444
10,029,054
920,325
284,806
301,130
10,005.034
926,636
272,959
359,797
10,052,643
934,964
309,600
320,441
10,096,622
820,208
297,265
380,299
10,100,929
927,989
351,029
276,227
269,917
242,816
11,648,825
11,755,066
11,754,262
11,743,391
11,617.648
11,535,315
11,569,775
11.474,546
9,272,770
590,412
638,637
5,621
737,472
584,207
10,334
6,827
559,681
5,325
599,244
4,961
688,655
5,285
638,000
2,181
585,798
6,666
16,784,595
16,796,836
16,827,826
16,928,900
16.684,992
16,577,085
16,620,359
16,631,835
14,047,847
135,137
149,152
27,264
34,130
135,053
149,152
27,264
135,037
135,011
149,152
27,264
34,101
33,975
134,948
149,152
27,264
33,370
147,739
33,889
134,945
149,152
27,264
33,097
135,003
149,152
27,264
134,969
149,152
27,264
34,04/
134,953
149,152
27,264
32,895
39,482
17,340,713
deposits
4,449,306
10,115,744
962.094
351.095
326,133
16,995,030
—
4,543,177
10,349,946
790,596
289,485
/348,115
2,148
United States Treasurer—General account-
Foreign banks
17,129,953
17,142,390
17,173,228
17.274,332
17,030.41:
16,921,543
16,965,093
16,976,149
14,396,457
85.5%
85 3%
85.47
85.4%
85.4%
85.3%
82.4%
11,33*
11,388
11,47?
11,530
11,635
11,688
13,500
2.052
2,492
Other liabilities, incl. accrued dividends
Total liabilities
CAPITAL
941,004
354,298
915,385
627,928
128,957
2,916
ACCOUNTS
Capital paid in
—
Surplus (Section 7)
-
-
...
Surplus (Section 13-b)
y
44,578
692,031
circulation—
Deposits—Member banks' reserve account
y
25,552
644,090
11,778,142
Federal Reserve notes in actual
Other
180
167
22,563
—
Federal Reserve notes of other
Other capital accounts.
-
Total liabilities and capital accounts
,9,152
27,264
84 050
Ratio of total reserves to deposits and Federal
133,706
27,683
85.7%
85.6%
85.7%
11,353
fl0,958
11,175
1-15 days bills discounted
2,126
1,571
2,200
1,647
2,938
2,732
2,364
7,369
15-30 days bills discounted
150
238
258
197
190
161
107
321
263
418
31-60 days bills discounted
195
183
157
195
244
275
320
360
283
150
111
129
159
255
528
Reserve note liabilities combined
Contingent
liabilities
on
bills
for
purchased
1,097
correspondents.-.——1._
foreign
Commitments to make industrial advances
-
Maturity Distribution of Bills and
Short-Term Securities—
536
2,271
2,200
461
555
572
501
428
564
483
449
415
5,266
Total bills discounted.
2,185
524
61-90 days bills discounted
Over 90 days bills discounted
2,182
4,638
5,370
4,793
3,137
3,467
4,058
4,055
3,614
9,266
66
28
70
242
69
1-15 days bills bought in open market...
342
233
89
16-30 days bills bought in open market...
31-60 days bills bought In open market...
61-90 days bills bought in open market...
121
227
370
233
90
56
23
31
74
234
443
252
"308
"190
"106
86
70
65
23
23
28
253
225
301
214
110
275
Over 90 days bills bought in open market.
556
556
556
556
561
561
561
561
562
540
1,225
1.713
1,716
1,739
1,352
1,333
1,367
1,629
1,635
1,233
16-30 days industrial advances....—.
913
31-60 days industrial advances....
Total bills bought in open market.—.
1-15 days industrial advances
147
156
277
938
151
145
621
628
526
200
152
990
1,028
1,032
1,052
359
743
712
283
61-90 days Industrial advances..............
551
547
229
233
198
166
900
985
1,150
Over 90 days Industrial advances............
9,607
8,968
9,354
9,232
9,266
9,250
9,335
9,321
1,017
9,276
12,496
12;318
12,440
12,377
12,469
12,429
12,487
12,825
12,796
16,274
76,055
79,305
161,415
111,163
2,107,199
72,137
74,218
170,495
127,675
2,106,112
54,413
76,055
163,095
63,798
72,137
159,573
145,765
2,122,742
80,428
69,693
63,798
67,450
82,553
130,468
154,145
2,129,399
75,673
92,271
150,623
2,130,139
85,813
67,450
136,793
145,910
2,128,049
1,978,175
2,564,015
2,564,015
4,472,648
.....
Total industrial advances
...
1-15 days TT. S. Government securities...
16-30 days U. 8. Government securities......
31-60 days U. 8. Government securities.—.—
61-90 days U. 8. Government securities...
Over 90 days U. 8. Government securities...
139,875
2,117,199
54,413
155,360
161,415
2,112,399
137,405
170,495
2,122,624
69,520
138,060
13,331
86,493
171,040
236,036
2,535,137
2,550,637
2,550,637
2,564,015
2,564,015
2,564,015
2,564,015
4,835,140
4,805,166
4,733,260
303,954
4,738,919
262,155
4,750,545
289,814
4,750,019
273,709
4,746,943
261,989
4,742,375
293,069
4,727,517
312,431
300.564
287,196
338,487
4,522,709
Total U. S. Government securities
2,564,015
4,543,177
4,449,306
4,429,306
4,437,703
4,476,310
4,476,764
4,446,379
4,463,349
4,134,161
4,940,000
3,039
4,898,500
2,430
4,867,500
3,173
4,865,500
2,701
4.865,500
3,064
4,869,500
3,367
4,872,500
3,838
4,872,500
3,941
4,872,500
3,491
4,542,632
8,267
4,943,039
4.900,930
4,870,673
4,868,201
4,868,564
4,872,867
4,876,338
4,876,441
4,875.991
4,550,899
Total other securities...
Federal Reserve Notes—
Issued to Federal Reserve Bank by F. R. Agent
Held by Federal Reserve Bank
In actual circulation..
Collateral Held by Agent as Security for
Notes Issued to Bank—
^Cid ctfs.
on
hand and due from U. S. Treas..
jrfy eligible paper..
United States Government securities
Total
""
collateral..
*
"Other cash" does not include Federal Reserve notes,
x
These
are
t Revised figures.
certificates given by the United States Treasury for the
cents on Jan. 31,
gold taken over from the Reserve banks when the dollar was devalued from 100 cents to 59.06
difference itself having been appropriated as profit by the Treasury under
1934, these certificates being worth less to the extent of the difference, the
provisions of the Gold Reserve Act of 1934.
With the statement of Jan. 4, 1939 two
*
items appeared, "Other liabilities, including accrued dividends,"
two items corresponds exactly to the tstal of two items formerly in the statement but now excluded, viz.: "All other
statement for July 13. 1938 has been revised on the new basis and is shown accordingly.
y
new
and "Other capital accounts." The total of these
liabilities," and "Reserve for contingencies." The
Volume
The Commercial & Financial Chronicle
149
Weekly Return of the Board
of
369
Governors of the Federal Reserve
System (Concluded)
WEEKLY STATEMENT OF RESOURCES
AND LIABILITIES OF EACH OF THE 12 FEDERAL
RESERVE BANKS AT CLOSE OF BUSINESS JULY
12, 1939
Three Ciphers (000) Omitted
Federal Reserve Agent at—
Total
Boston
New York
Phila.
ASSETS
Gold
$
$
S
$
certificates
hand
on
and
Cleveland Richmond
$
Atlanta
Chicago
St. Louis
$
5
S
5
due
from
United States Treasury
Redemption fund—Fed. Res. notes.
13,604,719
796,428 6,463,756
Other cash «
338,524
465
326
1,257
534
418
99,009
23,803
22,916
21,164
42,886
17,639
9,002
818,589 6,563,805
700,613
864,525
361,905
305,091 2,268,752
384,697
268,751
359,791
283,601 2,224,609
366,524
259,331
San Fran
S
692
1.040
21,641
13,966,122
Dallas
$
840,030
520
353,161
Total reserves
Bills discounted:
$
671,267
1,064
28,282
8,242
_
Minneap. Kan. City
340,340
$
218,314
801.995
206
513
19,245
14,707
1,207
32,867
233,534
836,069
Secured by U. 8. Govt,
obligations,
direct or fully guaranteed
1,493
704
281
130
23
Other bills discounted
194
20
3,773
10
31
24
1,003
221
240
67
101
"""276
40
346
176
61
315
335
668
5,266
735
1,284
351
263
540
121
276
176
71
339
402
708
556
42
216
56
52
24
20
70
2
2
16
16
40
1,153
769
474
4
902
207
569
943
25,662
44,653
Total bills discounted
Bills bought In open market
Industrial advances
U. S. Government securities—
Bonds
12,496
1,616
2,804
2,694
361
911,090
66,846
86,290
32,865
268,574
77i351
99,851
38,029
91,282
50,504
38,422
346,697
132,045
117,835
65,193
24,830
98,375
126,990
41,602
53,703
33,129
57,643
34,510
44,548
73,309
49,598
18,890
48,366
20,454
12,617
21,954
16,967
36,042
2,535,137
186,001
747,316
215,231
253,996
140,527
106,910
273,731
115,759
71,408
124,250
96,025
203,983
2,553,455
188,394
751,620
218,332
254,672
142,244
107,820
274,551
167
12
115,941
72,383
124,812
97,012
205,674
.
.1111"
Treasury notes
Treasury bills
1,176,109
447,938
Total U. 8. Govt, securities
Total bills and securities
Due from foreign banks
Fed. Res. notes of other banks
Uncollected items
Bank
94,632
63
17
15
7
6
21
2
2
5
22,563
457
5
4,348
1,649
1,757
81,633
57,060
42,356
48,235
2,917
8,942
5,943
24,724
2,583
2,998
14,655
4,313
5,335
3,202
29,185
2,268
1,914
1,368
34,253
2,978
22,929
2,055
1,529
20,512
1,510
591
184,528
3,399
99,908
3,908
4,553
1,423
70,064
1,357
51,371
4,636
1,707
707,815
1,392
3,170
2,144
1,233
1,748
31,648
3,191
3,949
980,639 1,213,830
568,650
441,690 2,655,092
535,430
366,079
525,543
premises
Other
44,879
assets
Total assets
17,340,713 1,083,431 7,527,961
2,032
.
12
358,847 1,083,521
LIABILITIES
F. R. notes in actual
circulation
4,522,709
386,915 1,130,418
317,980
421,894
197,109
152,620
996,352
179,194
10,349,946
531,549 5,591,342
501,772
571,006
244,675
42,411
185,127 1,316,684
51,760
151,057
10,131
35,024
6,568
10,207
253,872
47,921
253,586 1,512,972
Deposits:
Member bank reserve account....
U.S. Treasurer—General account.
Foreign
Other
790,596
bank
Total
44,524
20,839
5,654
161,497
103,320
36,472
69,727
28,077
26,920
255,845
12,185
11,561
12,447
1,807
602,566 6,112,004
289,485
348,115
deposits
deposits
11,778,142
Deferred availability items
Other liabilities, lncl. accrued
Total liabilities
171,268
76,628
359,770
251.321
189,184
574,431
40,966
45,289
45,225
8,394
138,983
53,747
6,658
8,394
8,394
5,248
4,938
8,507
1,664
20,887
23,931
244,531
664,474
26,583
34,410
55
38
578,506
679,214
301,340
315,435
204,326
309,188
69,779
165,659
51,596
79,977
55,391
22,753
100,829
30,229
291
692,031
2,148
dlvs_.
132,561
'
19,988
34,837
668
297
180
15
98
185
41
88
192
429,057 2,610,338
524,899
356,963
515,485
16,995,030 1,059,551 7,408,749
948,379 1,181,265
553,855
■
j*
■
347,797 1,058,692
CAPITAL ACCOUNTS
Capital paid in
Surplus
135,137
(Section 7)....
12,051
13,669
5,062
4,534
13,766
3,989
2,914
13,696
4,416
14,323
4,983
5,630
22,666
4,685
3,153
3,293
713
1,429
545
1,001
2,097
1,007
3,566
1,457
1,756
6,893
1,312
2,048
4,281
3,613
1,142
1,022
17,340,713 1,083,431 7,527,961
980,639
1,213,830
568,650
441,690 2,655,092
535,430
366,079
525,543
1,351
1,460
972
358,847 1.083,521
436
67
635
3<455
149,152
27,264
Other capital accounts
34,130
Total liabilities and
capital accounts
Commitments to make Indus. advs__
*
9,406
10,083
2,874
1,517
50,854
52,463
7,457
8,438
I
Surplus (Section 13-b)
11,353
563
2,211
140
63
4,032
10,579
3,892
1,266
9,965
2,121
1,860
2,164
"Other cash" does not Include Federal
Reserve notes.
FEDERAL RESERVE NOTE
Three Ciphers
(000) Omitted
Federal Reserve Bank of—
Total
In actual
Boston
New York
Phila.
S
Federal Reserve notes:
Issued to F. R. Bank By F. R.
Agent
Held by Federal Reserve Bank
8
%
$
Cleveland Richmond
%
Atlanta
$
St. Louis Minneap. Kan.
Chicago
$
8/
%
•
$
Dallas
City
$
San Fran.
$
$
4,835,140
312,431
407,692 1,235,935
20,777
105,517
337,120
19,140
440,834
209,792
12,683
165,149 1,027,770
12,529
31,418
191,751
12,557
138,576
6,015
182,102
10,834
84,638
18,940
8,010
413,781
54,011
4,522,709
386,915 1,130,418
317,980
421,894
197,109
152,620
996,352
179,194
132,561
171,268
76,628
359,770
4,940,000
420,000 1,265,000
169,000 1,045,000
196,000
143,500
182,000
87,500
434,000
31
20
25
280
343
562
169,039 1,045,031
196,020
413,525
182,280
87,843
434.562
circulation
Collateral held
STATEMENT
by Agent
as
security
for notes issued to banks:
Gold certificates
hand
on
from United States
Eligible
and due
Treasury
paper
345,000
443,000
210,000
378
130
73
443
420,715 1,265,378
345,130
443,073
210,443
3,039
Total collateral
4,943,039
United States
Rates quoted
are
715
39
United
Treasury Bills—Friday, July 14
States
York Stock
for discount at purchase.
Transactions
Bid
July
19 1939
July
Aug.
Aug.
Aug.
Aug.
Aug.
26 1939
Bid
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
2 1939...
9 1939
16 1939
23 1939
30 1939
Asked
...
Sept.
6 1939
Sept.13 1939
0.05%
0.05%
0.05%
0.05%
0.05%
0.05%
.
Sept. 20 1939
Sept. 27 1939
Oct.
4 1939
Oct.
Asked
11 1939
Government
Securities
at
the
New
York
Daily, Weekly and Yearly—See
Stock and Bond
'♦I li t
page
Averages—See
THE
•
Quotations for United States Treasury
Notes—Friday,
July 14
PARIS
Figures after decimal point represent
point.
one
or
32ds of
more
v'
July 8
Francs
Bid
Asked
Maturity
Rate
Bid
Asked
100.4
Dec. 15 1939.._
1H%
1H%
102.27
102.29
101.16
101.18
Mar. 15 1942...
1
1 H%
104.5
Mar. 15 1940...
104.7
101.23
101.25
Sept. 15 1942...
June 15 1940
2%
105.16
105.18
1K%
1H%
IH%
l*A%
Dec. 15 1940...
Mar. 15 1941...
as
received by cable
July
10 July 11 July 12 July 13 July 14
Francs
Francs
Francs
7,400
7,600
7,500
7,500
1,105
1,090
1,097
431
431
Francs
163
160
160
13,600
13,500
13,500
750
760
756
759
1,520
Generale Transatlantlque B
15 1941...
Dec.
Francs
431
161
13,500
1,530
1,530
1,540
41
40
45
Citroen B
523
530
527
800
793
785
250
240
240
212
208
210
513
509
512
1,580
1,460
1,590
1,480
1,590
1,450
1,590
324
.
794
Coty 8 A
240
Courriere----—208
Credit Commercial de France
510
<
526
Comptoir Nationale d'Escompte
Rate
Sept. 15 1939...
Cie
385.
431
Banque de l'Union Parisienne..
Canadian Pacific
Cie Generale d'Eiectricite
Int.
Exchange,
1,098
Canal de Suez cap
.Int.
Stock
/
'
Bank of France
Cie Distr d'Eiectricite
Maturity
New
BOURSE
of the past week:
Banque de Paris et Des Pays Bas
a
the
385.
page
Quotations of representative stocks
each day
on
Exchange—See following page.
101.22
101.24
Dec.
15 1942...
104.26
104.28
Credit
102.4
102.6
June 15 1943...
102.13
102.15
Eaux des Lyonnaise cap
102.14
102.16
Dec.
15 1943...
i y%%
102.14
102.16
Energle Electrique du Nord....
102.18
102.20
June 15 1944...
ix%
100.19
100.21
Energie Electriquedu Littoral.. HOLI-
Lyonnaise
......
...
48
1,460
322
321
539
543
543
544
HOLI-
628
634
627
626
DAY
Llqulde
1,100
1,090
1,090
1,100
Lyon(PLM)
June 15 1941
875
862
867
872
Kuhlmann
L'Alr
Nord Ry
THE
BERLIN
STOCK
Pathe
as
received by cable
day of the past week:
July
July
July
July
July
July
8
,
10
11
12
13
14
-Per Cent of Par
AllgemelneElektrizltaets-Gesellschaft (6%)
Berliner Kraft u. Licht (8%)
Commerz-und Privat-Bank A. G. 6%
Deutsche Bank (6%)
Ill
111
864
424
424
419
42.00
41.00
39.00
863
863
160
1,669
1,678
1,665
1,670
Rentes Perpetual
76.30
76.25
75.60
75.90
79.50
79.70
79.40
79.50
78.75
78.90
78.50
78.90
86.30
86.70
86.30
86.75
3%
1917
Rentes4%, 1918
Rentes 4H%, 1932, A
Rentes 4^%, 1932, B
Rentes, 5%, 1920
Royal Dutch
__
_.
110
110
160
160
161
111
111
111
111
Schneider & Cie
122
122
122
122
122
105
Soclete Franchise Ford
105
105
105
105
145
145
144
143
142
180
181
180
Societe Marseilles
187
Tubize Artificial Silk preferred..
110
Saint Gobaln C & C
(7%)
180
Reichsbank (8%)
186
Siemens & Halske (8%)
Vereinigte Stahlwerke (6%)
100
100
99
98
98
105
105
105
105
105
864
419
43.50
Pechiney
Ill
...
Deutsche Reichsban (German Rys. pf. 7%).
Dresdner Bank (6%)
Farbenindustrie I. G.
Capital
317
Rentes 4%,
Closing prices of representative stocks
each
Orleans Ry 6%
EXCHANGE
DAY
180
186
186
186
84.80
85.00
84.75
85.25
109.40
109.90
109.40
109.60
6,050
6,040
6,010
6,030
1,983
1,350
1,990
1,373
1,983
1,367
2,000
1,385
81
76
77
77
Societe Generale Fonciere
65.25
65.50
65.25
65.50
Soclete Lyonnaise
1,460
1,479
1,452
1,462
Union d'Eiectricite
Wagon-Lits
628
628
628
628
79.25
78.00
78.00
73.50
553
556
551
555
59.50
61.00
60.25
60.25
July
370
1939
15,
Exchange
Stock and Bond Sales—New York Stock
DAILY, WEEKLY AND YEARLY
Occupying Altogether Sixteen Pages—Page One
,
United States Government Securities
Below
we
furnish
the New York Stock Exchange
on
121.19
^
mmmm
....
....
115.27
116.1
now.
m
mm
115.30
115/26
mmmm
11
2
mm
....
mmmm
m'rn.mm
[Close
m
mmmm
mmmm
105.20
mrn%m
105.20
\-m mm'm
105.20
mmmm
'
—I Low.
[Close
....
Total sales in 51,000 units...
mmm
3*s, 1943-47. ____— ..{Low.
mm mm
110.19
110.20
rnrnmm
110.19
110.20
[Close
Total tales in 51,000 units...
mm mm
m
..{Low.
[Close
1
108.24
108.23
108.24
108.23
15
(High
..{Low.
[Close
m
mm
..{Low.
[Close
m
110.16
110.13
110.13
110.14
110.13
110.16
1
2
mmmm
110.29
mmmm
110.29
'mmmm
110.29
10
110.29
m-m m
111
31
m m
37
3
2
26
106".23
100.30
106.22
100.25
106.25
106.26
106.20
106.30
106.22
100.21
106.22
106.26
106.30
106.22
100.25
106.25
106.26
units...
'■
:
-
mmmm
mmmm
mmm
105.27
mm
mm
105.27
105.27
....
50
1
(High
1
m
.
'm
109"""
109
108.31
109
109
3s. 1942-47-.
113.7
■
m
111*29
*
:
.
111.24
111.29
111.29
1
•
108.29
108.29
mmmm
■'mmmm
mmm
'
'mmmm
.mmmm
mmmm
-mmmrn.
mmmm
106.9
m
106.9
■■mmmm
106.9
mmmm
9
mmmm
mmmm
■■'mmmm
'
105.27
mm
m
mmmm
mm
mmmm
rnrnmm
■mmmm
m
mmmm
105.27
m
5
....
m
•
....
108.29
108.27
108.25
108.26
108.27
108.27
108.29
108.27
108.25
108.26
108.27
(Close
108.27
108.29
108.27
108.25
108.26
108.27
3
*1
2
1
2
2*8, series B, 1939-49
109.18
,_{Low.
109.24
109.20
109.10
109.14
109.19
109.15
109.13
109.12
109.22
109.20
109.15
109.14
109.12
Total sales in 51,000 units...
29
High
102~3"
Low.
102.1
102.4
Close
102.1
107
78
mmmm
109.17
109.16
109.12
109.15
mmmm
109.17
109.16
109.12
109.16
109.12
109.15
.1mm I
^
1
^
104.31
104.31
mmmm
105.1
104.31
'
'mmmm
.
mmmm
'
109.15
109.17
8
m
.mmmm
102".4
109T6
100.2
'
mm*m
105.1
109.12
100.2
mmmrn
'■
*1
105.1
(High
2*s, 1942-44
2
100.2
m
mmmm
mmmm
100.3
'mmmm
Close
Total sales in $1,000 units...
i
mm
mmm
mmmm
100.3
Low
111.29
rnrnmm
100.3
mmmm
109.12
l*s, 1945-47
50
_
1
mmmm
mmmm
mmmm
mmmm
102
mmmrn
mmmm
102
■
mmmm
.mmmm
'
mmmm
mmmm
mmmm
....
109.12
(High
..{Low.
I Close
2*8, 1945-47—
"II
108*29
105~27
High
!
2
1
'
[Close
20
1
1
m
1
111.29
10
1
1
'
Total sales in 51,000 units..
....
111.30
27
I
....
108.27
....
lll".29
111.27
111.29
....
(High
3s, series A, 1944-52.-
1
mmmm
Total sales in 51,000 units...
J,-
..{ Low.
Home Owners' Loan
11Y30
mmmm
1
2
[Close
|
•-
1
1
1
t
mmmm
106.10
rn mm
(High
..{Low.
2*8, 1955-60—
•
1
mmmm
mmmm
Low.
-
....
111.4
'mmmm
1
111*29
mmmm
—
1
111.4
mmmm
105.20
3
Total sales in 51,000 units...
■.
111.4
mmmm
1
»
mm'm
100.10
Low.
•
2*8, 1942-47
—
113.7
[Close
(High
1951-55._________ ..{Low.
'mmmm
*mmrnrn
106.10
;
(High
110.29
(High
mmmm
,
105.20
m
mmmm
3
Total sales in 51,000 units...
110.29
mmrnrn
109"""
Low.
[Close
3s, 1944-49
IClose
mmmm
'mmmm
mm
m
—-
—-
(High
m
2
...mmmm
1
I
[Close
iib'ii
■mmmm
/
mmmm
*
1
105.20
mmmm
..
{Low.
mmmm
>
.
[Close
105.27
2
3
*5
105.27
mmm
v
4
105.27
(High
—{ Low.
mmm
mmmm
....
51,000 units...
3
Federal Farm Mortgage
2
mmmm
113.7"
Total sales in 51.000 units...
106.20
Total sales in 51,000 units...
mmmm
.mmmm
..{LOW.
..{Low.
Total sales in $1,000 units...
mm
(High
Total sales in
106.23
101
mmmm:
3
'■mmmm
Total sales in, 51,000 units...
3a,
106.22
[Close
rnrnmm
(High
..{Low.
[Close
3s, 1946-48
106.25
Total sales in $1,000 units...
110.16
mmmm
[Close
...
106.25
3*8, 1944-64
110.13
(High
3*8, 1949-52.
106.23
106.29
2s. 1947—
..mm-»m
110.14
111
'mmmm
Total sales in 51,000 units...
51,000
'mmmm
HOT 4
m
'rnrnmm
3*8, 1946-49—— ..{Low.
Total sales in
106.24
..{Low.
106.22
Total sales in 51,000 units...
5
110.13
mmrnm
(High
-
100.24
106.23
(High
....
110.13
[Close
J
106~28
'mmmm
106.14
....
rnrnmm
108.20
—
106.25
20
5
mmmm
mmmm
108.20
Total sales in $1,000 units...
110.24
mmmm
mmmm
106"29
110.24
110.23
mmmm
108.20
mm
'
[Close
m
|
rnrnmm
51,000 units...
3*s, 1944-46—
106.16
mmmm
mmm*
mmmm
mmmm
mm
[Close
110~24
110.23
mmmm
mmmm
1
mmmm
106.26
2*8, 1949-53
mmmm
mm
33
■
mmmm
106.29
2*s, 1950-52—_
108.14
....
107.14
107.15
mmmm:
110.23
106*.14
....
106.16
mmmm
(High
..{Low.
Total sales in
106.16
m
rnrnmm
Total sales in 51.000 units...
3*8, 1943-45
mm
rnrnmm
107.25
3
(High
mmm-m
mmmm
'■-mmmm
mm mm¬
23
1
'
(High
107.17
5
4
m
mmmm
mm
107.11
107.20
mmmm
110*26
110.19
107.16
Total sales in 51,000 units
103.12
1
....
J
mm mm
(High
3*8, 1941
103.12
.mmmm
mmmm
107.20
159
103.12
rnrnmm
y+mmm
(High
-
mmmm
2
'
3*8, 1941-43
mmmm
103.12
103.12
■
103.14
mm
m
m mmm
107.20
107.20
'
Total sales in 51.000 units...
107.17
107.18
107.14
108.23
2*8. 1948
'
mmmm
107.15
569
....
0.mmm
103.12
103.14
103.14
(High
..{Low.
3*s, 1940-43
107.20
mmmm
108.24
.
1
107.22
(High
..{Low.
mmmm
mmmm
115,14
mm
Total sales in 51.000 units...
107.26
Total sales in 51,000 units.
2*s, 1945
115.14
115.14
....
107T7
107.17
107.14
-
mmmm
1
1
mmmm
6
——
115.26
115.27
*
(High
107.20
44
[Close
115.27
115.20
3*s. 1946-50.___.__
107.20
107.25
2
——
Total sales in 51,000 units...
115.26
mmmm
4
107.21
107.25
■
(High
..{Low
[Close
2 *8, 1960-65.
115.26
mmmm
Total sales in 51,000 units...
107.251
—
[Close
116.1
-
107.21
Total sales in 51.000 units.
116.1
mmmm
[Close
107.25
..{Low.
2*8, 1958-63—
121.19
5
(High
4s, 1944-54
mmmm
mmm
14
107.14
107.25
(High
Treasury
121.19
'
mm m
m
mmmm
....
m
1947-52-jncw.
Total tales in 51,000 units-.
1 W O July 11 July 12 July 13 July
July 8
July 8
Daily Record of U. S. Bond Prices
July 10 July 11 July 12 July 13 July 14
July 8
Prices
Treasury
4tfs,
Federal Farm Mortgage
week.
Corporation bonds on the New York Stock Exchange during the current
Quotations after decimal point represent one or more 32ds of a point. '
DaUy Record of U. 8. Bond
/
.
daily record of the transactions in Treasury, Home Owners' Loan and
a
No
transactions of the day.
disregarded in the day's range, unless they are the only
for the year,
NOTICE—Cash and deferred delivery sale* are
of such sales in computing the range
account is taken
102.4
m
m
m
mm
mm
102
m
'
Total sales in $1,000
2
1
35
•
-
-
_
mm'mm
_
mmmm
rn'mmrn
'
Total sales in
51,000 units...
2*8, 1948-51
[Close
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
mmmm
108.24
(High
..{Low.
mmmm
m
Total sales in 51.000 units...
mm
'
mmmm
11
mmmm
m
*
m
108.4
*1
3
108.2
108.4
108.2
108.2
108.8
mmmm
108.4
108.8
m
108.4
108.2
108.2
1
25
m
t Deferred delivery sale,
above
t Cash sale.
includes
table
of
sales
only
coupon
Transactions in registered bonds were:
Treas. 4*s, 1947-52.121.10 to 121.10
1
Treas.
10 Treas.
3s, 1946-48—.111.1
to 111.1
Treas.2*8,1956-59—108.2
1949-53—100.20 to 106.20
2*s, 1945-47.109.12 to 109.12
Treas. 2*s,
to 108.2
3
mmmm
108.8
mmmm
[Close
108.28
*4
108.23
108.23
108.23
'mmmm
'
51,000 units...
bonds.
....
■>
&
108*28
mmmm
Odd lot sales,
Note—The
109.11
....
'.mmmm
*
109.11
'
mm
mmmm
[Close
Total sales in
1
109.11
mmmm
m
.
(High
—{Low_
2*8, 1956-59
2
'■mmmm
'
mm mm
Total sales in 51.000 units...
2*8, 1951-54—
2
1
'.mm--
(High
..{Low.
3
United States
Treasury Bills—See previous page.
United States
Treasury Notes, &c.—See previous page.
1
New York Stock Record
LOW AND BIQH SALE PRICES—PER SHARE,
Sales
NOT PER CENT
for
Saturday
Tuesday
July 8
Monday
July 10
July II
Wednesday
July 12
$ per share
$ per share
$ per share
$ per share
$
ver
share
share
62
per
*60
6012
60i2 60i2
6OI4 6OI4
62
60i2 6O84
61l2 62
*12178 130
*12178 130
*12178 130
*124
130
*124
130
*12178 130
*3634 45
*3634 45
*3684 45
*3714 45
*3714
45
*3714 45
*33
34
3378 ♦33
34
*3314 3412
34%
34
34
*3312
35
7i8
7%
7%
788
714
714
73s
738
7H
7%
7«4
77g
*21% 23
*21i2 23
*21% 223g *2184 23
♦223s
23
*223s 23
*21
22
2214 22U
22
22
2112 2112 *21
22%
»2H4
22
49
♦4834 4912
49%
49% 5012
4978 5112
52
52a4
51*4 51*4
*%
3,
*%
'4
34
84
*5g
84
»s4
*4
34
%
784
784
7%
778
778
778
734
784
778
77g
77g
7%
84
84
*612
7
578
*514
*514
*9i2
1578
6
IO84
1578
*7*
812
*160
161
*1078
1178
1214
814
68i8
*1112
8I4
*65l2
33
33
♦1534
*1%
♦12
16%
15s
1612
♦62
63
*1784
2984
♦11U
I8I4
2934
1112
*52
527g
•
h
'4
612
612
684
7i8
»5i2
578
634
6
»5l4
6
534
534
*9l2 1012
105s I07g
15% 15l2
15i2 155g
*7i2
8i2
♦734
812
*162
165
16012 162
*1078 ill2 »107g 1134
*1112 12
12
12
83g
8i2
8i2
8%
*66% 68ig *66% 68
32i2 33
3278 3334
*1534 10l2 *1534 16i2
*13a
li2
13g
13s
16
*12la 16i2 *13
63
*1734
29ig
♦m
5278
*5g
7U
8I4
6
0%
lli8
16
6
6%
lHz
16i2
814
165
*11
1178
8%
*66i2
33%
16%
*4
8%
65s
65s
12
165
12
1658
1718
*83S
8%
812
166
167
Abbott Laboratories
300
Address-Multlgr Corp
Adams-Mtllls
3,100
200
Alaska Juneau Gold Mln
700
500
1178
1678
3,500
68
,10
Albany A fiusq RR Co—..100
Allegheny Corp
..No par
612
169
...No par
Air Reduction Ino.....No par
Air Way EI Appliance—Wo par
3,000
65s
12
No par
""366
6I2
*167
100
5,200
612
*1012
*16%
838
8'
No par
conv pref
Acme Steel Co.——.25
Adams Express
No par
2,600
♦107a
9
Par
Abraham & Straus
77g
12t8
914
Range Since Jan. 1
On Basis of
1.300
1112
Allied Kid Co
12
Tioo
9
9
7,300
67*
34la
1684
*1*
67l2
35t4
8.300
500
par
Industries Inc
1
Allied Chemical & Dye.No par
6
Allied Mills Co Inc
Allied Stores Corp
No par
No par
5% preferred.
100
Allls-Chalmers Mfg.—Wo par
3434
17
H2
35*8
*16i2
*1%
36
16
*13
16
a;63%
*18%
64l8
6334
6334
T266
19U
1812
18%
200
3078
1258
31i2
T27g
30i2
»1278
3078
6,900
Wo par
Am Avrlc Chem(Del)— No par
Am Airlines Inc
..10
12
63U
I8I4
30s4
12i2
13
1,000
American
54
54
54
50
*H4
*14
63
*63
65
63 >4
I8I4
3014
in2
6278
*18
I8I4
2912
I8I4
30ig
1112
*525,
11%
54
293g
|
54
17U
158
54
1,000
100
16
*13
*53
t In reoelvershlp.
173g
158
1
net. delivery,
Alpha Portland Cem..Wo par
Amalgam Leather Co Ino.-.l
6% conv preferred
50
Amerada Corp
6%
n
Bank
Note—
preferred..
New itook.
.
*
Gash sale
10
50
t
per
5 per share
share
6434 Mar 15
7
30% Feb
1193s July
30% Mar
;
pet
share
61
Apr 10
131
33^2 Apr 8
31% Mar 31
43
45
Jan
18
684 Apr 8
19% Apr 28
11
Jan
25
Mar
6% Mar
14% Mar
24
10% Mar
Nov
30
120
19% Apr
45% Apr
34 Jan 30
6% Apr 11
Apr 12
117
1
June
June 21
__
27i2 Jan
05% Jan
1% Jan
10
121
40
8
June 29
4
1234 Jan
June 29
Apr
June 29
Apr 8
6>4 Apr 11
151% Apr 10
10
Apr 10
9% Apr 10
April
6
19
Mar
113g Jan
70
Apr
Mar
7
.Mar
83s Mar
4i2 Mar
Mar
1284 July
Oct
Aug
677a Nov
1% July
13% Feb
Dec
125
*% Jan
h Jan
17% Jan
17% Jan
21% Nov
2984 Nov
14% Aug
197
Oct
1284
Oct
147g July
13% Nov
2% Jan
Oct
Oct
20
Oct
3%
Oct
19
Jan 20
10
Mar
24
Jan
70
May 25
55
May
78
July
3
June 21
22
Dec
2812
Mar
23% July
24% Jan
3
10
May 24
60
6
46%
y
Jan
65314
17% Jan
50
Oct
52
70%
32
Ex-dlv
Oct
45
Mar
June 29
10Ae April
26
12334
34U Mar
11% Apr
1% Mar
197g Jan
l%June 29
13% Apr
50
April
16
Apr 26
Mar
38
48*8 Jan
1284 Apr
Apr
7g Mar
6% June
124
Jan
13% Jan 21
133g Jan 4
28
95
5
lit* Jan
54i2 Apr 11
May
% Mar
6% June
7<4 June
14*8 Bept
4% Mar
28% Jan
193
Junp
884 Mar
Jan
May 25
1% Jan
1478 Jan
133g Mar
f>g J uly
52.60 prior conv pref. Wo par
Alghny Lud Stl Corp..Wo
Allen
$
Highest
Lowest
Highest
5 per share
53
Apr 11
5*4 % pf A with 530 war. 100
5*4 % Pf A with $40 war. 100
5*4% Pf A without wat.100
800
300
10
Range for Previous
Year 1938
loo-£Aar« Lots
Lowest
>
4*4%
1,000
11»4
68
.900
34
12
9
68
Shares
5s
*712
*11*
lli2
12
Bid and asked prices: no sales on this day
*38
8I4
05s
6&8
84
EXCHANGE
Week
July 14
$
STOCKS
NEW YORK STOCK
the
Friday
Thursday
July 13
Ex-rlghts
Jan
Apr
63
^ Called for redemption.
Oct
Nov
Volume
LOW
AND
New York Stock
149
HIGH
SALE PRICES—PER
Monday
Tuesday
July 8
July 10
July
9 per share
*36%
*132
$
5%
per share
*484
37
37i2
134
*132
37i2
134
5*8
37
*132
134
95
176
20
20
20
2012
2034
36
35
35
*33
35l2
16
16
105
*98
126
126
126
*6
15
*6
534
*5i8
6%
6i4
*8
15
76
*76
39i2
40%
41%
134
95
*98
35%
1634
110
6%
8's
*284
3
*234
3
*278
*45s
5i2
*45s
5%
*4%
5%
15
*6l4
180
*36
17
100
600
""600
*6%
634
""266
6%
6%
*8%
76%
*3%
6%
9
76%
500
3%
400
5%
100
2-%
6%
884
*76
3
15
6%
884
76%
3%
5%
218
*1634
2'8
2%
2%
214
2%
2%
17i2
17%
17ig
17l2
17%
19%
19%
19%
2%
19%
19%
2,600
5,200
*5«4
6%
*534
6I4
6*4
6I4
6%
7%
7%
73s
7%
7%
1,800
*135s
13%
14%
14
14i2
14%
16%
13I2
334
*13
13I2
13%
16%
13%
1334
16%
*13
16%
1384
'3%
*27l4
51*4
384
30
334
*3%
4
*28
515s
51
*135s
2ig
14i2
*13i4
*334
13i2
37g
*27
30
3i2
*27
51l2
5H2
51
*2
2ig
203a
*2
203s
*412
20%
*412
16%
*45I2
5
*16
163s
*45l2
48i2
1234
*12
*23s
*12
2%
*238
30
30
*111
2214
378
365s
31i2
1134
297g
124i8 *111
2214
2214
4
4
365s
3H2
1134
*3 6*4
32%
115g
*156
31%
51i2
2ig
2012
»1934
20 lg
*156
13i4
13 Jg
13l4
58i2
58
58
12
11%
115g
1134
*lll2
12
♦115s
1134
*11%
27
27
265g
26%
26%
58i2
♦115s
2i«
*13
384
30
1634
22%
12
12%
*1614
*152ig
223s
22%
12
12%
1214
125g
1734
16l2
*88
*88
*1534
1634
161% 161'4
*81
82%
8334
*148
8334
156
5%
*834
*82
53s
87S
85
*4
4%
*31
32
*4%
*25
434
*16
13%
*57%
12%
*12%
1234
12
12
12%
27%
43I2
12%
*1234
27
27
28
*152%
22%
23%
*12
12ig
13
I25g
*153
16%
88%
167g
23%
12%
82ig
84i4
163ig
82%
84l2
32
*25
32
24l2
*353g
40ig
24%
*35%
24%
40%
215g
215g
112l2
*25l4
*119
40
2258
22% 22%
11212 *112
112%
1OI4
10%
IOI4
9%
9%
214
*1%
2l4
*1%
2%
2578
25i2
2534
25% 25%
119
119% *119
105
*10334 105
*103l2 105
4
*378
4
3%
4
*36
38
38
*35i2
38
112
...
378
*35l2
*45
65
*35
36
3514
35l2
*10
10 lg
10
10
7
*48
7%
7ig
*85
*85
95
*7i2
734
*7%
*65
70
*63
*55i2
*3534
58
36
9534
2534
*5512
*95
2534
65
7%
95
77g
*45
36
*9%
7%
*85
*7%
65
36%
10%
7%
95
7%
*27
24%
35
*27
25%
35
4
4
36%
36%
*45
*27
4
36
37%
10%
10%
7%
7%
*85
95
734
4
4%
38
*38
*45
10%
7%
734
38%
38
10%
10%
8%
95
734
*85
784
8%
10%
400
7%
2,500
95
73
*73
79
5934
36
*35%
36
*55%
*35%
60
36
100
*95
97
*95
97
97
97
97
97
80
27%
2734
73
26i8
26%
26%
26%
28
28
29
55
5534
56
55%
56
5734
5784
*16i4
16i2
7i2
16%
16i2
712
11%
17
17
*6
7%
11%
20%
17
*6%
*10%
20%
17%
8
11%
20%
18
*6%
*57
18%
17%
*6%
8
59
100
13,300
'
18
11
11
*12
*1014
*10%
12%
12%
12%
20
20
20
*1978 20i8
20%
20%
20% 20%
*109i2 1105s *109l2 110% *109% 110% *109% 110% *110
110% *110
110%
4512
8
45%
8
45%
46%
46%
46%
*51
54
*50
54
*53
54
*117
119
119
119
*2
*185s
378
10%
4i2
134
1%
*2
2ig
20
*18%
4
4
IOI4
4%
10%
438
514
1%
*4%
1%
1%
2%
2
2
20
4%
*18%
4
10%
10%
4
4%
4%
20
4%
11
4%
6
6
*534
6
6
6
*20%
2H2
21%
21%
*20%
21%
*63
65
66
12
a65
66
1178
117S
*63%
*11%
*65s
7%
29
*6-%
7%
*28i4
*28%
28%
28%
28%
1338
1338
14
14
13%
13%
22
2114- 22
►113%
*23
114
24
24
♦1025s 120
24
*102% 120
*
*120"
125
*8
*122% 125
83g
8%
73i2
*70%
2212
2234
22-%
20
20
1934
54
54
47
*45
*44
8%
73%
2234
20
54
5134
52I4
52%
4684
53
17
17
17
17
1053s 105-38
*19i2
1934
*16%
16i2
*9i8
914
19
*16i8
*31
40
*2012
2034
*
12
7%
*18%
25
102% 120
5
1%
134
*2%
2%
20
19%
5
*4%
1«4
1%
2%
*2%
21%
22
5
1%
2%
21%
4%
1178
484
200
2,800
100
80
4
4%
4
4%
11%
12
12%
11%
434
4%
4%
6%
6%
21%
*20%
65
*63
65
484
6%
6%
21
21
21
*64%
66
*63
12%
7%
*28
1384
25
12%
13%
6
13%
7%
*7%
28%
*27%
28%
13%
arl3%
14%
13%
7%
8
*27%
13%
22%
1934
54
*45%
5234
17
7% preferred
100
Armour ACo(Del)pf7%gtd 100
Armour A Co of Illinois
6
96
conv
pref
No par
preferred
100
Armstrong Cork Co
Arnold
No par
Constable Corp
Artloom Corp
5
No par
preferred
....100
Associated Dry Goods..!
1
6% 1st preferred
40,900
15,600
20%
20%
20
*54%
*44%
55%
54
54
54%
54%
45
46
4584
4584
56%
57%I
56
*17
*17
17%'
17%
*107
108%
106% 107
21
21
*20%
21
17
17%
17%'
17%
10%
10%
9%
10
53%
18
18
117%
17%
*3334
40
*34%
40
22%
23%
23%
8%
74
2384
17
21
17%
10%
*34%
22%
23%
1 In receivership,
64% Jan
29
Mar
247gJune 24
10*4 Mar
Jan 23
11484June
15% Jan 16
2% Jan 9
29% Jan 6
121% Jan
40
14:206
a Def. delivery,
June 20
97
Apr
Oct
Oct
217g Aug
6484
113%
20%
Oct
Oct
Mar
2
Mar
4% July
31% Aug
122% Oct
103% Oct
20
Apr
116
July
82
Mar
384 Apr 10
3384 April
52
Jan
3% Mar
28% Mar
72
Jan
Mar 31
65
Jan
50
94%
Jan
33% Apr 11
9% Apr 10
58
Jan
24% Mar
5% Mar
2% Mar
69% Dec
72
Nov
3
4
Mar
Maris
*52
May
77% Deo
12% Nov
75
Aug
73% Sept
39% Nov
50
5% Apr 11
73
Jan 23
5% April
6% Jan
13
Mar 15
10% Jan
85
5
Mar 11
10% Jan
Mar
7
July
13
Nov
9
Deo
95
Nov
42% Jan
4
22% Mar
44% Nov
517g Apr 26
71
9
40
May
72
Jan
100
15
30% Jan
Mar
30
Deo
6
3
10% Mar 14
14
No par
_
Mar
Mar
6% preferred
100
Refining
25
series A
conv pref
100
Atlas Corp
5
6% preferred
50
Atlas Powder
No par
5% conv preferred
-.100
Atlas Tack Corp
No par
tAuburn Automobile. _7Vo par
Austin Nichols
..No par
95 prior A
No par
Aviation Corp. of Del (The) .3
Baldwin Loco Works
v t
C--13
..100
100
50
preferred
100
Barber Asphalt Corp
Barker Brothers
No par
10
5M % preferred
Barnsdall Oil Co
60
Bayuk Cigars Inc
1st preferred
No
par
100
25
No par
50
20
Aviation
No par
..No par
Bloomlngdale Brothers.No par
Blumenthal A Co pref..
100
Boeing Airplane Co
Cash gale.
10
Apr 8
18%May 2
104% Apr 12
7
April
43% Apr 8
50%June
116
5
*
6
June 15
4% Apr 10
1% July 10
2
Apr 13
8% Jan
6
6
47*4 Mar
8
4%
6%
17*4
1017g
684
3884
66*4 Jan
3
36
Mar
Jan 11
105
Jan
18
Maris
23% Jan 10
110%June
127
Mar
Apr
Mar
Mar
4% Apr
2% June
6% Jan 6
4% Mar 10
3% Jan 6
2
Mar
8% July
14% Jan
27% July
109% Aug
97g Jan
48% Aug
68
Nov
126% Dec
8
Nov
6% Jan
5% Dec
3684 Deo
18% June 30
384June 29
9% April
4% July 10
5
Apr 10
19
April
10% Jan
30% Jan
2484 Dec
36
July
65
3
87
Jan 11
82
98
July
10% Apr 8
6
Apr 8
24% Apr 11
*12% Apr 11
21
Jan
6
13
Jan
5
33
Feb 28
July
15% Apr 10
110% April
17
Apr 10
98
28
Apr 10
Mar
12% Mar
2% Mar
30% Jan
8% Jan
17% Jan
5
19% Jan
4
23% July 12
114*4 Jan 16
25»4 July 13
102% July 13
29
Mar 23
126
June 12
Mar 22
8% Jan 20
73% Jan 25
16% April
17% Apr 11
48% Apr 6
45% July 12
29*4 Jan 3
21% Mar 11
54%June 6
57% Mar 11
80
Jan
18
14
Apr 8
8% Apr 10
*17% July 13
35
Apr 18
17%June 29
Ex-dlv.
y
115
27
12% Mar
5
11
13*4
23*4
Oct
Nov
10% Mar
21% July
9
Mar
21
Nov
109
Apr
115
Jan
11% Mar
90% Apr
25
Apr
94% Apr
19% Deo
102
Dec
9
July
684 Mar
Sept
83
8% Mar
30% Dec
67
Jan
75
3
4
23% Mar 11
3
Mar
17% June
9% Mar
10% Mar
13% Apr
Feb 24
3484 Jan
Oct
30% Mar
117
56
Feb 28
Oct
14
34
267g Mar
39*4 May
1284 June
7
Jan
Mar
Jan 11
4
July
21% Mar
21
1784 Jan
Ex-rtghts.
Dec
8% Deo
17% Deo
15% Mar
22% Jan
44
Mar
5% Mar
3
30
10
11
10
Mar
4
884 Jan
113% Apr 28
7% Apr 10
70
5
priorpf92,50dlv ger'387Ve par
Best A Co
Apr
Apr
Mar
50%June
15% Apr
99% Apr
15% Apr
par
Beneficial Indus Loan._7Vo par
r
Oot
July
23% April
Atlantic Coast Line RR
New stock,
9%
Nov
100
5% preferred
n
7% July
10
Dec
Blaw-Knox Co
60
Aug
42%
Mar
1,100
17%
43
Mar
3,500
500
4% Mar
25
Mar
Jan
72
5% preferred
20
7% preferred
100
Bigelow-Sanf Carp Inc .No par
Black A Decker Mfg Co No par
10%
17%
45
1
700
21%
1734
23% Mar
June
Bethlehem Steel (Del).No par
700
Jan 10
100
30,500
107% 107%
91
9
56%
17
16% Nov
Apr
Jan
12:600
800
Oct
Dec
9% Nov
Mar
90
400
91%
3% Mar
6% pref with warrants.. 100
Atch Topeka A Santa Fe__100
24%
20%
54%
4584
3,400
88% Aug
152
6
48
Bendix
Jan
68
27
Beldlng-Hemlnway-..-2Vo
Belgian Nat Rys part pref
8%
*71
Deo
117% Mar
120% Oct
150% Dec
Jan 10
6
Conv 5%
II84
Jan 20
7*4 Jan
105
4084
Mar 10
June 12
600
8%
74
3% Mar
June
Beech-Nut Packing Co
24%
8% Jan
Apr
38
200
8%
58*4 Mar
78
125
24
12% Mar
60
95 preferred w w
Beech Creek RR
*71
.
5
200
128
Jan
8
Beatrice Creamery
*125
Dec
Jan
900
125
82
Apr 11
4% preferred
Bangor A Aroostook
70
Jan
Apr
400
20
Jan
70
1,700
200
Oct
31
30
6
1,400
19
Dec
41
Atlantic
Dec
June
8
9
Dec
6184 Deo
19%
May
Apr 21
140
150
12
21
May
Jan
23% Nov
35% Jan
58% Nov
Jan
100
22
7%
97
Jan
July
Feb 18
7% 2d preferred
100
Assoc Investments Co..No par
Baltimore A Ohio
13%
21
Oct
Nov
15% Mar
6% Mar
36% Jan
117% Apr 27
Oct
Nov
Jan
33
111
Jan
Nov
Feb 20
24
Apr 11
Nov
17% July
5% Jan
13%
14%
22%
91%
18%
14%
93%
6*4
43%
1% Apr 11
12,300
22%
4
884 April
22%
23%}
25%I
54
Bid and asked prices: no sales on this day.
preferred.No par
20
113% 113%
25% 25%
22%
25
*102% 120
21
conv
2,800
28%'
Jan
884 July
30% Dec
41
4% Mar 31
8% Apr 11
78
Apr 10
3% Apr 8
28% Apr 10
4% Apr 10
Paper Co
4,400
46%
5384
105% 105% *105% 106%
19%
19%
1934
1934
17
17
*16%
16%
9%
9%
9%
9%
19
*16%
19
*16%
*33
40
*33%
40
20% 2034
20«4 21
26
13%
*112% 113%
25
*123% 125
8%
8%
8%
*70%
73
73%
2234
22% 24
20
20% 20%
17
pref
conv
Copper Mining..50
102% 102% *103% 106
23%
...
♦122% 125
8%
*70%
100
No par
Archer Daniels Mldl'd-IVo par
10
4%
4
No par
No par
147
Andes Copper Mining
20
11
22% 223g
23%
*112% 114
*112%
25
4%
1%
*2
*46
*52
*117% 119
4%
8%
29
*70i2
*5312
22%
113
...
12
*7
100
46
52
*4%
54
*52
53%
117% 117% *117% 119
8%
119
514
Anaconda
600
8%
52
*4i2
134
4634
8%
Jan
Mar
4%
"V,700
8
*46
Mar
45*4 Apr
130
100
Amer Zinc Lead A Smelt... 1
""306
2,200
103
130
July
l53%May 26
preferred
Atl G A W I SS Lines.
8%
8
*117
2,300
June 13
Mar
Preferred
600
8
68
153
75% Apr 11
$6 1st preferred
American Woolen
200
5984
*35
Dec
25
7%
"2",100
12
7% Mar
2284 Apr
28% Mar
Jan
58
96.50
"moo
15% Mar
20
111
A P W
260
Mar
87% Jan 19
8984 Jan 16
13% Apr
"moo
58
170% Mar 11
Anaconda W A Cable..No par
""306
Mar
148*4 July
13% Mar
April
AnchorHockGlass Corp No par
*57
5984
8
9
4
Jan
2234 Jan
72% Jan
Apr 10
200
5934
70
14% Apr
18% Jan
162
Mar
73
2,100
36
70
3% Mar
148
2O84 April
35
Apr 11
*35
2578
46
600
46,200
*56
70
Mar
25
7%
.784
6
23
100
Am Type Foundries Inc
10
Am Water Wks A Eleo.No par
500
*68
55
*4512
300
1,000
5912
95
8
10,900
70
95
8
"1:260
300
38%
Feb
Mar
2% Mar
Common class B
65
38
7
10
Tobacco
6%
"moo
39
65
5578
8
Amer Telp A Teleg Co
American
4,300
36
36
*6
1,100
95 prior
4%
37
*85
8
lb",800
35
*45
65
*55
*6
No par
American Stove Co
American Sugar Refining.. 100
Preferred
100
Am Sumatra Tobacco. .Ac par
25%
25% 25%
39
40
*38
*38
40
40%
23
23
23
23%
23%
23%
*112
112% *112
112% *112
112%
*9%
9%
10%
9%
*9% 1034
*1%
*1%
2%
*1%
2%
2%
26
26% *26% 26%
2634 2684
119
119
*118%
118% 118%
*10334 105
*10384 105
*10334 105
Oct
Nov
29%
7%
47%
41%
19%
165%
24%
8O84
207g
63% Jan 5
140% June 21
300
25%
45
122
35% Apr 10
129% Feb 17
59% Apr 14
146%May 3
20% Apr 10
8% Apr 8
9
Apr 1
15% Apr 11
75% Mar 7
300
Nov
45% Dec
Mar
34% Mar 10
600
Nov
67g Nov
20
*26% July 14
17
15
36
99% Mar
_
American Beating Co ...No par
Amer Ship Building Co.No
par
87
207s July
3
10% Apr 8
May 15
11% June 29
50
Apr 11
11% Apr 10
No par
Jan
79
162
Amer Steel Foundries.-A%> par
Jan
6% July
7% Nov
June
Am Rad A Stand San'y.iVo
par
Preferred
100
American Stores
Nov
1684
Jan
American Rolling Mill
25
4^% conv pref
..100
American Safety Razor.. 18.50
1,100
15
83
44
16% Mar
7~200
978 Nov
20% July
44*4 Mar 11
100
July
13% Nov
4% Mar
12% Mar
8
6% preferred
Oot
20
2% June
Apr
25
Deo
125
Oct
28
10% Apr 10
117
Dec
Nov
Nov
*26
1%
.No par
"
82%
30% Mar
15 preferred
600
Oct
Nov
2%May
22%May
734 Jan
30% Jan
79% Jan
1584 Jan
4% Jan
40% Jan
124% Mar 20
19
800
Aug
105%
176%
3478
5784
2334
5% July
49»4 Mar 11
20,400
Nov
135
26% Feb
1284 July
5% Mar
8
Amer Smelting A Retg.No par
Preferred
.100
162% 164
51% July
share
14% July
2% Mar
Apr
American Snuff..
87
26%May 17
117% Apr 20
2134 July 3
3% Apr 10
35%May
per
52
13% Mar
6
32
300
12%
*16%
Apr 8
2% Apr 11
Jan
No par
*16
24i8
*35-38
*2134
No par
June 30
9»4
$6 preferred
200
17
Mar
3,200
8,800
24%
1134
12%
3% Jan 20
20% Mar 11
4
2,000
ii'Ioo
16%
*16%
17
*16
17
*16%
17
165
164
164% 16534
166
I6684
82%
82%
82%
82%
82%
8234 83%
84
85
85
84%
8484
85
84% 85
*151
155
*151
156
*147
*151% 152
157
*149% 155
53g
53g
5%
5-%
53g
53g
534
5%
5%
534
9
834
8»4
9%
9%
9%
9%
10%
9»4
9%
*82
85
83
83
84
84
*82
85
85% 85%
4
4
4%
4%
*4%
4%
4%
4%
4%
4%
*31
32
32
33
33
34
3284
32% 32%
34
4i2
5
4%
4%
*4%
5
4%
*4%
4%
434
162
100
44%
88
12%
No par
43%
17
12%
4,600
No par
6% conv preferred
American News Co
Amer Power A Light
70
137% 138%
*65
6534
88
88
11
Amer Metal Co Ltd
430
1134
16%
400
2,300
100
Amer Mach A Fdy Co.. No
par
Amer Mach A Metals. .No par
2,400
Apr
April
Apr 8
278 Mar 31
43
1234
24%
88
Preferred
13
26%
12
16%
300
No par
*12%
25%
6
Mar
*12%
11%
88%
1,000
4,800
13%
60%
*153
4
Mar 22
Mar
12
.1
*26%
25
*88
*25
*10314
...
5% Jan
9
25% Apr 8
4134 Apr 11
1% Jan 24
14% Jan 23
4% Apr 8
14% Apr 8
50
300
2434
*16%
24%
*li2
23%
1134
1234
12%
1234
16%
13
32
*9
*153
8% Mar
67% Dec
2% Mar
6% preferred
American Home Products
400
*156
27
4134
5
4
76% July 14
Mar
6% non-cum pref
100
Amer Internat Corp
No par
American Locomotive..No par
1134
Apr
11% Jan
10% Jan
Mar
300
12
2
12% Apr
89% Feb
88% Mar
13% Sept
4% Mar
Apr 6
8*4 Feb 24
May
American Ice
60%
484May
1
26
8
10
10
9
14
9
600
60
2% Apr
115% Mar
126% July 10
Mar
2
2%
60
Feb 11
9% Mar
27
10
2%
*1934
58
584 Apr 10
6% Apr 11
61
4
7
2%
58
8
5
2
31
11
10
15
2
13%
5% Apr
4
Jan
7
2,100
13%
5
Jan
65
24% Jan
Jan
51%
13%
Apr
36
70*4 Jan
160% Mar
12% Mar
5% Feb
30
*156
14
Jan
17%June
51%
1334
Apr 8
13% Apr 8
100 May 8
109% Apr 20
6*4 Mar
23% Mar
114
Apr
8
15
30
13%
32
4
54% Jan 4
134 May 6
100% Jan 3
178% Feb 17
12
513s
20%
8
10
30%
20
3% Apr
3134 Apr 1
125
April
83% April
167% Mar 3
17% Apr 11
Highest
9 per share 9
$6 preferred
No par
Amer Hawaiian SS Co
10
American Hide A Leather... 1
400
1,000
30
20
9 per share
5
2%
20%
2%
*19%
9 per share
Year 1938
Lowest
No par
*51%
*156
....
17 2d preferred A
2,300
j
4
3%
13%
60
2418
*112
f
Amer European SecB... No
par
Amer A For'n Power
No par
$7 preferred
No par
51%
4018
40 %
40%
41
4138
41%
43%
44%
*13058 137
*133i8 137% *133% 138
*133% 138
*137% 139
*66
65% 65i2 *6478
66
66
66
6534
6534
67%
*152
*5
5
478
5
434
5
5
434
4%
5%
17
16i2
16%
17
18
17%
J 8%
17%
1734
47
47
48I2
47
*45%
46%
47%
*46% 60
1234
1234
1234
13%
13%
13%
13%
a;13% 13%
3
25g
*2-%
25g
2%
2%
2\
*234
3
30
3018
297g
30%
30%
30%
30%
*29% 30
124lfi *111
124% *111
124% ♦111
123% *111
123%
*23
22i4 ♦22% 23
2234
2234
24%
24% 24%
4%
4%
4%
4%
4%
4%
4%
4%
4%
38
377g 38
39%
40%
41
40%
40% 40%
33
32l2
3334
33%
35%
36
35%
35% 3534
117g
1134
12
11%
12%
1284
12%
12%
12%
♦156
*13
♦2
5i2
par
American Crystal Sugar
10
6% 1st preferred
100
American Encaustic Tiling.. 1
40
2%
*16i2
*5
ioo
American Colortype Co
10
Am Comm'l Alcohol
Corp..20
500
3%
5%
2%
25
Preferred
100
Am Chain A Cable Ino.TVo
par
5% preferred
100
American Chicle
No par
Am Coal Co of
Allegh Co NJ 25
110
*6
100
Preferred
Highest
1
Fdy.iVo" par
American Car A Fdy._2Vo
2,400
16%
Corp.....
conv pref
American Can
3,000
21%
37
16%
*98
15
6%
8%
3
2,700
21%
Bosch
Am Brake Shoe A
60
95
*175
110
♦6
76i2
134
125% 125% *12334 12534
6l2
*8i4
1,200
95
22%
38
1634
534
*76
3
37
Par
American
300
*130
180
21%
584
4134
41
Lowest
Shares
share
per
*5%
96%
*98
125% 125%
534
132
96
*175
2134
*6
76i2
132
9534
176
203s
35%
I6I4
534
6U
8's
8%
76
5%
176
15
♦5U
6l4
81«
76
*6
534
6I4
834
*75
95l2
176
16
16%
16%
*98
107l2
107i2
126i8 *124% 12534
*514
5%
134
95
*98
%
5%
39i2
38
*174
9434
$ per share
53g
Range for Previous
On Basis of 100-Share Lots
Week
5%
96
♦174
July 14
371
Ranoe Since Jan. 1
YORK STOCK
EXCHANGE
the
July 13
2
STOCKS
NEW
Friday
$ per share
9 per share
538
176
*34
Sales
CENT
Thursday
July 12
11
*95
*15l8
PER
Wednesday
*174
*195s
NOT
for
Saturday
*484
SHARE,
Record-Continued—Page
787g
18%
1147g
2984
24%
1984
21%
May
1
55
Sept
35%
^ Called for redemption
Jan
Deo
Nov
Deo
Nov
Nov
Oct
Nov
Nov
Oct
July
Deo
New York Stock Record—Continued-Page 3
372
AND
July
July 8
$ vet share
*19%
20U
Range Since Jan.
26
2
58
*58
*1978
20%
20%
*193s
20%
20%
20%
20%
207g
20%
22
22%
22%
22%
22%
23%
*1%
*26
658
65s
65s
934
*9%
19U
19U
39
19%
*37
497g
♦1*8
497s
u2
4978
1%
*9ig
934
*9
1134
U34
20%
109
2
*1%
*26%
.27
6%
6%
10
6%
10
19%
*9%
11%
11%
*38%
11%
39%
23%
23%
23
39%
23%
*35
30
36
36
14
14
14%
14%
4%
4%
39
*34%
14%
1034
21%
10%
22
*6%
10%
21%
39
39
*39%
50
50
50
50
1%
13g
1%
9%
9%
934
12
11%
1134
40
24%
3938
40
24%
*34%
24«4
24
15
I53g
40
25
11%
39%
8
37
15%
37
8%
8
98%
4%
38
39
39
4%
39%
41%
40
41
458
4%
*36
39
*1%
*1034
*6%
*17
18
18
1478
14%
1258
12%
1%
*10%
1%
12
3%
26%
18
14%
14%
12%
13
1%
12
27%
1834
15%
13
*1%
*10%
1%
12
67g
*6%
6%
20%
21%
21%
2%
2%
2%
9%
9%
934
20%
27g
*9ig
9%
9%
9%
55
*2%
*9%
52
*12%
4
3«4
6%
4
13%
13%
*12%
*1878
19
19
19
13%
19%
53
*50
53
*50
53
19%
*52%
55
%
5%
6
1
78
534
7g
5%
10%
*10
*17
10%
17%
*40
46
*40
46
4
4
31%
*478
31%
17%
17%
78
78
578
5%
*10
17%
*40%
10
10%
17%
46
4
32
17%
*40%
4%
4
32
32
%
June 30
1
Apr 10
{Bush Term Bldgdet)7% pflOO
10
6% Mar 31
578 Apr 10
187g Apr 11
30
6%
900
Butler Bros
30
6
20%
234
20%
234
800
Butte Copper A Zinc
*9%
9%
800
Byers Co (A M)
No par
Participating preferred.. 100
53%
14
1934
53%
*12%
19%
*50
%
5°r, conv preferred...
100
53%
13%
19%
-
V
«,
'
1,400
Byron Jackson Co
California Packing
5% preferred
53
2,000
Callahan Zinc Lead
18%
11%
1734
46
43
43
17%
4
32
4
4%
32
32%
10
3,700
4%
32%
534
39%
100
Canada Sou Ry Co..
Canadian Pacific Ry..
600
% Feb 15
Apr 8
July 14
36%
35
35%
*34%
35
35
35
36
36
*36
10
35
July 10
*81
82
82%
82%
*81
82%
82%
84
84
85
85
120
Carolina Clinch A Ohio Ry 100
77
Apr 20
*1518
1512
278
15%
15%
2%
82%
1534
1534
2%
15%
*2%
15%
300
137g Apr
2%
1,300
Carpenter Steel Co.
5
Carriers A General Corp.... .1
*214
*11412 118
42
42U
2278
*102% 103
2234
*1034
11
*62
66
20
20
334
334
*45g
5
37l2
*684
3734
718
29
*99
99U
*18
1834
9
27g
5
20%
278
37%
7
*8%
32%
37%
*92
300
5
38
4,100
98%
19
*8%
20%
3234
20%
33%
94
94
8%
20%
3258
94%
2%
*17g
a8
*%
%
%
%
%
*u2
l2
%
1134
*1%
1134
32%
%
%
*1%
12%
*%
*%
%
%
12
38
*1%
2
1134
*32%
34
45
45
*45
30
*98% 100
19
19%
9%
*8%
20% 21%
33%
*92%
334 June 30
Central Vloleta Sugar Co—19
3i2 Apr 8
3% April
4%
100
89%
89%
10
39%
7%
39
39%
7%
30%
*28
30
100
100
130
20
7%
100
19%
19%
*19%
5
3,500
6% Apr
2214 Apr
500
6% prior preferred...—.100
Cham Pap A Fib Co 6% pf.100
Common
No par
100
Checker Cab
370
9%
213s
1,700
Chesapeake Corp
34%
8,700
Chesapeake A Ohio Ry
94
94
94
*2
%
*%
*1%
2
12%
12%
%
*%
%
%
%
.*%
%
%
%
%
%
%
1234
*1%
12%
2
32%
*32%
34
{Chicago Great Western.. 100
4% preferred
....100
Chicago Mall Order Co
6
{Chic Mil St P A Pac__No par
5% preferred
.100
{Chicago A North West'n.100
9% Apr
U Apr
300
,J2
1%
13%
2,400
%
%
34
*%
%
34
*45
46
%
2
1%
13
13%
200
34
*33
34
300
46
*33
46
*45
46
100
*45
'
*l4
*34
i2
1
*34
*%
%
*8%
*10%
11%
9
*8
28
*814
*25
693s
69%
13%
1338
*93
95%
*50
60
*234
19%
3
19%
*22U
24
77
*3814
3834
*28i2
29
9
9%
28
*25
1
%
%
11%
*8%
*1034
8%
28
13%
94
94
94
94
*50
60
*50
60
20
*23%
*75%
20
*19%
2%
20%
24
113% 113%
23% 23%
77
*75%
113%
77
3834
38%
39
39%
29
29%
29%
*130%
30%
9
*24
25%
106
106
28
*25%
25
25
*10738 I08i2 *10738 108%
*13
13% *13
13%
*334
4%
3%
3%
6
434
*6i8
434
5
5
*3%
*334
*19
19%
19% 19%
*1834 19% *19
19%
*8958
*8%
*24
91%
9
27%
57g
578
*89
8%
*24
55s
91
85s
27
5%
25
25%
107% 107%
13
13
*3%
414
*4%
*334
6
I93g
1938
20%
*90
8%
*24
5
20
91
8%
26%
534
6
84
84
*68i2
4378
*84
85
*84%
85
75%
*68%
43%
75%
44
*68%
4334
44
44
*108i2 109i8
*s4
%
1
*8%
*10%
834
*25%
9
28
200
78
*%
9
11
......
9
700
884
76%
7434
76%
14
14%
14
14
13%
14
96
96
96
9634
*50
60
*50
83,200
8,900
95%
*50
95%
60
*2%
3
20%
2034
234
21%
*
77
39
3934
30%
31%
77
40
40%
31% 32
*130%
125% 126
*60%
6%
5%
85
*25
40
31%
*130%
85%
75%
44%
6
86%
3134
■
......
61
200
7,300
100
6
28%
6%
86
86
1,000
1
80
400
190
90
-
6,300
2,300
1,000
1,700
50%
110
50%
no
4634
700
10
600
10
5,800
63,600
11,900
43,600
9%
1%
1%
1%
6334
63%
65
65
67
67
68%
6734
30
30
30
30
30
30%
30
30%
x29%
9%
l3g
9%
1%
9%
1%
Bid and asked prices; no sales on
9%
1%
this day.
3,500
52
111
9l8
ll4
1%
5134
5134
*109% 115
978
934
1%
1%
1%
67%
6684
68%
2934
29% 2934
51
*109
50%
110
9%
535a Apr 11
9
Apr 8
6
No par
{ In reoelvership.
a
Def. delivery,
60
54%
5*4
Jan
Oct
39
July
29
Dec
16*8 Aug
2214 July
3% Jan
Jan
6
20
85
13
Mar
51
1
Mar
2i2
Jan
10»4
Oct
85* May
12i8 Mar
37i2
Apr
5
Mar
21
May
4i2 Mar
34U Mar
63i2 Apr
12*8 June
2i2 Mar
82i2 Mar
98% Jan
29% Mar
9
9
Oct
15*8 Nov
44% NOV
22
July
24ij Jan
5U Mar
Mar 11
55
Mar
July
15i8 Mar
Feb 18
378
Mar
July
5
45
June 12
201* Jan
Mar
10
24
Aug
20% Aug
2U2 July
46i2 Nov
8i8 Jan
July
8*4 Aug
42
45
Nov
89
Jan
22i2 Nov
4i2
Jan
107,i2 July
120
Aug
58
July
100%
Jan
10658 Dec
9
Mar
82
July
26% Nov
96
Sept
13
27
1258 Dec
4
46
14
11
Mar
187g
Dec
19i8 Dec
7212 July
28
2
Mar
June 12
99*4
Apr
9% Jan 5
5% Jan 3
6i2 Mar 11
95
Feb 24
6%
Dec
4
Mar
88
5218 Jan
6
26% Mar
59%
13
Jan
4
4i2 Mar
12%
47i2 Jan
4
1712 Mar
3
3U Mar
Mar 21
Aug
Jan
55$ July
IIU4 Nov
14
July
8% Jan
678 July
104
Apr
Oct
Oct
46
Oct
106
Mar
94
June
18
3
May
33% Nov
June
12*4 July
48i2 Mar
6
*25% Mar
8
20
Dec
40i8Mar
9
22
June
95%June 27
70
38i2
Jan
Apr
89
Jan
4
U2 Mar
4
July
5s Jan 4
378 Jan 5
13% Mar 11
14 Aug
2% Sept
334 Jan
1%
Jan
5*8
Jan
87g Mar
14 Nov
5s Dec
i2 Dec
2
3
Jan
3% Jan
157g July
5% July
19*4 Dec
Mar
20% Jan
3878 Mar 14
22
48*8 Mar 11
*4 Feb 6
375s June
14 Dec
07g Mar
Mar
1
178 Jan
1% Jan
Dec
1
Jan
17g
Jan
1*4
Jan
3934 Nov
47
1%
3
Nov
Jan
July
'
*8
Dec
8
Mar
12
958 Mar
143s Jan
13i8 Jan
Mar
2%
Jan
314 Mar
1284 Jan
19% July
13ia Nov
9
25
May
35*8 Mar
88% Nov
1478May 23
7*4 Sept
33
Jan 11
85% Mar
51
Oct
13%
Jan
Jan
6
97i2June 10
59
Jan
80
Dec
May
1
58
Mar 11
64
Mar
60
Feb
8
3
2
Mar
4% Jan
26
Mar 11
5i2 Nov
27i2
Apr
Feb 10
69
Feb
4
70
Nov
76
Mar
115
Feb
9
106
Apr
115
Aug
Jan
8
291s Mar 10
Mar 13
2
10*8 Mar
Oct
15U Mar
67U July
30i2 Nov
76
Jan
44
45
Feb
Dec
32i2 Mar
10i2 Mar
6OI4 Nov
25*4 July
32
Jan
5
135
Mar 16
114
April
133
Jan
6
10512 Mar
142*4 Aug
No par
58
62
Mar
2
57i2 July
6U2 Nov
16% Mar
4
78
7ig Mar
May
13U Mar
104% Dec
39*4 Oct
87*4 June
10712 Nov
2378 Nov
par
100
2014 Apr
100
3
No par
t e...No par
6% preferred series A
100
5% preferred
.....100
10
4>i % conv pref erred
100
Comm'l Invest Trust..No par
94.25 conv pf ser '35.No par
Commercial Solvents..No par
Commonw'lth A Sou..No par
96 preferred series...No par
Commonwealth Edison Co. .25
x
1017$ Feb
Apr
•11% Apr
...100
Cash sale,
Jan
7
1U2 Apr 10
par
2.50
r
Oct
100i2 Nov
7i2 Dec
127U
Commercial Credit
n New stock,
Oct
13i8
68
100
Columb Br'd Sys Inc cl a.2.50
v
Jan
14i2
No par
5% conv preferred
Columbia Plct
41
109i8 June 20
2018 Apr 11
Colo Fuel A Iron Corp .No par
100
v t e
4614 NOV
233g Oct
15
Colorado A Southern
Class B
Jan
14*4 Nov
2% Apr
6% preferred
100
Collins A Alkman.....No par
Columbian Carbon
Dec
Nov
5
July 13
Colgate-Palmoiive-Peet No
4% 1st preferred
4% 2d preferred..
2*4
52
Cluett Peabody A Co ..No par
Preferred
100
Coca-Cola Co (The)
Class A
37*8 Aug
40% Aug
79
14,300
200
50%
....25
92.75 conv preferred.No par
108% 108% *108% 109% *108% 109% *108% 109% *108% 109%
no
....No par
Columbia Gas A Elec. .No par
10
9
7i2 April
Apr 5
7
Apr 8
25
Apr 8
100
6,800
73
July
1778
55s May
16*8 Mar
23a Mar
4
6
5
60% Jan
61
8634
73
45
56
345gJune 30
21% Apr 11
4,700
10,700
46%
44
13U Jan
78
900
6%
5
Oct
Dec
9
23*4 Mar
4U Mar
1
10
10
14i2 Mar
U2 Mar
3
6
9
45%May
75%
*69
100
Mar
634 Mar
3
June
i2 Jan
1*8 Jan
UJune 1
*4 Apr 10
®8 Apr 8
Mar
3
15i2 Mar
13U Mar
9i8 Jan
3
46
75%
23a Jan
13
42
800
126
*25
3U Mar
Jan
18*4 Jan
Apr
62
15i2 July 13
74»4 Jan 23
40
126
61
30
30
40
*
1534
15%
,1534 16
*106% 107
*105% 107
27
27%
27%
27%
26%
26
Jan
65s Jan
34U Mar
Speifal gtd 4% stock
Cllmak Molybdenum..No
900
*107% 109
10834 10834 *107% 109
14
*14
14%
*13%
13%
14%
4%
4%
334
4%
3%
3%
534
5%
5%
5%
*434
5%
5
5
5
*3%
*3%
*338
20% 2078
20%
20%
20% 21
20% 20%
20% 20%
20% 2034
92
91
92
9234
*91% 9234
10%
9
9
10%
*9%
9%
26
8
75
65i2 Jan
Clev A Pitts RR Co 7% gtd.50
300
22
*22
3
*10538 .107
25
Mar
6>4% preferred........100
City Investing Co
...100
City Stores
...5
Clark Equipment
No par
CCC AStLoulsRy Co5% pref 100
Clev El Ilium 94.50 pf.No par
Clev Graph Bronze Co (The) .1
60
*234
112% 112% *112% 11434 *11234 11434
24
25
24
2434
24% 2434
*75
100
77
234
22
710
Child* Co
Chile Copper Co
Chrysler Corp
City Ice A Fuel
5
44% June 22
(92.60) cum div No par
{Chic Rock Isl A Paclflo
100
7% preferred....100
....
8
1% June 28
10
Apr 10
32
April
Pr pf
6% preferred
578 Mar
13i8 Jan
%June 30
Chicago Pneumnt Tool.No par
93 conv preferred...No por
10i8 Mar
27*4 May
5i2 Mar
153s July 13
i2June 26
Chicago Yellow Cab...No par
28
75
%M«y
l5gMay 19
8
100
Preferred
Chic kasha Cotton Oil
11%
74%
633S
*
1
100
h
*70
50
50% 50%
112% *110
110%
50
*110
*%
7034
*130%
*10578 108
8
8%
8%
*25
125% *125% 125%
*12212 125i2 *123% 125% *124
60%
60%
60%
*60%
*60% 6078
*60i2 6078
15
15%
15%
15%
15%
15%
*1478
15%
*10538 1065s
%
%
*8%
*1034
13%
2%
1
%
9
70%
3
%
*34
%
U38
69%
13%
*234
*%
*34
71%
14%
*130%
*130U
*8%
*10%
*8%
%
71
113% *113
*113
*%
*%
1
%
9
*25
*%
117g
♦12
*8
*10%
%
*%
Jan 24
1,100
'
*1%
86
1% Apr 10
38
>
.100
{Chic A East 111 Ry Co6% pflOO
1,700
1,200
1,400
2,100
Apr 29
5*8 Mar
*16*4 Mar
Feb 25
27
100
%
36
11
65s Apr 11
25
200
2
25
1
I
July 12
Jan
2
13
1378 Mar
43i2 Mar
30
97
%
*134
*1234
%
13
12
102
2
1%
1%
13
43
U8 Mar
35g Mar
Jan 20
2
I0i2 Apr 11
Apr 20
17% Apr 10
April
No par
Preferred series A
8
8
*92
2%
Feb
17i2June 30
98
5
*8%
3
June 29
1
21%
33%
2%
12
32
Certain-Teed Products
834
2
11%
Cerro de Pasco Copper .No par
2,000
2134
345g
Mar 22
85%June
834
12%
2
1
Century Ribbon Mllls.No par
Preferred...
....100
21%
34%
%
%
Central RR of New Jersey.100
5
*4%
4%
Mar
113
300
*3%
5
18
107% Jan
2458 July
105%June
19i8 Jan
72i2 Mar
22% Jan
5% Jan
Central 111 Lt 4M% pref.—lOO
Central Foundry Co
16
28
3
30
Jan
8*s Aug
2
June
94% Mar
122% Mar
112
112
Oct
4*4
28
40
Jan
Central Aguirre Assoc .No par
91
100
100
34
*2
2%
*%
1%
9
7%
28%
100
No par
36*8
SOU July 14
5*8 Mar
12*4 Mar
Oct
Dec
6212 Dec
14U July
195s Jan
4
5
4
3
1,400
4,800
20%
3%
5
3834
734
2934
7% prior preferred..
Celotex Corp,—
1
share
30i2
107
1678 Jan
3178 Jan
109
Celanese Corp of Awn.No par
6% preferred
4%
*87
39%
7%
720
4,000
100
5% preferred
Mar
103% Mar 27
135s Apr 10
84
Apr 14
10
Apr 8
64
Apr 17
18is Apr 8
2% Apr 10
Caterpillar Tractor....No par
100
24,900
4
2% July 7
66
April
110
April
38% Apr 1
Case (J 1) Co............100
Preferred
100
65
20%
3%
338
4%
*4%
*4%
5
91
38%
20%
3%
4%
*87
*64
93 preferred A
40
78
*76
*111% 112%
*4
19
U7g
113s
no
11534 U534
43%
4334
65
20
3
112
*4%
*4%
5
98
*1%
*11*4
*14
34
77
20%
5
98%
*134
%
158
11%
45%
112
7%
28%
7%
238
14
113s
5%
115
*64
4%
28%
*17g
%
*40%
3
19
98%
*18
20
*32
76
115
65
20%
2%
20%
287g
32%
2
*64
91
*87
7
2078
2
234
74
74
114% 114%
66
*3%
*4%
*4%
5
37%
32i8
97
20%
91
*19%
*92
*62
4
*28
*28
*8U
4
*87
95
*87
*15
2%
2%
112% 112% *111% 112%
*45g
*4%
5
*4%
*15
74
*73
66
20%
2%
3
*27g
a2%
15%
2%
5%
5%
42
42
42
43
42%
42%
4234
43%
106
*105
106
*105
106
*104% 106
*104% 105% *105
24
23
24%
24%
2234
22%
23%
233g
22%
23%
105
104
103%
10234 103
102% 103% 103
103% 10334
11
11
11
11%
11%
11%
1134
12%
10%
10%
*62
*111% 112%
15%
4%
*114% 118
*114% 118
105
105
74
*71
74
*70
a2%
5
7*4 Feb 27
78s Jan 9
42i2 Feb 17
»45g
*3512
5
Mar
4%May 19
Capital Admin class A...—1
32
5
112 Dec
14
6% Jan 3
34i2 Mar 11
*31%
512
8
8
8
3i2 Apr
29% Apr
25
No par
Cannon Mills..
2*4 Mar
27*4 Mar 30
47
5
Campbell W A C Fdy..Nb par
Canada Dry Ginger Ale.a...5
700
3
43
Calumet A Hecla Cons Cop. .5
11%
17%
3,100
1,500
9,700
Jan
205sJune 20
53
July 7
2% Jan 17
85s Jan 5
1734 Jan 4
20*8 Jan 18
1
%
15
May
16l2 Mar
21»s Mar 10
9% Apr 11
12
April
60
5%
1134
*41%
2%June 29
7
April
25% Apr 11
11% Apr 8
1354 Apr 10
48% Mar 1
No par
No par
5%
%
6
11
4%
32%
434
100
11%
934
%
5%
.1034
18%
48
11
.1
2%
21%
*50
53
Burroughs add Macb—No par
Bush Terminal
1
13
200
53
*12
19
52
Burlington Mills Corp
6,600
6%
14
55
4,700
*1%
11%
557g
No par
700
15%
133g
1%
7
*12
No par
Bullard Co
8
19%
12
*52
Bulova Watch.....
Apr
19%
7
*1812
52
4
29% Apr 11
3
Apr 8
21% Apr 10
16
Apr 11
1U2 Apr 10
No par
1434
1934
15%
13%
1%
*20%
2%
9%
*52%
*12%
1934
8
9434 Apr 11
Apr
28
19%
15%
13%
*1%
*1034
6%
Budd Wheel
3
8
7
No par
100
7% preferred
660
2,000
1,900
3%
31% Jan
95$ Apr
100
Budd (E G) Mfg
6,700
4%
Apr
135s Apr
8
10
10
8
10
12
14
1
1
8
8
10
Apr
27
No par
7% preferred......
June
June 21
32
3%
27%
28
2734
90
9
59%May 13
22
738 Apr
Bucyr us-Erle Co-......—_5
2,200
Jan
1% Apr
5% Apr
Bruns-Balke-Collender.lVo par
4,800
8
98%
434
284
378
15%
98%
5%
4%
Brown Shoe Co
200
8%
*2014
37g
15
1,200
4,900
1,100
14,900
37
*96 34
2%
*10
*34%
600
1%
10%
12%
98%
25g
5%
100
40%
1%
7%
*20%
1
2,100
10
23%
*34%
14%
26%
55g
39%
50%
98%
4%
26%
*50
2134
16*8 Mar
Apr
40
Apr
Apr
Apr
16% Apr
31
Apr
41»4 Apr
3
3
Jan 24
1%
19%
5%
8U
Bridgeport Brass Co
No par
Brlggs Manufacturing JVo par
No par
Brlggs A Stratton
Bristol-Myers Co
——6
Brooklyn A Queens Tt.No par
96 preferred
No par
Bklyn-Manh Transit—No par
96 preferred series A .No pa
Brooklyn Union Gas...No par
14,200
11,100
7%
26%
21
1034
97%
4%
*257g
*17%
*14%
12%
612
10%
21%
778
26l2
12
Brewing Corp of America
*96%
*257g
6%
*20U
800
11%
3%
*Ug
*1034
7
7
7%
*3%
18
Bower Roller Bearing Co—17
^
97%
3%
1434
12%
1%
700
2
Jan
Highest
per share $ per
82
12% Jan 30
Borg-Warner Corp—......5
Boston A Maine RR
—100
27%
28i2
16i2 Jan 12
18*4 April
1
15
Borden go (The)
8
Lowest
Jan 23 *110% July 13
51
*1%
27%
7%
38
No par
2%
27%
*96%
3%
*12
10,100
7,400
*9%
14%
3i2
*14ig
23%
16U Apr
104
Bond Stores Inc
400
21%
49%
37
3%
*17
2034
21
23%
Year 1938
9 per share
...No par
Class B
250
*20
7
6%
*1%
Bon Ami class A
5
Botan Aluminum & Brass
160
58
39
1934
*38
*1%
39U
38*4
19%
39
138
23i8
8
49
9%
39%
96i2
19%
*37%
49%
1%
9%
50
600
23%
27
Range for Previous
Highest
$ per share
Par
23%
2
26%
39
Lowest
*1%
*1%
26%
9%
58
On Basis of 100-<SAar«
Shares
2I84
2134
110% 110%
109
2
22%
*7%
*20%
20%
26%
6%
9%
U34
*38%
96%
20%
1
Lott
EXCHANGE
Week
14
$ per share
21
58
*9%
*37
% per share
58%
58
26
% per share
21% 21«4
2110% 110%
58%
58%
258%
20%
20% 2034
21
20%
21%
58
22
f per share
July
STOCKS
NEW YORK STOCK
the
CENT
Friday
July 13
109
58
20i2
2034
11
109
*108
21%
*1%
July
NOT PER
Thursday
*108
*19%
109
20i2
10
SHARE.
Wednesday
July 12
Tuesday
% per share
*108
*1934
SALE PRICES—PER
HIGH
Monday
Sales
for
LOW
Saturday
July IS, 1939
Apr
1
8
106i8June 13
8
8
108*4 July 12
23*4 Jan 5
1
4i8 Mar 31
4
May 16
14
Apr 10
14
Apr 11
73
April
7is April
233j} Apr 8
514 Apr 10
74i2 Jan 3
62i2 Jan 13
3834 Apr 10
10512 Apr 6
42
Apr
8
106
Apr 14
9
July 10
1% Mar 31
45*4 Jan 3
*25% Apr 10
Ex-dlv.
y
86% Jan
7
Jan
6
4
95s Jan
4
21
July 13
2078 July 13
7i2 Jan
Jan
3
155s Jan
30is Mar
4
6
93
9
91
111
Jan
9i8 Mar
3U Mar
4U Mar
4
Apr
13i2 Mar
13
Mar
63*4
Apr
9
Mar
129
17
834
11*4
10
Nov
Nov
Jan
Jan
June
22*4 July
22*8 July
98% July
19
Nov
25i2 Dec
5i8 Mar
35*8 July
97g Oct
Mar 14
Feb
g
57
May
83
Oct
83
Feb
8
60
May
70
Oct
57
Jan
3
23
Mar
109U Mar 20
84
Mar
60
Jan
3
110i2June 21
1334 Feb 25
2i8 Feb 6
68i2 July 13
30i8 July 11
Ex-rlghts.
3 Us Mar
90
Jan
57g Mar
1
Mar
25
Mar
22i8 Mar
697g Nov
10812 Nov
64
Nov
112i2 Oct
1214 July
2% Oct
65*4 Oct
28
^ Called for redemption.
May
New York Stock Record—Continued—Page 4
Volume 149
LOW AND HIGH
SALE PRICES—PER
NOT PER CENT
SHARE,
Sales
*
Saturday
Monday
Tuesday
July 8
July 10
$ per share
$ per share
*5%
*2234
'5%
♦514
*18%
*6%
*75i4
*86
*1%
*9i2
6*2
23
18*4
7
81
88*2
138
30% 30%
*106% 106%
*6
6%
7%
*1%
778
2
2
2
*8*2
*99
11
100
*5%
23
*5%
*5%
18%
6%
*75
23
6%
9
19%
6%
81
*87%
8878
1%
934
9%
30% 30%
106% 106%
1%
*6
784
1%
684
7%
1%
*178
2%
*7%
11
*99% 100
9%
93s
Thursday
July 13
Friday
July 14
8 per share
$ pet share
$ per share
8 per share
Shares
*5%
*2234
*5%
*5%
23%
6%
19
19%
*6%
*75%
7
1378
14
1%
9434
1%
1%
1%
*94%
94%
*36
37
37
9434
37%
*110
112
112
*6
612
6%
3478
2%
22%
19%
56
35
35
347*
*2
2%
22%
19%
22
*19
*55
55%
22%
60%
*173
3%
1%
19%
*99%
*30%
*9%
21%
♦32%
31%
*9%
*78
112
*6%
2
19%
55%
6%
9
81
8884 8878
*1%
1%
978
10
30% 31%
106*4 10678
6%
6%
784
?78
*1%
1«4
*17s
2%
*7% 10%
*99% 100
9%
9%
14% 1434
*1u
*93i2
14%
37
*112
*6%
35%
2
21%
20
57
60%
1%
*5%
23%
*5%
*5%
19%
6%
*75%
887s
1%
10
6%
2384
7
7
1978
6%
81
89
1%
10%
31% 31%
10634 107
6%
7 84
8
1%
*1%
*178
2%
*9
10%
997*
100
9% 10%
1478 15%
6%
2334
*5%
*5%
19%
*6%
*75%
6%
2334
7
9
20%
7
81
z8984 90
1%
1%
10%
10%
31*4
32
10678 107
*6%
684
z7%
77*
1%
1%
2
*6
6%
100
23%
*5%
*5%
1934
2378
1,100
7
7
*75%
81
897b
*89
*1%
10%
31%
2
1%
10%
2
*9%
11
100% 100%
10%
10%
1584
16
1%
1%
1%
1%
96
96
9534 96%
38%
38%
38% 39
114
*112
114
*112% 114
*112% 114
6%
6%
6%
6%
6%
684
7%
35%
35% 3578
3534 36
35% 36
2%
2%
2%
2%
2%
2%
2%
21
2134
21%
21% 2134
2178 22
22
20
20
24%
20%
2178 22
57
577b
68%
57% 57%
5784 58%
60
60
61
60
60%
60%
60%
176
176
176
176
176
176% *172
378
*3%
3%
334
378
3%
378
178
134
*1%
1%
I84
1%
17b
9484
37%
1%
*95%
3734
1%
9534
38%
60% 61%
5978
176
176
*173% 176
3%
3%
3%
334
1%
1%
178
I84
19%
19% 20
20% 20%
2034 22
22% 23%
*100
103
103
*100
103
*99% 103
*101
103
30%
30% 30% *30% 307s
30%
31
3084 3084
10%
*9% 10%
10% 10%
10% 11
11%
11%
24
2y4
2134 22
2434
22% 22%
22% 23%
3f
*32% 36% *32% 36% *32% 36% *32% 36%
31
31
*30
33
*31
31%
33% *31% 33%
9%
9i
9
934 10
10%
10%
97*
10%
81
*79
81
81
81
*78
*78% 81
81%
22%
23%
101
101
30%
*10%
2,400
400
3178
106% 107
*6
6%
7%
7%
1
1%
2
*9%
12
100% 100%
10% 10%
16
16%
7
9
1978
30%
11
24
24%
*32%
*31%
9%
""2i0
500
2,300
24,800
2,100
600
10,500
1,100
400
'"MOO
3,100
4,100
4,800
5,600
7,100
200
1,500
1,100
3,400
5,000
78
81
30%
30
30%
3,800
*66
69%
200
*3
4
*3
'4
*3
4
69%j
*64
*3
4
3
3%
3
3
480
3%
*54%
3%
60
12
4%
46%
5%
5%
25%
3%
*54%
*11%
*4%
46%
5%
2478
3%
58
12
4%
3%
5978
12
4%
3%
*54%
*11%
*80
90
*80
90
*55
60
55
55
*45
46%
5%
5%
24%
24%
*24
5%
24%
*80
90
*80
90
*80
90
*50
57%
15
6
18
""
5%
*55
60
*55
60
*14%
*4%
*16%
15
15
*45
47%
*14%
*4%
♦16%
*434
5%
*5
6
17
5%
♦111
*111
18%
18%
19
27
27
27
14%
14%
15%
14%
15%
14%
15%
*4%
4%
4%
4%
*%
%
*%
34
*117
119% *117
*21%
3278
*43%
*5%
*17%
*82%
*978
22%
3278
44%
6
18%
84%
10
*21%
33
*43%
5%
*17%
*83%
*978
*5
*111
18%
27
*15
*4%
*16%
19%
27%
119
22%
33
44%
5%
18%
84%
10
3134
*14
15%
4%
*%
♦118
2484
15%
13%
33%
66%
118
*44
45
6
17%
83%
10
31%
*6%
*9
11%
*112
*31
33%
33
14%
33%
14%
33%
14%
33%
67
67
67
67%
68%
*117
120
7
9%
11%
118
149
*6%
*9
*11%
*112
7
9%
12%
118
*118
*6%
*9
*11%
*112
25
*80
90
"15%
16%
17
120
7
9%
12%
118
119
33
33
45
*584
17%
5%
16%
5%
112
197b
26%
*15
16%
478
9%
31%
14%
32%
68%
120
6
6
18
18
283
9%
31%
14%
32%
69%
9%
*11%
*112
6
17
5%
112
20%
26%
16%
17%
7%
9%
12%
149% 14978
149% 150%
*163% 164
164
164
*170
174
*170
164
22
22
22
22%
2284
23%
*18%
19
19
19
19
19
1%
29%
10%
2934
1%
30%
*1%
30%
1%
3078
10%
10%
10%
10%
2%
*2
7
678
24%
21%
26%
2%
7%
25
21%
26%
1%
29%
10%
*2
2%
6%
678
23% 23%
20% 20%
25% 25%
*%
1
*34% 34%
*38% 3878
106% 106%
10%
10%
*75%
7684
*81
85
*85%
1
90
*2
67g
2334
*20
26
2334
21
26%
278
1
1
1%
2%
2%
*78
*1%
*2%
*1
*1
1%
*1
1%
*4
4%
*4
4%
73s
7
7
*7
174
*84
1
*%
%
34% 34%
34% 3434
387g 38?8 *38% 39
106% 106% *106
106%
10%
11
1034
11
*76
7634
76*4 7684
*81% 85
*84% 8434
*85% 90
*86% 8984
1%
1
*1%
*2%
1%
16384 164%
*170
17%
""300
*478
5
*111
...
19%
26%
*15
4%
*%
7%
7%
*17%
1778
17%
17%
*1%
1%
4%
28
24%
1478
92
*1%
1%
*1%
1%
4%
*4
*26%
*14
*90%
*94
100
*278
.*1
14%
*90%
*94
27g
3
1%
*84
*4
26%
*24
7g
1
*84
22
*22
24
*86%
*34%
89
3478
*87
*18
21
*18
•
34%
4%
27
24%
14%
92
100
278
*4
27%
27%
24
24
14%
*90%
*94
14%
92
*1%
4%
27%
24%
14%
♦90%
100
27*
100
3
1
1
%
%
24%
24%
89
35%
*24%
21
*18
34%
21
35
*18
2884
24%
15
92
102
*33
*44%
*6
32%
32%
70%
68%
32%
69%
4,700
69%
9,900
Douglas Aircraft
130i2
1,500
7%
10%
1,200
7%
9%
126
7%
10
128
7%
*9%
12
12
*12
118
*112
12%
33
10%
2%
24%
1978
1%
337b
11%
2%
80
*%
1%
2%
*1
4
7%
18%
*1%
*4%
29%
*24
15%
92
*99
1
24%
19%
5,600
2534
26%
7,000
24
2,600
1,700
1%
8
Eltingon Schlld
No par
Electric Auto-Lite (The)——6
28%
Electric Power & Llght.No par
7g
*200
35%
3,300
39
106% 106%
11%
400
130
29,600
*77
80
100
86
86
300
*87
91
100
1
900
1%
700
2%
500
2%
*%
♦1%
2%
1%
*1
378
*7%
18%
*1%
*4%
4
—No
$6 preferred
No
Elec Storage Battery..No
Elk Horn Coal Corp—No
$7 preferred
7%
19
1%
4%
30
24%
15%
92%
103
30
700
19%
1,600
30
*23%
*15%
*92%
24%
15%
94
*97
"""sd
*%
24%
*86%
7*
24%
*86%
35%
89
36
*17%
21
*17%
36
J In receivership.
a
Evans Products Co
——5
3
Ex-Cell-O Corp
Exchange Buffet Corp .No par
Fairbanks Co 8% pref——100
Fairbanks Morse & Co. No par
12,000
$6 preferred—
Federal Min & Smelting
"1,500
1,400
300
25%
89
36%
400
100
2.300
21
Def. delivery,
100
Co 100
Federal Motor Truck..No par
t Federal Screw Works. No par
Federal Water Serv A .No par
Federated Dept Stores. No par
4 H% pf-100
Fidel Phen Fire Isn N Y—2.50
Fllene's (Wm) Sons Co.No par
Fed Dept Stores
n
New stock,
r Cash sale,
s
Mar
4
Dec
Jao
6
25% Jao 3
87g Feb 28
Feb 27
July 13
2% Jao 6
12% Mar 10
10% Sept
4% Mar
55
Apr
71
Jan
1
Mar
4% Mar
35
MarlO
17
1071b
77b
9%
3%
Mar 6
Mar 10
8878 Apr
27b Mar
Mar
Jan
6
7
Jan
5
2% Sept
2% Mar
384 Jan 3
15
Jan 10
100% July 14
16% Jan 3
22% Mar
2
Jan
100
Mar
3
44
Jan
4
3
116
May 31
10% Jan 6
367sJune 9
4
Jan 16
31% Jan
3
29% Jan
4
Mar
10
Mar
78
107
Jan
6
June
21% Mar
7b May
21% Mar
10
Mar
40
Apr
Apr
Apr
75
Apr 14
24% Apr
8
42%
117%
29%
10%
43*4
Oct
Nov
Nov
July
Nov
40
Nov
13
Apr 29
41% Jan I
40% Feb 28
37% Mar
14% Jan
91
Jan 10
47% Jan
Jan
5
May
6% Jan
Jan
35
7% Jan
28% Jan
May
Mar
58% May
12
May
4% Mar
Jan
84
19% Mar
Apr
5% Mar
3
65%May
48
7% Mar
58
Mar
70
Jan 21
16
22% Mar
29
Apr
25% Apr
June
_
87s Jan
9
Mar
9>4May 18
Mar 31
Apr 10
30% Jan 26
66
April
101% Apr 11
6
Mar 31
9
June 29
10
Apr 14
Apr 12
April
Jan 26
Jan 26
Jan 4
Apr 11
108
126%
136%
117%
115%
12%
384 July
5
138% Apr 26
July 12
15% Apr 1)
18%June 13
l%June 29
22% Apr 11
8% Apr 10
173
2
Jan 23
6% Apr 10
20% Apr 11
I884 Apr 8
23% April
% Apr 4
28
Jan 25
Apr 13
1% Apr 10
384 July 11
Apr 11
14% Apr 11
1
April
284 Apr 10
24
April
20
Apr 10
11
Apr 11
6
17% Mar 10
25% Jan
8% Jan
1% Jan
7% Mar
4
*4 Nov
34%June
7
447b July 13
9% Jan 4
20% Mar 1
87
Mar 11
12%
35%
22%
337b
78%
Jan 9
Jan 16
Jan 3
Mar 29
135
5
MarlO
123%June 13
118% Feb 27
18% Mar 2
Jan
4
186% Jan 5
183% Feb 8
27% Mar 10
197s July 12
3% Jan 4
38% Mar 10
15% Jan 4
3% Mar 6
12% Jan 19
41% Jan 20
30%
5
11
Mar
11
Oct
Mar
23% Nov
91% Nov
Mar
27% July
Mar
Jan
1*4 May
8% Mar
102
90%
130*4
109%
111*4
13*4
3%
Apr
Nov
173
Deo
10% Mar
2
Mar
13% Mar
6
Mar
2% Sept
6% Mar
22% Mar
Apr
Apr
Mar
94%
2% Mar
38% Mar
87
June 13
40
Mar
92
June 14
46
Mar
Jan
24% Jan
2% Jan 20
6% Feb 27
437b Jan 5
29% Jan 4
16% Mar 4
93
110
1% Dec
1% Dec
2*4 Mar
1% Dec
Jan
June 23
Mar 15
2%
5%
10%
1%
3%
19%
22%
67*
67
Mar
Mar
Apr
Mar
Mar
May
May
Mar
Apr
Apr
78June 30
%May 25
18% Apr 11
83
Apr 1
27% April
37b Jan 7
1% Jan 19
26% Mar 11
52%
2% Mar
17* Mar
1
Sept
12% Mar
89*4 Feb
677*
37
6
June 23
1684 Apr 11
19
Mar 17
22% Mar
16
June
Ex-div.
y
6
Ex-rights
Jan
6
8% Nov
187
83
5% Mar
Oct
Jan
Jan
7
3
12
115
121% Mar
157
Feb
13
Deo
19% Deo
120% Deo
118% Dec
17% Deo
17
3
141
Apr
Jan
Nov
Mar
21*4 Mar
% Mar
i84 Jan
2% Jan
5% Jan
Jan
Dec
25% Oct
347* Aug
8O84 Deo
154*4 Dec
138% Nov
3
5
9
11% Mar 10
80%June 21
17
35
Mar
Mar
30% Mar
1*4 Jan
Jan 30
Oct
Oct
Deo
65% June
8% Sept
28*4 June
12
Jan
115% Deo
42
18
111
2%
Jan
Jan
6
36%June
43*4 Jan
Nov
20*4
31%
Feb
38
Jan
17
25% Deo
8*4 Nov
40?8
877b
Jan 18
25
Mar
31
June 19
Nov
Mar
6
14
Oct
50
29% Nov
8% July
17% Dec
11% July
111% Dec
25% Feb
76
3
116
Mar
83
25
Jan
156*4 Jan
8
4
Jan
11% Jan 6
19% Jan 13
142
Mar
Mar
June
102ia Jan
13*4 May
19*4 Mar
4
4
123% Feb 25
32% Jan 11
Jan 24
85
9
27% July 11
16%June 6
Apr 6
27* Apr 10
81
3
July 13
Mar
Jan
21% July
8% Aug
66
Aug
7% Dec
4% Apr 8
107
April
24
87
Jan
Jan
Feb
July
28% NOV
Mar
112
44%
94%
13%
6%
3% Mar
4
June 20
7
37% Nov
15% Nov
92% Nov
12% Mar
48% Jan
Mar
30
10
Oct
Jan
18
Apr 13
18% Apr 10
28
Apr 3
39
Apr 12
5% Apr 1
16% Apr 10
7934 Jan 23
Jan
Dec
Mar
21% Apr
5% Mar
13%
4%
13%
6%
103
70%
19
55%June 17
15% Apr 10
Apr 18
11% Apr 10
12% Apr 11
4
Apr 8
% Apr 28
29% Nov
66
177
85
24% Jan
23
Nov
117S July
36% Nov
3% Deo
35*4 July
Jan
13% Apr 10
4% Apr 12
16
Apr 11
45
June
116
Jan
31*4 Mar
6
Jan 24
162
2*4 July
49
July
July 13
8
Jan
2
3
Apr
22
38
96
3
Oct
10*4 July
7% Jan
5% Jan
110
June 30
Apr 5
10% Apr 11
37b Apr 1
38
Apr 14
4% Apr 11
J 9% Apr 11
73% Apr 8
Oct
Nov
7%
378 July 11
62
49
34%
104
103% July
x53
8
867b Aug
2% Oct
12% Dee
1% Mar
65% Mar
36% Mar
667s Mar 10
176*4 Jan
Apr
Deo
76
95% Nov
17% Oct
267b July
547t Apr 19
171
Apr 21
3% July 6
1% July 7
19%June 30
93
Apr 12
26% Jan 3
7% Apr 11
20% Apr 8
35 May
4
April
9% Aug
29% Deo
8^4 Oct
147b July
26% Nov
10% Nov
Apr
9*4 May
8% Mar
58% July 13
Corp..—60
—lCf xl03%Mar 22
7
Apr 8
Engineers Public Service....1
62% Apr 8
$5 conv preferred——No par
65% Apr 8
$5X preferred w w_.No par
69
April
$6 preferred
..No par
78 Apr 10
Equitable Office Bldg—NO par
1% Apr 13
fErie Railroad
...100
2
Apr 10
4% 1st preferred——100
Eureka Vacuum Cleaner....5
Mar
6
3% Apr
Jan 26
49
5% preferred—
Fajardo Bug Co of Pr Rico. .20
Federal Light A Traction—.15
600
8
32% Apr 11
111
Apr 1
5
Apr 8
29% April
1% Apr 10
20%June 29
16% Apr 11
38
Endlcott-Johnson
400
7B
*24
par
par
2,800
104
1
par
4% 2d preferred...—100
"moo
7%
1%
4%
par
El Paso Natural Gas..———3
1%
4
1%
—.3
Electric Boat.
Elec & Mus Ind Am shares...
*%
1
21
Du P de Nem (E I) &
800
35%
11
Duplan Silk.
8% preferred
14,400
2%
1
35%
5,900
11%
1
35%
6% cum preferred
100
Eaton Manufacturing Co..—4
Edison Bros Stores Inc
2
33%
*38
Dresser Mfg Co —
No par
Dunhill International——1
Eastman Kodak (N J).No par
1078
2%
7%
28%
No par
.No par
Dow Chemical Co-.--.No par
8,300
1,400
1,000
33
*23
Co No par
No par
—100
Co—20
6% non-voting deb
100
$4.50 preferred
—No par
Duquesne Light 5% 1st pf.100
Eastern Airlines, Inc.....—1
Eastern Rolling Mills
...5
1,000
1,500
21,500
1%
—No par
160
16%
4%
3
89
200
ll" 500
""lio
117
174
24%
*19%
*84
35
500
Class A
4,000
138%
124
1
Bid and asked prices; no sales on this day,
2484
*19%
1%
120
118
151%
3
89
.No par
6% partlc preferred—....25
Doehler Die Casting
Dome Mines Ltd
3%
7B
Diamond Match
.100
200
600
3%
25%
900
500
3%
*78
7«
1
*8684
1%
4%
3
78
2234
89
18%
Devoe & Raynolds A...No par
15
*87
7%
Detroit Edison
250
10
317b
90
18
400
*978
90
1%
IDSny & R a West 6% pf.100
15
90
4
Delaware Lack & Western..50
317b
851]
7%
2,800
%
10
85%
4
Delaware & Hudson
5% pref with warrants..100
Dixie-Vortex Co..
No par
*77
*1
4,300
Distil Corp-Seagr's Ltd. No par
11%
7b
10
100
...
Diamond T Motor Car Co...2
85
1%
2%
Diesel-Wemmer-Gllbert.
800
85
%
Deere & Co...........No par
Preferred...—
—20
500
29
1%
17%
16%
478
119% 120%
22%
1,300
200
16
16
10
6,400
1,300
78
35*4
38% 38%
106% 106%
11%
11%
2%
4
20
26%
82
28
234
1
18%
8%
1%
17%
*24
IO84
*77
No par
82
6
27%
2378
106
Preferred
par
18
80%
38%
106
60
....
84%
7%
%
.100
....
Cudahy Packing
Curtis Pub Co (The).—No
22%
33%
447b
6%
18%
26%
23%
35%
38%
Cuba RR 6% preferred... 100
Cuban-American Sugar.... 10
,17%
%
26%
22%
28
%
—
$8 preferred........No par
5
778
27
.
Cutler-Hammer Inc...No par
Davega Stores Corp...
..5
Conv 5% preferred.
.25
Davison Chemical Co (The).l
Dayton Pow & Lt 4H % pf 100
174
34%
.
10
Apr
9
....
11
11
27
30
1% Apr 10
88
Crown Zellerbach Corp......6
$5 conv preferred—
No par
300
100
July 14
28
Crucible Steel of America.. 100
Preferred
100
15
85
No par
1,200
166% 167
7
Pref ex-warrants
Preferred
1,000
No par
pref w w..No par
Class A...........
1
Cushman's Sons 7% pref.. 100
174
24%
21%
conv
Curtlss-Wrlght........
166%
32%
10%
2%
Crown Cork & Seal
9,700
173
30%
10%
2%
26
6% conv preferred.
..100
Cream of Wheat Corp. (The).2
Crosley Corp (The)
No par
4,000
165
24%
1978
1%
....1
Crane Co........
25
1627* 164%
23%
19%
1%
Coty Internat Corp
"""16
151
173
800
"*100
.....1
4
46%
5%
173
1
1%
384
150
Coty Inc New.
17%
5%
151% 152% 150%
139
140
*139
142
*139
1377s
139% 139%
139%
*120
124
*120%
*120% 124
*120% 124
*120% 124
*120% 124
117
117
*116%
*116% 116% 116
116% 116% 116% *116% 117
16
16
*1578
16
16%
167b
16%
1578
16
16%
16%
4
4%
*3%
4
*3%
4
4%
4%
334
384
149%
139% 139%
40
100
.....
*16%
*4%
*112
118
...100
317b
14%
32%
10
*31%
14%
123
120
7
17%
*%
83
*81
47
119% 119%
2234 23
3284 33
44% 447b
22
*44
3%
58
11%
4%
17
119
2I84
11%
*4%
6
17
5%
112
*111
112%
19%
19% 1934
27
27%
27%
15% *15
15%
16
1534
16%
4%
4%
478
*%
84
84
31%
13%
*1334
5%
25
*434
21%
33%
♦31
47
5%
24%
*4%
118
*31
46%
4%
6
121
3%
*54%
12
4%
46%
17
5%
21%
*3234
*5%
17%
83%
978
3%
57
No par
Continental 8teel Corp .No par
""206
66
*11%
Class B.
8% preferred.
$2.25
29%
3%
*54%
*11%
4%
*45%
5%
24%
Continental Bak Co cl ANo par
1
5
8
Highest
$ per share $ per share
290
134 Apr
9
Apr
93% Apr
9% June
11% Apr
5% preferred v t c
100
Consumers P Co $4.50 ptNo par
Container Corp of Amerlca.20
Preferred
7
4
Apr
1
Corn Exch Bank Trust Co. 20
Corn Products Refining....25
63
3%
5978
12
4%
Consol RR of Cuba 6% pf.100
Consol Coal Co (Del) v t c..25
540
28%
*11%
*4%
$5 preferred..
...No par
Consol Laundries Corp..
5
Consol Oil Corp
No par
Continental Insurance...$2.50
Continental Motors...
1
Continental OH of Del
5
69
3%
*54%
73
Lowest
June 16
8% Feb
30% Jan
79% Apr 18
1% July 10
8% Apr 11
27
Apr 11
101% Jan 4
434 Apr 11
7
Apr 11
100
6H % Prior pref w w
.100
Consol film Industries...... 1
$2 partlc pref
...No par
Consol Edison of N Y..No par
500
June 30
5% Apr 10
3,200
5,700
6,400
2,300
28%
30
No par
Continental Diamond Fibre.5
*62
27%
_i
Consolidated Cigar
7% preferred.
100
66
27%
17
Corp..
1
434 Apr 17
5%June
800
*62
26%
Consol Aircraft
Apr 6
Apr 11
19
Continental Can Inc.......20
$4.50 preferred
No par
7,800
$ per share
5
Congoleum-Nairn Inc
No par
Congress Cigar
.No par
Conn Ry & Ltg 434% pref.100
600
5,000
Highest
$ per share
Par
Conde Nast Pub Inc.—JVo par
1,400
66
26%
Year 1938
Lowest
36%
33%
9%
Rangefor Previous
Lots
EXCHANGE
*62
2684
Range Since Jan, 1
On Basis of 100-Share
Week
*914
1378
9"%
the
July 11
6%
STOCKS
NEW YORK STOCK
for
Wednesday
July 12
373
Jan
25% Deo
6% July
36% Deo
15% Deo
4
Jan
14
Oct
46%
Oct
41*4 July
35
2%
297b
45%
111%
10%
71
Nov
Nov
Nov
Nov
Deo
Oct
Oct
72% Deo
79% Oct
27* Jan
6% Jan
8% Jan
6%
6
Jan
Oct
16
Oct
25
Dec
2% Nov
11%
Jan
43
Dee
35*4 Oct
16% Oct
84% Nov
133
Nov
57b Aug
4% July
2% July
29
Oot
90% Oct
861* Nov
25
J Called for redemption
Oot
if
New York Stock Record—Continued—Page 5
374
July IS, 1939
AND
July 8
Tuesday
July
July 11
% per share
20
20
*102
106
*102
105
♦102
105
48
48
48
48
48
21
2034
18
18
*32
33
33
22
*20*2
22
*158
2
*1%
2
2Hh
28h
1834
*32*2
*20*2
*1%
*2914
33
*20
20*2
18*4
*28*2
18*2
29*2
*10634 107
*106^4 107
*15i8
16
16
73
*67
73
*2i4
2%
*2*4
*36i2
19%
*134
39>2
19%
1%
~
2%
*36*2
*2
*734
10
*4
*100
1312
60
7
104
48*2
8%
*142
4834
8%
145
*21Z
*978
3
10*8
22
16*2
234
38
20*2
20%
1%
20%
106% 107
18%
14
2%
l/34
*67
20%
100
1,100
97g
9%
99%
*13
*46*2
50
4*8
4%
50
4%
*13%
*46%
7%
14
14%
48
49
49
9
9
*9
*145
146
145
8%
212
*2%
10%
50
*46%
7%
102
7%
*100
49%
9%
49%
9%
145
*2%
3
4%
*13
146
3
*2%
*19*2
10*8
21
*20%
10%
21
10%
21
21
22%
52
*48
52
*48
52
50
50
*2012
22
4%
14%
60
7%
104
49%
9%
146
115
*4%
*13
4%
14
*46%
7%
*9
9%
♦145
3
149
2%
2%
20%
116*2 116*2
35
734
434
734
108
*107
*78
1
*15*4
15*2
*86
88*2
*16
17
*22
22i2
17%
16
11*4
*17*4
*15*8
11*4
12
*11
►
♦31
*4*4
*734.
*86
®8
16*4
2112
*17*4
*15*8
11*2
*11
97*2
33
*32
4*2
*4%
77g
7%
108
*1534
17
*37%
*278
43*2
3*8
*2*4
2*2
1534
*39
4%
7%
4%
838
*33
4%
8%
*4%
434
8%
*4%
434
8%
8%
8%
108% *108
108% *108
108%
*1
*1
1%
1%
1%
16
17
17
17
17%
17%
87%
87% *85%
88
*85%
88
%
%
%
%
%
%
100
15%
16
*86
88*2
88%
%
%
16%
16%
22
I6I4
22
1934
16
11*2
22
*16
17
*16
17
*16
17
23%
18%
23%
?434
25%
24
18%
19
19
19%
16
16
16%
16%
16%
*18%
16%
10%
*10%
11
12
11%
11%
11
16%
11%
*17%
12
»■
Gen Arner Investors—No par
Gen Am Transportation—..5
40
Apr
General
General
5
Bronze..
General Cable..—....No par
No par
Class A
7% cum preferred
-100
General Cigar Inc.—-No par
34.50 pref erred
No par
......
.....No par
100
preferred
General Motors Corp
10
$5 preferred
No par
Gen Outdoor Adv A—N° par
Common...
General
r.Na par
.100
1
preferred..
6%
No par
36 preferred
5
3
13
Sept
Jan 17
48
June
62
9
Jan
3
103% Mar 28
60% Jan 6
11
Mar
9
Mar 13
148
4% Jan
4
28
Apr
4
4%June 29
Mar 31
Apr 15
a4 June 30
14
Apr
8
87% July 12
15
%June 30
Apr 27
4
25% Jan 6
130% Mar 31
44% Jan
5
4o% July 14
118% July
1% Jan
3
5
65% July 11
z91%July 7
Jan 27
127
110
Mar
5
3
6
1% Jan 20
28
Jan
5
92% Apr
1% Jan
6
9
53%
53%
700
*52%
9%
100
13
17%
*16%
17
44
*40
300
6,000
44
1,300
*2%
3%
*2%
3%
3%
3%
3
3%
"2",400
*2i4
2*2
*2%
2%
*2%
2%
2%
2%
*2%
238
100
*78
Gen Time InBtru Corp. No par
6% preferred
3's
35 conv preferred
Glmbel
12",300
18%
68
28
28%
18,000
102% 102%
36 preferred
No par
4H% conv preferred
(Adolf)
Goebel Brewing Co..
50
Gobel
1
1
Goodrich Co (B F)
No par
5% preferred
No par
1,100
3%
500
Goodyear Tire A Rubb.No par
35 conv preferred
%
No par
Gotham Silk Hose.....No par
Preferred
50
/4
*%
par
..No par
GUdden Co (The)
200
3%
No
Gold & Stock Telegraph Co 100
82
17%
68
*70%
No par
Brothers.
100
1034May
98% Mar
15% Apr
534 Apr
44
8
11
28
11
10
Jan 26
7% Apr 11
z51
July
7
1434 Mar 31
May 17
2% Jan 23
1% Apr 10
34
70
Jan
4
13% Apr 11
53
Apr 10
21% Apr 11
90
Apr 8
2% June 30
69%June 2
Jan
1634 Jan
99% Feb
9
8
27% Mar 10
8% Jan 3
Mar 14
54
13% Jan
3
66% Mar 11
June 22
82
4
74% Mar 16
38% Jan 3
10934 Jan 5
2434 Jan
5
Jan
3
80
Mar
3
34 Mar
2% Mar
16%June
20
5
15
15
400
33
conv
pref series...No par
II84
1134
1,000
Granite City Steel
33
33%
3,400
Grant (WT)
*23%
14%
24
14%
"MOO
233s
31,100
Gt Nor Iron Ore Prop.No par
Great Northern pref
100
25%
600
Great Western Sugar..No par
23
25%
5%
No par
10
preferred...
20
12% Apr
16% Apr
100
133
8
8
Apr 10
Apr 14
100
42
May 24
24
Jan
33% July 14
24%May 31
16% Jan 5
31% Jan 4
7
9
13% Mar
12
10
12% June 13
1% Jan 9
31
35%
13
13
13
16
*15
*100
31
38
13
*15
16
*15
16
*3
17
17
*16%
31
*30%
31
*30%
31
*30%
31
35%
*35
40
*35%
40
*35%
40
12%
*15
13%
13%
*15
16
3
*3%
18
17%
13%
16
13%
*15
4
17%
13%
*19
*140
144
♦6*8
6:
*140
*6%
144
6%
*140
*6%
142
6
*85%
90% *85% 90% *85% 90%
*2%
2%
2%
2%
2%
3
*107
109% *107
109% *107
109%
*11%
11%
11%
11%
11%
12
*140
*140
144
144
*6%
6%
*6%
6%
6%
6%
90%
*85%
3
3
90%
3
*85%
2%
90%
2%
108% 108%
108% 108%
12
IO884 10834
12
12
12
100
12
12%
*110
115
*110
115
*110
115
*110
115
*110
115
*110
169
*162
169
*162
169
*162
169
162
162
162
162
*10%
11%
*68
70
132% 132%
64
64
*10978 111
*1478
17%
*35
37
*108
110
*6%
7%
*10
11
*95%
*11%
68%
12
*11%
12%
68%
*69
70
132% 132%
*60%
64%
*110
111
64l4
*34
*10%
35%
1034
*66
67
*61
63%
112
112
*112
*15%
17%
*15%
17% *16
*37
35% 35%
35% 3534
109
*107
108% 108% *107
.17
17
7
10
7
10%
*95%
*63%
131% 132
13
13
12%
12%
12%
12%
72
72
71
71%
72%
68%
133*2 *132
132%
132% 132% *132
*62
63%
63%
63%
*60%
63%
*63%
34%
*10%
67
111
7%
10
111
7%
10
*95%
64
34%
64
*34
*7%
10
64
63%
35%
11%
11%
69
70
70
70
70
70%
4584
*1
32%
*3%
3238
32%
4%
*4%
4%
4%
*18%
19%
*40
40%
*18%
*40%
*5%
*5%
»
1
4%
*3%
32
1%
11%
11%
1%
11%
1%
11%
19%
19%
19%
20
40%
40
40
6%
*5%
6%
*34
47
46
7%
10%
17%
38
38
♦107
109
*10
Hamilton Watch Co
35%
12
70%
*34
47
1%
1%
11%
20%
20%
41%
42
*3%
20%
1%
123g
20%
40%
12%
20%
40%
41%
42
6%
6%
*6%
12
6%
4%
1%
*6%
t in receivership,
a
6%
24
Jan
32%May 9
3534June 5
14%June 20
17% Mar 10
10334 Mar 28
Harbison-Walk Refrac.No par
17
Apr 10
32
6% preferred
100
Hat Corp of Amer class A...1
6H% preferred w w
100
Hayes Body Corp
2
130
Apr 20
144
""160
"2",700
300
2,400
Hazel-Atlas Glass Co
2,400
180
300
1,000
100
800
500
30
Nov
35
June
13% Nov
21% Jan
12
Mar
8884 June
101
Nov
83
June
100
Nov
4
15
Mar
May 29
120
Apr
Mar 17
103
Jan
7% Mar 10
86
June 27
4% June
50% Mar
5
1% June
June 19
76'4 June
13%May 29
5% Mar
4%
Jan
109
3484 July
140
Z7»4
75
6%
111
117
Mar 24
81
May
111
Jan 21
167
June
5
140
Jan
161
Apr 10
17
Jan
5
10
Mar
63
Apr
8
86
Jan
3
6% cum preferred
Herahey Chocolate
34
conv
100
35
conv
10
98
Homestake
Household Fin
com
100
v t
C..25
Howe Sound Co
5%
preferred
RR Sec ctfs series A
New stock,
60% Mar 31
27
Apr 8
884 Apr 10
61
Apr 8
103
Apr 21
434June 30
July
3
3
Apr
6
100
Leased lines 4%
n
Jan
1
1
Central
6% preferred series A
20
51
110
40
..100
Hupp Motor Car Corp
120
31%May 1
105% Mar 18
5
Hudson Motor Car....No par
1,200
Dec
21% Nov
52% Oct
118
Aug
100
Manhattan
Hudson Bay Mln A 8m Ltd 100
Illinois
Oct
105%
Sept
May 10
stk.No par
Houston Oil of Texas
A
60
Mar
15
95
5% preferred
Hudson
Mar
80
7
July 10
par
r
100
—100
1000
Cash sale,
x
Dec
Jan
10
No par
135%
July 12
100
Class B
Oct
Dec
19
No par
Houdallle-Hershey cl A.No
Dec
87
64
June 29
12.50
Dec
112
7
Mining
20%
Jan 28
.5
preferred
Oct
Dec
11% Nov
Apr 27
104
preferred...
Jan
1434 Apr 17
54
No par
Holland Furnace (Del)
135% Mar
4234 Mar
12684 Jan
Dec
Nov
6
June 17
12812 Apr 10
No par
preferred
Hlnde A Dauch Paper Co.. 10
100
Def. delivery,
April
Apr
Apr
Mar
10
1,100
7,100
Apr 10
93
Jan
Nov
5
24
159
25
4,100
11,300
2
Oct
Jjh
30
100
1
Preferred
100
1,400
3
Jan 19
Dec
6% July
Hercules Motors......No par
Hercules Powder
..No par
50
"MOO
4% Feb
71
I84
8% Apr 10
110
Feb 20
300
100
26
Hecker Prod Corp
Helme (G W)
40
300
1,600
33%
Mar
1,800
71
33s
8
Apr 19
70%
33%
Mar
4
Apr 12
May 19
Holly Sugar Corp
5
33s
33
4%
5
No par
preferred
600
46
2
Jan
Apr 11
3
22
15
3,600
1%
May
8
28
99
11%
46
29
32
13
Mar
96
11%
1%
8
22
Feb
% Mar
7%
Oct
28% Nov
12
100
6%
Hollander A Sons (A);
35
Apr
784 Mar
6
4
Hanna (M A) Co 35 pf. No par
300
63%
Apr 10
10
Printing..
7%
63%
3
23%
18% Feb
5% Jan
10
*95
64%
1
8
25
Water
7% preferred class A
Hall
8
Apr
11
100
7%
4%
4
32%
Hackensack
Apr
% Apr
9
25
preferred....
10%
*7%
1%
4%
333s
4%
1%
12%
1%
1%
Bid and asked prices: no sales on this day,
38%
109
115
*16
110
*107% 109%
109% 109% *109
5%
538
538
5%
53s
5%
4%
1%
63%
11
*3%
32%
11%
64"
*34
4%
17
*95
10%
4%
1%
*10%
35%
32%
11%
10
10%
*4%
11%
7%
10%
*3%
32%
1
38
*107
7%
*95%
*10778 109% *107
109% *109% 10934
5%
5%
5%
5%
*45%
46
45%
45%
45% 46
*1
1
1%
1%
1
1%
4%
39
109
116% *112
6%
10
115
*162
10
100
Gulf Moolle A Northern.. 100
10
3,000
144
*140
*85%
2%
100
500
16
102% *100% 102% *100% 102% *100% 102% 100% 100% *100% 102%
101
101
*100% 101% *100% 102%
*100% 101
*100% 101
20
*19
20
20
22
22%
2134
22
18%
19%
19%
*100% 101
preferred
July
24% Dec
15% Nov
30% Dec
Jan
12
8% preferred
30
Dec
12*2
5H%
Jan
Oct
2% July
14% Nov
22% Nov
8%
50
*12%
Guantanamo Sugar._r_No par
1238 Mar
2
32
12%
130
Jan
9% Mar
Dec
6% Nov
7284 Dec
142
2l»4 Mar
2,300
20
Dec
Apr
Apr
34%June
1%
Mar
Oct
Dee
July
14% Apr 11
15
8
10% May
Apr
19
108
Nov
35
24% Jan 26
*34
Mar
26%
68%
38%
4
1
*11
1
85
Apr
Greyhound Corp (The)-No par
1%
Feb
July
50
18,800
*12
Feb
1584 July
122
"moo
13%
4%
61
3
Mar 11
18%
Preferred
11%
June
28
33%
80
June
27% Nov
140
183g
*35%
2% Mar
52% Mar
3
7
9
33
*30%
15% Mar
6934 June
3
16%
13
Mar
June
Jan
33%
38
Apr
10
1%
18%
31
60%
32
7% Jan
1'4 Jan
133%
3
2% Sept
1
18%
17%
I84 Mar
8
% Apr 10
11
Apr 10
10
Apr 8
2434 Jan 27
22% Jan 23
Nov
20% Nov
100
67
«4 Apr
33%
*3
July
16% Nov
37% June
4-% Apr
17%
*12%
*16%
Mar
1
1
33%
4%
17%
Dec
5
5
33%
17%
12%
*3
46%
Granby-Conso 1M S A P
Grand Union (The) Co
*33
*16%
6% June
Graham-Paige Motors
34
4*4
17%
Mar
1,900
*33*4
*3
June
9
3,100
Green Bay A West RR
GreeD (H L) Co lnc
*16*4
*30%
*35%
*12%
98
4,300
66
14
Mar
1
*42
*%
2% July
26% Oct
6
66
%
95
Mar
1
*42
*5g
Sept
5%
66
13
z85
51% Jan
3% July
3% Jan
*42
1%
Nov
2% July
27% Nov
28% Nov
66
12%
110
Apr
*42
10%
4%
July
9% July
12% July
Mar
66
*%
684 Mar
Apr
1% Dec
1284 Mar
101%
45
13
*42
10%
Mar
4
37
66
*12
Aug
53% Nov
124% Nov
7
*42
1%
125
5
Mar
384 Mar 14
2% Jan 4
137
10%
Jan
118
Dec
47
137
*%
Oct
Nov
79
24% Jan
138
12
1%
60
Jan
1
*137
*10
NOV
Mar
50%
13% Mar
137
1%
Feb
Nov
48
40% Nov
20% Jan
137
13
Nov
28
117% Nov
21% Mar
6% Jan
10% Jan
87
138
Mar
Feb 28
38
137
12
25
Oct
5% July
19% Oct
38% Nov
Judp
% Mar
25% Mar
111% Apr
137
*%
Mar
8
137
12
Apr'
9
*135
*10
Mar
Dec
11% July
136
8% Mar
14% May
par
9%
18
20%
108%
27%
22%
10834
59%
15% Jan
Corp. No
52%
33%
2% Mar
584 Mar
9% Nov
102% Dec
9% Apr 11
Gen Theatre Eq
8%
17%
Apr
Oct
1,900
*52%
33%
6% Mar
115
Dec
8%
19% Nov
52
Sept
11%
278
17%
Mar
51% Mar
137
17*2
Mar
29
126%June
*135
17*2
4% Mar
82
July
July
11%
51
*75
*76
82
82
*78
82
*70*2 82
82
16
16%
16*4
16%
16*2
16%
17
17%
17%
18%
68
67
*68
69
*65%
67
*66%
67% a67
67%
26
26's
26%
26%
26%
26%
26% 28%
28%
28%
*100
*99*2 103
103
*100% 102% *101
102% *101
102%
*27g
3*4
27g
3%
*3%
3%
3%
3%
3%
3%
75
*72
*72
75
75
74
74
*70%
75
*70%
3/i
*4
%
%
%
*%
%
%
6
*5%
5%
6
5%
5%
5%
6%
6%
1
1
1
1
%
78
78
*%
*%
15
15
*14*2
15
15
15*2
14%
14% *14% 15%
11
11
11
12
12
*10*2
11
*10%
11
11%
33
31*2 31*2
31%
32
31% 32
32% 33
*23*4 24
*23% 24
*23% 23% *23% 24
*23%
24
14*2
14% *14%
14%
14%
14%
14%
14%
14%
14%
21
21
23
21
21%
2078 20%
21%
233s
23%
25
25
25
25
25
25
24% 24% *24% 25
4% Mar
Jan
I884 Jan
18
97
41% Nov
Razor.-No par
♦70*2
Mar
34
Gillette Safety
17%
7%
9% Mar
85
3% Oct
5% July
18
13
2,400
*40
3
June 29
Mar
15% Mar
6%
53
9%
17%
Jan
2% Mar
10
41
6%
44
3
32% Jan
17%May
6%
52%
16%
Jan
Apr 28
6%
*40
Jan
Apr
6%
16%
1% Mar
4
15
100
Rubber Co...5
44
2% Jan
13
16
General Tire A
*40
Sept
19% Apr 11
20
16,800
*16%
32
Gen Steel Cast 36 pref. No par
23%
54
19% Mar
General Refractories...No par
97%
53
Jan
General Telephone Corp
23%
53
Nov
30
150
24%
6%
53%
52%
9
Jan
58
700
1,900
12%
*12%
97% *_—.
9%
53%
May
36% Apr 11
8
121% Apr
Nov
Apr
16%
12%
8%
3
5%
25
20
24%
23%
*
117
105
Gen Realty A Utilities
200
Jan
72% Jan 26
91
Jan 13
Mar
1
No par
Mar
55
Mar
No par
Gen Railway Signal
Mar
2% Mar
11
39
Oct
11
35
No par
Printing Ink
$6 preferred
12
97%
90'4 Jan
334 Jan
3
3
Jan
4%
37% Nov
4
Jan
Oct
21
109% Nov
29% Oct
Jan
% Apr 10
Dec
39%
Mar
Jan
114
31%
Mar
75
April
36% Jan 27
Oct
Nov
43% Nov
18
35
June 20
share
85
I784 Apr 8
Apr 10
l9%May 12
43
per
26%
100
60
108% Jan 11
2984 Jan
Jan
7
Gen Public Service
24% Mar
10% Mar
19»4 June
15
Apr
1% Mar
18
No par
$6 conv pref series A.No par
General Mills
1
6
6
Apr
Mar 31
31
Gen Gas A Elec A
6%
2% Apr
114
—No par
General Foods
Jan 18
9
..No par
General Electric
8
8% Apr 10
134
100
7% preferred
23%
44
52
5
Baking
S8 1st preferred. ....No par
"22%
r
10
Jan 26
10
2,800
or
96
*10%
52J2
8*4
52
16*4
8%
1,300
3'4 A
13% July 10
47% Mar 22
5%May 17
No par
S6 preferred
22%
6%
97%
51
3
5
6H% conv pref erred.... .60
200
900
3% Jan
35% Jan
14
530
700
July 12
101
40
62,700
5
Jan
22
Apr 22
800
900
4
36
July 13
20
1,000
July 14
31% Jan
9
700
23,000
7,700
16% Mar
76
94
60
6%
*5H2
200
I
I
No par
40
800
6*8
62*2
*51
600
1
6%
8*4
1,600
25% Mar
50
Highest
S per share $
105%June
Gannet Co conv |8 pref No par
200
*108
22%
*51
~2~400
1
2234
8*8
35
125% *124% 125%
34%
*32% 34%
.10
S3 preferred
...
Gamewell Co (The)
Gar Wood Industries lnc
108
22 *8
52*2
8*8
Sulphur Co..
10
Gabriel Co (The) cl A.-No par
Galr Co lnc (Robert)
...1
Free port
Gaylord Container Corp
*%
15*2
97*2
125
125% 125%
34% 34%
7% pf. 100
100
600
125% 125%
2
1% Apr 10
32 May 29
18% Apr 26
1% Apr 10
2
July 10
7% July 11
300
21
21
20% 20%
*20% 20%
20%
21
117% 117% *117% 123
*118% 122% *118% 122%
34% 35%
3434
35%
36%
36%
37
36%
36%
45
45
44% 45
4478
4434
453s
453s
45%
116% 116% *116% 117
*116% 117
117
116% 116%
%
1
%
%
%
%
%
%
%
6334
65% 65%
*65% 70% *55
70%
64% 64%
89
89
90
90
90% 90%
90*2
89%
89%
123
123
123
123
123
*122% 123
122% 123
44%
4234
42% 43%
43%
44% 45%
4434 45%
*46
May
67
100
6*8
*51
11%
22%
20
5,000
22%
2158
618
55
180
52%
10734 108
78
78
15*2
11%
23
2.300
11%
22*2
*115*2 117*2 *116*2
%
*%
84
*60
6334
6334
9012
91*4
91*4
123
123
12234
4238
4234
42%
125*2 125*2 12534 12534
*4*4
11%
23
*46
21
103% Apr 5
14% Apr 11
No par
50
7%
100% 100%
49% 4934
8
Apr 14
1% Apr
No par
F'k'n Slmon&Co lnc
38
1,100
*9
10
Foster-Wheeler
Apr 6
May 12
f7 conv preferred
1%
*100
..100
4H% conv pref
8
8
Francisco Sugar Co
8%
9%
*48
*31
1,600
Corp....100
Food Machinery
90
2%
49
44;%
"moo
8%
*48
44
{ Follansbee Brothers.-No par
2%
*100
44
17
*1%
7
34%
25
1%
9%
38% Apr
16% Apr
Florence Stove Co.....No par
2%
8%
115
17% Apr 10
99% Jan 16
Florshelm Shoe class A .No par
8
9
9%
99% *100
9 per share
100
234
20%
No par
Flintkote Co (The)
Highest
3 per share
400
2%
102
34*2
4,700
*1%
7
343s
2,600
8
*19%
117*2
6% preferred series A—100
First National Stores.-.No par
2%
11
*116
Firestone Tire A Rubber... 10
100
8
♦100
20*2
1,100
2%
7
10
Shares
74
*2%
*36%
20%
38
Par
Range for Previous
Year 1938
Lowest
Lowest
Week
I7g
100
2i2
share
7%
100
145
per
2*4
*4
4
8%
$
Range Since Jan. 1
On Basis of 100-Share Lois
EXCHANGE
20%
*134
*99*4 100
13*4
145
2
30
3012
106% 106% *106%
16%
17%
17%
73
*67%
*6/%
*2%
*2%
2%
*36% 37% *36%
73
*2
10
4
33
*1%
share
STOCKS
NEW YORK STOCK
the
9%
1»4
734
13*4
*4612
*634
203g
22
per
CENT
Friday
July 14
7%
197«
2
10
4%i
*13l4
*46%
*634
16*2
*99*4 101
*99U 101%
19%
33
*2*4
*36*2
20%
*134
39
734
187g
22
2
30
PER
21
21
2138
21%
104% 104% *104% 105
49
49%
49%
50
20% 21%
20% 21%
34
34% *33% 35
*21% 23
*21% 23
*1%
2
*1%
2
32
30%
31%
32%
48%
34
*67
234
2
8
*9%
197s
1*4
47%
*10634 107
16
*67
$
105
20*2
NOT
Thursday
July 13
21
*104
48
*1984
SHARE,
Wednesday
July 12
S per share
10
$ per share
$ per share
PRICES—PER
SALE
HIGH
Monday
Sales
for
LOW
Saturday
Apr 10
25% Apr 11
4% July 1
1
Apr 8
984 Apr 10
16% Apr 8
3834 Apr 10
5
Apr 11
Ex-div.
y
40
4
17
Jan
Jan
6
98
Jan
11% Mar
9
584 Mar
15%
4
11%June
Jan
104% Jan 12
66%May 11
36% Mar 9
17% Jan 3
71
July 14
110%June 22
Jan
6
55% Mar
8%
9
ia4
Jan 20
5% Jan 9
35% Jan 10
1384 July
25%
Mar
102
48%
108
Jan
May
Apr
66
Aug
17% Mar
6
Mar
46%
Jan
83%
Jan
35%
Oct
18%
Oct
72% Nov
105% Nov
Mar
9«4 July
23% Mar
53% Jan
3% July
5
1
May
3
Mar
20% Mar
Mar
5
9% July
35% Nov
10
Jan
8% Jan
2% Jan
3
% June
234
Oct
2034 Jan
4
3
20%
35%
Dec
35
6% Mar
12
Apr
23
Mar
44
Apr
11%
49
Jan
Mar 13
11% Jan
Ex-rights,
5
4
3%
•f Called for redemption
Dec
Nov
Dec
Volume
LOW
AND
New York Stock
149
HIGH
SALE
Sales
8TOCK8
NEW YORK STOCK
Wednesday
Thursday
Friday
the
July 12
July 13
July 14
WeeTt
$ per share
$ per share
$ per share
$ per share
Shares
Monday
July 8
$ per share
0
235g
235g
100
100
6
*5
23«4
*100
*150
2378
lOOU
*150
71
70i2
IBs
11%
lli8
*514
5%
5i2
5%
*2584
2078
7012
H3g
5i2
53s
53s
26
104
*10H2
6
*5
263s
104
SHARE,
*5
6
$
NOT PER
per
share
*5
237g 2414
24i2 26%
105
100U 10034 *103
*152
♦150
*53g
*68%
..
26
634
*5%
25%
26%
103
103
*152
*152
412
212
2%
*2i2
634
3
7
*684
634
*53g
5%
5%
5%
*5%
5%
4,800
4i4 Apr
8
5%
28%
5%
2,000
27%
28%
28%
1,400
Insuranshares Ctfs Inc
1
t Interboro Rap Transit... 100
Intercbemlcal Corp
No par
26
26
*514
2034
104
104
*104i2
3
*214
3
9
538
5
28
5%
104% 104% *102
*214
205g
178
178
5434
55i2
102
3
*2%
9
*2%
1%
1%
1%
2U2 21% *20%
2134
17884 179
*178% 180
5514
5734
5734
5834
162
162
162
434
434
5
5
*2i2
684
234
25s
2%
234
634
*6l2
634
6%
9
1%
*20%
4,700
57%
6%
preferred
Intercont l Rubber
100
».i\To par
Interlake Iron...
No par
900
21%
Internat
300
1%
180
180
5%
162
60
3
9
9%
4l2
162
106
Prior preferred
100
Int Business Machines.No par
400
57%
5,800
Agricultural_.No par
Internat'l Harvester
No par
*161% 162
600
5
5
4,000
234
2%
2%
700
Preferred
.100
Int Hydro-Elec Sys class A .25
Int Mercantile Marine.No par
6%
*6%
6%
700
Internat'l Mining Corp
48
453g
453g 4578
465g
47%
463s
48%
46i8
477g
48%
137
*134
136i8 *134
136% *134
1365g *134
136%
136% *134
778
75s
778
8%
734
75s
778
8%
8%
8%
878
30
30
2934 30
29l2 2984
30U
32%
31%
32%
32% 33
5
434
5
*414
5
*4i8
434
*438
434
434
*43g
*4%
56
56
55
56
56
56
57
57
57%
56i2
57%
57%
*32
*317g 32i8
32i8
32i4
32lg
32l8
32%
3234
33%
33%
*33%
33
33
33
33
33
3278
32 78
*3234
*327g
3234
32%
*32%
22
22
22
22
22
*21U
22i2
*2114
2134 22%
*22% 22%
*84
90
*84
*84
90
*84
90
90
90
91
91%
91%
484
434
47g
458
6%
47g
434
47g
6%
6%
6%
5%
*6
6
6i2
6lo
6's
6%
63g
6%
6i8
*6%
6%
6%
10
10
10
*912
*93g
97g
934
10%
10%
10%
10%
10%
77g
21,300
1
Int Nickel of Canada._No par
Preferred
100
*82
87
9
*122
*19i2
1237g *122
80
80
69
87
*8
20
80
69
68
9
20
*82
87
*82
8
20
12378 *122
1237g *122
81
81
80%
*79i2
69i4
6834
67
87
*8
20
8
*1978
68l2
*85
87fi
20
1237s
81
*38
42
*38
42
1712
*17
19
70%
*11934
034
684
16i2
*15
*85g
9%
*634
*15
*85g
7
1712
95g
6%
preferred
International Salt
100
.No par
700
International
400
International 811ver_.
7
7
1634
*812
95g
*7%
1578
*8i2
784
*7%
8
I57g
167g
167g
9%
*85
98
*85
98
*85
98
1478
*1414
147g
*143g
147g
*14%
1478
*89
98
*89
95
*89
95
*89
95
6%
9i2
*6
934
*9U
684
*6
97g
"
9%
Shoe
No par
79
79
79
79
32%
32i4
32i2
3234
33i2
10%
I0i2
*1014
1012
*24
2514
*23%
*2418
*2
23g
325g
10%
25%
23g
*77
*
*2634
*2
*18
800
5,600
^
-
«
200
16%
100
95
"loo
9%
""~806
81%
40
34%
34%
31,600
10%
10%
800
27
200
11
11%
2512
*24%
2%
35%
11%
26
26%
2%
60
18%
247g
*4%
25
*17%
24%
*4%
*2634
*29
60
18%
*29
*26
60
*2%
*28%
18%
*17%
19%
25%
*2
2%
353s Jan 21
3178 Mar
96
56
...
par
Jan 27
Apr 14
8outhera.No par
...100
Dept Stores
6% conv preferred
Kayser (J) A Co
1
100
6
Keith-Albee-Orpheum pf..l00
Kelsey Hayes Wh'l conv ci A.l
B
1
Keystone Steel A W Co .No
Kimberly-Clark
No
par
par
1
...No par
*26i2
27
26%
27
""500
2714
27i2
26%
27%
26%
27
27%
28
9,500
10
10
*9
10
2734
*9%
27%
10
10
*9
10%
*13l2
17
*13
17
*14%
1.534
17
17
17
16%
16%
16%
1,700
5
5
16%
5%
*13%
*15%
*5%
5%
200
33%
34%
33%
24%
Leo Rubber A lire
24%
33%
24%
3,900
23%
2,200
Lehigh Portland Cement...26
4% conv preferred
100
Lehigh Valley RR
50
Lehigh Valley Coal....No par
*4l2
5
*45g
*32i2
*2112
*11312
33
23
3278
2112
*113i2
21i2
*3i2
35g
358
334
37g
378
334
%
3s
*3g
*2
%
%
2
23
*112
*2214
*3S
*1%
2278
2234
23
11
11
11
27i2
28
28
45
35g
3%
%
*115
—
*113%
10
No par
No par
6
*1%
1%
23%
"¥, 300
11
11
200
Lehman Corp (The)
Lehn & Fink Prod Corp
29%
*27%
47%
28%
300
Lerner Stores Corp
48%
4%
4%
*38
38%
38%
*100
107
107
106l2 *10612 107
107% *106
107% *105% 107%
10734
10734 10734
107l2 IO784
107% 108
108% 108%
107% 107%
179% *1757s 179i2 *177
179i2 179% 179% *177% 180
*177% 180
17
17
17
17
18
18
*16U
16%
*16)8
*1034
*16%
23
23i2
*2234
2212 23
23% 24%
2478
2534
25% 25%
32
32
32
33
33
32i2
*3H2
*3112 32
32%
33%
14
14
13
13%
13
I3i2
133s
13
*13%
13%
13%
14
14
15
*15
1412
14%
1378
1378
14%
1434
15%
41
41
42
4H4
4II4
417g 42%
4234
44%
43%
43%
3.400
44i2
*5
*37U
II2I4 *108
11
IH4
47i2
158
48%
2
45
53g
3858
2
4434
*11
158
*11
28%
28%
45%
5
484
*38
*1%
23
11%
46%
*28%
4634
434
5
5
385g
38
38%
4934
4934
*49
157
158
49
234
2%
*23g
19
19
108% 108%
23%
159
158
4934
24
159
1718
1714
*1714
1712
177g
18
42i2
42l2
*41i2
43
42%
43%
*29
31
*29
31
*130
2014
31
31
19«4
3034
*512
*2114
3H4
31
31%
14i2
*13
30i4
1%
12
*1158
*1%
*4U
13s
5l2
20%
11%
*1158
*1%
*13
30l4
*1
30U
1>4
512
*5
634
2014
117g
20
20i2
lll2
*1158
*ll8
414
1134
12
lh
414
12
14
30%
*1%
1%
634
*5%
1178
13s
43g
*11%
*1%
4%
21%
3134
31
*1%
*57g
21%
32%
14
51
51
*4
4ig
*28
2978
*1%
*99
101
4%
"7",300
4%
14%
13.900
9,900
2
2
2
2
33%
2%
33%
2
39
39%
3934
40%
39%
2%
39%
2.300
23%
24
24%
25%
25
25
3,000
*176
51
*176
5112
51%
51%
4I8
4%
297g
4%
*28%
4%
4%
4%
2978
z28%
28%
99
*98
99
101
99
51%
51
"
1,500
4%
29%
400
51
4%
*28%
*99
101
14
14
14
14
14
14%
14
*1378
*13%
*13%
14%
13«4
13%
14%
13%
I3i2
135s
14%
14%
14%
*1033g 108% *10378 108% *103% 108%
I08i2 ♦103% 108i2 *10318 108
99
99
14
1312
'
:
400
10
*135g
13i8
*99
240
39
5H2
*28
36i2 Apr 8
28
Apr 25
124
Market St Ry 0%
Martin (Glenn
1
L) Co
Martin-Parry Corp....No par
No par
Ma'tbleson Alkali Wkfl.No par
7% preferred
100
May Department Stores—10
Maytag Co
53 preferred w w
20
5,700
pref. 100
Masonlte Corp
100
500
pr
Marshall Field A Co...No par
50 1st cum pref
McCall
Corp
No par
No par
No par
No par
McCrory Stores Corp
0% conv preferred
1
100
Mar
18
23% Jan 20
l8igMar 9
15
Mar
30
Jan
8i2 Mar
17
Nov
5% July 13
3is May
7% July
10% Mar
13i2 Mar
806g Dec
x25% Oct
95
Jan
120
3
Mar
Mar
8
55s Jan
3
12% Mar 10
3284 Mar 13
6684 Mar 13
03g Jan
3
29
19% Mar
0% Mar
Jan 10
26
June 23
81
157
9
Mar
1083s July 13
180 May 26
688g NOV
Mar
107
J In reoelvershlp.
a
Del. delivery.
»
New Stock,
I
r
Cash sale,
x
July
148g Nov
3568 Oct
1984 Mar
23% Mar
6% Dec
40
Oct
7U July
1% Jan
5'4 Jan
8g Dec
17g Mar
Jan
37% Nov
102
Jan
6
47, Mar 13
10
Feb
2
Dec
6
54i2 Jan
4
33
Mar 20
99
108
Jan
5
4i2 Jan
2214 Mar
4
9
62
June
1
248g Feb 25
58
Jan
Jan
33
3
5
Mar 29
Mar
Dec
26
2678 Mar 17
2
May 12
Apr 11
1484 Mar
23i2 Nov
107ig Deo
2I84 Dec
92
June
13*4 Mar
125
154
Apr
Nov
195g Oct
57% Dec
12% Mar
2978 Apr
Mar
32
Dec
1106s Mar
126
Jan
22
2478 Mar
49% Aug
19ij Jan
10
38i2 Jan
18% Mar
195g Oct
40% Nov
28g Oct
103s Nov
20% Jan
1'4
16
Mar
84 Mar
45g Mar
Jan
584 Mar
25g Mar
7
1% Mar
5% Jan 5
8is Mar 9
15ig Feb 17
46g Sept
58jj Dec
5i2 Mar
396a Feb 24
5*8 Jan 3
57i2 Jan 3
36
Jan
4
176
July 11
62
Jan
Oct
684 July
32i2 Nov
I84 Jan
34i2 Apr 10
Oct
2% Mar
Mar
4
7% Mar
3i2 July 6
934 Apr 10
9
03%
Mar
24%June 24
13i2 July 14
1388 Mar 9
4% Apr 10
Nov
21% July
62i2 Nov
111% Oct
84 Mar
12% July 14
131
60
Mar
12i8 Mar
Jan
25% April
1
Apr 4
23
29
Apr
May 29
30'4 Jan
43% Feb
164
81% Mar
Mar 11
9
Mar
14 ig Mar
2% May
25
Mar
19«4 Mar
156
.
10«g Nov
10
July
284 Jan
7i2
Jan
16
Aug
147g Nov
37«s
?%
01
Dec
Oct
Oct
367g Nov
Aug
16«
Feb
Oct
6«s Mar 10
28i2 Mar
3% Mar
53
Apr 10
3612 Maf 10
108g June
77s
2812
Aug
28% Jan 30
75
4O84 Apr
4
Dec
Apr
97
Dec
107g April
934 Jan 26
884 Mar
16
Jan
1478June
9
6
Mar
138g Nov
Jan 13
102%June
2
01
Mar
92% Nov
93
88
105
Jan
June 24
17%
Jan 20
1
Bid and asked prices; no sales on this day.
Jan
Mar 16
35i2 Mar 10
18%/une 29
30%June 30
13
Apr 10
Apr
1%
400
216g Nov
8
8
110
1
12
Mar
123g Mar
l59i2June 23
20% Mar 13
Apr
1134
*1%
22
July 14
19%
223g
13i2 Jan 20
6
10
1134
June 12
28
8
3
4
Apr
Apr
Bros
28
Jan
Apr
19,300
Dec
Jan
Oct
July
316g July
19% Apr
147i2 Jan
1534 Jan
5
34%
4i8
Apr 10
9
33%
2978
41% April
2i4 July 10
5
337g
*4
Mar 31
No par
13%
12%
1%
4%
Mar
1518 Mar
2i2 Mar
13l2June 29
Apr 10
Apr 10
t Manhattan Ry 7% guar. 100
Modified 6% guar
100
Manhattan Shirt
25
Maracalbo Oil Exploration.. 1
Marine Midland Corp
5
6%
24
9
July
38g July
19
Mandel
*6
22%
12%
*11%
10
35
40«4 Nov
440
12%
33
52
*50
Macy (R H) Co Inc...No par
Madison Sq Garden...No par
30
20% Mar
200
23
33%
*28
No par
Inc..
Feb
II4 Mar
125s Jan
19
40%
Magma Copper—....
Manatl Sugar Co
12
*176
Mack Trucks
100
10
2778May 26
2«4 Mar 24
Mar
145g Nov
0% Mar
Apr 10
31% Apr 11
13
July 11
105
No par
Mar
IO384 July
170i2 Dec
18U Nov
26
preferred
13
Oct
14% Mar
Apr 10
200
22
4%
6%
Oct
1784 Jan 20
17
Louisville Gas A El A..No par
61
6
"""BOO
32i2
2334
7%
Oct
2088 May
4
100
10
100
Biscuit
preferred
(P) Co
preferred
100
Jan
1%
32l2
176
5%
Lor!Hard
Jan
2784 Jan
30%
4%
233g
Loose-Wiles
Oct
80
Jan 11
92
1>4 Apr 10
20% Mar 31
6
No par
Nov
10i8
4
3
...No par
Long Bell Lumber A
91
Apr
148g
% Jan
35
Lone Star Cement Corp No par
03
Dec
Mar
3
105
Ino
Nov
3
25
9% Apr 10
23
Apr 10
36i2 Apr 10
4'8 Apr 11
Dec
10
484 Mar
118
%May
12
100
10% Mar
8
3i8 Apr 10
Dec
1484 Mar
Jan 24
1%
14%
176
Loft
30
14
Apr
30%
21%
1178
1%
4%
*13%
Jan 26
17
1%
634
4%
434
-
4.800
130
1
25
113
31%
14%
2334
23%
5,900
434
—
600
32%
14%
2334
19%
32
4%
*176
400
"2",666
14%
_
2%
21"
133s
2334
2334
*176
2,100
20%
*334
*17g
86",900
Jan 27
3*8 Apr
No par
preferred
56.60
Jan 18
Oct
13i8 July
24i2 July
Mar
Dec
11
100
95
Jan
123
Mar
10i2 May
Mar 13
99% Jan 17
10i2 Jan 20
3
14
118
July
78
24i2 July
5i2 Mar
19
.....No par
Loew's Inc
MacAndrews A Forbes
4'2
39
Liquid Carbonic Corp..No par
Louisville A Nashville
I3i2
2
8,200
12
130
Apr
12i2 Mar
12
Jan
25i8 July 14
5% Jan 15
Apr
21
400
4
40
900
lli2 Jan
23
1278 Apr 10
Lima Locomotive Wka.No par
..No par
121»4 Jan 20
20
15
Link Belt Co..
.
9
17178May 10
Lion OH Refining Co..-No par
19% Jan
40'2 Mar
25
Preferred
.
13U
*178
600
1,100
Apr
I84 Apr 11
June 12
Lily Tulip Cup Corp...No par
31
31
4
32U
1,200
20
25
100
Series B
100
31
13U
*38
2,200
700
4%
40
Liggett & Myers Tobacco..25
1,100
13%
2
*178
*38
500
200
884 Apr 11
34»4 Apr 6
97i2 April
99i2 Apr 11
5
19
*334
32i2
*3214
Life Savers Corp
45
4ig
13
13
Llbbey Owens Ford Gl.No par
Llbby McNeill A Libby No par
300
*43%
4%
*334
No par
*18%
*130
1
6
900
50%
157
60
19
*13
30%
*21
157
preferred
44
*130
31
*1
158
conv
31
31
*130
207g
*29
6
M
20
*13
117g
->
2034
3II4
1412
23
1134
'i.
*20
1%
*1
*30
"
2%
50%
*2%
19%
6%
44
*18%
"1934
14i2
2934
*13
*2778
31
*29
*130
51
19%
19%
109% 109% *108
23%
2334
23%
158
1712
2014
4834
434
38%
4934
43
*130
.
112% *109
11214 *108i2 11214 *108
112% *109
112%
11%
IH4
lll2
lli8
11%
11%
12%
11%
12%
43
*17U
•
Lambert Co (The)..
Lane Bryant
23%
*112
227g
*1034
2712
23g
2i4
2U
2U
2U
19
18% 18U
183g
183s
*183S
*108
108i2 *108
108l2
10812 *108
23
23% 23's
2278
23i2
227g
*103
preferred...
2
4712
2%
.
34%
24%
Deo
llli2 Oct
4984
443g Jan
Apr
13% Apr 11
5%
23%
11%
2
11
53s
38i2
158
z335g
x24%
*113%
June 21
100
10
600
45
11
2214
116
No par
2,400
44l2
4Hg
3314
2214
Feb
12% Apr 11
85
Apr 25
7l2 Apr 10
5'g Apr 10
Kroger Grocery A Bak .No par
Laclede Gas Lt Co St Louis 100
%
28
*108
3314
116
5%
Kress (S H) A Co
3%
*26%
*l37g
434
97
414 Apr
24
Apr 27
20% Apr 11
7
Apr 8
%
227g
14
*4i2
No par
10
3%
*l3g
10612
10734
*175l2
*161S
*21i2
*3l3g
1534
No par
%
227g
*1034
*5
33
15i2
55 prior preferred
Kresge (S S) Co
Kresge Dept Stores
334
*3g
*38
1534
434
5i8 April
April
8*8 Apr 24
11
28
No par
2634
15'2
Apr 10
117% Jan 27
Kennecott Copper
10
1584
Apr
13
79
2634
18
35
Kendall Co 56 pt pi A ..No par
27
17
Nov
745g
Jan
9ig
*13%
*15%
Jan
124
44% Mar
Mar
2678
120
24
Apr
113%
58
918
2734
Mar
8212 July 14
122
*26%
267g
.
83% Nov
12«4 July
Mar
Jan
47g
....
Feb
Oct
Oct
Nov
June
Jan
preferred
Kinney (G R) Co
18 preferred
18
8
June
Kan City P & L pf ser B No par
Kansas City
1168
117g
16
64
*43g
27
90i2 Deo
105
47g
267g
4%
Mar
133
*414
*4%
June
12
65% Apr
*1758
245g
*414
47g
28
63
June 20
125
Jan
4012 Mar
122% Apr
18
47g
6
48i2
Jan
30% Nov
8684 Jan
35% Nov
100
2434
47g
185s Mar
214 Mar
0% Mar
June
Oct
Jan
578s Nov
July
I5i8 Nov
6278 Nov
28i2 Mar
19i2 Mar
...No par
Preferred
""80
Jan
1034 Jan
68
18
6,400
21
120
Jones A Laughlln St'l pref. 100
Kalamazoo Stove A Furn
10
Class
87
734June
Apr
1
24i2
25
Mar 24
148/
77% Jan
No par
Johns-Manvllie
Kaufmann
814 Apr 10
18
preferred
4%
June 30
1
18i2
25
31%May 19
Feb 10
Jan
243s
1812
Jan 12
Oct
Jan
140
Jan
414 Mar
Apr 10
243g
25
3078 Mar
132
19
100
Corp.......No
Jewel Tea Inc
300
1012
2534
Preferred
300
6%
3434
*2
-
6%
35
238
.
9%
3314
105g
5534 Jan
May
138
84
Interstate Dept Stores .No par
40
634
*79
Jan 11
Feb
98
8134
42% Apr 11
134
Feb
10%
*79
684 Mar
0
1,600
-
*89
878 Jan
Mar
87g Feb 28
17%
95
2
6
20
9%
434 Jan 12
60
Island Creek Coal..
14%
2l2 Apr 8
55s Apr 11
No par
*6%
79
*2
*8%
1647g
9i8
47g
1178
Foreign share ctfs
Intertype
*85
Mar
3*8 Mar
2,400
110
*14%
Jan
141
8% Jan
6%
10%
6%
79
*28
*27l2
9%
Dec
70
9% Jan 19
200
14%
Jan
185
334 Apr 10
100
preferred
600
98
14%
*89
10
6i4
634
79
9%
*85
7%
29
Mar
May
5% April
8
16%
1627g Mar 23
Mar
48
No par
73%
*7
_
Apr
568 July
16% Nov
37g Jan
Mar
15
Inter Telep & Teleg
300
*15
60% Mar
98
*130
10,400
*17
98
97g
200
9
*11934
8
2
Jan
Jan
Mar 13
34
18
*11934
157% Apr
Mar
07g Mar
6%May 29
60%June
*17
....
Apr 11
2
jan
29
1734
*11934
48
Jan
97g Nov
34it Nov
Mar
June
3% Jan 23
39% Jan
400
*122% 124
82%
82%
*17%
8
278 Mar
15
26% Apr 11
200
18
8
Apr 11
198g Oct
6% Nov
Apr
80
July 13
5% conv pref
100
Internat Rys of Cent Am.. 100
100
230
20
73
Apr
9ig Mar
23% Jan
104%
4%
1434
3%
27%
19584
9,000
129% 129% *128% 132
42
43
*41% 44
*14U
6%
74
71%
1% Apr
16
155
3%
1484 Jan
5I84 Jan
43%
*85
*9l2
82%
2% Apr
1
7«4 Apr 10
5i2 July
6% Apr 11
*38
1712
*11934
*119%
12378 124
8
8
Apr
7ia Mar
15
85
*8%
20
4% Apr 10
17i2 Apr
90
Jan
Inter Paper & Power Co
42
*38
*17
9
20%
*82
*12814 129% *128% 129l2 *128i4 129i2 *12814 12912
85
87
*8%
20%
67
8" 700
.
"
*8
Nov
53g
53g
45%
*82
Sept
95
63g
*5i8
*134
*19%
140
17%
ll2
*43g
Feb
66% June
8
15s
205s
10112 162
135
94% Jmi
9% Apr
158
4U
June
8
Inspiration Cons Copper...20
1%
2014
4U
152
Apr
11,800
1%
*160% 162
147%May 11
11%
No par
IOI4 July
80% Aug
119% Dec
Mar
73%
,900
Mar
60
11%
I84
5434
4
Mag Mar
Jan
73%
*1%
179
100
Jan
29i2 Jan
73%
12%
2
Highest
119
1134
878
54i2
6% preferred
Inland Steel
8
Lowest
\ per share $ per share
3
Apr
73
87g
2014
~
48s Apr 10
16% Apr 10
86
11%
85g
*176
400
$ per share
72
87g
5412
8^266
Range for Previous
Year 1938
Highest
I per share
III4
*75s
21
26
Par
Indian Refining......
lo
Industrial Rayon
No par
Ingersoll Rand
No par
70
85g
178
'
llSg
85s
5412
6%
Lowest
106
*103
Range Since Jan. 1
On Basis of 100-Sftare Lots
70
3
*18
CENT
11»4
*2U
*177
375
70
3
*2i4
6
EXCHANGE
July 10
Tuesday
July 11
Saturday
*5
PRICES—PER
Record—Continued—Page
Ex-dlv.
Ex-rlghts.
^Called for redemption.
New York Stock Record-Continued—Page 7
376
SALE PRICES—PER
HIGH
AND
July
July H
July 10
$ per share
$ per share
*19
19%
*19
*7
77$
7
56
6584
5534
934
♦914
812
*81$
*93% 100
*7
884
♦56%
56i2
914
83$
914
91$
8%
♦93
7 100
*93
7*4
*71$
714
*58
60
*56
*44
4934
*44
58
3
3
3'$
31$
31$
15
15
15
15
*12'4
*125$
131$
28
7*2
13
12*2
*2H2
2214
2ll2
73$
112
*57
57
91$
83$
87$
834
*75$
60
4934
*44
58
*58
3l2
35$
45
*44
11
11
11
1%
4I4
%
H$
13l2
96i2
*1212
96i2
*11712
4*4
*3$
50
50
37
5012
*33
2434
137$
14
*22l2
41$
41$
22*2
41$
35i2
111$
*105$
*105$
lll2
137$
*4
35l2
61
60
60
47$
484
*45
46
*44
57$
6
55$
6
*1612
19
19
*1012
11
*1612
1034
9%
51
345$
52%
34%
2434
2434
25
*9%
93$
26i2
*172
172
*812
155$
*88
95
*73$
*55
3512
iu$
36%
11
11%
63
63
5
5%
46l2
57$
20
107$
10
1034
97$
27
27
174
174
1734
834
16
113
75$
512
5%
"514
47
*47
61$
20
*18
20
11
11
11
10
2734
174
IOI4
253$
90
*85l2
90
*38
39
*38
39
87$
16
%
2i4
2*4
10
11*2
fi$
*2l4
*3$
11%
75
75
76
1
*3$
*2
87
*83
7*2
75$
*108*4 HO
30
634
*1914
*14l4
*105
*29
45$
42
*38
4^8
1934
171
*144
145
75$
5%
I8I4
*141
144
*142l2
8
81$
81$
*31
34l2
24
*31%
*2212
45
*42%
1171$
61l2
37$
*22l2
*42l2
*117
*61
6134
*37$
4
*25$
3
*111$
12
*37$
*103$
3
*111$
*37$
*1012
30%
*46%
4%
12
303$
30*2
46
46
*10
125
125
*
*155
156
*155
18*2
*
er—Jf*
*18
19*4
146
31
434
42
27,900
8
1734
77$
57%
8%
59
58
145
40
900
300
National Pow & Lt
$2
5H%
Steel
No par
Corp
25
preferred
6%
40
prior preferred...100
prior preferred
10%
Natornas Co
No par
500
Nelsner Bros Inc
1
4H % conv serial pref...100
"""300
10
Newberry Co (J J)
5% pref series A
32
100
107
Newport Industries.'
1,000
N.
14%
2334
1434
1334
243$
23%
4,300
6% preferred series A... 100
3534
2%
35
35%
1,800
23$
50
NYC Omnibus Corp. .No par
New York Dock
No par
*5%
57$
5
*5%
57$
*108
111
111
113% *108
20
*115
10
52
2%
%
113
58
*%
5$
2%
2%
23$
23$
*3$
%
*3$
%
11
11%
"3",600
*75%
77%
340
1813$ 1813$
600
113
113
112
112
225$
227$
57
2234
5634
57%
*565$
56
5534
56%
555$
153$
87
1534
16
153$
*83%
87
*83%
8%
22%
1534
85$
20
20%
20%
21
20%
21
153$
155$
155$
155$
147$
15%
107% 107% *107% 103%
21,100
12,800
87
41
67$
80
1,200
42
634
65$
684
"9",400
100
50
3,700
40
6,000
4,100
600
600
100
*124
127
125
125
*12584 130
156
*155
156
*155
156
*155
19%
*18
10%
156
19%
10%
10%
*125% 130
155
155
18%
t In receivership
u
JNYNHi Hartford
18%
100
Conv
preferred
100
JN Y Ontario & Western.. 100
N Y Shlpbldg
7%
Corp part stk-.l
39
Mar
9
37% Mar 13
Jan
19
5
16% Mar 11
30
Jan
7%
44%
14%
66%
111
25
Mar
40% Nov
10% Mar
2284 July
17% Nov
8
Mar
Mar
26
Mar
Apr
July 14
34«4 Mar
May 29
95
Apr
4
Mar
9% Jan
Jan
51
Jan 20
Jan
Mar 15
9%
25%
157$
14%
28%
Jan
Mar 11
147$ Nov
Mar
6
15% Mar
Sept
Jan
10% May
40
30
600
Def. delivery
Nov
207$ July
I684 Oct
6
Mar
July
Oct
June
178%
127
June
145% Sept
2884 Nov
13% Mar
27% Jan
31
154
Oct
4484 Mar
9%
8184
12% Sept
23
Feb
Mar
5
9% Mar
81% Jan
15% Jan
Nov
Jan
18
Dec
30
July
59% Jan
50% Apr
55
Dec
82
July
70
Feb
75
Feb
20
2% May
4% Jan
7% Mar
11% Feb
4% Jan
12% Aug
2 9%June
14% June
26
July
85
June
58
Apr
71
Nov
41
June 19
28
Mar
40
Jan
99%
Apr
IO884 Nov
97$ Mar
19% July
112%June 22
17% Jan 4
47% Jan
22% Jan
23% Jan
43% Feb 25
384 Feb 28
9
Jan
Mar
10
Mar
48% Nov
2I84 Nov
7
Mar
23
Jan
6
38%
18
Mar
3734 July
2
Mar
5% Mar
1184 Mar
120
110
Aug
111
54
June
120
Mar
62
Mar
7$
1% Jan
4% Jan
Dec
2% Mar
% Jan
484 Mar
Jan
16% Jan
89% Mar
Jan
484
Mar
8
% Mar 27
2% Apr 10
3$May 23
1
Dec
12% Mar
Jan
38
20
Apr-f
Apr
63% Nov
Jan
284
7% July
1% Jan
16% Dec
38
Mar
90
133
June
198
Jan
June 14
100
Mar
110
Dec
10
50
..50
Telegraph
50
Norwalk Tire & Rubber No par
Preferred
50
6% preferred A
par
100
Oppenhelm Coll & Co—No par
Otis Elevator
...No par
6% preferred
100
Otis Steel
No par
1st pref.-No par
Outboard Marine & Mfg
5
Outlet Co
No par
100
Owens-IUlnols Class
C._$2.50
Coast
10
No par
2d preferred
No par
Pacific Finance Corp (Cal).lO
Pacific Gas & Electric
25
Pacific Ltg Corp
Pacific Mills
No par
No par
Pacific Telep & Teleg
100
6% preferred
100
Pac Tin Corp (sp stk). No par
—
30
113
...1
Northern Central Ry Co...50
Northern Pacific
100
North'n States Pow Co $5 pf.l
F
July
115% Nov
113% Oct
107$ Oct
684 July
Apr 12
North Amer Aviation
n New stock,
"16%
106
1st preferred
600
Oct
25%
30% July
195% Mar 10
Pacific Amer Fisheries Inc..
300
Oct
Nov
Jan 25
Pacific
8,800
Feb
145
"l7%
May 16
8%June 30
Apr 8
19
94% Nov
MarlO
106
27% Jan 3
172% July 12
101
July
Nov
100
pref series
conv
Mar
4
Dec
14%
28
168%
70
6% preferred series
$5.50
11% Apr
Jan
Nov
168
American Co
Northwestern
3% Mar
3% Mar
17% Mar
July
12%
100
Western
Adjust 4% preferred
North
105% Mar
118% Mar
47
Oct
Dec
10% July
8% Mar
20
Jan
15% July
62%
110%
29
Mar
8
Jan
54
65
6% Feb 17
28% Jan
18% Jan 10
167$ Jan
Oct
8% July
64%
7% Mar
150
Mar 27
114
32
37% Mar
684 Mar
Jan 17
175
Oct
54%
38% Aug
Mar
9%
Mar
Dec
117% Sept
22% May
4
Jan
3% Jan
20% Nov
110
25
11% Mar
Mar 13
11% July
2% Jan
100
preferred
Norfolk &
600
2,400
1
119
270
60
47$ July
10% preferred
50
N Y Lack & West Ry Co.. 100
Preferred
""3,606
10% Apr 10
18% Apr 8
30
Apr 8
134May 20
Jan 17
No par
70
8
111
No
1,800
8
Apr 28
50
Oliver Farm Equip
...
10%
No par
Omnibus Corp (The) vtc No par
160
103$
preferred
1.50G
300
*10
12% Apr
1,800
107% 107%
8% Apr
27
No par
Ohio Oil Co
6
6
*53$
*5%
5%
5%
534
534
19
19%
19%
193$
18%
18%
185$
1834
143
143
145
145
144
144
144
*142% 144
834
8%
9%
87$
81$
83$
834
8%
8%
36
*34
35%
34
33
35%
34
33%
35%
23%
23%
237$
*23%
2334
22% 22%
22%
23%
42
42%
*42% 45
45
*42%
45
*42%
45
*117
*117
*117%
*117%
63
63%
63
64
63% 64%
62
63% 63%
4
4%
4
4
*37$
4
4
37$
*37$
3
2%
2 34
3
*23$
25$
23$
*25$
27$
13
*11
13
*11
13
12
*11%
12% *11
*4
434
4
4
4
4%
4l2
*37$
*37$
12
12
11
11
*10%
*103$
12
*103$
12
32
32%
317$
30%
30%
31
3134
3034
3134
48
48
'47
4634
47
47% 483$
47%
47%
10
5%
8
1
8
8
7
25
11
8
11
14
Apr 8
May 23
No par
Central
N. Y. Chic & St Louis Co..100
2,900
*39%
65$
65$
900
57
40
40
2,400
5534
834
85$
734
8%
77$
8%
1095$
*10884 10934 *109
109% 109% 408% 110
33
33
*30
*30%
30
30
*2934
31
4%
4%
47$
4%
484
47$
434
47$
41
York
N Y & Harlem
...
*48
52
*48
23$
1,200
1
Y. Air Brake
New
18% Apr
73% Mar
No par
3,500
*115
Apr
100
25,400
50
6% Apr
10
33% July
2% Apr
9%May
14%
1334
2334
...
634 Apr
July
52
No par
39%
*2
14% Apr 11
National Tea Co
14%
5534
*18
Mar 25
*37%
57
19%
135
1434
22%
*18
100
500
514
I8I4
19%
preferred B
I 26%
56%
103$
6%
43%May
10%
26
22%
57%
10%
Jan 14
39
35%
4% Jan 13
165
14%
35%
2%
Jan 20
100
400
"""600
Feb
109
100
3%
56
145$
10
Lead....
National Supply (The) Pa..10
45
3%
111
preferred A
11%
*5634
107% 107%
Apr 24
7%
34
34
23%
634
197$
147$
$4.50 cony. preferred-No par
National
National
113%
112% 112% *112
105$
1034
107$
107$
11%
7434
147$
1
1,300
41
113
42
300
Co
Nat Gpysum
2,900
*38
112%
*38%
6,200
5$
*83%
160
10
8
10
11
24
4% Apr 11
8
40
112
151$
Mar 31
5% Apr
14% Apr
9% Apr
7% Apr
23% Jan
23% Apr 10
11% Apr 4
9% Apr 10
86
Apr 21
177$June 30
Nat Enam & Stamplng.No par
~8~i66
90
183
87
45
No par
preferred
6%
Nat Distillers Prod
38
*3$
9% Apr 10
10
Apr 10
16% April
4% Apr 10
30
Apr 8
934 Apr 12
50
Apr 8
10634 Apr 14
4% July
1
No par
10
Nat Dept Store
8
*84%
183
147$
100
100
Nat Mall & St'l Cast Co No par
3%
10%
27
90
11
11%
113$
75
757$
75
183% 183% *181% 187
*83
No par
59%
77$
41
2134
1
Co
Nat Dairy Products
7% pref class B
440
177$
*38
3%
No par
Register
1,900
8,200
17%
734
39
7%
Cash
400
100
59
18
Nat
National Cylinder Gas
7% pref class A
3,800
99
145
*144% 145
1734
Bid and asked prices; no sales on this day
5
53$
26
*93
130
10
10*2
5%
*5
20%
21
205$ 21%
2034
172%
172% *165
172% *165
%
1067$ 107
1834
584
534
*10%
26%
65$
1834
534
700
100
109% 109%
*84%
%
40% Apr 11
33
Apr 28
11% Sept
106% Mar
9%
1684
90
11%
76%
Jan
16'4June
109% 10984
200
2,600
114
*85%
*72
111
117% Jan
9%
163$
114
90
*11
May
122%May 24
54% Mar 10
2
9%
163$
115
*10%
25l2
1134
121
12% Jan 13
834
16
3%
10%
26%
77
Mar
May
12% Mar
3%
*10%
*25%
2%
10
67
26% Jan
1284 Mar
314
10%
2512
2%
Dec
%
1% Dec
16% June 30
a;8% July 7
*33%
*2%
*3$
484 Mar
Jan
2% Jan
19
45
2l2
Jan
187$
*33%
*l2
Jan
3%
19
45
5$
Oct
1784
187$
*33%
*47%
72%
19
*11
*115
2% Jan
934 Jan
8
Mar
19%
117$
33%
4912
July
Mar
35
187$
77$
*4714
Oct
Nov
4
MarlO
147$ Jan
1
Jan
July
10% May
1% Mar
6% Jan
64
111
92
Jan
100
19
115$
*115
July 13
Oct
30% Nov
Apr xll7
49%
85% Jan
113
157$ Mar
95%May 31
23% Mar
33%
5
12% Mar
15% June
76
Apr
227$
4
10% Apr 26
11
5
3
Jan
90%May 4
17% Apr 25
36
11312 *108
16% Jan
29
6% pref series A w w
100
Nat Bond & Share Corp newNo
11
*4
14«4
Nat Bond & Invest Co.No par
*33
5
584 Mar
100
7%
113% *108
2634 Mar
100
1012
34
45
*2
100
pref
cum
4
5
1334
714
3434
10
Dec
47% July
39% Jan
12% Jan
94
10%
*3
7%
5
Corp
Biscuit
Dec
1684
94
8%
73$
Nat Aviation
National
30
June
Jan
24% July 10
7% Nov
May
11
*13
95
*88
2084
1
National Acme
3% Mar
67% July
14
13
95
95
172%
Myers (F & E) Bros—No par
Nash-Kelvlnator Corp
5
Mar 13
95
95
19%
514
700
123$
2l2
87
800
11%
634
14%
6,400
12
19i2
143$
512
97$
27%
*1034
684
*5U
97$
26%
174% 175
125$
19%
63<
20
15
1067$
"l'jjOO
11%
*2
75$
734
1087$ 10912
30
4*2
*37*2
107$
12%
2l2
183
183
*181*4 190
*11212 113
*11212 113
213$
215$
2U2 2134
57
*5612
5712
5714
5584
56
5534
5534
15
15t4
1434
15
*83
107$
*1034
34%
12
7,400
5% preferred
Nashv Chatt <fe St Louis...100
11%
34
49i2
2,500
100
63$
113$
337$
*115
100
Murray Corp of America.-.10
20
103$
331$
*3314
3U
Murphy Co (G C)_.—No par
Nov
*94
*112
114
112%
11212 *111
112*2 *11012 11212 *111
105$
105$
101$
107$
10*4
105$
10*2
10*2
*34
*35
36
36
3712
3612
37%
3734
14
14%
1334
133$
13*2
141$
133$
1334
131$
12l2
13%
133$
137$
1212
1212 *12
22
22
22
2334
*20l2
22
2112 21l2
%
48
63$
*18
97$
10
27%
2734
*172% 175
No par
$7 conv preferred
Munslngwear Inc.—_-No par
1,200
73
13
*110
*47
65$
1
Mulllns Mfg Co class B
10
*46
49
6%
39
*2412
*85
47
5%
*8512
*3314 *45
*2412
35
314
10%
26i2
47
53$
53$
1
300
*1034
57
*3314
3%
*115
5%
*109%
12
10i2
12
734
56%
71$
10*2
*2
2l2
*4
*45$
5
*108
113*2 *108
66%
257$
712
56'2
35
*2
*1034
65%
*109%
53$
75$
71$
337$
12
66
26%
2014
56
*33
333$
*1034
5%
17
*1014
333$
37%
40
64
109% 111%
1634
71$
*10
157$
1684
103$
*3
*8%
113
16%
35
*10
57$
1,100
*35
3:257$
*88
*30i4
103$
47
*17%
4%
5
Co
Jan
32% Apr
17% Jan
Apr 10
Wheel
50
9
3
9
111
Mar 22
62
4%
37
7$ June 28
118
Montg Ward & Co. Inc.No par
No par
Morris & Essex..;....
50
Oct
6
10% Apr 11
85% Apr 10
115
Morreli (J) & Co
Mueller Brass
3% Apr 8
40% Apr 8
10% Apr 10
l%June 30
4
Apr 10
% July
8
No par
4%
4%
4%
1234
,
Apr 11
No par
14.50 preferred
Preferred series B
37
4%
127$
5%
144
56
100
320
IOI4
95
25,400
37
263$
144
75$
523$
110
27
27
*5
*171
56
*7
51%
*3434
26
170
16
37
53$
144
*143l2 145
16i2
16*2
5234
26
26%
170
172
30
257$
*10l2
203$
2014
2OI4
514
*5
5134
2,000
118
120% 120%
36
111% llll2
5i2
53$
2534
12
IOI4
118
120
100
400
7% preferred series A—100
^Missouri Pacific
100
5% conv preferred
100
Mohawk Carpet Mills.....20
Monsanto Chemical Co
10
Motor Products Corp.-No par
111
20
800
Motor
11112 *110
*88
4,200
5$
Mo-Kan-Texas RR
500
*110
*169
434
*3$
*7$
47$
No par
10
No par
preferred
16.50
1,700
113
101$
400
13$
Minn Mollne Power lmpt...l
Mission Corp
2,700
113
*1012
1%
100
127$
1434
2012
1014
1,200
23%
*1834
1734
17*2
87$
157$
1,300
11%
14%
13
10
37$
44
11%
*13$
45$
*22%
95%
19%
18%
*1012
334
44
13
1434
*93%
*18%
1734
*5
Jan 16
23%
*1234
*51$
April
110
143$
13
25l2
55
4% conv pref series B...100
23%
12%
951$
.
8% cum 1st pref
100
Minn-Honeywell Rega.No par
40
1414
*112
5I4
51$
1,000
90
80
Feb
17
Nov
15«4 July
Apr
115% Mar 14
60
*59
4
*34
Apr
101
110% 110%
95
28% Jan
8
6% Apr 10
11% Apr 10
18% Apr 8
No par
23
*93l2
2534
12
Petroleum..10
Midland Steel Prod
14
114
5'4
Mid-Continent
900
11%
*111
51$
25l2
2,100
23
*1234
1534
125$
23%
1H2
14
13
*812
12%
23
23
4%
97
19*4
812
1584
5
11%
26
*1234
17
812
51%
345$
25
Apr
684 Mar
55
5
61%June
6% Jan
June 16
xlZ
Mar
70
58
*112% 113
60%
—
120
60
6% conv 1st pref
Merch & M'n Trans Co No par
5
1
MarlO
7O84 Jan
3
July
7
14% June 30
Mengel Co (The)
Miami Copper
45
*118
120
*9214
*18*4
1712
19
1534
107$
267$
2612
97
17
57$
*17
1034
172
171*2 171*2
*1234
13
*9214
*
I8I4
120
109i2 109l2 *109%
*109l2
484
434
10
*118
Apr 11
734
98
...
June 28
46
5
1%
13%
120
12
6
July
MarlO
12% July
537$ Oct
26% Jan
11% Nov
99*4June
50
Mesta Machine Co
13
119
Jan 27
June 29
...No par
Melville Shoe
20
97%
2212
41$
2634
37$
10
8
Apr
7
56
2,000
2,700
1%
14%
*118
503$
345$
2434
12
*33
125$
7
88
No par
16 preferred series A.No par
15.50 pref ser B w w.No par
14%
734
113
11%
1%
4%
preferred
conv
Mead Corp
30%
8
23%
110% 111
60%
6%
834 Apr 11
.10
1
100
30
23%
113
Elec Co
McGraw
*13%
98%
2212
*914
77$
12%
*42
III4
14%
30
9734
*217$
2634
334
46
30
♦7$
*13%
*12%
97%
243$
46
6084
*13%
14%
131$
9712
*7$
*113$
*44
740
9734
11$
131$
97
14
*45$
2,300
h
12
*10912
33$
16%
*3%
16%
1%
25
111$
300
'4%
*11
61
587$
4%
*2412
37
49%
*57
414
*7$
...
501$
*60
*44
59%
4'$
121
*33
*105$
49%
*58
114
♦137$
*33
*44
5912
1%
97*2
*118
*119
*33
49I2
13$
7$
13i2
7$
*96
---
60
*2
*12l2
121
*119
*56
*1*4
1%
4*4
*1'4
10
60
11234 11234
*40
1,000
McKeesport Tin Plate
McLeilan Stores
*56
2134 23
IIOI4 110%
11
2,600
100
3%
45
2,100
10%
8
16%
*105$
57
5634
103$
9
33$
*40
20% Nov
Mar
100
1534
11
Jan
7
35% Mar
13% May
9
33$
60
10
1034 Jan 5
59% June 15
18% Jan 3
*7%
1514
14l4
30
784
12i2
59
22% Jan 21
6% Apr 10
49% Apr 11
*93
8
3'$
11234
15% Apr 28
McGraw-Hill Pub Co ..No par
Mclntyre Porcupine Mines..6
0
151$
125$
22
*109l2 111
1
500
100
3I4
734
800
7
ii
*7%
15'4
45
3$
*7$
8%
*56
19%
7
*93
834
98
$ per share $ per share
$ per share
$ per share
Highest
Lowest
Highest
Lowest
Par
195$
7%
1034
*105$
41$
1934
10%
*40
*114
*684
10
28l2
734
12%
312
1934
9%
*13%
59
7
58
98
100
12*2
33
*3i2
33
*3l2
57
*2114
5714
195$
57
1314
11234 ♦112
11234 *112
*112
Week
57
IQQ-Share Lots
On Basis of
Shares
293$
7«4
109
109
59
*109
July 14
$ per share
1314
2ll2
28*2
July 13
$ per share
29
1534
29
7*2
12%
131$
*2784
*7%
EXCHANGE
$ per share
19i2
1939
Range)or Previous
Year 1938
Range Since Jan. 1
STOCKS
NEW YORK STOCK
the
CENT
Friday
5634
60
58
58
NOT PER
Thursday
7
7
*44
4934
*57
*1434
1912
*56
58
58
11
$ per share
*19
19';
778
*7
SHARE,
Wednesday
July 12
Tuesday
Monday
Sales
for
LOW
Saturday
July 15,
r Cash sale,
x
18% April
26% Feb 27
1384 Mar
5434 Apr 17
59% June 13
4584
8
12% Apr 11
Dec
Oct
26%
57%
Dec
20
Dec
56% July 11
53%May
82
7
3
June 30
Jan
102% Jan
4
Feb 24
30
2«4 Apr 10
32% Apr
1
6% Apr 10
15% Apr
8
12% Apr 10
Jan 23
104
5
Apr
1
16% April
135
May 26
7% Apr 10
July 11
33
16% Apr 10
40% Jan 24
114% Jan 26
50
Apr 8
37$ Apr 11
2% Apr 10
11% June 30
334June 29
934 Apr 8
27% Apr 10
41
Apr 8
9% Apr 8
1984 Jan 3
88% Mar 27
1434
Jan
4
lll%June 20
33
June 12
May
103
Dec
35
Sept
5
Nov
41
Sept
147$
327$
Jan
10% Jan
5
30
Jan
6
87$ Sept
19% May
20% Mar
3
7% Mar
19»4 Nov
83%
Apr
111% Sept
4
Mar
113%May 25
8% Jan
27% Jan
145
4
3
July 13
1384 Mar
122
Feb
10
Nov
29% Nov
Jan
147
Nov
15% Nov
Jan
5
54% Jan
247$June
4
6% Mar
30% Apr
60
9
10
Mar
22% Aug
45
9
39%
52
Oct
115
Apr
15
116% Mar 25
115
Apr
Apr
3
40
Mar
Jan
70
Jan
5%
7% Mar
10% Mar
384 Mar
Jan
6
Dec
2% Mar
37$ Jan
16
Jan
9% Mar
12«4 Mar 14
3484 Mar 10
z22»4 Mar
MarlO
32% Mar
49
14% Mar lli
9
146
Jan 30
156
July
3
7
y
25
Jan
14% July
1% Mar
June
r
6% Mar
92% Sept
9384
12»4 Mar
132
Ex-dlv.
June
June 10
April
Apr 10
57$ Mar
76
5%June10
42
114
17
Apr
257$ Jan
Ex-rights.
9% Mar
Nov
76% Nov
11%
Jan
5%
Jan
21% Nov
9% July
15% July
30
Nov
43%
Dec
197$ July
Apr
121
*132% Mar
149
Nov
30
June
87
17%
Deo
Dec
^Called for redemption.
=
Volume
LOW
New York Stock
149
AND
HIGH
SALE
PRICES—PER
SHARE,
Record—Continued—Page
Monday
$ per share
*834
9%
3
Wednesday
July
July 8
Tuesday
July 11
10
$ per share
*834
3
3's
9%
$
$ per share
$ per share
? per share
Shares
3
13%
13%
13%
13%
13%
14%
6%
*4%
6%
*4%
6%
*4%
6%
*%
46%
*44
*100%
8%
838
*91
93
h
46%
....
8%
8%
*%
%
46
*100%
8%
10
20
*16
20
9"
*93%
10
*16
10
9%
10%
20
42%
42
*16
17%
*16%
*1%
16%
1%
*1%
1%
1%
*9%
9%
7%
9%
9%
9%
8
134
*1%
1%
9%
*7%
9%
8
1%
1%
42%
7%
2~900
1,300
16%
800
1%
1%
9%
8%
54%
91%
1%
*1%
90%
1%
3%.
*3
3%
3%
24
*22
25
*21
13
*12%
*121%
13
*12%
*121%
25
16%
37
37%
38%
*38
36
*35%
13
17%
35%
8%
8%
*2234
*17%
20%
*17
18%
*2%
7%
7%
*6%
6%
34
33%
*43%
25
*38
17%
39%
23%
2%
8%
8%
24
*22%
*17%
19%
18%
7->g
*6%
18%
18%
*18%
7%
34%
34%
7%
88%
*2%
3%
*25
*33
33%
2%
*2
*2%
*25
31
33
*2
88%
135
89
3
10%
25
20%
20
7%
7%
7%
7%
1,700
7%
36%
36%
36%
11,500
44%
44%
*44
44%
700
85
*80
85
7%
3
3
25
33%
2%
25
33
89
136%
33
*2
*3%
%
20
%
700
90%
91% 91%
90% 91%
140
*135
140
136% *135
2,500
31,
33%
2%
33
6%
6%
*26%
28
*26%
28
*27%
28
*27%
*45%
50
50
50
*48
50
*48
3
3
3
*13%
*4%
*61
62
*171
63
....
*171
5%
*
5%
5%
*7%
8%
7%
28
*23%
*13
13%
*13
*18%
22
*18%
*23%
*8
8%
1
*%
19
*6%
19
.
8
*7%
1%
*%
7%
*7%
*22
,!2I
7%
8%
24%
.
19
16%
16%
5%
*4%
5%
*171
...
*4-%
*171
5%
5%
8%
*7%
23%
23%
*24%
*24%
26%
*24%
14%
*14%
*18%
8%
*%
26%
13
13
13%
14
22
*18%
22
8%
14%
*20
8%
%
*7%
8%
1%
1
*19
19%
*8
8%
*19%
8%
*8
9%
10
*1%
1%
1%
1%
1%
1%
*1
>%
7%
%
*%
8%
25
*%
7%
*7%
h
7%
*7%
*22%
8%
8%
*8%
24
24
*24%
59%
59
117%
117
117
*117
37%
38
38
38
8%
26
*25%
59%
8%
27
59%
59%
59%
118
7
*70%
71
71
71
16%
16%
16%
*11%
12%
16%
12
5%
5%
6%
6%
*81
38%
*81
71%
71%
16%
16%
*78% 100
5%
5%
*78% 100
12%
12%
5%
5%
*78% 100
*62%
*62
*64
1%
64%
1%
*18%
19%
8%
11%
1%
18%
8%
8%
*11%
14
65
1%
18%
8%
14%
65%
9
1%
1%
20%
20%
8%
8%
9%
*9
11
16%
*15
15
18
18
*17
19
400
*3
*3%
*42%
3%
49
3%
*42%
48%
8%
*3
3%
49
*42%
9
*7%
*7%
11
11
*10%
10%
10%
11
11
11%
*65%
66%
65
65
66
*63
69
*60
8%
7%
*62%
64%
%
%
%
14%
1
1
1
14%
14%
14%
14%
50
44%
44%
*42%
*43
45%
*43
11%
24
*21%
65
43%
*21%
*
*37%
7%
44
*5%
38%
*53
44
44
65
*61
65
43%
7%
82%
*59%
37%
7%
65
*37%
7%
37%
*37%
43%
7%
8%
8%
*80%
82%
*5%
38%
38%
5%
5%
*38%
38%
*53
55
5%
*53
7%
7%
*6%
*13%
14%
21
*19
20%
55
14%
*19%
*%
1%
32
%
*%
7%
8
*%
1%
31%
*%
31%
*1
1%
*1
*1%
3%
*1%
*3%
6
*3%
41%
%
1%
3%
6
41%
41%
106% 106% *104
106%
*111%
*111% 112
41%
*112% 113
14
48
*58
8
14%
*31%
48
*23
7%
*19
46%
45%
112% 112%
*13
14
7%
%
47
6%
6%
39%
39%
7%
55
*53
7%
8
*14%
14%
*14%
21
*21
15
21%
1%
32%
*1
1%
3%
6
42%
20
*1%
*3%
42
106% 106%
112
112
113
113
14
14%
21
*%
34%
%
%
*%
*1%
1%
3%
*1%
1%
3%
*3%
6
*3%
6
300
14
13%
■
1
112
*112% 113
13%
*13%
13%
{ In receivership,
No par
6
50
Apr 27
Jan
5
5
Apr 11
18
June 28
7
April
% Apr 28
17% Apr 11
6% Apr 14
Apr
8
July 14
%May 1
6% Apr 10
7% Apr 1
18
Apr 10
50% Apr 14
112
Mar 15
31% Apr
8
Apr 10
148
4
115% Mar 7
23
April
6% July
81
1
June 21
70% July
6
10% Jan 26
Manhattan.No par
11% Apr 29
5% Apr 10
85%June 1
53% Apr 10
1% Apr 8
16% Apr 4
1
6%June 29
No pat
$Radlo-Keith-OrpheumNo
Inc
$2 preferred...
Reading
4% 1st preferred
4% 2d preferred...
Real Silk Hosiery
par
25
50
60
..60
5
—100
Rels (Robt) A Co 1st prei.100
t% conv preferred
10
A
preferred
..100
prefer-ed..... —100
...
6H%
..No par
preferred —100
Reynolds Metals Co
200
700
9.000
70
70
30
900
a Def. delivery,
1
Spring
Reynolds (R J) Tob class B.10
Common
10
Rlchfie d OH Corp
No par
No par
Roan Antelope Copper Mines
Ruberoid Co
Mfg
'The)
No par
100
10
{St Louis-San Francisco...100
6% preferred
..100
{St Louis Southwestern—100
5% pieferred..
—100
St
Joseph
Safeway
RR 7% pref
Lead
Stores
preferred...
preferred.....
preferred
Savage Arms Corp
No par
100
100
100
5%
6%
7%
n New stock,
43
38% Jan
17% Nov
No par
r Cash sale.
Jan
1%
2% Mar
%June12
% Mar
103% Mar
154
7
3
75% Mar
114
Mar
Jan
June
4% Mar
8% Mar 14
Sept
27% Mar
2
6% July
July
13%
8%
6% Nov
1
Oct
144%
Oct.
8% July
60% Mar
4438 July
July
9
July
28
June 28
20%
Jan
26% Nov
50
June
9
39
Oct
62
5
Jan
4
3% Mar
20% Jan 5
7% Jan 11
18% Dec
3% Mar
35
67
41
Mar
75
Nov
145
June
174
Mar
Jan 12
173
Apr
6
9% Jan
5
4% May
5
7% Mar
20% Apr
11% Apr
23
May
14
Jan
42
Jan 14
24®4 Jan
36% Jan
1534 Jan
2
0
June 10
9
15
Mar
8
9% July
1634
Mar
Aug
July
45
Jan
11
Jan
16%
Deo
6
1% Mar
3%
Jan
% Jan 17
% Oct
4% Mar
1%
14%
14% Jan
14% Jan
_
5
43% Jan
59% July
119% Feb
38% July
113%June
126% July
142% July
166
14
4% Mar
1334 Mar
39% Mar
59
Nov
122% May
25
Mar
Jan
105% Oct
118% Nov
86% Mar
101% Apr
112
Apr
June 29
132
Mar
112
Jan
90% Mar 29
81% Jan 3
17%June 10
81
Mar 11
21% May
8% May
Apr
35%
134
Nov
162%
Dec
Sept
117
39% Nov
13% July
98%
88% July
7
Mar
9
June
15% Nov
16% Jan
4% Mar
9%
4
1
60%
67% Jan
5
37% Mar
66%
5
24
Jan
22% Jan
9
1% Sept
14%June
17
Jan
3
8% May
Mar
64
80
5h
24%
29%
34% Mar
5
Apr
10%June 30
78 July 8
12% Apr 10
43
Apr 8
42
April
9% Apr 11
21% July 11
65
May 10
37% July 11
7%June 30
Mar 20
9% Jan
9% Jan
6
5
22
Mar
30%
13% June
27%
2% Mar
5% Mar
9
June
11% Jan 12
17% Jan 5
75% Mar 15
49% May
72
40
Apr
1
Dec
Mar 15
134 Jao
25% Jan
5
9% Mar
11% May
70
Jan
39% Mar
71
Jan
38
May
7% Mar
20% Jan
40% Jan
77% Mar 15
65
54
45
Dec
10
Sept
Jan 18
14% Jan
4
Mar 13
17% Mar
Apr
4
85
5% Apr 10
35% Apr 11
11% Jan
5
4% Mar
45
Jan
4
June 14
68
Jan 31
33% Mar
61% Jan
7834
53
Jan
6% Apr 11
6%May 2
13% Mar 31
18% Apr 11
% Apr 8
27% Apr 11
%June 27
1
Apr
4
10% Jan
34
107
96
112
Jan
3
xEx-div.
9
Mar
%
Jan
1% Mar
1%
4
378
Apr 28
45%June 10
July
July
18% Jan
Ex-rlghts.
Dec
25% May
% Dec
3% Jan
116%June
Dec
Mar
5
13
Jan
2
77%
7% Apr
14% Mar
1% Jan
46% Jan
% Jan
l%May 3
3%May 6
27% Apr 11
8212 Jan 4
104% Jan 11
10% Apr 11
7
9% Jan
16% Jan
3
6
7
3
Jan
74% June
8% Jan
85%June
2% Jan
Oct
114
14
29
7
14
117% Jan 19
39:% Jan 4
11% Jan 3
13
Jan
Dec
14% Dec
42% Dec
27
July
4
Jan
52
30
6% Mar
16
8
Jan
4
18
6% Apr
Apr
Jan
9% Nov
£5% July
3
1634 Jan
2% Jan
18
9
May
17% Nov
34 Jan
Feb 27
22% Jan
7%
Dec
Mar
%
10% June
April
7
1
Nov
4
43
3
3
Mar
143%
Jan
3
47% Feb
7
Apr
Oct
Mar
18% Jan
6
Jan
Mar
4
25% Jan 3
21% Mar 13
6% Feb 11
April
Dental
Mar
23% Jan
60
5
Motor Oai
Reynolds
17% July
July 10
July 11
7%
Mar
12%June 28
10% Apr 8
65
Class
42
21
25
Preferred with warrants.
{Rutland
"6,766
112
13%
5~000
1%
35
112
112%
*112% 113
"
"""loo
43%
42%
43%
43%
106% 106l2 *105% 106%
112
106
53.50 conv 1st pref..No par
Rltter
*1%
3%
*3%
6
42% 44
106% 106%
•Bid and asked prices; no sales on this day.
3,400
7%
21
1%
34%
*112% 113
No par
....100
Quaker Stato Oil Kef Corp.. 10
Radio Corp of Amer...No par
£H% conv
800
6%
40
15
1
No par
preferred
5% conv preferred
Puilty Bakeries
10
1,600
*14
*%
1
.100
Pullman Inc
20
8%
8
33%
*%
*1
preferred
Pure Oil (The)
500
55
7%
1%
%
60
No par
6% pi (nor of Feb 1 *29). 100
Pub Serv Corp of N J..No par
3,300
*7
33%
%
*%
32
1
5
Procter A Gamble
84
6%
39%
14%
21
*%
*82
6%
*7
-.No par
1st pref
2d pref
49
12%
43%
7%
39%
*53
B
Pressed Steei Car Co Inc
100
6% conv prior rrefser A. ICO
Revere Copper A Brass
5
65
7%
8
Mar 31
1
par
600
65
*38
8%
8
Apr
3
4
J Porto Ric-Am Tob cl A No
49%
65
55
5
Republic Steci Corp...No par
65
7%
2% Apr
No par
20,900
500
Oct
Mar
Mar
Mar 27
30%
8
{Reo
Jan
Feb
Mar
4
43% Jan 3
3% Mar 29
45% Mar 15
Jan
Rensselaer A Sara RR Co. .100
3*400
1
Dec
24%
31
2%June 22
31% Apr 10
2% July 6
Poor A Co class B_.__.No par
200
26
*7
(The)
Plymouth Oil Co
15%
12
8
31%
*%'
15%
49%
*45%
*23
83%
prior pref 100
Pittsburgh A West Va_.
100
Plttston Co
1
12%
5%
39
ser conv
Remington-Rand
24%
43%
par
4%
32
166
Rayhestos
16% Nov
121
Mar
32% Mar 23
12
Rayonler
9
Apr 20
preferred
.JOe
Pitta Coke A Iron Corp No par
$5 conv preferred
No par
3,600
12
8%
*81%
25
100
12
24%
*38
Mills
No par
10
11%
83
*81
*53
7%
*7
47
25
6
6% Apr 11
23
Apr 18
35% Mar 27
Reliance Mfg Co
25
11%
20
64
*44%
2% July
100
Reliable Stores Corp
*63
11%
1
16%
82%May 19
May 19
126
36
100
64
1
15%
5
300
*63
1
15%
*%
45
9
7%
65
14%
par
10
4
100
Preferred
67%
11
Hosiery
11
7%
*64%
11%
*79%
*7
*10
66
21%
5%
38%
9
7%
500
2,500
11%
12%
67%
11
7%
82%
3%
49
16
11%
*978
11%
*64%
21%
11%
*6%
*14
7%
24
10%
55
*80
47
*3
*42%
*7%
7%
*7%
*9%
*10%
700
2,200
18
14%
*44%
1,800
9'
18
69
*60
1%
20
100
66%
*65
1%
19%
22
11%
100
6%
"""800
65
*21
11%
..No par
$5 preferred B
22
*15
9
7%
9%
10%
10%
13
1%
19%
8
*8%
*7%
9%
*10%
8
64
64%
300
*21%
17
11
15,200
11%
17
*9%
*12
12%
5%
6
*78% 100
65%
65
.10
Jan
preferred...
22
16
*7
12%
5%
6
*78% 100
20%June
7
July
Nov
%
8%
15
16
*8%
65
*12
Jan
Jau
5% July
Nov
Pub Ser 121 A Gub pf 15.No par
*21
17
3%
6
Mar
120% Dec
14% Mar
2%
30
3
Jan
*11%
*16
49
12%
5%
2% Mar
10% Mar
74
Apr 25
Apr 8
6,300
85% July
Dec
Apr
Apr
103
17%
17
86
129
1,100
4
38% July 10
40% Feb 6
3% Jan 24
8
115
71%
Mar 15
2438 Jan
58% Aug
Mar
1%
10
16% Mar
124
7
100
70%
16%
Mar
Mar
55
60
Pittsburgh Coal of Pa
fi%
6
41
Feb 16
Pirelli Co of Italy "Am shares"
100
33
Jan
Feb 27
100
6,300
5% Jan
1% Apr
3
No par
"ejoo
57% Jan 3
91% July 12
2% July 13
14% Nov
13% July
75
.50
...50
preferred
7
8% Mar
1
Nov
preferred
85%
Oct
3% Mar
11% Mar
43
7%
26%
Oct
2%
Mar
6%
7
21%
30
15
26
Oct
Mar
1% Mar
3
2% Feb 25
11%June 9
47
700
*80
42%
13
Jan
Feb 17
Pierce Oil 8% conv pref
170
1% Mar
31% Mar
19
8
800
116%
July
3% Oct
2% Jan 3
43%June 13
Apr
400
165
Dec
13% July
30
36
Petroleum..., No
conv
Mar
50
112
141% 142%
11%
"21
*3
17%
7,100
14%
21
*42%
17%
*78% 100
112
650
22
14%
21
3%
17%
1%
14%
11%
49
16%
19%
22
*3
71%
*12
5,800
6% Mar
16
47% Nov
Preferred
100
26
5
Dec
Dec
17% Mar
preferred
conv
5
13%
Mar 10
*124% 126
7%
71%
1%
14%
*11%
*42
27%
71
v
*24%
165
164%
116% *115
81
18%
*21
12%
126
141%
81
1%
8%
7
112%
Phillips Jones Corp.
5%
5%
103
8% Mar 14
44% Jan 5
5% conv prof series A.-.100
Class
Mar
7%Maj 19
5% Apr 10
Philip Morris A Co Ltd..
300
59%
59% 59%
118% *117% 118%
38%
38%
38% 38%
85%
71%
18%
8%
7
6%
85%
"4~2o6
8%
65
28% Apr 11
6
Pond Creek Pocahontas No par
118
113
85%
8%
4
25
12%May 22
*%
8%
8%
*%
8%
4
par
100
700
2
Aug
61% Nov
102
8% Mar
7% Mar
100
1%
Mar
15
7% pref class B
600
Sept
MarlO
5% pref class A
"i'500
1
29
88% June
5% Mar
MarlO
50
9%
Feb
41
140
1,500
Jan
9%
34
8
7% Apr 10
22
Apr 4
"i~620
26
6% Nov
8
Pitts:.urgh Steel Co.. ..No
1'
14% Jan
107% Jan
13% Jan
Oct
Dec
8
Pitts Ft W A Ch 7% gtd pf 100
Pitts Screw A Holt
No pa
9
4
Jan
6
18%
Jan 18
7% Apr
Phlla & Read C A I....No par
1st
5
15%
Dec
Apr
100
16
Jan
Feb 14
Mar
3% Mar
15%
Apr
800
26%
Jan 20
10
15
8
22
4
17
5%
1
1%
8%
5%
19%
8%
19%
*8
8%
%
100
3
No par
preferred
Phillips
5
Jan
21
..100
....
tPMla Rapid Trans Co
7% pteferred
Phoenix
Jan
Jan
60% Jan
104
Highest
$ per share $ per share
100
preferred
Corp of Amer
Co...No
Pheips-Dodge Corp
Philadelphia Co 6% pref
7%
8
11%
4%
16%
6%
1%
Lowest
share
No par
J 00
preferred
Pillsbury Flour
20
200
3%
9%
19%
10
8%
112% 112% *112% 113%
112%
*125% 127% *125% 127%
xl26
126% 126%
125% 126
140
140
*139% 140%
*140% 140%
140% 141
141%
*160
165
165
165
164
164
*164
164%
164%
*113
*113
117
116% *113% 116% *113% 116% *115
27
24%
25%
25%
25%
25%
26%
25%
26%
7
9%
1%
*
59
*81
'
9
7%
117
6%
85%
21
8%
1%
3.
19
7%
*171
*5%
*7%
*18%
100
62
5%
59
6%
....
*61
8
9%
*81
62
*5%
9
37%
*4%
prior
Feb
per
19%
22%
1%
5%
17%
Petroleum
10
44
50
Pfelffer Brewing
10
18
*7%
9
113
5%
*61
"
*15
18%
5%
117
37%
*15
"2%
8%
59
37%
50
3%
5%
117
*112% 114
62
*234
42%
7%
*7%
19
8%
3%
9
9
*8%
*1%
8%
%
19
*2%
*61
*2
42%
16%
*171
5%
7%
24%
13%
22
8%
%
28%
*48
7
*61
100
50
*6<4
64
3,800
2%
28%
7
*60
34-%
*48
*6»4
5%
34%
2%
34
31
50
7
900
4%
*25
28%
*6'4
44
5%
5%
Pet Milk...
200
31
*6%
*2714
2i.i
*42%
16%
*25
4%
34%
*2%
*42%
*6%
*27%
44
*13%
*4%
41.i
RR
Marquette
*6
40
*42%
16%
5%
1,400
3%
4%
Pere
130
100
2%
44
*4%
20%
20
*2
*42%
*2%
25
*19
*3%
%
4
Pennsylvania
680
2%
44
2%
300
1,300
10%
*18%
1.,
*42%
2%
*13%
*24%
17,100
3%
*25
2%
*10
8
*2
3%
3%
.
*80
2%
3%
*%
137
3%
31
*2
89
*131
8
10%
24%
20%
*18%
7%
7%
36%
85
135
Apr
30% Apr 11
2
May 10
44
89
12
120%June 20
15% Apr 10
Peonies GL&C (Chic).-.100
Peoria A Eastern
100
44
137
Apr 11
900
*81
%
No par
19
q
44
*%
No par
v t c
Apr 11
37
85
14
Corp
3
*o
43%
%
*87%
7%June 12
48
Apr 10
74
Apr 10
3
Apr 3
*36
7%
2%
A...Nc par
pref
conv
5% Apr 10
36%
36%
3%
$7
ser
4
Apr 11
11% Apr 10
l%June 29
*2
7%
*3%
Penn G1 Sand
13
1% Apr
36
Cement...No par
pre!
conv
June 26
36
7%
*2
17
17
24
35%
9
100
6% Apr 10
Apr 10
7% Apr 11
80
Peoples Drug Stores. ..No par
20
*18%
3%
*12%
*121%
Penn-Dlxie
May 10
700
*81%
9
13
25
No par
Penn Coal A Coke Corp....10
% Apr 1
41% Apr 14
100
37
85
*3%
*22
Penney (J C)
June 26
37
44
2%
500
No par
5
17%
*80%
334
3%
...No par
1
17%
*43%
*3%
2,100
Corp..
Patlno Mines & EntcrprNa
par
Penlck & Ford...
8
18
38%
44
*2
7,000
2%
800
Apr
17%
38%
85
*80
23
*12%
7%
35
1,900
3%
23
7%
36%
6%
6%
20
18%
:
3%
8%
54%
91%
Pathe Film
3
2%
9%
24%
20%
9
20
*3
400
5,900
8% July 14
10% Apr
36
24
8%
2%'
1%
9%
1
Parke Davl« & Co
No par
Parker Rust Proof Co
2.50
Parmelee Transporta'n.No par
$
39%
*2
24
8%
54%
91%
*121%
35%
2%
3
3%
*12%
121%
16%
13
...
16%
16%
91%
1%I
*22
1634
23%
*130
1%
42%
8%
No par
preferred..... .100
Paramount Pictures Inc
1
6% 1st preferred
..100
1
1%
54%
Inc
conv
10
16%
*1%
9%
8%
54%
90%
*2
1%
Paralflne Co
6% 2d preferred
42%
10
10
Range for Previous
Year 1938
Highest
8 per share
No Par
Airways Corp
..5
Pan-Amer Petrol &
Transp..fi
Panhandle Prod & Ret new__l
Park «& Tdford Inc
Park Utah CM
"
1%
10
Corp
Packard Motor Car
Pan Amer
1,200
10%
20
16%
90%
*35
*16
200
42%
1%
3
10%
10%
20
14466
9%
93
1%
90%
35%
10%
*16
9%
93
16%
*1%
*2%
8%
93%
42%
89%
*21
*35
958
93%
Par
_
Pac Western Oil
4%
1%
*8%
*53%
90%
*1%
*12I4
*121%
3634
100
16%
54%
...
"""566
42%
1%
1634
%
47*2
*98
1%
54
3%
%
*46%
16%
54%
3
%
47%
42%
54
3
6%
1%
42%
89%
89%
*1%
2,300
16%
1%
42%
*16
55
*54
16,100
14%
*5
6%
9%
93%
*16
1%
*413s
14%
200
8%
3%
3
14%
*98
"
8%
93%
93
8%
3%
14%
*5
%
*46%
463
46
....
8%
*90%
*9%
*90%
*9%
20
*934
*16
%
*43%
*100%
3
3%
13%
34
9
*8%
*4%
*44
Lowest
„
9
*13%
♦100%
Range Since Jan. 1
On Basis of 100-Shars Lots
Week
9
377
EXCHANGE
July 14
9%
3%
3
3%
,
STOCKS
NEW YORK STOCK
the
CENT
Thursday
July 13
Friday
July 12
per share
*8%
NOT PER
Sales
for
Saturday
8
Dec
Dec
12
Mar
58
Mar
68
Mar
79
Mar
8% Mar
1 Called for redemption.
New York Stock Record—Continued—Page 9
378
SHARE,
SALE PRICES—PER
LOW AND
HIGH
Saturday
Monday
NOT PER
CENT
per
share
*11%
12%
*71
July 11
$ per share
73
NEW
116% *114
*114
:
6
*5%
6
6
50%
51
51
6%
534
51%
116% *114
%
%
%
*%
%
%
*1%
1%
17%
*1%
*17%
1%
17%
1%
17%
*2
1%
1734
2%
*2
3
76%
15%
77%
1534
77
78%
15%
16
12
12%
2
75%
75%
75%
76%
15
15
15
15
3
*11%
12%
*11%
*11%
12
*4834
56%
*4834
56%
*52
56%
*52
3%
3%
*4
4%
4534
44
9
*3634
37
a: 10%
107g
104
10%
18%
1912
6%
6%
6%
22%
*2%
22%
*18%
*93%
96
3
3
19
95
95
*90
*90
107%
105
106
*105
19%
*93%
100
3
*18%
*18%
100
*90
*105
10%
22%
6%
22%
*2%
*18%
22
37
10434 10434
*104% 105%
6%
6%
*21%
*2%
18%
*18%
9
*8%
*36®4
1034
9
9
37
10«4
*44
46
*43%
9%
37
104
600
800
Scott Paper Co
11
19
19
19%
4%
*44%
9
1%
1734
2%
78%
*1%
*17%
1%
18%
1534
13
15%
*12%
*53
6%
23%
234
*6%
22%
*2%
*4
4%
*18
*6%
6%
23%
19%
19%
19%
24%
234
*20%
*34
40
*34
*12%
1334
1%
*6%
.
7
*16
7
*6%
17%
*6%
*16
17%
40
1%
16%
1%
7
*34
1%
7
1%
134
*34
40
*34
40
134
1%
7
16%
1%
*7%
*16%
17%
*16
4034
*21%
41
41
41%
41%
41%
22
22
22
22%
2234
4134
22%
43%
24%
*49%
49%
11%
49
49%
11%
*47%
4834
4834
*11
*67
68
*2084
21%
6%
634
*104
*105
107
2%
10%
66%
21%
6%
2%
*5%
6
*1134
*1534
25%
14
2534
24%
24%
1634
4934
107
25
79
7%
4%
10%
10
6%
6%
51
*4934
*123
127
11%
*22%
2
11%
2234
2
*12
12%
25%
*7%
25%
8%
67%
67%
22
22
22%
6%
23%
24
23%
*12%
*17%
*58%
18%
18%
2,600
26%
2534
26
5,700
2434
7,900
Standard Oil of Indiana
*40
25%
4934
25
*24
42%
*42
10%
634
50
128
11%
23%
2
*12
*24
*7%
*16
25
79
10%
6%
42%
*23%
79
50
4934
42%
25
11%
23%
2
12%
79%
6%
14
*40
42%
*23
79
234
2%
634
634
14
*14
42 34
734
2,200
*4%
11%
11%
7%
7%
50%
50%
6%
7%
*23
2
12%
2534
26
8
*7%
*1734
26
11%
2334
51
2334
2%
*1234
ll3g
11%
2334
25t2
2%
2%
*1234
534
534
*58
*334
*32
3
*17
634
4%
3
43%
4%
5
6
6
6
37
36%
37
4
*4
5
4%
*5%
6%
*42%
*4%
36%
3634
4
2734
28%
27%
7%
784
*7%
8
334
14
18%
5934
334
*32
32%
*3
3%
18
4
634
*13%
18
*58
*3%
*32
3%
134
*16%
1%
3%
3%
7
6%
6%
4%
32%
31
*3
3%
3
18
*16%
18
*1%
134
*15%
*1%
*3
3%
*3
*22
2284
134
22%
2234
134
1%
2
*1%
2
2
9
9
*8%
9%
10
10
10
10%
11%
*8%
11%
9%
*1134
1134
11%
11%
91%
1234
12%
91%
12%
*88%
13%
41%
12%
*91
11%
92
117g
*38%
6
*88%
92
91
91
1178
*1134
38%
534
8%
*5%
2%
12
12
1234
39
6
8%
*5%
2%
*74
*3%
*6%
*18%
*29%
*17g
8%
6%
2%
7678
3%
8%
1834
31
*74
*3%
*6%
18%
*29%
*8%
*2%
*47
2%
*2
2534
*22
*23
9
2%
49
7%
8%
*2%
*47%
7%
7%
3834
39
5%
5%
8%
*8%
*5%
2%
6
2%
76%
3%
8%
18%
31
2%
25
8%
2%
49
7%
*74
*3%
*6%
19
*29%
23
23%
24
24%
31%
40%
5%
6
8%
2%
76%
3%
8%
19%
31
2%
7%
9%
2%
49
7%
2%
25
103g
*17%
22%
35%
10%
18
*117
22%
35%
10%
*1734
10%
*58%
60%
*15
16
*15
16
•
Bid and
asked
■P'l
59%
*15
Truax Traer Coal
100
Truscon Steel
7,800
20
20%
3034
*29
3034
2%
*2
25
10
2%
258
117% 117%
10
934
234
*2%
79-
77%
118
118
16%
16%
16%
16%
96%
9634
97
97
87%
22%
88%
88
88
22%
2034
21%
36%
37%
36%
37
11%
18%
18%
18%
18%
18%
117
*115% 117
*115% 117
118
117
60
60
60%
16
16
16
prices: no sales on this day.
11
61
*16
113s
10%
61%
*60
61
17
*1534
1634
{ In receivership,
-
—
100
25
*23
79%
10%
18%
No par
100
8%
7834
10%
$6 preferred
3%
*7%
8
36%
11%
300
3%
8%
8
22%
60%
80
3%
8
36
*58
Tri-Continental Corp.-No par
8
21%
18
Transue A Williams St'lNo par
8,900
49
36
*1734
300
234
49
21%
2
6%
50
35%
*117
Transcont'l & West Air Inc._5
10
21%
10
Transamerica Corp
48
734
77%
17% April
No par
2,500
21%
2%
100
pref
2,700
20
♦2
conv
Tlmken Detroit Axle
2,300
*6
a
No par
10
20th Cen Fox Film CorpNo par
$1.50 preferred
Preferred
6,300
1,100
1,100
1,300
12,100
60
1,900
2,700
1,700
1,200
12,900
8,600
Twin Coach Co
7% Apr 11
1
No par
2
Mar 28
Under Elliott Fisher Co No par
44
Apr 27
Union Bag A Paper—
684 Apr 10
65% Apr 8
Ulen & Co.
No par
Union Carbide A Carb-No par
.
100
Union Pacific
Union Tank Car
10
Un Air Lines Transport
1,000
200
Def. delivery,
20% Mar 28
33
Apr 11
United Carr Fast Corp .No par
133g Apr 11
No par
100
r Cash sale,
Aug
8% Mar
10% Mar
15
Nov
16%
June 10
4
Jan 10
Feb
1% Mar
15% Dec
4
x
Ex-div
Jan
Jan
Jan
141
Nov
25
July
22%
Jan
23%
Dec
Dec
33»4
40% Nov
2
Mar
4
Mar
11
July
19% Dec
24
Mar
15% Mar
7% Mar
49% Dec
17% Nov
45% Dec
157g Dec
70% July
31
July
29
June 22
16% Mar
Jan
3%
28
128
4
33g Jan
8% Feb
50
Oct
19% Mar
9% Mar
5% Mar
8% Mar
17% June
1
39% Mar
Mar
6% Mar
9
8
48% May
12% Mar
30% Mar 10
4% July
6% Mar
9%
Jan
June 17
94
Mar
107%
Feb
5% Jan 20
2
Mar
5%
Jan
11%
Jan
July
July
7% Jan
108
3
4% Mar
10% Sept
24% Jan 19
30% Mar 14
5
9
3
28
Mar
25% Mar
2434 Mar
29% Jan
50% Mar
53% Jan
3334 Jan
23
13
103g Jan 20
20% Feb 6
3
50% Nov
71% Nov
49
Mar
5
6
May
June
12% Jan
6% Jan
»
6
17% Jan
6
5% Mar
8% Mar
4
3% Mar
66
Jan
347g July
35% Jan
32% Apr
3934 Mar
17% Mar
7984 July 13
4
128%June 17
1134 July 6
38% J«a 3
3% Jan 6
22% Jan 4
30% Mar 14
10% Jan 13
19% Jan 19
28% Mar 27
10% Jan 4
8% Jan 4
7% Mar 11
42% Jan 24
6% Mar 11
6% Jan 3
48% Jan 3
534 Jan 3
32% Jan 5
10% Jan 6
45
Mar
Feb
8i2 Dec
119%
17% Mar
134 Mar
884 Mar
177g Mar
6% June
15
Mar
68% July
34% Nov
12%
Dec
11
Jan
17% Nov
9%
Oct
65%
Dec
128
15% Aug
21
22% Mar
434 Mar
29«4
37g May
8%
5
Mar
34
Apr
4% Mar
37g Mar
9%
5% June
8
26
Mar
38
7
Mar
12% Aug
6*4 Mar
57g
11%
13
Mar
26
15
Mar
25%
53% June
60'4
Jan
7
434 Jan 10
21
3
Jan 10
Mar
2
3% Jan 10
3
334 Jan 4
15% Jan 3
14% Mar 10
28% Jan
96
Feb
9
3
3
734 Jan 10
10% Jan 3
18% Jan
54% Jan
27g
35
Apr
Apr
2% Mar
15
Mar
1
Mar
Oct
Oct
67g July
56
Jan
5% July
1834 Nov
2%
Jan
6% July
287g Nov
8
Mar
19% Nov
31% Mar
55% Nov
4
July
19
July
15»4 July
98
July
5% Dec
1284
Jan
Mar
10%
Oct
4
Jan
3% Mar
5% Mar
88
July
Mar
Mar
Mar
Mar
Apr
47g Jan
Jan
Oct
Feb
8%
1%
684
20%
77%
1334 Jan
J n
4
Dec
3% Mar
47g Apr
2% Mar
77
June
10 7g
Jan
49% Aug
4
40
Jan
Oct
32% Mar
2% Mar
Marl6
9
Oct
49% Nov
22% Jan
May 17
Nov
10% Nov
6
4% Feb
Oct
14% Mar
43% Oct
4% Aug
23% Nov
32
July
Jan
9
12% Nov
47g July
91
Nov
26% Jan
16% Mar
6% Jan
15% Nov
28% Nov
34% Jan
25% Mar
38
July
6
Jan
Jan
16
Mar
44
Jan
12% Jan
484 Jan
6
Mar
13% Nov
2% Mar
3% Jan
30
66
1% Mar
41
Mar
Oct
70% Nov
15% Aug
Mar
907g Nov
4
17% Mar
55% Mar
22% July
99% Nov
8
59j4
Mar
83% Nov
23% Jan
19% Mar
43% Dec
57
90% Jan
July 14
1934 Jan
5
23% Jan 5
42% Feb 25
20
Apr
4
5
Mar
18% July 13
14
Sept
13% Mar
119%June 16
65% Mar 10
110%
Jan
39
Jan
Mar 13
1284
Apr
20
6
7% Mar
Jan
12% J an
Mar
No par
New stock,
19%
Mar
7% Apr 11
I57g Feb 24
112% Mar 13
52
Apr 8
n
Mar
89
5
United Carbon
10
104
5
Preferred
Aug
Apr 13
78
No par
United Aircraft Corp
United Biscuit
Oct
24
118
.100
4% preferred
105
Apr
113%May 17
16% June 30
81% Apr 11
Union El Co of Mo $5 r' vo par
Union Oil of California
—25
-
900
7
No par
Twin City Rap Trans.-No par
$4.50
5,600
5%
*29
*23
200
1% July
7% Apr 10
11% Apr 11
87
Apr 11
10% Apr 10
34% Apr 11
5%May lo
6% Apr 10
5% Apr 10
2
Mar 31
74
Apr 10
3 * Apr
3
6
Apr 10
16% Apr 11
28
April
1% Apr 8
8%
10%
2%
35%
10%
18
Tide Water Associated Oil. .10
49
22%
*117
8%
500
2,400
534
*76%
3034
1,500
9%
12%
8%
76%
20
Apr 10
5%
76%
19%
17
9
76%
*29
Mar 22
1,600
41%
8
3
Tlmken Roller Bearing-No par
42%
Apr
1% Jan 17
Thompson (J R)
23%
1%
2%
*3
14
10
Third Avenue Ry.
.100
25
Thompson Prods Inc. .No par
Thompson-Starrett Co.No par
$3.50 cum preferred-No par
42
2 34
3%
8%
2% Apr 10
$3 div conv preferred
May
13
Jan 28
3% April
31
July 14
100
Nov
91
60
56
Thermold Co
Jan
3434
98
21
No par
Preferred
140
7
No par
$3.60 conv pref
The Fair
Jan
24% Nov
122
3
1634 Apr
No par
100
91%
14%
638
*7
100
100
Ry Co
rMfg
700
14
2%
*3%
100
1
1%
*88%
6®8
*74
Texas A Pacific
Tatch
1,000
No par
10
334
1%
2%
75
75
75
75
74%
74%
75%
*115% 11634 *11534 11634 *11534 117
*11534 117
*16%
16%
16%
16%
16%
16%
163s 16%
95
95
95
95
96
9484
95%
94%
*86
88
*87
8734
8734
8784
8734 88%
22%
35%
14
100
July
30
10
10
10
6% Apr 11
1134 Apr 10
Texas Pacific Coal & Oil
18
9%
6%
*2
9%
884
91%
Texas Gulf Sulphur
Texas Pacific Land Trust
Apr 10
34%June
3% Apr
26% Apr
7% Apr
25
Texas Gulf Produc'g Co No par
400
3%
12
2%
*23
48
a:534
2
700
5
(The)
1
35% Apr 26
4% Jan 26
4
Apr 8
50
5
53^% preferred...
2,600
31
*16%
1%
*3%
23%
6
2
7%
334
834
25
2%
134
*3
3934
2
9
*1%
834
*23
48
1%
3%
39%
5%
6
*3%
32
3%
3,400
5
9
Telautograph Corp
Tennessee Corp
4%
59%
4%
32%
Talcott Inc (James)...
Texas Corp
17
8
24%June 30
4% Apr 10
4
Apr 8
1
Without warrants
6%
*13
*18
134
1%
3
15%
1934
59%
634
14
3%
2234
28%
7%
7%
18%
5934
*3
2234
36%
27%
18%
*334
2,300
14,500
1,500
3%
14
*58%
400
6
3%
14
*1%
18
July
50
5
36
18%
5934
200
43%
*4%
534
734
6%
*58%
7
Superior Steel
400
6
*42%
5%
6
28%
4%
4%
*5%
43%
6
7%
17%
32%
*42%
4%
.
*27%
634
*13
5934
42%
*5%
4%
28%
14
8
Symington-Gould Corp w w.l
534
19
Apr
2,200
6
534
...
Apr 28
Apr 10
6
8
*73g
700
4
Apr
Swift International Ltd
26
26
4
120% Jan 27
7% Apr 11
Superior Oil...
Jan
3%
Apr
21% Jan
2
1,300
100
6
10
2,200
1,300
9%
35% Nov
Mar
333g Jan
25
18%
8
2%
13%
Mar
Mar
Oct
18% July
Oct
45
23% Jan
Apr
27
26
2
*12%
Mar
Apr
283g
106%
z84
21% Jan
22
18
*5
634
10
27
*738
2%
13%
3
283g July 13
Superheater Co (The).-No par
I83g
4%
7%
Sunshine Mining Co
27%
5%
28
600
18%
*4%
*7%
7,800
25
100
6% preferred
150
Ti%
25
Mar
141
6% Apr 10
46
Apr 8
No par
27
7%
6%
4%
*27%
800
18
434
4
5134
27
*5%
*4%
24,300
Studebaker Corp (The)..... 1
Sun Oil
484
12%
2%
147g
18%
20%May
40% June 30
20% Apr 8
65
April
7
Apr 8
3% Apr 8
8% Apr 8
No par
18
*73g
*4%
42
Stone A Webster
7%
7%
200
13,500
26%
7%
26
26
5%
434
Stokely Bros A Co Inc
Jan
46
18
26
4%
5%
42%
Stewart-Warner
Jar
3
25%June 29
23% April
4%
51
11
par
26%
26
14
5%
*43g
26
par
1
.—100
Sutherland Paper Co
10
Sweets Co of Ainer (The)...50
Swift & Co.—
..—25
2
12%
r4%
5%
42%
Tl3g
par
10
...5
1
Sterling Products Inc
Mar
1384 Jan
1
4*4 April
10
April
13% Apr 10
11%
4%
11
*128
*128
*128
11%
4-'%
Standard Oil of N J
Mar
93
21
2% Apr
par
Starrett Co (The) L S—No par
734
4%
128
18*; 500
25
8%
11%
11%
43
7%
4%
128
4234
*23%
734
534
*12%
*17%
98
25
10
25
Standard Oil of Kansas
"3,700
10%
*50
100
79%
414
10%
6%
25
*40
5,000
79%
*4%
10%
50
43%
6%
6%
*14
1,100
7934
7%
684
7
15%
2%
2%
79%
7%
50
2%
793g
7%
734
18
2%
Apr
Apr
10
Feb
95% Jan 19
18% Apr 11
6
Apr 8
Standard OH of Calif..No par
2434
4934
4%
3
$4.50 preferred
20%
June 22
75% Mar
No par
No par
Standard Brands
12% Nov
253g July 13
1
Square D Co class B
400
18%
36%
4%
32%
1,600
14,000
6%
106
9% Nov
6<4 Mar
60
No par
24%
36%
3
106
pref
2534
36%
*312
32%
24%
634
Conv $4.50
18
13
6
5934
6734
630
290
24%
4934
4234
*4%
7
10,200
26
7%
4%
14
106
49%
11%
70% Nov
49% Nov
477g Feb 18
Apr
Nov
10134June 26
107% July 14
17% Mar 11
17% Mar 11
11
(The) vtc
No par
$3 conv preferred A .No par
Spiegel Inc—
2
Oct
23
Aug
4
Spicer Mfg Co
Jan
July
Mar
April
42
Apr 17
9% Apr 11
Sperry Corp
1734
6
19
106
6,500
24%
6
534
*12
27%
*7%
*6%
106
13,200
24%
25%
2%
2%
6
534
3638
334
106
6%
43%
5%
18
3
2134 Jan
29% Jan
14% Apr
36
17
17%
27
107
634
200
2434
26
42%
478
*11%
300
26
17%
*43g
534
36%
384
*49
1134
67%
4934
7%
17%
Feb
36
7
Mar 22
1% July
4«4 Apr
Wlthington
No par
Spear A Co
1
Spencer Kellogg A Sons No par
45% Mar
32*4 Jan
3%June 24
34
Mobile A Ohio stk tr ctfs 100
16%
26
*40%
50
11%
68
1%
23%
Mar
Jan
July
5
15% Jan
10%
11%
15%
127
10
107
6
Apr 11
Apr 17
Jan 24
Apr 8
April
April
14
80%
Mar
9% Mar
3
38
5
1% Apr
.
24%
18
5%
4234
24%
Sparks
60
40
*134
*6%
*16%
"MOO
200
2534
26
5%
4%
*34
5,200
21,900
16,100
9,200
Oil Co Inc. 15
Platinum..1
So Porto Rico Sugar—No par
8% preferred
—100
Southern Calif Edison.....25
Southern Pacific Co
100
Southern Ry
No par
5% preferred
100
South Am Gold A
2,000
17
I77g
4%
*47g
138% 138%
28
28%
13%
13%
15%
15%
22
22%
Smith A Cor Typewr„ No par
Socony Vacuum
47
5
7% jan
lOUJune 13
12% Apr 8
10i2 April
Snider Packing Corp. ..No par
26
2534
5%
18%
200
1,600
17,600
24%
4934
7%
127
*18
80
400
14%
18%
534
79
*7%
*4%
4334
253g
800
27%
50% Feb 16
1134 Feb 24
6
April
Jan
Oct
Dec
7g
1% Mar
15% Mar
234 Dec
Jan 11
69
10% Nov
507«
113%
Jan
%
6
2134 Jan
10%June 29
{Stand Gas & El Co...No
$4 preferred
No
$6 cum prior pref
No
$7 cum prior pref
No
14
41%
*23%
79
7%
17%
1134
134
49%
11%
6%
"""260
200
20
3% Jan
1% Nov
Mar
34*4 Mar
112% Dec
18% Jan 10
100 101 May 1
4»4 Apr 11
Sliver King Coalition Mines—5'
17% Apr 10
Simmons Co
No par
2% Apr 10
Simms Petroleum
.
10
16i2 Apr 11
Slmonds Saw & Steel—No par
18i2 Apr 8
Skelly Oil Co
25
92
Apr 8
6% preferred
100
70
Apr 11
Sloss Sheffield Steel A Iron. 100
Jan 18
$6 preferred
No par 101
11% April
Smith (A O) Corp
10
700
14%
11%
4
5H % conv preferred
4,000
ll3g
1%
11
6%
6%
2334
234
19%
.19%
20
67
*105
2%
*42
4134
1%
14%
*10%
11%
6%
28
No par
Shell Union Oil
500
107% 107%
67%
*21
634
*5%
*11%
*16%
2534
24%
41%
*23%
43
24%
40
1914
11
21%
2%
*42
6%
233g
*2%
67
67
Sheaffer (W A) Pen Co.No par
3,100
99
11
June
20
96
11
43
8
*90
107%
14%
par
par
Shattuck (Frank G) —No par
*94%
12%
1378
20%
27
27
$3.50 conv pref ser
par
500
99
*14
14%
1034
Sharpe A Dohme
200
96
107% *105
107% *105
14
13%
$5 conv pref
"l",506
par
9
*95
95
100
No
No
No
A .No
Sharon Steel Corp
500
Jan
46
*834
*94%
95
Servel Inc
3,400
45
113
Jan
Feb
3
78% July 18
11% April
10% Apr 11
54i2May 22
378May 8
Sears Roebuck A
18,800
13
*18
1934
10%
1034
10%
20
20
19%
19
19
1934 20%
19%
11%
11%
11%
11%
1134
11%
11% 11%
134
1%
134
1%
I84
1«4
1%
*1%
18
*1734
1838
18%
*17% 18% *17% 18%
*138% 140
*138% 140
14034 14034 *138% 140
27
27%
27%
27%
2734
283g
*2634 27
13%
13%
12%
13%
13%
1234
12% 12%
I53g
14%
15%
15%
14% 14%
14%
13%
21% 21%
21% 223g
223g
22%
20% 21
11%
11%
*1%
134
*1712 18%
14034 14()34
78
19%
1934
19%
l%june 27
60% Apr 10
1
Seagrave Corp
2%
77%
46
9%
*2%
No par
Co—No par
56%
4%
48
*2
100
100
No par
No par
27%
85
June
% Sept
*8 Apr 25
1
Apr 8
16% Apr 8
$4.50 preferred
800
16
3^4 Apr 10
Apr 8
1334 Sept
62
Jan 20
1
J Seaboard Air Line
No par
4-2% preferred
100
Seaboard Oil Co of Del-No par
1,100
37
37
39
39
*3634
*3634
11
1034
10%
1034
|
10%
10%
1043410434 :* 104
10434 *104
10434
♦91
95%
100
*1334
*10%
14%
*13%
*10%
14%
*13%
*10%
19%
*53
4%
%
177g Mar 9
75% Mar 15
67
1
Highest
$ per thare $ per thare
IDs June 30
Apr 14
% Apr 10
5
100
. . —
Lowest
Highest
$ per thare
10% Jan 25
5i7gjune24
117%May 29
*4 Jan 5
2% Jan 6
223g Jan 6
10
%
56%
*1%
1734
9
46
*884
4
600
3,600
38
%
44
4
Schenley Distillers Corp
5H% preferred
2.800
*5%
6%
51%
*50%
50%
116% *114
116%
*2
12
*43
12%
75
Lowest
Par
{Schulte Retail Stores .
8% preferred
1234
56%
12%
75
%
534
Range for Precious
Year 1938
100-Share Lots
$ per thare
Week
Shares
lo
77%
1534
*1%
17%
*1%
*3%
12%
%
1%
17%
%
*1%
*1714
per share
75
%
51
116% 116% *114
116%
123g
*74
%
%
$
On Basis of
YORK STOCK
EXCHANGE
the
July 14*
$ per share
74
7334
%
Friday
July 13
$ per share
12 U
12
50
*5
4934
51%
73
*%
%
%
%
534
%
534
*50
12%
12%
*72%
72
72
12
July
July 10
$ per share
12
12
July 8
$
Thursday
Range Since Jan. 1
STOCKS
Sales
for
Wednesday
Tuesday
July 15, 1939
y Ex-rights,
13»4 Nov
20
Nov
118% Aug
73% Nov
20«4 Nov
f Called for redemption.
Volume
LOW
New York Stock
149
AND
HIGH
Saturday
SALE PRICES—PER
Monday
July 10
% per share,
$ per share
2%
3434
♦56
*438
*56
4
*334
*75%
77%
1234
1234
114*4 11434
*414
4l2
*578
*72
$ per share
$ per share
56
5%
*29%
79
»%
14i2
*312
3%
6%
*3I2
*6%
334
*6is
33
*43
50%
*43
4012
*39
1%
*3634
*6'4
4534
10612
3558 35%
*453s 46
634
11
*9i2
8384
*161
*60%
65
5s
2278
*1912
1984
*30%
3078
*11534 116%
*4034
41%
*2334
24
*19i8
258
20%
*115i2 116
*134
2
*5I4
11
*82
*184
*5i4
8
129
2
1
Vz
*84
1%
23
105
478
*67%
*120
73g
50%
43
*634
*37
2
43%
1%
42%
38
1%
53
42%
*36%
2
43%
10934
51%
43
4334
IO884 110%
49% 50
109
111%
51%
109
*69
*69
69%
4738
48%
106% 107%
36%
36%
*69
69%
473s
45%
106% 107%
36
36%
46
*2
*6%
51
46
2%
*50
2%
2%
7
7
6%
6
2
2
1,400
*52%
*9%
58
11
11
*10
11
*80
82
*8034
82
*161
United Stockyards
1,100
2%
*53
57%
*161
...
*52%
57%
9%
8OS4
9%
8034
163
*161
"""366
Universal Leaf Tob
30
8%
2
*6%
734
*184
*68
7534
*120
1%
*1%
*1
1%
22%
22%
2234
22%
105
*95
10
*134
*32
4%
48
212
*9
1%
*134
35
4%
*48
11
*32%
4%
4'4
50
23g
*8
50
2%
22%
99
*8%
~
26%
*25
1634
*16%
1634
*24
25
24%
3
*2i2
3
24%
*2%
*1
13s
26*4
*1
26%
*16%
24%
*234
1712
*17
18%
60
60
*60
61
*94
95
107
107
94%
96%
1073g 108
100
100
29%
29%
*212
*3%
234
*%
17
*60
96%
108
234
434
%
*%
%
*10
10%
4%
50
*78
18%
19i2
1934
20
*9534
96%
96%
*131
44
20%
*9%
20%
10%
*134
*3234
52
*2%
*9%
5%
234
2%
26
26%
2%
*84
17%
60%
17%
60%
96
96
1834
97
98%
133
400
%4
107% 108
107% 108
330
101
102
102% 10234
12034 122
115% 116%
31%
31%
290
120% 121%
121% 122
115% 115%
30%
31
116
31%
116%
3134
2%
2%
*434
5%
%
2%
*%
*%
1
20
22
20%
21
9634 100%
134
134
16
16
16
16
16
16
39
39
39
39
*38
39
*22
2278
23
23
23
*315s
22%
33
*22%
33
*38%
22%
*31%
16%
17
*2%
484
*%
*%
1
22% 23%
20%
21%
100% 102%
133
17%
*38
23%
..No par
conv
100
17%
30% Jan
35% Mar
5
1
conv
6%
preferred
100
1% Mar
43fj July
1%
3%
Western Marylard..
4%
1%
23U
*22
*2%
2%
*134
2
3%
*338
8%
8
8%
*4
434
*4
434
*1%
1%
1%
1%
23%
*22%
2%
*2%
23%
2%
*22
*2%
35s
3%
37%
*3538
114
*16%
46%
*12%
*47%
1%
134
334
3%
*35%
114
*110%
17
*16%
4634
46%
13%
12%
*47%
3%
3%
37%
134
3%
33g
1%
3%
33g
*35%
*110%
36
18
17
~17~
47%
12%
47%
1234
...
*47%
...
47%
1234
....
1,000
39
39
23%
3284
23
23%
800
33
100
30
ICO
50
1,700
34 Apr
16% Apr
18% Apr 8
82% Apr 11
39
15% Apr
z29
Apr
8
6
23% June 24
10
Mar
3234 July
Mar
60
Mar
65
Apr
90
Jan
3184 Jan
100
80
Jan 27
80
prior pref..-No par
45
July 10
9% Apr 25
7
Apr 10
60
White Dent'l Mfg (The S S)20
White Motor Co.
1
4
14% Mar
32% Nov
Jan 27
75
Mar
95
Jan
Jan
42
May
Dec
61
Nov
4
15% July
11
Jan
3
Jan
*2%
2%
2%
2%
234
8«4
234
300
24«4
2
1%
2
1%
384
3%
2
6,700
4
5,300
Willys-Overland Motors.... 1
6% conv preferred... .10
3%
1,000
Wilson A Co
37%
1,100
134
3%
33g
4
3;
1734
473g
4
36%
36%
*112%
36%
3%
*110
1
4
3%
37
...
37%
*110
18
18
18
*18
48
4734
48
13%
1334
14%
47%
*13%
*47%
13%
*47%
*47%
...
50
..
18%
4784
14
900
17,100
1,500
$4
83%
22%
83
83
83
223g
223g
22%
14%
14%
14%
14%
10934110
14%
15%
15%
110
*109
110
11
34%
100
11
1134
85
*75%
34%
84%
*76
84%
198s
*20
20%
20
2034
19
18%
2%
34%
36%
19%
Bid and asked prices; no gales on this day,
2%
37%
*76
20%
19
2%
*32
39
101
30
83%
2234
*82
8334
800
22%
22%
400
15%
15
15%
18,700
80
36%
*76
21%
19%
2%
f In receivership
2%
I
1934l
2%
a Def.
No par
Worthlnvton PAM(Del)No par
Preferred A 1%
6% preferred B
.100
...100
% aeries..
10
Prior p! 4 ^ % conv series 10
Wright Aeronautical
Apr 10
2% Apr 1
1
June 24
238June 24
3% June 29
35
June 15
105% Apr 20
15
Apr 10
Mar
Mar
July
103
25% Jan
60% Jan
23% Jan
36
70 84
23% July 5
31% Apr 19
38
Jan
4
27
63
Jan
5
Jan
3
28% Mar
55% Mar
21«4 July
5
11% Apr 11
98
Apr 11
984 Apr 10
120
.
84%
33%
21«4
114%
21%
55%
Jan
30
74
May
5
85
17
13,000
Apr
8
Zenith
31% Jan
12
Apr 11
2% June 30
22% Jan
New stock,
r
Cash gale,
1
x
Ex-dlv.
Apr 11
y
3%
Ex-rights.
5
Feb 17
Jan
Jan
11% Mar
July 11
Mar 13
par
n
Oct
10% Mar
Jan 18
5)4% preferred
100
Youngst'wn Steel Door .No par
1,400
Jau
3
32
~l~60(j
delivery,
6'b
38g June
Jan
MarlO
Apr 10
No par
bot
65
Mar 31
Radio Corp
Zonlte Products Corn
3%
56
85
par
3% Aug
May 25
75
5
42
Mar
Oct
Mar
5% July
Jan
Dec
Nov
Nov
Nov
July
Nov
Nov
Nov
Dec
60%
IO684
27%
6384
27%
72%
76%
48%
65%
121%
61% Mar
78
Dec
2O84
Jan
39
July
883
Jan
2134
71
Mar
flSg Mar
Jan
24
Jan
62% Mar
11% Mar
Jan
Oct
1% Mar
49% Jan
114
15% July
1% June
3% Feb
6% Feb
5
Mar
43
.No par
100
23% July 12
384 Mar 9
10«4
4134 Apr 11
10% Apr 11
50
May 17
Wrlgley (Wm) Jr (Del).No par
Yale A Towne Mfg Co
25
Yellow Truck A Coach c) B._ 1
Preferred
1384 Jan
13,600
37
20
18%
/nc
14
12% Mar 10
Young Spring A Wire..No
Youngstown S A T
No
79%
20
5
...
90
300
No par
preferred
.100
Wisconsin Elec Prfl% pref.100
Woodward Iron Co
10
Woolworth tF W) Co
10
"""266
*98
108% 110
*11%
12
preferred
Prior pref 4
35
H34
37%
Mach...No par
$6
10
100
110
conv
Wilcox Oil A Gas
....
83%
*20%
Mar
60
Sept
1% Mar
99
2%
20
Jan 12
June 30
5
35
*2%
6
60
82
6% Mar
*32
2%
20% July
31% Dec
3
*97%
*
6
Oct
4
97%
84%
22%
*2%
Dec
3
4
36
18%
*2%
Oct
39
Mar
Jan
99
18%
2%
21
Jan
*95
175s
144
37
Apr
Nov
Mar
9% Mar
31% Mar
20% Jan
Mar 27
July
Nov
1«4
100
1734
103
8
7
July 11
Jan
July
7
*95
175s
Mar
10% Apr
15% Apr 10
26%
34%
145
16% Mar
1584 Mar
6I84 Mar
Jan
Jan
Jan
1
34
193g
1% Jan
24% Jan
3184 Jan
1%
3%
34%
33%
124%
8
*30
*75%
% Mar
84 Dec
Deo
l%May
39
79%
4%
9
Mar
3% Apr
*33
20
May 20
2% Mar
34 Jan
120
26%
3
Jan
Nov
119% Nov
W hlte Rock Mln Spr Co No par
48
*73%
8
8
Jan
1284 May
White Sewing
*43
*18%
June 23
31%June
823g May
700
*24
1034
5
June
70
900
48
1034
Jan
July
600
27
11
34%
1%
22%
*22
*43
34
Apr
Apr
23%
*23
*10%
Jan
*22%
200
2,800
48
*107% 10934
82% July
Mar
1%
26%
107s
71
2
4
*43
3378
39
79
Oct
1%
*23%
335s
Oct
28% Jan
7
4%
8%
44
*10%
34% Nov
4
27
110
Mar
1% Mar
84 Sept
25% Mar
9
44
*105
17
1%
*22
84
Deo
Nov
25
4%
46
*21%
8
31
Mar
126
Westvaco Cblor Prod.-No par
5% conv preferred
30
conv
Dec
16% Mar
11
24% Jan
3284 Jan
3% Jan
Mar
126
$5
Aug
4% July
I684 July
111%
'1st preferred
60
Weston Elec Instrum'i.No par
Class A
.......No par
""400
46
834
27
14
Jan
6%
Mar
4
*44
8312
22%
Mar 13
Mar
1«4 Mar
_
*1%
*22
1334
66
1%
23%
8%
4%
11%
45
83%
3
10%
8%
4%
1%
23%
27
*2078
Feb
20% Apr 11
.....100
Preferred
*44
97%
July
4% Jan
Western
90
*22%
*30
July
8
102% Jan
103% Deo
9784 Jan
*60
*3%
61
19% July
Mar
90
*1%
Mar
384 Mar
8
Westlnghouse El A Mfg
60
45%
11%
July
23
2% Apr 10
Union Telegraph. 100
Westlngh'se Air Brake.No par
*44%
*10%
4
Mar
6% Jan
3% Apr 10
% Apr 21
8,000
45
Mar
44
Nov
20% Deo
74
19
45
2
22
Apr 10
54
116
19
*10%
Mar
Mar
June 15
74
10%
8
17»4 May
..100
preferred.
10% July
Mar
Jan
30
Jan
....100
4% 2d preierred
Western Pacific
4% Mar
11
30
28
June 15
60
44%
5
Jan
117
b%
*60
9% Jan
Mar
5O84
20%
14%
2%
114
100
90
6
11834June 13
1,300
19%
July
6% preferred
100
Western Auto Supply Co... 10
3,900
%
17%
3
2,310
300
133
Jan
June 15
100
*43
Jan
Feb
105
5H % conv preferred
100
Wheeling Steel Corp...No par
11%
2%
Dec
110
Wheel A L E Ry Co
45
Mar
100
58
*43
77% Deo
119% Oct
4
Jan
1
8
90
*10%
Mar
Jan
Jan
Feb
Apr 10
*26
11%
37
116% July
4%
I684
120%
Apr
*82
45
Apr
Mar
Apr 11
58
45
Mar
95
90
*10%
8%
Jan
Mar
25% Deo
6% Jan
32% Jan
116% Nov
88
*82
11%
8*4
Nov
42
85
*26
*8
n
3
1
90
*10%
Mai 16
Mar 16
Deo
1%
2
16% July 1
58% Apr 25
58
45
77
83
2834 Oct
28% Nov
36% Nov
113
6% Mar
100
6% Apr 27
3184 Mar 14
33
*43
9
5
*26
*60
Jan
July 12
131
June 29
19% Apr 8
1484 Apr 11
20% Apr 11
1% Apr 10
*31%
90
159% Dec
Mar
Sept
Mar
1%
5
*82
*60
Dec
June
106
20
58
90
9
8
Mar 21
90
*60
Mar
11% Mar
14% Mar
3% Jan
1334May 24
*82
90
16
134 Apr 8
6% Apr 11
*26
*60
4
117%June
2% Mar
8
Nov
3
36
5,400
19%
7
4
12484 Mar 10
39
1984
5
6
4% Jan
31% Jan
124
Dec
15
I84 Jan
3% Jan
19% Apr
8% Apr
l%June
31
May
58
18%
Mar
5% Apr 11
90
18%
2
52
86
1
*26
*18
May
47% Sept
684 July
10% July
3% July
%June27
1% July 8
*82
18%
Mar 24
25% Feb 18
64% Apr 12
125
58
18%
May
70% Mar
71% Nov
% June
Apr 10
Apr 10
90
18
Mar
27% Mar
16
*82
18
134
20
No par
No par
pref
22",800
*32%
Feb
7% June
3
Feb 23
*26
3234
37
Feb 25
84 Jan
17
25
1% Mar
June 19
78
% Jan 16
Dec
7% Nov
48
West Penn Power 7% pref. 100
2%
*16%
45% Apr 10
3
June 24
163
4
23%
*132
Jan
84
3
5
21%
100% 101%
133
3% Jan 20
8% Mar 3
2% Mar 8
57% June 10
1234 Jan 21
I
3,770
484
*7g
22%
20%
par
pref erred.... No par
West Penn El class A...No par
7% preferred
100
280
108
*3834
33
""566
101
*78
203g
96
Baking Co ol A .No
Webster Elsenlohr.....No par
Wells Fargo A Co
..1
Wesson Oil A Snowdrift No par
1%
17
61
%
18%
1,000
17
par
No par
Waukesha Motor Co.....
Wayne Pump Co
700
3%
107
%
20%
9684
26%
*60%
I
par
$3 convertible pref.-No par
$1 1st preferred
No par
Warren Fdy A Pipe
No par
500
103
157
No par
No
JWarren Bros..
"""300
17
96
1
2
1% Apr 10
46
Apr 6
9 May 11
69
Apr 10
116
$3.85
100
27"
96%
1% July
6«gMay
Mar
97
7% preferred
Warner Bros Pictures.
1.200
8%
*1634
9634
June
Mar
38
30%
13%
284
1684
Ward
180
*26'
108
Oct
36
255
5
Class B
17
18
121
29% Mar
40
Apr
4
2
Preferred
100
27*
61%
91*4 May
37% June 13
4634 July 14
Jan
Apr 10
16%
*17
120'4 Mar 11
33
Apr 10
43% Feb 16
June 27
Apr 10
26
*60%
953s
70
4
27
17
Oot
z70
June
100
7234
Jan 23
43%May 18
98%May 19
June
...100
56% Nov
109% Nov
37
1684
6034
Mar
WaIk(H)Good A W Ltd No
300
52
3
21
45% Jan
24484 Mar
Oct
July
8% July
27
1%
5
3
7
20% Jan
87% Deo
25%
3
2%
8
65% Jan
49%
5'4 Mar
*6
2%
*34
5284 Jan
111% Mar
6
Oct
Nov
1384 June
I684
25%
*234
*34
13g
July
7%
13% Nov
71
74
27
13g
2% Mar
July 7
l%June 1
31% Apr 11
8634 Apr 11
Mar
95
1634
3
21% Mar
37% July 7
6% Mar 10
Apr 10
37
6% Mar
Jim
30% Nov
7«< Feb 16
23% July 6
14,500
2%
8%
11
50
35%
15% Apr 10
5
*51
4
2
June
85
1%
434
Jan
Feb
Mar 13
9
24
4M % pref with warrants 100
Walworth Co
No par
26%
24%
484
*3134
5%
*6
...
*2%
434
133
1%
34
Jan 18
43
Waldorf System
Walgreen Co..,
33%
52
2%
11
*6
~
193g
203g
133
23g
*9%
*%
1
44
20%
4%
Nov
32
1,200
5%
44%
*134
Nov
10% July
2~300
5%
*32%
52
1,000
1,100
44%
4%
50
2%
11
1%
34
100
5
116
173
49
J Wabash Railway
.....100
5% preferred A...
100
6% preferred B
....100
99
10%
*134
300
6%
Mar
4% Mar
55
116
Detlnning
Jan
162% Mar
18% Apr 10
2% Apr 8
17
Apr 10
113
Apr 21
1% Apr 12
6% Apr 6
Preferred
1%
9% July
12% Nov
9
34% Apr 11
Vulcan
1%
23
*9%
*32%
300
Deo
4
4
5
100
Nov
Jan
110% Apr 26
6% preierred
110
2
*22%
*20
43g
600
Oct
13
8784
Mar
5
No par
8%
7% Jan
100
Va-Carollna Chem
Nov
10% Aug
180
Virginia Ry Co 6% pref...100
2,100
114
113
Apr
Va El A Pow $6 pref. ..No
par
Virginia Iron Coal A Coke. 100
5% preferred
..100
900
20
*95
% Dec
3% Mar
684 Mar
3
7% 1st preferred.
134
6%
...
Apr
May
Vlck Chemical Co
Victor Chem Works
100
22%
5%
10%
1%
35
1,600
"""SOO
1
*1
100
Vandium Corp of Am. No par
Van Raalte Co Inc
6
7534
99
44%
203s
*4
,
22%
*95
4%
2%
434
6%
99
3,700
*%
44%
*19%
99% 100% *100% 101
120% 120% 12034 121
115% 115% 115% 11534
30
295g 2934
30%
*2%
*384
1
5
*1
1%
*%
44
*6
*16%
%
*95
20%
*238
11
*6
120% 120U
11512 11534
*68%
1%
1
1%
%
*1%
10
*120
...
6
1
preferred
Universal Pictures 1st pref. 100
Vadsco Sales..
No par
Preferred
100
"""766
2
*5%
784
122% 122%
*112% 12384
7534
*120
...
2
1
10
35
133
124
*6738
*134
6
225s
178
*18i2
8
124
7534
2
*6
1%
*95
10
1
*134
No par
4%
62
35
1
Universal-Cyclops Steel Corp 1
100
163
Corp
Conv pref (70c 1
No par
United Stores class A new.-.5
16 conv pref..
No par
Mar
13% Mar
3% Mar
60
26
Sept
3
50
7% preferred
Mar
6
3
Mar
Jan
48
No par
Mar
884 Mar
2584
5%
10%
6I34
60
........100
U S Tobacco.. ........No
par
120
600
1,400
2%
...100
U 8 Steel Corp
Prefened
3,500
7
10
8% 1st preierred
47,200
36
No par
8 Rubber
60
100
Apr 10
13% Apr 11
3% July
6
Apr 11
46
Apr 25
cl A.,.No par
U S Smelting Ref A Min
Preferred
600
2
2
U
8,800
4634
conv
Jan
8% July
39% Oct
67% Aug
12% Nov
1
May 20
7®4June 12
10% Jan
23
JUS Realty A Imp..
100
*2
4
Prior preferred
...100
U 8 Pipe A Foundry
.....20
U S Playing Card Co...
10
300
36
20
8
10% July
21% Mar
4
Mar 31
534 Apr 10
77
Apr 10
167
Apr 29
par
3,200
46%
46%
2%
5
80%
Jan
Mar
5
Jan
%May 15
par
100
11
Oct
4% Mar
Apr
3
87% Mar
Oct
4%
38
738
60
7% Jan
June 29
5
Partlc A
81,100
69%
8
share
per
4% June
5
80% July 14
zl3% Feb 27
117%June 23
lOSg Mar 6
8
8
Apr 11
584 Mar 31
75
Mar
Highest
I
Mar
Feb 11
4
5H % conv pref.
60
U S Industrial Alcohol.No
par
U S Leather
No
2,900
47
4734
106% 107
6% Apr
2
22
6% Jan 4
33% Jan 12
6
100
No par
7% preferred
U S Hoffman Mach
Corp
100
37%
62% Apr
11
Apr
111% Jan
100
Conv preferred
"""360
7
par
Corp......No
U S Freight
U S Gypsum
4%
*45
50%
4334
82
4%
*131
"2", 100
4
6%
4334
203g
*7,
34
16
20
450
40
1534
*3%
*6
4378
203g
*16%
1,100
16%
*7
52
46
161
6
*31%
34
15%
*3%
*1%
*4312
*1978
*25
*31%
42
37%
534
5%
*1
4378
*8
33%
1534
4%
7
2,800
7
No par
884 Jan
74
July 11
3% Apr 11
2534 Apr 11
par
U S Distrib
200
7%
88%
4% Mar 31
5
No par
334 Feb 6
39% Mar 14
7% Ma. 10
56
5
16 first preferred..
100
%
*17434
5%
1%
20%
*2%
*684
86%
88
6i2
*SA
*6
*42l2
4%
5%
*47
7
*78
*1978
48
....
*31%
1534
*3%
63g
*6
7%
*634
84%
*17434
1,900
83
*%
7
*6
7
*75
%
10
Improv't..No
15 preferred
400
7
Corp...
United Mer & Manu Ino vtc.l
United Paperboard
10
USA Foreign Secur.-.No
3,300
4%
684
2
Apr 10
30% Apr 10
4% Jan 26
100
United Gas
800
9%
*4
76
%
1
478
*32
76
%
115
9%
2
478
*134
7%
2i8
*5%
8
*12234 124
478
*9
4%
7
*11,
114
23
4%
*78
6%
*95
4i8
6%
78
*72
46
*134
8
*126
*%
*6
161
1234
115
4%
1%
1%
58
13
116
8%
65
*61% 65
*61%
65
*62
65
*60%
65
**3
*%
5
*%
%
%
%
%
%
*18% 21
18%
18% *17
18%
*17
21
*17%
18%
20
1934
1978
203g
20%
21
21%
2134
20% 21%
31
31
30% 3058
33
31% 3234
33%
33%
33%
*11584 H6l2 *11584 116% *11534 116% *11584
116% *11534 116%
41
41
*4034 41%
42
41% 41%
42
42
42%
24
24
24
24%
24% 24%
*24% 24%
24% 24%
*212
25S
25g
2%
2%
25g
2%
2%
2%
2%
19l2
1912
1934
20%
22
22
2034 2134
*21
22
115
115i2 115% 115%
115
115
116
116
*115%
*122% 124
*122I2 124
*67%
7534 *67%
7534
129
*80
8334
161% 161%
12%
*115
8%
$ per share
5
United Fruit
*60%
*%
*18%
*2l2
17s
*52%
*9i2
7,900
13
115
8%
4284
7
178
58
12%
1284
Lowest
$ per share
par
Preferred
500
Highest
$ per share
No par
United Electric Coal Cos
United Eng «fe Fdy
3,400
I84
*2
634
*1«4
*52
*453s
2
80%
403g
109%
49l2
68%
46%
106% 10678
36
36%
106
79%
No
13 preferred.
40
7934
Corp...
United Drug Ino
United Dyewood
100
79
37%
68%
4534
2,500
30
134
41
107
5%
60
4
30
41
*48
68%
1,700
30
37%
134
40%
48
*6778
45is
7
2
*37
4,700
5%
United
16,800
35%
80
115
41
178
5%
Lowest
Par
284
29%
6i2
4
2%
35%
5%
*4%
Range for Previous
Year 1938
EXCHANGE
2978
85%
50%
405s
2
58
*29%
6%
684
15
40
10334 105%
2
*1%
334
%
33i2
*45
3734
134
40
48
68%
45%
45U
106% 106l2
*355s
36i2
46
*45%
4
83%
*17434
534
*5%
*358
*683
41
49
*55%
4
6%
15
*39
*67«4
57
4
84
*3H4
65S
50%
37%
57
4
*2
*6
14i2
134
2%
36%
5%
6%
6%
78
634
*6%
82
8314
175% 176
*17434
6i4
5%
♦53s
1512
39%
39%
103% 103i2
2%
3534
5%
*4%
*6%
*3H4
*36%
258
3578
r
4%
57
79
1234
1278
11434 11484
8%
8%
4%
414
6
2l2
35%
5i8
4%
*55l2
79
*71
*14i2
*51%
*912
*81J4
334
30
6i8
34
2
56
334
*31%
49
518
83
*176
Range Since Jan. 1
Shares
%
6
6%
83
5%
$ per share
2i2
35%
5I4
379
On Basis of 100-5/jare Lots
Week
3434
514
*43s
78
*%
6
6%
the
July 14
6
%
*512
Friday
July 13
4
6
78
*3s
83
Thursday
July 12
23s
*29% 30
78%
78%
1234
1278
114i2 115
*8%
4%
*414
6%
*70
Wednesday
518
5834
30
STOCKS
NEW YORK STOCK
Tuesday
2i2
3434
5%
5834
*3%
Sales
5 per share
2%
3434
5%
5i8
*29
Record—Concluded-PagHo
CENT
July 11
,
5%
•34%
*514
*4%
NOT PER
for
July 8
_2%
SHARE,
9
284
Mar
109
Oct
Oct
25% Aug
57% Nov
P6% Nov
Mar
31% Dec
2534 July
Jan
584 Mar
^Called for redemption
Ja'y IS-1939
380
Exchange
Bond Record—New York Stock
FRIDAY, WEEKLY AND YEARLY
NOTICE—Prices are "and Interest"—except for
week's range, unless they are the only transactions of
in the week in which they occur.
No account is taken
g
Last
N. Y. 8TOCK EXCHANGE
Week Ended July 14
Sale
Range or
Friday's
Bid
A
Asked
Price
JjOW
U. S.
Treasury 3%s
A
O
J
D
115.26 115.26
M 8
115.14
—
Treasury 3%s
1943-1947
——
--1941
.—1943-1946
Treasury 314s
1946-1949
1949-1952
—1946-1948
3s
.—1951-1955
214s.--..——1965-1960
214s.
1945-1947
214s
..1948-1961
2148
1961-1954
214 s—
1966-1959
2%s
—1958-1963
121.19
m
103.14
105.10106.27
"llC .24
110.24
106.14
106.16
6
O
110.13
110.16
15
A
O
110.29 110.29
111
36
109.22111.27
J
D
D
—
Treasury 214s
Treasury
Federal Farm Mortgage
113.7
M
"ill
109.2
111.4
.29 111.24
111.30
109.12 109.12
S
109.24
109.17
6
^
^
^
M S
J
109.11
D
108.23 108.23
M S
108.2
108.2
109.11
108.28
14
104
30
103.4
80
A
A
J
D
108.23
108.24
16
106.6
109.10
♦Costa Rica (Rep of)
S
108.20
108.20
1
105.1
109.8
Cuba (Republic) 6s of 1904
External 6s of 1914 ser A
F
C
.
...
169
102.13107.21
106.26 106.20
D
J
-
^
43
47 M
106.30
18
102.10107.22
105.20
105.27
58
102
106.23 106.22
106.29
S
D
......
S
106.3
J
M S
109
106.9
106.10
105.27
......
106.20109.21
8
108.31
ioe'i"
110.6
107.9
*109.17109.20
57%
4
40
57 M
74%
1
65M
80 %
74%
-
105.27
5
108.29
11
106
100.27
105.3
10
108.27 108.25
100 2
A
J
J
J
D
100.2
Jan 16
June 30
J
D
Czechoslovak (Rep of) 8s
A
O
Sinking fund 8s ser B
A
O
J
J
♦Public wks 5 Ms
106.15
100.20109.17
F
1C 4 31
104.31
105.4
51
104.1
102
102
102.4
38
101.22 102.12
105.18
Dominican
1st
ser
Apr 15
Rep Cust Ad 5 Ms—
*26%
*26%
23)4
28
27
♦El Salvador 8s ctfs of dep
J
J
14
14)4
14)4
14
14)4
13)4
14)4
14)4
9%
10%
14)4
13)4
13)4
13)4
10%
15%
9)4
13
13)4
13
*89)4
M N
93 %
93 M
M N
95
75
83)4
97%
25
93%
48
10%
5
77%
O
77%
J
M S
97%
MK
93 %
J
10%
-----
A
*
78%
54
78%
68
98
25
88%
70
80%
75%
79%
95% 103)4
95% 103)4
88)4
99
10)4
17%
24%
20)4
104%
105%
24
101%
9
99)4 108
110%
O
111 %
7
D
8
A
D
D
18M
-
-
»
-
4Hi-444s—....1977
Refunding s f 4)48-4)48
1976
External re-adj 4)49-4)48--.1976
External s f 4Ms-4%s
1975
8% external s f $ bonds
1984
Bulgaria (Kingdom of)—
♦Secured s f 7s—
..1967
♦Stabilisation loan 7 Ms
1968
External s f
-
4s....I960
F
Aug 15 1946
7-year 2)4s
80-year 3s
9%
23
9%
22%
9%
21)4
*8%
70
55 M
56 %
*17
M N
F
A
J
17M
9
89
11
100
89
18
91%
9%
21)4
97
....
8)4
98)4
98)4
102
e46
44%
57)4
3
44%
68%
11
47
60
11
32%
45%
.
17%
1
110%
33
110%
57
10
45
101)4
103%
103%
1
102%
102%
99
102 M
*16
19%
fund 6s
♦6s assented
♦External sinking fund 6s
•6s assented
♦Chile Mtge Bank 6)4s
♦0)4s assented
♦Sink fund 6%s of 1926
♦6)4s assented
For footnotes see ot*e 38"
*18
23%
105%
100% 104
1
4
12
8)4
12
1957
D
30
27M
16%
25%
20
2
20
A
O
80
80%
12
71
81
A
O
19
19
2
15
19
J
J
16
17
13
10M
18
5
>11)4
9%
9%
1
8%
8
36
1
8%
12
9%
9%
1
8%
13%
9
12)4
9%
9%
12%
9%
*12%
13%
12%
*9
12
1957 J
1901 J
D
*7%
D
12
J
D
*7%
9%
12
8%
3
12)4
2
8%
12)4
....
6
8%
8%
11)4
8
8%
12
O
......
*100%
F
A
D
F
A
108
—
*8%
12%
-
**
100M 105
—
9%
*8%
*8%
12%
-
-
■
16
14)4
4
11)4
16)4
——
7)4
14)4
7%
7M
8M
8M
10
22 M
33
22
22%
22%
18 %
30
113
10
2
113
107
60
61%
62
62
43%
42%
43%
75%
7.5%
79
102
54
54
56
28%
28%
60%
101M 113
52
76%
54%
O
F
A
D
*
♦Assenting 6s small
55
74%
85M
64
65 M
7
25
38 %
11
22%
....
....
5
■
....
1954
J
1%
s
%
%
1%
O
—1952
44%
10
S
D
*44
"
M N
1944
A
A
F
A
9%
O
M S
29
10%
27
10
10
39
1%
56 M
7M
7M
16
15M
96%
96
2
55
45 M
93%
54
94
% 101%
4
93
101 %
100M 104 M
3
100 M 106 M
27
103
103%
104%
104%
103%
102%
104%
103%
71
98 M 105
101
23
94 M
103 M
100
37
94
101%
101
1
101
100%
F
A
100
99%
D
1%
48
49%
96%
O
J
1%
IX
103
A
4s a f ext loan.
45
*42
F
%
%
1%
43%
1959
1952
68—1957
1%
1
IX
1
M
J
IX
X
3
%
1%
J
A
F
20-year external 6s...
IX
1%
1%
*1%
J
A
New So Wales (State) extl
%
1%
%
7
%
J
J
f 6 Ms
M
IX
1%
%
M S
♦Sec extl
15M
72 %
1
*%
----
i»Small
♦Montevideo (City) 7s...
♦6s series A
10M
64
M
%
*%
*%
D
fVTreas 6s of '13 assent (large)'!
Milan (City, Italy) extl 8Mb
Mlnaa Geraes (State)—
23
25
D
1954
16%
21 %
%
—
j"
76
38
61
14
72
2
*%
A
J
10
12%
37%
*8%
13%
MN
11
11
*27
*68%
16%
9%
13
A
16
13%
13
*9%
I
23%
18%
12%
9
13
13%
MN
22M
♦Assenting 5s large
18%
16)4
18%
16%
18%
16)4
18%
16)4
18)4
16)4
18%
12%
u
1963
—
25%
D
98)4 102%
15%
19%
18
31
9%
„
37%
M
20%
D
♦Assenting 4s of 1910 large
♦Assenting 4s of 1910 small
O
25%
-
J
24)4
29
23%
O
24%
w-
j«'+.
28%
J
27%
MN
23%
«.
*26%
1954
18
4
*.
1964
21
1963
22
4 Ms—1943 M N
♦4Mb stmp assented..
1943 M N
J
♦Mexico (US) extl 6s of 1899 £.1945 Q
♦Assenting 5s of 1899
1945 Q J
(Prov) 4s read)
11
1962 A
16
18%
Mendoza
♦Assenting 4s of 1904—
^
1
6
*24
J*
♦Mexican Irrlgat'on gtd
32
S
18
17 %
27
17%
Ms—1954
Extl sinking fund 6 Ms
1965
♦Jugoslavia (State Mtge Bk) 7s 1957
♦Leipzig (Germany) s f 7s
1947
♦Lower Austria (Province) 7 Ms 1960
Japanese Govt 30-yr s f 6
27
S
18%
43
22%
23%
^
A
1951 J
21
M
21M
14%
2
*25%
M.
1960 M N
f 6s
26
M
15
26
15%
17%
21%
_
Italian Cred Consortium 7s ser B '47 M S
J
Italian Public Utility extl 7s.—1952 J
1
13%
1961
s
Italy (Kingdom of) extl 7s
1
9%
1962
1979
Extended at 4 Ms to
23%
13%
Sept 1961
17%
21
♦Sinking fund 7 Ms ser B
1901 MN
♦Hungary (Kingdom of) 7 Ms.-1944 F A
27%
1942 M N
♦Extl sinking fund 6s..Sept 1961
17
J
23%
9%
103 % 105
J
27%
Jan 1961
Jan 1961
19%
110%
106
16%
113M 125
.
J
J
—.Feb 1961
105
104
-
*104%
D
J
1940 J
f g
S
^
^
*118
O
1945
s
♦4s of 1904
O
5
5
„
21 M
100
17M
♦7s secured
32%
104%
*
1960 A
29
13
105%
110%
J
sinking fund 6s..Feb 1961
18%
109%
♦Medellln (Colombia) 6 Ms
13%
19
104%
1960
♦6s assented
♦6s Assented
56%
57%
58"
1942 M N
—
♦External sinking fund 6s
♦6s assented
56%
55%
44%
105
I960
•Chile (Rep)—Extl s f 7s
♦7s assented
♦Ry ref extl s f 6s..
16
105
110 %
16 1960 AO
f 6s. .Oct
14M
96
105M 107
1
15%
♦7 Ms secured s f g
Irish Free State extl
70
104%
110
J
J
2
90
108%
♦Hungarian Land M Inst 7M0-1961 MN J.
U%
64
5
70
108%
}11%
108% 111%
101% 104%
110%
1960
ooupon on
55%
*53
-
56%
15 1960 J
♦6s Oct coupon on
Halt! (Republic) s f 6s ser
92
99
J
O
20 M
105%
..1908
♦6s part paid
49
45
A
16
21
21
D
1968 F
52
15%
J
J
1964
♦7s part paid
16%
J
1961 J
1944 J
1967 J
1954 J
1950 M
-
♦Carlsbad (City) 8s
♦Cent Agric Bank( Ger) 7s
♦Farm Loan st 6s.. July
1958
♦(Cons Agrlc Loan) 0Ms
16%
M N
J
3
Hungarian Cons Municipal Loan—
93
or
71
20
*85
♦Greek Government s f ser 70—1964 M N
19%
14%
O
05
—■
1C5%
18%
1949
♦7s unstamped
28)4
116%
71
•.
w
-
German Prov & Communal Bks
11)4
90%
90%
A
A
1952 WIN
—
1965
1965
8tamped
♦5Ms unstamped.
13
15
8
72
71M
60 M
8
70
19%
-----
♦5 Ms stamp(Canad'n Holder) *05
♦German Rep extl 7s stamped. 1949 A
50
102
14
21%
19%
93
M 8
M
60
70
*69
71M
71
Gorman Govt International—
18%
*16
O
65
*70%
72
65
3
70
70
*69
D
1949
A—1952
♦Hamburg (State) 6s
1940
♦Heidelberg (German) extl 7 Ms '60
Helslngfors (City) ext 0 Ms
1960
*19
r>
78M
65
74
*70%
*104
1949 J
8 tamped
7s unstamped
16%
15%
101 %
Buenos Aires (Prov of)
...1961
External 7s
15%
J
D
47
100)4 108
100 %
1949 M S
101
97 M
16
84%
1941
7 Ms unstamped
♦Sink fund secured 6s
16
88 M
92
1945 M S
Finland (Republic) ext 6s
♦Frankfort (City of) s f 0Ms... 1953 MN
French Republic 7 Ms stamped. 1941 J D
•5 Ms of 1930
77%
77%
97%
97%
92%
A
...1955 J
External 30-year s f 7s
1955 J
♦Berlin (Germany) 8 f 6 Ms
1950 A
♦External sinking fundi)
1958
♦Brasil (U 8 of) external 8s
1941 J
♦External a f 0Ms of 1926...1957 A
♦External« C 4 Ms of 1927—1957 A
♦7s (Central Ry)
—....1952 J
Brisbane (City) s f 6s
1957 M
Sinking fund gold 6s
—1968 F
20-year s f 6s
1950 J
♦Budapest (City of) 6s...
1962 J
89)4
87%
A
6 Ms—.1946 F
69
90)4
86%
F
J
85%
94
9)4
87%
J
15%
14)4
14%
14%
96%
9%
105
82%
J
16%
15%
14 %
14
70
93
97%
J
Estonia (Republic of) 7s..
10)4
J
75
23
90%
70
73%
26
27
94)4
90
13)4
——
M N
90
91%
J
2
33
66%
18
26
98%
O
25
M 8
"91%
5
98%
O
A
68
100 M 104
8
26
J
60
51
104
92
.
102M
99
18
52%
30%
108
100
102 % 106
*24
26
ser. 1961 M S
A O
♦Dresden (City) external 7s.—
A
6s
2d
6 Ms 1st series
'
-
2
101%
51
103%
67%
O
A
6 Ms 2d series
O
S
A
2d series sink fund 5 Ms
Municipal-
♦6s stamped
M
5 Ms of 1920
-
51
O
External g 4 Ms
102.22
M
•
A
A
External gold 5%b
100.2
-•••
103%
*99
J
22%
....
•
102%
D
J
2
100.3
*102
A
J
27
*25%
8
F
External loan 4%s ser
63
60%
56%
A
4)4s external debt
Denmark 20-year extl 6s
MN
F
Belgium 25-yr extl 0Ms
External s f 6s
M
96 %
*57%
57%
MN
7s——
Sinking fund 5 Ms
M
J
A
94%
79
M
Bank (Colombia)
♦External sinking
27
76%
73%
MN
J
1 1939-1949
1942-1944
.1945-1947
♦6s assented
24%
5
83
'
102.20108.16
J
10-year 2)4s
21%
1
83%
26%
102.20108.23
Corp—
Canada (Dom of) 30-7T
28
26%
A
55
1 1944-1962
♦Bavaria (Free State)
19%
1>
J
28
23 %
F
F
19%
19%
25
26%
F
14M
20
10
2
20%
J
25 year gold 4 Ms
14%
16%
14%
26%
25%
*26%
768
F
♦Extl
15
26%
O
107.25
1947
1948
Norway) 4s_1968
♦Antloqula (Dept) coll 7s A—1946
♦External s f 7s series B—-.1945
♦External s f 7s series C
1945
♦External s f 7s series D
1945
♦External s 17s 1st series
1967
♦External seo s f 7s 2d series.1967
♦External sec s f 7s 3d series. 1957
Antwerp (City) external 6s
1968
Argentine (National Government)—
8 f external 4 Ms
1948
8 f external 4Mb
—.1971
8 f extl conv loaB 4s Feb.—.1972
8f extl conv loan 4s Apr....1972
Australia 30-year 6s_.
1965
External 6s of 1927
..—1967
External g 4 His of 1928
1966
♦Austrian (Govt's) s f 7s
1957
s
26%
J
8M
12
M N
107.20
♦Gtd sink fund 6s
July
19
107.14 107.11
♦Gtd sink fuod 6s
♦6s
26%
107.14 107.14
Akershus (King of
♦Farm Loan
25%
A
Customs Admins 5 Ms
25-year 8 %b
6
D
1 1942-1947
Govt &
Agricultural Mtge
19%
J
109
Home Owners' Loan Corp—
Foreign
2
10
D
16 1944-1964
114s series M
7
15
J
May 16 1944-1949 MN
May
2
19
J
Jan
3s series A
8
*8%
26%
109.21
108.8
11
10
O
110.0
105.19109.31
1
Colombia (Republic of)-
104.12110.9
2
2
11%
S
A
16M
7M
8%
11%
S
112.26
107
11
8%
M
114.5
107.4
247
109.12
^
3s!
52)48 series B-Aug
214s series 0
High
Low
5
12
12
11%
D
J
'
M
Mar
No.
8
M
108.19111.31
1
39
M S
16 1942-1947
Mar
Since
Jan. 1
MN
♦6e assented.
109.11112.21
113.7
111.4
—
M S
3s
2 J43
O
MN
1945
1948
1949-1953
1950-1952
1947
Treasury 2 Ms
314s
O
A
1960-1966
Treasury 2 %■„.—Treasury 214s
Treasury 2%s
A
106.14107 12
*111.27 111.29
D
Treasury
Range
—
OQCQ
(Concluded)
109.22111.9
J
Treasury
Chile Mtge Bank
109.30111.10
49
110.19
A
A
J
Treasury
A
Low
103.10105.8
105.20
Treasury 314s
Treasury
•S
Asked
High
Bid
Price
sft.
113.10116.5
105.20
Treasury 3s
Treasury
118.26122.13
114.17116.19
115.14
121.19
F
Treasury 3H8
Treasury
116.1
103.12 103.12
D
J
J944-1946
Treasury 314 s
£
„
S
M
Treasury 314s
Friday's
High
Low
D
J
Treasury 3%s
Treasury
Jan. 1
No.
Range or
Sale
if
N. Y. STOCK EXCHANGE
Week Ended July 14
Since
Foreign Govt. &Mun. (Con.)
—.-1947-1952
1944-1964
Treasury 4s
Treasury 3Ms
High
b
Week's
Last
BONDS
Range
Government
Treasury 4%s
Friday
1
Week's
Friday
BONDS
income and defaulted bonds.
Cash and deferred delivery sales are disregarded in the
the week, and when selling outside of the regular weekly range are shown in a footnote
of such sales in computing the range for the year.
101
99 % 104
Volume
149
New York Bond
Friday
N. Y. STOCK
EXCHANGE
Week Ended
fe
e
July 14
Range or
Friday's
Bid
A
Asked
fiQ&a
Record—Continued—Page
Sale
Price
sS
©
BONDS
N. Y. STOCK EXCHANGE
Since
©
Jan.
1
Week Ended July
High
No.
1952 F
A
18
Oriental Devel
1953 (VI
S
51 H
18%
52%
12
51H
19%
57
45 H
46%
41
44
52%
100 H
6
103
3
83%
Low
6a
Tuar
1958 M N
1956 A
a
♦Nat Loan extl
D
100 H
103
1963
M N
*75H
1963
♦Stamped
♦Pernambuco (State of) 7a
♦Peru (Rep of) external 7a
♦Nat Loan extl
MN
D
♦Poland (Rep of) gold 6a
1940
o
Ha assented
♦External sink fund g 8a
4 %s assented
♦Porto Alegre (City of) 8a
1968
J
Prague (Greater City) 7 Ha
36 H
13H
13H
8%
77
5%
8%
8%
8H
10
8%
12H
O
A
42
Rome (City) extl 6 Ha
1962 A
Roumanla (Kingdom of) 7a...1969 F
O
A
♦February 1937 coupon paid.
♦Saarbruecken (City) 6a
1953 J
1960 FA
9H
1
14
19%
3
102
Certificates of deposit
♦8*western Div 1st mtge 5s._1950
♦Certificates of deposit..
Toledo ClmDlv ref 4s A
1959
31
1
11H
9
6H
14%
5%
13%
31
11
7%
12
6%
10
9H
9%
9H
10%
9%
10M
9%
10
61
2
7%
7%
68
43%
19
1
59 H
15%
15%
14%
14%
15
16
*8
15M
20%
19%
10
9H
*13
15
19
19
*18
69 H
22%
6H
6M
14H
14%
♦7a extl water loan
♦6a extl dollar loan
1966 M S
9
9
11
7
16
1968 J
J
8%
9
29
6%
♦Secured
14%
1940 A
O
22 H
21%
23 %
1945 J
D
25
25
25
9%
1955 F
22
1952 M S
A
O
♦Uruguay (Republic) extl 8s—.1940 F
1961
25%
25 H
18
28
94
103
37
49%
54%
37%
51 %
39
14
37%
49
54%
54 H
56
57
50%
58
A
*46
a f 6a
1960 MN
*40
52
42
♦External
a
f 6a
1964 MN
*40
47 H
40
3H-4-4 Ha ($ bonds of '37)
external readjustment
1079 MN
43
51
h
49
46h
40 H
37
44
37H
37%
36
43
37H
37%
43%
39%
35
42 H
37%
47
35%
3%-4%-4'na
extl conv
1978 J
D
1978 F
A
43 H
♦Warsaw (City) external 7s
48
37%
51
RAILROAD
AND
43
*38""
A
22
22
D
53%
53%
17M
D
1947
Coll A
conv
45
25
40 H
67
101%
106%
6
100 %
107 %
2
49%
66 H
7
51
39
100
104
99
H 104
32 H
32
39H
39H
80
77
19
68
18
57
85 H
76 H
2
28
48 H
22 H
41H
49 %
60
78%
5
67 H
65
68
30%
O
26 H
30%
24%
O
*50
S
O
*106 %
99
A
S
99
J
95 H
108 H
.
"~62"
D
"102H
J
60
57
52 H
106 %
100
95
110"
27
110
*
103% 108
12
36
32
93
100H
88 H
95 H
106 % 112
30
35
40
62%
102%
102%
102H
100
102%
103
104
12
102
42
100% 103 H
98H 104H
21
48H
65%
103%
M N
111
110H
A
O
110
109%
J
D
109H
J
J
106%
109%
105%
106%
106%
106%
Jan
1995 Q
Ark A Mem Bridge A Term 58.1964
111M
110H
109H
106M
126
106 %
2
107%
51
48
83
3
110H 112H
105H 110H
105% 110%
102% HlH
99 H 107
104H 107 H
M
1995 A
26
S
100 H
J
100 %
O
1955 J
110
1955 J
D
1960 J
D
1948 J
D
1965 J
J
1958 J
"99%
1962 M S
1946 J
103
1944 J
1944 J
General unified 4 Ha A
10-year coll tr 5s
LAN coll gold 4s
For footnotes
see
..1964 J
D
May 1 1945 MN
Oct 1952 M N
page
385.
30 %
42
99
100 %
100%
92 H
104
96
H 101
62
96
101
110H
91
105 %
a92
1
86%
91%
93
27
87%
98%
99%
100
98 %
5
8
94 H
111H
110H
*111 %
*93%
98
101
101
109H
102 H
J
M 8
5
111%
J
4s July 1952
36
102 %
102 H
D
Atl A Charl A L 1st 4 Ha A
1st 30-year 5s series B
27
*90
J
Cal-Arlz 1st A -ef 4Ha A
Atl Knox A Nor 1st g 5s
19
a92
~91%
D
Conv 4s of 1905
Conv gold 4s of 1910
Conv neb 4 Ha.l
5
*94
A
1995 M N
27
36
J
..—1995 Nov
cons
10 H
69
9H
21
44 H
43
63
40
41
33
44
14
39
39M
38H
39H
40%
42
106 %
105%
*30
3
14H
55 H
34 H
38
52
8
H
44
6
39%
*
86
117""
134H
17
134H
117%
134%
~28~~
~28~~
"_2
27H
27H
1
23 %
23H
2
10
116H U9
129H 134H
3HS..1943
cons
♦Berlin City Elec Co deb 6 Ha..1951
♦Deb sinking fund 6 Ha
1959
♦Debenture 6s
27H
1955
♦Berlin Elec EI A Undergr 0
Ha 1956
Beth Steel cons M 4
%b ser D..1960
Cons mtge 3Ha aeries E
3H8 conv debs
21H
28
19
26 H
28
106%
1952
"37
104 %
114
100
101H
106H
104%
104H
Big Sandy 1st 4s...
....1944 J D
Boston A Maine 1st 6s A C
1967 M S
1st M 5a series II
1955 MN
1st g 4Ha series JJ
1961
J^Boeton A N Y Air Line 1st 4s 1955
Brooklyn City RR 1st 5a
1941
Bklyn Edlaon oons mtge 3 Ha—1966
~20H "30"
21
1966
A
O
F
101%
153
34%
35%
34
14
25
40%
31%
47
23
37%
10%
J
J
*108
33
33
35H
34
31
30%
*5%
A
"60 ""
1941 J
1950 F
76
77%
38%
38H
J
1st lien A ref 6s series A
Debenture gold 5a
1950 J D
1st lien A ref 6s aeries B
1957 MN
Buffalo Gen Elec 4 Ha series B.1981 F A
60
110
109H
"77H
*40 %
87
A
1945 MN
1947 MN
6%
60
MN
Bklyn Manhat Transit 4 Ha... 1966 MN
Bklyn Qu Co A Sub con gtd 6a.l941 MN
113H
113%
113%
95%
105%
110%
94
105H
104
110H
8
137
2
110H
*109H
47
64
107 H 111
68
35
82 H
45
40
"l4
112
'"95""
"~7
108H
106 H 107 %
24
39%
5%
95
112H
105
100H 105H
96 % 102 H
40
80 H
92
41
106H 113H
26
103 % 113H
72 H
95%
108
111
5
93
105%
109H 113H
109 H 109H
26 H
40 H
"~30H
30 %
"31%
~~6
29 %
29%
32%
5%
14
25H
5%
5
5%
10
4%
♦Certificates of deposit
$|*Burl C R A Nor 1st A coll 5a 1934 A
4%
6
4%
64%
75
O
1952
5s
Bush Term BIdga 6a gu
Calif-Oregon Power 4s
Canada Sou cons gu 5s A
40
41%
41%
55%
54
1960
"l02
1966
101
102
93
1962
Canadian Nat gold 4 Ha
1957 J
Guaranteed gold 5a.._-July 1969 J
J
40
1944 J
Dec 1 1954 J
D
1960 J
1949 J
A1952 J
J
8H
86
92
103
6
89H
96 H
24
110H
13
113H
113H
117H
117H
110H
120%
9
1
119
5
116H
115H
17
11
H6H
121
120H
119
114
110H
112H H5H
121 % 124 %
124 %
75
30
97%
113%
73
93%
47
41 %
56
116%
96 %
113%
91%
84%
J
5
120
120%
123H
113%
35
116%
116H
120H
120 %
118H
115H
115H
116H
'""8
93%
116H
116H
124%
73%
Collateral trust 4 Ha
t*Car Cent 1st guar 4s
68
*66%
1955
Caro Clinch A Ohio 1st 6s
ser
48
90
100H
3
112
114H
100H
38
65
82 H
93%
70
89
86 H
*35
103 %
102%
111%
111%
114%
1
96
91
98%
91H 100
89
"67
111%
95%
99
96
103%
Carriers A Gen Corp deb 5s w w 1950 MN
Cart A Adlr let gu gold 4s
1981 F A
1947 J D
1948 J
♦Cent Branch U P 1st g 4s
61
81H
94 H
40
60
1959 A
♦Ref A gen 6 Ha series B
♦Ref A gen 6s aeries C
76
45
105
108
O
3
3
7H
4
41
4
2
*7
7%
74
J
1987 J
J
15%
14
14
1962 A
O
Cent Pacific 1st ref gu gold 4s. .1949 F
Through Short L 1st gu 4a._.1954 A
O
1960 F
A
31%
16
A
27
14H
107H
*107
3
67%
68%
45H
48 H
*
48
7H
12H
6%
.8"
4H
5H
8
14
48
107
42
77
30%
15%
J
2H
19H
91
100
*93%
*109
1961 J
Guaranteed g 5a
3%
3%
7%
4
1987 J
Central N Y Power 3Ha
32
94
6%
3%
1941 M S
1941 M S
Cent Hud G A E 1st A ref 3HS.1965 M 8
Cent Illinois Light 3Ha.—....1966 A O
4a
9%
31%
12 H
*2%
*2%
*4%
Central Foundry mtge 6s
Gen mortgage 6s
t*Cent New Eng 1st gu 4a
52
97
6%
1946
♦Central of N J gen g 5s
85
43
82
34
1946
♦Mobile Div 1st g 5s
77
109H 111H
110H 112H
24
39 H
28
15H
12 H
24
106 % 110
64%
64
75
"75
40
%
60
%
77%
72H
63 H
Central RR A Bkg of Ga¬
MN
*50
—
Central Steel 1st g a f 8a
1941 M N
Certaln-teed Prod 6Ha A.....1948 M 8
115
115
Champion Paper A fibre—
8 f deb 4 Ha (1935 Issue)
1950 M S
Ref A lmpt M 3 Ha aer E
1996 F
Craig Valley 1st 5s
May 1940 J
Potts Creek Branch 1st 4s
1948 J
J
99%
A
1989 J
1989 J
102%
R A A Dlv 1st con g 4a
2d consol gold 4s
Warm Spring V 1st g 5s
J
3
6
8
36
126
109 %
109
*
117 H
118
J
70
99%
99%
99%
*
J
115
10
104 %
103
125 %
104 H
125
1
78 H
76
8 f deb 4 Ha (1938 Issue)
1950 M S
Ches A Ohio gen g 4 Ha.
1992 M 8
Ref A Imp mtge 3 Ha aer D..1996 MN
108
107
111%
112%
110
114
85
94%
♦Chic A Alton RR ref g 3a
55
115H
86
100H 104H
100H 104 H
118 H 125H
95% 100H
95 H 100H
103 % 105
114"" 118"
118
104H HI
*109
1941 M 8
General
4s
.—...1958 M
89H
97
let A ref 4 Ha aeries B
8
89 %
1st A ref 5s aeries A....
51
76 H
54
77
3
64%
79
61
6
55
72
71%
1949 A
Chic Burl A Q—111 Div 3 Ha—1949 J
Illinois Division 4s
1949 J
4
.
90
*10H
♦Chatt Dlv pur money g 4s.-1951
97
76
D
1
"~5
48
89 %
♦Mid Ga A At Div pur m 6S.1047
82 H
61
58
90
*42
1959
♦Mac A Nor Dlv 1st g 5s
82%
59
90
90
"22
*
109H
98 H 103
14
31
94
108
107^
^♦Central of Ga 1st g 5s__Nov 1945 F A
♦Consol gold 6s—
1945 MN
96%
82%
60%
D
Celotex Corp deb 4 Ha w w
bs extended to May 1 1942..
1967
Armour A Co (Del) 4s aeries B.1955 F
1st m a f 4n aer C (Del)
1957 J
Atl Coast Line 1st
Belvldere Delaware
♦General
♦Anglo-Chilean Nitrate—
Rocky MtnDlv let 4s
11H
48%
45%
.I960
1st A ref 5s series C
Coll trust gold 5s
72
78%
73%
Amer Wat Wka A Elec 6s aer A.1975 M N
Anaconda Cop Mln a f deb 4 Ha 1950 A O
Trans-Con Short L 1st 4a
65
10 %
10
46 H
45 H
117H
6a equip trust ctfa...
"2
45
*40
78%
1949 MN
gold 4a of 1909
14H
J
Canadian Northern deb 6 Ha
1946 J
J
Canadian Pac Ry 4% deb atk perpet J
Coll trust 4 Ha
1946 M S
5
30%
Corp conv 5 Ha—1949
Teleg—
20-year sinking fund 5Ha...1943
3%b debentures
1961
3 % a debentures
1966
Am Type Founders conv deb.. 1950
Stamped 4s
10
11
D
O
Am Internat
Atchison Top A Santa Fe—
General 4a
23 H
1948
June 16 1965 J
Amer Telep A
Conv
Telep of Pa 5s aeries B
Guar gold 4 Ha
108 H
1953 J
Adjustment gold 4s
Bell
60
102%
S
fAnn Arbor 1st g 4s
10
106 %
S
S f Income deb...
11
108 %
53%
104
1955 M
5 Ha
18H
98%
101H
36
107
2030 M
conv
17%
23 H
78
55%
3
Am A
Amer IG Chem
23 H
O
1950 A
f deb 6a
23 %
16H
A
3
♦AIplne-Montan Steel 7a
a
10H
22
80
1970 F
106%
39%
Allegh A West 1st gu 4s......1998 A
Allegh Val gen guar g 4s
1942 M
Allied Stores Corp deb 4 Ha
1950 A
4 Ha debentures
1951 F
AUis-Chalmers Mfg conv 4s
1952 M
American Ice
34
19
102
Oct 1969 A
108%
1949 J
Foreign Pow deb 6a
18
5
Guaranteed gold 5s
1950 A
♦6a stamped
16
6
Guaranteed gold 5s
106%
1948 A
5a
12
23 %
84
18h
106%
1946 A
6a
conv
42%
50
Alleghany Corp coll trust 5s...1944 F
♦Coll A
24%
16H
84
31
102
106%
6s...1948 A
assented
24%
17H
83
34
1943 J
Alb A Susq 1st guar 3 Ha
18
11
84
16H
1943 J
Albany Pertor Wrap Pap
14
19 %
18 %
105H
14%
101%
A
1952 A
1st cons 4a aeries B
warr
44%
102%
m:d
10-year deb 4Ha a tamped...1946 F
6a with
S
"13
19H
19
Guaranteed gold 4Hs
1956 F A
Guaranteed gold 4 Ha.-Sept 1951 M S
1948 M
24
1951
14
*25
INDUSTRIAL
Adriatic Elec Co extl 7a
Ala Gt Sou 1st cons A 6s
1943
Bush Terminal let 4s
COMPANIES
{{♦Abltlbl Pow A Paper 1st 6s_1963 J
10H
20
38H
22
A
Adams Express coll tr g 4a
Coll trust 4s of 1907
63%
19 H
42
~22%
17%
1958 F
....1958 F
1961 J
4Ha assented..
Yokohama (City) extl 6a
64%
47 H
4a stamped
1951
Battle Creek A Stur 1st gu 3a..1989
Beech Creek ext 1st g 3
Ha
1951
Con ref 4s
Consol
extl read J
49
38%
39%
3 Ha extl readjustment
1984 J
Venetian Prov Mtge Bank 7s_.1952 A O
♦Vienna (City of) 6s_
...1952 MN
62 %
11
17
18%
18%
♦Certificates of deposit
1979 MN
external conversion....
56
18H
"45 H
j" j
Buff Nlag Elec 3 Ha series C
1967 J D
♦Buff Roch A Pitta consol 4 Ha. 1957 MN
3H-4-4H% ($ bonds of '37)
4-4 H -4 H %
Bangor A Aroostook 1st 5a
Bklyn Union EI 1st g 5s
Bklyn Un Gas 1st eons g 5s
51H
37%
♦External
56%
18H
10
1st 6a stamped
33
29
25H
100
100
28
15H
25%
35
25
18
22
20%
22
*26 %
J
Tokyo City 6s loan of 1912
External a f 6 Ha guar
32
20%
*25
A
1971 J
17%
1
22%
21H
20%
22
15%
72
102
H
18
7H
56
*22
♦Silesia (Prov of) extl 7s
f 5Hs
11
5
10
60
100
48
25
17H
P L E A W Va
Sys ref 4s
106 %
100 % 107
30
31%
19H
19H
"l8""
M~S
1996
19%
9
8H
17H
64 H
102 H 106 H
91
54
*19
2000 MB
70
102
"io
D
♦Sinking fund g 6 Ha
1946 J
Serbs Croats A Slovenes (Kingdom)
♦8a secured extl
1962 MN
♦7a series B sec extl
1962 MN
52 H
18H
14H
5
18H
103H
101. H
♦Ref & gen 6s series C
23
19%
18H
103 H
59%
102
50 H
53
1941 MN
10%
30
1
44
37 H
19H
♦Certificates of deposit
♦Convertible 4 Ha
♦Certificates of deposit
9%
19
*47
D
15
11
*8H
Ha
1995 J
1995
20
*101
53 H
56 H
D
9H
8H
59%
20
56
O
j
♦Ref A gen 5s series F
J
a
....July 1948 A
♦Certificates of deposit
♦Ref A gen 5s series A
44
3
J
a f 5
4s.July 1948
♦1st mtge g 5s
♦Certificates of deposit—
1950 J
Sydney (City)
66
♦Ref A gen 5s series D
1936 J
Taiwan Elec Pow
105%
54
.....
1968 J D
Ha assented
1958 J D
♦Slleslan Landowners Aasn 6s. .1947 F A
105
105
J
J
1941 J
Baldwin Loco Works 5s
atmpd.1940 MN
Bait A Ohio 1st mtge
A O
g
42
*9H
101H
J
4
S
J
4Hal939
♦Certificates of deposit
§♦88 extl loan of 1921—
f 7a
19,53 M
J}♦ Auburn Auto conv deb
Austin A N W 1st gu
g 5s
50
♦8a external
a
52
30H
36%
1957 MN
•8axon State Mtge Inst 7a
9
25H
1952 MN
♦6 Ha extl secured a f
San Paulo (State of)—
63
5
31
103H
D
♦
33 H
26 H
J
6
1966 M N
D
1959 J
46 H
36 %
"l"9H
A
1967 J
4
40
36 H
High
5
33%
64%
♦Certificates of deposit
36 %
Low
42
32M
42
34
No.
41
J
12 H
22
4
High
J
1948 J
36
O
1968 J
26
Low
Jan. 1
1948 J
45
t
♦
♦Extl sec 6 Ha
1953 F
Rio Grande do Sul
(State of)—
♦8s extl loan of 1921
1946 A
1
Since
Asked
A
Second mortgage 4s
Atl Gulf A W I SS coll tr 5s
Atlant'c Refln'ng deb 3s
%
10 H
Rhlne-Maln-Danube 7a A
1950 M S
♦Rio de Janeiro (City of) 8a._.1946 A O
Sao Paulo (City of, Brazil)—
♦8a extl Beeured a f
73%
8
*10 H
1952 MN
♦6s extl a f g
♦7a extl loan of 1926
♦7a municipal loan
43 H
4
Range
Friday's
Bid
Atl A Dan 1st
g 4s
46
♦Prussia (Free State) extl 0H8-1951 M S
♦External a f 6a
1952 A O
Queensland (State) extl B f 7a__1941 A
25-year external 6a
1947 F
71H
121
J
1966 J
106H
9
D
1961
♦Extl loan 7 Ha.
99 %
50
Range or
Sale
Price
43 %
38
J
1963
103
8%
*33
45
o
1950
97 H
72 H
42
o
1947
4
16
8H
8H
"~8 H
Last
14
High
Low
8H
o
...1958
♦Stabilization loans f7s
4
9
70
O
6a 2d aer.. 1961
4Hs assented
"70 %
1947 IVI 8
1959 M S
f 6a let aer__1960 J
a f
45 H
O
1953 J
381
Week's
Friday
Range
♦Nuremburg (City) extl 6a
Extl deb 6 Ha
Oalo (City) a f 4 Ha
♦Panama (Rep) extl 5 Ha
♦Extl b f 6a aer A
2
Week's
Last
BONDS
O
8
J
101
104
8%
103%
8
99
98%
1977 F
A
88 H
88
F
A
94%
94 %
...1971
'
32
101%
104%
100%
J
26
99%
88H
95%
15
69
8
14H
97 H 101 %
100% 104%
100
94
14
85
H
94 %
23
90%
99%
New York Bond Record—Continued—Page 3
382
Last
BONDS
N. Y. STOCK EXCHANGE
Week Ended July 14
81
Range or
Sale
Price
A
A
6s—1934
1951
O
1634
MN
16
Since
Asked
Hiah
♦11034
WIN
Jan.
No.
11154
1654
BONDS
Range
Friday's
Bid
Low
{{♦Chicago & East 111 1st
{♦C A E III Ey gen 6s
Low
1
11234
1234
11
2
1234
8134
V45
1534
2254
1034
15
1654
85
85
85
8
1934
1834
1934
J
12
11
J
♦9
1134
954
934
1947
6s series A
1966
6s series B__May 1968
J
J
*8
1054
1134
WIN
♦3
334
3
554
J
J
♦3
5
3
6
1956
1969
J
J
64
64
7
J
D
112
112
1
♦Certificates of deposit
1982
M
♦Refunding 4s series C
♦1st A gen
♦1st A gen
Chic Ind A Sou 60-year 4s
Chic L S A East 1st 4
64
12
«.
22
May 1 1989
♦Gen 4s series A
B—May 1 1989
C—May 1 1989
E—May 1 1989
♦Gen 434" series F—May 1 1989
{♦Chic Mllw St P A Pac 6S A .1975
♦Conv adj 5s.-------Jan 1 2000
J ♦Chic A No West gen g 3 3>4e—1987
♦General 4s
1987
♦Stpd 4s non-p Fed Inc tax 1987
♦Gen 434 s stpd Fed lnc tax—1987
22
M N
2154
2234
2234
2334
634
134
*1034
1234
1134
M N
*1134
♦Gen g 3 He series
"23 54
♦Gen 4H« series
♦Gen 434s series
F
A
654
A
O
2
M N
M N
D
754
D
J
D
754
754
series A
1949
{{♦Chicago Railways 1st 5s stpd
Aug 1938 25% part paid .. ...
MN
F
A
{♦Cblc R I A Pac Ry Ken 4s- 1988
♦Certificates of deposit
-----
J
J
A
3
*4434
29
29
2334
50
1934
1934
71
O
534
554
J
J
454
M
S
*354
*3134
F
A
11154
11034
11154
20
113
1965 A
O
11054
110
11034
63
11254
Gen A ref mtge 334s ser 0—1966 M S
11254
11254
6s—1995 J D
1995 J D
Tunnel 4348—1901 MN
*4034
50
*18
25
♦Ref A lmpt 6s ser
B—.Apr 1978
{♦Des M A Ft Dodge 4s ctfs—1935
{♦Des Plains Val 1st gu 434s—1947
Detroit Fdlaon Co 4 34s ser D—1961
Gen A ref M 4s ser F
♦Detroit A Mac 1st Hen g
♦Second gold 4s..
Detroit Term A
14
33481962
East Ry Minn Nor Dlv 1st 4s—1948 A O
East T Va A Ga Dlv 1st 5s.—.1956 MN
1354
"20
754
854
754
334
57
12
20
Ed EI 111 (N Y) lat cons g 68—1995 J
F
Electric Auto Lite conv 4s
1952
12*
Elgin Jollet A East 1st g 5s
1941
El Paso A S W 1st 5s
1965
A
O
A
O
*53
J
*102
534
5
534
534
3
11
534
5454
45
57
11
1834
1034
1 634
4
8
234
108
10934
10534
1951 M S
J
Chlo A West Indiana con 4s—. 1952 J
1962 M S
1st A ref M 4j4s series D
70
"62"
6334
49
62 34
43
54
108
6s stamped
Erie A Pitts g gu 334s ser
B—1940
1940 J
8
104
107
5
107
10954
♦Rel A lmp< 6s Of 1927
♦Ref A lmpt 6s Of 1930
♦Erie A Jersey 1st s f 6s
a
O
14
1334
14
A
♦Genessee River 1st
4134
1534
42 34
1554
O
1953
1953 A
4a series D
1967
A
1976
1955
{♦3d mtge 4)48
1938
Ernesto Breda 7s...
Cln Wabash A M Dlv 1st 4s. 1991 J
F
1964
J
*65
1940 M S
100
W W Val Dlv 1st g 4a
1940 J
*9034
J
Cleve Elec Ilium 1st M 354s—. 1965
Cleve A Pgh gen gu 434« »er
Series B 3 34s guar
Series A 4 J4s guar
108
J
D
57
S
8
734
8
734
734
734
75
63
,
63
1942
30-year deb 6s series B
17
4934
6954
100
"h
9354
10834
6354
M
*10834
1950 F
Gen 434s series A
1977
B. 1981
4 Ha— 1961
*35
8254
89
1972
1973
84
8354
77
Coal River Ry 1st gu 4s
.1945
7654
*10534
Colo Fuel A Iron Co gen s f 5s-. .1943
*10334
*49
1970
ColumbiaQAEdeb5s—.May 1952 MN
Debenture 5s
Apr 15 1952 A O
15 1961 J
J
Columbus A Tol 1st ext 4a....1955 F
3334
3354
6634
6334
96
107
108
83 34
8934
84 34
7754
2
1st mtge 3 34s series I
1968
D
1958
J
Conn A Passump River 1st 4a—1943
103
10334
102
103
10854
10334
F
A
70
J
J
J
J
J
D
10034
90
MN
11134
10834
10734
I
O
10534
O
10734
3 34a debentures
10734
1956
O
334s debentures
—1958
♦Consolidated Hydro-Elec Works
J
of Upper Wuertemberg 78—1956
Consol Oil conv deb 3 34s
1951
J
D
10554
10654
107 34
10834
4
6134
63 34
J
J
conv
7
10534
8454
8
J
J
10834
10934 114
108
109
10834
16
107
11034
10534
26
66
107 34
12
10534 108
10434 108
10934
10
10534 10954
10
1054
934
15
54
4434
9934
10054
3034
3034
1952
J
3354
734a series A extended to 1946—
D
37
6a series B extended to 1946
Del A Hudson 1st A ref
A
O
1943 MN
98
90
2934
3354
3554
11
37
3854
6
*28
D
Dayton Pow A Lt 1st A ref3 34s 1960
38
33
10734
57
10654
5534
35
10734
"33
57 34
65
10054
37
3354
88
10334
98
7834
94
36
66
8154
*5334
«.
-
60
*6
-
.»
*. —
53
654
534
55
734
103
*103
10334
81
8134
5
73
8134
74
8134
4534
3234
38
io
75
4
69
79
10654 11034
9434
0
M 8
7 A C
5 MN
2 J
J
7 MN
5 M N
0 F A
OJ D
12034
12054
*70
—
85
91
92
9634
38
40
J
3 J
67
2534
3454
35
2834
*128
4734
1434
14
111
*
124
4834 *04
62
1434
3
111
4334
1154
77 34
39
36 34
128 34
5154
1554
11054 112)4
1
87
91
4
l
8354
87
4634
63
47
62
75
5134
5234
53
50
53
5234
*
46
5
A
73
....
4234
52
47 34
4934
16
4434
6034
57 34
58
11
52
71
44
4734
145
39
5634
77
78
3
77
8334
*60
49
90
46 54
J
......
J
1 J
1 F
6434
*
J
6434
♦
73
*
—
-
24
63
»_
63
63
65
4634
....
"ed" *63~
....
—...
.
7034
-
63
4634
-
5254
......
......
1
11754 12254
3
4834
......
A
72
33
3434
J
F
1
21
121
32 34
1
1
8
95
32 34
-
1
For footnotes see page 385.
8934
8934
Gulf A Ship Island RR—
4034
37
5234
74
156
j A Q
9954
A
94
7434
8854
87
"9934
D
1948 F
1942
81
75
9034
D
6
78
10034 10734
88
10134
9834
87
9
10554
Crucible Steel 434s debs
J
"8034
8534
8854
9034
4
10534
Cuba Nor Ry 1st 534s
Cuba RR 1st 5s g...
■>
34
02
*86
10434
10534
10054
f 4a
3
A O
A O
"73
7334
98
....
10734 11154
10354 10934
100
10534
96
10034
10534 10934
102 34 10634
10434 10634
1950 MN
a
3
6
109
......
10734 11034
9
Crown Cork A 8eal
Greenbrier Ry lat gu 4s
Gulf Mob A Nor 1st 534s B__
1st mtge 6s series C
19
83
J
6
93
8234
J
10
10434
82 34
J
16
10754
F
46
86 54
8134
8034
9554
J
10854
104
—1951
95 34
86
1
11034
10434
254s....1948 J
conv
f deb 3 34s
9334
95
1
111
108
10734
s
« 3
5534
10534 10934
D
Crane Co
106 34
12
23
A
Continental Oil
1943 J
2
106 34
10634
1334
1054
2254
10834
10434
9934
10654
....
*36
5
110
80
6434
fc
Feb
iMN
90 34
83
10334 10034
-
-
J J
pJ
i A O
7 M N
? J D
0 MN
7 F A
7 A O
0 A O
10854
106
*60 ^
*76 d
64 ,
64
*85
10034 10534
8
1054
9
2
18
-
....
Feb
Green Bay A West deb ctfs A
♦Debentures ctfs B
103 34 107
107 34
18
*46
J
110
D
1946
10734 111)4
10534 11934
8934
8934
11054 11234
7J
3J
3J
Jj
10534
10854
10954
1970 MN
General 4 34s series E_.
10754 11034
103
72
*634
*734
*5154
10854
107 34
10954
J
J
J
J
J
J
J
3
23
10534
O
J
J
3J
?
46
10434
*834
1966 MN
105
8454
103J4
94
109
*734
1960
98
10454
47
10434
2
J
1956
45
74
10434
10334
9254 10334
10934 11434
92 34
10
104
10454
J
10754
7134
98
D
"»
1234
60
103*32
)J
4834
13
1033i6
A
3334
104
37
1033i«
T
69 34
102»u 107 34
1534
D
M
45
41
J
deb 6s.
10434
*13..
jj
•{Goodrich (B F)
31
....
102 34 105
*36
J
D
2234
J
Consumers Power 3 54a.May 11965 MN
1st mtge 334s
May 11966 MN
1st mtge 3 34s
1967 MN
1534
*12
O
F
2234
1955
.
52
17
J
9834
deb 4s—1954
1955 A
Container Corp 1st 6s
15-year deb 5s
5
53
105 34
,J
,J
10254 104
45
" 6534
22
1948
1st mtge 3 34s
1st mtge 3 34s
62 34
....
J
604
3 34s debentures
f 5s
69
48
60
52
D
11134
*10934
10834
s
4934
♦
*
102 *®32
J
*11354
♦Debenture 4s
95
2
10534
J
11954
J
Consolidation Coal
3
56
102*16
7934
119
J
♦Debenture 4s
6
103 34
56
10534
6254
85
11034
A
1951
-
104
19154
102*16
9154
81
4634
10354
_
103
A
68
11054
.—1961
non-conv
39
A
75
163
334
12334 12554
F
85
26
954
154
354
IOO34 102 34
8
39
58
2
1
128
17
119
354a A
1961
Consol Edison (N Y) deb 3348.1946
f
♦Debenture 4s
1
2
3854
59
*113
10334
O
{♦Consol Ry
234
2 54
102 34
*12554
10654 10654
3434
10
5
254
D
24
57
6554
554
554
4
102 34
234
8934
*113
A
O
Conv debs 334s
s
57
115
254
J
Commonwealth Edison Co—
Stamped guar 434s
10
5754
57
8734 1C0
102 34 10554
44
35
+ -
10234
J
79)4
104
10254
10254
1965 M N
Commercial Credit deb 3348—1951 A
Conn Rlv Pow
m
A
10234
10254
4a.. 1948 A O
Conn Ry A L 1st A ref 434s
m
1754
J
.1980 MN
Columbus Ry Pow A Lt 4a
m
J
.1977
Columbus A H V 1st ext g
4
170
MN
A
f 4 34s series C—
Jan
99 34
10534
MN
*106
Debenture 5a
102 54
10534
10534
•Certificates of deposit
6334
105
Gen A ref mtge 4 34s series
Colo A South 4 34s series A
5
10254
9934
—
1952
*105
♦6s Income mtge
W
85
4554
90
"29
iM
{{♦Prool of claim illed by owner. MN
77
77
"79
,
D
..1964 J
♦Certificates if deposit
onda Johns A Glov 434s
S
F
Series D 334s guar
b
103
15
1948 MN
1st
*102 34
79
10834 11134
11034 11154
10034 10334
106
11034
109
11134
M
88
107
10034 103
98
10134
10034 102
101
10334
*9934
—
1234
21
15
1st lien 6s stamped
10654 10854
1942
Cleve Union Term gu 634a
1st s f series B guar
1
103
64
7334
10534 10934
10034 10634
1942
Series C 334a guar—
Cleve Short Line 1st gu
*. ..
m -
67
104
10654
J
B. 1942
—
m
103
J
5834
1990 MN
7934
*60
*10654
103
9634
67
St L Dlv 1st coll tr g 4s
A
88
90
Spr A Col Dlv 1st g 4s
90
-
—
32
66
4554
*
14
87
mm*.
*60
94
*83
67
14
4634
4534
94
*88
S
Fairbanks Morse deb 4a
1956 J D
Federal Light A Traction 1st 5s 1942 M 8
M S
6s Internationa series
1942
M <,
1st Hen s f 5s stamped
1942
J
"4934
734
2134
1854
37
O
5
J
734
40
A
"2
D
13
38
97
lio"
1977 J
106
2234
22
42
*
♦N Y A Erie RR ext lat 4S..1947
M
934
834
*3834
J
f 68—1957 J
MN
5
8654
11054
E
834
48
15
53
56
Cln Un Term 1st gu 3 34 ser D . 1971 MN
1969 F A
1st mtge gu 334s ser E
Clearfield A Mab 1st gu 6s.... 1943 J
J
Ref A lmpt 4 34s series
O
40
1134
H34
#
1354
934
834
J
J
59
14
♦.
9
97,
1554
14
....
O
MN
65
103 34
10234 10234
42 34
J
9234
6
D
*102
J
28
11154
Cleve Cln Chlo A St L gen 4s... 1993 J
1993 J
Genera 16s series B
5034
——
102
10534
"7
10954
11034
conv
65
9534
.
A
♦Series B...
92 34
10754
*10654
J
8534
10
J
♦Conv 4s series A
♦Gen
1
108
J
{♦Erie RR 1st cons g 4s prior—
♦1st consol gen Hen g 4s
19
11234
2
14834
10734
108
MN
J
82
14834
A
10834
27
-
82
J
33
11134
*42
8
1234
10934
1943 A O
72
72
Chi Ida Co deb 6s
*1154
{♦Choc Okla A Gulf cons 6s_.. 1962 MN
111
Cincinnati Gas A Elec 3348— 1966 F A
1967 J D ——» 11134
1st mtge 334s
—
Cln Leb A Nor 1st con gu 4s._. 1942 MN
*10334
10954
25
6534
10534
11034
65
55
50
10534
94
434
8334
65
8434
10754
10854
10534
9034
9234
92 34
44
9834 103
10854
13
*53
1965
3
10
30
J
-
31
11054
*10534
11
11
20
J
11254
40
20
10634
*12
19
554
O
1054
534
32
2
---
106
110
1634
2 54
1963 J
5
334
32
1C3
10654
110
1034
534
1963 J
10634
10
"27
234
1944 A
8
.
10234
*10534
D
1951 J
Dow Chemical deb 3a
3
12
16
9
*35
Dee 1 1960
guaranteed
3
10
8 54
954
M S
334s
234
A
254
554
.3
5
50
E
A
1134
5
*50
1st mtge 3Hi series
854
3
J
*6434
1st mtge 4s "Ties D
834
3
J
434
D
6s
854
O
12
D
gu
954
3
J
J
10
D
Inc
3
J
A
J
36
J
Chicago Union Station—
Guaranteed 4a
28
J
{{♦Den A R G 1st cons 14a
1936
J
{♦Consol gold 434*
1936
F
{♦Den A R G Wee* ,'en 5s.Aug 1955
F
♦Assented fsubj to plan)
A
554
J
10834
10734
10734
734
1534
834
1454
3
634
554
234
—
-
10754
{{♦Dul Sou Shore A Atl g 5s..l937
554
1951
10654
10754
1034
Dul MlssabeAIr Range Ry
654
—.June 16 1951
*10834
^
High
109
*10534
Duquesne Light 1st M 3348—1905
6
Chlo T H A So'eastern 1st 68-1960 J
W
m
L
11
106
*106
1634
*2
*79
J
334
16
11
D
J
No.
.
MN
Penna tax
134
8
J
1951
Hiah
*10834
10554
10554
MN
as to
954
534
534
Since
Jan. 1
1951
Stamped
1054
6
MN
Bonds Sold
Den Gas A El 1st A ref s f 5s—1951
68
13
534
J
"2
2
534
1952
Memphis Dlv 1st g 4s
6
28 34
12
1st mortgage 434s
J
J
1234
1354
12
1234
O
MS
-—-I960
♦Conv g 4 34«
Ch St L A New Orleans 5s
27
1834
11
-
{♦Secured 434a series A
♦Certificates of deposit
18
9
7
Friday's
dk
Asked
Bid
1
J
1971
1909
1969
4 34s
1st A ref 434s.
Range
Range or
Sale
Price
Low
Del Power A Light 1st
Series C 3 34s
1934
{♦Refunding gold 4s
♦Certificates of deposit
334
2834
4
1634
J
1934
96
13
WIN
♦Conv 454b
11
2234
13
J
334s
75
11234
2354
*834
1334
♦1st A ref 4)4s ser
Gold
15
11)4
2154
M N
♦1st A ref 4)4s
5b—-—---May 1 2037
stpd-May 1 2037
C-May 1 2037
2234
M N
Fed inc tax...-1987
♦4 34s stamped
1987
{♦Secured 0)48
--1936
♦Gen 6s stpd
•
6354
111
21
8654
2454
1354
Paul-—
{Chlo Milwaukee A St
♦1st ref g
10
Last
jnter t Period
N. Y. STOCK EXCHANGE
Week Ended July 14
High
97
"hi
{♦Chicago Great West 1st 4a—1959
{♦Chic Ind A Loulsv ref 6s
1947 J
♦Refunding g 5s series B
1947 J
Chicago A Erie 1st gold 5s
July 15, 1939
Week's
Friday
Week's
Friday
70
"eo" "el"
Volume
New York Bond
149
3*
BONDS
k
O
N. Y. 8TOCK EXCHANGE
Friday
Range or
Sale
Week Ended July 14
Price
A
III Cent and Chic St L A N O—
1963
D
1963
D
1940
O
♦Ilseder Steel Corp 6s
1948
Ind Bloom A West 1st ext 4s__1940
High
BONDS
STOCK EXCHANGE
Week Ended July 14
No.
Jan. 1
Low
47%
50
67
43
43
45
66
40%
10225 j j
102"s2
t
J
1960
J
{♦Ind A Louisville 1st gu 4s...1956 J
Ry 3 He series B—1986 M S
103%
20
60%
66%
10225 32 1 05
*55~~
12
41
32
41%
95
99
70
04%
104
J
97 M
96%
"97%
A
108 J*
107%
{Interboro Rap Tran lBt 6s—1966 J
J
108%
63%
60%
33%
63
61%
60
70%
12
♦104%
1948 J
1961 F
89
90
8
106
177
104%
97%
109%
60%
60%
70
68
30
27
43
121
60
68
66
17
O
~33%
7% notes.—1932 M S
♦Certificates of deposit
61%
31%
59%
60
57
60
18
51
79
80
4
79
(♦10-year
conv
Interlake Iron
conv
1947 A
deb 4s
O
Int Agric Corp 6s stamped
1942 MN
{♦Int-Grt Nor 1st 6s
1952 J
♦Adjustment 6s
A
ser
102%
102%
J
12
A..July 1952
ser
2
♦1st 5s series B
1956
♦1st g 6s series C
—1956 J
Internat Hydro El deb 6s...—1944 A
Int Merc Marine s f 6s
1941 A
Internat Paper 6s ser A A B—.1947 J
Ref s f 6s series A
1955 M
10%
1st lien A ref 6 Mb
Int Telep A Teleg deb g
Debenture 6s
J
J
F
A
1955
F
1950 A
Apr 1950 J
Kansas City Term 1st 4s
1960 J
Kansas Gas A Electric 4%s_—1980 J
1
9%
20
1
8%
72%
20
65
8
48%
97%
89%
u80%
98%
90%
O80%
25
93
44
82%
76%
15
3
95%
96
62%
60%
62%
71
53
65%
63
66%
105
56
1%
*44
1%
,7
49
20%
87%
60%
100
94%
83%
88% 1C0
1%
46
71%
75%
6
24
58%
96%
85%
30%
25%
17
23
35
68%
68%
69%
69%
14
05
70%
44
107%
107%
104%
27%
91%
91%
,*85%
O
O
25
D
stmp (par $925)—1943 MN
(par $926)—1943
1946
Keith (B F) Corp 1st 6s
Kentucky Central gold 4s
"27%
*
'."if"
92%
21
90
25
"2
*107%
*
72%
56
71%
107% 109%
109
58
104%
46
103%
107
27%
3
27%
30
16%
17%
17
20
27
27
17
*16
100
90%
79
20
"l7~"
m"s
..1987 J
Kentucky A Ind Term 4 >48—1961 J
100%
23
93% 100%
106
.....
—..2013 J D
b f 58—1953 M S
Lines) 4s...1959 M N
{♦Man G B A N W 1st 3
%s...1941 J
J
Marlon Steam Shovel s f 6s
1947 A O
Market St Ry 7s ser
A...April 1940 Q J
Mead Corp 1st 6s with
warr—1946 MN
MetropEd 1st 4 %s series D...1968 M S
Metrop Wat Sew A D 6%s
1950 A O
{(♦Met West Side El (Chic) 48.1938 F A
Michigan Central Detroit A Bay
City Air Line 4a
1940 1
J
Jack Lans A Sag
3%8
1951 M S
1st gold 3%s
1952 MN
Ref A lmpt 4
%s series C
1979 J
J
Michigan Consol Gas 4s
1963 M S
{♦Mid of N J 1st ext 5a
1940 A O
{{♦Mil A No 1st ext 4 %s
1939 1 D
♦§Con ext 4%8
...1939 1 D
{♦Mil Spar A N W 1st gu 4s
1947 M S
{♦Milw A State Line 1st 3%S—1941 I
J
{♦Minn A St Louis 5s ctfs
♦1st A ref gold 4s_
g4s Int gu "38 J
1938 J
(♦1st cons 6s gu as to Int
1938 J
♦1st A ref 6s series A
1946 J
♦25-year 5 %s
1949 M
♦1st A ref 5%s series B„...1978 J
{♦ Mo-Ill RR 1st 5s series A...1959 1
Mo Kan A Tex 1st gold 4s
M-K-T RR pr lien 6s ser A
1902 1
♦General
95
*105%
J
J
102%
107%
102%
103%
105
105
107%
D
M N
*99
103
J
F
163
A
104
104%
1
"~5
3
34
88%
98
105%
108%
103
11%
11%
A
87%
86%
56%
87
56%
103%
102% 105%
100
104%
13
s
8
57
45%
47
9
42
61
45%
1
41
50%
56
72%
07
66%
63
67'
86
86%
84
90
26
57
21%
51%
64
75
27%
60
52
64%
90
92
84%
30%
91
*28%
A
39
26%
♦5s stamped
..1974
1943
♦6s stamped
cons
24%
i"j
*38
42%
*37%
41%
*17
MN
17%
18%
55%
O
56
*54%
*116%
128%
130%
130%
95
O
D
...
3
31
"~9
6
60
131
18
95
2
"110%
109%
110%
"l03
103
103%
"58
*55%
"Iio%
110
58
111%
36
S
*82%
*86%
88
88
86%
86%
128%
128%
128%
85%
109%
1944 A
O
1951 F
A
Louisiana A Ark 1st 6s ser A.. 1969 J
J
85%
Louisiana Gas A Elec 3 Mb
1966 M S
Louis A Jeff Bridge Co gu 4s..1945 M S
109%
1940 J
128%
84%
109
*108%
100»i«
2003 A
6%
5%
8
3%
3
4
10
8%
6%
6
9
2%
1%
1%
1%
64%
4
2%
69
72
J
18%
17
18%
39
17
J
20%
20
51%
37%
32%
20%
1978 M N
8
2
8
23
18%
6%
34
7%
14%
16
28
12%
21%
20%
16
15
3%
14%
15%
"3%
"29
16%
15%
80
12%
5
12%
12%
14
16
58
*14
lOO'ie
88
94%
89%
83
2003 A
83
A
*79%
80%
1946 F
*99%
100%
O
"2%
15%
2%
14%
"2%
"25
15%
31
*14
A
"15%
3
14%
"10"
"70
12%
2
12%
12%
12%
"70"
*67
17%
6%
13
*14
65
21%
20%
21%
19%
4%
21%
20%
21%
20%
69
Mohawk A Malone 1st gu g 48.1991 M S
Monongahela Ry 1st M 4s ser A '00 M N
Monongahela West Penn Pub Serv
O
1st mtge 4%a
1900
6s debentures
1905
Montana Power 1st A ref 3%s.l966
Montreal Tram 1st A ref 5s
1941
19
15
22%
26%
28%
42%
26%
17%
29%
29%
42%
19%
42%
34
65
102% 106%
*105%
109%
109%
110
O
108
108
D
100%
100%
108%
100%
99%
99%
J
40
107
66
100% 108%
184
96% 101%
1
110%
5s series A
O
93%
99%
1955
75
70
f 5s series B
1955
o
73
07%
72%
07%
s f
Gen A ref
s
Gen A ref
s
f 4 %b Beiles C
1955
o
Gen A ref
s
f 5s series D
1955
o
Morris A Essex 1st gu 3%..._2000 J
D
Constr M 6s series A
1956 M N
Constr M 4%s series B_.
1955 M N
Mountain States TAT 3%8—1908 J D
"75"
41
37%
34%
109%
Mutual Fuel Gas 1st gu g 5s... 1947 M N
Mut Un Tel gtd 6s ext at 6%..1941 MN
40%
36%
41
38%
37%
34
35
36%
33%
108%
*116%
109%
60%
64
49
104% 110%
114
116%
5
10
92
1
31
4
Nat Gypsum 4%s s f debs
National Rys of Mexico—
67%
42%
22
♦4s April 1914 coupon on....1977
21
♦4s April 1914 coupon off
16
22%
15%
22%
55
58
127
61
118%
129%
127% 131
67%
41%
42%
106%
104%
100
97
68
17
*102
1950 MN
14
67%
29%
102
106
106%
103%
104%
105%
105%
72%
40
102
102% 106%
103% 104%
104% 100
*%
*%
%
%
*%
%
A
*%
*%
*%
1977 A
♦Assent warr A rets No 5 on *77
%
%
'%
1
%
%
1%
%
1%
%
...-
%
Nat RR of Mex prior lien 4 %s—
(♦Assent warr A rets No 4
♦4s April 1914 coupon on
♦4s April 1914 coupon off
on
*%
*%
*%
*%
*20
1951
1951
♦Assent warr A rckf No 4 on *51
103%
National Steel 1st mtge 3s. ...1965
95
107
110%
{♦Naugatuck RR lsi g 4s
107
107
Newark Consol Gas
102%
1%
.....
%
103%
.
152
101% 103%
99%
98% 103%
50%
104
111%
68
81%
5
D
1946 J
Nat Dairy Prod deb 3%' w w—1951 MN
Nat Distillers Prod 3%s
1949 M S
13%
84
80%
40
ser
"99%
♦4%s July 1914 coupon on—1957 J
'4 %s July 1914 coupon off—1957 J
♦
Assent warr A rets No 4 on *57 J
86%
87%
127% 129%
122% 128%
75%
90%
108
110%
105% 108%
1954
91
84%
80
74
101
99%
93%
89%
85%
97% 101
88
82%
87
87
111
110
*71
Atl Knox A Cln Dlv 4s
1955 MN
"167"
107
79%
107%
104
107%
22
24%
65
111%
77
MN
6s...1948 J
*56
D
{♦New England RR guar 5s...1945 J
♦Consol guar 4s
1945 J
J
cons
N J Pow A Light 1st 4%s
New Orl Great Nor 5s A—
1960 A O
1983 J
*20
*21
127%
"l05%
105%
New Orleans Term 1st gu 4s—1953 J
J
{(♦N O Tex A Mex n-o inc 68—1935 A
O
..1954 A
O
♦1st 5%s series A
♦Certificates of deposit
107"
108""
19
70%
50
56%
O
D
♦1st 4 %s series D
24
127%
129%
56%
105%
15
102
106
10
102
69%
106%
106%
13
68
74%
23
34%
73
1955 J
♦1st 5s series C
127%
J
105
105%
67%
*27
68
35%
32
1950 F
A
*30%
A
F
*28
1954 O A
34%
*32
3
31
34%
32
..1956
65
70%
'107%
J
♦Certificates of deposit
60
122% 125%
20
27%
20
27%
124% 128%
123% 128%
"24"
*128%
NO A N E 1st ref A Imp 4% (A 1952 J
New Orl Pub Serv 1st 6s ser A..1952 A
1st A ref 5s series B
70
*125%
J
New England Tel A Tel 6s A..1962 J D
1st g 4 %s series B
1901 MN
N J Junction RR guar 1st 4s..1980 F A
♦1st 5s series B
99
111
*22%
19
26%
1938 M S
21%
21%
111
A
F A
...1977 M S
13
1945 M S
J
1952 J
S
g 5s__1947
4%s
(♦Secured 6% notes
13%
Mob A Montg 1st g 4%s
South Ry Joint Monon 4s
%
4%
7%
*2
♦4%s Jan 1914 coupon on...1957 J
80
109%
100%
94%
"89%
2003 A
page 385.
.
15%
52
02
Louisville A Nashville RR—
For footnotes see
3
*14
62
49
75
1949 M S
esnrzr.
2%
*1%
16%
45
54%
18
*61
Lower Austria Hydro El 6 %s.l944 F
7
*1%
"3%
44%
112
129%
3
D
Lone Star Gas 3%s debs.... .1953 F A
♦Long Dock Co 3%s ext to— 1950 A O
1949 M S
Long Island unified 4s__.
St Louis Dlv 2d gold 3s.....1980
17%
31%
"7
60
19%
56
16%
22%
M
32
8%
28%
4%
1%
29
38
15%
'15%
2003 MN
2003
20%
12%
73
.....
45
37%
30
1
1st A ref 3 H a series E
Paducah A Mem Dlv 4s
24%
*
51
40
"43%
21
1st A ref 4Mb series C
1st A ref 4s series D
60
*16%
12%
14%
62
49%
17
Little Miami gen 4s series A.. .1962 M N
Loews Inc s f deb 3 Mb
.1946 F A
Unified gold 4s
1st A ref 5s series B
*40
12%
9%
42%
12
J
15
,1961
5s
76%
100% 102%
21%
..1951
15%
Llgget A Myers Tobacco 7s.. .1^44
Lorillard (P) Co deb 7s
72%
68
13
30%
Nassau Elec gu g 4s stpd
Nat Acme 4 %s extended to
14%
1949 M
72
102%
66
31%
17
Lex A East 1st 50-yr 5s gu— .1965
Guar ref gold 4s
4s stamped
*50
63
25
14
.1952 J
99%
"90% "97"
20
22
14
2003 MN
Lombard Elec 7s series A
95
29
30
14%
Carbonic 4s conv debs. .1947 J
89%
88
20%
25
2003 MN
2003 MN
6s
99%
-
*93"
29
47%
2003 MN
Lion Oil Ref conv deb 4Mb— .1952 A
*99
"
68
A
5
2003
%
~30~~ "36"
30
101%
*11%
8%
%
—...
*26
_.
102
7
—
*1%
1978
2
♦5s assented
*%
*%
68
A
45
Leh Val Term Ry 1st gu g 6s— .1941 A
5s assented
.1941
95
9
J
Nash Chatt A St L 4s
47
...
98%
8
25
46%
5s.
39
54%
101% 104% '
108% 111%
30
45
4Mb
35%
82%
83%
60
"72" "87"
108%
*8
J
24%
10%
26
J
*4 Mb assented
♦General
17%
52
6%
J
D
J
62
81
104%
108%
98%
102%
51%
33%
26%
24%
81
103%
'108%
128
72%
74
52
6%
*3%
16%
25
26
J
♦4s assented
14
72
J
30
1940 J
♦Lehigh Val (Pa) cons g 4s
*11
72
J
23
35
4%s_.., 1940 J
4 Mb assented
cons
26
1943
Leh Val N Y 1st gu
27%
25
Leb Val Harbor Term gu 5s—1954 FA
♦General
*26%
1964
1974 FA
♦Sec 6% notes extend to
"26"" "27"
*27
1964 FA
♦5s stamped
79
S
♦Ref A lmpt
*51 %
1954
♦1st A ref s f 6s
*63%
4%. July 1938 M N
♦Montgomery Dlv 1st
*35
1954 F
f 5s...
ext at
90
68%
58%
*87
...1944
f 6s..
35%
99%
S
1980 A
♦Certificates of deposit
♦1st A ref 5s series I
...1981 F
♦Certificates of deposit
Gen A ref
♦5s stamped...
33
*89
35%
1977 M
♦1st A ref g 5s series H__
91%
Lehigh Val Coal Co—
♦1st A ref
33
J
1949 MN
45
25%
*55%
86%
1975 Dec
J
1954 J
Cons sink fund 4%s ser C
J
1954 J
Lehigh A New Eng RR 4s A—.1965 A O
Lehigh A N Y 1st gu g 4s
1945 M S
♦1st A ref
544
60
♦Certificates of deposit
79%
86%
66%
D
f 4Mb A
6s stamped
62
15%
♦Conv gold 6%s
37
13
>
J
♦1st mtge income reg
s
57%
55
F
♦Certificates of deposit
20
45%
1941 J
Lehigh C A Nav
61%
A
♦1st A ref 68 series G
88%
88%
57%
Lake Erie A Western RR—
1997 J
23
13%
45
56
1942 F
3% to—1947
39%
13
67
{Mobile A Ohio RR—
.1942 F
6s 1937 extended at
98
99
7
14
29%
1965 F
4s
High
105% 107
48
♦Certificates of deposit
(♦Mo Pac 3d 7s
M 8
1960 F
2d gold 6s
169
79
95
"40
79%
Low
28%
O
♦1st A ref 5s series F
86%
106%
1
46
47%
29%
Jan 1967 A
ser A
90
*167%
86%
No.
Since
7
1976 M
{♦Mo Pac 1st A ref 6b
72
High
106%
108%
92
79%
1942 A
1953 F
Lake Sh A Mich So g 3%s
Lautaro Nitrate Co Ltd—
1978 J
A
*81
(♦Laclede Gas Light ref A ext5sl939
Coll tr 6s series B
1962 J
Prior Hen 4%s series D
"79%
1959
Ref A ext mtge 5s
Coll A ref 6 Mb series C
Coll A ref 5%s series D
Coll tr 6s series A
1990 J
40-year 4s series B
ser
Jan. 1
72
...1949 M 8
con
*60
1st A ref 6 Mb
1964
Kinney (G R) 6%s ext to
1941
Koppers Co 4s series A..—...1961
Kresge Foundation coll tr 4s..1945
3%s collateral trust notes
1947
{♦Kreuger A Toll secured 6s
Uniform etfs of deposit
1934 M N
♦Ref A ext 50-yr 5a ser
A...1962 Q
♦Cum adjust 6s
fiqeq
106%
71%
72
♦Mex Internat 1st 4s asstd
1977 M S
♦4s (Sept 1914
coupon)—1977 M S
♦Miag Mill Mach 1st s f 7s
1956 J D
{(♦MStP A 8S M
(♦1st cons 6s
Range
Asked
59
-.
♦Second 4s
Manila Elec RR A Lt
Manila RR (South
1961 J
unguaranteed
Kings County El L A P 6s
1997 A
Kings County Elev 1st g 4s—1949 F
Kings Co Lighting 1st 5s
1954 J
♦
deposit
1961 J
Plain
Liquid
of
Is
A
Bid
Low
1960 J D
Manatl Sugar 4s s f
Feb 1 1957 M N
{♦Manhat Ry (N Y) cons 4s._ 1990 A O
♦Certificates
Range or
Friday's
Sale
Price
s f deb 58.1951 M N
Maine Central rr 4s
ser A...1945 J
D
Gen mtge 4 %s series A
1961 J
Stamped.......
4 Ms
4
98 M
90%
D
♦Karstadt (Rudolph) 1st 68—1943 M N
♦Ctfs w w stmp (par $645)..1943
warr
1%
56
♦Certificates of deposit
♦Ctfs with
9
24%
{(♦K C Ft 8 A M Ry ref g 4s..l936 A
Kan City Sou 1st gold 3s
Ref A lmpt 5s
w w
17
30
54
A
Jones A Laughlln Steel 4%s A..1961 M S
Kanawha A Mich 1st gu g 4s..1990 A O
♦Ctfs
12%
2%
10%
10%
86%
{♦Iowa Central Ry 1st A ref 4s. 1951 M S
James Frankl A Clear 1st 4s..1969 J
17
55
S
89%
99% 103%
103%
10%
85%
MN
1947
4%s—1952
61%
85%
Int Rys Cent Amer 1st 5s B—1972
Last
"r
High
100
♦39
O
1932 A
eta&a
4AM
Ind Union
Certificates of deposit
!♦ 10-year 6s
383
Week's
Friday \
N. Y
Since
Asked
50
Ind 111 A Iowa 1st g 4s
Industr'al Rayon 4 %s
Inland Steel 3%s series D
4
McCrory Stores Corp
A
Illinois Steel deb 4%s
Range
Friday's
Bid
Loto
Joint 1st rel 6s series A
1st A ref 4%s series C
Record—Continued—Page
Week's
Last
34%
32%
36%
"3
5
73
106% 109%
66
50
24%
75
37
30
35
24%
36%
35%
39%
34%
24
24%
23
BONDS
Sale
Range
BONDS
Friday's
Price
Since
N. Y. 8TOCK EXCHANGE
Week Ended July 14
Bid
<Sc
Low
Newport A C Bdge gen gu
1945 J
j
1998 F
A
.1946 A
O
2013 A
O
2013 A
O
4 %8.
4s series A
10-year 3 %s sec a f
Ref A impt 4 %s series A
Ref A lmpt 6s series C
Conv secured 3% a.
N Y Cent A Hud River 3 %s
N Y Cent RR
-
58
74%
74
45Vi
51
85
54
75%
48%
30
71
99
44%
122
50%
110
73%
82%
62%
69%
77%
58%
56
19
54%
J
80
77%
81%
36
76
84%
1942 J
J
74 %
72%
75
16
72
85%
2013 A
O
F
A
F
A
Ref 6%s series
Ref 4 %s series
47%
45 Vi
*58 Vi
"hi"
60
60
61
"l3
106
Debenture g 4%s
.1970
General 4%s series D
Gen mtge 4%s series E
Conv deb 3%s
.1981
.1984
.1952
45
49
170
39
71%
59%
75
75
75
15
65
83%
105Vi
104 Vi
*106
"48%
48
1963
6s series B.........
1961
1947
Conv 5% notes
N Y Edison 3lis ser
1st lien A ref 3lis ser
N Y A Erie—See Erie
49
77%
106
86%
72%
107%
107%
48
59%
"~6
50
24
104
49
17
Vi
109Vi
51%
110
9
6
49
58
107% 110%
107% 112%
4s
6
20
88%
23
109% 113%
84%
90%
25
115% 120
119%
120
100%
159
95% 100%
106%
99%
106
132
103% 107%
84%
87
79
90%
95%
90%
97
95%
96%
96%
52
95%
76
81%
83%
55
89%
74%
97
83%
O
*116%
116%
O
.1940 A
....April
113%
113%
88
88%
.1947 M S
Refunding gold 6s
Peoria A Eastern 1st cons 4s.
♦Income
112%
95%
.1943 A
Peop Gas L A C 1st cons 6s
95%
47%
161
116%
7
48
47
47
5
Apr
1990
*3%
4%
A
106%
106%
"61%
08%
3%
6%
103% 106%
1
Peoria A Pekln Un 1st 5%s....1974 F
Pere Marquette 1st ser A 5s....1956 J
90%
115% 117%
112% 116%
117
....1
110%
5
126%
118%
126%
118%
5
A
1949 F
gold 4s
110
D
MN
*11
MN
Greenwood Lake 5a.. 1946
gold 3%s
2000
4s ser A....1973
N Y A Harlem
102%
MN
N Y Lack A West
MN
tpNYANE (Boet Term) 48.1939
11
•Non-conv debenture
♦Non-conv debenture
J
3 Vis..1954
4s
1955
4s....1956
♦Conv debenture 3 %B
1956
♦Conv debenture 6s
1948
♦Collateral trust 6s
1940
♦Debenture 4s
1957
♦1st A ref 4 Vis ser of 1927 ..1967
{♦Harlem R A Pt Ches 1st 4s 1954
50
"11" "if
15
10
*9%
15
J
11 Vi
10%
11%
22
11%
11%
10 Vi
11%
2
10%
15
12 Vi
13%
52
10%
21
21
11
16
J
J
J
"if
J
A
O
MN
5%
D
J
12%
12%
MN
*47
6Vi
9%
4%
10%
45
47
O
6%
5%
9%
3%
3
5
*42
62
"48%
M N
J
J
104%
104%
{{♦N Y Susq A West 1st ref 6s 1937
{♦2d gold 4 Vis
1937
♦General gold 6s
*.1940
♦Terminal 1st gold 6s
1943
N Y Telep 1st A gen s f 4Vis—.1939
Ref mtge 3 Vis ser B
1967
N Y Trap Rock 1st 6s
1946
6s stamped
1946
tl*N Y Westch A Boet 1st 4 Vis *46
Niagara Falls Power 3 Vis
1966
Ntag Lock A O Pow 1st 5s A..1966
Niagara Share (Mo) deb 6Vis_1950
fNord Ry ext sink fund 6Vis..1950
{{♦Norfolk South 1st A ref 58.1961
J J
F A
44%
106%
107
107
7
109
*27
59
57%
76
J
53
54
15
52
67%
.1980 M
8
56%
56%
1
54
71
108%
109%
198
111
111%
108
120
108% 114%
Phelps Dodge
Phi la Bait A Wash 1st g
5%
6%
7%
4%
5%
34
34%
104
109%
107
104
107%
D
105%
105
105%
98% 105%
Phlla Electric 1st A ref 3%s._. .1967 M
{♦Phlla A Reading C AI ref 6e .1973 J
8
110%
110
110%
J
11%
10%
11%
109% 112%
14
10%
.1949 M
8
3%
3%
3%
Phlla Co
sec
6s series A
Series C 4%s guar...
Series D 4s guar
1949
1953
Series G 4s guar
Series H cons guar 4s...
Series I cons 4%s
1957
1960
1963
1970
Gen mtge 5s series B
Gen 4 %s series C
1977
12%
9
8%
45
cons
1st mtge 4%s series
1st mtge 4%s series
Pitts Y A Ash 1st 4s
85%
12
109
99%
108
94
10%
31
*44
A
106%
A
103 Vi
107
106%
101
100%1051,»i
9
17%
8%
15%
1
10
4
111%
109%
50
48
60
123
35
118% 124
105%
106%
32
104
105%
105%
107%
18
103% 106%
105
107%
112% 114%
122 Vi
*106%
10
106
110
106%
107
O
*33
39
45
50
50
*50
O
55%
*31
J
F
68%
67
42
42
1
44%
J
55
J
48%
J
54%
109%
56%
225
46
49
14
46%
48
A
111
42%
68%
43%
44%
48%
27
109%
110%
23
J
*_...-
J
J
*6
J
J
Ohio Connecting Ry 1st 4s._
.1943 M S
Ohio Edison 1st mtge 4s
.1965 M N
-r
109
106
.....
~r.i
....
165" 109""
118%
105
-WW -w
112% 118%
102% 107%
101% 106%
117%
105
105
105%
104%
104%
105
97%
97%
10
9
97%
*107
93%
20
32%
32
"2
32%
32
"16
32
52
104
A
*110
D
51%
51%
36%
36
*22
32
98%
106% 107%
«.W «'«•>«»
32
e-407%
116%
112
....
•
«.
W
*
100%
*.
D
1960
M
*98%
S
58%
77
623
"27"
73%
76%
"15
J
J
26%
14
J
"13%
12%
13%
319
Potomac Elec Pow 1st M 3%s.l966
Pressed Steel Car deb 5s
1951
J
109%
109%
109%
4
*107%
"27"
26
25%
J
*1%
1948
88
72
1%
5
4
40
49%
111%
110% 110%
153
153
153
109
109%
102%
103%
108% 109%
95% 104%
153
*220
J
(65% pd)—
{♦Debenture gold 6s...
1941
*111%
42
25
10%
16%
108% 110%
*42%
Public Servl-e El A Gas 3%s..l968
J
1st A ref mtge 5s
J
2037
1st A ref mtge 8s
2037 J D
Pub Serv.of Nor 111 3%s
1968 A O
107%
44%
25
78%
*72
J
{♦Providence Sec guar deb 4s..1957 MN
{♦Providence Term 1st 4s
1956 M S
77
106
.1950
D
s
f deb 5s
{♦Radlo-Kelth-Orph
pt pd ctfs
D
{Deb 6s stamped
1941
Reading Co Jersey Cent coll 4s. 1951 A
66%
1997
J
82
41
28
41
53%
60%
Remington Rand deb 4%s
4%s without warrants
50%
74%
Rensselaer A Saratoga 6s gu
42%
42%
65
64
110%
69%
*68%
71%
79
63
54
55
J
1997
55
66%
63
7
54
61%
48
68
80
69%
80
*60
D
O
*55%
72
75
85
107
Republic Steel Corp 4%s
ser
M
8
104%
104
104%
32
99
1956 M
w
S
102
100
102
21
100
w.1956
1941
B.1961
Purch money 1st M conv
6%s "54
Gen mtge 4%s series C
1956
Revere Cop A Br 1st mtge 4
%s. 1958
♦Rhelnelbe Union s f 7s
1946
5
7%
A
93
M N
106
MN
94
F
J
J
4
8%
♦Rhine-Westphalia El Pr 7s...1950
108%
108%
29
1C9%
109%
109
109
16
108%
109%
42
106
93%
99%
108%
108%
106
109%
101% 109%
100
1st mtgo 4s
.1967 M S
1st mtge
3Vis_.
.1972 J
J
Oklahoma Gas A Elec 3%s__
4s debentures
.1966 J
D
108%
109%
13
.1946 J
D
105
105%
3
.1943 F
A
112*15
112%
5
Oregon RR A Nav
4s.
.1946 J
D
112% 113%
112% 116%
107% 111%
Ore Short Line 1st cons g 6s.
Guar stpd cons 5s
.1946 J
.1946 J
J
J
Ore-Wash RR A Nav 4s
.1961 J
.1962 J
102
A
1955 A
94
28
94%
102% 107%
85%
94%
______
O
'
m -
-
_
8
95
39
5
37
51
20%
27%
3
22
1
18%
21%
23%
23%
99%
20%
1952 MN
1953 F
17
106%
85%
23%
4
21
7
23%
28
22%
27%
99%
•
23%
101%
27%
28
103% 105%
Ontario Power N F 1st g 5s_.
Ontario Transmission 1st 6s.
♦Direct mtge 6s
♦Cons mtge 6s of 1928
♦Cons mtge 6s of 1930
M N
59
93%
20%
27%
J
♦Rhine-Ruhr Water Service 6s.1953 J
91%
39
J
J
7%
105
f-
-
108%
104%
MN
6%
10
*108%
.....
*117%
117%
1977
65%
100
7%
.....
*108
Gen A ref 4%s series B
36
94%
104% 105%
107
109%
108% 108%
109
109
109
Gen A ref 4 %s series A
*48
95
90
93
—...fa
{♦Porto Rico Am Tob conv 6sl942
♦esstamped..
..1942
{{♦Postal Teleg A Cable coll 5s. 1953
Purity Bakeries
it*
112%
89%
96
106% 106%
*108%
1974
Port Gen Elec 1st 4 %s
1st 5s 1935 extended to
7
1C8%
*106
for deb 6s A com stk
♦
♦Stamped...
5
12
9%
F
{♦Og A L Cham 1st gu g 4s...1948
109
100
4
F
Ref A lmpt 6s series D
Northern States Power 3 Vis...1957 F
Northwestern Teleg 4 Vis ext..1944 J
109
103%
122%
2047
2047
2047
2047
2
2
*108%
D
1948
1962 F
A
ser
1st gen 5s series C
1st 4%s series D
90
*108%
*108%
3
106
9
7%
107%
91%
A O
A O
M N
M N
F A
J D
M N
F A
F A
MN
J D
A O
J
J
M N
J D
B_.T„__1959 A O
C__i___1960 A O
lBt gen 5s series B
A
Apr '33 to Oct '34 COUPS-1945
♦Apr "33 to Apr'38 coups.. 1945
North Pacific prior Hen 4s
1997 Q
Gen lien ry A Id g 3s Jan
2047 Q
1975
Pitts Va A Char 1st 4s guar___1943
Pitts A W Va 1st 4 %s ser A. ..1958
101 hi 103%
O
{♦Northern Ohio Ry 1st guar 5s—
♦Apr 1 1935 A sub couponB..1945 A
♦Oct 1938 A sub coupons
1945 A
Ctffl of deposit stamped
...1964
4%s
guar
108% 111%
62
85%
70%
90
1033i#
1959 F A
1974 M 8
1974 M 8
...1942
....1945
Series E 3%s guar gold
Series F 4s guar gold
16
18
108%
*105%
23
2%
9
S
Pitts C C C A St L 4%s A
1940
Series B 4%s guar.........1942
25
11C%
J
.1948 M
*-._-.
110%
110
MN
...
Pirelli Co (Italy) conv 7s
.1952 MN
Pitts Coke A Iron conv 4 %s A. .1952 M 8
101»32
10
{{♦Norfolk A South 1st g 6s...1941
Norf A W Ry 1st cons g 4s
1996
North Amer Co deb 3 Vis
.1949
debenture 3 Vis
1954
.1937 J
{{♦Philippine Ry 1st s f 4s
Phillips Petrol conv 3s
101*32
2%
D
.1967 J
111%
107%
88%
10 %
.1981 J
*113
107%
106%
85
J J
M S
A O
MN
A O
F A
J
106% 115
107%
110%
101'32
A
Gen mtge 6s series A
101% 107%
14
.1974 F
.1977 J
...
54
105
109"
D
4s.... .1943 M N
General 5s series B
General g 4 %s series C
General 4 %s series D
77
110%
J
3%s deb...1952 J
conv
Series J
103% 108%
93
7
*6%
4 Vi
A
N
N
J
D
8
107%
6 Vi
♦Certificates of deposit
Ref A lmpt 6s series C
57%
3%
*65 Vi
106%
Ref A lmpt 6s series B_.
15%
15%
17%
27%
8%
17%
10
*109%
Ref A lmpt 4 Vis series A
16
10%
50%
M N
J J
Gen A ref 4 Vis series A
15%
10
3
5%
13%
Pow 3 Vis 1905
N Y Rys prior lien 6s stamp...1958
N Y A Rlchm Gas 1st 6s A
1951
N Y 8team Corp 3 Vis
1963
F
M
M
J
J
13%
5%
O
{♦NY Providence A Boston 4s 1942 A
4s.. 1993 A
N Y A Putnam 1st con gu
N Y Queens El Lt A
61%
.1956 J
1st g 4 Vis series C
♦Conv deb 6s
11
*6
{♦N Y Ont A West ref g 4s
1992 M S
♦General 4s
.............1955 J D
North Cent gen A ref 5s
75%
MN
♦Non-conv debenture
debenture 4s
58%
50%
94
11
O
A
61
70
70
*50%
S
M
{♦N Y N H A H n-c deb 4s
1947
♦Non-conv debenture 3 Vis..1947 M S
54
33
10
55
70
O
4
55
*48
J
Imp 6s 1943 J
Branch gen 4s
1941 M S
12
17%
98% 102%
48%
63
3
55%
*40
♦N Y L E A W Dock A
A
14
52
55 Vi
55 Vi
6
102%
51%
4 Ha series B
1973
NYLEAW Coal A RR 5%s *42 MN
123% 126%
116% 118%
58
1st 4s series B
no"
1966
E
RR
J
Pow g 5a.. 1948
N Y Gas El Lt H A
Purchase money
51 Vi
1965
D
47%
106%
no
93
113%
86%
48%
1963
104% 106%
107% 109%
100%
.1968
S
59%
105%
6
112%
119%
.1965
A
83%
109%
113%
.1960
14
57
"~49
108%
General 4 %s series A
58
*81
2
105%
*96%
105"
Consol sinking fund 4%s
54
"69 %
99%
105
J
O
70
57
1941
N Y Dock 1st gold 4s
8
.1948 M N
Consol gold 4s
High
93
100%
105% 107%
99%
93%
5
68%
O
1947
extended to,-.
99%
106%
.1943 MN
Pennsylvania RR cons g 4s
.1
Low
"99%
O
A
.1981 J
4%s series B
Pennsylvania PAL 1st 4%s_...1981 A
Jan.
99%
62%
44%
No.
©
106%
99%
58
91
High
©
99%
58
48%
1946 F
3-year 6% notes
N Y Connect 1st gu 4%s A
A..1977
Pa Ohio A Det 1st A ref 4 %s
Since
0503
Low
Penn-Dlxle Cement 1st 6s A....1941 M S
D
Penn Glass Sand 1st M 4%s...1960 J
Range
siS
Friday's
dk
Asked
Bid
Price
4s sterl stpd dollar.May 1 1948 MN
.1970 A O
Gen mtge 3%s series C
1978 M
A
C
Sale
5
•5 a.
General 5s series B__
1974 A
4s collateral trust—-—
N Y A Long
High
109 %
54%
"53%
1997 J
-
A
Lake Shore coll gold 3 %s_. 1998
1998
Mlcb Cent coll gold 3%s
N Y Chic A St Louis—
•
Low
No.
*110
58
1962 MN
Ref A lmpt 4 %s ser
1st guar
High
Jan. 1
53%
58%
Debenture 4s
1st mtge 3%s
Asked
Range or
Last
Range or
Last
N. Y. STOCK EXCHANGE
Week Ended July 14
Week's
Friday
Week's
Friday
♦N Y A
July 15, 1939
New York Bond Record—Continued—Page 5
384
con g
-
-
—
*115
110
110%
1
117%
117%
10
118%
118
118%
11
113% 117%
116% 118%
J
106%
106%
106%
92
103% 107%
J
75%
74%
75%
37
_
«...
5
54
54
112%
112%
112%
46
111%
111%
112
46
109%
1st A ref mtge 3 Vis ser I
.1966
{♦Pac RR of Mo 1st ext g 4s...1938
108%
110%
49
73%
73%
2
70
73%
.1938
Paclflo Tel A Tel 3Vis ser B_,.1966
Ref mtge
116
T07
110%
Pacific Coast Co 1st g 5s
.1946
Pacific Gas A El 4s series G....1964
1st A ref mtge 3Vis ser H__..1961
{♦2d ext gold 5s
-
.1945 MN
...
Otis Steel 1st mtge A 4 Vis
-
70
2
111
6
110%
64%
53
81%
60
111% 113%
109
112%
105% 110%
67
83
65%
72
107% 112
102%
102%
1
108% 112%
101% 102%
8
104%
104%
1
103% 105%
U Paramount Pictures deb 6s. 1955 J
3Vi8 conv debentures...... 1947 M 8
7Paris-Orleans RR ext 6Vis.. .1968 M 8
1003i«
3Vis series C
Paducah A 111 1st
s
...
1st M
s
*110
.1966
f g 4Vis... .1955
Panhandle Eastern Pipe L 4s.
Paramount Broadway Corp—
f g 3s loan ctfs
1955 F
Parmelee Trans deb 6s
Pat A Passaic G A E
cons
...
1952 M
.1944 A
8
*126
.1942 M 8
53
Guar 3 Vis trust ctfs D
1944 J
Guar 4s ser E trust ctfs
1952
....
100 1*16
A
*103
D
MN
.1963 F
1
50
99% 102
82%
89
47
-
-
50
-
-
15
53
A
57%
1
45
58
45
61
101% 103
101% 103%
99% 103%
104%
*104%
104
104
104
11
103%
103%
103%
40
1952 M
Rlchm Term Ry 1st gen 5s
♦Rlma Steel 1st s f 7s
{♦Rio Grande June 1st
1952
con
103
104%
10%
12
*43
43
13%
46
D
J
J
32
32
2
31
44
O
15
15
2
15
r 20
S
*124%
S
1949 A
.
_
_
1967 M S
4%s..l934
M
1948 A
{♦Rut-Canadian 4s stmp
1949 J
{♦Rutland RR 1st con 4%s..l941 J
J
♦Stamped.
1947 J
deb 4s
Saguenay Pow Ltd 1st M
*10%
100% 107%
1967 M
Roch G A E 4 %s series D
Gen mtge 3%s series H
Gen mtge 3%s series 1
s f
A
31
107%
*102%
1977 M
A coll trust 4s A
Safeway Stores
106%
107%
J
J
gu
{{♦R I Ark A Louis 1st
♦Ruhr Chemical sf6s
8
'
1955 F
5s..1939
f {♦Rio Grande West 1st gold 4sl939
♦1st
J
24%
4%sll966
A
St Jos A Grand Island 1st 4s...1947 J
St Lawr A Adlr 1st g 6s
1996 J
*8%
*
*6
J
8
m*
—
105%
11
106%
107
D
105%
106%
27
*107%
*6C
J
*
85
13%
20
_
5H
8
4%
8%
104% 107
105% 107%
106% 107%
___
84%
58%
59%
*38
64
15
14
15
58
57%
♦Certificates of deposit
-
105%
8
8
26
8
8
2d gold 6s
1966 A O
St Louis Iron Mtn A Southern—
♦{Rlv A G Dlv 1st g 4s
1933 MN
-
1
7%
8%
J
______
9%
30
7%
J
J
_
_
*106%
8
O
O
_
_
9
....
52
65%
51%
64
17%
98% 102%
123% 125%
-j*
m
*103
D
~
4
89
88
100^2
„
1003i6
50
Penn Co gu 3 Vis coll tr ser B. .1941 F
Guar 3 Vis trust ctfs C
.1942 J
28 year 4s
89
-
52
52
O
5s__ .1949 M
♦Paullsta Ry 1st s f 7s
-
Richfield Oil Corp—
4a 8 f conv debentures
*22
98% 105
98% 104%
J
♦Certificates of deposit.....
♦Prior Hen 5s series B
58%
8
12%
52%
8%
8
8%
38
7%
14
8%
{♦St L Peor A N W 1st gu 5s...1948
St L Rocky Mt A P 5s sptd.._1955
{♦St L-San Fran pr lien 4s A..1950 J
8
8%
27
7%
25
7%
13%
14%
14
14
13%
1950
j" 3
8%
8
8%
8%
8%
19
7%
1978
M~S
8%
8
8%
59
7%
8
8%
18
7%
54%
♦Certificates of deposit
♦Con M 4%s series A
♦Ctfs of deposit stamped
38
65
59%
60
J
*26%
32
{♦1st terminal A unifying 6s_1952 J
J
15%
16%
3
15%
35%
23%
♦Gen A ref g 5s series A
J
9%
9%
2
8%
15%
{St L SW 1st 4s bond ctfs
♦2d 4s lnc bond
For footnotes see page 385.
1989 M N
ctfs.__Nov" 1989
J
1990 J
60
38
62%
26
Volume
N. Y.
New York Bond
149
Friday
BONDS
STOCK EXCHANGE
Week Ended July
II
fPadflc ext gu 4s (large)
-
-
-
-
97
42
110 %
110
111
109%
20
♦Guar s f 654s series
B_____ -1946 A O
♦Stamped
A O
Scioto V A N E 1st gu 4s
MN
II
....
15%
5
15
4s. .1950 A O
.1950 A
—Oct 1949 F
*8%
9%
A
*1%
.1959 A
O
3%
3%
5%
32 %
4
g
♦Certificates of deposit—
♦1st
cons
6s series A
•
O
^
-
„
-•--
ft
-1945 M S
.*
^
♦Certificates of deposit—
{{♦Atl A Blrm 1st gu 4s
Il933 M S
{♦Seaboard All Fla 6s A ctfs— .1935 F A
♦Series B certificates
.1935 F
---
A
A
Skelly Oil deb 4s
-
-
O
South A North Ala RR
gu 5s. .1963 A
South Bell Tel A Tel
35*8
-1962 A
Southern Calif Gas 454s
.1961 M
1st mtge A ref 4s
.1965 F
Southern Colo Power 6s A
.1947 J
Southern Kraft Corp 4%s
.1946 J
Southern Natural Gas—
—
O
S
A
J
------
D
A
93
O
J
105%
D
44%
M
S
M
S
Gold 4 54a
Gold 4 54a
-1946 J
J
-1950 A
44%
-1981 M N
10-year secured 35* a
San Fran Term 1st 4s
47%
105%
42%
45%
43%
41%
41%
56%
O
MN
80 Pac RR 1st ref guar 4s
1st 4s stamped.
J
-
44
44
\
58
;
9
105
12
93
63%
37
69
40
5854
4054
6154
39
5754
105
33
246
3754
3754
51
68
2
80
35*s
Winston-Salem 8
5754
76
93
239
83
62
64%
132
85%
35
5754
5554
A
.1956 A
.1956 A
-
Devel A gen 6 54a
Mem Dlv 1st g 5s
O
O
♦{Spokane Internat 1st g 5s._ .1955 J
8taley (A E) Mfg 1st M 4s
-1946 F
J
D
1953 J
109%
108%
*106%
21
20%
*105%
105%
105%
105%
J
—
J
•
-
Tenn Elec Pow 1st 6s ser A—
.1947 J
Term Assn of St L 1st
g 4 %a.- .1939 A
1st cons gold 6s
F
Gen refund
s f g
4s
88
.1953 J
99%
*100%
116%
116%
109%
109%
86%
105
105%
104%
104%
J
Texarkana A Ft S gu 554a A.. .1950 F A
Corp deb 354a
J D
-
3s debentures
con
A
O
-1943 J
gold fie
Texas A Pacific 1st gold 5e—. .2000
Gen A ref 5s series B
-1977
Gen A ref 5s series C
.1979
Gen A ref 5s series D
.1980
ft-ft
-
Texas
Texas A N O
106%
100%
—
A
•
—
•
—-
-
1st lien A ref 4s
_
{|*Utll Pow A Light 554a
1st
cons
5s.—.
31
87%
105%
6
79
29
104
105
93
10354 105
95
108 H
....
46
52 54
85
A
O
M
S
~
•
ft
J
ft-ft
*
Conv 'deb 4s
1st mtge s f 4s
e
74
"107%
ft«...
ft
...
—
-
-
106%
10%
1145l„
ft
ft
J
108%
108%
J
114
114
108%
108%
112%
112
O
99%
—
•
J
-
99%
99%
99%
*108%
73%
79%
78%
—
—
-
-
D
—
D
-
-
-
•
-
«. -
J
-k
-
O
101%
A
M
S
J
75%
—
O
85
106
954
,
13
93
109%
73%
79%
107
109 J4
2
70
8354
104
11054
3054
10654
Tuesday
Wednesday
Thursday
Friday.
ft;
98
102
27
66
75%
18
6554
7554
96
103 54
10654 10854
10654 10954
110
-
—
109
ft-
31%
*51
56%
•
110
31%
36
1
80
57
54
10
18
109%
2
105%
106%
68
100
35
103% 107%
*9
10454
106
106
MN
9%
5
104
.1961
11%
110
at
the
New
York
Stock
Exchange,
United
Total
States
Bond
Bonds
113,320
$1,260,000
282,800
2,888,000
4,643,000
5,338,000
4,745,000
4,224,000
424,850
913,380
946,360
543,720
—
Sales
$211,000
530,000
$32,000
618,000
442,000
72,000
$1,503,000
932,000
589,000
645,000
4,350,000
5,703,000
5,999,000
41,000
186,000
543,000
5,431,000
4,953,000
Week Ended July 14
1939
Jan.
Stocks—No. of shares.
1938
1 to July 14
1939
1938
3,224,430
8,012,960
113,502,725
136,529,903
$1,705,000
3,136,000
23,098,000
$2,784,000
4,266,000
$48,437,000
134,617,000
$82,587,000
30,728,000
699,325,000
739,789,000
$27,939,000
$37,778,000
$882,379,000
$953,660,000
Bonds
Government—
—
i.
State and foreign.....
Railroad and Industrial
131,284,000
Stock and Bond
Below
are
the
daily closing
stocks and bonds listed
as
on
Averages
averages
of
representative
the New York Stock
Exchange
compiled by Dow, Jones & Co.:
Bonds
54
%
.
1
%
4
109
114
7
6%
9%
4%
7
4%
5%
106% 110%
107% 110%
For'n Bonds
Sales at
9354 10154
-
110
—
96
State,
Municipal &
Exchange
7554
%
-ft
•.
New York Stock
50
75%
~
108%
109%
D
1943 J
Stocks
—
•
•
9%
5054
101%
109%
•
10%
Bonds
Total
37
5
•
8%
6
100% 105
88%
97%
10
Mis cell.
83 54
90
93
10054
100%
101
24
95%
50
3554
8
105
95%
*112%
Railroad &
—
81
54
36
....
9554
109% 114
90%
97
100% 101%
9
104
104
O
9
Number of
Shares
Saturday..
Monday......_
10054
....
9
115
18
38%
1
16
--•-
10954
99%
88
113%
95%
101%
•--
Stocks,
11054
11654
10054
38
D
.1948 M S
116 54
94
107
72
110
1145,,
10654
11154
10454
110
*%
*%
—
26
7154
69
99%
100%
2354
9
....
*100
59
42%
52%
104% 104%
----
•
Daily, Weekly and Yearly
Week Ended
27
*108%
*108%
...
53
46
113%
94%
95
.....
J
-1961 J
C_.
Transactions
July 14 1939
24
■
A
22%
98
i2554
2
39
M S
70
17%
6554
109
"87%
s
166"
5
106%
*
57
45
1
15
the yearly range:
No sales.
5454
8
*__
4654
1354
25
100
258
77
10754
20
62
70
21%
48%
46
3
*105"
M S
10454 109
9
16
of the Bankruptcy
Act, or securities assumed by such companies
Friday's bid and asked price. No sales transacted
during current week
Bonds selling flat.
Deferred delivery sales
transacted during the current week and not Included in
123 54
5
71
3
167
Cash sales transacted
during the current week and not included In the yearly
97%
48
16
15%
66%
63
69
"4854
76%
89%
82%
95
104% 107%
14%
23%
13%
23%
55%
66%
57%
71
1
A Tube—
ser
....
2
100
5
J
105
38
72
J
M
3754
754
8754
30
-
A
J
96 54
50
110
105%
*36%
——
87%
100%
J
3
45%
9%
30
*
J
O
103
102%
110
—
30%
106%
D
*
74%
107%
10%
114%
108%
114%
108%
112%
21
called In their
entirety:
♦
30
.
90
General Motors Accept. 3s
1946, Aug. 1 at 10254.
Goodrich (B F) 6s 1945,
Aug. 2 at 103.
Home Owners' 2%s
1949, Aug. 1 at 100.
Nord Rys 6 54s 1950. Oct 1 at
102.
Paramount Pictures 6s 1955,
July 31 at 100.
Paris Orleans 554s 1968.
Sept. 1 at 100.
Socony-Vacuum Oil 354a 1950,
July 21 at 10254
Wheeling A Lake Erie 4s 1966, Sept. 1 at 105.
{ Companies reported as being In
bankruptcy, receivership, or reorganized under
Section
89
*22%
*.
84%
21%
1960 M S
1953 J
110% 112%
105
107%
48
64
695*
119% 122
exchange rate of 34.8484.
T The following is a list of the New
York Stock Exchange bond Issues which have
been
89
107%
5
8
106%
109%
123% 128%
105% 109%
14
15%
.
107
•
1
35
Buenos Aires 3s 1984,
July 11 at 4754.
r Cash sale:
only transaction during current week,
a Deferred delivery saie: only
transaction during current
week,
n Odd lot
sale, not Included In year's range.
x Ex-interest.
| Negotiability Impaired by maturity,
t The price represented Is
the dollar quotation
per 200-pound unit of bonds.
Accrued Interest payable at
7854
100
*106
-••
15
66
D
67
106% 109
60
1946 M S
1950 MN
1951 J
40
67
-
range:,
7954
*125%
ftftftft—
-
•
128%
109%
120%
111%
107%
89%
106%
gen 4s.. -1949 J
{♦Wor A Conn East 1st
454s
Youngstown Sheet
37
11354 119
7854 89
1
-
11
88
-
-
40
-
-
«
~
-
*
•
5%
14
60
-
67
•
*8
64
*106%
ft-
O
J
F
60
«
ftft-
—
A
A
A
~
40
4%
25
5
47
83
of
90 J4
D
53
92
35
48*36 MN
86%
86%
71
90
J
80
88
deposit..
Wisconsin Elec Power
354s... Il968 AO
Wisconsin Public Service
4s..
♦Certificates
118 %
94
J
M N
73
-
1
120
O
F
---
142
110%
107%
84
1947 A
6054
32
D
J
A
28
116%
109%
53%
90%
J
.1934 J
—
94 54 101
10054 10254
11354 11654
103
10954
-
52%
89%
J
Vanadium Corp of Am conv 5s .1941 A O
Vandalia cons g 4s series A— .1955 F A
Cons s f 48 series B
.1957 M N
Vera Cruz A Pacific RR—
..
^
2
85%
J
D
§♦4>*8 assented1934
Va Elec A Pow 3 54a ser B
.1968
Va Iron Coal A Coke 1st g 5— .1949
Va A Southwest 1st gu fis
.2003
^
105,732
O
1959 F
}*4 54s July coupon off
-
43%
8%
93%
105%
.1947 J
^Debenture 5s
„
45%
9%
93%
J
-1971 M N
-1951
♦Sink fund deb 6 54a ser A.. -1947
United Stockyards 45*s w w. .1951
Utah Lt A Trae 1st A ref 5s. .1944
Utah Power A Light 1st 5s_— -1944
59
100%
88
85%
102%
A
f 6 54a series C
130
88
|{»United Rys St L 1st g 4s_. -1934 J
U S Steel Corp 35*8 debs
-1948 J
♦Un Steel Works Corp 654a A. .1951 J
s
125
D
United Biscuit of Am deb 6s.. -I960 A O
United Cigar-Whelan Sts 5s— .1952 A O
United Drug Co (Del) fis
-1953 M S
U N J RR A Canal gen 4s
.1944 M S
♦Sec
10754
J
-1945 M S
J
.1962 J
-
106 54
68
105
86%
117%
85
June 2008 M 8
June 2008 M S
1st Hen A ref 5s
103
61
34
-.
O
{|»Unlon Elev Ry (Chic) 6e_. .1945 A
Union Oil of Calif 6s series A._ .1942 F
354a debentures
.1952 J
Union Pac RR 1st A id gr 4s.- -1947 J
34-year 3 54a deb
35-year 354a debenture
88
107
A
Toronto Ham A Buff 1st g 4s. .1946 J D
Trenton G A El 1st g 6s
.1949 M S
Trl-Cont Corp fis conv deb A. .1953 J
J
♦Tyrol Hydro-Eleo Pow 7%s. .1955 MN
♦Guar sec s f 7s
1952 F A
s f 7s
Union Electric (Mo) 3 5* a
-
46
91%
--
117%
Tokyo Eleo Light Co Ltd—
Ujlgawa Elec Power
-
28
106
O
-1937 J
-1952 J
1st 6s dollar series
-1953
Tol A Ohio Cent ref A Imp
354a 1960
Tol St Louis A West 1st 4s— -1950
Tol W V A Ohio 4s series C
.1942
20
«...
D
-1960 J
Jan 1960 A
♦Adj Income 6s
10954 11254
10454 109
10954
1254 21
10454 10554
10354 106 54
A
Tex Pac Mo Pao Ter 554a A— .1964 M S
{f ♦Third Ave RR 1st g 5s
Tide Water Asso Oil 354a
21
71
92
40
80
105
-
13
74
J
—
Third Ave Ry 1st ref 4s
-
ft
*
J
-
106%
*129
O
8
27
-
6
14
104% 107%
56
66%
5
11
80 54
58
72
6054
-
12
107
86
106%
D
-
-
—
---•••
Studebaker Corp conv deb 6s_ .1945 J
J
Swift A Co 1st M 3 5*8
.,1950 MN
Tenn Coal Iron A RR
J
gen 5s._ .1951 J
-
67%
110%
108%
6
*7
7654
73
75
65%
110%
108%
A
Standard Oil N J deb 3s
73%
*60
-
67%
*
57
71%
75%
J
St Louis Dlv 1st g 4s
J
.1951 J
So* western Bell Tel 3 54a ser B_
D
.1964 J
1st A ref 3s series C
J
.1968 J
80'western Gas A El 4s ser D. -1960 M N
25*s
69
44
9154
6154
49
55
70%
74%
O
-1996 J
206
54%
53
6%
128%
109%
10954
-1960 J
♦Certificates of deposit..
I^Sup A Dul dlv A term 1st
-
Southern Ry 1st cons g 5s
Devel A gen 4s series A
Devel A gen 6s
D
2361 J
2361 J
B 1st 4s
{♦Wis Cent 50-yr 1st
7254
77
J
J
10554
12%
*109%
*109%
1943 A
Registered
95
101
A
O
E Ry 4e ser D
1966
RR 1st consol 4s
-1949
Wheeling Steel 454s series A.. .1966
White Sew Mach deb
8s
.1940
t §♦ WIlkes-Barre A East
gu 5s .1942
Wilson A Co 1st M 4s
series A 1955
Conv deb
5
—
A
1977 J
t Wheeling A L
105
9054
35
105%
45%
48%
45%
44%
44%
58%
84
J
.1994 J
100
13
5%
*
1946 M S
West Shore 1st 4s
guar..
6
*30
A
Q M
10754
♦Westphalia Un El Power 6s.
10454 108
10834 H0J4
6%
5
90
110 %
30-year 5s
43
1
22
40
J
♦5s assented
52%
17%
17%
12%
-
6%
*58%
90
D
115
11854
10654 110
7
31
109
23%
••
60
S
1966 J
1st A ref 554a
Berles A
West N Y A Pa
gen gold 4s.._
{♦Western Pac 1st 6s ser
A__
75 %
82
..
106
A
M S
1952 A
-
40%
•••
-
6%
6
D
-
«»
59
F
-
6%
—1952 J
Western Maryland 1st
4s
-
*104
F
-
6%
5%
E.1963 M S
ser
^
28%
28
48
11
-
18
*42
deb 454 s 1945 J
1955 A
Western Union
Telegg 454s.
25-year gold 5s
8
*11%
15
24%
-•-•
14
554
F
High
105% 109%
34
49%
14
16%
25
A
M
Low
20
50%
1980 A
91
10034
102?4 105
102»32107J<
31
107%
83
J
58
145
1941
1976 F
1st mtge 354a
series I
62
59
106%
Jan. 1
27
38
*11
1939
1978 A
West Va Pulp A
Paper 454s
102«32106
121
{107%
104%
108%
104%
92%
104%
108%
5
53
(Hiram) GAW
West Penn Power
1st 5s
5
20
104
118
--
2%
12
10215*2 1021%!
No.
109
*48"
Westchester Ltg 5s stpd
gtd"___1950 J
Gen mtge
354s.
..1967 J
10%
17
2%
48
100%
103
------
4%
74
99%
J
O
8
6%
11
12
41
-----
—
4
5
5
3
High
Since
BQt§
*
1955
debs
1948
{♦Warren Bros Co deb
6s
1941
Warren RR 1st ref
gu g 3548—2000
Washington Cent 1st gold
4s—1948
Wash Term 1st
gu 354a
1945
1st 40-year guar 4s
1945
17%
2%
15
5%
13%
*68
— —
-
"99 %
O
J
.1950 A
1st mtge pipe line
-1951
454s
So Pac coll 4s (Cent Pao
coll). -1949
lst 454a (Oregon
Lines) A— -1977
Gold 4 54a
—
1
114
102233J 10225J2
55
53%
75
*70%
*20
23%
53%
8%
1%
3%
16
6
5
102%
13
3%
2%
A
.1941 F
10
12
A
-1946 F
^Socony-Vacuum Oil 354a
*»
-
2%
Shell Union Oil deb 3
M S
54a
Shlnyeteu El Pow 1st 6 54s
1952 J
D
♦Siemens A Halske deb 6 54s— -1951 M S
♦Silesia Elec Corp 654a
Slleeian-Am Corp coll tr 7s
Simmons Co deb 4s
4. *
-
§a
Asked
108%
36%
15%
36 %
1941
Walworth Co 1st M 4s
6s debentures
Warner Bros Plct6s
3
|*Refundlng 4s
Walker
31
116% 119%
10%
19%
10"
♦Adjustment 6s
20
25
"30%
*30
*118
109
1954
♦Ref A gen 5s
series B
♦Ref A gen
454s series C
♦Ref A gen 5s
series D
20
25
*30
989
&
Low
1966 M S
1939 MN
1939 F A
♦Toledo A Chic Dlv
g 4s
1941 M S
{♦Wabash Ry ref A gen
554s A.1975 M S
108% 112%
109
110%
5
20
•
or
Friday's
Bid
♦1st lien g term 4s
♦Det & Chic Ext
1st 5s
|*Des Moines D1t 1st
g 4s
♦Omaha Dlv 1st g
354a
98 %
47 %
68 %
105% 107 %
25
23
20
—
96
8
109%
*20
Range
14
Virginian Ry 3548 series
A
<!♦ Wabash RR 1st
gold 5s
j*2d gold 5s
9
114% 118
38
51%
107
106%
109%
3%
1
116
50
106 %
.1965 MN
"35
97
-
87%
6%
3%
—
6%
Week Ended
July
1
High
1
116
-
51
O
5
5%
117
J
A
Since
87
J
385
Week's
BONDS
N. Y. STOCK
EXCHANGE
Jan. 1
No.
High
*4
6
Santa Fe Pres A Phen 1st
58—1942 M S
{♦Schulco Co guar 654a
J
.1946 J
♦Stamped
J
J
|{*Seaboard Air Line 1st
|»Gold 4s stamped
§1
CQ CQ
Asked
&
.,
J
••
Bid
J
1943 J
•
Friday's
Price
A
1972 J
8 A A Ar Pass 1st
gu g 4a
San Antonio Pub Serv
4s
San Diego Consol G A E 4s
Range
D
.1940 J
St Paul Un
Dep 5s guar
or
Low
St Paul A Duluth 1st con
g 4s. .1968 J
{♦St Paul E Gr Trk 1st 4 %s._ .1947 J
{♦St Paul A K C Sh L gu 4 548—1941 F
St Paul Minn A Man—
6
••
Range
Sale
*a«
14
Record—Concluded—Page
Week's
Last
h ^
154
10
10
30
20
15
Total
10
First
Second
10
27 54
72
35
Indus
Rail¬
Utili¬
65
Indus¬
Grade
Grade
Utili¬
40
72
trials
roads
ties
Stocks
trials
Rails
Rails
ties
Bonds
54
63
10754 111
Date
Total
14.
July 13.
July 12.
July 11.
July 10.
137.57
27.45
24.82
46.13
107.74
93.09
47.99
108.92
138.02
89.43
27.84
24.96
46.39
107.67
93.21
48.17
108.97
136.98
89.50
27.61
24.80
46.04
107.70
93.04
47.94
134.56
108.94
27.00
24.32
45.18
107.63
92.58
47.41
133.79
108.83
89.11
26.70
23.87
44.80
107.56
92.42
Jul v
133.24
47.06
108.60
88.91
26.66
23.80
44.65
107.76
92.46
47.01
108.53
88.94
July
8.
89.40
Exchange—Weekly and Yearly Record
New York Curb
386
jn/y is, 1939
Exchange for the
compiled entirely
stock or bond, in
extensive list we furnish a complete record of the transactions on the New York Curb
Saturday last (July 8, 1939) and ending the present Friday (July 14, 1939).
is
from the daily reports of the Curb Exchange itself, and is intended to include every security, whether
which any dealings occurred during the week covered.
t
,; ' ■ ■
In the following:
It
week beginning on
Par
for
Sale
STOCKS
Weel's Range
of Prices
Low
High
Wcet
Price
Low
Shares
| Air Investors
Conv
66%
100
95
500
71
87
320
62%
1%
Jan
17
113% 115
17
17
400
'l26%
124% 128
Mfg...*
com*
Jan
131
Jan
115%
Jan
Mar
14
Apr
17
July
3
Mar
6
June
104
Mar
141
Jan
Jan
111
May
100
1,100
6%
"~2C0
Brill Corp class
Apr
9%
Jan
%
64%
June
100
18
%
Mar
2%
Jan
Feb
Apr
% June
800
1
Mar
75
Jan
2%
"260
27
Jan
Apr
34
1% June
Apr
30
22
"24% "25%
£25%
0*866
9%
550
Apr
18%
•ie June
9%
com..*
Amer Gas A Elec com...*
$8 preferred
*
American General Corp 10c
$2 preferred
1
$2.60 preferred..
..1
Amer Fork A Hoe
37
35
37%
4,000
113
113
113%
450
4
300
Mar
35
25%
150
Mar
Jan
2%
July
Feb
40%
Mar
Apr
3%
Jan
116
4%
Jan
Jan
Mar
10%
Jan
250
1,300
17
6%
Mar
Jan
34% June
Apr
18
Mar
Apr
Apr
18
Jan
29
June
Apr
15
June
66
13
25%
26
*"9% 16%
"'75
9%
54
%
*1*666
27
27%
490
68
68
%
27%
.....
Amer Seal-Kap com
%
25
6%
6
American Republics....10
6%
%
1,200
6%
200
%
Jan
Jan
Jan
1%
4%
Jan
%
Apr
4,300
Apr
27
3%
3%
100
*
1%
1%
400
3%
July
110%
"166
11
11
110% 110%
100
1%
Jan
2%
2%
2%
""206
2%
2%
4,200
"9l"%
2%
92%
"""40
10
Apr
3%
1%
3%
108%
14
Jan
Jan
112
Mar
1%
2
5%
78%
Apr
Apr
Jan
5%
5%
Am dep 5
3,100
2%
27%
19%
105
14
1%
300
Canadian
Marconi
11
"166
200
Jan
8
%
300
%
Jan
1,300
%
Jan
9%
900
5%
Jan
*64
*61
400
4%
%
%
2.800
130
19
19
Class
7%
1%
1%
1166
4%
4%
50
%
4%
July
**i«
*sie
300
%
Feb
20%
3%
May
B
Carnation Co
32
500
200
97
%
98%
lu
*
common
92
11%
13%
31%
32
%
Carnegie Metals com
J
*
♦
%
Feb
Apr
Apr
$0 preferred
Carrier Corp common
.....
13%
1
150
Jan
85*
Feb
Apr
90
78
Jan
10
Apr
14*" **13*
Castle (A M) common..Ill
Catalln Corp of Amer
1
"2% "*2% "2% "L300
"u" "*506
9
Feb
Apr
May
Mar
*»n
>1*
'11
Jan
Jan
Mar
Jan
Jar
%
2% May
Apr
1st preferred
Cent Hud G A E
17
Cent States Elec
1166
Feb
0%
preferred
4%
May
7%
Jan
Feb
4%
Jan
Apr
1
Jan
17
3%
%
2% June
13%
70C
%
1,000
Product8."lis
2%
2%
200
1%
Jan
Automatic Voting Mach.„ *
7%
7%
200
6%
Apr
Apr
12
June
*ia June
2%
15
Apr
14% May
25
%
%
100
2%
2%
1,200
Warrants
3
25%
June
Jan
Pipe
48
Feb
Jan
166"
"""26
90
Apr
100
85
Apr
94
7%
7%
Apr
Jan
4%
16%
Feb
16
Feb
Chief Consol
1,300
Apr
2%
100
3%
3%
"*~25
"*400
7%
100
70
6%
45%
5%
5%
55%
54%
Mar
48%
May
Apr
29%
Jan
Purcb warrants for com.
5%
3,700
4
Apr
9
Jan
Preferred B
Preferred
Cities Serv P A L $7 pref.*
$0 preferred
•
6
Apr
22%
Mar
Apr
15%
53%
•
7%
Feb
City Auto Stamping.....*
City A Suburban Homes 10
Jan
76
74%
6%
%
%
600
**16
Mar
1%
%
500
%
July
1%
Jan
6%
100
5%
Apr
Apr
175
%
34%
3.800
5%
July
2,700
43%
3%
Mar
20
37
Mar
150
55
6%
56
70%
71%
4%
5%
54
76%
Cleveland Elec Blum
Barium Stainless Steel.. 1
Barlow A Seellg Mfg A...5
H5%
""166
6%
2,100
4
May
10%
6%
4%
Mar
8%
Jan
Cleveland Tractor com...*
Jan
Jan
400
4
5%
200
4%
"2.200
(L) Co com
7% 1st preferred
2
Jan
2
100
35
May
50
Jan
7% 1st pref vto
100
30
Apr
40
Feb
3
July
6
Jan
40
Feb
13
Jan
Colon Development ord
100
13
0% conv preferred
2%
*
80C
6%
Jan
11%
Feb
1
tf 20%
T20%
22%
1,600
19%
Jan
Colorado Fuel A Iron
&7%
6%
7%
2 900
5%
July
Apr
36%
1
10%
Jan
121% 121%
"""25
"41% "41%
""25
118%
Jan
175% June
Apr
123
Mar
16
Jan
35
Mar
27
Jan
42%
Mar
Jan
40%
""266
4%
200
Apr
Apr
4%
34%
Jan
2%
2%
200
4
Apr
Apr
2%
Jan
Apr
7%
Jan
warr
4%
2%
2,300
1%
Apr
4%
Colt's Patent Fire Arms.25
164
Jan
%
6
£1
1
Bellanca Aircraft com
100
Jan
July
2
Beech Aircraft Corp
Bell Aircraft Corp com
*>6
Feb
1%
4%
Cohn A Rosenberger Inc.*
11
%
%
Cockshutt Plow Co com..*
20
Apr
Jan
53%
4%
16
"~%
*
Cllnchfleld CoaJ Corp..100
Club Alum Utensil Co
*
*
Jan
1%
Claude Neon Lights Inc..1
Mar
7%
"5%
l
800
90
75
Clayton A Lambert Mfg.,
Mar
"*5%
Apr
62
Clark Controller Co
6%
100
Apr
110
5%
5
.
BB
July
350
46%
42
100
*
Apr
5%
"166
Mining...
Cities Service common..10
14
35%
May
70%
112
112
70
Chllds Co preferred
320
Apr
3%
zl2
Jan
2 400
June
4
7%
Jan
19
June
3
2%
1%
45
July
7
3%
4
17
Jan
S16
"3% "3%
%
May
2%
1%
1,400
June
43
Apr
1%
June
%
2
6%
85
1%
%
6
Cherry-Burrell common..5
Chesebrough Mfg
25
Chicago Flexible Shaft Co 5
Chicago Rivet A Macb—.4
Jan
100
50
103
103
10
Preferred
400
80
93
♦
Strip Co
8%
19
20
56%
Charaberlln Metal Weather
3*
43%
19
Centrifugal
Charls Corp
Tobacco—~~
5%
Apr
166*
100
Conv preferred
100
Conv pref opt ser *29.100
Jan
Class A common
10
Babcook A Wilcox Co....*
Baldwin Locomotive—
4%
18
preferred—....100
31%
%
25
*"*50
13%
1
com
98
1
5
Apr
June
18%
53%
1
Jan
»
13
76
18%
Cent Maine Pow 7% p; 100
Cent N Y Pow 5% pref. 100
Cent Pow A Lt 7% pfd 100
Cent A South West Utll 60c
Apr
300
97% 100
*
Cent Ohio Steel Prod
2%
3
99%
...»
com
Apr
Apr
5
Apr
2,700
Carter (J W) Co common. 1
Casco Products
*
2%
tAustin Silver Mines.
391.
Apr
24%
6%
68
Atlas Plywood Corp
For footnotes see page
Feb
6%
25c
Carman A Co class A„v__*
July
Atlas Drop Forge com
....
Feb
19% June
4% May
1%
Apr
7%
96%
3%
"121%
Jan
3,000
Products...*
3%
7%
Jan
Jan
65
Atlas Corp warrants
Conv pref
Apr
1% May
1%
Apr
*1%
...1
1C
9%
%
Bell Tel of Pa 0 % % pf.100
Benson A Hedges com...*
Jan
Apr
Apr
102
400
106%
% % pref shs £1
7% 1st partlc pref... 100
Celluloid Corp common.16
$7 dlv preferred
*
Atlantic Rayon Corp...__l
Bell Tel of Canada
Apr
Celanese Corp of America
2% May
6
Apr
May
Apr
May
%
16% June
Birmingham &
$1.50 conv pref
Apr
3%
10%
4%
*64
Beaunlt Mills Ino com..10
Feb
**i» May
Apr
Option warrants
Baumann
Feb
**n
23%
"300
60c
4%
Assoc Tel A Tel class A._*
6%
Jan
Cables A Wireless Ltd—
800
Assoc I-aundrles of Amer. *
1
21
1%
5
8%
20
Apr
1,000
4%
99
13%
95% June
7% Mar
5% Feb
*%«
Corp" 11
Apr
20
105
Apr
Apr
**i«
Atlantio Coast Line Co..60
Jan
Apr
9
6
l
com
800
50
27
22
dep rets..
Burry Biscuit Corp..12 %c
Cable Elec Prod com
60c
3%
—
Coast RR Co pref... 100
Atlanta Gas Lt 0% pref 100
Atlantic Coast Fisheries..*
Apr
20%
"166
1%
1%
4%
Carolina P A L $7 pref
Apr
Apr
9%
100
12%
Burma Corp Am
Apr
Apr
10
Apr
21%
40
Carlb Syndicate
Jan
June
1%
100
9%
£1
Bath Iron Works Corp
5%
Bunker Hill & Sullivan 2.50
Capital City
Feb
Apr
May
1
100
1%
Canadian Indus Alcohol A*
Industrie?
Basic Dolomite Ino
3%
Mar
Cndn Colonial Airways... 1
Mar
Jan
32
68
27
16% June
4%
7% preferred..
.30
Baldwin Rubber Co 00m .1
Bardstown Distill Ino... 1
"'700
1%
5
*
....'..I
Axton-Flsher
4
22% June
5
Arkansas P A L $7 pref..*
Art Metal Works com...5
xw
3%
21
Co com.....6
50
Buff Nlag & East Pr pref 25
$5 1st preferred
*
Feb
»ji June
jArcuturus Radio Tube—1
Arkansas Nat Gas com...*
0% preferred
May
20%
Feb
1
13
Aviation A Trans
7
"22% "22%
June
7
2,900
0% preferred w w
8
29%
Apr
5%
17
Avery (B F)
May
Canadian Car & Fdy pfd 25
15
Automatic
3%
7%
2,200
2,300
Calamba Sugar Estate..20
16%
Atlanta
Jan
4%
12%
Jan
$8 series preferred.....*
*
7%
4
—,,j.
Apr
77%
$6 preferred
1,000
%
9
Jan
Class A
100
8%
2
com.l
*
Vot trust ctfs
July
2%
1%
70
67
Common
2
July
"3%
29% May
100
Absoo Gas A Elec
12
7%
Feb
75
American Thread pref...6
Mar
Jan
July
1%
150
4%
Apr
75
Elec
100
13
8%
55
75
Amer deposit rots
1%
1%
2%
%
20%
1st $6 preferred
Associated
Jan
Buckeye Pipe Line
26%
15%
1
10
Bruce (E L)
Jan
28%
31%
Mar
27
...100
_
12
Brown Rubber Co com..
May
24
Mfg Co common 100
Assoc Breweries of Can..
50
♦
75
16
...*
Apr
12%
12
*
preferred
25
com...26
Ashland Oil A Ref Co
$0
29%
7%
Amer Laundry Macy...20
Angostura Wupperman..!
Apex Elec Mfg Co com...*
Appalachian El Pow pref *
Jan
17%
Brown Forman Distillery. 1
25%
3%
7
2
Corp com*
—*
2%
10
pref—.100
Class A pref
Apr
"3OO
22
3%
ree.-lOs
29%
Amer Invest of 111 com...*
Preferred
Am dep rets ord
Apr
Apr
12%
B._*
*
British Col Power cl A
Apr
34
British Celanese Ltd—
29%
Amer Potash A Chemical.*
300
ord bearer£l
£1
25%
4
1
*
39
ord reg
{Brown Co 0%
ii*
112%
Am dep rets
Apr
%
Amer Tobacco—
25%
Amer Hard Rubber Co..60
Common class A
British
Brown Fence & Wire
Apr
1,695
1,500
22
*
Jan
Apr
8%
31
1
"2% "3%
preferred
100
Brlllo Mfg Co common...*
Class A...
♦
British Amer Oil coupon..*
Registered
..*
Jan
28%
19
4%
1%
Class A
Am dep rets
1
32%
30%
Amer Foreign Pow warr...
Anchor Post Fence
B
July
8
13%
100
Preferred
Bright Star Elec class
Jan
Jan
800
38
100
1st preferred
preferred
Jan
Mar
4%
200
10
16%
%
18%
*
Pow—*
Breeze Corp
1
Brewster Aero nautical. _.J
Bridgeport Gas Light Co.*
Bridgeport Machine
*
2d
Jan
6%
5
8%
Brazilian Tr Lt &
3%
60%
Mar
4%
10
Bourjols Inc
7%
Mar
13*
z34
Bowman-BOtmore com—
June
1%
Apr
A Lt—
-26
Class A with warrants.25
Class B
—1
Amer Cyanamld class A. 10
Class B n-v
10
Am Superpower
18% June
*
—*
Blrdsboro Steel Foundry
& Machine Co com....*
Bliss (E W) common
1
Bliss & Laughlln com....5
Blue Ridge Corp com
1
$3 opt conv pref
*
Blumentbal (S) & Co—-*
Bohack (H C) Co com...*
7% 1st preferred
100
Borne Scrymser Co
25
7%
.....
Amer Meter Co
Jan
7%
Apr
Am Cities Power
Amer Maracalbo Co
Jan
Mar
May
44
6
Jan
1%
%
9
800
1%
1%
Centrifugal Cor p.. I
preferred
June
110%
preferred—...——*
*
Preferred..
July
May
90
$6.60 prior pref
6%
Mar
108
100
com.,1
Co....100
Amer Box Board Co com.l
American Capital—
Class A common..—10c
Common class B
10c
Amer
July
2
200
5%
6%
American Book
Amer Lt A Trao
July
87
%
3,900
114 %
Ltd common.*
Class A
95
Jan
17
106% 116
Jan
%
Mar
%
100
preferred
Jan
71% May
8%
7%
116
Jan
Apr
"500
%
%
Jan
18
Apr
60
pref
American Beverage
S3
*14
300
91
Aluminum Industries
Amer
2%
June
Jan
.?*
83
86
*
Allied Products com
10
Class A conv com
26
Aluminum Co common..*
8%
Apr
66%
Southern..SO
Ala Power $7 pref
*
$6 preferred
—*
Alles A Fisher Ino com. .»
Alliance Invest com
*
Allied Internat Invest com*
Aluminum
$2.60 conv pref
100
%
%
Apr
%
500
%
Blckfords Inc com
Jan
June
%
Warrants
0% preference
Aluminum Goods
June
6
14
common..*
preferred..—
conv
21
Low
Shares
Low
Price
Berkey & Gay Furniture. 1
Purchase warrants
1
Alabama Gt
*3
Apr
6%
6%
200
6%
May
16
18%
Feb
3% June
600
3%
3%
(Continued)
High
July
14%
Co common. 10
Aero Supply Mfg—
New class A
—1
New class B——
A Ins worth Mfg common. 6
Air Associates Ino com—1
Acme Wire
Par
Wee t
of Prices
High
Sale
STOCKS
,
Range Since Jan.
for
Weel's Range
Last
Range Since Jan. 1. 1939
Last
.
Sales
Friday
Salet
Friday
4%
400
4%
Feb
4%
500
4
Apr
500
70
Apr
55%
Jan
4%
81
83
71%
71%
Columbia Oas A Elec—
Conv 6%
preferred—100
71%
50
1, 1939
Volume
New York Curb
149
Friday
STOCKS
(Continued)
Week's Range
Sale
Par
Columbia Oil A Gas
of Prices
Price
l
Low
Shares
3%
Low
2X
1,000
hi
30%
"~50
27%
30%
20%
225
*
4%
5%
6%
120"
10
*
6%
8%
80%
Mar
116%
X
100
4
700
1%
1%
5%
June
100
4%
May
Apr
*37%
2%
110
3,200
"5% ""5% "5%
.....
._*
9%
10
~"l4~
llx
1%
9%
2
-
%
23%
July
9%
%
Mar
100
1%
100
1%
17%
14
75
3
49%
3
48 %
108
4
%
17
Jan
18%
Mar
9
9
20
15 X
July
Jan
36
7
300
l
26
5%
Mar
14
Jan
72 %
17%
1%
Apr
Apr
21%
Feb
2,900
Apr
5%
Mar
Apr
9%
Mar
"ii'x "73"
50
3 X
Haverty Furniture
1%
Mar
1%
64
1,500
5%
100
8
9
Apr
Jan
72
Mar
Jan
Jan
Mar
2
Jan
2%
May
5%
Jan
5
Mar
7
Jan
7%
Apr
14%
7
Apr
16
June
450
6
Apr
1%
25%
12%
Jan
100
7%
Apr
10
Jan
1%
19%
19%
Feb
1,400
5%
•n June
12
12
12
100
11
11
11 X
150
Easy Washing Mach B
♦
Economy Grocery Stores.*
Elsler Electric
Corp
__1
2X
2 X
"l\i "l
6
7
X
*
54 X
8%
54 X
*
64
66
300
""266
33,100
10%
Apr
10%
Apr
2% June
14%
Apr
100
6%
50%
59
Jan
Jan
Jan
3%
Jan
17%
Mar
Jan
900
Jan
2
Apr
12%
Apr
Apr
65
Mar
Jan
100
warrants
Apr
Jan
71
51%
17X
18%
Feb
71
Mar
60
17X
Feb
71
Mar
14%
3
1
10%
1
76 j\i Igm
1
Elgin Nat Watch Co
15
Empire Dist El 0% pf 100
1
19 X
19 X
60
65
10
Jan
200
1
June
50
250
66
66
26%
Empire Power part stock.*
Emsco Derrick A
Equip..6
26%
25
100
X
%
7ie
3,500
25%
24»%
25 X
5X
100
4%
1,600
ll«
11X
10%
7%
Feb
73
Mar
74
Mar
26%
July
Apr
10%
Jan
%
23%
Apr
%
Jan
28%
Mar
4%
June
Apr
8%
20
Jan
Jan
1,300
7%
100
May
'it
9%
7%
19%
Jan
10
Apr
Jan
8%
23%
8%
Jan
Jan
Feb
Preferred
w
w
100
10
79%
05
4%
*
Common
%
8%
9%
Dlv
arrear
115
hi
1%
400
July
Apr
Apr
550
69%
124%
Mar
5
5
800
%
200
%
01
4%
1%
£1
Apr
Jan
%
29%
109%
111%
4%
4%
140
95%
Apr
Apr
111
220
225
103%
4%
July
2
2%
700
1%
14%
100
"14%
14%
3,800
Apr
7
Jan
35
May
22
Mar
New non-voting class A.l
8%
1%
63
1%
6%
1%
200
2%
2%
iM
2,400
6%
200
4
23
i'ddo
6%
3%
6%
6%
23%
~26% "26%
9%
June
Jan
%
May
Apr
Feb
Apr
Apr
Apr
Jan
7
Mar
Apr
45
Mar
100
5%
15%
13%
100
3%
Apr
1,000
13%
Apr
200
9%
Apr
"12%
5%
15%
12%
""so"
8
*12"
11%
Mar
Jan
23%
Apr
May
200
2%
34%
35
112%
112
60
35%
112%
108%
9%
"57%
"57% "58%
'3"id0
53
3
2%
June
Apr
Apr
Apr
300
2%
9%
July
«i«
3
Apr
7%
300
7%
5%
8%
Mar
Apr
Jan
4
2
~~2
27%
3%
27%
3%
20%
3%
Food
22
5
4%
56%
100
Apr
20
Apr
900
2%
Apr
1,000
14%
Apr
300
60
56%
'
"l4% "15%
Apr
1%
2^300
3% Mar
51% May
5%
Apr
14
July
14% June
'""sod
16
Apr
1,200
28
Apr
16%
16%
16%
.....
29%
30
14
14
10
"li"
14
14
20
5%
6%
5%
109
109
25
100%
Apr
100
»*it
Apr
%
Mar
6
6%
300
1%
1%
1%
...1
Internat Hydro Eleo—
Pref S3 60 series
50
...1
May
May
Apr
•it
9
Apr
8%
Apr
Apr
17
8%
67%
9
125
70
5.50
59
23
70
23
100
20%
Apr
17
17
200
12
Apr
Tddo
2
purch warrants.
I atl Industries Ino
July
30
"8% "8%
Ilium Oil—
100
Insurance Co of No Am. 10
International Cigar Maoh *
stock
June
24
8%
IndplsP A Lfl%% Pf—100
A
Jan
Apr
Jan
Apr
2%
14
"7% "T%"
Apr
Mar
Mar
21
7%
Jan
Apr
Jan
Jan
%
New class B
.....1
Industrial Finance—
May
Apr
109
111%
Indiana Pipe Line.......10
Indiana Service 0% pf.100
7% preferred
-.100
Apr
•it
June
-
Great
Ireland
Mar
Indian Ter
Jan
Apr
14%
100
32
31%
33
100
1%
15%
1%
31%
25
6
50
*
May
14%
June
8%
36%
14%
Illuminating Shares A
*
Imperial Chem Indus__£l
Imperial OH (Can) coup..*
Britain A
Mar
July
14
75
130
36%
ctfs
Imperial Tobacco
Apr
900
111% 118
130
60
of Can.5
Apr
20
100
Registered
Feb
Apr
Mar
~"io6
9%
7% pref unstamped— 100
Hydro Electric Securities.*
Hydrade Food Prod
6
Hygrade Sylvanla Corp..*
6% conv preferred
Apr
June
800
1%
.14%
1
Illinois Iowa Power Co...*
Jan
Jan
5%
3%
300
5
7% pref stamped
V * c common
375
1%
14%
♦
6% preferred
7% preferred
For footnotes see page 391.
96
83
1
Hubbell (Harvey) Ino
Humble Oil A Ref
Jan
6
Horder's Inc..
»
Hormel (Geo A) A Co com*
Horn (A C) Co com
Horn A Hardart
Apr
Apr
Jan
21%
Holophane Co common..*
Holt (Henry) A Co cl A..*
35
800
Apr
Apr
91
Hey den Chemical
JO
Hires (Chas E) Cod A...*
Hoe (R) & Co clans A...10
Holllnger Consol G M...6
5
300
1%
62%
46%
28
25
June
Mar
Apr
80
§Huylers of Del Ino—
Mar
Jan
200
1%
74
2
Hummel-Ross Fibre Corp 5
Hussmann-Llgonler Co...*
Feb
7
]
Apr
*
Jan
Feb
300
11%
17%
33%
%
pfd_*
Jan
June
4%
17%
40
4%
Preferred ex-war
25
Hewitt Rubber common..6
Imperial Tobacco
*1«
5
W'house25
Corp
1
Jan
52
15% June
warrants
Jan
64%
21%
6
5
Mar
"766
Empire Gas A Fuel Co—
0% preferred
100
MX
June
Mar
cv
Class A.'
He'ler Co common...
Feb
72%
29%
5%
10%
1%
21%
53
*
37
3%
0% conv pref erred ...50
Hecla Mining Co
25c
Helena Rubensteln..
*
Jan
1
7%
Jan
94%
Hazeltlne Corp
*
Hearn Dept Store com...6
IX
17
66
83
Hartman Tobacco Co
*
Harvard Brewing Co
1
Hat Corp 01 Am cl B com.l
Mar
1
preferred
100
Eastern Malleable Iron
26
Eastern States
Corp
..*
$7 preferred series A_..»
$0 preferred series B
*
1
._6
....
May
70
5%
0%
Falstaff Brewing
1
Fanny Farmer Candy eoml
Fansteel
Metallurgical...*
Haloid Co
Hamilton Bridge Co com.*
Hartford Elec Light....26
Hartford Rayon v t c
1
73%
20%
10
17
20
4
Gypsum Lime & Alabast.*
Hall Lamp Co
•
Apr
Apr
62
300
300
1
67%
31
25
.*
12%
*
Equity Corp common..10c
$3 conv pref.......
l
Esquire-Coronet
1
Eureka Pipe Line com..60
European Electric Corp—
Corp
64
766
3
4 % % prior preferred. 100
6%% preferred.....100
7% preferred
100
8% preferred
100
Jan
Oil
36 preferred..
Jan
17 X
1
1
z30
Jan
Jan
Jan
100
69
Greenfield Tap & Die
*
Grocery Sts Prod com..25c
Grumman Aircraft Engr.l
Guardian Investors
1
Apr
com *
v t o
Jan
8%
16%
1%
Duval Texas Sulphur
*
Eagle Plcher Lead
10
East Gas A Fuel Assoc—
Electrographlc Corp
Miir
20%
3%
70
100
Electrol Inc
10
27% June
Mar
1%
100
•
Gulf
75
Jan
11
95%
Gulf States Utll 35.50
pref *
29%
16%
42%
%
52%
%
1%
73
25
60
»
20
36
100
Jan
Jan
Jan
100
11 J*
stock
Apr
Apr
z30
1XX
com
Jan
May
IX
5X
Non-vot
7% 1st preferred
Gt Northern
Paper
Jan
July
7
10
$0 preferred
Elec P A L 2d pref A
Mar
26%
4X
300
Jan
Gray Manufacturing Co. 10
July
18%
200
IX
300
12
65
67%
Great Atl & Pac Tea—
15%
10
Corp.l
Elec Bond A Share com
S5 preferred
9
July
%
*
Jan
%
1%
500
*
-Common
Apr
1%
2%
2%
31%
300
22
21
17%
12
Gorham Mfg new com...
10
Grand Rapids Varnish...*
Feb
May
24
%
17
65
*
June
1
Am dep rets ord
reg__£l
com
6%
2%
Apr
13%
10
Duke Power Co
Durham Hosiery cl B
Mar
7
Feb
4%
1%
Apr
35% June
200
1%
IX
1%
IX
"ix
l
Corp
17%
28
"266
9
15
Fdy.._l
Apr
Apr
5
Ino class A
33 preferred
Jan
Apr
23%
Jan
Apr
%
_...*
14%
"166
*
12%
Goldfield Consol Mines..1
7C0
Jan
Jan
Mar
*
preferred
Gorham
700
"6T
Class B
37
Feb
200
6%
Jan
86%
Godchaux Sugars class A.*
Jan
May
Apr
15%
Jan
Feb
*
7%
7%
28
17
10
83
»
June
14
5%
Gilchrist Co
Glen Alden Coal..
4%
27
15%
"6'x
1
50
34
*
500
Apr
Mar
700
»
200
4%
17
110
Jan
6%
400
*
Preferred..
Jan
Apr
Mar
15%
17%
*
Gilbert (A C) common
Feb
Jan
4%
56%
Jan
Jan
6
"1%
10
19
8%
*
35 preferred
Feb
X
Apr
46%
1,100
Feb
17%
Jan
19%
18
19
53 preferred......
*
Georgia Power 30 pref...*
Mar
Apr
Apr
10%
8%
18%
General Tire & Rubber—
6% preferred A
100
Gen Water G4E oora
1
Jan
10%
1%
Feb
2%
100
49%
100
Mar
Jan
3
Apr
Apr
Apr
2,100
June
1%
1
$6 conv pref w w
Gen Telephone 53
pref
June
3
Mar
Apr
3%
16%
Corp-
Jan
2*
Apr
20
300
Apr
18
*
com
Comrnon
1% June
10
3%
19
reg.£l
Flreprooflng
Apr
Apr
50%
8%
""925
Warrants
Mar
June
2
3%
Gen Outdoor Adv
6% piloO
Gen Pub Serv 30
pref
*
Gen Rayon Co A
stock...*
General Shareholders
Mar
4%
7Q0
«1«
*
90
Apr
7
v t c_
3%
Feb
6%
2
17
Jan
Feb
600
5
6i«
3%
19%
Gen
1% June
June
4
10
Dlvoo-Twln Truck c«m..l
Dobeckmun Go common. 1
Dominion Bridge Co
*
Dominion Steel A Coal B 25
Flat Amer dep rights
Fldelio Brewery
Mar
Apr
._*
7% preferred
10
Diamond Shoe Corp com.*
Distilled Liquors
Corp
5
Distillers Co Ltd—
Ferro Enamel
20
400
19
4%
"65% "7l"
Gas
El 0% pref R.. *
General Investment com. 1
$6 preferred
9%
%
Detroit Paper Prod
1
Detroit Steel Products...*
Fedders Mfg Co
Fed Compress A
Jan
.«
l
Falrchlld Aviation
9
Mar
1%
Detroit Gasket A
Mfg.__l
Option
Gen
Apr
Jan
%
500
Derby Oil A Ref Corp com*
Option
Jan
Jan
1%
400
6%
„
2
Dayton Rubber Mfg new.l
Class A
35
Duro-Teet Corp
10
Apr
6%
*
55%
4%
16X
9%
18%
5
-
Curtis Mfg Co
(Mo)
5
Darby Petroleum com
5
Davenport Hosiery Mills. •
Draper
Genera? Alloys Co
Gen Electric Co
Ltd—
Amer dep rets ord
Jan
5%
14%
1,800
preferred... 100
Apr
~3~500
8%
26
Driver Harris Co
Dublller Condenser
conv
Apr
100
6%
Crown Cent Petrol
(Md)_5
Crown Cork Internat A__*
Grown Drug Co com.
26c
Dominion Textile Co
Mar
9%
10
56
1
Jan
15%
3% June
10%
Apr
1% June
500
"i% ""l"% "ix
Creole Petroleum
....6
Crocker Wheeler Elec
*
Croft Brewing Co
__1
Crowley, Mllner A Co...*
com
4%
Mar
»it
74
1
com
6%
92%
80
Gamewell Co 10 c v pref.*
Gatlneau Power Co com.*
6% preferred
100
Jan
Jan
Low
66
»
4%
800
1%
2
60
A conv preferred
Jan
Apr
"71"
1
com
conv stock
5
200
*
com
33
Feb
Mar
Range Since Jan. 1, 1939
71
16
8%
300
"""5% "5%
£1
De Vllblss Co
'"ldd
Fuller (Geo A) Co
Jan
1%
X
2
14%
1%
Corroon A Reynolds—
Common
.....1
...
6
92
63%
9%
1
partlc pref
Fruehauf Trailer Co
Jan
Jan
3
Common
52 X
*
Courtaulds
Apr
1%
10
Cont
121% June
Feb
1%
Mar
86
Jan
60
65%
9%
for
Week
Shares
Fox (Peter) Brew
Co
b
Froedtert Grain A Malt-
Feb
Jan
Association (Phlla.).l
Corp
of Prices
High
Low
Amer dep rets...
100 Ires
Jan
Apr
4%
100
....
$0 preferred A
37
Apr
%
*
Coeden Petroleum com
5% conv preferred
Jan
84
*
com.
Det Mich Stove Co
Jan
100
41%
5
Copper Range Co.
*
Copper weld Steel
5
Cornucopia Gold Mines.5c
0% pref w w
Detroit Gray Iron
16
500
%
mi
«
*
Cook Paint A Varnish
$4 preferred
Decca Records
Dejay Stores
Apr
12,200
41%
3%
Oil of Mex._l
Cont Roll A Steel
Fdy___»
preferred
Jan
6%
Continental
0%%
June
%
4%
120
X
Cont G A E 7% prior
pr 100
Cuban Tobacco com
Cuneo Press Inc
Mar
29%
79 %
120
78
«...
Consol Royalty Oil
Consol Steel Corp com
com.
Feb
36%
37
5
Preferred
1
Week's Range
Sale
Price
10 preferred
100
Florida P & L $7
pref
*
Ford Hotels Co
Ino...
*
Ford Motor Co Ltd—
Am dep rets ord
reg...£l
Ford Motor of Can
ol A..*
Class B
♦
Ford Motor of
France—
Jan
Apr
13%
Consol Mln A Smelt Ltd.6
Consol Retail Stores
1
8% preferred
100
Crystal OU Ref
0% preferred
•it
*
Consol GELP Bait com *
4% % series B pref.-.100
Consol Gas Utilities
1
Ltd
Flsk Rubber
July
it
1
$3 prior preference
Fire
Juue
24
1
Consol Biscuit Co
Consol Copper Mines
Cooper Bessemer
Apr
25%
Jan
Jan
4%
Sales
Last
Par
14
»i» May
Compo Shoe Macn—
V t c ext to 1940
Conn Gas A Coke
Secur
$3 preferred
Apr
Jan
3,700
27 %
STOCKS
{Continued)
High
11
Community P & L 36 pref *
Community Pub Service 2fi
Community Water Serv_.l
387
Friday
Range Since Jan. 1,1939
for
Week
High
3%
Columbia Pictures Corp
•
Commonwealth A Southern
Warrants
Commonw Dlstrlbut
1
Exchange—Continued—Page 2
Sales
Last
>i«
"2%
""2% "2%
Mar
Mar
I
I
July IS, 1939
3
New York Curb Exchange—Continued—Page
388
Sales
Friday
sale*
Friday
Internat Metal
Internet Paper
Par
of Prices
Low
High
Week
Price
4)4
Petroleum..*
Registered
-*
International
1,000
2%
22)4
2\K
22 X
3,700
4)4
154
Indus A.
A Pow warr
8%
100
OX
Apr
K
Apr
X
Jan
Jan
19X
July
he
100
11
28
50
34
2,400
14«
Apr
7X
Feb
(Mountain States Pw com*
Mountain Sts Tel A Tel 100
Feb
X
Mar
Murray Ohio
Apr
19J4
2154
Mar
Muskegon Piston Ring.2)4
Muskogee Co com..
»
654
100
200
3X
"256
"Yon ~i~7~~
17
15
1654
300
14H
Mar
hi
Apr
2%
254
2,200
2K
Apr
IK
IK
500
16)4
1
1
90
91
preferred...-.100
preferred—....100
preferred
100
78
Jan
80
86 K
Jan
107%
17
Apr
Jan
07%
24)4
1,100
115)4 115)4
30
U2K
Mar
10
21K
June
22
Mar
22 %
pref. 100
Keith (Geo E)7% 1st prflOO
Kennedy's Inc.
5
Ken-Rad Tube A Lamp A *
Kimberly-Clark 6% pf.100
Kansas G A E 7%
22
22
5H
7X
800
109H mx
10
4H
7K
1
100
5% preferred D.....100
Kingston Products......1
Kingsbury Breweries
Kings Co Ltd 7% Pi B
100
*83* *
"50
62 H
04 K
5C
IK
IK
600
2H
2X
100
"82
83
64 34
400
10
20
1,400
900
"OK ~"9K
"ioo
Lefoourt Realty common. 1
2
2M
2K
X
'18
„
81K
'ilk
Feb
June
June
June
June
Nat Mfg A Stores
July
10K
**
31K
UH
47)4
25
Jan
National Sugar Refining.*
11)4
11)4
100
Feb
2
National Tea 5)4 %
pref. 10
12.60
854
*
IX
2X
Apr
Jan
H
3K
IX
Mar
National
Apr
13%
Mar
Nat Tunnel A Mines
Apr
8K
Apr
9X
Apr
15K
Mar
Apr
10
Jan
64
Feb
73
Jan
Mar
45
Mar
12X
June
7
Jan
July
61%
Mar
5054
Apr
3X
Jan
9
June
Apr
Apr
Mar
Jan
Mar
65
Feb
1154
Apr
Locke Steel Chain
Lockheed Aircraft
1
25)4
Lone Star Gas Corp
*
m
9
7%
New Engl Pow Assoo
6%
preferred
IK
1
11
X
*29"
Jan
Feb
N Y City Omnibus
Jan
23
Feb
154
Feb
June
22
Jan
10
Apr
13)4
Mar
22 X
Apr
36 X
Feb
7X
Apr
9X
Jan
IK
2,900
K
Apr
IK
Jan
29 K
'"*525
19 X
400
Jan
July
Apr
60
IK
4X
89 X
"OH
5
Apr
Mar
""56
23 K
Apr
K
98
Louisiana P A L $6 prel..*
Lucky Tiger Comb G M.10
99
"27*
Lynch Corp common....6
Majestic Radio A Tel
1
ManatI Sugar opt warr
Mangel Stores
1
$6 conv preferred
.*
"27"
1%
1,700
4,100
2
Jan
*hi
Jan
Mar
35
June
IX
Jan
7%
100%
hi
Jan
June
Feb
Jan
34
2)4
Mar
X
Jan
K
Mar
IX
Apr
2X
June
25
Mar
31
Mar
19
Feb
21
June
5X
Communlca'ns ord reg £1
15
*
100
15
Feb
6)4
May
Apr
15
17
Mar
July
5
Jan
300
2
Feb
2)4
June
""5
5%
*500
4%
Jan
18 %
400
14X
Apr
Apr
7X
17
5H
Massey Harris common..*
18
1
18)4
Jan
2X
May Hosiery Mills Ino—
53
preferred
Dredging...*
Mead Johnson A Co.....*
Memphis Nat Gas com...6
McWilliams
Mercantile Stores com.—*
Merchants A Mfg cl A...1
May
1
Apr
600
9
Apr
25
126
Jan
McCord Rad A Mfg B...*
10 K
10K
137
"In
11 %
137
4%
19
"3
4%
600
50
,19
4H
400
3~X "4H
A
"200
3
A
3X
3X
64 K
64 K
25
K
0X% A preferred... 100
K
Jan
2H
17
150 %
1st pref
5% 2d preferred
IX
70)4
69)4
10%
Apr
14
80^
4654
Apr
6254
Jan
200
IX
Jan
154
Jan
500
07 X
25
Apr
Apr
July
Jan
113X June
106
40
99
Apr
10)4
1,700
6
9X
100
4
93 X
X
*
Apr
Jan
95
OH
5,000
8554
225
x70X
110
554
4X
100
*5154
*600
*h« May
6ia
Mar
54
X
June
2)4
5X
June
8
he
July
2X
Jan
1
Michigan Steel Tube—2.50
Michigan Sugar Co
*
4
10
100
4
Jan
Jan
Jan
X
4
Jan
May
Jan
454
2254
Mar
Feb
Mar
Mar
554
Apr
x 77)4
Apr
9)4
9134
Apr
82
66
hs
3 K
300
Class A > t c
*
Class B
*
H
K
K
500
Middle West Corp oom..5
8K
OX
8X
3,700
3
3
100
13
13
100
3 K
3 K
354
Apr
654
Mar
90 X
Apr
64 X
Mar
734
June
June
May
154
554
Mar
Apr
Feb
Apr
154
65)4
22)4
Apr
21)4
Feb
4154
800
400
4
1
1
IK
900
57X
275
1
*
Common
1654
1754
1,400
17%
16
17 H
600
15
60
44 X
470
*16
43)4
K
42 X
6% prior preferred
100
7K
300
..50
Overseas
Omar, Inc
Securities
1
*
Paclllc Can Co common
Feb
15)4
Jan
12
Jan
Jan
Apr
7
Apr
Mar
109
154
8%
12
Jan
35
17
17
105
105
800
50
550
Parker Pen Co
Mar
IX
Jan
59%
July
90
Mar
Miss River Power pref. 100
115
Jan
116
May
3X
Feb
4
Mar
Patchogue-PlymouthMills*
Pender (D) Grocery A
*
Class B
7% A pref
400
$5
preferred
*
*
For footnotes see page 391
Jan
Feb
X
Feb
81
Apr
98
87)4
Apr
105
June
4)4
OX
Feb
6
May
June
Feb
Apr
1254
Jan
20 X
Mar
24
Apr
35)4
June
16
97 X
100
Apr
26
Jan
Apr
108
June
June
11254
Jan
111)4
Feb
115
Jan
11434
July
105)4
July
35
Apr
Apr
Apr
Apr
47
June
90X
Apr
112
June
97
1634
15)4
16)4
6,100
4634
4554
4654
650
110
111
50
8%
854
7%
1
Apr
100
5
Jan
254
7%
IX
7%
200
Apr
8
154
"91)4
934
1654
Jan
July
Jan
154
9)4 June
Mar
454
9)4
Apr
34 H
July
Jan
31)4
July
Apr
108)4
Jan
68)4
Jan
91)4
July
554
Apr
7X
Mar
34)4
3454
3,100
31)4
34%
June
Apr
3154
31)4
800
2854
10454
8934
9134
30
Mar
20
5)4
554
6,000
Jan
2154
Mar
99
Jan
101)4
Mar
Apr
Mar
754
Jan
July
434
3)4
11
"1054 "16)4
41
41
Apr
4
K
16
Jan
50
Apr
14
Mar
15
"466
Mar
20
Mar
35
Apr
41
July
854
Feb
Apr
12
29
Jan
34)4 June
*10
113
July
Apr
37)4 June
25
53
Jan
64
3
June
7)4
113
113
*63*
*63*
Penn Edison Co—
Penn Gas A Elec class A__*
IX
4
104)4
*
.100
Jan
Jan
47
20
Peninsular Telephone com*
$2.80 preferred
Jan
280
10
Parkersburg Rig A Reel—1
Feb
112)4 11354
Paramount Motors Corp.l
Jan
Mar
113% 114%
11354
5)4
American shares
Mar
15
1,200
$1.30 1st preferred
»
Page-Hershey Tubes com.*
Pan tepee Oil of Venezuela-
Jan
Jan
""200
40
Pacific Public Serv..._._*
Apr
"4"
"lTO
103H
*
354
Apr
June
4
*94H ~95X
Jan
Jan
254
104% 10534
1
2X
IX
Missouri Pub Serv com..*
May
33
0% conv prior pref—100
Oldetyme Distillers—
Pacific P A L 7% pre!..100
37
1,000
Apr
2)4
6
Feb
80
~58~X "59 K
X
100
100
Mar
100
"59"
300
"~8K "9k
Ohio P S 7% 1st pref—.100
Oklahoma Nat Gas com_15
May
44H
54
2)4
102
*
100
1
12
734
~95~~
*
com
13%
hi
254
Engineering..*
Novadel-Agene Corp....*
8)4
X
*
Mining Corp o ICanada..*
Minnesota MIn & Mfg...*
pf.100
100
10
Apr,
Mar
53
17X
Mar
93
*
10
56)4
K
*
preferred
North Amer Rayon cl A—*
Class B common
*
$6
5%
60c
7
1%
Nor Amer Lt A Power—
3% June
X
Apr
5X
Apr
Midland Steel Products—
Feb
2
in
4H
5)4% 1st preferred...25
f Pacific Ltg $6 pref
*
Midland OH Corp—
Jan
hi
Mar
Apr
434
1%
Pacific G A E 0% 1st pf.25
Middle States Petrol—
1334
Jan
1
preferred
Mar
June
Apr
5
$3
June
9
Apr
Nlplsslng Mines.
1
Feb
29
4
1%
0% 1st preferred
Ollstocks Ltd common
Jan
20
Nineteen HundredCorp B 1
Nor Ind Pub Ser 6%
May
Jan
2754 May
20
654
Nor European Oil com
*H May
36
2
Apr
87
Jan
X May
Jan
Apr
111%
*48*
*
Ohio Oil 6% pref
Ohio Power 0% pref
77
Jan
27
107
4X
Class A preferred....100
Jan
Apr
'1.
Jan
Mar
450
22
73
5
Ohio Edison $6 pref
58
Apr
80
154
Nlles-Bement Pond
Ohio Brass Co cl B
100
Minnesota P A L 7% pf
Jan
Mar
July
"fco
3,100
Class B common
Jan
700
Midwest Piping A Sup
8
Northwest
K
Midwest Oil Co
July
Class B opt warrants
Jan
June
4
IX
74
5
Mar
June
24)4
"*40
Niagara Share—
54
7554
118*"
84
Northern Sts Pow cl A..25
0IB
Co
Mar
118
Class A opt warrants
Jan
Michigan Gas A Oil
Mid-West Abrasive
Mar
15
Apr
53)4
84
100
100
5%
Feb
Michigan Bumper Corp-.l
$2 non-cum dlv aha
ox
10
Common
OX
32 X
*
$2 conv pref
40
Apr
4
ox
28
Mar
3)4
Feb
May
Apr
Niagara Hudson Power—
Apr
June
Jan
Mar
Jan
16
.....
6
20 X
Apr
Mar
55
pf.100
preferred
Northern Pipe Line
Jan
554
103% 104 K
104
..1
Founders shares
7%
OX
Apr
104
110
pref—100
preferred
...•
N Y Shipbuilding Corp—
$6
Nor Central Texas Oil
454 June
Jan
Apr
z7H
July
June
Feb
425
20
Jan
55%
Jan
June
50)4
78)4
15
N Y Pr A Lt 7%
N Y Water Serv 6%
115
Jan
74)4
71X
—10
May
1
26c
pref erred.. 15
t c
43
June
.*
Apr
Metropolitan Edison—
Preferred
Jan
35
Warrants
N Y Merchandise
3X
1,400
1
$6 preferred
Mexico-Ohio Oil
54
IX
N Y A Honduras Rosarlo 10
X
*
Warrants
Partlcipat
Mar
102
51X
Apr
14
25
Participating preferred.*
Metal Textile Corp
Feb
No Am Utility Securities.*
2K
234
Shovel.—.*
Mass Util Assoc v to
1
Marlon Steam
Mesabl Iron Co
154
15X
Noma Electric
Mfg Co...*
Marconi Intl Marine
Merrltt Chapman & Scott
Jan
Apr
Apr
X
500
—
New York Transit Co
30 X
2K
10
"ilk "ilk
25
N Y Auction Co com
24)4
8X
Apr
New Process Co
15
17
Jan
IX
800
40
115)4
70 X
Apr
Mar
7H
600
18
74 X
Corp. 10
8
1,100
IK
5K
Feb
Jan
"loo
3)4
IX
2C0
6,700
IK
Mar
11)4
1
May
9H
"28"
OX
36 X
New Jersey
34
26
100
Mar
54
Feb
he
....
0% pref class B
.100
Loudon Packing
*
Louisiana Land A Ezplor.l
T
4
*
New Idea Inc common.—*
Apr
200
Jan
Apr
May
44
116
New Haven Clock Co
22
12
1)4
7854
254
May
300
11 %
42 %
$2 preferred
New England Tel A Tel 100
Newmont Mining
27
Jan
Apr
12
116
116
100
»
100
preferred
Jan
Island Lighting-
Mldvale
(Nebel (Oscar) Co com.—*
pref.100
Nehl Corp common
._*
1st preferred
*
Nelson (Herman) Corp
6
Neptune Meter class A—.*
Nestle Le Mur Co cl A
*
Nevada Calif Eleo com. 100
H
12
Jan
hi
X
Nebraska Pow 7%
*ia June
25)4
Jan
6)4
Jan
1054
*
Co
400
22
....*
5
v
Navarro Oh
8)4
IX
54
X
X
Nat Union Radio Corp...1
May
17X
Apr
July
Apr
$4
Transit
Jan
150
6)4
Apr
4)4 June
47)4
June
Conv part
Jan
18
May
hi
preferred...*
National Steel Car Ltd.—*
67
Mar
X
775
86
85
Jan
June
Jan
6
40
June
Apr
X
88
7)4 May
13)4 Mar
8854
69
3
8%
17%
2)4 May
Apr
28)4
Apr
254
3J4
100
"""366
11)4
800
Nat Service common
Jan
May
5
200
OK
43
UH
33X
300
3)4
May
Master Electric Co
4
IX June
12
11%
*
oom...*
National Oil Products
Jan
10,700
~35~X *35)4
National Fuel Gas.—
May
22
June
554
U%
60
National Container (Del).l
30
118%
14
13)4
5%
National City Lines com.l
Jan
Jan
10
100
13)4
3)4
1734
IX
Margay Oil Corp
National Candy Co
$3 conv pref
Feb
9X
3
23 X
Ma pes Consol
9)4
54
Jan
*1* June
800
3%
*
25
preferred
1
54
3X
Loblaw Groceterias cl A._*
7%
Jan
Feb
1,600
12
12
Llpton (Thos J) class A...1
Common
9)4
7K June
preferred
*
Lehigh Coal A Nav
Leonard Oil Develop...26
Le Tourneau (R G) Ino ..1
Line Material Co
-.6
Long
8
Apr
*
Zino
New Mex A Aria Land
Conv
B
Apr
OX
Jan
9H
K
Class B
Class
7
200
Jan
1554
preferred
Mar
100
ox
54
100
Apr
2
May
7054
69
8
Jan
32 K
Mar
8
39
38
June
131)4
May
3X
57
Class A
7
85 X
Apr
2%
1454 Mar
9)4 June
•
1
4X
39
10
Apr
Nat Rubber Macb
1,000
41
Apr
100
""206
National Refining com...*
Jan
2K
Apr
654
954
X
National PALtO pref... •
11K
39 K
$n June
Jan
200
38
'40 X
Mar
Mar
12 34
6
OK
ox June
July
OK
12)4
Jan
ox
45
12 )4
4X
X
"854 "9X
K
954
Jan
700
5)4
5
Jan
OX
122)4
5X
654
Apr
9
Apr
Jan
Apr
109 X
IK
X
3X
Apr
Apr
38
June
June
3,700
4
Feb
4
.J*
56*
May
33)4
30
6% pref
Nachman-Sprlngfllled
9
"*80
*55)4 "57"
57
172 X
Jan
Nat Auto Fibre com——1
7K
m
Apr
OH
3 K
4
Mfg. Co...*
i\U
...1
Ltd 1
Klein (D Emll) Co oom..*
Klelnert (I B) Rubber Co 10
Knott Corp common
1
Kobacker Stores Inc
*
Koppers Co 6% pref...100
Kresge Dept Stores
4% conv 1st pref
100
Kress (S H) special pref.10
Kreuger Brewing Co
1
Lackawanna RR (N J).100
Lake Shores Mines Ltd.
Lakey Foundry A Mach.l
Lane Bryant 7% pref..100
Lane Wells Co com.
1
Langendorf Utd Bakeries
Kir by Petroleum
Kirkl'd Lake G M Co
Mar
Jan
Mar
2%
90
96
99 H 100 K
23)4
Steel. 100
Jan
I'll
4X
98 K
102 K
175
92
95
IX June
Mar
Nat Bellas Hess com
Julian A Kokenge com.
6%
(Moore (Tom) Distillery. 1
Mtge Bank of Col Am shs—
Mountain City Cop com 5c
Mountain Producers
10
Apr
Apr
4%
Mar
0%
24)4
H June
4X
UH
2X
Jan
Apr
July
June
Jan
Mar
2954
2K
7
3)4
152
380
169)4
167
167
Montreal Lt Ht A
Mar
OH
A—
Lit Brothers common
Util...10
Ward A..
Pow..*
Moody Investors part pf.*
Montgomery
June
IX
May
X
634%
7%
IX
'«
Feb
Jan
Mar
23
Apr
554
38 K
454
Co
*
Jersey Central Pow A Lt—
6%
Mar
10
Feb
654
3)4 June
14 H
1
Feb
UH
Jeannette Class
Jones A Laugblln
Soc A
Loan
Apr
4K
10 K
OH
Mfg v t C—*
Jacobs (F L) Co
Monroe
2,400
1454
Apr
9X
100
354
com.l
Monogram Pictures
'""26c
'~2%
"2%
1
Italian Superpower
Feb
UH
3X
3X
High
Low
11)4
$2.50
Commpn
1n
Vitamin..-1
Interstate Home Equip.. 1
Interstate Hosiery Mills..*
Interstate Power $7 pref—*
Irving Air Chute
he
19%
38
International
Iron Fireman
July
X
Mock, Jud, Voehrlnger-
Molybdenum Corp
1
Monarch Machine Tool..*
1, 1939
Week
Shares
Montana Dakota
1,500
19%
$3.50 prior pref
*
Warrants series of 19*0-.
Investors Royalty
4
Apr
834
preferred
Jan
Mar
Razor B
11.75
Jan
Jan
K
International Utility—
1
»
4X
27 X
27
2K
K
Class B
Mar
100
A
A......
June
Price
Par
6M
""966
3 54
Clasa
20 X
21
International Products..
Internal rialety
July
Apr
July
4K
IK
25
of Prices
Low
High
High
Low
Shares
Week'*
Salt
Range Since Jan.
for
Ranoe
Last
(Continued)
for
Sal*
(Continued)
Week's Range
STOCKS
1, 1939
Range Since Jan.
Imsi
STOCKS
31
113
5)4
July
June
Jan
Volume
New York Curb
149
Friday
STOCKS
lAUt
(Continued)
Sale
Par
Penn Mex Fuel Co
Corp
com
114
1A
105
1%
9X
107A
103
104
70
148
A 150
75
9
♦
Penn Salt Mfg Co
Pennsylvania Sugar
8A
107 A
104
60
8,200
Pepperell Mfg Co
78 A
"78k '78A
IA June
67
1
8
A
9A
29 A
5
4A
..1
5
4
H
5
25
265*
2
26A
H
8H
25*
7A
42)4
60
41A
1
8
A Lake Erie.60
£1
85*
42 A
7
Pleasant Valley Wine Co
Plough Ino new com...7.50
9A
Apr
10?*
7?*
Jan
Sonotone Corp
Feb
Boss Mfg com
South Coast Corp com
May
118?*
100
29 A
July
30?*
Jan
2A
JaD
5?*
June
2 A
5,500
6 A
29
18?*
Apr
2?*
Jan
8 A
June
A
2,500
5
125
41
900
6
A
46
July
Apr
Apr
"~8A "9A
""600
7
A
2
500
"3k
4
"400
3
18 A
VA
400
16 A
Apr
May
800
1A
Pressed Metals of Am—1
Producers Corp
25c
*
3A
8
7A
A
5
5A
5A
3
100
12
300
102
Apr
23
Mar
2A
42
98
98
Public Service of Colorado-
June
10?*
Mar
A
Feb
5A
Jan
8A
Mar
7A
Apr
94A
Jan
,
100 A
100
104
Apr
105?*
107
Feb
110
*
68 A
63 A
69A
$6 preferred
*
Public Service of Okla—
40
39
41
6% prior lien pref...100
7% prior lien pref... 100
I Pub Utll Seour 87 pt pf..*
Puget Sound P A L—
100
85
80
preferred
100
100 A
108A 108 A
56
54
57
19A
preferred
18 A
19A
5
20
154 A
101
A
5A
152k
154 A
lo'
12
lo
*280
A
13 A
1A
1A
~~4A "~4A
2 A
2 A
2A
Valley Gas Co-
Voting trust ctfs
1
A
A
5
A
Feb
7
June
Apr
May
123
Mar
Mar
Apr
50
24A
24A
ICO
10 A
10A
1
June
Apr
1A
Apr
13?*
18?*
4
Mar
36?*
5A
1?*
A
Feb
7
Jan
A
Jan
Mar
Jan
A
6
Jan
4
Jan
conv
pref
33.30 A part
Class B
13?*
•u May
Feb
9A
10 A
2,50C
43 A
44 A
200
Apr
Texon Oil A Land Co
Thew Shovel Co
25
St Lawrence
"io"
"io"
""800
"""k ""a
20 A
If"
*
com
20
*17
A
If
Ordinary
»
49
Apr
June
Feb
July
May
A
1A
9
A
1,700
"""20
Apr
Apr
A
June
Jan
18 A May
114?*
Apr
16?* June
Jan
6A
7 A
400
5A
Apr
A
100
A
A
Apr
May
8i«
37 A
•is
37 A
A
7A
7A
7A
100
1,700
*
4
?*
12
1
A
5
6
A
6
1,000
4 A
Lux
Common
100
4
5?*
Class A
1
Jan
Tung-Sol Lamp Works
Jan
12?* June
27?*
Mar
114?*
22?*
Apr
Jan
28
Mar
Series B pref
July
J*ii
Jan
8?*
15
37?*
'1,966
A
15?*
Apr
33
15?*
1?*
15?*
100
1?*
4?*
£1
Mar
May
70
Mar
A
A
Apr
July
Sentry Safety Control
Serrick Corp
1
1
1A
1A
100
Be ton Leather oommon
1A
*
7A
7A
100
6
32?*
Seversky Aircraft Corp
1
3A
3 A
3A
5,500
Mining. .5
6A
5A
6A
800
Shawlnlgan Wat A Pow..*
19 A
19 A
600
Sherwln-Wllllama
18?*
88A
91
750
83
2A
5A
Apr
Mar
July
Apr
Apr
107?* June
10 A
Apr
July
4?*
2
May
A
4?*
2?*
2?*
3?*
3?*
5?*
1,600
5
50
'""ioo
2
A part pref
6?*
l?<
4,800
United Elastic Corp
United Gas Corp com
I*
22?*
113?*
115?*
Common class B_.
*
30 1st preferred
—*
United MUk Products...*
33
Jan
Apr
9?*
Apr
9?*
12
preferred
Jan
Jan
June
Apr
2?*
Feb
Apr
Apr
38?*
45?*
Mar
2?*
32?*
3
700
32?*
400
""800
Jan
Feb
42
Mar
Apr
14?*
5A
5A
36A
Mar
June
A
"u
Mar
2?* June
28?* May
A May
A July
Jan
Jan
Jan
16
Feb
4.400
|
99?*
12A
2?*
10?*
11?*
3
14
Mar
22?*
Jan
2,125
69?*
Jan
99 A
July
94
14?*
Jan
103 A
June
2
May
Apr
10
Apr
300
11?*
400
12?*
800
5*
8?*
4
155*
15?*
Jan
Mar
Jan
2
4?*
Jan
2
Jan
60
Feb
63
May
500
55
51?*
55
107?* 107?*
113?*xll4?*
A
A
250
10
80
100
4?*
Apr
14?*
1?*
4?*
1A
3?*
1A
800
3A
3a
1,400
Mar
5?*
15
28
9?*
23
1,300
28
400
Mar
Feb
July
July
Apr
July
Apr
2?*
5?*
Jan
«i6 June
«n
Jan
1?*
2?*
7?* May
8
Mar
Jan
Feb
1?*
81
47?* June
98?*
Apr
107?*
105?*
Apr *1141*
A
Feb
A
700
7
Apr
19?*
Jan
8?* June
13?* Mar
Mar
Apr
Apr
385*
2
3?*
Jan
6
Apr
75*
Jan
2
500
Apr
5?*
13?*
11
13?*
100
15*
Apr
"i5A "iok
16
"moo
12?*
Jan
""ioo
2?*
3?*
Jan
Apr
~~5~A ~~5A
49 A
49 A
A
A
A
100
83?*
1A
81A
1A
83A
Apr
38
5,100
Feb
A
A
4,800
2^200
200
15^
74
5,100
1?*
27?*
1A
1
23 A
141* June
3
Mar
16?* June
2?*
Jan
55*
49?*
July
IK
7
•11
July
Jan
Jan
Mar
3 5*
Jan
92?*
Mar
A June
'»!»
Feb
Jan
86?*
Feb
80
1?*
Mar
Mar
July
Apr
Apr
Apr
Jan
3?*
2
Mar
7
"
1A
2,600
1A
1A
27A
5,100
A
July
June
3
Jan
2?*
Jan
-*
19
Apr
36?*
Mar
20?*
09?*
6,700
Feb
Jan
23
Mar
73?*
Mar
Apr
6?*
Mar
United Molasses CoAm
Jan
United profit Sharing..25c
he
5*
600
United Shipyards ol A...1
Class B
1
10?*
1?*
10?*
1?*
1,200
1,900
Jan
Feb
1
31
Jan
Mar
Jan
7?*
36
Jan
Mar
4
30Q
dep rets ord reg—
United N J RR A Canal 100
Mar
Jan
Feb
200
96
1
1st 37 pref non-voting.*
Option warrants..
Feb
6?*
3
May
Apr
Feb
Mar
37?*
*
United Lt A Pow com A.*
June
8?*
42
99 A
*
Jan
Feb
July
4?*
Jan
8
100
6A
12
35
Apr
Apr
Mar
100
300
"sk "sk
June
Apr
Jan
Jan
74
Jan
United G A E 7% pref. 100
'n May
1?*
9?*
14
15?*
7?*
5?*
15?*
Co—-50
Jan
A
Jan
Apr
~"~50
3
Jan
1?* May
1,600
com..*
Un Clgar-Whelan Sts..10c
United Corp warrants
9?*
09?*
*u
41?* June
Jan
Jan
Feb
May
May
1
Apr
2?*
14
600
5?*
3
United Chemicals com...*
Apr
Jan
Feb
June
cum
1
Mar
1?*
33
Feb
10?*
2?*
Investment
Jan
July
37?*
.1
Jan
Jan
Mar
Apr
*
Union Traction
June
Apr
Unexcelled Mfg Co.—10
Union Gas of Canada
*
Union
11
21?*
106?*
1?*
May
80c dlv. preferred. .. *
Ulen A Co ser A pref..—*
Jan
Apr
Jan
4
1
a
52
21
Apr
6?*
*
July
Jan
A
100
7,«
Tublze ChatUlon Corp..
Jan
13
Tri-Contlnental warrants
Trans Pork Stores Ino.
Feb
Jan
1,800
40?*
-.-1
Transwestern Oil Co.—10
Jan
69 A
17
2?*
Screen—
Plot
Jan
Apr
54
Mar
A
25
For footnotes see page 391.
Jan
Trans
Mar
9?*
-
Allotment certificates...
Selfrldge Prov Stores—
6% cum pref ser AAA 100
Sherwln-Wllllama of Can.*
July
Jan
13?*
1?*
1?*
37?*
June
H
1,200
■
Mar
31
1,000
Selected Industries Ino—
com..25
3
Apr
Apr
Jan
*
Union Premier Foods Sts. 1
6i«
Jan
1?*
37?*
41?*
7% preferred A
100
Tonopah Mining of Nev.l
21
»
Apr
....£1
reg
Mar
Apr
A
oom
Feb
Def registered 5s
6?*
12?*
44?*
*
Segal Lock A Hardware.. 1
6
17
102
Tobacco Secur Tr—
Jan
17?*
23?*
Mar
100
*
Apr
A
7
9A
19
Warrants
Securities Corp general
Seeman Bros Inc
Mar
Jan
Mar
July
10
Toledo Edison 0% pref. 100
"ioo
*
Scullln Steel Co
Mar
Jan
A
18?*
A
Tobacco Prod Exports—*
Todd Shipyards Corp
1
25
Scranton Spring Brook
Water Service pref
Tobacco AUled Stocks
Jan
Mar
3?*
12?*
400
Constr*
Feb
Jan
37
"iok
*
Scovlll Mfg
1
Tlshman Realty A
Jan
3
YJoo
Samson United Corp com 1
Scran ton Elec 86 pref
*
Scranton Lace common..*
July
71
A
Schlff Co common
24?*
13?*
2?*
2?*
6?*
c is
3
14
June
11
100
July
July
7
17?*
21
26
A
Jan
1?* May
9?* May
1,200
1,200
5?*
5
oom
Roofing Inc
43*
Ryerson A Haynes com__l
Safety Car Heat A Lt
*
J
'""956
18?*
2?*
2
Jan
Apr
*
5
"l3k "14"
5?*
Tenn El Pow 7% 1st pf.100
Texas P A L 7% pref...100
Mar
35 A
2
Salt Dome Oil Co
Apr
"sk "Ik
Technicolor Inc common.*
102
45
3
10A
43 A
Savoy Oil Co
20
100
*
15
Apr
Apr
Apr
Apr
Mar
200
18
4
Jan
2?*
1?*
A
10
Taggart Corp oom
.1
Tampa Electric Co com..*
Tastyeast Ino class A...1
Taylor Distilling Co
1
112
23A June
14
1?*
15
Mar
4A
100
"2 A
16
540
*
com
Swan Finch Oil Corp
Jan
200
1
"2
July
3?*
900
28
60
104
Apr
*
2
Mar
23?*
6A
Apr
Apr
Apr
53 A
55 A
Mar
19?*
Superior Port Cement
May
96
1A
1A
2?*
55 A
65*
34?*
July
July
14
3?*
-.1
37
Corp Ltd...*
St Regis Paper com
5
7% preferred...
100
May
Apr
73?* June
*
Jan
12?*
Apr
A
52
5?*
27?*
1?*. July
Superior OH Co (Callf)—25
5?*%
Feb
Mar
July
—*
OH
4
2?*
15?*
9
"8 A
Sunray
Jan
Apr
Mar
10?*
Stroock (8) Co
Sunray Drug Co
Jan
Feb
1H
1?*
10
400
"3 k
Jan
33?*
Mar
June
20?*
Sterling Inc
...1
Stetson (J B) Co com
*
Stinnes (Hugo) Corp
5
5
Jan
A
Jan
9A June
June
157?*
16?*
23?*
*
2?*
July
9
*
pref
Ryan Consol Petrol
Amer dep rets reg
A
Feb
"ioc
2
*
conv
85.50 prior stock
Mar
Mar
300
1
Rustless Iron A Steel
Convertible stock
Jan
18?*
12?*
Jan
59
Jan
1?*
23?*
0% 1st preferred...—60
6% 2d preferred
20
Sterling Aluminum Prod.l
Sterling Brewers Ino
1
Tllo
*
Royalite OH Co Ltd
Royal Typewriter..
Common
168?*
41
200
folk io 1A
20
pref
Denn
Jan
1?*
Jan
Mar
Apr
16?*
phate A Add Wks Inc 20
Sterchi Bros Stores
Apr
1,30.0
..'
16 a
Jan
Jan
1?* May
100
Starrett (The) Corp v t o.l
Steel Co of Canada-
Mar
29?* June
29?* June
28?*
200
1
58?*
12
Apr
Jan
44?* June
27?*
400
106?* 106?*
A
A
A
A
5
25?*
Jan
2?*
Apr
Apr
800
200
Stein (A) A Co common. _•
5
Jan
400
Phos
Mar
Jan
200
5
Ross la International
Shattuck
Jan
Mar
Ms
_
Root Petroleum Co
Belberllng Rubber
Selby Shoe Co
Jan
21
_.! 112
reg—£1
Rome Cable Corp com
Roosevelt Field Inc
82.50
A
A
Rolls Royce Ltd—
Russeks Fifth Ave
A
A
100
101A
Rochester Tel 6?* % prf 100
Roeser A Pendleton Inc..*
conv
June
A
Apr
500
RochesterGAE10% pf C100
100
Jan
5
1
6% pref D
103?* June
110
Jan
1?*
5?*
1?*
200
4?*
16
14?*
26
Wholesale
3?*
Apr
200
6
4?*
4?*
1
Standard Steel Spring
12
200
A
30?*
1
Standard Tube cl B
Apr
July
A June
18
.*
July
Jan
25
*
81.20
9
100
2
A
1?*
15?*
29?*
Preferred
July
4?*
Feb
Apr
3?*
1
Standard Products Co
Standard Silver Lead
Feb
Mar
40
20
1?*
14?*
5?*
.100
69?*
May
148 A
16
1
Radiator
6% preferred
tandard Pow A Lt
Jan
2?*
42
26
25
Sullivan Machinery
200
2
60c
Am dep rets ord
4
200
"ioo
Reliance Eleo A Eng'g..
Richmond
10
Standard Oil (Ohio) oom
1
41
35 A
60c
Rice Stlx D.-y Goods
Apr
June
Jan
•»»
12A
Red Bank Oil Co
*
Reed Roller Bit Co
Reeves (Daniel) common.*
{Reynold' Investing
Mar
Jan
34 A
14
1,350
1,025
*
Reiter-Foster Oil
Standard OH (Ky)
Standard OH (Neb)
13?*
1?<
1?*
300
Ordinary shares
#
oom__
com
Jan
Apr
93
10
*
preferred...
A
108
100
Raymond Concrete Pile—
Common
*
Rio Grande
26
6
Railway A Utll Invest A..1
Raytheon Mfg
44
400
4
Pyrene Manufacturing.. 10
Quaker Oats common
*
conv
1,175
*i«
Puget Sound Pulp A Tim
Pyle-Natlonal Co com
5
83
31.60 conv preferred-.20
Standard Invest 35?* pref*
Standard
*
6% preferred
Quebec Power Co
Ry A Light Secur
Conv preferred
.10
Standard Dredging Corp—
Common
Mar
Jan
5
300
7% 1st preferred
100
Public Service of Indiana—
97 prior preferred
Jan
Apr
Jan
7
300
Mar
'i»
Apr
148
Standard Brewing Co
*
Standard Cap A Seal com. 1
4A
Feb
Apr
3?*
600
£1
Common class B
*
97
Stahl-Meyer Inc
Feb
Jan
Spencer Shoe Co*
Jan
Apr
'n
3 A
Jan
•is
Mar
7
*
Feb
Spanish A Gen Corp—
Am dep rets ord reg
8
June
36
July
2A
May
Apr
Apr
Apr
1A
1A
Mar
A
29?*
29?*
1?*
1?*
25
South Penn Oil
219
1,300
1,000
44
29?*
Southwest Pa Pipe Line. 10
Spalding (A G) & Bros
5% 1st preferred
1
1
29
25
Jan
9
2?*
4?*
1?*
44
._
Jan
Jan
18?*
18
1
Mar
Feb
•is
2?*
South New Engl Tel... 100
Southern Pipe Line
10
Southern Union Gas.
Jan
June
164
10
1?*
Preferred A
Southland Royalty Co
3
3?*
Jan
84?*
Jan
?* June
140
4?*
1?*
4?*
8
64 A
97
......
117
Apr
A
1A
*
*
Jan
6
101A
*
Feb
12 A
90
9
1
43
Apr
100
"VA
Premier Gold Mining
Apr
Apr
A
169"
29?*
Apr
400
97
5?* % pref series O
25
Southern Colo Pow ol A. 25
7% preferred
100
Feb
2
*u
9?*
1?*
100
1A
"l6(T
166
6% original preferred.25
0% preferred B
.25
Jan
Apr
High
1?*
13 A
Southern Calif Edison—
Jan
Apr
900
100
6% 1st preferred
Apr
Feb
16
600
*
Gas
Apr
1.1CC
200
17A
Prentice-Hall Ino
idence
Feb
600
25c
Prudential Investors
96 preferred
100
Mar
8
Potrero Sugar common...5
Powdrell A Alexander
5
Pro
Singer Mfg Co
Singer Mfg Co Ltd—
Mar
;
Low
1A
Sioux City G A E
7% pf 100
Skinner Organ
new 5
Solar Mfg. Co
1
Jan
7
Range Since Jan. 1, 1939
Shares
Amer dep rets ord reg.£l
7
10
Prosperity Co class B
Jan
75
51
101
com
Jan
16
102 A
7
Plate Glass. .26
6% 1st preferred
Pratt A Lambert Co
167
84?*
8
46
Metallurgical 10
Corp of Canada
Apr
10
Meter
Polaris Mining Co
June
27
Postage
com
104?*
Apr
5
for
Week
High
13 A
*
Apr
300
Low
Simmons H'ware A Paint.*
Simplicity Pattern com
1
June
58
1,200
6%
29 A
Phoenix Securities—
Pneumatic Scale
Jan
109
Jan
74
75
of Prices
Price
.25
Feb
118
Phillips Packing Co
Forglngs
Line stamped
Sllex Co common
Feb
9A
Week's Range
Sale
Jan
92 A
135
""ioo
69
6 A
Philadelphia Co common.*
Phil a Eleo Co SB pre!
•
Phiie Elee Pow 8% prel 28
Conv $3 pre!series A__ 10
Pierce Governor common.*
Pioneer Gold Mines Ltd..l
389
Sales
Shreveport El Dorado Pipe
Apr
2A
Apr
98
200
♦
Pitts Bess ALE RR
2
Last
Par
23 A
100
Common
STOCKS
Mar
Apr
16
Pa Water A Power Co.—.*
4
Fridayl
(Continued)
High
Apr
5A
1.2C0
com 20
Periect Circle Co
Pharls Tire A Rubber
Power
Low
2
preferred
Pittsburgh
Pittsburgh
Pittsburgh
Pittsburgh
Range Since Jan. 1, 1939
A
Penn Cent Airlines com..l
Pltney-Bowes
for
Week
Shares
2.60
Pa Pr & Lt 97 pref
$6
Low
1
Penn Traffic Co
Pennroad
of Prices
High
Price
Exchange—Continued—Page
Sales
Week's Ranoc
5
237
1?*
Jan
sie
242
Feb
July
*11
9?*
Mar
105*
May
1?*
Jan
1?*
July
Jan
(Concluded)
for
of Prices
Week
SaU
Par
Price
High
Low
Last
Week's Range
for
Sale
of Prices
Low
High
Shares
Par
83 H
82 %
84
725
72
Apr
85%
Jan
25
45%
44
45%
810
42
Jan
July
Jan
Conv deb 6s
Jan
Debenture
United Specialties com—
U S Foil Co class B— ,
2%
1
n s Lines pref
%
12a
1%
12%
24
.
25
6%
%
500
"206
Apr
Apr
200
10%
Apr
200
21
Feb
May
Jan
68
2
Oil—..10
Universal Corp v t c
1
Universal Insurance
.8
Universal Pictures com...1
Universal Products Co—•
Utah-Idaho Sugar
f
Utah Pow A Lt S7 pref. — *
Utah Radio Products
J
Utility Equities Corp
*
$6.60 priority stock
*
Utility A Ind Corp com..6
Conv preferred
-.7
iUtll Pow A Lt common.. 1
Class B
1
7% preferred ...... .100
2A
Universal Consol
1
5
Valspar Corp oom
14 conv pref
Tool.6
Petroleum—1
pref--100
Vogt Manufacturing
*
Waco Aircraft Co...
•
Wagner Baking v t c
*
1
1
United Verde Exten...60c
United Wall Paper
sie
*3%
2%
VA
T% ~~3h
Apr
77
Mar
75
1,000
74%
Mar
75
July
32,000
75%
86% 303,000
67%
Apr
77
Mar
72%
Jan
86%
July
86
52,000
72%
Jan
86%
Mar
80%
37,000
74%
Mar
Registered....
1969
75%
74%
Cities Berv P A L 5 %s. 1952
85%
83%
Debenture 6s
Community Pr A Lt 6s '57
Jan
Conn Lt A Pr 7s A... 1951
Apr
2%
Jan
Consol Gas El Lt A Power
Feb
%
6%
'1#
Feb
*i«
"i#
Apr
7.000
1%
14%
Apr
2%
Jan
Jan
15%
May
"i'MQ
3
Apr
12
Apr
Jan
6
59%
2.50
Apr
1%
Jan
200
100
1
July
100
42
Apr
2%
June
2% June
Mar
64
Feb
'»•
July
89% 149,000
$105.21 107
$02
65%
28,000
94%
94%
95%
79%
96%
Apr
91%
Mar
an
108%
Mar
56% May
92%
Apr
68%
11,000
2,000
104%
Jan
106%
106%
Jan
108%
4%
4%
Apr
Apr
-
—
—
-
—
—
—
------
106
Denver Gas A Elec 6s. 1949
107% 107%
Detroit Internet Bridge—
5%
5%
4%
5%
4%
4,000
%
Aug 1 1952
♦6%s
%
%
%
9,000
%
%
Apr
Aug 1 1952
A
♦Certificates of deposit
Eastern Gas A Fuel 4s. 1956
61%
Edison El 111 (Bost) 3 %a 65
110%
10%
18*
Elec Power A Light 5s. 2030
"""400
Mar
Apr
Jan
"'17 %
June
Elmira Wat Lt A RR 6s *66
1%
24%
8O0
1
July
75
20
Apr
21
21%
300
20
I
Mar
A
200
•is
Apr
50
38%
Jan
%
50
7%
7%
100
6
VA
4%
4%
3C0
3%
7
7
7%
300
Apr
July
Apr
74% May
5%
*
1
4%
July
Apr
Feb
71#
1H
12A
Wayne Knitting Mills...5
Welsbaum Bros-Brower_.l
4 A
200
A
Apr
300
8%
Jan
1960
Jan
Empire Dist El 5s
28
Feb
Mar
Jan
9
Mar
74% May
1%
6%
Apr
Mar
3A
500
Mar
Jan
1%
13
July
6%
Feb
6s ex-warr
General Pub Serv 5s..1963
Jan
June
Jan
*Jan
Georgia Pow A Lt 6s..1978
6s_
1953
Jan
Apr
15
Feb
8%
May
10
6%
12
12H
1
Jan
June
Apr
Wichita River Oil Corp.. 10
5A
5A
100
5A
*
Williams Oll-O-Mat HI..*
5 A
7A
900
4%
Williams (R C) A Co
1%
Jan
103%
July
1,000
Jan
Mar
Jan
Mar
90
Apr
76
Apr
97%
92%
1,000
18,000
95,000
73
Feb
75
Jan
87
Jan
94
May
19,000
58
Jan
74% June
25%
Apr
29
July
74
92%
104% 105%
72
73%
$22%
50
66
1,000
14,000
66
89%
$108% 110%
Guardian Investors 5S.1948
A
Apr
3
Jan
Hall Print 0s stpd
52%
— -
w51
------
1935
25
30
7
Apr
10
Jan
♦Hamburg Eleo 7s
7%
Mar
9
Jan
82%
2%
Apr
98%
July
Apr
2%
Feb
Heller (W E) 4s w w ..1946
102
Houston Gulf Gas 6s.. 1943
$102% 194
$102% 103
110%
110% 110%
Wolverine Portl Cement.10
98 H
20
234
200
5%
2
Wolverine Tube com
A
2H
96
2A
6%
1,000
Amer
8%
Jan
6%
Jan
1938
6%s ex-warrants...1943
4.
-
Houston Lt A Pr 3%s.l900
15
5c
dep rots
Wright Hartrtaves Ltd..*
Yukon-Paclf o Mining Co.6
Apr
May
4%
5
Woodley Petroleum
1
Wool worth (F W) Ltd—
A St Ry 6 %s
8A
1,100
15
8H
A
8%
A
1,100
1,100
Apr
12
7%
A
15%
Mar
8%
Mar
May
1%
Jan
1949
6« series B
Idaho Power 3%s
68
—
1907
«...
1st A ref 5s
1951
104 A
1st A ref 5s
1966
10434
1st A ref 6b
1968
103 A
1st A ref 4 %s
1967
ICO
Amer G A El debt 5s..2028
108
Am Pow A Lt deb 6s. .2018
Amer Radiator 4%s_.1947
95%
104
Amer Seating 6s etp..l946
Appalachian Elec Power—
1st mtge 4s.
1963
Debentures 4%s
1948
Electric
14,000
104% 105
103 % 104%
12,000
102% 103% 108,000
285,000
98% 100
108
21,000
108%
94 H
95% 84,000
12,000
103% 104
1,000
102 % 102%
98
Jan
105% May
Jan
105
87
Jan
103% May
100
July
6%s series B
6s series C
81%
Jan
106%
83%
May
Apr
103%
July
109%
96%
106%
June
94
Jan
Mar
Indiana Service 6s
1st Hen A ref 5s
Apr
53
Jan
Apr
50
Feb
98
Apr
25
99%
Apr
Apr
111
Mar
104"
105%
Apr
107%
Mar
0%s series O
7s series E
3,000
118%
Jan
128
July
7s series F
64 A
14,000
103% 104%
16,000
105% 105%
64% 273,000
May
105
Feb
101%
Jan
41%
Jan
106% 106%
1949
41A
1950
44%
11,000
14,000
102
106% June
64% July
Debenture
t
42%
4,000
31
Feb
44
June
June
68
June
110%
Feb
Apr
Apr
104% July
105% June
15,000
4,000
85
86
Jan
50%
Apr
49
68
Apr
Apr
108%
June
36%
36%
41%
Apr
55
56,000
38%
68
67%
47
49%
101%
July
98% June
68% July
68
88%
110
July
June
May
47,000
27%
Jan
48,000
56,000
30
Jan
42% June
47% Mar
29%
Jan
44%
Mar
106
106
107
105
105
106%
14,000
17,000
40
40
40%
9,000
5s series B
.1961
41%
July
1977
69
Mar
T A T deb 6%s_A'65
Atlanta Gas Lt 4%s__1966
79
78%
80
17,000
72%
Jan
83
May
2.00C
102%
Jan
-
-
Isaroo Hydro Eleo 78.1952
105% 105%
108% 109%
27,000
104
Apr
10,000
89
Apr
Isotta Fraschinl 7s
94%
95
5s without warrantsl947
94
95
6,000
85
Feb
109% June
95
June
95% June
95 A
10834
1st M 5s series B...1957
12534
5s series C
128%
93
96
107% 108%
125% 125%
128% 128%
43,000
Jan
Apr
Jan
July
Mar
128%
July
148%
Jan
0%s series D
1948
99% June
92% June
5%s series F
1965
5s series I...
1909
120
2,000
123
2,000
140
June
86
Jan
92%
53,000
11,000
69%
Jan
81
Jan
8,000
102%
10134
99%
98%
103% 103%
100% 101
105%
105% 106
Cent Ohio Lt A Pr 6s—1950
Cent Power 6s ser D..1957
105
105
Cent Pow A Lt 1st 58.1956
Cent States Elec 5s
1948
104%
41
4
41
6Hs ex-warrants...1964
Cent States P A L 6 Ha '53
41A
39%
71% 104,000
103%
94
Jan
Mar
Apr
70%
June
Jan
49%
July
82
Jan
July
77
Jan
100%
101%
98%
Jan
104
July
Jan
103%
July
Jan
108
Apr
106%
June
52%
40
44%
44%
------
28,000
105%
103%
38
July
Mar
June
Jan
59%
Feb
80
Jan
31
Apr
44
Mar
103% 104
Mar
3,000
38
Jan
47
26,000
102
May
107
105% 105%
$105% 106%
$125
128
36,000
105%
Jan
106%
Mar
103%
Jan
108
Mar
Apr
------
126
June
9,000
101%
June
103%
May
100%
99% 100%
105% 106
101
102%
68,000
6,000
6,000
89%
Apr
Apr
100%
July
106
May
Jan
102%
------
119
Kentucky Utilities Co—
1st mtge 5s ser H
Feb
101% 101*it
1901
100
99% 100
July
Lake Sup Dist Pow 3%s '6fi
107%
Lehigh Pow Seour 6s __2026
110%
99%
Mar
55%
101%
1947
105% May
107% 108%
110% 110%
$28
76,000
11,000
15,000
101
93%
88%
100
Jan
108%
July
107
Jan
110%
June
22%
40
July
Apr
100
Jan
30
July
Mar
13,000
97%
Apr
105
Mar
♦Leonard Tletz 7%s__1946
28,000
96%
Jan
107
May
Lexington Utilities 6s_1952
103% 103%
105
June
103% 104
101
101
101
9,000
106%
106% 107
22,000
105%
5,000
31%
July
105
28%
103%
Jan
105
Jan
105%
May
50
50
50
2,000
45
96%
96%
3,000
95%
7,000
101
Apr
26,000
98,000
81
Apr
94%
July
98%
Apr
104%
July
55,000
35
Jan
46
Mar
32
Jan
July
Marlon Res Pow 4%s_1964
McCord Rad A Mfg
—
——
—
♦7s without warr ts.1941
Jan
46%
71%
Mar
65%
—
1,000
19,000
95
102%
Mar
103%
June
105
Feb
Jan
101
June
Jan
107% June
Jan
Mansfield Mln A Smelt—
41% 142,000
—
Louisiana Pow A Lt 6s 1957
Chicago A Illinois Midland
$104% 106
Ry 4Ha A
.1956
Chlo Jet Ry A Union Stock
Kansas Power 5s
------
Llbby McN A Llbby 6s '42
Long Island Ltg 0s...1945
105
94%
92%
104% 104%
71
105%
.1901
110%
125%
99% 101,000
146%
44%
103%
1947
6s series B_
Kansas Elec Pow 3 %s. 1908
Kansas Gas A Eleo 6s.2022
116%
91
"99%
38
1942
Apr
82%
78
Jersey Central Pow A Lt—
107% June
18,000
16,000
98%
146
1998
$50
Jan
54
Apr
Gas—
4 %s series C.
Works—
1960
-
Italian Superpower 08.1963
Jacksonville
5s stamped
6s with warrants... 1947
—
-
1942
106% May
Avery A Sons (B F)—
Bell Telep of Canada—
1st M 5s series A_..1955
17,000
45%
Jan
10834
103% 104
$103% 105
42
44
52%
Apr
98
99% 100% 231,000
99% 101 % 313,000
40%
44%
42%
41%
Mar
98
Apr
105
June
6s stamped
31%
1943
31%
105
10,000
91
May
66
Feb
Memphis Comml Appear
102%
53 A
102% 103
53
54%
77
"~80 A
77
79
80%
Deb 4%s
391
1952
8,000
102%
July
104%
Jan
42,000
44%
Apr
70%
Jan
65%
78%
Jan
Feb
f Memphis P A L6s A.1948
6,000
Apr
Metropolitan Ed 4s E.1971
3,000
72%
Jan
81%
.
Mengel Co conv 4%a_1947
4s series G
68
Apr
Apr
17,000
1,000
67,000
3,000
29,000
19,000
49%
103%
39
For footnotes see page
Apr
99%
104%
49
4,666
42%
2,000
44%
68% 122,000
100%
40
1955
Jan
60
96%
$42%
41%
43%
1958
1,000
6a series B
69
July
84
1950
9,000
|*Chic Rys 5s ctfs
1927
Cincinnati St Ry 5Hs A '62
Apr
111% June
94% June
68
4 %s series F
51%
1940
15,000
2,000
Iowa-Neb L A P 5s...1967
41%
Yards 6s-_
103
Apr
102
109% 109%
100%
50
Canadian Pac Ry 6s._1942
Carolina Pr A L* 5s...1956
Jan
Jan
108%
Service—
50
Broad River Pow 5s_.1954
Canada Northern Pr 5s '53
103%
101 %
Jan
83
1952
6s
43 A
Birmingham Elec 4 Hal968
Birmingham Gas 6b...1969
July
102% June
Apr
Apr
65%
67%
109%
Interstate Power 5s... 1957
Interstate Publl
Registered
Conv deb 5%s
Bvthlfthem Steel 6s
Jan
85%
68%
1957
Debenture 5s......1968
I960
94%
101%
94%
94%
98
Iowa Pow A Lt 4%S..1958
Iowa Pub Serv 6s
195"
♦Convertible 6s
——- -
30
May
65
6s series D
42
Conv deb 4%s 0...1948
Locom
-
9,000
29
Jan
June
98
1952
109%
Assoclaied Gas A El Co—
Baldwin
—
May
July
18%
104
68
1955
106
,.
126% 127
Arkansas Pr A Lt 5s..l956
Atlantic City Elec 334s '64
—
July
International Power Sec—
106%
Ark-Loulslana Gas 4s. 1951
assoc
3,000
11,000
103%
Apr
104% 104%
100% 101%
♦Indianapolis Gas 5s A 1952
107%
Jan
52%
Mar
45
17,000
76,000
57,000
------
Indpis Pow A Lt 3%s.l968
Mar
105%
104
1963
Jan
June
104
109%
Jan
104%
1960
Apr
101%
95%
91%
1953
Indiana Hydro Eleo 6« 1958
Mar
8,000
100%
1947
..1951
91
36
Corp—
0s series A
96
109
Appalao Power Deb 6s 2024
Associated Elec 4%s_.195?
Indiana
107% May
Jan
30,000
102% 103%
Jan
Jan
87
104% 104%
109
—
101% 102
1950
72
107%
103%
102
107%
66%
109%
101%
$6,000
107 A
-
104%
S f deb 5%s.._May 1957
1946
-
68
1st A ref 5s ser C
Sold
Conv deb 4%s
Conv deb 6s
—
Jan
Jan
40
67%
66%
— -
— — -
1st A ref 6%s ser B.1954
Bonds
Alabama Power Co—
1st A ref 5s
-
$
Hygrade Food 6s A...1949
111 Pr A Lt 1st 6s ser A. 1953
BONDS
-
♦Hungarian Ital Bk 7%s'03
Apr
4.
-
102%
Mar
72%
60
47
♦Hamburg El Underground
Wisconsin P A L 7% pi 100
May
2,000
26%
30
26%
*
1
65% May
105%
Jan
3,000
2,000
42%
102% 103%
Wlllson Products Ino
Jan
Jau
July
1,000
1,000
52%
Wilson-Jones Co
95%
107%
......
wol
40%
-
-
1947
—
4,000
68%
89%
-
—— -
•
7
July
Apr
89%
-
Feb
25
90
97%
92%
68
-
104%
Mar
81
73
-
Apr
15
July
91%
105
Guantanamo A West 0s '58
99
99%
91
......
Grocery Store Prod 08.1945
7%
Jan
102%
74
Gt Nor Pow 5s stpd_.1960
7%
July
Jan
-
-
Apr
90%
Apr
86
—
108%
95
99,000
99%
......
50%
Jan
Apr
81
92
92%
(Adolf) 4%s...l941
July
39
107%
9,000
1,000
16,000
38,000
97%
Grand Trunk West 4s. 1960
June
104%
Jan
101% 102% 230,000
Glen Alden Coal 4s.—1905
50%
Mar
June
92%
Georgia Power ref 6s..1907
1%
4%
May
81%
112%
97%
86
-
Jan
112%
Jan
99%
-
Jan
89%
86
Gen Wat Wks A El 5s. 1943
3%
Gobel
*
*
97%
-----
-
Feb
66%
Jan
99%
1,000
25
96%
99%
*
Gen Pub Utll 0%s A. 1950
Apr
10
25
102%
♦General Rayon 6s A. 1948
Western Maryland Ry—
100
90%
100
-
1940
Mar
Apr
32
89%
Feb
1%
1%
Apr
8,000
.32,000
100
9%
107%
4,000
108
97%
♦Gesfurel
7% 1st preferred
100
Western Tablet A Statlony
39
108
——
100
stamped-1944
General Bronze 6s
Jan
Feb
102
5,000
Gary Electric A Gas—
Mar
%
2%
—
—
90
Florida Power A Lt 5s. 1964
1
100
3A
—
Florida Power 4s ser C 1906
Jan
86
Apr
--- ---
103%
39
-
♦First Bohemian Glass7s'57
5
20
103
103%
Banks 6s- 5s stpd_._1961
Apr
May
500
Apr
53%
109% June
Finland Residential Mtge
Feb
Feb
2%
2%
2%
77
1963
6%s series A
7A
Apr
96 H
10,000
78% 135,000
$114% 120
$103
103%
------
Erie Lighting 5s....-.1967
Federal Wat Serv 5%s 1954
9
3%
2H
62% 143,000
61
Erooie Marelil Eleo Mfg—
53
•
1,000
110% 110%
77%
1952
>1*
100
96 H
•
.1
El Paso Elec 6s A
1,700
4
3
1
Wentworth Mfg.
1.25
West Texas Utll 16 pref..*
Wellington Oil Co
lA
13
4A
Jan
Jan
July
10
Apr
6,000
♦Certificates of deposit
♦Deb 7s
Jan
97
""T"
Jan
.50
106%
Delaware El Pow 5 %s.l959
Feb
1
125
88%
89%
%
*
*
1
Weyenberg Shoe Mfg
June
72
1%
Wall I Co common
Westmoreland Coal Co
129
Apr
Waltt A Bond class A
Common
Jan
Mar
16%
June
Apr
22%
1%
113
58%
hi
%
17 H
Apr
27,000
72
69%
72
800
A
Jan
Feb
109%
$129% 132
......
stamped...1943
Contl Gas A El 5S...1968
6s ser A
500
A
100
87
131
Consol Gas Utll Co—
%
1%
%
1%
100
West Va Ccal A Coke
Feb
1
%
1%
Va Pub Berv 7%
Western Air Express
June
2,000
111% 111%
Oudahy Packing 3%s.l965
1
2%
1954
Gen mtge 4%«
May
Feb
Apr
128% June
131
$127
(BMt) 3%s ser N...1971
66
Consol Gas (Bait City)—
9% June
19
84
84%
HCuban Telephone 7%s_'41
Cuban Tobacco 6s
1944
Jan
4%
15
60
52
Veneauelan
Walker Mining Co
June
Jan
1
Van Norman Mach
....
Jan
Apr
%
47%
50
2%
84
85
1949
5%s
Jan
Mar
Mar
75%
75
Mar
13%
56%
212,000
45,000
76
74%
4%
Mar
July
75
16%
Jan
Mar
78%
78%
75%
27%
100
84
Jan
Apr
71%
75%
900
*i#
Jan
72%
66
1.000
1958
3%
$7 conv 1st pref
78%
1950
6s..
Apr
U S Stores Corp com...
United Stores new com 50c
80
78%
High
Low
I
10,000
79
79
—
Feb
U S Rubber Reclaiming.
Class B
%
1%
July
1%
1
U 8 Radiator com
7% preferred
Apr
Registered.
2%
1%
H
1
20
$1% conv pref
A
1%
Apr
3
50
—
US Ply wood
*700
3%
"
U 8 and Int'l Securities..*
1st pref with warr
1*
45%
4%
Price
Cities Service 6s......l96«
United Shoe Mach com. 25
Preferred
1, 1939
Week
High
Low
1
Range Since Jan.
BONDS
(Continued)
Range Since Jan. 1,1939
Week's Range
Last
Sales
Friday
Sales
Friday
STOCKS
1939
July IS,
New York Curb Exchange—Continued—Page 5
390
1966
—
$102'i« 102*i«
$86
87
105% 106%
108% 108%
108%
*
—■
92
Jan
96%
July
102»u June
82
Apr
91%
Mar
9,000
105
July
109%
May
1,000
107%
Jan
110%
May
—
106%
Apr
Volume
New York Curb
149
Friday
BONDS
Last
I Continued)
Sale
Par
97
"*62%
Mllw Gas Light 4 %s_.
"96%
Miss Power A Lt 5s
Miss River Pow 1st 6s. 1951
Missouri Pub Serv 68.1960
101%
---
110
^
*
-
w
58%
May
Apr
101%
Apr
102%
Apr
82%
Jan
102%
106%
99%
88%
Jan
102% June
108%
Apr
Conv deb 5s
1950
New Eng Power 3%b.1961
New Eng Pow Assn 68.1948
Debenture 5%s
1954
New Orleans Pub Serv—
6e stamped
91
June
United El Serv 7s
94%
June
6,000
98
Jan
102% 103%
73
107%
Jan
109%
87%
Apr
96%
June
99%
June
90
Apr
Feb
30.000
99%
89%
Apr
5.00C
102%
Jan
48.000
2,000
79
35:660
50
107% 108
2,000
107
Mar
6,000
2,000
104%
104%
2,000
102
10,000
104
104
N'westem Elec 6s stmpd'45
N'western Pub Serv 6s 1957
Ogden Gas 5s
1945
105% 105%
105% 105%
104% 104%
107
107
104
~
Ohio Power 3%s
1968
Ohio Public Serv 4S...1962
Okla Nat Gas 414s
1961
—-—
„
—
mm mm
110
—
----
-
-
------
Pacific Pow A Ltg 58—1955
90
1964
Penn Cent L A P 4 Ha. 1977
1st 6s
1979
-
-
-
—
100%
104
1971
105
107%
1950
Deb 5%s series B—1959
Penn Pub Serv 6a C..1947
107%
105%
1954
1981
43
mmmmmm'
------
76
100
mmmrnrnm
£92
113
5,000
20,000
113
89%
£38
——————
1,000
63 M
63%
64 H
48,000
50 %
Jan
64H
40
40 H
6,000
31
Apr
52 H
Jan
119%
July
119 %
43
08.
1946
Waldorf-Astoria Hotel—
♦5s Income deb
1954
Wash Ry A Elec 48—1951
f Wash Water Power 5s_'60
West Penn Elec 5s...2030
West Penn Traction 6s '60
West Newspaper Un 6s '44
|*York Rys Co 5s
Stamped 5s
112
89
♦78 ctfs of
dep.
♦20-year 7s
Antioquia
(Dept
ser
B ctfs of
Jan
104
Mar
♦7s
ser
114
May
ser A
Jan
117%
68 %
Apr
81H
81H
94%
99
July
98H
96 H
99H
98
Apr
Apr
Apr
100
June
Jan
98
June
93 H
93
Jan
98
June
17
17
111
109
99
99%
97
ser
57
♦7s 3d
ser
♦Baden 7s
38
July
Bogota (see Mtge Bank of;
♦Caldas 7Hs ctfs of dep.'46
♦Cauca Valley 7a
1948
July
Mar
♦7s ctfs of dep
1948
♦7Ha ctfs of dep...1946
June
June
July
109%
Mar
108
Mar
3,000
105
Jan
105%
June
108%
Jan
82,000
91%
Apr
32.000
92%
111%
Apr
"93%
7,000
96%
£20%
96%
26
74
100
—
-
Feb
38
Apr
51
Jan
June
108
Mar
95%
♦0s ctfs of
5a
99
Feb
♦Hanover
June
15%
May
Lima
33,000
107
Jan
109%
108%
Jan
110
39%
Jan
45%
July
100%
Jan
105%
Mar
20%
Feb
June
Feb
23
Feb
146
Apr
157
June
106
191:666
June
75%
105%
24:000
100%
19,000
102%
Jan
Apr
June
Jan
Jan
June
June
63
Mar
Jan
106%
106% May
106
June
Apr
94
Jan
Apr
94%
Feb
25 H
Feb
28%
Jan
26
Jan
27
Apr
24%
Jan
27H
30
30
"24% "Mar
♦7s ctfs of dep.
108% May
Jan
94
July
90%
35,000
72
Jan
90%
July
45,000
70%
Jan
87%
July
91
93
21.000
63%
Jan
13%
June
Mar
Mar
18
18
2,000
17%
May
19%
15
19%
Mar
15
June
20
14H
4,000
10
6,000
11%
16%
Mar
Jan
16%
Mar
15%
July
June
16%
June
22
Jan
21%
15%
15H
Apr
25%
25%
Mar
Feb
22
Mar
100
18
30
30
19%
Mar
Feb
32
32
20
92
85%
Apr
97
85
Apr
17%
£20 %
23
18H
18H
25
£17
25
£8H
£8%
£14H
10H
11%
£12
18H
£12
26 %
11
26%
6,000
8,000
7,000
21%
16%
16%
July
Jan
96%
Jan
Feb
35%
Apr
20
Mar
Apr
20
Mar
17
Jan
22
Apr
14
Apr
20
Mar
10
May
13
Jan
15
Mar
16
6%
11%
Jan
16
June
18
10
Feb
15
June
June
£24
13
Jan
26%
25%"
1,000
Jan
30
July
32
£26 H
£24
Jan
25%
9
18
26%
Mar
"26%'
Mar
Mtge Bank of Columbia—
93
Jnne
11
20
21H
♦7s ctfs of dep.Oct *47
♦Mtge Bk of Chile 08.1931
87%
13%
18
£87
May '47
89%
June
15
£86
♦Issue of Oct 1927
86%
14
£11
1958
86%
June
£22
18%
13% June
14
£22
♦Maranhao 7a
1958
♦Medeliln 7s stamped. 1951
♦7s ctfs of dep
1951
♦6 H a ctfs of dep
1954
Mtge Bk of Bogota 7s.l947
♦Issue of May 1927
Jan
18
£22 H
£22 H
(City) 7a...1939
6%s stamped
8%
18
18
15
(Prov) 0H8.1949
(City) Peru—
90
•
50
£12
♦Hanover
80
22,000
106%
115%
Jan
110%
86%
£11
'61
♦German Con Munlo 7a '47
♦Secured 6s
..1947
22
------
104
3 000
~8~ooo
Feb
87
19%
1953
Jan
—
Mar
34,000
£11
Danzig Port A Waterways
♦External 0Ha
1952
Jan
1.000
108
49,000
£11
£11
£11
dep..July '61
♦6s ctfs of dep..Oct
Jan
—
July
IO41332 July
94
£12
Cundlnamarca (Dept of)
♦0%s ctfs of dep... 1959
Danish 5Ha
1955
17%
107%
94
80
111
7,000
31%
93 %
£12
♦Prov Banks 0s B..1951
♦0s series A
1952
64
2,000
30
155% 156%
Apr
107 H
July
Jan
92 H
£12
£12
Columbia (Republic of)—
12,000
107%
93
—
------
76%
£10 >% 110
45%
45%
—
99% June
100% July
113%
Feb
101
8,000
—
58
87
Mar
4,000
111
£26%
♦Bogota (City) 8s otfs.1945
2,000
39% 43
£100
101
16%
£24
£26 %
1951
June
91%
106%
Apr
39,000
%
92
'"94"
ctfs of dep.'57
Jan
108
76
82
17%
£105% 107H
105 H
105H 105%
105 H 105%
105H
ctfs of dep.'57
Apr
94
113%
Jan
8,000
89
95
19,000
16,000
24,000
105H 105H
ctfs of dep.'57
Jan
Jan
2,000
91
£114% 116H
57
dep. 1945
ser
100%
91%
105%
105%
101%
July
22,000
104 ls3sl 047ir
ctfs of dep. 1915
♦7s 2d
July
——----
July
May
112
5 000
7.000
116H H7H
lumbia—
June
107%
June
94 H
99
C ctfs of dep. 1945
D ctfs of dep. 1945
107%
101% 102%
105% 105%
91%
Co¬
of)
ser
105
5,000
Apr
81
Apr '46
♦7s
104%
8,000
78%
78 H
Jan 1947
102% June
Jan
13,000
July
July
74,000
90
107%
93 H
98 H
"94 H
Agricultural Mtge Bk (Coll
♦20-year 7a
Apr 1946
Jan
Jan
105%
117H
July
84
Mar
30
97
107%
Apr
104%
30
98
105
Apr
72
Jan
8,000
30
100%
107
68
52
FOREIGN GOVERNMENT
♦7s
106% May
37,000
22.000
£24
Jan
12,000
41,000
June
84
£24
Jan
104% 105
106% 107%
July
28%
80%
so %
£24
Jan
-
28 %
Apr
78 H
'47
91
—
Mar
81
'48
32
—
Apr
26 %
23
107% 107%
dep...Aug '47
76
—
Jan
40 %
AND MUNICIPALITIES—
♦7s
June
116H
35H
89 H
July
1,000
35
♦6s ctfs of dep...
Apr
91% 191,000
—
1947
109% May
106%
Jan
110% July
Apr
112%
80
an
Jan
7,000
45
£27 H
1937
July
91%
101%
43
£28%
..1973
Apr
98
119% 119%
June
—. mm,
mm*r
------
------
21
------
£30%
£22
40
25
108% 108%
20
21
£134% 136%
102%
------
104
£20
50
£24
------
25
102% 102%
£51%
52%
—
—
—
—
------
11.000
14,000
■m
mm
—
-
mm*.
—
-
-
-----
18,000
mmmrnmm
103% 104
7,000
104
6,000
79%
104
28
Apr
21
June
108
16%
134
20%
22
100
48
35
Jan
June
June
110
Feb
Feb
21
July
Feb
Apr
137% June
27
Mar
June
31%
Jan
May
May
103%
Mar
102% May
103% Mar
♦7s ctfs of dep.
♦78 ctfs of dep
93% June
21%
65
Jan
106
Apr
26
Apr
11
June
16
Jan
89
11
£24
1946
26
25H
11
June
96%
32
3,000
1947
£24
32
♦0Ha ctfs of dep...1947
Mtge Bk of Denmark 5a *72
£24
32
£83
85
£10H
12
8H
£7H
£6i«
9
9%
•u
»i«
♦Parana
(State) 7s... 1958
♦Rio de Janeiro 0 Ha. 1959
♦Russian Govt 0 Ha—.1919
8H
♦5 Ha
1921
♦Santa Fe 7s stamped. 1945
♦Santiago 7a
1949
♦7s
1901
10
£10
Feb
105%
22,000
8%
5%
»i« June
5,000
2,000
14H
47
8%
SM
Apr
May
May
Mar
15
Mar
14%
%
Mar
*n June
7i«
10
Jan
Jan
%
52
Feb
Jan
Mar
14%
Jan
14%
Jan
Feb
79%
2.000
97%
98%
108% 109%
35.000
83
Jan
99%
June
108%
86,000
94%
Jan
109%
July
103%
109%
109%
103% 103%
108»JJ109%
108«»il09%
43,000
103
30,000
108%
108%
108J*ail09
28.000
104
22,000
------
98%
------
103%
96
107%
57%
104%
41% 42%
104% 104%
103% 103%
96
96
107% 107%
6,000
13,000
11,000
20.000
4,000
2.000
70%
Jan
July
83
Mar
108*»*i July
Feb
103%
106% Mar
111% May
111% May
112%
Feb
105%
Jan
39% May
Feb
102%
52%
104%
July
104%
June
Jan
Jan
102
Apr
81
Apr
96
July
Jan
108
May
104%
55
58%
23,000
49
July
55
♦
No par value,
interest.
n
a Deferred delivery sales not included In year's range,
d ExUnder the rule sales not included In year's range,
r Cash sales not In¬
1 Ex-divldend.
cluded In year's range.
t Friday's bid and asked price.
Mar
No sales were transacted during current week.
Bonds being traded flat.
5 Reported In receivership.
^The following Is a list of the New York Curb bond Issues which have been called
In their entirety:
Cuban Telep 7%s 1941, Sept. 1 at 105.
58%
July
Apr
70
Mar
Memphis Pow. & Lt. 5s 1948. July 27 at 102.
N. Y. Cent. Elec 5%s 1950, Sept. 1 at 103.
Southern Calif Edison 4s 1960, Sept. 1 at 108%.
Pacific Ltg. $6 pref., July 15 at $105, and dividends.
1948
65
64
65%
49,000
Conv 6s (stpd)
Debenture 6s
1948
65
22,000
54%
Apr
70 H
Mar
66
63%
64%
75%
1951
66%
44.000
55
Apr
70%
Mar
Debenture 0s. Dec 11966
65%
65
66%
54
Apr
70
Mar
65%
65
66
10,000
54
Apr
99%
21.000
87
Jan
09%
99 %
Mar
99%
63%
65
38,000
53%
70%
Mar
9,000
——-—— —
------
♦Starrett Corp Inc 5s. 1950
Stinnes (Hugo) Corp—
18
19
2d stamped 4s
1940
2d stamped 4s
1946
Tennessee Elec Pow 5s 1956
£51
17,000
166%
Ternl Hydro-El 6Ha..l953
40
103%
July
62,000
39%
40
102% 103%
47,000
7,000
35
J&D
Apr
64
Mar
34
£35
36%
99% 100%
18
Apr
July
50
53
Texas Elec Service 5a. 1960
99%
86%
June
(Stpd)
6s gold debs
1957
Standard Invests 6 Ha 1939
Standard Pow A Lt 6S.1957
70,000
♦7s ctfs of
dep. Jan
♦08 ctfs of
41
99% 100% 184,000
103% 104
6,000
£106
Ref M 3 Ha. May 1 1960
Ref M 3Ha B.July 1 *60
H 1st A ref mtge 4s..1960 108»3i
Sou Counties Gas 4 Ha 1968
104%
Sou Indiana Ry 4s
1951
42%
68
7,000
112%
93%
£19
156
1970
Spalding (A G) 5s....1989
Standard Gas A Elec—
July
Mar
£102% 104%
♦Schulte Real Est 6S..1951
So'west Pub Serv 6s..1945
108%
June
112% 113%
80
79%
80
1966
S'weatern Assoc Tel 5s 1961
S'western Lt A Pow 5a 1957
So'west Pow A Lt 6s. .2022
110%
104%
112%
6% perpetual certificates
Pub Serv of Oklahoma—
Southeast PAL 6s...2025
Sou Calif Edison Ltd—
Debenture 3 Ha
1945
104
Jan
July
108
71,000
98% 99%
100% 100%
PowerCorp(Can)4HaB *59
♦Prussian Electric 6s..1954
Public Service of N J—
Sheridan Wyo Coal 6s 1947
Sou Carolina Pow 58.1957
Apr
97%
..1952
0s series A
107H June
112% July
99H June
24,000
(Me)—
0s series A
May
19,000
99%
100%
4s series D
1961
Phlla Elec Pow 5%s..l972
Pbila Rapid Transit 6s 1982
Pledm't Hydro El 6%s '60
1951
108
14,000
108% 109%
105% 106
£106
------
Peoples Gas L A Coke—
1st 4 Ha series D
Feb
108%
High
Jan
99 H
Cent Bk of German State A
6s series A
Shawlnlgan W A P 4 Ha '67
Apr
108
105% 106%
196?
Penn Ohio Edison—
Sculiln Steel 3s._
Jan
27.000
Low
103
112%
82 H
Utah Pow A Lt 6a
A—2022
4Ha
...1944
Va Pub Serv 5
Ha A—1940
1st ref 5s series B...1950
106%
Jan
105% May
15,000
112
mm****-*
Park Lexington 3s
Scripp (E W) Co 6HS.1943
107
Apr
18,000
15,000
June
107% May
57% Mar
Apr
1
109% 110%
101% 101%
101
106 H 106H
98
107H
UnLt ARys (Del) 6 Ha '52
United Lt A Rys
Range Since Jan. 1, 1939
$
112
1974
Wlso Pow A Lt 4s
1960
Yadkin River Power 5a '41
Mar
Week,
High
99%
1959
104% June
106% June
113% May
Jan
109%
1975
6*8
Wheeling Elec Co 5s„ 1941
58
for
of Prices
Low
106 H
112
1945
Mar
108%
108% 108%
109
Mar
f 6s
s
♦7s 1st
112
Paclflo Invest 5s ser A. 1948
Pacific Ltg A Pow 68—1942
San Joaquin L A P 8a B '52
♦Saxon Pub Wks 6s...1937
,
102% 102%
Paclflo Gas A Elec Co—
1st 6a series B
1941
♦Ruhr Housing 6Hs..1958
Bale Harbor Water 4 Ha '79
§♦81 L Gas A Coke 6S.1947
107
103% 104
—
108%
5s conv debs
1946
Okla Power A Water 6s '48
Pacific Coast Power 6s '40
1st Aref 4Hsser D.1950
Queens Boro Gas A Elec—
6Hs series A
1952
♦Ruhr Gas Corp 6H8.1953
Apr
Jan
106
4« series A
95%
May
105%
86%
109
Jan
47
1969
Puget Sound P A L 5 Ha '49
1st A ref 6s ser C—.1950
Jan
104
1966
Potomac Edison 5s E.1956
4 Ha series F
1961
Potrero Bug 7s stmpd.1947
Jan
6,000
1970
♦Pomeranian Elec 6s..1953
Portland Gas A Coke 6s '40
Jan
23,000
414s series E
Pittsburgh Coal 6s..1949
Pittsburgh Steel 0s.—1948
99
104%
112%
15,000
102% July
100% May
105%
Feb
Jan
105% May
56
54
July
2,000
100% 101
105% 106
106
July
1956
United Lt A Pow 6s
6H8
July
87,000
81%
6s series D
4s series B„
73
July
May
13,000
Northern Indiana P S—
Penn Water A Pow 6a_1940
4 J4a series B
1968
122
Jan
73%
113% 113%
£50% 61
54%
D
Jan
Jan
12,000
100%
5s series
May
36,000
Nor Cont'l Util 6 its..1948
Ne Indiana G A E 6s..1952
6s series H
75%
118%
54%
106%
6 J4S..1953
Jan
73
105
No Amer Lt A Power—
514s series A
1956
No Boston Ltg Prop3 %s'47
Penn Electric 4s F
96
Jan
106% 106%
103% 104%
—
Apr
54
113%
1954
Jan
73% 103,000
102% 102%
98%
99%
—
June
111% May
123% June
109% June
89% Mar
19.000
73
105
-
105
38
..
55
71
£80%
Ltg 4s 2004
Jan
59,000
103% 103%
N Y State E A G
4%s 1980
N Y A Westob'r
6s series C
------
Jan
Apr
107%
115%
11,100
109% 109%
95%
96%
97%
98%
106%
92%
33
2,000
98%
%s'67
Debenture 6s
71
m
fN Y Central El 5%s_1950
Nippon El Pow
38,000
36
♦1st
110% June
TVeck's Range
Price
♦United Industrial 6
Ha *41
102%
99%
New York Penn A Ohio—
♦Ext 4%s stamped.1950
N Y P A L Corp 1st 4
1949
Jan
109%
£125% 127%
96%
♦Income 6s series A.1949
Tr 5 Ha *52
Conv 6a 4th
atamp.1950
United Elec N J 4s
Jan
71
1942
May
den Co—
77
71
-
-
110
^wln City Rap
73%
------
—
May
Feb
6s..1979
Tleta (L) see
Leonard
14.000
"7l"
-
Mar
July
43,000
109% 109%
15,000
81%
81% 82
108,000
£122
125
N E Gas A El Assn 5s 1947
5s
1948
60%
Texas Power A Lt
5a.. 1956
6a series A
2022
Tide Water Power
88
109
-
2022
Nelsner Bros Realty 6a *48
Nevada-Calif Elec 68.1956
New Amsterdam Gas 6s *48
Mar
Mar
97%
36
-
98%
93%
94
108% 110
103%
6s series A
Jan
93%
Saks
Sale
Par
93%
9,(00
62%
47 000
100%
38 000
102% 102%
8.000
105% 105%
94
96% 117,000
100% 101% 119,000
108% 109
12,000
85%
94
Nebraska Power 4%s_1981
8.000
98%
Last
High
62
88
Nassau A Suffolk Ltg 6s '45
Nat Pow A Lt 68 A
2026
BONDS
(Concluded)
Low
%
100
100%
102%
Minn P <kL4%s
for
Low
391
Friday
Range Since Jan. 1, 1939
Week
of Prices
High
Price
Exchange—Concluded—Page 6
Sales
West's Range
Apr
50
Jan
88%
38%
Jan
100%
Feb
Apr
53%
Jan
97
Apr
104% May
Washington Water Power 5s 1960, Aug. 1 at 104%.
e
Cash sales transacted during the current week and not Included In weekly
or
yearly range:
N) Sales.
V
Under-the-rule sales transacted during the current week and not Included In
weekly or yearly range:
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;
c," voting trust certificates; "w 1," when Issued- "w w." with warrants: "x-w"
"v t
without warrants
The Commercial &
392
July 15, 1939
Financial Chronicle
Other Stock Exchanges
Stock Exchange
compiled from official sales ists
Baltimore
Week's Range
for
Sale
of Prices
Week
270
20%
19
108
17
25c
284
25c
1.35
78%
25c
100
112
70
71
Jari
92
116
May
110
4
Apr
6%
112
Apr
129%
29%
Apr
35%
9%
17
9%
June
10%
21%
154
16%
Apr
Apr
50c June
June
81
121% June
22
Jan
1.40
Jan
60c
400
55c
300
50c June
1.40
13%
15
13
Jar;
28%
July
28%
98
25
Jan
28%
July
75
35
June
45
Mar
13%
13%
1,224
10%
Apr
14%
Jan
1.45
1.50
4,685
1.00
Feb
1.50
July
78%
21%
50
73
JaD
84%
Mar
16%
Apr
23%
Mar
35%
78%
20%
1,988
24%
23%
24%
27
103"
4%'*7
1945 .102%
28%
85%
23%
1075
85%
6,300
1,000
19%
102% 102%
Apr
22%
Apr
83% May
3,000
103
102
Read Dr A Chem 5%s
40,500
25% May
28% June
Jan
102
July 8 to July 14, both
86%
103
Mar
July
102%
Mar
of Prices
High
Sale
Low
Price
Par
Stocks—
Apr
7%
Feb
13
Jan
14%
July
100
Jan
10%
Mar
400
Apr
16% June
8
8%
250
6%
Apr
11%
Jan
4%
Co com
Belmont Radio Corp.
5
150
4%
Apr
6%
Jan
Apr
29%
Jan
Brach A Sons
official sales lists
Range Since Jan. 1, 1939
for
2,400
16%
900
7%
Jan
10%
May
13%
Apr
20%
Mar
Apr
32
Jan
Jan
22
June
24%
22%
10
9%
17%
18%
650
23%
21%
21%
23%
2,200
20
20
21%
70
17
5%
500
25%
5
cap—*
24
Brown Fence A Wire—
1
*
5
7%
Jan
20%
Apr
25%
July
10%
10%
Apr
250
400
9%
Apr
17%
Jan
1,250
7
161% 166%
%
%
82% 82%
164%
100
Associated Gas A Elec A.. 1
r-
-
„
17%
16%
17%
100
16
73%
70%
73%
640
64%
Week
%
%
5%
%
100
2,277
147%
Apr
%
May
89
11
790
76
72%
143% 146
25c June
5%
Convertible preferred..*
67
Apr
70%
May
Feb
60c
170
Mar
Mar
1%
83
June
Feb
89%
300
50
50
Jan
*
Prior lien preferred
.....
Chicago Towel pref
*
Chrysler Corp common..5
65
1%
1%
Mar
June
200
10%
May
13
1%
15%
32
5%
6%
264
3%
4
277
15%
100
25
"~4 '
25
9
May
4%
3%
Mar
3%
14
June
23
Jan
"17 "
•
v
Chicago Corp common...*
70
70
200
62
Jan
78%
Mar
107% June
110%
Feb
84%
Mar
110% 110%
76%
946
53%
Apr
5%
5%
5%
750
5%
July
9%
Feb
Apr
30%
July
Apr
15%
Jan
4% June
6%
9%
Mar
Cities Service Co—
10
(New) common
Commonwealth Edison-
30%
21,400
10
10%
450
4%
50
7%
2%
7%
624
2%
50
1%
May
2%
July
9%
9%
125
9%
Apr
16%
Jan
16%
Apr
29%
19%
July
May
4%
7%
Jan
Consolidated Oil Corp...*
Consumers Co cl A
50
1
Apr
133
16
June
1%
Jan
25
July
12%
Jan
Jan
1%
Mar
6%
1
71%
20%
130
60
Jan
77
40
15
F'eb
26
3%
50
3
Apr
Container Corp of A com 20
Continental Steel
Mar
Mar
4%
May
20%
25
20%
50
19%
23%
445
51
*
com
52
Cudahy Packing Co pref 100
CunnlnghamDrugStores2 %
52
16%
16%
Dayton Rubber Mfg com.*
15%
14
50
17
15%
600
20%
150
450
7%
Employers Group
»
22%
22
22%
305
4%
18%
Apr
24
Gillette Safety
Razor
*
6%
6
6%
235
5%
Apr
8
Isle Royal Copper Co
15
70
%
Apr
6
13%
Jan
4%
4%
_
1
1
14%
14%
Loew'sTheatres(Boston) 25
200
June
Mar
Jan
Jan
2%
15
Jan
June
Maine Cen—
10
100
15%
14%
15%
45
t c. 1
2%
2%
2%
62
2
Jan
25
17
Mar
pref
v
Narragansett Racing
1
19
18%
Mergenthaler Linotype... *
Apr
Assn
5
5
HH a O
N YNHAHRR
"117"
117
100
118%
July
%
38
%
June
1%
1,720
30c
July
1.00
Jan
50c
10
35c June
1.50
Jan
"16%
9%
10%
164
9%
Mar
14%
Jan
18
720
15%
%
Apr
24%
Jan
Reece Button Hole MachlO
1 %
17
16
17
Shawmut Assn TC
*
10%
10
Stone A Webster
*
11
10%
10%
11%
16%
1
1%
195
30
1,030
459
260
3
Jan
Feb
14
June
17
June
11
Mar
8%
8%
Apr
17%
Jan
22%
Feb
28%
Mar
24%
Apr
27
28
20
20
17
Feb
82%
84%
1,102
85%
Jan
43%
45%
210
71%
41%
Apr
45%
Apr
45%
July
74c
70c
75c
1,133
50c
Apr
85c
May
16
69%
Jan
25
1%
Mar
27%
Torrington Co (The)
•
Union Twist Drill
5
"83%
United Shoe Mach Corp.25
25
I
2%
*
100
83
83
100
Warren Bros..
Mar
35c
17%
Vt A Mass Ry Co..
Apr
June
%
25
Utah Metal A Tunnel Co
103%
5%
31
Jan
Iso
pref..,
Jan
Jan
50c
'
«.
*
Pennsylvania RR
Qulncy Mining Co
658
Jan
3%
15
June
30c
2.50
Pacific Mills Co
424
58
118%
%
100
Butte
Old Colony RR
5%
28
28
N Eng Gas A El Assn pref *
New England Tel A Tel 100
Jan
18
2%
22%
2%
83
Apr
July
3%
Jan
Deere A Co com
*
18%
De Mets Inc pref
«
*
13
13
10
2
6
6
100
32
300
Diamond T Mot Car
com
Series B 5s
91
92
$6,000
80
Apr
94
June
95
1948
95
2,000
80
Apr
96
June
92
Feb
100
July
91
Jan
102
July
Series C 6s
1948
100
100
900
Series D 6s
1948
100
100
250
Class A.....
Dodge Mfg Corp
*
com
31%
32
__..*
July 14, both inclusive, compiled from official sales
Sales
Friday
Week's Range
Last
Sale
Stocks—
Par
of Prices
High
Low
Price
lists
Range Since Jan.
for
1,
1939
High
Low
'
.....
62
MM
«v
Aetna Ball Bearing com__l
Allied Laboratories com..*
_
53%
50
31%
Mar
Apr
64%
—
..
Apr
43
Jan
Jan
9
Mar
July
3
Jan
8%
15
62
34
9
25
Allls-Chalmers Mfg Co...*
Altorfer Bros conv pref.
*
750
60%
34
*
Adams (J D) Mfg com
*
Advanced Alum Castings. 5
9
1%
1%
100
8%
250
6
Apr
8%
Mar
100
11
Apr
15%
Mar
7%
15
15
33%
83
Armour & Co common...6
4
35%
19
—
.
Amer Pub Service pref. 100
Amer Tel & Tel Co cap. 100
20
80%
161
4
20
120
50
8
1%
28%
18
Apr
47%
Jan
June
21%
Apr
1%
July
4%
Mar
Aviation Corp (Del)
3
Aviation A Trans C cap.l
For footnotes see page 395.
4
4
4%
1,750
2%
2%
300
3%
2
July
Apr
8%
Jan
4
Jan
Apr
100
24%
Apr
Jan
8%
4
May
Apr
14%
49%
General Finance Corp coml
General Foods com
*
*"3"
2%
General
"44%
44%
42%
4%
Motors Corp
General Outdoor Adv
45%
45%
11%
50
40%
Apr
Apr
1 %
Apr
320
36%
Jan
22%
43%
*
Gillette Safety Razor pref *
Mar
r
Jan
14% June
Jan
60
2%
Jan
45% June
51% Mar
Jan
6%
1,139
37%
Apr
4%
41
4%
July
6
10
com
3
550
1,450
14%
49%
Gardner Denver Co com..*
Genera 1 Amer Transp com5
6%
33
5%
Apr
8%
21%
Jan
Jan
Apr
37%
Apr
11
Jan
27%
Feb
8%
Apr
Apr
4%
July
26
28%
345
Gossard Co (H W) com...*
Great Lakes DAD com
*
11
10%
11
350
24%
23%
24%
1,350
18%
Hall Printing Co com
10
13%
12%
1,005
Harnlschfeger Corp
10
13%
4%
8%
500
6%
Jan
9
Mar
60
10%
Apr
13
Feb
Apr
25
Mar
Goodyear T A Rub com..*
com.
4%
"~8%
Heileman Brew Co G cap. 1
Horders Inc com
*
8%
100
9
14% June
5%
Jan
12
12
*
24%
24%
50
23%
Houdallle-Hershey cl B_.»
11%
11%
350
8%
Apr
17%
Jan
1%
4%
1,750
1
June
2%
Jan
350
4
Apr
6%
Jan
410
9%
Apr
20%
2%
200
2% June
70%
73%
74
66%
Apr
94%
54%
58%
420
49%
Apr
66
Mar
11%
11%
4,850
10%
July
12
June
17
18
Hormel A Co
Hupp Mo tors
A
com
1
1
com
Illinois Brick Co
4%
10
Illinois Central RR
100
11%
2%
Jarvls (W B) Co cap
New com...
11%
1
Katz Drug Co com...
*
com
8%
40%
A Libby..*
Lindsay Lt A Chem pref 10
Loudon
*
com
Marshall Field
*
com
Merch A Mfrs Sec
Jan
41%
July
29
41%
430
3%
%
100
2%
Apr
150
%
Apr
30%
10
27
150
4
Apr
6%
Jan
9%
Jan
9%
Mar
9%
80
188
14%
55
1%
200
1
Apr
30
25
Apr
31
31
12%
Apr
13% June
%
200
%
13
9,350
9%
Apr
26%
26%
20
Jan
18%
1%
32
Jan
Jan
Mar
%
Apr
14%
%
14%
Jan
Mar
13%
1%
Apr
May
%
31%
13
13
4
15
Jan
Feb
—
Class A com
3%
1
Prior preferred
„
*
MIckel berry's Food com. 1
Middle West Corp cap
5
600
4
10
3%
8%
26%
3%
550
6%
8%
20.700
Apr
5%
Jan
Mar
28%
Feb
2%
Apr
5%
Apr
Jan
4%
8%
%
Mar
%
June
5%
Mar
3%
26
Jan
Jan
*
%
%
%
300
preferred"*
2%
2%
2%
450
7%
6%
7%
1,300
%
1
1
1
500
%
Jan
7% July
1% June
7%
900
%
Feb
7%
%
Midland United
Convertible
July
5
14
-
*
com
8%
2,350
5
Jan
Mar
Feb
4%
8%
4%
9%
19%
Jan
5
30%
-
Jan
Jan
Apr
8
40
4
3%
%
com..III*
Packing
15% June
100
3
Kingsbury Brewing cap
1
Lawbeck Corp 6% pref. 100
McNeill
150
4%
1
Kellogg Switchboard
Lion Oil Ref Co
12
)
Jefferson Electric Co com.*
Llbby
4%
l
com
Indian Steel Prod com
com
2
Midland Utll—
6% preferred A.
100
7% prior lien pref...100
7% preferred A
100
Miller A Hart Inc pref
*
Minn Brewing Co com
1
40
Apr
Mar
6% prior lien pref... 100
1%
Apr
17%
4%
Jan
1%
6
2%
700
2%
Mar
*
150
400
Jan
June
Auburn Auto Co
7
3
Apr
6^6
June
Feb
July
3
85%
3%
Jan
35%
31
2
170%
Apr
9%
50
Jan
2%
Jan
5% June
650
Apr
50
19%
2%
May
3%
Mar
June
13
3%
2%
1
3%
3 %
Jan
23%
28%
Fuller Mfg Co com
147%
4
May
17%
Jan
2%
20%
*
com
Four-Wb eel Drive Auto. 10
850
59
17
Apr
9
15%
3%
Fairbanks-Morse
928
240
Apr
Mar
Elgin Natl Watch Co ..15
4
83
12%
Jan
Jan
37%
73
20%
166%
Athey Truss Wheel cap
com
6%
Manhattan-Dearborn com*
Common (new)
Acme Steel Co com
50
Jan
2%
McQuay-Norrls Mfg com. *
Abbott Laboratories—
Apr
19%
28%
Liquid Carbonic
Week
Shares
7
Elec Household Util cap.5
Kentucky Utll Jr cum pf.50
Keryln Oil cl A com
.6
Chicago Stock Exchange
9
Dixie-Vortex Co—
Inland Steel Co cap
*
International Harvest com*
Bonds—
Eastern Mass St Ry—
Series A 4%s
1948
25%
29%
29%
com
Jan
69%
"~4%
200
20
2%
"76%
1
15
3%
3%
..100
Common....
to
Mar
Consol Biscuit
Eastern SS Lines—
July 8
38%
New capital
25
Compressed Ind Gases cap5
86
20
June
Jan
1
66%
Jan
50
33
Jan
7%
20
2%
5%
7
66%
100
Apr
70
*
Crane Co com
1
i%
8%
1
7%
...100
6,300
Apr
1
16%
1%
33%
Apr
17
1
*
100
100
July
15%
33%
Mar
1%
1%
Mar
17%
Apr
1%
3%
12%
6%
Jan
12%
1%
11%
1%
Apr
15
13%
Jan
25
124
July
50
13%
Jan
7
2
Jan
July
110
Cherry Burrell Corp com.5
6
7
1%
55%
110
550
16%
Chic Flexible Shaft com..5
-
Feb
4%
17%
Preferred
Jan
%
6
17%
13%
*
Jan
7
110
108
4
Cent States P A Lt pref..*
Cbaln Belt Co com
Mar
1st pref erred.... ...100
cum
Jan
100
19
Preferred B
6%
Apr
45
30
56
Eastern Mass St Ry—
North
1
680
Apr
Apr
Common
cum
2,250
16
150% June
East Gas A Fuel Assn—
5%
Apr
1%
38%
.
Mass Utilities Assoc
4
55%
256
Adjustment
Feb
1%
242
100
Class A 1st pref std
100
Class B 1st pref (stpd) 100
Boston Personal Prop Tr.*
Common
Jan
75%
50%
17%
Prior preferred
1
23%
Apr
1%
47%
4%% prior pref
6% preferred
16%
Apr
9%
55%
17
Jan
Boston A Maine—
,
Apr
Jan
1
45
Range
Mar
..*
17
Boston Herald Traveler..*
Copper
23%
Apr
18%
Preferred
46%
64.5 zl27
Jan
9
May
100
%
1
Common..
High
Low
Shares
21%
11%
11%
..100
Calumet A Hecla
Apr
6%
20%
100
Boston A Providence
6
10
5% conv preferred ...30
Campbell W&CanFdy cap*
Castle (A M) Co com—10
75%
145%
100
Elevated
Boston
5
Common
Blgelow-SanfdCarpetprflOO
Boston Edison Co
V'
25%
5%
Common
Central S W—
33c
33c
*
Common
Boston A Albany
10
Central Illinois Secur—
American Pneumatic Ser
Amer Tel A Tel
7%
10
24
Corp—
Butler Brothers
Sales
Week's Range
5
100
9%
15%
5
Cent 111 Pub Ser $6 pref..*
inclusive, compiled from
Last
20
14%
15
15%
com.*
10
*
Bendlx Aviation com
5
Berghoff Brewing Co
1
Bliss A Laughlln Inc com.5
Bastian-Ble8slng Co
(New) common
High
Low
9%
5
Belden Mfg
Borg Warner
1939
\y ten
14%
Co com
1
Barlow&Seellg Mfg A comfi
Barber (W H)
Class A pref err ed...
Exchange
Friday
Shares
Backstay Welt Co com—
Bruce Co (E T) com
Boston Stock
for
of Prices
Low
High
Price
Par
(Continued)
Week's Range
Sale
Stocks
1,
Range Since Jan.
Last
Jan
Apr |
96
1.000
Sales
Friday
Mar
55c
52c
Salle St., CHICAGO
La
S.
10
June
13%
28%
35%
Bonds—
Finance Co of Amer
1.20
13%
flat—197f
1976
Municipal Dept. CGO. 521
CGO. 405-406
Trading Dept.
July
53
21
21%
Bell System Teletype
May
109
30%
Exchanges
Members Principal
Jan
2 10
1.35
55c
cl A
-
Jan
79%
52c
1
1
Merch <fe Miners Transp..*
MononWPennPS7% pref2?
Mt Vern Wood Mills pf 100
New Amsterd'm Casualty t
North Amer Oil Co com.. 1
Penna Water & Power com *
U 8 Fidelity & Guar
2
Mar Tex Oil
B 5s flat
Jan
65c
Pan! H.Davis & Go.
Mar
31%
9%
com,l
...20 "l28%
Fidelity & Guar I' lre Cor 10
Finance Co of Am A com _f
Houston Oil preferred- — 2L
Fidelity & Deposit..
A 5s flat
June
24%
30%
119%
Eastern Sugar Assoc
Bait Transit 4s
Apr
Apr
119% 120
4%
4%
126
129%
1.35
79
Pow___*
Mar Tex Oil com
22%
18%
*
pref vtc
4% % pref B_.„
High
Low
Shares
20%
Arundel Corp.
Consol Gas E L &
High
Low
Price
Par
---*
Atlantic Coast Line com,50
Bait Transit Co com v t c. *
Unlisted
Range Since Jan. 1, 1939
Last
Stocks—
SECURITIES
Listed and
Sales
Friday
i
1st
CHICAGO
both inclusive,
July 8 to July, 14,
7%
7
%
1
2%
11
1
2%
11
Feb
July
Jan
1% June
40
2
Jan
3
Feb
50
7%
Jan
11
May
2,000
Volume
The Commercial & Financial Chronicle
149
Friday
Last
Week's Range
Sale
Stocks
(Concluded)
Par
of Prices
Price
Low
Modine Mfg com
Range Since Jan. 1, 1939
for
Week
High
16%
Shares
Low
100
16%
Common
*
8
872
40%
Apr
58%
1,250
41%
Mai-
7%
35%
18%
%
35%
18%
Noblltt-Sparks
~22~~
21%
22
Ind com..6
Northwest Bancorp com..*
17%
36%
19%
50
%
June
16%
Apr
300
6%
Apr
30
40%
Jan
55
Apr
20%
June
13%
Apr
20
30
12
Feb
14
Mar
3
May
3
4%
%
1,900
for
of Prices
Week
Apr
29
Feb
5
Apr
%
Jan
July
24
9%
Mar
June
50
%
June
16%
%
Jan
200
600
6%
Apr
14%
Jan
121%
152% 152%
100
108%
Apr
123
149% June
157
120
%
75%
1%
Prefrred
30
So Bend Lathe Wks cap. .5
Southwest Lt & Pow pref. *
Spiegel Inc com...
2
July
%
Jan
32%
Mar
100
7%
Apr
Apr
10
Mar
912
60%
Apr
77%
July
26
17%
18%
92%
92%
11
July
22%
16%
1
10
200
10
11%
Mar
Apr
28% June
20
Mar
Apr
92%
July
88
485
29%
Jan
Myers F E & Bros....
*
Apr
12%
Jan
Apr
10%
Mar
July
28%
19%
15%
Feb
1,850
100
17%
com
2
Union Carb & Carbon cap *
United Air Lines Tr cap. 5
U S Gypsum Co com...20
14%
14%
14%
7
350
7
280
24%
17
Apr
11%
Apr
74%
10%
83%
1%
79%
10%
84%
2%
2,500
%
%
50
22%
25%
22%
25%
1,250
22%
96% 100%
Utah Radio Products com *
Utilities A Indust—
272
282
83%
2
..5
"22%
*
1
Western Un Teleg com. 100
W'house El <fc Mfg com..50
Wieboldt Stores Inc com. *
472
6
66
90%
Jan
13%
112%
Mar
Apr
2%
June
Jan
%
Feb
Apr
Apr
23%
32%
July
22
16%
Apr
24%
Apr
119%
100
6
800
3%
17%
19%
5,650
3
Wrigley (Wm Jr) cap....*
Zenith Radio Corp com..*
"19%
150
Apr
118% 120
,000
Feb
30
15
July
20
Jan
45
29
Mar
99%
Apr
May
37
2
97%
35
86
33
17%
25
15
2%
395
37%
14
14
a21%
"19"
101%
Mar
Jan
41
Apr
22%
Mar
July
2%
4%
37%
17%
July
45
31
Feb
25
.
21%
19
14
Apr
Mar
Jan
Mar
50
19
"15" "Apr "22%"
15
Mar
8%
175
8%
July
46%
10
46%
July
51
Jan
3%
"36%
8%
46%
"46%
3%
36%
9%
10%
36%
185
3%
May
.5%
Feb
61
29%
34%
a8%
10%
33%
36
06%
July
Apr
48
12%
Jan
June
11%
36%
Mar
30
1,493
4
Feb
6%
July
Jan
8
18
Apr
27%
Feb
Feb
13%
1%
Mar
12
700
1
1
232
1
a60
60
5
60
8%
34%
Feb
10%
10
12
a8%
Jan
8
110
24%
9%
9%
90
*
6%
a22%
"l2
Refining
...2
West Res Inv Corp pref 100
White Motor......
50
Youngstown Sheet & Tube*
100
July
Apr
9%
Mar
Jan
67%
Jan
9% May
Apr
74%
Apr
12
Apr
105
Apr
a34%
May
50
Jan
Watling, Lerchen fit Co.
Jan
Jan
July
Jan
Members
New York Stock
Detroit Stock
118%
Mar
Mar
5%
5%
83%
22%
Bonds—
1958
34
15
Warren
Commonwealth Edison—
deb3%s_.
26%
Mar
Jan
10
July
3
135
July
2%
37%
Seiberling Rubber.
.*
Thompson Products Inc..*
*
21
31%
69
330
17%
Reliance Electric.__..._.5
Richrnan Bros.
...»
Union Metals Mfg
Jan
Jan
4%
3%
83%
4
4%
Jan
%
15%
30
6
Apr
Apr
Apr
83%
Wisconsin Bankshrs com.*
Woodall Indust com.....2
Jan
7%
77%
1%
10
30
18%
Jan
70
34%
"2%
Midland Steel Products. _*
National Refining new
*
National Ref pr pref 6%..*
Otis Steel
_......*
Jan
July
35%
a99%
*
Apr
%
Jan
20% May
15
*
23
12
118%
49
70
18
Apr
20% May
35%
Cement.._*
Monarch Machine Tool..*
1,029
17%
23%
13% June
Apr
115
25
28%
35
Murray Ohio Mfg..
June
49
High
July
10%
73
al7%
a26%
*
_*
Jan
9
27
15
Portl
50
200
24%
a22%
Interlake Steamship
Medusa
Low
13
1,272
11
...
Lamson & Sessions
McKee A G "B"
Range Since Jan. 1, 1939
Shares
115
49
Great Lakes Towing
100
Greif Bros Cooperage A__*
Hanna M A $5 cum pref..*
Feb
i%
250
11
115
& Rubber. *
Jaeger Machine
13%
a23%
_..._*
2%
13%
100
700
....25
Sunstrand Mach Tool com5
1
*
Goodyear Tire
High
13
13%
.*
Apr
1%
10%
7%
7%
25%
Low
100
Eaton Mfg
Elect Controller
Mar
24%
5
Price
v t c___.__.._*
Colonial Finance
Dow Chemical pref
16%
1%
24%
8
8%
27
18%
Jan
Cliffs Corp
Par
9% June
9%
io %
3
1%
{Concluded)
Goodrich B F
%
22%
300
Stocks
Sales
General Tire & Rubber..25
Jan
100
1,350
26
Convertible preferred.20
Standard Oil of Ind...—25
Mar
%
8%
77%
20
Jan
28%
8%
77%
1%
27
Slgnode Steel Strap—
Walgreen Co common
Wayne Pump Co cap
Week's Range
Sale
5%
%
1
Common
Last
Feb
15%
30%
8%
6
3wlft International
Friday
Jan
40%
50
%
9%
%
7%
"8%
Schwitzer Cummins cap__l
Sears Roebuck & Co com.*
Swift & Co
Trane Co (The)
Feb
24%
Apr
%
8%
30
4%
A. T. & T. OLEV. 665 & 666
3%
328
327
25%
Telephone: OHerry 6060
May
100
17%
36%
'
*
Billdlng, Cleveland
Feb
12%
Union Commerce
June
11
50
%
100
Stewart-Warner
June
110
1
Standard Dredge—
Common
9%
14%
16%
35%
Quaker Oats Co common.*
RUSSELLco.
Mar
18%
25%
1
G1LLIS
Jan
Jan
1%
27
61
*
Serrick Corp class B
36% June
Apr
650
%
3
Perfect Circle (The) Co..*
Pictorial Paper Pkge com. 5
Pines Wlnterfront com
1
Preferred
Mar
Jan
16
12%
100
Raytheon Mfg Co pref
Sangamo Elec Co com
8
Apr
30%
400
8%
June
14%
Peoples Q Lt&Coke
com
6
70
Members Cleveland Stock Exchange
Mar
60
17%
Penn Gas & Elec A com..*
Penn RR capital
...50
Potter Co (The) com
200
Ohio Listed and Unlisted Securities
Jan
50
com
Pressed Steel Car
8
8%
N* West Util prior lien.. 100
7% preferred.
...100
Omnibus Corp v t c com..*
Poor & Co cl B
54%
52%
56
"is %
caD
22
50
National Standard com. 10
National Union Radio coml
Ontario Mfg Co
Hihg
Apr
16
Montgomery Ward—
Mountain States Pw prflOO
Nachman Springf tiled com*
National Battery Co pre!
393
Sales
New York Curb Associate
Exchange
Buhl
120
Exchange
Chicago Stock Exchange
Building
July
DETROIT
Telephone: Randolph 6530
Cincinnati Listed and Unlisted Securities
Detroit Stock
July 8
W. D.GRADISON & CO.
Friday
Last
Members
Cincinnati Stock Exchange
DIXIE TERMINAL
Sale
New York Stock Exchange
Stocks-
Par
Price
Auto
Teletype: OIN 68
City Brew com
Baldwin Rubber
28c
1
Cincinnati Stock
Exchange
July 14, both inclusive, compiled from official sales lists
Friday
Sales
Last
Aluminum Industries
Week's Range
for
Sale
Pai
of Prices
Week
Price
Cin Advertising Prod
Cin Gas & Elec pref....100
CNO&TP pref
"loo"
16%
2%
99
"107""
_
100
105
Crosley Corp..—
Shares
6%
150
5
*27%
27%
1,585
Briggs Mfg com
*
Burroughs Add Mach
*
Burry Biscuit com._.12%c
Chrysler Corp com
5
21%
21
21%
1,900
13
13
100
Det Gray Iron com
Det-Mich Stove
1
Jan
2%
101%
July
Detroit Paper Prod com__l
1%
Mar
7
Durham Mfg Co
Jan
50
120
280
106
116
80
438
97
187
105
4
10%
29
..5
24
24
5
Hobart A
...*
....
39
39
2
Kahn 1st pref
100
Kroger.....
*
Little Miami Guar
Nash
28
50
...25
National Pumps
Preferred
18
*
Procter & Gamble
1
*
59%
20
648
Jan
109% June
Jan
116
July
June
3
Jan
Jan
105
98
July
May
107
58%
2
Fruehauf Trailer..
1
Feb
General Motors
7%
Apr
May
Jan
14%
11
Apr
23
Apr
26
34%
Jan
41
Jan
Mar
29%
102
June
Mar
Feb
Mar
91
Apr
101
May
18
Jan
20
July
%
28%
July
July
50%
2%
Feb
July
1
3
Jan
Apr
1
10
com
Goebel Brewing com.____l
Graham-Paige com
1
Valley Brew com. .1
Feb
1%
Feb
Apr
Apr
6%
June
9%
June
Jan
447
12
Apr
16
205
14%
3%
2
19%
4%
3
Apr
1,450
1%
Apr
515
10%
Feb
135
Apr
Friday
Last
Sale
Stocks—
Par
Price
Airway Electric pref...100
Amer Coach & Body
8
..5
American Home Prod.._.l
Brewing Corp of Amer
of Prices
Low
6%
6%
......
a51%
3
6%
High
8
6%
51%
7
Canfield Oil
100
45
45
City Ice & Fuel
..*
13%
13%
Cleve Builders Realty
Cleve Cliffs Iron pref
*
*
Cleve Elec III $4.50 pref..*
Cleveland Railway
100
For footnotes
see
page
2
2
Range Since Jan. 1,1939
for
Week
com
com
—
10
100
Low
6%
High
Apr
9%
Mar
June
8%
Feb
6%
Mar
7%
23
41
Apr
45
465
9
Apr
14%
198
1% June
2%
Jan
July
May
Jan
13
"112%
~~Y7~~
395.
17
112%
17%
Jan
Jan
305
10
Apr
13
Mar
9
Apr
17
Feb
4%
Apr
8%
Jan
41c June
Apr
7j5c
2%
Jan
42c June
65c
Jan
Jan
1%
750
1
1%
Jan
57c
800
55c June
96c
Mar
16c
400
12c
30c
Jan
*
"32"
32
4
32
200
June
50
Jan
4
400
2%
Jan
4
May
2%
300
2
Jan
3
June
3%
12%
355
10
14%
*
14%
595
785
10%
4%
6
*
3%
42%
5%
3%
42%
16%
6%
1%
7%
1%
3%
1%
2
780
3%
450
1%
com
Penin Metal Prod com_..l
*
Prudential Investing com. 1
Reo Motor com..
5
Rickel (H W) com
.....2
30
2%
11%
5
1%
T%
Jan
Apr
Apr
18%
Jan
16
Mar
Apr
Apr
8%
4%
43%
Mar
Apr
18
Apr
July
Jan
1,310
3
513
36
16%
136
12%
6%
300
5%
Apr
1%
225
1%
Apr
235
6
Apr
8
1%
Apr
2
Mar
2%
Apr
3%
May
2%
25%
2%
16%
7%
8%
2%
Jan
Jan
Feb
Jan
Mar
43
May
61
Mar
10
112
Apr
114
May
266
16
Apr
23%
Jan
1,050
1%
June
10
22%
23%
415
22%
June
Standard Tube B com
6
80
400
2%
Jan
Mar
16c
5%
Parke-Davis
1.25
45c
1%
10
Pfeiffer Brewing com
Shares
Apr
790
Parker Wolverine com...*
Sales
Week's Range
Mar
57c
Packard Motor Car com.. *
Exchange
2
75c
Mar
62c
1
10
Murray Corp com
July 14, both inclusive, compiled from official sales lists
Apr
250
Parker Rust-Proof com 2.50
Cleveland Stock
to
Jan
July
38
"l%
com
Prefe red
Motor Wheel
July 8
7%
2%
51%
2%
2
Micromatic Hone com—1
Motor Products
Jan
Apr
200
2%
Mar
2% May
19% June
Apr
Feb
525
Jan
1%
30c
411
2,431
5%
Feb
4
425
2%
45%
2%
300
Michigan Sugar com
1
4%
23%
45c
McClanahan Oil
6
Apr
43c
Masco Screw Prod com...1
8
15
1%
June
104
175
437
June
275
18%
1%
June
1%
Feb
1%
59%
118%
6%
Jan
1%
1%
230
9%
2%
Feb
1,150
Mar
1%
July
1
45c
Mar
6%
88c
370
42c
111
9%
1,420
1%
42c
216
1%
1.00
6
4
"9%
Feb
1%
2
11%
3
*
123
Apr
Apr
400
1
Jan
1%
11%
Kinsel Drug com
La Salle..
Jan
2%
17% May
1%
5
Mfg com...l
Kingston Prod com
1
Mar
July
4
500
75c
2%
Jan
Jan
Jan
1,750
11%
Hurd Lock &
Jan
Jan
1%
1%
11
117
10
101
Jan
35c
2%
2%
84%
16%
Apr
35c
11%
220
50
273
14%
*
117
......
170
75c
Hoover Ball & Bear com. 10
220
Printing
2%
2
100
Hudson Motor Car com..*
Houdaille-Hershey B
100
Preferred
Jan
40c
2% June
75c
"~2%
.100
5% pref......
8% pref...
Apr
13
45
.___.*
—
56%
2%
44%
Grand
Hall Lamp com.
14
18%
4%
Gar Wood Indust com...3
General Finance com
15
488
3%
2%
Apr
Apr
5
3%
.
Apr
55
%
14%
Frankenmuth Brew com__l
3%
9%
100
1%
18%
..3
2%
20%
1
com.
88c
Federal Mogul com
*
Federal Motor Trucks com*
Apr
25
20
Ex-Cell-0 Aircraft
July
7%
2%
50
20
M
10
....
Wurlitzer
101% 101%
27
28%
100% 100%
July
88
70
182
June
5%
103%
109%
1%
8
28%
Hilton,Davis pref.
1%
98
45
8%
120
31%
18%
2,264
175
1%
1%
Apr
Apr
172
117
July
Apr
2%
2%
17
27%
1%
16%
""i%
com
17
Jan
Jan
11%
76
5
Mar
10%
8%
*
...
120"
com
June
17%
21
7%
23%
Apr
5
20%
550
2%
2%
17
Apr
2%
8%
10%
Gibson Art..,
High
Apr
Apr
July
200
16%
2%
2%
Mar
6
1%
73%
Consolidated Paper com. 10
Continental Motors com..l
3
2%
2%
1%
Crowley Milner com
*
Cunningham Drug com2.50
High
25c
445
15
2%
_*
Formica Insulation
Low
200
20%
50
10%
Dow Drug...
Eagle-Picher.......... 10
Low
28c
6%
200
6
2
95%
Range Since Jan. 1, 1939
100
106% 107%
116
50
Range Since Jan. 1, 1939
Shares
20%
26%
Detroit Edison
5%
16%
5%
__50
Cin Telephone
Cin Union Term pref..
High
5%
16%
100
Cin Street.
U. S.
Low
*
Amer Laundry Mach...20
Burger Brewing
*
Champ Paper pref
100
for
Week
6%
Bower Roller
Stocks—
Range
of Prices
Low
High
1
com
Bohn Alum & Brass com .5
to
Sales
Week's
BUILDING, CINCINNATI, O.
Telephone: Main 4884
July 8
Exchange
July 14, both inclusive, compiled from official sales lists
to
1
1%
1%
200
1%
Apr
Stearns (Fred'k) com
*
15%
15%
100
13%
Apr
99
99
10
Apr
100
Feb
July
5
Apr
.
Scotten-Dillon
.
com
Preferred..
100
Sheller Mfg
4
3%
340
96%
3%
13%
Jan
Jan
Jan
Jan
1,235
10%
Apr
18%
Tivoli Brewing com
Tom Moore Dlst com
1
2%
3%
12%
2%
2%
330
2%
Apr
3%
Jan
1
25c
25c
25c
300
15c
July
55c
Jan
United Shirt DLst
*
3%
3%
300
2% May
Timken-Det Axle com... 10
com
14
4
Jan
Mar
The Commercial &
394
o
Sale
II
Low
Shares
4
156
2%
Jan
5
1%
1%
38'/
1 %
Jan
2%
Feb
86c
1,261
1.50
Mar
.
Warner
79c
1
Aircraft com
i
..
-
800
20(;
July
12
6
5%
—
-
July
90c
13
12
—J
75c
200
1%
1%
Wayne Screw Prod com../
Wolverine Brew com .... J
Wolverine Tube com
Stocks
High
4
*
Universal Cooler A-
High
Low
Price
Par
(Concluded)
Stocks
5
June
Ap
Mar
Feb
2%
25
Mar
Feb
7%
a36%
44%
Apr
50%
Jan
615
5%
Apr
8%
Mar
75
17%
Apr
17%
Apr
100
37%
May
47%
Jan
11%
71%
Apr
14%
Mar
Apr
84%
Feb
3%
Feb
50
g18
a36% <z36%
all% al2
12
a75% a79%
120
2%
43%
1,220
35
May
51%
a45% a48
a 79%
373
44
June
69
5
310
4
Apr
103%
Mar
2%
2%
42%
42%
a47%
4%
4%
135
Stocks—
Week's Range
jor
of Prices
Low
High
Shares
Price
Par
Angeles Stock Exchange
both inclusive, compiled from official sales lists
Los
Sales
Friday
hi
i
bit
I
Price
Par
Stocks—
of Prices
Low
High
Sale
_
6%
5%
i
Berkey & Gay I1'urn Co.._l
Bolsa-Chica Oil A com.. 10
35c
35c
35c
B common.
2%
9%
10 %
5%
a68%
10%
M#r
60c
[July
15
Apr
Jan
May
75c
20
Feb
June
Jan
75
7%
5%
10%
5%
a70
10 A
1,381
t1
234
7
Api
9%
Jan
625
3 A
Mar
6%
Jan
7%
Mar
1,308
Api
83%
11
June
206
3%
i'eb
5%
60%
Apr
Api
70%
Feb
11%
Mar
500
9
48c
55c
2,400
40c
Api
67 He
Jan
44h
It
44%
45
9%
764
37%
A pi
51A
Mar
9%
June
200
6%
Apr
9
9
28
28
28
455
24 %
A pi
38
com..."
39 y
39%
490
33
Apr
42% May
Co.. J
Hupp Motor Car Corp...3
1.0 L
1.00
40
1.10
1%
1%
100
9%
9%
Golden State Co.......
Goodyear Tire & Rubiier.*
Hancock OH Co A
Holly Development
1%
9%
Lane Wells Co...
Industries Ino...5
Los Angeles Investment. 10
Mascot Oil Co——
1
Menasco Mfg Co
....1
Mt Diablo Oil M & D
1
Nordon Corp Ltd
..1
Oceanic Oil Co
1
Pacific Distillers Inc
1
Jan
2%
Jan
11A
May
22%
Apr
36%
Feb
11%
Api
Jan
2%
506
8%
Apr
12%
377
148%
117%
Apr
170%
Mar
Apr
124
Mar
4%
335
4%
Mar
385
40c
40c
400
2A
2A
45c
45c
1,280
1,000
3%
60c
Apr
June
5%
[July
45c
55c
aOc
«6c
500
6c
Apr
10c
50c
800
45c
July
85c
Feb
30c
Feb
alOc
alOc
31 %
31%
34%
292
28
Api
33 %
240
31% [Jan
27A ,Jan
34%
34%
49
1,140
•167
a9%
2A
7%
1A
5A
2
7%
1A
7%
5%
5%
5%
Ryan Aeronautical Co...l
5%
a42% a43%
29 A
30
a 10% al0%
a43%
*
1A
3%
*
Security Co units ben int.*
all) A
27
9Q
10%
3%
Jan
Apr
10%
Jan
Tacony-PaUn yraBridge.
*
1
Mar
1% June
3%
3%
Apr
5%
Jan
6%
Apr
9%
Max
1
Feb
2%
Feb
2
118
3%
30
155
1%
2,802
18
16%
148% 149%
2,788
23
136
Apr
165
Jan
116% 116%
23
115
Mar
119%
Feb
29%
329
Jan
131
Apr
2% June
30%
3%
8%
4%
Mar
108
Feb
9%
Mar
51%
346
43%
Apr
51%
June
23
33%
Apr
40
49%
38%
40
%
Transit Invest pref
*.50
*
..*
United Gas Impvt com
*
Preferred..-.....-..-*
Westmoreland Inc
—*
Westmoreland Coal..
*
13
2
41A
41A
A
2%
Jan
25
Universal Consol Oil
10
2
Mar
782
Apr
31%
Jan
38%
10%
Apr
13%
92
111%
117
Mar
3%
55
7,298
10
8%
9
201
7%
Jan
Apr
8%
9
302
8
Apr
8%
•
Peoples tr ctfs 4s.'45
8%
6%
Jan
Feb
Feb
June
9%
Mar
$7,000
Sales
Friday
of Prices
Sale
Apr
30c
800
25c
5
Apr
6%
Jan
5%
Apr
8%
Feb
7%
Apr
Mar
Feb
Consolidated Ice Cream..*
Jan
Devonian Oil Co.......
10
May
28%
July
885
28%
Apr
29%
June
518
27 %
32
Jan
29
June
Mar
34% June
1,160
10%
Api
21%
Jan
995
25%
July
30%
Mar
1 %
Apr
2%
Jan
100
35 %
Mar
Apr
45%
7%
Apr
10% June
5%
June
7%
Jan
Jan
25c
Mar
200
25c
20
106
15
Feb
21% June
12%
210
11%
Apr
14%
1%
Duquesne Brewing Co.-.5
Brewing..
1
25c
20
1%
57%
300
90c
140
55
Fort Pitt
56
57%
Koppers Gas & Coke
100
Lone Star Gas Co.......*
Mar
Mar
Feb
1.50
Jan
July
9
9
9
1,100
7%
30
30
30
40
27%
72%
Jan
Apr
9%
Feb
30
July
Mountain Fuel Supply.. 10
4%
4%
457
4
July
Apr
Corp...*
1%
1%
300
1%
July
3
Jan
common...*
1%
1%
100
1%
July
1%
Feb
116%
Mar
—6
Mesta Machine.:
Nat Flreproofing
Penn Federal
Jan
5%
101% 101%
..._2c
Pitts Plate Glass
Pitts Screw &
2,067
16%
July
19%
Mar
850
12%
Apr
16%
Mar
United Eng & Foundry
2,445
2%
Apr
16c
July
34
5%
19%
1%
10
4%
Apr
9%
Jan
21
18%
July
22%
Mar
200
1%
June
5%
5%
19%
Bolt____...*
4%
18%
1%
"29%
5
29%
20%
Westinghouse Air Brake.*
161%
Westlnghouse El A Mfg.50
30c
61
Jan
60c
11%
15%
Jan
5%
Apr
June
25c
10
16%
5
6%
150
5%
32%
Jan
7%
6%
Gl3 %
23
330
111
Byers (A M) common
Columbia Gas & Elec....*
31
Jan
25c
June
11 Jan
12%
257
42%
24 A
Jan
100
10%
Mar
26
Jan
56%
17%
16%
38
9%
Jan
alO%' June
27%
14%
15%
38
7A
20
Apr
34% June
9% July
93
Allegheny Ludlum Steel.
Armstrong Cork Co.....
Blaw-Knox Co..
July
30%
1,1939
High
Low
Shares
High
Low
Price
Par
Stocks—
Range Since Jan.
for
Week
Week's Range
Last
5
109
9% June
official sales lists
both inclusive, compiled from
885
107
Jan
Pittsburgh Stock Exchange
July 8 to July 14,
14%
4
Jan
Bonds—
Elec &
16 A
15 A
Mar
2%
1%
3%
114% 115%
8%
—
2%
Union Oil of Calif
6
July
13%
9
Plymouth Oil Co........5
Shamrock 011 & Gas
1
5%
5H
16 %
Apr
%
235
%
2%
35%
.*
Carnegie Metals Co.
1
Clark (D L) Candy Co...*
1,858
9
July
Feb
639
2%
115%
July
178
41A
9
9
29%
Jan
24%
12%
"12%
3%
5%
100
2
Apr
34%
2%
—
Preferred
Jan
29%
28%
33%
13%
26
25%
15%
167
2%
Union Traction
United Corp common.
%
%
Tonopah Mining
Jan
8%
40
July
300
2
Mining—
Black Mommoth ConsollOc
125%
112
30
8%
1%
2,637
13 A
WelUngton Oil Co of Del.l
Apr
116
Jan
3%
3%
9A
26
1
Mar
29%
100
28 A
33 A
Taylor Milling Corp.....*
Transamerlca Corp
2
Jan
51%
7%
1A
'i'16%
710
2 9A
Superior Oil Co (The)...25
30%
1%
Mar
Judy
9
28%
33%
9% May
20
6%
27
28%
July
698
9A
A
May
22 A
2
20
100
27
27
150
Jan
400
28 A
6% preferred B
25
5 %% preferred C
25
So Calif Gas 6% pref A..25
Southern Pacific Co... 100
Standard Oil Co of Calif..*
6%
Apr
Apr
3%
*
June
34%
47 A
22 A
a9%
*
Apr
36%
115
17%
July
43
33
47%
22A
2A
Co..*
Ltd..26
3%
23%
1,005
42%
1%
July
34 A
Sontag Chain Stores
25
312
45%
25%
Mar
47 A
Safeway Stores Inc
Scott Paper.......
Jan
alOc
22 A
Mar
150
7%
Nat'l Power &
Jan
25c
400
10
Jan
84%
70%
4%
Jan
45c
34%
8%
50%
Apr
40
70%
4%
3%
Light-..-.*
Pennroad Corp vtc.....l
Pennsylvania RR
.50
Penna Salt Mfg—.....50
Phila Elec of Pa 85 pref..*
PhUa Elec Pow pref
25
PhUa Rap Tran 7% pfd.50
Philadelphia Traction.-.50
Jan
Apr
June
4%
37
41
37
Jan
39c June
2
31%
34 A
Markets..2
4%
120
Jan
9% June
06c
Warrants.
Sunray Oil Corp
1.40
50c
Republic Petroleum com.l
Richfield Oil Corp com...*
So Calif Edison Co
Api
1% June
92 %c
60
17
45c
*
Pacific Pub Serv 1st pref..*
Signal Oil & Gas Co A
Jan
300
40c
Pacific Lighting com
SheU Union Oil Corp
4%
700
2%
6% lstpref...
25
Pacific Indemnity Co—10
Roberts Public
4%
4%
Pacific Gas <fe Elec com..25
Pacific Western Oil Corp
a25% a26%
2
2%
a26}t
2h
Lockheed Aircraft Corp..
Los Ang
Valley.........50
Feb
12%
11%
Tel & Tel
_
Lehigh
High
Low
May
120
5U
3
General Motors com
7%
4%
10 %
Exeter Oil Co A com
772
10
.5%
Douglas Aircraft Co....
Electrical Products Corp
75c
3A
100
a69%
1
July
1 %
60c
6%
Preferred
Creamerles of Amer v t c..
35c
2A
7%
Consolidated Steel Corp..*
200
2
74%
75
5
Chrysler Corp
Consolidated Oil Corp—
Jan
•60c
al9%
May
6%
3%
al9% al9%
.
60c
.........10
Calif Packing Corp com
High
Low
Shares
1,721
Co.._l
Bandlnl Petroleum
1, 1939
Range Since Jan.
for
Week
Week's Range
Last
j»
...
Week
161% 164%
120% 121%
11%
*
100
BeU Tel Co of Pa pref..100 "l21%
4%
Budd (E G) Mfg Co
*
Preferr ed ......... .100
Chrysler Corp
...5
Curtis Pub Co common..*
28%
Electric Stor Battery. 100
45
General Motors—
10
116
Horn & Hardart (PhUa) —*
2
Lehigh Coal & Nav
*
A merican
1, 1939
Range Since Jan
Last
American Stores.
July 8 to July 14,
Jan
Sales
Friday
Teletype L.A. 290
Los Angeles
Jan
110
Philadelphia Stock Exchange
both inclusive, compiled from official sales lists
Sale
523 W. 6th St.
Jan
Jan
6%
July 8 to July 14,
Chicago Board of Trade
San Francieco Stock Exchange
Exchange
Angela Stock
Lot
Apr
2%
30
102% g100%G102%
a
4
High
Low
50
a 18
a
1, 1939
Week
a43% a43%
7
7
al8%
7
StudebaKer Corp
MEMBERS
York Stock Exchange
Shares
a43%
.25
1
Swift & Co
....25
Texas Corp ,The)
25
Tide Water Assoc OU Co.10
Union Carbide <fe Carbon.*
United Corp (The) (Del) .*
United States Rubber Co 10
U 8 Steel Corp
.-*
Warner Bros Pictures....5
WestinghouHeElec & Mfg50
Standard Oil Co (N J)..
Wm.Cavalier&Co.
New
for
of Prices
IjOW
High
Price
Par
(Concluded)
Week's Range
Sale
Week
f Prices
Range Since Jan.
Last
Range Since Jan. 1, 1939
for
Week's Range
Last
Sales
Friday
Sales
rulay
f
ft
1939
July IS,
Financial Chronicle
Apr
Feb
3
30
175
25%
Apr
33%
Mar
21
270
18
Apr
31%
Jan
192
83%
Apr
118%
Jan
101%
96
90%
-
Jan
18c
12,900
Calumet Gold
10c
lc
lc
lc
3,000
lc
Jan
5c
Jan
1
a6c
c6c
a6c
300
7c
Jan
10c
Jan
Cardinal Gold
l%c
6,000
lc
Jan
2c
Mar
2c June
4c
Jan
11A
Apr
18%
Jan
42%
June
16c
16c
l%c
l%c
Imperial Developm't Co25c
Zenda Gold
1
2c
2c
2c
10,000
12%
12%
12%
215
Amer Rad & Std Sani....*
43
44
270
44
Refg....
Amer Tel & Tel Co
FRANCIS, BRO. 8a CO.
ESTABLISHED
Unlisted—
Amer Smelting &
Tulsa, Okla.
Alton, ill.
162% 162%
25%
24%
162%
25%
100
Copper......50
Armour & Co (111)
.___5
Aviation Corp (The) (Del)3
Anaconda
575
710
152
21%
44
1877
INVESTMENT SECURITIES
July
Apr
165 A
38%
Jan
Apr
5%
Jan
July
8%
Jan
Mar
29%
Feb
3%
25
4%
a.23%
a23%
4
4%
a22% a24%
a 23% a23%
258
Canadian Pacific Ry Co.25
a4%
g4 %
20
a3% May
a5%
Jan
Caterpillar Tractor Co
*
Cities Service Co.......10
a43%
83
42
July
a5% June
52%
Mar
a8%
Feb
Apr
ST.
LOUIS
Feb
Apr
8%
12%
2%
OLIVE STREETS
FOURTH AND
Mar
June
Bendlx Aviation Corp
a3%
a3%
5
Borg-Warner Corp___.__5
a
a4%
a42% a43%
a6
a6
a6
253
145
7
3%
4
19%
22%
6A
110
*
a9%
a9%
25
Commonwealth & South..*
a\%
a21%
al%
80
1%
g2 1 % g21 %
140
26%
a5%
a5A
53
Commercial
Solvents
Continental Oil Co (Del).5
Curtl88-Wright Corp
Class
A
1
a.7 A
Electric Power & Light...*
General
Electric Co.
General Foods Corp
Goodrich
a
1%
a5A
24%
1
.-
6A
6A
Columbia Gas & Elec....*
a.7
36%
*
a45
*
a45
17%
(B F) Co......*
al8%
a
Intl Nickel Co of Canada.*
a48%
a48%
g
0-5%
International Tel & Tel.. _*
Kennecott
35
Copper Corp..*
Loew's Inc...
a43%
abl%
*
Montgomery Ward <fe Co.*
American
Co
a45%
a 18%
a48%
<i5%
35%
a43
a44
a50%
a
52%
35
305
N. Y. Coffee & Sugar Exchange
Feb
Feb
26%
7A
Jan
Jan
27%
Jan
Apr
7%
33% June
12%
Jan
44%
St. Louis Stock Exchange
Feb
Mar
Jan
5
24
Jar
45
July 8 to July 14, both inclusive,
35
16% May
45 A
Apr
24%
55%
9%
Feb
May
39%
Jan
50
75
407
85
187
6%
30
45%
45
Jan
Par
Stocks—
American Inv com
for
of Prices
Low
High
Shares
Price
Brown Shoe com
1
33%
40
27
Feb
35
June
35
35%
20
30%
Jan
36
June
16
15%
16
55
14% May
20
Jau
175
1%
July
2
July
200
8
May
10
July
7
31
May
34%
Mar
15
2
July
45%
Mar
Apr
52%
June
1%
2
Chic & Sou Air L pref
10
16"
9%
10
Jan
Coca-Cola Bottling com__l
32%
32%
5
14 A
14%
595
13%
June
22%
15%
15%
22%
232
12%
Apr
201
19%
Apr
19%
26%
Feb
Collins-Morris Shoe com._l
6%
June
Jan
Columbia Brew com.....5
3%
3%
a9%
Radio Corp of Amer
a5%
a9%
o5%
Packard Motor Car Co
Republic Steel Corp
16
15%
3%
a9%
a5%
16
Sears Roebuck & Co
76
76
76
*
Socony-Vacuum OH Co.. 15
a
11%
allA all %
Southern RyCo
al5%
a!5% al5%
6%
Standard Brands Inc
395.
6%
6%
10
High
Low
33%
..*
Mar
Central Brew com....
Week
35%
.
Burkart Mfg com
1, 1939
Range Since Jan.
Week's Range
Sale
Jan
Apr
Sales
Last
June
37%
compiled from official sales lists
Friday
22%
Paramount Pictures Inc..
Teletype: St. L 193
Telephone: CHestnut 5370
Feb
42
84
For footnotes see pace
N. Y. Curb Exchange (Associate)
15%
14 A
*
Chicago Stock Exchange
Chicago Board of Trade
St. Louis Stock Exchange
St. Louis Merchants Exchange
New York Stock Exchange
New York Cotton Exchange
Jan
Ohio Oil Co
100
May
24% May
22%
New York Central RR_._»
Nor American Aviation...
North
32%
24%
a7%
36%
5%
11
Apr
MEMBERS
2
11%
30%
*
32%
'2
14
1,493
30%
50
7%
400
6%
29
9%
Jan
Apr
14
July
Apr
32%
Mar
175
3
July
4%
Jan
De Pepper com
June
13%
Falstaff Brew com
June
9
Jan
8%
20
Griesedieck-West Br com. *
5
46
Jan
59%
June
Apr
Mar
57
5%
8%
57
93
10%
10%
66
10
Apr
Feb
49
49
20
49
July
51
June
335
13%
69%
Hussmann-Ligonier com.. *
12
Jan
56
Apr
June
167
11A
Apr
13%
56
58
Ian
10
*
32%
May
35
Mar
Mar
31
May
International Shoe com
432
15 A
21%
33
35
*
6
July
Mar
Key Co com
8
Mnr
90
7 A
6
Anr
672
179
6
July
25
Jan
76
June
Pref series '36
Hyde Park Brew com
__l
7%
50
10
32%
7%
6
7% June
46%
%
Volume
The Commercial & Financial
Chronicle
149
Friday
Last
Week's Range
for
of Prices
Knapp Monarch
Par
Price
Low
*
com
Preferred
Laclede-Christy C Pr
4%
4
Apr
2734
8 54
10
200
9
Apr
20
22
Apr
29
10 34
634
170
634
84
50
84
6
2
10534 105 34
4 34
4 34
8
705
Preferred
100
34
34
34
25
1st pref
100
85
Mar
Feb
90
108%
5%
Jan
28
78
8
Mar
85
Sterling Alum
25
May
13
Stix Baer & Fuller com__10
80
52c
July
1.75
Jan
5 34
50
434
Apr
6%
Jan
8%
50
834
Sedalia Water pref
Wagner Electric
20
27
27
90
28
184
29
15
com
Jan
29
$2,000
2134
Mar
Aviation Corp of Del
29
29
1,000
Scullin Steel 3s
52
52
1,000
2934
2934
2954
-
..1941
tUnlted Railway 4s
1934
2934
1.
4s c-d's
2934
2434
Jan
May
3034
Mar
30 %
Mar
48
May
60
Mar
Mar
31%
Jan
295
744
12
17
255
2.00
10
Orders
solicited
Pacific
on
until 5:30 P. M.
Coast
Stock
Mar
Exchanges,
Eastern Standard Time
111
Co.
334
800
480
1134
July
17
147 34
38c
Apr
170
850
2534
534
285
2134
Apr
365
3 34
May
a4%
35
334
June
a4%
24
10
a5%
Sale
Par
of Prices
Price
Low
Anglo Amer Min Corp—1
10c
Anglo Calif Natl Bank. .20
Associated
15c
8%
In% Fund lnc 10
Shares
High
1,700
10c
276
8%
534
5
Low
834
1,900
Apr
1034
534
734
Feb
4
Apr
4%
Apr
Atlas Imp Diesel Engine._5
6
6
Bank of California N A..80
13054
20%
130 %
15
124
Apr
20%
130
20
Mar
22c
25c
1,800
19%
19%
Calamba Sugar pref
20
20%
Calif-Engels Mining Co.25
25c
Calif Packing Corp com..*
Preferred
50
1934
52%
Calif Water Serv pref.. 100
Carson Hill Gold Mln cap 1
Caterpillar Tractor pf__100
Chrysler Corp
634
2934
354
Feb
1134
Apr
1434
Mar
78
65
Apr
78
June
6
May
9
Feb
18
0634
a534
85
o534
36
295
8
534
*
534
900
534
634
445
6
20c
200
20c
600
^
4
7,607
102*4
Apr
45c
107
334
Apr
75%
787
5554
Apr
35
Jan
44
106
10334 June
16J4
Apr
108
50
2134
685
5%
534
584
9%
9%
77%
10%
81%
3,073
12
12
78
,
350
4
434
9
Apr
534
•Noparvalue.
2234
1934
8
21
190
834 May
17
Jan
Jan
18
3534
Jan
634
Apr
41
Jan
42
Fireman's Fund Ins Co—25
~92%
4134
93J4
250
9334
345
7934
2134
Apr
30
Apr
32
400
1.00
July
Preferred.
20
1.10
37
...——25
1434
1434
10
14
Galland Merc Laundry—*
2034
5%
2034
10
534
100
4334
6%
4434
6%
30%
973
2034 July
534 May
3834
Apr
Gen Metals Corp cap—234
"5%
General Motors com——10
General Paint Corp com..*
Preferred..-—--——*
Gladdlng-McBean & Co.
Golden State Co Ltd
Hale Bros Stores Inc
30
*
*
495
5
28 34
Jan
534
2,051
1234
1234
3934
1 934
963
1134
209
37
404
1734
19 34
1
cap.10
15
100
6
Mar
Apr
Stock
Feb
934
6134
Mar
8%
Jan
34
Jan
1.05
700
4134
1 834
200
37
Apr
100
18
Langendorf Utd Bk A—
18
18
237
15
May
Apr
2334
2034
M'ar
1034
H34
429
1234
Mar
45
Jan
45
198
834
3834
3834
Jan
4434
Apr
42
Feb
200
22
Apr
34
365
2234
Apr
3634
185
10
707
1134
50
-.
Leslie Salt Co
10
50
40
40
LeTourneau (R G) Inc—1
3234
3234
Lockheed Aircraft Corp—1
26 %
2634
1034
595
...
Magnln & Co (I) com
*
March Calcul Machine
5
.
Meier <fc Frank Co Inc-.10
9%
934
1034
16
10
Menasco Mfg Co com
1
National Auto Fibres com 1
2.50
2.40
2.50
915
654
925
Natomas Co
16
6%
534% pref
Jan
5
Apr
934 May
June
Feb
1634 Mar
1634 Mar
1034 May
Jan
534
Jan
934
1134 Mar
10
255
20
24
July
34
Jan
2434
2434
934
10
2434 June
31
1134
954
10c
11
1.85
10c
8
1.85
1.95
740
32
3034
32
34 %
3434
3434
3134
48
534
com
REAR Co Ltd com
Preferred
534
100
o2 34
Jan
2934
July
Jan
2934
734
June
Apr
834
Mar
June
6
44 34
May
5%
40
35
234 May
4434 May
Mar
Jan
18
75
48
1634 May
40
a.2 %
45%
Feb
July
4234
334
6934
877
Jan
July
Feb
Feb
Jan
25
a35c
35c
15
40c
Apr
1.00
Jan
5
434
434
200
434
Apr
634
Mar
b Ex-stock dividend.
x
a Deferred
Ex-divldend.
delivery.
Ex-rlghta.
y
and
Traders of
New
York
Stock
Exchange
rules
and
was
which
control
of
recently amended
provide for more intensive
registered employees.
The
conducted in member firms' offices under
The Institute has offered
security
employees since 1922.
The Exchange's announcement of July 11 added:
courses
member firm
As of July 1 there were 9,195 "registered employees" and
office managers.
securities
1,083 branch
The examination yesterday of securities salesmen
traders completed the extension of the Exchange's
and
examination
requirements to all classes of registered employees, including branch office
managers.
Any applicant for
a
position with
a
member firm where
his primary
duties will bring him in contact with the public is now first required to
demonstrate his knowledge of the securities business by passing
examination.
Previous
a
qualifying
Otherwise the Exchange will not approve his employment.
reference
Apr
2,40
2,411
2,885
2734
3134
Apr
Feb
1,512
2834
Jan
3434
3434
3134
July
4134
Feb
1,153
90
475
1,376
117
10
125
834
13 34
13 34
734
1
534
_*
4334
Schlesinger(B F)7% pref25
Signal Oil & Gas Co A
*
Sound view Pulp Co com.. 5
So Calif Gas pref cer A..25
534
2634
1134
3334
1234
100
8
534
4354
6
2634
12 34
3334
13 34
10534 June
534 Mar
1834
Apr
4134
Apr
1.10
49 34
10834
734
2234
5934
Mar
July
to
the
examination
appeared in
our
Mar
Jan
July
NOTICES
Jan
—A study of the effect on the stock market of action by followers of the
Dow Theory has been prepared for distribution by Research & Management
Council, Incorporated, 63 Wall St., New York City,
Apr
2,80
Feb
1034
Mar
—Bledose C. Pinkerton, formerly with Dominick & Dominick, has become
May
associated with the New York office of Alex, Brown & Sons in charge of its
220
31
July
60
314
7
June
1654
Jan
Apr
780
—E.H. Farrell, formerly senior partner of the firm of Farrell, Brown &
Co., has opened offices at 115 Broadway, New York City, to transact a
business in the arbitrage of United States Government bonds..
534 May
1034
634
.
5
Mar
1434
1034
734
310
30
Apr
43*4
July
corporate trading department.
Jan
500
440
210
434
Apr
Jan
Jan
Mar
6
Feb
250
26
May
32
Jan
432
11
Apr
1P34
Jan
300
32
Jan
3434 June
10 34
Apr
2134
2.643
Jan
15c
15c
193
9c
May
35c
Jan
Spring Valley Co Ltd
*
Standard Oil Co of Calif..*
554
5*4
200
434
Apr
534
July
25*4
2634
2.155
2534
June
20 M
Mar
245.
CURRENT
July
So Pac Gold Gate Co A...*
2*34
page
Jan
534
35
Jan
1,40
1.10
834
July 8 issue,
1234 June
534
32
Rayonler Inc com...
1
Rheem Mfg Co
-1
Richfield Oil Corp com...•
Ryan Aeronautical Co
46
554
19c
Jan
1.10
.*
*
534
2234
46
—*
.
3154
4634
48
10754 10834
22
——*
Feb
10c June
485
10c
31%
_.*
9 34
500
11
25
—
395
11
...25
Plg'n Whistle pref
28 34
2734
734
28 34
Mar
1
Pac Pub Ser com
665
397
a36 34 a3634
Jan
Jan
Jan
2334
55
Jan
Mar
Pacific Light Corp com—
$5 div
.*
Southern Pacific Co
Apr
2.00 June
Jan
Feb
25
Pacific Coast Aggregates 10
Pacific Gas & Elec com..25
6% 1st pref..
634% 1st pref
120
1,517
of Member Eirms.
to
June
10
Nor American Oil Cons. 10
com
June
1.40
42
24
Occidental Petroleum
Safe Stores Inc
9
Apr
100
100
Pacific Can Co com..—_ *
Paraffine Co's
634
95c
—*
-
No Amer Invest 6% prf
1st pref..,—,
15?4
06%
3
supervision of partners or office managers.
It was
prepared and will be graded by the New York Stock Ex¬
change Institute under the supervision of the Department
May
"11%
—
4
2734
2934
2834
634
2834
2934
29
100
«634
Salesmen
examination
1534 Mar
4234 May
2234 June
95c
B
Mar
8 34
934
534
180
the
Mar
1834
Preferred..
434
1134
Apr
10
110
a Oddlotsales,
examination
Jan
934
934 June
Apr
Apr
Jan
Mar
4134
41%
Apr
July
334
634
Jan
salesmen and securities traders,
comprising
about 2,800 employees of member firms of the New York
Stock Exchange, on July 10 took a comprehensive written
examination in order to qualify under the
July
Honolulu Oil Corp cap..
Home F & M Ins Co
May
Amended Rules
June
3034
Apr
6
934
Hawaiian Pine Co Ltd—.*
2534
Securities
June
1.60
Apr
6
39
Holly Development.
116
Jan
8%
Hancock Oil Co of Calif A *
July
Feb
Exchange Firms Take Test for Qualification Under
4254 June
Jan
1034
,
25
1934
934
29
Jan
100
334
634
Jan
100
534
28J4
2934
16c
1334
Apr
2134 June
934
47%
June
Jan
Mar
14
130
100
1.00
1934
July
t In default.
Securities
Feb
226
92
Listed,
z
Jan
170
16J4
30
2234
Cash sale—Not included In range for year,
r
Jan
91
40%.
734
Food Machine Corp com 10
Mar
150
Jan
6c
July
1434
July
Apr
16%
Foster & Kleiser com—2 %
Apr
134
16
18
Feb
40%
7%
-.50
.
534
a6%
16
1734
July
16%
.
Feb
634
834
1934
2.50
4034
Jan
July
"7%
(ww)
5234
June
4
Apr
Apr
5c
120
Jan
Emsco Der & Equip Co..5
Fireman's Fund Indem__10
Pref
Apr
3 34
1.50
29
285
Mar
934
9%
44 34
Mar
2134
Jan
7634
10c
659
1,567
11c
5234
734
Jan
85
210
*
Emporium Capweil Corp.*
26c June
44
213*
100
El Dorado Oil Works
90
104
15,975
10c
4234
Warner Bros Pictures
Jan
140
734
July
98
Jan
800
4234
Vica Co com.—..
Feb
37c
6c
5134
334
a5%
25
July
Jan
934
1.65
10c
25
5334
7
July
Apr
June
3334
com *
Mar
Jan
1.55
334
4834
12 34
Jan
6c
United Corp of Delaware.*
United States steel com..*
300
5%
Crown Zellerbach com—5
PfpfATTPd
31c
Jan
Mar
6
1934
June
105
Coast Cos G & E 1st pf-100
Creameries of Am Inc vtc. 1
Di Giorgio Fruit pref
31c
20
35c
Jan
35c
Jan
Feb
3334
J&M&MCons...—.1
2034
42 34
30c
534
10
Apr
3%
70%
10
Cons Chem Ind A
104
2134 June
22c June
634 June
3134
Apr
20c
Copper Corp com..*
13%
Jan
734
3734
6
1.60
Apr
Feb
Apr
20c
Superior Port Cem pref A_*
Jan
434
25
Mines.. 1
Apr
31
80
Title Guaranty Co pref...*
United Aircraft Corp cap_5
Feb
190
44
5
com
110
10434 105
Cent Eureka Min Co com 1
Clorox Chemical Co
513
52%
104
~3lc
140
Jan
100
a534
534% Pref
...25
Standard Brands Inc
*
Studebaker Corp com
1
Jan
Jan
1434
Pioneer Mill Co.
20
Radio Corp of America.. *
Mar
Apr
18
175
6% preferred
30c
Jan
734
834
July
25c
High
July
36
134
365
3534
Schumacher Wall Bd
So Calif Edison com
Mar
Mar
984
3534
Packard Motor Co com..*
Range Since Jan. 1,1939
434
Mar
67c
78
Oahu Sugar Co Ltd
cap_20
Sales
Jan
1434
Montgomery Ward & Co.*
Mountain City Copper
5
July 8 to July 14, both inclusive, compiled from official sales lists
Stocks—
Jan
134
a834
M
Exchange
lor
Week
Mar
134
Nash-Kelvlnator Corp
5
North American Aviation 1
North American Co com.10
Week's Range
1 Jan
^4
c25c
Kenn
Cortlandt 7-4150
Last
i,Jan
19
36 34
.
24
*
Kleiber Motor Co
Broadway, New York
Friday
Apr
197
a7%
3534
Idaho-Maryland
Exchange
Francisco Stock
Jan
300
Apr
a434
a4%
Intl Tel & Tel Co
com....*
Italo Pet Corp of Am 00m. 1
Italo Pet of Amer pref..—1
Private Wire to own offices In San Francisco and Los
Angeles
San
Jan
Mar
4.00
Apr
1134
23
20
Hobbs Battery CoB
are
(2 P. M. Saturdays)
Schwabacher &
Members New York Stock
which
280
211
Electric Bond & Share Co 5
General Electric Co
*
open
Apr
July
534
Cities Service Co com—10
3134
Jan
Jan
a4%
Curtlss-Wright Corp... .1
Domlnguez Oil Co
*
Jan
734
1934
1334
'
334
2534
Cal Ore Pwr
6% pf '27.100
24 H
Jan
534 May
1634 June
834
Apr
Mar
Bunker Hill <fc Sullivan 2.50
24%
14 34
25
334
3
27
2,000
24,000
Apr
886
14%
25
High
1134
6,173
295
1434
Bait & Ohio RR com...100
Bendix Aviation Corp...5
Blair & Co Inc cap
1
*
Bonds—
tCity & Suburb P S 5s 1934
t5s c-d's_
2.05
295
25
June
32%
100
1534
2.00
2.00
Anaconda Copper Mln..50
Argonaut Mining Co.__._5
July
90%
Apr
90
8 Hi
July
5J4
90
15
"1534
1
6
Rad & St Sntry
*
1234
1234
American Tel & Tel Co. 100
al6334 al6l34 alG634
Amer Toll Bridge
48c
(Del).. 1
48c
50c
Jan
52c
534
1
com
10
1634
1034
Low
255
Am
July
634
73 34
6
Feb
634
*
Warrants
534
1634
1034
5%
1634
Range Since Jan. 1. 1939
Shares
Unlisted—
52c
Scullin Steel com.
High
1234
Yosemite Ptld Cement
pflO
July
35
Jan
2
5
1..50
Mar
Low
1134
Western Pipe & Steel Co 10
Yel Checker Cab ser
Apr
Jan
Week
10
.
Victor Equip Co com
Wells Fargo Bk AUT.
Jan
for
of Prices
Price
25
United Air Lines
Corp.
Universal Consol Oil
Mar
334 June
5
Apr
5
7
85
June
103
com.
Union Oil Co of Calif
July
10
Apr
83 34
4
8
85
Tide Wat Ass'd Oil
Par
Transamerlca Corp
Feb
23
5
com
6
10
1034
(Concluded)
Mar
3134
1134
1134
Rlce-Stix Dry Goods com.*
Scrugg8-V-B Inc
100
Stocks
Week's Range
Sale
June
10%
36
23
100
—,
Jan
Apr
Apr
Midwest Pip'g & Sply com*
Mo Port Cement com
25
Natl Bearing Metals com.*
Natl Candy com..
*
2nd pref
100
1st pref
July
117
4%
3134
30
8%
33 34
Sales
Last
High
45
35
434
*
Low
60
8%
35
com *
com
Range Since Jan. 1, 1939
Shares
High
8%
*
McQuay-Norris
Friday
Week
Sale
Stocks (Concluded)
395
Sales
—Manufacturers Trust Co, is Paying Agent for City of
Jacksonville,
Florida,2.1% Refunding Bonds, Issue of 1939, dated July 15, 1939, due
July 15, 1951,
'
;
—The J. Henry Schroder Banking Corporation will be closed on
Saturdays
beginning July 15 and continuing through July and August.
—Mark A. Borgatta,
formerly with Petronio & Co., is
& Co., in their trading department.
now
with Burley
The Commercial &
396
July 15, 1939
Financial Chronicle
Canadian Markets
LISTED
AND
UNLISTED
Montreal Stock Exchange
Provincial and Municipal Issues
Closing bid and asked quotations, Friday, July 14
4B
4%B
4%s
4%s
5a
6s
4%s
Province
4%s
6s
117
6s
6b
104
103
110%
115% 116%
122
123%
109%
111
Stocks
P r
{Concluded)
Provlnee of
97
99
97
98%
4%s
97
98%
4s
Quebec—
Mar
2 1950
Feb
1 1958
Brunswick—
Apr
15 1960
Apr 15 1961
of Nova Scotia—
Sept 15 1952
Mar
1 1960
112
108%
no
111
6%b
119
120
4 %b
110% 111%
109
110%
112
113%
•
26
7
Penrnans
85
Placer
79
81
Power Corp of
Canadian Pacific Ry—
4s
6s
6s
July
6S
July
Bid
116% 116%
1 1946
July
0%s
Grand TrunJk Pacific Ry—
4s
3s
1 1962
1 1962
Jan
Jan
1 1969
1 1970
112
110
99%
100%
120% 121
1 1969
July
5s
Sale
Alberta Pacific
Preferred-
10
175"
8%
June
125
June
13%C 13%C
Apr
28%
Jan
16%
15
Jan
10%
5%
5%
455
5
Apr
8%
15 %
.....
1.10
125
15
Jan
175%
421
166
8%
1,332
7%
Jan
12%
163
22%
175
8%
Canadian Bronze.
.
*
.....
pref—100
"17"
•
Cndn Foreign Investment*
"lM
Canadian Indus Alcohol.
Canadian Locomotive
Consol Mining A
...»
29%
Dominion Bridge
25
100
-----
5%
*
*
50
Mills._*
Preferred..
100
St Lawrence Paper pref. 100
Shawlnlgan W A Power—*
Sherman-Williams Canada*
St Lawrence Corp
Preferred
Tuckett Tobacco
Vlau Biscuit
Electrolux Corp
i
_*
27
41$
23 %
Corp..*
Foundation Co of Canada *
*
100
Preferred
..._100
5
10%
25
10
14%
Jan
10
10%
Apr
12
Jan
75
75
07
Apr
66%
Apr
77% June
74% June
105
3
16
16
1.60
1.70
295
1.50
Mar
1.60
1.60
65
1.60
Apr
15
7
Apr
.10
Mar
8
8
1,500
7
Feb
9
Jan
500
22
Apr
24%
24%
25
162
167%
Feb
168
168 %
124
160
Apr
178
Jan
213
215
34
203
Mar
222
300
302
14
300
Apr
310
Feb
190
191
179
178
Apr
193
May
166
165
168
196"
compiled from official sales lists
Sales
for
of Prices
Low
High
Shares
Price
130
63
*
Jan
June
39
Jan
18
Jan
Canada A Dom Bug (new) *
17%
10%
June
34
17%
3
65
Jan
Apr
13
95
Feb
95
25%
June
25
32%
Jan
38
111% 1H%
20%
21
8%
8%
*
*
1,545
37%
86
107
Jan
112
25
18
Apr
23
10
Apr
8%
May
June
2.24
Feb
112
Jan
3%
June
Jan
Cndn Vickers Ltd..—...*
2%
445
2
June
10
6%
Apr
41
8%
Jan
20
/
Jan
Jan
8%
Mar
61%
6
Apr
1.10
Jan
2.50
F'eb
16
16
75
8
100
7% cum pref
200
8
30
'
Catelli Food Products^..
-
135
21%
Jan
27
Mar
*
15c
15c
1.70
1.70
1.75
235
10
Jan
20%
Mar
ConsolDlverslfiedSecs pref*
8c
8c
8%c
125
29 %
307
24%
Apr
37
Jan
Consolidated Paper Corp. *
3%
4%
3,169
320
15
Jan
19
June
*
12%
12%
40
18%
11%
May
157
108
Jan
115
12%
Mar
2,923
7%
Apr
5%
175
4
Apr
7
Jan
10
77
Jan
80
June
June
June
*
3%
3%
3%
225
2%
2%
2%
20
5
4
4
4
5
5%
3
Apr
2%
Apr
Jan
5c June
7%
Jan
Mar
17
5%
Jan
Fair child
Aircraft Ltd
300
3%
Apr
1,040
6
Apr
%c 15c
12,730
11
20
435
17
4%
Jan
6
Jan
10%
Jan
.*
50
3%
Apr
6%
Mar
50c
Feb
55c
Feb
Ford Motor of Can A
♦
20
Apr
23%
Jan
75
9%
Apr
16
Jan
Fraser Companies
*
8
9%
75
7%
July
14%
Mar
400
30
Jan
33
Mar
*
8%
9%
640
7%
June
17%
27
4%
23%
10
27
83
120
55
Jan
66
June
4%
110
4
June
8%
Mar
23%
562
19
Mar
23%
Apr
7
Fleet
Aircraft Ltd.
%C
Rights
Ltd
Voting trust
19%
Intl Utilities Corp A
1
B
Jan
Mar
Lake Sulphite Pulp Co...*
94
93%
94
423
88
Jan
95
June
Loblaw Groceterias A....*
4
10
2%
Jan
0
Mar
5%
5%
90
5
Apr
8
Jan
82
Jan
Mackenzie Air Service
30
July
Jan
25
25
Apr
35
7%
20
8
May
9
Jan
55c
*
11%
July
7%
55c
100
45c
Apr
70e
Jan
50c
50c
12
75c
Apr
3%
Jan
Apr
24%
June
Jan
1.05
33
33
Inter-City Baking Co.. 100
16%
7%
50c
50c
*
110
25
25
50c
100
MacLaren Power A Paper *
9
9%
35
Massey-Harris5%cmpf 100
McColl-Fron6% cm pf.100
42
46%
485
87%
50
225
23
50c
9
Apr
June
Jan
Jan
15
29%
Apr
60%
83
Feb
94
Jan
60
July
5%
75
5
Feb
480
3%
May
6%
Jan
*
1.50
Mar
4%
15%
89
1.50
1.50
4%
*15%
92
5%
67
13%
Apr
July
Melchers Distilleries pref 10
5%
5%
85
July
6%
Jan
10
Jan
15%
13%
5
1,995
Mar
Mitchell (Robt) Co Ltd..*
9
9
65
8
Apr
16%
Jan
88
May
96%
June
Apr
35%
Jan
June
17%
16%
Mar
104%
55
101
Feb
Provincial Transport Co..*
7%
Quebec Tel & Pow A.....*
4%
7%
5
265
Mar
110%
21
65
18%
67
10
245
15%
16%
29
47%
29
23
Intl Bronze Powders pref2f
23
45%
48%
14
2,597
15%
Melchers Distilleries..
6%
cum
1st pref
100
28
Apr
23
Apr
26%
Jan
Sou Can Pow6%cm prf 100
42%
Apr
56%
Jan
Walkerville Brewery
842
75
25
18
1,515
100
125
126
30
20%
June
13%
Jan
81
June
Apr
18
115
Jan
*
103
103
110
110
Si cum pref
*
10%
10%
20
June
12%
Jan
12%
110
11
Apr
13%
Jan
Alexandria Gold...
1
75
4
Jan
5%
Mar
Beaufor Gold...
1
4%
5%
Feb
5%
5
5%
2,530
»
6
6
100
*
52
52
5
31%
32%
66
66
32%
3,292
67
9%
50
29%
66
107
Feb
Jan
Jan
Jan
105
7%
Mar
4%
Mar
109
May
1.C0
1.00
30
1.00
Jan
1.40
jan
44%
60
Apr
50%
Jan
20%
20%
531
38%
19%
June
20%
Jan
34c
20%
Alder mac Copper Corp...*
12%
4
Jan
6%
4%
34c
Mines—
*
4
40
44%
1.00
Walker-Good A Worts (H)*
_.._3
*
Jan
July
Jan
74% June
112
27%
1.35
Mar
Power Corp of Canada—
5
22%
15%
May
10
4,137
72
Lake of the Woods
Mar
6%
33
21%
22%
25%
2,595
100
*
Jan
5c
3%
Jan
55c
14%
16%
100
1.50
F'eb
3%
65
32%
Massey-Harris
350
EasternDairies7%cm pflOO
Donnacona Paper A
Jan
16 %
Internat Pet Co Ltd
David A Frere Ltee A
15c
15c
5%
5
15
*
City Gas & Electric
200
1.25 June
Jan
11%
5%
79
Jan
Jan
85c
199
Cndn Industries Ltd B._
18
113
Feb
June
8
Cndn General Invests
Cndn Marconi Co
26
27%
18%
28%
10
Feb
May
18
Feb
99%
26%
37%
42
Feb
43
1,381
40
Mar
July
315
8
Apr
5%
Jan
4%
3%
3%
2%
July
125
23%
11
1
1.10
Mar
6%
5%
Apr
16
3%
13
Jan
3%
Jan
19%
13
1.05
Mar
Jan
1%
2,576
Apr
4%
22%
1,890
Feb
Cndn P & P Inv 5% cm pf*
65%
6%
4%
Jan
4%
141
Mar
Feb
30
150
5
pref
Jan
Jan
7%
1.98%
9%
4
Brew,
3
135
99%
Ltd-.*
100
Canadian
140
720
37%
26%
Can Nor Pow 7% cm pf
June
1.90
4
Canada Malting Co
June
Feb
26
Calgary Power6%cm pf 100
June
4
Apr
115
Apr
13
4%
Jan
Mar
22%
"22%
British ColumblaPackers. *
Jan
11
5
140
140
Brewers & Dlsts of Vane. .5
Brit Amer Oil Co Ltd
10
4%
4%
4%
Jan
1.90
70
...—*
Beld-Cortlcelli 7% cmpflOO
7%
111
High
Low
130
Mar
Jan
1, 1939
Range Since Jan.
Week's Range
3%
18
Apr
Jan
25
July
98
Mar
4
May
55
24% June
4
1.60
765
Jan
8
2%
14%
105
Jan
2%
2.00
7%
21%
86
17%
June
June
Mar
195
21
105
3
May
1.60
109
104% June
104% 104%
Jan
50c
15%
16%
May
3%
5%
55
109
16
12
10
1.60
30
Jan
Apr
£0
510
15%
95
2%
3
210
Beauharnois Pow Corp..
735
7
Feb
55c
Aluminium Ltd
9%
170
July
5
Apr
33
Feb
Jan
3%
160
3%
55
33
6
25
55c
Apr
660
3%
165
25
5
55
95
Mont L H A P Consol
72 %
165
3%
12
33
Mitchell (JS).
198
May
7
Mar
94
MoColl-Frontenac Oil
20
6% cum pref
Apr
15 H
Montreal T'amww
Stocks-
July
10%
18%
2,677
Jan
Jan
11%
Abltlbl Pow A Paper
11%
Imperial Tobacco of Can.6
Industrial Aceept Corp...
Laura Secord
Par
Mar
100
Lang & Sons (John A)
Apr
Mar
Sale
20
10
Lindsay (CW)__
42
22%
Last
35
Imperial Oil Ltd
Preferred..
Apr
Friday
172
Hudson Bay Mining
Intl Power pref
21
Montreal Curb Market
102
*
Intl Nickel of Canada
228
July 8 to July 14, both inclusive,
7%
Gypsum Lime & Alabas..*
Preferred
100
14%
*
Howard Smith Paper
100
100
100
100
Apr
Jan
4
Hollinger Gold Mines
28
Banks—
14
7%
*
Gurd (Charles).......
120
11%
..25
14«
Rights....
General Steel Wares
Jan
10
"l'.ed
July
10
B
Preferred
120
50c
"
*
Gatineau Power
22
25
3%
*
Eastern Dairies
Famous Players C
Jan
125
19
100
7
Jan
May
18
3
20
7%
Jan
15%
40
10
104%
Montreal
Jan
19
_*
Grocers pref-.100
Commerce
4%
27
27%
Wabasso Cotton.
—
Apr
22
3%
89
146
July
345
Jan
9%
125
•
.*
1
8
17%
9%
8%
pref. .100
84
2%
2%
Apr
560
Jan
11
107
22
72%
538
10%
Apr
75
•
25
Steel Co of Canada
8
Apr
Mar
Jan
Mar
19
11%
Southern Canada Power..*
20
65
Dominion Textile
Dryden Paper
English Electric A
175
28
Apr
6
103%
2%
2%
2%
preferred
St Lawrence Flour
95
TVs
79
100
Preferred
23%
July
10%
Dominion Steel A Coal B 25
Dom Tar A Chern
Apr
Apr
7
10
Commercial Alcohols Ltd. *
18
Distillers Seagrams.....
Dominion Glass
14
25
40%
Smelting 5
pref
1,130
6%
"~4 %
Crown Cork A Seal Co— *
Dominion Coal
Mar
23
57%
Jan
9%
80
107
Mar
3
5
*
25
Cockshutt Plow
28
Jan
9%
Canadian Cottons..... 100
Canadian Pacific Ry
Mar
Jan
2
17%
May
16
8%
8%
June
5
63
109
100
Preferred 7%
178
Jan
19%
40
205
1,120
25
9
9
Apr
20
107
Co--*
100
% cum pref.100
Acadia Sugar Refg Co.
5
21
—.25
Preferred
Jan
107
Jan
17%
9
Canadian Car A Foundry.
Canadian Celaneee
15
2%
27
8
50
Jan
—
55
100
Can North Power Corp—*
12%
16%
20
Canada Steamship (new)
Jan
May
11%
94
7%
14%c
9
41
11
Jan
23 %
100
12c June
670
June
2%
*
100
200'
9%
9%
9%
16
Jan
19
30
Bulolo Gold Dredging.—
5% preferred
14
946
Apr
Jan
Jan
Jan
305
6%
15
125
10%
June
10%
17
Preferred..
Apr
22%
Building Products A (new) *
Preferred
2%
17%
May
22
27
27
*
*
Canada Iron Foundries.
1%
14
1.10
Brazilian Tr Lt A Power.*
Canada Cement—
5
10
June
10
41
Royal
0
2
18%
~~5%
pref-100
100
.
High
Low
163
May
125
16
Nova Scotia
10
~22%
*
Associated Breweries
•
Bathurst Power & Paper A •
Asbestos Corp
B
2%
21
21
21
Algoma Steel Corp*
British Col Power Cor p a -
Shares
2%
Grain A..*
100
Bell Telephone
of Prices
Low
High
Price
Par
Bawlf (N) Grain
Week's Range
Mar
6
14
125
*
Canadienne
1,1939
Range Since Jan.
for
Week
Last
Stocks—
list8
Sales
Friday
14%
*
Preferred....
both inclusive, compiled from official sales
July
156
30
Mar
Zellers Ltd———..._.*
July 8 to July 14,
Mar
102
100
Preferred.
Montreal Stock Exchange
29%
May
Canada—*
Saguenay Power
Western
Apr
99
Winnipeg Electric A——.*
B
*
110% 117
120% 121
—Feb
124%
124
23
100
1
Developments
Rolland Paper
A
Mar
25
United Steel Corp.—
116% 116%
—-Oct
5s
6b__
115% 116
11934
119
Sept
1 1951
June 15 1965
11956
Feb
1 1967
July
4%s
Ask
Canadian Northern Ry—
Canadian National Ry—
4Mb
86%
Guaranteed Bonds
Ask
Bid
4Kb
93%
85%
113% 114%
Dominion Government
4%s
92%
1 1940
1 1964
1 1900
Dec
4 %b
90%
88%
Sept
4%a
101%
101
15 1944
11944
Dec
74%
73%
perpetual debentures.
Bept 15 1942
4 He
96%
82
100
Voting trust
96%
Apr
14%
Quebec Power
Ask
Jan
70
99
Price Bros A Co Ltd
Bid
61
100
pref.'.
85
83
Canadian Pacific Ry—
Feb
45%
100
83
Ask
Mar
43
Jan
41%
43% May
10
163
Preferred
hid
65
26%
25
7
Preferred
Railway Bonds
3,692
1,370
163
16 1940
1 1951
Nov
Oct
80
100
Preferred..
...June 16 1943
5s
48
145
Ontario Steel Products—*
Ottawa L H A Pow
Prov of Saskatchewan—
65
46
79%
44
Apr
38%
2,524
41%
78
"48~"
High
Low
44
*
OgUvle Flour Mills
Week
39%
40%
Preferred.
113%
107
Sh res
*
25
National Steel Car Corp. *
National Breweries—
Noranda Mines Ltd
1 1901
May
4%s
for
of Prices
Low
High
Price
1,1939
Range Since Jan.
Week's Range
Sale
_
Manitoba—
Aug
1 1941
June 15 1954
Dec
2 J 959
Prov of New
4 He
16 1966
64
m% 106
J«ly
Province of
Jan
62
1 1956
Columbia—
12 1949
Oct
1 1953
Oct
4%0_.
Oct
6s.
Last
Ask
110
66
Prov of Brltteb
6s
1 1942
Sept 16 1943
May
1 1959
June
1 1962
64%
1 1948
-.—Jan
6s
Soles
Friday
Bid
Province of Ontario—
Ask
Bid
Province oi Alberta—
Apr
7%
Jan
7%
Mar
52
Feb
Apr
33
70
J».n
Cndn Malartlc Gold
Cartier-Malartlc Gold
June
Mar
Big Missouri Mines
Apr
•
No par value
1
.1*
1
925
13c
lc
lc
1.000
8c
lc
8c
2,000
2,000
30c
Apr
%c
Apr
7%c June
50c
Jan
l%c
Jan
14c
Feb
13c
13c
8c
July
28c
Jan
75c
75c
100
70c
Apr
1.00
Jan
3c
3c
500
2%c
F'eb
6c
Jan
Volume
The Commercial & Financial Chronicle
149
397
Canadian Markets—Listed and Unlisted
Montreal Curb Market
Friday
Last
Par
Cent Cadillac (new)..
Week's Range
for
Sale
Stocks (Concluded)
Toronto Stock
of Prices
Low
High
1
23 He
Cons Chlbougamau Gold. 1
17c
19c 23He
15c
15c
Century Mining
Shares
17c June
87.300
Stocks (Continued)
High
Low
July
25Hc
500
15c
May
25c May
3,800
11c
June
29c
Par
Cockshutt
1
3c
3c
3c
9,000
2o
Apr
East Malartlc Mines
1
2.60
2.47
2.60
4,450
2.10
Apr
2.80
Jan
1
1.16
1.10
1.18
1.04
Apr
2.35
Jan
Cons
Goldale Mines
1
1,350
8,500
22c
July
26c
July
Duparquet Mining Co
Inspiration M & D Co....l
Joliet-Quebec
....
22 He 22 He
"30c
1
Macassa Mines
5
500
3HC
2,000
34
Apr
50 H
Jan
4.50
4.55
1,900
4.10
Apr
5.80
Jan
405
52 H
43c
"57 H
56 H
63c
2Hc
2Hc
30c
2,600
30c
30c
60
Jan
Mar
Apr
3c
58 H
74c
Jan
Apr
Jan
8c
■v.:
25c Mav
60c
Mar
Mar
50c
Mar
45c
Pato Cons Gold Dredging. 1
Pend-Orlelle M & M
1
High
6%
1.80
2.34
16H
_
2.39
455
1.95
Apr
3.35
Jan
1,280
2.50
June
4.80
Jan
1,100
4c
May
16c
Jan
Dominion Scottish Inv
Preferred.
2.30
1,200
2.10
Apr
2.55
Mar
Dominion Steel
»
207 H
2c
22
1
.50
B
Dom Stores
27c
Apr
60c
12c
4,000
9Ho
Apr
16c
Jan
17 X
18H
220
15 H
Apr
20H
Mar
33 H
520
30 H
Jan
34
Mar
207
*
500
1.23
July
1.85
Jan
1,900
1.45
Jan
1.95
June
1.60
1,200
1.18
Apr
1.72
Jan
Dorval SIscoe
1
Sherritt-Gordon Mines
1
1.06
1.02
1.06
4,550
90c June
1.44
Jan
Duquesne Mines
1
16
SIscoe Gold Mines Ltd
1
1.16
1.15
1.20
2,650
96c
1.65
Jan
East Crest Oil..
East Malartlc
42c 42He
1,600
40o
Apr
46c
46,582
43c
July
76c
79c
550
73o
3.50
3.50
75
Sylvanite Gold
1
Teck-Hughes Gold Ltd...l
4.15
Jan
74c
1.03
Feb
July
1.01
Mar
2.80
Apr
3.55
Jan
4.10
4.20
820
3.95
May
4.60
Mar
Ventures Ltd
*
4.85
5.15
170
4.60
July
5.75
Mar
Walte-Amulet
*
7.00
7.10
500
5.70
Apr
8.10
Jan
Wood Cad
1
11c llHc
8.15
5,150
8H0
Apr
18HC
Jan
550
7.50
Apr
8.85
Mar
HHc
Wright Hargreaves
8.10
_*
Home OH Co
•
2.15
2.05
Royallte Oil Co
*
34 H
34 H
35 Ho
July
75c
Jan
2.18
1,100
2,435
2.00
Jan
3.70
Jan
34 H
100
31%
Apr
44H
Jan
35He 35Hc
1.15
25
23 H
Federal-Klrkland
1
5c
Ferland
1
..."
»
Gatlneau Power
*
Preferred
100
Friday
Last
Sale
Stocks—
Par
Price
Abltlbl
Week's Range
of Prices
High
Low
50c
100
preferred
6%
Sales
Afton Mines Ltd
1
Alberta Pacific Grain
*
Preferred
100
'
Aldermac Copper
Algoma Steel
Arum
20
Arntfleld Gold
Astoria Que
1
Aunor Gold Mines
1
Bagamac
Granada Mines
Jan
21H
Jan
Jan
Gypsum Lime & Alabas..*
May
24
June
52c
Jan
Apr
10c
5,000
95c
97c
2,980
82c
Apr
1.52
Jan
2.25
2.30
300
2.30
July
3.25
Mar
10Hc
3c
3Hc
2,300
9Hc
July
17Hc
Feb
2,000
2 He
May
6Hc
Feb
1.75 June
2.78
July
10c
"3
He
2.70
8c
21c
2.69
7Hc
20c
2.87 122,721
8c
22c
2,050
8,310
8 He June
7Hc
July
18c
Apr
17o
Jan
23c
38c
Jan
Jan
Bank of Nova Scotia... 100
300
301
35
300
Feb
310
Feb
Bank of Toronto
252
252
7
239
Jan
255
July
7
100
Barkers
400
4
Mar
7H
June
37 H
100
20
Jan
37 H
July
14c
3,700
30c
Jan
12c 13 He
4,800
lie
Mar
32c
Jau
3,773
1.00
Apr
1.40
Jan
6H
...
Preferred
50
Base Metals
*
Bear Exploration
Beattle Gold
37 H
35
1
14c
14c
1.25
1.20
Beatty A
1.25
Beauharnols
5
60
4H
July
105
100
105
5
99 H
Jan
4
Bell Telephone Co
22
4H
175 H
227
—1
17c
4,600
13c
5,401
17.4
15 He
13c
10Hc
3H
10
8c
10c
11X
Bldgood Klrkland
Big Missouri
175
3H
100
HH
Blue Ribbon..
Bob Jo
15 He
..............1
Bralorne
Brazilian Traction.
*
Brewers & Distillers
8H
5
British American Oil
*
Brit Col Power A
*
British Dominion Oil
'22
H
26 H
*
"46c
Broulan-Porcuplne
Brown Oil
*
Buffalo-Ankerlte
Bunker Hill..
*
Oils
1.95
32c
*
B
5
50
100
30c
Jan
30C
Jan
4
Jan
July
6,250
8c
July
22c
Feb
365
9H
Apr
12H
June
2,220
7H
Jan
12 H
5H
Mar
239
19H
May
23 H
Jan
6
21H
A pi
July
3,000
7c
45c 50 He 128,750
11%
17
17
30c
4H
June
Mar
8c
June
27%
21Hc
28c
Apr
75c
Jan
500
18c
Apr
33c
Jan
260
10H
Mar
185
20c
1.90
4
14
Apr
15 %
17
Mar
5 He
Apr
HHc
Jan
5,800
1.95
2,830
32c
3,700
5
55
7%
380
1.81
Apr
28c
June
3H
May
Jan
Jan
2.80
Jan
65c
Jan
5H
Jan
10
49
Apr
66
7
July
10H
Apr
101H
93 H
95 H
18
89 H
37 H
50
32
15%
15%
175
Canada Packers
83
82
83
90
150
150
10
140 H
*
July
10c June
37
...
Feb
June
3H
15 H
Malting..
5
178
1,780
7
Preferred...
l5Hc
Jan
Jan
2H
165
Canada North Power....*
Canada
July
4H
54 H
Canada Cement
Jan
8H
105
22%
4H
22H
26 H
26 H
10c 10Hc
6Hc
1
Canada Bread
8H
11%
17
_*
Calgary & Edmonton
8H
20c
1
Building Products (new).*
Calmont
12c May
5
1st preferred...
14H
66
Jan
May
56
Jan
Mar
Mar
38
June
17H
Mar
May
83
July
I Feb
152
Mar
Canada Permanent
100
Canada Steamships
*
1.50
1.50
5
1.50
July
2.63
Mar
Canada Steamships pref.50
Canada Wire A
*
7 H
8%
174
7H
June
10H
Mar
_
.
.
_
55
15
.........
Canadian Bakeries preflOO
Canadian
Breweries
55
17
15
15
68
15
40
_
.
B
40
20
30
1.10
Preferred
*
20
Cndn Bk of Commerce. 100
167
Canadian Can A
20
B
17
Preferred...
Apr
22
Feb
May
45
Jan
21H
169
40
18
Apr
23
Mar
97
159
Apr
179
Mar
May
19
Mar
18
95
90c
16H
June
7H
340
6
May
9
9H
200
6%
June
Canadian
.
34 H
July
23 H
Jan
1.50 May
2.75
Jan
1.03
Jan
2.00
1,020
Chemical Research
2,650
69c
Apr
14H
500
13H
May
4
3H
*
17H
106
....100
Central Patricia
Central Porcupine
76 c
*
^
Wirebound
Carnation pref
122
Jan
3H
Apr
6H
May
45
3
Jan
3H
Apr
75
16
May
20 H
Mar
Mar
2.05
Apr
2 75
Jan
11 He
14c
41,000
6c
Jan
14Hc
June
30c
30c
1,600
27 He
May
70c
Feb
1.04
1.08
4,425
80c
Apr
1.39
Jan
55c
55c
Jan
85c
To5
55c
Mar
Jan
Apr
6 00
Mar
Apr
23H
July
19
Apr
24
Mar
4HC
5c
14.900
3Hc
500
26
20 H
4.50
6
20c 20Hc
13 %
14H
1,348
1,300
3 He June
3 He
July
8Ho
17c
25
May
33
Apr
23 %
Jan
15c
Apr
26Ho
July
Jan
16H
Mar
Apr
95
June
Jan
6
Mar
169
11
94 H
333
87
50
2H
30
5
12,300
16,950
24,100
1,300
20c 23 He
33c
4Hc
5c
May
Jan
7H
llHc
Feb
IHc June
4c
Mar
4o
500
11,000
Jan
16H
4H
5H
4
Jan
Feb
Jan
20c
Feb
15c
•
Mar
28c
Jan
32c June
60c
Jan
4Hc
37c May
15
73
13Hc
66
58
13H0
3o June
72
57
July
Apr
May
55
78
Jan
Mar
58 H
June
Jan
7c
Jan
6H
Apr
July
Jan
11
j
4H
12
110
10H
May
17
10 H
10 H
180
10
June
12H May
48 He
11
.._*
2lHc
.Tan
36c
Jan
Halcrow-Swazey
50c
1,800
40c
775
3H
Apr
2He
11,000
lc
May
4H
108
June
iHc
.1
Ilalliwell
1
Harker
3 He
1
Hard Rock
1.00
Hinde& Dauch
..*
Holllnger Consolidated-
.
_
5
Home Oil Co
*
Homestead Oil..
"2.12
9c
..1
Howey Gold
1
Hudson Bay Min & Sm_.*
Huron & Erie
100
Imperial Bank.
100
35c
Im perial Tobacco
7,570
9c
2,900
15c
1,800
9 H
9H
15
15H
2,065
2.06
2.16
5,345
8,700
5,600
7 He
35c
33 H
70
67
215
215
219
15
Mar
Jan
640
Jan
6H
Jan
30c
Intl Milling pref
10U
*
International Petroleum
"is"
Jan
15c
8
13 H
Apr
15H
July
1.98
Jan
3.76
Jan
7Ho June
26He
Jan
24c
Jan
31c
Mar
July
35 H
17
16
202 H
Feb
6,954
14
490
15
2,000
June
Apr
45c
Jan
7H
Mar
70
Apr
Apr
107
25
104
Feb
45 H
48 H
21H
22 H
1.07
100
18c
2,090
16HC May
56 H
20 H
July
27 H
Jan
1.04 June
1.26
Apr
34c
Jan
1,000
70
1.92
1.85
2.00
1.52
1.48
1.54
1
11c
10c
11c
40,218
21,910
17.901
1.47
1
3c
5c
9
11 He
Mar
13Hc
12
Jan
Jan
Feb
Apr
2.08
1.15
Jan
1.75
Mar
7c
Feb
11c
July
Jan
41
39 H
41
1,725
75
75
75
300
32 H
50c
Mar
Apr
50 H
*
;
3.25
Mar
17
17
110
13 H
Apr
17
July
6.95
July
54c
Jan
*
Lamaque Gold Mines
Lapa Cadillac
6.85
*
..1
3
1
Laura Secord (new)
Lava Cap
Lebel Oro
_
12 %
J
15HC
12H
3 He
6.95
16c
1,153
16,200
5.50
10 H
Apr
71c
83c
955
1,210
59c
Mar
3c
3Hc
7,500
3c
July
82 He 83He
10,850
63c
Apr
Apr
3.60
Jan
Apr
25 H
July
Apr
23 H
July
Jan
1
Little Long Lac
*
2.75
2.75
2.85
3,658
2.60
Loblaw A
*
25H
24H
25H
620
23H
23 H
260
22 H
21
B
*
Macassa Mines
2,325
3.85
Apr
5.90
4,275
1.70
Apr
3.20
30c
Mar
55c
Jan
72c
7,350
43c
Jan
75c
May
lc
1 He
8
8,500
He May
IHc
Jan
July
1.25
1.50
685
1.00
Apr
4H
40
3c
2H
2Hc
Apr
Apr
,5H
1,000
1,470
46 H
1,275
69c
Manitoba
*
1 He
Maple Leaf Gardens pref 10
Maple Leaf Milling
_*
"l~25
8
*
4
3C
.1
...
_
*
5H
4 H
100
McColl Frontenac.
Preferred
46
42
*
Preferred
6
6
100
Mclntyre Mines
McK&izie Red Lake..
..6
1
1.28
16c
McWatters Gold........*
Mining Corn
*
Monarch Oils
935
49 %
1.03
Apr
7,500
6c
Mar
National Trust.
Naybob Gold.
Jan
7H
60
94
Mar
Mar
59
1
Jan
Jan
7H
Mar
38
May
20 Ho June
65c
19,000
1,594
75c
Jan
2.05
Jan
8c
1,000
8c
July
12Hc
Jan
1.07
4,830
89c
Apr
1.45
Jau
6Hc
6 He
40
813
7c
38c
Apr
1.05 June
35
Mar
40
Jan
5,900
6c
June
20c
5
75
4H
Apr
6%
23 %
24
80
45
48 H
5
.520
48
100
I
Mar
1.16
38 H
»
Jan
H
7c
8c
*
National Steel Car
4
1.12
39 H
National Grocers
Apr
8
1.65
J.n
54c
"lT2
1.00
1
5H June
82 H
Feb
9,145
._*
—
41
Apr
Apr
1.32
Too
Morrls-Klrkland
Preferred
88
2H
29 H
57 H
1
Moore Corp
380
5H May
15c 16 He
1.26
,25c
Moneta
100
6
87 H
56
1
M c Vlttle-Graham
June
3,200
70c
Massey-Harris
90c
4.55
1
Maralgo
Jan
2.01
Malartlc Gold
Preferred
8H0
1.95
1.99
35 He
Eastern
Jan
85c June
35He 37He
1
..1
Madsen Red Lake
13 H
4.50
J
MacLeod Cockshutt
Feb
14Hc June
Jan
12 %
71c
Leltch Gold
,
198
15 He
198
230
2
15c 17Hc
23
May
25
43 H
May
61H
190
Jan
Jan
Jan
June
200
Jau
June
Niplsslng
Mines.
No oar value
*
2Hc
3c
93,000
3,000
2 He
July
9c
.1
12c
12Hc
1,800
9c
July
25c
Jan
__5
Newbec Mines
New Gold Rose
•
May
May
Jan
1
Lake Shore
Lake Sulphite
Lake of the Woods
Noranda
Jan
July
Apr
9,380
Klrkland Lake
107
42 H
6c
Laguna
17H Mar
16H June
91H
55
75
5,155
2,855
Jan
Mar
June
3H
5
10H
1
70H
221
Apr
6 He
Kerr-Addison
Feb
22c
6c
6c
Jan
22 H
64 H
680
10 H
*
Jan
15
5Hc
1
Kelvlnator
35o
Apr
88
1
Jelllcoe Cons
Apr
1.07
1
Jacola Mines
Jan
10c
17 He
22 H
Island Mountain MinesSOc
Jack Walte..
Jan
1.95
105
87 H
100
....
International Nickel
6c
Apr
6c May
94c
85
4H
Intl Metal pref
3Hc May
2Hc May
30c
16H
Intl Metals A
5,500
15H
5
.....1
Inspiration
10c
33c
32 H
33
15
Imperial Oil
1.03
15H
9H
4c
99c
15c
»
High wood-Sarcee.
3Hc
8Hc
_.l
Feb
25c
3,500
1,000
50c
25c
13c
1
May
103 H
.1
*
106
2,411
106
Jan
25
2.43
Commercial Pptrnleum... *
4H
3H
17H
5
Jan
1,895
2.45
__
117
20
„
2.50
1
Chestervllle-Larder Lake. 1
Chromium
June
14
117
100
.
Jan
18
85
14H
.
18
55
16
75c
2/
Canadian Wine
Jan
7H
21H
1.80
Canadian Oil
R
Jan
14
Malartlc.....
Preferred
1.80
21H
*
Cndn Industrial Alcohol A*
Canadian
Feb
65
6%
26
65
1.10
*
Canadian Dredge
P
July
*
Can Car & Foundry
C
55
2.36
Jan
14H
275
3H
7,900
7
Feb
4Hc
34c
260
8
105
Greening Wire..
14
July
5,000
Gunnar Gold.-
15
5
4,000
Jan
115
16
4c
Jan
10
Mar
3H
Mar
7
33
5Hc
4c
Mar
2.79
3c
30c
13o
Apr
Apr
3H
2H
Mar
Mar
July
1.05
5Hc
1H June
Mar
27c
Apr
25
3c
15Hc June
30c
2.02
3H
Great Lakes Voting pref..*
May
7
»Ho
June
5Hc
1
175
Feb
5
*
500
2c
14o
72
*58"
7H
June
__*
Grandoro
Great Lake voting
6,000
9HC
2.30
1
Cons
3H June
2H
50
2c
10
1
Bankfield
Mar
*
16c.
1
-
50c
Goodyear
5c
Jan
19
33c
1
12H
Jan
4 H
Jan
Feb
12
37c
20c
Gold Eagle........
Preferred
High
5.40
34c
34c
1
4H
4Ho June
Feb
2.00
30
1,145
5
*
Apr
Mar
23 %
92 H
-_..50c
25
Mar
June
23 H
2c
God's Lake
Goldale Mines...
Gold Belt..
3Hc
H
1
__
19
Jan
22 H
7 He
2c
2H
21H
*
*
920
575
Low
5H
7c
16c
20
..1
Dev
55c
2c
30HC
Gold Mines
Anglo-Can Hold
Week
Shares
94
210H
Jan
20
1.18
25
.1
2H
16c
*
Anglo-Huronlan
Range Since Jan. 1, 1939
3%
3H
1
AjaxO&G
50c
for
"14H
4H
Glenora
July 8 to July 14, both inclusive, compiled from official sales lists
16,620
4,150
May
7H
500
2.62
Apr
8H0
75c June
100
19H
20
19
9,600
9,800
5c
Apr
25
210
7
5 He
26
»
Gillies Lake
Exchange
1.12
200
674
3 He
*
Rights
General Steel Wares
Toronto Stock
2.49
23
*
70
17H
5.15
*
...1
Francoeur
35
5
5c
5
Fleury-Blssell pref—... 100
Oil—
*
2~60
.......
320
75c
HH
25
Ford A
Dalhousle Oil Co
22 H
5c
1
Fanny Farmer
July
29
15
A
Falconbridge
Famous Players
Feb
2c
5
.1
Eldorado
English Electric
Equitable Life
15H
75c
•
44c
11
2,000
29
5Hc
76c
36
18%
2Hc
6H
1.45
1.89
Dominion Tar
207 H
18 H
2c
10H
25
1.45
42c
Mar
3,000
3,771
3He June
29c
22
1.47
45c
35
5c
28c
75c
.....
1.82
1
Jan
25
16 %
27
Jan
32 H
"18H
1.89
1
Jan
175
27c
12c
1.60
*
22
14
4HC
"29c
1
Stadacona (new)
June
30
„
2.58
Sladen Mai
June
30
Dominion Bank
;
100
Dominion Coal pref.
25
Dominion Exploration
1
4Hc
Sullivan Consolidated
Jan
183
15
*
4Hc
Apr
61
18
1
Gold
July
May
Apr
18
*
June
11c
37%
93
Distillers Seagrams
Dome Mines (new)
17H
60
178
30
July
1,442
177
1
July
2.34
Apr
Apr
4,000
178
.
Jan
2.00
1.26
20c
42
Coal.—"IlOO
Dark water
8H
16H
11c
40
Davles Petroleum
*
Denlson Nickel Mines.._1
High
Apr
1.39 May
83,900
20c
*
5
600
2.07
100
Consumers Gas
Low
350
41
Preston-East Dome
Perron
Range Since Jan. 1, 1939
Shares
1.76
"2AO
1
Cosmos
Crows Nest
Low
6%
*
Dominion Foundry
2.35
4Mc
Price
.6
2.25
*
1
300
Jan
*
Smelters
2.50
1
Pamour-Porc u pine
1.20
2,000
25c
*
Pandora-Cadillac Gold
Mar
500
1,394
30c
O'Brien Gold
Feb
1.74
1.54
40 H
*
__ _
6HC
1.54
New True Fissure
:
Apr
Jan
3Hc
63c
N ormetal M inlng
3c
44c
Apr
39 H
McWatters Gold..
Newbec Mines
22c
3Hc
1
Melntyre-Porcuplne
30c
Jan
8c
~40 H
Klrkland Lake Gold—— 1
Lake Shore Mines Ltd
30c
Jan
Week
_5
Eldorado Gold M Ltd
17c
for
of Prices
_*
Coniagas
'
Week's Range
Sale
Range Since Jan. 1, 1939
Conlarum Mines
Consolidated Bakeries
Consol Chlbougamau
11c
Sales
Last
Week
Price
Exchange
Friday
Sales
1.35
1.35
380
1.28
July
80
Mar
•
79 H
78 H
80
4,004
15o
70
July
Apr
51Hc
1
82
Jan
Jan
Mar
The Commercial & Financial Chronicle
Toronto
Last
Stocks
Par
(Concluded)
Norgold Mines
——
51c
7,900
44c
Apr
60c
Mar
July
9.25
570
8.00
Apr
9.25
2.40
3,000
2.01
Apr
3.35
Jan
1.03
Apr
1.73
Jan
VAc
2,025
1,500
91c
lc
lc
July
2Hc
Jan
34c
3,000
25c
May
53c
Jan
127
J .60
231
94
2.60
5c
Jan
700
4%c
500
3,800
2Hc
July
39c
4lHc
33,100
35c
Apr
1.80
1.87
2,000
1.45
Jan
"4~.6~5
4.65
4.75
2,414
4.40 June
2.42
2.40
2.45
1.93
1.85
1.96
1,311
10,300
0%
1.80
9H
95
1*85
1.85
1,150
1.56
1.49
1.60
24,695
4c
4c
1,000
48c
49c
4,400
6c
Gold——
1
Rou.—————*
Corp
—*
}
6c
910
Sllverwoods pre!—
2.25
1.71
5Hc May
17c
Jan
1.25 June
7.00
278
5.50
1.50
50
1.50
3H
Apr
5
Jan
Jan
7.20
Mar
July
2.75
3
Mar
5
10
78
Apr
94
1.15
1.19
2,120
96c
40Hc
43c
4,700
37c June
5c
5Hc
3,500
6c
June
44c 45 He
23,411
43Hc
July
Apr
1.65
8
Jan
Apr
27H
20 H
110
16 %
Jan
21
76
290
66 H
Apr
77 H
73 %
115
65
Jan
75
4c
21,200
3HcJune
6<j
6c
77c
77c
950
"3*40
3.35
3.45
4,739
12H
12H
105
*
"4*25
3,655
4.25
10
-1
*
1.75
1.80
250
113
25
13
13H
44
79
79
17
5
20c
2H
500
2.H
1.32
20c
.
60
1*21
1.20
14
13 %
31
14
31
25
3H
4
730
60
"3 H
Wlltsey-Coghlln
Winnipeg Electric A
11,730
505
Apr
8H May
1.74
Apr
4.70
JaD
11
Mar
2.30
Jan
16%
Jan
41H June
46
Feb
79
90
Feb
10
Mar
June
20c
2
July
June
1.03
11
Mar
Apr
28
May
3H June
40c
Jan
3
Mar
1.65
Jan
15
June
38
Feb
7
Jan
5.80
Jan
438
4,500
19H
Jan
8He May
20
10c
15
25
4.30
Apr
5.50
Apr
8.25
Jan
Apr
51H
Jan
H
Jan
Feb
15c
June
22
6
10%
11
330
94
94
94
5
3^c
3Hc
3Hc
2,000
1.50
1.55
218
1.50
30
1.50
July
2.00
Mar
11c
11c
900
9c
Apr
18He
8.90
Jan
Mar
22
1
Apr
9%
85
Apr
May
Jan
June
8Hc
Jan
1.25 May
2.12
Mar
8.10
8.00
8.15
6,460
7.30
Apr
*
-
12H
95
Mar
3Hc
*
Wright Hargreaves
Ymir Yankee
51
54
Eraser Co 6s
1649
Jan 11950
90
92
Gatlneau Power 3^8-1969
98 H
99%
United Grain Grow 5s. 1948
95
Gt Lakes Pap Co 1st 5s '55
80
81
United Secure Ltd 5 Hs *62
63
Winnipeg Elec 4H8—1960
4-5s series A.
1965
103
1965
fo2
4%s series B
5Hc
5 He
5Hc
2,000
5c
May
102H
Nfld 5s '68
Co
Int Pr A Pap of
9
c
Mar
Exchange—Curb Section
5 Ha
1961
69
71
5e
1951
34
35
f Flat price.
•No par value.
4-5a series B
n
Last
Sales
Week's Range
Sale
Stocks—•
Par
Price
of Prices
IjOw
High
In the following we compare
for
banks
Range Since Jan. 1,1939
for,
Week
CONDITION
OF
lc
1,500
4H
110
Canada Vinegars—
UH
"H
89
11
Canada Machine pref.. ioo
Coast Copper
—5
18
20
8
18
_
_
1.75
1.85
S
6,026,933
5,866,982
Deposits with Bank of Canada
Notes of other banks
Pawnee-Kirkland
Pend Oreille
Robt Simpson pref
100
with
made
balance
and
due
3,535,556
Shawlnlgan.
"19 H
Apr
July
Jan
1,000
lc
7,500
lc
1.45
2,455
1.21
June
lc
1,000
He
Mar
137 H
2
198
19H
"l
2.50
Mar
7H
ents in the United Kingdom
Feb
1H May
80
18H
10
20
34
34
7c
115
100
500
7c
Apr
Jan
H
National
Quotation Bureau,
May
10c June
2c
Feb
1.95
Jan
lHc Jan
137H July
3
Jan
22 %
Mar
July
38%
Jan
Apr
14HC
Feb
6Hc
United Kingdom
Dominion
.. ————_
,197,855,150
ish,
and
foreign
public
colonial
se¬
181,536,04C
curities other than Canadian
Railway and other bonds, debs. & stocks
series
of
14
recently
published
New York, is distributing
a
advertisements
con
presenting
its
policies and aims.
—The
New
York
Curb
Exchange has issued
a
tures, bonds and other
a
sufficient
The booklet
covers
booklet
containing
an
value
55,120,863
49,677,624
Elsewhere
that
the
twentieth
edition
of
150 Broadway, New York City,
their
York Laws Affecting Business Corporations" is
54,412,534
-
821,545,250
43,929,725
814,102,924
141,131,168
Other current loans A discts. in Canada..
143,289,500
annual
now
65,706,387
57,891,739
769,128,651
162,344,283
Loans to the Government of Canada
22,587,745
17",762l073
119,077,412
112,724,402
8,967,375
7,872,787
4,204,978
8,942,465
7,887.057
4,265,634
10,035,596
72,242,133
72,226,657
73,617,862
52,255,459
53,552.427
57,958,042
5,494,064
11,566,700
5,490,826
11,320,184
6,001,420
11,472,624
2,351,087
estimated loss
loans,
21,837*,870
119,972,976
Loans to Provincial governments--Loans to cities, towns, municipalities
2,307,469
2,215,185
pro¬
vided for
Real estate other than bank premises
real estate sold by bankpremises at not more than cost
Bank
on
Deposit
as
per contra
with
Minister
the
of
8,374,535
4,420,457
Finance
for the security of note circulation
cos.—
going heads
Total assets
3,521,078,908 3,495,562,417 3,331,522,866
—
Liabilities
90,295,577
94,862,028
97,298,721
114,024,712
30,543.589
59,006,072
47*,498*,284
66,124,003
48,105,702
684,281,640
Notes in circulation..
715,599,245
669,938,337
Balance due to Dominion Govt, after de¬
ducting adv. for credits, pay-lists, &c.
Advances under the Finance Act
—
Balance due to Provincial governments-
Deposits by the puDllc, payable on de¬
mand In Canada
Deposits
by the public, payable after
notice or on a fixed day in CanadaDeposits elsewhere than in Canada
Loans from other banks In
Canada,
secured, including bills rediscounted—
Deposits made by and balances due to
Elsewhere
,678,363,561 1,696,974,403 1,625,497,864
467,875,156
404,306,127
484,393,814
14,943,723
14,302,974
14,109,121
13,809,021
than
11,165,714
42,836,971
85,382
44,900,958
44,039,547
235,012
52,255,459
3,532,244
2,194,141
133,750,000
145,500,000
53,552,427
3,838,300
2,781,446
57,958,042
133,7.50,000
133,750.000
145,500,000
145,500,000
Kingdom.
Canada
In
Bills payable
Acceptances
and
the
..
and
letters
of
credit
or reserve
Capital paid
fund
up
68,882
out¬
standing
Rest
publication,
"New
ready for distribution.
17,793,793
banking correspond
United Kingdom
Total liabilities.
—The United States Corporation Co.,
177,469,164
123,899,962
to
Elsewhere than In Canada
25 industries, in addition to several
miscellaneous companies.
announce
127,635,055
securities of
marketable
cover
Liabilities not incl. under foregoing heads
Dividends declared and unpaid
industrial classification of 1,110 issues of stocks dealt in currently on the
New York Curb.
178,452,062
125,069,080
(not exceeding 30 days)
loans In Canada on stocks, deben¬
Call and short
Due to banks and
together with pertinent information about its quotation facilities and
a
1,202,765,958 1,148,028,856
Canadian municipal securities and Brit¬
booklet listing and explaining the standards and requirements of the Bureau
taining
86,898,985
194,817,730
Provincial
and
Government
Government securities
other banks In Canada...
NOTICES
Inc.,
202,402,841
ents elsewhere than in Canada
ents In the United
—The
39,782,724
correspond¬
and the
Due from banks and banking
15H June
8
Apr
33
No par value.
CURRENT
4,388,301
15,618,755
Jan
37
July
34
...
Supertest ordinary
Temlskamlng Mining..
Apr
3H May
23 H
12
9c
2
4,852,600
29,382,530
from other banks in Canada
Due from banks and banking correspond¬
Other assets not included under the fore¬
Apr
8c July
136
136H
Feb
3Hc
24,950,867
108,518,420
including bills rediscounted
Deposits
Shares of and loans to controlled
lc
Rogers Majestic A..... __*
52,185,613
189,130,979
6,416,259
31,844,046
July
1.35
1.42
-.1
48,358,848
206,187,420
5,151,509
28,683,373
100,919,711
105,109,872
Mar
5H
...1
Robb-Montbray
10,199,360
Cheques on other banks
Loans to other banks In Canada, secured,
14
29 H
-.1
.....
11,141,600
United States & other foreign currencies
20
55
8c
-.1
5,452,012
4,747,348
54,661,201
205,355,441
5,777,853
Total.
Apr
204
6
31H
5,619,016
—
Apr
8c
32
5.522,584
11,893,915
In Canada
July
1.50
DOMINION
Mag 31. 1939 Apr. 29, 1939 Mag 31, 1938
subsidiary coin-
5
32 H
6
6
Montreal L H & P
....
70
July
lc
Mercury Mills pref—'.. 100
Oslsko Lake..
85
27 H
14
12
...
lc
3% June
957
4
27
*
Humberstone
300
1.85
3%
3H
*
II*
53
of Canadian Banks
BANKS OF THE
THE
OF
less amounts (If any) written off
Liabilities of customers under letters of
High
Low
Shares
lc
Consolidated Paper
Dominion Bridge
72 H
the condition of the Canadian
Elsewhere
Mortgages
4H
-.1
Canada Bud Brew
71%
1939, with the figures for April 29,
May 31,
Current gold and
credit
Brett-Trethe wey
97
Nominal.
Comparative Figures of Condition
Non-current
July 8 to July 14, both inclusive, compiled from official sales lists
Friday
106
103H 105
— -
Lake St John Pr A Pap
and school districts
Toronto Stock
106H 106H
103H 104H
Shawlnlgan W A P 4Hs "67
Smith H Pa Mills 4 Ha *61
Notes of Bank of Canada
12 H June
20 H
B__.
Wood-Cadillac
Eastern Dairies 6s
*66
1966
Saguenay Power 4Hs A
Jan
Apr
20
*
East Kootenay Pow 7s 1942
98
Jan
11
20 H
1
98
69
Feb
38
*
79
97
1.01
474
100
Preferred
91H
77
101
67
4s
3.55
1,320
He
90 H
Ltd 5Hb '47
4a
1956
Dom Gas A Elec 6 Hs_ 1945
Donnacona Paper Co—
14HC
9,570
9
Provlncla ;Pap
35 H
34H
1961
ex-atock
July
5.00
pref 100
Westons
5 Ha
105
1957
deb
Dominion notes
Apr
3.80
Jan
1.50
Western Can Flour
Consol Pap Corp—
conv
99H
102H 103H
Jan
7.20
6.75
5s
Price Brothers let 58—1957
76
2nd
Jan
44 H
4.95
1
Wendigo
73
98 H
Corp. of Can 4 Hs'59
—Dec 1 1957
Jan
*
Preferred
102
Canadian Vlckers Co 6a '47
Assets
lie
43
4.95
7.10
Canadian Lt A Pow 5s 1949
Power
1941
Mar
June
44
.*
Amulet
102 % 103H
92 H
91H
Montreal Tramway 6a
OF CANADA
June
*
—*
Ventures.
Walkers..
Canada North Pow 5S.1953
3.00
75c June
4.20
1
107
Canadian Inter Pap 6s 1949
3 Ha
105H
106
24Hc
2.78
10
44
6c
1,000
.*
.*
104 %
104% 105%
102% 103H
1956
1973
3 Hs
Calgary Power Co 6s—1960
Canada Bread 6s
1941
Apr
12c May
1.80
—-1
.*
6c
61
58
Montreal L H A P—
June
3
15
72
—
42
Feb
1.03
41
105
72
"20c
40
Jan
20
Toronto General Trust. 100
1958
104H 105%
Montreal Island Pr 5Hs *67
Burns A Co 5b
Jan
13c
20
7H
44
34
STATEMENT
Jan
80c
20
50
33
June
1.15
1
2Hs to'38-6 Ha to *49—
1946
1939, and May 31, 1938.
June
40 He
-.1
Mar
60
92
92
74 X
107 H 108
Brown Co lst5Ha
Feb
4H
Mar
1.45
85c June
1,070
*
Apr
1.50
~~44c
99H 100
68.1955
Bell Tel Co of Can
1.88 June
Jan
10c
155
Maple Leaf Milling—
Beauharnots Pr Corp 58 '73
Jan
23,479
4
90 H
B_
Feb
1.18
92c
2,800
United Fuel A
Mar
1.10
4
90 H
1952
5 Ha series
Jan
1.00
18c
United Steel
11HC
92
Mar
6,791
2.20
Gas
46c
2,700
1,015
2.15
Uchi Gold
Mar
20c
1.72
3*Ac
Twin City
Jan
44 H
15Hc
4H
.1
*
Feb
9c
Jan
192
16Hc
Towagmac
Jan
1.76
Apr
18c
Preferred—
2.40
Apr
Apr
*8 He
Toronto Elevator
June
1.17
3Hc May
Apr
1
Toburn.
Mar
2.70
9 He
*
Hughes
Jan
12H
32
—*
Tip Top Tailors
2.45
Apr
178
Sudbury Basin
Tamblyn—
Apr
9
103
Sturgeon River
Sylvanlte Gold
Apr
1.18
114
Lake-
Sullivan
Jan
7.00
SIscoe Gold
Sudbury Contact
5.60
2,100
1.01
-100 "92*"
Straw Lake Beach
1.95 June
11c
1.18
—*
— 1
Malartlc——1
1
Stadacona
*
Standard Chemical
*
Preferred
-----——100
Stedinan
*
Steel of Canada
*
Preferred
-26
Jan
35H
190
1.22
4
Sladen
61c
11c 11 He
1.22
"He
*
Simpsons B
Preferred
Feb
Mar
1.68
8t Anthony...
Jan
7He
7Hc
9Hc
——
1
San Antonio
1
Sand River Gold
——1
Sheep Creek
60c
Sherrltt-Gordon
---1
Slgman Mines, Quebec
SUverwoods
*
3c June
35 A
190
100
*
Bank
Royal lte Oil—
7c
Apr
4c
Roche LL
Walte
16c
3c
"41c
Dome———-1
Red Crest————
*
Reno Gold——--1
Union
Jan
4c
i
Premier
Teck
Jan
4.75
2 He
Gold——J—J
4.25 June
104 H
4c May
1,500
5%c
Jan
Apr
June
2.48
9,625
5Mc
"5%'c
Preston E
Slave
102
2.45
5c
Pioneer
Royal
4.25
4.25
101
2*45
*
Crow
Power
Jan
'"lc
Paymaster Cons—--—-1
Perron Gold
1
Powell
70c
32c
*
Pantepec
———-1
Partanen-Malrobic ------1
Pickle
Apr
1.00
Pandora-Cadillac--——1
Pauiore
Feb
38c
3Hc June
8.90
Orange Crush-——-—*
Page-Hersey
-
Porcupine
6c
1,960
2.35
2.35
Olga Gas
Omega Gold————-I
Pamour
2,000
51c
*
—
4c
40c
Ask
ma
Manitoba Power 5H8.1951
45%
89
1946
Alberta Pac Grain 68-.
4c
—-—*
Northern Empire------1
Okalta OH
44%
High
40c
1
Northern Canada..
Gold
Low
Shares
High
Ask
Hid
Week
of Prices
Normetal
O'Brien
1, 1939
Range Since Jan.
for
Week's Range
IjOW
quotations, Friday, July 14
Closing bid and asked
Hales
Sale
Price
Utility Bonds
Industrial and Public
Stock Exchange
Friday
1939
July
3.5
<H Fl
I f G(8 f
Note—O.'
the above do not exactly agree with the totals given.
2,883,838
2,364,170
5r3.319.842.992
rts, the footings
Volume
The Commercial & Financial Chronicle
149
Quotations
New York
Bid
Over-the-Counter
on
Securities—Friday July 14
City Bonds
Ask
New York Bank Stocks
Bid
!i
a3s
Jan
1 1977.
101
102
04 J*s Apr
a3s
Feb
1 1979.
101
102
a4*is Apr 15 1972.
Ask
Par
Bank of Manhattan Co.
10
Bank of Yorktown__66 2-3
Bid
_
119
1 1966.
120*4
104
105
o4HB June 1 1974.
107
o3Jis July 11975
o3Kb May 1 1954
03 Hs Nov 1 1954
108*4
a4*48 Feb 15 1976.
120*4 122
121
122*4
121H 123*4
122
107*4 108*4
«4*4s Jan
1 1977.
a4*4sNov
15
108*4
04^8 Mar
1 1981.
113*4
399
o4Ha May 1 1957
a4a
Nov
114*4
o4Hs Nov
1 1957
a 4s
May 1 1959
113
114*4
o4*4s Mar
1 1963
122
123*4
o4s
May 1 1977
117
118*4
a4*4s June 1 1965
122*4
Oct
118
119*4
117*4 119
a4*4s July
11967
o4 Ha Dec
15 1971
123*4 124*4
125*4 126*4
118*4 119*4
118*4 120*4
o4J4s Dec
1 1979
127*4 129*4
National Bronx Bank
National City
100
National
a3*4s Mar
1 1960
106*4
106*4
112*4
112*4
a3*4sJan 15 1976
a4s
May 1 1957
1 1958
1 1980
a4*4sSept 1 1960
a4 Hb Mar
1 1962
04 Hb Mar
11964
108
*78.
13.55
168
Bid
174
1845
105
100
1
less
1
Canal A Highway—
Highway
5s Jan A Mar 1964 to'71
62.40
Highway Imp 4*4s Sept '63
133
mmmm
142*4
Canal Imp 4*4s Jan 1964—
Can A High Imp 4*4s 1965
142*4
Canal Imp 4s JAJ '60 to '67
413
10
County
423
5334
55 34
7
434
5*4
100
72*4
77*4
133
54
29*4
31*4
Sterling Nat Bank A Tr 25
25
27
14*4
17*4
....
13*4
11*4
Bank
12*4
Companies
Par
20
58
59
10
12
13
A
Bid
ski
Fulton
195
210 &
Guaranty
264
269
Irving
11
Kings
County
12
1580
1620
26*4
29*4
14*4
Corn Exch Bk A Tr
....
9*4
Lawyers
47 34
48
98*4 101*4
9
4934
52
11
Manufacturers
39*4
Preferred
41*4
54*4
52*4
New York
112
Title Guarantee A Tr_ -20
115
4
5
'
Underwriters
mmmm
140
Barge CT 4*4s Jan 1 1945.
115*4
Bid
Ask
Gen A ref 4b Marl 1975_
Gen A ref 2d ser 3 *4 8 '65
108*4 109
106*4 106*4
105*4 106
Gen A ref 3d ser 3 *4s *76
Gen A ref 4th ser 3s 1976
102
102*4
105*4 106
1977
Holland Tunnel 4*4s ser E
1939-1941
MAS
1942-1960
1942-1960
MAS
90
1600
1650
INSURANCE ASSOCIATION
OF
PHILADELPHIA
INSURANCE COMPANY OF NORTH
0.80%
110*4 111*4
MAS
FIRE
FIRE ASSOCIATION
Ask
Inland Terminal 4*4s Ber D
1939-1941
MAS b
George Washington Bridge
4*4s ser B 1940-53.MAN
CAMDEN
Bid
Port of New York-
80
United States
We Maintain Trading Markets in:
Port of New York Authority Bonds
Gen A ref 3*4s
100
Empire...
....
Improvement—
4s Mar A 8ept 1958 to '67
47
25
10
Ask
Continental Bank A Tr.10
Ask
61.25
mmmm
■
Bid
Central Hanover
20
Chemical Bank A Trust. 10
Clinton Trust
50
Colonial Trust
25
World War Bonus—
4 *4 8 April 1940 to 1949—
50
New York Trust
Brooklyn
Bid
less
100
Par
Ask
62.15
14
Exchange
Peoples National
730
Merchants Bank
New York State Bonds
62.20
27
12
Trade
34*4
Fifth Avenue....
100
700
First National of N Y..100 1805
Bronx
3s 1981
44
25*4
gafety Bank. 12 *4
Penn
Ask
40
Public National
Commercial National..100
Bank of New York
Bankers
3s 1974
32*4
Bid
50
12*4
124*4
a4s
Chase
Par
18*4
45
75
Bensonhurst National...50
123*4
122*4 124
124*4 125*4
119*4 121
119*4 121*4
Ask
16*4
40
<6co.
AMERICA
%. J?ugdcr St (So.
Established 1895
1.00%
Members Philadelphia Stock Exchange
110
106
STOCK
%
EXCHANGE
BUILDING, PHILADELPHIA, PA.
N. Y. Tel.—Rector 2-3300
A. T. & T.
Tel.—Phla 220
United States insular Bonds
Bid
Ask
Philippine Government—
,
4*4s Oct
1959
115
4*48 July
1952
111*4 113
6b
5a
Apr
1955
Feb
5*48 Aug
101
1952
1941
*Ha wall
Insurance Companies
Ask
124
126
'•
118
119*4
5s
July 1948 opt 1243-
U S conversion 3s 1946
Conversion 3s 1947
JAJ
3a 1956 opt 1946
MAN
Ask
Home Fire Security
Homestead Fire
10
10
31*4
3334
Ins Co of North Amer
10
69
..25
77*4
21*4
20*4
81
—10
American
111*4 112*4
American Home
10
American of Newark___2*4
American
Equitable
5
Re-Insurance. 10
American Reserve
10
Bid
107*4 107*4
3*4s1956 opt 1945. —MAN
4s 1946 opt 1944—
113
113*4
Jersey Insurance of N Y
Knickerbocker
5
Lincoln Fire
5
13*4
9*4
14 *4
Maryland Casualty
1
Mass Bonding A Ins__12*4
58
60
41
43
Merch Fire Assur
42
46
7*4
8*4
3
4*4
7*4
23
27*4
50*4
52*4
35*4
6*4
•7*4
94*4
—100
Fire
5
3-25*4
624
20*4
634
22*4
27*4
Bid
100
4*4a
Central Illinois 6s
26
/22
/21*4
23*4
5*4
/3*4
/3*4
534
101*4 102*4
Chicago 4*4s and 4J4«
5s and 534s
Dallas 3s
__
Denver 3s..
26
99*4 101
...
First Carolines 5b
100
101
Bid
Lincoln 4J4b
6s
95
92
5*4s
4*48
100*4 102*4
4*43
100
101
96
New Orleans 5s
New York 5s
North Carolina 3s
100
100*4 102
84
94
Lafayette 58
99
99
Fire Assn of Phila
100
Fireman's Fd of San Fr.25
102
100
101
45
55
North
65
100
60
100
7
100
1
Lincoln
100
2
10
due
Oct.
due
Nov
1
Dec
1
National_25
125
130
Pacific Fire
25
116
119
10
77*4
81*4
6
17*4
34*4
19*4
36*4
Preferred
Accident
Providence-Washington .10
10*4
Reinsurance Corp (N Y)_2
29*4
31*4
42
44
Republic (Texas)
Revere (Paul) Fire
23*4
9*4
—10
10
7*4
...5
14
10*4
12
Great American
19
21*4
...15
66
69
—.5
preferred...
27
28*4
87
101
99*4 102
101
100
3*4
33*4
33*4124
4*4
Sun Life Assurance
100
380
430
24
Travelers
100
464
474
10
Hartford Fire
26*4
27*4
78
81
U S Fidelity A Guar Co..2
U 8 Fire
4
21*4
10
50*4
22*4
52*4
Hartford Steam boiler... 10
56
58
U S Guarantee
61
63
Home
32
34
Westchester
34*4
36*4
5
Bid
179
mmmm
75
Arundel Deb Corp 3-6s '53
/53
mmmrn
Associated Mtge Cos Ino—
Debenture 3-6s—.1953
56
22
27
110
74
77
San Antonio
6
1*4
4
Bid
Ask
Mar
85
67
Issues)
mm m mm
1945
56
49
June
1 1940
95
A j*
■mm
mm
mmmm
Inc 2-5s—
-—1953
2~6s
1953
82
mmmm
Potomac Cons Deb Corp—
3-6s
1953
52
54
50
53
Potomac Deb Corp 3-5s '53
Potomao Franklin Deb Co
3-6s
1953
54
98
Potomac Maryland Deben¬
Nat Bondholders part ctfs
series B & C
ture
Corp 3-6s
1953
90
/2l*4
24*4
Potomac Realty Atlantic
Deb Corp 3-6s
1953
51
/21*4
—
series A A D
1 1940 6 .30%
1939 6 .25%
mmmm
Mortgage Bond Co of Md
24*4
Realty Bond A Mortgage
Central Funding
1 1940 6.30%
1954
81
Potomac Bond Corp (all
Cont'l Inv Bd Corp 2-52 '53
2 1940 6 .25%
1 1940 6.25%
Apr
Bid
58
Empire Properties Corp—
Ask
2.50
Nat Union Mtge Corp—
Series A 3-6s
1954
Series B 2-5s
Cont'l Inv DebCorp3-6s '53
2
85
.
Fire.
10
Ask
Arundel Bond Corp 2-5s *53
65
100
Feb
121
8
11*4
9*4
15
100
1% due
1 % due
1% due
1%
Security New Haven
10
Springfield Fire A Mar..25
Stuyvesant..
5
4*4
232
22*4
Ask
100
Jan
6*4
31*4
31*4
Surety Guaranteed Mortgage Bonds and Debentures
bid
Potomac
1 % due
9
27*4
28
Great Amer Indemnity...1
Halifax
10
12
Carolina
.
25*4
26*4
3
2d
26*4
Phoenix
226
Pennsylvania
—
Northwestern
5*4
97*4 100*4
25*4
5
99
Virginia
193916.20%
due
2.50
Hanover
Par
Virginia-Carolina.
16 1939:6.20%
5
12.50
River
Marine.62*4
100
2*4
15 1939,6,20%
15 19396,20%
Sept 15 193916.20%
Northeastern
Northern
North
Rhode Island
84
mmm
July
Aug
17*4
Seaboard Fire A Marine..6
Seaboard Surety
10
2-38..
due
due
due
48
15*4
4*4
94*4
Interstate Deb Corp 2-5s'65
1%
1%
1%
1%
1%
1%
35
46
10
..5
St Paul Fire A
Federal Intermediate Credit Bank Debentures
Bid
33
New Hampshire Fire
New York Fire...
28
Globe A Republio
137
13*4 .14*4
*134
5
8*4
131
New Amsterdam Cas..—2
New Brunswick
10
25*4
/12*4
New York—
Fremont
Georgia Home
Globe A Rutgers Fire...15
5s
75
First Carolines
5
63
7*4
39*4
100
Ask
42
67
92*4
29*4
61
26
23*4
10134
65
120
65
20
27*4
Glens Falls Fire
101
Bid
40
Franklin Fire
44 J4
2
Gibraltar Fire A Marine. 10
100
100
110
43
National Casualty.—...10
National Fire
10
National Liberty
National Union Fire
105*4 107*4
/21*4
4*4 and 5s
Virginian 3s
100
10
General Reinsurance Corp 5
St Louis
Union of Detroit 4*4b
6s__
100
Moines
10
Firemen's of Newark....5
45
42*4
10*4
2*4
4
2*4
107*4 109
_
101
Dallas..
Des
9*4
102
Potomac 3s
Southwest
Denver
50
8*4
Fidelity A Depof Md—20 2127*4 130*4
fiO
Pacific Coast of Portland 5s
Phoenix 4*4s
100
Atlantic
48
5
99*4
Ohio-Pennsylvania 5s
Oregon-Washington 5s
Par
—
2%
101*4
Joint Stock Land Bank Stocks
Atlanta
33*4
Federal
101
97
30
1*4
99
101*4
4*4s
28*4
31*4
100
Southern Minnesota 5s
86
Employers Re-Insurance 10
7*4
100
San Antonio 3s
85
cms—--—-!—-Illinois Midwest 6a...
Iowa of Sioux City 4 He-
25*4
101
102
4*48
Fletcher 3*48
Fremont 4Kb
29*4
23*4
6*4
2*4
Excess
99
5s
Eagle Fire
93
Montgomery 3s
10
Connecticut Gen Life... 10
Continental Casualty....5
Ask
91
—
101*4
100
First Texafl of Houston 5s.
First Trust of Chicago—
City of New York
City Title
Ask
101*4
/22
'
37*4
91*4
39*4
9*4
2*4
Merchants (Providence) —6
...10
Camden
3b
6
com
—25
Bankers A Shippers
Joint Stock Land Bank Bonds
2*4
20*4
70*4
2234
Baltimore American...2*4
25
108*4 109
107*4
10
Merch A Mfrs Fire New'k 6
Automobile
Ask
Ask
114
18*4
Life
Boston
Atlantic
Bid
50
Aetna
107*4 108*4
Burlington 5s
Par
111
48
111*4 112
Ask
108
Bid
107
American Surety
Bid
JAJ
Par
Agricultural
118*4 120*4
111*4 112*4
Federal Land Bank Bonds
3b 1956 opt 1945
3a 1956 opt 1946
"•
American Alliance
4*4s July 1952
"
'
■„
Aetna Cas A Surety
10
Aetna
........10
Govt of Puerto Rico—
103
114*4 117
108*4 109*4
4*40 Oct 1956
Bid
U S Panama 3a June 11961
117
Nat Cons Bd Corp 2-5s '53
Nat Deben Corp 3-6S.1953
82
mmmm
51
deb
3-6s
1953
Unified Deben Corp 5s 1955
6.30%
60
47*4
49*4
Chain Store Stocks
Chicago &San Francisco Banks
Par
Par
American National Bank
A Trust
100
Continental Illinois Natl
Bank A Trust
33 1-3
First National
100
For footnotes see page
Bid
205
Ask
215
Par
Harris Trust A Savings. 100
Northern Trust Co..—100
Bid
283
525
Berland Shoe Stores
538
B
79*4
205
81*4
210
SAN
*
6
7% preferred
100
/G Foods Inc common •
1*4
2*4
402.
37*4
7% preferred...
100
21
Diamond Shoe pref
35*4
Ask
70
Bohack (H C) common...*
FRANCISCO—
Bk of Amer N T A S A
12*4
Bid
Par
Bid
Ai*
Ask
268
100
8
Ko backer Stores—
1*4
3*4
Miller (I) Sons common..6
7% preferred.......100
108
Flshman (M H) Co Inc..*
Kress (S H) 6% pref
7
11*4
23
8*4% preferred
72
2*4
20
Reeves (Daniel) pref—100
9
12*4
50
4
99
24
United Cigar-Whelan Stores
J5 preferred
*
17
19
Chronicle
The Commercial & Financial
400
Quotations
on
July 15, 1939
Over-the-Counter Securities—Friday July 14 -Continued
Railroad Bonds
Guaranteed Railroad Stocks
3o$cpb CUalker $ Sons
Mimbtrs ?\rw
31
.—..1955
Baltimore A Ohio4%s
Tel. RE ctor
4Mb
Cambria A Clearfield 4s—
2-6600
STOCKS
—
Boston A Maine 5s..-.
GUARANTEED
NEW YORK
30%
/29
6s
Boston A Albany 4%8
120 Broadway
J29
Atlantic Coast Line 4s
York Sl<xk Excbangt
Dulenin
Chicago Indiana A Southern 4s
Sine® 1855
—
Bid
—.100
6.00
~69%
(Delaware A Hudson)
100
Allegheny & Western (Buff Roch A Pitts)
100
Beech Creek (New York Central)
—.60
Boston A Albany (New York Central)
.100
Boston A Providence (New Haven)
100
Canada Southern (New York Central)
100
Carolina Cllncbfleld A Ohio com (L A N-A C L)
100
Cleve Clnn Chicago A St Louis pref (N Y Central)-.100
Cleveland A Pittsburgh (Pennsylvania)
60
Betterment stock
50
Delaware (Pennsylvania)
25
Fort Wayne A Jackson pref (N Y Central)—
100
Georgia RR A Banking (L A N-A C L)
100
Lackawanna RR of N J (Del Lack A Western)
100
Michigan Central (New York Central)
100
Morris A Essex (Del Lack A Western)
50
New York Lackawanna A Western (D L A W)
100
Northern Central (Pennsylvania)—
.—50
—60
Oswego A Syracuse (Del Lack A Western)—
Pittsburgh Bessemer A Lake Erie (U 8 Steel)——.—50
Preferred
50
Pittsburgh Fort Wayne A Chicago (Penn.) pref
100
Pgh Ygtn A Ashtabula pref (Penn)
.100
Rensselaer A Saratoga (Delaware A Hudson)
.100
St Louis Bridge 1st pref (Terminal RR)..
.100
Second preferred
100
Tunnel RR St Louis (Terminal RR)
100
United New Jersey RR A Canal (Pennsylvania)
100
Utlca Chenango A Susquehanna (D L A W)
100
Valley (Delaware Lackawanna A Western)
..100
Vlcksburg Shreveport A Pacific (Illinois Central).—100
10.50
115 %
Alabama A Vicksburg
(Illinois Central)
West Jersey A Seashore
(Penn-Readlng)
36%
70
74
45
49
1963
1950
..1978
64
68
—
New London Northern 4s..
68
98
96
112%
1959
1940
2000
2.00
27
75
29 %
72 X
15
20
3.00
43 %
45 X
New York A Harlem 3Hs.
....
......
1948
2032
/16%
New York A Hoboken Ferry 5s
1946
32
83%
65%
86%
6.00
Norwich A Worcester 4Hs
1947
75%
77
Pennsylvania A New York Canal 5s
Pittsburgh Bessemer A Lake Erie 5s
---
69
Philadelphia A Reading Terminal 5s...
1939
1941
1947
70
2.00
46
49
2.00
41%
42
5.50
51 %
54%
147
9.00
4.00
25%
5.00
47 %
Terre Haute A Peoria 5s
4.00
82 %
S5X
4.50
35%
39
41
1.50
170
62%
6.00
134 %
Pittsburgh 4s
West Virginia A
146
100"
236 %
65
36
38
45
47
1%
2%
*
33%
37%
57
Amer Bern berg A com...*
9%
11%
American Cynamid—
44%
Alabama
54
58
American Arch..
5.00
53
6.00
55 X
59 X
3.50
22 X
25
50 X
3.00
Ask
Bid
Par
Mills Inc...—.*
41%
5.00
—10
6% oonv pref
11%
*
28%
American Enka Corp
53
11%
32%
American Hard Rubber—
100
pref
cum
25
.
88%
21%
*
31
14
Products...*
Maize
American Mfg. 5% pref
New Orleans Tex & Mex—
Atlantic Coast Line 4%s_
52.00
Baltimore A Ohio 4%s—
53.75
3.00
Maine 4% a...
54 00
3.00
New York Central 4%s...
5s
54.00
3.00
New
3%s Dec 1 1936-1944—
53.75
3.00
Canadian National 4Mb.
52.25
1.75
Hartford
52.25
1.75
5s.
4%
10%
12%
2X
2%
52.25
54.00
3
Skenandoa Rayon Corp..*
Chic Burl A
1
Cessna Aircraft
1.75
2%
Qulncy—.100
62.10
10
3
-
6
32
11
Stanley Works Inc
25
40%
42%
Strom berg-Carlson Tel Mfg
*
20%
27%
22%
3.00
$1 cum preferred
Crowell-Collier Pub
*
63.75
1.50
Dennlson Mfg class A—10
%
29%
1%
Sylvanla Indus Corp
63.00
62.00
1.00
Dentist's Supply com...10
Devoe A Raynolds B com »
1.00
Dictaphone Corp
65.00
-
96%
60%
25
31%
36
Tennessee Products
*
21
25
Time Inc..
*
Domestic Finance cum pf_*
27%
29%
Trico Products Corp..
*
Triumph Explosives
2
1%
2.00
Draper Corp..
62.00
1.50
Falrchild Eng A Alrpl—1
Federal Bake Shops
*
62.00
4%s
1.80
62.50
5s
97%
58%
21
Steel common
Douglas (W L) Shoe—
4.25
Conv prior pref
1.50
..*
30
Preferred
*
Fobs Oil Co
72
2%
2%
6%
3.00
United Piece Dye Works.*
Preferred
100
8%
9%
%
*
2%
38%
11%
40%
Erie RR 4%s
64.25
Great Northern 4%s
61.50
1.85
Gen Machinery Corp com*
Good Humor Corp
1
13%
3%
15%
5%
61.25
0.75
5s
1.75
Graton A Knight com
62.20
1.60
62.20
l.bO
Great Northern Paper..25
61.50
1.00
3.00
63.25
3.00
63.75
3.00
62.25
62.25
Texas Paolflc 4s
1.00
3.00
63.75
Southern Pacific 4%s_—.
Southern Ry 4%s
3.00
63.75
4%s
St Louis Southwestern 5s..
5%s
Hocking Valley 5s
61 00
0.50
Illinois Central 4%s
62 25
1.75
Internat Great Nor 4%s_
64.00
3.00
Long Island 4Xb
63.50
2.50
63.50
2.50
Virginia Ry 4%s
61.25
0.75
64.00
3.00
Western Maryland 4%s
Western Pacific 5s...
62.25
1.25
64.00
3.00
64.00
3.00
6s
American
shares
64.00
.100
32
37
Great Lakes 88 Co com..*
25
27
-
6S—
2.50
2.50
6%s
37%
3%
2%
5%
3%
35%
37%
1
%
King Seeley Corp com...1
7%
Landers Frary A Clark..25
24%
16%
Lawrence Portl Cement 100
Long Bell Lumber
$5 preferred
Bid
Macfadden Pub common.*
Bid
Marlln Rockwell Corp.—1
Ask
McKesson A Robblns
New York
100.7
H % notes Nov 2 1939.
100.10
way
City Park¬
Authority 3Xb '68
109
110
1940
102.6
102.10
103.6
103.10
1.60
less
1
1949
2.60
less
1
100.4
1 1943
1944
3 Ha revenue
l%s
Sept 1 1939
Fed'l Home Loan Banks
2s
Deo
2s
Apr
Federal
Corp—
H % notes July 201941
Natl. Mtge Assn
H%
H%
N&tlona"
101
101
101.2
101
Nov 1 1941
Jan 15 1942
101.2
101.2
l%s Jan 3 1944—
Preferred
5%
4s s f revenue *77. A AO
112
%s
%a
May 15
May 15
100.8
1.10
less
X
4s serial revenue—1968 b
100.6
1940
1941
83%
3
9%
39
2%
%
26%
7%
*
preferred
preferred
100
West Va Pulp A Pap
40%
4
11%
93 H
96
IX
preferred
—•
Wilcox A Glbbs com—..50
6
7
2%
23%
5%
9
27%
40
45
—100
30
York Ice Machinery
preferred
3%
5
32%
Bonds—
Carrier Corp 4Hs
1948
Crown Cork A Seal 4Hb '48
f43%
100
44
/32%
100%
34%
85%
87%
99%
f57%
38%
1938
w%
2%
Houston Oil 4Ms
1954
27%
28%
Minn A Ont Pap 6s
Nat Distillers
116
Conv deb
1945
1949 t
Nat Radiator 5s
1946
11
12%
Old Bell Coal Inc 6s
1948
22
26
Scovlll Mfg 6H8
1945
97
101
113
3%
20%
26%
18%
98%
75%
76%
S2 3%
25%
Products—
3Hs
*
24%
4%
25%
McKesson A Rob 5Hs 1950
*
21
100
Worcester Salt
17
2
17%
100
16%
17%
15%
1937
36%
100
4334
107
Deep Rock Oil 7s
Haytian Corp 8s
24
106
48
t e 1
com v
WJR The Goodwill Sta
7%
46
10H
Preferred
West Dairies Inc
cum
6
com.*
18%' Amer Writ Paper 6s_. 1961
2% Bethlehem Steel 3%s.l959
10% Brown Co 5Hs ser A.. 1946
21
2
conv
Welch Grape Juice com..5
%
5
So cony-Vacuum Oil 3s 1964
....
/16
30
18%
32
107% 110%
105% 105%
Woodward Iroa—
1st 5e
1982
2d conv income 6s.. 1962
106
103% 106
113
4s serial revenue..1942 6
Home Owners Loan Corp
preferred
New Britain Machine
Trlborough Bridge—
101.13 101.17
Call Jan 3'40 at 102.
1%
$3
*
*
Casket
Nat Paper A Type com...*
101.25 101.29
Call Novl6'39 at 101
100
0% preferred
76
9
Mock Judson A Voehrlnger
7% preferred
100
Muskegon Piston Rlng.2%
Reconstruction Finance
2s May 16 1943—
5
$3 conv preferred
*
Merck Co Inc common..1
3%s revenue
Federal Farm Mtge Corp
*
Preferred
Ask
Commodity Credit Corp
*
*
100
Veeder-Root Inc com..
Warren (Northam)—
$3
35%
$5 preferred
2
34%
1%
Wick wire Spencer Steel. .*
5
Ley (Fred T) A Co...
Miscellaneous Bonds
5%
com...
Harrlsburg Steel Corp
Interstate Bakeries
3.00
63.50
63.50
5%s...
Missouri Pacific 4%s
11%
4
Kildun Mining Corp
Maine Central 6s
1%
3%
*
Preferred
4
32%
2%
United Artists Theat com.'
Foundation Co For shs...*
4s
1%
153 H 157%
Tublze Chatliioncum pf.io
7%
Garlock Packing com
*
Gen Fire Extinguisher...*
St Louis-San Francisco—
3
*
2%
24
20
4%s
3.00
64.00
58
4%
21%
75%
6s
64.00
Denver A R G West 4%s.
3%
19%
*
*
Dixon (Jos) Crucible...100
62.25
Dec 1 1937-50
Reading Co 4%s
Trustees' ctffl 3%s
1.60
62.10
1937-49
2%s series G non-call
Pere Marquette
Chicago R I A Pacific—
4%
Taylor Wharton Iron A
61.50
4%s
Jan A July
4.25
4%
29%
9%
3.00
65.00
21%
169
20
Columbia Baking com—*
4%s_
4s series E due
3.00
63.75
5s
3%
Standard Screw
3%
2.50
0.50
63.75
Chicago A Nor West 4%s
Chic Milw A St Paul 4%s
19%
166
4%
3%
Solar Aircraft
Northern Pacific 4%s_—
1.60
61.25
---
6s
5%
1
45
42
Chilton Co common
3.00
Chesapeake A Ohio—
5s
Singer Manufacturing..100
Singer Mfg Ltd
63.25
St. Louis
1.75
Cent RR New Jersey 4%s
4%s
Scovlll Manufacturing..25
1
6
Pennsylvania RR 4%s
Canadian Pacific 4%s—_
•
%
*
1
16
2.75
New York New Haven A
-
10%
*
Exploration
Manufacturing
Remington Arms com
4%
62.25
A
10%
103
2%
Petroleum Heat A Power.*
%
63.75
4%S
100
M
2%
Burdines Inc common....1
Ask
55
34
Art Metal Construction.10
Amer
Bid
8%
15%
1
Pollak
17
59
Ask
17 H
Pan Amer Match Corp. .25
Pathe Film 7% pref
Petroleum Conversion
Pilgrim
15
54%
45
Preferred 6H%
100
Norwich Pharmacal ...2 X
Ohio Match Co
*
92%
23%
100
Andlan National Corp...*
Bid
Par
New Haven Clock—
Bankers Indus Service A.»
58
71
69%
Industrial Stocks and Bonds
241
6.00
Chicago
98%
106
135
6.00
10.00
Atk
York
76
...
65%
140
68
3.00
...
96%
1951
1940
.1968
.1954
1990
Vlcksburgh Bridge 1st 4-6s
Washington County Ry. 3Hs
85
141
7.00
Railroad A Canal 3Hs
Vermont Valley 4%s._.———....————...
173%
6.64
108
1946
...
104%
1957
United New Jersey
43 X
82
7.00
1942
1967
Toronto Hamilton A Buffalo 4s
50 X
73
91%
89%
1947
Toledo Terminal 4Xb
27 X
3.875
3.00
117%
1961
Toledo Peoria A Western 4s..
40)4
800
...
104
103
Portland Terminal 4s
153
37%
650
60.00
•
Providence A Worcester 4s
American Hardware
Boston A
17%
80
3.50
60
1.25
97
96%
New Orleans Great Northern Income 5s
Equipment Bonds
Bid
...
99%
102%
101%"
New York Philadelphia A Norfolk 4s
8%
Railroad
49
35%
Memphis Union Station 5s
8.50
6.00
82
79
58
8.75
100
60
Preferred
Warren RR of N J (Del Lack A Western)
54
6.00
65
102
1945
Indiana Illinois A Iowa 4s
Albany & Susquehanna
102
111
Kansas Oklahoma A Gulf 5s.—.
72 X
120
100
.......—.—1951
1960
Illinois Central—Louisville Dlv. A Terminal 3Hs
Asked
35
48
...
Hoboken Ferry 5s
37
32
1946
Florida Southern 4s
Dividend
72
70%
35
1995
Connecting Railway of Philadelphia 4s
Cuba RR. Improvement A equipment 5s
(Guarantor in Parentheses)
49
47
...
Chicago Stock Yards 5s
Cleveland Terminal A Valley 4s
Guaranteed Railroad Stocks
101
.1956
.........1951
1961
...
Chicago St. Louis A New Orleans 5s
Par in Dollars
Asked
Bid
1945
1945
—1939
1939
1943
1940
—1944
Youngstown 5Hs
Akron Canton and
3.00
less
1
Telephone and Telegraph Stocks
U S Housing Authority—
100.15 100.17
1H % notes Feb 1 1944
102.6
102.9
Par
Bid
Ask
Par
Bid
Ask
(N J) com.*
94
98
Mtn States Tel A Tel..100
127
131
100
112
115
New York Mutual Tel.100
17
20
Bell Telep of Canada
100
172
176
Pac A Atl
Bell Telep of Pa pref
100
120
122
Peninsular Telep com
Am Dlst Teleg
Preferred.
Sugar Stocks
Par
Cuoan Atlantic Sugar—7%
Eastern Sugar Assoc
Preferred
1
1
For footnotes see page 402.
Bid
0%
Ask 1
7%
Par
Savannah Sug Ref com
1
West Indies Sugar
1
Bid
|
29%
Ask
31%
5%
16
1
Corp
3%l
4%
CubanTeleph6% prf
Preferred A„
51
Emp A Bay State Tel-.100
Franklin Telegraph
100
Corp—
$8 preferred
*
Int Ocean Telegraph—.100
Telegraph
47
Rochester
*
101
103
68
71
16
34%
100
HI
100
113
So A Atl Telegraph...__25
Gen Telep Allied
13
33%
Telephone—
50.50 1st pref
26
25
Sou New Eng Telep
15%
18
100
159
161%
Wisconsin Telep 7% pf. loo
118
121
The Commercial & Financial Chronicle
Quotations
WE
MAINTAIN
ACTIVE
Over-the-Counter
on
TRADING
MARKETS
Securities—Friday July 14—Continued
Public
UNLISTED
IN
401
Utility Stocks—Continued
Investment Trust Issues
Par
Ohio Edison $6
pref
$7 preferred
GOODBODY & CO.
115
Broadway
Private Wire System
6% preferred
921 Bergen Avenue
Tel. Journal Sq. 2-4400
Teletype JCY 1518
106
...*
115
114
1084* 1094*
83
904*
Pacific
Pr A Lt 7 % pf.. 100
Penn Pow A Lt $7
pref...*
6% preferred
Par
Adminls'd Fund 2nd Ino.*
Affiliated Fund Inc
1H
♦Amerex Holding Corp..♦
Amer
Bid
11.96
Amer Gen
Invest
3.51
Series B-l
Series B-2
3.30
Series B-3
14.80
16.23
.38
.43
Series K-i
14.58
15.97
44*
6 J*
Fund
Inc
Bullock Fund Ltd
23.67
3.55
.28
23.88
25.54
10.36
15.03
10.08
11.16
Series S-4
3.67
4.14
Public
Bid
Century Shares Trust.—*
3.80
26.33
9.82
10.63
Commonwealth Invest
1
£3.25
3.54
♦Continental Shares pflOO
5
Corporate Trust Shares.
2.36
Series A A
1
1
1
----
2.25
Series AA mod
Series ACC mod..
..
2.25
Accumulative series
—
♦8% preferred
100
117*2
♦Common B share
10
♦7% preferred
.100
Cumulative Trust Shares. *
Mountain States Power—
1st 6s
1938
99
Narragansett Electric—
34*s
1966
109
11.31
Delaware Fund
A1
Deposited lnsur Shs
ser
3.56
1.19
1.32
5.63
5.99
11.92
Y Stocks Ino—
Agriculture
7.26
Automobile
Aviation
4.78
9.75
7.86
7.13
9.67
10.45
6.70
Metals
16.71
7.26
8.05
6.09
Railroad equipment
Steel
7.48
6.60
6.61
No Amer Bond Trust ctfs.
3.55
mm mm
5.55
6.20
Plymouth Fund Inc
Dividend Shares
25c
1.16
1.26
Eaton A Howard Manage¬
ment Fund series A-l.
17.17
18.44
Eqult Inv Corp (Mass)..5
Equity Corp S3 conv pref 1
26.89
28.91
Fidelity Fund Ino
2.27
2.73
1
Series 1958
1
..♦
17.93
2.30
6.67
7.38
Bank stock series—10c
2.49
Insurance stk
—
mm
-
mmmm
.36
.41
14.65
8.00
8.90
100
6% deb series A
Representative TrustShslO
Republic Invest Fund.25c
10.26
.22
9.11
2.75
Sovereign
3.61
Spencer Trask Fund
4.04
.70
15.47
Standard Utilities Inc.60c
.48
7.64
♦State St Invest Corp... *
764*
794*
4.10
4.40
Super Corp of Am Tr ShsA
16.42
17.85
6.94
Foundation Trust Shs A.l
Fundamental Invest Inc .2
Fundamental Tr Shares A2
mm
4.85
mm
5.56
4.40
General Capital Corp
*
General Investors Trust-♦
29.58
31.81
Investors
4.78
5.21
Agricultural shares
5.35
5.83
Automobile shares..
Aviation shares
4.43
4.83
Building shares....
6.16
Chemical shares—.....
6.21
2.41
B
3.64
4.41
4.81
3.10
3.39
9.65
3
Trustee Stand Invest Shs—
Series C
1
,
-mm
mm'
'
-
-
m
854*
894*
874*
924*
994* 1004*
H
T-4
<M
oo OO SX
95
55
53
55
1962
1st ref mtge 3s ser P. 1969
107
Investing shares
Merchandise shares
1014* 102
/434*
Alden Apt 1st mtge 3s. 1957
Beacon Hotel Inc 4a._1958
U 8 El Lt A Pr Shares A—
154*
5.16
5.62
.15
.35
Investors..•
15.56
16.73
♦Independence Trust Shs.
2.13
mmm'm
Institutional Securities Ltd
B
I
2.27
.98
Voting shares
Wellington Fund
13.17
1
mm*
mmm
m
14.49
1.20
1.32
B'way Barclay Inc 2s..1956
B'way dr. 41st Street—
1st leasehold 3 4*-5s 1944
Banking Corp
1%
22
Corp cl A..*
♦Class B
•
24*
25
1
10
♦First Boston Corp
Pomeroy Inc
17
10c
oom
4-6s
65
1967
Ask
/64*
2
4*
34*
$6.50 preferred
*
5%
64*
$7 preferred
*
5%
64*
Atlantic City El 6% pref.*
£1194*
mm
53%
54*8 series Q
434*
29
31
44*
,
104
74*
564*
1054* 1064*
924*
mmmmm
354*
24
Natural
7% preferred
100
Nassau A Suf Ltg 7% pf 100
Nebraska Pow 7% pref. 100
New Eng G
<k E 54* % Pf-*
New Eng Pub Serv Co—
$7 prior lien pref
234*
25
244*
26
254*
27
$6
cum
7%
preferred
cum
100 £112
*
23
Northern
mmmmm
254*
»
67
1956
/22
24
1956
60 Park Place (Newark)lst 34*8
1947
fl 6
17
82
854*
15
164*
804*
82 4*
Harrlman Bldg 1st 6s. 1951
Hearst Brisbane Prop 6s'42
464*
1174*
Hotel St George 4s... 1950
444*
424*
64*
Lefcourt Manhattan Bldg
1st 4-5s
1948
56
294*
604*
Lewis Morris Apt Bldg—
1st 4s
1951 1
584*
26
114
28
50
28
1154*
29
48
464*
1104* 1114*
1948
Theatre
.1947
1952
1947
54
1st 5s (L I)
1951
63
704*
For lootnotes see page
724*
32
72
Textile Bldg¬
lst 6s
1958
714*
1939
/42
50
1004* 1014*
1st 5s (Bklyn)
110
37
304*
2 Park Ave Bldg 1st 4-63*46
70
994* 1004*
109
354*
Trinity Bldgs Corp—
1st 54*8
London Terrace Apts—
1st A gen 3-4s
1950
52
Rlty Corp
1st 6s
37
1957
Syracuse Hotel (Syracuse)
1st 3s
1955
54
Lincoln Building—
Income 54*3 w-s—1963
Loew's
61 Broadway Bldg—
34*8 with stock
616 Madison Ave—
3s with stock
40
Lexington Hotel units
44
Lefcourt State Bldg—
100
*
65
Sherneth Corp—
1st 64*8 (w-e)
1st lease 4-6 4*s
49
1957
83"
104
1054*
1104* 1124*
.100
1st mtge 4s
264*
35
404*
Ludwlg Baumann—
Power—
(Del) 7% pref
(Minn) 5% pref
5
814*
1944
1949
100
preferred
States
/34*
244*
42
Fuller Bldg deb 6s
1st 2 4*-4s (whs)
28
55
Roxy Theatre—
40
Graybar Bldglst lshld 5s'46
N Y State Elec A Gas—
54*% pref
• £110
Gas.
*
New Orl Pub Serv $7 pf..*
Bldg—
354*
Mountain States Power—.
44>*
38
80
54*
52
Rlttenhouse Plaxa (Phila)
24*s
1958
224*
Savoy Plaza Corp—
3s with stock..
115
21
50
424*
464*
334*
£
fl 9
54*8 stamped
1961
Realty Assoc Sec Corp—
5s Income
1943
/52
Penn
25
44*8 (w-s) '58
78
*
Pub Serv 7% pref
f ctfs
Prudence Secur Co—
/214*
34
s
50
32
42 Bway 1st 6s
324*
Sec
534*
354*
554*
454*
/4
2d mtge 68
1951
103 E 67th St 1st 6s.-.1941
165 Bway Bldg 1st 54*8 '51
38
1184*
100
West
22
40
1st 4s stamped
1948
Fox Thea A Office Bldg—
1st 64*s
1941
Missouri Kan Pipe Line..5
5
2d
36
Film Center Bldg 1st 4s '49
40 Wall St Corp 6s
1958
Broadway
33 H
284*
52d A Madison Off Bldg—
1st leasehold 3s. Jan 1 '52
1939
N Y Title A Mtge Co—
Olicrom Corp v t c..._
1 Park Avenue—
30
/19
5 4*
100
New York Power A Light—
Idaho Power—
7% preferred
Ask
84
Mississippi P A L $6 pref.*
Miss Riv Pow 6% pref. 100
Monongahela
44*
54*8 series C-2.
54*8 series F-l
25
704*
22
34
294*
5% conv partlc pref..50
924*
1955
N Y Majestic Corp—
4s wltb stock stmp. .1956
684*
32
1st 34*s
1950
Dorset 1st A fixed 2s..1957
Mass Utilities Associates—
1004* 1034*
93
954*
8
Court A Remsen St Off Bid
82
$7 preferred.
1945
51%
284*
Mississippi Power $6 pre! ♦
994*
674*
N Y Athletic Club—
2s
64*s series BK
100
6% preferred
7% preferred
84
33
$6 preferred
994*
116
pref. 100
Long Island Lighting—
214*
974*
Metropol Playhouses Ino—
514*
1400
82
Derby Gas A El $7 pref..*
Interstate
4L7% pf—100
7% pref. 100
Kings Co Ltg 7%
214*
Continental Gas A El-
*
44*
Kan Gas A El
904*
*
Bid
Interstate Power $7 pref.1*
96 4*
$6.50 cum preferred
$7 cum preferred
Par
Jer CentrP
2%
234*
42
14*
Ask
994* 1014*
494*
50 Bway Bldg 1st 3s inc'46
500Fifth Avenue- -
95
944*
1948
40
64*s (stamped 4s).. 1949
*
Bid
6s
Chesebrough Bldg 1st 6s '48
Colonade Construction¬
ist 4s (w-s)
1948
Hotel units
Par
Federal Water Serv Corp—
$6 cum preferred
97
Metropolitan Chain Prop—
S f deb 5s
Deb 5s 1952 legended.—
118
95
1084* 109
1084* 109
Mortgage Certificates
34
1948
184*
Utility Stocks
Original preferred
10"
Eastern Ambassador
Public
Dallas Pr A Lt 7% pref. 100
—
128
Chanln Bldg 1st mtge 4s '45
Blair & Co.
♦Central Nat
10.59
904*
54*s
I960
Wisconsin G 4 E 34*8.1966
Wis Mlcb Pow 34*8-1961
Ask
Broadway Motors Bldg—
3s
t
1.45
9.93
Bid
/33
84*
/224*
Brooklyn Fox Corp—
In vestm
♦Schoelkopf, Hutton A
1.09
100
1957
*
Eqult Off Bldg deb 5s. 1952
7% preferred
5s
Real Estate Bonds and Title Co.
.63
1
7
974*
744*
.93
Tobacco shares
524*
744*
1084* 1094*
834*
.83
5.4b
102
53 M
724*
954*
73
.57
•*
3.97
Consol Elec A Gas $6 pref *
Consol Traction (N J). 100
Consumers Power $5 pref*
1074*
524*
814*
Trusteed Amer Bank Shs B
—
m —
4.61
7% preferred
100
$6 preferred
100
Cent Pr & Lt 7% pref. .100
Tel Bond 4 Share 5s.. 1958
Texas Public Serv 5s.. 1961
Toledo Edison 34*8...1968
104
1044* 105
Federated Utll 54*8.-1967
Havana Elec Ry 5s
1952
Trusteed Industry Shares.
4.23
6% preferred
Central Maine Power—
Ry Lt Heat 4 Pow
44*8
1947
Sioux City G 4 E 48—1966
Sou Cities Util 5s A..1958
1054* 1054*
7.82
5.00
Carolina Power & Light—
$7 preferred
*
77 4*
1104*
4.90
3.64
26
75 4*
1074* 1074*
Dallas Pow 4 Lt 34*8.1967
Dallas Ry 4 Term 68.1951
m
Petroleum shares
preferred
Collateral 5s
1951
Rochester Gas & El 3Ms '69
West Texas Utlls 3 Ms. 1969
Western Public Service—
mm
RR equipment shares...
Steel shares
$1.60
85
5.18
6.65
94
84
Republic Service-
Wash Wat Pow 34*s_. 1964
2.41
6.11
Arkansas Pr 4 Lt 7% pref *
Associated Gas A Electric
91
22
554*
574*
1084* 109
2.34
5.88
Alabama Power $7 pref..*
Pub Utll Cons 54*8—1948
89
/204*
Ut'.ca Gas 4 Electric Co
Coll Inc 6s (whs)
1954
Cumberi'd Co P4L 34*8*66
1
5.40*
Bid
—.
724*
744*
103
105
Peoples Light 4 Power—
97
54
B
84"
1104* 1104*
t
1951
1st lien 3-6s
1961
Portland Electric Power—
6s
1950
St Joseph
fl %
24*
754*
6.70
7.19
Birmingham Elec $7 pref_*
Buffalo Niagara A Electern
1024*
1094*
743*
Trustee Stand Oil Shs A.l
Series B.
1
Series D
—
1964
10.49
6.76
Food shares
3.47
AA
Supervised Shares
Group Securities—
Group shares
98
'
*
Insurance Group Shares.
Investors Fund C
1
112
97
.53
Foreign Bd Associates Inc.
Bank
110
1962
6s series
1st 34*8
Parr Shoals Power 5S..1952
A...1962
Consol E 4 G 6t
1094*
1054* 1054*
1044* 1044*
Nor States Power (Wise)
34*s
1964
Ohio Power 34*8 1968
Old Dominion par 6s
Crescent Public Service—
.64
9.12
Incorporated
39
1965
36
Income 54*s with stk '52
Cities Service deb 5s..1963
Cons Cities Lt Pow 4 Trac
9.93
14.60
3.31
♦Huron Holding Corp
36
38
Consol G El Lt A Pr (Bait)
Selected Amer Shares..2 4*
Selected Income Shares*
series. 10c
Fixed Trust Shares A.-.10
Mining shares
384*
35
Cent Maine Pr 4s ser G *60
Central Public Utility—
.24
101
70
37
Cent 111 El & Gas 3% s. 1964
Central Illinois Pub Serv
1st rntge 34*8
1968
103
9.76
904*
824*
37
1st lien coll tr 54*8.1946
1st lien coll trust 6s. 1946
5a
19.30
First Mutual Trust FundFiscal Fund Inc—
—
13.70
10c
Quarterly Ino Shares—10c
26
-V**
2.68
♦Putnam (Geo) Fund
Series 1966
574*
1084*
N Y. Pa 4 N J Util 5s 1956
4s
Cent Ark Pub Serv 5s_1948
Central Gas 4 Elec—
....
55 4*
884*
1966
N Y State Elec 4 Gas Corp
Blackstone Valley Gas
4 Electrlo 34*s
1968
7.16
48 J*
No Amer Tr Shares 1953.*
Series 1955
1
s_
55
33 4*
1084*
New Eng G 4 E Assn 5s.'62
8.71
6.91
...
41
Ask
52 4*
32 4*
984* 100
Sink fund inc 5-6S..1986
2.64
-
76
Corp 64*s_1938
City Pub Serv 4s, 1957
80
Assoc Gas 4 Elec Co—
Cons ref deb 44*8—1958
5.19
9.02
Diversified Trustee Shares
C
3.60
D
B
75
12.85
9.14
m'mmZ
25*2
72
Kan
72
71
7.30
2.99
Bl
694*
1973
Conv deb 54*9
1973
8s without warrants. 1940
'
«.«.
1.60
1
ser
Deposited lnsur Shs A
43
Conv deb 5s
25c
Oils
4.61
374*
Income deb 44*8—1978
Conv deb 4s
1973
Conv deb 44*8—1973
6.74
324*
15.46
Deposited Bank Shs
Common
Voting shares
National Investors Corp.l
New England Fund
1
Bid
384*
444*
10.35
10
Utility Bonds
Ask
M lssourl Pr 4 Lt 3
Mutual Invest Fund
Machinery
30 4*
60
354*
Income deb 34*s_..1978
Income deb 34*8—1978
Income deb 4s
1978
8.45
113
854*
584*
1474* 152
364*
7.59
4.87
21.59
6.58
mm mm
1144*
844*
Utah Pow 4 Lt $7 pref...*
Virginian Ry
100
344*
354*
6.88
Electrical equipment
Insurance stock
♦Crum A Forster insurance
113
100
Kan Pow 4 Lt 1st 44*s '65
Lehigh Valley Transit 5s'60
Lexington Water Pow 6s '68
Building supplies
—
7% preferred
70
Bank stock
-
284*
Toledo Edison 7% pf A .100
United Gas 4 El (Conn)—
69
*
2.65!
264*'
994*
£1034* 1Q44*
Associated Electric 5a_1961
mm mm
2.65
1
♦Crum A Forstef com...10
54*
Assoc Gas 4 Elec Corp—
Sink fund Inc 44*8.-1983
Sink fund inc 5s
1983
S f inc 44*s-54*s...l986
m mm m
100
inland Gas
4.37
N
6
994*
984*
100
7% preferred
484*
854*
20.08
4.15
24.44
1
6% preferred...
Texas Pow A Lt 7% pf.100
834*
Nation Wide Securities—
Chemical Fund
294*
984*
464*
Maryland Fund Inc...10c
Mass Investors Trust
1
1 A
ITE
123*
Canadian Inv Fund Ltd._l
29
Amer Gas 4 Power 3-5s *53
Amer Utility Serv 6s. 1964
Manhattan Bond Fund Inc
15.85
.13
1
9.35
13.64
...
...
Series S 2
74*
14.74
British Type Invest A
1
Broad St Invest Co Inc..5
29.35
21.61
Series S-3
54*
Basic Industry Shares..10
Boston
26.83
....
Series K-2
54*
Corp
♦Class A
26
Keystone Custodian Funds
234*
Assoc. Stand Oil Shares.-2
30
994* 1004*
Ask
3.16
Equities Inc 25c
Corp*
Nat
Bid
2.98
Am Insurance Stock
Bankers
Par
224*
Business Shares
284*
44*
1
Rochester Gas A Elec—
6% preferred D
100
Ask
11.24
100
Republic Natural Gas
194*
204*
964* 100
Tennessee Elec Power—
1064* 108
Queens Borough G A E—
Investing Companies
Bid
pf.100
Southern Calif Edison—
1074*
113J*
112
100
pref.. 100
Pacific Ltg $5 pref.
Connecting Branch Offices in leading Cities
Par
Sierra Pacific Power com.*
Sioux City G & E $7
6% pref series B
100
7% preferred
Okla G A E 7%
Ask
1044* 106
1114* 1134*
1124* 1144*
Ohio Power 6%
pref...100
Ohio Public Service—
Members N. Y. Stock Exchange and other
Principal Stock and Commodity Exchanges
Main Office
Jersey City Office
New York City
Tel
REctor 2-5485
Bid
*
*
402.
42
374*
384*
45
Walbrldge Bldg (Buffalo)
3s
1950
Wall & Beaver St Corp—
1st 44*s w-s
1951
15
164*
184*
73
75
Weatlnghouse Bldg—
1st mtge 4s
1948
Chronicle
The Commercial & Financial
402
1939
July 15,
14—Concluded
Quotations on Over-the-Counter Securities—Friday July
Water Bonds
If You Don't Find the Securities Quoted Here
Ask
Bid
Ask
Bid
101% 102%
New York Wat Berv 6s '51
104
97
95%
Newport Water Co 5s 1953
101%
100%
interest, you will probably
Ohio Valley Water 5s. 1964
cation
stocks
107
6s series C__.
104%
Ohio Water Service 6s. 1958
102
6s series B___
100% 101%
102% 103
Ore-Wash Wat Serv 6s 1957
105%
monthly Bank and
our
Penna State Water—
6%s series A
Domestic (New
r-4 0 r-
1961
Calif Water Service 4s
1948
101%
1st consol 6s
1948
100
Prior Hen 5s
1948
100
Phlla Suburb Wat 4s..1965
107
105%
Federal Land Bank Bonds
Foreign Government
Industrial Bonds
City Water (Chattanooga)
5s series B
1954
Utility Stocks
1957
...
101%
105%
1st 5s series C
Railroad Bonds
Bonds
102%
1941
6s
Bonds
...
Pinellas Water Co 5 %a. '59
Industrial Stocks
Real Estate Bonds
Insurance Stocks
Real Estate
Trust
107
Richmond W W Co 58.1957
105%
101
75%
1946
8s series A
Land
and
102%
73
71
100
Stocks
Investing Company Securities
Joint Stock Land Bank Securi¬
Title Guarantee and Safe Deposit
Greenwich Water A Gas—-
102
U. S. Government Securities
Mill Stocks
6s series B
1964
1954
103
6s
1962
8cranton-8pring Brook
102
6s
103% 104%
1958
4%s
Huntington Water—
U. S. Territorial Bonds
Mining Stocks
107
Wat 4s ser A.'86
dcranton Gas A Water Co
St Joseph
103
102
Stocks
ties
109
102
Pittsburgh Sub Wat 5s '68
Plamfleld Union Wat 6s '61
Rocb A L Ont Wat 5s. 1938
Railroad Stocks
103%
101
1st consol 4s
Public Utility
Public
103
1960
1st A ref 5s
Canadian
Out -of-Town)
Canadian
94%
Peoria Water Works Co—
108%
0 Tti
Domestic
York and
93%
4%s_.1968
1st ooll trust
Municipal Bonds—
Banks and Trust Companies—
90%
Ohio Cities Water 5%s *53
find them in
Quotation Record.
In this publi¬
quotations are carried for all active over-the-counter
and bonds.
The classes of securities covered are:
In which you have
105
91%
90%
Water Service 5s. 1961
90
1967
1st A ref 5s A
102
The
Biyik and Quotation Record is published monthly
and
Dept. B, Wm. B. Dana Co.,
77
Indianapolis Water—
Your subscription should be sent to
sells for $12.50 per year.
1st mtge 3 %s
25 Spruce St., New York City.
107% 108%
!—t
—1958
5s
1967
Long Island Wat 5 %s.l955
Middlesex Wat Co 6 %s *67
106
Inactive Exchanges
1951
1st mtge 5%9
1950
102%
1951
Hungarian Cent Mut 7s '37
Hungarian Ital Bk 7%s'32
f 19
/48
/26
/26
7s.
25"
/23
/19
Bavarian
Palatlnlte Cons
/12%
/19%
20%
/17%
18%
/2%
/2%
4
Leipzig O'land Pr 8)4s '46
Leipzig Trade Fair 7s. 1963
Luneberg Power Light A
Water 7s
1948
2%
6s..1931-61
18"
Montevideo scrip
Munlc Bk Hessen 7s to '46
/21
Recklinghausen 7s..1947
19(
change firms of Sartorius & Smith
---
1963
6 %s
/23
—
/50
/U2
(A A B) 4s...1946-1947
(C A D) 48...1948-1949
In
Call (Colombia) 78—1947
Callao (Peru) 7%s
1944
Cauca Valley 7%s
1946
/17
Ceara
1947
(Brazil) 8s
17%
17%
7~"
firm
/18%
3%
/2%
Central Agric Bank—
see
the
/23
1934
/5 7
Poland 3s
1963
Budapest 7s
1946
Cordoba 7s stamped..1937
Costa Rica funding 6s.
'61
Costa Rica Pao Ry 7%s '49
Porto Alegre 7s
/5
Protestant Churoh
/63%
/53
many) 7s
18"
/16%
/9
1946
/16%
18"
1969
/16
Dortmund Mun Util 6SV48
/21%
1945
1946
/21
Electric Pr (Ger'y) 6 %s '60
/22
1963
.1941
6s.
/18
East Prussian Pow 68.1963
...
/18
Dulsburg 7% to
.1941
6s.
/22
vestment
1966
7)48
f21
/17
io"~
1966
1948
/16
23
"
Farmers Natl Mtge 7s.'63
Frankfurt 7s to
1946
/18%
Frenoh Nat Mall SS 6s '62
143
German At! Cable 7s._1945
/42
in
145
■
German Building A Land
bank 6)4s
1948
.1961
6%s.
/20%
(
.•
German
1946
German scrip
27%
/4%
/17
5
/24
Ceylon,
...
...
reverse
Guiana, as well as England.
coin issued
$1
("His rule is based on the loyalty of his
48 Wall
announces
the
new
the organization of Eric
municipal bonds.
Street, New York.
partment for L. F. Rothschild &
with R. H. Moulton & Co., Inc.,
For the past five years,
business with Geo. B.
opened a municipal bond de¬
the bond
Inc. in 1919, Mr. De Wolf
10%
De Wolf & Co., Inc.,
Offices of the new company
DeWitt M. Smith will be associated
Starting in
company.
69%
8%
people").
located
office
Exhibit, numbering over 50,000 specimens, is
bank; it is open to visitors daily during banking hours.
Gibbons & Co.,
21
Ind: Imp:".
Ottawa with the inscription
New York City, in a building adjoining the head
to deal in Government and
at
by Canada on the occasion of the
Elizabeth bears on the obverse the portrait
shows the Parliament Building at
46 Cedar St.,
with
bearing the likeness of George
coins
with the inscription "Georgius VI D:G: Rex at
of the King,
are
associated
York office.
service in
Co. in 1922 and in 1926 became
for whom he established a New
he has operated an investment advisory
Los Angeles.
of the British Isles and General
Lowson, managing director
—Denys
1955
67%
69%
1947
mv<
18%
Kingdom of Great
Britain A Ireland 43.1990
98 %
99%
announce
86%
88%
Edward E. Gross and Louis L. Maltz at
Investment Trust, Ltd. of
54
1966
52
54
1948
Electric 7s
/21
78
London and Vice-Chairman of
—Alexander Eisemann & Co., members of the
United
/37
Unterelbe Electric 68.-1953
/20%
Wurtemberg 7s to
/20%
/19
97
/21
are
/9
/20
/7%
/22
/22
/23
3%% War Loan
Uruguay conversion scrip..
72
VI
Zeland, British East
Jersey States, British Honduras, Cyprus, Hong Kong,
—Eric De Wolf
52
1966
2d series 6s
Stettin Pub Util 7a
ca
/17
announced by the Curator.
display
visit of George VI and Queen
of the
10%
King and Queen,
Domestic Trust
business trip.
He and the Hon.
Mrs. Lowson are stopping at the Hotel Plaza in New York.
The Hon.
Mrs. Lowson is the youngest daughter of the late Lord Stratcharron, P. C.,
one time Secretary of State for Ireland and Minister of Pensions.
Mr.
Lowson was recently elected a Sheriff of the City of London.
i
40
was
the
The Chase Money
See United Kingdom
/30
VI, together with
Managers, Ltd., is in this country on a
6s
/26%
in
"Fide Suorum Regnat"
25
Conversion Office
Funding 3s
Africa,
at
/450
German Central Bank
1938 i/23%
will be members of the New
Board of Trade and Commodity
Bank Permanent Exhibit of Moneys
display at the Chase National
68
.1947
8%.
/5
D.
by Canada,- Newfoundland, Australia, New
issued
The
/5
Agricultural 6s
on
The commemorative
/16
8s
/5
1967
7s Income
Irving
vc-'v-
Jamaica, and British
/60
/18
/8
88 ctfs of depo8lt.!948
7s ctfs of deposit-1967
...1967
7)4a income
7s
local branch office at
a
Included
74"
/20%
/21
/21
/22
/H
flO
/5
/18
4s scrip
/16
Exchange.
—Specimens of British coinage issued for King George
are
/21
European Mortgage A In¬
Stock
Kastor are limited partners.
61 Broadway and will
1422 St. Nicholas Ave.
Besides member¬
the New York Stock Exchange, the firm
16%
Duesseldorf 7s to
6)48
on
of the World, it
/18
/25
1949
6s
Cundlnamarca 6 %s
1966
1968
(Ger¬
Prov Bk Westphalia 6s '33
York
New
member
the Canadian dollar commemorating the recent visit of the
/38
/72%
City Savings Bank
D. Sokolow, Lester J. Alexander, Milton Kadison and
Frolich,
Exchange, Inc.
40%
/21
/50
partnership of
Engel & Co. includes Lewis Levine, Leonard S.
York Curb Exchange (associate), Chicago
/21
1948
II.
maintain
ship
Idenburg-Free State—
7s to.
1946
40 years of Wall St. experience.
over
Mr. Sartorius and Mr. Engel, the general
firm of Sartorius,
Sartorius, Engel & Co. will have its main office at
/57
38
/26
Colombia 4s
background of
new
better enabling
Karpas, David Fox and Margaret L.
Central German Power
Chilean Nitrate 6s._..1968
Sartorius,
be definite trends among Wall St.
The merger of these firms gives the new
their clientele.
Herzig, Benjamin
/20%
1947
berpfals Elec 7s
German Central Bk
Madge burg 8s
a
serve
In addition to
m
/5
1962
National Hungarian A Ind
/5
Mtge 7s
1948
North German Lloyd 8s '47 /100
4s
"
of the New York Stock Ex¬
and Engel & Co., respectively, announced
brokerage houses, both firms regard the consolidation as
them to
50
Nat Central Savings Bk of
/I7%
/24%
/6
; ;,
NOTICES
what would seem to
following
.
Hungary 7 )4s
Caldas (Colombia) 7%g '46
'' Vv?
Engel & Co. will become effective today.
Nat Bank Panama—
Brown Coal Ind Corp—
Buenos Aires scrip
Nassau Landbank 6%e '38
0-
jointly that the consolidation of both firms under the name of
m
William
/5
,
-—Irving A. Sartorius and David F. Engel
/38
/21%
121
British Hungarian Bank-
7%a
,
issuer.
CURRENT
Municipal Gas A Elec Corp
/16
e Ex-interest.
With stock, z Ex-
53
/37
1946
Munich 7s to
w-s
Exchange.
Quotation not furnished by sponsor or
53
52
47
26"
Stock
d Coupon,
Issued,
t Now selling on New York Curb Exchange.
A
52
/21
/17%
/33
York
New
on
b Basis price,
to i When
z Nominal quotation,
Ex-liquidating dividend,
/8
Mannheim A Palat 78.1941
/24
Brazil funding
105%
103%
Interchangeable,
a
...
105%
1949
/5
Meridlonale Elec 7s.—1967
/20%
1
t Now listed
Ask
/5
2%
/3
7s.
6s.
3
/2%
7s.
Hungarian Discount A Ex
change Bank 7s
1936
Jugoslavia 6s funding. 1966
Jugoslavia 2d series 6s. 1966
Koholyt 6 )4s
1943
Land M Bk Warsaw 8s *41
value,
par
price,
divldend.
Bid
...I960
8s series A
96
No
/Flat
Ask
101
1958
6s series B.„
...
93
*
...
102%
6s series C
1951
5%s
Foreign Unlisted Dollar Bonds
98%
101
105%
New RochelJe Water—
Tel. HAnover 2-5422
98
1950
1st mtge 5s__
5s series B
...
Western N Y Water Co—
6s series B
New Jersey Water 6s. 1950
Bid
105% 106%
105%
Morgantown Water 6s 1665
Muncle Water Works 6s '65
BRAUNL & CO., INC.
N. Y.
W Va Water Serv 4S..1961
108
103
102%
Monongahela Valley Water
5 %s
I960
rH
Union Water Serv 5%s *61
99% 100%
Monmouth Consol W 6s '66
Foreign Stocks, Bonds and Coupons
<N
105%
105%
i-Hrt O O
1949
6s series A
105%
Kokomo W W Co 5s..1958
Joplln W W Co 5s
52 William St.,
n"
103
99% 100%
1966
Indianapolis W W Securs—
1945
that
five
men
have
become
Negersmith at the Fordham office,
and George
New York Stock Exchange,
associated
with them as follows:
the Paramount office, Martin A.
Samuel Stern at the Brooklyn office,
J. Voight in the main office.
Volume
The Commercial & Financial Chronicle
149.
General
403
Corporation and Investment News
RAILROAD—PUBLIC UTILITY—INDUSTRIAL-INSURANCE—MISCELLANEOUS
NOTE—For mechanical
it is not
reasons
However, they
FILING
OF
REGISTRATION
are
always possible to arrange companies in
always as near alphabetical position as possible.
STATEMENTS
UNDER
SECURITIES ACT
The
following additional reigstration statements (Nos. 4118
to 4124,
inclusive) have been filed with the Securities and
Exchange Commission under the Securities Act of 1933.
The amount involved is
Panhandle
Eastern
City, Mo. has filed
a
Aldred Investment
Trust—Earnings—
Calendar Fears—
Revenue from all sources
General expenses
Int.
Pipe
par common stock
to be offered to stockholders of Missouri-Kansas
Pipe
Line Co. at $25 a share.
The unsubscribed portion will be purchased by
Columbia Oil & Gasoline Corp. at $25 a share.
Proceeds will be used to
reimburse the treasury for part of the cost of 1936 construction
Ohio Finance Co. (2-4119, Form
A-2) of Columbus, Ohio has filed a
registration statement covering $2,500,000 of 10-year
sinking fund deben¬
due 1949.
The proceeds of the issue will be used to redeem the
6Yi%, 15-year sinking fund gold debentures, due 1944 and the 5%, 15-year
tures,
convertible sinking fund debentures, due 1951 and the excess
proceeds will
be used for working capital.
Charles W. Wild is President of the company.
The underwriters are expected to be McDonald
Coolidge & Co. and others
to be named by amendment.
Filed
July 7, 1939.
West Central Cooperative Grain Co.
(2-4120, Form A-l) of Omaha,
Neb. has filed a registration statement
covering 4,400 shares of $50 par
common stock which will be offered at
$50 per share.
Proceeds will be
used for working capital.
H. C. Peterson is President of the company.
No underwriter has been named.
Mines, Ltd. (2-4121, Form A O-l) of London, Ont. has
registration statement covering 550,000 shares of $1 par common
stock to be offered at $1.25 per share.
There was also registered 55,000
warrants for $1 par common stock which will enable holders of such warrants
to purchase common stock at $1
per share.
The offering will be made in
a
units of
$26,515
share
stock
per
will be used for
1939.
Washington Gas Light Co. (2-4123, Form A-2) of Washington, D. C.
has filed
a
common
stock.
registration statement covering 362,588 shares of no par value
Filed July 12, 1939.
(See subsequent page for further
details).
Province of Quebec (2-4124, Schedule B) of the Dominion of Canada
has filed
due
a registration statement
covering $20,000,000 of 3% serial bonds,
July 15, 1940—July 15, 1959, and $10,000,000 of 3H% bonds, due
Filed July 12, 1939.
July 15, 1953.
The last
in
our
previous list of registration statements
July 8, page 253.
given
was
issue of
Adams Express
common
Co.—Earnings—
on
1938
1937
1936
$431,557
37,855
on secur.
securities.
$376,711
26,455
$709,079
21,381
$494,825
4,637
Miscellaneous income.
1,064
189
415
$403,709
116,250
$730,649
118,756
$499,878
93,659
199,224
201,910
239,153
18,231
General expenses
543
$470,476
111,258
Total income
on
15,5.54
23,559
233,842
8,341
coll. trust bonds
& notes.
Provision for taxes
Net income.
$69,995
3,852,972
$349,180
3,841,829
$164,035
3,758,691
Total
$3,928,826
...
$3,922,967
149,985
149,984
$4,191,009
471,132
$3,922,726
167,232
Div. pay. on com. stock.
Consol. earned
June 30—
surp.,
Consolidated
$3,778,841
$3,772,983
$3,719,877
$3,755,493
Capital Surplus and Common Slock June 30
1939
1938
1937
1936
'
Balance, Dec. 31
..$30,305,038 $30,205,606 $39,658,511 $40,587,423
/V Krt
Vw C\AG
Dis. on par of own bds__
CY50
CY4.946
AO
Accum. divs.
at date of
on pref. stk
redemption.
1,288,875
570,323prof1,187.298
46,023
I
496,297
1 ,545.844
x
Balance Sheet Dec. 31,
June 30,'39 Dec.
'■
Cash
31/38
June
$
$
Liabilities—
30/39 Dec. 31/38
$
1,896,574
2,687,931
75,542
58,441
4,465
178,404
bonds, due 1948
Securities, at cost.42,191,685 41,323,637
Property & equip-,
$
10-year 4M% deb.,
Accrued int. & div.
Collateral trust 4 %
bonds, due 1947 1,262,000
Amt. rec. for secu.
sold, not deliv..
less depreciation
2,089,000
Collateral trust 4%
10,796
11,597
1,384,500
5,218,500
pure., not rec
int.
incl.
14,325
33,728
155,905
143,368
un¬
Accruals & reserves
Liabilities—Shareholders' debentures, due Dec. 1, 1967, interest at
% per annum, $6,108,000; accrued interest on shareholders'
debentures,
reserve for Federal taxes on income,
$250; accounts payable and
accrued expenses, $5,791; common shares of no
par value (outstanding,
173,580 shares), $1,797,064; surplus, $959,816; total,
$8,893,826—V. 147,
$22,905;
p.
3149.
Allentown-Bethlehem Gas Co.—Earnings—
Calendar Years—
Operating
Operating
:
.■
/.
revenue
/
.'
1938
v
xl937
$1,398,838
936,759
$1,377,233
942,374
$462,079
13,165
$434,859
$475,244
115,476
$456,960
108,966
$359,768
105,010
241,500
—
expenses and taxes.
Operating income
...
Non-operating income....
_
_
__......
Gross income
Total income deductions
_
Net income
Preferred dividends
_
..........
Common dividends.
$347,994
105,010
241,500
22,101
Balance Sheet Dec. 31,1938
Assets—Property, plant & equipment, $8,357,068; investment, $1;
sinking fund, $675; cash on hand and demand deposits in banks,
$81,164;
special deposits, $2,028; accounts receivable, $219,768; materials &
supplies,
$78,555; prepayments, $7,275; unamortized debt discount & expense,
$18,658; unamortized premium on bonds retired, $97,854; other deferred
debits, $11,354; total, $8,874,399.
Liabilities—7% cum. pref. stock ($50 par), $1,500,000; premium on
preferred stock. $50,000; common stock ($50 par),
$3,018,750; long-term
debt, $2,428,000; notes payable, banks, $295,000; accounts payable. $32,979; divs. declared, pref. stock, $250; matured interest, $41; customers'
deposits, $8,119; taxes accrued, $171,299; interest accrued, $30,598;'other
current
liability, $1,900; reserves, $1,139,755; contributions in aid of
construction, $23,264; earned surplus, $174,444; total
$8,874,399.—V.
148, p.1791.
pared with June, 1938.
Final earnings for the fiscal year will not be available for several weeks.
The company states, however, that earnings for the six months ended
June 30 were less than the $1.06 per share reported for the six months
ended Dec. 31, 1938, but were in excess of the 25 cents a share
paid in
dividends during the period.
Suede kid was the principal item in June sales and the
company reports
indications of continued active demand for this product during the summer.
—V.
148,
3679.
p.
Corp.—Operations—
Corporation reports preliminary figures for the fiscal year ended June 30,
1939 showing gross receivables outstanding at a new high figure of $6,047,023
compared with $2,059,356 a year ago.
Gross volume of business during
the month of June totaled $2,655,627, the largest monthly business in
the history of the company.
Cumulative volume of business during the
totaled $21,046,597.—V. 148, p. 3680.
American
European Securities Co.
6 Mos. End. June 30—
Cash divs. received—-
1939
-Earninqs-
1938
$204,371
76,765
1937
1936
$213,223
68,295
$281,136
$272,682
27.525
16,687
75.425
$282,148
36,530
75,575
$227,325
9,506
75,575
$180,570
3,738
$170,042
2,163
$142,243
4,356
175.000
$176,832
150,000
$167,879
150,000
$137,888
100,000
x$7,517
Int. received or accruedDivs. rec. in securities.,
Miscellaneous interest--
$198,174
68,545
5,963
$26,832
$17,879
$37,888
$162,560
64,430
630
"""335
Exps., inc. miscell. taxes
Int. paid or accrued
71.094
Net loss from
$182,517
sec.
sold—
.
-
Inch def. credits
Com.
stk.
&
surplus
Total
44,179,062 44,260,009'
Represented by 1,500,000
no
Alaska Juneau Gold
Period End. June 30—
charges,
149,
taxes.—V.
shares.—V.
income
but before
95.
and
440,812
*30,259,066 30,305,038
3,778,841
3,787,063
_
,44,179,062 44,260.009
148,
p.
2413.
Mining Co.— Earnings—
$398,500
133,900
other
_
Total..
1939—Month—1938
earnings
profit
Includes
par
440,926
cap.
Earned surplus.
is
after
$471,000
189,300
.1939—6 Mos.—1938
$2,183,500
561,400
$2,564,000
1,002,500
operating expenses and develop¬
depreciation, depletion and Federal income
p.
Total profit
$182,517
Pref. stk. div. require'ts
Balance, surplus
x Computed without regard to net loss on sales of securities in the amount
of $628,852, which was charged to reserve for possible losses on sales of
securities.
In determining the gain or loss the cost of the specific certifi¬
cates or bonds sold was used.
Comparative Balance Sheet June 30
1939
Cash
$
1938
c
Preferred stock.
b
Common slock-
16,349,019
1,687,131
50,265
45,023
Bonds...
12,384,852
—
—
Acer. int. on bonds
$
d
Securities (at cost)*
Stocks.
1939
Liabilities—
S
178,791
252,434
——
1,924,647
Accrued taxes
Surplus
1938'
$
5,000,000
5,000,000
354,500 10,139,610
Option warrants
615
Funded debt.—. 2,516,000
Int. on fund. debt.
46,233
General reserve.._
fcr taxes &Conti
ment
on
Assets—
Amt. pay. for sec.
claimed mat. int
x
(market quotations $4,018,495), $8,793,770;
demand deposits, $34,167; accrued interest and declared
dividends
receivable on securities, $64,876; deferred
expense, $1,013; total, $8,893,826.
cash
2,242,500
6,883,500
due 1946
Ac.
Net
1938
at cost
on
Assets—
Gross
1937.
year
Assets—Securities,
Net income
stk,, June30..$30,259,066 $29,640,229 $39,556,935 $38,511,829
market values as of June 30, 1939, the common stock had a
net asset value of $10.25 per share, which
compares with $10.79 per share
on March 31, 1939.
As of July 12, 1939, the net asset value was $11.23
per share
Comparative Consolidated Balance Sheet
com.
x
$0.15
Before profit or loss on sales of securities,
y No provision has been
made for normal income tax for the
reason that the Trust will have no taxable
normal income for the
Total income...
Consol. cap. surplus &
x
$0.45
33,452
Cost of 74,500 shares of
common stock..
Net realized loss on secu.
Based
$0.29
American Business Credit
$141,763
3,787.063
_
Balance, Dec. 31
Titc
$27,015
$0.15
700
on
Allied Kid Co.—Gross Sales—
1939
Income: Divd's
Int.
$79,400
283,885
Company reports gross sales of $8,276,297 for the fiscal year ended
June 30, 1939, a gain of nearly 5% from the total of $7,904,747
reported
for the preceding year.
Sales for June this year were $877,712, an increase
of 27% over the $696,178 shown for that month a
year ago.
Physical
volume last month amounted to 4,389,076 feet, an increase of
23% com¬
Income Account for 6 Months Ended June 30
Interest
$50,007
1935
$346,964
33,749
286,200
39,926
warrant with each
10 shares of common purchased.
Proceeds
mill, development, drilling and working capital. Thomas C.
Benson is President of the company.
New York Note & Share Corp. will
be the underwriter.
Filed July 10, 1939.
Kansas Public Service Co. (2-4122, Form A-2) of
Lawrence, Kan. has
filed a registration statement covering
$350,000 of 4% 1st mtge. serial
bonds, due 1941 to 1960. Proceeds will be used toward the
redemption of
the 5% series A, 1st mtge. bonds, due 1961.
Caryl J. Dodds is President
of the company.
Underwriter to be named by amendment. Filed July 10,
one
250
1936
$403,911
Filed July 8, 1939.
Fox Lake Gold
filed
1937
$384,771
38,773
282,491
yl3,500
Net profit
program.
Joseph D. Creveling is President of the company.
Columbia Oil & Gasoline
Corp., et al, may be underwriters.
Filed July 7, 1939.
1938
$337,812
33,727
277,320
debentures
Earnings
x
Line Co. (2-4118, Form A-2) of Kansas
registration statement covering 80,000 shares of no
on
Prov. for Fed. surtax.__
x
approximately $46,585,140.
alphabetical order.
exact
*
17,565
615
3,017,000
50,425
600,000
10,947
e6,677,283 def558,533
Total
14,612.197 18,259,9641
Total..
.....14,612,197 18.259,964
b Represented by 354,500 shares of no par value,
c Represented by
50,000 shares of no par $6 cum. stock,
d There are issued and outstanding
option warrants entitling the holders to purchase at any time, without
limit, 20,500 shares of common stock at a price of $12.50 per share,
e Con¬
sists of reserve for possible losses on sales of securities to $4,603,034; capital
surplus of $2,061,595 and surplus since June 30, 1938, of $12,655. —V. 148,
p. 3680.
—
American Equitable Assurance Co.—Dividend Reduced
Directors have declared a dividend of 25 cents per share on the common
stock, par $5, payable July 25 to holders of record July 18;
Dividends of
30 cents were paid on April 25 and on Jan. 25, last; 25 cents was paid in
each of the 3 preceding quarters, and previously, regular quarterly dividends
.
The Commercial & Financial
404
distributed. In addition, an extra dividend of
25,1938, and in each of the 3 preceding quarters.
of 40 cents per share were
10 cents was paid on Jan.
—V. 148. P.
272.
a
Net
- - - -
1
incl. oper., selling,
$6,512,539
$8,635,126
6,392,104
8,174,548
$120,435
144,921
Profit
Other
income
b Other
expenses-
$460,579
108,489
$265,356
358,782
------ - - - —.
Fed. inc. & excess prof, tax, Fed. tax on
prof. & State inc. taxes, estimated
Prov for
undist.
Income from
1937
servicing, admin.
$569,068
328,522
40,119
*$100,838
of $854,557.
of $293 493.
Consolidated Balance Sheet Dec. 31,
1938
,
<
maturing 1939-1943, including interest accrued, $1,080,903;
accounts receivable, customers and others, net ($59,508 due subsequent to
1939) $436,526; due from affiliated company, $8,379; inventories of finished
product, work in process, materials and supplies, at cost, $912,193; prepaid
accounts, $56,014; real estate, plant and equipment, at cost, $1,329,403;
$192,617; patents, $357; goodwill, $1,487,760; total,
accounts,
$6,873,388.
Liabilities—Notes payable, $6,475,064; accounts payable, vendors and
others, $98,653; deposits on contracts, $17,898; accrued accounts, $278,484;
due to affiliated companies, $591,682; provision for Federal income and
excess profits tax and State income tax, estimated, $40,404; provision for
contingencies, $429,900; 7% cum. pref. stock (par $100), $4,351,779;
common stock (287,713 no par shares),
$3,596,420; deficit, $9,006,896;
total, $6,873,388.'—V. 146, p. 3657.
Ltd.—Earnings1938^
1937
_
$1,954,240
119,565
Territorial
105,927
40,000
120,000
$685,058
$1,398,864
900,000
$1,914,240
1,800,000
$1,392,073
675,000
$10,058
6,216,677
t8,229
$498,864
5,842,246
124,434
&c.,
excise,
Balance
—
Divs. paid during year..
charges—Dr__
—
writ¬
Spec., &c., reserve
ten back.—
000 shares
accounts
5,989,646
282,090
$192,073
5;820,871
27,381
1,198,981
1,440,931
Total cash..-
Total
reserves....11,412,365 11,325,694
52,261
52,491
Val.oflifeins.pol.
(less reserves)._
Com. Btk. subscrip
Misc. loans receiv.
$6,216,677
$2.79
$3.83
depreciation
$224
deducting
collected.
2,399
9,611
1,193,125
pref. stock
1,300,000
2,562,997
1,004,819
464,640
1,193,125
1,300,000
$2
3,150
trust-
24,261
24,231
&c
adjustment
and
$2.78
$1,952
for
cum.
Com. stk. (no par)
Other accts., notes,
5,894
5,819
—-
Earned surplus.-.
Total..
...13,192,156 12,857,370
.
-
.
notes
Light & Traction Co. (& Subs.)—Earnings■—
1939
31—
earnings of sub. cos. (after elimi¬
nating inter-company transfers).
General operating expenses...—
Maintenance..
—
2,270,241
.—— — .
Provision for depreciation
1938
,
.$41,418,165 $41,001,225
22,746,656 22,268,929
2,424,364
2,473,658
3,077,552
4,881,598
—■:
5,016,419
operations of sub. cos
Non-operating income of subsidiary companies.
$8,442,117
27,925
$8,817,855
Drl02,857
$8,470,042
4,371,072
$8,714,998
4,487,473
$4,098,970
7,264
$4,227,525
Proportion of earns, attrib. to minority com. stock
$4,091,707
$4,218,049
Net earnings from
Total.
—
_
—.
—
1,575,929
$5,645,580
$5,793,978
228,293
224,527
Expenses of American Light & Traction Co
Taxes of American Light & Traction Co.
173.353
1938
profit on sales
Selling, administration
1937
...
$2,021,814
1,959,770
$3,173,554
2,069,706
151,435
—— —
$1,265,620
301,951
$213,479
134,891
income.
Deductions from income
—
American Meter Co.,
credits
2,645,128
of year
surplus
$3,2.55,951
17,367
488,900
Dividends paid
610,823
$2,226,592
end of year
496,000 shs. cap. stock (par $25)
$0.16
Earned surplus at
$4,410,980
$1.59
Inc.—Earningsi—
1938
$4,664,225
1937
1936
$6,034,966
702,125
Calendar Years—
999,339
72,319
Net sales
125,374
$4,583,683
726,523
201,846
$774,444
130,651
$1,124,712
180,842
$928,369
161,720
$643,793
$2.64
$943,871
$3.87
$766,650
Net operating profit
Other income
Profit
Net profit for year
Net profit per share.
...
$3.14
Balance Sheet Dec. 31, 1938
Assets—Cash in bank and on hand, $1,172,891: accounts and notes re¬
$2,732,859
— —
Additional Federal income tax prior years..
Earns, per sh. on
|
$829,669
993,571
49,781
21,283
1,361,646
$5,215,466
804,486
$4,358,283
$1.57
per
Provision for Federal income taxes—
$78,588
Reserves created in prior years restored to surplus
9,144
Adjustment of reserve for discount on loans..
Net income
Earned surplus at beginning
$5,162,769
share of common stock
149, P. 253.
Earnings
—V.
x134,000
income
Prov. for Federal taxes on
84,930
804,486
$1,103,848
161,772
$5,365,723
150,257
—.
Balance transferred to consolidated surplus..
^
$62,044
and general expenses
profit on sales.
Holding company interest deductions
199,961
$5,247,700
{& Subs.)—Earnings-
Gross
Other income
9,476
1,553,873
receivable, $5,342,292; merchandise inventories, $1,investments (at cost), $9,124,988; prop¬
American Hardware Corp.
$12,671; inventories,
$1,349; investments, $607,821; investments,
$691,772; notes receivable (long
term), $80,055; deposits in closed banks, $9,319; fixed assets (net), $1,740,230; deferred assets, $46,128; total, $6,583,308.
Liabilities—Accounts payable, $12,399; due to an affiliated company,
$1,630; accrued State taxes, $56,211; accrued social security taxes, $21,307;
reserve for Federal taxes, $128,962; capital stock (320,000 shares, no par
value), $4,095,000; surplus, $2,267,798; total, $6,583,308.—Y. 147, p. 3602.
ceivable, $541,187; due from an affiliated company,
$1,679,885; interest accrued,
$2,645,128
$1.67
undistributed net income.
Note—Depreciation charged to operations for the year 1938 amounted to
x
369,677
253.
12 Months Ended May
hand, in banks and short-term securities, $1,989,489
on
Calendar Years—
Gross
1,004,819
Income of A. L. & T. Co. (excl. of income received
equipment (less depreciation), $866,333; total, $18,989,715.
Liabilities—Accounts
payable,
$2,545,114; drafts payable, $54,947;
accrued taxes (estimated), $151,207; deferred and prepaid items, $19,939;
earned surplus, $6,218,506; capital stock (par $20), $10,000,000; total,
$18,989,715.—V, 147, P. 1916.
Other
2,562,997
.—13,192,156 12,857,370
old
598,648; deferred items, $67,964;
Gross
_
Paid-in surplus
erty and
Net
16,950
plus pref. stock.
Balance Sheet Dec. 31, 1938
accounts and
43,542
Capital stk. & sur¬
$5,989,646
$5,842,246
$1.37
500,-----
Assets—Gash
32,991
rent expenses
Deferred income.
12,000
Operating Corp.
—
29,254
tion due officers.
Advances to Public
—
253,582
Accrued compensa¬
3,563
Advs. to empl. in¬
Total..
261,994
Accts. pay. for cur¬
21,591
95,325
16,423
3,018
&c
68,435
Income &c. tax ac-
128,160
96,964
126,405
vestment
6,018,590
68,442
43,716
cuals and reserves
Total def. charges.
Real est. equities
6,243,820
Tblrft accounts..-
fixt.
<fc
Furniture
$
S
pay'le.
Divs. declared
&c.,
loans,
Total notes
Cr 1,082
$114,240
$6,218,506
Total surplus—
Earn, per snare on
t After
Mar. 31 '39 Dec. 31 '38
Liabilities—•
S
$
Int., amort. & pref. divs. of subsidiary companies-
Previous surplus.
Misc.
—
General taxes and est. Federal income taxes
Cr20,450
Net income.
68,442
156,609
—
Mar. 31 '39 Dec. 31 '38
Assets—
Gross operating
1,200,000
dividends —
Consolidated Balance Sheet
$1,512,073
$1,504,791
6,474
$320,014
Preferred and preference
Common dividends
1935
$804,623
Profit for the year
$326,488
—
Net income
American
1936
5,117
391
—
I—-——
written off
Net income
—V. 149, p.
American Factors,
Calendar Years—
29,998
137
65,343
—
Development expense—amortization
less
demand deposits in banks, $1,369,237; notes
Assets—Cash on hand and
deferred
$427,475
.5
Provision for State income taxes
■
receivable,
$422,275
5,200
—
Total income
Interest paid-
a
Hotel— Provision for depreciation for the year 1938 amounted to $66,487.
$935,555
513,280
from interest and discount
operations
credits
Includes sales to affiliated companies in the amount
b Includes interest paid to affiliated companies in the amount
Indicates profit,
Months Ended March 31,1939
Sundry deductions
Provision for Federal normal income tax:
Provision for Federal excess profits tax
139,708
$133,545
*
July 15, 1939
Other income and
1938
sales
Cost of sales,
Gross operating income
Total expenses
(& Subs.)—
o.
Calendar Years—
Chronicle
Consolidated Income Account for 3
Includes $9,125 surtax on
in
and advances
to
affiliated companies,
$255,394.
Consolidated Balance Sheet Dec. 31, 1938
American Optical
$1,816,538; marketable securities (at cost, less reserve
of $19,000), $1,571,248; notes and accounts receivable, $1,336,944; inven¬
tories, $6,427,047; other notes and accounts receivable, $309,391; invest¬
ments, $744,444; plant property, at cost (net), $3,637,882; deferred charges,
$497,165: total, $16,340,658.
Assets—Cash,
trade, $151,777; dividend payable, $122,375; accrued liabilities, $239,914; general reserve for extraordinary in¬
ventory loss, $1,200,000; capital stock ($25 par). $12,400,000; earned sur¬
plus, $2,226,592; total, $16,340,658.—V. 146, p. 3658.
Liabilities—Accounts payable,
American Investment Co. of Illinois—Annual Report—
1938
Calendar Years-
,666,592
Gross income
Provision for losses
1936
$1,826,891
$1,301,596
$932,716
516,277
1,508,889
Operating expense...
1935
1937
900,395
677,706
91,309
72,344
172,729
Co.—Earnings—
Earnings for the Year Ended Dec. 31, 1938
_
Flood loss-
Interest
252,473
—
paid
863,037
Net income for year
Earned surplus as at Dec.
Total——.
—
31, 1937
Earned surplus as at
...
Net earnings...
Preferred dividends
$2 cum. conv. pref'ce.
$2 cum. preference
Common dividends
$293,444
37,415
$874,999
$503,399
89,632
paid
Fed. inc. & State tax...
Other charges..
$451,161
52,238
$1,085,064
Total income
Interest
$854,152
20,847
73,611
50,303
$330,859
44,758
166,571
122,462
8,155
3,867
65,641
4,355
40,505
4,228
$820,706
$675,059
$383,101
$241,369
78,830
59,530
26,993
59,509
52,000
30,159
52,000
468,621
197,922
35,643
$119,916
$73,671
a$2.25
$123,567
d3,586
114,205
507,075
_
$996,025
3,581,033
$4,577,058
—
—
Dividends paid on preferred
490,000
shares at 7%._
$4,087,058
Dec. 31, 1938
Consolidated Balance Sheet Dec. 31, 1938
122,994
$1,066,393
18,671
Net income
6,335
;
Provision for taxes
Assets—Cash in banks and on hand,
Other income credits
v
$2,533,391
415,520
Operating profit, including other income less other charges
Depreciation
—
$1,322,445: marketable securities,
$15,750; notes and accounts receivable, $2,720,052; inventories, $7,914,020;
from employees (secured $31,239), $91,286; notes and accounts re¬
ceivable, other (secured $250,341), $259,260; investments in and advances
to affiliates, $643,321; plant and equipment. $5,838,387; prepaid expenses
and sundry assets, $172,150; total, $18,976,671.
Liabilities—Accounts payable and accrued expenses, including provision
for Federal, State and Dominion income taxes, $1,549,939; reserve for
foreign exchange, $63,295; miscellaneous reserves, $23,920; 7% cumulative
preferred shares (par $100), $7,000,000; common stock (257,163 no par
shares), $6,252,458; earned surplus, $4,087,058;
total, $18,976,671.—
V. 148, p. 3524.
due
_
American Stove Co.—Stock
Sold—G. H. Walker & Co.,
Louis, recently distributed 13,000 shares of common
(no par).
This was a secondary market operation
and did no* constitute an offering of the securities by the
St.
—$117,011
sh. on com—
c$1.99
Net earnings...
Earns, per
b$2.12
$2.45
21,667 shares of common stock equal to 33 1-3% issued as a stock
1936.
b 99,447% shares, equal to 75% issued as a
March 10, 1937.
The average amount of common stock
outstanding for 1937 was 232,982 shares and the average earnings equal
to $2.52 per share,
c The average amount of common stock outstanding
for 1938 was 295,346 shares and the average earnings equal to $2.11 per
share,
d Called April 27, 1938.
a
dividend March 25,
stock dividend,
stock
company.
Larger Dividend—
Directors have declared a
dividend of 25 cents per share on the common
1 to holders of record July 18.
10 cents paid on May 1, last; 20 cents paid on Jan.
stock, payable Aug.
This compares with
14; 10 cents paid on
Volume
The Commercial & Financial Chronicle
149
Oct. 14 and April 15,
1938, and
Dec. 24, 1937—V. 148,
dividend of 50 cents per share paid on
a
p. 3525.
American
Superpower Corp.—Earnings—
6 Mos. End. June 30—
Cash divs. and interest__
1939
1938
expenses, &c_
$429,933
$371,300
24,480
5,549
34,704
24,718
3,446
39,727
36,347
32,820
29,726
7,343
29,133
3,745
29,117
b39,187
_
Taxes...
Prof.
sale of securities
on
Divs.
paid and
clared
669
(or) de¬
pf.stk
the 1st
on
1936
$391,677
All other expenses
See
a
508,188
533,727
601,572
683,220
$155,811
Deficit
$209,941
$263,187
$413,102
Losses of $2,707 on sales of securities
during the period were charged
the reserve for decrease in market value
of securities created in 1934.
b Indicates loss.
a
to
Statement of Capital Surplus for 6 Months Ended June 30, 1939
Balance, Dec. 31, 1938-....
$3,143,772
Excess of capital value over cost of
5,937 shares of 1st pref. stock
acquired and retired
162,389
_
Balance, June 30,1939....
x
during period
Dec. 31, 1938 of the amount allocated
reserve
int.
decrease
in
ment of Nov.
No
in
market
Bankers
the
value
Trust
$57,086,358
as
of
Co.
a
the
$1,013,789
__
changes during period
Tot.
res.
1,013,789
for dec. in mkt. value of
securs,,
June 30,1939
$58,100,M8
x
x This represents the balance of
a reserve of $65,000,000 to
provide for
the decrease in the market value of common stock and
option warrants
owned
by the corporation, created in 1934 by charging
$27,647,448 and capital surplus with $37,352,552.
with
<
Corporate bonds..
Bankers
pref.
of
Trust
reserve
$81,232,857.
24,237,499
14,690,769
agreement re purchase of 1st
of securities $1,365,756 less
352,552
269,336
$31,264,335 $22,190,426
T4/Lbihties-~Div. declared
on 1st pref.
stock, payable July 1, '39
Reserve for taxes, expenses, &c
$250,719
43,794
pref. stock, $6 cum., no par, authorized
750,000shs., outstanding 167,101 shs
16,710,100
a Pref'ce
stock, $6
cum.,
no
par,
authorized
400,000shs., outstanding 235,207 shs
235,207
a Common
stock, no par, authorized 15,000,000
shs., outstanding 8,293,005.3 shs
5,272,379
Capital surplus
3,306,161
Earned surplus
5,445,975
a
$250,719
43,794
1st
Total
The
a
stock,
the priorities of the 1st pref.
than the
American
16,710,100
Period End. May 31—
appraisal value for the common
& preference stocks are greater in
no
59,301,910
7,004,343
Net oper. revenues.__
Net oper. income
Net income
$8,250,176 $45,816,826 $42,762,562
6,564,395
33,807,701
32,990,196
$2,297,567
1,117,935
$1,179,632
375,449
Indicates loss.—V.
149,
p.
$1,685,781 $12,009,125
1,150,958
5,583,732
$534,823
xl42,134
$9,772,366
5,590,718
$6,425,393
40,752,480
$4,181,648
38,619.44()
Electric Co.,
Inc.—Weeklft
•
energy
of the electric properties of American Water
1939, totaled 38,876,000
output of 33,488,000 kilowatt
Works & Electric Co. for the week ended
July 8,
kilowatt hours, an increase of 16.1% over the
hours for the corresponding week of 1938.
,
Comparative table of weekly output of electric energy for the last five
follows:
-v •
years
Week
Ended-
1939
1938
17...
June 24...
46,041,000
45,133,000
1... 45,814,000
8-..*38.876,000
Includes
38,033,000
37,879,000
37,513,000
*33,488,000
1937 '
1936
50,609,000
45,115,000
49,972,000
45,601,000
47,850,000
45,661,000
*44,221,000 *43,273.000
July 4 holiday.—V, 149,
p.
1935
36,711,000
35,261,000
36,440,000
*30,694,000
253.
(South African Currency)
Tons
x
Companies—
Brakpan Mines Limited
Daggafontein Mines Ltd
Spring Mines Limited
West Springs Limited
South
African
Milled
135,500
Value of
Gold Declared
Costs
Exploration Co. Ltd
148,000
154,000
91,000
£253,991
306,815
313,259
138,316
£142,024
146,787
82,000
Land
156,619
Associated
Gas
&
Profit
£111,967
160,028
160,815
51,952
92,841
152,444
86,364
&
x Each of which is
incorporated in the Union of South Africa.
Note—Revenue has been calculated on the basis of £7 8s
0d.
fine.—V. 148, p. 3681.
Non-integrated Plants—
Electric
Co.-
-Continues
63,778
per
ounce
Disposal of
In furtherance of its program of
disposing of non-integrated properties,
the company has sold several scattered
operating companies, including
several that have been taken either by the Tennessee
Valley Authority or
the communities which they serve.
The system sold its interest in Southern Ice Co. to a
group in Atlanta,
This company serves 113 communities in
Texas, Arkansas and Okla¬
Ga.
homa.
Other properties that have left the Associated
system, according to an
official announcement made July 11 are Tucumcari
Light & Power Co
Output Up 12.7%—
units
a
Production for the 12 months ended June 30 was
4,770,or 5.6% above the
corresponding period
year ago.
252,114,527 units
Gas sendout for June was 1,677,732,700 cubic
feet, up 32,645,100 cubic
feet or 2% from June, 1938.
For the 12 months' period ended June
30,
sendout increased 2.6% or 591,972,500 cu. ft. to
23,748,515,700 cu. ft.
At the same time, Associated
a
System reports for the week ended July 7
an increase of 7,531,843 units
net
electric output of 85,217,355 units,
or
9.7% above production of 77,685,512 units for the comparative
period a
year ago.
Gross output, including sales to other utilities, amounted to
91,670,246 units for the week.—V. 149, p. 254.
Associated Telephone & Telegraph
Co.—Dividends—
on
Atlantic
Gulf
&
West
Indies
Steamship
Lines
(&
Subs.)—Earnings—
Period End. May 31—
1939—Month—1938
1939—5 Mos.—1938
Operating revenues$2,153,590
$1,951,860 $10,797,754 $10,203,559
Oper. exps., incl. deprec.
2,048,777
1,969,661
9,990,632
9,865,655
Net oper. revenue....
$104,813
38,331
.....
Gross income
Int., rentals,
Net
—V.
loss
148,
p.
253,335
$337,904
230,003
loss$58,554
6,012
$553,787
16,802
$107,901
21,629
loss$52,541
105,889
$570,589
574,334
$129,530
525,702
$46,380
Other income..
$807,123
$69,067
115,447
Operating income
loss$17,801
40,752
$66,482
2,585
Taxes—........
$158,430
$3,745
$396,172
3681.
Aviation
Corp.—Subscriptions—The corporation an¬
July 7 that subscriptions for approximately 780,000
capital stock out of a total offering to stockholders
of 925,917 shares were received ou the
offering which expired
July 6.
Unsubscribed shares will be purchased by an under¬
writing group headed by Schroder Rockefeller & Co., Inc.,
nounced
shares of
and Emanuel & Co.
corporation
whose investments
are
is
a
holding company,
substantially all of
in the aviation
industry, and is not directly engaged
825,372 shares or 29.7% of its
capital
stock outstanding at present is owned by its
parent, Aviation & Transporta¬
tion Corp., a majority of whose directors
compose a majority of the directors
of the Aviation Corp,
The company's principal investments at the present time
are as follows:
Aviation Manufacturing Corp, (all of its
outstanding stock consisting of
30,000 shares of preferred stock and 48,406 shares of common
stock); Pan
American Airways Corp. (135,194 shares of common stock or
approximately
10% of the common stock outstanding); American Airlines, Inc.
($2,422,112
five-year 4XA% conv. debs, due 1941 and $872,188 five-year
in
business
for its
own
account.
♦
conv.
,
4K%
debs, due 1941.
non-
The investment in the preferred and common stock of
Aviation Manu¬
facturing Corp. affords the company, through such wholly owned sub¬
sidiary, a participation in the manufacture of civil and military aircraft and
aircraft engines, propellers,
hubs and accessories.
The debentures of
American Airlines, Inc. and the
Anglo American Corp. of South Africa, Ltd.—Results
of Operations for the Month of June, 1939—
The
J'Une
System reports net electric output of 399,408,250 units
(kwh.) for June,
increase of 44,859,820 units or
12.7% above production of 354,548,430
Business—The
&
Output—
Output of electric
death, incapa¬
or resignation of any independent idrector or of
a
consulting VicePresident.
The provisions requiring three
independent directors and a
consulting Vice-President have not been eliminated as yet, but
hereafter,
so long as the
stipulation remains in force, such vacancies will be filled in
accordance with the by-laws."
/
253.
American Water Works
*
"The stipulation has
recently been modified so as to eliminate its pro¬
visions which restrict the number of directors of the
company to eight, and
which provide for the filling of vacancies in the event of
the
preferred
Operating revenues
Operating expenses
July
July
regulation and supervision
by the Securities and Exchange Commission, the
management of the
company believes that the stipulation has ceased to serve
any useful purpose
and involves
unnecessary expense.
stock, payable on Aug. 15 to holders of record on Aug. 1.
Like amounts
were paid on
May 15, Feb. 15 and Nov. 15 last.—V. 148, p. 3834.
1939—Month—1938
1939—5 Mos.—1938
$9,339,682
$8,310,076 $46,048,278 $43,076,316
37,772
59,900
231,452
313,754
Operating taxes........
so
"In view of the registration of the Associated Gas &
Electric Co. in 1938
under the Public Utility
Holding Compsny Act, which subjects the affairs
of the
company and its controlled subsidiaries to
Telephone & Telegraph Co.—Earnings—
Operating revenues
June
designated was the Hon. William A. Prendergast,
formerly Comptroller of the City of New York during the term of the late
Mayor John Purroy Mitchel, and later chairman of the Public
Service
Commission of the State of New York, who remains on the
board. Although
named in the stipulation as one of the
independent directors, Mr. Prender¬
gast was not selected by representatives of the
petitioning creditors nor by
their
The board of directors have declared dividends of
49 cents per share
the 7% first preferred stock and 42 cents per share on
the $6 first
Uncollectible oper. rev..
'
pany were designated.
a5,185,813
market value of the assets of the
corporation.
The 1st
pref. stock has priority to the extent of $100 per share and accrued dividends.
The preference stock, following the 1st pref.
stock, has priority to the extent
of $100 per share and accrued divs.
remaining unpaid on such preference
stock. At June 30, 1939, the total accrued divs. on the
preference stock from
April 1, 1932, amounted to $10,231,504, or $43.50 per share.
The net
assets which would be applicable to this
priority of the preference stock at
June 30, 1939, were $5,185,813 equal to $22.05
per share.
There were no
net assets applicable to the com, stock at June
30, 1939, on the basis of
valuing the corporation's holdings of securities at market prices on that
date.—V. 148, p. 271.
x
Hayes were designated as directors by
counsel for a group of creditors who had
petitioned on June 8, 1934 for a
reorganization of the company under the
Bankruptcy Act.
These pro¬
ceedings were dismissed by Judge Julian W. Mack on Jan.
12, 1937.
Previously the company and representative of the petitioning creditors had
entered into a stipulation in which three of
the eight directors of the com¬
$31,264,335 $22,190,426
foregoing balance sheet indicates
as
amount
following statement was issued on July 12, by this company:
"Mr. Francis P. Cummings has
resigned as a member of its board of
directors and as consulting Vice-President.
Mr.
Cummings has been
seriously ill for several months.
His successor has not yet been selected.
"The resignation of Mr.
Cummings follows the resignation on May 27,
1939 of Henry R. Hayes as a director.
The latter vacancy was filled
by the
election as director of James D.
Mortimer, formerly president of the North
American Co., on June 2. 1939.
"Both Mr. Cummings and Mr.
833,217 units, up
the year before.
of $1,013,790 and cash of $586
Total..
Official Resigns—
The
an
$57,086,358
Co.
stock—cost
$486,858
104,451
1,167,609
2,070,127
3,401,275
1,720,886
3,191,468
...
Preferred stocks
reserve
Appraisal
1,170,620
Com. stocks & option warrants, cost
thearea in and around Jellico and in two small
rural areas as the only sections '
in Tennessee
now supplied with electric service
by the Kentucky-Tennessee
company.
city,
Books
$486,858
104,451
Cash
surplus
'
As per
Interest and dividends receivable
United States Govt, securities.
less
earned
Balance Sheet June 30, 1939
Assets—
that State through the Ken¬
tucky-Tennessee Light & Power Co. The communities affected are
Clarksville* Paris, Martin, McKenzie, Newborn and
Tiptonville. These sales leave
counsel.
agree¬
22, 1935
service to communities in the
western part of
"The third director
____
for
corp.'s
Securities
$57,086,358
No changes
Bal.,
$3,306,161
....
Reserve for Decrease in Market Value
of
Balance, Dec. 31, 1938
City of Tucumcari, N. M.; Loogootee Water Co., sold to the
municipality of Loogootee, Ind.; Rising Sun Water & Light
Co., sold to
the City of
Rising Sun, Ind.
Most of the Tennessee
properties sold have supplied electric and water
1937
$416,440
Expenses in issuing and
transfer of stocks, legal
405
sold to the
common
stock of Pan American
Airways
Corp. which the company owns give it an investment interest in
leading
American and international air transport systems.
The company also owns 60,000 shares of the
outstanding 298,700 shares
(exclusive of treasury shares) of capital stock of Roosevelt
Field, Inc., and
15,000 shares of the founders stock of New York
Shipbuilding Corp.
Com¬
pany's parent, Aviation & Transportation Corp., directly owns
87,800
shares of the founders stock of New York
Shipbuilding Corp., of which a
total of 175,000 shares are outstanding.
At the present time Aviation Manufacturing
Corp. is engaged in the
development and manufacture of Stinson airplanes through its Stinson
Aircraft Division; in the development and manufacture of
Lycoming aircraft
engines and hollow steel propeller blades through its
Lycoming Division;
and in the development and manufacture of Vultee
airplanes through its
Vultee Aircraft Division.
The Stinson Aircraft Division has continued the
manufacture of its Stinson
Reliant, 4-5 place single-motored cabin monoplane,
designed primarily
for personal and private use and for small commercial
operators.
More than
1,200 Stinson airplanes of this type have been produced
since the first
Stinson was originally designed.
Stinson Reliants are also used
by several
large airlines for blind flight training.
The 1939 model Stinson Reliant is
powered with a choice of Lycoming engines ranging from 245 to
300 horse¬
power, as well as with Wright and Pratt &
Whitney engines of larger
horsepower, and ranges in price from approximately $9,985 to
$17 995.
The planes are sold as land
planes on wheels or skis, and as seaplanes on
pontoons.
In order to reach a broader market in a
lower price field, the Stinson
Aircraft Division has developed and
recently introduced a new model known
as the Stinson 105.
This is a three-place,
monoplane, powered with
high-wing, single-motored cabin
a
75 horsepower engine, selling at
a
base price o
$2,995.
This new model has met the requirements of the Civil Aeronautics
Authority and was granted Approved Type Certificate No. 709 on May 20,
1939.
Production to fill orders now on hand has commenced (the schedule
called for 00 planes during June).
The model 105 incorporates flaps and
hydraulic brakes normally used only in planes of higher price, and in addi¬
tion is equipped with wing slots to add to its safety.
To augment its commercial business, Stinson Aircraft Division submitted
to the U. S. Army Air Corps, Feb. 23, 1939, under a design competition, a
design of a liaison observation airplane.
On June 15, 1939. the War De¬
partment announced that an award had been made to Stinson Aircraft
,
Division
appproximately $1,500,000 for observation planes.
of
To be
accepted by the United States Army Air Corps these planes must meet the
specifications and performance guarantees of the Aviation Manufacturing
Corp. submitted in its design.
To further extend its activities, the Stinson
Aircraft Division is making market and engineering analyses of other types
airplanes and the engineering force has recently been enlarged.
Aircraft Division specializes in the manufacture of all-metal
of
The Vultee
military airplanes.
Until recently its business has been largely for export,
and the Vultee Attack Bomber, a single-motored, low-wing monoplane of
and heavy armament, has been sold to four foreign countries.
engaged in the manufacture of seven attack planes under orders
Air Corps, the first of which has been delivered.
long
range
It is
now
from United States Army
This division, in
competition with others, has completed and delivered to
the U. S. Army Air Corps for test a Basic Combat airplane of its own design.
It is also designing and manufacturing a Basic Training plane and a Pursuit
Elane, which will bo in the near other U. 8. a Pursuit airplane suitable for
aving closing dates entered in future, and Army Air Corps competitions
the export market.
The engineering force of the Vultee
has been greatly increased during the last six months and
planes above
pursued.
The
Aircraft Division
in addition to the
mentioned, engineering studies on other type planes are being
principal product of the Lycoming Division has been the 9-cylinder
air-cooled radial Lycoming engine, ranging from 225 to 300 horsepower.
It has been used for a nunioer of years on transport and private planes, and
is standard
equipment on U. 8. Army Air Corps primary training planes.
furnished on a 7-cylinder prototype of 190 to 220 horse¬
The engine is also
power.
In 1938 a new
50 horsepower Lycoming aircraft engine was developed,
production getting under way early in 1939.
It is being used by the manu¬
facturers of small planes such as the Piper Cub, Taylorcraft, and Aeronca.
Production orders for May exceeded 100 engines.
During the year 1939 a
75 horsepower engine of the same design have received
Approved Type Certificates and are being introduced to the aircraft
65 horsepower and a
their
manufacturers.
„
.
,
machining forgings for Curtiss-Wright propeller
Curtiss Propeller Division of the Curtiss-Wright
Subsidiaries of the company,
hubs
on orders
from the
Corp.
other than Aviation Manufacturing Corp.,
inactive.
History—Company was organized March 1, 1929, in Delaware and
through exchange of its stock or by purchase acquired control of a number
of the
pioneer air transport companies, ownership of which was in 1930
consolidated in the company's wholly-owned subsidiary, American Airways,
Inc.
Until February, 1934, this investment represented the company's
principal interest in the aviation industry.
On Feb. 9,1934, the Postmaster
General of the United States issued an order annulling all domestic airmail
contracts, effective Feb. 9, 1934.
American Airways, Inc., continued its
operations without airmail pay for a period, but in xvpril, 1934, in order to
meet the requirements of the Postmaster General in advertising for bids on
temporary contracts for the transportation of the airmail, the company
caused to be organized under the laws of Delaware a new subsidiary, Ameri¬
can Airlines, Inc., all of the issued capital stock of which was acquired by
the Aviation Corp. and paid for in cash.
American Airlines, Inc., was the successful bidder upon and obtained air¬
mail contracts from the Post Office Department for the transportation of
furnished in 1934 by the company to
American Airlines, Inc., in connection with the purchase of stock amounted
to $2,777,750 for which the company received 277,775 shares (par $10) of
the capital stock of American Airlines, Inc.
The Air Mail Act of 1934 made
it unlawful for a holding company such as the company, otherwise engaged
in aeronautical activities, to retain ownership of the stock of an air transport
company having airmail contracts granted under said Act by the Post Office
Department, and in compliance with this Act of the Congress of the United
States, the company, in December, 1934, transferred to trustees for the
benefit of its stockholders all of the stock of American Airlines, Inc., which
it then owned, and also the stock of another subsidiary, Canadian Colonial
Airways, Inc., which had a contract to transport the airmail between New
York City and Montreal, Canada, and also a minority interest in certain
shares of the capital stock of General Aviation Corp., which owned an in¬
terest in
Transcontinental & Western Air, Inc., and North American
Aviation, Inc., holders of airmail contracts.
Subsequently, as of July 1,
1935, the par value of the outstanding shares of the stock of the company
was reduced from $5 to $3 per share, and a capital surplus thereby created,
and pursuant to directions received from the directors and stockholders of
the company, the trustees caused the stock of American Airlines, Inc., and
Canadian Colonial Airways, Inc., to be distributed to the stockholders of the
company as a partial liquidating dividend.
Each stockholder of the comThe total amount of the capital
gany, upon the surrender of his for share new $3
ecame entitled to receive share old $5 par value
stock of the company,
value stock of the
par
plus l-10th share of the stock of American Airlines, Inc.,
l-20th share of the stocir of Canadian Colonial Airways, Inc., for
and
each old
$5 par value share of the company's capital stock surrendered for exchange.
Stock of North American Aviation, Inc., and Transcontinental & Western
by the trustees upon the partial liquidation of the
subsequently sold in the open market and the
18H cents per share, distributed in 1938 to
stockholders of the company.
Aviation Manufacturing Corp., now the company's wholly-owned and
only active subsidiary, was organized on Jan. 25, 1935, with authorized
capital of $3,500,000, consisting of 30,000 shares of 5% participating pre¬
ferred stock (par $100) and 50,000 shares of common stock (par $10).
Aviation Corjf. subscribed for and purchased the 30,000 shares of 5%
participating preferred stock, paying $3,000,000 in cash therefor.
Aviation
Manufacturing Corp. thereupon entered into an agreement to purchase from
the company's parent, Aviation & Transportation Corp. (formerly Cord
Corp.) the controlling interest of 106,816 3-10 shares out of a total of
124.143 Yi shares of the outstanding stock of its subsidiary, Stinson Aircraft
Corp., and all of the outstanding capital stock of its subsidiaries, Smith
Engineering Co. and Airplane Development Corp., as well as the patents
and patent rights pertaining to the Smith Controllable Pitch Propeller and
certain machinery and equipment which Aviation & Transportation Corp,
had acquired for the manufacturing of propellers and propeller hubs, and to
purchase from Lycoming Manufacturing Co., an affiliate of Aviation &
Transportation Corp., the assets of its Aircraft Engine and Smith Propeller
Divisions, together with the goodwill thereunto appertaining and the right
Air,
Inc., received
Gendfal Aviation Corp., was
net
(
C'Immediately after its acquisition of the controlling interest of 106,816 3-10
shares out of a total of
124,143 H shares of the issued and outstanding capital
Corp., Aviation Manufacturing Corp. made an
stock of Stinson Aircraft
offer of $2 per share to the minority stockholders of Stinson Aircraft Corp.,
and some additional stock was acquired.
In 1938, after Stinson Aircraft
Corp. had sustained continued losses, Aviation Manufacturing Corp., pre¬
liminary to the dissolution of Stinson Aircraft Corp. and the taking over of
stockholders.
its assets, made a new offer of $1 per share to the minority
As a result of the acceptance of these offers, Aviation Manufacturing
Corp.'s ownership of Stinson Aircraft Corp. stock was increased to over
99% of the total outstanding.
Aviation Manufacturing Corp. had, prior
to March 31, 1938, made advances from time to time to Stinson Aircraft
Corp. in the aggregate total of $1,030,000.
Operations of Stinson Aircraft
Corp. had resulted in losses so that there was an accumulated surplus deficit
as of said date amounting to over $600,000, and the corporation was in¬
solvent and unable to finance the continued operation of its business except
with
the aid of its
circumstances, as of
a
parent. Aviation Manufacturing Corp.
Under these
May 11,1938, Aviation Manufacturing Corp. addressed
communication to Stinson
Aircraft Corp. offering to purchase all of its
property and assets, including its trade name and goodwill, but exclusive
of its corporate franchises and cash, at a price equal to the value of its
property and assets as shown by the books of the company on April 30,
1938, subject to the delivery of appropriate documents transferring the title
to said assets to Aviation Manufacturing Corp., and agreed that if this offer
accepted. Aviation Manufacturing Corp. would subordinate such por¬
it by the Stinson Aircraft Corp. to the accounts of
be necessary to enable the Stinson Aircraft Corp.
to be voluntarily dissolved.
Acceptance of this offer was approved by the
board of directors of Stinson Aircraft Corp. at a meeting held May 12,1938,
tion of the debt owed to
other creditors as might
was thereafter duly ratified and approved at a special
held June 16, 1938, at which 123,013shares
capital stock were voted in favor of the proposal and none
against the same.
Pursuant to the foregoing authorization, the assets,
property and business of Stinson Aircraft Corp. have been taken over by
Aviation Manufacturing Corp., and are now operated as the Stinson Air¬
and said
proposal
meeting of the stockholders
of the outstanding
craft
of Aviation
Division
Manufacturing Corp.,
Purpose—Net proceeds to be derived from the sale of the 625,917 shares of
capital stock will be used by the company to the extent of $500,000 to repay
a man of like amount representing money borrowed by it from its parent.
Aviation & Transportation Corp., on April 27, 1939, repayment of which
is secured by a pledge of American Airlines, Inc., five-year 4K% nonconvertible debentures in the amount of $800,000 owned by the company.
The Aviation Corp. borrowed this $500,000 from Aviation & Transportation
Corp. for six months, with interest at the rate of 3% per annum for the
purpose of temporarily supplying the requirements of its subsidiary, Avia¬
tion Manufacturing Corp., for working capital to finance the development
of its three divisions.
contemplated that the balance of the net proceeds will be advanced
It is
by the company to its wholly-owned subsidiary,
Corp., to be used in furtherance of its business.
Aviation Manufacturing
Capitalization as of June 16, 1939
Authorized
1
■
,
*
Outstanding
5,000,000 shs.
*2,777,750
Does not include 925,917 shares of capital stock offered by this pros¬
pectus and 53,291 shares of capital stock held in the treasury.
Underwriters and Percentages of Unsubscribed Stock to Be Purchased x
Schroder Rockefeller & Co., Inc., 15%; Emanuel & Co., 15%; Giore,
Forgan & Co., 10%; Lehman Brothers, 10%; G. M.-P. Murphy & Co.,
10%; Stone & Webster and Blodget, Inc., 10%; Blair & Co., Inc., 7J^%;
Carlton M. Higbie Corp., 7^%; A. C. Allyn & Co., Inc., 5%; H. M.
Byllesby & Co., Inc., 5%; Schoellkopf, Hutton & Pomeroy, Inc., 5%.
x Exclusive of 275,124 shares offered to the Aviation & Transportation
Corp. as a stockholder.
Earnings for Stated Periods
.
Year Ended 4 Mos.End.
'37 Nov. 30 '38 Mar. 31 '39
11 Mos. End. Year Ended
Nov. 30 '36 Nov. 30
Gross
sales,
trade
less
discounts, returns and
$3,511,303
$3,987,362
$6,373,762
$509,713
4,036,732
4,624,540
6,634,272
1,281,037
$525,429
$637,178
$260,510
$771,323
deductions—288,579
386,577
376,490
86,047
$250,601prof$115.979
$685,276
allowances
Cost of goods sold, gen.
& adminis. &c. exps__
Loss
Other
less
income,
come
in¬
Net loss
$236,849
Prov. for income taxes..
23,302
a Extraordinary items__prof283,319
Net income
a
Profit
on
loss
43,126
4,100
lossl86,265 profl33,029
on
Ioss97,480
$244,908 def$782,757
$23,168 def$479,993
.
proceeds, amounting to
"Lycoming" in connection with aircraft engines.
Company, for the $3,000,000 cash advanced, had acquired 30,000 shares
of the 5% participating preferred stock of Aviation Manufacturing Corp.
and received from Aviation & Transportation Corp. and from Lycoming
Manufacturing Co. one-half of the common stock of Aviation Manufacturing
Corp. issued and outstanding, or 24,203 shares.
Through these transac¬
tions Aviation Manufacturing Corp. became immediately interested in
several phases of aircraft manufacturing, while Aviation & Transportation
Corp. and Lycoming Manufacturing Co. were paid in cash the fair appraised
or audited
value of net current assets, physical properties and current
developments directly or through assignment of the stock of Stinson Air¬
craft Corp., Airplane Development Corp., and the Smith Engineering Co.
transferred to Aviation Manufacturing Corp.
For patent rights, goodwill,
non-current developments, and other intangibles or their equity therein
transferred to Aviation Manufacturing Corp., Aviation & Transportation
Corp. and Lycoming Manufacturing Co. retained a 50% interest in the
common capital stock of Aviation Manufacturing Corp. issued for such
assets.
The remaining 50% of said common stock was donated to the
and.Stinson Aircraft
Corp. was dissolved.
Capital stock ($3 par)
the airmail over certain routes.
company
July 15, 1939
Lycoming Manufacturing Co. had filed in the TT. S. District
Court for the Northern District of Indiana, its petition for reorganization
under Section 77-B of the Acts of Congress pertaining to Bankruptcy, its
management decided to dispose of its minority interest of 6,675 shares of the
common stock of Aviation Manufacturing Corp., and same was sold to the
company at a judicial sale after due publication and notice at a price of $1
per share.
Aviation & Transportation Corp. immediately thereafter sold
its minority interest of 17,528 shares in the common stock of Aviation
Manufacturing Corp. to the company at the same price of $1 per share,
and the company purchased the same and thereby became the owner of all
the outstanding capital stock of Aviation Manufacturing Corp.In order to simplify the corporate structure, Airplane Development Corp.
was dissolved,
and its assets, subject to liabilities, were in May, 1936,
transferred to Aviation Manufacturing Corp., which now operates the Vultee
business at Downey, Calif., as the Vultee Aircraft Division of Aviation
Manufacturing Corp.
In the present year Aviation Manufacturing Corp.
exercised an option and purchased for $125,000 the land and buildings which
its Vultee Aircraft Division had previously occupied under lease at Downey,
In 1938, after
was
^
conjunction with the United States Army, Lycoming Division has also
a new high horsepower liquid-cooled, horizontally opposed engine
of advanced design.
This engine has recently completed its 50-hour U.S.
Army Air Corps acceptance test and negotiations are now being conducted
for continuing this development.
The Lycoming Division also took over all of the activities of the Aviation
Manufacturing Corp.'s subsidiary, the Smith Engineering Co., with respect
to the manufacture of propeller hubs, although at the present time it has
discontinued the manufacture of its own hubs except in smaller sizes, and is
In
developed
are
Chronicle
The Commercial & Financial
406
sale of securities.
Consolidated Balance Sheets
Assets—
Nov
30 '38 Mar. 31 '39
.
demand deposits$l ,282,152
Marketable securs.
415,640
Notes & accts.
rec.
Inventories..
..
Nov. 30 '38 Mar. 31 '39
Liabilities—
Accts. pay. (trade)
Cash on hand and
$370,992
124,660
202,602
252,573
1 456,259
1,595,365
Accrued
Interest
on
money oblig__
42,415
Commissions
60,375
60.375
Sundry expense-
Sundry accts.
22,186
16,330
289,694
280,844
4,044,309
1,632,379
89,789
1,161,895
Other
Pur.
and
notes
Customers'
accts receivable-
Investments
050.409
Fixed assets (net).
,519,960
Intangible assets..
95,392
Deferred charges._
884,599
14, ,894
15,675
34 ,274
depos.
money
67,182
pur.
64,900
rec.
37,011
48, 857
Taxes
Notereceiv. (1939)
receivable
3,276
21 ,652
190, ,423
186,942
banks
4,450
950
27,698
oblig.
42,600
42,600
295 ,718
33 273
(past due)
295,718
33,273
8,333,250
4,139,884
3,735,822
Res. for prop, and
contingencies
Reserve for lease.
.
Cap. 8tk.(par $3). 8,333 250
Capital surplus
Balances in closed
$176,218
23, ,135
Payrolls
Accrued int. & divs
$173 ,696
liabilities*
4,139 ,884
Earned deficit
2,953 ,065
to use the name
company,
Total
-...$10,398,591 $9,622,905
Total
...$10,398,591 $9,622,905
-Y. 149, p. 254.
Bangor Hydro-Electric Co.—EarningsPeriod End. June 30—
Gross earnings
Operating
expenses.
Taxes accrued
Depreciation
♦
1939—Month—1938
$176,604
$164,713
56,355
58,287
30,000
30,000
11,145
12,189
1939—12 Mos.—1938
$2,228,550
$2,220,800
706,463
737,613
352,600
375,684
169,238
159,476
Surplus
Dividend
on
Dividend
on com.
pref. stockstock.
$64,237
25,549
$79,104
25.748
$969,414
305,891
$978,860
294,446
$38,688
25,483
21,722
$53,356
25,483
21,722
$663,523
305,794
260,659
$684,414
305,794
246,178
def $8,517
Net oper. revenue
Fixed charges
$6,151
$97,070
$132,442
which had financed the transaction and provided Aviation Manu¬
facturing Corp. with working capital through the purchase of its participat¬
ing preferred stock.
Balance
-V. 148, p.
3526.
Volume
The Commercial & Financial Chronicle
149
Bank Shares
Corp.—50-Cent Dividend—
Directors have declared a dividend of 50 cents per share on the common
stock, payable July 1 to holders of record June 27.—V. 136, p. 2801.
Beech Aircraft
3832.
p.
Bell
-Rates between Boston and Portland,
.
Corp.—Offering Delayed—
Corporation in an amendment to Its registration statement with-the
SEC, stated that the approximate date of public offering of 100,000 shares
of SI par, common stock has been deferred from
July 6 to July 25.—V. 148,
now ranging from 67 cents down
100 pounds, for example, would be reduced to a flat rate of
to 34 cents per
31
cents^ per 100 pounds.
Rates between Boston and Lewistown,,now
ranging from 80 cents down to 40 cents per 100 pounds, will be reduced to
a flat rate of
06 cents.—V. 149, p. 99.
Booth Fisheries Corp. (& Subs.)—Earnings—
Telephone Co. of Pa.- -Loss in Phones—Acquisition
Consolidated Income Account
Approved—
Years Ended—
year company
Apr. 30 '38
May 1 '37
Apr. 25 '36
$2,785,875
1,446,680
$2,632,550
1,315,851
$2,747,170
1,527,182
$1,192,825
1,134,741
$1,339,195
1,174,265
$1,316,699
1,194,324
$1,219,988
1,119,625
Cr443
6,951
41,012
68,051
$157,980
7,385
$81,363
x7,743
$32,313
$69,095
$165,365
$89,105
$83,320
15,778
sales.
$2,605,956
1,413.131
19,200
2,000
20,000
19,000
1,306
Cr8,478
compared with May, while in June last
stations.
Apr. 29 *39
$58,527
10,568
_
The usual June falling off in telephones in service was smaller this year
than last, company reported.
In June this year there was a loss of 2,170
stations
407
John W. Rimmer, Vice-President in charge of traffic, said the reductions
are sought in order to conduct an
experiment to determine whether re¬
duced transportation
charges will promote trade and traffic between com¬
munities in northern New England.
Dr 13,000
$53,317
$152,643
$37,106
-
lost 4,415
.
t
For six months of 1939 company shows a gain of 21,474 stations compared
with increase of 3,889 in 1938 period.
As of June 30, last, 1,255,196
Bell telephones were in service in Pennsylvania.
.
.
Pennsylvania Public Utility Commission has approved the purchase by
Telephone
expenses,
.
this company of all the property and rights of the Harlansburg
Co., operating in Hickory and Scott Townships, Lawrence County.
The
Harlansburg Co. serves 68 subscribers.
Practically all these subscribers
are stockholders in the
company and have agreed to the sale.—V. 149,
p. 254
r
Beverly Gas & Electric Co .—Pays 75~Cent Dividend—
Company paid a dividend of 75 cents per share on the common stock on
July 14 to holders of record July 8.
This compares with $1 paid on Jan.
14, last and dividends of 75 cents paid on Oct. 14 and on July 14, 1938.
—V. 148, p. 273.
for Fed. inc.
Provision
for
taxes
I
Federa
Bireley's, Inc.—Balance SheetAssets-
Apr. 30 '39 July 31'38
Cash——_
Accts.rec. (lessres.)
$68,414
Ad vs. to officers.,
a
Fixed assets....
Accounts
and goodwill.
Deferred charges
Other assets..
x
28,618
1,150
profits taxes
24,668
79,782
„
98,772
4,232
22,575
24,056
14,833
200,000
Accrued expenses.
Def. inc. & res've.
Capital stock.....
380,000
235,959
sale of stock...
Total..-. —...$1,114,596
After
reserve
45.692
20,508
200,000
Capital surp. from
Earned surplus...
a
38.691
$1,284.6961
380,000
363,552
Total—......$1,114,596 $1,284,696
for depreciation of $3,339,556 in 1939 and
149,
255.
P.
Bliss &
x
per
1939
$253,515
174,005
$1.40
share.....
1937
1936
$491,050
171,438
$2.80
$270,372
152,680
$1.74
After interest, provision for normal Federal income taxes, &c.—V. 148
Blue Ridge Corp.—Semi-Annual
Receivable.......
Inventories
Suppl., prepd.exp.
& def'd charges.
Sink.
cl939
1937
1936
$515,851
$828,970
103,658
22,000
117,453
129,773
$646,816
248,254
13,700
$619,509
171,710
9,850
$968,423
237,554
10,200
$646,229
_.
$437,949
$720,669
$517,043
b The net profit or loss on sales of securities was credited or charged
directly to earned surplus,
c Company only,
d Stock dividend income
represents proceeds of shares received as dividends.
x
149,
on
year tax.
—
....
Ȥ
1938
•
Portfolio holdlngs.36,598,459
Cash...—.
1,432,653
33,315,899
4,014,798
Divs. rec. and int.
$16,595
accrued..
Due
for
from
sees,
153,906
195,000
securs.
Prov.
12,562
Short-term
—...
2,612,351
Est.
equity in re¬
maining net as¬
July 18.
P.
a dividend of $8 per share on account of accu¬
the trust certificates payable July 24 to holders of record
Dividends of $2 were paid on March 1 and on Dec. 1, last.—V. 148
Bulova Watch Co.,
99,691
1939
1938
1937
1936
$4,564,976
2,565,975
$6,976,291
3,150,647
$5,035,436
2,158,687
$3,263,981
1,480,649
Operating profit.— $1,999,001
$3,825,644
$2,876,749
$1,783,332
76,892
50,364
628,326
177,967
$2,075,894
Interest
31,422
Federal taxes, &c
546,690
Other deductions---—
97,756
$3,876,009
35,574
x964,419
367,729
Other income-
Common stock.. 7,489,483
Total
—38,327,780 40,138,049
Represented by shares of $1 par value,
b Represented by 404,858
shares in 1939 and 413,158 no-par shares in 1938.
c Represented
by 7,892 shares in 1939 and 5,200 shares in 1938 of cumulative optional
$3 convertible preferrence stock.—V. 149, p. 255.
a
no-par
Bond Stores—Sales—
1939—Month—1938
1939—6 Afos.—1938
$1,772,965 $1,753,498 $10,626,882
$9,041,207
Sales...
—V.
—
-.
RR.—May Cut Rates—-
Permission for substantial reductions In less-than-carload freight rates,
some cases as much as 54 cents per hundred pounds, was sought on July 6
by this railroad and the Maine Central RR, in a petition filed with the
in
Interstate Commerce Commission.
The new rates, if approved by the commission, would be applicable in
30 days and, as an experiment, the railroads' announcement stated, will
be tried out between certain points including between Boston and Portland;
Boston and Lewistown; Portland, Me., and Rumford, Me;. Portland and
Bangor, Me.; Bangor, Me. and Calais, Me.; between Brunswick, Me. and
Bangor, Me., as well as other intermediate and adjoining stations.
_
3,505,075 $ 1,961,299
22,366
84,099
x542,403
231,676
297,183
328,255
$1,400,025
$2,508,288
$2,643,123
$1,317,268
324,881
324,881
324,881
275,000
$4.31
$7.72
$8.13
$4.15
Includes $129,246 ($22,518 in 1937) surtax on undistributed profits.
—
Shs. com. stock (no
per
par)
share
Consolidated Balance Sheet March 31
1039
x
Land, machinery
&c.
$236,701
Cash...........
1,491,551
4,797,011
2,343,439
Notes & accts. rec.
Inventories
Notes receiv.
1938
Liabilities—
1939
Bank loans--.—$400,444
$251,452 y Common stock*. 2,521,133
532,118 Acccounts payable
370,719
6,739,283 Due salesmen.*—
264,109
2,647,137 Accrued liabilities499,724
Invest, subscr. pay
(not
current)--.
N. Y. World's Fair
17,290
debentures.
505,000
Real
22,754
500,000
4%
Due
from
Watch Co., Ltd.
Cash
val.
-.
*
Prep. & def. charges
After
157,019
...
600,990
454,455
919,191
250,000
mort¬
gages payable..
38,118
Capital surplus... 1,178,749
4,422,894
40,510
1,178,749
3,595,282
394,082
115,594
1938
$653,528
2,521,133
100,220
20,192
officers'
life insurance
Total..
estate
Earned surplus...
Bulova
—
38,280
-.--»9,70l,890 $10219,843>■
Total
—$9,701,890 $10219,843
depreciation of $907,150 in 1939 and $836,929 in 1938,
shares.—-V. 148, p. 1314.
y
Rep¬
resented by 324,881 no par
California Water &
148, p. 3526.
Boston & Maine
,
.
x
Period End. June 30—
—
-
Total income
equipment,
44,68*
100,050
10,328,950
Inc. (& Subs.)—Earnings-—
[Including Wholly-Owned Subsidiaries]
;
Gross profit.——
Assets—-
10,210
......
Total.——38,327,780 40,138,0491
Re¬
2735.
44,305
5,332,660
7,489,483
Surplus..........15,898,927 15,980,130
General reserve
937,444
c Treasury stock..Dr295,635
Drl90,487
130,200
Cor p.—Collateral
on
Earnings
&
Res. for conting__
b Preferred stock. 10,121,450
a
sets of El. Pow.
Associates, Inc.
State
......
Federal taxes...
notes,
maturing in less
four months-
for
purch
Transit
as
Realty Corp.—Accumulated Dividend—
mulations
x
13,864
Notes pay. banks. 5,000,000
Due to brokers for
brokers
sold—
expense
1937
$131,473
$42,326
Directors have declared
Netprofit—
1938
$
Acc'ts payable and
accrued
1 938
1939
Years End. March 31—
343,529
604,019
1939
Liabilities—
$
*
Corp.-*—Earnings—
Profit
Trustee of Brooklyn-Manhattan Transit Corp.
rapid transit collateral trust bonds, has notified the New York Stock Ex¬
change that it has released from the indenture for sinking fundpurposes
$119,000 Wiliiamsburgh Power Plant Corp. general mortgage 5% sinkingfund gold bonds, series A due July 1, 1968, $30,000 New York Rapid
Transit Corp. refunding mortgage 6% sinking fund gold bonds, series B
due July 1, 1968, and $33,000 New York Rapid Transit Corp. first and re¬
funding mortgage 6% sinking fund gold bonds, series A due July 1, 1968.
—V. 149, p. 255.
Consolidated Balance Sheet June 30
1939
Refused to Act—
i
Balance, June 30, 1939—$4,810,594
Note—The indicated net unrealized depreciation of investments, as shown
in the annexed balance sheet at June 30. 1939, was $5,115,721.
This com¬
pares with net unrealized appreciation at Dec. 31, 1938 of $1,322,364.
T
Hotels
Brooklyn-Manhattan
—$5*418 760
4 148
optional $3 conv. pref. stock paid in cash..——
+\.$3Ct3
—$3,948,381 $4,093,120
Total
(no par) in 1939 (18,510 in 1938).
b Represented by
c Represented by 58,053 no par shares.—V. 147, p. 2081.
Expenses—.—
"Total
333,874
58,053
981,250
299,606
1,025,623
352,923
99.
p.
-------
based on average cost, after
deducting provision of $56,500 for Federal income tax—
A
stk.
com.
After ordinary taxes, rental and interest, but before amortization and
income taxes.—V. 148, p. 3837.
.—$4,429,002
646,229
Net income for the six months ended June 30,1939--
333,874
58,053
x
Net profit on sales of securities,
Divs,
Class B
78,530 Earned surplus
26,192
2.138,283
6 Mos. End. June 30—
Earned Surplus Account {Subsequent to Dec. 31, 1932)
Balance, Dec. 31,1938--—-—
Adjustment of prior
c
Paid-in surplus...
Bowman-Biltmore
Budd
b Net income
186,292
190,000
1,851,000
165,000
$0 2d pref. stock 1,789,250
The Interstate Commerce Commission July 12 refused to make a study
designed to show the value of the Boston & Providence RR. to the New
Haven system, either for consolidation with the system or for rental or sale.
Trustees of the B. & P. made the request.
However, the Commission
directed its Bureau of Valuation to prepare factual data with reference to
the property, earnings and corporation organization of the B, & P.—
$384,861
$826,242
166,113
13,900
Taxes-.---———
203,306
Brooklyn Trust Co.,
d58,619
73,471
Total income.——
a
leased—
$694,152
Interest
Expenses
1938
Apr. 29 *39 Apr. 30 '38
$223,058
$379,337
indebt¬
edness.—.....
849,615
547.723
Total.........$3,948,381 $4,093,120
V.
Earnings for 6 Months Ended June 30
Optional stk. dividend
(taxable)
Long-term
re¬
a 17,892
shares
66,775 no par shs.
Report—
[Including wholly-owned subsidiaries]
Income—Cash dividends
fund for
$266,485
b Class A com. stk.
tire. of pref. stk.
64,128
Invest, at cost....
29,192
Plant & equipra't. 2,137,372
June 30,
1939 prices for investments, the net assets of the
corporation on that date amounted to $28,098,503, equivalent to $70.78
per share of preference stock outstanding, after deducting shares of such
stock held in the treasury, and, after allowing for such preference stock
at the amount to which it is entitled in liquidation ($55 per share and
accrued dividends), to $0.82 per share of common stock outstanding. The
net unrealized depreciation (excess of book value over market value) of
investments at June 30, 1939 was $5,115,721.
on
Liabilities—
Current liabilities.
$213,748
751,209
549,425
Boston & Providence RR.—ICC
1938
loss$36,966
169,878
Nil
P. 2256.
Based
"Apr. 29 '39 Apr. 30 '38
hand.......
on
Laughlin, Inc.—Earnings—
6 Mos. End. June 30—
x Net profit
Shs. com. stk. (par $5)..
Earnings
Consolidated Balance Sheet
Assets—
Cash in banks and
$293,421 in 1938.
The income account for the 3 months ended April 30 was published in
—V.
—-—
$82,014
Profit (net) on sales of investments and piant and equipment.
13,551
Fed. inc. & undist.
expenses—
.
$221,552
payable./
Trade accept, pay.
__
Organiz. & recapital.
$231,131
Cust. deps. (bottles
and cases).... ;
trademarks
Pats',
pay]
2,362
527,568
92,365
393,355
5,003
453,103
Inventories
LiabilitiesApr. 30'39 July 31 '38
Notea-contr.
$45,324
195,991
385,776
51,007
Telephone Co.—Authorized to Sell
4% Bonds—
The company has been authorized by the California Railroad Com¬
mission to issue and sell at not less than 101 before Oct. 1, $5,650,000 1st
4% bonds, due 1969, proceeds to be used for retirement of a like amount of
outstanding 5% bonds of 1965.
Company was also authorized to sell by
next Dec. 1 an issue of 28,000 shares ($25 par) 6% preferred stock at not
less than 94% of par.
Blyth & Co. has been named as principal underwriter of the bonds and
E. H. Rollins & Sons, Inc., as head of the preferred stock syndicate,
The
issues have been filed with the Securities and Exchange Commission.
—V. 149, P. 100■
The Commercial & Financial Chronicle
408
Callahan Zinc-Lead Co.—New Director—
Company has notified the New York Stock Exchange of the election of
P. Shea, as a director, and Harold J.
Hull as Vice-President.
William
—V.
X48, p. 3682.
July 15, 1939
Subject to its approval of the financial position or the financial arrange¬
in relation to the construction program, Time, Inc.,
for investment and not with a view to
distribution, $1,000,000 of company's 6% cumulative preferred stock at
par plus accrued dividends.
In .the opinion of the directors and officers, the proposed contract will
be of great advantage to the company.
The operations of the new paper
mill will not, of course, be restricted to the manufacture of papers for Time,
Inc.
It is estimated that the new paper plant at Houston will be capable
ments of the company
has agreed that it will purchase,
%
Canada Packers, Ltd. (&
Years Ended—
Net sales..
Mar. 30 '39
Subs.)—Earnings—Mar. 31 '38 Mar. 25 '37
Mar. 26 '36
$77,225,733 $84,145,897 $72,699,519 $63,586,883
3,636
4,166
88,167
48,811
45,235
121,577
53,140
Income from investments
Profit
on
sale of invest..
Total income
$77,274,604 $84,271,640 $72,840,826 $63,635,694
of materials, sup¬
plies, packages, &c__.
Exp., wages, salaries, &c
Deprec. on fixed assets..
Cost
Interest
70,605.809
11,030,571
836,760
59,613,721
10,083,985
784,998
166,132
200,644
213,110
531,498
497,297
622,350
bonds......
Reserve for Dominion &
Provincial inc. taxes.
1 %%> paid
pay. upon red. of
coll. trust bonds
_
51,986,638
9,055,753
748,019
'
49,758
507,514
or
4%
52,500
•
$1,100,559
6,099,836
$1,522,663
5,177,174
$1,288,011
5,379,414
$7,839,132
$7,200,396
$6,699,836
600,556
600",666
600",665
$6,667,425
316,701
600,000
Surplus end of period. $7,239,132
Earns, per sh. on 200,000
shs.com. stk.(no par).
$6.19
$6,600,396
$6,099,836
$5,177,174
$5.50
$7.61
$4.85
Prem. on
7% cum. pref.
stock red. Jan. 1, 1936
573,550
Consolidated Balance Sheet
Mar.30 '39 Mar.31 '38
Mar.30 '39 Mar.'SI '38
Liabilities—
Assets—
Accts. rec., less re¬
serve
3,423,673
3,101,359
7,682,149
$
1,438,284
1,438,284
2,660,964
6,062,268
971,092
1,098,106
x
Accts. payable and
8,748,406
322,876
for losses..
Inventories
Invest.
8
Common shares.
Co.'s bankers (sec)
14,792
14,372
Cash............
443,320
accrued charges.
Coll.
In & ad vs.
to sub. cos
191,273
209,639
Investments.....
198,635
184,694
Accrued
Life ins. prem. paid
345,346
310,655
Dividends
,.
receivable..,
1,119,250
...
Res. for Dominion
239,790
Sundry dep. & bal.
bonds
trust
current
212,238
Prepaid expenses..
hold, plant &eq.21,636,385 21,515,416
1
1
issue of
an
interest
$6,000,000 of serial notes which, it is expected, will
varying from approximately \]4% to 3H%. Per
years after their is»ue
rates
at
annum, and will mature serially in from one to seven
and for the sale to certain insurance companies of an
issue of $7,000,000 of
interest at approxi¬
which, it is expected, will carry
first mortgage bonds
mately 4%% per annum and will mature serially from the 9th to the 15th
year after their issue.
It is expected that the proceeds of these two issues
will be used: to retire the $10,007,000 of outstanding 4H% sinking fund
debentures, 1935 and 1938 issues, which at present constitute the com pany's
only funded debt; to supply the balance of the funds necessary for the erec¬
newr paper mill at Houston in excess of the $1,000,000 expected
to be derived from the sale of 6% cumulative preferred stock to Time, Inc;.
and to increase company's working capital for current operating purposes.
Among the operations for which it is expected that the cqmpany's working
capital will shortly be brought into increasing use is the production of paper
stock for milk containers.
Company is already producing paper for the
largest manufacturer of paper milk containers and is at present negotiating
an agreement with this concern which, if consummated, will require a sub¬
stantial increase in the quantities of this paper stock produced by the
company.
It is the expectation and hope of the director and officers that the pro¬
gram outlined above will be carried through in its entirety.
The proposed
financing with banks and insurance companies may, however, prove not to
be possible on terms satisfactory to the company, in which event it is ex¬
pected that, provided the proposed increase in authorized 6% cumulative
preferred stock is approved by the stockholders, other financing arrange¬
ments will be made so that the agreement with Time, Inc., may be executed
by the company and thus brought into effect.
However, even though this
should prove not to be the case, directors and officers deem it advisable
that the company have available for issue, from time to time, as the needs
of the business dictate, the additional shares to be authorized by the pro¬
posed amendment.
Company has no present intention of issuing any of
the additional preferred stock to be authorized except that to be sold to
Time, Inc.
V'/1'"
'•
& Provincial In¬
come
& sales tax
Consolidated Income Account for Slated Periods
447,801
602,372
33,300
payable
150,000
54,762
150,000
Coll. trust bonds..
Land, bldgs., lease¬
Goodwill
the sale of
tion of the
$1,238,736
6,600,396
Total surplus.....
Preferred dividends.
Common dividends...»
35,000 tons per annum and that the cost of the
plant will approximate the sum of $3,000,000.
Directors and officers have also been negotiating with certain banks for
new
carry
64,182,123
10,212,590
891,023
on
Prem. of
of producing approximately
,
3,750,000
Years Ended—
4,500,000
bond int.
Apr. 30 '39
a°nd an?waSr&crM20,182,514
Cost of goods sold.
Res. for deprec. &
(Incl. Subs.)
Apr. 25 '37 zApr. 26 '36
Apr. 24 '38
G
approp.16,211,071 15,367,850
6,600,396
Surplus....
7,239,132
17,802,602
$22,415,477 $23,276,175 $19,691,009
15,848,121
16,979,749
14,390,849
surp. on
$5,300,160
$2,379,912
$6,567,356
$6,296,427
12,708
33,441
18,394
18,223
$2,392,620
Gross profit from sales
$6,600,797
1,361,232
1,280,958
$6,314,821
1,023,722
933,107
$5,318,383
917,768
860,838
Gross profit from miscell.
....34,075,466 34,719,466
Total
x
Total.....
Represented by 200,000 no-par shares.—V. 148, p. 3683.
Canadian Celanese,
The company reports
Total gross profit
Maintenance and
reps..)
Ltd.—Earnings—
that earnings available
operations (net)
34,075.465 34,719,466
on
the common stock for
the first six months of 1939 amounted to $1.13 a share.
This compares with
40 cents a share for the same period of last year.
This improvement in
earnings is in line with what had been expected in view of the increasing
demand for the company's products which has been so pronounced during
Deprec., depl. & amort.|
(other than in-?
come taxes)
Rents and royal tiesj
Taxes
34,046
363,635
26,664
253,147
25,945
$2,392,620
$3,330,510
$3,967,693
$3,260,684
1,390,227
1,289,473
1,208,602
1,225,472
903
9,816
3,193
8,022
Profit from operations $1,001,489
$2,031,222
$2,755,898
$2,027,190
Other income credits.102,182
212,924
193,659
161,988
$1,103,671
569,007
$2,244,146
393,472
$2,949,557
832,378
$2,189,178
732,883
88,017
y293,235
y363,771
248,906
$446,648
348,674
$1,557,439
464,897
688,750
594,052
Gross profit
Selling,
the current year.—V. 148, p.. 1472.
See note
gen.
&
admin.
expenses.
Industrial
Canadian
Alcohol Co.,
9 Months Ended—
x
y
Ltd.
(& Subs.)—
May 31, '39
Net profit
$147,236
$0.13
_________
Earnings per share
->»**«
z After
interest, depreciation, provision for income taxes,
combined shares class A and B stocks,—V. 148, p. 574.
Canadian National
&c.
y
Income charges
Prov. for Fed.
income
1939
State
&
taxes
1938
year
Increase
$2,959,360
$289,582
Preferred
dividends
Common
dividends
$1,753,408 x$l,207,389
464,750
a383,733
964,250
b374,059
Earns, per sh. on 551,000
Canadian Pacific
1939
Traffic earnings
—
-
1938
$2,355,000
$2,382,000
Decrease
$27,000
149, p. 255.
Century Shares Trust—To Pay 40-Cent Dividend—
Directors have declared a dividend of 40 cents per share on the par¬
ticipating shares, payable Aug. 1 to holders of record July 18.
Dividend
of 46 cents was paid on Feb. 1, last; one of 42 cents was paid on Aug. 1,
1938, and 34 cents per share was paid on Feb. 1, 1938.
See V. 145, p. 3969,
for record of previous dividend payments.
Current dividend is not to be paid from net investment income of the trust
for the first six months of 1939.—V. 148, p. 2260.
Note—Included in the above statement for 1939 are the following charges:
Maintenance and repairs, $1,245,640; depreciation, depletion, and amortiza¬
tion, $1,344,412; taxes, other than income taxes $609,781 and rents and
royalties, $54,823.
Fiscal year of companies consists of 13 periods of four
weeks each.
Consolidated Balance Sheet
Apr. 30'39 Apr. 24'38
Apr. 30 '39 Apr. 24 '38
Central States Electric Co.—Accumulated Dividends—
The
directors
have
declared
the
following
dividends,
all
payable
Assess—
on
account of accumulations, on June 30 to holders of record June 16:
43 % cents per share on the 7 % preferred class A shares.
37 K cents per share on the 6% preferred class B shares.
9Vh cents per share on the 6% preferred class B shares, par $25.
10.937 cents per share on the 7% preferred class A shares, par $25, and
9% cents per share on the 6% pref. class C shares, par $25.
This item erroneously appeared under the heading "Central States Elec¬
tric Corp." in last week's "Chronicle," page 255.—V. 148, p. 1950: Y. 147
p.
Cash
a
tiating $6,000,000 Bank Loans and Sale of $7,000,000 Bonds
Privately—
A special meeting of the stockholders of the company will be held Aug. 8
to approve an increase in the
authorized number of shares of 6 % cumulative
85,000 shares (the present authorized amount) to
115,000 shares.
The directors and officers of the company have negotiated an agreement
with
Inc. (publisher of the nationally-known magazine's "Time,"
and "Fortune"), providing for the manufacture by the company
plant near Houston, Texas, of a substantial quantity of paper for
Time, Inc.
While the company has a recently completed and operating
pulp mill at Houston, it has no paper mill there, its paper manufacturing
operations being carried on at Hamilton, Ohio, and Canton, N. C.
Con¬
siderations of costs, local conditions and transportation charges make the
Houston region a favorable location for a paper mill, particularly in the
case of this company, which is already manufacturing suitable
pulps there.
The agreement has been executed and delivered by Time, Inc.; and in ordere.
to come into effect must be approved and executed by this company before
Aug. 30, 1939.
Directors have approved the agreement upon condition
that satisfactory financial arrangements for obtaining the funds needed for
the construction and alterations required by the agreement be completed
by Aug. 30.
Very briefly stated, the arrangements with Time, Inc., provide, among
other things, for the following:
Company will erect a paper mill adjacent to its pulp mill at Houston.
During each of the five years for which the agreement is to run, Time, Inc.,
will purchase a substantial tonnage of paper produced at the new paper
plant.
After the first six months of the agreement, the prices to be paid by
Time, Inc., for paper are, in general, to be computed on a "cost plus" basis;
under certain circumstances, however, the prices may become fixed.
Time,
Inc., may, under certain conditions, cancel the agreement, but provision is
made in this case for Time, Inc., to continue to take paper, at our option,
Time,
'Life"
at
for
its
a
certain period after notice of cancellation, at
a
fixed price.
64,822
81,340
(trade)
627,689
535,625
2,166,517
1,778,884
Other accts. pay..
230,547
208,685/
liabilities
772,596
994,816'
324,380
419,071
Dividends payable
5,605,770
11,107
6,441,814
115,068
250,003
1,062,917
219,500
Reserves
979,393
6% cum. pref. stk.
Property, plant
equipment_23,493,199 23,651,972
181,257
140,957
($100 par)_____
7,748,300
7,748,300
d Common stock._
7,871,429
7,871,429
Accts. pay.
Notes and accts.
(trade)__
Other
notes
Accrued
receivable
and
Inventories.
Advs. on raw mat'l
a
rec.
(not current)
and
Patents..______
Deferred
charges.
Deb.
1,189,100
1,135,225
instalment
a
After
167,000
35,157,831 35,692,073
b After
reserves,
1939 and $14,522,533 in 1938.
in 1939 and $45,130 in 1938.
V. 149, p. 255.
9,920,742 10,297,102
13,644
259,992
Capital surp.' (paid
371.210
surplus
Total
371,210
7,369,851
in)______
Earned
Total...
116,224
sinking fund
Long-term debt...
Notes and accts.
Investments
c
Notes payable.
810,188
accts.
a
Liabilities—
$
873,582
___
receiv.
b
Champion Paper & Fibre Co.—Special Meeting Aug. 8—
Time, Inc., to Purchase $1,000,000 Preferred Stock—Nego¬
preferred stock from
8
a
4050, 2084; V. 146, P. 4110: V. 141, P. 911.
$1.35
$2.34
Before deducting minority interest
of $46,236 in income of the Cham¬
pion Fibre Co., represented by dividends on its preferred stock, y Includes
$33,543 ($11,936 in 1937) for surtax on undistributed income,
z The
Champion Fibre Co. has been liquidated and its operations after Oct. 11,
1936, will be conducted by the Champion Paper & Fibre Co.
a Excluding
dividends on preferred issues amounting to $116,484.
b Excluding $135,034
dividends paid on old common stock.
x
Week Ended July 7
$1.98
Nil
(no par) shares
Ry.—Earnings—
Earnings for the
—V.
...
________
Net inc. for the fiscal
Week Ended July 7
$3,248,942
revenues
...
Gross income
On
149, p. 255.
—V,
and accounts
Ry.—Earnings—
Earnings of the System for the
Gross
June 30 '38
$208,800
$0.18
Prov. for doubtful notes
7,207,350
_____35,157,831 35,692.073
for depreciation of $15,597,357 in
After reserve for amortization of $61,585
d Represented by 551,000 no par shares.—
reserves
c
Chesapeake & Potomac Telephone Co. (Baltimore)—
Gain in Phones—
<
gain of 544 stations during June, compared with 889
in June 1938 and 1,027 in June 1937.
For the first six months of the year the company had a net gain of 8,469
stations compared with 9,948 in 1938 and 10,119 in like period of 1937.—
V. 148, p. 3528.
Company had
a net
Chicago Indianapolis & Louisville Ry.- -Annual Report
General Statistics Calendar Years
1937
1938
Pass, carried 1 mile
yl935
.
572.35
646.83
236,823
32,737,916
226,556
31,726,729
197,349
28,113.211
2.048 cts.
1.973 cts.
1.887 cts.
1.874 cts.
4,572,829
.
575.51
190,881
27,847,982
3
Rev.
1936
549.01
Average miles operated.
Operations—
Passengers carried
6,066,493
5,815,523
4,521,756
freight
693,049,273 952,597,958 949,936,937
Av. per ton per mile
_
0.893 cts.
523
0.873 cts.
534
$1.28
$4.66
0.913 cts.
$1.13
$4.97
$1.24
$4.91
$1.12
$4.67
$15,222
$17,475
$18,178
$12,762
1.13 cts.
Average trainload (tons)
Earn, per pass.train mile
)
Earns.per frt.train mileEarns. per mile of road.
491
538
Volume
The Commercial & Financial Chronicle
149
Income Account for Years Ended Dec. 31
Operating Revenues—
1938
$7,022,831
Freight
Passenger
570,378
338,701
101,538
24,437
Mail
Express
Misc. pass, train rev
Other transport rev.
1937
Other operating revs
Total
$8,357,112
1936
$8,314,311
645,867
348,848
130,838
52,360
yl935
56,745,563
$8,671,123
598,655
359,531
141,980
526,818
337,451
121,697
40,946
43,994
83,721
504,993
54,706
427,669
$10,057,075 $10,403,998
$8,254,852
59,961
230,267
„
83,773
481,077
Operating Expenses—
Maint. of way of struct.
Maint. of equipment
Traffic
$931,025
1,823,392
expenses
Transportation
344,324
3,589,771
94,074
expenses
Miscell. operations
General expenses
99,763
368,581
14,043
360,400
12,182
Transp. for invest.—Cr_
Total
$958,098
2,445,619
340,489
3,986,209
92,722
336,955
9,671
$1,135,839
2,586,391
356,129
4,111,305
$791,023
1,797,491
313,190
3,404,362
81,161
245,934
4,131
$6,629,031
1,625,820
266,548
$7,130,803
1,226,309
499,391
$8,643,966
398,812
$8,150,421
2,253,577
514,818
$726,918
$1,014,297
$1,738,759
$1,359,271
479,296
Z>r45,138
616,769
470,357
Dr51,470
611,557
428,689
Dr56,384
753,245
Net ry. oper. income_def$414,285
def$l 19,087
$500,440
106,549
$210,703
entered approving the lease
upon the terms and conditons prescribed
by Division 4.
By approving the lease
mission
_
__
Railway
income.
oper.
Deduct—
Hire of frt. cars, Dr. bal.
Rent from equip, (net)
_
_
Net joint facil. rents-Dr.
Non-operating income.-
87,232
Gross income
def$327,054
Deduct—
Rent for leased roads
36,089
Misc. rents & tax accr'Is.
16,415
Int. on funded debt
def$23.219
$606,989
$231,691
25,767
16,416
1,352,209
131,794
38,080
5,738
276
220
$932,194
employee's
seniority position and continued compensation in accordance with such
position; payment of the employees' moving expense from Fort Worth to
Chicago; protection against loss from sale of their homes within a year;
and
severance pay amounting to 60
% of average monthly compensation and
running for periods up to five years based on duration of employment.
Division 4 in making these conditions admitted that the
present plan of
operation requires excessive expenditures not in the
public interest.
The District Court in its conclusions at law held "the conclusions
referred
to
1,360,203
134,942
figures.
Dec. 31
part of the order of the ICC dated April 3,
Chicago St.
Abandonment—
Paul
1939,
are
Minneapolis
Omaha
&
Ry.-
The Interstate Commerce Commission on
July 1 issued a certificate per¬
mitting abandonment by the company of a portion of a branch line of rail¬
road extending from Holcombe to
Hannibal, 17.143 miles, all in Chippewa
and Taylor counties, Wis.—V.
149, p. 102.
Chicago & Southern Air Lines—Revenues Higher—
Company flew 3,948,727 revenue passenger miles during the first six
months of 1939, an increase of 29.7% over the same
period of 1938, when the
airline flew 3,044,927 miles.
D. D.
Walker, Vice-President, announced
July 6 that during the period from Jan. 1 to June 30, 1939, a total of
revenue passengers were carried against 7,633 for the same months
in 1938.
This is an increase of 2 9.7 %.
The total number of
passengers carried in June, 1939 showed a decrease
of 13.8% over May of the same
year, and 38.2% increase over the month
of June, 1938.
The company flew a total of 829,465 revenue passenger
miles in June, 1939, against 926,214 in
May and 536,757 in June, 1938.—
V. 149, p.102.
on
Chicago Yellow Cab Co., Inc. (& Subs.)—Earnings—
Calendar Years—
1938
Net profit from oper..
Depreciation
Other charges...
Payments under
1938
Liabilities—
S
.
1937
5
Common stock...10,497,000
Preferred stock... 4,991,300
10,497,000
4,991,300
1937
$960,197
682,701
16,795
1936
$1,195,679
$1,602,479
853,159
1935
$898,582
670,142
11,513
235,762
861,718
11,518
86,250
116,026
a30,959
al27,357
31,504
$58,425
300,000
.......
1937
$75,799
450,000
$601,887
525,000
$185,424
399,300
$374,201
3,073,830
sur$76,887
3,440,359
300,000
$2.01
$213,876
4,564,200
400,000
$0.46
terms
of contract
......
Prov. for income tax....
pledged.
716,700
716,700
unpledged
37,611
102,206
Loans & bills pay.
3,493,114
Traffic, &c., bal..
395,303
386,552
Accounts & wages
843,187
859,629
accounts.
263,532
295,703
Int. mat. unpaid..
7,917,478
6,470,411
P. &L. surplus Dec. 31.
Shs. com. outst. (no oar)
$241,575
3,315,804
300,000
51,867
52,304
Earns, per share on com.
$0.19
Other investments
25,517
Misc. phys. prop..
Impr. leased prop.
177,743
3,791
6,336
Notes pledged
Advances...—. 1, 507,082
Dep. in lieu of mtg.
property sold...
6,570
602,720
Material & suppl's
845,661
Special deposits...
185,183
1,098,985
127,527
Loans & bills rec._
1,917
1,910
17,990
accounts.
204,495
20,775
239,761
Bal. rec.from agts.
and conductors.
94,214
87,813
Int. <fc div. receiv.
708
644
curr. assets
Miscell
Funded
debt
3,493,114
ma¬
1,000
Deferred liabilities
DIvs. matured
Dividends
Balance, deficit
116,820
Including surtax
2,733
24,223
.
Deferred assets
Other unadjusted
debts.. .....
3.409
20,265
570,378
552,693
111,955
Taxes accrued
320,063
325,352
b Cabs, equip.,
668,680
653,661
Props, not used in
6,367,895
6,008,084
Accrued
deprec'n.
Add'ns to property
thru inc. &sur._
Prem.
2,247
234,042
238,810
18,596
18,596
7,445,559
5,512,132
funded
on
Deficit...
Investments
1936
1935
$5,479,955 x$5,104,301
2,799,672
2.679,902
income......... $2,312,747
dividends....
390,000
$2,637,749
390,000
$2,680,283
390 000
$2,247,749
$2,290,283
$35.23
J ,034,398
Accts. receivable
on
$34.58
1938
Assets—•
receivable
$
b Cash at bankers.
729,741
1,478,361
552,909
1,880,357
Notes receivable..
1,100,000
1,100,000
Bondretlre't fund.
2,430,000
1938
Liabilities—
28,434,737
1,215,000
$
coll.
trust
on
236,343
93,075
Res. for workmen's
24,298
lns'ce..
22,588
845,800
3,073,830
845,800
Earned surplus...
3 ,315,804
receivable,
500,000
16,507
Inventories
29,856
55,840
6,003
6,473
37,633
60,375
Accr. int. receiv..
Deferred charges..
Total
44,512
978
$6,485,186 $6,006,585
Represented
amortization.—V.
by 300.000 po
148, p. 3683.
par
Clark Equipment Co.—To
Total
shares,
$6,485,186 $6,006,585
b
After
depreciation and
Pay 25-Cent Dividends—
Directors have declared dividends of 25 cents per share on the common
stock, payable Aug. 1 and Sept. 15 to holders of record July 17 and Aug. 30,
respectively.
A dividend or 25 cents was paid on June 1, last, and on
Dec. 15, 1938, this latter being the first dividend paid since Dec. 15, 1937,
when 50 cents per share was distributed.—V. 148, p. 2737.
6,500,000
Colonial Beacon Oil
14,000,000 14,000,000
Int. & accts. pay..
116"026
Res. for claims, &c.
Capltal surplus...
16,307
1,377
rfdg.
gold bonds
Int. accr.
6,500,000
Federal taxes, &c.
56,736
227,441
5,808
31,308
Outst.coupon books
61,051
56,439
$31.30
1937
$
Pf.stk.fpar $100). 6,500,000
Com.stk.(par$100) 6,500,000
4% 40-yr. mtge. &
1937
110,594
186,321
181,196
Due from empl's..
390,000
31
1937
$
Investm't acct..28,434,737
Interest and acc'ts
a
61,052
112,939
_
secur.
Exclusive of earnines from rail estate investments.
Balance Sheet Dec.
22,628
1,949,711
..
1938
Capital stock...$1 ,650,000 $1,650,000
com pen.
allied companies
Marketable
a
.$1,922,747
com.
$29.58
736,999
22,628
I 934,216
U. S. Treas. bonds
J ,424,398
.
1,031,654
Cash In closed bks.
$5,701,208
3,063,459
Preferred
Liabilities—
a
Accounts payable.
Accruals...
968,429
...w
deposit
Cash....
Notes
1937
1937
317,770
1, 031,654
...
held in escrow.
Total.__.__.__55,345,986 55,579,146
$5,577,776
3,265,028
Expenses, taxes and int.
1938
&c.$l 388,882 $1,838,660
operations
Special
.....
[Incl. Union Stock Yards & Transit Co. and Chicago Junction
Ry.]
1938
Assets—
G'dwill, franch.,&c
Chicago Junction Rys. & Union Stock Yards Co.—
Calendar Years—
Gross earnings
on
other
Consolidated Balance Sheet Dec. 31
Other curr. liab...
2,247
133,761
debt.
Total.........55,345,986 55,579,146
102.
•'
—
Includes
un¬
paid.
—V. 149, p.
Balance..
Earns, per share
b
1936.
122,988
300,000
$0.25
undistributed profits of $282 in 1937 and $6,067 in
income of $103,947 in 1938, $115,114 in 1937,
$144,305 in 1936 and $85,873 in 1935.
a
tured unpaid
income
Net
Other unadj. items
Traffic, &c., bals.
Mi8cell.
Govt, grants.....
39,208
15,186
Long-term debt...26,436,450 26,548,384
Unmatured int
6,570
532,847
Cash
x
a
power of the IOC to impose and are illegal and void."
In its decree the court did not
pass upon the validity of the ICC order
it stands with the conditions
annulled and set aside.—V. 149, p. 102.
as
c
Sheei
88,967
102,206
1,379,012
26,497
176,926
Net
and made
in
beyond the
$1,314,465
y Revised
including the conditions the com¬
for the railroad to carry the question
The four conditions Division 4 and the full commission
sought to impose
upon the Rock Island in
making the lease were protection of
9,901
$1,549,682
1938
Other
20,988
176
Assets—
s
$
Road equipment- -50 288,415
50,319,427
Inv. in affil. co.—
Stocks
.
35,911
x4,951
1,368,361
136,707
225
Balance
Stks.
701,862
$1,851,020
Net deficit.....
Net figure,
95,868
1,345,674
125,613
Int. on unfunded debt..
Miscell. income charges
x
1,413,109
deliberately made it possible
into the courts.
420,739
Dr25,967
Netrev. from ry. oper.
Railway tax accruals.
409
was
6.0C1
500
165,000
165,000
mtge.
Co.—Suspended from Dealings—
Because of small unconcentrated amount
common
(4,000 shares outstanding), the
stock has been suspended from dealing by the New York
Exchange.—V. 149,
p.
Stock
103.
& coll. trust ref.
gold bonds
Unpd. div. vouchers
Unpaid coupons..
430
430
5,565
6,390
Inc. tax payable..
63,030
7,158
Res. bond retlre't.
2,430,000
4,502,812
4,788,525
Surplus..........
1,215,000
Colorado & Southern Ry.—Lease—
Stockholders at a special meeting on Aug. 15 will consider and act upon
proposal that the company lease all of the railroad property, franchises
and facilities owned and operated, and operated under lease, trackage
rights, or otherwise, by Fort Worth & Denver City Ry. Co. and The
Wichita Valley Ry. Co., on the terms and conditions to be presented for
approval at the meeting.—V. 149, p. 103.
a
Total
.......—34,172,838 33,183,003
Total
34,172,838 33,183,003
a 132,000 shares
capital stock of the Union Stock Yards & Transit Co.
55,000 shares capital stock of the Chicago Junction
Ry. Co. and other
investments,
b Cash in banks, $1,472,758
($1,873,916 in 1937); collateral
trust gold bonds (due 1915), coupon
account, $123; mortgage & collateral
trust refunding gold
bonds, coupon account, $5,440 ($6,265 in 1937);
cash on hand, New York office, $39
($53 in 1937).
''
—
Contingent
Chicago
Liabilities—Bonds
guaranteed
as
to
nrincipal
and
interest-
Junction RR. Co. 4% bonds (due March 1, 1945), $2,327,000.—
Chesapeake & Ohio Ry.—Listing—
The New York Stock Exchange has authorized the
listing of $30,000,000
refunding & improvement mtge. 3M% bonds, series F, dated Dec.
1.
1938, due Dec. 1, 1963.—V. 148, p. 3839.
Chicago Rock Island & Pacific Ry.—ICC Reversed—
Three-Judge Court Holds Commission Cannot Dictate How
Roads Shall Treat
Employees Hit by Groupings—
The Interstate Commerce Commission has no power to
dictate the way a
railroad must treat employees affected by a consolidation of
operations
a
three judge U. 8. District Court has held in a decision
handed down in
Chicago.
Chicago, Rock Island & Pacific Ry on July 13 obtained a per¬
injunction against enforcement of this part of a Commission order
manent
The dispute between the Rock Island and the ICC arose out
of the for¬
mer's attempt to lease the property of the
Chicago, Rock Island and Gulf
Ry.
As a part of the unified operation which would follow the
lease, it was
proposed to eliminate the accounting department of the Gulf located at
Forth Worth, Texas, and transfer its work to the
Chicago office of the
Rock Island.
To accomplish this change it would be
necessary to dismiss
employees and transfer 20 from Forth Worth to Chicago.
It was
estimated the change would result in savings of $100,000
annually to the
railroad.
about 50
Division four of the ICC held
hearing upon the proposed lease including
behalf of the employees who would be displaced.
There¬
a
the objections on
after it offered to approve the proposed lease subject to the railroad
accept¬
ing four conditions.
Upon a rehearing before the full commission an order
Columbia Brewing
Co.—Earnings—
6 Months Ended June 30—
Net income before income taxes....
—V.
147,
p.
—
1939
$156,200
1938
$13,900
_
2085.
Columbia Gas & Electric Corp.—Plan
A bill of complaint was
Opposed in Suit—
filed in the Court of Chancery at Wilmington,
Del., July 6, by David Young 3rd, of Morristown, N. J., a stockholder of
Columbia Gas, against Columbia Gas & Electric Corp. and Columbia Oil
& Gasoline Corp.
The complaint asks that Columbia Gas be restrained from putting a
proposed plan into effect under which Columbia Gas proposes to surrender
400 000 shares of preferred stock of Columbia Oil & Gasoline Corp. now held
by the former in exchange for the capital stock now held by the Columbia
Oil of the subsidiaries other than Pan Handle Eastern Pipe Line Co.
The complaint alleges that the value of the other subsidiaries to be
transferred to Columbia Gas under the plan is substantially less than the
value of the 400,000 shares of preferred stock of Columbia Oil, namely
$40,000,000, which, under the plan, are to be surrendered by Columbia Gas.
He further alleges that the difference amounts to more than the total
value of the preferred and common stock owned by Columbia Oil in Pan
Handle Eastern Pipe Line Co., which totals $31,216,200.
The bill further alleges that if the proposed plan should go through, it
would constitute a reckless and illegal dissipation of assets of Columbia
Gas and that all stockholders who are not also stockholders of Columbia Oil
will be irreparably damaged.
■
If the transaction is consummated, certain officers and directors of Colum¬
bia Gas, including the Chairman, Philip G. Gossler, will profit largely
because of their holdings in Columbia Oil, it is contended.
Special Master Appointed—
William Prickett has been
John P. Nields to hear
appointed a special master by Federal Judge
testimony on a motion for certain modifications of a
consent decree involved in the Federal Government's anti-trust suit in the
Delaware District Court against Columbia Gas and its subsidiary,
Columbia
Oil & Gasoline Corp.
The Court's order directed Mr. Prickett to report his
finding within five days after conclusion of the hearings.—V. 148, p. 3840.
The Commercial & Financial Chronicle
410
$6,000,000
Co.—Over
Edison
Commonwealth
Debent¬
During
1 dividend, owners of nearly $7,000,000 of
Edison stock since July 1.
announced July 10.
Debenture holders who
converted into Edison stock and were stockholders on July 14 will receive
the dividend of 40c. a share payable Aug. 1.
Thus, the holder of a $1,000
debenture who converted will have been paid $17.50, the
semi-annual
interest due July 1, and will also be paid the Aug. 1 dividend amounting
to $16 on the 40 shares of Edison stock received upon the conversion, or
a total of $33.50.
This advantage of conversion terminated after July 14,
the record date on which Edison stock goes ex-dividend for the Aug. 1
In order to receive the Aug.
debentures have converted their holdings into
Chairman
James
for back Federal and State income taxes in dispute,
become payable within the next 60 days.
the first six months of this year, funded debt was reduced
Approximately $275,000 was added in capital improvements
bilities of $430,000
which will probably
Converted—
ures
Simpson
July 15, 1939
$257,500.
during the same period.
Cash as of June 30 amounted to $1,139,000;
$5,817,800; total current liabilities, $1,615,200, leaving
working capital of $4,202,600.—V. 148, p. 3160.
current assets were
net
Continental Gas & Electric Corp. (& Subs.)—Earnings
of sub. cos. (after elimitransfers)
$36,663,466 $37,594,656
nating inter-company
13,775,552
Maintenance
-
rapid rate of conversion brought the total amount of debentures
changed into stock to over $26,000,000.
It was expected that the total
debentures outstanding July 14 would be reduced from the total originally
issued since June, 1938, of nearly $130,000,000 to under $100,000,000.
61
With the conversion of $26,000,000 of debentures to July 10 and the
retirement on July 1 of $13,200,000 pref. stock of Western United Gas &
Electric Co., 99% of which had previously been exchanged for Edison stock,
over $39,000,000 of senior securities had been changed into Edison stock
during the past 12 months.
The purchase by Commonwealth Edison Co. from Northern Indiana
Public Service Co. (which see) of its minority interest of 18% in Chicago
District Electric Generating Corp. for $2,579,720 was consummated July 10.
Commonwealth Edison Co. now owns all of the outstanding securities of
Provision for depreciation
'
the Chicago District Company,
The company announced also
that its offer to exchange three shares of
Edison stock for each share of stock of Public
Service Co. of Northern
Illinois will terminate, as provided in the registration statement filed with
the Securities and Exchange Commission governing the
exchanges, on
July 16.
Under this exchange offer, the company has acquired over 99%
of the stock of Pi blic Service Co.
The remaining stockholders, number¬
ing 350, hold 3,400 shares.
Weekly Output—
.
the Commonwealth Edison Co, group (inter¬
deducted) for the week ended July 1, 1939, was 140,644,000
kilowatt-hours, compared with 117.804,000 kilowatt-hours in the corre¬
sponding period last year, an increase of 19.4%.
The following are the output and percentage comparisons for the last
four weeks and the corresponding periods last year:
Kilowatt-Hour Output—
The electricity output of
July
5,280,789
4,504,620
General taxes and est. Federal income taxes-,,,,,
$11,191,990 $12,088,914
Net earnings from operations of sub. cos
Non-operating income of sub. cos
36,648
$6,561,504
16,347
16,694
$6,545,157
$7,117,571
Balance
.
Equity of Continental Gas & Electric Corp. in
earnings of subsidiary companies
——.
Income of C. G. & E. Corp. (excl. of income re¬
ceived from subsidiaries)
Total
14,452
52,951
$6,559,609
-
$7,170,522
117,169
103,255
Expenses of Continental Gas & Elec. Corp
Taxes of Continental Gas & Elec. Corp
185,473
117,804,000
19.4
Earnings
13.0
—V.
Conduits National Co., Ltd.— To
1938.—V. 148,'
1,
Pay 10-Cent Dividend—
Edison
Co. of
New
York, Inc.—Weekly
Co.
of New
York
announced
production
of the
electric plants of its system for the week ended July 9, amounting to 128,000,000 kilowatt hours, compared with 111,200,000 kilowatt hours for the
corresponding week of 1938, an increase of 15.2%.
Dismissed—
accounting and damage against Floyd L. Carlisle, Chairman of
The suit was
corporation's guarantee of a bond
issue of $27,982,000 by the New York Steam Corp., a subsidiary.
Judge
Shientag dismissed the action on the grounds of insufficient evidence to
show a conspiracy among the defendants as alleged.—V. 149, p. 256.
an
the board and 56 present and former officers of company.
also to have the court declare void the
Consolidated Laundries Corp.
June 17
$3,558,955
3,136,683
198.978
$3,174,092
2,860,321
214,610
$89,030
$223,294
17,805
$99,160
17,848
$121,480
34,925
5,208
———,
$10?,460
39,349
$241,099
65,124
24,684
$117,008
65,931
8,762
Profit from operationsi
Other income
Total income
charges
Fed. income tax (est.)
'38 June 19 '37 June 13 '36
$3,438,539
.3,'80,871
168,638
$104,829
16,651
Cost of sales.
Interest
(& Subs.)—Earnings—
'39 June 18
$3,349,830
3,087,313
157,688
sales——
—
—
Net profit.,:
dividends
13,430-
$81,347
13,074
$63,111
13,074
$151,291
13,075
$42,315
Preferred
Balance, surplus
Shs.com.stk.out.(nopar)
Earnings per share
$68,273
392,168
$0.17
$50,037
392,168
$0 13
$138,216
392,168
$0.35
$42,315
400,000
$0.12
-
Consolidated
Assets—
on
Balance
June 17 '39 Dec. 31 '38
hand and
in banks.
x
$317,730
$359,293
Notes and accts.
receivable
y
Mtges.
329,608
250,535
1,325,640
&
1,162,188
long-
counts receivable
57,227
52,597
State
z
Treasury
assets
a
290,602
84,573
stock,
207,275
230,376
64,357
37,000
59,164
75,000
199,513
tax., &c
77,762
32,162
(curr.)
money
202,570
22,168
6,537
790,938
89,348
348,600
2,000,000
mtge.
10,757
6,537
381,750
Long-term lndebt.
99,295
348,600
b $7.50 pref. stock
32,535
Com.stk.(par $5). 2,000,000
c Capital surplus
854,401
Earned
$2 per share, and
purchases and pays for the 50,000 shares, then the company agrees to give
to the underwriter the right to purchase at any time or from time to time
within a period of six months from the delivery of the "clearance notice" by
the company to the underwriter, the whole or any part of 76,348 shares of
the common stock.
The price to the company for the first 25,000 of such
76,348 shares as the underwriter may purchase is $2 per share and for such
of the remaining 51,348 shares as the underwriter may purchase is the last
prevailing for such shares on the New York Stock Exchange,
last price for the day with reference to shares purchased after
equivalent to 25 cents
per share if such last reported sales price is $2.75 per share or less, or a
sum equivalent to 9.5% of such last reported sales price if said price is in
excess of $2.75 per share; provided, however, that without the consent of the
company, said sales price shall not be less than $2 per share (exclusive of
the discount mentioned).
The underwriting agreement requires the company to effect an increase
of its indebtedness to the Reconstruction Finance Corporation by $300,000
and to effect the sale of 75,000 shares of its common stock to certain of its
officers, directors and employees at a price of $2 per share, making an
aggregate of $150,000,
Included among the terms of such sale is a require¬
ment that such officers, directors and employees shall agree not to offer
on the market for a period of six months from the closing date many of the
shares purchased by them from the company unless and until such shares
shall have first been offered to the underwriter and the underwriter shall
not within five days of such offer agree to purchase the same.
Company also agrees to employ the services of the Trundle Engineering
Co. of Cleveland, Ghio, in an advisory capacity beginning Sept. 1, 1939.
sales price
and at the
Consolidated Income Statement
Years Ended Oct. 31—A Mos. End.
surplus
Feb. 28
'39
1937
Net sales
Cost of products sold.^
Provision for depreciation
$5,700,409
$2,082,135
7,186,711
307,177
540,690
—.
1938
$8,214,438
—
5,307,008
315,292
506,451
1,939,479
98,462
198,796
$179,858 loss$428,342 loss$154,602
Operating profit
Rents, licenses, recoveries and miscel¬
laneous income
_
16,058
$268,925 loss$371,040 loss$138,544
Total profit
Interest
57,301
89,066
—
101,962
58,777
36,849
93,407
46,523
37,314
32,981
21,067
14,916
prof$71,335
$548,286
$207,510
_
expenses.
Miscellaneous
Net loss
Assets—
on
Oct. 31, *38 Feb. 28, '39
$44,372
1,351,587
825,609
169,513
1,135,577
152,046
and
174,597
894,161
Inventories
153,669
penalties
mtge. loans
tcurrent)
;,
Accrued expenses.
5,098,142
89,619
equip, (net)
4,997,057
119,037
First mtge. loan..
Capital surplus
1,285,336
180,008
848,455
200,000
70,574
774,950
239,427
200,000
42,287
774,950
20,570
Earned deficit
16,908
2,443,552
3,085,762
2,448,652
1,118,951
Reserves
Com. stk. (par $1)
854,401
547,433
$264,604
incl.
accrued
First
other
assets
Property, plant and
Deferred charges.,
$243,955
Taxes payable,
28, '39
for
payable
loans
Accounts payable.
Notes and accounts
Invest,
Oct. 31, '38 Feb.
Liabilities—
Notes
hand and
on
deposit
receivable (net),
77,762
Land, buildings,
25,000 shares for which an option has been granted to
Alstyne, Noel & Co., to purchase said shares at $2 per share, making
applied for to date 2.650,000 shares.
By contract dated March 31, 1939 (as supplemented June 16,1939) com¬
pany has agreed to sell to Van Alstyne, Noel & Co., New York, 50,000
shares of common stock at $2 per share.
In the event the Underwriter
at
the total listing
Cash
Reserves
long-term
$104,299
Salesmen's, &c.,
Pur.
Corp.—Listing—
Stock Exchange has authorized the listing of 150,000
($1 par) common stock as follows:
50,000 shares pursuant to an
"underwriting agreement" entered into between the company and Van
Alstyne, Noel & Co., to purchase said shares at $2 per share, and 75,000
shares to be sold to certain of the company's officers, directors and employees
shares
Consolidated Balance Sheet
Pref. stock dlv.pay
84,573
(cost)
$2,925,283
$13.64
p.
wages,
Federal Income tax
Dept.
(cost).
common
Miscell.
soc. sec.
$400,000
(current)
dep. with N.
ot Labor
Int.,
1st mtge. 6s
term notes & ac¬
Y.
share
3684.
per
148,
Development
June 17 '39 Dec. 31 '38
deposits
U. 8, &mun. bonds
on
Sheet
Liabilities—
Notes payable
Accounts payableAcer.
Inventories
1,320,053
$2,183,169
$10.18
—
—
Selling, general and admin, expenses-
Note—No provision was made for Federal surtax on undistributed profits.
Cash
$4,245,336
1,320,053
the close of the Exchange, less in each case, a sum
Supreme Court Justice Shientag has dismissed a stockholders' derivative
Depreciation-
$3,503,222
Van
Output—
Net
—.
Continental Motors
16.1
Directors have declared a dividend of 10 cents per share on the common
stock, payable Aug. 8 to holders of record Aug. 3.
Dividends of 20 cents
was paid on Feb. 1, last, and dividends of 10 cents per share were paid on
Aug. 8 and on Feb. 1, 1938.—V. 148, p. 435.
24 Weeks Ended—•
163,409
40,087
13.4
terly dividend of like amount was last paid on Nov.
p.2892.
suit for
2,589,242
161,808
42,936
prior preference stock,,,
on
Balance
123,059,000
116,940,000
119,683,000
Consolidated Chemical Industries—Class A Dividend—
Suit
2,562,915
Balance transferred to consolidated surplus
Dividends
The New York
Edison
$7,038,074
Taxes on debenture interest
Per Cent Increase
Directors have declared a dividend of 37 lA cents per share on the no par
class A stock, payable Aug. 1 to holders of record July 15.
Regular quar¬
Consolidated
15,278
$6,270,881
Holding company deductions—
Interest on 5% debentures, due 1958Amortization of debenture discount & expense.,
149, p. 256.
Consolidated
$7,134,265
—
Proportion of earns, attrib, to minority com. stock,
140,644,000
—
Dr279,939
subsidiary companies,
$11,228,638 $11,808,975
Int., amort. & pref. divs. of subsidiary companies,
4,667,134
4,674,710
Total income of
139,02,5,000
132,578,000
138,893,000
1
June 24_.
June 17
June 10
—V.
1938
1939
Week Ended—
1,885,069
4,971,242
4,579,815
— -—
;
Balance
company sales
14,069,616
1,910,513
General operating expenses—
dividend.
The
1938
1939
12 Months Ended May 31—
Gross operating earnings
1,326,461
3,096,725
mach.,
delivery
equip. & cabinets 3,931,152
Deferred charges..
95,818/
Goodwill
l
Total
*
3,977,245
72,006
$6,251,673
After
Total
-V.
1
$6,068,7361
reserves for doubtful notes and accounts of $52,566 in 1939 and
1938- y AJter reserves of $2,529 In 1939 and $7,623 in 1938.
?n7,832 shares at cost, a After reserve for depreciation of $5,328,517 in
1939 and
u
$5,232,007
C
P*
o^oi 8
1938.
in
b
Represented by
reduction of common stock to
3,486 no par shares.
par value of
$5.—V. 148,
148, p. 3684.
1938
Calendar Years—
Operating
Operating
revenues
expenses
Maintenance
Depreciation
Taxes._
_
_
...
1937
1936
$346,338
51,044
14,153
45,000
51,318
$312,567
$277,605
44,442
a46,686
45,000
a41,507
$184,822
$153,692
$137,252
Dr234
729
232
$184,588
55,217
3,559
$154,421
55,827
$137,484
5.532
5,636
54,674
12,515
45,000
9,404
#
Consolidated Retail Stores Co.—Sales—
Period End. June 30—
1939—Month—1938
—ST "148" "p" "3528
Container
$637,953
Net profit
Earns, per sh. on cap. stk
a
$597,039
Net operating income
Other income (net)
1939—6 Mos.—1938
$4,440,239 $4,182,42?
I939—3 Mos.—1938
$§h04?
$0.01
*>$67,053
Nil
$0.04
After depreciation, interest, taxes, &c.
b Loss
was
a reduction in working capital of
$162,848
There
Dec. 31; this was more
income
Interest
on
on notes
long-term debt
payable
Amortization
1939—6 Mos.—1938
$32,249
Gross
Interest
Corp. of America—-Earnings—
Period End. June 30—
a
$6,447,854 $6,605,546
Total
Copper District Power Co.—Earnings-
$6,251,673 $6,068,736
Total
$6,447,854 $6,605,546
Miscellaneous income deductions
b$120,251
Net income
Nil
compared with
than accounted, for by the transfer to current lia~
f bond disc't & expense
Dividend
at
on
$3 cum. pref. stock
Including undistributed profits tax.
Dec. 31. 1936, of $24,750.
a
445
896
254
$119,383
$92,258
25,937
54,248
3,195
$54,103
b78,750
b Including dividends in arrears
Volume
The Commercial & Financial Chronicle
149
Balance Sheet, Dec. 31
1938
411
Douglas Aircraft Co., Inc.—To Sell Shares
Assets—Utility plant, <Src., $4 047 020; investment in other physical
$63 782; cash
$8,872; accounts receivable
(net), $101,582;
materials and supplies, $19,1 "2; prepayments, $9,863; deferred charges,
$98,111; total, $4,348,382.
Liabilities—-Common stock (40,000 shares no par)
$1,500,000; $3 cum.
pref. stock (18 000 no-par shares)
$835,200; long-term debt $1,273,370;
notes payable, $180 450; accounts payable
$105 138; customers' deposits
$1,893; accrued taxes, $49,761; accrued interest, $5,373; other current
liabilities, $700; reserve for depreciation, $262,586; contributions in aid of
construction, $1,225; earned surplus, $132,686; total, $4.348,382.—V. 147,
its
property
Holland—
in
The company has completed arrangements to market 29,320 shares of
treasury stock abroad, Donald W. Douglas. President announced July 12.
This move
would increase the outstanding share
capital from 570,680 to
600,000 shares.
Mr. Douglas said the
new
stock would be delivered to a Dutch banking
group in
to
Amsterdam, Rotterdam and The Hague at $63.50 a share, subject
approval by the Securities and Exchange Commission and acceptance
listing by the New York and Los Angeles Stock Exchanges.
Proceeds would be used to help finance the filling of $47,000,000 in current
of the
orders from customers in the United States and abroad.
P. 735.
Earnings 6 Months Ended May 31
1939
1938
1937
Net profit......
$1,396,791
$1,093,149
$525,822
z Earnings per share
$2.45
$1.91
$0.92
y After denreciation, Federal income taxes provision for surtax on undis¬
tributed profits &c.
z On shares of capital stock.—V. 148
p. 3530.
Copperweld Steel Co.— Underwriters-
y
Company, in
an amendment to its registration statement, states that
a group which will offer 40,000 .shares of cum. conv.
5% series ($50 par), underwriting 9,000 shares.
Public
offering price of the stock will be filed by a later amendment.
The underwriters participating in the offering and the amounts to be
underwritten by each are;
Hemphill, Noyes & Co., 6,000 shares; Eastman,
Dillon & Co.; Schwabacher & Co.; Singer, Deane & Scribner, 3.600 shares
each; A. G. Becker & Co., Inc.; Graham, Parsons & Co.; McDonaldCollidge & Co., and Moore, Leonard & Lynch, 2,800 shares each, and
Schoellkopf, Hutton & Pomeroy, Inc., 2,700 shares.
Riter & Co. will head
pref.
stock,
Dunhill International, Inc. (&
Calendar Years—
after all charges, including depreciation
vision for Federal and State income taxes
Dividends
of sales,
selling & gen.
Depreciation
$388,294
172,685
paid
Loss
on
oper.
1936
17,333
$888,271
23,526
$1,011,045
2,581
$949,110
$911,797
$1,013,626
840,160
6,830
923,361
7,107
849,446
1,067,399
8,134
35,881
1,901
Total income
Cost
and pro¬
1
64,662
y5,205
78,031
2,326
admin.,
i
expenses
Earnings
per
share
on
...
431,714 shares
common
stock
Prov. for Federal taxes.
y
Co.—Pays Accumulated Dividend—
Company paid a dividend of 25 cents per share on account of accumulaon the $1 partic. 1st pref. stock on
July 1 to holders of record June 9.
—V. 135, p. 1335.
Crown Drug
$24,876
$192,714
$6,228
$51,225
Including $3,707 provisions for Federal surtax on undistributed profits.
Consolidated Balance Sheet Dec. 31, 1938
V. 149, p. 255.
tions
„
Assets—Cash, $193,111; accounts and notes receivable (less reserves).
$161,369; merchandise inventory, $210,498; investments, $94,326; fixtures
and equipment (less reserves for depreciation of $139,504), $35,165; deferred
charges, $16,999; goodwill, $1; total, $711,470.
Liabilities—Accounts payable, trade creditors, $90,264; accounts payable,
other,
$41,788;
1939 were $632,922 as compared to $613,561 for June,
1938, an increase of $19,361 or 3.2%.
Company has 82 stores in operation at the present time and these figures
cover 82 stores for both periods.
However, in June, 1938 it had 90 stores in
operation ar d sales for the 90 stores as compared to the 82 this year were
$659,853, which would show a decrease this year of $26,931 or 4,1%.—V.
148, p. 3529.
Deep Creek RR.—Abandonment—
Eastern Mfg. Co. (&
1938—12 Mos.—1937
1939—3 Mos.—1938
$376,267
274,427
$331,711
252,070
$1,369,602
1,024,808
$1,413,379
1,055,488
$101,840
441
$79,641
2,567
$344,795
3,488
$357,891
Cr868
Freight, discounts and allowances.
Gross income
$77,074
$341,306
$358,759
62,500
62,500
250,000
250,000
455
570
1,992
Cr4,824
2,259
$101,399
Int.
on loan payable to
Util's Pr. & Lt. Corp.
.
Other interest
Int. during constructs.
Tax.
in
connec'n
abandoned plan
4,751,236
Costofsales
Net profit from operations
Gther deductions, net
148,
p.
_.
—
_
Provision for Federal income takes
—
Net profit
$338,083
i—
.
42% of the gross sales were made to one customer.
Note—Depreciation and depletion charges included in cost of sales and in
expenses amounted to $341,389.
x
1938
Consolidated Balance Sheet Dec• 31,
(After giving effect to changes in capitalization as provided in the
reorganization dated Nov. 15, 1938, as amended, and confirmed
United States District Court on March 7, 1939.)
....
........
$140,604
■Tobondh'rs.
Liabs. of debtor-
148,884
184,445
100,000
To unsecured creditors
(mkt. value)
Accts. pay. &
trade accept
Res. forest.reorg. expenses...
Curr.
of long-term
maturities
indebtedness,
75,000
155,908
•
Accrued liabilities
3,179,650
Long-term indebtedness......
Reserve for contingencies
Prior pref. stk.
65,119
Total..
$105,500
x
3843.
After
..$8,018,782
...
for
reserves
discounts
606,415
$10)..— 2,001,692
1,226,183
—
$8,018,782
Total
doubtful
and
200,000
(par $20)
Capital surplus
$29,018
$14,004
$42,152
plan of
by the
Llabilitics-
.$1,045,510
8,675
Receivables
*607,974
Inventories.
1,755,549
Prepaid insurance, <fcc
84,702
Plant, property, &e.„........ 4,160,578
Mlscell. investments, &c
355,794
Cash In banks & on hand
Mktle. sees.
re-
Consolidated net inc..
$707,941
302,702
67,156
...
Common stock (par
reorganization
—V.
472,047
Selling, general and adir inistrative expenses.
with
of
...
...$5,9? 1,224
"Tooo
bond int.
assum. on
Exps.
Cr3,708
..*$6,381,414
450,190
......
....
....
....
Limited
Subs.)—Earnings—
..
Asscls—•
Net oper. income
Non-oper. loss (net)....
for Federal income
surplus $2,036,407;
Earnings for Year Ended Dec■ 31, 1938
Gross sales
Derby Gas & Electric Corp. (& Subs.)—Earnings—
Period End. Mar. 31—
$12,303; reserves
expenses,
deficit, $1,008,248; deduct capital stock purchased by subsidiary companies
(16.545 41-100 shares) at cost, $609,327; total, $711,470.—V. 147, p. 1486.
Net sales...
The Interstate Commerce Commission on July 1 issued a certificate
permitting abandonment by the company of its entire line of railroad,
extending from Wendover in a southerly direction to Gold Hill, approx¬
imately 45.66 miles, all in Tooele County, Utah, and Elko County, Nev.
In anticipation of the development of a mining center at or near Gold
Hill, the company, a wholly-owned subsidiary of tne Western Pacific RR.,
constructed the line in 1916-17 and has operated it since. The line connects
with the Western Pacific at Wendover.
Its principal traffic has been
provided by copper mines.
Service at present consists of a mixed train in
each direction once a week.
The line has never been operated at a profit,
Operating revenues
Oper. exps. & taxes
accrued
taxes, $2,416; capital stock (par $1), $145,866; capital
Co.—Sales—
Sales for June,
130,807
Net loss
Billings for the six months total $4,311,583, which compare with $3,012,275 in the first half of 1938, $3,975,047 in 1937 and $1,944,542 in 1936.—
Crosse & Black well
6,868
leaseholds,
&c
$215,608
855,331
$0.90
Surplus for period
Profit and loss surplus
1935
1937
$931,777
$878,543
Other income
Earnings for 6 Months Ended June 30, 1939
Net profit
Subs.)—Earnings—
1938
$870,860
7,683
accounts
of $22,186.—V.
148, p. 3220.
Devoe & Raynolds Co.,
1939
Inc.—Consol. Bal. Sheet May 31
1939
$
Liabilities—•
Real estate, bldgs.,
machinery, &c._
Misc. invests. &
ceive
3,834,040
3,904,103
7% cum. pref.stk.
(par S100)
894,000
179,859
218,954
Com. class
853,859
831,764
164,799
2,155,670
51,452
Notes payable
Accts pay a.—trade
4,132,082
Accrd.chgs. &res's
Notes
rec.— cust'rs
Accts.
rec.—cust's
2,389,329
Accts.rec.—others
45,938
Inventory of mdse. 3,411,476
Prepaid exps.& de¬
ferred charges..
594,320
fund debs
1,333,333
2,100,000
431,611
515,537
552,354
542,807
Res. for contlng's.
619,599
186,405
2,631,777
2,490,448
Surplus....
The
11.402,675 12.078,422
income
Y. 149, p.
statement
for
6
ended May 31
was
Corp. of New York—Balance Sheet June 30—•
1938
1939
Assets—
1939
Liabilities—
$
$
Capital
Acceptances dis¬
counted
1938
$
S
,000,000
......
2,303,135
surplus,.
Undivided profits.
resaleagreem'ts.61,978,015 86,460,621
U. S. Govt, securs.
&
Res. for dividend.
bought under
Interest receivable
accrued
78,523
172,862
27,770
3,949,289
3,358,586
290,966
.....
Sundry debts
Cash and due from
dlscts., taxes,&c.
Loans payable and
434,293
266,271
50 796,408
75,253,049
due to banks and
endorsem't
......
450,223
/
securs.
—repurchase
agreements
3, 850,000
Unearned discount
526
Sundry credits
.67,573,836 92,322,974
Total...
standing (no par)....
Earnings per share
x
profit
after
depreciation.
Ebasco Services
Earnings
per
share
on
capital stock
Textile
67,573,836 92,322,974
Nil
Nil
Inc.—Weekly Input—
system input of the
Edison Brothers Stores,
Period End. June 30—
-
Amount
9,163,000
6,012,000
*567,000
1.9
12.3
*0.8
Inc.—Sales—
1939—Month—1938
1939—6 Mas—1938
$2,258,855
$2,187,136 $12,466,112 $12,100,641
—V. 148, p. 3686.
Coal Corp.—Removed from Listing and
Registration—
1938
income
The
$4
cumulative
■
$43,677
$0.19
no par, has
been removed from
the New York Curb Exchange.—V, 1 49, p. 259
preferred stock,
listing and registration on
$179,597
$0.80
Fidelity & Deposit Co. of Maryland—Eqtra Dividend—
in addition to
regular quarterly dividend of like amount on the common stock, par $20,
payable July 31 to holders of record July 18.—V. 148, p. 437.
Directors have declared an extra dividend of $1 per share
Ltd.—Issues Placed Privately—
It is announced that the Bank of Montreal has purchased
the whole issue of $1,000,000 10-year 2%% serial bonds
and $3,500,000 20-year 3>£%.
There will be no public
offerings.
Proceeds will be used to refund existing bonds,
called for redemption Sept. 1 at 105 and int.—V. 149. p. 258.
696.146
■
1939
1938
111,628,000 102,465,000
Electric Power & Light Corp.. 55,051,000
49,039,000
National Power & Light Co— 70,597,000
71,164,000
*
Decrease.—V. 149, p. 259.
1,488
—V. 148, p. 3685.
Dominion
703,646
$1.83
Operating Subsidiaries of—
26,140
1939
Federal
696,146
Loss.—V. 148, p. 2424.
Electric Shovel
taxes, &c
x$350,334
703,646
$0.80
539 the kilowat
For the week ended July 6, 1939 the kilowatt-hour
3,400,000
13,362
-Earnings—
8 Months Ended June 30—
Net
$1,285,691
operating companies which are subsidiaries of American Power & Light
Co., Electric Power & Light Corp. and National Power & Light Co., as
compared with the corresponding week during 1938, was as follows;
-V. 148, p. 2423.
Divco-Twin Truck Co.
x$151,292
Shs, common stock out¬
Sales..
Total
$559,692
American Power & Light Co
counted and sold
U. 8. Govt,
1939—6 Mos.—1938
1939—3 Mos.—1938
net
Increase-
Acceptances rediswith
(& Subs J)—Earnings—
profit after
taxes, int., deprec. ,&c.
2,850,803
75,000
75,000
278,295
statement
Eaton Mfg. Co.
5,000,000
,404,247
_
customers..
banks....
,000,000
...
■
$128,847
above
Period End. June 30—
5,000,000
Sundry reserves for
1,277,043
...
4,215
4,501
273,024
3843.
Consol.
Discount
934
52,887
$59,431
$514,908
$573,014
covers operations after depreciation, in¬
but before Federal Income tax, capital stock
tax, capital gains pr losses and other non-operating adjustments.—V, 148,
Note—The
published in
106.
$298,934
$246,385
$7,478
900
53,635
.....
Deficit...
Total.........11,402,675 12,078,422
months
1939—5 Mos—-1938
$3,167,941 $3,119,932
3,414,326
3,418,866
terest, rentals and local taxes,
p.
Total...
$76,112
Operating loss
Other income..
Other expense
1,900,000
Inc. (& Subs.)—Earnings—
1939—Month—1938
$639,256
$668,607
715,368
676,085
Period End. May 31—
Operating revenue
Operating expense
3,837,746
15 year 4^% sink.
93,854
894,000
3,837,746
1,333,333
Com. class "A"...
re¬
(non-curr)
Cash.....
$
Eastern Steamship Lines,
1938
$
1938
$
Assets—
Co.,
the
First
Boston
Corp.—Dividend—
At the regular meeting of the board of directors held on July
dividend of 40 cents per share was declared, payable July 25 to
record July 14.
a
The last previous
dividend payment
was
12, 1939,
holders of
.
$1 paid on Jan. 23, 1939; a divi¬
dend of 50 cents per share was paid on June 29,
1937.—V. 148, p. 1168.
The Commercial & Financial Chronicle
412
El Paso Electric Co. (Del.) (&
Fleet Aircraft has
Subs.)—Earnings-
Earnings of El Paso Electric Co. {Texas)
1939—Month—1938
1939—12 Mos.—1938
$232,189
Operating revenues
$229,550
$2,922,508
$2,894,327
Period End. May 31—
Operation
97,922
15,304
29,357
97.295
19,852
29,259
1,178,396
198,830
364,420
1,210,032
170,011
330,587
-
$89,606
2,072
$83,144
Dr4,849
$1,180,862
Dr23,861
$1,183,697
Dr45,418
-
$91,678
37,595
$78,295
37,496
$1,157,001
436,589
$1,138,279
436,330
*
Maintenance
Taxes-
Net oper. revenues
Non-oper. income (net)
Balance
Int. & amortiz. (public)
July 15, 1939
underwriting from Nesbitt Thomson & Co., Ltd.
of $450,000 for 100,000 shares, if holders do not subscribe for full allotment.
Prospectus states the company now has on hand unfilled domestic and
foreign orders amounting to approximately $1,500,000. In the four months
ended April 30, company showed a loss of $14,843 after reporting an oper¬
ating profit of $20,327 before charges.
Prospectus states business on hand
and deliveries were at a low level in period.
The new financing is to provide funds for expansion of the company's
plant at Fort Erie, for the contribution to capital stock of Canadian Asso¬
ciated Aircraft, Ltd., and for retirement of bank loans and other corporate
purposes.—V. 147, p. 4054.
an
Ford Motor Car Co.—Sales—
Ford sales for the month of June showed
a gain of 66% over June a year
and represented the largest increase in retail deliveries of any month
year over a corresponding month a year ago, it was announced on
July 7 at the offices of the Ford Motor Co.
A total of 66,526 Ford and
Mercury units were delivered at retail during the month, the announcement
ago
Balance
$54,083
2,083
Int.(El Paso El. Co. Del.)
Balance
—
_
Appropriation for retirepaent
$40,799
$52,000
—
$38,715
$720,412
25,000
$676,949
833,963
said.
$346,892
46,710
$342,986
46,710
States sold a total of 27,781
$300,182
reserve
this
$695,412
348,520
2,083
$701,949
25,000
$296,276
Reports from dealers showed that sales of used cars in June were the
largest, except for March this year, of any month since September, 1937.
—V. 148, p. 3375.
Ford sales for the! ast
10-day period in June were up 75% over the same
In the 10 days Ford dealers throughout the United
Ford and Mercury units.
Lincoln-Zephyr sales also were up for tne month with a gain of 20% over
period
Balance
Preferred dividend requirements (public)
June
Balance applic. to El Paso Electric Co. (Del.)-..
Earnings of El Paso Electric Co. {Del.)
12 Months Ended
May 31—
1939
$300,182
year ago.
85,516
Fox Lake Gold Mines,
$296,276
25,000
79,900
Miscellaneous revenue.
Fyr Fyter Co., Dayton, Ohio—Earnings—
14
Expenses, taxes and interest
$410,698
34,292
$401,191
26,746
Preferred, dividend requirements.
$376,406
182,972
6 Mos. End. June 30—
Net sales
$374,445
182,972
$193,434
Ltd.—Registers with SEC—
See list given on first page of this department.
Earnings of other subsidiary .companies applicable
Total
ago.
1938
25,000
Note interest deducted from above earnings
a
year
a
1939
1938
1937
1936
$255,080
161,439
79,107
$281,844
185,913
86,037
$392,049
213,227
100,670
$270,581
153,626
$14,534
2,810
$9,894
2,774
$78,152
$36,723
2,767
$17,344
3,262
1,971
$12,669
3,719
1,253
$81,694
.5,340
23,386
$39,489
7,985
$12,111
$7,697
$52,969
$22,348
$191,473
—
Cost
of sales...
Selling & admin,
...
exps—
Net profit on sales
Other income.
Balance for
dividends and surplus..
common
-V. 149, p. 259.
Balance, surplus
Miscellaneous deductionsi
Erie County Electric
Co.—Earnings—
[Including Central Heating Co.,
Calendar Years—
a
Subsidiary]
1938
Maintenance.
1937
$1,516,177
52,3,874
70,946
Operating revenue
Ordinary expenses
$1,539,604
Provision for deprec., re¬
newals & replacements
Federal income tax.
bl936
$1,487,213
533,472
64,008
566,064
84,874
108,124
94,401
43,127
99,404
122,506
128,289
a84,714
32,212
105,646
a83,626
36,289
95,985
1935
45,989
94,153
66,324
31,564
75,580
•
$576,300
13,875
$550,258
16,004
$538,870
13,623
$502,572
20,215
$590,175
73,690
1,612
$566,262
74,477
1,475
$552,493
75,247
1,822
$522,787
101,745
1,916
3,181
12,536
3.181
3,181
9,350
$477,344
472,500
$462,893
433,125
$408,852
354,3/5
1939
Assets—
long-term debt..
Miscellaneous interest.
on
_
Amort, of debt disct.
&
expense
Other income deductions
Net income....
Dividends
8,145
a Includes
provision for Federal surtax on undistributed profits,
figures restated for comparative purposes.
b 1936
Consolidated Balance Sheet Dec. 31, 1938
Assets--Property, plant and equipment, $5,864,401; investments, $163,976; sinking funds, $12,171; cash,
$220,846; special deposits, $31,500; tem¬
porary cash investments, $288,251; amounts receivable
(net), $127,427;
ln,,e«va-hle, $2,934; rents receivable, $1,744; materials and supplies,
PrePayments, $5,056; unamortized debt discount and expense,
$2,475; unamortized premium on long-term debt
retired, $34,897; other
deferred debits, $74,004; total,
$6,940,520.
oJF&fi'ies—*Capital stock (par $100), $3,937,500; long-term debt, $1,356,000; accounts payable, $30,488; matured interest, $31,500; customers'
deposits, $3,464; taxes accrued, $206,196; interest accrued, $3,015; other
current liabilities, $2,650;
reserves, $1,189,548; contribution in aid of con¬
struction, $5; earned surplus, $180,153; total, $6,940,520—V. 147, p.
418.
(M. H.) Fishman Co., Inc.—Sales—
Period End.'June 20:—
g*les.
Stores
—Y.
in
148,
p.
1939—Month—1938
$388,025
operation
1939—6 Mos. —1938
$382,587
$1,802,302
$1,747,352
-aq
---------
3845,
Florida Power
38
-
Corp. (& Subs.)—Earnings—
Calendar Years—
1938
1937
$3,413,861
2,373,279
$3,187,828
2,204,219
Other income (net).
$1,040,582
75,603
$983,608
Interest
$1,116,185
519,567
$1,076,658
521,906
Operating
revenue
on
!
.-
long-term
u
debt _Z 11111
Other interest
93,050
113,383
84,063
116,069
CY1.768
Cr 1,984
$446,641
222,125
209,950
$356,603
222,125
178,750
38,361
Interest charged to construction
Consolidated Balance Sheet Dec. 31
1938
1937
24 ,185,664
24,269,288
44,375
96,783
affII. company..
268,567
133,291
Special deposits
Dep. for call.bonds
1,505
1,521
Liabilities—
Investments
Notes & accts.
rec.
2,876,200
6,500,039
6 500,000
Long-term debt
12 231,000
147,184
_
Notes payable
Accounts payable.
pref. stock divs.
297,000
297,000
2 876,200
Com.stk($100 par)
Adv. from REA.
mat'd bd. Int. &
S
5
Pref. 7% (S5u par)
Pref.
7%
cumul.
series A...
(contra)
1937
1938
Assets—
Fixed capital
l~li~636
12,380,000
155,842
30,489
114,549
15,573
301,503
155,501
Notes receivable..
1,398
1,302
Accts. receivable.
Mats. &supps., &c
254,244
154,054
217,777
Taxes accrued
15,573
126,507
43,358
60,903
250,015
Interest accrued..
129,284
113,117
18,510
18,510
2,903
3,295
414,916
388,636
Cash
_
Appli.
sold
accts.
43,358
rec.
Call, bds., mat.bd.
Int., & pref. stk.
divs.
(contra)..
Divs.
(contra)
276,627
Def'd debit items. 2 ,264,713
380,973
2,472,884
accrued
Patents
&c„
Mlscell. accruals
& line deposits__
Applic.
....
sold
accts.
rec.
276,627
380,973
1,962,595
(contra)
1,624
2,503,503
192,095
.
27,768,223 28,022,692
Total
1
Treasury
stock...
22,480
Deferred charges..
11,797
1938
$443,500
191,483
180,823
Surplus...
188,265
180,930
Accounts payable.
20,547
11,566
22,468
Accruals,
&c
24,810
36,782
11,346
Divs.
on
120,042
85,384
Securities
34,787
34,685
Notes & accts. rec.
95,130
95,236
........
1939
$443,500
due
cl. A
stock.....
4,610
4,610
12,923
12,131
Total
163,350
$870,433
ful accounts
192,580
$886,136
Reserve for doubt¬
Total.........
$886,136
$870,433
x Represented by 20,000 shares class A stock
and 40,000 shares class B
stock, all of no par value.—V. 149, p. 107.
General Bottlers, Inc.—Stock Sold—A syndicate headed
by F. S. Yantis & Co., Inc., Chicago, and including Dempsey
Detmer & Co., Straus Socialities Co., Chicago; Humphreys
Angstrom & Co., Detroit, and Scott Mclntyre & Co.,
Cedar Rapids, Iowa, has sold at $5 per share 53,500 shares
of common stock (par $1).
Transfer agent, City National Bank & Trust Co. of Chicago.
Registrar,
Harris Trust & Savings Bank of Chicago,
Company and Business—Company was incorp, in Illinois, Feb. 28, 1939.
Company has not yet engaged in business, but is qualified to do business
in the States of Illinois, Iowa, Kansas, Missouri and Nebraska.
Under the terms of its charter it is authorized to buy, acquire, manu¬
facture, compound, bottle, sell and otherwise deal in and dispose of, car¬
bonated beverages and other non-alcoholic drinks and the ingredients thereof
and containers therefor.
For the purpose of conducting such business it
intends to acquire
with the proceeds of this
financing all of the 700
outstanding common shares and 191 Yi of the 600 outstanding preferred
shares of capital stock of The Pepsi-Cola Bottling Co. of Chicago.
Com¬
pany also intends to acquire such other bottling businesses, either directly
or through the ownership of a majority of the voting stock, and in such
localities, as it may from time to time consider desirable.
Chicago Pepsi-Cola Co. was incorp. on Dec. 20, 1935 in Illinois.
It has
an authorized capital stock consisting of 1,500 cumulative preferred shares
(par $100) and 700 common shares (par $100).
There are presently issued
and outstanding 600 preferred shares and 700 common shares.
Chicago Pepsi-Cola Co. started in business on Jan. 1, 1936.
Until
May 1, 1937, the greater part of its bottling was done by Hydrox Corp.
and the balance by Morana Bros. Beverage Co.
On May 1,1937, Chicago
Pepsi-Cola Co. started production in its leased plant at 2,560 Elston Ave.,
Chicago, 111. .Hydrox Corp. continued to bottle for it until Dec. 24,
1937, and Morand Bros. Beverage Co. until Aug. 31, 1938.
8ince Aug. 31,
1938, Chicago Pepsi-Cola Co. has done all its own bottling at the plant
at 2560 Elston Ave.,
Chicago.
During 1936, 1937 and 1938, Chicago
Pepsi-Cola Co. sold approximately the following number of cases of bever¬
ages, according to its record.
1936
1937
1938
Pepsi-Cola
481,055
1,081,836
883,638^
Other beverages.
97,669>3
150,847
175,932
..
Total
578,724)4
1,034,485)4
1,257,768
According to the records of Chicago Pepsi-Cola Co., it sold 414,277 cases
including 362,227 cases
This compares with a
total of 284,909 cases sold during the first four months of 1938, including
237,244 cases of pepsi-cola and 47,665 cases of other beverages.
The present business of Chicago Pepsi-Cola Co. is the manufacture and
sale of Pepsi-Cola, Harrison's Heart O'Orange, Howel's Root Beer and a
line of sodas, including root beer, orange, strawberry, cream, lime, ginger
ale, grape and cherry, which are sold under the unregistered trade name of
Golden Gate Beverages.
Sales are made through approximately 140 in¬
dependent distributors, who resell in McHenry, Lake, DuPage and Cook
Counties, 111.
The only retail outlets served directly by Chicago PepsiCola Co. are Loop Parking Stations, Fred B. Prophet Co., Concessionaires,
Factory Stores, Inc., and a few others.
Chicago Pepsi-Cola Co. is presently the holder of an appointment to
bottle Pepsi-Cola, evidenced by a written agreement, dated Nov. 1, 1935,
between Pepsi-Cola Co. of Del. and Chicago Pepsi-Cola Co.
of beverages during the first four months of 1939,
of pepsi-cola and 52,050 cases of other beverages.
Capitalization—
($1 par)
Authorized
aoOO.OOO shs.
Common shares
17,000 shares
have
been
reserved
for
the
exercise
Outstanding
2,875 shs.
of stock purchase
warrants.
Common Stock Purchase Warrants—Company proposes to issue common
purchase warrants in bearer form, for the purchase of not to exceed
17,000 shares of its common stock.
The bearer of each such warrant shall
be entitled to purchase from the company the number of shares of stock
specified on the face of such warrant at any time on or before Feb. 29, 1944,
at a cash price of $5 per share if such warrant is exercised on or before
Feb. 29, 1940; or $6 per share if exercised after said last mentioned date
but on or before Feb. 28, 1941; or $7 per share if exercised after said last
mentioned date but on or before Feb. 28, 1942; or $8 per share if exercised
after said last mentioned date but on or before Feb. 28, 1943; or $9 per
share if exercised after said last mentioned date but on or before Feb. 29,
1944.
Fleet Aircraft,
beipj? offered negotiable
90,289 shares of no par
&urpose of Issue—The net proceeds to be received by the company from
sale of 75,000 shares of the common stock (including 2,875 shares
Ltd.—Rights for New Shares—
share for each share held at $5 per share.
are
27,768,223 28,022,692
3063.
are
10,087
1
Capital stock...
Reserve for deprec.
stock
2 ,318,412
Contribs.for exten.
2,936
Capital surplus
2 097,707
Earned surplus
201,826
Stockholders
$418,645
........
a
Reserves
Total.
Liabilities—
*
$428,214
10,335
Goodwill
on
preferred stock.
Consumers' service
-V. 148, p.
1938
Bldgs., machinery,
Inventories
Gross income
Int.
9,156
2,128
9,784
$499,157
492,187
_
3,542
Balance Sheet June 30
$1,314,297
498,113
Cash.
Operating income
Non-operating income.
.__
Net profit.
equipment,
Prov. for Fed. inc. taxes
Prov. for other Fed .taxes
Provision for other taxes
_
80,232
common
rights to subscribe for
the
one new
Rights will expire July 15
outstanding.
There
Eresently by the company, estimated at after deduction of the expenses as
borne outstanding) will be $285,564 $14,435.
This amount, so far to
e
determined, will be used approximately as follows:
Volume
The Commercial &
149
Acquisition of 700 shs. of com. stock of Chicago Pepsi-Cola Co_
Acquisition of 191H shs. of cumulative preferred stock of Chi¬
cago Pepsi-Cola Co
Loan to Chicago Pepsi-Cola Co. to pay for additional equipment
$175,000
_
and leasehold improvements
19,150
The net proceeds to company upon the exercise of the warrants,
will be devoted to general corporate purposes.
if realized,
purchase,
are as
follows:
of Shs.
No.
F. S. Yantis & Co., Inc., Chicago
Dempsey-Detmer & Co., Chicago
21,400
10,700
10,700
5,350
5,350
8traus Securities Co.,
Chicago
Mclntyre & Co., Cedar Rapids, Iowa..
Humphries Angstrom & Co., Detroit
—V. 149, p. 260.
Scott
.
Chevrolet Sales—
Retail sales of 29,459 units in the final 10 days of June gave Chevrolet
an increase of
66.5% over their performance in the same period of
1938, and raised their new car and truck total for the month to 75,561 units,
E. Holler, General Sales Manager, announced on July 10.
The June
sales represented an increase of
65.6% over those for June, 1938.
Sales of used cars in June were 153,463 units, a gain of 29,732 units, or
24% over the 123,731 sold in June last year.
The last 10 days accounted
for a heavy share of the
volume, 59,355 units being sold in that time, as
against 48,247 in the same period in 1938.
Combined sales of new and used
for the last 10 days were 88,814 units,
cars
148,
p.
General Public Service
Income—Cash dividends
$73,985
Interest..
$84,200
$110,176
$56,851
73
438
Corp.—Earnings—
Comparative Earned Surplus Statement, June 30
1936
1937
1938
1939
and for the month, 229.024.—V.
3846.
General Capital Corp.—Earnings—
6 Mos. End. June 30—
Dividends on stocks
Interest on bonds.
$81,706
$60,922
$143,882
20,590
25,325
46,235
5,850
3,713
7,088
$108,147
40,709
$197,205
72,088
14,568
Revenue from lapsed options
Total income
Expenses and
$56,851
15,824
$58,705
$41,027
$84,650
57,142
1,404
taxes
$84,273
19,934
$110,176
25,526
$74,423
15,718
132,728
prof14,306
(based
on
cost)
Prov. for Fed. tax
on
inc.
'>
$64,338
12,154
taxes
payable under deb. indentures
Net oper. profit for six
mos. end. June 30
loss$92,647
54,431
$158
58,642
Assets—
1939
Int. accr'd, rec
Cash divs.receiv..
1939
accr'd liabilities.
Dividends payable
Capital stock
438
1~4~285
Shares sold but
issued
a
$3,424,291 $4,001,398
.....
Represented by 132,191
29,077
22,557
b2,086,289 a2,438,738
un¬
10,611
......
...
Capital surplus-..
Total
550,719
Accts. payable and
2,827,733
36,043
13,919
1938
512,567
Liabilities—
1938
5127,877 51,123,347
........
Investments at cost 3,281,013
Accts. receivable..
1,046
1,478,772
1,296,358
$3,424,291 54,001,398
Total
....
Period Ended June 30—
Income surplus,
of period
Electric Co.—Orders Received—Units
071,646, compared with $128,223,823 for the
period last year, an
same
Net loss
on
Expenses
sales of securit ies
General Finance
Earnings
per
1939
share on common stock.
Company reports for six months ended May 31, 1939, net profit of
$153,832 after interest, Federal income taxes, &c., equivalent after dividend
requirements on 6% preferred stock, to 15 cents a share on 865,075 shares
(par $1) of common stock.
This compares with $136,278 or 13 cents a share on common for the
six months ended May 31, 1938,—V. 148, p. 3687.
General Motors Corp.—June Car Sales—The
July 8 released the following statement:
June sales of General Motors
cars
and trucks from all
company on
sources
of
manu¬
facture totaled 156,959 compared
with 101,908 in June a year ago.
Sales
145,786.
Sales for the first six months of 1939 totaled 950,998
compared with 613,953 for the same six months of 1938.
Sales to dealers in the United States totaled 124,048 in June compared
with 72,596 in June a year ago.
Sales in May were 112,868.
Sales for
the first six months of 1939 totaled 738,788 compared with 419,648 for the
in.May
same
were
six months of 1938.
Sales to
consumers in
the United States totaled 124,618 in June compared
with 76,071 in June a year ago.
Sales in May were 129,053.
Sales for the
first six months of 1939 totaled 700,461 compared with 498,120 for the
same
six months of 1938.
Total Sales of General Motors Cars and Trucks from All Sources of Manufactur
152,746
153,886
March
182.652
April
May
158,969
145.786
.
156,959
June..
July
August
Sep tern oer
October
November
December
Total
306,632
Sales to Dealers in
1936
103,668
74,567
260,965
238,377
216,654
203,139
226,681
188,010
82,317
166,939
195,136
160,444
158,572
144,874
196.721
229,467
222,603
217.931
204,693
121,943
19,288
90.764
1,307,749
2.116.897
2,037.690
94,267
116,964
March
142,743
April
126,275
May
112,868
June
124,048
115,890
56,938
63,771
76.142
78,525
71,676
72,596
49,674
16,469
92,890
159,573
150,005
935,163
1.680,024
34,752
October
November
December
232,854
1936
131,134
116,762
162,418
194.695
187,119
186,146
177,436
99,775
4,669
69,334
156,041
197,065
January...
February
March
April
May
June
1939
88,865
83.251
142,062
132,612
129,053
124,618
63,069
62,831
100,022
103.534
92,593
76,071
78,758
64,925
40,796
68,896
131,387
October
November
December
172.116
1936
102.034
96,134
181,782
200,117
194,628
189,756
163,459
133,804
85,201
44,274
92,998
51,600
196,095
198,146
178,521
153,866
163,818
156,322
88,564
107,216
117,387
89,682
1,00.1,770
1,594,215
155.652
173,472
1,720.213
Overseas Sales—
Sales of General Motors cars and
during June totaled 30,714 units,
sales in June of last year.
trucks to dealers in the
overseas
markets
representing an increase of 3.4%
over
$106,220
1939
1938
$28,708
$14,793
33,769
33,769
6,031
Liabilities—
520,863
Taxes accrued
5,508
786,936
Unadjusted credits
4,944
142,337
Cash
641,016
4,190,657
15,000
Conv.
debs.
5%
due Jan. 1, 1953
&
accr.
2,084,143
2,631,000
2,084,143
669,886
669,886
35,378
35,378
106,220
262,601
ii5H% due July
int.
27,488
receivable
Office
h Pref. stocks....
353
2,369,000
Capital surplus...
Divs.
2,369,000
1 Common stock..
Accounts receiv
equipment.
1
28,585
2,828
Total
..$5,337,557 $8,106,601
Profits
c
or
losses
on
securities sold
1939
Earned surplus
(since Jan. 1, '32)
j
$6,337,557 $8,106,601
Total.
were
determined
the basis of the
on
book values, which were the written-down values established
Dec. 31, 1931 or subsequent cost.
d Option contracts have been written for the sale of various stocks owned
average
by the corporation at prices aggregating $246,356 (including proceeds
unexpired options of $4,869), which amount is below the cost of
$271,298 but in excess of the market value of such stocks of $216,363 at
June 30, 1939.
Certificates of stock on which options are written are de¬
posited with the brokers to secure the commitments.
The proceeds from
options written are hexd in unadjusted credits until the options are exercised
or lapsed at which time such amounts are added to the prodceeds from sale
of the stocks or taken into income, respectively.
Prior to Jan. 1, 1939
proceeds from options written were taken into income when received.
e Investments
are carried on books at average amounts
based on the
written-down values established Dec. 31, 1931 and subsequent cost.
The
total of investments, at market value at June 30, 1939 was $3,818,179 and
at June 30, 1938 was $2,949,874.
f Represents the dividends payable to stockholders of record Oct. 15,
1937, on which payment was postponed by the Board of Directors.
g The corporation has deposited $1,631,000 with the trustee to redeem
the balance of $1,631,000 principal amount of 5H% debentures on July 1,
1939 and both the cash deposited and the debentures to be redeemed have
been excluded from the assets and liabilities.
h Represented by 22,320 shares $6 dividend preferred and 210 shares
$5.50 dividend preferred, of no par value (entitled to $110 per share upon
redemption or voluntary liquidation, or $100 per share upon involuntary
liquidation, plus accrued dividends).
Total preferred stock authorized
47,610 shares of which 23,690 shares of $5.50 preferred are reserved for
conversion of 5% debentures.
Junior preferred stock authorized 10,000
shares of no par value, of which no shares have been issued.
i Represented by 669,886 shares of no par value.
Authorized 900,000 shs.
j Before provision for undeclared cumulative dividends on preferred
stocks, including those normally payable on Aug. 1, 1939; $6 preferred,
$10.50 per share, $235,360; $5.50 preferred, $9.62)4 per share, $2,021;
total, $236,381.—V. 148, p. 2427/
from
General Steel Wares,
Ltd.—Accumulated Dividend—
of $1.75 per share on account
7% cum. pref. stock, payable Aug. 1 to holders
of record July 20.
Initial dividend of $3.05 per share was paid on Dec. 15
last.—V. 149, P. 108.
Directors have declared a stock dividend
of accumulations on the
Corp.—Gain in Stations—
Corporation reports for its subsidiaries a net gain of 802 company-owned
telephones for the month of June, 1939, as compared with a net loss of 643
telephones for the month of June, 1938.
The net gain for the first six
months of 1939 totals 12,421 (exclusive of sale of 843 telephones) or 2.70%
as compared with a net gain of 6,988 telephones or 1.57%
for the corre¬
sponding period of 1938.
The subsidiaries now have in operation 471,235 company-owned tele¬
,
phones.—V. 148, p. 3532.
General Time Instruments
Exps.,
deprec.,
Federal
&c
xl,763,572
2,348,223
2,044,310
$37,555 loss$174,999
4,512
2,596
$402,635
Dr20,250
$356,402
11,772
$42,067 loss$172,403
$382,385
1,964,026
Operating income
Other income, net of exp.
36,349
51,903
,174
38,430
$42,067 loss$208,752
Total income..
$330,482
$329,744
Pension fund loss
Consol. net income.-x
After
deducting
Corp.—Earnings—-
June 17 '39 June 18, '38 June 19, '37 June 13, '36
$2,001,581
$1,588,573
$2,750,858
$2,400,712
Quarter Ended—
Net sales...
income taxes,
1937
118,888
July
August
September
Total
1938
$262,601
331.728
Preferred stocks..
1,682,594
Consumers in United States
196,936
20,735
2,047
f Pref. dlvs. pay..
1938
$2,564,561
General Telephone
1937
70.901
216,606
199.532
180,085
162,390
187,869
157,000
58,181
136,370
153,184
108,232
61,826
July
August
September
191,720
239,114
859,061
Accounts payable.
1939
Common stocksd$4,191,807
United Stales
1938
1939
January
February
Total
1937
94,449
109,555
109,659
104,115
101.908
90,030
55,431
36,335
123,835
200,256
187.909
1938
1939
January
February
$67,934
1,055,997
$106,220
c
Investments—
1938
$103,667
$0.08
sur$65,665
192,454
18,299
debentures retired
on
Bonds
$181,148
$0.17
$67,934
Comparative Balance Sheet June 30
Corp.—Earnings—
7 Months Ended June 30—
Net profit after int., Federal income taxes, &c
sur$65,665
133,599
at
Earned surplus at end of period
increase of 32%, President Gerard Swope announced on July 6.
► The General Electric Vapor Lamp Co. of Hoboken, N. J., has been
merged with the Ipcandescent Lamp Department of General Electric Co.,
Charles E. Wilson, Executive Vice-President of General Electric, announced
on July 9.
•
Because of this change, effective July 1, by which General Electric's
activities in incandescent and electric discharge lamps are brought together,
the Incandescent Lamp Department will hereafter be known as the Lamp
Department of the General Electric Co.—V. 149, p. 261.
$16,585 sur$147,198
51,350
81,533
...
Merged—
$169,-
12 Mos. 1939
deficit at beginning
Deficit at end of period
Security profit surplus, balance
beginning of period
shares, after deducting 1,848 shs. held
121,602 no par shares (incl. 446 shs. held
Orders received during the first six months this year amounted to
30
1939—6 Mos.—1938
Net loss, as above
Assets—
General
$133,599
Earned surplus (accumulated since
Jan. 1, 1932):
-
no par
in treasury,
b Represented by
in treasury).—V. 148, p. 2268.
loss
Comparative Earned Surplus Statement, June
$20,983
82,880
$98,956
81,319
Comparative Balance Sheet June 30
Cash
244,147
$81,533
945
Net
Dividends
133,615
$51,350
Taxes-..
Debenture int. and Federal and State
43,356
$89,960
34,034
3,843
106,633
Expenses
'
Net income
Net loss on sale of invest.
States and
Canada.
dealers
Underwriters—The names of the several underwriters of the 53,500 shs.
offered to the general public, and the respective numbers of shares which
agree to
413
In the first six months of
1939, sales of 194.508 units represented an in_
crease of 1.6% oyer sales in the first six months of 1938.
These figures include the products of the corporation's American, Cana¬
dian, English and German factories sold outside the United
50,000
41,414
.
Working capital
they severally
Financial Chronicle
$1,513
($7,059 in
1938)
reduction
of provision
for
Federal and Canadian income taxes.
The net income for the
to
first six months ending June 17, 1939 amounted
$167,343.—V. 148, p. 2742.
Globe &
Republic Insurance Co. ofAmerica—Smaller
Dividend—
Directors have declared a dividend of 12 }4
mon
stock,
cents per share on the com¬
payable July 29 to holders of record July 20.
Dividends
of
15 cents were paid on April 30 and Jan. 30, last; 12H cents per share were
paid in each of the three preceding quarters and previously regular quarterly
dividends of 20 cents per share were distributed.
In addition, an extra
dividend of five cents was paid on Jan. 29, 1938, and on Oct. 30 and July 30,
1937.—V. 148, p. 279.
/
The Commercial & Financial Chronicle
414
General Tire & Rubber Co. (&
6 Mos.Ended May 31-—
1938
Cost of goods sold, selling, generr
administrative expenses..
of accumulations
$1,481,846
Profit from operations.-
Total
$1,633,091
280,000
8,583
11.004
$1,103,575
stock.
$1.96
$108,153
—
223,721
17,211
—...
oorrowed money
Prov. for Federal normal income tax.
Divs.
on
pref. stock of Aldora Mills..
on
Earnings
....—
-
share on common
per
$1,297,253
106,104
27,887
172,000
3,754
Miscellaneous charges.......
Net profit..
$1,229 712
67,541
$386,518
217,160
28,946
17,500
income..—
Depreciation
Interest
$287,735
98,782
151,245
$991.262
$2.01
$0.05
50-Cent Common Dividend—
Directors
July 10 declared a dividend of 50 cents per share
on
on
the
com¬
stock, payable July 31 to holders of record July 21.
Dividends of
paid on Nov. 25, last, this latter being the first dividend to
be paid since Nov. 10, 1937, when a special dividend of 50 cents per share
was distributed.—V. 148, p. 1807.
mon
like amount
was
Georgia & Florida RR.—Earnings—
—Week Ended June 30
1939
Jan. 1
1938
$28,075
Operating revenues (est.)
—V. 149, p. 108.
to June 30
1939
1938
$502,015
$27,963
$497,352
(W. T.) Grant Co.—Sales1939—Month—193$
1939—6 Mos.—-1938
$8,386,224
$7,607,974 $43,702,172 $40,263,742
Period. End. June 30—
Sales....
—V. 148, p.
3532.
Great Atlantic & Pacific Tea Co.Years End. Feb. 28—
Aug. 15, May 15
quarterly payment
p. 2271.
alleging that the bill of complaint filed by Robert L. Gossard
stockholders of Hearst Consolidated Publications, Inc.,
Wilmington, Del. is multifarious and that the
grounds for complaint show no reasons for action, was filed July 2 by
American Newspapers, Inc., Hearst Corp., Golden Gate Finance Corp. and
A demurrer,
and William Collie,
in the Court of Chancery,
William Randolph Hearst.
The demurrer also points out
'
that alleged grounds for the relief sought
facts excusing the delay
in seeking relief are given in the bill.
The original bill asked that the court require the defendants to account
in equity for all the assets, property and moneys of the defendant Hearst
Consolidated Publications, Inc., and that the court declare null and void
the 2 000 000 shares of common stock of the defendant Hearst Consolidated
Publications Inc. transferred to and held by the defendant Hearst Corp. or
any other Hearst company corporation or organization; that the directors
be required to effect a dissolution of the Hearst Consolidated Publications,
Inc., and that a receiver be appointed.
The bill of complaint was filed against the following defendants; Hearst
Consolidated Publications, Inc., American Newspapers, Inc., King Features
Syndicate, Inc., Hearst Publications, Inc., Hearst Corp., Hearst Enter¬
prises, Inc., Golden Gate Finance Co., Randolph Hearst, Jr., John F.
Neyland, Bertram B. Meek, Will Charles H. Mayer, Clarence R. Lindner,
Edward H. Clark, Freder Joseph V. Connolly, Richard A. Carrington Jr.,
John D. Costello, Grove J. Fink, Robert P. Holliday, A.M. Keck, Joseph
Willcombe, P. J. Tehany, Fred Hagelberg, Thomas J. White, Harry M.
Bitner and Bartley C. Crum.—V. 148, p. 3689.
occurred from two to nine years ago and that no
Thou
yl936
Inc.—Answers
Publications,
Consolidated
Hearst
Accounting Suit—
Hewitt Rubber
1937
Similar payments were made in each of the
and on Aug. 15 and May 15, 1935.
-Earnings-
1938
1939
1.
and Feb. 15, 1933, and Nov. 15, 1932.
The last regular
of $1.50 per share was made on May 16, 1932.—Y. 148,
12 preceding quarters
8,983,083
i
Other income
the 6% cum. 1st
on
holders of record Aug.
to
$8,322,039 $10,212,795
8,034,304
75 cents per share on account
pref. stock, par $100, payable Aug. 15
The directors have declared a dividend of
1937
land
9 435,500
1939
Accumulated Dividend—
Subs.)—Earnings—
1939
Gross sales, less discounts, returns and
allowances and excise taxes.....—$10,917,346
July 15,
as
Corp.—Receives Large Contract—
Robins Jr., President of this corporation,
announced on July 6
of a contract from the British Government for
675,000 feet of 2H~inch internal diameter fire hose.
The contract is be¬
lieved to be the largest fire hose order placed in the history of the American
rubber industry.
The record order, Mr. Robins said, followed a trial shipment to England
last month of a quarter of a m illion feet of hose for which the Hewitt com¬
pany designed a new type of interchangeable coupling to overcome the
differences between standard American and British hose.—V. 148, p. 3689.
the receipt by the company
.....878,972,184 881,703,076 907,370,991 872,244,368
Total earnings....
23,139,457
14,878,682
24,515,795
23,734,041
3,730,674
3,925,568
4,136,173
Depreciation..
4,516,789
Federal taxes
3,575,000
1,834,000
3,295,000
2,624,000
Sales...
.....—...
.—
9,119,114
13,296,816
78,664
17,084,622
16,430,448
39,369
16,593,252
16,430,448
47,431
1,495,702def4,256,366
96,637,481
95,141,780
hs.com.stk.out.(no par)
2,085,812
2,085,812
Earn, per share on com.
$6.72
$3.50
614,805
99,398,146
2,086,748
115,373
98,783,341
2,086,748
Net profit...
15,833,783
—
Dividends paid.i......zl4,338,081
Surplus adjustments—_
Balance, surplus
Profit and loss.........
Year ended Feb. 29.
y
z
$7.31
$7.08
$1,823,209 preferred and $12,514,872
common.
1939
A
1938
&
1939
Liabilities—
$
20,922,547
Preferred stock.
Cash
53,186,503
1
44,962,832
a
68,279,075
70,021,073
Stocks & bonds.
38,548,615
4,877
Accts. receivable
5,464,525
40,498,615
4,877
4,939,139
3,436,065
3,271,851
Goodwill
Merchandise
...
U. 8. Govt. sees.
Deferred charges
1
26,036,200
Common stock 36,306,100
36,306,100
Pref. stk. of sub.
'
owned...
not
payable.
Res. for self ins.
_
.190,340,712 184,620,9351
72,594
24,603,138
26,873,526
752,790
Res. for inc.tax.
reserves
10,000
159,489
Notes & accept's
Accts.
,
10,000
3,557,107
96,637,481
1,837,277
95,141*780
Total .......190,340,712 184,620,935
Represented by 2,085,812 no par shares.—V. 148,
p.
3532.
(H. L.) Green Co.—Sales—
Period
End. June 30—
Stores in operation
132
133
—V. 148, p. 3533.
Greyhound Corp.—Files for Acquisition by Unit—
The corporation on
mission
July 11 filed with the Interstate Commerce Com¬
application under the Motor Carrier Act for its subsidiary, the
an
Illinois Greyhound Co., Inc., to take over the assets, certificates of public
convenience and other operating rights of the Southern Limited Co. of
Indiana.
The corporation proposes to issue 13,500 shares of common stock of a
stated value of $248,062 as a contribution to the capital of the Illinois
company, and, in addition to add $62,560 in cash.
The Illinois company
in turn would use the stock to acquire the assets of the Indiana company.
—Y.
148, p. 3847.
Havana Electric & Utilities Co.
(& Subs.)—Earnings—
x
1935
$9,909,735
535,000
5,752,168
Net revs, from oper..
$4,508,356
$4,201,435
Other income (net).....
43,266
32,875
$4,027,940
16,685
$3,622,567
12,146
$4,551,622
$4,234,310
$4,044,626
$3,634,713
4,052,993
Cr6,202
3,638,254
3,577,464
Cr 7,056
2,376,512
$504,831
62,813
$604,274
$474,218
86,088
$1,264,315
84,802
$442,018
$519,201
$388,130
$1,179,513
Gross corp. income
Int. to public & other de¬
ductions—
Int. charged to constr'n.
.......
Pref. dividends to public
Net inc. of sub.
Dated May 1,
Interest payable M. & N. at
1939; due May 1, 1951.
Bonds in coupon form, $500
Mutual Bank & Trust Co., St. Louis, Mo.
$1,000 denom.
Bonds may be prepaid on any interest payment
date on 30 days' notice to the trustee at par and accrued interest.
These bonds are the obligations of the Most Rev. John T. McNicholas,
Archbishop of the Archdiocese of Cincinnatu, as trustee for Holy Family
Roman Catholic Congregation of Dayton, Ohio, and are further secured
by a mortgage deed of trust on property located
valuation of $375,000 has been placed upon the land,
in Dayton, Ohio.
A
buildings and equip¬
(except religious articles).
The purpose of the issue is to refund present outstanding
ment
ara
indebtedness
reduced rate of interest,
•"
.
■'
.
f
St.
*
•,
,
.
l_
\
Hospital,
Chicago,
111.—Bonds Offered—Dempsey-Tegeler & Co.,
St. Louis, are offering $175,000 1st mtge. 3-4% serial real
Hotel
Dieu
of
Joseph,
St.
George's
estate bonds.
Dated June 15, 1939; principal payable annually June 15, 1940 through
15, 1949.
Principal payable annually June 15, interest payable semi-annually,
June 15 and Dec. 15, at Mississippi Valley Trust Co., St-. Louis, Mo.,
Trustee.
Bonds in coupon form—$500, and $1,000 denoms.
Bonds may
be prepaid on any int. date on 30 days' notice at par and int.
These bonds are the direct obligation of Hotel Dieu of St. Joseph, St.
George's Hospital, a corporation duly incroporated in Illinois, and are
further secured by mortgage deed of trust on property located in Chicago.
A valuation of $350,000 has been placed on the land, buildings and equip¬
ment.
This property has
recently been acquired by the Sisters of this corpora¬
tion and renovated throughout.
The Sisters of this corporation are members
of the Order known as Re¬
ligious Hospitallers of Saint Joseph, founded in France in 1636, nad the
first foundation in the United States was established in 1894.
The order
is represented in the Archdiocese of Chicago and
ton and Helena.
The Hotel Dieu of St. Joseph,
the Dioceses of Burling¬
St. George's Hospital is
and these Sisters also own
and operate St. Bernard's Hotel Dieu Hospital, Chicago.
The payment of principal and interest on the bonds of this issue is further
unconditionally guaranteed by the St. Bernard's Hotel Dieu, a corpora¬
tion incorporated under the laws of the State of Illinois and composed of
Sisters of this same Order who own and operate the St. Bernard's Hotel
Dieu Hospital and Nurses Home representing an investment in land and
buildings in excess of $1,207,280.
The purpose of the issue is to provide portion of funds necessary to care
for cost of the Hospital and Convent just recently acquired. f
under the jurisdiction of the Chicago Province,
Years End. llec. 31—
1938
1937
1936
Operating revenues
$12,518,381 $11,748,580 $10,513,933
Prop, retire, res. approp.
1,108,000
1,007,500
607,500
Oper.exps. (incl. taxes).
6,902,025
6,539,646
5,878,493
Balance
Offered—Dempsey-Tegeler & Co., St. Louis,
recently offered $150,000 1st mtge. 4% bonds.
June
1939—Month—1938
1939—5 Mos.—1938
$2,712,353
$2,496,204 $12,716,279 $11,601,919
Sales..
Holy Family Roman Catholic Congregation of Dayton,
Ohio—Bonds
613,846
8,019
_
Surplus
a
S
26,036,200
Other
Total
1938
$
21,421,051
_
and
Consolidated Balance Sheet Feb. 28
Plant & equip..
„
cos._
_
Havana El. & Util. Co.Net income of sub. cos..
CY8.217
85,073
-
CY6.114
Hotel Fort Shelby,
Hunter Steel Co.—To Vote
on
Sale of Plant—
A special
meeting of stockholders has been called for Aug. 15 to act
proposed sale of company's Neville Island plant to Shenango Fjrnace
Co. for $1,187,000. This amount would be payable to the extent of $287,000
n iron ore, the balance being in 3 Vb % notes.
Stockholders also will be asked to approve a contract whereby Hunter
on a
$442,018
743,066
$519,201
667,701
1,406
$388,130
2,090
11*422
$1,188,307
132,910
$1,041,460
131,826
$1,190,935
119,491
$1,022,145
$1,055,397
$909,634
$1,071,335
605,940
605,940
605,940
454,455
Interest from sub. co___
Other income
96
$1,179,513
651,240
Steel will sell
Total
$1,185,180
Expenses (dncl. taxes),.
163,034
Miscellaneous interest.
Detroit—Interest—
Payment of 2% interest to the first mortgage bondholders for the six,
on June 30,
1939, has been announced by J. E. Frawley
General Manager.
This marks the first such payment to the bondholders
since May, 1931.
months ended
ore
Pittsburgh Coke & Iron.
109
_
purchased from Shenango Furnace to Pittsburgh Coke &
from
Iron Co. and in turn will sell to Shenago Furnace pig iron purchased
Earnings for Three Months Ended March 31
1939
Balance
Dividends
on
6%
Consolidated Balance Sheet
1938
$
S
Assets—
Liabilities—
Investments
96,633
97,412
Cash in banks..
1,160,429
972,993
21,161
1,127,651
1,281,525
1,198,126
13,042
•
924,282
1,795,661
Deferred recelv's
1,752,695
114,255
3,208,327
Special deposits.
9,659
6,281
:
3,977
12,901
Deferred charges
135,946
115,951
assets..
458,931
3,223,713
Reacq. proposals
cap. stock
preferred).
Total
($6
192,945,518 193,682,337'
1,000,000 shares of
<fe com. stock.
Elec. Co
stock,
78,203,009
78,203,009
1,231,950
1,311,215
Undeci.cum.dlvs
on
pref. stock
Cuban El. Co.
Funded
debt
Cust. deposits..
Accounts pay'le
Reserves
Surplus..
Total
294,665 shares of $5
common
$
20,198,917
Cap. stk. Cuban
Accrued acc'ts..
i
$
1937
cum.
Btk.
x
no par.
—
1938
$60,126
■
$38,970
Balance Sheet at March 31, 1939
accounts receivable,
$17,536; other currenfc
$29,543; investments, $228; property,
plant and equipment, $1,259,993; other assets, $27,903; total, $1,600,530.
Liabilities—Accounts payable, $110,206; accrued payroll, 16,698; accrued
taxes, 6,967; 6% cumulative pref. stock, $785,820; common stock (200,000
shs. at the stated value of $1 per share), $200,0CO; surplus through re¬
valuation, $56,169; paid-in surplus, $208,063; earned surplus, $217,606;
total, $1,600,530.—V. 147, p. 3161.
$119,896;
assets, $145,430; deferred charges,
1st pf.
($100 par) 20,198,917
Cum. pref.stk.
6%
U. S. Govt. sec.
Sundry
after all charges
Assets—Cash,
31
1938
franchises, &c.184,341,890 184,554,510
Mat'ls & suppl's
Dec.
1937
Plant, property,
Accts. receivable
oss
cum.
1st preferred stock...
Notes receivable
Net!
475,312
69,043,150
1,316,968
575,788
1,831,390
16,577,936
3,491,099
412,499
69,043,150
1,245,925
563,462
1,766,362
18,081,168
2,856,628
192,945,518 193,682,337
cum. pref. stock, no par, and
Illinois Bell Telephone
Co.—Earvings—
Period End. May 31—
1939—Month—1938
1939—5 Mo,?.—1938
Operating re venues
$7,810,084
$7,306,885 $37,797,603 $36,090,863
Uncollectibleoper. rev._
23,545
19,334
121,746
88,246
Operating revenues.
Operating expenses
$7,786,439
5,227,430
$7,287,551 $37,675,857 $36,002,617
5,086,805
25,289,278
25,282,901
Net oper. revenues-
$2,559,009
1,246,022
$2,200,746 $12,386,579 $10,719,716
1,188,264
6,180,745
5,897,545
$1,312,987
1,169,221
$1,012,482
861,734
Operating taxes
Net oper. income....
Net income
—V. 148, p. 3689.
56,205,834
5,467,873
$4,822,171
4,006,183
Volume
The Commercial & Financial Chronicle
149
Indiana Harbor Belt
Period End. May 31—
Railway
Railway
RR.—Earnings—
1939—5 Mos.—1938
$4,340,602
$3,433,846
2,898,391
2,553,160
1939—Month—1938
$849,791
$679,502
549,945
493,347
oper. revenues.
oper. expenses.
$186,155
59,724
68,641
$299,846
79,280
88,323
.
Railway tax accruals
Equip.& joint facil.rentsi
$1,442,211
392,975
406,222
$880,686
303,569
333,564
$643,014
10,365
$243,553
13,581
$653,379
15,675
184,642
$257,134
$453,062
$5,96
Investment Corp. of North America—Registration Sus¬
pended by SEC—
The Securities and
Exchange Commission on July 11 issued a stop order
suspending the effectiveness of the registration statement under the Securi¬
ties Act.
The statement covers an issue of $1 par prior participating prefer¬
ence stock,
17,514 shares of which were to be exchanged for outstanding
securities and 21,892 shares of which were to be offered through purchase
55,148
$0.73
warrants exercisable at
before March 1, 1939.
by counsel for the Commission arose
change in the ownership of the class B
stock of the company and an
important change in the investment policy
°f the corporation effected
by the new management.
It was also alleged
that the statement was deficient in that it failed to disclose fully the sig¬
nificance of a proposed recapitalization plan.—V. 147, p. 3311.
The
'
Net ry. oper. income.
Other income
$132,243
3,052
$135,295
3,640
36,944
Misc. dedue's from inc
Total fixed charges._
$60,034
3,053
37,378
$94,711
$1.25
Total income.
$57,790
2,244
$19,603
$0.26
Net inc.after fix. chgs.
Net inc. per sh. of stk
—V.
'
■
15,332
186,654
Insurance Co. of State of Pennsylvania—Smaller
Directors
the
have
declared
a
semi-annual
dividend
of 60 cents per
Div.
May 31—
Taxes
a
one
of $1 per share
distributed
Dec. 10, 1937.—V. 147,
on
p.
$26,398
1,046
$393,355
Dr249
9,999
$31,860
7,500
$27,445
7,500
$393,106
$374,717
90,000
$24,360
8,871
$19,945
8,373
$303,106
100,614
$284,717
104,452
$15,489
$11,571
$202,492
$180,265
23,460
16,494
61,874
39,349
27,492
98,439
'1
Gross income.
Interest & amort., &c
Corp.—Official Pro¬
Dividends declared:
J.P.S.Co., Ltd. preference
J. P. S.
Ltd.—capital
In Aug.,
1938 the Jamaican Income Tax Law was amended, retro¬
1. 1937, the tax being approximately doubled.
Beginning
1938, the monthly figures, as published, include the monthly
pro rata portion of the estimated 1938 tax on the new basis.
An additional
amount of $2,065 applicable to the month of June, 1938 is included in the
current 12 months' figures.
Taxes from Jan. 1, 1938, reflected above,
have been adjusted to a comparable basis.
The additional tax of $23,857
applicable to the year 1937 has been charged to earned surplus.—V. i48,
a
active to Jan.
with July,
The promotion of Fred J. Boucher to the post of Business Service Manager
was also announced.
He has been with the company for the past 17 years
previously was Assistant to the Vice-President and General Manager.
The corporation also announced the appointment of Walter B.
the position of Sales Manager of the International Time
to
O'Donnell
Recording
Division.—V. 149, p. 111.
p.
x
Vr If and when
a unification plan for the combined I.
R. T.-Manhattan
promulgated by the Transit Commission, deposit of at least 76%
of Interborough first and refunding 5s will be necessary before it becomes
effective.
This tentative requirement is revealed in a letter from the
Morgan committee to I. R. T. bondholders.
NThe committee pointed out that while the base figures allocated to
I. R. T. refunding 5s and Manhattan Ry. consol. 4s are the same, namely
82 ^ of principal amount, an adjustment is to be made with respect to back
interest on Manhattan Ry. consolidated 4s.
This adjustment is designed
to equalize interest on Manhattan Ry. consolidated 4s with that on I. R. T.
refunding 5s, up to Jan. 1, 1939.—V. 149, p. 111.
s
International Products
3690.
(W. B.) Jarvis Co.—Earnings—
Interborough Rapid Transit Co.—Tentative Plan Reached
on Bond Deposits—
V-
6 Mos. Ended June 30—
Net income.______
Earnings
x
per
Corp., affiliated with the Tannin Corp.
Including the 106,463 reacquired shares, International has 435,818
common
shares outstanding, in addition to 14,172 shares of preferred.
The company is engaged principally in the manufacture and sale of que¬
bracho extracts, a tanning material.—V. 147, p. 3069.
America—Pref. Div.—
a dividend of $1.25 per share on account of
cumul. pref. stock, par $100, payable Aug. 15
Dividend of $2 was paid on May 15, last; one
of $1.25 were paid on Feb. 15, last, and on Nov. 15, Aug. 15, May 16 and
Feb. 15, 1938; a dividend of $5 per share was paid on Dec. 10, 1937, this
latter being the first dividend paid since Aug. 15, 1931, when a regular quar¬
terly dividend of $1.25 per share was distributed.—V. 149, p. 261.
The directors have declared
the 5%
on
to holders of record
Aug. 5.
International
Telephone
Telegraph
&
Corp.—Gain
s*hares
common
y
the like portion of 1937.
During April, these same I. T. & T. subsidiaries had a station gain of
4,359, compared with 4,519 a year earlier, and 5,059 in the similar 1937
month.—VT 149, p. 111.
Period End. June 30—
Sales._______
Stores in operation
—V. 148, p. 3690.
Stores, Inc.—Sales—
1939—Month—1938
$1,969,241
$1,829,673
1939—5 Mos.—1938
$9,225,757
$8,727,464
39
Interstate Home Equipment
1938
Operating revenues
Operating expenses, including taxes._
Co., Inc.—Earnings—
$4,827,795
2,409,618
1,280,225
$962,415
___
______________
$1,137,951
27,992
Operating profit
41,070
Other income (net)
$1,003,485
before Federal income taxes
147,395
Normal income tax...
Surtax on undistributed realized taxable profit—
_
38,879
$1,165,944
178,450
28,149
5,007
874
2
660,000
600,000
600,000
5,213,512
8,498
$2,281,200
18,431
$2,232,347
$2,222,010
Interest on mortgage bonds-.
720,000
Interest on debenture bonds
180,000
Other interest and deductions.______
107,157
Interest charged to construction
CY40.645
$2,299,632
720,000
180,000
"...
106,731
CY1.945
$2,247,078
$1,255,498
$1,294,846
$1,257,971
Net operating revenues..
(net)
___
Gross income
.___
Net income
$!)__
$572,086
$1.76
$807,990
$2.07
Balance, surplus
Earns, per sh. on 462,500 shs. cap. stk. (par
Balance
on
Note pay. to
$284,564
$259,997
Accts. receivable 3,828,445
3,082,820
in banks
x
Mdse. inventories.
loans
Misc.
accts.
y
Fixed
cost
Cash
on
closed
306,162
4,331
Oct. 29 '38 Oct. 31 '37
officer
Accounts payable.
Accr'd
comm's
67,944
Accrued taxes
18,910
13,405
304,328
b Paid-in
250,000
250,000
organiza., as adj. 1,235,243
surplus
1,380,076
1,235,243
Reserve
—
surplus-
462,500
Surplus at date of
deposit in
4,762
bank
After
83,396
113,398
127,797
364,559
462,500
a
6,117
Earned
x
$50,000
343,345
Cap. stk. (par SI)_
at
—
Total
$150,000
4,14,571
&
bonuses
283,529
9,849
and
receivable
assets
Sheet
Liabilities—
Oct. 29 '38 Oct. 31 '37
hand and
151,355
$4,452,691 $3,650,198
reserve
Total
for doubtful accounts
of $492,858
and reserve for estimated cost of collection
Z807.990
$4,452,691 $3,650,198
($339,732 in 1937)
of $425,383 ($342,536 in 1937)
•
•
After reserve for depreciation of $17,698 in 1938 and $11,985 in 1937z Net profit for year ended Oct. 31, 1937.
a For Federal normal income
tax on unrealized taxable profit,
b Excess of proceeds from sale of capital
stock over par value thereof.—V. 149, p. 111.
y
14,730
720,000
180,000
90,982
CY1.875
Note—The following dividends were paid in 1938; 7% pref. stock,
$438,-
326; $6 preferred stock, $82,458; common stock, $720,000.
Balance Sheet Dec. 31
Assets—
Plant,
$
1938
1937
TA nhll 111
S
a
property &
c
■■
1937
•
<2
Capital stock...14,227,122 14,227,122
Investments....
4}4%- 1st mtge. g.
bonds
.....16,000,000 16,000,000
Cash
6% g. deb. bonds. 3.000,000
34,588,230 32,455,719
14,450
9,117
617,602
210,234
2,199
Special deposits
2,982
1,099,123
Temp, cash Invests
equipment..
6,033
Notes receivable..
Accts. receivable.
528,235
521,676
15,429
_
Materials & supp's
Prepayments
Other
curr.
&
5,550
528,197
522,041
24,164
23,684
3,507,235
b Reacq'd cap. stk,
567,966
Contra accounts
23,203
.
Note payable.
Accounts
payable.
Dividends declared
-
40,192
3,585,911
567,966
27,153
2,982
debt & interest.
Custom's'
3,000,000
167,125
130,196
Interest accrued..
Other
curr.
&
21,073
166,057
43,169
7,879
23,203
Capital surplus
2,954,674
27,153
149,749
2,144,485
Contra accounts..
9,896
3,133,520
credits..
Total
174,684
299,042
ac¬
crued liabilities.
Deferred
2,199
178,813
332,824
169,156
deposits
Reserves
40,004,030 39,490,268
265,000
218,027
130,196
Matured long-term
Taxes accrued
ac¬
crued assets—_
2,138,581
150,368
40,004,030 39,490,268
Represented by preferred (7%) cumulative; $100 lar; pari passu with
$6 preferred: authorized, 100,000 shares; issued, 66,500 shares $6,650,000.
$6 preferred cumulative; no par (entitled upon liquidation to $100 a share);
pari passu with preferred (7%); authorized, 100 000 shares; issued, 15,511
shares $1,577,122.
Common no par: authorized and outstahding, KP0.000
shares $6,000,000.
6 Represented by 3,882 shares 7% preferred and
1,768 shares $6 preferred,—V. 148, p. 3851. '
a
Kansas
City Southern
Ry.—Tentatively Arranges Uni¬
fication with L. & A.—
The
$817,211
245,125
$9.59,344
—
for the year
Dividends paid
$5,825,344
2,992,994
$6,194,687
3,312,613
Property retire, reserve appropria's__
Total
Oct. 31 '37
$5,218,347
2,895,097
1,360,835
1936
1937
$6,224,770
3,346,2.51
Amortization of limited-term invest's
39
Oct. 29'38
Expenses
Assets—
Co.—Earnings-
Calendar Years—
Earned surplus
Years Ended—
Net profit
Co.—Deposits-—
.
Gross sales, less returns
____________
Cost of goods sold and selling commissions
Net profit
Federal income taxes
z On 300,000
3851.
Kansas City Public Service
Deferred debits—
Interstate Department
p.
At the close of business July 8, holders of $7,685,900, or 63.82% of the
$12,043,800 series C 4% first mortgage bonds had deposited their holdings
with depositaries irf accordance with the plan for readjustment.—V. 149,
p. 262.
1938
24,625 telephones in
1937
$441,401
y$2.74
1938
$95,443
y$0.64
On 150,000 shares common stock, par $1.
stock.,—V. 148,
Phones—
Company's telephone subsidiaries in nine countries reported a net gain of
5,907 stations in May, the largest increase of any month so far this year. In
May, 1938, there was an increase of 7,102 telephones in service in I. T. &
T.'s subsidiaries in Argentina, southern Brazil, Chile, Cuba, Mexico,
Peru, Puerto Rico, Rumania and Shanghai; while in the like 1937 period
the increase was 6,031 telephones.
For the five months ended May 31, with all nine telephone subsidiaries
contributing, I. T. & T. reported a gain of 27,407 stations, against an
increase of 28,117 for the comparable period last year, and an expansion of
'
After deductions for operating expenses, normal
and other charges,
Other income
International Rys. of Central
1939
$353,374
z$1.18
share
Kansas Gas & Electric
Corp.—-Buys Own Stock—
The corporation has acquired for an undisclosed sum in cash 106,463
shares of its common stock which were owned by the Tannin Products
Cash
90,000
—preference "B"
accumulations
$364,718
3460.
Director of Sales Promotion.
in
1939—12 Mos.'—1938
$901,807
$976,970
409,190
425,410
89,453
83,070
44,829
68,752
Dr510
Retirement accruals
Corporation has announced the promotion of Roy Stephens to the position
of Executive Assistant.
He has been connected with the company since
1913, and has held a number of executive posts, the latest being that of
systemi
Subs.)—Earnings
$32,370
moted
and
a
Net oper. revenues.__
Net income
International Business Machines
on or
Non-oper. income (net)_
Balance
Inter-City Baking Co., Ltd.—Irregular Dividend—
share
1939—Month—1938
$75,235
$80,352
35,793
34,369
7,948
7,755
5,096
5,858
revenues
Operation
Maintenance
common
Directors have declared a dividend of $1.50 per share on the common
stock, payable July 31 to holders of record July 15.
This compares with
$1.75 paid on Dec. 10, last; a dividend of $1.25 paid on July 31, 1938, and
a
Jamaica Public Service Ltd. (&
Period End.
share
stock, payable July 12 to holders of record July 10.
Pre¬
viously regular semi-annual dividends of 70 cents per share were distributed.
—V. 144, p. 615.
on
$2.50
principal deficiencies alleged
registrant's failure to reveal
from the
Operating
148, p. 3690.
415
company
has made
tentative arrangements to
acquire both the
prior and preferred stocks of Louisiana & Arkansas Ry. to complete the
unification of the two roads.
The K. C. 8. already has received the author¬
ity of its own stockholders
bring about the unification
stock for the 160,000 L. &
and the Interstate Commerce Commission to
and is offering 100,000 shares of its common
A. common shares.
Harvey C. Couch, Chairman and President of K, C. S., and a group of
individuals, firms and corporations over 58,000 shares of the 60,000 L. & A.
prior preferred and all of the outstanding 40,000 preferred and 160,000
common shares so that in this respect the new proposal should speedily be
accomplished.
Approval of the ICC to bring a >out the exchange of the
prior preferred, however, is necessary, but no objections from this source
are anticipated because the Commission already has given its approval to
the unification.
The
approved plan provides an option whereby holders of L. & A. pre¬
ferred ($50 par) could during a period of three years
at the rate of each preferred share for 2 H shares of
also during this period K. C. S. would have the
exchange the preferred
K. C. 8. common and
right to purchase the
preferred stock at $37.50 a share.
The holders of the 40,000 shares of preferred, who also own the entire
160,000 common shares of L. & A., have agreed to accept 100,000 shares
of K. C. S. common for the preferred and with K. C. S. common currently
priced around $7 a share it is equivalent to a Price of approximately $17.50
a share for the preferred against the option price of $37.50.
It is understood that the holders of the 60,000 shares of L. & A. 6%
cumulative prior preferred ($50 par) have agreed to sell their holdings to
the K. C. S. for $150,000 cash and $2,550,000 in 10-year 3% notes of the
Kansas City Southern.
The Commercial & Financial Chronicle
416
The 60,000 shares of prior preferred and 40,000 shares of preferred stock
have an annual dividend charge of $300,000.
The interest charge on the
July 15,
(Rudolph) Karstadt, Inc.—Annual Report—
Year End.
3% notes will be $76,5000 annually and the difference between this
charge and the $300,000 dividends will be used as a sinking fund to buy
the notes and will be sufficient to retire them all at par by maturity.
The common stock of the Kansas City Southern already has been changed
from 300,000 $100 par common into 750,000 shares of no par common.
Of the increased number of shares 110,000 shares were set aside to acquire
the 160,000 common shares of the L. & A. and an additional 100,000 for
new
ovoJi
o
nprn
of T
Jlr
.
Gross profit
Net prof, carried forward
from preceding period
v:■
1947 and each calendar
year
thereafter (so long
In lieu of retiring bonds, the company may certify unbonded "net
expenditures" for "bondable property" (as defined) at the rate of $1,428.57
of such expenditures for each $1,000 of series A bonds otherwise
required
to be retired pursuant to the debt retirement provision.
Pur pone—Prior to or concurrently with the delivery of the series A
bonds,
the company will borrow $600,000 against a like principal amount of its
3lA% notes under a bank loan agreement.
The sum so borrowed, and
the net proceeds from the sale of $5,000,000 of series A bonds to be received
Deprec.
1947.
Capitalization—
Authorized
1st mtge. bonds, series A,'4% due July 1, 1964--.
$10,000,000
3H% notes, due 1940-46--600,000
Cum. pref. stock—$7 series (no
pjjir) value-50,000 shs,
$6 series, no par value
/
Common stock (no par) value
250,000 shs.
aOutstanding
$5,000,000
600,000
b$376,400
.
Total oper. revenues
-Years Ended Dec. 31Vnded
31—r
1937
1938
17,696,667
——
75.462
305,001
185,012
19,844,618
2,750,000
„
Losses
„
Balance,
7,808*,902
9,717',469
21,5~75~602
28,093
profit——
19,220
20,384,930
42,653
2.123,012
1.694,956
776,150
2,476,719
Balance Sheet (Currency in German Reichsmarks)
Ass&s—
Dec. 31 '38
Dec. 31
Property, buildings and
equipment-69,516.001
Investments
4,627,004
Current and other assets 62.250,136
6% sinking fund bonds
Suspense items in debit-
—
„
General
reserve-..-
Reserve for pensions
360,814
480,637
367.779
546,944
395,094
reserves
36,000.000
4,000,000
3,000,000
36,000,000
4,000,000
28,854.000
1,000,000
2,OOO,O0O
2,000,000
4,000,000
11,354,792
1.400,000
1.500,000
3,500,000
8,388,420
800,000
4,500,000
9,917,166
1.800,000
Long-term indebtedness
placed under alloca¬
\
1st mortgage coll. 6%
sinking, fund bonds
Reichsmark bonds...
9.573,102
6,715,800
14.627,277
10,436,400
16,150,449
11.291.400
21,060,101
18.191,289
3,404.830
24,299,332
23,196.806
21.164,252
5.897,132
26,174,866
23,223.530
,378,948
6.824,575
27,560,456
27.650,741
15,866,272
655,883
2,476,719
1,195,403
2,123,012
1,464,561
1.694,956
1,733,294
776,150
136,962,831
152,889,704
163,652.462
162,695,760
7,915,740
4,253,400
Other loaus secured by
mortgages
693.600
Indebtedness to banks 17,853,824
$1,670,608
$1,664,687
656.683
98,445
679,165
98,824
668,058
98,764
Long-term
167",245
237,377
237",361
Liability to scrip holders
subject to approval of
1,113
170,258
21,689
1,182
169,686
25,638
1,179
166,231
Suspense items in credit-
leasehold improvem'ts
Taxes, other than inc
v
tion plan:
12 Mos.End.
Mar. 31/39
154,036
indebtedness
Other liabilities
V
increase of cap. stock-
Fed. & State inc. taxes..
1,053
159,132
14,896
Net oper. income....
$513,188
$532,463
$458,736
$467,044
1,451
902
660
$533,365
$459,396
$467,682
10,800.000
638
$514,639
„„„
94,164,001
4,867,569
62,722,151
326,235
36,000,000
4,000,000
5.000,000
5,000,000
4,500,000
6,962,274
2,400.000
-
Welfare funds
&
.Jan. 31 '36
'
88,405,001
5,192,005
69,207,039
288,092
281,597
Reserve for renewals—
1,647,896
Prov. for retire, reserve.
Prov. for depreciation..
Dec. 31 '36
Total-------—136.962,831 152,889,704 163,652,462 162,695,760
Capital stock
Statutory reserve-.-
603,417
93,991
'37
79,895,001
4,865,505
67,442,147
Funds dep. with trustees
for 1st mtge. collateral
$1,539,713
_
„
10,800,000
407
investments
on
ann
97Q H4Q
expenditures—
All other
„
145.820
145.384
262,217
16,607.162
—
iiflttrtpinIifiTic
dl,800,000
Oper. Exps. A Taxes—
franchises
22,242,004
------
6,450.950
6,636.028
—
Earnings for Stated Periods
1936
5.162,562
Appropriations to res
Prov. for red. of outst'd'g
scrip---Subscriptions
to
trade
Other
a Upon
completion of present financing and transactions,
incident
thereto,
b Represented by 3,764 shares,
c Represented by 15,532 shares,
d Represented by 160,000 shares.
„
40,819,860
„
238,500
Interest and taxes
96,435.132
•
2,232,205
310,000
on
cl,553,200
-
of
39.839,842
investmentsOther depreciations
be applied to the redemption, at 101 and int., of $5,424,000 Kansas
Power Co. 1st mortgage 20-year 5% gold bonds, series
A, due March 1,
Amort,
92,925,742
46,208,093
of assets
will
_
88,357,849
Wages .salaries and social
charges
48,966,663
Deprec. of buildings and
equipment
8,152,143
Transfer to res. for adjust
series
as any
year.
Operation
Maintenance.
8,556,350
85,618,646
2.603.926
Total income—
Dated July 1,
A bonds shall be outstanding) in a principal amount equal to not less than
1% of the greatset principal amount of series A bonds outstanding under the
indenture at any time between July 1, 1939 and the end of such calendar
3,199
158,078
1,328,645
2,879,595
9,428,980
10,603,593
4,752,390
450.402
Rents receivable
Kansas Power Co.—Bonds Offered—A syndicate headed
by Harris Hall & Co. (Inc.) and including E. H. Rollins &
Sons, Inc.; Central Republic Co.; A. G. Becker & Co., Inc.;
Arthur Perry & Co., Inc.; Shields & Co., and Tucker,
Anthony & Co., offered July 14 at 101K and int. $5,000,000
1st mtge. bonds, series A, 4%.
Indenture contains a debt retirement provision under which series A
bonds will be retired, through purchase, payment or redemption,
during the
79,033,040
26,150
213,307
1,166,053
2,630,860
2,433,905
4,147,455
Extraordinary income..
1939; due July 1, 1964. Coupon bonds in the denom. of
$1,000, registerable as to principal,
int. (J-J) payable at office or agency
of company in Chicago or New York,
Red. in whole or in part at any time
and from time to time, on not less than 30 days' notice, by payment of
principal amount, accrued int. and, if red. on or before June 30, 1963, a
premium of 6% of principal amount reduced successively by H% effective
on the first day of July in each of the years 1940 to and
including the year
1963; and if redeemed on or after July 1, 1963, without premium.
Harris
Trust & Savings Bank, Chicago, and Harold Eckhart, trustees.
82,308,012
74,956
406,629
1,099,705
2,721,500
Other ordinary income--
'■
■■
Reichmarks
75,498.706
129,232
Income from investments
L. & A. will remain outstanding.—V. 148,
;
Jan. 31 '36
Reichsmarks
Dec. 31 '36
*
Int. & divs. receivable.-
3851.
calendar year
77,682,695
_
Year End
Mos.End.
11——
Dec. 31 '38 Dec. 31 '37
Reichmarks Reichmarks
A
The first mortgage bonds of
p.
1939
26,050
The annual interest requirement on the
$5,000,000 of series A bonds will
to $200,000.
The interest requirement for the first year on the
$600,000 of 3 Yi % notes will amount to $20,308.
History A Business—Company was incorp. in Kansas on Sept. 22, 1909,
amount
Concordia
as
Electric Light Co.
Name changed to Kansas
In 1927, the company acquired the
Power
Co.,
physical properties
formerly owned by Central Kansas Public Service Co., Electric Service Co.,
Great Bend Water & Electric Co.,
Hoisington Electric & Ice Co., Liberal
Light, Ice & Power Co., Phillips County Light & Power Co., and United
Light & Power Co.
Company is a public utility engaged principally in
generating, purchasing,
transmitting, distributing and selling electric energy in north-central and
June
7,
1922.
southwestern
Kansas.
NetprofitTotal-.---.-
Other income
Gross income
•
It also
distributes
and sells
water
in
Great
Bend,
Kan.; its subsidiary, Home Ice Co., sells ice in six communities.
For the
calendar year 1938, approximately
94% of consolidated operating revenues
were derived from the sale of
electricity, 1.9% from the sale of water, and
4.1% from the sale of ice.
Company sells appliances as a
part of its load
building program.
—V.
Key West Electric Co.—EarningsPeriod End.
Operating
Operation
1939, the company supplied electric service at retail to
22,993 customers in 97 incorporated and unincorporated communities, and
419 rural customers in
adjacent
livestock.
names
amounts of series A
Taxes
Net oper. revenues
bonds agreed to be purchased by
them, respectively,
as follows:
Harris, Hall & Co. (Inc.), $1,200,000; E. H. Rollins &
Sons, Inc., $925,000; Lehman Brothers, $675,000; Central
Republic Co.,
$350,000; A. G. Becker & Co., Inc., $250,000; Arthur Perrv & Co., Inc.,
$250,000; Shields & Co., $250,000; Tucker, Anthony & Co., $250,000;
Stroud & Co.,'Inc., $200,000; Farwell,
Chapman & Co., $200,000; Edgar,
Ricker & Co., $200,000; Stern Brothers &
Co., $150,000; The RansonDavidson Investment Co., $100,000.—V. 149,
p. 112.
Power &
$2,400,000; Harriman Ripley & Co., Inc.,$1,500,000
Blyth & Co., Inc., $1,200,000; Kidder, Peabody & Co., Lehman
Brothers,
Mellon Securities Corp., F. S.
Moseley & Co., E. H. Rollins & Sons, Inc.;
»2?lV^vParney & Co., Spencer Trask & Co. and Union Securities Corp.,
each; Harris, Hall & Co., Inc., and Arthur Perry & Co., Inc.,
$600,000 each; Coffin & Burr, Inc., Goldman, Sachs &
Co., W. C. Langley
^ Co. and Stone & Webster and
Blodget, Inc., $500,000
each; Glore, Forgan & Co., Lee Higginson
Corp. and Riter & Co., $400,000
filler & Co., Tucker,
Anthony & Co. and The Wisconsin
Co., $300,000 each; Alex Brown &
Sons, Dean, Witter & Co., Central
Republic Co., Otis & Co. and G. E. W alker &
Co., $250,000 each; Hawley,
HuiIct & Co and Merrill, Turben &
Co., $125,000 each; Blair, Bonner &
COr, Francis I. du Pont & Co. and G. M.-P. Murphy &
Co., $100,000 each.
The offering price of the bonds to
the public and the underwriting com¬
missions will
>e furnished in an
additional amendment to the registration
statement.—V. 149, p. 262.
Kaufmann
Department
Balance
stock, par
department.—V. 142,
Stores,
p.
$74,001
24,306
$5,320
$62,495
21,610
$49,694
19,803
$40,885
24,374
$29,892
24,374
$16,511
$5,518
—
common
dividends and surplus
—V. 149, p. 262.
Keystone Public Service Co. (& Subs.)—Earnings—
Calendar Years—
Inc.—Removed
1938
1937
1936
$1,311,080
945,076
$1,350,670
926,970
$1,352,568
904,326
$366,004
Total operating revenuesTotal operating expenses and taxes
$423,700
33,349
$448,242
47,342
$457,049
200,000
27,952
$495,585
200,000
3,581
6,372
Crb,377
Operating income
Other income
Gross income—
Interest
on
43,863
*
$409,867
—
long-term debt
Other interest--
200,000
8,803
6,372
-
Amort, of debt discount & expense-__
Interest charged to construction
Net income
Dividends
on
Dividends
on common
-
Consolidated Balance Sheet Dec. 31,
Assets—Fixed
$291,008
33,429
268,125
$222,725
33,429
230,000
$194,693
33,429
154,500
preferred stock
stock
6,372
1938
$6,048,680; investments, $856,125; deposits for
and dividends (contra), $13,074; cash (incl. work¬
ing funds), $27,903; note and miscellaneous accounts receivable, $2,461;
accounts
receivable, $157,034; interest receivable, $.19,669; materials,
supplies and merchandise, $47,230; unanmortized debt discount and ex¬
pense.
$253,811; prepayments, $9,982; miscellaneous unadjusted debits,
$29,680; total, $7,465,649.
Liabilities—$2.80 series cumulative preferred (no par) stock, $544,068;
common
(par $1) stock, $115,000; long-term debt, $4,000,000; matured
bond interest and dividends (contra), $13,074; account payable (NY PA
NJ Utilities Co.), $27,500; notes payable, $100,000: accounts payable,
$55,341; taxes"accrued, $142,564; interest accrued, $41,292; miscellaneous
capital,
matured bond interest
,
$23,052; customers' service and line deposits, $25,541; reserves
unadjusted credits, $1,419,975; contributions for ex¬
$1,962; capital surplus, $949,516; earned sur¬
plus, $6,764; total, $7,465,649.—V. 148, p. 3225.
accruals,
and
miscallaneous
tensions
(non-refundable),
(S. S.) Kresge Co.—Sales—
Period End. June 30—
Sales
—
1939—Month—1938
1939—6 Mos—1938
$12,011,134 $11,293,038 $66,663,889 $63,730,679
Company operated 742 stores in June of which 683 were American and
were Canadian.
A year ago company had 735 stores of which 679 were
were Canadian.— v. 148, p. 3535.
American and 56
462.
(S. H.) Kress & Co.—Sales—
from
Exchange has removed the 7% cumulative preferred
$100, from listing and registration.—V. 149, p. 262.
$85,738
23,242
1,881
—
Balance for
Sales for the
or
The New York Curb
$7,201
Pref. div. requirements
59
Co.—Registers with SEC—
See list given on first page of this
List, &c.—
$76,971
Dr2,970
Approp. for retire, res've.
Light Co.—List of Underwriters—
The company filed July 11 with the Securities and
Exchange Commission
amendment to its registration certificate
stating that the following
investment firms will underwrite its proposed issue of
$26,500,000 first
mortgage 3H% bonds, due on July 1, 1969:
First Boston Corp. and Dillon, Read &
Co., $3,900,000 each; Halsey,
Stuart & Co., Inc.,
an
Kansas Public Service
$91,187
Dr5,450
$4,558
—
$7,388
Dr187
$6,420
1,862
Balance-
Interest & amortizationBalance—
1939—12 Mos —1938
$192,459
$160,815
56,359
54,521
14,523
10,386
30,390
18,936
$6,492
Dr9
Non-oper. income (net)-
of the several underwriters and the
principal
are
Kansas
1939—Month—1938
.
$15,284
$14,171
4,6.55
4,267
1,215
930
2,985
1,585
rural
territory, and wholesale electric
energy to 12 municipalities which redistributed such electric
energy for
sale to their customers.
At the same date, the
company supplied water at
retail to 1,121 customers in Great
Bend, Kan.
The communities served by the
company with electricity at retail and
wholesale have an estimated population of
70,000 and are located in 24
counties in north-central and southwestern Kansas.
The territory served
by the company is chiefly dependent upon agriculture and the
raising of
Underwriters—The
May 31—
revenues
Maintenance-.
As of March 31,
to
149, p. 262.
month
of June
2.7%.
of $247,177, or
were
$6,496,259,
an
increase of $171,223
■
Sales for the six months
ending June 30 were $35,724,663, a decrease
0.7%.—V. 148, p. 3535.
Volume
149
The Commercial & Financial
Chronicle
Lane Bryant, Inc.—Sales—
Period End. June 30—
1939—Month—1938
1939—6 Mos.—1938
$1,282,067
$1,178,539 $7,015,599
$6,788,630
?Ta1^--
Units in operation
—V. 148, p. 3535.
22
"
23
has
been serving as Executive Vice-President
or the
company, was made President of the
company at the last regular
meeting of directors.
Walter T, Wells, President and one of the founders
of the
company, became Chairman of the Board.—V.
148, p. 3225.
Lehigh Portland Cement Co.—Earnings-
12 Mos.End. June 30—
profit after taxes,
1939
Net
1938
1936
x
per share
No allowance
z$1.83
$1,170,857
495,628
$1.38
made
was
for surtax on undistributed income,
y Based
months' dividend requirements
on 57,486 shares of
4% preferred
outstanding at close or period, balance of earnings for the 12 months
June 30, 1937, is
equal to $2.23 a common share,
z After
deducting
$227,005 divs. paid on 4% convertible
preferred stock.—V. 148, p. 3851.
12
on
stock
Lerner Stores Corp.—Sales—
Period End. June 30—
Sales
—V.
1939—Month—1938
1939—5 Mos.—1938
$3,651,887
$3,356,511 $15,934,179 $15,078,277
148, p. 3535.
(Fred T.) Ley & Co., Inc.
19^9
1938
1937
$174,140
38,454
equip, renta's.
Real estate management fees
Real est. rentals &
charges to tenants
Income from services to
foreign subs.
Interest income
$150,807
37,354
120,475
$102,068
120,884
7,837
11,315
41,481
9,085
$271,067
102,504
111,616
17,759
12,710
11,311
15.266
15,266
16,868
13,058
15,266
$24,979
26,585
$240
$6,507
loss$1.607
$240
Consolidated Balance Sheet Feb. 28, 1939
$6,507
$352,630
157,130
114,306
10,481
expenses...
Real est. taxes.
mtge. int. & prop. exp.
Maintenance charges and repairs, net
Interest expense
Depreciation of equipment & fixtures
Depreciation of real estate.
Net income from
regular operations
Non-recurring charges
Net income
5.249
...
Assets—Cash, $36,022; accounts receivable (net),
$216,694; unbilled
work-in-process
$153 131; cash and securities deposited
$124,867; real
estate equities (net),
$201,649; accounts and notes receivable, non-current,
$228,238; investments in subsidiaries not
consolidated, $10,002; other
investment, $112; contracting equipment, $56,953; office
equipment,
$3,889; deferred charges, $6,085;
goodwill, $1; total, $1,037,643.
Liabilities—Account payable, $216,750; notes
payable, bank, $40,000;
taxes, real estate, State, and social
security, $13,920; accrued expenses.
$2,524; notes payable, officers and
stockholders, current portion, $17,360;
notes payable, officers and
stockholders, due serially. 1940-46, $51,520;
note payable, due Feb.
5, 1946, $55,597 ; 5% income notes, due March 1.
1946, and accrued interest when earned.
$300,305; reserves for State and
Federal taxes, $49,296;
capital stock (par $1), $227,558; capital
surplus,
$7,702,192; deficit from operations and revaluation of
capital assets to
1936 reorganization,
$7,644,520; surplus earned since 1936 reorganization,
$5,140; total, $1,037,643 —V. 148, p. 3379.
Libbey-Owens-Ford Glass Co.—Earnings—
6 Mos. End. June 30—
Net profit
x
Earnings
y
After
—V. 148,
x
1939
1938
1937
$2,654,814 loss$421,880
per share
$1.06
depreciation, Federal income taxes, &c.
p.
1936
$5,631,469
$2.25
Nil
On
y
2276.
$5,102,972
$2.04
common
stock.
Power
Co .—To
Issue
The Securities and
Exchange Commission on July 12 issued an order
exempting company (a subsidiary of NY PA NJ Utilities
Co.) from the
provisions of Section 6 (a) of the Public
Utility Holding Company Act with
respect to the issue and slae of $450,000 first
mortgage bonds, 4% series
due 1964, the net proceeds of which will
be applied in
liquidating pro tanto
open account indebtedness due from the
company to its parent company.
Condensed Balance Sheet March 31, 1939
'AssctS"****1'
$1,205,254
of
Deferred
3,710
Open account due NY PA NJ.
46,301
debits.
Other current liabilities..
Reserves
5,964
26,557
_
Contributions for extensions..
Capital surplus
Earned
..$1,261,229
1938
$996,573
Prov. for inc. tax.
Dividends
Reserve
on
$822,181
241,463
271,224
310,634
310,634
200,000
payable
invest,
200,000
2,654,422
Capital stock... 2,654,422
Surplus..
3,507,066
y
3,307,558
81,431
3,141,700
$7,536,2571
Total
....$7,939,918 $7,536,257
Less reserve for
depreciation of $2,500,991 in 1939 and $2,411,650 in
1938.
y Represented by 445,056 shares of class A
stock, no par value,
383,300 shares of class B stock of no
par
Loew's, Inc.—Bonds
value.—V. 148, p. 3691.
Called—
Dillon, Read & Co., as paying agent, has drawn for
redemption on
Aug. 15, through operation of the
sinking fund, $375,000 of 3H % sinking
Payment will be made at 100 at the office of Dillon,
147, p. 3852.
fund debentures.
Read & Co.—V.
,
,
Loft, Inc.—Pepsi-Cola Order Dissolved—
By agreement with interested parties,
Judge Way in Federal District
Court at Norfolk,
Va., has dissolved the restraining order in the Pepsi-Cola
case entered June
30.
The agreement provides that,
pending a hearing
on jurisdiction
before Judge Way in Richmond, Va.,
July 29, the stock
under litigation will not be
disturbed.
was issued
following the bankruptcy sale in 1930 of assets of
National Pepsi Cola Co.,
predecessor to the present Pepsi Cola Co.
Late
last month
Alexander W. Herman Co. asked the Federal District Court to
bankruptcy sale of 1930 and asked that assets of Pepsi Cola
set aside the
Co. be reverted to the
bankrupt estate of the National Pepsi Cola Co.
Settlement Ordered Approved—
Chancellor W. W. Harrington at
Wilmington, July 6, ordered that the
proposed settlement in the action of
Loft, Inc., against Charles Guth,
the Grace Co. and the
Pepsi-Cola Co. be approved and that all
parties be
directed to place it in effect "with all reasonable
speed."
lowed motions by Clarence A.
The order fol¬
Southerland, attorney for Loft, and Stewart
Lynch, attorney for Pepsi-Cola, that the settlement be approved.
Mr. Guth made the offer for settlement for
accounting proceedings and
other claims and controversies
arising out of the company's suit against
him for
ownership of 237,500 shares of Pepsi-Cola stock.
Option Suit Settled—
■.
Chancellor W.W. Harrington on
July 10 approved a recommendation of
Christopher L. Ward, Sr., special master, effecting settlement of the
litiga¬
tion arising from an
option given by Loft, Inc., to the Phoenix Securities
Corp. for the purchase of 400,000 shares of Loft stock.
The settlement terms proposed
by the matser after Phenix had offered
$500,000, provide that Phoenix shall pay to Loft $1,000,000 above the
amounts
be made
it paid in
exercising its option on the stock.
as follows;
The payment is to
Cancellation of an obligation of $400,000 owed
by Loft to Phoenix, repre¬
sented by Loft's
promissory note due on Dec. 9, 1940; cancellation of unpaid
interest accrued on the note,
amounting to $40,000 as oi June 30, 1939, and
payment of $560,000 in cash to Loft.
The offer of settlement had the approval of Robert D.
Emmerich and
Edward Opton, who instituted the suit; Ida
Becker, intervenor, and Loft.
The complainants
charged that the option was unjust to Loft and its stock¬
holders.
Attorneys Will Receive Approximately $4,500,000 of Pepsi-
Cola Stock in Accordance with Terms
of Settlement—
Attorneys who represented Loft, Inc., in litigation in which court decrees
awarded it 237,500 shares of stock of Pepsi-Cola Co. will
receive approxi¬
mately $4,500,000 of that stock in accordance with the terms of a settlement
reached among counsel for the various interests involved.
The value of
the total number of shares awarded to Loft has been
estimated at
$35,~
594,000.
.
The settlement arrived at provides that the
attorneys—two
law firms and one Wilmington firm—will receive
decree in
New York
13K% of the stock.
A
conformity with the agreement has been signed by Chancellor
Several suits are pending in other courts disputing the
right of Loft to
numerous blocks of the recovered stock and
litigation is pending at Wil¬
mington contending that the stock rightfully is the property of Pepsi and
not of Loft.
These suits have yet to be adjudicated.—V.
149, p. 112.
Long Island Water Corp .—Earnings—
Calendar Years—
Operating
Operating
1938
surplus..
_...
Taxes
$300,000
'
614,454
65,481
83,852
34,383
116,046
47,012
Operating income....
Other income.
,
Gross income
Int. on long-term debt..
Other interest
Total..
$1,261,229
Stated at estimated reproduction cost at
Sept. 30,1925 (including writeof $116,046 resulting from engineering appraisal of E. J.
Cheney, which
includes going-value and other
intangibles), plus
Int. during construction
1937
$607,870
237,524
31,324
$586,055
217,992
40,213
44,581
118,469
1936
1935
$578,736
207,310
45,704
$553,204
41,812
102,347
35,258
90,968
37,200
78,053
$175,972
5,176
$183,690
2,713
$199,496
4,769
$198,711
1,006
$181,148
118,435
$186,403
24,033
revenue
expenses—
....
Total...
rev.
300,582
.........$7,939,918
Prov. for retire., renew.
and replacements.
Common stock (2,500 shs., no
par).
the
Utility Management Corp..
Current assets
44,892
Maintenance
Liabilities—
Fixed capital
Inv. in common stock
a
1,840,330
mdse. pur.
1939
def'd
W.W.Harrington.
Litchfield Electric Light
&
$450,000 Bonds—Placed Privately—
an
9,667
350,000
65,230
1,959,483
exp. &
x
118,434
10,656
Total.
Operating
9,928
350,000
71,486
rec.
Other investments
302,871
Deferred charges.,
79,972
x
Capital assets
3,109,434
2,742
$322,034
153,962
113,497
10,315
17,443
.
on
Liabilities—
Accts. pay., accr'd
588,803
This stock
-Earnings-
Years Ended Feb. 28—
Profit from contr. and
Sundry accts.
Inventories <.
Adv.
1938
711,503
and
x$521,505 x$l,910,428
754,434
741,494
z$0.39
y$2.08
-
Earnings
1939
$1,300,348 $1,131,958
....
Total
1937
deprec.,
deplet'n and
obsolescence
$1,606,937
Shs. com. stk. (par
$25)
754,434
Assets—
Cash
Bonds
Accrued interest..
Guar, ifivest. ctfs.
Lane-Wells Co.—New
President, &c.—
Rodney S. Durkee, who
417
Comparative Balance Sheet May 31
23,219
$204,265
118,555
23,037
$199,717
118,615
22,608
•
.118,495
193,688
45,552
Cr294
...
a
up
subsequent additions
cost.
at
Income Account for the 12 Months' Period
Ended March 31,1939
Operating
Operating
revenues
(electric).
—
_....
expenses and taxes
Operating income..
.
_
_
_
_
_■*_.
_
.
i.
_
I
_....
_
$300,393
228,107
_
.
_.
.
—
-
—
.
Other income.
i—
Gross income
....
-
-
—
*
-
—
-
-
-
-
«
-
...
$75,828
37,705
Deductions from income.
Net
$72,286
3,542
income
$38,123
to issue and sell to John Hancock
Mutual Life
price of 104 its first mortgage bonds in the
principal
amount of $450,000, to be dated
July 1, 1939 and to mature on
July 1
1964, with interest payable semi-annually at the rate of
4% per annum.
The net proceeds of the issue,
amounting to $457,000, will be applied as a
payment on the open account balance owing to NY PA
NJ, which at March
31, 1939, amounted to $614,454.—V. 148, p. 3071.
___________
The company proposes
Insurance Co. at
a
Loblaw Groceterias
Years End. May 31—
Sales..
x
1938
1937
x
z
Netprofit
y$ 1,495,253 y$ 1,404,700
Prov. for Fed. inc. taxes.
262,000
230,000
Add'l Fed. income taxes.
Common dividends.
_—
Surplus
Provision
Profit
on
surplus
sale of bonds.
_
1,035,445
xl ,035,445
$1,301,204200,000
x931,901
1936
$16,292,497
1,084,354
167,000
16,910
828,607
$197,808
3,307,558
1,700
$139,255
3,165,129
1,500
1,674
$169,303
2,994,550
1,276
$71,837
2,921,643
1,069
$3,507,066
$3,307,558
$3,165,129
828.356
828,356
$2,994,550
828,356
828,356
$1.11
Other credits
income..
Preferred dividends
$38,974
30,000
Balance
Earnings
x
per
share
$1.49
$1.42
$1.33
Includes $111,264 in 1938 and 1939
($55,632 in
(12 H cents in 1937) per share, and
of 25 cents
1937) bonus class A shs.
$95,825 in 1938 and 1939
($47,913 in 1937) bonus on class B shares of 25 cents
(12H cents in 1937)
per share,
y Includes $48,573 ($44,031 in
1938) interest and dividends
from investments,
z Not
reported.
30,000
15,000
def$311
$8,974
$62,673
30,000
45,750
def$13,077
Balance Sheet Dec. 31,
$58,494
30,000
,,,15,000
$13,494
1938
Assets—Fixed capital, $7,903,745; investments, $8,166; deposits for ma¬
tured bond interest (contra), $3,822; other special deposits,
$500; cash
(incl. working funds), $10,625; accounts receivable, $130,507; interest re¬
ceivable, $10; materials and supplies, $18,137; deferred debit items, $5,919;
total, $8,081,433.
Liabilities—Capital stock,
$3,705,000: long-term debt,
$2,152,000;
accounts payable (affiliated companies), $190,455; matured bond interest
(contra), $3,822; notes payable, $50,000; accounts payable, $22,833;
taxes accrued, $12,862; interest accrued, $78,648; employees'
pension fund
accrual, $1,152; miscellaneous accruals, $3,383; customers' service and line
deposits, $296,201; reserves, $896,422; contributions for extensions (non¬
refundable), $10,724; capital surplus, $641,825; earned surplus, $16,103;
total, $8,081,433.—V. 148, p. 3691.
McCrory Stores Corp.—Sales—
Period End. June 30—
1939—Month—1938
1939—6 Mos—1938
$3,200,343 $18,838,144 $17,724,463
$3,420,347
Stores in operation
—V. 148, p. 3536.
202
—
Maine Central RR.—To Reduce Rates—
201
*
See Boston & Maine RR. above.—V. 149, p. 114.
Mathieson Alkali Works
Period End. June 30—
Operating profit
Deprec.
<x
Income charges (net)
Total income
Federal income tax. &c._
Net profit
Earns, per share on com.
stock
—
—V. 148, p. .433.
1939—3 Mos.—1938
$696,622
440,788
435,636
—
$2*7,734
13,765
y
(Inc.)—Earnings—
$663,370
deplet
Profit...
Total surplus__^
Shs.com.stk.out. (no par)
$44,689
Common dividends
Sales
Co., Ltd.—Earnings—
1939
Net
$255,834
.
>:
1939—6 Mos.—1938
$1,315,904
$1,366,830
871,281
880.589
15,292
$444,623
30,196
$486,241
32,087
$213,969
39,871
$240,542
47,390
$414,427
78,381
$454,154
$174,098
$193,152
$336,046
$365,552
$0.16
$0.18
$0.31
$0.34
,
88,602
The Commercial &
418
McLellan Stores
..$1:793.997
149, P.
I
—v.
148, p.
Inc.—Official—
Street,
Percy
2277.
named Acting President of
operating direction of that
of this company announced.
President, has been
and assumes complete
Vice
8traus,
34th
organization,
1939—5 Mas.—1938
$8,253,608 $7,720,602
SI,715,645
114.
(R. H.) Macy & Co.,
Jack
Macy's
Straus, President
S,
.
.McKesson & Robbing,
,
r
Inc.—Trustee's Report—
?
Wardail, trustee, filed in the New York Federal Court
July 13 and mailed to stockholders and creditors of the large drug firm,
William J.
on
his
company's books which
from the effects of
second report embodying results of the audit of the
discloses the concern to be on the road to full recovery
the fraud
1937,1936
31,1938,
Deficit for the Years Ended Dec.
$4,013,502
Jan. 1, 1936..--------Adjustments to earned surplus as at Jan. 1, 1936:
13,122,347
Fictitious assets at Jan. 1, 1936 charged off —_ - - - - - — -- Elimination of surplus of McKesson & Robbins, Ltd. (Canada)
and subsidiary which was included in consolidation as at
Dec. 31, 1935, but excluded therefrom at Jan. 1,1936—less
390,412
minority interest
________ — - - - -- - 1,000,000
Advances to McKesson & Robbins, Ltd. (Canada) charged off
107,512
Adjust, of Fed. inc. taxes for the year ended Dec. 31, 1935-0108,688
Reserve for exchange fluctuation restored to surplus
41,966
Miscell. adjust, applic. to earned surplus at Jan. 1, 1936
Earned surplus,
1939—Month—1938
June 30—
Period End
Salt*
—V.
Statement of Consolidated
Corp.—Sales—
July 15, 1939
Financial Chronicle
perpetrated by F. Donald Coster.
by the financial community
complete picture of the current
financial condition of the drug firm.
Definitely setting at rest fears that
McKesson & Robbins might have been irreparably injured by the fraudulent
The report, which had been eargerly awaited
and drug trade, presented for the first time a
operations of former officers, the trustee declared:
'The company's inherent soundness has been established by perhaps the
most exhaustive independent investigation ever made of a corporation of
similar size and character.
The results of this investigation can be told."
In a summary designed to answer vital questions raised by the discovery
of the fraud, Mr. Wardail disclosed:
»
(1) That the book inflation of assets at the end of 1938 amounted to
$21,025,658 "of which amount approximately $2,870,000 was stolen and
Adjusted (deficit), Jan. 1, 1936
profit for the year ended Dec. 31,
Net
—$10,540,048
--
1936-
2,202,397
■
-
Balance deficit
Dividends
preference stock paid in
on
cash
fraudulent commissions, &c
debentures retired
Exchange difference due to conversion
1,197,27o
166,o82
25,120
—
Cash paid for
discount
Net
on
Isdahl & Co. A-8
Estimated
excess
of balance sheet of
arising from fictitious
transactions—
1.202
-
-
-
provision for Federal income taxes on
income
241,267
—*
'
balance
the
was
which
represented by book entries of fictitious assets
existed."
(2) That the consolidated
never
,
.
,
.
t
.
.
.
_
balance sheet as of Dec. 31, 1938, shows an
liabilities of $27,296,030.
(3) That the corrected consolidated earnings of McKesson & Robbins
for the years 1936 to 1938, inclusive were as follows: 1938, $1,376,693;
1937, $2,313,662; 1936, $2,202,396.
(4) That inventories of the company as of Dec. 31,1938, were $31,366,635
and that the sampling and test checks for quality by independent engineers
excess
of assets over
analyses by independent chemists indicated the correctness of the
classification of inventory items.
The trustee emphasized that "a most
searching investigation has shown that the company's own products are of
high standard and equality."
„
(5) That for the period of the trusteeship to May 31, 1939, a net profit
and
Deficit
made before reorganization expenses.
That the company is sound and should be reorganized.
"The audit
shows," Mr. Warded said, "that the company has made and is making
substantial earnings."
The company, he added, "has retained the very
valuable good-will of the manufacturers and the retailers."
Mr. Wardell made it clear that his figures indicated the present condition
of the McKesson business after making deductions and adjustments due
to the Coster fraud.
A considerable portion of the trustee's report was devoted to a review of
the crude drug fraud in which he supplemented what he had stated in his
first report last January.
"It appears," said the trustee, "that the amount
definitely lost by virtue of the crude drug fraud is now set at a figure of
$2,869,482 of which the largest items were $958,323 traced to bank or
brokerage accounts of F. Donald Coster, payments of $715,676 made by
McKesson & Robbins, Ltd. of Canada to William T. Truxton & Co. and
not traced to any bank account, payments to Simon Brothers of $278,453
also not traced to a bank account, and $30,749 traced to a bank account of
Benjamin Simon."
Among other high-lights of the McKesson report was the trustee's assertion
that he intended to sue persons taking part in the crude drug fraud, and to
press claims against the Coster estate.
He indicated however that because
of the priority of Government tax claims any important recovery from the
Coster estate was extremely doubtful.
He stated that several hundreds of thousands of dollars, on policies, are
known to lie in the name of several implicated in the frauds.
Mr. Wardell
indicated that, including a $100,000 insurance policy on Coster's life,
assets totaling about $235,000 have already been recovered.
Among other
items expected to be recovered in the future', the trustee mentioned "sub¬
stantial refunds" from the Government because of past over-statement of
earnings.
The trustee announced that indebtedness to banks was reduced from $7,979,363 to $3,397,380 .between Dec. 7, 1938 and May 31, 1939, largely by
seb-offs of bank deposits and payments made to release collateral.
He also
explained that the large amounts of excess cash accumulated by reason of
frozen labilities since the trusteeship began, have been employed in such a
way as to represent a return of about $124,000 on an annual basis including
interest on tax refunds expected to be paid bry the Government.
As of
June 30, 1939, there was cash in banks and on hand of $9,999,372, Mr.
Wardell announced.
Now that some of the audited figures are available, Mr. Wardell indicated
in his report that he would confer with officials of the Securities and Ex¬
change Commission and the New York Stock Exchange relative to informa¬
tion required by them for lifting the suspension of trading in McKesson &
(6)
reorganization of the company Mr. Wardell said that he expects
give notice to creditors and stockholders at a later date that they may
proposals in regard to a plan of reorganization.
Subsequently the Trustee after fully considering such suggestions as are
received intends to prepare and file a plan after conferring with the various
committees and other interests represented in the proceedings.
As to the
submit to him suggestions or
*9.969,097
—- —
- —
preference stock paid in
Dividends
on
Dividends
on common
2,313,662
--
sheet of
7,267
$7,648,168
1,608,672
2,565,500
341,835
109,224
cash
stock paid in preference
stock
&c
paid for fraudulent commissions.
Net discount on debentures retired
Cash
—
Adjustment of values of miscellaneous investments. _
Estimated excess prov. for Fed. inc. taxes on inc. arising
fictitious transactions.
Deficit
31, 1937
at Dec.
as
cash surrender value carried on
on
250,855
...—$11,105,363
1,810,586
cash
fraudulent commissions, &c
on debentures retired
Adjustment of value of miscellaneous Investments
Exchange difference due to conversion of balance
Cash paid for
Net discount
29,792
_
Deficit
sheet of
Statement of
----- — -
$ 14,226,786
—-
$9,417,084
4,809,702
1938
of capital surplus at Dec. 31,
at Dec.
18,063
949,278
charged off—
-
.
.
as
20,250
.
-
Unamortized bond discount and expense
Deficit
293,454
—
Isdahl & Co. A-S.
Less: Application
1,376,694
—78,197
books..-.-
preference stock paid in
.$12,560,254
---
life of officer—less
Balace deficit
Dividends
36,000
—
from
__r._
Net profit for the year ended Dec. 31, 1938-Amount receivable on life insurance carried on
31, 1938
-
Years Ended Dec. 31, 1938,
Consolidated Capital Surplus for the
1937,1936
.$4,867,894
Balance, Jan. 1, 1936—as per books
Adjustments to capital surplus as at Jan. 1, 1936:
Elimination of reserve for investment in McKesson
& Robbins,
Ltd. (Canada), which company was included In consolida¬
tion as at Dec. 31, 1935, but excluded therefrom at Jan. 1,
$161,538
1936
Adjustment of capital surplus of a
744
non-consolidated sub. co
Adjusted balance as at Jan. 1, 1936
.-.$5,030,177
Reserve for good-will carried on the books of a wholly-owned con¬
solidated sub. company, provided by McKesson & Robbins,
Inc., debtor during the year ended Dec. 31. 1936
192,662
Adjusted balance
as at
$4,837,514
Dec. 31, 1936
of a wholly-owned con¬
McKesson & Robbins,
Inc., debtor during the year ended Dec. 31, 1937
Excess of aggregate assigned value, $50 per share, of 2,682 shares
of preference stock $3 series issued over the total consideration
received therefor during the year ended Dec. 31, 1937
Reserve for good-will carried on the books
solidated sub. company, provided by
11,107
6,705
Dec. 31, 1937
— — - — -$4,819,702
Excess of aggregate assigned value, $50 per share, of 4,000 shares
of preference stock $3 series issued over the total consideration
received therefor during the year ended Dec. 31, 1938—----10,000
Adjusted balance
Balance
as
as at
at Dec.
31, 1938.
$4,809,702
—
-
Consolidated Balance Sheet Dec. 31,
Robbins securities.
to
at Dec. 31, 1936
Balance deficit—
,
of $1,384,960 was
as
the year ended Dec. 31, 1937
Exchange difference due to conversion of balance
Isdahl & Co. A-S
-----
Net profit for
1938
Assets—
Cash in banks, on hand and in transit
x Notes and accounts receivable
Merchandise inventories.
y
.
-
...
_
$8,368,585
19,228,212
—
-.- -
-
— - -
31,366,635
—....
797,922
6,765,727
-
1,864,241
Other assets
Investments and advances
—
Fixed assets
.
561,770
1
Taxes, insurance and other prepaid charges
Comparative Consolidated Statement of Income for Calendar Years
1938
1937
1936
Goodwill, trademarks, trade names, &c—■ ,-y
.
.
$
$
$
Total
146,907,245 155,077,796 134,849,565
—123,357,016 130,438,128 113,654,690
Net sales—
Cost of sales
.■
Liabilities—
Gross profit on sales..
Selling and general expenses.
..
Depreciation and amortization......
Net
profit from operations
23,550,229
20,433,530
525,006
24,639,669
20,476,591
469,834
21,194,875
17,381,599
438,009
2,591,693
3,693,243
3,375,267
...
__
Total income
Interest and amortization
on
debs
Interest paid—other....
Losses of non-consolidated sub. cos._
Miscellaneous charges.
x Provision for Federal income taxes.
Net profit
605,501
688,327
4,381,570
1,030,310
214,750
44,762
358,680
419,404
180,451
142,659
398,719
187,183
1,376,694
2,313,662
pursuant to reorganization
of the Chandler Act:
Notes payable to banks, after
Acceptances payable
Accounts payable
Dividends payable on pref. stock ■ declared
payable Dec. 15, 1938—to be contested by
•
in the Crude Drug Department of McKesson & Robbins, Inc.,
Debtor aggregating respectively' $15,542,807, $15,126,825 and $14,108,299,
for the years ended Dec. 31, 1938, 1937, 1936, have been eliminated and
20-year 5H%
$100,000.
No provision has been made therefor in the foregoing statement
pending the
tr^tment
such claim as may
by parties
at interest on behalf of the Canadian Company.
by the Court of
bffiled
452,801
110,634
debs, to Dec. 7, 1938--
88,347
——--—
307,841
30,298,200
6,414,915
„
—
Deficit
Total
x
After
of
27,728
15,72o,000
Preference stock ($3 series)..
Common stock (par $5)
reserve
of
conv.
x
cmAOne?^Se^C0mmi^ion?'' aggregating 1937, and 1936,
834 and $166,582 during the years ended Dec. 31, 1938, $293,453, $341,-
sum
Oct. 4, 1938,
the trustee
subsid. companies—
debs., due May 1, 1950 (less $109,000
face value held in treasury)
Accrued int. on 20-year 5H% conv.
Reserve for contingencies
disregarded and cost of sales have been revised in each year to accord with
actual sales of merchandise by the company.
Provisions for Federal taxes
on income in each year have been reduced to the amounts properly payable
on revised earnings of each
year, and the estimated excess amounts pre¬
viously provided have been charged to the deficit account.
^ualtothedeficiency between the net. profits for such y4ar and the
3,608,935
682,520
1,007,059
8,407,961
Due to associated company
Due to non-consolidated wholly owned
fictitious sales
obligated itself, in the event the net profits of McKesson & Robbins, Ltd.
(Canada) available for dividends were in any year less than $100,000. to
pay, in Canadian currency, to the Canadian Company, a sum of money
632,470
40,351
proceedings under Chapter X
application of cash, &c., in the
amount of $1,142,477 on deposit as at Dec. 7, 1938, and
subsequent collection amounting to $51,312 of notes,
drafts, and other collateral held by banks
Notes payable to others and accrued Int. to Dec. 7, 1938
*5.^® rec,onstruction of the foregoing income and profit and loss accounts,
debtor
1,377,623
45,779
Due to non-consolidated subsidiary and associated cos
of McKesson &
Robbins, Inc., debtor—deferred
2,202,397
account
2,780,893
14,703
6,333,801
Liabilities
253,582
Pursuant to a memorandum of agreement dated Oct. 28, 1927, the
$12,617
payable
Reserve for* Federal income taxes
*The provisions for Federal income taxes have been calculated after con¬
sidering as allowable income tax deductions, cash paid out for fictitious
commissions, &c., written off to deficit account, and, in addition, for the
year ended Dec. 31,1938, advances to McKesson & Robbins, Ltd., (partially
owned Canadian subsidiary), written off to deficit account.
The foregoing statement does not include any provision for interest on
debentures, notes payable to banks, &c., for the period from Dec. 8 to
Dec. 31, 1938.
respectively, have been charged to the deficit
■
------
—
against warehouse receipts and mdse.
receipts, after application of cash by
banks at Dec. 7, 1938, in the amount of $441,071..
Trade acceptances payable
Accounts payable
Wages, salaries, local taxes, commissions and other accrued
liabilities, &c_
Instalments payable in connection with real estate pur. contr.
1,073,622
85,058
63,755
342,309
>
$68,953,095
received under trust
4,020,723
911,489
overdrafts
Accepts,
645,456
3,197,194
Otherincome
.
*
subsidiary companies:
Liabilities of trustee and consolidated
Bank
.
-----
9,417,084
$68,953,095
reserve for doubtful notes and accounts of $1,548,869.
y After
$2,132,075.
x Represented by 605.964 no par shares.—V. 14*
—
—
3852.
P.
Manhattan Realty Corp.
(Del.)—Stock Offered—
The corporation with offices at 100 West 10th Street, Wilmington,
June 26 offered 1,000 shares of 6% cum. pref. stock (par $1,000)
on
10,000 shares of class A common stock (no
and 10 common shares at $1,001 per unit.
Del.
and
par) in units of one pref. share
The Commercial &
Financial Chronicle
stock is offered only to subscribers to the 6% cum.
preferred stock and only in units of 10 shares of class A common to one
share of preferred.
The class A common stock is entitled to two-thirds
of all common dividends and to
50% of the total votes.
The remaining
one-third of the common dividends and 50% of the total votes are vested
in the 5,000 shares of the class B common stock
which was issued at 10 ecnts
Calendar Years—
Total operating revenues.
Volume
149
The class A
common
share, the same price at which the class A common stock is offered.
4% of the class B common stock has been issued td the promoters,
Ernest G. Geiringer, Frederick J. Gray and F. M. Mayer, who paid the
full subscription price of $480 therefor and
who, by means of a written
per
All but
agreement
among them, thereby control the corporation.
Even though
the whole of the present offering
($1,001,000) is subscribed, no change of
control can be effected.
Michigan Associated Telephone Co.—Earnings—
Operating
stock
common
(no par)
Corporation
was
in
It
business and will actually
board of
$386,305
135,923
$378,720
$250,382
Net earnings
t
...
...
$243,228
...
.....
Interest and other deductions
Net income
Assets—
Feb. 16, 1939, and is qualified
property as yet, is not yet engaged
business when, in the opinion of the
on
directors, subscriptions to the present offering in sufficient amounts
Tel.
1938
plant,
1937
Liabilities—
eqpt.,
the preferred
on
........$6,791,671 $6,715,778
mi8cell. investm'ts
2,342
2,695
Current assets
759,415
520,037
Prepd. accts. A
def'd charges
512,377
1938
par)
Long-term debt...
2,018,400
2,800,000
Current liabilities.
218,533
202,525
248,286
1,068,377
1,055,495
Reserves
whether the investments available for the capital subscribed will,
in the opinion of the board, yield a sufficient return to cover the overhead
Contrlbs.
costs and
Earned surplus
1,718,400
2,500,000
of telep.
7,141
6,290
494,562
453,772
plant.
the dividends
on tne preferred stock.
business of the corporation will be, through subsidiary
corporations to be wholly owned by it, to acquire for investment improved
income-producing real estate in and about New York City and to manage
1937
6% cum. pref. stk.
($100 par)
$1,474,800 $1,474,800
Com. stock ($100
&c
upon
The
135,491
Balance Sheet Dec. 31
have-been obtained.
It is the present judgment of the members of the
board of directors that the minimum total of subscriptions sufficient to
start business is between $100,000 and
$200,000, the exact amount depend¬
ing
$382,360
Dr3,640
Note—Dividends paid during 1938 amounted to $88,488
owns no
begin
$388,834
Dr2,528
stock and $121,104 on the common stock.
10,000 shares.
incorp. in Delaware
1937
$1,252,823
870,463
4
6% preferred stock (par $1,000) 1,000 shares.
Class B common stock (no par) 5,000 shares.
to do business in Delaware.
1938
$1,247,257
858,424
expenses and taxes
Net operating income
Other income (net)
Authorized Capital Stock
Class A
419
principal
Total
The net income from ownership of individual properties of this kind
in and about New York City varies
generally from about 5% to about 20%.
It will
be the policy of the corporation to avoid undue risks and to invest
through subsidiaries wholly owned by it in properties expected to earn a
minimum net return of 8% per
annum, the maximum net return depending
upon the particular circu ustances.
It is impossible to determine in advance just what proportion of the
capital of the corporation will be invested, through subsidiaries, in real
properties and in mortgages.
The proportion will depend upon the avail¬
ability of attractive investments of one type in relation to the other at the
time the corporation is ready to invest.
However, it is expected that the
larger proportion by far will be used to purchase real properties and perhaps
20% to 25% will be invested in mortgages.
In the beginning a small
portion of the capital will have to be held in cash; probably as little as
$4,000 to $5,000 to cover office expenses for aoout three months.
Later
it is expected that the income of the corporation will cover such expense
and such other cash requirements as the corporation may need for repairs,
reduction of mortgages, dividends and the like.
on,
Total
$8,065,805 $7,457,043
$8,065,805 $7,457,043
-V. 147, p. 3614.
it.
Michigan Gas & Electric Co.
-Dividends-
Directors have declared a dividend of $1.31 X per share on the
7% prior
lien stock and one of $1.12H per share on the $6 prior lien
an
$1.12X
stock, bo th
payable Aug. 1 to holders of record July 15.
i
Similar amounts were distributed on May 1 and Feb. 1, last.—V. 148,
p. 2750.
Missouri Illinois
RR.—Equip. Issue Awarded—An issue
of $590,000 equipment trust certificates was awarded
July 12
to the First National Bank of St. Louis and G. H. Walker
& Co. of St. Louis on a bid of 100.265 for 2^s.
Certificates
will
be
dated
Aug.
1,
1939,
with
a
10-year maturity.—
V. 149, p. 115.
Missouri Pacific
RR.—Equip. Issue Awarded—A banking
composed of Salomon Brothers & Hutzler, Dick &
Merle-Smith and Stroud & Co., Inc., July 12 won the award
of $2,980,000 of equipment trust certificates of the company
offering consists of 1,000 shares of 6%
cum. pref. stock (par $1,000 per
share) and 10,000 shares of class A common
stock (no par), but of the stated value of 10 cents per share.
The stock
is to be sold for $1,001 for each share of the
6% cum. pref. stock and 10 shs.
group
of the class A common stock taken as a unit.
Class A common stock will
be issued only to the purchasers of the 6% cum.
pref. stock and only in
the proportion of 10 shs. of the class A common to one share of the preferred.
on a bid of
100.139 for 234s.
The issue was reoffered to
yield from 0.75% to 2.60%, according to maturity.
The
certificates are to be dated Aug. 1, 1939, with a 10-year
maturity.—V. 149, p. 263.
Present Offering—The
present
All subscribers are offered two alternative methods of
subscription.
The
first method provides for payment in four instalments over a period of six
months, the first instalment on call by the board of directors not later than
Dec. 31, 1939, and the other instalments at two month intervals thereafter.
The second method provides for deposit by the subscriber at the time he
subscribes of the full amount of his subscription in an account in his name
in the Chase National Bank, New York with instructions to the bank to
pay the full amount of instalments of any size, to the corporation, but the
full amount of the deposits must be called by Dec. 31, 1939.
The charge
of the bank in connection with these deposits will be
paid by the promoters
Mortbon
Corp. of New York—Earnings—
Years End. May 31—
Int.
1939
1937
1936
$1,698,596
$1,620,447
962,370
127,170
1,037,118
1,149,670
220.232
368.176
955,625
251,067
579,721
692,213
857,375
946,011
$676,624
515,149
$532,257
Real est. oper. exps., ad¬
min. & gen. exps.,
&c-
and if the corporation actually starts doing business, by the
corporation.
Unless and until the board of directors decides that the
corporation shall
Other deductions-.-.--
start doing
mortgage bonds..
Prov. for Fed. inc. &
business, no call will be made on either of the two kinds of
subscriptions and no funds from this offering will be received by the corpo¬
ration.
When a call is made and instalments on the
subscriptions are
received by the corporation, receipts showing
payment of such instalments
1938
$1,678,920
mtgs., real est.,
rentals, &c
---.$1,541,274
on
Int.
collateral
on
trust
ex--
profit taxes
Reserve for conting'
ig's.
cess
-
25,000/
/
-
70,600
130,000
I
will be issued.
Management and Control—The officers and directors of the corporation
are as
follows:
Loss from operations.
Other income-----
$152,987
475,067
Net profit for year—
x$322,079
M. Edward
Bernstein, 141 Broadway, New York (Pres. and director).
Jacob M. Gray, 40 "west 67th St., New York,
(director).
Arthur J. Rieser, 120 Broadway, New York (director).
Ernst G. Geiringer, 50 Pine St., New York
(Vice-Persident).
Frederick J, Gray, 50 Pine St., New York
(Secretary).
F. M. Mayer, 30 Broad St., New York (Treasurer).
Underwriters—There are no underwriters of this offering in the ordinary
meaning of the term and no specific amounts have been underwritten.
However, the members of the managing committee expect to obtain a major¬
ity of the subscriptions from their personal friends and business acquaint¬
ances, many of whom reside in Europe.
The directors also expect to offer
the securities to their friends and acquaintances.
No officer, director,
promoter or member of the managing committee will receive any com¬
pensation of any kind for obtaining subscriptions to or purchases of stock
hereby registered.
A commission of not more than 3% will, however, be
paid to persons other than the offi ers, directors, promoters and members
of the managing committee who obtain
subscriptions in substantial amounts
provided the corporation actually starts doing business.—Y. 148, p. 1965.
Marine Midland Corp.
(& Subs.)—Earnings—
(Including constituent bank and trust companies and other affiliates)
Period End. June 30—
xl930—3 Mos.—xl938
Net earnings after taxes.
$960,164
$851,887
Earnings
x
per
share
$0.17
xl939—6 Mos.—xl938
$1,694,437
$1,644,339
$0.15
$0.30
$0.28
Corporation
on
Balance Sheet May 31
1939
Cash...--.
Arnt.
rec.
830,328
In
S.
cons.
2%
bond
11,946
1,000
1,000
14,952
2,121
38,268
19,600
19,876
21,869
------
57,260
for therein.
On Sept. 1, 1939, $100,000 aggregate
principal
of the company's first mortgage convertiole
4H% bonds will be
retired at a premium of 1 % %; the numbers are selected
by drawing.
The
Mercantile-Commerce Bank & Trust Co., St. Louis, is trustee of the issue.
$2,299,000 of bonds remain outstanding.—V.
3692.
Manufacturers
Insurance
Co.
of
148,
New
'
Directors have declared a diVidend of 10 cents per share on the
common
stock, payable July 29 to holders of record July 20.
Regular quarterly
dividends of 12^ cents par share were previously distributed
—V. 148
p. 2902.
Mexican
Period End. May 31—
earns, from oper._
exps.
Net
-V.
and deprec..
1939—Month—1938
$597,953
$667,610
526,470
507,670
earnings
3852.
$71,483
a
38,268
for real est.
84,216
$159,940
1939—5 Mos.—1938
$3,028,990
$3*680,265
2.546,230
2,629,233
$482,760
$1,051,032
k Inc. Int. accrued
.
Total
15,730,114
Mortgage-Bond Co. of N. Y.
Net
1939—6 Mos.
collateral
to
c
Includes $111,307
$42,928
7,779
$32,932
$234,573
38,750
$100,143
5,565
$27,377
x$195,823
$83,219
x
Before deducting $4,850
adjustment.—Y. 149, p. 115
t
for
($130,750 in 1938)
accrued, payable on collateral trust mortgage bonds,
collateral trust mortgage
bonds,
f On
mortgages,
g
Purchased but not received for cancellation until June, 1939 (face amount
at cost,
h Includes reserve for contingencies,
j On collateral
mortgage bonds at 2^% per annum,
k 2X% per annum on col¬
$4,460),
trust
lateral trust mortgage bonds payable at maturity on each bond and before
maturity only from net earnings of the corporation, estimated "net earn¬
ings" available for payment of income interest as at May 31, 1939, $126,801.
1 Repsented by shares of $1 par.
m Acquired upon reorganization,
at book amounts, over liabilities and par value of capital stock, less losses
sale or other disposition of such assets and adjustments.—V.
425.
■
\
■
■ ;;;
;\r ,
upon
p.
Mosinee
—
1939
------
---
-
Cost of sales
on
—
sales
—
—
additional
income
taxes
1938
$1,900,733
1,788,349
$2,008,813
$112,384
$340,680
37,086
17,276
Mosinee Paper Mills Co. bonds purchased
Profit
Interest
interest, Ac.
—
—
—
-
-
-
—
-
Other deductions.
Wisconsin unemployment insurance
600
12,204
—
...
Federal social security taxes.
$125,189
82,439
1,222
12,481
7,903
2,500
108,955
.
Loss on Cellusuede inventories reduced to market.
Loss from logging operations, incl. timberland taxes
Income taxes accrued.
122,340
------
16,924
and
147,
Paper Mills Co.—Earnings—
Years Ended May 31—
Net sales.
Loss from Cellusuede operations
-1938
$35,149
income
17,468,980
As
....
1939—Month—1938
Fed. income taxes
•
c776,150
5% coll. tr. mtge.
bonds
.11,080,720 13,045,110
Res. for conting-.
see h
130,000
1 Capital stock
191,240
191,240
m Excess of assets.
1,789,769
1,888,640
Surplus1,435,775
1,014,825
Capital stock tax
Reserved for depreciation—Mosinee Paper Mills.-
Mississippi Valley Barge Line Co.— Earnings—
Prov. for Fed .inc. taxes.
164,685
c848,231
Y. State Banking Department pending liquidation of the
by N.
Discounts on purchases,
148, p.
Period End. June 30—
Earns, before pro v. for
87,273
139,979
J Fixed int. due A
After allowance for doubtful items of $555 in 1939 and $557 in 1938.
b Held
Profit
(<Canadian Currency)
Oper.
Ac
taxes
15,730,114 17,468,9801
-
Gross profit on
Light & Power Co., Ltd.—Earnings—
Gross
Prov.
e
provided
&
Due to bond hold¬
current income interest
amount
Merchants
Total
same four weeks
Directors of the company, following the terms of the bond
indenture,
have authorized the Treasurer to make the second
sinking fund payment
York—Dividend Reduced—
12,306
70.600
for the four weeks
Mengel Co.—To Retire Bonds—
After this retirement.
18,776
hl55,000
est.
accrued-
Prepaid real estate
taxes
16,071
A excess
prof, taxes
er,
assigned.-.14,714,571 16,438,521
Int. rec. on mtges.
80,859
61,341
f Adv.for taxes,Ac.
27,552
13,149
Unexp. Ins. prem.
$
20,221
taxes
Fed. inc.
and
g Coll. trust mtge.
bonds
1938
Acc'ts pay. A sccr.
deposited
Assets
'
Prov. for corporate
25,239
4,748
Sund. stks. A bds.
e
814,894
,
-
;
,
$
expense-......
Receivables
b U.
.
1939
Liabilities—
cash
from tr. coll., Ac
a
$
.
1938
$
Assets—
—
$3,605,342
$3,593,168 for the
in 1938, an increase of 0.37%.
Sales for the 28 weeks ended July 1 were
$21,053,243, as against sales of $19,881,138 in the similar period last year,
a gain of 5.90%.—V. 148, p. 3692.
p.
x Allocation
of net income:
Net loss on sale or other disposition of
acquired upon reorganization, charged "Excess of assets over lia¬
bilities," $98,871; net income for the year ended May 31, 1938, to surplus
Cr. $420,950; balance, profit, $322,079.
Corp.—Sales—
July 10 reported sales of
ended July 1, as compared with sales of
340,132
$570,887 loss$161,476 los8$192,125
assets
Adjusted to June 30 minority interests.—V. 148, p. 3536.
Melville Shoe
$471,243
1,042,130
Corporation net loss
Bay West Paper Co
$212,651
Net profit
423
interest
Total net loss
—
1,668,132
$395,042
79,821
13,974
14,368
7,718
2,815
105,458
3,016
21,531
82,983
11,479
prof$51,879
loss9,241
$212,229 prof$42,638
than in the usual course
Comparative Balance Sheet May 31
$82,382
Inventorles
on
$58,553
56,836
207,375
740,104
Accounts
221,282
655,243
(net)..
27,043
538,943
3,067,865
93,965
3,842
pulp wood
Investments
476,848
Fixed assets
2,965,904
.
88,051
Deferred charges..
payable.
73,530
26,000
26,250
'11,479
payroll, Int.,
36,209
& soc. sec. taxes
30,372
Unpaid prop, taxes
36,656
1,907,743
956
1,345
2,477,767
stock—
2,477,767
Treasury stock... Dr422,675
Dr422,675
428,208
244,379
Operating deficit..
$4,520,013 $4,790,682
Total
$4,520,013 $4,790,682
—y. 126, p. 1824.
'
.
.
Co.—Sales—
Montgomery Ward &
company's gross sales for June, 1939, were $41,301,572, compared
with $35,744,533 a year ago, an increase of $5,557,039 or 15.55%.
For the
five months to June 30, $185,913,831
compared with $161,518,402 a year
ago.
This is an increase of $24,395,429 or 15.10%.—V./148 p. 3693.
Co.—Sales—
(J. J.) Newberry
1939—Month—1938
1939—6 Mos.—1938
$3,867,431 $21,705,930 $20,254,163
June 30—
Period End
T-I-TT
SatefT
—V. 148, p.
428,208
35,295
Capital surplus
and pipeline supplies, an¬
& Co., with several banks,
three years, and $550,000
$2,500,000 term loan, due $100,000 per year for
per year for the next four years.—V. 148, p. 3694.
a
1,976,261
Reserves
$2,500,000—
Company manufacturer of oil and gas
that It has placed through A. G. Becker
nounces
4,823
Long-term lndebt.
Common
Total
Loan of
42,148
taxes.
prop,
of $20,000,000 at any
of business to an aggregate
time outstanding.
one
$250,000
Acer. Income taxes
Acer,
and
logs
Acer.
1938
$200,000
Notes payable
26,462
Cash
Notes receivable..
Accts. rec.
1939
Liabilities—
1938
1939
Assets—
Adv.
July IS, 1939
The Commercial & Financial Chronicle
420
$4,112,114
2907.
Nebraska Power Co.—Earnings—
1936
If8
Calendar Years—
.
n
$7,016,803
3,889,623
1'h§'m7
Operating revenues-Operating expenses, incl. taxes
Amortiz. of limited-term investments
4,542,673
23,827
25,574
Property retirement reserve approp._
580,000
542,500
$2,924,990
11,962
$2,830,662
26,836
$2,627,180
-$2,936,952
Interest on mortgage bonds
742,500
Interest on debenture bonds
210,000
Other interest and deductions.-...-109,484
Interest charged to construction
Gr22,300
$2,857,499
742,500
108,094
Cr44,507
$2,855,400
742,500
210,000
89,046
Crl 1,173
$1,897,268
$1,841,412
$1,825,026
?&§,734
763,734
4,147,617
500", 000
The
Net operating revenues..---.
Other income.-Gross
(G. C.) Murphy Co.—Sales—
1939—Month—1938
1 939—6 Mos.—1938
$3,293,857 $19,989,489 $17,865,797
201
201
Period End. June 30—
Sales...
$3,758,316
—
Stores in operation
..
income
—V. 148, p. 3537.
Net income
Fund—Operations—Dividend—
Mutual Investment
Report of Mutoal Investment Fund, Mutual Management Co., Mana¬
for the half year ended June 30, 1939, certified by independent audi¬
tors, states that net asset value of the Fund on June 30, 1939, after all ex¬
gers,
and reserves, was $9.75 per share. •
Distribution of 10 cents per share was declared
penses
payable July 15 to certifi¬
of June 30.—V. 148, p. 2433.
cate holders
(7%) stock-.
Dividends on preferred
1937
1938
Calendar Years—
plan of liquidation.
1936
fx-r
1935
$12,074,116 $12,703,199 $12,509,034 $11,782,092
218,634
132,313
167,940
■
Exps. other than maint.,
depreciation & taxes..
equipment.-...37,906,075 36,638,835
420,639
18,023
601,241
2,328
2,283
18,708
Cash
Special deposits...
5,866,291
5,526,234
5,352,056
$
$
5,134,369
Temp, cash Invest
604,438
574,534
581,299
Notes receivable..
1,419,328
1,069,715
1,264,313
Acc'ts receivable..
740,848
3,926
749,442
504,341
600,061
Prepayments
111,652
114,409
7,722
27,052
Net earns, before int.,
deprec. & dividends $4,351,088
1,352,853
$5,031,775
$5,680,669
1,360,650
1,996,911
936,971
1,025,125
869,000
$4,906,784
1,784,759
865,000
$2,061,263
2,612,435
$2,645,999
2,633,057
$2,814,758
2,653,678
$2,257,025
2,412,435
Interest & amortization.
Depreciation
Other current
250
Dividends paid
1938
1937
1938
Assets—
Liabilities—
$
$
351,369
404,296
1,867,210
Adv. pay. to
Accts. & notes rec.
(customers)
affiliated
9,724
381,342
fund
352,277
348,371
other expenses..
Sinking
b8,371
115,233
195,708
479,270
329,262
480,243
561,248
58,269
taxes.
74,920
81,810
Consumers' deps..
78,817
34,000,000 34,000,000
Res've for deprec.
res..
40,176
8,407,888
37,046
co.
Other reserves....
127,701
127,585
(not a sub.) (not
Common stk. ($50
Note
&
acct.
Cas'ty & Ins.
rec.
from an affil.
Plants &
1,049
1,013
current)
Capital surplus
prop'ties.68,717,614 67,962,736
orders In
prog..
Unamortized
Consol. earned
1,203,590
1,267,365
2,039,701
sur¬
1,136,106
584,934
2,151,902
plus
debt
dlscts. & exps..
Total .........75,980,507
a
8,343,099
26,124,350 26,124,350
2,828,771
2,828,771
par)
Construction work
75,110,0521
148,
p.
expenses
i...
...
and taxes+
Operating income.
;«w,
Non-operating income.
41,638,096 41,062,291
Total
xl937
a
on
547,242
....
555,605
$101,065
Dr8,649
Dr6,830
long-term debt
on
236
....
...
$92,416
38,750
38,750
.
interest...
New England Power Co.—Hearing July 24—
has been set for July 24 in the Security and Exchange Com¬
application (32-154) of the company
of filing a declaration in connection
with the issuance and sale of $9,650,000 of first mortgage 3>6% bonds,
series B, due Aug. 15, 1969, and not exceeding 112,724 shares ($25 par)
common stock.
The proceeds from the sale of the bonds will be applied
as part of the purchase price of the fixed property and franchises of Bellows
Falls Hydro-Electric Corp. and to the purchase of the portion of the Bellows
Falls-Pratts Junction transmission line owned by Connecticut River Power
Co.
The stock will be issued to Bellows Falls Hydro-Electric Corp. on
the basis of $30 a share as the remainder of the purchase price for the prop¬
erty of that company to be acquired.—Y. 148, p. 3854.
A hearing
England Telephone & Telegraph Co.—Earnings—
1939—Months-!938
1939—5 Mos.—1938
$6,232,729 $31,585,617 $30,472,959
$6,553,395
revenues
Uncollects
Tncollectible oper. rev_
Operating revenues.
Operating expenses
__
1937 figures restated for comparative purposes,
Net oper.
$51,547
income
income
—V.
148, p.
$6,203,746 $31,490,190 $30,338,397
4,400,033 22,299,919 21,753,180
$1,944,007
702,806
$1,803,713
518,583
$9,190,271
3,401,895
$8,585,217
3,120,042
$1,241,201
846,285
$1,285,130
895,872
$5,788,376
$5,465,175
3,769,650
3,472,394
•."".rt'.
3694.
993
16,105
$42,211
giving effect to plan
of reorganization.
Balance Sheet Dec. 31, 1938
Assets—Property, plant and equipment, $4,380,115; special fund, $1,000;
cash, $111,763; special deposits, $16,150; notes receivable (customers),
$105; accounts receivable, $107,166; materials and supplies, $66,862;
deferred debits, $13,646; total, $4,696,806.
Liabilities—Capital stock
(par
$100),
$2,000,000; long-term
debt,
$775,000; accounts payable, $14,832; matured interest, $16,150; customers'
deposits, $21,968; taxes accrued, $23,258; interest accrued, $10,965;
other current liability,
$1,800; customers' advances for construction,
$75; reserves, $496,991; capital surplus, $1,331,238; earned surplus, $4,529;
total, $4,696,806.
Plan of reorganization, dated March 2, 1936, was confirmed and ordered
carried into effect by decree of the District Court of the United States for
Middle District of Tennessee, entered June 11, 1937.
The company has
carried out the plan in accordance with this and subsequent orders of said
Court and has been finally discharged from the reorganization proceedings
as at March
31, 1938.—V. 142, p. 2330.
(Conde) Nast Publications, Inc.—Loan—
The company has reported to the Securities and Exchange Commission
on June 15 it borrowed $300,000 from the Manufacturers Trust Co.
and in return issued promissory notes
bearing 2H to 3 % interest. Proceeds
were used to redeem the entire issue of first
mortgage bonds of the company.
Ry.—Interest—
1,1935, on the first mortgage gold bonds, series A.
5%, dhe 1954, will be paid beginning July 10, and
payment on bonds represented by certificates of deposit will be made on
July 12 to holders of record at the close of business on July 10.
The interest due Aug. 1,1935, on the first mortgage gold bonds, series C,
5%, due 1956, and series D, 4H %, due 1956, will be paid beginning July 10.
Interest for the six months ended March 31, 1938, will be paid beginning
The interest due April
due 1954, and series B,
July 10 on the 5% non-cumulative income gold bonds, series A, due
on presentation of bonds for stamping.—V. 149, p. 264.
1935,
New York Air Brake Co.—Common Dividends Resumed—
on July 11 declared a dividend of 50 cents per share on the com¬
stock, payable Aug. 1 to holders of record July 21.
This will be the
first dividend paid since March 1, 1938 when 25 cents per share was dis¬
Directors
mon
tributed.
.
Earnings for 3 and 6 Months Ended
1939—3 Mos.—1938
June 30
1939—6 Mos.—1938
Net
profit after taxes
depreciation, &c
Shs. cap. stk. (no par)__
Earnings per share
—V. 148, P. 2280.
$108,488 loss$128,004
259,120
259,120
$0.42
Nil
New York Central
Period End. May SI—
that
$216,291 loss$220,272
259,120
259,120
$0.83
Nil
RR.—Earnings—
1939—Month—1938
$
Railway oper. revenues. 25,343,068
Railway oper. expenses. 19,642,426
$
1939—5 Mos.—1938
$
$
22,896,666 129,274,228 115,902,370
18,309,941 102,287,369 96,980,645
148, p. 3076.
Net
National Public Service Co.—Sale
a
134,562
$6,533,249
4,589,242
New Orleans Texas & Mexico
Net income for 9 months ended Dec. 31,1938..
95,427
28,983
20,146
_
Net oper. revenues.__
Net
1,126
$58,316
Net income
Net income applic. to 3 months ended Mar. 31, '38
—V.
439 shares 6% preferred,
mission's Washington offices on the
for exemption from the requirement
'
1,105
2,089
......
Miscellaneous deductions
x
4,368,038
41,638,096 41,062,291
Total......
Represented by 38 shares 7% preferred and
shares.—V. 148, p. 3854.
Operating taxes
Interest
surplus
10,122
$656,670
$654,569
$100,497
Other interest
1,813
11,484
b 1,000,000 no-par
Operating
$107,327
_
Gross income
Taxes assumed
7,471
9,724
10,122
4,416,206
construction
Period End. May 31—
1938
Calendar Years—
revenue.
3,192
3,133,237
aid of
Capital surplus...
New
3853.
Nashville Gas & Heating Co.—Earnings—
Operating
Operating
Conslgn'ts (contra)
2,398
3,555,920
credit...
75,980,507 75,110,052
Total
b Restricted deposits only.—V.
Includes notes,
Contrib. In
Earned
(not subs.).
Funded debt
and
restricted deps..
11,484
70,294
105,391
350,000
Other accr'd exps.
Prepaid taxes and
Reserves
Deferred
-
Consign'ts (contra)
Accrued
cos.
a54,302
1,048,675
47,700
Reacquired cap.
$
Other accts. pay..
77,050
879,002
rec...
accrued liablls..
174,693
Other current and
12,516
R. I.
Pub. Serv. Co..
103,740
114,243
cos...
Inventories
1,934,811
1,225,000
Accts. pay. to affil.
Accts. receiv. from
Other accts.
1937
$
2,350,000
Notes pay. to bks.
1,755,337
Cash
a
stock
Consolidated Balance Sheet Dec. 31
1,855,120
12,989
504,338
173,258
accrued..
47,700
Other del'd charges
170,987
160,173
578,343
deps..
Taxes accrued
Interest
debt
dlsc't & expense
Net consol. income
2,300,000
5,000,000
4 Yi%
mtge.
Customers'
and
accrued assets..
Unamortized
6% cum. pref. stk.
($100 par)
2,300,000
b Common stock.. 5,000,000
gold bonds
16,500,000 16,500,000
6% gold deb. bds. 3,500,000
3,500,000
111,806
Accounts payable.
116,761
Matured Interest.
2,283
2,328
952,937
(inci. Fed. inc.tax)
5,200,000
1st
Matis & supplies.
Taxes
$
$
7% cum. pref. stk.
($100 par)
5,200,000
300,505
1,376,170
Maintenance
1937
1938
Liabilities—
property &
Investments
Dec. 31
1937
1938
■'/
Assets—
Plant,
104,673
$12,206,430 $12,921,833 $12,676,974 $11,886,765 "
Total income
Unavail¬
135,366
135,366
able
1,350,000
1,400,000
Note—The above statement includes the results of operations from
June 1, 1937, of the properties of Citizens Power & Light Co., a former
wholly owned subsidiary, which at that date was merged with the company
Balance Sheet
Cross oper. revenue
Other income...
210,000
Dividends on 6% preferred stock
Dividends on common stock..
under
(& Subs.)—Earnings—
Narragansett Electric Co.
228,219
Postponed—
Y°rk Trust Co., trustee for the debentures, has adjourned to
Sept. 20 from July 12 sale at auction of the block of 712,411 shares of
Jersey Central Power & Light Co. common stock, which is two-thirds of
the issue outstanding and collateral
supporting the National Public Service
debentures outstanding.—V. 148, p. 2751.
rev.
from ry. oper.
Railway tax accruals
Equip. & jt. facil. rents.
Net ry. oper. income.
Other income....
Supply Co. (Pa.)—To Issue Bonds—
bond issue in
an
a
meeting
on Sept. 18 will consider a
amount not exceeding
proposed authorized
a mortgage
26,986,859
14,778,486
5,974,808
18,921,725
14,582,627
5,153,155
1,688,138
902,346
1,336,236
6,233,565
5,722,333
def814,057
6,506,630
1,021,526
2,709,664
127,194
Total fixed charges
4,048,374
2,238,582
125,389
4,091,572
11,955,898
633,520
20,109,569
5,692,573
683,981
20,123,666
1,465,904
1,978,379
8,787,191
15,115,074
$15,000,000, secured by
on the company's properties; ratify action of board in
borrowing $2,500,000
under an agreement with Bankers Trust Co., et al, and to authorize an
increase of indebtedness of the company which may be contracted other
4,586,725
2,869,311
815,068
Misc. deduc'ns fr. inc..
Total income
National
Stockholders at
5,700,642
2,937,744
1,074,760
Net deficit after fixed
charges.
149, p. 116.
—V.
Volume
The Commercial & Financial Chronicle
149
421
New York Hanseatic
Corp.—Balance Sheet June 30—
Assets—
Securities,
contracts
Bankers'acceptances
1938
1,255,598
341,520
$941,161
832,663
1,805,865
13,068,931
1,818,000
1,404,270
330,151
_
sold
Loans and advances
Accrued interest receivable
Security
sold under repurchase
agreement-
sees,
contracts
Securities sold, not yet purchased
Bankers'acceptances
w
—V.
stock
T?}ol"'nor
148, p. 285.
New York State Electric & Gas
5H% series of 1950
surrender bonds for immediate
Service
Co.—Sale
of Stock
Exchange Commission on July 7 issued an order
approving the sale of 215,280 shares of common stock of
Chicago District
Electric Generating Corp. which it
owns, to Commonwealth Edison Co.
of Chicago, for the sum of
$2,513,734 plus interest at the rate of 5% per
annum from Jan. 1, 1939 to
the date of payment of the
purchase price,
plus an amount equal to 18.44% of any excess of the reserve for taxes
on
the books of Chicago District Electric
Generating Corp. as at Dec. 31,1938,
oyer the actual aggregate liability for taxes for the year 1938, less the amount
of any reasonable expenses incurred
by Chicago District Electric Generat¬
ing Corp. in the determination of such
liability.
Commonwealth owned all
the remaining stock of the
Chicago District company.
The Northern Indiana Public
Service Co. is a subsidiary of Midland
Utilities Co.—V. 149, p. 117.
Northern Natural Gas
Northern States Power Co.
(Del.) (&
Maintenance—
deprec
Taxes
Prov. for Federal & State income taxes
1,365,234
Net operating income
Other
income
646,906
$11,322,251 $11,697,942
50,737
48,281
(net)
Gross income--Interest on long-term debt
;
Amort, of debt discount and
expense
Other interest (net)
Amort, of sundry fixed assets
—
.$11,372,989 $11,746,223
3,827,229
3,741,088
-
665,194
Cr864
-
41,843
130,751
Miscellaneous deductions
Balance
Divs. on cum. pref. stock, $5 series of
Northern
States Power Co. (Minn.) held
by public
Div. on pref. stock of Northern States
Power
661,918
Cr25,696
41,843
$6,708,835
$7,224,951
1,375,000
1,375,000
226,125
16,171
59,096
$5,091,539
$5,790,861
—
Net income--
Note—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
taxable income for that year.
Weekly Output—
Electric output of the Northern States Power Co.
system for the week
July 8, 1939, totaled 24,746,143 kwh., an increase of
6.0% compared
with the corresponding week last
year.—V. 149, p. 266.
ended
Ohio Finance
See list
given
on
Co.—Registers with SEC—
Trading—
Ohio Water Service Co.—To
Refund Bonds—
outstanding 1st mtge. 5% bonds callable at 102
totaling $3,820,000 has petitioned the Ohio Utilities Commission for
auth¬
ority to issue and sell at not less than 97, new 1st
mtge. 4% 25-year bonds
in the amount of $3,650,000 and
$300,000 in 10-year 4% notes.
Proceeds would be used to reimburse its
treasury for $34,444
as of May 31, last, and retire
capital expenditures
—V. 148, p. 2753.
__
n
uncapitalized
-ms ia
p.
751.
Otter Tail Power Co.—Stock
Company
department.—V. 149, p. 119, V. 148,
Corp.—Earnings—
1939
1938
$89,000
$97,000
1937
$117,315
Parking Meter Corp. of America—Enjoined by State—
111
■
a
injunction restraining the corporation from selling its securities
York state
The Court issued the injunction July 12 at the request of Assistant State
Attorney General Alfred F. Cohen, after an investigation ordered by
Attorney General John J. Bennett Jr.
It appUes also to Albert Edward
Janis, President of the concern.
"The defendant made false representations to the public by indicating
that the corporation had contracted for and actually nad an arrangement
under contract to instaU a large number of parking meters in various mun¬
icipalities in the United States, when in fact and in truth no such contracts
existed," the Court's finding said.
It added that Janis "made direct representations concerning the owner¬
ship of a contract by the corporation for the installation of 3,000 parking
meters for a large municipality, which in fact and in truth did not exist and
which the corporation did not own."
Pend Oreille Mines & Metals
Co.—Earnings—
Earnings for Year Ended April 30, 1939
Income—Ore sales, net receipts
Other income—
V
$609,813
34,618
....
-
Total income
$644,431
Direct operating costs
Taxes, general and administrative expenses
Depreciation and depletion
385,663
64,194
139,996
10.370
Provision for Federal income taxes
Net
profit
$44,208
Condensed Balance Sheet April 30, 1939
in
banks, $93,649; due from smelters, $30,138; other
accounts receivable,
$11,139; inventories, operating supplies. $10,195;
investments, $585,208; mining property, development and land, less
depletion, $2,262,719; buildings, plant and equipment, less depreciation,
$881,544; deferred charges, $17,380; other assets, $5,637; total, $3,897,608.
Liabilities—Accounts payable, $21,258; accrued payroll, $8,180; accrued
bond interest, $5,600; provision for Federal and State taxes, $16,853 ; 6%
serial bonds (current), $20,000; 1st mortgage 6% serial bonds due July 1,
1947; $260,000; capital stock (par $1), $1,632,308; capital surplus, $1,889,020; earned surplus, $44,390; total, $3,897,608.
(J. C.) Penney Co.—Sales—
Sales for the month of June, 1939 were $22,235,459 as compared with
$20,321,061 for June, 1938.
This is an increase of $1,914,398 or 9.42%.
Total sales from Jan. 1 to June 30,1939, inclusive, were$115,654,398 as
compared with $105,295,180 for the same period in 1938.
This is an
increase of $10,359,218 or 9.84%.—V. 148, p. 3540.
Pennsylvania Power & Light Co.—Refunding Issue of
$135,000,000 Reported Under Way—
definitely determined, it is reported
refunding issue of $135,000,000 is being considered, making it one
utility offerings to be undertaken at one time.
Smith, Barney & Co., it is expected will head the underwriting group
and they will have as joint managers of the syndicate Dillon, Read & Co.,
First Boston Corp. and Bonbright & Co., Inc.
Company intends to refund the $121 $00,000 of first mortgage 4H%
bonds, due in 1981, callable at 104H, and $10,000,000 of 6% debentures,
due in 1950.—V. 149 p. 119.
a
Peoples Drug Stores—Sales—
Period End. June 30—
Sales
—V. 149, p.
1939—Month—1938
1939—6 Mos.—1938
$1,800,826
$1,706,058 $10,896,454 $10,392,714
119.
Pepsi-Cola Co.—Directors Asked to Resign—
^
The Toronto General Trusts
Corp. will until Aug. 15 receive bids for the
sale to it of sufficient 5% first
mortgage gold bonds to exhaust the sum of
on July 6
its no-par value
the split stock.
to split
$3,753,231
6,'975,002
outstanding 5% bonds.
^ESESSSSrj^ttBBSSS*' '■Sr'
Ontario Power Co. of Niagara Falls—Bonds Called—
$125,000.—V. 147,
$4,462,853
7,342,870
of the largest
The company, which has
*"*11
$775,864
1,425,798
3855.
that
The Securities and Exchange Commission on
July 7 issued an order
granting unlisted trading privileges to the first
mortgage bonds, 3\i%
series, due Oct. 1,1968, on the New York Curb
Exchange.—V. 149, p. 118.
^sr^rr^;, ss
$877,828
1,461,550
While the amounts have not been
first page of this department.—Y.
148, p. 2438.
Ohio Power Co.—Unlisted
3,765,124
266.
Assets—Cash
(Wis.) held by public
cos
p.
102,120
Co.
Min. int. in net income of sub.
4.046,960
State Supreme Court Justice George A. Larkin at Buffalo has issued
1938
.$36,272,703 $35,711,610
13,792,173
14,228,433
1,754,115
1,544,692
3,097,324
2,939,813
4,941,606
4,653,825
149,
permanent
Subs.)—Earnings
1939
revenues
&
772,730
$7,518,003
—V. 147, p. 428.
Co.—Hearing July 25—
Year Ended April 30—
res.
352
824,797
Net oper. income
Net income
Packer
hearing has been set for July 25, 1939 in the
Security and Exchange
Commission's Washington offices on the declaration
(43-220) of the com¬
regarding the issuance and private sale of $16,000,000 of its first
mortgage & first lien 3H% bonds, series A, due
July 1, 1954, and the issu¬
ance and sale of
$6,000,000 of 2>&% unsecured
promissory notes to the
Chase National Bank, New
York.—v. 149, p. 266.
Approp. for retire,
352
6 Months Ended June 30—
Net income before taxes
pany
Operating
Operation
$8,509,461
70
Parke, Davis & Co.—Stock Offered—Smith, Barney &
Co., First of Michigan Corp., and Dominick & Dominick
headed a group which offered
July 12 a block of 40,000
shares of capital stock at
$42% a share net. The group
reported that the offering was well received.
The offering
does not constitute new
financing for the company.—V. 148,
p. 3696.
and
A
$1,548,524
70
Panhandle Eastern Pipe Line Co.—Registers with SEC—
payment.
Approved—
Securities
$5,649,616 $29,156,036 $27,698,893
4,101,092
20,646,575
20,180,890
See list given on first
page of this
149, p. 264.
The
1939—Month—1938
1939—5 Mos.—1938
$6,063,390
$5,674,416 $29,247,566 $27,818,693
17,700
24,800
91,530
119,800
Net oper. revenues—
$1,702,555
Rent from lease of oper.
p.
The Chase National Bank of the
City of New York has been appointed
registrar for the 5M.% cumulative
preferred stock of the New York State
Electric & Gas Corp.—V.
Public
oper. rev—
Operating revenues— $6,045,690
Operating expenses——
4,343,135
—V.
Registrar—
Indiana
revenues
Uncollectible
property
Operating taxes
All of the
outstanding first mortgage gold bonds 5% series have been
caUed for redemption on Jan.
1, 1940 at 103 and accrued interest.
Payment on both issues will be made at the New York Trust Co.
Bond¬
holders, at their option, may
Northern
Pacific Telephone &
Telegraph Co.—Earnings—
Operating
2,000,000
780,594
called for redemption on Sept. 1 at 103 and
accrued interest.
on Sept. 25, 1937; 75 cents paid on Aug. 10,
1937;
on May 10, 1937, and an initial dividend of
30 cents per share
Feb. 10, 1937.—V. 148, p. 2753.
on
Period End. May 31—
Corp.—Bonds Called—
St., Philadelphia
Feb. 10, 1938; $1 paid
paid
$21,564,876 $20,741,207
All of the outstanding first
mortgage gold bonds
due March 1, 1950 have been
A. T. & T. Teletype—Phla 22
4-4923
45 cents paid
341,637
20,000
151,090
347,331
20,000
106,671
360,219
2,000,000
800,620
....
Members New York Stock Exchange
Telephone—Whitehall
1528 Walnut
$65,254
14,510,000
1,818,000
707,301
sold
Dividend payable
Unearned discount, int. & reserve for
taxes, &c
Reserves for contingencies
Capital
Surplus
YARNALL & CO.
N. Y.
$21,564,876 $20,741,207
$62,766
14,200,000
3,026,854
860,770
126,976
Co. Common Stock
Phila. Suburban Water 6% Preferred Stock
Phila. Electric Co. $5 Preferred Stock
United Gas Improvement $5 Preferred Stock
57,370
1,887
3,662
Total.
Liabilities—
Due to customers
Loans payable
Philadelphia Electric
341,637
139,373
25,823
46,968
Deferred items
U. 8. Govt.
Penna. Power & Light $5, $6 and $7 Preferred Stocks
1939
Cash and bullion in banks
$1,089,849
Bankers' accepts, on hand &
pledged as collateral-1,202,894
Debs, issued by Federal Home Loan Bank
U. S. Govt. sees, on hand &
pledged as collateral-_ 14,571,709
Sold under repurchase
agreement
3,026,854
Securities
was authorized
common
The Commission's action
was
Split-up Voted—
by the Federal Power Commission
stock four for
one
and to fix
a
par value for
the first of its kind and was based
on
its
interpretation of the law providing that it pass upon the issuance of
utility
securities.—V. 148, p. 1653, 1177, 1037, 287; V.
147, p. 3919.
Outboard Marine & Mfg. Co.—To
The directors have declared
Pay 60-Cent Dividend
a dividend of 60 cents
per share on the com¬
stock, payable Aug. 10 to holders of record July 25.
This compares
with 40 cents paid on May 10, last; 30 cents
paid on Feb. 10, last; 75 cents
mon
paid on Sept. 23, 1938; 50 cents paid
on
Aug. 10, 1938; 30 cents paid
on
Chancellor W. W. Harrington issued an order in the Wilmington, Del.,
Court or Chancery on June 28 directing that the resignation of William H.
Hood less, John B. Burton and Robert W. Atkins, directors of Pepsi-Cola
designated by Charles G. Guth, be accepted and that the resignation of the
remaining directors of the corporation be canceled.
He also ordered that the remaining directors call a special meeting of
stockholders so that a new Board may be elected, who in turn will elect
new
officers.
The order was handed down in the case of
Loft, Inc.
vs.
Charles G. Guth,
the Grace Co., Inc., and Pepsi-Cola Co.
The order also directs that the 97,500 shares of Pepsi-Cola stock delivered
by Mr. Guth to Anthony F. Emory, Custodian, pursuant to the inter¬
locutory order of the Chancellor on Oct. 4, 1938, be held by Mr. Emory
for the use and benefit of Loft, Inc., and that 140,000 shares transferred
to Mr. Emory by the Grace Co., Inc., also be held by him for the use and
benefit of Loft, Inc., subject to further order by the Chancellor.
The Chancellor ordered that the Grace Co., Inc., and Mr. Guth shall
within 25 days pay into the registry $280,000 with interest from Dec. 31,
1935.—V. 148, p. 2601.
The Commercial & Financial
422
Pfeiffer Brewing Co.—2o-Cent Dividend—
directors have declared a dividend of 25 cents per share of the
stock, payable Aug. 19 to holders of record July 31.
A like
amount was paid on April 15, last; Oct. 10 and on April 11, 1938, and com¬
pares with 30 cents paid on Sept. 15, May 25 and on Jan. 5, 1937, and in
each of the three preceding quarters, and previously regular quarterly divi¬
dends of 25 cents per share were distributed.
In addition, an extra dividend
of 15 cents was paid on Jan. 2, 1936, and on Sept. 30, and July 1. 1935.—
V.
148, P. 2601.
Rubber Co.—Earnings—
Pharis Tire &
Months Ended May 31, 1939
Earnings for 7
>
after depreciation, expenses & Federal income taxesEarnings per share on 220,000 shares common stock (par $1)._
—V. 148, p. 2601.
Net profit
Phelps Dodge
$242,636
$1.10
Corp.—Option Exercised—
reported to the Securities and Exchange Commission,
8. Cates, President, exercised an option and pur¬
of common stock at $2.50 per share. This left no shares
of. June 30.—V. 148, p. 2601.
The corporation has
that on June 19, Louis
mission of Indiana.
purpose
option as
Petroleum Co.—Refinances Notes Privately—
Company has called all its $12,000,000 of privately held
notes for payment Aug. 1,1939, and has refinanced privately
$9,000,000 on a three-year basis, thereby reducing their
private loans by $3,000,000. The $3,000,000 was paid from
cash on hand.
The payment of $3,000,000 makes a total of
Phillips
$6,000,000 having been paid this year out of current funds.
These notes were not due until 1942 to 1945, inclusive.
has no bank loans and is not anticipating any additional
The purpose of the company in refunding its serial notes was to
take advantage of lower interest rates,—V. 148, p. 2602.
The company
of
funded debt now
outstanding.
$169,000
$186,000
$205,000
103,000
120,000
131,000
depreciation, depletion and taxes.—V. 148, p. 1654.
x
Before
State.—V. 149, p. 121.
In the
Power & Light Co.
Puget Sound
gSr™
Drl8,095
$7,282,144
Drl63,922
$7,108,531
Dr280,805
$542,374
311,527
$486,521
amortization.
320,088
$7,118,222
3,820,622
$6,827,726
3,851,827
Balance............
$230,847
$166,433
$3,297,599
$2,975,899
1,477,412
Balance
........
Interest &
1,442,041
Appropriations for retirement reserve
1939—Month—1938
$1,077,515
$977,147
1,028,111
970,017
from ry. oper.
Preferred
rev.
Balance, deficit.__
$410,308
67,508
$65,299
9,202
$477,816
of Car and Auxiliary Operations]
1939—Month—1938
1939—5 Mos.—1938
31—
To'tSfrevenue^^!.0.08.".
Total expenses
$4,542,097
4,372,424
68,667
Net inc. per sh.
x
134,157
17,455
$326,204
$0.38
$52,680
$0.08
$0.06
of stock.
$68,624
$0.08
$137,566
$2,784,631
$1,840,575
$160,713
$147,507
133,980
129,446
$888,068
712,287
$848,692
715,840
operations:
Auxiliary
$113,660
26,908
18,128
-
3,417
$73,177
Net inc. after fixed chg
Total expenses.
_
.
$26,733
$18,061
$175,781
$132,852
$196,406
280,419
$155,628
297,683
$2,960,412
1,822,006
$1,973,427
1,626,699
x$84,013
x$142,056
$1,138,406
$346,728
Net revenue
Total net revenue
Taxes accrued
149, p. 119.
Indicates deficit.—V.
Operating income
Pittsburgh Steel Co.—Listing—
x
Stock Exchange has authorized the listing of 5,845 ad¬
ditional shares of its common stock (no par) upon official notice of issuance
Indicates loss.—V.
148,
p.
The New York
the exercise of the/option of Heni^y. A. Roemer, making the total
listing has been requested to date, 628,919 shares.
On Feb. 27, 1939, the directors granted to Henry A. Roemer, President,
an option to purchase 5,845 shares of common stock at $12.50 per share,
the option to be exercisable in whole or
in part at one time or from
time to time on or before April 11, 1941.
The shareholders at their annual
meeting on April 11, 1939 approved the action of the directors in granting
this option,—V. 148, p. 3697.
R. C. A.
upon
Portland Gas Light
Co.—50-Cent Preferred Dividend—
The directors have declared a dividend
cumulative preferred stock,
value, payable July 15 to holders
no par
July 1.
Like amounts was paid on April 15 and
dividends of 75 cents were paid on April 15 and Jan. 15, 1938,
regular quarterly dividends of $1.50 per share were
p. 2131.
of
Jan. 15, last;
and previously
distributed.—V. 148,
Porto Rican American Tobacco Co.— To
claim insolvency.
The company did not make the
interest payment on its bonds due on
July 1, 1939, and stated in its petition that the proposed reorganization was
for the purpose of adjusting its fixed charges.
Judge Goddard approved the petition and appointed Gordon Auchincloss
trustee of the company, with Thomas C. Breen, President of the company,
as operating trustee.
Recently this company was permitted by the Federal Court to sell its
controling interest in Waitt & Bond, Inc., manufacturers of the Blackstone
Cigar under a contract with William E. Waterman, former chairman of
the two companies, and City Bank Farmers Trust Co., trustee of the com¬
pany's bonds, was directed to release the controlling interest in Waitt &
Bond, Inc. for the purpose of the sale.—V. 149, p-. 266.
Telegraph & Cable Corp.—New President—
recommended by the Lehmancorporation as the proper person
land lines subsidiaries, will assume
Edwin F. Chinlund, who previously was
presidency of these companies on Aug. 1.
Reorganization managers have entered into a temporary arrangement with
Mr. Chinlund to have him paid a salary of $45,000 a year, but this rate of
compensation can not become established until the new board of directors
of the proposed new company, Postal Telegraph System, Inc. has been
duly elected to office.—V. 149, p. 267.
•
Postal Telegraph Land
Period End. May 31—
Teleg. & cable
oper. revs.
Repairs
Deprec. & amortizat'n.
Lines System—Earnings—
1939—Month—1938
$1,840,266
$1,746,864
113,661
98,533
.
1939—5 Mos.- -1938
,713,694
$8,592,676
584,520
506,906
797,567
798,457
499,063
522,425
6 ,445,110
6,433,899
215,080
244,612
159,691
109,749
1,349,298
48,416
155,966
103,582
1,317,514
43,250
36,808
38,065
177,163
197,225
Taxes assignable to oper.
$37,771
5,000
87,141
x$25,174
5,000
93,265
x$90,786
25,000
397,417
x$24,871
25,000
441,830
$54,370
2,550
$123,439
Non-operating income.
3,149
$513,203
13,030
$491,701
12,730
$51,820
248,864
$120,290
251,533
$500,173
1,244,852
$478,971
1,258,707
$300,684
$371,823
$1,745,025
$1,737,678
All other maintenance.
_
_
Conducting operations.
Relief depts. & pensions.
All other general & mis¬
cellaneous expenses
Net
teleg. and cable
operating revenues.
1
Uncollect, oper. revenuesi
Gross loss
Other dividends
_
x
Indicates loss.—V. 148, p. 3697.
Public
Service
Co.
of
Issuance
of
$48,000,000 Securities—
Authority to issue $38,000,000 of 30-year, 3%% mortgage bonds and
$10,000,000 of 10-year serial notes, or debentures, was sought by the com-
295,035
1,525,409
1,494,823
$79,356
$54,233
29,635
39,715
1,000
20,282
$471,827
148,177
191,168
5,000
148,773
$381,592
154,034
200,823
5,000
127,743
10,301
$22,871
14,540
$275,063
35,950
$202,060
65,239
$53,141
23,133
$37,411
22,237
$311,013
107,448
$267,299
120,617
$32,008'
$15,174
$203,565
$146,682
29,195
37,996
1,000
26,715
Uncollect, oper. revenues
Taxes
assignable to oper.
Operating income
Non-operating income..
Deducts, from grocc
inc._
Net income
—V.
148,
p.
$42,840
276,576
14,500
3082.
Red Rock Bottlers,
Inc. (Ga.)—Stock
Offered—Buckley
Brothers, Philadelphia, offered July 3 10,000 shares of com¬
mon stock (par $1) at $3.75 per share.
Stock is offered as
a
speculation.
Company & Business—Company was incorporated in the Superior
County, Atlanta, Ga., by a charter granted on Dec. 8,
of Fulton
Court
1938.
principal assets of the company are two franchise agreements, one with
the Red Rock Cola Co. for exclusive rights for the sale and distribution of
the syrup of Red Rock Cola in the United States, exclusive of the State of
North Carolina, and the sales area of Atlanta, Ga., and Spartanburg,
Greenville and Gaffney, S. C., as well as an exclusive franchise with the
Red Rock Co. for the distribution and sale of syrups of soft drinks known as
Red Rock Golden Ginger Ale, Red Rock Pale Dry Ginger Ale, and the
concentrates known as Red Rock Grape, Red Rock Strawberry, and Red
Rock Orange. The sales areas on the products of the Red Rock Co. allotted
to the company under its franchise agreement is the same as that provided
in the franchise agreement with the Red Rock Cola Co.
The Red Rock Co. has been in existence for 52 years, and the Red Rock
Cola Co. for approximately one year, the two companies being affiliated
and under the same management, with interlocking directorates.
The company has just begun operation and is in process of developing its
allotted territory, and has never engaged in business before.
The present
business address is 310 Red Rock Building, Atlanta, Ga.
Annual meetings
of its stockholders will be held at that address.
The
Capitalization—Company has an authorized capital of $500,000, divided
stock (par $1) and 2,500 shares of 6%
They are now outstanding 180,000 shares
common stock, and 800 shares 6% cumulative preferred.
There are to be issued under the registration statement 30,000 shares
common stock, 10,000 of which are now being offered to the public at $3.75
per share, and 20,000 shares are to be offered to the public at the over-thecounter market, if and when such market develops.
In addition to these,
22,000 shares, which have been previously issued, will be offered to the
public by certain stockholders at the over-the-counter market price thereof,
which it is believed will develop after the sale of the initial 10,000 shares
offered by the company.
Provided, however, that these 22,000 shares will
not be sold until the 30,000 shares to be offered by the company ha,ve been
completely sold, or the offering thereof has been otherwise terminated.
Purpose—So far as determinable, the net proceeds from the sale of the
shares by the company will be used in the further promotion and advertising
of Red Rock Cola and other soft drinks manufactured and sold under the
name "Red Rock" and for the further development of the territory allotted
to the company by the Red Rock Cola Co. and the Red Rock Co.
Underwriting—Buckley Bros, are the principal underwriters.—V. 148,
250,000 shares of common
cumulative preferred (par $100) .
into
2602.
(Robert) Reis & Co.—Sales—
Gross sales for six
Indiana- ■Seeks
310,691
Other operating expenses
p.
Net deficit.
$2,167,491
2,900
51,961
cable
Gross income
filed a
petition in the Federal Court for the Southern District of New York for
reorganization under the Chandler Act.
In filing the petition, the com¬
pany stated that it could not meet its debts as they mature but did not
Postal
and
teleg.
1939—5 Mos.—1938
$2,280,899
269,163
14,500
53,873
2,900
Other oper. revenues
Reorganize—
which controls the Congress Cigar Co., July 13
Stewart reorganization managers of this
to be appointed President of the system's
Net
1939—Month—1938
$446,820
$404,129
general & mis¬
cellaneous expenses—
operating revenues.
of 50 cents per share on the $6
record
Teleg. & cable oper. revs.
Deprec. & amortizat'n..
Relief depts. & pensions.
All other
3698.
Communications, Inc.—Earnings-
Period End. May 31—
amount for which
The company
$4,357,558 $24,593,129 $24,435,947
4,219,992 21,808,498 22,595,372
$169,672
Total revenues
Total fixed charges
$635,483
550,000
[Revenues and Expenses
Period End. May
81
Net revenue.
12,022
Miscell. deduct, from inc
$948,487
1,583,970
$44,993
$121,984
45,414
3,393
;
Total income
....
—
—
$1,305,558
1,583,970
149, p. 267.
—V.
x$287,520
550,644
Cr883,157
$109,962
income-
Net ry. oper,
Other income
$74,168
616,789
Cr952,929
$51,997
13,302
118,367
Crl78,925
N et
~
dividend requirements.
$1,498,487
$278,412
dividend requirements.
Pullman Co.—Earnings—
1939—5 Mos.—1938
$5,883,410 $4,684,699
5,809,242
4,972,219
$7,130
120,717
Crl65,584
$49,404
Railway tax accruals—
Equip. & joint facil.rents
$1,855,558
550,000
Balance
Prior preference
Pittsburgh & Lake Erie RR.—Earnings—
Period End. May 31—
$15,832:242
$497,385
Lrl0,864
$560,469
(.net).
Earnings
1939—12 Mos.—1938
"M $1M
Net oper. revenues___
Non-oper. Income
(& Subs.)
1939—Month—1938
31—-
Period End. May
$93,000
Railway oper. revenues.
Railway oper expenses.
.
,.
those assumed
utility proposes to
G, 6 %. bonds due
6H%. bonds due
Jan.' 1,1949; series D. 5%, due Dec. 1. 1956; series F, 4M% due March 1,
1958; Indiana Electric Corp. series A, 6%, due Nov. 1, 1947: series B,
6Yi%, due Aug. 1,' 1953: series C, 5%, due March 1,1951; series D 6%,
due lug. 1, 1953 and Indiana Power Co. series A, 7H %. due Nov. 1, 1941.
The underlying 5% bonds of the United Gas & Electric Co., which were
due serially until July 1, 1942, were redeemed on July 1 this year.
The Public Service Co. of Indiana serves approximately 144,600 electric
customers, 39,500 gas customers and 22,100 water customers in 53 counties
of central and southern Indiana and is one of the largest operating utilities
-
-
Net after expense.---,
,
.
T1.
^
Outstanding bond issues, both in direct obligations and
from underlying and predecessor companies, which the
retire consist of Public Service Co. of Indiana series
Feb
1
1952; Interstate Public Service Co, series B,
jE5alance'
1936
1937
1938
1939
Month of June—
Gross
x
of British Columbia, Ltd.—Earns.
,.
„
Robert A. Gallagher, President
sell the bonds and debentures for the
obtaining funds sufficient for calling and redeeming the entire
it is proposed to
borrowings.
Pioneer Gold Mines
1939
is granted, according to
If the petition
of the company,
chased 5,576 shares
on
15,
Public Service Com¬
petition filed July 13 with the
of Indiana in a
pany
The
common
July
Chronicle
months ended J me
30, 1939, totaled $1,234,826 as
compared with $995,688 in first six months of 1938, an increase of $239,138
or 24%.
For q tarter ended June 30, last, gross sales amounted to $675,442 against
$569,559 in June quarter of previous year, an increase of $105,883 or 18.6%.
—V. 148, p. 3386.
The Commercial & Financial Chronicle
Volume 149
Reo Motor Car
Co.—Hearing July 31—
Seneca Power Corp.—Bonds Called—
Hearing in Federal Court on the proplosed plan of reorganization under
Chandler Act proceedings, has been adjourned to July 31.—V. 148, p. 369.
All of the outstanding first
mortgage 6% gold bonds due 1946 have been
called for redemption on
Sept. 1 at 102K and accrued interest. Payment
will be made at the Manufacturers Trust Co.
Rose's 5, 10 & 25 Cent Stores—Sales—
Period End. June 30—
Sales
1939—Month—1938
$363,288
Bondholders, at their option, may obtain immediate
presentation of bonds and coupons.—V. 125, p. 1326.
1939—6 Mos.—1938
$327,653
$2,017,219
$2,091,132
Seton Leather Co.—To
Pay
—V. 148, p. 3698.
Rutland
Net
1939—Month—1938
oper. revenues.
$301,941
288,651
rev.
x$5,681
29,544
$6,908
4,048
$2,860
fr. ry. opers.
Railway tax accruals
Eqpt. & jt. facil. rents.
_
Net ry. opei. deficit._
Other income
Total deficit.
Net
$1,353,751
1,337,253
$1,160,042
1,338,929
$16,498
97,535
7,767
x$ 178,887
$37,423
4,256
$88,804
21,250
$329,002
19,476
$33,167
$309,526
2,055
169,533
$481,114
255,914
2,198
333
$37,079
def.
after
3,851
$67,397
$239,666
The
Indicates deficit.
Underwriters' names for the corporation's issue of $85,000,000
15-year
debentures due on July 1, 1954, were filed on
July 13 with the Se¬
curities and Exchange Commission as an amendment to the
corporation's
Calendar Years—
1938
1937
Operating revenue
Operating expenses
$1,184,521
646,801
$1,156,606
608,509
$537 720
$548,097
$581,267
15,182
17,169
20,436
$565,266
150,752
$601,703
169,114
registration statement.
1,185,148
603,881
Income
...
_
_
deductions.
Net income.
a
_.
Balance of earnings
Preferred dividends
Common
$383,789
42,320
1936
155,266
$414,514
$341,469
109,200
Sinking fund appropriation
$373,834
109,200
242,000
'
40,680
$446,436,
39,120
$407,316
109,200
dividends..________209,000
264,000
1936 figures restated for comparative purposes,
b Includes Federa
surtax on undistributed profits in the amount of
$253 for 1937 and $1,942
for 1936.
a
Balance Sheet Dec. 31, 1938
Assets—Property, plant and equipment, $10,595,777; sinking fund,
$270; cash, $46,108; special deposit, $129; accounts and notes receivable,
$68,224; rents receivable, $195; materials and supplies, $64,087; deferred
debits, $12,260; total, $10,787,052.
Liabilities—$6 cum. pref. stock (18,200 no par shares), $1,794,800;
stock (22.000 no par shares), $1,515,000; long-term
debt, $3,660,000; notes payable, bank, $950,000; accounts payable, $27,569;
preferred
dividends declared, $27,429; customers' deposits,
$74,827; taxes accrued,
$84,858; interest accrued, $21,924; other current liabilities, $2,852; deferred
common
credits, $644,744;
reserves, $1,516,389; contributions in aid of
construction,
$4,092; earned surplus, $462,567 total, $10,787,052—V. 147, p. 279.
St. Louis Public Service Co.—Plan
17.—V. 149, p. 123.
Shell Union Oil Corp.— Underwriters Named—
122.
b
depositary of certain ordinary
successor
The equivalent thereof, distributable to holders of
American shares under
of the agreement is 23 cents on each American share.
The dividend will be distributed on
July 24 to holders of American shares
of record July
V. 149, P.
as
the terms
County Water Co.—Earnings-
Operating income.;
Non-operating income.
Transport & Trading Co., Ltd.—Dividend—
Chase National Bank,
stock of this
company, under agreement Aug. 28, 1919 has received a divi¬
dend on the above mentioned
ordinary stock of the par value of £1 each.
fixed
charges
St. Louis
347
33,883
50-Cent Common Dividend—
Shawmut Bank Investment Trust—Tenders—
146,264
$67,554
1,685
170,427
upon
This company will until
July 26 receive bids for the sale to it of sufficient
4^% debentures due March 1, 1942 to exhaust the sum of $200,000.—V.
149, p. 267.
Shell
33,886
Misc. deducts, from inc.
Total fixed charges
x
1939—5 Mos—1938
$254,233
$13,290
17,327
2,871
oper. expenses.
payment
Directors have declared a dividend of 50 cents per share on the common
stock, payable Aug. 1 to holders of record July 18.
This compares with
30 cents paid on Dec. 29, 1938, and
payments of 50 cents per share made
on Aug.
1, 1938; Dec. 22, 1937; and on Dec. 22, 1936—V. 147, p. 3923.
RR.—Earnings—
Period End. May 31—
Railway
Railway
423
Approved—
Federal Judge Charles B. Davis has formally aoproved and confirmed
plan of reorganization and declared it fair, equitable and feasible.
the
The Court directed the trustees and the board of directors
to take such
steps as may be necessary to consummate the plan and carry it into effect
and report back to the Court not later than Nov.
1,1939.—V. 148, p.
3698.
be made
on
Public offering of the bonds, it is expected,
will
July 19.
The list of the underwriters and the amount underwritten
follow:
by each firm
Morgan Stanley & Co., Inc., $10,000,000.
Kuhn, Loeb & Co., $5,000,Smith, Barney & Co., Harriman Ripley & Co., First Boston Corp.,
$4,000,000 each.
Blyth & Co., Inc., Lehman Brothers, $3,500,000 each.
Lee Higginson Corp.,
Hayden, Stone & Co., Lazard Freres & Co.,
$3,000,000 each.
Kidder, Peabody & Co., $2,500,000.
Dominick &
Dominick, $2,000,000.
Bonbright & Co., Inc., Goldman,' Sachs & Co.,
White, Weld & Co., $1,500,000 each.
W. E. Hutton & Co., F. S. Moseley
& Co., $l,250,0o0 each.
Estabrook & Co., Union Securities Corp., Clark,
Dodge & Co., $1,000,000 each.
Glore, Forgan & Co., $900,000.
Dean Witter & Co., Wisconsin Co., Stone & Webster and
Blodgett,
Inc., Shields & Co., Salomon Brothers & Hutzler, E. H. Rollins & Sons,
Inc., Ladenburg, Thalmann & Co., Hornblower & Weeks, Hemphill,
Noyes & Co., $750,000 each.
Blair & Co., Inc., L. F. Rothschild & Co.,
Tucker, Anthony & Co., Harris, Hall & Co., Inc., $600,000 each.
A. G.
Becker & Co., Central Republic Co., Jackson & Curtis, Lawrence M.
Marks & Co., Paine, Webber & Co., R. W. Pressprich & Co.,
Schoelkopf,
Hutton & Pomeroy, Inc., Spencer Trask & Co., Dunn, Coffin &
Burr.,
$500,000 each.
Hayden, Miller & Co., Eastman, Dillon & Co., Dick & Merle-Smith,
R. L. Day & Co., E. W. Clark & Co., Alex. Brown & Sons, Black, Bonner
& Co., Kean, Taylor & Co., Riter & Co., G. H. Walker &
Co., $400,00v;
each.
Graham, Parsons & Co., Hallgarteh & Co., Whiting, Weeks &
Stubbs, Inc., Merrill, Lynch & Co., Inc., $350,000 each. A. C. Allyn & Co.,
Inc., Biddle, Whelen & Co., Equitable Securities Corp., Mitchum, Tully
& Co., G. M.-P. Murphy & Co., W. H. Newbold's Sons &
Co., Arthur
Perry & Co., Inc., Schwabacher & Co., William R. Staats Co., Stern,
Wampler & Co., Inc., Wells, Dickey Co., $300,000 each.
Bacon, Whipple & Co., Baker, Watts & Co., Ferris & Hardgrove, First
of Michigan Corp., Francis, Bro. & Co., J. J. B. Hilliard & Son, The Illi¬
nois Co. of Chicago, Kalman & Co., Laird, Bissell & Meeds, Mackubin,
Legg & Co., Merrill, Turben & Co., Reinholdt & Gardner, Scott & Stringfellow, Smith, Moore & Co., Starkweather & Co., Stern Brothers & Co.,
Weeden & Co., $250,000 each.
000.
The amendment
an
also said the bonds would be redeemable in whole as
issue at any time, or in part on any interest payment date in principal
amounts
San
Antonio
Public
Service
Co.—Preferred Stock Of¬
fered—Mahan, Dittmar & Co.; Dewar, Robertson & Pancoast; Russ, Roe & Co., and Pitman & Co., San Antonio,
offered July 14 at 104 and dividends the
unexchanged and
unsubscribed portion of 45,000 shares 6% cum.
pref. stock
of 1939 (par $100).
The stock
offered
share-for-share exchange basis to holders of the
company's 8% preferred stock of 1925, 7% preferred stock of 1926 or
1927,
plus $5 in cash, together with cash equal to dividends accrued on the old
preferreds.
The preferred holders also had the privilege of
purchasing at
par C$100) one share of the new 6% preferred for each share of the old
was
on a
preferreds not exchanged.
Purpose of the issue is to redeem all preferred stock
—V. 149, p. 122.
Savannah Electric & Power
Period End. May 31—
Operating
revenues
Operation
Maintenance-
_
Taxes
Net oper. revenues
accrued interest in each
The
now
outstanding.
$74,964
340
Dr376
$1,050,382
Dr 11,329
Balance-Int. & amortization.___
$86,589
31,194
31.549
$1,039,053
377,234
$988,879
379,101
$661,819
264,193
1
$984,487
4,392
Balance
Debenture dividend requirements.
$397,626'
149,115
$360,112
149,115
Balance.
Preferred dividend requirements..
$248,512
60,000
$210,997
60,000
-
...
Balance for
common
dividends & surplus.
-V. 149, p. 267,
-
Securities
$188,512
The
company's common
including the fifth day
Since the fifth day in this case falls on
Sunday
bonds are convertible up to and
including Monday, Aug. 28 1939*
Uncalled bonds will be convertible up to March
1, 1942.—V. 148,
called
p*. 3082!
Co.—40-Cent Dividend—
Directors have declared
a dividend of 40 cents
per share on the common
par $10, payable Aug. 15 to holders of record
Aug. 4.
This com¬
with 30 cents paid on May 15, last; 50 cents paid on Feb
15, last:
40 cents paid on Nov. 15 and Aug. 15, 1938; 30 cents
paid on May 14.
1938; 50 cents paid on Feb. 15, 1938; dividends of 40 cents
paid on Nov
15 and Aug. 14, 1937; 30 cents paid on May 15, 1937; 50 cents
paid on Feb
15, 1937: Nov. 14 and Aug. 15, 1936; 30 cents on
May 15, 1936 and a
dividend of 50 cents paid on Feb. 16, 1936.—V.
148, p. 596
Hearings—
It seeks
to
determine
whether it is in
Commission ordered a public hearing for Aug. 15 on Siemens &
G. and Siemens Schuick'ertwerhe 6)4% 25-year sinking fund
The debentures
are
listed
on
the New York
The other actions are:
Allegemeine Electricitats Gesellschaft 20-year 7%
sinking fund gold debentures, due 1945; 15-year 6)4% sinking fund gold
debentures, due 1940, and 20-year 6% sinking fund gold debentures, due
All these issues are also listed on the New York Stock Exchange.
1948.
The Commission has ordered hearings for Aug. 16.
Siemens & Halske Aktiengesellschaft participating debentures series A
are listed
on the
Boston Stock Exchange.
The Commission ordered a
hearing on Aug. 14.—V. 148, p. 3388.
Siscoe
Gold Mines,
Ltd.—June Recovery—
Company reports June recovery of $157,211 from a total of 17,932 tons
milled, indicating an average recovery of $8.77 per ton. This compares with
$162,983 in May when average recovery was $8.76 per ton and with $206,172
last year, when average recovery
was
$11.60 per ton.—V.
148,
p.3083.
Chemical Co .-—To Pay $1 Dividend
Company will pay a dividend of $1 per share
on
the
common
stock,
no par
value, on Aug. 1 to holders of record July 21.
This compares with $1.25
paid on Oct. 27, last; $1 paid on Aug. 1, 1938; 25 cents paid on May 1 and
on Feb.
1, 1938; $2 paid on Oct. 28, 1937; $1 paid on Aug. 2, 1937, and
previously dividends of 12 lA cents per share were distributed each three
months.
In addition, an extra dividend of $2.5J was paid on Nov. 16,
1935.—V. 147, p. 4067.
Soundview Pulp
Co. (& Subs.)—Earnings—
Period End. June 30—
Each $1,000 bond is convertible into 25 shares of the
The called bonds are convertible up to and
pares
by
Halske A.
$150,997
Company has elected to redeem $500,000 principal amount of its
314%
convertible debentures at 105 on Sept. 1, 1939.
The company reports that
as of the close of business
July 1 there was outstanding only $1,662 000 of
the original $4,000,000 principal amount of these
bonds issued March 1
1937.
Of the $2,338,000 of bonds retired, $2,290,000 of
bonds were con¬
verted into common shares.
stock,
Exchange Act of 1934.
gold debentures, due 1951.
Stock Exchange.
Scott Paper Co.—Bonds Called—
Scotten Dillon
supplied
Specifically, the SEC charges that the companies have failed to comply
with section 13-A of the 1934 act, because they have not filed annual
reports containing information and documents required by Rule X-13A-1,
for the fiscal year ended Sept. 30, 1933, and Form 21-K as prescribed by
Smith Agricultural
Schiff Co.—Sales—
prior to the redemption date.
be
Allgemeine ElektricLats Gesellschaft, should be suspended or withdrawn,
The Commission charges that the issuers have failed to comply with the
in June,
Sales for the month of June, 1939 were
$1,575,012 as compared with sales
for June, 1938 of $1,439,809.
This was a gain of 9.39%.
Sales for the six months period this
year were $6,370,444 as compared
with last year of $5,899,931.
This was a gain of 7.97%.—V. 148,
p. 3698.
stock.
will
Siemens & Halske A.G.—SEC Orders Public
$609,778
249,666
$43,039
underwriting commission
Rule X-13-A2 of the act.
$2,222,945
864,211
117,998
256,249
$ 86,249
Balance.
$55,395
Appropriations for retirement reserve
case.
and
The Securities and Exchange Commission on July 5 ordered public
hearings to ascertain whether issues listed on the New York and Boston
Stock Exchanges
of Siemens & Halske,
Siemens Schuchertwerke and
1939—12 Mos.—1938
$2,270,024
798,795
127,904
292,943
Non-oper. income (net)-
offering price
amendment.—V. 149, p. 123.
the public interest to suspend these issues.
Co.—Earnings—
1939—Month—1938
$189,241
$178,836
66,917
69,871
10,797
9.757
25,278
24,244
aggregating not less than $5,000,000, on not less than 30 days'
notice, to and including July 1, 1944, at 102H; to and including July 1,
1946, at 102; then to and including July 1, 1948, at 101)4; thereafter to
July 1, 1950, at 101; to July 1, 1952, at 100H, and thereafter at 100 plus
x
Net income
y
Earnings per share-.-
1939—3 Mos.—1938
$77,997
$110,764
$0.09
$0.16
1939—6 Mos.—1938
$132,382
$0.14
$307,972
$0.50
After deductions for operating expenses
normal Federal income taxes
and other charges, y On common stock.—V. 148, p. 3858.
x
Southern
Pacific
Co.—Equipment Certificates Offered—
Boston Corp. and including
Taylor & Co., and R. W.
Pressprich & Co. were the successful bidders July 13 for an
issue of $7,575,000 2^% equipment trust certificates, due
$505,000 serially Aug. 1 each year from 1940 through 1954.
The issue was offered July 14 at prices
yielding from 0.70%
to 2.60%, according to maturity.
The certificates are to
be issued under the Philadelphia plan.
A group headed by The First
F. S. Moseley & Co.; Kean,
Payment of principal and dividends of the certificates is guaranteed by
the Southern Pacific Co.
The issue, to be dated Aug. 1, 1939 will be se¬
cured by new railroad equipment estimated to cost at least
$9,468,750.
The amount of the issue is
approximately 80% of the estimate cost of the
of 28 oil-burning locomotives,
of various types.
equipment, which will consist
Co, for Insurances on Lives
will be Trustee for the issue.—V. 149, p. 124.
Tbe Pennsylvania
with the Securities and Exchange Commission,
statement listing the underwriters and the
$22,250,000 of 3% debentures due in 1979 which each will
amendment to a registration
amounts of the
underwrite.
$2,750,000 of debentures, also registered, will be sold to
of the pension fund of the company and
An additional
the Bankers Trust Co., as trustee
its
affiliates.
The list of underwriters
Morgan Stanley & Co.,
and amounts follows:
Schoeilkopf,
Inc__„$3,960,000
$265,000
265,000
265,000
Inc
-
Union Securities Corp
265,000
White, Weld & Co
Wisconsin Co
265,000
210,000
E. W. Clark & Co-
Mellon Securities Corp
Domlnlck & Dominick
Estabrook & Co
265,000
Clark, Dodge & Co
R. L. Day & Co
Glore, Forgan &. Co
Goldman, Sachs & Co
Hemphill, Noyes & Co
....
F. S. Moseley & Co
Co
Salomon Bros. <fc Hutzler
175,000
160,000
160,000
160,000
160,000
160,000
135,000
Merrill, Lynch & Co., Inc
Robinson-Humphrey Co
Whiting, Weeks & Stubbs,
Courts & Co
Johnson, Lane,
Inc.
W. L. Lyons &
149,
p.
(est.)... $2,159,860
268.
volume of business for the first six months of the current
amounting to $45,311,000 which compares with $38,673,000 for
first six months of 1938, an increase of $6,637,000 or 17.2%.
The business volume for June, 1939 was $6,948,000 as compared with
$5,667,000 for the corresponding month of 1938, an increase of
or 22.6%.—V.
148, p. 3545.
Subs.)—Earnings—
$5,353,270
3,424,817
1,730,177
111,373
7,571
$79,333
18,646
income.
$1,281,000
Apr. 30 '39 Oct. 31 '38
$
$
Apr. 30 '39 Oct. 31 *38
Liabilities—
$
1,716,173
rec.g2,256,573
Inventories
4,671,210
Prepd.& def. chgs.
197,648
Cash
aAccts.¬es
Accounts payable.
1,350,483
1,700,021
3,326,899
Notes payable
Negotiations for the financing had already taken place between the
and Morgan Stanley & Co., Inc., and Kuhn, Loeb. & Co.
a
the public discussion raised by Mr. Young, Harold Stanley
President of Morgan Stanley & Co., Inc., in a letter to the Association,
offered to withdraw from the negotiations, stating his belief that it was to
the best interests of the Association to deal with investment bankers rather
1,737,421
283,907
Ac
3,332,200
1,000,000
9,032,200
llqulda'n
9,180
11,985
1,207
11,046,112
8,776,607
Treasury stock.. Dr670,200
Dr670,200
11,046,112
list of underwriters
a
Total
After allowance for loss on doubtful accounts
149, p. 268.
Inc.—Earnings—
Tilo Roofing Co.,
x
_
Net
x
profit
y Includes gross income
company.—V. 147, p. 3546.
After charges and taxes,
subsidiary finance
Spiegel, Inc.—Sales—
1939 were $3,664,447,
compared with
Talman,
Transue & Williams
32,208
38 320
32,336
33,314
1,766
$61,522
Dr395
$9,367
—
Loss
$61,917
1939—6 Mos.-—1938
$138,842
64,417
78,104
$3,386
64.678
§7,848
$3,679
3,155
$524
$129,140
Dr996
$130,136
—V. 148, p. 3086.
Truscon Steel
Co.—Earnings—
1939—3 Mos.—1938
Period End. June 30—
x
$143,531 loss$204,130
Net profit-After
and other
depreciation, Federal income
charges.—V. 148, p. 3246.
1939—6 Mos.—1938
$163,949 loss$599,574
profits taxes
and undistributed
1938
1939 *
$32,260
$18,710
14,361
6,856
Operating expenses
Steel Forging Corp.—Earnings—
$11,133
Depreciation
Expenses
x
3 Months Ended June 30—
Income cash dividends...
from operation of a
Inc.—New Treasurer
1939—3 Mos.—1938
$59,395
$4,128
Period End. June 30—
with
Spencer Trask Fund, Inc.—Earnings—
137,720
has been
Gross profit
of 7.21%.
$21,475,335 for the same period in 1938, which is an increase
—V. 149, p. 268.
-
$1,423,247
appointed Treasurer of this company, with
headquarters in Kansas City, Mo., it was announced on July 12 by Jack
Frye, President of the air line.
_
_
.,
'
Mr. Talman succeeds Frank G. "Wilson, formerly Vice-President, Trea¬
surer and Secretary, who resigned as Treasurer but remains as Vice-Presi¬
dent and Secretary.—V. 148, p. 3393.
Lee
Net loss
Net sales for the month of June,
1939
$1,427,704
116,532
Gross sales
Other income
$3,798,512 for June, 1938, and showed a decrease of 3.52%.
Net sales for the first half of 1939 were $23,024,244, compared
are:
Hayden,
of $298,417 in 1939 and
$304,'909 in 1938.
b After allowances for depreciation,
c Less deprecia¬
tion and amortization,
d Represented by 349,110 no par shares,
e Repre¬
sented by 25,039 shs. of common at cost of $644,968: 210 shs. 1st pref. at
cost of $13,383, and 124 shs. of 2d pref. at cost of $11,900.
g Accounts
receivable only.—V.
underwrite 8,000
pref. stock, no par.
McDonald-Coolidge & Co., will
shares.
Other underwriters and the amounts to be underwritten
Shields & Co., 6,000 shares; Otis & Co., First Cleveland Corp., and
Miller & Co., 2,000 shares each.—V. 149, p. 125.
8,776,607
1,207
e
Inc.—-Underwriters—
with the Securities and Exchange
McDonald-Coolidge & Co. of Cleveland, will head
for its issue of 20,000 shares of $5 cumul. conv. prior
has filed an amendment
The company
Transcontinental & Western Air,
77,979
Profit for curr. yr.
Cash In sink. fund.
Total
,
Commission, stating that
E.
1,668,302
6,308,334
stock 1,668,302
6,308,334
36,167 Deficit
33,456
Net assets of for'n
sub. in
written statement
Jan. 1 to June 17—
Surp. approp. and
used for repurch.
of 1st pref.
employees
a
interest."
'
265,342
271,067
&c
Advs. to officers &
competitive bids.
issued to the press following receipt of the Asso¬
Young stated:
■
.
"The news is very gratifying.
This again demonstrates that full and
open discussion of any controversial issues is always in the public
—V. 149, p. 269.
'
In
ciation's action, Mr.
y
304,222
8,581 7% 1st pref. stock. 3,332,200
146,175 8% 2d pref.stock. 1,000,000
1,744,053 d Common stock.. 9,032,200
^Leaseholds,
bldgs.,
As
than offer the issue to
20,000
Accrued salaries,
wages, taxes,
6,003
146,175
,
bidding.
438,532
589,742
2,000,000
Res. for Inc. taxes
185,694
non-curr't
notes & accts .rec
A bonds under the
sold by inviting
competitive bids."
,
.
.
.
M
.
The question as to whether the Association should conduct
through negotiations with investment bankers or Invite
was aired publicly as the result of letters written by Robert R. Young,
Chairman of Alleghany Corp., to the company suggesting competitive
a
$77,979
Sheet
Balance
Consolidated
b L'd, bldgs., &c..
announced July 10, following a meeting of directors that
adopted "by affirmative vote of all directors present,
The company
Thompson Products,
20;p00
profit.
Investments
Association of St. Louis—Com¬
$7,000,000 Bond Issue Ordered by Directors—
Railroad
Terminal
$97,979
Total income.
Provision for income taxes.
Sundry
the
company
result of
Profit
Assets—
Inc.—Volume of Business—
(James) Talcott,
Company reports
year,
the financing
competitive bids
Jan. 1 to July 7
Interest
Net
.
June amounted to 9,106 units
deliveries of 26,024 compared
June," Mr. Hoffman
second quarter volume
3700.
,
Sales, net of discounts, returns and allowances...
Cost of goods sold
Selling, advertising and administrative expense
Depreciation and amortization, plant and equipment
Miscellaneous
improved our competitive position."
Retail deliveries in the United States in
have
against 3,149 last year while second quarter
with 9,843 in the same 1938 period. ""Export sales in
said, "were a 100% improvement over 1938 and the
of foreign sales represented a gain of 90%."—V. 148, p.
directing that sale of $7,000,000 principal amount series
Association's refunding and improvement mortgage be
1938, to April 30, 1939
Earnings for Period Nov. 1,
the
automobile
strengthened
of
evidence the degree to which we
732 dealers during the first half
the directorate had
will be supplied by addi¬
of July
1938
(A. G.) Spalding & Bros. (&
organization by the addition of
year.
Both of these developments
sales
110,000
1939
1938
$1,942,661 $64,432,697 $57,125,813
1939
Gross earnings
our
petitive Bids for
Ry.—Earnings—
First Week
Sales In the first half of 1939 exceeded sales for the full year
1938 when 52,605 units were sold.
^
^
"Since the introduction of our new low-priced car, the Champion, in
March, Studebaker has climbed from 13th to 8th position in
registrations," Mr. Hoffman said. -"In addition, we have
last year.
110,000
Baker, Watts & Co
Alex. Brown & Sons
and underwriting commissions
149, p. 268.
10,305 last year. For the first
20,478 In the same period
factory sales totaled 33,430 compared with
half of 1939. sales amounted to 53,176 against
135,000
135,000
110,000
Co
Almstedt Brothers..
tional amendments.—V.
—V.
the largest for any three months* period since
President, announced on July 11. June sales of
corporation also were the largest for the month in 11 years.
<
Factory sales last month were 11,122 passenger cars and trucks against
3,067 units sold in the corresponding 1938 month.
For the second quarter,
the
Space & Co.,
Inc
265,000
265,000
265,000
265,000
265,000
Hornblower & Weeks...
W. E. Hutton & Co
Southern
Corp.—Sales—
Studebaker
1928, Paul G. Hoffman,
210,000
Equitable Securities Corp
Graham, Parsons & Co
J. J. B. Hilliard & Son
265,000
265,000
265,000
265,000
...
Hayden, Stone <fc Co
-
Dean Witter & Co
320,000
265,000
265,000
265,000
Harris, Hall & Co
210,000
210,000
210,000
Coffin & Burr, Inc
530,000 Jackson & Curtis
530,000 Paine, Weber & Co
Lazard Freres «fc Co
The offering price
and Blodget,
Stone & Webster
1,585,000
1,320,000
Harriman Ripley <fe Co., Inc.. 1,320,000
Smith, Barney & Co—
1,320,000
Lee, Hlgglnson Corp
....
790,000
Blyth & Co., Inc..
530,000
Bonbrlght & Co., Inc
530,000
Kidder, Peabody & Co
Fist Boston Corp
Hutton & Pom-
Inc
eroy,
1,985,000
Kubn.Loeb&Co
R. W. Pressprich &
3700.
Second quarter sales were
Company filed July 12,
an
$527,343
—V. 148, p.
writers Named—
1939—6 Mos.—1938
$2,692,397 $2,291,896
1939—Month—1938
$379,865
Period End. June 30—
Sales
Telegraph Co.—Under¬
Telephone &
Bell
Southern
and Granting Annuities
Stores—Sales—
Sterchi Bros.
12 coal-burning
locomotives and 28 steel passenger cars
1939
July 15,
Chronicle
The Commercial & Financial
424
Tubize Chatillon Corp.—Dividends—
declared a dividend of $1.75 per share payable Aug. 1,
7% cumul. pref. stock of record July 20.
This payment
will reduce the arrears on the preferred stock from $3.50 to $1.75 per share
as the company has been paying regular dividends quarterly on this stock
since the first of the year.
See also V. 148,p. 3701.
Directors on July 11
to holders of the
$25,404
78,931
Additional Federal income tax
Distribution made during the period.
Undistributed balance of income at end of period
$4,349
73,140
$104,335
22,473
25,043
Net income for the period
Undistributed balance of income at March 31.
$77,488
M»
—
«.
$61,554
$56,820
,,N°,tes—Net loss on securities sold during the period (computed on iden¬
tified costs) amounted to $848,468.
Unrealized depreciation of corporation's securities
beginning of period, $1,145,700;
as
(approximate):
As at
at end of period, $282,200.
Balance Sheet June 30
Assets—
1939
Cash in banks—de¬
mand deposits..
$490,051
Dividends recelv..
12,060
Def.
N.
Y.
franchise
State
tax
702
9,488
81,205
Marketable securi¬
ties
(cost)
$10,209
27,030
247,018
Balance of
322,535
4,233,309
5,323,376
56,820
61,554
paid-in
surplus
Undistributed
3,236,357
.
4,699,689
ance
Net
profit
mos.
$3,739,170 $5,756,402
bal¬
of income.
curities
Total
$6,604
43,887
$1).
Recelv. from agent
1938
1939
Liabilities—
1938
Accounts payable.
$955,535 Accrued taxes
10,485 Capital stock (par
on
se¬
sold—3
11,969
end.June301oss848,468
Total
$3,739,170 $5,756,402
-V. 148, p. 598.
&a.s o^rtE,12?tric $9' 8ystem f?r the
Standard
wee& ended July 8, 1939, totaled 103,-
661,352 kilowatt-hours, an increase of 10.2% compared with the corr©~
sponding week last year.—V. 149, p. 268.
(A.) Stein & Co.—Removed from Listing and Registration—
The
New
York
Curb
Exchange
preferred stock, par $100. from
has
removed the
6H%
cumulative
listing and registration.—V. 149,
6 Mos. End. June 30—
x
Net
profit
capital stock outstanding (par $1)
Earnings per share
...
Shs. of
_
472,500
$0.74
p
268.
472,500
$0.13
1936
a
$281,946
_
_
472,500
$0.59
472,500
$0.91
Federal income taxes.
30, 1939 net profit was $291,686 equal to 62
cents a share, comparing with $39,247 or eight cents in June quarter of
previous year and $55,985 or 12 cents a share for quarter ended March 31,
After depreciation and
For quarter ended June
x
1939.—V. 148, p. 3246.
Mo.—Exemption Denied—
in a ruling handed down
July 7 denied the application of the company for exemption under Sec¬
tion 3 (a) (2) of the Holding Company Act.—V. 148, p. 3393.
Union Electric Co. of
The
Securities
and
Exchange Commission
Union Water Service Co.
12 Months Ended March 31—
(& Subs.)—Earnings—
1939
Interest on long-term
-
debt
Miscellaneous interest (net)
Amortization of debt expense
Net income
Note—Dividends paid
$239,629
503
$240,249
$240,132
139,292
3,803
190
141,062
1,410
190
$96,964
(net)
$496,919
257,290
$239,124
1,125
Net earnings
Other income
1938
$504,763
265,639
Operating revenues
Operating expenses and taxes
Gross income
Standard Gas & Electric Co.—Weekly Output—
Electric output of the public utility operating companies in the
(& Subs.)—Earnings—
1939
1938
1937
$347,671
$60,636
$428,928
Twin Coach Co.
—
15,934
$97,469
during the 12-months' period ended March 31,1939
preferred stock and $34,650 on the common
amounted to $36,000 on the
stock.—V. 147, p. 3028.
I
Volume
United
The Commercial & Financial Chronicle
149
Airlines
Transport Corp.—Seeks Right to Buy
Western—
The corporation has
applied to the Civil Aeronautics Authoirty for per¬
mission to acquire Western Air
Express Corp. and merge it into United.
The proposed acquisition of
Western Air by United, the application said,
"will not result in
creating a monopoly or monopolies and thereby restrain
competition or jeopardize another air carrier not a
of control
tion now
party to such acquisition
but will continue, on a more
equal basis, the competi¬
existing between the complimentary United-Western systems and
American Airlines, Inc., and
Transcontinental & Western Air, Inc., between
Southern California, the Eastern Seaboard
and intermediate points."
The deal was disclosed
informally some time ago and has aroused the
opposition of Senators Joseph C.
O'Mahoney, Democrat, of Wyoming;
Burton K. Wheeler,
Democrat, of Montana; Patrick A. McCarran, Demo¬
crat, of Nevada, and Bennet
Champ Clark, Democrat, of Missouri.
.
.
United has entered
Western.
Western stockholders who have
entered Into
and
an
the
agreement with United,
number of shares held
by each; William A. Coulter, 114,232;
Margaret Coulter, 55,000; Charles Boettcher
2d, 16,705; Boettcher & Co.,
12,433; James Q. Newton Jr., 9,000; Muriel M.
Willard, 1,000; Lucille R.
Brown, 1,000; Will F. Nicholson,
1,250; Alfred Frank, 19.185.—V. 148,
P. 3701.
,
United
Corp.—Earnings—
Period End.
June 30—
1939—3 Mos.—1938
Dividends received,....
$2,260,351
$2,142,499
Fed. inc. & other taxes..
80,897
120,263
Current expenses
85,718
—
United Fruit
x
$1,914,304
1,866,521
$4,150,253
4,604,100
$47,783 def$453,847
14.529,491
14,529,491
14,529,491
$0.02
Nil
$0.03
share
per
common
$4,037,635
3,733,042
$304,593
14,529,491
$0.02
Co.—Earnings-
Period End. June 30—
1939—3 Mos.—1938
earnings after all
chgs. but before taxes $5,149,000
$3,024,000
x
stock
$1.77
Approximate figures.—V. 148,
1936
1935
$417,018
9,865
$199,598
11,809
4,655
$470,550
$426,883
$211,406
248,539
372,004
4,150
al5,719
332,777
12,525
al7,574
162.681
2,400
5,800
$78,677
19,929
47,264
$64,007
$40,526
19,929
$11,484
270,145
$20,450
249,694
218.598
$281,629
236,606
$0.25
$270,145
236,606
$0.18
$249,694
236,611
$0.09
gen. expenses,
depreciation,
&c
Prov. for uncoil, acc'ts
Prov. for Federal taxes..
Net profits
,
Preferred dividends
Common dividends
1.200
14,901
loss$28,582
19,935
Balance, surplus
Previous surplus
.
def$48,517
281,630
19,929
23,628
$20,597
1,500
Earned surplus
Shs.com.8tk.out. (no par)
Earns, per sh.
10,500
$234,613
236,926
on com—
Nil
Incl. $2,118 in 1937 and
$5,014 in 1936 surtax
a
on
undistributed profits.
Balance Sheet Dec. 31, 1938
Assets—Cash in banks and on hand,
$166,070; marketable securities,
$74,983; notes receivable (trade), $989; accounts receivable (less reserve
for doubtful
accounts), $98,421; due from affiliated companies and em¬
ployees, $2,412; inventories (less reserve for obsolescence &c. of
$1,000),
$61,569; notes receivable, $21,474; investmentin
partly owned subsidiaries
and affiliated corporations
(at cost), $283,778; fixed assets (less reserve for
depreciation of $26,417), $7,259;
prepaid and deferred charges, $15,866;
total, $732,821.
Liabilities—Accounts payable, accruals, &c., $30,973;
Federal, State,
$7,811; unclaimed dividends, $8,035; advances for coupon
redemption, $550;
10%
reserve for redemption of coupons, $164,328*
pref. stock,
($10 par), $199,350; common stock (25c. par), $59,232; capital
$28,499; earned surplus since Dec. 31
1930, $234,613; common
treasury (312 shares), dr$570; total, $732,821.—V. 147, p. 434.
cum.
$8,657,000
$5,550,000
$2.98
$1.91
$1.04
p. 2288.
7
United Gas Improvement
Co.—Weekly Output—
Week
Ended—
July 8, '39
86,420,150
Electric output of system
(kwh.)
—V. 149, p. 271.
United Light & Power Co.
(&
July 1, '39
95,277,702
Company has extended to Aug. 7 its offer to
purchase its $1,000 share
a 15-year
7J4% equipment trust dated Feb. 15, 1921, at a
price of $147.50 for each share certificate, less 40 cents transfer tax. The
original offer, applicable to $2,200,000 principal amount of share certifi¬
cates outstanding, was made
through Guaranty Trust Company of New
York and was to have
expired on July 8. The extension was made at the
request of a committee or certificate-holders and the trustee for the issue.
The equipment trust certificates were issued in
1921 and have been in
default
July 9,'38
77.o05,643
1939
United Rys. of the Havana &
Regla Warehouses, Inc.
—Offer Extended—
and
p.
as
as
to
sinking fund payments due February, 1931 and subsequently,
February, 1935 and subsequently.—V. 148,
to interest payments due
3546.
United Securities,
Years End. Mar. 31—
Interest on bonds
Divs. from investments-
Subs.)—Earnings—
12 Months Ended
May 31—
Gross operating
earnings of subsidiary companies
(after eliminating
stock in
certificates in
1939—6 Mos—1938
on
...
1937
$465,895
3,493
$236,058
Admin. &
surplus
Net
Earnings
1938
$232,565
and city taxes
period.def$2,510,365
Shs.com.stk.out.(nopar)
Earnings per share
—V. 149, p. 270.
1939—6 Mos.—1938
$4,501,677
$4,433,238
185,804
194,377
165,619
201,226
107,932
$2,093,735
4,604,100
Net Income
Preferred dividends
Profit for the
n.^U?dar,Xears~
oZn^T—
Other income (net)
.
into an agreement with large Western stockholders
for the purchase of
229,805 shares, or more than 55% of Western's capital
stock.
For their Western
holdings they would receive one-third share of
capital stock of United for each share
of Western, or $1.66 in cash plus
one-sixth share of capital stock of
United for each share of capital stock of
425
United Profit-Sharing
Corp. —Earnings—
1938
Ltd.—Earnings—
1939
1938
1937
1936
$119,568
367,510
$110,156
366,781
$108,294
366,366
1,007
$114,038
367,514
1,799
1,535
30
$488,085
17,310
241,248
$483,351
25,603
246,702
$478,472
19,775
251,900
$474,690
22,235
256,788
$229,526
$211,045
102,522
$206,797
102,522
$195,667
102,522
$229,526
$108,523
$104,275
$93,145
Miscellaneous income—
intercompany transfers)
$88,601,200 $89,363,418
41,137,664
41,139,561
4,668,342
4,778,649
Provision for depreciation
9,590,251
8,659,294
General taxes and estimated
Federal income taxes.
10,701,354
10,901,135
General operating
expenses
Maintenance
Net earnings from
operations of sub.
Non-operating income
of
cos
$22,503,588 $23,884,780
1,585,810
Total
common
,
15,813,552
$9,422,809
2,009,427
earnings, attributable to minority
stock
16,047,781
$8,238,115
2,039,661
Equity of United Light & Power Co. in
earnings
of subsidiary
companies
$6,228,687
Income of United Light & Power
Co. (exclusive of
income received from
subsidiaries)
Total
Expenses
and taxes of United
to consolidated
$7,413,619
388,676
$5,909,753
Light & Power Co—
funded debt, bond discount and
pense, &c., of holding
company.
30,471
$6,248,275
338,522
on
Balance transferred
$7,383,148
19,588
Balance...
Interest
$7,024,943
ex-
2,402,603
2,477,375
$3,507,150
$4,547,568
...
surplus
12 Months Ended
May 31—
Gross income
funded debt
Other deductions
1938
338,522
$3,291,005
388,676
2,363,166
39,437
.......
Net income....
x
40,665
$424,955
Including dividend of $106,575 declared
by Northern Natural
May, 1939, payable in June. Similar
in
until
dividend
June.
was not
i
Gas Co.
declared in 1938
—v. 148, p. 3859.
.
Subs.)—Earnings—
1939
oper.
1938
earnings or subsidiary and controlled
companies (after eliminatinginter-co.
transfers).$78,719,590 $79,215,485
General operating
expenses
36,547,616
36,351,544
4,181,122
4,309,785
Provision for depreciation
8,569,526
7,610,970
General taxes and estimated
Federal income taxes.
9,415,901
9,611,756
Maintenance...
income of sub. and controlled
cos..
$20,005,426 $21,331,429
1,007,681
810.818
'
Total Income of sub. and
controlled companies.
.$21,013,107 $22,142,247
Int., amor
of sub. & controlled cos.
13,211,491
13,403,115
$7,801,616
$8,739,132
2,009,427
2,039,661
Equity of United Light & Rys. Co. in
earnings
of subsidiary and
controlled companies
$5,792,188
Income of United Light &
Rys. Co. (exclusive of
w income received from
subsidiaries)
x902,128
$6,699,471
Proportion of earnings, attributable
common
to
stock
minority
Total
on
5K% debentures, due 1952
-
Amortization
on
of debenture discount and
expense
debenture interest
Balance transferred to consolidated
surplus._—
Prior preferred stock dividends
793,414
May,
Total income
Interest
on
Interest
on notes
mortgages
payable
Sundry interest and discounts
Loss on sales of capital assets
Miscellaneous.
Add'l prov. for est. loss in liquidation of raw ma¬
terial supply inventory
Net profit for year
466,858
458,689
174,281
90,055
450,955
-
$341,444 loss$447,939
42,471
104,746
15,209
26,221
378
1,727
4,076
15,221
80,731
$268,164 loss$665,441
-
a On June 2, 1938 the sale of the company's principal assets to Bethlehem
Shipbuilding Corp., Ltd., was consummated and its shipbuilding and ship
repairing operations ceased.
Consolidated Balance Sheet Dec. 31, 1938
Assets—Cash in banks and
on
hand, $5,234,646; marketable securities,
$10,000; notes and accounts receivable (less
allowance for doubtful notes and accounts of $10,000), $1,019,417; Inven¬
tories of work in progress, $5,913; tankers held for resale, $74,148; claims
for add'l awards on completed ship construction, est. realization, $600,000;
collateral deposited, $15,000; idle property and furniture and fixtures at
nominal value, $2; deferred charges. $28,947 total, $6,988,998.
Liabilities—Accounts
expenses on
payable,
$305,623;
accrued
closed contracts, $17,256; provision
rolls,
pay
$1,328:
for expenses in connection
with the sale of assets, $35,966; contingent reserve, $400,000; reserve for
self-insurance, workmen's compensation, $22,023; class A stock (par $1),
$411,715; class B stock (par $1), $344,318; capital surplus, $7,666,104
deficit from Jan. 1, 1936, $2,2l2,2l8; class B treasury stock (6,5550 shs.
Dr$20,825; total, $6,988,998—V.
United Shirt
147, p. 435.
Distributors, Inc.—Earnings—
Years Ended Jan. 31—
Gross profit on sales
$7,492,885
115,425
110,596
Expenses-
$7,266,863
1,344,760
2,768
42,057
18,683
1,364,766
$4,856,654
$5,840,637
1,220,151
1939
Other income—
42,699
—
—
$626,529
537,191
$50,504
$89,338
417
928
$50,920
8,029
$90,266
10,572
2,500
$42,892
Prof, before prov for Fed. inc. taxes.
Federal income taxes
Surtax on undistributed profits
Net profit
1,214,505
1938
$554,314
503,811
$77,194
18,761
$3,642,148
$4,620,487
Including dividend of $106,575 declared by Northern Natural Gas Co.
Preferred dividends
Common dividends
^_
25,000
$0.34
56,250
$0.62
-
1939,
1938 until
1937
$1,040,973
$324,213 loss$599,866
17,231
151,927
.
Earnings per share on common
Balance
in
Operating profit
Balance
company deductions:
Other interest
x
Real estate taxes—Rentals
$6,264,922
Balance.
Taxes
$1,005,011
198,705
-108,257
71,140
26,727
275,969
Depreciation and amortization
Maintenance and repairs
$6,694,316
139,796
289,598
Expenses of United Light &
Rys. Co
Taxes of United
Light & Rys. Co
Interest
Consolidated Income Account for Years Ended Dec. 31
al938
Gross profit
accrued taxes, $7,306; accrued expenses, $10,401; provision foradditional
Balance
Holding
Shipyards, Inc.—Earnings—
$924; mortgage receivable,
Net earnings from
operations of subsidiary and
controlled companies.
tiz.&pref.di vs.
United
Company recently sold substantially all its assets, including plants and
equipment, &c., to Bethlehem Shipbuilding Corp., Ltd., for $9,320,000.
-—
United Light &
Rys. Co. (&
12 Months Ended
May 31—
Gross
Non-operating
Liabilities—Common stock (par $100), $5,126,173; funded debt, $4,362,000; accounts payable and accruals, $2,273; accrued interest on bonds,
$99,962; reserve for exchange on bond interest, $487; surplus, $69,542;
total $9,660.437.—V. 147, P. 587.
Other income.i
$628,422
*
Balance Sheet March 31, 1939
Assets—Investments, $9,425,484; cash at bank, $95,929; accounts re¬
ceivable, $5,024; accrued dividends and interest, $132,095; trustees account,
$650; prepaid charges, $1,255; total, $9,660,437.
2,436,710
of discount and
expense on
......
Balance, surplus
Administrative and general expense
1939
$3,369,547
and taxes..
Interest, amortization
.
Common dividends
,
Earnings of Company Only
Expenses
bonds
on
Balance, surplus----.
$24,051.667 $25,470,590
of
Balance
of
Expenses
Interest
subsidiary companies— xl,548,078
Income of subsidiary companies
Interest, amortization and preferred dividends
subsidiary companies
Proportion
Total income.-
payable in June.
June.—V. 148,
p.
3702.
Similar
*
dividend
was
not
declared in
Balance Sheet Jan. 31, 1939
Assets—Cash
in banks and on hand, $185,138; accounts
receivable,
$179,134; other assets, $11,122; investment in affiliated
$80,000; furniture, fixtures & delivery equipment (after reserve
$1 ,955; inventories
company,
The Commercial &
426
for depreciation
$43.617;: improvements toi leasehold properties
amortization of $12,329), $19,342, deferred charges,
^Siab'ilUies—Accx)un&
$33,160; owing to Hoefeld, Inc.,
payable (trade),
(other than income taxes),
unclaimed dividends, $1,058;
provision for Federal income tax, $9,200; common stock (125,000 no par
shares), $125,000; paid-in & capital surplus, $186,045; earned surplus.
$2,279; accrued rents, $5,199; accrued taxes
$4,523;
accrued compensation, $4,700;
$159,062; total,
$530,226.—V. 148, p. 1823.
Year
Cal.
3 Mas. End.
Mar. 31 '39
1938
-
Cost of sales
allowances and
—
Gross profit
Selling, admin. &
_ -
discounts) $1,206,095
—
911,973
$414,576
320,702
$294,121
256.472
74,486
7,309
$93,873
—.—
— - -
research and development exps.
(incl. amortization of patents) _„
Prov. for deprec.
Other income charges-------
Jg&SS
M
I:M
192,100
2,094,348
Wl
207,131
$582,048
Drll ,051
$7,834,332
Dr92,167
$7,285,483
Drl66,778
$570,997
$7,742,165
$7,118,705
146,336
1.840,338
1,743,408
$469,335
$424,660
Appropriation for retirement reserve.-:
$5,901,826
2,192,808
$5,375,297
2,052,938
$3,709,018
1,171,596
$3,322,359
1,171,430
$2,537,423
$2,150,929
Operation——: *■- - - - - Maintenance
----------
47,301
7,049
loss
Gross
-- -- --
_— -
(net).
Balance
Balance
-
-
-
-
requirements-- —
Preferred dividend
Balance for common
dividends and surplus.
2,250,234
149, p. 271.
(& Subs.)
Walker-Goodersham & Worts, Ltd.
(Hiram)
-—
$613,226
143,891
-
& amortization.---
Int.
$44,146 prof$39,523
23
5,905
—
—
credits_
$616,885
Dr3,659
Net oper. revenues.__
—V.
Income
—
Taxes---:
Balance
Period
Gross sales (less returns,
May31-
Operating revenues
Non-oper. income
Specialties Co.—Earnings-
United
Period End.
Earnings
Power Co.
Virginia Electric &
of $42,884),
(after reserve for
1939
July 15,
Financial Chronicle
Earnings
Net loss for the year
Federal and State income taxes.—--- —
prof$39,546
8,011
Profit and loss deficit-
prof$31,534
$35,873
Previous earned surplus.--
$4,339
def35,873
Dec. 31 '38 Mar. 31 '39
Assets—
$172,015
$91,117
Accts.
139,290
222,866
152,638
accounts)---
Inventories
200,000
credit...
6,395
200,000
1,000
143,000
143",000
42,625
42,6?5
Paid-in surplus...
878,355
878,355
Profit & loss def_-
35,873
4,339
(par
cost
(after reserve for
depreciation)..Pats, (less amort.)
823,225
10,975
826,951
Deferred charges.-
24,087
543
$1)
17,374
Other assets
$1,387,461
Total
—V. 149, p.
$1,387,461 $1,390,984
& Foundry CoEarnings—
1939
1938
1937
1936
x$l,931,122 x$l,126,071 x$l,741,980 y$l,638,891
207,206
199,777
153,620
231,651
Fed'l income tax
289,000
148,000
z231,500
208,000
6 Mos. End. June 30—
Total income
$778,294
$1,434,916
$1,199,239
$1,356,859
of operating .maintenance of plants, expenses of
provision for taxes (other than Federal income
taxes), and doubtful accounts,
y Excluding $11,895 dividends on preferred
stock owned by company,
z This provision is estimated to cover Federal
income taxes for the period except for contingent liability of additional tax
on undistributed earnings.—V. 148, p. 3395.
After deducting cost
and general offices,
x
(& Subs.)—Earnings—
United States Radiator Corp.
1939
1938
1937
1936
$131,008
149,316
$228,012
x217,317
209,458
$660,879
xl97,009
246,021
96,000
$71,471
x204,548
261,819
Years End. Jan. 31—
Deprec. & amortization.
Prov.
z
for reorg. exps
40,000
(estimated)--..
taxes
Net
y$394,896
$198,763 prof$81,849
x After deducting other income of $13,392 in 1938, $10,898 in
1937
$4,348 in 1936.
y Before special charges amounting tg $132,618.
z
provision for Federal surtax on undistributed profits.
and
No
Consolidated Balance Sheet Jan. 31, 1939
on
hand and
on
U. S. Rubber Co.—To
-Q
$6.58
profits.—V.
"V.
v;
offered is beneficially owned by Washington & Suburban
proceeds from the sale are to be received by that
The offering will
include 35,000 shares of common
stock issued
Washington & Suburban Cos. at an assigned value of $30 a share
of the transfer to Washington Gas Light Co. of all out¬
standing shares of capital stock and substantially all of the capital
debtedness of Alexandria Gas Co. and Washington Suburban Gas Co.
In addition to the shares being offered, there are 62,412 shares of the
in consideration
company's common
others, it is stated.
Pay $2 Preferred Dividend—
a dividend of $2 per share on the 8%
nonpreferred stock, par $100, payable Sept. 22 to holders of
record Sept. 8.
Like amounts were paid on June 23 and on March 24, last,
and a dividend of $4 per share was paid on Dec. 23, 1938, this latter being
the first dividend paid since Feb. 15, 1928.—V. 148, p. 3547.
Directors have declared
outstanding which are owned by
stock issued and
_
„
and Glore, Forgan & Co., both
Boston Corp.
The First
of New York
City, will be the principal underwriters.
The prospectus states that to
facilitate the offering it is" intended to stabilize the price of the common
stock on the Washington Stock Exchange and elsewhere.
This is not an
assurance, it states, that the price will be stabilized or that the stabilizing,
if commenced, may not be discontinued at any time.
The price at
offered, the names of any other
which the stock is to be
discounts or commissions are to be
the registration statement.—V. 148, p. 1668.
and the underwriting
underwriters
furnished by amendment to
Warner Bros. Pictures,
Inc.—Negotiates Loan—
Company has reported to the Securities and Exchange Commission that
June 27 it borrowed $4,750,000 from a banking group under an agree¬
ment made on Feb. 27, as a result of which borrowings now stand at the
full amount of $6,000,000 allowed under the agreement.
The credit con¬
sists of notes maturing semi-annually from 1940 to 1944, inclusive.—V. 148,
on
p.
3396.
Supply Co.—Sales—
1939—Month—1938
1939—6 Mos.—1938
$3,458,000 $19,015,000 $14,744,000
$4,324,000
—
—V. 148, P.
3548
Maryland Ry.—Earnings
Western
Week End.
Jan. 1 to July 7
July 7
1939
(est.)--—
271.
Gross earnings
deposit, $78,835; trade notes and accounts
receivable (after reserve for doubtful accounts and discounts of $55,000),
$634,061; inventories, $1,334,261; investments and other assets, $89,756;
property, plant and equipment (after reserve), $2,747,524; goodwill, pat¬
ents, &c., $1; deferred charges, $48,917; total, $4,933,354.
Liabilities—Finance company loan, $183,414; notes payable, $47,000;
accounts
payable, $194,139; accrued taxes, commissions and interest,
$49,208; reserves, $11,982; 5% convertible debentures (due Aug. 1, 1946),
$2,221,500; 6% preferred stock (par $50), $2,104,800; common stock
(par $1), $211,476; capital surplus, $179,784; earned surplus (deficit),
$269,984; total, $4,933,354.—V. 147, p. 588.
Assets—Cash
0>r
'
Sales.
$71,185
loss-
_
it is stated, and the
,
Period End. June 30—
52,879
deductions
$5,107,441
$4,288,416
Mn
.
Western Auto
Prov. for Fed'l income
Miscell.
_
_
2447.
outs tstii din
sales
Gross profit
Interest charges
„
$1.36
in¬
126.
Net profit
p.
company.
in 1939 to
Allowance for deprec'n..
lies, for
554,149
315,694
1,439,741
$1.48
$5.37
provision for Federal surtax on undistributed
The stock being
1,746
United States Pipe
-
Washington Gas Light Co.—Common Stock Registered—
Company on July 12 filed with the Securities and Exchange Commission
a registration statement (No. 2-4123, Form A-2) under the Securities Act
of 1933 covering 362,588 shares (no par) common stock, all of which is
Cos
Total
$1,184,103
profit
Before any
148,
10,741
$1,390,984'
323,722
Earns.per sh.on 724,004
shs. com. stk. (no par).
x
Class B com. stock
Real est., plants &
Net
x
50,000
Deferred
agreement
at
49,691
Com. stk. (par $1)
mtge.
enuip.,
48,695
Instal. due in 1939
1st mtge.pay.
624,900
482,140
9Q 1 "Q
292",454
$7,417,025
$6,495,433
185,057
123,947
..
Income taxes
31,652
on
$1,816,829
195,236
144,336
$1,126,956
Depreciation
Int., discount, &c
Exp. sale pref. stock--
$50,000
—
First mtge. pay...
278,482
------
Cash dep. with bk.
under
—
$59,660
Accr'd liabilities-.
(after
rec.
Dec. 31 '38 Mar. 31 '39
Accounts payable.
res've for doubt¬
ful
Liabilitles-
Notes pay. to bks.
$1,758,982
Total income
Balance Sheet
Cash
l
----
$38,241
2,367
.
"
1939— 9 Mos.—1938
1939—3 Mos.-—1938
Mav 31—
Period End
-.
loss.--
Net
$38,241
— - - ■
—V. 149, p.
1938
1939
$229,590
$201,946
$7,311,391
Western Public Service Co.
Period End. May 31—
Operating revenues.
Operation
_ ___
1938
$6,624,839
(& Subs.)—Earnings—
1939—12 Mos.—1938
$2,226,023
$2,174,887
1,065,034
1,025,535
146,041
134,466
189,826
191,869
1939—Month—1938
$165,520
$172,400
79,689
81,496
.1
12,041
15,712
40,624
15,775
Net oper. revenues.-_
$58,077
Dr5,484
$64,505
Dr4,948
$823,017
Dr73,547
$825,122
Dr60,901
$52,593
26,258
$59,557
28,859
$749,469
343,830
$764,221
349,195
$26,335
$30,698
$405,639
230,556
$415,025
223,112
$175,083
119,453
$191,914
119,452
$55,630
$72,462
Maintenance.
Taxes..--
Non-oper. income (net).
Balance
-
Interest & amortization
.
cumulative first
United States Steel Corp.—June
For
Balance
Shipments—
Building Trust 4% collateral bonds by a banking syndicate
composed of Charles K. Morris & Co., Inc.; Kelley, Richard¬
son
& Co.; The Milwaukee Co., and Farwell, Chapman &
Co.
The bonds, which mature Jan. 1, 1940 to 1956, are
priced to yield 1% to 3.58%.
The
University of Illinois Foundation is
a
private non-profit corporation
It was organized for the
existing under the laws of the State of Illinois.
of assisting the
University of Illinois with the financing of its
various building projects.
One of the projects so financed was the Medical
and
Dental College Laboratories Building, second unit, located at the
southwest corner of Wood and Polk Streets, Chicago.
The building was
purpose
Illinois
in
and Jeased by the Foundation to the University of
The original cost of the project amounted to
$1,517,585.
This cost was
by a Federai grant of $366,000 to the University of Illinois,
$11,275 of which was transferred to the bond fund; Illinois State appropria¬
tion in amount of $71,861 and the sale of $1,091,000 4% bonds by the
University of Illinois Foundation was made to a Federal agency.
$80,000
al^ount ?f the original amount of bonds became due and were retired
1938 and 1939, leaving a total of $1,011,000 to be offered publicly.
Van Norman Machine Tool
24
x
------
Preferred dividend requirements
University of Illinois—Foundation Bonds Offered—Public
offering was made July 14 of $1,011,000 University of
Illinois Foundation, Trustee, Medical and Dental College
in
...
—
June
shipments see under "Indications of Business Activity" on a
preceding page.—V. 148, p. 3702.
Par.
Balance
Appropriations for retirement reserve
Weeks Ended—
June 17, '39
Net income
Earns.per sh.on com.stk.
$123,287
$1.39
Co.—Earnings—
16, '36
$155,729
$1.75
June 18, '38 June 19, '37 Jane
$185,134
$2.08
$141,640
$1.58
xAftercharges andFederal taxes, but before surtax
148, p. 3248.
on
undistributed
profits.—V.
Balance for common dividends and
-V.
149,
p.
Central
West
Cooperative
Sales
—V.
-
-
149, p. 126.
1939—Month—1938
$5,551,428
1939—9 Mos.—1938
$5,213,298 $53,404,855 $51,153,647
Grain
Co —Registers with
SEC—
See list
given on first page of this department.
Telegraph Co., Inc.—Earnmgs-
Western Union
1939—Month—1938
1939—5 Mos--1938
$7,594,230 $37,808,216 $36 ,945,374
Teleg. & cable oper. revs. $8,219,493
,591,342
2,559,357
533,905
558,630
Repairs
,431,551
3,423,770
686,263
684,659
Deprec. & amortization.
,315,222
2,166,230
461,841
418,001
All other maintenance.
.388,428
23,473,523
4,831,127
4,998,574
Conducting operations..
865,776
947,303
186,720
191,582
Relief depts. & pensions.
Period End. May 31—
.
All other gen. & miscell.
193,214
187,377
918,042
956,461
$1,174,833
33,378
510,467
$706,997
30,376
497,229
$4,319,991
151,733
2,433,536
$3,396,594
147.781
2,461,348
$630,988
89,847
$179,392
$1,734,722
90,392
570,858
$787,465
567,481
—
$720,835
$269,784
$2,305,580
$1,354,946
Deducts, from gross inc.
594,306
593,559
2,972,683
2,972,550
$126,529
x$323,775
expenses
Net
&
teleg.
cable
oper. revenues
Uncollectible
oper. revs-
Taxes assign, to opers—
Operating income
Non-operating income.
Gross income
Net income
x
_
Indicates deficit.—V. 148, p.
tions Cut
x$667,103 x$l,6l7,604
3703.
West Penn Power Co.—Underwriters
Named—Participa¬
by Underwriters Due to SEC Ruling—
Insistence of the Securities and
Walgreen Co.—Sales—
Period End. June ZD—
surplus
272.
Exchange Commission that its "arms-
length bargaining" rule be strictly observed has resulted in several under¬
writers voluntarily reducing their participation in new offerings.
An amendment to the registration statement covering 297,077 shares of
4 M %
cumulative preferred stock (par $100)
of the company filed July 13 dis-
Volume
The Commercial & Financial Chronicle
149
closedI that W. C.
Langley & Co. had limited its participation to less than
5% of the issue although the firm's name
According to the amendment filed, W. C.
Langley & Co., Bonbright &
Co., Inc., and the First Boston Corp. will act
severally on behalf of them-
selves and the other
several underwriters.
says:
"None of the preferred stock
4K% series will be issued unless at least
are issued.
Shares in excess of 33,425 will be issued
only if
and to the extent that holders on
the company's presently
outstanding 6%
preferred stock purchase in excess
of 33,425 shares from the
principal underwriters pursuant to prior
opportunity to be offered such holders."
The list of
underwriters, with the maximum and minimum amounts to
he subscribed by each
firm, follows:
W. C. Langiey & Co. was classed
33,425 shares
the head
underwriter, underwriting 14,850 shares of the total issue,
slightly below 5%, while Bonbright &
Co., Inc., and the First Boston
m?* upderwrote 29,500 shares each.
The stock will be initially offered to the company's 6% and 7% cumulaas
#
tive preferred stockholders
and thereafter
W. C. Langley & Co. will
publicly.
underwrite 14,850 shares and Bonbright &
Corp. 29,500 shares.
Other underwriters include
Dillon, Read & Co., 21,000 shares; Blyth &
Co., Inc., 20,000 shares;
Mellon Securities Corp.,
12,000; Harriman Ripley & Co., Inc. and Smith,
Barney & Co., 10,000 shares each; Glore, Forgan & Co. and
White, Weld
& Co., 8,000 shares
each; W. E. Hutton & Co. and Union Securities Corp.,
7.450 shs. each; H. M.
Byllesby & Co., Inc., Coffin & Burr, Inc.. GoldmanSachs & Co., Lazard Freres & Co.
and Lehman Bros., 6.950 shares each;
Kidder, Pea body & Co. and Paine, Webber &
Co., 5,950 shares each;
A. C. Allyn & Co.,
Inc., Graham, Parsons & Co., E. H. Rollins & Sons,
Inc., 4,950 shares each; A. G. Becker &
Co., Inc., Bodell & Co., Harris,
Hall & Co., Hemphill,
Noyes & Co., Moore, Leonard & Lynch, F. S.Mosley
& Co., 4,000 shares
each; Alex Brown & Sons, Cassatt & Co., Inc., E. W.
Clark & Co., Dominick &
Dominick, H. M. Payson & Co. and Stifle,
Nicholaus & Co., Inc., 3,000 shares
each; G. M.-P. Murphy & Co., 2,827
Co.
and
First
427
The company
proposes to offer the issue to holders of its
6% cumul. pref.
stock, series C.
In the propsectus filed with the
Commission the utility
headed the list of underwriters.
Boston
Shares
Minimum Maximum
♦
WisconsinCo__
Edgar, Ricker&Co
MilwaukeeCo
16,175
Partridge-Player
__
2,000
_______
_
____
_
__
...
_
man
________
3,365,713
X
«*.#»«•
of 1933 becomes effective
on
or
Fnmlnn*
Earnings
'
*93pn_A
V»47f354
74,378
p.
i®^8
«jp54:Of
t7«7#
in
1940.
The terms of the loan
provide that it run five years at 4% interest.
Repayments will begin on Jan. 1.
It is provided, too, that one-sixteenth
the^amount of the loan must be repaid each
r,
o
n
^
Wisconsin Gas & fcuectric
~
month thereafter.—V. 148,
tt
i
debt
$1,250,124
149,652
50,000
Cr5,107
property
Other interest (net)
Miscellaneous deductions
Net income
Note—No provision
made by the corporation for State income
taxes
as a deduction in its income
tax return
that portion of the unamortized debt discount and expense and
redemption
premium and expense on bonds redeemed in 1936
applicable to the taxable
year 1937 which resulted in no State income taxes for that
year.—V. 148
T)*
as
was
the corporation claimed
3704,
(p. W.) Woolworth Co .—Sales—
immediately to continue its employment and
its expansion program.
The additional $1,000,000 will be used
to finance purchasing of tools and
dies for a new model, which will be
placed
on
.
on funded
11,359
33,833
4,833
lossl9,345
carry out
of
49,641
$2,463,905
990,391
152,821
25,000
17,146
28,422
$1,537,461
Gross income
Interest
Amortization of debt discount and expense
Amort, of abandoned street railway
Willys-Overland Motors, Inc.—RFC Loan—
market
$2,413,879
$2,834,907
1,053,260
-
Interest and dividends
Miscellaneous income.
2448.
The Reconstruction Finance
Corporation has approved a $2,500,000 loan
to the company,
according to Toledo press dispatches.
The loan is secured
by collateral and real estate valued at
$7,440,000.
It is understood that the loan will
provide $1,500,000 in working capital
for the company to use
the
247,500
S2.837.858
Dr34,614
27,077
4,585
—
Merchandise and jobbing (net)
for 1937
+
148,
340,900
Provision
1,155,650
manaB6r'1
271.
Net profit
x After Federal
income taxes.—V.
?49,583
.
■b?44,750
-~-s-™ VT-VSr;"?
r
for Federal and State income taxes_.
incom*-
•**""
482,909
_
.
PrnHnr*fs
*"•*•
1938
$8,61.5,235
~
proposed offering of 297,077 shares of new 4M%
preferred stock, it is proposed that the holders of the
outstanding 6% and
7% cumulative preferred stock (which is to be called for
redemption on
Feb. 1, 1940, if the
proposed financing is consummated) will be afforded a
prior opportunity, for a period not
exceeding three days, to exchange such
stock for the new
4preferred stock, share for share, plus an amount
equal to the six months dividend from
Aug. 1, 1939, to Feb. 1, 1940, on
the 6% and 7% cumulative
preferred stocks exchanged and a cash adjustment based on the
difference, if any, between the offering price of the new
4J^% preferred stock and the redemption
price of the outstanding stock
surrendered for exchange.
The offer cannot be made until the registration
Willsnn
$9,003,244
1
In connection with the
KMnlihiirZil?r««rQn!_
Ended June 30
500
oi
the
p.
500
further
a
1J38
1,391
695
695
695
695
amendment.
Wisconsin Public Service Corp. (& Subs.)—Earnings—
v0„r<>
nrmratfrJ/il
revenues.._______
Operating
effective date of the registration and
beyond Aug. 1, the date when the
outstanding preferred of West Penn Power is to be called.
In view of this
Langley & Co. at the request of West Penn Power
agreed to take a 5%
148,
500
.
.......
[W. C. Langley & Co. explained that because the
question of past affiliation had been raised, it became
obvious that there would be delay beyond
dement filed ly<iy. the Securities Act
under
alter juiy it,
v.
500
__
...
The offering price of the issue will be
given in
—V. 149, p. 272.
Scribner and Whiting, Weeks &
Stubbs, 2,000 shares each; Miller & Georee,
Putnam & Co., 1,500 shares
each; George G. Applegate, Esq. and
R.E. Swart & Co., 1,000 shares
each.
•
Exchange Ujjer—
1,250
1,000
_______
;
Co
Marshall Co
and
^ tD ^ M Syn<UCate
7,648
7.648
2 781
__
Braun, Monroe & Co
Bingham, Sheldon & Co
L™wC<?" Jn«;' £ichfrnn/?nv,& clarkl' ?£?,er'*D/?ane„&
22,494
5.500
5.500
_
;
Morris F. Fox & Co_
Dalton, Riley & Co
Loewi&Co
Period End. June 30—
Sales
V. 148,
.
Co.—Underwriters—
_
.
1939—Month—1938
1939—6 Mos.—1938
$24,662,006 $23,149,128 $138749,343 $133055,591
.
0
.
Wolverine Tube Co.—rersonnel—
following officers
President; G. R.
Anthony, Vice-President; O. Z. Klopsch, Vice-President and General
Manager; J. D. Colyer, Vice-President in Charge of Sales, and V. D.
Hanna,
Secretary and Treasurer.
Mr.
Limbocker
Treasurer of the
has
been
President
and
Mr.
Hooks,
company for the past 20 years.—V. 148,
Secretary
p.
and
3860.
Wright-Hargreaves Mines, Ltd.—Bullion Production—
1
statement.
p. 3548.
At the July 7 meeting of the board of
directors, the
were elected:
C. C. Limbocker Chairman; H. J.
Hooks,
•,
Underwriters for an issue of 46,480 shares of
preferred stock, 4H%
series, of the company were filed July 12 with the Securities
and Exchange
Commission as an amendment to the
company's registration
—
Company reports bullion production for three months ended
May 31 as
$2,025,000 from 111,000 tons nulled, an average of $18.24
per ton.
Output
for the first nine months of the current fiscal year totaled
$5,931,712 in the like period of 1938.—V. 148,
The Commercial Markets and the
$5,875,000, aganst
p. 2922.
Crops
COTTON—SUGAR—COFFEE—GRAIN
PROVISIONS—RUBBER—HIDES—DRY GOODS—WOOL—ETC.
COMMERCIAL EPITOME
months
Friday Night, July, 14, 1939
Coffee—On the 10th inst. futures closed 3 to 7
points net
lower for the Santos
contracts, with sales totaling only 19
lots.
No business was
reported for the Rio contracts, the
old Rio closing
unchanged to 2 points lower and the new 2
points lower. The average price of 5 positions in the Santos
contract stood at
5.95c., off 5 points.
The Havre market
closed 134 to 134 francs
higher.
The Brazilian dollar rate
was weaker
by 10 reis at 19.860 milreis to the
dollar, while
the spot price of Rio 7s was 100 reis
higher at 13.700 milreis
per 10 kilos.
Clearances from Brazil last week were
186,000
bags, of which 87,000 were for the United States,
59,000 for
Europe and 40,000 for all other destinations.
On the 11th
inst. futures closed 1 to 3
points net higher for the Santos
contract, with sales totaling 28 lots.
The Rio contracts
were inactive and
unchanged.
the
Trading
news
devoid of
of the market in
more or
any
a
big
or
light and
either side
was very
incentive for operations
substantial way.
on
The
news
was
less bearish.
The dollar rate was weaker
by 20 reis
at 19.880 milreis to the dollar.
Spot 7s in Brazil were 100
reis lower at 13.600, and Havre ended
134 to % francs lower.
On the 12th inst. futures closed 4
points up to unchanged for
the Santos contract, with sales
totaling 31 lots. There was
virtually no business in the Rio contracts. Trading in coffee
futures were limited to the Santos contracts.
Havre
futures
were 34 franc
higher to 34 franc lower. In Brazil the official
spot price of Rio No. 7 was off 200 reis while in Santos
type
5, Rios, were 100 reis lower. Milds were mixed. It was
said
that Manizales sold at
1134c.
Uncertainty regarding the
proposed increase in the coffee tax by Colombia
may have
been
a
market influence.
On the 13th inst. futures closed 11 to 4
the Santos contracts, with sales
points net lower for
totaling 55 lots.
There was
only one contract sold in the old Rio.
Santos futures
when light selling uncovered new bids.
In
September
wras
sagged
early afternoon
quoted at 5.85c., off 9 points, while other
were 5 to 9
points lower.
In Havre futures were
34 t°/4 franc lower.
On the other hand Brazilian milreis
was 3 reis improved at 19.81 to the dollar.
Mild coffees were
barely steady owing to the dull tone of the last few days.
Manizales were quoted at 1214c. from primary points, but
might have been purchased a shade lower in the second-hand
market.
Brazilian cost and freight offers were unchanged.
The weather in the Brazilian coffee belt
was
fine and
some¬
what warmer,
cables to the New York Coffee and Sugar
Exchange reported.
Today futures closed 4 points down to
3 points up for the Santos contract with sales
totaling 26
lots.
There
were
no
Rio
sales.
Coffee
futures tended
to
the soft side.
During early afternoon Santos contracts were
unchanged to 4 points lower.
Transferable notices of
delivery were issued, but they were stopped promptly. Near
months showed a little weakness.
It was a holiday in the
Havre market.
Brazilian milreis exchange was unchanged,
while the spot price on Rio No. 7s
dropped 200 reis to 13.2
>
milreis.
Actuals
fered at 12c. and
were
Rio coffee prices
July
September
Manizales
closed
were
prices closed
July
September
] March—
as
of¬
4.16
—
—
—
4.16
follows:
5.71
March
5.81
;
believed
follows:
as
4.061 December
__4.10
Santos coffee
December
dull.
possibly less.
May
6.04
—6.07
5.95
Cocoa—On the 10th inst. futures closed 2 to 5
points net
Transactions totaled 142 lots, or 1,903 tons.
Trad¬
lower.
light and devoid of any particular feature.
Light
buying in the forward months, particularly
in May and July, 1940, was reported
by ring observers.
A
ing
was
manufacturer
total of 40 lots were switched during the session.
Closing
prices on the London Terminal Cocoa Market were un¬
changed to 134d. lower.
London actuals were unchanged.
Local closing: July, 4.04; Oct., 4.12; Dec.,
4.21; Jan., 4.26;
March, 4.36; May, 4.40; July, 4.56.
On the 11th inst.
futures closed
unchanged to 2 points lower.
Transactions
The Commercial & Financial
428
1,139 tons.
The market established
forward deliveries.
Selling from manu¬
facturer and commission house sources was largely responsi¬
ble for the heaviness that prevailed during much of the
session.
March was the most active month, due mainly
totaled but 85 lots, or
new
low levels for
against the Bahia crop. The London
closed steady, with 50 tons sold at
prices unchanged to 134d. higher.
London actuals were
quoted at gains of I34d.
Local closing: July, 4.04; Sept.,
4.07; Dec., 4.20; Jan., 4.24; March, 4.34; May, 4.44; July,
4.54.
On the 12th inst. futures closed 1 point down to 1
point net higher.
Transactions totaled 204 lots. July
liquidation, precipitated by issuance of 29 Bahia notices,
gave the market an early setback, but the notices were
stopped promptly, turning the market tide.
Spot interests
were buyers.
There also was some switching and evidence
of better Wall Street interest.
No hedge selling was noted.
Warehouse stocks decreased 3,600 bags.
They now total
1,414,892 bags compared with 658,343 a year ago.
Local
closing: July, 4.03; Sept., 4.07; Dec., 4.21; Jan., 4.25;
March, 4.34; May, 4.44; July, 4.54.
,:
On the 13th inst. futures closed 1 to 3 points net higher.
Transactions totaled 105 lots.
The cocoa market continued
to improve, but trading was extremely quiet, sales to early
afternoon totaling only 45 lots.
There was little feature to
the market as prices recovered 2 to 3 points further with
September selling at 4.10c.
Sentiment was aided by the
rise in stocks.
The supply of contracts came from hedge
selling.
Warehouse stocks decreased 8,100 bags.
They
now total 1,406,798 bags against 657,617 bags a year ago.
Local closing: May, 4.47; July, 4.06; Sept., 4.10; Oct., 4.13;
Dec., 4.23; Jan., 4.27; March, 4.37.
Today futures closed
4 points down to unchanged.
Transactions totaled 286
lots.
Circulation of 20 Bahia notices caused the July posi¬
tion in the cocoa futures market to fall abruptly some 5
points to 4.01c. a pound. The large number of notices was
unexpected as it had been supposed that the July position
had been pretty well cleared up.
Later months were steady.
Sales to early afternoon totaled 155 lots.
Warehouse stocks
decreased 2,600 bags.
They now total 1,404,136 bags com¬
pared with 656,787 bags a year ago. Local closing: July,
4.02; Sept., 4.09; Oct., 4.13; Dec., 4.22; March, 4.35.
to
hedge
selling
Terminal Cocoa Market
Sugar—On the 10th inst. futures closed 1 to 2 points
Transactions totaled 208 lots, with most of this
lower.
There was some liquidation by
Many in the trade are giving up hope
since it would be difficult to effect one
with Puerto Rico about sold out, observers state.
Of the
total business in futures, 163 lots were in September, about
85 of which were at 1.95c.
In the raw sugar market refiners
did not seem in any hurry to pay 2.90c after they dropped
their price in refined to 4.40c.
World sugar contract closed
unchanged to 34 point lower. Transactions totaled only 16
lots.
London also was quiet and futures there were un¬
changed to 34d. lower, except on August, which was 2d.
lower.
Raws there were held at 7s. 1034d., equal to 1.45c.
f .o.b. Cuba, with freight at 18s.
Refined was reduced to 3d.
On the 11th inst. futures closed 2 points net lower for all
active deliveries.
The market ruled easier today, influenced
largely by the 10 point reduction in the refined market.
However, the July position closed at 1.98c., up 6 points.
Total sales were 361 lots.
The major portion of the day's
business was in the form of switches.
The only new develop¬
ment in the market was the withdrawal by Sucrest of the
4.30c. f.o.b. price, which went into effect in the previous
session following the reduction by other refiners to 4.40c.
It
was reported
that the 4.30c. price which applied on de¬
liveries to the end of the year, attracted a good demand.
In
the raw sugar market Cubas were available at 1.97c., ex duty,
or at 5 points over September, and duty frees were available
at 2.87c.
No buying interest developed.
The world sugar
contract closed unchanged to 2 points lower, with transac¬
tions totaling only 12 lots. All of the sales were in September
at 1.23c. to 1.2434c.
Sellers in the London market were
asking 6s. 1034d., equal to 1.2434c. f.o.b. Cuba with freight
at 17s. 6d.
Futures were Id. lower to 34d. higher.
On the
12th inst. futures closed 1 point down to 1 point net higher
for the domestic contract, with sales totaling 236 lots.
The
world sugar contract closed 1 to 134 points net lower, with
sales totaling 170 lots.
In the domestic contract switches
were the main source of trading, no less than 70% of the
6,000 tons traded in the first 3 hours representing exchanges
of September for March at 2 points premium on March. The
raw sugar market was
quiet, with Cubas at 1.97c., Philippines
at 2.88c. and other sugars in the background at 2.90c.
The
world sugar contract remained under the shadow of the
impending plenary meeting of the International Sugar
Council, at which action will be taken on third-year quotas.
In early afternoon the market stood unchanged to 1 point
lower, with September at 1.23c., after having sold at 1.24c.
volume
against actuals.
tired longs, however.
of a quota reduction
London futures
were
34 to 3d. lower, while
raws
were
off
4^d.
On the 13th inst. futures closed 1
point net lower for the
domestic contracts, with sales totaling 414 lots.
The world
contract closed 14, to 1 point net higher, with sales
totaling only 58 lots. With raw sugars lower, the domestic
sugar
futures market had a heavy undertone. The market
absorb a substantial amount of liquida¬
During early afternoon prices were
unchanged to 1 point lower, with September selling at 1.90c.
sugar
was
called upon to
tion and hedge selling.
July 15,
Chronicle
1939
Trading in the first three hours exceeded 300 lots or 15,000
The raw sugar spot price was definitely fixed at 2.85c.
tons.
known that Arbuekle had
that level. In addition an
operator purchased 9,200 bags of Puerto Ricos prompt ship¬
ment at 2.85c.
Today the best bid for late July arrival
sugars was 2.83c.
The world sugar market was unchanged
to 34 point higher with trading quiet.
During early after¬
noon
September was selling at 1.22c., unchanged.
That
price was 7 points under the recent high, while it is 14 over
the lows registered in the middle of June.
On the 14th inst.
futures closed 1 point down to unchanged for the domestic
contract, with sales totaling 229 lots.
The world sugar con¬
tract closed 1 point down to unchanged, with sales totaling
112 lots.
The sugar market continued to sag under the
weight of liquidation. Domestic futures during early after¬
noon were unchanged to 1 point lower.
About 5,000 tons
were done in the September position alone.
Some new short
selling was indicated.
At one time September equaled its
seasonal low price of 1.88, off 2 points.
In the raw market
a refiner paid 1.95c. a pound for 2,500 tons of Cubas first
half August shipment while late yesterday an operator paid
2.83c. duty paid basis for 2,000 tons of Philippines due
July 19th, exactly 10 points less than the price quoted a
week ago.
The world sugar contract was unchanged to
y2 point lower with September at 1.22c., off 34 point. Heavy
switching from September to May at 3 points premium on
duty paid basis when it became
obtained 16,000 bags of Cubas at
September was reported.
Prices closed
as
follows:
March
1.92
May
1.95
Lard—On the 10th inst. futures
closed 15 to 17 points net
July
:—
September
1.96
1.89
—
1.90
January
A combination of bearish factors were
lower.
responsible
today's substantial declines in futures.
The weakness
of grains and lower hog prices together with a light export
demand for lard, combined to influence considerable specula¬
tive selling, and prices closed at the lows of the day.
Lard
exports from the Port of New York today totaled onlv 16,500
for
pounds destined for Southampton. Liverpool lard futures
were unchanged to 3d. higher.
Chicago hog prices were 15c.
lower.
Sales ranged from $6.70 to $7.35.
Western hog
marketings totaled 83,300 head against 57,200 head for the
same day a year ago.
On the 11th inst. futures closed 2 to
7 points net lower.
Speculative interest continues almost
entirely absent from the market.
A heavy undertone pre¬
vailed, due largely to easiness in hogs and continued heavy
hog receipts.
However, lard clearances from the Port of
New York were quite heavy and totaled 202,634 pounds,
destined for Manchester,
Liverpool, Southampton and
Trieste.
Liverpool lard futures were 9d. to Is. 3d. lower
per cwt.
Chicago hog prices were 15c. to 25c. lower. Hog
receipts totaled 66,900 head, against 48,900 head for the same
day a.year ago.
Sales ranged from $6 to $7.15. On the
12th inst. futures closed 15 to 17 points net lower.
In the
earlier session trading was light, but in the latter half of
the period considerable pressure developed which sent prices
off 15 to 17 points, the lowest levels in five years.
Weakness
in cotton oil was regarded as contributing to the declines
in lard.
Export clearances of lard from the Port of New
York were light and totaled 30,800 pounds, destined for
Glasgow.
Liverpool lard futures were unchanged to 3d.
lower.
Hog prices at Chicago were about unchanged from
Tuesday's finals.
Sales of hogs ranged from $5.75 to $7.15.
Western hog marketings totaled 47,000 head, against 47,700
head for the
same
day last
year.
On the 13th inst. futures closed 5 to 7
The lard market made
a
points net higher.
better showing today
after three
consecutive days of declining prices.
The official announce¬
ment from Washington that the Government intends to
lard programs to increase domestic and export
consumption, attracted scattered covering in futures, which
resulted in an upturn of 7 to 10 points on the active deliveries.
The spring and fall pig crop this year were the largest in
several years and large pig crops usually mean heavy lard
supplies. Lard exports from the Port of New York were
the heaviest in some time and totaled 668,394 pounds,
destined for London, Liverpool, Manchester, Southampton
and Hamburg.
Liverpool lard futures were unchanged to
6d. lower.
Chicago hog prices closed 10c. to 15c. higher.
Sales were reported throughout the day at prices ranging
from $5.90 to $7.25.
Western hog marketings were below
subsidize
a
year ago
the
and totaled 44,500 head, against 50,000 head for
Today futures closed 8 points down
day last year.
to 5 points net higher.
irregular.
same
Transactions were light, with prices
DAILY CLOSING PRICES
Sat.
OP LARD FUTURES IN CHICAGO
Mon.
Tues.
Wed.
Thurs.
Fri.
5.50
5.62
5-92
5 75
5.60
5 72
5.45
5.57
5.50
5.62
December
5.97
6.05
5.82
5.90
5.77
5.87
5.60
5.70
5.65
5.75
5.67
5.80
January
6.12
5.97
5.90
5.75
5.82
5.82
July
September
October
Pork—(Export), mess, $19.1234 per barrel (per 200
pounds); family (40-50 pieces to barrel), $17.50 per barrel.
Beef: (export), steady.
Family (export), $22 per barrel (200
Cut meats:'pickled hams: picnic, loose,
8 lbs., 1234c.; 8 to 10 lbs.,
1134c.
Skinned, loose, c. a. f.—14 to 16 lbs., 17c.; 18 to
20 lbs., 17c.
Bellies: clear, f. o. b. New York—6 to 8 lbs.,
1434c.; 8 to 10 lbs., 1334c.; 10 to 12 lbs., 1234c.
Bellies:
clear, dry salted, boxed, N. Y.—16 to 18 lbs., 834c.; 18 to
pounds), nominal.
c.
a.
f.—4 to 6 lbs., 1334c.; 6 to
Volume 149
The Commercial & Financial
Chronicle
20lbs., 7^c.; 20 to 25lbs., 7^c.; 25 to 30lbs., 7 He. Butter:
Creamery, firsts to higher than extra and premium marks:
22 to 23iie.
Cheese: State, held '38, 16 to 19c.
Eggs:
mixed colors: checks to
special packs: 14 H to 18Hc.
Oils—Linseed oil business
reported very quiet, but
deliveries hold fairly well. Linseed oil in tank cars is
quoted
8.5 to 8.7c.
Quotations: China wood: nearby, drums—22 to
24c.
Coconut: crude, tanks,
nearby—.03c. bid; Pacific
Coast, spot—.02 He. bid. Corn: crude, West, tank,
nearby
-—.05 H to .05%.
Olive: denatured—drums, carlots, ship¬
ments—80 to 81; spot—82 to 83.
Soy bean: crude, tanks,
West— .04H to
.04H; L. C. L. N. Y.—.067 to .068. Edible:
coconut, 76 degrees—&% bid.
Lard: prime, ex. winter—
8offer. Cod: crude,
Turpentine: 30
were
5.80@ 5.98 November
October--
5.96@
-
December
n
January
5.99 February
-
5.96@
6.08@
6.13@
6.13 @
Sales
that time totaled 4,120,pounds, of which 680,000 pounds were
exchanges for
physicals. Sales in the domestic spot market totaled 50,000
hides.
In the
Argentine market 22,000 hides were sold.
Local closing: New contracts:
Sept., 11.30; Dec., 11.60;
to
March, 11.86.
"
\
:
On the 13th inst.
futures closed 13 to 10
points net higher.
Transactions totaled 196 lots.
Prices of raw hide futures
were
steady in sympathy with stocks, but
dealings were
small, sales to early afternoon
reaching only 1,200,000
pounds. At that time prices were about 6
points higher with
Sept. selling at 11.36c.
Spot market news was favorable
and it indicated hides were in
good demand at steady prices.
Local closing:
Sept., 11.43; Dec., 11.70; Mar., 11.96; June,
12.21.
Today futures closed 3 points down to
unchanged.
Rosins: $4.75 to $7.65.
5.85 @
5.91 @
higher, with September at 11.40c.
000
Cottonseed Oil sales
yesterday, including switches, 123
contracts.
Crude S. E., 4H-5c.
Prices closed as follows:
July
August
September
During early afternoon prices of futures
13 to 14
points net
£,nd December at 11.68c.
Norwegian light filtered—29>2 offer.
to 32.
429
the 12th inst. futures
closed 4 to 5 points net
higher. Transac¬
tions totaled 168
lots, all in the new contract.
Prices
strengthened in the hides futures market on short
covering
due to renewed
activity on spot hides and the firm tone of
the stock market.
n
6.11
6.15
n
Transactions totaled 112 lots. News of
activity in the spot
hide market at
advancing prices failed to hold last night's
Rubber—On the 10th inst. futures closed
unchanged to 4
points lower.
The opening range was 1 to 9
points under the
previous close.
Transactions totaled 1,000 tons, or 100
prices.
The market had an easy undertone with
points in Sept. to early afternoon when it
^
contracts.
Spot standard No. 1 ribbed smoked sheets re¬
mained unchanged in the trade
at 16 He.
A considerable
portion of the buying today came from
factory interests.
Both London and
Singapore markets closed quiet, prices
ranging unchanged to l-16d. lower.
The outside market
was quiet.
Local closing: July, 16.30;
Sept., 16.32; Oct.,
16.37; Dec., 16.40; Jan., 16.42; March, 16.45.
On the 11th
inst. futures closed 2 to 7
points net higher.
Transactions
a
loss of 8
stood at
a
pound.
was
Other options
Trading
quiet, totaling only 3,360,000 pounds to that time. In
the spot market sales of native
a
11.35c.
1 to 5 points lower.
were
pound
were
537 pieces to
hides are
Local
reported.
a
total of
cow
hides at advances of He.
Certificated stocks of hides increased
1,401,623 hides. In addition 70,497
pending certification, making 1,472,120 hides.
closing: Sept., 11.40; Dec., 11.69; Mar., 11.96; June,
totaled 1,230 tons, or 123 contracts.
There was good buying
factory interests, and this did much to hold the market
steady during most of the session.
The opening range was
3 points higher to 5
points lower.
The outside market was
quiet.
A cable from Singapore today gave dealers' stocks
in Colonies
during June as 15,684 tons, or a decline from
stocks of 16,340 tons
during May. Stocks at all Colony
ports awaiting shipment—not included in dealers or
estates
Ocean
from
Freights—Chartering was fairly active, especially
during the latter part of the week, with scrap
tonnage the
feature.
Charters included: Scrap: North Atlantic
range to
Gdynia, July-August, 20s, 6d.
Atlantic range to Japan,
July-August, 20s, excluding Yawata.
Atlantic range to
United Kingdom,
August-September, 18s. South Atlantic
to United
Kingdom, August, 18s. Pacific Coast to Japan,
July, $4.15.
Pacific Coast to Japan,
July, $4.
Atlantic
range to Japan, July-August, 19s. 6d.
Atlantic range to
Gdynia, July, 20s. 6d. Pacific Coast to Japan,
July, $4.15.
North Atlantic range to West
Italy, July-August, $5.50.
stocks and not
exported on the last day of the month—de¬
clined to 5,540 tons from
6,302 tons in May.
Local
closing:
July, 16.37; Sept., 16.38; Dec., 16.43;
March, 16.47.
On
the 12th inst. futures closed 2 to 7
points net higher, with the
exception of the July contract, which closed 2
points net
Another vessel,
lower.
16.50 and March at 16.55.
The sales to that time totaled
The London market closed
unchanged to l-16d.
I,270 tons.
On'the 13th inst. futures closed 9 to 2
points net higher,
totaling 206 lots.
The improvement in rubber
futures continued in
Prices this afternoon
more
were
16.52 and Dec. at 16.60.
active
up
trading than heretofore.
8 to 10 points with Sept. at
Sales to that time totaled 450 tons.
dealer buying were
Factory absorption and London
The
London
market
reported.
closed
steady, unchanged to l-16d
higher. Singapore also closed steady. Local
closing: July,
16.40; Sept., 16.49; Oct., 16.50; Dec., 16.52;
March, 16.57;
May, 16.60. Today futures closed unchanged on all deliv¬
eries.
Transactions totaled 72 lots.
tion
Bullish June
consump¬
figures caused buying of rubber futures which
advanced
the market about 6 points, with
Sept. selling at 16.55c. Sales
to early afternoon totaled
1,200 tons.
In addition to
large
consumption the market had before it a sharp fall in
Malayan
exports to consider.
The London market was
unchanged.
It was expected that United
Kingdom rubber stocks would
show
a
fall of 700 tons this week to
Singapore also
a new
low for the
season.
unchanged.
Shipment offers from the
closing: July, 16.45; Sept., 16.52;
Dec., 16.61; Mar., 16.63; May, 16.64.
East
were
was
small.
Hides—On
Local
the
10th
inst.
futures
closed 7 points net
higher on all active deliveries. The opening
range was 2 to 3
points net higher.
Transactions totaled
only 440,000
pounds, the smallest volume in some time.
Certificated
stocks of hides in warehouses licensed
creased
by the exchange in¬
by 956 hides to a total of 1,402,358 hides. The
tone of the domestic
spot hide market was reported firm. No
appreciable business was reported, however. Local
closing:
Sept., 11.14; Dec., 11.42; March, 11.68; June, 11.93.
On
the 11th inst. futures closed 12 to 13
points net higher. The
opening range was 6 to 8 points net higher.
Transactions
totaled 6,760,000 hides, of which
320,000 pounds were ex¬
changed for physical rubber.
It was reported that some
60,000 domestic spot hides were sold at
steady prices.
Packers who refused to sell their better
grade hides without
moving old hides, also were successful in their
endeavors
today and
back
salting hides, running to March, were
cleaned up.
Only June hides are now available, for which
packers are asking He. a pound advance over the old
prices.
In
addition
to
the
packer
hide
sales
there were 10,000
frigorifico steers sold at 10 3-16c.
Local closing:
Sept.,
II.26; Dec., 11.55; March, 11.81; June (1940), 12.06.
On
Grain: St. Lawrence to United
per
quarter.
K.-Continent, July 15-25, basis 2s. 9d.
K.-Continent, July 12-15, basis 2s. 9d.
Grain Booked: Fourteen
loads, Montreal to Avonmouth,
July, 2s. lOd.
Time:
Trip up, delivery Gulf, redelivery
St. Lawrence,
July, p. t.
Reported fixed three months
European trading, July, 7s.
July deliveries.
However, on the
dip factory interests bought forward months,
thereby rally¬
ing the market.
During early afternoon prices were 6 to 7
points net higher, with September at
16.44c., December at
with sales
details.
St. Lawrence to U.
St. Lawrence to U.
18 transferable notices of
higher.
Singapore also was steady.
Local closing: July,
16.35; Oct., 16.41; Dec., 16.50; Jan., 16.51;
March, 16.53;
May, 16.54.
same
Kingdom-Continent, August 3-17, basis 2s., 9d.
Transactions totaled 190 lots.
The market rallied
after opening 1 to 4 points lower as a
result of circulation of
Coal—It is reported in the anthracite field
that business
since the 1st of
July has dropped off rather
sharply.
It is
pointed out, however, that inventory taking and vacations
among dealers tend to slow down the demand.
The smaller
producers and dealers find it difficult to name
prices intelli¬
gently, it is said.
The leaders make the prices
quietly and
it may be several
days before the others in the industry learn
of them.
This makes competition difficult in such
cases.
Anthracite production in Pennsylvania for the
week ended
July 1st is estimated at 866,000 tons, or 144,300 tons
per
working day, an increase of 130,000 tons (more than
17%)
when compared with
tonnage in the preceding week.
Com¬
pared with the week of 'July 2, 1938, however, there was a
decrease of 125,000 tons
(about 12%). According to figures
furnished by the Association of American
Railroads, the
,
shipments of anthracite into eastern New York and New
England for the week ended June 24th have amounted to
1,217 cars, as compared with 1,301 cars during the same
week in 1938*
Wool—There has been a pick-up in the wool business
the
past several days.
This has imparted considerable firmness
to the raw material.
It is reported that dealers are not
offering concessions to
domestic
raw
material
move
on
wool, and
as
supplies of the
the Eastern seaboard
are
not
over
large, renewed dealer activity has developed in
some of the
Western and Midwestern States.
A decidedly more
opti¬
mistic feeling prevails in wool circles, and the
outlook is
regarded as most promising.
It is reported that large quan¬
tities of wool are going through the cards and combs
and
some
good
sized
buying is looked for
Recent wool imports amounted
which
872,000
of wool for
were
division not finer
than 40s
and
during the near future.
to 1,500,000 pounds, of
the
worsted
and
woolen
arriving from six foreign
sources.
Inventories, vacations and shut-downs for the over¬
hauling of machinery, common enough as the second half
of a year opens, may be expected to curb
immediate interest
of wool buyers.
It is reported that country packed % blood
and H blood Middle Western fleeces are
being passed over
to Eastern
several
users
weeks.
at
30 to 31c., which is the
top price for
of original
Sales
mostly at 64 to 66c. down
original bag wool.
bag territory
to
are
priced
63 to 65c. for less desirable
Silk—On the 10th inst. futures closed
lHc. higher to He.
Nominal closing quotations for the
No. 2 contract
were
unchanged lc. lower.
The opening
range on the
No. 1 contract was lc. to 3c. lower. The
market held fairly
steady during most of the session in a limited trade. There
:
lower.
:
reported in the No. 2 contract. Transactions
totaled 19 contracts.
The price of
double extra in the New York spot market declined
was no
in the
crack
business
No.
%q. to $2.55.
9 yen
to
lower
Yen exchange declined % to 27%.
July, 2.50; Aug., 2.39^; Sept., 2.30; Oct., 2.26;
bale.
Houston
Corpus Christi--.
Local closing:
Nov.,2.23
Beaumont
Mobile
Dec.. 2.21: Jan., 2.21.
On
the
Trading
11th inst.
was
the session.
months
was
Savannah
light, but the market was firm during most of
Switching out of the July position into forward
the outstanding feature.
The No. 1 contract
..
Lake Charles
Wilmington.Norfolk-
..—...
York
New
Since Aug
1 1938
Week
1 1937
28,500
57,532
30,797
5,424
8,718
26,554
672
Mobile..
•
25
....
Charleston—
100
3,407
975
925
32,676 7,121.857 1,769,766
2,353,942
27,106
485
....
1,872
329
974
414
291
427
1
2,667
3,165
4,433
1,497
474
155
335
2,525
128
736
1,271
2,438
10,269
33,685
Total this wk-
32,676
17,371
16,973
20,715
51,435
4,038,899 7,380,388
Since Aug. 1 3,488,138 7,121,857 6,281,775 6,715,985
for the week ending this evening reach a total
of which 1,780 were to Great Britain, 296 to
France, 2,192 to Germany, 4,733 to Italy, 6,913 to Japan,
159 to China, and 4,130 to other destinations.
In the
corresponding week last year total exports were 37,111
bales.
For the season to date aggregate exports have been
3,277,713 bales, against 5,589,878 bales in the same period
of the previous season. Below are the exports for the week:
The exports
of 20,203 bales,
2.60;
Jan.,
Exports to—
Week Ended
July 14, 1939
Galveston
"786
1
For the week
reached 33,685
bales, against 30,001 bales last week and 36,239 bales the
previous week, making the total receipts since Aug. 1, 1938,
3,488,138 bales, against 7,121,857 bales for the same period
of 1937-38, showing a decrease since Aug. 1, 1937, of
from the South tonight, is given below.
1,494
40
40
&c._
275
"215
60
Savannah
50
__
l",977
....
__
1,780
296
2,192
4,733
1938
8,493
5,223
1,991
Total
1937
3,163
1,005
1,731
2,390
2,472
Galveston
1,240
Houston
Corpus Christi
1,066
873
•
1,666
2,853
454
1,763
"865
1,556
Mobile
888
584
173
859
1,313
8,297
11,729
2,331
6,910
1,040
575
1,424
5,688
586
544
"23
Savannah
Exports from—
Britain
France
69,877 100,205
Galveston
Houston.....
127,641
86,124
Corpus Christi
29,106
139,301
Brownsville
.
24,351
12,606
24,376
1,240
84", 753
2,462
.
69,023
68~168
New OrleansLake Charles.
Mobile.
126,089
10,788
35,849
5,192
1,464
1,167
1,666
Jacksonville..
57,561
-
5,124
Charleston
468
511
714
~
66
500
177
90
____
16
*ti
-
—
.
Total this week
16,601
21,114
4,091
8_,9ll
1,936
3,417
5,644
3,552
6,830
9,492
470,783 396,224
Total
1937-38 1608,692 757,575
Total
1936-37 1186,105 717,360
1,511
10,726
4,852
600
mmm m
«.
513
m|» mm mm
-.
''
'
—
~
—
~
—
,
'
_
_
_
„
_
'mmmm
„
198,709
86,465
6,016
1,284
with last year:
compared
265,502
110,363
10
95,798 662,404 3,277713
887,049 535,372 668,476
750,540 411,378 1581,773
91,381 1041333 5589,878
23,185 719,570 5389,911
Canada—It has never been our
of cotton shipments to Canada, the reason
Dominion comes over land and It
all the cotton destined to the
us
On
Ger¬
Great
Britain
Orleans
France
Other
Foreign
wise
Leaving
Stock
Coast¬
many
1~319
2,200
2,500
245
__
shipboard, not
Shipboard Not Cleared for—
July 14 at—
New
telegrams tonight also
the following amounts of cotton on
351
4,600
4,196
4,026
Total
2,000
83
10,800
9,892
462,877
541,250
3,851
8,473
396,472
142,206
Savannah
30,797
"734
"89
"645
MobUe
Norfolk
table shows the week's total receipts, the
total since Aug. 1, 1938, and the stocks tonight,
229
5,330
1,922
883,070
459,759 309,675
Other ports
The following
9,050
4,481
practice to Include in the
being that virtually
Is Impossible to give
returns concerning the same from week to week, while reports from the customs
districts on the Canadian border are always very slow in coming to hand.
In view,
however, of the numerous inquiries we are receiving regarding the matter, we will
say that for the month of May the exports to the Dominion the present season
have been 24,637 bales.
In the corresponding month of the preceding season the
exports were 19,779 bales.
For the 10 months ended May 31, 1939, there were
163,091 bales exported as against 211,734 bales for the 10 months of 1937-38.
NOTE—Exports to
above table reports
1,794
33,685
7,538
155
mi*--
;
Charleston.
4,750
11,024
900
10
23,486
Francisco
200
"
mm
2,000
115
500
*.
500
Houston
422
-
„
—
179
104
29
Galveston
"65
"l6
18
Baltimore
-
m
-
13
_
5
422
Norfolk
_
'
1
5
"""I
„
131
j
24,499
'.'mmrn'm
""mmmm
61
m
;
"33
5,331
186
331
Gulf port
915
mm mm
1,390
5,400
"
924,362
260,037
53,524
1,039
557,719
35,951
60,417
1,420
11,938
9,071 127,004
12,074
728
7,041
"295
1,088
*
"2,152
—
336
Total
934,539
262
•
415
11,888
"360
9,838
Norfolk
866
....
10,685
Savannah
8,791
....
■
944
Pensacola, &c.
22,768 223,679
53,160 200,302
2,171 59,061
73,611
6,730
11,517
173
Beaumont
286,970
209,422
91,739
130,005 117,708
63,411
28,425
Other
China
Japan
Italy
many
25
o
Lake Charles
Wilmington
17,265
Ger¬
Great
14
14
Pensacola, &c
37,111
Exported to—
From
July 14, 1939
3.806
2.110
795
1,994
337
__
New Orleans
423
1,434
20,203
8,053
Aug. 1, 1938 to
give
Total
Fri.
....
4,130
722
159
12,346
6,787
In addition to above exports, our
Thurs.
2,777
6,913
Total
50
6,568
2,481
3,633,719 bales.
Wed.
*159
4,432
"296
Total........
Total......
ending this evening the total receipts have
128
4,555
600
Mobile
San Francisco.
2,058
2,258
1,085
2",684
894
New Orleans
Los Angeles
Total
128
Corpus Christi..
Norfolk.
809
1,449
Houston
Pensacola,
2,058
....
"
"i.
Other
China
Japan
Italy
many
....
Seattle.
1939
France
Britain
New York
indicated by our tele¬
Ger¬
Great
Exports from—
San
Tues.
66
2
672
10,647
Los Angeles..
Mon.
11,017
7,056
15,146
4,871
1,103
1,153
1,886
3,245
9,079
3,317
2,055
2,459
6,838
115
All others
COTTON
Sat.
1933-34
1934-35
1935-36
1936-37
2,772
.....
Philadelphia
Receipts at—
other years,
2.782
Wilmington..
Norfolk.
8,455
.
11
11,729
6,940
3,806
Orleans.
Savannah
21,396
2,884
4,300
5,280
5,728
1,359
1,795
8.297
Baltimore
grams
"li
leading ports for six seasons:
1937-38
1938-39
Houston
Boston..
as
142,206
199,010
78,981
comparison may be made with
give below the totals at
New
production and consumption were regarded
as favorable resulting in some buying of silk futures.
Dealer
interests were credited with lifting hedges and spot silk was
higher.
On small trading prices of futures firmed up 1 to
lHc., with Dec. selling at $2.30H> up %c.
All trading to
early afternoon was in the No. 1 contract, 540 bales having
been done to that time.
In the New York spot market
crack double extra sold at $2.64%, an advance of 3 He. a
pound. Yokohama Bourse prices were 9 to 17 yen higher.
Grade D silk in the outside market advanced 15 yen to
Friday Night, July 14,
135.539
28,493
422
Receipts at—
cm
Crop,
1,359
1,795
11,847
33,685 3,488,138
Galveston
Transactions totaled 121 lots.
Prices of raw silk
futures were fairly steady with dealer interests reported
buying. Lack of activity in the spot silk market tended to
hold interest down.
Sales to early afternoon totaled 650
bales, all in the No. 1 contract. At that time July delivery
stood at $2.56, off %o., and Dec. at $2.26H> off lc.
The
price of crack double extra silk in the uptown market was
unchanged at $2.61. In Yokohama Bourse prices were 1 to
9 yen lower.
Grade D silk in the outside market was 5 yen
higher at 1,215 yen a bale.
Yen exchange advanced % to
27%.
Local closing: No. 1 contracts: July, 2.57H; Aug.,
2.48H; Sept., 2.39Hi Oct., 2.32; Nov., 2.31; Dec., 2.29;
Jan., 2.27H; Feb., 2.26.
Today prices closed 1% to 3%c.
net higher for the near months and %q. down to %c. up on
the distant deliveries.
Transactions totaled 135 lots. Japan¬
the
225,792
77,954
3,615
1,158
In order that
higher.
of
2,124,505
5,728
...
Totals.
Contract, and only 10 bales in the No. 2 Contract.
The
price of crack double extra silk advanced 5c. in the New York
spot silk market to $2.61 a pound.
The Yokohama Bourse
closed 21 to 28 yen higher.
In the outside market Grade D
silk advanced 20 yen to 1,210 yen a bale.
Local closing:
No. 1 Contracts: July, 2.56H; Aug., 2.47H; Sept., 2.3831;
Oct., 2.32; Dec., 2.27H; Jan., 2.26H; Feb., 2.24.
On the 13th inst. futures closed unchanged to 2c. net
The Movement
5",250
635,528
668,922
50,112
16,761
661,632
57,616
5,300
2,249
147,888
42,054
11,597
100
Baltimore
we
1938
1939
473,677
551,142
44,473
31,778
404,945
42,820
3,656
1,343
2,884 1,918,660
4,300 1,822,303
410,513
10,162
Boston
1,120 bales in the No. 1
1,230 yen a bale. Local closing: No. 1 contracts: July,
Sept., 2.50; Oct., 2.42; Nov., 2.35H Dec., 2.29%;
2.27H; Feb., 2.25H.
—
_
Charleston
closed l%c.to6c. higher after open¬
ing unchanged to 2c. lower.
The price of crack double
extra in the New York spot market advanced lc. to $2.56.
The Yokohama Bourse closed 11 yen higher to 2 yen lower,
while the price of Grade D in the outside market advanced
5 yen to 1,190 yen a bale.
Yen exchange remained un¬
changed at 27%.
Local closing: No. 1 Contract: July, 2.53;
Sept., 2.30; Oct., 2.303^; Dec., 2.25; Jan., 2.22}%.
On the
12th inst. futures closed 4^c. to 13^c. net higher. Trans¬
actions totaled 179 lots, all in the No. 1 Contracts.
After
hesitation at the opening, silk futures turned strong when
importers and dealers lifted hedges against sales of actual
silk in an active spot market.
During early afternoon prices
were 3He. to 4He. higher, with July No. 1 at $2.57 H» Sep¬
tember at $2.39 %, and December at $2.29HTransac¬
tions in futures to that time totaled
&c—
Jacksonville—
August contract. Prices
statistics
...
Pensacola,
lc. to 6c. net higher.
closed
futures
opened lc. lower to 2c. higher, and prices were very strong
after the initial call on sales of 560 bales or 56 contracts.
The official spring cocoon crop was bullishly interpreted.
Activity in the No. 2 contract was confined to the sale of one
ese
Orleans
New
This
8,297 1,018,824
11,729 1,056,446
296,054
2,331
16,678
860,594
6",940
73,691
3.806
14
13,058
2,178
""25
36,882
16,096
38,785
5
1
13,659
115
16,700
Galveston.
market declined 5 yen to 1,185 yen
Since Aug
Week
closed 2 yen higher
compared with Friday, while the price of
This
The Yokohama Bourse
Grade D in the outside
per
Receipts to
July 14
Stock
1937-38
1938-39
contract
1
July 15, 1939
Chronicle
The Commercial & Financial
430
Total 1939..
Total 1938..
4,439
10,788
Total 1937.
11,511
.
1,564
2,999
3,714
5,051
2,392
5,881
12,911
19,107
6,626
5,934
8,713
6,230
42,086
26,554
97,625
29.899 1,739,867
43,999 2,309,943
33,962 1,081,853
Volume
The Commercial & Financial Chronicle
149
Speculation in
ately
active
prices
cotton
during
more
for
past
the
future
week,
less irregular.
or
the
latter half of
sagging prices.
the
Uncertainties
moder¬
course
early part
the
and strength
period
was
the
with
During
the week considerable activity
but
delivery
of
of
displayed,
was
relatively dull, with
was
arising from
tlie cotton
ex¬
port subsidy conference at Washington and adjustment of
the
July position, which expires at
straining influences
today,
noon
were
re¬
trade activity.
on
On the 8th inst. futures closed 3 to 9
points lower, with
exerted
bearish
a
of the
day, cotton prices .turned easier this afternoon
moderate
the
volume
lower to 1 point higher.
foreign
from domestic and
moderate
by
expectations
of
bearish
a
estimate
by the Crop Reporting Board that 24,943,000
in cultivation
were
of
as
July 1,
under last year, was given
but
trading
no
morning.
tions.
The
acreage
figures
however, and 468,000
The
Agriculture'jHenry A.
resentatives
of the
to
from
announcement
under 25,000,000 acres,
interpret the report favorably.
Washington
Wallace
that
and
cotton
textile
he
by
Secretary
had
invited
trades to
of
rep¬
confer in
Washington next Thursday, attracted attention. Southern
spot markets were 5 to 10 points lower except Montgomery,
Ala., which
was
unchanged.
Average price of middling
On the 10th inst. prices closed 10 to 19
9.49c.
higher.
The
market
showed
registering gains of almost
advanced into further
foreign buying
was
new
unusual
dollar
a
a
strength
bale.
was
points net
today,
All deliveries
high ground for the
season.
Early
followed by increased outside demand
as
the
upward movement of values commanded more attention.
The opening range was
steady and unchanged to 7 points
higher, although Liverpool cables
There
were not up
to expectations.
selling abroad and buying here on unconfirmed
circulating in Liverpool concerning the
possibility
that the export subsidy would be
lp£c. a pound. Locally,
was
rumors
as
far
as
the
subsidy
was
await the outcome of
when
trade
concerned, the disposition
Thursday's meeting
representatives
will
confer
at
was
to
Washington
and
contracts.
were
forced to pay this
price
to
obtain
Spot cotton markets
were
generally 5 to 15
On the 11th inst. prices closed
unchanged to
8 points higher.
The market ruled steady to firm
points higher.
during
of the
most
day.
The market's undercurrent of
strength
influenced largely by the
tightness in the spot cotton
situation.
At the highs for the
was
day,
6 to
7
points
up.
months were
Earlier lows had carried the list off to
new crop
losses of 5 to 6 points.
and
The market opened 1 to 5
points
Offerings, however, were small and the market
by
midday responded to a moderate demand.
Highest prices
were touched in the
afternoon, but the gains were not fully
maintained owing to some
realizing and liquidation.
To¬
were
16
close, however,
July
notices
a
better tone prevailed.
issued,
in
the
on
sympathy
continued
with
selling
in
was
tion and
evening up operations
the
outcome
shorts and
of
today.
the
the trade
as
cotton
Offerings
legislation
was
absorbed
were
hesitant
conference
by
in
trade
moderate foreign demand.
Today prices closed 3 points up to 3 points off.
Prices
cotton
futures
displayed a
slightly irregular tone
today in a limited volume of sales.
A short time before
a
for
the
close
of
of 2 points
business
to
active
positions
showed
an
advance
decline of 1
a
point from the closing levels
Around midday the market was 1
of
the previous day.
point lower to 4 points higher.
Only a small turnover was
effected at the opening of the futures
market this morning,
and initial prices were
unchanged to 2 points lower.
The
market was slightly easier on worse than
expected Liver¬
pool cables, July liquidation, selling by
Bombay and Liver¬
pool in October and December, and hedge sales
through
leading spot interests in December and May.
Ring traders
sold the distant
May, with brokers with Bombay connec¬
tions again on the
buying side.
Cooperatives bought
July
and there was some trade fixations in
the October position.
The official quotation for
middling upland cotton in the
New York market each
day for the past week has been:
July 8 to July 14—
Middling upland
Sat.
Mon.
Tues.
10.02
.9.87
9.98
Wed. Thurs.
9.89
Fri.
9.85
9.77
Premiums and Discounts for Grade and
Staple—The
table below gives the
premiums and discounts for grade and
staple in relation to the grade, Basis Middling
established
for deliveries on contract on
July 20, 1939.
Premiums and
discounts for grades and staples are the
of
average quotations
markets, designated by the Secretary of Agriculture,
10
and staple premiums
represent 60 % of the average premiums
over %-inch cotton at the 10
markets on July 13:
15-16
1 In. &
%
15-16
1 In. dk
Inch
Inch
Longer
Inch
Inch
Longer
While—
Mid.
Fair
.62
on
Spotted—
Good Mid
representing
deliver 1,600 bales in settlement of
contracts.
.09
.79
.94
on
St. Good Mid-
.24
on
.37
on
.66
on
.73
.88
on
St.
Good Mid
.06 off
.09
on
.22
on
.50
on
.67
.82
on
Mid
.69 off
St.
.56 off
.37
on
.53
.69
on
.34
on
♦St. Low Mid..
♦Low Mid
.42 off 1.36 off 1.32 off
.14 off 2.12 off 2.10 off
Mid
Mid
Basis
Low Mid
.19
.64 off
.40
.27 off
1.24 off
Tinged—
Good Mid
2.01 Off
St.
2.59 off
♦Mid
♦St. Good Ord. 2.06 off 2.02
•Good Ord
2.63 off 2.61
Extra White—
Good Mid
.50
on
.67
on
.82
on
.53
on
.69
on
.34
on
Even
.19
St. Low Mid
.54 off
.40 off
.27 off
.30 off
.85 off 2.84 off 2.84 off
.14 off 1.07 off 1.00 off
♦St.
Low
Mid
1.36 off 1.28 off 1.24 off
♦St. Good Ord. 2.06 off 2.02 off 2.01 off
Mid
.65 off 1.62 off 1.59 off
♦Mid
.30 off 2.28 off 2.27 off
Gray—
2.63 off 2.61 off 2.59 off
Ord
.40 off
.73 off
.64 off
.54 off
.52 off 1.48 off 1.43 off
.19 off 2.17 off 2.17 off
Yel. Stained—
Good Mid
on
Mid
.50 off
Mid
.42 off
♦St. Low Mid..
♦Low Mid
on
.37
...
Mid
•Good
Mid
1.36 off 1.28
St. Low Mid-
St.
on
Good Mid...
.62 off
St.
lower.
wards the
partially
were
October, December and May.
A
noticeable, on the other hand, from
Activity in futures quieted down dur¬
ing the later trading and was limited to scattered liquida¬
offtake
on
trade shorts
a
with
agricultural
plans for increasing cotton exports. July
trading
attracted attention.
During the morning New Orleans
interests were willing sellers at the recent
high level of 9.56c.
officials
in
before the end of
Bombay interests.
acres
below the average of private
acres
estimates, caused the trade
was
declines
interests
over
not far from expecta¬
were
The fact that the total
Shortly
The market opened slightly easier
Liverpool cables
Washington
possible until Monday
was
The
acres
slightly bullish interpretation,
a
the report
on
reduction of 75,000
a
The
business.
this morning, with initial
prcies registering no change to a
decline of 3 points from the last
quotations of the preced¬
by
apparently influenced
of
trading period the list was 4 to 5 points below yester¬
closing levels.
At noon the market was 4 points
lower
Government acreage estimate issued just after the close.
at
day's
day.
was
market
prices closed 4 to 6 points net lower.
After displaying a mixed tone throughout the
greater part
ing
Much of this selling
futures
On the 13th inst.
the
foreign quarters.
the
on
Liverpool.
July delivery showing the 3 point loss. There was con¬
siderable liquidation during the short
session, this coming
the
431
influence
.82 off
.72 off
.62 off
.39 off 1.32 off 1.29 of
j
Mid
♦Mid.
♦
Not deliverable
on
.51 off
.40 off
future contract.
Futures—The
highest, lowest and closing prices at New
York for the past week have been
as
follows:
There
intentions
to
Saturday
July 8
The notices
Monday
July 10
Tuesday
Wednesday
Thursday
Friday
July 11
July 12
July 13
July 14
stopped and subsequently July ruled
steady until late
renewal of offerings carried it off to
9.58, a new low for the
July (1939)
Range.
>
9.52- 9.56
9.53- 9.63
9.58-
9.57- 9.65
9.57- 9.65
Closing.
9.53- 9.54
9.63
9.63
9.64- 9.65
9.60
day.
Aug.—
8.86 n
9.01 n
9.02ft
8.98ft
8.94ft
8.91ft
8.95ft
were
Southern spot markets
19 points lower to 15
price of middling 9.57c.
On
the 12th inst. prices closed 4 to 13
points net lower, with the
exception of the July delivery, which closed 1
point net
higher. The cotton market displayed a weaker tone
points higher, with
in
a
were
average
moderate volume of transactions.
today
A short time before
the close of business active months
registered losses of 2 to 9
points from the closing levels of the preceding
day.
Around
midday prices were 4 to 9 points lower.
In a
moderately
active opening, the local futures
market followed lower
Liverpool cables and initial prices were off 1 to 7
points.
There appeared to be considerable
selling in all the new
crop deliveries for both Bombay and
Liverpool accounts,
presumably liquidation of straddle operations.
There was
some
selling by spot houses in the distant new
crop deliveries
and hedge placements went into
December and March.
July liquidation was quite active, but shorts took these
offerings rather well and the spot month held
steady, 1
point lower. The chief support came from local
professionals,
trade interests and small New
Orleans absorption in Oc¬
tober and December.
Reports that United States farm
officials favored an export
subsidy rate up to l%c. a pound,
9.65
9.58- 9.63
Range..
Closing
.
Sep-..—
Range..
Closing
8.90 n
9.05 n
9.06ft
9.02ft
8.98ft
8.82- 8.90
8.83- 8.98
8.92- 9.03
8.91- 8.98
8.87- 8.95
8.87- 8.93
8.82- 8.84
.
8.97
8.98- 8.99
8.94
9.90
8.87
Oct.—
Range
..
Closing
.
—
Nor.—
Range
..
.
8.72ft
8.89ft
8.90ft
8.85ft
8.80ft
8.78 ft
.
8.63-
8.72
8.67- 8.82
8.76- 8.88
8.74- 8.81
8.69- 8.77
8.69- 8.75
.
8.63- 8.65
8.81- 8.82
8.82
8.76
8.71- 8.72
8.69
.
8.52- 8.60
8.56- 8.66
8.63- 8.75
8.63- 8.66
8.59- 8.64
8.57- 8.62
.
8.52
8.68ft
8.70ft
8.63ft
8.59
—
8.56 ft
8.50ft
Closing
Dec.—
Range.
Closing
—
Jan.i.1940)
Range.
Closing
Feb.—
Range..
Closing.
8.46ft
8.63 n
8.66ft
8.57 ft
8.52ft
Range..
8.41- 8.49
8.47- 8.60
8.54- 8.66
8.52- 8.58
8.46- 8.53
8.41- 8.42
8.44- 8.52
Closing.
8.59- 8.60
8.63
8.52
8.46
8.45
8.37 n
8.55ft
8.58 ft
8.46ft
8.4lw
Range..
8.33- 8.41
8.39- 8.52
8.46- 8.58
8.40- 8.48
8.33- 8.34
8.35- 8.42
8.33- 8.41
Closing.
8.52
8.53
8.40- 8.41
8.36
8.33- 8.34
Mar.—
—
—
—
April—
Range..
Closing
.
8.39ft
May—
June—
Range..
Closing
n
.
Nominal.
-
-
The Commercial &
432
Range for future prices at New York for the week
July 14,1939, and since trading began on each option:
ended
Range Since Beginning of
Week
1939Aug. 1939..
Sept. 1939
9.52 July
8
9.65 July
1939..
8.82 July
8
9.03 July
11
1939-
8.63 July
Jan.
1940-
8
8
8.88 July
8.62
11
11
Feb
7.60 Dec.
5 1938
7.46 Apr. 11 1939
7.30 Jan. 24 1939
7.26 Jan. 10 1939
11
1940
July
Oct.
Dec.
Apr
1910
May
1040—
Montgom'y
783
7.49
Feb. 23 1939
8.72
July
27 1939
8.57 June 28 1939
Feb. 23 1939
Apr. 20 1939
7.58 May 22 1939
11
8.58 July
8
8.33 July
7 1939
July
8.92
26 1939
7.36
11
8.66 July
8
8.41 July
Mar. 1940-
8.75 July
359
7.29 Jan.
7.49
July
Ala., Birm'am
Eufaula
7 1939
7 1939
City
Forest
Future Delivery—The
Commodity
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
July 10 July 11 July 12 July
July 8
13
Contracts
July 13
October.
(1940)
January
M arch.
-
May
—
Inactive months—
168
23.249
272
46,399
9
86,951
19,685
1,415
921
79
39,801
9
76
54
240
12,779
26,510
2,064
76,500
635
187,507
62,135
17,610
45,512
234,821
6,496
2,385
123,119
967
178,817
1,834
600
32,700
300
25,533
33,750
47,309
16,990
147,501
261,171
500
84
2
138,765
48,611
14,214
31,906
129,220
133,820
13,600
28,931
16,952
86,762
143,790
30,297
204,352
33,524
100,784
17
Ga., Albany..
7,904
17
12
Athens
1,492
Atlanta
Augusta
895
Columbus..
200
Macon
131
Rome
..
„
La., Shrevep't
496
Miss., Clarksd
Columbus..
"310
...
"~9
2,500
23,788
136,452
80,215
525,744
131
7,484
2,000
53,000
15 towns *_
65
339,589
9,700
23.800
182,500
S. O., Gr'vllle
1,276
103,148
1,900
66,100 120,000 112,600 106,500 100,000 1,346,700
July 8
10 July
July
11
Contracts
200
200
3,050
4,750
5.6,50
12,000
3",750
9,850
10,400
20,950
88,2.50
186
19
3,550
3,750
3,150
7,4.50
5,450
51,850
200
1,450
450
1,100
2", 100
4,050
2" 200
450
1,450
700
1,950
2,300
32,450
23,950
———
300
2,800
100
150
1,350
26,750
25,250
221.600
150
Includes 6,000 bales
18,580 ;
10.400
15,750
9; 700
Supply of Cotton tonight, as made up by
cable and telegraph, is as follows.
Foreign stocks as well
as afloat are this week's returns, and consequently all foreign
The Visible
figures are brought down to Thursday evening.
To make
the total show the complete figures for tonight (Friday) we
add the item of exports from the United States for Friday
only.
\\
..
1939
605,000
86,000
•TuZtr 14—
Manchester
-
Total Great Britain
-
Stock at Bremen
—
Stock at Havre
1938
1936
1937
-
Stock at Rotterdam
993,000
140,000
727,000
155,000
882,000
140,000
163,000
10,000
757,000
195,000
141,000
11,000
66,000
77,000
11,000
10,000
"24
Stock at Barcelona
16,000
11,000
13,000
Stock at Genoa._
Stock at Venice and Mestre
Stock at Trieste
51,000
26,000
20,000
28,000
9,000
7,000
1,438
2,214
39,049
19
115,011
475
33,397
423
38,467
'mm
m
m
254,000
—
598,000
357,000
511,000
stocks
1,945,000 1,731,000 1,239,000 1,268,000
68,000
72,000
164,000
India cotton afloat for Europe
75,000
136,000
80,000
88,000
American cotton afloat for Europe
53,000
157.000
166,000
275,000
Egypt. Brazil,&c..afl't for Europe 261,000
134,000
108,000
342,000
Stock in Alexandria, Egypt
243,000
800,000
958,000
Stock in Bombay, India.—
963,000 1,082,000
Total European
2,024,282 1,115,820 1,285,212
873,772 1,301,765
5,149
11,000
5,669
Stock in U. S. ports
1,769,766
Stock in U. S. interior towns
2,449,476 2,353,942
U. S. exports
4,293
today
totals of American and other descriptions
are as follows:
m py i /* n 7i——*
167,000
Liverpool stock—
Manchester stock
Bremen stock
•
„
Havre stock
Continental stock
American afloat for Europe
Other
U. S.
1,769,766
2,449,476
4,293
port stock
TJ. S. interior stock
U. S. exports today
35,156
237,000
265,000
41,000
48,000
130,000
101,000
103,000
130,000
98,000
29,000
136,000
80,000
1,115,820 1,285,212
2,024,282
873,772 1,301,765
2,353,942
5,149
5,669
11,300
608,000
99,000
165,000
207,000
62,000
88,000
64
438,000
58,000
37,000
31,000
40,000
Manchester stock
Bremen stock
Havre stock
Other Continental stock
75,000
261,000
243,000
963,000
Indian afloat for Europe
Egypt, Brazil, &c., afloat
Stock in Alexandria, Egypt
Stock in Bombay, India
462,000
107,000
40,000
33,000
24,000
72,000
166,000
108,000
958,000
2,146,000 2,453,000 1,970,000 1,818,000
4,617,535 5,618,524 2,648,261 3,337,126
Total East. India, &c
Total American
vl8l1?le ^up?ly
385,000
41,000
77,000
43,000
44,000
164,000
275,000
342,000
1,082,000
Middling uplands, Liverpool
Middling uplands, New York
6,763.535 8,071,524 4,618,261 5,155,126
Egypt, good Guza, Liverpool
Broach, fine, Liverpool
Peruvian Tanguis, g'd fair, L'pool
C.P.Oomra No.l staple,s'fine,Liv
5.52d.
4.88d.
6.85d.
7.47d.
9.77c.
8.69c.
12.52c.
13.23c.
10.74d.
4.14d.
3.95d.
5.87d.
5.72d.
5.83d.
8.08d.
4.23d.
4.02d.
5.77d.
Continental imports for past week have been 99,000
At
the
Interior
Towns
the
movement—that
Oklahoma,
same
week last year.
New York Quotations for 32 Years
quotations for middling UDlaDd at New York on
July 14 for each of the past 32 years have been as follows:
1939
9.77c.
8.68c.
1923
9.10c.
13.10c.
1931
}938
1930
1922
1921
18.25c.
I937
12.60c. 1929
22.00c.
1936 ——13.43c. 1928
1935
12.40c. 1927 -.—17.75c.
18.85c.
1934
13.05c. 1926
-24.95c.
1933 ——11.60c. 1925
31.30c.
1932
5.70c. 1924
1920
1919
1918
1917
1916
28.00c.
22.65c.
12.45c.
——42.00c.
36.60c.
32.80c.
27.65c.
12.95c.
Market and Sales at New
1911
1910
1909
1908
SALES
—
Steady
Steady
Barely steady.
Nominal
"500
'600
l'.ioo
100
100
200
200
800
1.400
_
600
Total week.
Since Aug.
Total
_
Steady
Nominal
Contr'ct
Spot
Barely steady.
Very steady
Wednesday. Nominal
Nominal
Thursday
79.755 120,7001200,455
1
Overland Movement for
1—
the Week and Since Aug.
below a statement showing the overland movement
the week and since Aug. 1, as made up from telegraphic
We give
for
reports Friday night.
The results for the
Aug. 1 in the last two years are as follows:
1938-39
week and since
1937-38-
Since
12,345
Since
Aug. 1
h
h
h
h
h
h
.22,068
h
22,960
h
422
h
485
h
July 14—
Shipped—
Week
Via St. Louis
2,300
3,525
100
175
-
Via Mounds, &c
Via Rock Tsiand
-
Via Louisville
3,623
Virginia points
Via other routes, &c
Via
Deduct Shipments—
Overland to N. Y.,
Boston. &c
*
2,721
1,775
Aug. 1
h
h
h
h
3,635
h
14,829
h
177
h
207
h
3,850
h
5,346
h
4,449
4,449
h
6,038
h
h
16.922
h
.
Leaving total net overland
Week
.17,619
17,619
Total to be deducted
*
totals
Including movement by rail to Canada,
h We withhold the
allow proper adjustments at the end of the crop year.
-1937-38-1938-39-
since Aug. 1 so as to
In Sight and
Week
Receipts at ports to July 14
Net overland to July 14
Southern consumption to July
Aug. 1
Week
Aug. I
h
32,676
16,922
85,000
h
h
h
134,598
♦29,238
h
33,685
17,619
14-125,000
176,304
*28,123
Total marketed
Interior stocks in excess
8.12d.
Since
Since
Spinners'
Takings
over
h
h
h~~
h
h
of Southern mill takings
consumption to June 1
5.97d.
the
1912
York
Closed
Saturday— Nominal
Nominal
Monday
Friday
12.30c.
12.50c.
14.25c.
16.00c.
13.05c.
11.10c.
1913
Market
Closed
Tuesday
9.30c.
1915
1914 ——13.25c.
Futures
Spot Market
Excess
is,
Antonio.
The
5.86d.
bales.
a San
the interior stocks have
decreased during the week 28,123 bales and are tonight
438,194 bales more than at the same period last year. The
receipts of all the towns have been 5,895 bales more than
show that
totals
above
The
.
Liverpool stock
18,790
13,028
277
54,967 2462,476
totals of 15 towns in
Brazil, &c.—
403,000
76,000
67,000
38,000
75,000
68,000
157,000
134,000
800,000
42,163
91,183
2
17,988
4,617,535 5,618,524 2,648,261 3,337,126
Total American
East Indian,
28,000
89,000
43,000
14,000
53,000
629
a
a
a7,639
a
"2
6,763,535 8,071,524 4,618,261 5,155,126
Total visible supply
Of the above,
1,947
'
22,750
93,578
15,673
~~~6
644
m m
—
Total Continental stocks
18,051
569
26,844 4784,190
640,000
117,000
691,000 1,133,000
126,000
242,000
74,000
250,000
14,000
9,000
bales
Stock at Liverpool
"25
28,347
56,047
_
Includes the combined
the
against which notices have been Issued, leaving net open
34,800 bales.
14,023
13,349
Marcos
Tot.. 56 towns
6
323
6,479
Waco
2,487
3,362
64,809
Paris
*
12,484
14,974
46,244
—
271
1,126
"23
15,580
•
....
Texarkana
568,233
——
Austin
Brenham
28,590
13,841 2070,353
22,003
Mem's
Tenn.,
2.494
2,721
9,101
255,729
57,988
1,540
*
San
— —
Stock at
151,269
600
12,200
100
Total all futures
*
1,000
13,607 2692,693
85
46.120
800
1,000
May
contracts of
522,595
15,700
3,950
July...
47
2,781
Texas, Abilene
(1940).
March.—
2,452
76,109
208,583
209
2,234
1,900
January
2
44
280,600
10,510
40,623
2,300
7,450
December
25,735
3,497
2,771
166
6,814
July 11
—
12,638
272
47
45,748
Vlcksburg—
199,578
Open
-— —
24,171
491
59
15,577
16,214
Robstown..
<1939)
53,472
90
40
302,499
66,282
18,871
52,613
1,456
84
29,497
Natchez
Dallas—...
October—
310
24,375
119
November..
July
62,721
2,227
27,700
July 7
27,908
992
2,059
Oklahoma—
15,800
48.186
197
N.C., Gr'boro
28,600
54,999
825
40,959
Mo., St. Louis
9,300
22,087
824
31
*39,800
-
13,535
26,150
141,841
127,797
34,700
27.903
32,984
352,300
2,600
July 6
14
640
36,284
436,500
10,800
July 5
"26
14
1,538
1,215
20,500
100
New Orleans
32
61.185
29.902
953
349
20,800
1,600
11,800
130,300
16
23,200
—
Total all futures
"~97
32,515
75,318
50
14,900
'
September (1939)
.
24,600
29,900
46
146.367
-
.
26,500
24,800
23,300
18,900
/
553
6
—
29,200
30,500
9,900
14,600
36,100
2,600
16,500
21,200
December
854
152
"llO
20,600
17,300
36,600
—
—
171,360
60.486
9
38,582
~189
Yazoo City.
July (1939).
128
75
"351
.
Greenwood.
July 7
552
46,536
34,219
—
Bluff
Jackson
Open
122
69,443
127,152
3", 736
Walnut Rge
Volume of Sales for
100
53,041
55
48,349
198
47
12.119
2
146
68,238
154,786
48,267
588
II
■
Rock
Little
Newport.
Exchange
331
125
15
22,703
8,131
48,721
57,602
87,850
24,754
29,615
23.893
978
66,831
10
101,181
65,899
36.558
—-
Hope
Pine
1,047
1,708
132,030
38,998
60,307
39,036
19,392
109,124
40.198
1
Ark.,Blythev.
Jonesboro—
8.44 June 28 1939
1940—
June
87,636
45,069
July
Week
Reason
Week
22,234
9,454
51,773
1,434
73
Helena
8.50 July
72.711
14,482
21
...
Selma
14
Stocks
ments
July
Week
Season
11 1939
8.12 Oct.
3 1938
8.50 June 21 1939
9.65 July
7.26 Jan.
Nov. 1939
ments
—
Week
15, 1938
Ship¬
Receipts
Stock*
Ship¬
Receipts
Tovms
Option
Movement to July
14, 1939
Movement to July
—
Range for
Option for—
July IS, 1939
Financial Chronicle
105,360
TotaUn
s?ght%ydi4^f——III148-'—
North, spinn's' takings to
♦
Decrease,
July 14- 15,533
h We withhold the totals since
17,093
Aug. 1 so as to allow proper
receipts for the week and since Aug. 1, the shipments for
the week and the stocks tonight, and the same items for the
adjustments at the end
corresponding period of the previous year—-is set out in
Quotations for Middling Cotton at Other Markets—
Below are the closing quotations for middling cotton at
detail below:
of the crop year.
Volume
The Commercial & Financial Chronicle
149
Southern and other principal cotton markets for each
day
of the week:
Census
July
12
Report of Cottonseed Oil Production—On
the Bureau of the Census issued the following
statement
Closing Quotations for Middling Cotton
Week Ended
July 14
Saturday Monday
Galveston
Tuesday
Wed'day Thursday
9.40
9.33
9.55
9.55
9.63
9.55
9.44
9.50
9.98
9.98
9.74
9.85
9.40
9.85
9.50
9.80
9.50
9.70
9.75
9.45
10.17
9.94
9.90
9.60
9.98
9.55
9.50
9.40
9.35
9.20
9.45
9.35
9.11
9.45
9.40
9.30
9.87
9.35
9.30
9.50
8.93
9.45
8.84
9.40
9.25
8.80
8.77
Houston
Little Rock
Dallas
9.62
8.98
New Orleans Contract Market—The
leading contracts in the New Orleans
the past week have been
on
9.27
9.45
9.37
9.40
COTTONSEED
Monday
July 8
July 10
July (1939) 9.59M).6la
August
Tuesday
July 11
9.75
RECEIVED,
9.70
ON
Aug. 1 to June 30
HAND
Aug. 1 to June 30
1939
Alabama
Arkansas
closing quotations
.
on
(TONS)
July 14
*
9.08- 9.09
9.08
9.03- 9.04
December.
8.71
8.91
8.92
8.86
8.82
—
8.80
Jan. (1940)
8.59
8.78
8.79
8.73
8.69
—
8.67
8.69
8.72
8.58
—
8.63
1938
307.593
425,656
469,553
590,691
13,640
8,792
170,643
252,503
10,029
364,294
604,124
191,731
669,819
281,242
954,455
150,351
280,142
36,140
1,272
15,653
416
12,371
35,018
41,908
20,135
6,988
81,017
9,857
181,143
180,446
274,455
1,049
2,985
284,216
283,202
741
435,866
359,672
421,520
8,787
37,761
5,643
1,664
14,759
155,764
11,915
139.923
394,381
4,207,394 6,551,051 4,399.081 6,198,245
Includes seed destroyed at mills but not
337,118 tons and 42,394 tons on hand
nor 71,614 tons and
148,080 tons reshlpped for 1939 and 1938, respectively.
8.55
8.60
1939
1,026,507 1,703,926 1,169,819 1,571,034
181.621
270.540
184,017
259,221
All other States—
United States
8.92
June 30
1938
355,849
Texas
9.69
On Hand at Mills
179,635
Tennessee.—
Friday
July 13
437,746
625,825
288,943
621,931
186,265
288,026
664,161 1,027,506
143,828
289,588
178,622
276,938
Louisiana..
Mississippi
Oklahoma
Thursday
1939
364,653
-
North Carolina.
July 12
1938
309,272
458,123
158,958
...
California
Georgia
cotton market for
9.73- 9.74
AND
Crushed
State
9.45
Wednesday
9.75
CRUSHED.
Received at Mills*
September
October
and
June,
South Carolina--.—.
Saturday
crushed
9.67
follows:
as
cottonseed received,
cottonseed products manufactured, shipped
out,
hand and exported for the 11 months ended with
1939 and 1938:
9.45
9.45
Montgomery..
Augusta
Memphis
for
Friday
9.47
9.50
9.47
9.83
9.75
9.40
10.03
Mobile.
Savannah
Norfolk
showing
hand, and
on-
9.35
New Orleans..
433
__
8.99
8.975-8.98a
—
November
February
Aug. 1
COTTONSEED PRODUCTS
MANUFACTURED, SHIPPED OUT, AND ON
HAND
_
March
8.50
--
8.625-8.63c
—
April
Produced
May.--..
8.41
June—
8.275-8.29 a 8.455-8.47c
8.50
8.485
8.34
Quiet.
Quiet.
Quiet.
Quiet.
Steady.
Steady.
Steady.
Steady.
Steady.
*
Agricultural Department's Report on Cotton Acreage
Agricultural Department at Washington on July.8
—The
issued its report on cotton
acreage as of July 1.
placed the acreage of cotton in cultivation in
States on July 1 as estimated
This report
the
United
by the Crop Reporting Board
at 24,943,000 acres, which is 3-10ths of
1% less than the
acreage on July 1, 1938.
The report in full follows:
The acreage of cotton in cultivation in the United
States on July 1 is
estimated by the Crop
Reporting Board to be 24,943,000 acres, which is
3-10ths of 1% less than the 25,018,000 acres on
July 1, 1938,
32.2% less
than the 1928-37 average, and
14.4% less than the 1934-38 average. If the
10-year average (1929-38) percentage of abandonment Is
applied to the
estimated acreage in cultivation on
July 1, an acreage of 24,424,000 is
indicated for harvest.
This would be only
slightly more than the 24,248,000 acres harvested in 1938, which was the smallest cotton
acreage
harvested since 1899.
While very little change occurred in the total
United States cotton acreage
in 1939 in comparison with
1938, substantial changes took place in some
15%, followed
6%, Florida with
5% and Texas with 2%.
Georgia, Tennessee and South Carolina are esti¬
mated to have the same acreage as last
year.
One percent increase is shown
for Mississippi and Louisiana, and an increase
of 2% is indicated for
Arkansas, Alabama and New Mexico.
Missouri shows an increase of
4%
and Oklahoma an Increase of
7% over 1938.
Due to extremely low yields last
year the 1939 Sea Island cotton
States.
In the group showing
reduction, Virginia led with
bv North Carolina and Arizona with
11%, California with
acreage
is much smaller than in 1938 in
Georgia and Florida where most of the crop
is produced.
However, small acreages are being gorwn this year In South
Carolina, Alabama, Mississippi, Arkansas, Louisiana, and
Texas.
No report on probable production of lint will be
made until
Crop Reporting
and
Board
of
the
data furnished
AS
OF
JULY
Marketing Service, from the
correspondents, field statisticians, the Agri¬
cultivation, total 24,943,000 acres, compared with last
the
Average
Per Cent
1.4
Virginia
1.6
North Carolina-South Carolina
1.2
1.0
399,000
71,000
1,255,000
1,717,000
Georgia
1.2
2,827,000
2.6
116,000
983,000
2,967.000
3,566.000
3,048,000
1,658,000
3,341,000
14,237,000
123,000
190,000
280,000
24,000
Florida
Tennessee
1.0
—.
Alabama.-Mississippi
0.7
Arkansas
1.6
Louisiana
1.0
1.2
Oklahoma
4.1
Texas
3.1
New Mexico
3.1
Arizona
0.4
1.4
.
All other
2.0
United States
2.2
California
__
0.6
1938
362,000
42,000
884,000
1,263,000
2,064,000
1939
of 1938
376,000
36,000
104
85
787,000
1,263,000
1937-38
Refined oil (lbs.)
1938-39
1937-38
Cake and meal,
1938-39
,
(tons)
1937-38
41,952
30,534
36,939
40,833
1937-38
1,828
63,975
35,948
1938-39
36,592
55,878
58,230
1937-38
7,379
80,966
46,205
1938-39
1938-39
fiber, 500-
lb. bales
457,464
1937-38
bales
43,422
1938-39
Llntere, running
133,153
1937-38
Hull
Grabbots, motes
Ac..
500
lb.
bales
*
*88,828.343
46,481,115
a614,469,980
566,450,010
151,259
259,002
97,202
155,069
570,641
519,987
26,640
29,855
2,556,740
1,178,512
1,481,811
61,547
2,773,790
1,142,561
1,593,458
1,097,298
1,438,074
Hulls (tons)
984,121
979,634
34,240
42,140
Includes
11,339,523 and 10,032,884 pounds held by refining and manufacturing
and 12,855,220 and 13,127,110
pounds in transit to refiners and
Aug. 1, 1938, and June 30, 1939,
respectively.
a Includes 5,199,739 and
14,541,358 pounds held by refiners, brokers, agents, and
warehousemen at places other than refineries and
manufacturing establishments
and 7,696,711 and 2,014,448
pounds In transit to manufacturers of
establishments
consumers
shortening,
oleomargarine,
soap, &c., Aug. 1, 1938, and June 30, 1939,
b Produced from 1,331,981,508
pounds of crude oil.
respectively.
EXPORTS AND IMPORTS OF COTTONSEED PRODUCTS FOR
10 MONTHS
ENDED
MAY
31
Item
1939
Exports—Oil, crude, pounds
Oil refined, pounds
Cake and meal, tons of 2,000 pounds
*
Amounts
for
June
not
—
included
2,386,059
4,644,120
14,948
178,483
*714,800
*56,634,016
4,314
42,438
Linters, running bales
—
1938
150,050
3,358,393
Imports—Oil, crude, pounds
above
are
623,725
80,416
-
238,383
42,912
41,500,401
3,992
13,195
pounds refined,
from warehouse
direct for consumption," 627,255
refined, "withdrawn
sumption," and 2,634,463 refined, "entered direct Into warehouse."
2,064,000
78,000
"entered
for
con¬
2.4
c
102,000
94,000
Alabama,
York
delivery in
54
72
103
100
64
84
70
85
88
Not
month
purchased Monday by D. E. Japhet and company.
According to the Houston "Post" of July 11, which went on
was
to say:
price of 9.75 cents
a
62
83
72
89
102
66
84
87
85
89
was
was sent to Houston
by F. W.
Exporters Compress and Ware¬
handled by L.
R. C. Towle
and
70
.
66
3
0.21
101
1
0.24
102
2
1.01
3
1.37
107
108
70
60
102
66
102
72
102
71
68
73
72
68
74
dry
1
Louisiana—Alexandria
Amite
1
4
3
-
brought
a
Birmingham
Montgomery
1.83
1.62
0.56
98
99
100
97
87
84
87
87
84
86
86
84
86
.
2.30
96
73
73
2
0.53
99
66
2/:
1.06
2.74
5.19
93
93
68
81
72
90
72
3.80
4
Atlanta
95
4
Pensacola
Tampa—
Georgia—Savannah
0.86
2.14
91
91
1.72
72
72
71
67
72
68
75
72
72
83
81
82
82
6
,
Miami.
103
95
4
.
1.07
5
—
0.29
3
2
Florida—Jacksonville
2'
2
Augusta
2
..
0.39
.
1.33
0.96
2
Columbia
3
2
.
Greenwood
North Carolina—Asheviile
0.30
dry
Macon
South Carolina—Charleston
Chattanooga
68
87
88
81
1
-—..
Alabama—Mobile
Nashville-—.
72
■\
99
0.02
4
-
Shreveport
Mississippi—Meridian—
Vicksburg
Raleigh
Wilmington
0.05
dry
dry
Little Rock
Pine Bluff
0.78
1
0.03
dry
"
1
1.26
1.34
Tennessee—Memphis
pound.
was sent to the
104
106
2
Charlotte
Matagorda county, the cotton
0.86
4.72
0.24
2
New Orleans
/«.
First 1939 Bale of Cotton Sold in
Houston—The first
bale of the 1939 cotton crop to be sold in the Houston
market
house company.
The sale of the cotton
2
......
Oklahoma—Oklahoma City
Arkansas—Eldorado
Fort Smith
member, firm, or corporation, and his or its affilia¬
tions, at 250,000 bales for delivery in July, 1939, and in
all months up to and
including June, 1940.
Vaughan and company and
96
Taylor..
Mississippi, Arkansas,
any one
104
106
San Antonio
111
c
1.12
Paris
91
;
72
69
0.08
dry
Palestine
62
States totals,
:
103
75
88
1
N acogdoch es—
99.7
104,000
3
Luling
106
40,000
2
Kerr ville.
89
94
19,400
4
—
Dallas
any
Grown in
96
104
El Paso
Cotton
future contracts for
0.02
2.07
0.03
2.17
1.34
Corpus Christi
98
102
22,000
Hijjh
1
Brownsville
107
180,000
10.54
-Thermometer
Low
Mean
72
87
4
Brenham_
102
101
Exchange Fixes Limitation of
Interest—The Board of Managers of the New York Cotton
Exchange voted on June 10 to set the maximum limit of
on
4
2
101
334,000
Inches
Austin
102
8,980,000
99,000
Rainfall
Amarillo
Included in State and United States totals.
Grown principally in Georgia and
with small acreages in South Carolina,
Louisiana, and Texas,
b Included In Arizona and United
Included in California figures, nor in United States total.
■
Texas—Galveston
(old
Florida
V
>
100
36,801,000 25,018,000 24,943,000
38,000
-
Rain
95
742,000
2,121,000
2,648,000
2,208,000
1,151,000
1,854,000
31,100
44,000
*
Days
100
82,000
,
Alabama.
89
100
742,000
079,000
2,622,000
2,165,000
1,140,000
1,733,000
9,163,000
97,000
203,000
356,000
21,000
2
a
American Egyptian b
by
June 30
*33,833,717 1,385,497,058 1,329,467,683
11,141,266 1,919,643,043 1,904,281,868
a487,927.952 ftl 254266,368
441,052,343 1,699,540,087
214,611
1,989,230
2,052,582
by Telegraph—Telegraphic advices to us this
evening indicate that except for too much moisture in some
portions of the belt, the weather has been generally favorable,
Progress of cotton has been good in Texas except in west
central sections, where progress has been
poor to only fair.
Blooming is reported in eastern Mississippi and portions of
1939 %
1928-1937
interest
-
Returns
99.7%.
Abandonm't
Missouri
California
year
Acreage in Cultivation July 1
1929-1938
New
On Hand
June 30
States
State
a
1938-39
Linters, bales of 500 pounds
Agricultural
10-Yr.Aver.
► Mexico)
Shipped Out
Aug. 1 to
to
June 30
Cake and meal, tons of 2,000 pounds
1, 1939
by crop
cultural Adjustment
Administration, and cooperating State agencies, makes
following estimate of cotton acreage in cultivation July 1, 1939.
United
Lower
Crude oil (lbs.)
Oil, refined, pounds
Aug. 8.
COTTON REPORT
Sea Island
Aug. I
Aug. 1
Dull.
Steady.
acreage In
On Hand
i
Dull.
Options
The
Season
8.31
Tone—
Spot
reports
Item
8.455-8,46c 8.425-8.43a
8.375-8.39a
...
dry
2
0.15
dry
93
91
95
94
92
99
93
89
90
90
89
97
95
97
;
72
68
88
82
84
81
83
87
79
84
81
84
86
56
83
73
66
78
61
66
76
78
82
77
84
66
59
70
The Commercial &
434
The following statement has also been received by tele¬
graph, showing the heights of rivers at the points named at
8 a. m. of the dates given:
Above zero of
Above zero of
Above zero of
Above zero of
Memphis.Nashville
Shreveport
Feet
5.9
To Manchester,
17.8
To Continent &
Vicksburg
14.7
gauge-
12.7
&c
Since
Aug. 1
Week
Aug. 1
173,919
184,507
691,384
4,000
14",000
185,825
179,567
734,114
25,844
Since
India— 11,000
17.9
28,264
1,000
To America
5.4
17.0
To Liverpool
9.6
6.2
gauge.;.
gauge.
gauge.
This
Week
4,000
5,000
(bales)—
Exports
July 15, 1938
6.3
..Above zero of gauge.
Since
Aug. 1.
This
Feet
;
This
Week
July 14.1939
.
New Orleans
1939
July 15,
Financial Chronicle
6,000 1170,795
21.000 10781,074 18,000 1112,350
Total exports
190,963
205,777
731,375
42,680
e'.ooo
lbs.
Egyptian bales weigh about 750 lbs.
This statement shows that the receipts for the week endedJuly 12
13,000 cantars and the foreign shipments 21,000 bales.
Note—A cantar is 99
Plantations—The following table
each week from the planta¬
tions.
The figures do not include overland receipts nor
Southern consumption; they are simply a statement of the
weekly movement from the plantations of that part of the
crop which finally reaches the market through the outports.
the
from
Receipts
indicates the actual movement
Stocks at Interior
Receipts at Ports
Week
give prices
We
for comparison:
weeks of this and last year
1938
1939
1936
1938
1939
1937
1938
1939
1937
1938
1939
received by cable to¬
the market in both yarns
foreign markets is poor.
today below and leave those for previous
Market—Our report
Manchester
night from Manchester states that
and cloths is quiet.
Demand for
Receipts Jrom Plantations
Tovms
End.
Lbs. Shirt¬
ings, Common
21,385
13,296
26,976
30,687
42,828
21.
28.
12,397
45,944
44,904
5.
16,498
24,610
40,825
12.
10.724
16,918
31,296
19.
16,932
17,042
28,231
26.
16,063
14,112
25,457
40,673
May
June
17,425
17,870
2.
16,177
23,331
23.
36,239
30.
28,909
14,040
NU
13,710
NU
Nil
2237,238 1206.606
2216,336 1162,626
2194,843 1107.259
Nil
Nil
Nil
NU
Nil
Nil
N1I
14—
21
7.
26,363
32,676
Nil
NU
Nil
Nil
12—
Nil
3,282
Nil
2490,599 2053,520
Nil
Nil
2462,476 2024,282
873,772
5,562
3.438
Nil
7,966
NU
19—
9
5,532
Nil
26-
8K@ 9%
June
16-.
8V»@ 97A
9J4@10 A
9H®10
23—
9
30..
9—
Cotton—The follow¬
ing brief but comprehensive statement indicates at a glance
the world's supply of cotton for the week and since Aug. 1
for the last two seasons from all sources from which statistics
are
obtainable; also the takings or amounts gone out of
sight for the like period:
1937-38
1938-39
Week and Season
Season
Week
Season
Week
8,106,439
h
h
h:
148.181
h
105",360
H
9,000
26,000
2,600
7,000
h
H
h
24,000
17,000
3,200
8,000
7,115,090
h
8,263,999
h
h
6,922,309
■*
Bombay receipts to July 13 —
July 13-
Other India ship'ts to
Other supply to July 12*b
Total supply.
h
h
h
h
6,763,535
h
8,071,524
h
3,511,555
h
h
192,475
176,275
h
215,955
—
14--
Total takings to July
Of which American
*
h
deduct—
Visible supply July 14.
h
16.200J
h
135,600
Of which other
h
in Europe from Brazil, Smyrna, West Indies, &c.
h We withhold the totals since Aug. 1 so as to allow proper adjustments
at end of crop year,
b Estimated.
Embraces receipts
All Ports—The receipts
and the shipments from all India
India Cotton Movement from
of Indian cotton at Bombay
ports for the week
for three years,
@
and for the season from Aug. 1, as
cabled,
have been as follows:
d.
d.
s.
d.
9
9
@10
4.89
4.99
9K@11M
9A@llA
9
9
@10
4.94
5.00
9A@WV4,
9
9
@10
5.28
9
6
9
5.54
9A@19A
9K@10H
9A@\0A
5.48
9
d.
d.
d.
4.93
IA
8 10 A@ 9
IA
9
@93
9
@93
8 10A@
9
5.33
8.
4 80
5.49
5.77
8A@
5.76
8A<&
5.66
9
4.46
6
@
9
3
4.43
@ 9
3
4.54
9
@
9
3
4.69
9
1A@
9
4A
4.83
1A@
9
4A
4.96
3
@
9
6
5.16
A@
9
4A
4.88
@10
9
@10
9
@93
5.62
9A@10A
9
@10
9
@93
5.61
14..
9
@10
9
@93
5.52
9A@\0*A
9A@10A
9
7..
*
9
9
9
July
@
9H
8?*@
@93
@93
@93
9
4.68
3
9A
@93
9
4.77
7A
@
9
9
9
@10
4.96
9
9
@10
9
6
@ 9
4A® 9
9
9
,
2—
Supply and Takings of
Cotton Takings,
@10
Nil
8,083
shows:
(1) That the total receipts
plantations since Aug. 1, 1938, are 4,410,631 bales;
in 1937-38 were 8,431,142 bales, and in 1936-37 were 6,216,627 bales.
(2) That, although the receipts at the outports
the past week were 33,685 bales, the actual movement from
the plantations was 5,562 bales, stock at interior towns having
decreased 28,123 bales during the week.
Alexandria receipts to July 12
7A@
Nil
4,043
7
9
8
Nil
The above statement
Visible supply July
Upl'ds
Upl'ds
8 10A
9
9 10A
7A@
8
9A
8A@
8H@ 9H
9H
903,027
Visible supply Aug. 1
„ _
American in sight to July 14—
8A@ 9A
89H
8
5—
from the
World's
Mlddl'g
to Finest
May
930,969
17,059
17,371
17,684
33,685
.
ings, Common
Twist
Finest
s.
32s Cop
ft A
*
14.
*
—
28-%
2512,919 2081,164
July
s.
Cotton
Lbs. Shirt¬
Mlddl'g
April
NU
Nil
15,75?
27,019
Twist
NU
NU
2263,791 1255,379
to
d.
•
d.
19,653
23,325
15,944
24,113
22,893
9.
Nil
Nil
32s Cop
NU
2635.929 2167,585 1064,946
2600,639 2138,409 1030,520
998,705
2570.117 2119,356
964,392
2541,961 2100,775
23,761
20,069
16.
2757,237
2725,840
2692,156
2667,674
3,173
Nil
2870,759 2338,818 1440,172
2831,695 2322,171 1387,245
2795,440 2289,937 1322,016
8H
Cotton
8A
Apr.
14.
were
9
News—As shown on a previous page, the
the United States the past week have
The shipments in detail, as made
from mail and telegraphic reports, are as follows:
Bales
Shipping
exports of cotton from
reached 20,203 bales.
up
GALVESTON—To Ghent, July 10,
cott, 242
Spaarndam, 100; July 13.
Endi-
342
23
Copenhagen—July 10, Tabor 23
To Rotterdam—July 10, Spaarndam, 275; July 13, Endicott, 50
To Gdynia, July 10, 486.
To Gothenburg, July 10, 882__
—
HOUSTON—To Ghent, July 8, Spaarndam, 50
— _
To Rotterdam, July 8, Spaarndam, 50
To Copenhagen, July 7, Tabor, 77—_
—— ——
To Gdynia, July 7, Tabor 264
To Gothenburg, July 7, Tabor, 368..
To Genoa, July 11, Monrosa, 1,449
NEW ORLEANS—To Genoa—July 3, Monbaldo, 1,771...
To Venice, July 11, Alberta, 800
To Trieste, July 11, Alberta, 113
—
To Gdynia—July 11, Vasaholm, 50
.... — ...
To Wasa, July 11, Vasaholm, 600
—
.
—
To Havana, July 8, Ulua, 35
--i;
To Arica, July 11, Cefala, 400
To Liverpool, July 11, Antillian, 75
...
To Manchester, July 11, Antillian, 711
MOBILE—To Liverpool—July 1, Arizpa, 40
To Manchester—July 1, Arizpa, 559; July 5, Observer, 295-__
To Naples, July 7, Monbaldo, 500
To Genoa, July 7, Monbaldo, 100
CORPUS CHRISTI—To Ghent, July 11, Endicott, 28
To Rotterdam, July 11, Endicott, 100
...
NORFOLK—To Antwerp, July 11. Osprey, 50____
—
PENSACOLA—To Manchester—July 11, Antinous, 40
—
SAVANNAH—To Manchester—July 8, Fluor Spar, 60. —
— _
To Hamburg, July 8, Fluor Spar, 215
LOS ANGELES—To Japan, June 28, Taiyo Maru, .563; July 5,
President Adams, 336; July 7, Asama Maru, 1,310; July 10,
To
President Taft, 2,223
882
50
50
77
264
368
1,449
1,771
" 800
113
50
600
35
400
75
711
40
854
500
100
28
100
50
40
60
215
4,432
1,977
159
—
-
3, Vancouver, 1,145;
7, Asama Maru, 159
SAN FRANCISCO—To France, (?), 296
To Japan, (?), 2,481
To Bremen, July
325
486
July 3, Donau, 832-____
To China, July
296
2,481
Freights—Current rates for cotton from New
furnished by Lambert & Barrows, Inc., are as
follows, quotations being in cents per pound:
Cotton
1938-39
1936-37
1937-38
July 13
Aug. 1
Week
Since
Since
Since
Receipts—
Week
Aug. 1
Week
York,
•
as
Aug. 1
High
High
Stand¬
Density
ard
Density
14,000 3,097,000
.60c
....
9,000 2.356.00C
24,000 2,460,000
.45c
.60c
Flume
Antwerp
Since August 1
For the Week
Liverpool
Manchester
Bombay
.46c
.61c
Barcelona
.45c
Great
Conti¬
Britain
nent
China
Great
)ap'n&
From—
Total
Britain
Conti¬
Japan
.81c
Shanghai
.60c
Bombay z
nent
Rotterdam
Japan &
China
Total
Genoa
Oslo
61,000
61,000
78,000
63,000
237,000 1282,000 1597,000
278,000 748,000 1089,000
391,000 1524,000 1999,000
1937-38—
4,666
10",000
9,000
23,000
1936-37..
2,000
10,000
34,000
46,000
84,000
1938-39..
11,000
15,000
26,000
308,000
1937-38—
3,000
14,000
17,000
250,000
439,000
803,000
689,000
1936-37-
2,000
5,000
7,000
494,000
674,000
1168,000
Other Indla-
495,000
.56c
.71c
Bremen
Stockholm
Bombay—
1938-39-
,61c
.76c
Hamburg
•No
quotation
x
Only small lots,
732,000 1282,000 2400,000
717,000 748,000 1778,000
578,000 1065,000 1524,000 3167,000
1938-39..
11,000
15,000
61,000
87,000
386,000
1937-38-
7,000
24,000
313,000
4,000
15,000
9,000
34,000
40,000
1936-37..
53,000
Forwarded
___
Total imports
Of which American
Amount afloat
_
Of which American.
According to the foregoing, Bombay appears to show a
decrease compared with last year in the week's receipts of
15,000 bales.
Exports from all India ports record an increase
of 47,000 bales during the week, and since Aug. 1 show an
increase of 622,000 bales.
Alexandria Receipts and Shipments—We now
weekly
a
receive
cable of the movenents of cotton at Alexandria,
Egypt.
The following are the receipts and shipments for
the past week and for the corresponding week of the previous
two years:
The tone of the
1937-38
1936-37
This week
Since Aug. 1
16,000
10,351,409
4,000
8,838,379
\
Market,
business
1.00c
.85c
1.00c
d.85c
1.00c
.56c
.71c
*
Venice
*
Copenhagen
*
Naples
d.55o
Leghorn
Gothenburg
d.55c
60c
.560
.71c
.75c
.90c
.46c
,6lc
.46c
.60
.61c
d Direct steamer
have the follow¬
imports, stocks, &c., at that port:
June 23
June 30
July 7
49.000
61,000
712,000 / 694,000
218,000
207,000
63,000
44,000
2,000
4,000
124,000
119,000
17,000
17,000
46,000
700,000
235,000
18,000
2,000
156,000
16,000
July 14
51,000
690,000
194,000
50,000
* 5,000
106,000
14,000
Liverpool market for spots and futures
daily closing prices of
Monday
Tuesday
Wednesday
Thursday
Friday
Quiet.
Quiet.
Quiet.
Quiet.
•Quiet.
good
12:15
P. M.
doing.
5.62d.
Mid.Upl'ds
opened.
5.57d.
P. M.
5.61d.
5.59d.
5.54d.
5.52d.
Easy;
Quiet,
un¬
Quiet,
Quiet,
Barely stdy
6 to 9 pts.
1 to 2 pts. 1 pt dec. to changed to
stdy., 1 pt. 7 to 9 pts.
decline.
1 pt. adv. 2 pts. adv.
advance.
decline.
dec.to 2 pts
Quiet but
advance.
4
13,000
7,894,637
Saturday
Spot
Market,
Receipts (cantars)—
•
ard
85c
Salonica
day of the past week and the
spot cotton have been as follows:
Futures.
1938-39
Density
.60c
*
Stand¬
High
/
Piraeus
each
Market
Alexandria, Egypt,
July 12
',1
ard
Liverpool—By cable from Liverpool we
ing statement of the week's
Total stocks.
Of which American..
Total all—
'■
Stand¬
.60c
*
.60c
.46c
d.55c
Havre
Exports
.
d.45c
d.45c
Trieste
.45c
Steady;
Steady, un¬
Quiet,
Quiet but
Quiet but
Quiet but
2 to 5 pts. changed to 3 to 5 pts.
3teady, un¬ steady, un¬ stdy., 2 to
decline.
1 pt. dec.
decline.
changed to changed to 3 pts. adv.
2
pts. adv. 4
pts.
dec..
Volume
The Commercial & Financial Chronicle
149
Prices of futures at
July 8
Liverpool for each day
are
given below:
heavy
Mon.
Tues.
Wed.
Thurs.
Fri.
market
Close Noon Close Noon Close Noon Close Noon Close Noon Close
New Contract
d.
d.
d.
well
d.
d.
d.
d.
d.
d.
d.
5.07
5.02
5.04
5.06
5.06
5.04
5.02
5.00
5.02
4.97
4.63
4.65
4.67
4.67
4.64
4.62
4.59
4.62
4.57
4.59
December
4.o8
4.54
4.56
4.56
4.52
4.52
-
«
4.50
4.52
4 54
4.54
4.52
4.50
4.47
4.49
4.43
4.55
4.49
4.51
4.53
4.54
4.51
4.49
4.46
4.49
4.43
4.45
4.53
4.47
4.50
4.52
4.52
4.50
4.48
4.44
4.47
4.41
4.43
June
4.51
..
October
4.42
—
—
-
—
-
-
»
—
4.49
4.51
4.47
4.46
4.42
4.44
4.42
4.42
-
-
-
4.42
done
December. _t
January (1941)_
4.42
4.42
March
4.42
4.42
4.44
May
4.42
4.42
4.44
_
4.44
J.
4.42
4.42
4.42
—
of
4.38
4.42
4.42
...
_
_
_
4.38
4.38
4.42
a
but prices hold steady.
fair amount of
a
30
to
60
days'
new
During the early part of the week
bookings
requirements
made, anywhere from
steady prices.
Itegular
at
totaled 116,000 barrels against
week.
Wheat—On
113,000 barrels the previous
were
moderate rallies at
Chicago and Winnipeg from
the
day's bottom levels, however.
The Canadian Govern¬
report showing the wheat crop condition to be 102%
of a long time average, caused some
grain men to estimate
winter and spring wheat production in Canada may total as
high as 450,000,000 or 460,000,000 bushels compared with
350,000,000 produced last season.
This would be the largest
in 11 years and the fourth
largest on record.
The United
States Government will release its July forecast
Monday,
and many traders anticipate that improved
production
possibilities may be revealed in view of recent good weather.
On the 10th inst. prices closed % to 134c. net lower.
The
wheat market plunged to lower levels
today, the lowest point
reached at this season of the year in seven years.
At a low
of 6534c. contracts
specifying delivery of grain this month
were only 2b/8Q. above the season's lows established late last
year.
September wheat, sinking to 6634c., was within 34c.
of the season's bottom, while December contracts were at
new lows for the
year.
The break in world wheat values, a
continuation of the almost steady decline that has been under
way for more than a month, was the result of selling based
largely on increasing receipts and market supplies of new
United States grain, very favorable crop conditions for spring
sown wheat,
particularly in Canada, and on no more than
normal consumer demand.
Buying credited to consumers
and shorts accepting profits, particularly in the wheat
pit,
brought some rally in all prices before the close.
Although
hedging in connection with increased domestic market wheat
receipts was less than normal due to the loan program, the
market was depressed by big receipts and expanding supplies
in the soft wheat belt,
including 362 cars inspected at
Chicago, largest of the season.
On the 11th inst. prices
closed % to 5/8c. net higher.
Hot weather in the grain belt
and a revival of European demand for North American wheat
helped today to give the wheat market its best rally in several
sessions.
Gains of as much as l^gc. a bushel were reduced
partially before the close, but the market had a strong under¬
tone.
This was the wheat pit's reaction to the Government
crop report which, although forecasting a larger wheat crop
than a month ago and
predicting a total harvest slightly in
excess of normal domestic
requirements, proved to be less
bearish than many dealers had expected.
Government
estimate of total wheat production was 716,655,000 bushels,
about 5,000,000 less than the average of recent
private fore¬
casts.
Of particular significance was the indicated
spring
ment
wheat crop of 178,888,000 bushels,
17,000,000 less than the
private authorities had predicted.
This centered attention
on the
possibility of deterioration during the next few weeks.
On the 12th inst. prices closed % to lc. net lower.
Wheat
values, influenced by a sharp sell-off in the corn market,
weakened in the late trading today and September and
December contracts fell to
new
seasonal lows.
On
the
higher.
13th
The
inst.
grain
prices
market
closed
was
unchanged
forced
to
that
reports
sizable
to
absorb
%c.
net
another
over
flour
business
has
been
support to the belief that
gave
s
consuming interests reported attracted by the low level
the wheat market staged a rally of about
a bushel
today.
Temperatures in the spring wheat
moderated
in
in
sections
some
overnight, but generally
predicted.
Rain was needed
was
districts.
Flour demand in the Southwest vras
reported to have dropped off, but mills were in the market
cash wheat and Kansas
City reports stressed rumors
some
for
of
export
business, presumably through the subsidy.
short covering was in evidence
lows.
With loan rates 10c. or
market
prices,
more
producers
many
Some
the recovery from early
in some cases above
on
putting
are
grain
into storage, which tends to affect
the cash market.
interest in wheat was
Open
89,134,000 bushels.
DAILY CLOSING
PRICES
No. 2 red
DAILY
CLOSING
PRICES
OF
WHEAT
IN
NEW YORK
,
July
September
December.
-
_
,_
_____
_______________
Season's High and.
July
79
September
79
December
80
When
Wed.
Made
l
Season's Low and
May 26, 1939 July
62%
May 31, 1939 September
66%
May 26,1939 December
67%
___
CLOSING PRICES
WHEAT
___________
November
FUTURES
Sat. Mon.
Tues.
55%
54%
54%
55%
54%
55
57%
56%
57%
58
56%
56%
,
July-October
Fri.
83%
When
_
OF
Thurs.
83%
83%
WHEAT FUTURES IN CHICAGO
Sat. Mon.
Tues.
Wed.
Thurs. Fri.
66%
65%
66%
65%
65%
66%
67%
66%
67
66%
66%
66%
68%
67%
68%
67%
67%
68%
_
DAILY
OF
Sat. Mon. Tiies.
84%
83%
83%
.j.T
____
December-.
Made
Oct.
5, 1938
12, 1939
12, 1939
July
July
IN
Wed.
WINNIPEG
Thurs.
54%
54%
56
55%
Fri.
54
54%
54%
56%
56%
54%
55%
55%
Corn—On the 8th inst. prices closed
% to y8o. net lower.
July corn at 4634 to 46y8o., and September at
47% to 47J4c., only slightly above the lowest witnessed in
the corn trade in five years.
There were
The close put
reports from
Illinois, Southeastern Missouri and parts of Kansas
causing some complaint about corn, but
no
damage has been done as yet.
On the 10th inst. prices
closed 34 to Y8q. net lower.
Establishment of new lows in
corn
attracted some buying that helped to
rally prices
slightly.
Weakness in prices at Buenos Aires and further
reductions in Argentine quotations at
Liverpool were bearish
circumstances cited by traders who had
hoped for resumption
of European demand for American corn.
Selling prior to
Southern
that hot weather is
release of the first Government corn
crop estimate also was
in evidence.
Corn declined about a cent to the lowest level
since
1934.
On the
11th inst. prices closed
unchanged to
After an early advance had carried all corn
contracts up as much as y8o., December futures
weakened,
due to spreading operations based on
prospect of harvesting
one
of the largest crops since 1932,
despite the smallest
acreage in 40 years.
However, traders pointed out high
temperatures at the critical tasseling stage, which has been
reached in some districts, may injure corn.
On the 12th inst.
prices closed 134 to l/4c. net lower.
All corn contracts fell
y8e. net higher.
to new seasonal lows.
December corn, representing the new
dropped as much as 234c. below the previous close to
45J4c.
July also was down 2c. and September l%c. at the
extreme.
Corn prices opened steady and then advanced
fractionally.
Towards the close, however, heavy selling
developed on bearish weather reports, and prices dropped to
the lows of the day.
Subsequently there was a slight rally,
though prices were substantially lower at the close.
crop,
On the 13th inst. prices closed % to
market
there
touched
was
a
new
steadier
crop contracts up
to
low
in
about 34c.
uncertainty regarding the
corn
the
and
belt.
to
reports of
Today
prices
%c. net lower.
levels for the
tone
some
the
July
contracts.
The
session, with new
This strength "was attributed
marketing program for new
heat damage in sections of
closed
early
This
However,
season.
later
unchanged
declines
in
%c.
to
Corn rallied from early losses of almost 2c.
in
corn
the
lower.
case
reflected
DAILY CLOSING
PRICES
OF
Sat.
No. 2 yellow-.
DAILY
62%
—
CLOSING
PRICES
OF
September.
December-
-
Season's High and
July
55%
September56%
December
54
62%
CORN
Sat.
July...
CORN
Mon.
46%
47%
48%
NEW
Mon.
45%
Tues.
46%
47%
47%
48
Low
Thurs.
61%
IN
Wed.
47
and
45%
60%
Fri.
58%
CHICAGO
Thurs.
44%
45%
46%
43%
45%
re¬
YORK
Wed.
62%
FUTURES
When Made
I
Season's
Sept. 24, 19381 July
Jan.
4, 19391 September
June
8, 1939}December
Oats—On the 8th inst.
IN
Tues.
of
re¬
ports of good progress of the crop despite hot weather
cently.
Open interest in corn was 39,948,000 bushels.
Wheat for
September delivery declined to 65He., down 134c. from the
previous close.
December contracts fell to 67, down l^c.,
and July to 64J4c., down lHe.
Prices recovered partially
in closing minutes.
Influencing scattered selling were fore¬
casts of some relief from high temperatures in the United
States and Canadian spring wheat territories, where record¬
ings of near 100 degrees and more were general yesterday.
Other North American markets also were lower,
Winnipeg
losing as much as y8e. at times.
Minneapolis, after opening
steady to slightly higher, reflecting yesterday's high tem¬
peratures in the Northwest, declined fractionally.
Kansas
City also was fractionally lower.
after fluctuating
than yesterday.
higher
wheat prices,
actual
the 8th inst. prices closed
A to lMc. net
lower.
Depressed by prospects of a huge Canadian wheat
crop and by heavy marketings of United States grain as
harvesters progress northward, world wheat prices today
slumped more than a cent a bushel to the lowest levels in
several years in some markets.
Liverpool prices also were
M to l$ie. off at the lowest point in nine years.
Winnipeg
quotations, which dropped 23^c. yesterday, tumbled about
l%c. at one stage to new lows for the last several years.
There
were
recently, which
fair and warmer weather
were
shipping instructions have been only fair the past few days.
Exports of American flour for the week ended July 8
Wheat,
cent
belt
Friday Night, July 14, 1939.
slow,
absorbed, however, the
most prices closed
and
power
lows.
de¬
buying today came from grain dealers and millers.
Today prices closed % to %c. net higher. With investors
and
BREADSTUFFS
is
rallying
all
price levels for the
the
of
Flour—Latest advices state that flour demand
developed
There
4.38
__
_
low
new
Hot
steady the market some, although
some of the
selling around mid-session was associated with
a
forecast of cooler temperatures over much of the belt.
4.45
March
to
range, closed slightly
weather reports helped to
4.47
May
wheat
cent
a
4.99
4.69
of
above the day's
d.
July (1939)
October
January il940)__
selling orders today, which tumbled
After the selling had been
season.
to
July 14
of
run
ferred deliveries
Sat.
435
44%
45%
46
When
July
July
July
Fri.
43%
45%
45%
Made
14,1939
14,1939
14
1939
prices closed H to 3^c. net lower.
Trading was light, the lower trend appearing to be influenced
almost entirely by the weakness in wheat and corn markets.
On the 10th inst. prices closed
unchanged to Ac. down.
Trading was relatively light, with the undertone steady at
the close in spite of the weakness in wheat and the heavines
closed H to He. net higher.
bullish in that it suggested an
unusually short crop.
However, the market failed to show
an appreciable response to the bullish
aspect of the crop
report.
On the 12th inst. prices closed H to Yd- net lower.
Trading was relatively light, the declines being influenced
largely by the weakness of wheat and corn markets.
On the 13th inst. prices closed %
to %c. net lower.
There was no real pressure, this market easing in sympathy
with the declines in wheat and corn values.
Today prices
closed % to l%c. net lower.
The pronounced weakness in
oats was attributed largely to hedging against actuals.
of
On the 11th inst. prices
corn.
DAILY
and
35
Season's High
...
33*$
December---- 34%
CLOSING
July
27%
26%
1
Wed.
27%
29%
27%
October
Tues.
Mon.
Sat.
December--
FUTURES IN WINNIPEG
OATS
OF
PRICES
26%
26%
26%
26%
26
26%
25%
25%
26%
26%
closed He. lower. The
sympathy with the weakness
CLOSING
RYE FUTURES
OF
PRICES
Sat.
IN CHICAGO
Fri.
Thurs.
Wed.
49%
39%
44%
42
43%
42%
41%
41%
39%
40%
46%
46
44%
43%
43%
43%
December
Season's
Tues.
Mon.
42%
High and
54%
July—.
September
56%
December
58
100,000
131.000
32,000
49,000
1,000
Baltimore-
15,000
66,000
67,000
22",000
18,000
When Made
July 14, 193a
July 14, 193q
When Made
I__ Season's Low and
39%
June
8: 1939 July
40
May 31, 1939 September
43
May 31,1939 December
-
13,193®
July
Montreal
oolooo
—
Tues.
Mon.
Sat.
39%
October
December
-
DAILY CLOSING PRICES
38%
39%
40*6
38%
40%
35%
Mon.
Tues.
Wed.
July
35%
34%
34%
34%
35
33%
34%
33%
34*1
WINNIPEG
33%
33 %
December
37
38
6,000
Sorel
229,000
Three Riv's
247,000
4,789,000
278,000
210,000
10,000
184,000
7,870,000
47,907,000
11,879,000
2.380,000
452,000
2,618,000
Total wk '39
Since Jan. 1
1939
„
—
211,000
3,605,000
3,602,000
177,000
101,000
712,000
7,262,000
51,495,000
55,422,000
2,740,000
2,052,000
9,463,000
Week 1938.
Since Jan. 1
1938
*
on
'
Receipts do not include
Wheat
Flour
Oats
Rye
Barley
Bushels
Barrels
Bushels
Bushels
Bushels
"MOO
9,000
"Moo
60,000
60,000
162~66O
62,000
3,077,000
3,267,000 3,918,000
110,085
163,000
151,000
361666
Galveston
1,048,000
1,702,000
Montreal
Sorel
1939..
Total week
1938
Same week
8,
July
July 1 to—
1939
Barrels
Hard winter
-
Corn, New York—
58%
No. 2 yellow, all rail
60*$
53 H
57
50-5
-
110,085
86,740
110,085
3,077,000
86,740
3,267,000
Flour
Wheat
Corn
Oats
bbls 196 lbs
bush 60 lbs
bush 56 lbs
bush 32 lbs
965,000
729,000
_
Milwaukee.
Rye
Barley
Louis..
392,000
173,000
2,000
156,000
lTV.666
45,000
46,000
237,000
293,000
60,000
2,000
4,000
139,000
174,000
14,000
22,000
2,000
10,000
27,000
119,000
Kansas City
11,000
12,972,000
2,141,000
1,594,000
3,326,000
41,000
2,096,000
Omaha
Joseph-
Sioux
121,000
83,000
3,951,000
•
...
City.
Buffalo
Total wk '39
367,000
Same wk '38
354,000
Same wk '37
284,000
29,547,000
26,056,000
26,371,000
62,000
3,918,000
comprising the stocks in
and
'■
Wheat
Corn
Oats
Rye
Barley
Bushels
United States—
Bushels
Bushels
Bushels
Bushels
464,000
107,000
"5I0OO
12,000
1,000
8,000
18,000
28,000
148,000
20,000
24,000
afloat
Philadelphia
Baltimore.-
-
New Orleans
Galveston
Fort Worth
Wichita
-
————-—
—
-
184,000
51,000
833,000
9,531.000
4,429,000
7,226,000
2,332,000
27,283,000
3,291,000
491,000
1,748,000
143,000
1,000
—
4,311,000
471,000
287,000
788,000
Chicago.—
"
69,000
8,000
New York
afloat
—
11,607,000
Detroit—------------Buffalo
—
afloat—
-
13,233,000
120,000
2,576,000
540,000
70,000
20,000
80,000
—
-
—
'
4,000
1,000
1,000
.
-
^
^
««•••.*»*•
^
^
•
^
12,000
24,000
353,000
2,000
"
16II666
5I660
1,208,000
31,000
320,000
4,739,000
557,000
116,000
60,000
5,000
4,000
1521666
427,000
801,000
182,000
9,422,000
40,000
37,000
160,000
—
«.
w
4,000
35,000
102,000
9,000
160,000
'
.
*
1,046,000
169,000
874,000
2821000
1,708,000
134I660
45,000
1651666
2,376,000
1,427,000
2,000
1,736,000
2,789,000
2,521,000
2,206,000
6,000
2,000
3,895,000
177,000
144,000
1,192,000
780,000
68,000
4,000
440,000
383,000
150,000
336,000
58,000
1939— 91.661,000 28,226,000
5,603,000 7,463,000 3,794,000
grain not Included above:
Oats—New York, 30,000 bushels;
Total July 8,
Hole—Bonded
Barlev—
against 198,000
afloat, 180,000;
Buffalo, 1,486,000; Buffalo afloat, 207,000; Erie, 721,000; Albany, 3,609,000; on
Canal, 294,000; total, 6,630,000 bushels, against 1,065,000 bushels In 1938.
Buffalo, 75,000; total,
Chicago,
105,000 bushels, against 178,000 bushels in 1938.
21,000 bushels: Duluth, 30,000; total, 51,000 bushels,
Wheat—New York, 133,000 bushels; New York
Wheat
24,000
Barley
Rge
Bushels
Bushels
& scab*d 30,555,000
20,530,000
other elev_ 38,407,000
1,477,000
952,000
1,070,000
1,022,000
4,050.000
1939— 89.492,000
8,911,000
2,558,000
6,072,000
5,603,000
8,911,000
6,463,000
2,558,000
3,794,000
6,072,000
14,514,000 10,021,000
9,866,000
Lake, bay, river
Ft. William & Pt. Arthur
Other Can. &
Oats
Bushels
1,447,000
1,520.000
5,944,000
59,000
Summary—
91,661,000 28,226,000
89,492,000
1
Canadian.
2,000
1,000
Total July 8,
181,153,000 28,226,000
1939
furnished by
the New York Produce Exchange, for the week
and since July 1, 1939, and July 1, 1938, are
The world's
Broomhall to
ended July 7
shipment of wheat and corn, as
31,000
24,000
4,000
Bushels
12,000
150,000
Com
Bushels
Canadian—
63,000
164I660
Peoria
Wichita
14,000
6,000
15I660
Indianapolis
»t.
bush 56 lbs bush 48 lbs
13,000
Toledo
St.
345,000
281,000
191,000
71,000
23,000
Minneapolis
Duluth
801,000
185,000
1,262,000
62,000
3,077,000
3,267,000 3,918,000
at principal points of accumulation at lake
seaboard ports Saturday, July 8, were as follows:
GRAIN STOCKS
'
V
V/
American
197,000
"2",000
18,000
supply of grain,
visible
2I660
granary
Total July 8,
...
60,000
60,000
"
bushels in 1938.
of the last three years:
Chicago
Barrels
~6~506
Other countries—
41 %
—
All the statements below regarding the movement of grain
—receipts, exports, visible supply, &c.—are prepared by us
from figures collected by the New York Produce Exchange.
First we give the receipts at Western lake and river ports
for the week ended last Saturday and since Aug. 1 for each
Receipts at—
Bushels
6^500
West Indies
On Canal
.
Bushels
Bushels
14,000
Duluth——
GRAIN
-
1939
Bushels
714,000
Brit. No. Am. Cols
"
Rye, United States c.i.f
Barley, New Yorkfeeding—
Chicago, cash
Julu 1,
1939
2,349,000
Minneapolis
Oats, New York—
No. 2 white
July 8,
1939
14,000
Milwaukee
Fancy pearl (new) Nos.
1.2-0.3-0.24.50@5.00
Wheat, New York—
No. 2 red, c.i.f., domestic.- 83 %
Manitoba No. l.f.o.b.N.Y. 65*2
July 1,
1939
On Lakes...--.—-.-.-
3.25
Coarse
Nom.
July 8,
714,000
Indianapolis
straights.—4.60@4.80 Corn flour
...4.75@4.95 Barley goods—
Hard winter patents
Hard winter clears
Since
July 1,
1939
14,500
So. & Cent. Amer.
Omaha.
5.80
Week
2,349,000
Kansas City
5.60
2.65
1.60
Corn
Since
55,715
15,370
Continent
Peoria
Oats good
and since
Week
55,715
15,370
14,500
18,000
United Kingdom.
Total 1939
712,000
Since
Week
and Since
184,000
"7M0O
Wheat
Flour
Exports for Week
St. Joseph
3.90
86,740
of these exports for the week
The destination
The
1841666
229,000
Three Rivers
33
3.60
40,085
2,000
14,000
48,000
New York
Albany
Baltimore
32*
32%
Corn
Bushels
34
33%
32*2
FLOUR
Spring pat. fcigh protein—4.95@5.10
Spring patents
—4.65 @4.80
Clears, first spring
—4.25@4.65
for the week
the annexed
statement:
St. Louis....
Rye flour patents
Seminola, obi., Nos. 1-3
for foreign ports
grain passing through New Orleans
through bills of lading.
The exports from the several seaboard ports
ended Saturday, July 8, 1939, are shown in
Hutchinson
follows:
as
1841666
1621666
1,7021666
Sioux City
Closing quotations were
60,000
9,000
2,000
16,000
Boston
Fri.
Thurs.
33%
October
36
37
38
38%
39%
OF BARLEY FUTURES IN
Sat.
Fri.
Thurs.
37%
40%
41%
July
Wed.
"l~,666
88,000
1,048.000
Galveston..
"
WINNIPEG
OF RYE FUTURES IN
DAILY CLOSING PRICES
33,000
1,531,000
24,000
New Orl'ns*
Total 1938
price trend irregular.
July
September
bush 56 lbs bush 48 lbs
2,000
60,000
York.
New
Exports from—
hedging sales against primary
receipts also played a part in the lower trend of rye values.
On the 10th inst. prices closed He. to He. net lower.
Al¬
though the trend has been lower in rye values, there is a
certain resistance to the depressing influence of a weak
wheat market, and rye is not responding to the sharp breaks
in wheat the way it usually does.
Short covering in rye
futures is partly responsible for this relative steadiness.
On
the 11th inst. prices closed lHc. to lHc. net lower.
Rye
prices plunged to new lows for the season, due partly to the
forecast of 41,486,000 bushels production, which although
well below last year, was 6,000,000 bushels better than
indicated a month ago.
On the 12th inst. prices closed He.
to lc. net lower.
Pressure of offerings in rye futures was not
so strong, the rye market's heaviness being attributed largely
to the heavy declines in wheat and corn values.
On the 13th inst. prices closed *4
to %c. net lower.
Trading was Kght and without special feature.
Today
prices closed %c. off to %c. up.
Trading was light, with
DAILY
bush 32 lbs
26
25%
Rye—On the 8th inst. prices
heaviness of rye was partly in
of wheat and corn markets and
Oats
bush 56 lbs
Fri.
Thurs.
26%
Corn
bush 60 lbs
Philadelphia
Fri.
Barley
Rye
Wheat
bbls 196 lbs
CHICAGO
Thurs.
30
29% 29
27%
29% 28% 28% 27%
30
30
30% 29*2 29% 28%
When Made
I
Season's Low and When Made
June 10, 1939 July
24% Oct. 18, 1938
May 25, 19391 September ... 26%
Apr. 5,1939
May 25, 1939(December-—- 28%
July 14, 1939
December
DAILY
Wed.
1939
"
29 %
29
30
29
July....
September
July
September
Tues.
Mon.
Sat.
IN
FUTURES
OATS
OF
PRICES
CLOSING
July 15,
Flour
Receipts at—
The official oats report was
1
Chronicle
The Commercial & Financial
436
2,000
Corn
Wheat
"
2~7",666
131666
957,000
3I660
32,000
3,167,000
5,713,000
2,390,000
"1I666
Since
Since
Week
Since
July 7,
Exports
69,000
July 1,
1939
July 1,
July 7,
July 1,
1938
1939
1939
1938
Bushels
Bushels
Bushels
Bushels
Bushels
6,479,000
1939
774,000
1,560,000
229,000
900,000
.122.000
375,000
489,000
44,000
692,000
Since
Week
Bushels
'
35,000
77,000
4,658,000
July I,
35,000
77,000
6,432,000
411,000
4,658,000
1938
1937
5,131,000
1938
1,032,000
Argentina.
21,477,000 383,712,000 259,357,000 100,960,000 25,693,000 94,049,000
18,717,000 318,601,000 312,749,000 109,221,000 25,550,000 94,972,000
19,440,000 254,115,000 156,872,000 77,274,000 17,592,000 81,543,000
5,372,000
Black Sea.
Since Aug. 1
No. Amer.
4,282,000
1,459,000
5,372,000
1,032,000
4,282,000
1,459,000
392,000
392,000
760,000
334,000
634,000
1,114,000
12,537,000
22,545,000
5,404,000
5,404,000
13,088.000
Australia
.
India
for
4,286,000
6,292,000
2,192,000
Other
countries
Total receipts of flour and grain at the seaboard ports
the week ended Saturday, July 8, 1939, follow:
2,536,000
Total... 12,537,000
The Commercial & Financial Chronicle
Volume 149
Agricultural Department's Official Report
on
Cereals
&c.—The Crop Reporting Board of the United States De¬
partment of Agriculture made public late Monday afternoon,
July 10, its forecasts and estimates of the grain
United States
nished
by
of
as
crop
July 1, based
on
crops
of the
reports and data fur¬
correspondents, field statisticians and
operating State Boards
(or Departments)
co¬
of Agriculture.
We give below the report:
Crop prospects improved markedly during June, reflecting the marked
changes in weather conditions.
During the month more than normal rainfaU and
seasonal temperatures over most of the huge area that was
pinch of acute drought conditions in the latter part of May
more
feeling the
materially changed the situation.
The improvement in crop prospects was
particularly rapid in the North Central States and in West Virginia, Mon¬
tana, Oklahoma, and parts of Texas.
In part of the area affected by the
dry spring the rains came too late to permit full recovery of early crops and
the acreage of crops lost from all causes in the United States is
expected to
be about 15 million acres.
This is a rather large total compared with usual
losses prior to the recent period of dry years.
Due primarily to drought,
the United States average yields of wheat, oats,
barley, and rye and prob¬
ably the yields of tame and wild hay are each expected to be below the
average yield per acre during the 1928-37 period which includes the severe
drought years.
These crops together cover more than half of the total
crop acreage in the United States.
Prospects for late crops are very much
better.
of the
central
At the present time growing conditions appear favorable over most
except that there are some excessively wet areas in the
and rain is badly needed for late non-Irrigated crops in a
country
South
large southwestern
southern
in which
area
that
extends
northward
through
Colorado into
western Kansas,
Wyoming and eastward into southern Texas ana
area also a shortage of irrigation water
may occur.
crops, aggregate production is now expected to be close
Considering all
to what was the usual level
prior to recent droughts.
The aggregate acreage
for harvest will probably be about 6% below the
predrought average, but
this seems likely to be offset by better than average yields
per acre.
There
is, however, no present indication that aggregate crop production will ap¬
proach the bumper production of 1937 or even equal production in 1938,
for in both of these years the crop acreage harvested was about
3% larger
than it is expected to be this year and yield prospects at this season were
better than they are now in the great majority of States.
The 1939 wheat crop of 716,655,000 bushels is much smaller than last
year's big crop, and is 5% below average.
Winter wheat production is
about 4% below average, durum about 12%, and other spring wheat about
There was a noticeable improvement during June in spring wheat
7%.
prospects in the Northern Great Plains States and in the Pacific Northwest.
Winter wheat yields exceeded expectations also in Oklahoma, Kansas,
Missouri and Illinois.
The 1939 corn crop, planted on a slightly reduced acreage, is
ejected to
be about 1% larger than in 1938.
Growing conditions during June have
been particularly favorable for this crop, and indicated yields are
above
particularly in the heart of the corn belt from Ohio
Contributing to the relatively high prospective
yields is the large acreage planted to corn hybrids.
The oats crop, however,
will be unusually small due to low acreage and low
yield.
The acreage of
barley is unusually large, but the yield is below average.
The acreage of
grain sorghum was expected to be large, but both the acreage and the
prospective yield are now uncertain because of the dry weather in the
Southwest.
Considering all feed grains together, the supply available on
farms in the current 12-month period seems likely to be about
2% above
the supply last year, for the record holdings of old grain on the farms on
July 1 more than offset the nominal decrease in production indicated by
current estimates.
Numbers of grain-consuming animals however are in¬
creasing very rapidly.
During 1939 the increases are expected to increase
normal feed requirements between 7 and 8%.
With feed supplies as large as is now indicated such an Increase in live¬
stock would only partially restore a normal balance of feed
supplies to
livestock numbers.
Last season the feed grain supply per unit of livestock
was about
13% above the predrought average.
This year it now seems
likely to be about 7% above that average.
A comparison of the prospective supply of hay with prospective
require¬
ments shows a somewhat similar situation.
The net increase in hay con¬
suming animals during 1939 is expected to be about 1 %, while hay produc¬
tion is expected to be about 10% below the heavy crop of last year and not
greatly different from the 10-year average.
The carryover last May was
the largest since 1921.
With production as now indicated, the total supply
of hay per unit of livestock would be about 3% above the
predrought
average, whereas last season it was 10% above average and larger than in
any of the previous 20 years except 1927.
The condition of pastures, which usually declines from June 1 to
July 1,
made an unusual improvement during June.
On July 1 the condition was
about five points above both the June 1 and the 10-year July 1 condition.
It was, however, six points lower than the condition on July 1, 1938.
Im¬
provement in pastures dining June occurred in nearly all States, except a
group extending from Virginia to Massachusetts, and another group ex¬
tending from Colorado and New Mexico westward to the Pacific Ocean.
The condition of western ranges improved only slightly during June and on
July 1 was below the 10-year average.
Very unfavorable developments in
the southwestern area largely offset the improvement in the Great Plains
average in most States,
to Iowa and Missouri.
area.
Several of the more important foods crops, including rice, beans,
potatoes,
sweetpotatoes, and sugarcane, show prospects for good yields per acre this
year.
Rice production is estimated at about 50 million bushels compared
with 52 million last year but both the acreage and yield are expected to be
above average.
Dry beans were planted on a rather small acreage and some
of the acreage in the Southwest is expected to fail, but elsewhere
yield
prospects are rather favorable and production, estimated at a little under
11,900,000 bags, is expected to be less than a million bags below average,
although more than three million beiow the very heavy production of 1938
and 1937.
Preliminary indications on potatoes are for a fairly good yield
on an acreage about 2% above the low acreage of last
year, indicating about
average production.
Sweetpotato growers apparently held to the rather
large acreage planted last year and at present expect a fully average yield
per acre.
The indicated production is 10% above average.
Sugar beets
are growing on one of the largest acreages in recent years and
production is
expected to exceed 10 million tons, a production that has been exceeded
only twice.
Tobacco has had a particularly good start.
The acreage is the largest
since 1931 and both the yield per acre and total production now seems
likely to top previous high records.
Excluding fields of legumes interplanted with corn, the acreage planted to
soybeans is estimated to exceed eight million acres and that planted to pea¬
nuts at substantially more than two million acres, both record
high figures.
The acreage in cowpeas, however, is about 13% below last year.
The acreate of flaxseed, which gave an unusually good yield on a small
acreage last year has been more thna doubled and a number of new States
report small acreage.
Prospects so far are rather favorable.
Milk production on July 1 appears to have been about
2% higher than
a year ago and above previous high records for that season for
dairy herds
are being gradually increased and production per cow was
reported slightly
above the very high July 1 average of a year ago.
Reports on farm poultry flocks indicate. that daily egg production per
flock on July 1 was about 2% higher than at the same time last year. There
appears to have been about 4% more hens in laying flocks, but the pro¬
portion of the hens laying, while high, was slightly below last year's record
level for July 1. The number of young chickens remaining on the farms on
July 1 appears to be hardly 3% larger than a year ago and the number of
hens and pullets in laying ilocks next fall is not expected to exceed the
number last fall by more than perhaps 2% unless prices of eggs or
grain
become more favorable for earg production.
The big change in poultry
this year appears to be in turkeys. The July reports of crop correspondents
on the number of turkey poults on their farms appear to indicate a
sub¬
stantial increase in all groups of States, and the increase in the number of
turkeys being raised in the country as a whole is tentatively estimated
at 30%.
The increase in production wiLi depend in part on the weights at
which the birds are marketed.
A 30% increase in the pounds of
turkeys
produced added to a 3% increase in chicken production would mean a 7%
increase in the production of the two combined.
Fruit crops in nearly all sections of the country continued to make good
progress during June and the present outlook is for a larger-than-average
437
supply of fruits for the 1939-40 marketing
duction is well
Prospective
season.
above average and apples in most commercial
grape pro¬
areas
to
continue
develop rather favorably. The supply of oranges for this summer's market
considerably smaller than last year.
Condition of citrus fruits from the
bloom of 1939 is below
average, but due to increased acreages production
for the
marketing season beginning in the fall of 1939 should be well above
the 10-year
(1928-37) average but not so large as the production of 1938-39.
is
An average production of commercial truck
crops is expected in States
which supply the markets
during July. This production however is 5%
smaller than the production of a
year ago.
Snap beans beets cabbage
cantaloups carrots eggplant lettuce
onions, spinach, and watermelons
will be available in smaller
quantities, while on the other hand there will
probably be larger supplies of lima beans, celery, cucumbers,
and green peppers
moving to market than there were a year
change from last year is noted in tomatoes.
httJe
green
ago.
peas,
Very
The decrease below 1938 in production is the result of adverse
weather
conditions in many areas.
The acreage from which this
production
coming, is about 4% larger than the
acreage
of
a
year ago,
is
but growing
conditions indicate that yields per acre will
average somewhat below those
of
a year
ago.
Total plantings of late domestic
cabbage, cantaloups, cauliflower,
cucumbers, onions, tomatoes, and watermelons which will begin to be
harvested during August, are about the same as last year's harvested
acreage
and 15% larger than
average.
The acreages of cucumbers, onions, water¬
melons, and late tomatoes have been increased over 1938.
Decreases are
reported in the acreage of late domestic cabbage,
and intermediate tomatoes in New
Jersey.
cantaloups, cauliflower,
Corn—The Indicated production of corn on July 1,1939 is 2,570,795,000
bushels, compared with 2,542,238,000 bushels in 1938, and the 10-year
(1928-37) average production of 2,309,674,000 bushels.
The average yield of corn based upon condition is 28.3 bushels per acre,
which compares with 27.7 bushels In 1938 and 23.0 bushels for the
10-year
(1928-37) average yield per acre.
Progress of the crop has been rapid
throughout the principal corn areas as soil moisture conditions through
the month of June
were more favorable than during the planting and early
growing months. Prospective yields per acre are above average everywhere
except in New England, and in a few southern and western States. Yields
are especially promising in the heart of the corn belt.
An important factor pointing to relatively
high yields per acre of corn In
1939 is the large percentage of the acreage planted with seed of corn hybrids.
For the 12 North Central States and
Kentucky as a group, over 43% of
this year's acreage appears to have been planted to corn hybrids in comparision with about 30% in 1938. Apparently about 24,000,000 acres were
planted to corn hybrids in 1939 in comparison with something less than
17,000,000 acres in 1938. The proportion of the total corn acreage planted
to hybrids varies from about three-fourths in
Iowa, two-thirds in Illinois,
three-fifths in Ohio and Indiana, and nearly one-half in Minnesota and
Wisconsin, down to only about 5% in North Dakota and Kentucky.
Yields per acre of corn hybrids, as indicated by field tests during recent
years, exceed the yields from open-pollinated corn in most cases.
A pre¬
ponderance of the experimental evidence indicates yields from 10 to 15%
higher than open-pollinated corn, the advantage appearing to be somewhat
more in dry years than in years of ample rainfall.
The acreage of corn for harvest is estimated to be 90,734,000 acres, a
decrease of 1.2% from the 91,792,000 acres harvested in 1938.
The five
eastern corn belt
Spates cut their corn acreage 3.5%, with quite uniform
changes by States. A reduction of less than 1 % is indicated in the western
corn belt,
where downward shifts took place in Iowa, Missouri, South
Dakota, and Nebraska and increases were made in Minnesota, North
Dakota
and
Kansas.
The
reduction
in
the
North
Atlantic
group
was
1.8% and in the South Atlantic group 1.5%. The western States decreased
mostly in Colorado.
The total acreage planted to
corn in the United States this year was 1.2% less than in
1938, and the
Indicated abandonment this year is only about 1%.
Stocks of old corn on farms on July 1, 1939 are 836.921,000 bushels
compared with 642,922,000 bushels on hand July 1, 1938, and 376,299,000
bushels, the 1928-37 average for that date.
their acreage 13.6%,
Wheat—Conditions on July 1 indicate a United States total wheat crop of
716,655,000 bushels in 1939 compared with the relatively large crop of
930,801,000 bushels harvested In 1938 and the 10-year (1928-37) average of
752,952,000 bushels.
The indicated production of winter wheat is 537,767,000 bushels com¬
pared with 686.637,000 busheis produced last year and the average of
560.160,000 bushels.
The present indicated production represents an
Increase of about 14,000,000 bushels over prospects of a month ago.
Pre¬
liminary threshing returns indicate that the crop is turning out better than
expected in Oklahoma, Kansas, Missouri, and Illinois.
Cool, cloudy
weather during June with frequent light showers was also favorable in the
Northwest, where drought conditions had developed earlier, and prospects
In this area improved quite generally. Indicated yields range from one-half
bushel per acre higher than a month ago in Kansas and Illinois to 2.0%
bushels higher in Oklahoma and Oregon.
Frequent rains delayed wheat harvesting in northern Oklahoma, eastern
Kansas, where some loss through lodging, flood and shattering is reported,
and in much of the eastern corn belt.
However, conditions have been
generally favorable for harvesting since July 1.
Final yields were slightly
lower than expected in Texas, where harvesting was about completed and In
the Western Plains area, including the States of New Mexico, Colorado,
and Wyoming, where drought conditions continue.
Some stem rust has
been found in parts of the hard red winter wheat area, but generally made
its appearance too late to be a factor in reducing yields except in late fields.
The quality of the crop being harvested is generally good.
The acreage of winter wheat harvested or to be harvested Is now estimated
at 38,572,000 acres, which compares with 49,711,000 acres harvested in
1938 and the 10-year (1928-37) average of 38,160,000 acres.
All spring wheat production (including durum) is estimated at 178,888,000
bushels for 1939 compared with 244,164,000 bushels harvested on a 20%
larger acreage in 1938.
The 10-year (1928-37) average production is 192,792,000 bushels.
Although conditions improved materially during June
with relatively cool weather generally and ample rainfall over most of the
important spring wheat area of the Northern Plains, prospective yields
per acre are still somewhat below average in all of the improtant producing
States except North Dakota and Montana.
Stands are somewhat thin in
much of the Northern Plains area and straw is short, but heads appears to
be filling well.
Grasshoppers have hatched in large numbers and continue
to be a menacing threat in parts of Nebraska, the Dakotas and Montana,
although they have not caused heavy damage to July 1 except in local
areas.
Weeds will be a problem in many Dakota fields this year.
Traces
of stem rust have appeared on susceptible varieties in the Northern Plains
areas.
However, a large proportion of the acreage in the areas affected
have been seeded to Thatcher and other rust-resistant varieties.
Durum wheat production in 1939 is estimated at 30,890,000 bushels
compared with 40,445,000 bushels harvested in 1938 and the 10-year average
of 35,076,000 bushels.
Yields are expected to be above average although
average yields, by States, are one to three bushels below last year.
About
82% of the prospective production is in North Dakota.
The 1939 acreage of all spring wheat for harvest is estimated at 16,428,000
acres compared with 20,510,000 acres harvested in 1938 and the 10-year
(1928-37) average of 17,645,000 acres.
This is made up of 3,095,000 acres
of durum wheat and 13,333,000 acres of other spring.
The acreage planted
to all spring wheat this spring was 18,422,000acres, which is about 1,100,000
acres less than reported intentions in March.
The acreage planted in 1938
was 23,515,000 acres and the 10-year (1928-37) average, 22,393,000 acres.
July 1 conditions indicate a probable loss of acreage of about 11%, which is
slightly less than the 1938 abandonment and about one-half the 10-year
fjvcr(t^6
Stocks
of old wheat on farms on
July 1
are
estimated at
90,838,000
bushels compared with 59,113,000 bushels on July 1, 1938, and the 10-year
average of 51,212,000 bushels.
second largest on record for that
The July 1 wheat stocks this
year were the
date, being exceeded only by the 93,769,000
bushels on farms on July 1,1932.
was
still
on
A relatively large proportion of the crop
farms in the Northern Great Plains States and in Idaho.
How¬
ever, the disappearance of wheat from farms since April 1 has been
usually high.
un¬
Oats—The 1939 oats production as indicated on July 1 is 872,823,000
bushels.
This would be about 17% below either the 1938 crop of 1,053,-
839,000 bushels, or the 10-year (1928-37) average production or 1,049,300,000 bushels.
Following the favorable June growing conditions, yield
prospects on July 1 showed improvement, especially in the Dakotas and
Minnesota where the crop on June 1 was at a stage of development at which
it could respond to improved conditions.
In Iowa, Illinois, Missouri, and
Nebraska, oats were too far advanced to respond to the late May and early
June rainsIn this area stands are thin and the straw is so short in many
'/
The Commercial & Financial
438
with the combine is difficult.
Damage by the
intensified by chinch bug injury in Iowa and Missouri
fields that harvesting even
spring drought was
damage in Kansas and Nebraska.
Grasshoppers are also
injuring the crop in South Dakota and threaten it in North Dakota and
Montana.
Based on July 1 conditions, the 1939 yield per harvested acre
is estimated at 26.0 bushels compared with 29.7 bushels last year and the
average of 27.7 bushels.
Due to low yield prospects over much of the corn belt, a large acreage of
oats has been pastured or cut for hay.
Prospective abandonment on
July 1 was estimated at about 5% as compared with 3% in 1938 and the
average of 6%.
The heaviest acreage loss centered in Nebraska, Kansas.
Wyoming and Colorado, where the May drought and insect damage were
most severe.
The acreage of oats for harvest as grain this year is estimated
at 33,574,000 acres.
This is about 5% below the 1938 harvested acreage
of 35,477,000 acres and 10% smaller than the 10-year (1928-37) average of
37,452,000 acres.
With the exception of the drought years of 1934 and 1936
the acreage of oats remaining for harvest this year is the smallest since 1905
when 33,426,000 acres were harvested.
In the corn belt, where approxi¬
mately three-fourths of the oats acreage is being grown this year, there is a
reduction of about 8% from last year.
All other sections of the country
show increases ranging from 2% in the South Central States to 11% in the
and grasshopper
Western Division.
Farm
10-year (1928-37) average
Barley—A barley crop of 245,886,000 bushels in 1939 is indicated by
This production would be about 2% smaller than the
1938 crop of 252,139,000 bushels but about 6% larger than the 10-year
July 1 conditions.
average production of 233,021,000 bushels.
as a whole, yield per acre prospects were improved by
conditions in June but some States continue to show the
For the country
favorable growing
effects of the May
drought.
Barley was too far advanced in Kansas and Nebraska to respond
to favorable June conditions and the crop is heading on short straw.
Grass¬
hoppers are also causing considerable damage in this area as well as in much
of the Plains area to the South.
In the Dakotas, Montana and the Pacific
Northwest where the crop is later, yield prospects show marked improve¬
ment over those
Conditions on
first of the month.
of June 1.
July 1 indicated a
compared with 86% on the same date
conditions of 73% in the recent period 1928-37
29 period prior to recent droughts.
barley yield of 19.6 bushels per acre as
indicated a prospective acreage abandonment of 13%
compared with an acreage loss or only 7% last year and the 10-year average
of about 14%.
The acreage of barley remaining for harvest as grain in
1939 is estimated at 12,546,000 acres.
This is an increase of 19% over the 10,513,000 acres harvested in 1938 and
is 14% larger than the 10-year average of 11,017,000 acres.
The acreage
for harvest this year is the largest since 1932 when 13,178,000 acres were
harvested and is only 7% below the record high acreage of 13,526,000 in
1929. While practically every State reports a larger acreage than last year,
the increases are most outstanding in the sections where winter wheat
acreage had been sharply reduced.
For the South Atlantic and South
Central groups, the Pacific Northwest and Pennsylvania, Missouri, Kansas,
and Nebraska, the 1939 barley acreage remaining for harvest is the largest
on
record.
Winter barley is becoming of increasing importance in the
States immediately south and east of the corn belt and appears to be dis¬
placing oats in the southern part of the corn belt.
Rye—July 1 conditions indicate a 1939 rye crop of 41,486,000 bushels,
a sharp increase of nearly 7,000,000 bushels over prospects of a month ago.
This July indication compares with 55,039,000 bushels produced in 1938
and the 10-year (1928-37) average of 36,330,000 bushels.
The principal
increase in prospects occurred in the three States of Minnesota, North
Dakota and South Dakota where drought conditions prevailed during
April and nearly all of May. Very favorable June weather conditions have
resulted in much less abandonment than appeared probable a month ago.
Also, prospective yields per acre have improved in most areas, but are still
about 9% below average for the country as a whole. The crop in Minnesota
is expected to yield about average but stands are generally thin in Neoraska
July 1 conditions
in 1939 is estimated at 4,100,000
the 3,979,000 acres harvested in
1938 and is the second largest acreage for harvest since 1923. Serious drought
conditions in April through mid-May in several important North Central
States resulted in complete loss of acreage in some instances, but mostly in
for harvest as grain
increase of 3% over
The acreage of rye
is an
pasture and hay.
Compared with 1938, the acreage for harvest in 1939 is slightly smaller
Minnesota and North Dakota, is about the same in South Dakota and
suDstantially larger in Ohio and Nebraska.
In¬
In
is
Potatoes—July 1 conditions indicate a 1939 potato production of 366,074,000 bushels.
This production is 1% smaller than the 1938 crop of
371,617,000 bushels, and 2% smaller than the 10-year (1928-37) average of
372,258,000 bushels.
The acreage of potatoes for harvest this year is estimated to be 3,074,300
acres—2% larger than the 3,019,600 acres harvested in 1938, but 8%
smaller than the 1928-37 average of 3,343,400 acres.
.
Indications on July 1 point to an average yield of 119.1 bushels per
acre, compared
with 123.1 bushels in 1938, and the 1928-37 average of
111.4 bushels per acre.
Acreage in the 30 late States is indicated to be 2% larger than in 1938,
or 2,359,300
acres for harvest this year compared with 2,307,600 acres
harvested in 1938. Growing conditions in Maine, New York, Pennsylvania,
Minnesota and North Dakota have been
reported to be poor. Dry cool
weather before germination caused much of the seed to rot. The crop has
developed slowly and is about a week later than usual. In Colorado, Present
conditions do not favor a large potato crop. A frost on the night of June 18
froze most potatoes to the ground in the San Luis Valley.
This damage,
while not permanent, has retarded the development of the crop.
Potatoes
in most Colorado areas have required considerable irrigation and this has
drawn heavily on the supply of stored water.
In northern Colorado the
crop is late.
In Washington and Oregon conditions are reported to be
favorable.
The California late crop is reported to be fair. A crop of 301 ,019,000 bushels is indicated for the 30 late States as a whole, compared
with 296,396,000 bushels harvested in 1938 and the 10-year average of
Michigan,
Thou sand
Bush.
Bush.
Bush.
Acres
1939
1939
1928-37
Thou
Indicated
1938
Average
dicated
1938
Aver.
1939
1938
Bus hels
New York.
297
260
20.0
21.5
5,049
7.425
New Jersey
61
52
21.8
22.0
22.0
1.144
1,041
906
18.8
21.0
20.5
1,202
18,286
1,342
Pa...
21.861
18,573
2,376
19.3
19.5
19.0
46,332
Indiana—
1,881
2,270
1,878
1,553
25.0
Wisconsin,
5,590
16.5
36,370
28,266
1,861
17.1
18.5
18.5
33,007
41,995
35,682
25,624
34,428
896
709
19.9
21.5
21.0
15,817
19.264
14,889
67
41
17.6
16.5
16.0
578
1,106
656
Minnesota
258
163
18.7
13.5
18.C
3,190
3,483
2,934
Iowa
559
382
18.3
16.5
16.5
6,903
9,224
6,303
13.7
13.0
15.0
24,265
31,512
1,576
52,824
152,114
24,825
Illinois
Michigan
_
Wisconsin
.
Missouri.
Kansas
1,655
2,424
_
137
96
11.5
11.5
9.5
.
3,081
10,553
14.6
12.0
11.5
44,023
12.5
10.5
10.5
137,853
14,487
...
30,096
1,341
4,402
8. Dakota.
Nebraska
16.0
16.9
912
35,432
110,806
83
Virginia...
17.4
20.0
17.0
1,590
1,660
1,207
386
18.8
20.0
19.0
8,419
9,420
7,334
609
.
71
471
Delaware-
548
14.3
14.0
14.0
8,764
8,526
2,340
5,440
7,672
2,030
4,972
1,771
2,013
W. Virginia
156
140
14.7
14.5
1,983
N. Carolina
473
425
10.6
11.5
11.7
4,496
S. Carolina
161
183
9.8
11.0
11.0
1,054
15.0
170
Tennessee
_
8.8
10.0
9.5
1,011
1,700
422
13.6
15.0
11.5
4,623
8,280
4,853
491
_
175
552
Georgia
Kentucky
370
10.9
11.0
11.0
3,989
5,401
4,070
6
10.0
5
Alabama..
12.0
13.0
1,662
72
65
50
Arkansas._
70
41
9.2
8.5
9.0
490
595
369
Oklahoma.
5,302
4,022
11.7
11.0
13.0
47,054
58,322
Texas
3,894
2,939
1,088
10.2
9.0
10.0
32,038
35,046
1,046
12.8
23.5
20.5
8,551
24,581
52,286
29,390
22,304
Idaho
700
588
19.7
25.0
21.0
12,533
181
190
11.0
13.0
9.5
1,259
17,500
2,353
12,348
Wyoming.
1,006
1,056
11.4
14.5
11.0
9,034
14,587
11,616
238
262
9.4
10.0
12.5
2,538
2,380
3,275
Montana.
Colorado
_
__
N.Mexico-
50
35
22.2
22.0
23.0
176
16.4
21.0
13.0
3
25.5
27.0
28.0
1,100
2,983
4
805
2,288
70
Nevada
1,805
4,389
776
209
Arizona
Utah
108
84
25,798
12,340
537,767
'
1,197
1,053
23.5
27.0
24.5
24,550
738
749
586
18.5
17.0
16.0
12,712
32,319
15,867
12,733
49,711
38,572
14.5
13.8
13.9
560.160
686,637
Washingt'n
617
19.6
21.5
20.0
13,442
Oregon
California
_
u. s
9,376
OLD WHEAT STOCKS
Slocks
on
Farms
Stocks on Farms, July
July 1
1
State
Stale
Average
Average
Thous and Bus hels
Thous and Bus hels
New York
8
14
910
678
Georgia
107
Kentucky
50
80
146
1.362
2,593
1.322
3,046
4,152
2,785
2,777
1,814
Arkansas
Illinois
1.419
2.740
1,489
Oklahoma.
3,513
Texas
..
2 010
Michigan
2,426
409
482
4,652
7,400
304
184
3
2
5
84
18
2,320
....
3,928
3,791
801
417
701
3,624
1,821
Idaho
....
Minnesota
290
14
...
Montana
302
2,152
Wisconsin.
153
306
175
Alabama
1,824
Pennsylvania
101
123
Tennessee
Ohio
New Jersey
44
14
39
South Carolina.
12
689
Maine
1939
1938
1928-37
1939
1938
1928-37
Indiana
greater use of acreage as
Ohio,
Production
Yield per Acre
Acreage
State
(incl the Distlcotcts
This
in 1938, and 10-year
and 85% in the 1920-
WHEAT
WINTER
Maryland
compared with the 24.0 bushels yield of 1938 and the 10-year average of
20.7 bushels.
Harvesting of winter-type barley is practically complete
with yields better than expected.
A large acreage of barley was seeded than was planned at the beginning of
the season with the result that seedings this year were the largest on record.
acres.
whole the condition of pasture on July 1 averaged
For the country as a
78% of normal
average
Ohio
at 184,877,000
1, 1938, and the
farm stocks of 146,171,000 bushels.
(1928-37)
July 15, 1939
dry land pastures were
or more,
^
of oats on July 1, 1939, were estimated
This compares with 196,065,000 bushels on July
stocks
bushels.
Chronicle
seriously short. In California pas
tures were reported in poor condition with little prospect for improvement
until fall. Substantial reductions in pasture condition during June occurred
in southern New England, and the Middle Atlantic States, particularly
eastern Pennsylvania and New Jersey.
In South Carolina pastures on
July 1 were very dry but appear to have been benefited by rains since the
months
2,301
12,299
1,560
4,179
589
1,758
1,534
Wyoming
302
367
768
1,324
2 551
2.528
Colorado
827
1,364
2,524
Dakota.
6,141
3,990
13,573
New Mexico
171
295
South Dakota..
3,114
2,000
6,389
Iowa
Missouri
North
Nebraska
4,326
3,303
Kansas
8,915
9,483
6,129
11,414
Virginia
Washington
48
...
11
1,052
17
28
33
362
283
19
45
1,189
762
1,033
694
715
707
74
179
51,212
59,113
Oregon..
492
Maryland
5
600
Nevada
257
Delaware..
680
512
California
West Virginia..
202
383
252
436
495
...
127
281
North Carolina.
134
13
396
Arizona
Utah
WHEAT
(PRODUCTION
States
United
BY CLASSES)
90,838"
FOR THE UNITED STATES
In Idaho, however, stands are
favorable.
304,298,000 bushels.
In the seven intermediate
,
,
Total
(Winter <fc
Hard Red
Soft Red
Hard Red
Bushels
Bushels
Durum
Bushels
Spring)
a
Bushels
Bushels
Bushels
Average
87,662,000 752,952,000
1938
387.610,000 236,800,000 161,440,000 42,010,000 102,941,000 930.801,000
73,075,000 716,655.000
1939 b... 299,495,000 190,786,000 121,441,000 31,858,000
1928-37 318,452,000 191,312,000 118,804,000 36,723,000
a
Includes durum wheat In States for
b Indicated July
,
White
Spring
Winter
Year
estimated to be 292,000
acres, or only slightly larger than that of 1938.
Dry weather has reduced
yield prospects in New Jersey, although recent rains have brought about a
marked improvement. In Delaware, Maryland and Virginia, the rains came
SPRING
WHEAT
(Other than Durum)
Production
Yield per Acre
Acreage
and yields are expected to be materially lower
in Kentucky, Missouri and Kansas are in good
For the seven intermediate States as a whole, the total pro¬
which estimates are not shown separately
1, 1939.
States, acreage is
too late to benefit the crop
than in 1938.
condition.
The
crops
In¬
State
Pastures—As
the
result
of widespread
June
rains, pastures
had re~
covered substantially by July 1 and for the country as a whole compared
favorably with the average for that date in recent years. Excellent pastures
were reported practically everywhere between the Appalachian Mountains
and the Great Plains States, also in Montana, northern Wyoming, and in
scattered areas elsewhere. The condition of pastures, however, was spotted
and only fair in most of the Atlantic Coast States, and fair to poor in portions
of the Great Plains and in central and southern portions of the Rocky
Mountain and Pacific Coast regions. Local areas of extremely poor pastures
were reported in southwestern Kansas, south central Texas and northern
New Mexico.
whole the improvement in pastures during June was
on
June
1, with
North Dakota,
Iowa and
Minnesota showing
the
improvement.
Other areas of substantial improvement during June
include the northern Rocky Mountain States, the northern Pacific Coast
most
Virginia and northern New England.
wheather has prevailed, a material re¬
duction in pasture conditions took place during June. In Colorado, Arizona,
and New Mexico, where rainfall has been below normal for three successive
States, Oklahoma, Kentucky, West
In a number of places where dry
Average
Bush.
Acres
Indicated
1938
1928-37
Bush.
Bush.
19.0
1939
Thou sand
Bus hels
57
Maine
4
3
20.6
17.0
96
68
New York-
6
4
16.8
18.0
15.5
144
108
62
17.5
200
171
192
16.5
Pa
9
11
17.4
19.0
Ohio
5
3
17.4
17.5
Indiana
9
9
15.2
16.0
16.0
183
144
144
30
36
16.3
18.5
18.0
1,527
555
648
15.0
Illinois
_
Wisconsin.
Iowa
M issouri.
N.
198
88
50
280
_
Dakota
S. Dakota
.
20
16.2
14.0
269
255
53
50
16.8
17.0
16.5
825
1,358
12.6
15.0
12.5
1,245
15,740
901
2,263
33,945
16,975
25
Michigan
Minnesota
30
14.0
14.5
13.0
558
362
17
390"
8
3
12.4
11.0
12.0
111
88
36
6,255
5,336
8.1
7.8
8.5
47,800
48,789
45,356
2,156
1,798
7.7
8.5
7.0
18,326
12,586
10.0
15,062
2,231
.
_
6.5
2,890
806
9.3
10
8.2
7.0
5.5
219
70
55
3,412
2,919
9.3
14.0
13.5
26,666
47.768
39,406
449
Montana.
124
10
Nebraska
Kansas
335
25.4
27.5
25.0
12,348
8.375
11.5
12.5
11.0
2,162
1,430
2,196
289
173
130
333
183
13.1
14.5
12.0
11,991
1,588
4,085
N.Mexico.
25
26
13.2
12.0
12.5
355
300
325
Utah
78
60
28.1
28.0
25.0
2,148
2,184
1,500
24.6
23.0
25.0
303
345
400
Idaho
For the country as a
the third sharpest recovery for that month in the past quarter century,
al 1 North Central States pasture condition on July 1 was markedly better
than
Thou.
dicated
1939
1938
1928-37
bushels.
Acreage in the 11 early States is estimated to be 423,000 acres—slightly
larger than in 1938. The harvest of the commercial early potato crop was
practically completed by July 1 in most of these States. Production, which
includes both the early and late croos, is estimated to be 35.563,000 bushels,
compared with 37,298,000 bushels in 1938, and the 10-year average of 3-6,676,000 bushels.
Aver.
1939
1938
duction of potatoes is indicated to be 29,492,000 bushels, compared with
37,923.000 bushels harvested in 1938, and the 10-year average of 35,284,000
Wyoming
Colorado.
_
.
4,828
15
16
Washingt'n
991
694
16.0
19.5
18.0
19,179
Oregon
350
175
20.0
22.0
19.5
5,812
19,324
7,700
12,492
3,412
16,965
13,333
10.9
12.0
111
157.716
203.719
147.998
Nevada
U.S
—
Volume
•The Commercial & Financial Chronicle
149
DURUM
Acreage
UNITED
Yield per Acre
State
1939
Acer.
1938
Acreage
Crop
dicated
Average
1939
1928-37
1928-37
STATES
Production
In¬
1938
439
WHEAT
Harvested
For
Thou.
N.
Dakota
Acres
Bush.
95
Bush.
Bush.
13.1
16.0
13.0
1,961
1,520
806
62
Thou sand
Bus hels
2,700
2,541
9.5
11.5
10.0
25,938
31,050
750
492
7.8
10.5
9.5
7,177
7,875
4,674
3 States.
3,545
3,095
9.4
11.4
10.0
35.076
40,445
Corn, all
Wheat, all
25,410
S. Dakota.
30,890
!_■
Winter
.
All spring
Durum
Other spring
(ALL)
Barley
1,068,000
a25,018,000
55,517,000
56,309,000
1938
1939
Acer.
1938
dicated
Average
1939
1928-37
1928-37
Thou.
Acres
1938
Indicated
1939
12,154,000
23,981,000
12,442,000
11,774,000
21,320,000
13,462,000
1,671,000
6,858,000
3,057,000
Bush.
Bush.
11
13
38.7
40.0
38.0
489
440
494
Soy beans.c
16
41.1
41.0
41.0
599
656
615
78
39.9
40.0
40.0
Cowpeas.c
Peanuts, c
2,339,000
76
954,000
4,246,000
15
Vermont.
Bus hels
2,803
3,120
3,040
39
38
41.1
38.0
42.0
1,606
1,482
1,596
R. I-—.-
10
9
39.8
40.0
38.0
347
400
342
Conn
49
48
38.8
36.0
40.0
"2,005
1,764
25,345
1,920
22,814
156,992
173,389
.
Mass
New York.
685
671
33.7
37.0
34.0
197
185
38.2
38.0
37.0
1,354
3,425
39.0
43.5
44.0
Ohio.
1,368
3,568
36.5
44.0
46.0
Indiana—
4,229
4,144
33.5
41.0
43.0
21,221
7,186
51,087
132,297
151,195
Illinois
8,430
New Jersey
Pa.
Michigan
.
Wisconsin
.
Minnesota
Missouri
S. Dakota.
Nebraska
Kansas
.
...
Delaware
_
Maryland
Virginia.
-
__
Louisiana
.
Oklahoma
.
Texas
Montana..
Idaho
Wyoming
.
Colorado.
.
N. Mexico-
Arizona.
..
379,350
101.8
835,000
883,000
887,000
100.5
1,700,000
102.6
Sweetpotatoes
Tobacco
108.3
95.3
Sorgo for sirup
214,000
1,603,000
190,000
1,802,000
195,000
Sugarcane for sugar....
364,185
43,167
58,035
36.0
71,042
90,514
213,000
294,000
262,000
89.0
137,000
140,000
102.2
937,000
100.8
28,000
930,000
32,000
326,127,000
320,700,000
58,596
81,252
4,501
4,546
29.4
35.0
36.0
136,346
157,535
35.5
45.5
45.5
393,143
468,923
445,490
20.1
25.0
28.0
106,500
991
14.1
16.5
18.0
113,655
16,305
16,186
35,688
107,735
114,520
17,838
54,321
167,325
45,200
112.5
...
61,880
4,147
beets
Total (excl. dupl.)
163,656
9,791
4,090
981
4,176
17,710
2,974
12.5
2,859
7,275
19.0
54,933
7,430
16.7
14.5
23.0
159,176
2,260
3,094
13.2
20.0
20.0
143
144
27.3
29.0
29.0
80,736
3,861
12.0
501
506
30.6
37.0
35.0
15,617
18,537
1,391
1,391
21.8
25.0
24.5
32,225
34,775
482
24.7
26.5
28.0
✓2,418
1,754
18.0
19.0
19.5
13.2
14.5
14.0
12,384
41,355
21,335
38,902
a
Acreage In cultivation July
alone for all purposes.
GRAIN
Oats
24,556
Wheat
4,531
9.8
11.5
10.0
821
9.3
10.5
9.0
6,733
8,452
2,816
2,581
3,550
2,913
21.6
27.0
26.0
62,688
74,547
20.9
25.5
21.0
60,308
68,570
12.6
14.0
12.5
39,427
16.0
2,217
1,636
1,947
14.5
16.5
17.0
29,956
36,218
14.3
16.5
14.5
20,098
26,730
13.3
20.0
20.0
35,912
35,080
15.6
16.0
17.0
75,962
156
154
9.2
15.0
12.0
34.9
37.0
34.0
1,184
226
10.6
12.0
11.5
2,880
2,599
1,078
808
10.7
10.5
8.0
11,319
6,464
193
216
13.8
13.5
13.0
2,928
2,606
2,808
30
15.6
15.0
15.0
502
495
450
20
18
24.8
25.0
22.5
457
500
Grown
1939
1,000
Per Ct*
1,000
Bushels
Per Ct*
Bushels
_
376,299
27.4
642,922
36.8
836,921
146,171
51,212
16.9
196,065
59,113
17.5
184,877
90,838
7.0
_
6.8
9.8
1,122
240
c
1
18.7
(old crop)
82,790
1,848
33
1,259
1,225
2,071
15,771
75,648
2,340
ON JULY
13.9
23,722
38,940
4,870
FARMS
1938
Bushels
73,216
54,201
44,375
14.7
49,700
48,544
Corn for grain
7,389
2,761
ON
1,000
Per Ct*
46,398
4,623
b Excludes sweetclover and lespedeza.
.
Average 1928-37
26,767
12,640
1.
STOCKS
Crop
34,080
13,496
47,151
2,689
3,550
3,034
2,195
1,620
1,754
13.4
•
53,164
36,262
45,310
*
Nevada
Per cent of
previous year's crop.
UNITED
STATES
Yield Per Acre
39,326
37,689
Crop
Total Production
In¬
Indicated
dicated
Aver.
July 1
1928-37
1938
28.3
Average
1928-37
1939
Corn, all, bush..
23.0
27.7
Wheat, all, bush.
Winter, bush..
13.4
13.3
13.0
14.5
13.8
13.9
All spring, bush
10.6
11.9
10.9
405
'
Utah.....
2,339,000
123,000
3,074,000
129,000
99.0
307,592
38.0
33
Mississippi
Arkansas..
3,020,000
96.0
45.0
38.5
32
-
2,160,000
31,000
45.0
36.5
31.8
4,728
_
1,820,000
100,000
3,343,000
_.
307,763,000
33.8
805
_
86.7
130,000
29.2
1,846
Kentucky
93.5
118.4
763,000
1,542
2,442
Tennessee
100.7
Sugai1
Hops
2,257
S.
Alabama.
96.7
100.9
178,192
8,093
N.Carolina
Florida
97.6
99.7
102.6
157,550
1,590
477
Georgia—
103.0
213.2
Sugarcane for sirup
2,351
W. Virginia
Carolina
;
Velvet beans. c_
6,845
4,260
..
Dakota
1,740,000
Potatoes
59,576
10,306
Iowa
N.
7,486
59,508
78.6
94.6
8,119,000
2,651,000
Bush.
Maine..
N.H
Thou sand
87.3
4,100,000
2,034,000
1,042,000
a24,943,000
57,801,000
11,386,000
21,516,000
13,551,000
1,562,000
Hay, all tame..
Hay, wild
Hay, clover and timothy.b
Hay, alfalfa.
Beans, dry edible............
In¬
119.3
3,179,000
Cotton..
State
80.1
12,546,000
35,477,000
77.6
16,428,000
3,095,000
13,333,000
33,574,000
3,545,000
16,965.000
78.3
38,572,000
20,510,000
98.8
55,000,000
2,035,000
913,000
a36,80l,000
,
Rice
Production
90,734,000
10,513,000
3,979,000
Bye
Yield per Acre
91,792,000
70,221,000
49,711,000
11,017,000
Flaxseed
Acreage
1938
1938
99,798,000
55,804,000
38,160,000
17,645,000
3,355,000
14,290,000
37,452,000
Oats
CORN
P. C. o.
1939
A verage
1939
1928-37
Minnesota
1939
Harvest,
Indicated
1938
Durum, bush
9.4
11.4
10.0
Other spring,
bush
10.9
12.0
11.1
26.0
June
1938
1,
July 1,
1939
2,309,674 2,542,238
752,952
930,801
686,637
560,160
192,792
244,164
40,445
35,076
1939
2,570,795
716,655
523,431
537,767
178,888
30,890
2
2
26.1
31.0
27.0
49
62
54
Washlngt'n
Oregon
29
35
34.8
35.0
32.0
55
57
30.6
29.0
31.0
1,015
1,595
1,120
1,767
Oats, bush
27.7
29.7
California
62
62
32.2
33.5
32.0
1,168
1,904
2,385
2,077
1,984
Barley, bush
20.7
24.0
19.6
Rye, bush
11.1
13.8
10.1
Flaxseed, bush..
Rice, bush
5.9
8.6
7.6
47.5
49.0
48.3
1.24
1.43
1.26
68,765
80,299
.76
.89
.78
9,414
10,444
8,856
1.10
1.30
1.11
26,577
27,754
23,807
26,561
.
U. S
91,792
90,734
23.0
27.7
28.3
2,309.674 2,542,238 2,570,795
157,716
203,719
1,049,300 1,053,839
233,021
252,139
36,330
55,039
11,943
8,171
43,387
52,303
147,998
872,823
245,886
34,628
41,486
16,398
50,278
Hay, tons—
OATS
*
All tame
Wild..
72,794
Clover and
Acreage
Yield per Acre
Production
timothy
a
'Alfalfa.......
In¬
1938
1939
Acer.
1938
Average
1939
1928-37
1928-37
Thou
Acres
Bush.
Bush.
Bush.
1938
1939
Thou sand
Potatoes, bush..
Sweetpotatoes, bu
Tobacco, lbs
Bus hels
115
36.7
34.0
36.0
4,332
3,876
4,140
8
7
37.4
36.0
38.0
284
288
266
56
56
31.0
31.0
31.0
1,852
1,736
1,736
6
5
32.5
34.0
30.0
166
204
150
31.7
30.0
31.0
6
6
28.8
30.0
26.0
195
180
821
27.4
34.0
26.0
23,077
24,724
32,760
28,224
63
60
28,858
111.4
123.1
119.1
12,638
372,258
15,268
371,617
85.2
86.8
89.0
70,690
76,647
366,074
78,933
1,360,400 1,378,534
1,654,622
803
860
918
16.6
22.8
22.1
11,897
Sugarcane for
3,609
11.1
12.5
10.8
8,486
6,720
11,614
1,198
1,119
1,267
c34,079
c35,26l
sugar, tons
Sugar beets, tons.
Hops, lbs
5,779
10,162
39,534
62
48
45
29.4
25.5
22.0
933
27.8
33.5
26.5
25,937
1,121
1,310
30.6
33.0
30.0
48.830
27.4
26.0
24.0
31.1
31.5
29.0
49,177
125,119
30,652
36,993
34,060
110,534
1,224
1,092
1,176
3,156
1,224
28.8
35.0
32.0
39,160
42,840
2,455
2,234
31.5
31.0
32.0
78,017
3,900
3,938
5,215
1,676
1,360
1,567
1,360
1,428
31.0
33.0
32.0
32.2
33.5
28.0
134,433
193,949
76,105
128,700
198,086
146,020
45,600
33,520
3,509
5,913
1,900
1,391
1,535
1,867
1,518
Condition July 1
Per Ct.
990
91,524
39,168
71,488
126,016
21.2
24.0
20.0
34,737
18.7
22.5
20.0
30,595
31,298
30.0
23.0
41,218
46,050
36,041
21.9
29.5
14.0
49,924
55,076
19,040
32,537
35,673
PerCt.
PerCt.
57
52
64
59
60
69
c54,15l
c51,945
61,863
61,673
59
65
63
c25,444
C32.473
30,024
30,763
Grapes, tons.e..
79
83
85
Pasture
73
86
78
73
77
73
Apples.d
Peaches, total
Pears, total
......
•
crop, bush
crop,
bush
27,200
21.0
'*
■
\
c2,2l5
2,704
2,605
'
V
*
«■ «* » -
..
*. *
-
»
-
22,848
22.5
23.5
16.0
3
4
30.0
32.0
26.0
90
96
43
28.0
32.0
27.0
1,364
1,161
92
101
19.4
21.5
19.0
2,287
86
73
19.8
21.0
19.0
2,218
1,312
1,978
1,806
Peanuts
a
not
e
....
Excludes sweetclover
harvested,
and
d Condition
lespedeza.
on
July
1
b Pounds,
in
States
c
Includes
having
some
quantities
commercial production,
Production includes all grapes for fresh fruit, Juice, wine, and raisins.
104
41
253
1,919.
1,387
263
18.6
22.0
22.0
3,906
5,566
5,786
467
500
21.2
22.8
23.5
8,488
10,648
11,750
426
456
18.8
22.5
20.0
6,297
9,585
9,120
9
9
14.5
15.5
16.0
114
140
144
62
62
16.2
19.5
16.0
2,166
1,596
1,908
1,209
1,700
3,168
-992
918
1,593
85
90
20.0
16.5
132
132
18.3
24.0
21.5
59
66
21.4
27.0
31.0
135
128
15.7
19.0
1
1,485
2,838
2,046
19.0
22.0
50
55
24.2
27.0
32.0
718
1,350
1,760
1,307
1,420
1,346
1,420
20.6
21.0
17.0
25,232
27,447
22,882
23.4
26.0
23.0
34,245
36,920
32,660
248
300
36.0
32.0
6,069
151
35.4
39.0
35.0
4,805
8,928
4,914
9,600
126
114
98
24.3
27.0
23.0
2,851
3,078
2,254
163
145
27.7
31.0
26.5
4,504
5,053
3,842
30
26
23.2
22.0
21.5
575
660
559
10
10
27.5
26.0
25.0
288
260
250
28
28
36.0
39.0
34.0
1,391
1,092
3
22.2
2,585
2,565
2,816
5,285
952
3
35.0
40.0
35.0
95
120
105
158
198
48.8
42.5
48.0
7,879
6,715
9,504
269
315
32.2
25.0
33.0
8,794
6,725
121
136
26.8
28.0
28.0
2,975
3,388
10,395
3,808
35,477
33,574
27.7
29.7
26.0
1,049,300 1,053,839
872,823
GENERAL
The Crop
24,097
21,346
1,339
26,588
1,224
2
/
915
the
1.96
b762
156
782
U.S
2.14
b914
100-lb. bag
Indicated
114
2
1.94
b731
Beans, dry edible,
dicated
CROP
REPORT
AS
OF JULY* 1,
1939
Reporting Board of the Agricultural Marketing Service makes
following report
from
data
furnished
by
statisticians, and cooperating State agencies:
crop
correspondents, field
Weather Report for the Week Ended July 12—The
general summary of the weather bulletin issued by the
Department of Agriculture, indicating the influence of the
weather for the week ended July 12, follows:
The week was characterized by above-normal temperatures throughout
nearly the entire country, the weekly means being decidedly high over
Near normal warmth prevailed in the South Atlantic area,
Gulf coast sections, the Southwest and Pacific States.
Otherwise the
temperature averaged much above normal. The warmest weather occurred
in the interior of the country, especially the area comprising the central
Mississippi and lower Missouri Valleys and the central and southern Great
Plains where the week was from five degrees to as many as 10 degrees above
normal.
Plus departures in the Northeast ranged from six degrees to 10
degrees, and from the Lake region westward to the Rocky Mountains from
five degrees to seven degrees.
Rainfall was heavy in the Southeast and substantial to excessive in an
interior southeastern area, centering in southwest Virginia and eastern
Tennessee.
Knoxville, Tenn., reports 6.9 inches for the week, and Tampa,
Fla., 5.1 inches.
In general the amounts were light to moderate in the
interior States; in most places considerably lighter than in recent weeks,
also, in the Atlantic area from the Potomac Valley northward, only light to
moderate, local showers occurred.
West of the Rocky Mountains there was little or no rainfall, except
very locally in northern California, and the week was practically rainless
in the west Gulf area.
In the Plains States many showers were again
reported.
Some weather features during the week over considerable midwestern
areas were less favorable than recently.
Otherwise, generally favorable
conditions were maintained east of the Rocky Mountains, except for the
persistence of too much-moisture in some southeastern sections.
Condi¬
tions were favorable for outside operations rather generally in the Great
Plains, the Ohio Valley, and the Lake region, except that in many places in
the eastern Ohio Vajley frequent rains delayed haying and harvesting
large areas.
The Commercial & Financial
440
extending from Wyoming and Utah south¬
by high tempera¬
the range is reported
suffering throughout
this area; stock water is scarce in many places and in northern sections
spring grains are reported as seared beyond help in some places.
East of this area conditions were less favorable than previously from
the central Mississippi Valley westward to the Rockies, because of ex¬
tremely high temperatures and a general absence of rains; some dam¬
aging hot winds were reported in parts of the southern Plains.
The soil
dried rapidly in Missouri, southern Nebraska, Kansas, and Oklahoma,
and the prevailing high temperatures were unfavorable for growing crops.
Unfavorably wet weather continued in much of the Southeast, from
eastern Mississippi to Georgia, and in Florida.
Pastures and minor crops
made good growth generally in the eastern half of the country, in the
northwestern Great Plains, and in most of the Pacific Northwest, but in
the western dry area referred to above they are short and seared.
Citrus
made good progress in Florida, but need rain in southern Texas.
Small Grains—Harvest made good progress in the northern portion of
the winter wheat belt and is mostly completed in central and southern
districts. There was complaint from the eastern Ohio Valley of interference
by rain, but otherwise harvest and threshing progressed under favorable
In
a
large southwestern area,
ward to the border,
droughty conditions were intensified
and persistent absence of rain.
In some places
the driest in years, while pasture lands are generally
tures
conditions.
In the spring wheat belt the weather continued favorable for develop¬
ment of small grains. Progress of spring wheat was mostly good to excellent.
The crop is developing rapidly with many fields ripemng as far north
as North Dakota, with plants heading and some beginning to turn in Mon¬
tana.
In southern South Dakota cutting is progressing and heads are
filling better than expected In the northern portions of the State;.grass¬
Chronicle
destructive, and much grain is being cut green to prevent
hoppers are
Oat harvest
progressed favorably, but with considerable disappointment
boll stage in the northern
Flax is generally in the blood or the
in yields.
Plains. Progress of rice was generally fair to good in the west Gulf
area,
but much irrigation is required.
Corn—The absence of rain, high temperatures, and hot winds in some
southern Plains sections were rather unfavorable for corn in the extreme
lower Missouri Valley and the southern Great Plains, though no material
actual harm is indicated so far.
In the central-northern States, the upper
Mississippi Valley, and east of the Mississippi River conditions remained
fevorable and the corn crop made good to excellent progress rather gen¬
erally, except in drier localities north of the Potomac Valley.
Rain would
now be helpful In Missouri.
In Oklahoma progress was mostly good, except for some deterioration
In the south where hot winds were damaging.
In Kansas progress was
fair to very good in the eastern third and south-central counties; else¬
where deterioration or poor progress was reported.
It was also too dry
locally in southwestern Nebraska, but progress is still excellent in most
areas of that State.
In the northern Great Plains and Minnesota growth is still rapid.
In
Great
Iowa progress was excellent with corn averaging about 10
normal season; much is tasseling and some shooting ears
days ahead of
and beginning
a
to silk.
•
.
/'
■
Cotton—In the cotton belt temperatures were mostly above normal,
with rainfall light to moderate in much of the eastern belt and rather
heavy in parts of the central area, but generally light to entirely absent
in the west.
In general, the weather was favorable, except for a con¬
tinuation of too much moisture in some portions of the belt.
In Texas progress of cotton was generally good, except in west-central
sections where poor to only fair, while plants are in all stages of develop¬
ment in the northwest; blooming is general in the eastern part of this State.
In Oklahoma progress was fair to good, though rain is needed in the extreme
south; some squaring is reported.
Favorable reports were received from Arkansas and Louisiana.
In
local blooming is reported, but in the western part of
Mississippi, and portions of Alabama, Georgia,
much moisture, with weevil activity favored.
In the Carolina# progress was mostly fairly good to good, although in some
areas of botff States there was too much rain during the week.
Tennessee,
some
this State, also in eastern
and Florida there has been too
The Weather Bureau furnished the
following
of
resume
conditions in different States;
mostly good to excellent; some squares.
Progress of
deteriorated in extreme south, where hot winds damaging,
central; condition generally good to excellent; much early
nearly matured.
Gardens and minor crops good condition; need ram.
corn
condition
good, except
and some smut in
Pastures fair to
good.
Rock: Progress of cotton good to excellent due to
cultivation rapid progress; weather favored poison¬
weevil and hoppers. Progress of corn good to excellent,
except in west; most of crop well cultivated and clean.
Growth of pastures,
sweet potatoes, tomatoes and truck checked in highlands; good progress
Arkansas—Little
warmth and drying soil:
ing and checking
elsewhere.
Tennessee—Nashville: Adequate rains, heavy at close in east, and soil
cultivate in west first part.
Days warm, but favorable. Prog¬
and condition of cotton good in south where squaring and some bloom;
some knee high; rather poor in west.
Corn tasseling in east; progress good,
but more rain needed In central; planting incomplete in west.
Grain thresh¬
too wet to
ress
ing in progress;
mostly excellent.
little moisture damage.
Fruit fairly good.
color; fields unusually clean.
Pastures revived.
Gardens
growing rapidly.
Digging potatoes.
Southeastern cabbage
r
,
,
rich
truck
shipments increasing.
North
Carolina—Raleigh:
Favorable warmth.
Condition of
corn
very
good; progress excellent in east and central account adequate rains: fair
to good in west.
Condition and progress of tobacco mostly satisfactory;
curing good advance.
Progress of cotton good, except fairly good in eastcentral account clouds and rain; condition generally good.
Truck and
fruit
good.
South
Carolina—Columbia:
locally too much rain.
dition of cotton mostly
Favorable
warmth;
mostly
adequate
to
Weather favored weevil activity; progress and con¬
fairly good, out too rank in places; squaring and
bloom
satisfactory in north, many bolls nearly mature in south.
Smallgrain threshing about over in north, fair to good yield.
Corn, tobacco,
truck and pastures good progress; some early corn damaged
by previous
drought.
many places; favorable warmth all
of cotton fairly good, except favor¬
Georgia—Atlanta: Too much rain
sections.
Condition
and
progress
able for weevil activity in west and south; blooming well and many
bolls.
earing and growth generally good.
Truck, peanuts, sweet potatoes,
and pastures favored, except some areas where too much rain.
Unfavor¬
able for curing tobacco.
Corn
Favorable warmth; too much rain; soil too wet
Progress of cotton fair; condition rather poor; bolls forming;
activity favored.
Rain interfered with farm work.
Late corn fair,
sweet potatoes good growth.
Some rain damage to tobacco, but crop
mostly gathered and cured.
Truck scarce.
Citrus good growth; green
fruit sizing nicely.
Florida—Jacksonville:
to cultivate.
weevil
Alabama—Montgomery: Soil moisture ample, except more rain needed
locally in middle and east; soil too wet for cultivation locally in north¬
west.
Progress of cotton mostly good; condition fair to fairly good; mod¬
erately favorable Tor weevil activity in some wet sections; blooming all
sections:
bolls in south.
Corn, sweet potatoes, vegetables and truck
mostly doing well.
Cattle good condition.
Mississippi—Yicksburg:
Generally
favorable
warmth;
abundant
sun¬
shine until 8th; too mucn rain in east thereafter and soil locally too wet
to work.
Progress of cotton mostly fairly good in west, with weather
favorable for
checking weevil- progress rather poor in east, especially on
lowlands, with weather favorable for weevil activity; small bolls developing
in central on early planted.
Progress of corn in west good; oarly planted
in roasting ear stage; progress fair in east on uplands, but deteriorated
or locally poor on lowlands.
Louisiana—New Orleans: Hot and dry until near close.
Rains at end
beneficial all crops, especially in southwest where moderate drought
Progress of cotton good; fruiting rapidly; favorable for checking
very
broken.
dryness
ogress otber crops generally good, but retarded locally by
Texas—Hoipton: Favorable warmth in north; too hot in south;
needed in
rain
south,
elsewhere
mostly adequate.
Wheat
harvest
more
and
threshing about oyer, except in north half of Panhandle, where about half
done; condition of crop still in field generally poor to fair.
Lack of rain
by corn in southwest and on coast, but great relief last day in middle
and upper coast regions; corn almost a failure in southwest, but condition
generally fair to good in remainder of south, and good to excellent in north,
although rain would help all sections.
Progress and condition of cotton
generally good, except west-central, where mostly poor to only fair; bloom
general in south and east, and in northwest ranges from newly germinated
to blooming; fields generally clean;
picking rapid progress in extreme south.
Truck and ranges need rain in most of south.
Cattle good condition, but
felt
rather thin in extreme west and southwest.
to
good, but much irrigation
necessary.
Rice,
progress
generally fair
Citrus need rain.
Oklahoma—Oklahoma City: Unfavorably hot; maxima 100 to 111 degrees
several days, little rain and lack felt in extreme south; soil drying rapidly.
Some
damage
by hot winds in extreme south and
Grain harvest near end; threshing in full swing.
extreme
west-central.
Progress of cotton fair to
good,except needs rain in extreme south; weather favorable for checking
,
Pastures
,
New York,
Friday Night, July 14, 1939.
Owing to mostly favorable weather conditions, retail trade
made a fairly good showing during the past week.
While
the volume of sales remained somewhat below the corre¬
sponding period of last year, losses were held down to moder¬
ate levels, notably in the local area, thanks to increasing
patronage by World's Fair visitors.
Response to seasonal
clearance sales was somewhat spotty, but this was in part
of available merchandise.
Interest
and travel apparel items continued active.
Depart¬
ment store sales the country over for the week ending July
1, according to the Federal Reserve Board, were 3% above
the corresponding week of last year.
New York and Brook¬
lyn stores, however, registered a loss of 2.5%, while in New¬
ark establishments the decrease reached 4.7%.
For the
entire month of June a gain in sales amounting to 5% was
recorded by nation-wide department stores, with the At¬
lanta district making the best showing with a gain of 13%,
while in the New York area an increase of 3% was registered.
Trading in the wholesale dry goods markets expanded
seasonally as numerous buyers entered the market for fall
goods.
Recent price advances were fully maintained, and
while merchants displayed a certain hesitancy with regard
to covering purchases on an extensive scale, more cheerful
views prevailed concerning the nearby business outlook,
chiefly because of the growing realization that inventories
in retailers' as well as wholesalers' hands are in many in¬
stances below normal levels and require early replenish¬
ment.
Business in silk goods improved moderately, with
satins attracting increased attention.
Prices held steady.
Trading in rayon yarns continued active,motably in the finer
deniers, which are entering into growing competition with
silks.
With producers' yarn stocks declining steadily, short¬
ages in some counts and a generally firmer price structure
were predicted.
due to limited offerings
in sports
.
Virginia—Richmond:
Warm;
showery;
highly
beneficial. Cotton
but weather favored early weevil activity.
Corn excellent;
tasseling.
Tobacco being worked last time; nearly ready for topping.
and
Tobacco improved.
THE DRY GOODS TRADE
Domestic
fair to good,
Peanuts
1939
weevil;
weather
further damage.
July 15,
market continued
on
the
one
Goods—Trading in the gray cloths
quiet, although prices held firm, reflecting
Cotton
hand the further enhancement in
raw
cotton values
early in the period under review and on the other hand the
receipts of numerous small orders for quick delivery, the
latter showing that buyers are in need of goods for immediate
consumption.
The better tone displayed by the security
markets, a somewhat accelerated movement of finished goods
in distributive channels and the cumulative effect of the
of the mills, also helped to im¬
sentiment.
Business in fine goods gave indications of
an early moderate expansion in sales.
Prices showed a bet¬
ter trend, partly because of a sharp reduction in output due
to labor troubles and the inability of some plants to obtain
needed supplies of raw cotton.
Taffetas moved in fair vol¬
ume and active interest developed for seresuckers.
Closing
prices in print cloths were as follows: 39-inch 80's, 634 to
634c.; 39-inch 72-76's, 534c.; 39-inch 68-72's, 534c; 3834-inch
64-60's, 4£4c.; 3834-inch 6(M8's, 434 to 424c.
drastic curtailment program
prove
Goods—Trading in men's wear fabrics received
impetus by the formal introduction of the new lines of
tropical worsteds and gabardines for the 1940 season at
prices showing the expected advances of 1234c. a yard over
last year for the former and 1234 to 1734c. a yard for the
latter.
The new offerings were reported to have met with a
friendly reception on the part of buyers and some substantial
initial orders were placed, although activities for the time
being -were largely confined to sampling of the new lines.
Mill operations in the meantime continued at active levels, in
view of the still existing backlog of orders now estimated at
20,000,000 yards, as against 14,000,000 a year ago.
Reports
from retail clothing centers gave a somewhat spotty account,
although interest persisted in sportswear and travel apparel.
Business in women's wear goods continued its seasonal im¬
Woolen
an
provement with garment manufacturers
for considerable
entering the market
quantities of coatings and dress materials.
Foreign Dry Goods—Trading in linens remained quiet
was shown both in the dress goods and
and little interest
household divisions.
Prices, however, held steady, reflect¬
ing advices from foreign primary centers stressing the grow¬
ing demand from governmental sources, largely in connec¬
tion with the armament program.
Business in burlap
con¬
prices ruled steady, in sympathy with
in Calcutta, and notwithstanding the
release of the U. S. consumption figures for June, totaling
47,000,000 yards against 49,700,000 in June, 1938.
Do¬
mestically lightweights were quoted at 4.15c., heavies at
tinued negligible but
the improved trend
5.60c.
Volume
The Commercial & Financial Chronicle
149
Page
441
Name
Rate
<
3726 Dwight 8.
D., No. Dak
3568 East
McKeesport, Pa
3880 East
Providence, R. I
3720 East St. Louis, 111
Illinois & Missouri Bonds
286
DIRECT
WIRE
Fall Creek, Wis
3565 Fallon
County, Mont. (2
289 Fargo Park
«
314 N. Broadway
ST.
147
3561
148
MUNICIPAL BOND SALES
IN JUNE
columns prevented our
publishing
282
during
the month stand at $292,140,462.
This total does not
include Federal Emergency Relief Administration or Public
Works Administration loans or grants
actually made or
municipalities during the month.
municipalities issuing bonds in June was
315 and the number of separate issues was 398.
The
States
number
and
of
Page
Name
Rate
3720 Ada County, Idaho
143 Adams County, Iowa
3723
Maturity
r
--
1942-1945
5X
1.70
1.70
3877 Albany, N. Y. (7 Issues)..
3877 Albany, N. Y.
1
Albert Lea, Minn
1940-1979
1945-1953
19,000
1,407,000
r839,000
22,500
1940-1959
—IX
Price
Basis
$29,000
1942-1945
200,000
3563
Alexis, 111. (2 issues)
3719 Arkansas (State of)—
Amount
3873
Arkansas (State of) (2 issues).,
3873 Arkansas (State of)
...2.90
142 Arkansas (State of)
—..3-3X
1940-1947
r709,000
rl 19,000
1940-1948
100.25
1.65
100.25
1.65
100.22
1.20
loTir
3.86
•—2X.-3
1947-1955
rl8,000
...3
1943-1946
Asbeboro, N. C
3730 Ashland County, Wis
108.98
1.28
2.89
1.89
1940-1950
25,000
100.27
1.56
6
1941-1951
20,000
100
6.00
1941-1964
r280,000
100.008
3.00
1940-1960
r488,000
1942-1959
r36,000
Belgrade, Neb
.....
1940-1949
3722 Beverly, Mass
1940-1949
1
3874 Bingham Co. Ind. S. D., class A,
No. 8, Idaho
2X
3729 Blount County, Tenn
2X
3874 Bloomington, Ind
145 Bloomfield-West
Bloomfield
Waterford Twp.
S.
D.
2X
Prairie
S.
D. No.
2.20
1940-1954
80,000
r50,000
1940-1954
r40,000
100.50
2.69
16,000
100.05
2.48
<Z64,000
100.13
1.46
1939-1956
35,000
1940-1949
300,000,
100.04
1.24
5
1X
1941-1946
8,000
1940-1944
10,000
r3,500,000
2,250,000
30,000
18,000
100.19
1940-1949
40,000
100.18
1940-1959
3X
1940-1957
1940-1944
1940-1944
1%
3X
2X
1940-1959
4
2-2 X
1940-1964
1944-1958
3724
Centralia, Wash
Centerport Fire District, N. Y—2.10
3729
Centerville,
1940-1954
71,000,000
200,000
71,000
309,000
100,000
rl66,000
1941-1953
Chester, Mont
143 Chicago, 111. (2 Issues)
3879
Cincinnati, Ohio
3721
Clark County, Ky
149 Cleveland, Tenn
149
Clinton, Tenn
149
Columbia, Tenn
146 Columbia County, N. Y
143
Dade County 8. D. 14, Fla
3563
Danvers, 111. (2 lss.)
148 Davis 8. D., Okla
3722 Detroit, Mich
3565 Detroit Lakes, Minn
149 Deuel County S. Dak
3565 Devault S. D., Mo
3563 Dixon Park Dist., Ill
3722 Donaldsonville. La
145
0.75
97
100.89
2.13
2.37
2.18
1959
r750,000
101.07
1.69
2 X
1940-1949
1940-1943
1942-1959
180,000
—IX
1943
1947-1960
1.10
1939-1942
4
1959-1964
1942-1953
160,000
16,000
17,000
125,000
13,000
1942-1948
■
100.11
1.74
0.97
144
2.70
2563
IX
2
100.11
1.99
34,000
100.38
101.61
1.18
1950-1953
4
95,000
101.38
3X
1940-1952
3X
3
1953-1962
r2,884,000
r4,038,000
1941-1950
2
1941-1950
100,000
1940-1958
3,000
41,000
19,000
2
4)4
Dunkirk, N. Y. (2 lss.)
1.90
3882
Dunn County, Wis
3880
Dupree Ind. 8. D. No. 12, 8. Dak.5
1940-1949
1940-1949
3
1943
3-20
yrs.
85,000
50,000
15,000
100.002
100.05
101.14
3-3X
3-3X
—3X
\X
100.10
5
0.84
■f
Musselshed Co. 8. D. 55, Mont—3.30
2X
2.10-5
New Britain, Conn. (2 Iss.)
X
1.20
2
lss.)
Norwich, N. Y. (3 lss.)
147 Norwood, N. Y
146 Nutley, N. J
3725 Nyack, N. Y
1.57
1.96
100.55
3.39
100
5.00
1940-1964
d38,500
100.17
1940-1964
2.74
82,500
100.51
1943-1945
2.70
73,000
100
1.75
1943-1952
4,800
220,000
100.56
2.18
1942-1959
1960-1961
30,000
150,000
35,000
272,000
1940-1949
10 years
1942-1959
1940-1953
281,250
731,000
150,000
100
1.25
100
3.50
100
100
3.21
2.00
100.80
100.30
V.06
7,500
43,000
101.53
3.36
105,000
100.15
3.13
1,000,000
1,000,000
100.01
3.10
100.03
3.24
14,000
100.20
4.47
4,500
1940-1948
1942-1948
1942-1959
1940-1946
1945-1954
1940-1949
1940-1948
1942-1959
lbb"""
~5~.bo
3,500
4.00
100
2.69
350,000
796,000
626,000
18,000
425,000
30,000
££i!H£1?
100
450,000
100.77
100.20
2.23
2.40
2
1X-1X
2X
IX
IX
1.10
3
1.58
100.38
lobob"
100.35
2.67
2.92
9,000
100.38
1.15
1942-1945
20,000
1940-1969 17,000,000
1940-1959
200,000
50,000
£963-1955
1940-1954
730,000
26,000
100.41
0.90
100.02
2.19
100.41
2.96
J940-J944
££40-1958
1940-1953
100.11
1.99
100.75
2.15
lbb~.l4~
2.46
1940-1949
100.10
1940-1949
1.68
0.70
769,000
71,700,000
1,535,000
1940-1949
188,804
1940-1944
7632,224
100.03
100.42
100.13
*949
1,500,000
100.15
1.72
97.90
4~.44
180,000
150,000
7216,500
11,000
££44-£958
20 yrs.
£945-1946
1.69
1.67
27,500
££40-1949
£940-1979
1940-1950
3725 New Hartford, N. Y
3415
5.00
1942-1945
100.16
100.19"
17,000
732,000
1940-1949
1942-1959
1940-1959
1942-1947
1.89
108.25
50,000
2,000
752,000
7,800
148 Munson Township, Ohio
149 Murfreesboro, Tenn....—.—2X-3
3873 Norwich, Conn. (2
3873 Norwich, Conn
100
4.00
2
1.99
1.88
100
10,000
15,000
2X
3567 North Carolina (State of)
147 North Collins, N. Y
100.50
1.65
45,000
6,000
2.40
3.55
3*. 55
lbb.53"
1940-1949
1940-1949
--------
New London, Conn. (2 iss.)
3415 Niskayuna, N. Y. (3 lss.)
3876 Norman County, Minn
7,500
lbb"602
7,000
50,000
mi
4,000
3411
1.86
r56,000
1940-1949
20 yrs.
4
—
1.24
lbb.57"
735,000
143
2.74
5.25
265,000
3878 Nash County, N. C
150 Nashvdle, Tenn
3.90
100.07
££42-1959
145
1.22
100
100.06
482,000
50,000
1940-1954
3.47
100.12
3.71
±X
2X
4.02
106.76
100
2^-3
......AX
99.87
3.50
100.33
1940-1943
1942-1963
1942-1959
1943-1962
1942-1947
1940-1950
lss.)...----3^
Mount Pleasant, Tenn.
143 Muncie, Ind
1.66
100
250,000
4
2
3570 Mount Holly, Vt
1.92
100.80
792,500
764,000
*
3
3
Montgomery County, Ind
Mounds 8. D. No. 34, 111
1.85
485,000
>16,000
1-15 yrs.
....2X-2X
IX
3881
~
406,498
110,000
35,000
1942-1959
1946-1948
4
-3X
Mexico 8. D., Mo
1.08
1940-1968
13,000
100.80
1.95
17,500
3-3X
Middletown Springs, Vt.........2X
Milford Twp., 111. (2
Milton, Ore
....r.2X
Minneapolis, Minn....
1.70
Minneapolis, Minn. (2 lss.)
1.70
2.22
1941-1942
3.12
12,698
....2X
.—.—
McPherson, Kan
100.17
1940-1979
100.06
5
2X
Louisiana (State of)
100.03
108.42
2.16
29,000
50,000
110,000
1940-1959
1943-1944
1941-1948
3563 Monticello, Iowa
142 Montgomery, Ala
144 Montgomery County, Ind
144 Montgomery County, Ind
100.62
887,000
1,250,000
„
3.49
1940-1954
Minneapolis, Minn...........—1.75
3724 Montana (State of)
0.75
3876 Montana (State of)
IX
100.10
20,000
4
1943-1947
2.62
1.20
100.01
3X
——.....2X
2723
1942-1959
1940-1958
100.42
1940-1949
147 McLean Co. 8. D. No. 72, N. Dak.4
100.38
1.75
100.35
95,000
50,000
3
Junta, Colo....
3880 Loyalhanna Township, Pa
3881 McGill 8. D. No. 9, Texas
o563 McGregor, Iowa
101.56
2.96
104,750
1940-1958
...3%
r72,000
2.59
1940-1957
Kildare, Wis
Lexington, Tenn
Lexington, Tenn
3881 Little Cypress 8. D., Texas
3568 Lockland, Ohio
r30,000
lbl~.88~
3.12
100.21
1942-1949
3876 Meridian, Miss
100.05
100.14
100.24
35,000
738,000
1954-1958
1939-1947
1.66
100.02
7226,000
IX
149
2,400,000
80,000
2.45
--
4.98
340,000
800,000
155,000
35,600
2.22
100.12
1939-1946
..
750,000
100.23
1945-1954
—
149
1940-1949
1942-1959
100.21
885,000
1948-1956
1945-1952
Lebanon Township, 111...
3X
Lenoir City, Tenn
.......3-3X
3565 Lewis & Clark Co. 8. D.
1, Mont.2
3724 Lexington, Neb
1950-1958
2X
6,574
8,000
1,011,000
1940-1977
1940-1959
143
..2X
2X
IX
2%-3X
..2X-2X
1940-1947
1940-1959
1940-1944
2X-3
Lakewood, Ohio..
145
2.06
1.08
148 Lakewood, Ohio
2X
3875 Lamonl S. D., Iowa
IX
148 Lane Co. 8. D. No.
14, Ore
2X
3727 Laurens County, 8.
C_..........3
2882
1.28
2.16
2X
3568
2.39
100.11
7,500
60,000
2
Lake Park, Iowa
loo
162,000
101.19
Kenmore, N. Y—.........
Kern County, Calif
3721
100
4".47
45,000
100.47
3724 Jefferson Co. 8. D. No.
21, Mo...3H
3880 Jenkins Township 8.
D., Pa
4
3724 Kearny, N. J
1.60
3721 Kedey, Iowa
100.83
100.76
LOO
100.08
2X
3721 Marion County, Ind
IX
3727 Marion County 8. D. No. 88, Ore.
388I Maryville, Tenn...
2X-2X
3721 Mason City, Iowa
3721 Mason City, Iowa
3880 Media, Pa
.....1
149 Memphis, Tenn. (2 iss.)
2.1Q-3X
101.62
lbb""
100.44
100.20
25,000
IX
International Falls, Minn
3876 Iron Mountain, Mich
3879 Jay, Okla
148 Jeannette 8. D., Pa
1940-1959
2X-2X
5,500
15,000
T120,000
12,000
60,000
2
3723
100
101.13
1.05
2.49
6,500
4
144
1.96
6.700
1942-1952
1940-1946
1940-1950
1.83
2.24
110,000
150 Madison, Wis. (3 lss.)
2.15
78,000
1941-1945
2.46
1954-1957
...AX
3X
142 Hunts ville, Ala
143 Idaho (State of)
2X
3724
144
3874
3727
3723
3723
3873 Decatur, Ala
3562 Delaware (State of)
154
3724 Delhi, Kortright, Ac. S.D.I, N.Y.3
3875 Des Moines, Iowa
1.30
143 Des Moines County, Iowa
3563 Des Plalnes, 111
3722 Detroit, Mich
1.69
11,000
1944
4
3568 Columbus, Ohio—............ A
3719 Covington County, Ala
2X
3568 Crook County S. D., Ore
--2X
3566 Croton-On-Hudson, N. Y
3726
104
100.21
10,000
3876 Chouteau County, Mont
3726 Cincinnati, Ohio
146
2.03
100.27
150,000
32,000-100.44
40,000
101.03
15,000
6,000
100.06
dl7,000
100
38,746
30,000
lbb~05"
36,000
103.47
Hastings, Pa.
Hempstead County, Ark
4
1940-1968
Hempstead 8. D. No. 1, N. Y
1.30 1940-1946
Hempstead 8. D. No. 28, N. Y...3.90
1940.1963
Henderson, N. C
2X
1947-1949
Houina, La........
3X
1941-1954
Houston, Miss.
....6X
1940-1955
2.03
45,000
1941-1957
Chester County, Tenn
Chester 8. D., Vt
285
100.18
520,000
1X
2X
3880
3569
100.18
4.00
3570 Charlottesville, Va
143 Charlestown, Ind
1940-1963
1942-1949
1942-1949
1941-1953
1942-1959
IX
3X
3X
.
144
2.21
1940-1954
1.49
1940-1968
2
144 Louisiana (State of)
100.41
.......4X
3565
Hamilton, Mass
1.43
100
Tenn
100.12
...
146 Hamilton
Township, N. J
148 Hammers ville 8.
D., Ohio
3721 Hammond, Ind
388I McMinnville, Tenn
1940-1976
X
rll7,000
1940-1949
2X
3X
.3X-3
issues) 1.90
3873 Los Angeles County, Calif
3881 Loudon, Tenn
10,000
-2
1.35
1955-1959
1.70
1.10
3881
1940-1944
California Toll Bridge Authority,
Calif
4
Cass County, Minn
3.50
1940-1948
1940-1954
3882
100.12
IX
iiw—
D., Ohio.
Cambridge, Mass
3722 Cambridge, Mass
3724 Camden County, N. J
144 Campbell County, Ky
145
100.38
63,
3875
3730
2.69
200,000
2.10
Buhl, Minn. (3 Issues)
3875
—
3X
144 Caddo Parish 8. D., No. 14, La—1%
3562
100.72
1940-1955
.3
3414 Buffalo, N. Y. (2 issues)..
8.
1940-1964
IX
—2X
N. Y
3726 Burkettsville
2.15
2X
3565 Bricelyn, Minn....
3874 Brushy Township, 111
146 Buchanan, N. Y
3565
1.27
0.92
100.62
1939-1946
—2 X
_
3722 Brewer, Maine
3719 Bridgeport, Conn
3414 Buffalo,
100.16
100.44
r200,000
100,000
3
146 Bradley Beach, N. J._
3570 Bremerton, Wash
3724 Guadalupe Co., N. Mex.
144 Hallowed, Maine
146 Hamilton
County, N. Y. (4
3727 Laurens County, 8. C
3564 Lawrence
Mass
3X-3X
100.71
5.00
100.64
2.10
146 Great
Neck, N. Y
....2
3877 Greece, N. Y
2X
3877 Greenburgh, N. Y
IX
147 Greene
County, N. C. (2 issues) 3-3X
3873 La
No. 6,
Mich
.
392,000
120,000
90,000
80,000
—
German Flatts, N. Y
(2 issues)...
3721 Graettinger, Iowa (2
issues)
3882
100.17
and
Bondurant S. D., Iowa
_
1941-1952
12,000
-
3874 Glen Ellyn Park
District, 111
3566 Gordon, Neb.
142
35,000
—
Florence H. 8. D. No. 1, Ariz ...3
-
146
4,000
3724 Btergen County, N. J. (2 Issues)—1.30
Minn.
2.86
101
3724 Belleville, N. J...
3
3720 Benewah Co. 8. D., class A, Idaho
3568 Berea, Ohio....
.........——2
Blooming
2.90
100.42
144 Basile, La. (2 issues)
145
100
loo'oi"
150,000
410,000
75,000
2
3564 Battle Creek Twp., Lakeview Con.
S. D., Mich....
2X-3X
144 Bel Air, Md
IX
3721
2.99
1940-1959
2X.-3X
Austin, Minn...
3566 Baldwinsville, N. Y
3566
100.01
..1.60
3880 Athens, Tenn
3565
4
No. 1, N. Y
3567
rl ,220,000
3726
1942-1947
3X
IX
2-3
145 Hampton 8.
D.f N. H
34,000
4
3
1940-1948
Frackville, Pa
4X
1940-1953
Fremont, Ohio
4
1-10 yrs.
3877 Frontier
County, Neb
3
1941-1954
3415 Fulton, N. Y.
(3 lss.)
1.30 1940-1949
3881 Garrison, Texas
146 Genoa,
Venice, Locke, &c. 8. D.
3566
The review of the month's sales was
given on page
of the "Chronicle" of
July 8.
The total awards
promised to
iss.)
Fayettevdle, N. C
Fessenden, N. Dak
Florence, Ore
Basis
100.20
3879
We present herewith our detailed list of the
municipal
bond issues put out during the month of June, which the
our
4
Dist., N. Dak
3726
LOUIS
3727
crowded condition of
at the usual time.
2X
..2X
2X
Green, Ind
Price
100
3,000
rl06,000
23,000
75,000
.—2
3882
Founded 1890
CHICAGO
Etna
Amount
1940-1949
J—3X
1X
3X
IX
3568 Ellwood
City 8. D.t Pa
3727 Erick 8.
D., Ohio
Maturity
1941-1943
3727 Easton, Pa.
3730 Ector County, Texas
3415 Ellenburg,
Altona, &c. 8ch. Dist.
No. 1, N. Y
Stifel, Nicolaus Sc Cojtic.
105 W. Adams St.
5
145 East Grand
Rapids, Mich. (2 iss.)_l
Specialists in
,
30,000
720,000
4,460
590,000
d50,000
36,000
1942-1959 15,000,000
1940-1944
235,000
1940-1944
13,000
1940-1969
3,500,000
100.21
100.21
2.29
100
2.00
101.16
100.20
100.03
101.21
ibb~.br
2.29
2.21
2.89
1.29
2.65
100
3.30
100.08
100.30
2.23
99.77
0.83
100.15
102.03
100.19
100.86
2.23
1.15
1.85
1940-1958
1941-1952
33,092
1 57,000
1942-1949
1940-1964
2,250,000
1940-1959
7228,000
125,000
64,153
100.83
1.66
100.16
1.07
4,000
100.50
1940-1959
1940-1949
1940-1943
47,987
2X
1939-1948
6,917
1
1940-1943
19,500
2.38
1.86
100
1.26
100.36
100.83
2.20
1.66
100
2l25
100.11
0.95
35, Okla.2.40
3568 Oklahoma Co. 8. D. No.
\A
3415 Orangetown, N. J
,
150 Orange County, Texas,.
4
3
%A
1.40
......2.20
3565 Oslo, Minn.,,
3563 Oswego, 111
....
3415 Oswego, N. Y. (3
lss.)
3567 Owasco, N. Y
145 Ownesvllle, Mo
145 Pemlscott Co. 8.
100.15
1.67
3882
33,000
100.13
1.68
3730
46,750
100.13
25,000
6,500
1940-1946
12,000
rll2,000
..
.
|940-}944
No. 1, Ore__2H
143
St. John,
Ind..'
3730
290
3562
3722
150
3881
3723
3415
3876
3566
3563
3730
Woodstock, Ont-
100.10
1.99
103.01
"
(2 Issues)._4H
r„--
r94,500
100.06
4.49
r24,000
loi'.ie"
2.13
5,000
1940-1949
45,717
100.35
1.43
r80,000
100.07
3.74
1941-1959
110,000
1939-1958
25.000
101
3.64
1940-1949
35,000
100.18
1940-1959
40,000
100.14
2.88
1940-1944
15,000
100
0.90
1940-1949
1.23
1.71
25,000
100.11
1940-1950
463,000
100.03
50,000
1940-1949
25,000
ib"o"o2"
2~99
1942-1959
350,000
100.12
2.88
2-30 years
1940-1943
420,000
100.02
0.79
100.33
AH
.AH
150,000
100.16
1.22
<*110,000
15,000
100.05
1.49
2~ 48
1940-1949
1940-1949
■
80,000
....—...—
an.
affecting county turnback percentage.
agreed to terminate Its summer vacation Aug. 14, and this
permit Governor Bailey to call a special legislative session to grant
additional authority, and still proceed with refinancing on the proposed
Oct. 1 date.
mM*A -J
revenue
The Court
...
100.04
100.63
1.07
present economic era in that they provide mass
T100,000
100.78
1.67
duction.
"fib
1.49
100.10
3.20
rl,195,000
100.16
3.46
600,000
100.14
1.08
in this knowledge,
50.000
100.88
1.33
1940-1949
27,750
100.20
2.21
they paid too little attention to the selfish attacks of
unfriendly and well organized competitors and political minorities which
disregard the interests of the consumers who buy their necessities from the
chci'iu storos
1941-1944
9,000
100.18
1.44
1950-1955
1,433,000
100.17
1.96
1942-1948
20,000
1940-1949
r50,612
loo""""
1.75
1942-1944
56,000
7,500
34,000
397,000
1940-1956
101.45
1.05
100*21"
3"22
100.03
2.34
7-25,000
101.60
3.75
1941-1959
60,000
100.51
3.44
360,000
100.06
1.24
Farm Bureau Federation.
1940-1947
7,000
100.22
4.94
22,000
100.10
"Although introduction of adverse legislation, climaxed by the so-called
Patman Bill, which is designed to destroy all chain stores, has continued,
public opposition was such that during 1938 and up to June 1, 1939, no
additional States have enacted chain tax bills.
In a few cases existing
chain-store tax laws have been invalidated by the State courts.
There is
reason to believe, therefore, that an informed public opinion is placing a
stamp of approval on the social as well as the economic advantages of
organized mass distribution."
rl4,000
1944-1953
1946
106.85
100
18,000
—4
65,000
100,000
r45,000
3".6b
2.78
108.73
100.007
103.80
0.70
100.019
45,000
100.019
82,000
100.18
r38,000
__
The need of
fob""""
government was emphasized on July 11 by
7-109,000
512,000
Wis
(2 Issues)
...
Wauseon, Ohio
-
150 Wauwatosa, Wis
Minn
3565 Webster County, Mo....
144 West Branch 8. D., Iowa
Newton, Pa...
3877 Wilber, Neb
1.67
100.40
1.71
25,000
__
8,000
-3 H
1)3
_.2
—
110,000
100.88
30,000
r91,000
111.70
101.09
2.12
15,000
100.47
2.41
86,700
r81,000
1.92
100
102.41
100.08
1.18
100.05
2.92
1941-194!
165,000
12,000
3878 Wolcott, Butler, &c. S. D. No. 3,
N. Y
2.10
1940-1968
190,000
1940-1949
1940-1944
1,170,000
101.21
0.98
38,000
24,000
100.12
0.96
100
2.50
1942-1951
2H-3
.......2
1H
1
2)3
_
3565 Ypsilanti, Mich_______
Total bond sales for June
to
call
prior to
101.48
maturity,
temporary
agencies of the Federal
*
"
"j
following additional sales for
previous months:
Pate
3563 Beckmeyer 8. D., 111. (March)____4
3563 Bellevue, Idaho
_4
Centralia, 111. (March)
3875
Crab Orchard Educ. Corp., Ky__4)3
3730
Gladewater, Texas
Harrison Twp., Pa. (March)
4)3
-.2)3-3
2H
Saco, Me
Price
Basis
"In a scientific, integrated system of taxation, insofar as may be possible,
taxes on real property should be reserved to local governments, taxes on
personal property should be eliminated and other forms of taxation should
be levied and collected by the State in aid of municipalities or for the State's
use.
largely
to
on a single source of revenue,
the broader field of State taxation.
related through grants in aid and
are
although still dependent very
becoming more closely related
State revenues, in turn are closely
possibly conflicting taxation, to Federal
lb'o""""
4.50
fob""""
4.50
40,000
1940-1959
1-10
yrs.
--
1942-1951
23,000
40,000
20,000
100*78"
21,000
1943-1952
r94,000
Kentucky—County
with the report given
of Appeals had ruled
100
Debt Act Sustained—-In connection
in our issue of July 1, that the Court
constitutional the 1938 County Debt
141—we give herweith the text of a statement
sent to us on July 11 by James W. Martin, Director of the
Bureau of Business Research, University of Kentucky:
Early in 1938 the General Assembly of Kentucky passed legislation
strangthening the County Budget Act and providing machinery whereby
the State local finance officer (the Commissioner of Revenue or his ap¬
pointee)
with the collaboration and approval of an ex-officio county debt
commission, might directly assist counties in planning their long-term
financing or refinancing programs.
,
r60,000
2H
genuinely integrated tax system, therefore, giving due attention to
local needs, demands the attention of all persons interested in maintaining
our
system of government.
By taking thought in the distribution of
Federal and State revenues, extravagance and the destruction of the in¬
dependence of our local governments can be avoided."
Act—V. 149, p.
104.33
26,800
r44,000
Norton, Kan. (2 iss.)
3564
$15,000
1939-1954
_
3727 Luther 8. D., Okla
3721
Amount
2-20 yrs.
Berlin Township, N. J
3563
3880
Maturity
1-15 yrs.
3566
_
estate taxes
"A
$64,355,481
k Not including
We have also learned of the
Name
San
"It is apparent that local revenue systems,
$292,140,462
loans or funds obtained by States and municipalities from
Government,
r Refunding bonds.
'
.
Page
Bar Association in
(315 municipalities,
covering 398 separate issues)
d Subject
Arnold Frye of
address before
Frye reviewed the weakness of municipalities depending solely on
during the depression years and said that the general
"Except in a few large cities,
other forms of taxation, capable of producing substantial amounts of
revenue, cannot be utilized by municipalities although in some instances
municipalities, under pressure for additional revenue, are attempting to
levy personal property taxes on intangible property of corporations having
merely a registered office in a municipality, but with a business site in
own
1940-1944
American
an
property tax had been found inadequate.
100.61
3876 Worcester, Mass. (4 issues)
3876 Wyandotte, Mich
Winchester, Tenn
3721 Winona Lake, Ind
of the
in
another state.
100
62,000
3881
Clinic
Longfellow,
Francisco.
real
1.38
100.56
rlO.OOO
Tax
&
Mr.
1"0"0".12"
27,000
2H
__2)3
3%
1H
-3-2)3
Delafield
Hawkins,
The
422,000
__
3877 White Sulphur Springs, Mont
3875 Wichita, Kan..
lbo'so"
118,000
200,000
Integrated Tax System Viewed as Municipal Need—
an integrated tax system for State
and local
1.68
4,000
..AH
2)3
3)3
.AH
Waukegan, 111...
were
1940-1949
115,000
(2 issues).4-4)3
Waukegan, 111
a result, the movement against the chains got under way and, be¬
they realized it, had assumed alarming proportions.
Adverse laws
passed in many States, but it is believed the turning point in these
attacks came in 1936 when, in California, the chains presented their posi¬
tion to the public.
"From that time on the chains have continued to tell their story to the
"As
fore
public with the result that during the last two years labor, farmer and con¬
sumer groups have passed more than three hundred resolutions opposing
the discriminatory taxation of chain stores.
These groups include such
important organizations as the American Federation of Labor, the National
Grange, the National Association of Real Estate Boards and the American
1940-1959
Washington Co. 8. D. No. 12, Mo.5
Iowa
development of the
distribution for mass pro¬
the logical
1940-1964
1H
1-1)3
—
are
1940-1949
.1)3-1)3
1.70
3875 Washta Con. 8. D„ Iowa
study declares,
because, in addition to improving and stimulating the merchandising
methods of the country, they effected large savings to consumers.
Secure
111—1
2
1)3-1)3
—
Conn
147 Warsaw, N. Y. (2 issues)
the
that
3874 Vermilion County S. D. No. 177,
—
stores,
Turning to the problem of discriminatory legislation the booklet states
"for a number of years the chain stores felt assured of their position
lbb".13~
...5
-
Chain
25,000
50,000
95,000
3875 Vermilion Parish, 7th Ward D. D.,
Vermilion Co. 8. D. No. 118,
discriminatory legislation, have been compiled into a manual
by Merrill Lynch & Co., Inc., New York, and Cassatt &
Co., Philadelphia.
1940-1949
—
3730,Vernon County, Wis...
Legislation Analyzed—Operating records
companies, together with an analysis of
106.77
—
Sub. District No. 2, La
Chain Store
of 30 chain store
22,000
93,000
1942-1959
-----
3880 West
Jing 1, when some outstanding bondsof the proposed refinancing issue, to
interest from Oct. 1, the date are callable; (5) pledge highway fund
160,000
1941-1961
Tulare County, Calif
Wayzata,
held does not permit the Avdisory
issue non-callable bonds; (2) pledge highway fund
(3) pay interest on bonds to refinance Series B
road district refunding bonds, which do not bear interest; (4) pay overlap-
(1)
for debt service;
100.51
——
3876
The Court held that the authority now
Finance Board to:
revenue
lbb"07"
1940-1949
3A
2)3-3)3
2)3
3723 Underwood S. D. No. 5, Minn
3
149 Union, S. C—
.4
149 Union, S. C
3)3
3721 Vanderburgh County, Ind.-.1A
3719 Ventura County, Calif
5
3879
Court Rules State Debt Authority
Inadequate—The State Supreme Court on July 10 held, in
effect, that Governor Bailey and the Advisory Finance
Board must secure additional legislative authority before
the $140,000,000 highway debt can be refinanced.
32,730
3882 Two Rivers, Wis. (2 Issues)
3727 Waurlka, Okla.
2.99
News Items
1940-1959
—
—
(3 Issues)
Waukesha,
104.75
in total for month.
1940-1945
-
3721
56,426
229,800
$31,789,767
1940-1949
—
3570
3.32
3.52
1940-1959
—
—
Waterloo,
3.85
102.11
|02.51
34,000
1940-1949
-2 H
2A
Staunton, Va
—2 H
Steubenville, Ohio
1H
Springfield, Ohio
1)3
Stonington, Conn.—..—
1A
Strathmoor, Ky
3
Sundown S. D., Texas
2^-3
Sweetwater, Tenn
__3-3)3
Swift Co., Minn
3)3-3)3
Syracuse, N. Y. (2 issues)
1.10
Taunton, Mass..
1H
Teaneck Twp., N. J. (2 Issues)—2 A
Tell City, Ind
1H
Tennessee (State of).—
IH-2H
Watauga Co., N. C.
100.12
101-62
50,000
Arkansas—Supreme
0.89
52,000
1940-1944
Spirit Lake, Iowa
144
77,200
165,000
1954
ri
will
Spirit Lake, Iowa
147
1.64
____
------
55,000
(State of)——,
3721
----
1.19
1954-1958
3562 Tulare County, Calif..
3876
Temporary loan; not included
2.23
1940-1963
0.80
Somerville, Mass.—
Wallingford, Conn..
*
100.64
..1
Mass
3873 Wallingford,
------
100.94
99.17
1940-1959
1940-1969
.
3.44
110
}940-1950
1940-1958
-AH
—
100
20,000
165,000
1952-1962
2\i
AH
3%
3A
3H
C------
135,000
1941-1966
.
3882 Troup, Texas.---
3873
4.33
1.88
1942-1959
Public Util, District,
-4 H
111
long-term
—_
98.40
—.—
2.19
3882 Tomahawks, Wis.
143
Total
2.99
3.91
750,000
3)3-4
5-15 yrs.
3)3
1-20 yrs.
Canadian debentures sold in
June
100.26
3879 Texas Co. S. D. No. 8, Qkla
142
3570
20,000
-
3563 Topeka, Kan.
1.47
155,000
286 Somerset County, Md.
3568
100.15
8t. Jean, Que-
.—
1.72
Y
Minn
Swansea, Ont
2.75
Sayreville, N. J
3565 Splcer,
3882
100
3567 Smithtown, N. Y
3721
100.83
107.07
Skagit
3721
Summerslde, P. E.
______
1954
,
Shawinigan Falls, Que
3882
r3,000
(3 issues)
South Carolina
3730
2.42
35,000
1940-1959
150
2.61
100.76
3,600,000
12,500
9,250,000
6,000,000
1954 dl0000,000
1939-1958 1,085,425
10-yrs.
80,000
__3)3-4
4
I__,__—____-3)3
2.06
100.11
r28,000
3882
148
150
275,000
3881
3876
2.95
}^1
1942-1951
...
Sampson County, N.
Somerville,
101.75
455,000
1910-1958
-....-2.90
Bcarsdale, N. Y—
0.90
Scarsdale 8. D. No. 1, N. Y_
AH
Schenectady Co., N. Y. (3 issues). 1.20
Shelbyville, Tenn
-.4H
Shongaloo8.D.,La
3
Shelbyville, Tenn
2)3-3
145
3882
1944-J959
San Antonio 8. D., Texas
150 Sanderson 8. D., Texas......
Co.
1H
Ontario (Province of)
3
Ottawa, Ont. (4iss.)_1)3-3
Prince Edward Idland (Prov. of)_.3)3
Quebec (Province of)
J..3H
3730
3.11
100.27
1944-1949
1940-1949
1944-1949
1940-1944
4
of) __3-3 H
_____
Ontario (Province of)
3570
1.75
101.33
__
100.05
100.62
,
-
Mont Joli, Que-
New Brunswick (Province
i"oo""~"
1940- 954
3881
Wash
-3
Iberville, Que
4
Montreal Catholic School Commisslon, Que. (2 iss.)
4-4H
3570
2A
VA
3727 8t. Laurence, Pa
3564
100.16
3
-
-
12,000
.........
-- -- --
150
_-3-3)3
......-.3
3
Rutherford Co., N. C.
—
150
lbo'.eo"
-n'V^
N. C— JAVA
147
3878
— -
40,000
"A/i
-
Rock Island, 111-.,-
Saranac Lake, N.
Ont----
120,000
940~ 959
Md___———
Kan.
2.24
96,000
3H
\H
Rising Bun, Ind.
Pa.
3563 Ballna,
Canada (Dominion of)
100,000
(6 Issues)
IH
Dlst. No. 1, N. Y___2
Ripley Sewer
292
*25,000,000
*25,000,000
--------*25,000,000
1940-1949
40,416
1940-1959
210,000
1940-1954
35,000
Canada (Dominion of)-.
3730
1940-1949
}H
—1.70
La
County,
3881 Rockwood, Tenn
3569 Rouseville, Pa
3874 Roxana H. 8. D., Ill
3878
Canada (Dominion of)
1.94
CANADIAN MUNICIPALITIES IN JUNE
Pate
Maturity
Amount
Price Basis
3)3-4
'J4®-®®® 101.90
--
Cornwall
D. No. 63, Minn
3878 Rockingham
3881
3730
100.32
11,500
Name
oSSph, Ont_.il
-
149 Robesonia,
3725
Amherst, Que-
658,000
3% 1940-19o9
1976 rl7,500,000
Port of New York Authority , N. Y. 3
60,000
Poundridge 8. D. No. 1, N. Y.,,2.10 1940-1954
144 Rock Hall,
289
3882
3882
3415 Rensselaer, N. Y.
3566
Paoe
2.15
3730
^rc^n^S.-D.NoVifror-e:::^
3570 Pulaski, Va
148 Ravalli County 8. D.
3726
1.38
dl9,000
300,000
--------
3415
1501 Pulaski, Tenn___
143
3.71
100.72
0.45
3881 Port Arthur, Texas.
3721
100.25
100.14
90,000
13,N.Y.I.70 1940-1949
-VA
1940-1968
3725 Peru, N. Y
142 Phoenix, Ariz, (2 iss.)
BY
SOLD
DEBENTURES
10,000
273,000
1940-1959
1940-1969
101.33
8. D.
147
1.71
for
5.00
102.09
3878 Perlnton <!k Plttsford
3725
100.36
100
(unless otherwise indicated) are
These additional May issues will make the total
sales (not including temporary or RFC and PWA loans)
for that month $101,608,623.
May.
30,000
,
3412 Port of New Orleans,
2.40
July 15, 1939
All of the above sales
Basis
1941 100000,000
of)---
3565 Pope County 8.
5,000
1940-1951
2
D. No. 10, Mo..3H
3417 Pennsylvania (8tate
147 Perlnton, N. Y.
S
233,750
120,000
1940-1953
1 944-1958
?940-1949
,.—3.90
Price
100
8,000
1954-1956
3H
.
3882 Parkersburg, W. Va
147 Peeksklll, N. Y
—
5,900
J9f2-J£53
J940-1944
J940-1959
-4
Onekama 8. D., Mich
Amount
Maturity
Rale
Name
Page
3723
Chronicle
The Commercial & Financial
442
2*52
Volume
Pursuant
The Commercial & Financial Chronicle
149
to
this
legislation, the local finance officer assisted certain
counties in negotating
funding plans for the handling of certain judgments
and other indebtedness;
and, incident to approval of these plans, certain
taxpayers and local officials attacked the
constitutionality of the statute.
The principal
objections, as stated by the court in its opinion, were for¬
mulated in the following questions.
1. Does the 2% limitation in Section
,
issue
is to fund
158 apply where a proposed bond
a judgment, and which judg¬
debt which is in the form of
a
ment has never been
TVA's
transmission
443
lines.
A
final
$6,500,000 would be for the TVA's
share of the cost of
acquiring properties of the Commonwealth and Southern
Corp, in 27 counties in North Alabama and Mississippi.
Bond Proposals and
appealed, and where the appeal from such judgment is
barred by the statutes of limitation ?
2. Is the Act unconstitutional because it
forbids the county to incur an
indebtedness in excess of one half of one per cent of the taxable
property
without the approval of the
following letter
permits
Finance:
now
a
county to incur
an
County Debt Commission, when Section 158
indebtedness not exceeding 2% of its taxable
property?
3.
Has the Legislature usurped the powers of the fiscal court and
thereby
contravened Section 144 of the Constitution?
4. In the notice to the
:
county Judge of the hearing sufficient notice to
the taxpayers of the county ?
5. Does the Act give the
County
Debt
Commission
judicial
powers
when it allows it to pass upon the
validity of bond issues, and in providing
findings of fact shall be final if supported by any substantial evidence,
and inproviding where there is no
its
appeal, the decision of the Commission
shall be "res adjudicata?"
Although the Circuit Court which originally tried the case had found the
statute completely unconstitutional and
invalid, the Court of Appeals, the
Supreme Court of Kentucky, reversed the Circuit Court on every count,
and held that the statute was
entirely constitutional in all of these several
respects.
It is gratifying to friends of good government that the Court
incidentally showed clearly its approval of the admirable policy of State
technical
assistance
nection with this
was
localities involved in the legislation.
In con¬
the entire Court sat, and the opinion by Judge Sims
to
case
unanimously approved.
Montana—Issuance of Funding Bonds by Counties Upheld
r—The State Supreme Court has upheld the legislative act
of last winter permitting counties to
pay off obligations by
issuing funding bonds, holding that it is not "double taxa¬
tion/' as was contended in an action brought in the lower
court to prevent
Carbon county commissioners from issuing
$83,709 in funding paper.
This action was of particular
interest because nine Montana counties have been
planning
to issue bonds to pay the State their share of
Negotiations
ALABAMA
ALABAMA, State of—BRIDGE
was
sent
to
us
on
BONDS
July
6
TO
BE SOLD
by A.R.
TO RFC—The
Forsyth, Director of
Replying to your letter of June 29, concerning the bridge to be constructed
between the Alabama mainland and
Dauphin Island.
Bonds in amount of $900,000 will be issued
by the Alabama Bridge
Commission, an agency of the State of Alabama, and the Reconstruction
Finance Corporation has agreed to
purchase the bonds at par.
The bonds
will carry 4% interest, with 25
years fixed maturity, and tolls from the
bridge will be used to retire the issue. A sinking fund will begin
immediately
after the bridge is opened to traffic.
The Alabama Bridge Commission will
mortgage the bridge to a Trustee
to secure the
bonds, and tolls will also be assigned to the Trustee.
A hard road has already been constructed to the
proposed bridge head,
and various parties will do considerable construction
and development work
on the island as soon as the
bridge is completed.
PHENIX CITY, Ala.—BOND SALE—The
following water works bonds,
aggregating $307,250, offered for sale on June 16—V. 148, p. 3561—were
awarded to Ward, Sterne & Co. of
Birmingham as 4s at par:
$153,750 refunding bonds.
Due semi-annually from Aug.
Aug. 1, 1963.
153,500 funding bonds.
Due from Feb. 1, 1940 to 1964.
1,
1939,
to
RUSSELLVILLE, Ala.—BOND SALE—The following refunding bonds,
aggregating $76,500, offered for sale on July 12—V. 149, p. 142—were
awarded to J. Mills Thornton of
Montgomery, as 4s, paying a premium of
$825. equal to 101.078, a basis of about
3.89%:
$19,000 school bonds.
Due from Aug. 1, 1940 to 1958, inclusive.
57,500 sewerage and street bonds.
Due from Aug. 1, 1940 to 1959, incl.
TUSCUMBIA,
Ala.—BOND
TENDERS
ACCEPTED—In
connection
with the call for tenders of
l%-5% public improvement refunding bonds,
dated Sept. 1, 1936, due on Sept. 1, 1966, it is
reported by the First Na¬
tional Bank of Birmingham, sinking fund
agent and depository for the city,
that $41,000 of bonds were purchased at an
average price a little under 40 flat.
old-age assis¬
tance and aid for
Municipal
dependent children.
Bond
ARIZONA
Taxation
Proposal Put Aside for
Session—The House Ways and Means Committee voted on
July 12 to sidetrack until next session legislation to prohibit
future
issuance
surtaxes
The
on
of
tax
exempt
securities
and
to
reduce
said to
have called for payment as of July 1 4H % sewer bonds numbered from
161
to 180, in the amount of $20,000.
Dated July 1, 1910.
Due on July 1,
1950; callable in 20
City.
individual incomes in the higher brackets.
on
Treasury officials explained that while surtaxes on individual incomes
ranged as high as 70%, investors were inclined to put their
money in tax
ARKANSAS
ARKANSAS, State of—BOND OFFERING—It
is reported that sealed
by the State Board of Education, for
purchase of a $250,000 issue of 4% semi-annual revolving loan fund
bonds.
Dated Aug. 1, 1939.
Due from March 1, 1940 to 1959.
bids will be received until Aug. 4,
the
exempt bonds rather than risk it in venturesome enterprises.
Representative Doughton, Democrat, of North
Carolina, Chairman, said
was too little time left
before adjournment to
attempt passage of the legislation at this session.
the Committee felt there
The
Committee's action eliminated another possible barrier to ad¬
journment.
|
Mr. Doughton said the question was referred to the tax
sub-committee
for study during the recess in connection with its
consideration of the
administration's proposals for thorough revision of the tax
structure next
year.
;
and
State
;
local
governments
fought the proposed
elimination
of
tax
exempt securities.
New York
State—Legislature Votes New Budget—After
-defeating legislation which was designed to permit New
York City to effect economies in its education
department,
the special session of the State
Legislature was adjourned on
July 11, after enactment of
1939-1940 fiscal year, which
Action
$393,000,000 budget for the
began on July 1.
a
the education legislation, offered after
Republicans refused to'
$10,000,000 reduction in State aid for education, left only the
supplemental budget, making appropriations for the special session on the
legislators' desks.
restore
on
a
A bill re-enacting portions of the
rushed through both houses
Lehman for signature.
The
re-enacted
measure
budget invalidated by State courts
was
by party votes and sent to Gov. Herbert H.
GARLAND COUNTY
message
HEMPSTEAD COUNTY (P. O. Hope), Ark.—BONDS SOLD—We
jointly, as 3^s, paying a price of 106.76, a basis of about 2.97%.
Denom.
$1,000.
Dated Dec. 1, 1938.
Due Dec. 1 as follows: $2,500 in 1940,
$3,000 in 1941 to 1949, $4,000 in 1950 to 1960, $5,000 in 1961 to 1964 and
$6,000 in 1965 to 1968.
Prin. and int. payable at the County Treasurer's
office or at the Citizens National Bank, Hope,
Legality to be approved by
Rose, Loughborough, Dobyns & House, of Little Rock.
(This notice supersedes the sale report given on our issue of July 8—
V. 149, p. 285.)
OFFERED FOR INVESTMENT—The above purchasers republic subscription at prices to yield from 1.50%
3.35%, according to maturity.
;
BONDS
offered the said bonds for
to
.
PULASKI
Mortgage Tax Law Held Valid—We quote in part as follows
an Associated Press dispatch out of
Albany on July 11:
from
The Appellate Division today upheld the validity of the
mortgage tax
which provides annual State revenues ranging from $3,000,000 to
$12,000,000.
The Franklin Society for Home Building and Savings
contested the law on the grounds it was a tax on "intangible
property"
and that the new State Constitution forbids a levy on such property.
Attorney General Bennett maintained that the tax was on the "privilege"
of recording the mortgage.
The tax collects 50 cents for each $100 of a
mortgage filed with county clerks.
law,
Seen
Nearing Agreement—We quote
in part as follows from an Associated Press dispatch out of
Washington on July 10:
Consummation of the $78,600,000 contract for acquisition of the Ten¬
Electric Power Company s properties by the Tennessee Valley Au¬
nessee
and associated municipalities approached realization today with
opposing Congressional factions nearing agreement on enabling legislation.
A compromise proposal by Representative May of Kentucky, Chairman
of the House conferees, long a foe of TVA, brought expressions of
approval
from TVA supporters and the possibility of a full agreement by Wednes¬
day was conceded by both sides.
Under the proposal, the TVA would be allowed to issue $61,500,000 in
new bonds, with restrictions stating definitely the purposes for which the
money could be used.
Up to $46,000,000 could be employed to finance
the TVA's share of the $78,600,000 contract for Tennessee Electric's prop¬
erties, the balance to be paid by Chattanooga, Nashville and other partici¬
pating municipalities and cooperatives.
Another $2,000,000 would be used to lend municipalities and coopera¬
tives funds with which to pay their part of the cost in advance of their
thority
bond issues.
Another $3,500,000 would be used to rehabilitate prop¬
erties acquired and a second $3,500,000 to connect the properties with the
Ark—BOND REFUND¬
prise all of Pulaski County except Little Rock and North Little Rock, has
plan to refund $561,000 bonds to reduce interest rate to
in development a
4% from average of 4.79%.
Proposal of Satterfield Bros. & Co., Little
Rock, calls for bonds maturing to 1963, compared to present maturity
schedule to 1960.
retained
upon the final supplemental appropria¬
said, without explanation, that he was providing
such a message because if he did not do so it would
unnecessarily prolong the
session.
The one sentence, however, expressed dissatisfaction with the
work of the Republican majority.
The peg upon which the Governor hung his
delayed message was the
outcome of the debate and vote on the Mitchell
bill, preserving New York
City budgetary appropriations for kindergartens and night schools and
empowering the City Board of Education to cut teachers salaries to help
make up the money for those services.
The Mitchell bill was defeated
by 86 to 52.
own
COUNTY SCHOOL DISTRICT,
ING PLAN PROPOSED—The above named district, which is said to com¬
California
Municipals
Bankamerica Company
His brief message
Contract
are
informed that $117,500 coupon court house and jail bonds were purchased on
June 29 by C. F. Childs & Co. of Chicago and Pondrom & Co. of
Dallas,
which would permit action
TVA
(P. O. Hot Springs National Park), Ark.—
BOND SALE DETAILS—It is now reported by the County Clerk that the
$20,000 court house repair and county home erection bonds sold to the
Arkansas Trust Co. of Hot Springs, at a price of 107.02, as noted here
on July 8—V. 149, p. 285—were sold as 4s, and mature $2,500 from Jan.
1,
1941 to 1948, giving a basis of about 2.52%.
$23,000,000 in reductions which the
Legislature made in Lehman's original $415,000,000 budget.
It was passed over bitter objections of
minority Democrats who claimed
the State's "necessary services would suffer."
Republicans contended, how¬
ever, that the reductions constituted only a 6% cut in State funds.
The Governor accepted the results of the special session with evident
reluctance.
Having insisted upon full restoration of all cuts made in his
budget, particularly in respect to State aid for schools and highways, he
waited until practically the last minute before he sent
up. an emergency
tion bill.
Payable at the Irving Trust Co. in New York
years.
Treasury Department had
recommended a ban on future tax exemp¬
the ground that they tended to
deprive industry of much needed
investment capital and interfered with the Government's tax
system.
tions
PHOENIX, Ariz.—BONDS CALLED—The City Treasurer is
485 California Street, San Francisco
Bell System Teletype
OFFICES
SF 469
IN OTHER PRINCIPAL CALIFORNIA
CITIES
CALIFORNIA
CALIFORNIA, State
of—GOVERNOR SETS ELECTION DATE ON
PENSION PLAN—A news report from San Francisco to the "Wall Street
Journal" of July 8 had the following to say:
"In connection with the week-end call which he issued for a special elec¬
tion on the revised but still radical California "ham and eggs" ($30-every
Thursday)
pension
plan,
Governor
Olson has
confirmed his previously
indicated belief that the scheme even of voted, would not work.
Political
observers generally expect the proposal to be rejected.
"I would be false to my own conscience and sense of duty,
the Governor
said "if I failed here to express my belief that if adopted this measure would
fail to achieve its objectives, would disappoint the hopes of its supporters,
and would retard instead Of aid our progress to a better economic order."
The election which Governor Olson has called will occur on Nov. 7, 1939.
KERN COUNTY (P. O. Bakersfield), Calif.—SCHOOL BOND SALE—
Brundage School District semi-annual bonds
148, p. 3873—was awarded to W. H. ClenBakersfield as 3^8, paying a premium of $101, equal to 101.07,
a basis of about 3.27%.
Dated June 12, 1939.
Due from June 12, 1940
to 1949, inclusive.
The only other bid received was an offer of $57 premium on 4s, submitted
The
$9 400 issue of coupon
offered for sale on July 3—V.
denen of
by Redfield & Co. of Los Angeles.
;-
LOS ANGELES COUNTY (P. O. Los Angeles), Calif.—BOND SALE
$15,000 issue of Sulphur Springs School District bonds offered for
sale on July 11—V. 149, p. 285—was awarded to Redfield & Co. of Los
Angeles, as
paying a premium of $80, equal to 100.533, a basis of
about 4.67%.
Dated July 1, 1939.
Due $1,000 from July 1, 1940 to
1954 incl.
The
SAN
MATEO
COUNTY
(P.
O.
Redwood
City),
Calif.—SCHOOL
BOND OFFERING—It is stated by W. H. Augustus, County Clerk, that
he will receive sealed bids until 11 a. m. on July 18, for the purchase of a
$10,000 issue of
rate
is
$1,000.
Belmont Elementary School District bonds.
Interest
to exceed 5%, payable J.J.
Dated July 1, 1939.
Denom.
Due $1,000, July 1, 1940 to 1949.
Each bidder shall specify in
not
his bid the rate or rates of interest he desires said bonds to bear, and the
premium offered, if any.
Bidders
may
make one or more alternative bids
The Commercial <6 Financial Chronicle
444
or
interest rates.
Split rate interest bids
be necessary that all bonds offered for sale
but such interest shall be in multiples of
offers for said bonds at different
will be received and it shall not
bear the
same
M of 1%.
close
a
rate of interest,
Prin. and int. payable at the County Treasurer's office.
En¬
payable to the Chairman Board of Super¬
certified check for $1,000,
visors,
COLORADO
FOWLER, Colo.—BONDS SOLD—It is stated by
$8,000 refunding bonds authorized recently by the
the Town Clerk that
Town Council have
been sold.
CONNECTICUT
NEW CANAAN. Conn.—BOND OFFERING}—George T. Smith, Chair¬
man of Board of Finance, will receive sealed bids until 8 p. m. (DST) on
July 20 for the purchase of $75,000 2% coupon refunding bonds.
Dated
Aug. 1, 1939.
Due $5,000 on Aug. 1 from 1940 to 1954, incl.
Principal
and interest (F-A) payable at the Hartford-Connecticut Trust Co., Hart¬
ford.
Bids to be made on the basis of $100 and accrued interest.
Purpose
of issue is to provide for redemption of an equal amount of funding bonds
maturing Aug. 1, 1939.
The new bonds will be certified as to genuineness
by the aforementioned trust company and the approving legal opinion of
Gross, Hyde & Williams of Hartford will be furnished the successful bidder.
A certified check for 2% of the bonds bid for, payable to order of the Town
Treasurer, is required.
July 15, 1939
the sum of $50,421,000. according to report.
A total
warrants was surrendered by taxpayers of Chicago in
lieu of cash tax payments.
This left an unpaid balance of $10,006,000.
The railway's attorneys claimed that tax payments made by the School
Board should have been on a pro rata basis.
In 1938 Judge Woodward
ruled in favor of the road.
His decision was affirmed subsequently by
the Circuit Court of Appeals.
Since then the matter has been up before
Special Master in Chancery Irving Herriott for a determination of the
amount claimed by the railroad.
Richard S. Folsom, attorney for the
School Board, announced at the close of the hearing before Judge Woodward
that he would appeal the decision on the ground that an overcharge of
$70,000 has been included in the total ordered to be paid by the School
Board to the railroad.
The $70,000, it was said, was added to the amount
due to the railroad when the case was brought before the Master in Chancery.
and paid off in cash
of $2,273,000 in tax
JERSEY (P. O.
Jerseyville), III.—BOND OFFERING—James J. Walsh,
19 for the pur¬
Town Clerk, will receive sealed bids until 5 p. m. on July
chase of $50,000 not to exceed 2)4% interest road bonds.
$1,000.
SPRINGFIELD,
111.—CORRECTED SALE NOTICE—Harris, Hall &
both of Chicago, jointly obtained award
Co. and Bartlett, Knight & Co.,
July 5 of $198,000 water revenue bonds as 2*4b at ajprice of 100.41, a
basis of about 2.21%.
Dated July 1, 1939 and due July 1 as follows:
on
$20,000 from 1951 to 1959, incl.,
July 1, 1951,
Other bids:
and $18,000 in 1960.
BONDS
Barnett National Bank
Building
FLORIDA
Branch Office:
First
National
Bank
Building
T.
TAMPA
100.29
102.747
2)4 %
—
(Above report of the sale corrects
JACKSONVILLE
_
Rate Bid
2.40%
2)4%
Halsey, Stuart & Co., Inc..
Farwell, Chapman & Co
John Nuveen & Co
Clyde C. Pierce Corporation
Optional after
^
Int. Rate
Bidder—
FLORIDA
Dated July 1,
Due $5,000 on Jan. 1 from 1941 to 1950 incl.
accrued interest will be considered.
Principal
and interest (J-J) payable at the State Bank of Jerseyville.
A certified
check for 10% of the amount bid is required.
Legality approved by Chap¬
man & Cutler of Chicago.
Denom.
1939.
No bid for less than par and
101.03
that given in Y. 149, p. 286.)
PARK
DISTRICT, 111.—BONDS SOLD—The Harris
Trust & Savings Bank of Chicago purchased an issue of $50,000 3% park
bonds.
Dated July 1, 1939.
Denom. $1,000. Due $5,000 on July 1 from
1944 to 1953 incl.
Principal and interest (J-J) payable at the National
Bank of Sterling. Legality to be approved by Chapman & Cutler of Chicago.
r
S. Pierce, Resident Manager
STERLING
IROQUOIS COUNTIES, East Lynn Township
VERMILION AND
High School District No. 222 (P. O. East Lynn), 111.—BOND SALE
$4,000 4% school bonds offered July 1—V. 149, p. 143—were
awarded to the First National Bank of Rossville, the only bidder, at par
—The
FLORIDA
COUNTY (P. O. Starke), Fla.—BONDS SOLD—It Is
reported that the following bonds aggregating $502,000 have been pur¬
chased jointly by the Clyde C. Pierce Corp. of Jacksonville, and Leedy,
Wheeler & Co. of Orlando: $308,000 4% semi-annual refunding and $194,000
4)4% semi-annual refunding bonds.
BONDS EXCHANGED—The county is also said to have exchanged
with the holders of the original bonds a total of $281,000 4y%% semi¬
BRADFORD
annual refunding bonds.
FLORIDA (State of)—BOND TENDERS INVITED—The State Board
of Administration will receive until 10 a. m. on July 28, at the Governor's
office in Tallahassee, sealed offerings of matured or unmatured original or
refunding road and bridge or highway bonds, time warrants, certificates
of indebtedness and (or) negotiable notes of the Florida counties and special
road and bridge districts therein, as follows:
Brevard, Broward, DeSoto County, Punta Gorda S. R. & B. District
No. 3. and S. R. & B. Districts Nos. 4, 5 and 6.
Moore Haven District
No. 8, and Palmdale District No. 9 only, Glades, Hardee, Indian River
8. R. & B. District No. 1 and Quay Bridge District only, Jensen S. R. &
B. District, Levy District No. 7, Okeechobee and Palm Beach S. R. & B.
Districts Nos. 3, 8, 17 and Cross 8tate Highway Bridge District.
All
offerings submitted must be firm for 10 days subsequent to the date
of opening, f. e., through Aug. 7, and must state full name,
and serial numbers of bonds, interest rate, date of issue, date
and price
are
asked.
description
of maturity
The offer must specifically state exactly what coupons
the bonds for the price asked.
default of interest must be offered at a flat price, which
attached and will be delivered with
Bonds that are in
price shall be understood to be the price asked for such bonds with all
maturities of past due defaulted or unpaid coupons attached, and notice is
hereby given that if any such coupons have been detached prior to delivery
of any of the bonds accepted and (or) purchased hereunder, the face value
of such missing coupons will be deducted from purchase price, and offerings
must be submitted on this basis.
Sealed envelope containing offerings of bonds shall plainly state on its
face that it is a proposal for sale of road and bridge bonds. Separate tenders
shall be submitted covering the bonds of each county, but any number
of such sealed offerings may be enclosed in one mailing envelope.
The right is reserved to reject any and all offerings or portions of offerings
Fla.—CERTIFICATE SALE—The $25,000 issue of
&%% coupon semi-annual water revenue certificates offered for sale on
July 10—V. 149, p. 143—was awarded to the Natco Corp. of Miami,
paying a premium of $100, equal to 100.40, a basis of about 5.19%.
Dated
Nov. 1, 1937.
Due from May 1, 1945 to 1950, incl.
The First Hollywood Bank offered par for the certificates.
HOLLYWOOD,
WEST
PALM
BEACH, Fla.—SUIT ENTERED TO COMPLETE RE¬
FUNDING— This city has instituted proceedings in United States District
Court under the Municipal Bankruptcy Act to force adjustment ot the
7% of its old debt.
The petition, filed with Judge John W. Holland at Miami, was accepted
by the Court, and Sept. 26 has been set as the date for the hearing within
the 90-day period allowed for filing complaints.
Seeking to compel holders of old West Palm Beach city bonds and adjust¬
ments amounting to $1,034,408 to accept the same settlement already
agreed upon by a vast majority of its creditors, the petition stated that more
than 93% of the original debt has already been adjusted by agreement.
Terms of the bond settlement under which all but 7 % of the old debt has
been refunded, called for a 25% reduction of principal and reduction of
interest rates from approximately 6% to a 25-year average of 3)4% with
a current rate of 2%.
Originally agreed upon by members of two bondholders committee and
many individuals in 1936, the settlement affected a total debt of approxi¬
mately $19,000,000 of which $16,000,000 was principal.
With subsequent
additional agreements, funding and refunding bonds amounting to $10,504,500 have been exchanged with a new interest scale gradually increasing
from 2% to a maximum of 5% at the end of the 25-year period, the petition
last
•
stated.
Slus 1, 1939 and due $1,000 on July 1 frombasis of 1943 incl.
Dated
uly $100 premium, equal to 102.50, a
1940 to about 2.95%.
SCHOOL DISTRICT, 111.—BOND SALE—The Harris
of Chicago purchased an issue of $120,000 school
2%s at a price of 103.183. Dated June 30, 1939
and due from 1950 to 1952, incl.
Authorized at the election on June 24.
The bonds are in $1,000 denominations and mature June 30 as follows:
WINNETKA
Trust
$30,000 in 1950; $55,000 in 1951 and $35,000 in 1952.
Principal and interest
(J-D) payable at the Northern Trust Co., Chicago.
Legality approved
by Chapman & Cutler of Chicago.
INDIANA
HOPE, Ind.—BOND SALE—The $7,500 3% general obligation bonds
offered July 8—V. 149, p. 143—were awarded to the Hope State Bank, at
a price of 104.50, a basis of about 1.95%.
Dated July 1, 1939 and due as
follows:
$500 July 1, 1940; $500 Jan. 1 and July 1 from 1941 to 1947, incl.
Second high bid of 103.44 was made by Browning, Van Duyn, Tischler &
Co.
of Cincinnati.
.
.
INDIANAPOLIS SCHOOL CITY, Ind.—BOND SALE—The $200,000
July 11—V. 149, p. 286—were awarded to
and F. S. Moseley & Co., as 1%b, at a price
of about 1.65%. Dated July 17, 1939 and due $10,000
on April 1 from 1941 to 1960, incl.
The Harris Trust & Savings Bank of
Chicago, second high bidder, offered a price of 100.77 for l^s.
coupon school bonds offered
Harriman Ripley & Co., Inc.
of 100.949, a basis
r
LAKE1COUNTY (P.
O. Crown Point), Ind.—BOND OFFERING—
Joseph ET Finerty, County Auditor, will receive s3aled bids until 11 a. m.
on Aug. 7 for the purchase of $600,000 not to exceed 3% interest advance¬
ment fund (poor relief) bonds of 1939.
Dated Aug. 10, 1939.
Denom.
J1,000.A certified check for 2%1 of the bondsfrom for, payable to order of
Due $30,000 on June and Dec. 1 bid 1940 to 1949 incl. Int
-D.
the
Board
Chapman
of County
Commissioners,
& Cutler of Chicago will be
No conditional bids will De
LAWRENCE
is required.
Legal opinion of
furnished the successful bidder.
considered.
COUNTY (P.
O. Bedford), Ind.—BOND OFFERING
—Roy Trueblood, County Auditor, will receive sealed bids until 10 a. m.
on July 28, for the purchase of $20,000 4% hospital bonds.
Dated Aug. 1,
1939.
Denom. $1,000.
Due as follows: $1,000 July 1, 1940; $1,000 Jan. 1
and July 1
from 1941 to 1949, incl. and $1,000 Jan.
The bonds are unlimited tax
1, 1950.
Interest J-J.
obligations of the county and proposals must
be accompanied by a certified check for 3 % of the
order of the Board of County Commissioners.
bonds bid for, payable to
(P. O. Indianapolis), Ind.—BOND SALE—The
bonds offered July 12—V. 148, p. 3874—were
Indianapolis, as l&s, at a price of
100.017, a basis of about 1.24%.
Dated Aug. 1, 1939 and due as follows:
$3,000 on June 15 and Dec. 15 from 1940 to 1947, incl. and $5,000 on June 15
and Dec. 15 in 1948 and 1949.
Second high bid of 100.492 for lHs was
made by Halsey, Stuart & Co., Inc.
MARION COUNTY
$68,000
tax
accounting
awarded to the Fletcher Trust Co. of
Other bids:
Bidder—
v
Int. Rate
.
1H%
Raffensperger, Hughes & Co
Harris Trust & Savings Bank
Harriman Ripley & Co., Inc
Indianapolis Bond & Share Corp
MARION COUNTY
—1 )4 %
1)4%
2%
Premium
$217.87
149.00
121.00
108.00
(P. O. Indianapolis), Ind.—BOND OFFERING
County Auditor, will
—WARRANT OFFERING—Fabian W. Biemer,
receive sealed bids until 10 a. m. (OST) on July
28, for the purchase of
$5,400 not to exceed 5% interest bridge bonds.
Dated Aug. 15, 1939.
Denom. $500.
Due as follows:
$500 June 15 and Dec. 15 from 1940 to
1943, incl.; $500 June 15 and $900 Dec. 15,1944.
Interest J-D. Thebonds
are unlimited tax obligations of the county and proposals must be accom¬
panied by a certified check for 3 %, payable to
order of the Board of Com¬
missioners.
litigation, will permit West Palm Beach to complete its
refunding program which was originally launched about eight years ago,
according to City Attorney Potter.
Success of the
GEORGIA
SCHOOL
DISTRICT
(P.
O.
Hartsfield), Ga.—BOND OFFERING—It is reported that sealed bids will
be received until July 21, by the Secretary of the Board of Education, for
the purchase of $3,000 auditorium bonds.
HARTSFIELD
CONSOLIDATED
ILLINOIS
111.—BONDS SOLD—An issue of $12,000 4%
bonds was sold to Lewis, Pickett & Co. of Chicago.
ARCOLA,
extension
& Savings Bank
construction bonds as
waterworks
CHICAGO PARK DISTRICT, 111.—TENDERS WANTED—District
Secretary Neva Arlene Hart will receive sealed tenders until 10 a. m. on
July 28 of refunding bonds, series A, B, O and D, dated Sept. 1, 1935.
The Treasurer has in his possession $600,000 which is available for the
purchase of as many of said bonds as by said sum may be purchased at
the lowest price obtainable but not to exceed their par value and accrued
interest.
Those tenders (and only those tenders) which offer bonds at
lowest prices, not exceeding their value and accrued interest, will be accepted
(so far as aforesaid sum available for the purchase of bonds will permit)
in such order as will result in the purchase of said bonds by the district
at the lowest price obtainable.
CHICAGO SCHOOL DISTRICT, 111.—MLST PAY $1,090,591 ON
ANTICIPATION WARRANTS—Federal Judge Chiles E. Wood¬
entered a decree calling upon the Board of Education to pay
the Norfolk & Western Ry. Co. $1,090,591 in settlement of a suit filed by
the railroad in 1935 for alleged illegal payments on 1929 tax anticipation
warrants.
In 1935 the School Board issued $62,700,000 in tax warrants
TAX
ward recently
Auditor will receive sealed bids
July 17, for the purchase of $250,000 not to exceed
WARRANT OFFERING—The County
until 10 a. m.
(CST) on
5% interest county welfare fund tax anticipation warrants. Dated July 31,
1939 and due Dec. 15,1939. Both principal and interest payable at County
Treasurer's office out of taxes heretofore levied for the welfare fund and how
in course of collection.
A certified check for 3% of the issue, payable to
order of the Board of County Commissioners, is required.
Bidder to
furnish legal opinion.
.
O. Tyner), Ind.—BOND SALE—
The $33,000 school building bonds offered June 23—V. 148, p. 3412—
were awarded to the Albert McGann Securities Co. of South Bend as 2s,
at a price of 101.018, a basis of about 1.83%.
Dated May 15, 1939, and
due as follows:
$1,500 July 1, 1940; $1,500 Jan. 1 and July 1 from 1941
to 1950 inclusive, and $1,500 Jan. 1, 1951.
POLK SCHOOL TOWNSHIP (P.
POSEY
SCHOOL
TOWNSHIP
OFFERING—Clarence W. Northam,
(P. O. Arlington), Ind.—BOND
Township Trustee, will receive sealed
$46,500 not to exceed 4%
bids until 2 p. m. on Aug. 3, for the purpose of
interest school building bonds.
Dated July 15, 1939.
Denom. $500.
Due
$1,500 July 1, 1940; $2,000 Jan. 1, and $1,500 July 1 from 1941
to 1952, incl.; $2,000 Jan. 1 and $1,000 July 1, 1953.
Bidder to name one
rate of interest, expressed in a multiple of M of 1%.
A certified check for
$500, payable to order of the school township, is required.
The bonds are
unlimited tax obligations of the school township and the approving legal
opinion of Matson, Ross, McCord & Clifford of Indianapolis will oe
furnished the successful bidder.
as
follows:
SIMS TOWNSHIP SCHOOL
TOWNSHIP (P. O. Swayzee), Ind.—
D. Lavengood, Trustee, will receive sealed
July 28, for the purchase of $6,000 4% building bonds.
Denom. $750,
Due as follows: $750 July 1, 1941;
$750 Jan. 1 and July 1 from 1942 to 1944, incl. and $750 Jan. 1, 1945.
BOND OFFERING—Walter
bids until 2 p. m. on
Dated July 5, 1939.
Interest J-J.
Volume
VEVAY,
The Commercial & Financial Chronicle
149
Ind.—BOND SALE—The
445
bonds offered
July 6—V. 148, p. 3874—were awarded to McNurlen & Huncilman of
Indianapolis as 2%b at a price of 101.03.
Dated June 15, 1939.
$4,500
school
aid
$20,000
VINCENNES TOWNSHIP (P. O.
Vincennes), Ind.—BOND SALE
$10,500 refunding bonds offered July 8—v. 148, p. 3721—were
awarded to Browning, Van Duyn, Tischler & Co. of Cincinnati as 2Hs, at
a price of
100.809, a basis of about 2.17%.
Dated July 1, 1939 and due
$5,000 Jan. 1, and $5,500 on July 1, 1950. John Nuveen & Co. of Chicago,
second high bidder, offered a
price of 100.87 for 2J^s. p*
NEWPORT, KENTUCKY, Funding 4s
—The
Due
TOWNSHIP (P. O. Huntington),
receive
schoolhouse bonds.
Dated July 1, 1939.
Denom. $500.
Due as follows:
$500
July 1, 1940; $500 Jan. 1 and July 1 from 1941 to 1944, incl.; $1,000 Jan. 1
and July 1 from 1945 to
1948, incl.; $1,000 Jan. 1 and $1,500 July 1, 1949.
Interest J-J.
A certified check for $1,000,
plus the premium offered to be
paid for the bonds, if any, payable to the trustee, must
accompany each
—BOND OFFERING—Clarence D. Eberhart, Trustee, will
sealed bids until 10 a. m. on July
20, for the purchase of $15,000 3 %
proposal.
WEST
LEBANON, Ind.—BOND
ment bonds offered
July 7—V. 149,
p.
SALE—The $4,000
street improve¬
143—were awarded to Raffensperger,
Hughes & Co. of Indianapolis as 2Hs at par plus $11.51 premium, equal to
100.287, a basis of about 2.45%.
Dated July 7, 1939, and due $400 on
June 15 from 1941 to 1950, incl.
Other bids:
/
Bidder—
Premium
int. Rate
Farmers City Bank, West Lebanon
Fountain Trust Co., Covington, Ind
A. S. Huyck & Co., Chicago
3 Vi %
3
%
Par
Par
$18.00
4%
IOWA
DOVER
TOWNSHIP,
TRICT NO. 2 (P. O.
RURAL INDEPENDENT SCHOOL DIS¬
Eldorado), Iowa—BOND OFFERING— It is reported
that sealed and oral bids will be received unttil
July 17, at 8 p.m., by W. A.
Lauer, District Secretary, for the purchase of $1,500 not to exceed 5%
semi-annual school bonds.
FORT DODGE
INDEPENDENT SCHOOL DISTRICT (P. O. Fort
PUBLICLY OFFERED—A $325,000 issue of 2 H %
refunding bonds is being offered by the Harris Trust & Savings
Chicago, for general subscription. Dated April 1, 1939. Denom.
Dodge), Iowa—BONDS
semi-annual
Bank of
$1,000.
Due Oct. 1, as follows:
$5,000 in 1945, $30,000 in 1946 to 1950,
40,000 in 1951, $50,000 in 1952 and 1953, and $30,000 in 1954.
Prin. and
interest payable at the School Treasurer's office.
These bonds are offered
subject to the opinion of counsel that they will be direct
general obligations
of the entire district, and that all
taxable property within the district is
subject to the levy of ad valorem taxes without legal limit, sufficient to
pay principal and interest on the bonds.
Legality to be approved by Chap¬
man & Cutler of
Chicago.
GREENVILLE
CONSOLIDATED
SCHOOL
DISTRICT
(P.
Greenville), Iowa—BONDS DEFEATED—It
turned
down
bonds at
an
O.
is reported that the voters
$20,000 in construction and equipment
a proposal to issue
election held on July 8.
IRETON, low a—BOND OFFERING—It is stated by the Mayor that
he will receive bids until July
21, for the purchase of $5,000 water works
Due from Dec. 1,1940 to 1949;
bonds.
becoming optional
LINCOLN
TOWNSHIP
CONSOLIDATED
(P; O. Voorhies), Iowa—BOND SALE—The
offered for sale
on
on
Dec. 1, 1945.
SCHOOL
KENTUCKY
NEWPORT, Ky.—BONDSSOLD—It is reported that Nelson. Browning
& Co. of Cincinnati have purchased
$65,000 2 H % semi-annual water works
bonds.
Dated Aug. 1, 1939.
Due Aug. 1 as follows:
$4,000
in 1942 to 1951, and $5,000 in 1952 to 1956.
Prin. and int. payable at the
revenue
Manufacturers Trust Co., New York, or at the Newport National Bank.
Legality to be approved by Chapman & Cutler of Chicago.
VANCEBURG, Ky.—BONDS OFFERED TO PUBLIC—An issue of
$140,000 43^% semi-annual electric, light, heat and power revenue bonds
is being offered by Charles A. Hinsch & Co., Inc. of Cincinnati, at prices
to yield from 2.50% to
3.92%, according to maturity.
Denom. $1,000.
Dated July 1, 1939.
Due $3,000 in 1942, $4,000 in 1943 to 1946, $5,000
in 1947 to 1951, $6,000 in 1952 to 1954, $7,000 in 1955 to 1958, $8,000 in
1959 and 1960, $9,000 in 1961 to 1963, and $7,000 in 1964.
Callable at
the option of the city in Inverse order of maturity upon 30 days' notice on
any interest date after July 1, 1942, and on or before Jan. 1, 1953, at 105;
and after Jan. 1, 1953, and on or before Jan. 1, 1960, at 102H, and after
Jan. 1, 1960, and on or before Jan. 1, 1964, at 101.
The bonds, in the
opinion of counsel, will constitute a valid and binding obligation of the
city, payable solely and secured by the earnings of the electric, light, heat
and power system, which are to be set aside into separate funds and con¬
stitute, a first and prior lien on the net earnings of the system.
Principal
and interest payable at the State National Bank, Maysville.
Legally
approved by Chapman & Cutler of Chicago.
It was reported subsequently that Nelson, Browning & Co. of Cin¬
cinnati, were associated with the above firm in the purchase of the said
bonds.
LOUISIANA
NEW ORLEANS. La.—BOND CALD-We
are informed by Horace^.
Phillips, Secretary of the Board of Liquidation, City Debt, that he is calling
Jan. 1, 1940, the 14th allotment of 4% City of New Orleans
constitutional bonds, aggregating $767,000, consisting of 633 bonds of
$1,000 each, and 134 bonds of $500 each.
Dated July 1, 1892.
Due
July 1, 1942. The following bonds have been called but not presented:
Constitutional, 4%, 31 bonds, $1,000 each and six bonds or $500 each,
for payment on
MASON CITY INDEPENDENT SCHOOL
DISTRICT (P. O. Mason
OFFERING—Sealed bids will be received until 3 p. m.
The district will furnish the
approving opinion of Chapman & Cutler,
Chicago, and all bids should be so conditioned. The district will also furnish
the pnnted bonds.
A certified check on a State or National bank for
2%
of the principal amount of bonds bid
for, must be furnished by bidders.
ciTY, Iowa—MATURITY— It is now reported that the
$8,000 2^% semi-annual refunding bonds sold through the C. W. Britton
Co. of Sioux City, as noted here—V.
149, p. 286—are due $1,000 from
May 1, 1940 to 1947, inclusive.
WOODBURY COUNTY (P. O. Sioux
City), Iowa—BOND OFFERING
—It is stated by Van W.
Hammerstrom, County Treasurer, that he will
receive sealed and open bids until
July 17, at 2 p. m., for the purchase of an
$80,000 issue of funding bonds.
Dated June 1, 1939.
Due Nov. 1, as
follows: $20,000 in 1945 and 1946, and
$40,000 in 1947.
Bidders should
specify the rate of interest, but no award will be made on any bid of less
than par and accrued interest.
All other things being equal preference will
be given to the bid of par and accrued interest or
better which specifies the
lowest coupon interest rate.
Prin. and int. (M. & N.) payable at the
County Treasurer's office.
The approving opinion of Chapman &
Cutler,
of Chicago, will be furnished.
A certified check for
2% of the principal
amount of bonds bid for is
required.
1,
1938.
.
„
,
Constitutional, 4%, eight bonds, $1,000 each, called Jan. 1, 1936.
New public improvement 4%, nine bonds, $1,000 each, called Jan. 1,
1939.
City) Io-wa—BOND
July 24, by R. L. James, Secretary of the Board of District
Directors,
for the purchase of an $80,000 issue of school
building bonds.
Open bids
will also be entertained.
Said bonds will be dated July 1, 1939, numbered
from 1 to 80, inclusive, of the denomination of
$1,000 each, bearing semi¬
annual interest, and will mature
$18,000 on July 1, 1940, $15,000 on July 1
of each of the years 1941 to
1943, incl., and $17,000 on July 1, 1944, bonds
numbered 1 to 18, incl.,
optional for redemption on Jan. 1, 1940. All other
circumstances being equal, preference will be
given to the bid of par and
accrued interest or better
specifying the lowest interest rate for said bonds.
1, 1939.
Constitutional, 4%, 11 bonds, $1,000 each and one bond of $500, called
Jan.
State Bank of Hudson
on
A. T. T. Tel. Rich. Va. 83
tion, according to Cecil E. Flanders, Assistant Director of Finance.
No
other bid was received.
Due from Miarch 20, 1940 to 1948; callable on
and after March 20,1943.
'
called Jan.
July 8—-V. 149, p. 286—were awarded to the Hudson
as 2s at par, according to the District
Secretary.
2.40%-2.60% basis
Richmond, Va.
Phone 3-9137
DISTRICT
$3,500 school bu lding bonds
at
F. W. CRAIGIE & COMPANY
WARREN TOWNSHIP SCHOOL
,
April 1, 1947-1948,
ST. MARTIN PARISH SCHOOL DISTRICT (P. O. St. Martinsville),
SALE—The $180,000 issue of school bonds offered for sale
La.—BOND
July 6—V. 148, p. 3875—was awarded to Hyams, Glas & Carothers of
Orleans, paying a premium of $74, equal to 100.04, a net interest
3.39%, on the bonds divided as follows: $135,000 maturing
April 1, $9,000 In 1940 to 1941, $10,000 in 1942 and 1943, $11,000 in 1944
to 1946, $12,000 in 1947 and 1948, $13,000 in 1949 and 1950,
§14,000 in
1951, as 3Hs, and $45,000 maturing April 1, $14,000 in 1952, $15,000 In
1953, and $16,000 in 1954, as 3#s.
on
New
cost of about
ST. TAMMANY PARISH SCHOOL DISTRICT NO. 8 (P. O. Coving¬
ton) La.—BOND SALE— It is stated by William Pitcher, Secretary of the
School Board, that $60,000 school bonds were offered for sale on
July 8—V. 148, p. 3875—and were awarded to Barrow, Leary & Co. of
Shreveport, paying a premium of $7.77, equal to 100.012, a net interest
cost of about 3.52%, on the bonds divided as follows: $34,000 as 3%s, due
on June 1:
$1,000 in 1940 to 1943; $5,000, 1944 to 1949; the remaining
Parish
$26,000
as
3^s, due on June 1: $5,000, 1950 to 1953, and $6,000 In 1954.
STONEWALL SCHOOL DISTRICT (P. O. Mansfield), La.—BOND
OFFERING—It is reported that sealed bids will
by the Secretary of the
issue of school bonds.
be received until Aug. 22,
Board of Education, for the purchase of a $12,000
MAINE
3564—mature April
p.
$4,000 in 1952.
SKOWHEGAN, Maine—BOND SALE—The $50,000 refunding bonds
offered July 10—V.
149, p. 114—werei awarded to Pierce, White &
Drummond of Bangor, as 1
at a price of 100.227, a basis of about 1.34 %.
Dated July 1,1939 and due July 1 as follows:
$10,000 in 1943 and 1944 and
$15,000 in 1945 and 1946.
Second high bid of 100.445 for 1^8 was made by
,
KANSAS
HAYS, Kan.—BOND OFFERING—Sealed bids
will be received
until
§
on JuJy 18 by Emily C. Johnson, City Clerk, for the purchase of a
$12,000 issue of park and park improvement bonds.
Interest rate is not
to exceed 3%
payable F-A.
Dated on or about Aug. l
1939.
Denom.
as may be determined.
Due in equal annual instalments for a
period of
10 years.
The bonds are offered for sale subject to rejection
by the State
School Fund Commission.
Bidders shall state interest rate offered and
length of maturities desired within the above mentioned limits and also
time required by purchaser for
approval as to legality.
Enclose a certified
check for 2% of the amount bid.
HIAWATHA, Kan.—BONDS
SOLD—It Is stated by the
City Clerk
$9,000 vocational agricultural building bonds
approved by the
voters last April have been sold.
that
the
WASHBURN
RURAL
HIGH
SCHOOL
Arthur Perry & Co. of Boston.
WATERVILLE, Me.—BOND SALE— The $135,000 coupon refunding
149, p. 144—were awarded to Pierce, White &
2s, at a price of 100.371, a basis of about 1.96%.
Dated July 1, 1939 and due July 1 as follows: $7,000 from 1940 to 1954
incl. and $6,000 from 1955 to 1959 incl.
Other bids:
Bidder—
Int. Rate
Rate Bid
Estabrook & Co
2%
Inn'ioo
Frederick M. Swan & Co
2M%
100.199
bonds offered July 5—V.
Drummond of Bangor, as
Arthur Perry & Co
Kan .—BONDS SOLD—It is
MARYLAND
WICHITA,
Kan.—BOND OFFERING—Sealed bids will be received
until 7:30 p. m. on July 17,
by C. C. Ellis, City Clerk, for the purchase of
the following 1%% coupon semi-ann. internal
improvement bonds aggre¬
gating $82,683.02:
years
from
Denom.
$1,000.
Due in from
1
date.
37,683.02 sewer, series 455 bonds.
Denom. $1,000,
in from 1 to 20 years.
one
for $683.02.
to
10
Due
Dated June 1,
Clerk.
mission
1939.
Bidding blanks to be obtained from the above City
These bonds have been submitted to the State School
Fund Com¬
by law required, and by them rejected on June 20, 1939.
Transcript covering this issue has been submitted to Bowersock, Fizzell
Rhodes, of Kansas City, Mo., and the bonds will be sold subject to their
approving opinion. Their fee paid by the city.
as
„
&
All bids are made and will be received subject to the
following conditions:
First:
Bids must be accompanied with a certified check
equal to 2% of
the total bid for said bonds.
Second: No bid will be given any consideration unless the same is
prepared
and submitted on blanks to be obtained from the City Clerk.
Third:
All proposals and bids are subject to the
right of the Board of
Commissioners of the city to reject any and all bids.
KENTUCKY
LOUISVILLE, Ky.—BOND SALE—The $15,268.04 issue
of 4% coupon
semi-annual street improvement, series C bonds offered for sale on
Ju[y 8
—V. 149, p. 144—was purchased at par by the Public Works Administra-
Ann
100.699
2^%
100.57
2M%
101.188
■
-
100.519
MARYLAND
stated
have been sold.
$45,000 park, series 454 bonds.
Inn
2^%
-
DISTRICT
(P. O. Washby the District Clerk that
$90,000 high school construction bonds approved by the voters on June
27
kurn),
--
National Shawmut Bank of Boston
Bond, Judge & Co
Perrin, West & Winslow
E. H. Rollins & Sons
(State
of)—BOND OFFERING—Sealed bids will be
S. Miles, State Treasurer, until noon on
received at the office of Hooper
July 25, for the purchase of $1,587,000 coupon certificates
known as general bond issue of 1939. Dated Aug. 15,1939.
Due^ug.
of indebtedness,
Denom. $1,000.
15 as follows: $95,000 in 1942; $99,000. 1943; $103 000. 1944;
$107,000, 1945; $111,000, 1946; $116,000, 1947; $120,000, 1948: $125,000,
1949 $131,000. 1950; $136,000, 1951; $14$,000, 1952; $148,000 in 1953 and
$154,000 in 1954.
Rate of interest to be expressed in a multiple of
of 1%.
Registerable as to principal only.
Interest F-A 15. The loan and interest
thereon is exempt from the Federal income tax and from State, county and
municipal taxation in the State of Maryland, according to official notice of
sale.
A certified check for 5% of the amount bid for, payable to order of
the State Treasurer, is required.
Payment for and delivery of certificates
to be made on Aug. 15 at the Treasurer's office.
The call for bids states
that "it is one of the terms of this offering that the bonds when issued will
be the legal and valid binding obligations of the State.
The opinion of the
Attorney General of Maryland and the opinion of Maryland and the opinion
of Mar bury, Gosnell & Williams to this effect will be delivered to the success¬
ful bidder.
Bidders may, if they wish, make the legality and validity of the
bonds one of the terms of the bid by making the bid "subject to legality"
or using any equivalent form of expression, but without leaving this question
to the
the
decision of the bidders
or
their counsel.
All bids conditioned upon
approval of bidders or counsel, whether named or unnamed, will be
treated as conditional bids and rejected unless the condition is waived by
the bidder to the satisfaction of the board before the award has been made.'
SOMERSET
COUNTY
DETAILS—The
(P. O. Princess Anne), Md.—BOND SALE
$55,000 school bonds purchased by W. W. Lanahan <fc
Co. of Baltimore—V. 149, p. 286—were sold as 3s, at a price of 100.19, a
basis of about 2.97%.
Due $5,000 on Jan. 1 from 1941 to 1951 incl.
The Commercial & Financial Chronicle
446
All of the bonds will be dated June 1, 1939.
MASSACHUSETTS
interest
Ma si.—BOND
OFFERING—James J.
McCarthy, City
Treasurer, will receive sealed bids until noon (DST) on July 19, for the
purchase of $3,950,000 coupon bonds, described below.
The offering is
made up of two parts:
$3,630,000 group A, comprising the issues of $3,450,000,
$100,000 and $80,000, and $320,000 group B, representing
various other loans.
In the case of group A, bidder is required to name one
rate of interest in multiples of H of 1 %; for group B, bidder is required to
name an interest rate of not more than 3 H %, expressed in a multiple of
BOSTON,
H of 1%, and different rates may be named on the respective loans, but
single issue.
The entire $3,950,000 bonds
not more than one rate on any
comprise the following:
Due $345,000 annually
$3,450,000 municipal relief bonds.
are
by Ely, Bradford, Thompson & Brown of Boston.
were
as
follows:
Rale Bid
Newton, Abbe & Co___________.___—
Bond, Judge & Co
First National Bank of Boston,
Estabrook & Co—
;___
______;
Tyler & Co____
Smith, Barney & Co
R. L. Day & Co
___
1, 1939.
Denom. $1,000.
Principal
(F-A) payable at the City Treasurer's office.
A certified
check for 1% of the bonds bid for, drawn on a Boston national bank or
trust company and payable to order of the City Treasurer, must accompany
interest
proposal.
Mats.—NOTE SALE—1Tyler &
Co.
chased $20,000 water notes as %s, at a price of 100.396.
1939 and due from 1940 to 1944 incl.
Other bids:
of Boston pur¬
Dated July 15,
__100.789
_____._____100.424
100.26
__._100.159
_________
_____
—
MICHIGAN
TOWNSHIP WATER DISTRICT NO. 1 (P. O.
Flat Rock), Mich.—TENDERS WANTED—Frank Vreeland, Supervisor,
will receive sealed tenders until 10:30 a. m. on July 22 of Special Asst. Impt.
District No. 1 refunding bonds, dated July 1, 1934, and due July 1, 1944.
If no acceptable tenders are received, the bonds numbers 78, 79 and 80
will be redeemed on or After Aug. 1, 1939, at the State Savings Bank Flat
Rock.
Prices named must not exceed par and accrued interest.
Rate Bid
%%
%%
100.35
_________
Second National Bank of Boston
_____
100.156
GREAT BARRINGTON, Mass.—NOTE SALE—The $10,000 coupon
municipal relief notes offered July 7 were awarded to the Lee Higginson
Corp., Boston, as
at 100.254, a basis of about 0.66%.
Dated July 1,
1939.
Denom. $1,000.
Due $2,000 on July 1 from 1940 to 1944, incl.
Prin. and int. (J-J) payable at the Merchants' National Bank, Boston.
Certified as to genuineness by the Director of Accounts, Department of
Corporations and Taxation, Common wealth of Massachusetts.
Other bids
Bidder—
Int. Rate
Merchants National Bank of Boston
__
Chace, Whiteside & Symonds
First National Bank of Boston
Rate Bid
% %
1%
1 %
100.149
100.70
100.424
LYNN, Mass.—NOTE SALE—Leavitt & Co. of New York were success¬
ful bidders for the $400,000 revenue notes offered July 11, taking the loan
at a discount rate of 0.217%.
Due $200,000 on May 8 and on May 22,
1940.
The First National Bank of Boston, second high bidder, named a
rate of 0.236%
.
MALDEN, Mass.—BOND SALE—The $192,000 coupon bonds offered
July 13 were awarded to the Second National Bank of Boston, as lMs,
at a price of 101.057.
Sale consisted of:
$35,000 street construction
bonds.
Due July 1 as follows: $4,000 from
1940 to 1944 incl. and $3,000 from 1945 to 1949 incl.
30,000 sidewalk bonds.
Due $6,000 on July 1 from 1940 to 1944 incl.
35,000 water bonds.
Due $7,000 on July 1 from 1940 to 1944 incl.
92,000 municipal relief bonds.
Due July 1 as follows: $10,000 in 1940
and 1941 and $9,000 from 1942 to 1949 incl.
All of the bonds are dated July 1, 1939.
Denom. $1,000.
Principal
interest (J-J) payable at the National Shawmut Bank of Boston.
Legality approved by Ropes, Gray, Boyden & Perkins of Boston.
Other
bids, all for IKs, were as follows:
Bidder—
Rate Bid
100.95
National Shawmut Bank.
__________100.88
Judge & Co. and Lyons & Co
100.46
_____100.42
R. L. Day & Co.; Estabrook & Co. and Whiting, Weeks & Stubbs,
Inc
100.349
Middlesex County National Bank
100.33
WANTED—John
If callable bonds are offered at a premium:
Daley,
N.
City
(a) when the interest rate
4H% <>r higher, the yield shall be computed to the first call date: (b)
than 4M%. the yield shall be computed to
is
when the interest rate is less
the third call date.
If bonds are offered at par or less
than par: yield shall be computed to
the date of maturity.
All tenders shall be in writing and shall be sealed.
Tenders shall show the purpose,
the rate of interest, date of maturity, the
dollar value and the yield.
be accepted
will
on
the basis of the highest net yield to the
city as computed from the dollar price.
Only 1962-63 maturities of callable bonds will be accepted.
The city reserves the right on bonds purchased, which are delivered
subsequent to Aug. 7, 1939, to pay accrued interest up to that date only.
The city reserves the right to reject any or all tenders.
connection with the
$450,000—
Controller John N. Daley reports that bonds were
average yield of 3.3852%.
Mich.—BONDS PURCHASED—In
DETROIT,
call for tenders of city callable refunding bonds in the amount of
V. 148, p. 3876—City
purchased at
NO.
TRICT
Clifton
an
LAKE
AND
ERIN
S.
5,
TOWNSHIPS
District
DIS¬
WANTED—
SCHOOL
FRACTIONAL
Roseville, Mich.—TENDERS
Village of
Burns,
Secretary,
will
receive
tenders until
sealed
(EST) on July 18 of certificates of indebtedness, dated Dec. 1,
Amount available in the sinking fund for purchase of certificates
$5,000.
Offers must be firm for 10 days from date of opening and
fully describe the nature of the certificates tendered.
The certificates
purchased must be delivered at the office of the District Treasurer within
seven days after date of mailing of acceptance notice.
8 p. m.
1937.
is
GRAYLING, Mich.—BONDS SOLD—The $154,000 municipal light and
public works bonds for which all bids were rejected May 15—V. 148,
p. 3104—were sold on June 14, at par, to Shaw, McDermott & Sparks, Inc.,
of Des Moines, according to report.
Sale consisted of:
$34,000 general obligation bonds.
Due July 1 as folllws: $1,000, 1942 to
1948 incl.; $2,000 from 1949 to 1954 incl. and $3,000 from 1955
to
1959 incl.
120,000 mortgage revenue bonds.
Due July 1 as follows: $4,000, 1942 to
1945 incl.: $5,000,
1946 and 1947; $6,000, 1948 to 1950 incl.;
$7,000. 1951 and 1952; $8,000, 1953 to 1955 incl.; $9,000 in 1956
and 1957 and $10,000 in 1958 and 1959.
ISLAND,
MACKINAC
and
Newton, Abbe & Co
Mich.—TENDERS
DETROIT,
Controller, will receive sealed tenders until 10 a. m. (EST) on July 31 (bids
until 3 p.m. the following day) of city callable refunding bonds
to the amount of about $450,000, under the following conditions:
to be firm
Tenders
Int. Hate
Bidder—
Merchants National Bank of Boston
Graham. Parsons & Co.; Bond,
Lazard Freres & Co______
_____101.15
101.01
100.909
___
BROWNSTOWN
All of the bonds will be dated Aug.
FRAMINGHAM,
The bonds
Other bids, all for 1 Ms,
Aug. 1 from
on
50,000 High School of Practical Arts, alterations and additions bonds.
Due Aug. 1 as follows:
$3,000 from 1940 to 1949, incl. and
$2,000 from 1950 to 1959, inclusive.
120,000 bridges, reconstruction and repair bonds.
Due $6,000 annually
on Aug. 1 from 1940 to 1959, inclusive.
each
Principal and
Bidder—
Due $5,000 annually on Aug. 1 from 1940 to
80,000 sewerage bonds.
Due $4,000 annually on Aug. 1 from 1940 to
1959, inclusive.
40,000 trade school additions and alterations bonds.
Due $2,000
annually on Aug. 1 from 1940 to 1959, inclusive.
110,000 William Howard Taft School additions bonds.
Due Aug. 1,
as follows:
$6,000 from 1940 to 1949, incl. and $5,000 from
1950 to 1959, inclusive.
and
Denom. $1,000.
National Bank of Boston.
(J-D) payable at the First
unlimited tax obligations of the city and will be approved as to legality
1940 to 1949, inclusive.
100,000 highway bonds.
1959, inclusive.
July 15, 1939
Mich.—BOND
$20,000
SALE—The
coupon
public park bonds offered May 29—V. 148, p. 3266—were sold to the
First National Bank of St. Ignace as 4s at par.
Dated June 1, 1939,
and due $2,000 on March 1 from 1941 to 1950 incl.
Callable in whole or
in part on any interest date on 30 days' notice at par.
ONTONAGON, Mich.—BOND SALE—The $20,000 4% coupon public
highway improvement bonds offered July 10—V. 149, p. 145—
awarded to Charles A. Parcells & Co. of Detroit. Dated Oct. 1, 1938
and due $2,000 on Oct. 1 from 1939 to 1948 incl.
street and
were
__
Mich.—BOND OFFERING—H.
PONTIAC,
A.
Maurer,
City Clerk,
First National Bank of Boston.
100.279
will receive sealed bids until 7.30 p. m.
Maiden Trust Co
100.25
of $750,000 not to exceed 4% interest series A-l coupon refunding bonds.
Dated Aug. 15, 1939.
Denom. $1,000.
Due March 1 as follows: $40,000
Smith, Barney & Co
Tyler & Co
100,229
100.186
_
.
(EST)
on
July 18 for the purchase
to 1950, incl., and $35,000 from 1951 to 1960, incl.
Prin. and
(M-S) payable at the National Bank of Detroit, in Detroit, or at its
paying agent named by the city, which shall be a responsible bank
or trust
company in Detroit.
A certified check for 2% of the bonds,
payable to order of the city, is required.
Bids shall be conditioned upon
the legal opinion of Berry & Stevens of Detroit, approving legality of the
bonds.
City will pay for cost of opinion and printing of the bonds.
The
bonds are unlimited tax obligations of the city,
from 1941
int.
MASSACHUSETTS (State of)—NOTE SALE— The issue of $6,000,000
notes offered July 10—V.
149, p. 286—was awarded to the National
Shawmut Bank and the Boston Safe
jointly, at 0.085% interest rate.
1940.
Deposit & Trust Co., both of Boston,
Dated July 20, 1939, and due July 18,
Other bids:
Bidder—
Int. Rate
Second National Bank of Boston
successor
0.094%
0.125%
First National Bank of Boston
PORT
HURON,
Mich.—BOND
C.
OFFERING—Harry
Schuberth,
(EST)
Commissioner of Finance, will receive sealed bids until 2:30 p. m.
READING,
Mass.—NOTE
OFFERING— Preston F. Nichols, Town
Treasurer, wLl receive sealed bids, care of the Second National Bank of
Boston, 111 Franklin St., Boston, until noon (DST) on July 17 for the
purchase of $75,000 coupon notes, divided as follows:
$36,000 municipal light building loan notes.
Due July 1 as follows: $2,000
from 1940 to 1955, incl., and $1,000 from 1956 to 1959, incl.
15,000 electric light loan notes.
Due July 1 as follows: $2,000 from 1940
to 1944, incl., and $1,000 from 1945 to 1949, incl.
24,000 municipal relief loan notes.
Due July 1 as foxlows: $3,000 from
1940 to 1943, incl., and $2,000 from 1944 to 1949, inci.
All of the notes will be dated July 1, 1939.
Bidder to name one rate of
interest in a multiple of H of 1 %.
Principal and interest (J-J) payable at
the Second National Bank of Boston.
The notes are exempt from taxation
in Massachusetts and will be prepared under the
supervision of and certified
as to their genuineness
by the Director of Accounts, Department of Corpora¬
tions and Taxation, Commonwealth of Massachusetts.
Delivery of notes
will be made at aforementioned bank
against payment in Boston funds.
SALEM, Mass.—NOTE SALE—The $200,000
revenue
anticipation notes
offered July 12—V. 149, p. 286—were awarded to the Merchants National
Bank of Salem at 0.079% discount
Dated
1939, and payable
July 13,
Dec. 20,1939.
Second high bid of 0.0799% was made by Smith, Barney &
Co. of New York.
SOMERVILLE, Mass.—BOND SALE—The $100,000 coupon municipal
July 12 were awarded to Tyler & Co. and Kennedy.
Spence & Co., both of Boston, jointly, as 1 Hs, at a price of 100.899, a basis
of about 1.33%.
Dated July 1, 1939.
Denom. $1,000.
Due $10,000 on
July 1 from 1940 to 1949, incl.
Principal and interest (J-J) payable at the
National Shawmut Bank of Boston.
July 17 for the purchase of $29,000 not to exceed 3% interest coupon
refunding bonds.
Dated July 1, 1939.
Denom. $1,000.
Due July 1 as
follows: $3,000 from 1941 to 1948 incl. and $5,000 in 1949.
Rate of interest
to be expressed in a multiple of M of 1%.
Prin. and int. (J-J) payable
at the Central Hanover Bank & Trust Co., New York City.
The bonds
are direct obligations of the city, payable from unlimited ad valorem taxes.
A certified check for 2% or the bonds, payable to order of the City Treas¬
urer, must accompany each proposal.
Bids shall be conditioned upon the
unqualified opinion of the purchaser's attorney approving the legality of
the bonds.
Cost of opinion and of printing of the bonds to be paid for by
the successful bidder.
Bonds to be refunded are as follows: $5,000 5%
on
public impt.; $11,000 4H% public impt., and $3,000 5% hospital,
maturing July 1, 1939, and $10,000 4M% bridge, due Aug. 1, 1939.
all
YPSILANTI, Mich.—BOND OFFERING—H. C. Holmes, City Clerk,
(EST) on July 17 for the purchase
$20,000 not to exceed 3% interest coupon general obligation fire depart¬
ment
bonds.
Dated Aug.
1, 1939.
Denom. $1,000.
Due $2,000 on
Aug. 1 from 1940 to 1949 incl.
Interest F-A.
Bidder to name rate of
interest in a multiple of H of 1%.
Prin. and int. payable at the City
Treasurer's office.
Bids should be conditioned upon the opinion of the
purchaser's attorney approving the legality of the bonds.
Purchaser to
pay for cost of legal opinion and printed bonds.
A certified check for 2%,
payable to order of the City Treasurer, is required.
will receive sealed bids until 7:30 p. m.
of
relief bonds offered
Legality approved oy Storey,
Other bids, also for l^s:
dike, Palmer & Dodge of Boston.
Bidder
Thorn-
100 528
"
Halsey, Stuart & Co., Inc___
Estabrook & Co
"
" 100 525
200 52
Bond, Judge & Co., and C. F. Childs
&~Co""_"_"_"_"riI"IIIZIIHIl00!456
WATERTOWN Mass.—BOND
SALE—The $75,000 relief bonds offered
July 11 were awarded to Graham, Parsons & Co. of Boston, as lHs, at a
of 101.45, a basis of about 0.97%.
Dated July 1, 1939, and due
price
?oio iISi
1949, incl.
$M0,) &om, \940 t0 1944,
(for Is)
Other bids:
incl., and $7,000 from 1945 to
Tyler & Co., 100.0096; (for lMs) Second
; Newton, Abbe &Co.,
10L18; Smith,
National Bank of Boston,101.347
Jn?'?n6
x uy
xui
•
•
min™i sh/-^00,k &
100.8968; Lee Higginson Corp.,
Shawmut Bank, 100.51; (for l^s) R. L. Day & Co.,
WESTFIELD, Mast.—BOND SALE—The $80,000
July
2 tmronf
^ to the f? ™£ginson Corp.,
coupon
bonds offered
Boston, as lMs, at a
of 101.204, a basis of about 1.02 %. Sale consisted of$30,000 municipal relief bonds. Due $3,000 on June 1 from 1940
50,000 municipal relief bonds. Due $5,000 on June 1 from 1940
price
O. Mankato), Minn.—BOND SALE—
bonds offered for sale on July 11—V. 149, p.
2s, at par, according to the County
145—were sold
Rate Bid
First National Bank of Boston
MINNESOTA
EARTH COUNTY (P.
BLUE
The $47,000 drainage funding
as
July 15, 1939.
ing
one
number
to 1949 incl
Dated
each one receiv¬
$1,000 bond, the remaining seven being distributed
of the
by lot to that
bidders.
is stated that sealed and
auction bids will be received until July 13, at 8 p. m., by Ed. Evenson,
Clerk of the Board of Supervisors, for the purchase of a $10,000 issue of
road and bridge bonds,
interest rate is not to exceed 3%, payable J-J.
Dated July 1, 1939.
Denom. $1,000.
Due $1,000 July 1, 1942 to 1951.
The printed bonds and the approving opinion of Fletcher, Dorsey, Barker,
Colman & Barber of Minneapolis, will be furnished, to pe paid by the pur¬
CANTON,
Minn.—BOND OFFERING—It
a cost of $50.00.
Payable at any suitable bank or trust company
designated by the purchaser.
Enclose a certified check for $500, payable
chaser at
to the Town Treasurer.
O. Bagley), Minn.—BOND SALE—
bonds offered for sale on July 10—V.
Bagley, as 3s,
paying par, according to the County Auditor.
Dated July 2, 1939.
Due
$5,000 from July 2. 1945, to 1954, incl.
CLEARWATER
COUNTY
(P.
The $50,000 issue of general funding
149, p.
to 1949 incl.
Auditor.
Due from July 15, 1942 to 1947, incl.
He states that the bonds were allotted to 40 purchasers,
145—was awarded to the First National Bank of
Volume
The Commercial & Financial Chronicle
149
ELY, Minn.—MATURITY—It is
,
now
stated by the Acting City Clerk
that the $334,000 (not $338,000) refunding bonds purchased by the State
as 3s, as noted here—V.
148, p. 3105—are due on July 1 as follows: $10,000
in 1944; $19,000, 1945 to
1948;
1957. and $23,000 in 1958.
$18,000 in 1949 and 1950; $27,000. 1951 to
LANCASTER
447
SANITARY
COUNTY
DISTRICT
NO.
1
(P.
O.
Lincoln) Neb.—BONDS SOLD—We are informed by the District Engineer
the $73,000 refunding bonds authorized recently by the Board of
Trustees, as noted in these columns—V. 149, p. 287—have been sold to
the Kirkpatrick-Pettis Co. of Omaha.
Due from Aug. 15, 1941 to 1949
that
incl.
$10.000~issue
FOREST
LAKE, Minn.—BOND SALE—The
of
semi-annual fire house and village hall bonds offered for sale on July 11—
V. 148, p. 3876—was awarded to Mairs-Shaughnessy & Co. of St. Paul,
according to the Village Clerk.
Due $1,000 from Jan. 1, 1941 to 1950.
TEKAMAH, Neb.—BONDS SOLD—It is stated by the City Clerk that
$44,000 refunding bonds have been sold to the Wachob-Bender Corp. of
Omaha, as 3s and 3Ms.
HIBBING, Minn.—PRICE PAID—It is
Recorder that the $50,000
State,
ST.
as noted here—V.
now reported by the Village
disposal plant bonds purchased by the
3105—were sold as 3s, at par.
p.
JAMES, Minn.—BOND OFFERING—Both sealed and oral bids will
be received until July 21, at 8 p.
m., by Laurette A. Grogan, City Clerk,
the purchase of a $30,000 issue of refunding bonds.
Dated Aug. 1.
for
1939.
Denom. $1,000.
$4,000 in 1946 to 1950.
Due Jan. 1 as follows: $2,000 in 1941 to 1945, and
Prin. and int. (J-J) payable at any suitable bank
designated by the purchaser.
The city will furnish the
printed bonds and the approving legal opinion of Fletcher, Dorsey, Barker,
Colman and Barber of Minneapolis.
Enclose a certified check for $1,000,
or
NEW
sewage
148,
trust company,
payable to the city.
^
BERLIN,
NEW HAMPSHIRE (State of)—NOTE SALE—The National Shawmut
Bank of Boston was awarded the past week an issue of $1,000,000 tax antic¬
ipation notes at 0.06% interest.
Feb. 15.
SHELBY SPECIAL CONSOLIDATED SCHOOL DISTRICT (P. O.
Shelby) Miss.—MATURITY—It is now reported by the County Auditor
„
that the $40,000 3H% semi-ann.
refunding bonds purchased by J. S. Love
& Co. of Jackson, at a price of
100.175, as noted here, are due on Feb. 1 as
$2,000 in 1940 to 1944, and $3,000, 1945 to 1954, giving
a
basis of
about 3.47%.
MISSOURI BONDS
Markets in all State, County & Town Issues
SCHERCK, RICHTER COMPANY
BUILDING, ST. LOUIS, MO.
MISSOURI
KIRKWOOD (P. O. St. Louis), Mo.—BONDS VOTED—It is stated by
Donworth, City Clerk, that at the election held on July 8, the voters
approved the issuance of $35,000 library construction bonds by a wide
margin.
Due in 20 years; non-callable.
It is said that these bonds are to
W. M.
be placed
on
the market in about 20 days.
SPARTA SCHOOL DISTRICT (P. O.
Sparta), Mo.—BONDS VOTED
—The voters are reported to have
approved the issuance of $20,000 in con¬
struction bonds at
a
recent
PATERSON,
election.
district
are contained in resolutions adopted by the Borough and the Board
Education, following their certification by the Municipal Finance Com¬
mission.
These resolutions authorize the issuance of $3,309,200 refunding
bonds and $1,445,796.21 interest funding warrants of the borough ana
$732,000 school refunding bonds of the Board of Education of the Borough
of Fort Lee.
The new refunding bonds are to be exchanged par for par
outstanding bonds and notes, including those reduced to judgment,
of the borough and the Board of Education and interest
funding warrants
are to be issued in settlement of unpaid accrued interest to June 1, 1939,
and other indebtedness of the borough.
The refunding bonds of both the
borough and the Board of Education will be dated June 1, 1939 and bear
interest at the rate of 3 H% from June 1, 1939 to June 1, 1944, and there¬
after, at the rate of 4% to June 1, 1979, the maturity date.
Such bonds
are to be callable on any interest payment date at
par and accrued interest.
They shall constitute direct unlimited obligations of the borough and the
borough shall be obligated to levy and collect ad valorem special taxes on
all the taxable property within the borough without limitation as to rate or
amount.
Interest funding warrants will be dated June 1, 1939, bear 2%
interest on the unpaid principal amount thereof, not compounded, payable
semi-annually on June and Dec. 1.
Such warrants will have no fixed ma¬
turity date and will be subject to payment at the option of the borough at
any time at par and accrued interest.
Both principal and interest of the
warrants shall be payable solely from a liquidating fund and will constitute
special and limited obligations of the borough, payable as to both principal
and interest only if and to the extent that moneys become available therefor
in the liquidating fund.
The terms of the refunding bonds to be issued by
the Board of Education will be the same as the refunding bonds to be issued
by the borough.
The resolution creates certain trust funds for the benefit
of the refunding bonds and names the Peoples Trust Co. of Hackensack,
N. J., as fiscal agent to have custody of such trust funds.
There is created
also a liquidating fund for the payment of interest funding warrants to be
collected, held and disbursed by the Board of Liquidation.
for
HI-NELLA,
ENNIS HIGH SCHOOL DISTRICT NO. 52 (P. O. Enni«), Mont.—
OFFERING—It is stated that sealed bids will be received until
Aug. 2, by R. S. Tuttle, District Clerk, for the purchase of a
$45,000 issue of building bonds.
Interest rate is not to exceed 6%, paya¬
ble F-A.
Dated Aug. 15, 1939.
The bonds will be sold for not less than
par and accrued interest, and all bidders must state in their bids the lowest
rate of interest at which they will
purchase the bonds at par.
Amortiza¬
on
tion bonds will be the first choice and serial bonds will be the
second choice
of the said School Board.
If amortization bonds are sold and issued, the
entire issue may
as the
Board of
be put into
single bond or divided into several bonds,
Trustees may determine upon at the time of sale, both
principal and interest to be payable in semi-annual instalments during a
period of 20 years from the date of issue.
If serial bonds are issued and
s°ld, they shall be in the number of 20 bonds each in the denom. of $1,000
one
bonds ^ob in the denom. of $1,250, and
provided that the sum of
$2,250 of said bonds shall be paid annually, being one bond of the $1,000
denomination and one bond of the $1,250 denomination, said sum of
$2,250
will become payable on the 1.5th
day of Aug., 1940, and the same amount
will become payable on the same
day each year thereafter until all of such
bonds
are
paid not to exceed
amortization
or
a
period of 20 years.
serial bonds, will be redeemable in full
ment date from and after
The bonds, whether
on
any
interest pay¬
10 years (half the term for which the bonds are
issued) from the date of issue.
Enclose a certified check for $1,000, pay¬
able to the District Clerk.
F '
GALLATIN COUNTY SCHOOL DISTRICT NO. 7 (P. O.
Bozeman)
Mont.—BOND SALE—The $44,000 issue of building bonds offered for
sale on July 11—V. 148, p. 3724—was awarded to Edward L.
Burton &
Co. of Salt Lake City, as 2s,
paying a premium of $352, equal to 100.80,
reports the Ditstrict Clerk.
It
was
J .—PLANS
REFUNDING
stated
subsequently by the District Clerk that the First Security
Trust Co. of Salt Lake City, was associated with the above
firm in the
purchase.
in
York
City.
Upon being apprised of this fact, the State Funding
proceeded to place its stamp of approval on the proposed
HILLSIDE TOWNSHIP (P. O. Hillside), N. J .—BOND REFUNDING
DISAPPROVED—The State Funding Commission recently determined to
withhold its approval of the
township's proposal to issue $452,000 4^%
refunding bonds due to its failure to hold a tax sale, according to report.
Bonds were to be dated Oct. 1, 1939 and mature as follows: $9,000, 1947;
$14,000, 1948; $18,000, 1949; $22,000 in 1950 and 1951; $45,000,' 1952;
$63,000, 1953; $91,000 in 1954 and $85,000 in 1955 and 1956.
JERSEY
CITY,
J .—BOND SALE—Halsey,
N.
COUNTY
SCHOOL DISTRICT NO. 5
(P. O. Terry).
OFFERING—It is reported that sealed bids will be re¬
ceived until 7:30 p. m. on Aug. 11,
by Geo. M. Schott, District Clerk, for
the purchase of a $32,000 issue of not to exceed
3% semi-ann. refunding
bonds.
Dated Sept. 1, 1939.
The bonds will be sold for not
than
their par value and accrued interest, and all bidders must
state the lowest
which they will purchase the bonds at
par.
Amortiza¬
tion bonds will be the first choice and serial bonds will be tne
second choice
of the School Board.
If amortization bonds are sold and issued, the entire
issue may be put into one single bond or divided into several
rate of interest at
bonds,
as
the
said Board of Trustees may determine
upon at the time of sale, both prin.
and int. to be payable in semi-ann. instalments
during a period of 10 years
from the date of issue.
&
Inc.,
Co.,
of bonds as
3Ms, at
a
price of 100.368,
a
basis of about 3.71%.
Award
consisted of:
$520,000 isolation hospital bonds.
Due July 1 as follows: $20,000, 1940
to 1957, incl.; $25,000 from 1958 to 1963,incl. and $10,000 in 1964.
156,000 surgical building bonds.
Due July 1 as follows: $8^000 from 1940
to 1957, incl.; $5,000 in 1958 and $7,000 in 1959.
417,000 hospital building bonds.
Due July 1 as follows: $17,000 from 1940
to 1957, incl.; $15,000, 1958; $13,000, 1959; $18,000 from 1960
to 1963, incl. and $11,000 in 1964.
All of the bonds bear date of July 1, 1939 and were reoffered by the
bankers to yield from 1% to 3.75%, according to maturity.
: v
Other bids:
No.Bonds
Int.
Rate
Bid for
:
Rate
Bid
1,094
3M%
100.309
Bidder—
Co., Inc.; Mercantile-Com¬
merce Bank & Trust Co.; Darby & Co.; Schlater, Noyes & Gardner, Inc.;
Colyer, Robin¬
son & Co., and Wells-Dickey Co
B. J. Van Ingen & Co., Inc.; Reynolds & Co.;
VCampbell, Phelps & Co., Inc.; Charles Clark
& Co.; Weil, Roth & Irving Co.; Buckley
Bros.; MacBride, Miller & Co., and Welsh,
Harriman Ripley &
/
&
Co.,
~
,
„
1,095
Inc.; Phelps,
3M %
100.269
1,096
3M%
100.15
1,089
Inc.;
& Sons,
Inc.; A. C. Allyn & Co., Inc., and C. C.
Blair
Mont.—BOND
less
Stuart
New York, were successful bidders for the $1,097,000 coupon or registered
bonds offered July 11—V. 148, p. 3724—taking $1,093,000 principal amount
Davis & Co
PRAIRIE
ISS UE—Proceedings
financing.
BOND
m.
N.
connection with the borough's proposal to issue $14,000 general refunding
bonds of 1938 have been reviewed by Hawkins, Delafield & Longfellow
of New
a.
N.
FORT LEE, N. J .—REFUNDING DETAILS—Details of the refunding
bonds and interest funding warrants to be issued by the borough and school
Commission
MONTANA
10
JERSEY
J.—BONDS NOT SOLD—No bids were sub¬
$33,000 not to exceed 4M% interest public works bonds
offered July 7—V. 149, p. 146.
Dated June 1, 1939 and due June 1 as
follows: $3,500from 1940 to 1945, incl., and$3,000from 1946 to 1949, incl.
of
LANDRETH
Dated July 1, 1939 and due Nov. 1,1939.
NEW
mitted for the
MISSISSIPPI
follows:
on
.
HARRISON COUNTY BEAT NO. 1 (P. O. Gulfport), Mi..-—BOND
OFFERING—It is reported that the County Board of Supervisors will re¬
ceive sealed bids until July 17 for the purchase of an issue of $100,000 harbor
improvement bonds.
These bonds were approved by the voters at an
on
N.
awarded
EAST
election held
HAMPSHIRE
H.—NOTE SALE—The First National Bank of Boston
July 10 an issue of $100,000 revenue notes at 0.64%. Due
Dec. 26, 1939.
Second high bidders: National Shawmut Bank of Boston,'
0.66%; Bond, Judge & Co., 0.666%.
was
4%
100.735
Fenn & Co.,
Eastman, Dillon & Co.; E. H. Rollins
Collings & Co..
Blyth & Co., Inc.; Kean, Taylor & Co.; H. L.
Allen & Co., Minsch, Monell & Co., Inc.;
Van
Deventer Bros., Inc., and Adams &
Mueller
_
—
....
.
(The official advertisement of the public offering by Halsey, Stuart
Co., Inc., appears on page IV of this issue.)
LAWRENCE
TOWNSHIP
SCHOOL DISTRICT
(P.
O.
&
Lawrence-
ville), N. J .—BONDS PUBLICLY OFFERED—H. L. Sdhwamm & Co. of
are offering $140,000 4H% school bonds at prices to yield from
New York
RAVALLI COUNTY SCHOOL DISTRICT NO. 1 (P. O.
Corvallig),
Mont.—BOND OFFERING—Lester Morris. District Clerk, confirms the
report which appeared in our issue of July 8, to the effect that he will re¬
ceive sealed bids until 3 p. m. on July 31, for the
purchase of a $36,733
bond issue not to exceed 4%, payable J-J.
Dated July 1, 1939.
m
0.35% to 2.35%, according to maturity.
MIDDLETOWN TOWNSHIP
RAVALLI COUNTY SCHOOL DISTRICT NO. 1 (P. O. Corvallis),
Mont.—BOND SALE DETAILS—It is reported by the District Clerk
that the $12,000 building bonds sold to the Farmers State Bank of
Victor
as 2J^s, at a price of
100.83, as noted here—V. 149, p. 287—are dated
July i, 1939, and mature $1,000 from July 1, 1940 to 1951; redeemable
in full on any interest payment date from and after six
years from date of
issue, giving a basis of about 2.32%.
Due from 1940 to 1955 incl.
SCHOOL DISTRICT
(P.
O.
Middle-
town), N. J.—BONDS DEFEATED—At the election on June 28 the
following bond issues were defeated:
$42,000 Middletown School District
and $40,000 Navesink School District.
NEW
BRUNSWICK,
N.
J.—NOTE SALE— Robert P. March,
City
Comptroller, reports that $106,200 1% notes were sold recently as follows:
$76,000 for relief purposes to the National Bank of New Jersey, of New
Brunswick, and $34,200 bond anticipation, due in one year, to the Peoples
National Bank of New Brunswick.
OCEAN TOWNSHIP (P. O. Elberon), N. J.—PRICE PAID—In con¬
with the sale sometime ago of $72,000 4% refunding bonds to
nection
A. Rippel, Inc., of Newark—V. 148, p. 3414—we learn that the
purchase price was 101, a basis of about 3.80%.
Julius
NEBRASKA
DODGE COUNTY SCHOOL DISTRICT NO. 26 (P. O. Hooper).
Neb.—BONDS SOLD—It is reported that $6,000 2% semi-annual
bonds have been purchased by the First National Bank of
Hooper.
July 1, 1939.
Due in 1949, optional after five
HARRISBURG
SCHOOL
BOND SALE—The $7,000 3%
DISTRICT
(P.
building
Dated
years.
O.
Harriaburg),
Neb.—
semi-annual high school bonds offered for
145—were awarded to W. S. Rodman of Kimball,
paying a premium of $120. equal to 101.714, a basis of about 2.45%.
Dated Aug. 1, 1939.
Due from Jan. 1, 1941 to 1944.
sale
on
July 3—V. 149,
p.
HOLT COUNTY (P. O. O'Neill), Neb.—BONDS SOLD—It is
reported
that $67,000 2M % funding bonds were purchased on June 27 by Steinauer
& Schweser of Lincoln at a price of 100.78.
Due in 13 years.
PASSAIC
COUNTY
(P.
O.
Paterson), N. J .—BOND OFFERING—
Burgess, Clerk of Board of Chosen Freeholders, will receive
(DST) on July 27 for the purchase of $74,000
not to exceed 5% interest coupon or registered park bonds of 1939.
Dated
July 1, 1939.
Due July 1 as follows: $15,000 in 1940 and 1941 and $18,000
Stanley
F.
sealed bids until 2.30 p. m.
from 1942 to 1944 incl.
Bidder to
name a single rate of interest, expressed
Principal and interest (J-J) payable at the First
The sum required to be obtained at sale of
$84,000.
The bonds are unlimited tax obligations of the
the approving legal opinion of Hawkins, Delafield & Long¬
York City wiil be furnished the successful bidder.
A certified
of the bonds offered, payable to order of the county, is re¬
a multiple of Hot 1 %.
National Bank, Paterson.
in
bonds is
borough and
the
fellow of New
check for 2%
quired.
The Commercial & Financial Chronicle
448
RIVERSIDE TOWNSHIP (P. O. Riverside), N. J.—BONDS SOLD—
The Riverside Trust Co. of Riverside purchased an issue of $11,000 Works
Progress Administration projects bonds as 4s, at par.
Due on Dec. 1
from 1940 to 1948 inch
MEXICO
NEW
GUADALUPE COUNTY (P. O. Santa Rosa), N. Me*.—BONDS IN¬
VALIDATED— In connection with the report given in our issue of June 17,
bonds
bonds
that the State tentatively purchased $35,000 court house remodeling
—V. 148, p. 3724—it is now reported that the court has ruled the
are
invalid.
New York State
Municipals
YORK, N. Y.—BOND SALE—The $35,000,000 corporate stock
NEW
July 11—V. 149, p. 288—were awarded to a large
syndicate managed jointly by the National City Bank of New York and
the First National Bank of New York, the successful bid, on an all-or-none
basis, being a price of 100.0299 for a combination of 2^s and 4s, or a net
interest cost to the city of 2.79445934%.
The sale was featured by strik¬
ingly keen competition between the two banking groups which competed
for the offering.
This is vividly illustrated in the fact that the com¬
parable tender made by the unsuccessful account, which was beaded by the
Chase National Bank of New York, figured a net cost to the city of
2.8000779%.
Comptroller Joseph D. McGoldrlck, who conducted the
sale, stated that the "low rate of interest received today is merely another
reflection of the confidence investors have in New York City securities.
His statement was fully substantiated in the reinarkable demand which
obtained for the securities in the re-offering by the successful account.
The group was able to announce the re-sale of the entire loan before the
close of business on the day of the award.
The award was made up of the
following issues, all dated July 15, 1939:
$17,000,000
% corporate stock for water supply purposes.
Due July
and serial bonds offered
Tilney & Company
NEW YORK,
BEAVER STREET
N. Y.
Telephone: WHitehall 4-8898
Bell System Teletype: NY 1-2395
YORK
NEW
SCHOOL DISTRICT NO. 1
(P. O. Adams Center), N. Y.—BOND SALE—The $88,000 coupon or
registered school bonds offered July 7—V. 149, p. 146—were awarded to
George B. Gibbons & Co., Inc., New York, as 2.20s, at par plus a premium
of $351.12, equal to 100.399, a basis of about 2.18%.
Dated July 1, 1939
and due July 1 as follows: $3,000 from 1940 to 1949 incl.; $4,000 in 1950
and $3,000 rrom 1951 to 1968 incl.
Other bids:
ADAMS
CENTRAL
RODMAN
AND
Int. Rate
Bidder—
E. II. Rollins & Sons, Inc.Roosevelt & Weigold, Inc
Union Securities
Premium
$387.20
316.80
264.00
167.25
342.32
176.00
2.25%
2.25%
2.25%
2.25%
2.30%
2.40%
;
Northern New York Trust Co
Manufacturers & Traders Trust Co
Blair & Co., Inc
ALTOONA, BEEKMANTOWN AND MOOERS CENTRAL SCHOOL
NO 1 (P. O. Irona), N. Y.—BOND SALE— The $48,000
or registered school bonds offered July 7—V. 149, p. 146—were
DISTRICT
coupon
awarded to E. H.
Rollins &
Sons,
Inc., New York,
as
2.70s, at par plus
f221 and due July 15 to follows: a$1,500 of about 2.665%. incl. and $2,000
939 premium, equal
100.46, basis from 1940 to 1959 Dated July 15,
as
from 1960 to 1968 incl.
George B. Gibbons & Co., Inc., New York, only
other bidder, offered a price of 100.61 for 3.40s.
or
BRUNSWICK (P. O. Troy), N. Y.—BOND SALE— The $20,500 coupon
registered Mountain View Sewer District bonds offered July 12—V. 149,
as
and due Feb.
1
as
1943 to 1965 incl.
bidder, offered
a
.nnaaa
Otis & Co.
Harriman
W. E. Hutton & Co.
as
follows:
$700 from 1940 to 1942 incl. and $800 from
The Union Securities Corp. of New York, second high
Due $6,000
on
$4,000 in 1940 and
B. J. Van Ingen
1, 1939.
Denom. $1,000. Bidder to
name a single rate of interest, expressed in a multiple of
or 1-10 of 1%.
Principal and interest (F-A) payable at the Irving Trust Co., New York
City.
The bonds are general obligations of the city, payable from un¬
limited taxes.
A certified check for $1,560, payable to order of the city,
Is required.
Legal opinion of Dillon, Vandewater & Moore of New York
City will be furnished the successful bidder.
PHELPS, SENECA, JUNIUS,
173,000
sewer system bonds.
Denom. $1,000.
Due June 1
as
follows:
$9,000 from 1940 to 1957 incl., and $11,000 in 1958.
One bond for $500, others $1,000 each.
Due June 1 as follows:
$5,500 in 1940; $5,000 from 1941 to 1948
incl., and $6,000 in 1949.
29,500 series A street improvement bonds.
One bond for $500, others
B
1
as
street
improvement bonds.
follows:
$2,000 from 1940 to
Denom.
$1,000.
1954 incl.
Bidder to name one rate or
expressed in a multiple of H or l-10th of 1%.
Ibnncipal and
(J-D) payable at the National City Bank, New York. The bcra<3s
are unlimited tax obligations of the district and the approving legal opinion
of Reed, Hoyt, Washburn & Clay of New York City will be furnished the
successful bidder.
A certified check for $350, payable to order of Dora J±.
Willing, District Treasurer, is required.
interest,
interest
Due
1945 incl., and $1,000
Ransomville), N. Y.—BOND SALE—The Power City
purchased on July 7 an issue of$l 6,500 highway
of about 1.98%. Dated July 1,
1939.
Denoms. $1,000, $500 and $250.
Due July 1 as fo lows: $1,250 in
1940 and 1941; and $1,750 from 1942 to 1949 incl.
Principal and interest
payable at the aforementioned trust company,
legality approved py
Dillon. Vandewater & Moore of New York City. Second high bid of 100.139
for 2Ms was made by Wood, Trubee & Co. of Buffalo.
from 1946 to 1948 incl.
All
PORTER (P. O.
Trust Co. of Niagara Falls
of the bonds will
be dated June 1, 1939.
Rate of interest to be
of X or l-10th of 1%.
Different rates may be
named on the respective issues, but all of the bonds of each issue must
bear the same rate.
Principal and interest (J-D) payable at the Chemical
Bank & Trust Co., New York City, and delivery of bonds will be made at
the trust company on or about July 31.
Proposals must be accompanied
by a certified check for 2% of the bonds bid for, payable to order of the
City Chamberlain.
Approving legal opinion of Caldwell & Raymond of
New York City will be furnished the successful bidder.
expressed
bonds as 2.10s, at a price of 100.121, a basis
in multiples
DAVENPORT,
.
KORTRIGHT,
HARPERSFIELD.
POUGHKEEPSIE,
MEREDITH,
WORCESTER AND SUMMIT CENTRAL SCHOOL
1 (P. O. Davenport Center), N. Y.—BOND SALE—
The First National Bank of Grand Gorge purchased on
July 6 an issue of
$10,000 school bonds as 2%s, at 100.37, a basis of about 2.71%.
Dated
1,
velt &
.
Weigold, Inc., New York.
HEMPSTEAD (P. O. Hempstead), N. Y.—POINT LOOKOUT PARK
DISTRICT BONDS SOLD—The $50,000 coupon or registered park bonds
offered July 11—V. 149, p. 288—were awarded to Bernhard, Bennett 8c
Bidder—
int. Rate
D-
W£]te & Co
Adams, McEntee& Co., Inc
Rate Bid
2.40%
IV, %
2.60%
100.579
3%
100.66
were
of
as
incl.
N.
Y.—BOND
OFFERING—Joseph A. Fassbender,
City Treasurer, will receive sealed bids until 3 p. m. (DST) on
July 26 for the purchase of $170,000 not to exceed 5% interest coupon
or registered general bonds of
1939, divided as follows:
All of the bonds will be dated
Aug. 1, 1939.
Denom. $1,000.
Bidder
a single rate of interest, expressed in a
multiple of
or l-10th
Principal and interest (F-A) payable at the City Treasurer's office.
The bonds are unlimited tax obligations of the city and the approving legal
opinion of Hawkins, Delafield & Longfellow of New Yrok City will be
to name
of 1
%.
furnished the successful bidder.
of the city, is
required.
A certified check for 2 %, payable to order
STREAM,
registered street
KINGSTON,
$45,000 series A bonds to provide city's local share of home relief costs
for 1939 fiscal year.
Due $5,000 on Aug. 1 from 1940 to 1948 incl.
125,000 series B bonds to cover city's share of Works Progress Administratkm projects
Due Aug. 1 as follows:
$20,000 from 1940 to
1942 mcl.; $25,000 in 1943, and $10,000 from 1944 to 1947 incl.
1, 1939.
Reoffered to yield
£r<2m
Y.—BOND SALE— The $47,500 coupon or
offered July 10—V. 149, p. 147—
New York, as 1.30s, at a price
100.067, a basis of about 1.28%.
Dated March 15, 1939 and due Mar 15
follows: $8,500, 1940; $9,000 in 1941 and $10,000 from 1942 to 1944
VALLEY
100.42
100.28
100.459
2.90%
be dated Aug.
0.15% to 1.60%, according to maturity.
Second high bid of 100.409 for
1.40s was made by a group composed of Sherwood & Reichard, Inc., Boat¬
men's National Bank of St. Louis and Stranahan, Harris & Co., Inc.
Other bids:
Roosevelt & Wiegold, Inc
C.Allyn & Co., Inc
Manufacturers & Traders Trust Co. of Buffalo.,
A
$400,000 coupon or
$50,000 work relief bonds of 1939 issued to provide for citys share of
Works Progress Administration projects.
Due Aug. 1 as follows:
$5,000, 1940 and 1941; $6,000, 1942 to 1944 incl.; $3,000, 1945 to
1949 incl.; $2,000, 1950 to 1952 incl. and $1,000 in 1953.
150,000 home relief bonds issued to provide for portion of city s local share
of home relief in 1939 fiscal year.
Due Aug. 1 as follows: $12,000
from 1940 to 1944 incl. and $18,000 from 1945 to 1949 mcl.
200,000 general refunding bonds of 1939 issued to refund bonds maturing
in 1939.
Due $10,000 on Aug. 1 from 1940 to 1959 incl.
All of the bonds will
Co. of New York as 2.40s at a price of 100.659, a basis of about 2.34%.
Dated May 1, 1939, apd due May 1 as follows:
$2,000 from 1940 to 1949
incl., and $1,000 from 1960 to 1969 incl.
Y.—BOND SALE-The
Manufacturers & Traders Trust Co.,
DISTRICT No.
1939.
Denom. $500.
Due $500 on June 1 from 1940 to 1959
incl.
Prin. and int. (J-D) payable at the National Bank of Hobart.
A
bid of 100.28 for 2%s, only other offer received, was submitted by Roose¬
N.
bonds offered July 14—V. 149, p. 289—were awarded to the
Buffalo and Adams, McEntee & Co.,
Inc., New York, jointly, as 1.40s, at a price of 100.477, a basis of about
1.39%.
Sale consisted of:
registered
MARYLAND,
June
District Clerk, will receive sealed
1941 and $1,000 from 1942 to
in
f 941 toeach. incl.; $4,000 in 1947 and 1948. 1940; $3,000 from
1,000 1946 Due June 1 as follows: $3,500,
June
CENTRAL
Y.—BOND OFFERING—
bids until 3 p. m.
(DST) on July 20 for the purchase of $17,050 not to exceed 6% interefj
coupon or registered series B school bonds. Dated June 1, 1939. One Dona
for $50, others $1,000 each.
Due June 1 as follows: $2,050 in 1940; $2,000
Beatrice Longyear,
51,500 home relief bonds.
15,000 series
LYONS AND ARCADIA
SCHOOL DISTRICT NO. 1 (P. O. Phelps), N.
$12,000
from 1940 to 1952 incl., and $13,000 from 1953 to 1964 incl.
\
& Co., Inc.
Darby & Co., Inc.
CORTLAND, N. Y.—BOND OFFERING—Archie A. Somers, City
Chamberlain, will receive sealed bids until 3 p. m. (EST) on July 21 for
of $581,000 not to exceed 6% interest coupon or registered
bonds, divided as follows:
follows:
;/
Geo. B. Gibbons &
the purchase
as
.
Farwell, Chapman & Co.
R. S. Dickson & Co., Inc.
Field, Richards & Shepard, Inc.
Co., Inc.
Merrill, Turben & Co.
G. M.-P. Murphy & Co.
The First Cleveland Corp.
Eastman, Dillon & Co.
William R. Compton & Co., Inc.
L. F. Rothschild & Co.
The Anglo California National Bank The Union Trust Co. of Indianapolis
Ira Haupt & Co.
of San Francisco
Mullaney, Ross & Co.
Bacon, Stevenson & Co.
Glenny, Roth & Doolittle
Eldredge & Co., Inc.
All of the bonds will be dated Aug.
Due June 1
First of Michigan Corp.
Alex. Brown & Sons
Ladenburg, Thalmann & Co.
Dean Witter & Co.
Kidder, Peabody & Co.
Washburn & Co., Inc.
Phelps. Fenn & Co.
Francis I. du Pont & Co.
Stone & Web6ter and Blodget, Inc.
Minsch, Monell & Co., Inc.
Kean, Taylor & Co.
Mercantile-Commerce Bk. & Tr. Co. Edward Lowber Stokes & Co.
Mackey, Dunn & Co., Inc.
R. H. Moulton & Co., Inc.
Manufacturers & Traders Trust Co., Stern, Wampler & Co., Inc.
McDonald-Coolidge & Co.
Buffalo. -
Aug. 1 irom 1940 to
48,000 public welfare bonds. Due Aug. 1 as follows:
1941 and $5,000 from 1942 to 1949 incl.
Baker, Weeks & Harden
Hannahs, Ballin & Lee
Lazard Freres & Co.
follows:
Denom. $1,000.
Charles Clark & Co.
Halsey, Stuart & Co., Inc.
1944 incl.
$312,000 school bonds.
Ripley & Co., Inc.
Smith, Barney & Co.
The First Boston Corp.
price of 100.40 for 2.60s.
$30,000 public works projects bonds.
(Inc.)
First National Bank
CORNING, N. Y.—BOND OFFERING—Chester R. Hallock, City
Chamberlain, will receive sealed bids until 9 a. m. (EST) on July 17 for the
purchase of $78,000 not to exceed 4% interest coupon or registered bonds,
divided
1969
5,600,000 2*A% serial bonds, including $5,000,000 for rapid transit con¬
struction and $600,000 for dock improvements.
Due $140,000
annually on July 15 from 1940 to 1979, inclusive.
7,500,000 2^% serial bonds, including $3,600,000 for construction of
schools and $3,900,000 for various municipal purposes.
Due
$250,000 annually on July 15 from 1940 to 1969, inclusive.
1,500,000 4 % serial bonds for various municipal purposes.
Due $100,000
annually on July 15 from 1940 to 1954, inclusive.
2,400,000 4% serial bonds, including $1,000,000 for construction of
schools and $1,400,000 for various municipal purposes.
Due
$240,000 annually on July 15 from 1940 to 1949, inclusive.
1,000,000 4 % serial bonds for various municipal purposes.
Due $200,000
annually on July 15 from 1940 to 1944, inclusive.
BASIS OF RE-OFFERING—The National City Bank group, complete
membership of which is given below, in re-offering the obligations for public
investment, as noted in the official announcement on page vi, priced the
$17,000,000 30-year 2^% corporate stock at 98 and accrued interest; the
$13,100,000 2%% serial bonds, due from 1940 to 1979, incl., were scaled to
yield from 0.30% to 2.85%, according to maturity, while the yield on the
$4,900,000 serial 4s, maturing from 1940 to 1954, incl., ranged from 0.30%
to 2.80%.
The offering was made by the bankers subject to the approval
of legality by Thomson, Wood & Hoffman of N. Y. City.
In accordance
with the notice of sale, the purchasers also bid for all or any part of the
offering, the tender on this basis being a price of par for $17,000,000 3Hs
and $18,000,000 3s.
The opposing group, principal members of which
were the Chase National Bank, Chemical Bank & Trust Co., Lehman Bros.,
Barr Bros. & Co., R. W. Pressprich & Co., Blyth & Co., Inc., Blair & Co.,
Inc., Manufacturers Trust Co., New York.
Hallgarten & Co., Marine
Trust Co. of Buffalo and the Swiss American Corp., New York, also sub¬
mitted two offers, as follows: For $17,000,000 2^s, $5,600,000 2a* and
$12,400,000'4s (all or none), a price of 100.40, or a net interest cost frac¬
tionally more than 2.80%; for all or any part the terms were par for the
entire $35,000,000 securities as 3 J4"s.
SLCCESSFUL SYNDICATE—The complete membership of the success¬
ful group is given herewith:
The National City Bank of New York C. F. Childs & Co., Inc.
288—were awarded to the Manufacturers & Traders Trust Co. of Buffalo,
2.60s, at a price of 100.428, a basis of about 2.56%. Dated Aug. 1, 1939
p.
,
_
_
15
76
July 15, 1939
N.
improvement bonds
awarded to A. C. Allyn & Co., Inc.,
Other bids:
t-,
Tilney & Co
—-
C. F. Childs & Co
Marine Trust Co of Buffalo
*
,
Int. Rate
1-30%
Bidder—
R. D. White & Co
1.30%
1.30%
1.75%
„
,
t>
a
Rate Bid
100.063
100.03
100.022
100.078
Y.—BOND SALE—The $312 000 coupon or regIstered bonds offered July 11—V. 149, p. 147—were awarded to Francis
1. DuPont & Co. and C. F. Childs & Co., Inc., both of New York joinUy,
as Is, at par plus $187 premium, equal to 100.059, a basis of about 0.99%.
WATERTOWN,
N.
Scile consisted of*
$211,000 public welfare (home relief) bonds. Due Aug. 1 as follows: $21,000
from 1940 to 1943 incl.; $20,000, 1944; $24,000 in 1945 and
1946; $19,000 in 1947 and 1948, and $21,000 in 1949.
101,000 public works (WPA) projects) bonds.
Due Aug Das follows:
$14,000 from 1940 to 1943 incl.; $15,000 in 1944 and $6,000 from
1945 to 1949 incl.
Volume
The Commercial & Financial Chronicle
149
All of the bonds will be dated Am?. 1,1939.
Reoffering of the 1940 to 1946
maturities was made at prices to yield from 0.16% to 1% and of the 1947
to 1949 bonds at prices
ranging from 99.75 to 99.25.
Bidder—
int. Rate
Premium
449
BETTSVILLE RURAL SCHOOL DISTRICT, Ohio—NOTE SALE—
The Commercial National Bank of Tiffin
purchased $4,200.92 refunding
notes.
_
1%
$65.52
1 %
37 44
614.64
1.10%
1.20%
Geo.
B.
Gibbons
&
Inc.,
and
Roosevelt'
1,038.96
J.20%
184.08
1.10%
1.10%
430.56
&
Shields & Co.; The Boatmen's Nat. Bank of St. Louis,
and Sherwood & Reichard, Inc
The Watertown National Bank
-
1,060.80
1.10 %
Co.,
Weigold, Inc
w
Halsey, Stuart & Co., Inc
-
465.20
Manufactures & Traders Trust Co.; Kean, Taylor &
oo
932.88
458.64
f-HrH r-JwH oo
Mercantile-Commerce
340.08
143.52
Bank & Trust Co.. and R. D.
WESTCHESTER COUNTY (P. O. White Plains). N. Y.—BOND
OFFERING—William S. Coffey, County Treasurer, will receive sealed bids
until noon (DST) on July 20 for the purchase of $285,000 not to exceed 6%
interest coupon or registered home relief bonds.
Dated July 15, 1939.
Denom. $1,000. Due July 15 as follows: $75,000 in 1940 and $70,000 from
1941 to 1943 inCl.
Bidder to
single rate of interest, expressed in a
multiple of
of 1%.
Principal and interest (J-J) payable at the County
Treasurer's office.
The bonds are unlimited tax obligations of the county
and the approving legal opinion of Hawkins, Delafield & Longfellow of
New York City will be furnished the successful bidder.
The Continental
Bank & Trust Co., New York, will supervise preparation of the bonds and
certify as to genuineness of signatures of municipal officials.
A certified
check for $5,700, payable to order of the County Treasurer, is required.
name a
NORTH
a. m.
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 certified check upon an incorporated bank or trust company, payable
unconditionally to the order of the State Treasurer for $1,020.
The ap¬
proving opinion of Masslich & Mitchell, N. Y. City, will be furnished the
purchaser.
HILL,
revenue notes were
N. C.—NOTES SOLD—It is reported that $10,000
purchased recently by the Bank of Chapel Hill, at 1 M
.
DUPLIN COUNTY (P. O.
Kenangville), N. C.—BOND OFFERING—
It is stated by W. E. Easterling, Secretary of the Local Government Com¬
mission, that he will receive sealed bids until July 25. at 11 a. m. (EST),
at his office in
BLOOMDALE
SCHOOL
Tiffin National Bank of Tiffin
DISTRICT,
was
awarded
(P. O. Bloom-
Bank
as
of
Ohio—NOTE
on
July 10
Tiffin
3 Ms at
an
was
par.
SALE—The
issue of $5,175.90
refunding notes.
BROWN ZALESKI RURAL SCHOOL DISTRICT (P. O.
Zaleskl),
Ohio—NOTE SALE—The Milton Banking Co. of Wellston, only bidder,
was awarded
$4,840.13 refunding notes as 3s, at par.
CAMPBELL
CITY
SCHOOL
DISTRICT,
Ohio—BOND SALE
DETAILS—The $24,000 refunding bonds awarded to Fox, Einhorn & Co.,
Inc., of Cincinnati—V. 149, p. 289—as 2%s were sold at a price of 100.32,
a basis of about
2.71%.
Dated Feb. 1, 1939, and due Dec. 1 as follows:
$1,000 from 1940 to 1945, incl.; $2,000 from 1946 to 1951, incl., and $3,000
in 1952 and 1953.
CHESTER TOWNSHIP SCHOOL DISTRICT
(P. O. Wooster),
Ohio—NOTE SALE—The Citizens National Bank of Wooster, the only
bidder,
3Ms.
awarded
was
on
July 10
an
issue of $6,403.64 refunding notes as
CINCINNATI CITY SCHOOL DISTRICT, Ohio—NOTE SALE—
The $649,509.30 refunding notes offered
July 10—V. 148, p. 3879—were
awarded to the Ohio National Bank of Columbus, as 2s.
National Bank of Columbus also named a rate of 2%.
Seasongood & Mayer of Cincinnati bid
a
The Huntington
premium of $20 for 3s.
CLEVELAND, Ohio— BOND OFFERING —It is reported that the
Director of Finance will receive sealed bids until Aug. 7 for the purchase of
$5,075,000 Cuyahoga River improvement and refunding bonds.
DISTRICT, Ohio—NOTE OFFERING
Morris, Clerk of Board of Education, will receive sealed bids
July 28 for the purchase of $543,741.83 not to exceed 4%
interest refunding notes.
Dated Aug. 1,1939.
Denoms. to suit purchaser.
Due Aug. 1, 1941.
Callable after Nov. 30, 1939.
Prin and int. payable
at the State Treasurer's office.
Issued pursuant to provisions of H. B. 282,
enacted by the 93rd General Assembly, effective Feb. 23, 1939, and under
and in accordance with resolution No. 22,712, adopted by the Board of
Education at a regular meeting on April 24, 1939, and are offered for the
purpose of refunding outstanding notes issued under and pursuant to Sec¬
tion 2293-81 of the General Code.
Enclose a certified check for $5,500.
(These are the notes offered on June 28, for which all bids received were
rejected.—V. 149. p. 148 )
—Karl K.
Lenoir), N. C.—BOND OFFERING—
(EST) on July 18 by W.E. Easterling, Secretary of the Local Government Commission, at his office in Ra¬
leigh, for the purchase of $51,000 school bonds.
Dated Aug. 1, 1939.
Due on Feb. 1: $2,000 in 1942 to 1947 and $3,000 in 1948 to 1960, all incl.,
without option of prior payment.
There wili be no auction.
Denom.
$1,000; coupon bonds registerable as to principal only; prin. and int. (F-A)
payable in legal tender in N. Y. City; general obligations; unlimited tax;
delivery on or about Aug. 11,1939, at place of purchaser's choice.
Bidders
are requested to name the interest rate or
rates, not exceeding 6% per
annum, in multiples of
of 1 %.
Each bid may name one rate for part
of the bonds (having the earliest maturities), and another rate for the bal¬
ance, 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 county, such cost to be determined
by deducting the total
amount of the premium bid from the aggregate amount of interest upon
CHAPEL
RURAL SCHOOL DISTRICT
Ohio—NOTE SALE—The Tiffin National
on July 6 an issue of
$4,787 refunding notes
CLEVELAND CITY SCHOOL
CAROLINA
CALDWELL COUNTY (P. O.
Sealed bids will be received until 11
BLOOM TOWNSHIP
ville),
awarded
Raleigh, for the purchase of the following not to exceed 6%
semi-annual coupon refunding bonds aggregating $65,000;
$40,000 road and oridge bonds.
Due on Feb. 1 as follows:
and 1955. and $6,000 in 1956 to 1960.
$5,000 in 1954
25,000 school bonds.
Due on Feb. 1 as follows: $2,000 in 1954; $3,000,
1955, and $4,000 in 1956 to 1960.
Denom. $1,000.
Dated Aug. 1, 1939.
A separate bid for each issue
(not less than par and accrued interest) is required.
Bidders are requested
to name the interest rate or rates in multiples of M of 1 %.
Each bid may
until
noon
on
CLINTON RURAL SCHOOL DISTRICT (P. O. Hamden), Ohio—
NOTE SALE—The Milton Banking Co. of Wellston, only bidder, purchased
on July 7 an issue of $1,831.98 refunding notes.
CLOVERDALE
CONSOLIDATED SCHOOL DISTRICT,
Ohio—
NOTE SALE—The Union Bank Co. of Columbus Grove, the only bidder,
was awarded on July 10 an issue of $1,665.82 refunding notes.
CONTINENTAL RURAL SCHOOL
DISTRICT, Ohio—NOTE SALE
was awarded on July 10 an issue of
The Continental Bank bid for 3Ms.
—The Tiffin National Bank of Tiffin
$11,247.05 refunding notes
as
2Ms.
EAGLE RURAL SCHOOL DISTRICT
NOTE SALE—The Vinton County National
July 6
on
(P. O. McArthur), Ohio—
Bank of McArthur purchased
issue of $3,995.03 refunding notes
an
FAIRVIEW SCHOOL
as
4s.
DISTRICT
(P. O. Lakewood), Ohio—NOTE
SALE—The Huntington National Bank pf Columbus purchased on July 11
issue of $9,148.40 refunding notes as 4s.
an
TOWNSHIP RURAL SCHOOL DISTRICT (P. O. St.
Johns, R.R.), Ohio—NOTE SALE—The First National Bank of MarysGOSHEN
ville purchased on July
10 an issue of $3,179.13 refunding notes as 3s,
at par.
HAMILTON CITY SCHOOL DISTRICT, Ohio—NOTE SALE—The
First National Bank of Springfield purchased on July 10 an issue of $99,705.11 refunding notes as 2Ms, at par.
bid par for 3s.
The Quaker City National Bank
one rate for part of the bonds of either issue and another rate for
the balance, but no bid may name more than two rates for either issue, and
each bidder must specify in his bid the amount of bonds of each rate.
The
DISTRICT (P. O. Elmore), Ohio—
NOTE SALE—The Tiffin National Bank of Tiffin purchased on July 8 an
bonds will be awarded to the bidder offering to purchase the bonds at the
lowest interest cost to the county, such cost to be determined by deducting
the total amount of the premium bid from the aggregate amount of interest
upon all of the bonds until their respective maturities.
Bids must be on a
form to be furnished by the Secretary.
Prin. and int. payable in New
York City or Raleigh in lawful money.
General obligations; unlimited tax.
Columbus bid for 4s.
name
The bonds are registerable as to principal only.
Delivery on or about
Aug. 11, at place of purchaser's choice. The approving opinion of Masslich
& Mitchell of New York, will be furnished the purchaser.
Enclose a certified
check for $1,300, payable to the State Treasurer.
HARRIS-ELMORE
issue of $8,745.72
SCHOOL
refunding notes as 3s.
SCHOOL
HOLGATE
DISTRICT,
The Huntington National Bank of
Ohio—NOTES
RE-OFFERED—
7 were
The $7,144.59 not to exceed 4% interest refunding notes offered July
sold, due to an error in the call for bids.
July 31.
not
They are being re-offered on
JACKSON RURAL SCHOOL DISTRICT (P. O. McArthur),
Ohio—
NOTE SALE—The Vinton County National Bank of McArthur purchased
July 6 an issue of $3,585.08 refunding notes as 4s, at par.
was submitted at the sale.
on
Only one bid
notes have been
LEE TOWNSHIP RURAL SCHOOL DISTRICT (P. O. Sardis),
Ohio—NOTE SALE—The Quaker City National Bank of Quaker City was
at
awarded
RAEFORD, N. C.—NOTES SOLD—It is reported that $6,000 revenue
purchased by the First National Bank of Winston-Salem,
5%, plus
premium of $2.53.
a
WHITEVILLE,
revenue notes
N.
C.—NOTES SOLD—It
is
reported
that
Whiteville, at 5%, plus
premium of $35.97.
a
NORTH
DAKOTA
FESSENDEN, N. Dak.—PRICE PAID—It is now reported by the City
Auditor that the $6,500 water works revenue bonds purchased by the First
National Bank of Fessenden, as noted in our issue of July 1—V. 149, p. 147)
were
sold
as
NORTH
Issues
4s at par.
on
July 8 an issue of $5,947.69 refunding notes as 3s.
LISBON EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—NOTE
$5,000
have Jeen purchased by the Waccamaw Bank & Trust Co. of
Quaker City National Bank of
Quaker City purchased
$19,994.73 refunding notes as 3s.
The Firestone Park Trust C Saving
Bank, Akron, Peoples State Bank, Lisbon, and Huntington National Bank,
Columbus, each named a rate of 4%.
SALE—The
LOGAN, Ohio—BOND SALE—The City Sinking Fund purchased $5,000
$2,500 fire apparatus and a similar amount of ceme¬
3 M % bonds, including
tery improvement,
Due from July 1,1940 to 1946.
LONDON
DAKOTA, State of—CERTIFICATE SALES— The following
of certificates
aggregating $1,675,000, offered for sale on July 6
and 7—Y. 148, p. 3878—were purchased by the Bank of North Dakota,
of Bismarck, paying par on 4%, according to the Secretary of the State
Industrial Commission:
all dated July 1, 1939.
EXEMPTED
SCHOOL DISTRICT, Ohio—
sold to the Madi¬
149, p. 289—mature in 1941 and are
VILLAGE
NOTE MATURITY—The $14,649.36 3% refunding notes
son
National
Bank of London—V.
callable.
EXEMPTED
LOUDONVILLE
SCHOOL
VILLAGE
DISTRICT,
Ohio—NOTE SALE— The Farmers & Savings Bank of Loudonville pur¬
$1,375,000 State certificates of indebtedness.
July 6, 1940.
300,000 State certificates of indebtedness.
July 7, 1940.
Dated July 6,1939.
Due
Dated July 7,1939.
Dueon
on
chased
July 10 an issue of $12,984.90 refunding notes as
3s.
DISTRICT, Ohio—NOTE SALE— The Lucas State
purchased on July 6 an issue of $4,510.39 refunding notes
LUCAS SCHOOL
Bank of Lucas
4s, at par.
as
OHIO
on
LYKENS RURAL SCHOOL DISTRICT (P. O. Bucyrus). Ohio—
NOTE SALE—The Farmers & Citizens Bank & Savings Co. of Bucyrus
purchased on July 7 an issue of $5,160.52 refunding notes.
MUNICIPALS
MAPLE HEIGHTS (P. O.
Bedford). Ohio—TENDERS WANTED—
will receive sealed tenders of city refunding
1, 1937, until noon on July 19.
About $5,000 is avail¬
able for purchase of securities at a price not exceeding their face value.
Bonds tendered must be ready for delivery not later than 10 days there¬
Gerald Mansell, City Secretary,
bonds dated Jan.
McDONALD-COOLIDGE & CO.
UNION
1001
after.
MARION RURAL
COMMERCEfBLDG., CLEVELAND
SCHOOL DISTRICT (P. O. Logan), Ohio—NOTE
The First Bremen Bank of Bremen purchased on July 7 an issue
$3,939.09 refunding notes.
SALE
CANTON
AKRON
CINCINNATI
COLUMBUS
SPRINGFIELD
of
ALLIANCE
Ohio
as
National
CITY
SCHOOL
DISTRICT, Ohi<y-NOTE SALE—The
Bank of Columbus purchased $67,506.09
refunding notes
2Hs.
AMSTERDAM
SCHOOL
DISTRICT,
Ohio—NOTE SALE—The
Quaker City National Bank of Quaker City purchased on July 6 an issue of
$11,155.21 refunding notes.
BALTIC
SCHOOL
DISTRICT,
$5,136.79 refunding bonds
Bank, only bidder.
BELLEVILLE
Farmers
SCHOOL
Bank of Belleville
refunding notes
as
sold
was
3s
on
DISTRICT,
was
4s, at par.
Ohio—NOTE SALE—An
as
awarded
MASON SCHOOL DISTRICT, Ohio—NOTE SALE—The First Na¬
Court House purchased on July 10 an issue of
$6,164.32 refunding notes as 2%s.
The Huntington National Bank of
Columbus bid for 4s.
tional Bank of Washington
OHIO
on
issue
of
July 10 to the Baltic State
Ohio—NOTE SALE—The
July 6 an issue of$9,995.65
MASSILLON CITY SCHOOL DISTRICT, Ohio—BOND OFFERING
H S. Zepp, District Clerk, will receive sealed bids until noon on July 28
of $32,000 not to exceed 6% interest building improvement
bonds.
Dated Aug. 1, 1939.
Denom. $1,000.
Due $2,000 on Oct. 1
from 1941 to 1956, incl.
Bidder to name rate of interest in multiples of
\i of 1 %.
Interest A-O.
The successful bidder will be required to furnish
legal opinion and the necessary bond blanks ready for execution at his own
expense.
A certified check for 1%, payable to order of the Board of
Education, is required.
for the purchase
MAYFIELD
SCHOOL
DISTRICT
(P.
O.
Euclid), Ohio—
awarded
No other bidders.
South
NOTE SALE—The Huntington National Bank of Columbus was
on
July 11 an issue of
$10,459.33 refunding
notes.
*
The Commercial & Financial
450
MILFORD TOWNSHIP
R.
R.
Co. of
RURAL SCHOOL DISTRICT (P. O. Oxford,
No. 2). Ohio—NOTE SALE—The Second National Bank & Trust
Springfield purchased on July 6 an issue of $4,998.65 refunding notes
4s, at par.
as
SCHOOL DISTRICT (P. O. Conneaut), Ohio—
Bank & Savings Co. of Conneaut, only bidder,
MONROE RURAL
*
awarded
VILLAGE SCHOOL DISTRICT. Ohio
City pur¬
MONTPELIER EXEMPTED
July 7 an
on
$3,397.68 refunding notes.
July 11 an issue of
on
Quaker City National Bank of Quaker
issue of $12,801.30 refunding notes.
—NOTE SALE—The
chased
CITY SCHOOL DISTRICT, Ohio—NOTE MA¬
refunding notes sold to the Knox National
149, p. 289—mature July 1, 1941, and are
MOUNT VERNON
TURITY—'The $33,704.37 4%
Bank of Mount
callable.
Vernon—V.
•
CONCORD-UNION RURAL SCHOOL DISTRICT (P. O.
Concord), Ohio—NOTE SALE—The Citizens National Bank of
Zanesville purchase ! $11,486.37 refunding notes as 3s at par.
The Hunt¬
ington National Bank of Columbia oid par for 4s.
NEW
New
RURAL SCHOOL DISTRICT, Ohio—NOTE SALE—
The Union National Bank of Cadiz purchased on July 8 an issue of $5,758
refunding notes as 3s, at par. The Huntington National Bank of Columbus
and the Jefferson Banking Co. of Jefferson each named an interest rate of
LYME
NEW
July 15, 1939
OFFERINGS—Issues
subsequently announced for sale were as
follows:
,
)Vflm< of School District—
Ashtabula Twp. Rural (P. O.
Ashtabula).
Waverly)
Congress Rural (P. O. West Salem)
Henrietta (P. O. Elyria)
Central Rural (P. O.
NOTE SALE—The Citizens
was
NEW
Chronicle
4%.
STRAITSVILLE, Ohio—PRICE PAID—The $15,000 5% water¬
works bonds purchased during April by Walter, Woody & Heimerdinger of
Cincinnati—V. 148, p. 2632—were sold at a price of 101.
NEW
NORTH OLMSTED
SCHOOL DISTRICT, Ohio—NOTE SALE—No
$8,280.41 not to exceed 4% interest refunding
bids were submitted for the
July 6—V. 148, p. 3879.
notes offered
Sale Date
July 24, noon
July 29, 10:00 a.m.
4,764.09
July 19,8:00 p.m.
July 27, 8:00 p.m.
July 31,8:00 p.m.
July 27, 8:00 p.m.
Aug. 1, 8:00 p.m.
Aug. 1, 7:30 p.m.
July 27, 8:00 p.m.
July 18, 8:00 p.m.
July 27, 7:30 p.m.
6,099.27
July 20,8:00 p.m.
5,262.36
4,064.17
...
4,913.67
Leroy
Litchfield Rural
4,801.28
-
Liverpool Rural (P. O. Medina)
Madison Twp. Rural (P. O. Mansfield)-.Mad River Rural (P. O. Enon)
11,321.82
7,314.61
Newton Twp. Rural (P. O. Pleasant Hill).
10,928.48
Union-Scioto (P. O. Chillicothe, R. F. D. 8) 12,408.87
(P.
Centralized
Twp.
Chester)
Union
West
O.
(P. O. Ney)
3,218.63 July 18,1:00 p.m.
ADDITIONAL OFFERINGS—Still other offerings consist of the follow¬
Washington Twp. Rural
ing:
Amount
of School District—
Name
Consolidated—
—$8,973.23
O. Westerville)
1,579.54
Bloomfield Twp. Rural (P. O. FrederickAlbany
Blendon Rural (P.
,
R. D. 2)
Brimfield Rural
town,
_ -
-
Lynchburg
Madison Twp.
Rural (P. O. Portsmouth).
Pemberville—
Rarden Rural
Sale Date
July 20, 8.30 p.m,
July 20, 8:00 P.m.
,
ortiS
_
on
July 20, 8:00 p.m'
7,488.04 July 20, 8:00 p.m.
5,791.48 July 14,8:00 p.m.
9,618.96 July 21, 8:30 p.m.
2,632.84 July 20, 7:30 p.m.
6,103.87 July 20, noon
6,531.39 July 20, 9:00 p.m.
15,906.50 July 17, 8:00 p.m.
4,536.06 July 19, 7:30 p.m.
13,058.44 July 20, 7:30 p.m
4,826.43
-
Higginsport
■
.
SCHOOL DISTRICT, Ohio—NOTE SALE—'The
First National Bank of Washington, C. H., purchased on July 10 an issue
of $10,930.44 refunding notes as 3 Ms.
NEW RICHMOND
.
Amount
$6,855.94
20,501.57
-
Sebring Exempted
.
Rural (P. O. Portsmouth)—
York Twp. Rural (P. O. Buchtel)...
Vernon Twp.
SALE—The
$6,795.61
sale.
PARMA CITY SCHOOL DISTRICT (P.
O. Cleveland), Ohio—
BONDS NOT SOLD—No bids were submitted for the $126,200 5% funding
bonds offered July 10—V. 148, p. 3879.
Several options on the issue were
taken under advisement.
Dated June 1 1939 and due Dec. 1 as follows:
$14,200 in 1940 and $14,000 from 1941 to 1948 incl.
OLMSTED FALLS
Bank of Berea County
SCHOOL DISTRICT, Ohio—NOTE
of Berea was awarded on July 8 an issue of
Only one bid was received at the
refunding notes as 4s at par.
1
of)—STATUS OF SCHOOL DISTRICT NOTE ISSUES
issued by Ohio
of Commerce" of July 5:
placed in a muddle, as a
result of the uncertain status of notes signed by local boards of education
which mature on Sept. 1 and Dec. 1, and by the fact that the Legislature
has appropriated an amount about $1,000,000 short of estimated school
requirements in 1939 and 1940, according to advices from financial observers
—John R. Cooper,
in Columbus.
sealed bids until noon
OHIO (State
UNCERTAIN—The following comment concerning notes
school districts appeared in the Chicago "Journal
School finances in the State of Ohio have been
A
measure
passed by the Legislature, which requires local boards of educa¬
tion to buy accident insurance policies covering
is listed as another disturbing factor.
This will
pupils transported by bus,
add further to the expenses
of school administration.
17 M Million Maturing
Approximately $17,500,000 of the notes signed by the local boards are
due Sept. 1 and Dec. 1, and the Ohio Department of Education is said to
be uncertain as to whether banks will renew them, as there is no security
behind them other than a moral
obligation of the State to meet the payments
that the Cleveland law firm of Squire,
were
Sanders &
Dempsey has not approved the renewal forms on the notes, and in only
have these notes been renewed.
In another case, a bank refused
one case
Prior to this year the notes, representing school deficit, were secured
income from cigarette, liquid fuel and sales taxes, which were earmarked
by
for
The Legislature removed earmarking of these funds and,
consequently, the security behind the notes.
An appropriation of $1,000,000 a year on school deficit and $500,000 for interest was made by the
Legislature, but it has not power to appropriate beyond 1940.
school purposes.
Banks Demand Payment
complication in the general situation, reports state, is the fact
York institu¬
tions, which are demanding payment.
Meanwhile, the $500,000 a year appropriated for interest would be in¬
sufficient if it becomes necessary to sell new notes at a maximum of 4%
interest allowed by law, it is said.
At the same time, the new notes, being
unsecured and consequently not tax anticipation obligations, will have to
become general obligations of the issuing school district.
In many districts
the issuance of new notes would be subject to litigation on the ground that
they could not be sold without a referendum because of existing debt
limitations.
If the banks refuse to buy the new notes they may be pur¬
chased by the State Treasurer.
A further
that
Ohio banks have sold the outstanding notes to New
some
OHIO
(State
OFFERINGS
of)—NOTE
BY SCHOOL DISTRICTS—
A record of note offerings announced by school districts during the past week
is given, herewith.
In each instance the rate of interest is not to exceed
4% and the notes will be subject to call after Nov. 30 in any year.
Bid
must be accompanied by a certified check for 1 % of the total par value of
The table shows the name of the district making the offering,
the issue.
amount of
issue, date of sale and hour set for opening of bids:
Name of School District-^-
Amount
$6,857.42
3,056.31
Auglaize Rural (P. O. Harrod).
Bristol (P. O. McConnellsville)
...
Chauncey-Dover Exempted Village (P. O.
Chauncey)
15,916.78
Clay Township Rural (P. O. New Boston).
7,927.81
Deercreek Township (P. O. Williamsport).
5,088.45
Grand Rapids Twp. Rural (P. O. Grand
Rapids)
6,182.30
Harlem Twp. (P. O. Galena)
5,109.06
Jackson Twp. (P. O. Burgoon)
3,345.55
Logan Twp. (P. O. Buckland)
5,250.46
Mansfield City.
70,593.49
Marion Twp.
Rural (P. O. 1301 Smith
Road, Columbus)...
7,694.36
Morgan Twp. Rural (P. O. Okeana).
5,040.49
Pleasant City
6,242.63
Salem Rural (P. O. Pricetown)..
2,423.66
Sharon Twp. Rural (P. O. Worthington)...
4,912.58
Shelby City
18,943.26
Windsor Rural.
5,305.40
........
_
....
...
....
_
FURTHER
......
°f,Sch°°l District—
P.
t,
July
19, noon
Aug.
8,7:30 p.m.
July 19,7:00 p.m.
July 31, 8:00 p.m.
July
July
Aug.
July
July
21,
24,
7,
19,
24,
9:00
9:00
8:00
8:30
p.m.
a.m.
p.m.
p.m.
noon
July
July
July
July
July
July
20, 8:30
20, 2:00
19, 8:00
22, 8:00
29, 9:00
22,1:30
July 20, 8:30
p.m.
p.m.
P.m.
p.m.
p.m.
p.m.
p.m.
o. Copley)
Amount
Sale Date
$7,267.39
9,380.10
4,224.56
39,074.74
July
July
July
July
Sl^onmUrg?Tx>e^pt®^Villa«e----°' Sldney)-
11,210.29
July 24.8:30 p.m.
Lockland
15,924.83
July
July
73,587.13
9,028.76
July 28,7:30 p.m.
July 17, 1:00 p.m.
....
...
Brilliant Village
Brown Twp. Rural (P. O. Fletcher)
FremontCilv
4,232.19
'
City—
—
H0I\rM,ity
Vlllage-
m
------
18, 8:30 p.m.
17, 7:30 p.m.
17, 8:00 p.m.
17,7:30
p.m.
17, 9:00 p.m.
25, noon
July
!!', 8:00 p.m.*
SenwaviUe-IIichiand"Rural"(POSeneca-
8'14M5 JUly
8:°° Pm'
Urfficrest Wfi,iRr'
vV]'a
5.540.'78
SdmonTwdP'
Twp.
Scioto
RUraT(fR^.^larrisburg)II"
(P.
O.
Commercial
Rural
° "''roJ'i- - " " "
1',617.68
27,'
1:00 pirn!
July 17, 1:30 p.m.
^!!^r
-------July 18,8:30 p.m.
JlfoVh
SALE—Further offerings include the following:
FalTshairv TownshlP Rural (P. O. Newark) .$1,554.88 July 24, 8, p. m.
twt»
Amount
Sale Date
Knrno
rv
Rural
."111Z111'
N?]«a£r Village
Additional
A
2,168.07
11,728.17
i
StleHocking
offerings
—
-kt
J-Jg-f? Jjg U Sv
:::::::::::
JX&IIiIIop.V
-43,800.00
July 17,7:30
m.
m
p.
are as follows:
rtinT °f SCh°°l District—
Citizens
Rur^P." 6". Savannah)
Union Twp. Rural (P. O. Rushtown.R.F D.
No* D
1), Ohio—NOTE
945'35
INSTITUTIONAL BUILDING AUTHORITY OF OHIO
Columbus), Ohio—RULED CONSTITUTIONAL BY STATE
Ohio Supreme Court on July 5 upheld consti¬
tutionality of the Act of the State Legislature creating the above-mentioned
Authority and authorizing it to issue up to $10,000,000 bonds to finance
construction of various hospitals throughout the State.
. .
Constitutionality of the Act had been in doubt because of a provision
in the State Constitution limiting to $750,000 the indebtedness that the
State could incur without a referendum.
To clear this barrier a friendly
suit was filed in the Supreme Court.
The Authority awarded conditionally
PUBLIC
O.
(P.
SUPREME COURT—The
issue
an
of $7,500,000
of bonds,
representing its first financing, to an
managed by A, C. Allyn & Co., Inc.
Actual
contingent on the Supreme Court decision,
(y.
148, p. 3726.)
The hospitals to be constructed or acquired by the Authority
are to be leased to the State of Ohio for amounts sufficient to retire the
proposed bond issue in 25 years.
To meet certain questions raised, the
Legislature amended the Building Authority Act requiring the State
Welfare Department to fix the amounts to be charged patients that would
be sufficient to meet interest and retirement charges on the bonds.
A
move also had
been made to meet the constitutional provision that the
State may not incur indebtedness of more than $750,000 without a refer¬
endum.
The Legislature amended the Act to provide that the Authority
would have no power to pledge the credit or taxing power of the State,
and that the bonds would not be obligations of the State.
investment banking group
award of the bonds was
REVENUES FOR DEBT SERVICE LIMITED BY
with the above report, the Chicago "Journal
July 7 stated as follows:
"In considering constitutionality
21',
2°0°0np.
m.
2l'
I'oO
m'
July Z1>
P
P- m-
1, 7:30 p. m.
COURT—In con¬
of
of Commerce
t,
of the Public
mj-
Institutional Building
the body
Authority of Ohio, the State Supreme Court upheld the power of
to issue bonds payable specifically and solely from revenue derived from
welfare institution buildings constructed from proceeds of the sale of such
bonds, but the Court held unconstitutional that part of the Act creating
the Authority providing for issuance of bonds to be serviced from any other
source than revenue of the institutions
according to Chicago municipal
legal specialists.
SANDUSKY COUNTY
(P. O. Fremont),
Ohio—NOTE SALE—The
awarded to
basis 9f
$17,000 in
100.022
$35,000 poor relief notes offered July 11—V. 149. p. 290—were
Paine, Webber & Co. of Cleveland, as
at a price of 100.033, a
about 0.73%.
Dated July 1, 1939 and due July 1 as follows:
1940 and $18,000 in 1941. Saunders, Stiver & Co. of Cleveland bid
for
%s.
composed of
Merrill,
Cleveland,
refunding bonds aggregating $878,-
SHAKER HEIGHTS, Ohio—BOND SALE—A syndicate
McDonald-Coolidge & Co.; Fields, Richards & Shepard, Inc^
Turben
& Co.;
First Cleveland Corp., and
purchased privately the following 3 M %
852.50, at a price of 100.30, a basis of about
Otis & Co., all of
3.20%:
$578,852.50 series K bonds.
Due Oct. 1 as follows: $64,852.50 in
$64,000, 1941 to 1943 incl.; $65,000. 1944; $64,000 from
to 1947 incl., and $65,000 in 1948.
300,000.00 series J bonds.
Due $15,000 on April 1 and Oct. 1
1944 to 1953 incl.
All of the bonds will be
STARK COUNTY (P.
1940;
1945
from
dated July 1, 1939.
SOMERVILLE SCHOOL DISTRICT, Ohio—NOTE
National Bank of Springfield was awarded on July 10 an
refunding notes as 3Ms.
O. Canton), Ohio—NOTE
SALE—The First
issue of $1,702.23
SALE—The $27,750
relief notes offered July 7—V. 149, p. 148—were awarded to Ryan,
%s, at a price of 100.133. a basis of about
0.69%.
Dated June 1, 1939 and due as follows: $7,750 March 1 and
$10,000 Sept. 1, 1941, and $11,000 on March 1, 1942.
Saunders, Stiver
& Co. of Cleveland, second high bidder, offered to pay 100.025 for Is.
poor
Sutherland & Co. of Toledo as
SULLIVAN
SOLD—No bids
RURAL
SCHOOL DISTRICT, Ohio—NOTES NOT
were submitted at the offering of $3,703.42 not to exceed
4% interest refunding notes.
SYLVANIA
EXEMPTED VILLAGE SCHOOL DISTRICT, Ohio—
Ohio National Bank of Columbus was awarded on
$24,696 refunding notes as 3s.
NOTE SALE—The
June 30 an issue of
RURAL SCHOOL DISTRICT (P. O. EvansOhio—NOTE SALE—The Tiffin National Bank purchased on
issue of $4,187.32 refunding notes.
TIFFIN TOWNSHIP
port),
July 7
an
Ohio—BOND SALE—The $52,169.54 street improvement
July 11 were awarded to the Weil, Roth & Irving Co. of
lHs, at a price of 100.09, a basis of about 1.73%.
Dated
June 1, 1939 and due June 1 as follows:
$11,169.54 in 1941; $11,000 in
1942 and $10,000 from 1943 to 1945 incl.
Principal and interest (J-D)
payable at the Chemical Bank & Trust Co., New York. Purchaser to obtain
legal opinion. Second high bid of 100.40 for 2s was made by Fox, Einhorn
& Co., Inc. of Cincinnati.
Cincinnati,
July
6,903.69 Aug.
SCHOOL DISTRICT (P. O. Portage, R. R.
SALE—The Bank of Wood County Co. of Bowling
of $4,691.84 refunding notes.
purchased on July 5 an issue
TOLEDO,
5
Ohio—NOTE
July 11 to the
PORTAGE TOWNSHIP
Green
bonds offered
Sale Date
Amount
Jul?
Savannah-Clear Creek
148.)
EXEMPTED SCHOOL DISTRICT,
$13,943.19 refunding notes was sold on
Banking Co. of Perrysburg.
PERRYSBURG
nection
Sale Date
July 21, 8:00 p.m.
OFFERINGS—Offerings subsequently announced consisted of:
Bath Rural
149, p.
schedule—V.
No.
to renew them.
OFFERING
will receive
(EST) on July 19 for the purchase of $28,000 4%
relief notes.
Dated Aug. 1, 1939.
Denom. $1,000.
Due March 1 as
follows: $5,000 in 1940, $9,000 in 1941 and 1942 and $5,000 in 1943.
Bid¬
der may name a different rate of interest, expressed in a multiple of M of
1%.
Prin. and int. (M-S) payable at the County Treasurer's office.
A
certified check for 1% of the notes bid for, payable to order of the County
Treasurer, is required.
(The above issue was originally offered June 28,
the sale having been postponed due to necessity for revising the maturity
SALE—An issue of
at some future date.
Latest advices
O. New Lexington), Ohio—NOTE
Clerk of Board of County Commissioners,
PERRY COUNTY (P.
as
Volume
The Commercial & Financial Chronicle
149
VINTON
RURAL SCHOOL DISTRICT (P. O. McArthur), Ohio—
NOTE SALE—The Milton
Banking Co. of Wellston purchased on July 7
issue of $7,879.97
an
WELLSVILLE
refunding notes.
CITY
SCHOOL
No other bidders.
DISTRICT,
The
Quaker City National Bank of Quaker
$27,574.47 refunding notes.
Ohio—NOTE SALE—
City purchased an issue of
MOUNT
LEBANON
451
TOWNSHIP
(P. O. Mount Lebanon), Pa.—
xt
SALE—The $200,000 coupon improvement bonds offered July 10—
*•148, p. 3880—were awarded to Singer, Deane & Scribner of Pittsburgh,
Rollins & Sons, Inc., Philadelphia, jointly, as 2Mb, at a
price of
101.872, a basis of about 2.05%. Dated July 1, 1939 and due $10,000 on
July 1 from 1940 to 1959 incl. Reoffered from a yield of 0.50% to a
price of
101.25. Halsey, Stuart & Co.,
Inc., New York, second high bidder, offered
a price of 101.286
for 2Ms.
NEW KENSINGTON SCHOOL
DISTRICT, Pa.—BOND SALE—
The $25,000 school bonds offered
July 7—V. 149, p. 149—were awarded to
Singer, Deane & Scribner of Pittsburgh as 2 Ms, at par plus $61 premium,
©dual to 100.244, a basis of about 2.23%.
Dated July 15, 1939 and due
$1,000 on July 15 from 1940 to 1964 incl.
Other bids:
R. J. EDWARDS, Inc.
Bidder—
Municipal Bonds Since 1892
S. K.
int. Rate
Cunningham & Co
Moore, Leonard & Lynch
Oklahoma City, Oklahoma
AT&T Ok Cy 19
Rate Bid
2M%
2M%
3%
M. M. Freeman & Co
100.535
100.03
102.538
NEWPORT TOWNSHIP (P. O. Wanamie), Pa .—BOND SALE—The
$60,000 coupon improvement bonds offered
Long Distance 787
May 22—V. 148. p. 2944—
awarded to E. H. Rollins & Sons, Inc. of Philadelphia, as
3Ms. at a
price of 100.60, a basis of about 3.66%.
Dated June 1, 1939 and due
$4,000 on June 1, from 1940 to 1954 incl.
were
OKLAHOMA
GREENFIELD
SCHOOL
DISTRICT
(P.
O.
Okla.—
Watonga),
BONDS SOLD—It is reported that $9,600
building bonds have been pur¬
chased by Calbert & Canfield of Oklahoma
City, divided as follows: $2,400
as 2Mb, due
$1,200 on May 15, 1942 and 1943; the remaining $7,200
2Ms, due $1,200 from May 15, 1944 to 1949 incl.
as
LAING
PHILADELPHIA,
Pa .—DETAILS
COMPLETED FOR
RFC LOAN—
Jesse Jones, Chairman of the Reconstruction Finance
Corp., on July 12,
announced that all details have been
completed by the Corporation for the
purchase of one-half of a proposed $41,000,000 issue of revenue trust
certificates (the other half to be taken
by Philadelphia banks) secured by
an
assignment of $4,200,000
a
year
revenue
from the Philadelphia Gas
Proceeds of the issue
ton,
Works.
The date of disbursement is set for
July 21.
will permit the city to
pay off its accumulated budget
the budget for the present
year.
1942
PHILADELPHIA
SCHOOL
DISTRICT, Pa.—BOND OFFERING
CHANGES—In connection with the proposed sale on July 26 of $3,750,000
CONSOLIDATED SCHOOL DISTRICT NO. 1 (P. O. Tip¬
R. F. D. 1), Okla.—BOND SALE—The $6,500 school bonds offered
for sale on July 6—V.
149, p. 148—were awarded to the First National
Bank of Oklahoma
City), according to the District Clerk.
Due $500 from
1954.
to
OKLAHOMA (State of)—FISCAL YEAR ENDS WITH SURPLUS
ON HAND—The State closed its books for the
1938-39 fiscal year on June
30 with a surplus of slightly more than
$500,000, aided by a last minute
transfer of $1,000,000 by the State Tax Commission from June collections.
Governor Leon C. Phillips expressed the hope that the State
budget
would be in balance in a
year.
At the end of the
1939, legislative session,
the
prospective deficit was estimated at $5,500,000.
Governor Phillips
has extraordinary power, under a new law which became effective on
July 1,
to adjust budgets of departments and institutions to conform to
revenue.
The Governor has indicated that the
authority will be used when neces¬
hold expenditures to revenue.
Departments and institutions will
be required to submit quarterly estimates of their condition.
As further
sary to
not to exceed
4% interest school bonds, previously noted in V. 149,
not
291,
$37,500
previously announced.
as
SCRANTON CITY SCHOOL DISTRICT, Pa.—NOTE SALE—The
$700,000 tax anticipation notes offered July 10—V. 149, p. 291—were
awarded to C. C. Collings & Co. and R. W. Pressprich & Co., both of
Philadelphia, jointly, at 0.57% interest, at par plus $11 premium. Dated
July 12, 1939 and due May 12, 1940.
Halsey, Stuart & Co., Inc., New
York, second high bidder, named an interest rate of 0.64% and $34 premium.
RHODE
SCHOOL
DISTRICT
(P. O. Purcell), Okla.—BOND
building bonds offered for sale on July 3—V. 149, p. 148
—were purchased
by the First State Bank of Purcell, according to report.
Due $3,000 in 1942, $1,000, 1943 to 1945 and
$500 in 1946.
p.
learn that the maturity schedule of the issue has been revised as follows:
Due $179,000 from 1944 to 1955 in 1. and
$178,000 from 1956 to 1964 incl.
In addition, proposals must be
accompanied by a certified check for $75,000,
we
aids to economy, Governor
Phillips said, will be the adoption of budgets
for the State Highway Commission and the State Tax Commission.
PURCELL
deficit and to balance
ISLAND
NEWPORT, R. I .—BOND SALE—The $135,000 series A
SALE— The $6,500
rehabilitation
Co.
and
101.38,
bonds offered July
Beach & Co.,
Goodwin
a
coupon storm
awarded to Goldman, Sachs &
as lMs, at a price of
Dated Aug. 1, 1939.
Denom. $1,000.
13
were
Hartford, jointly,
basis of about 1.59%.
as follows: $10,000 from 1942 to 1954 incl. and $5,000 in 1955.
Due Aug. 1
OREGON
„
BAKER COUNTY SCHOOL DISTRICT
Ore.—BOND
until
10
OFFERING— It
is
stated
NO. U. H. 3 (P. O. Baker)
that
sealed
bids
will
be
Principal and interest (F-A) payable at City Treasurer's office or at holders'
option, at the First National Bank of Boston.
Legality approved by
Ropes, Gray, Boyden & Perkins of Boston.
Other bids:
received
Bidder—
Int. Rate
July 20, by Viola M. Geddes, District Clerk, for the
purchase of $4,000 not to exceed 4% semi-ann. school bonds. Dated July 15,
1939.
Denom. $500.
Due $500 July 15, 1940 to 1947.
These bonds were
authorized at an election held on July 1.
Prin. and int. payable at the
County Treasurer's office or at the fiscal agency of the State in New York.
Estabrook & Co
Enclose
R. L.
a.
a
m.
on
certified check for $100.
CASCADE
LOCKS, Ore.—BOND SALE—The $79,000 issue of
First National Bank of Boston
Halsey, Stuart & Co., Inc.
Lyons & Co
_
Harris Trust &
Savings Bank
LINN COUNTY (P. O.
Albany), Ore.—UTILITY DISTRICT PRO¬
POSAL DEFEATED—A proposal to form the Linn
County Public Utility
District was defeated on July 11 at a special
election, according to Z. E.
Merrill, President of Mountain States Power Co.
This proposal consisted of plans to
organize a publicly owned power
project to take
over the distribution systems in the urban and rural
sec¬
tions of Linn County that are served by Mountain States Power
Co., with
the exception of the city of Albany,
Ore., where the general offices of the
located.
included in the scope of this proposal, there are seven
municipalities, six of which voted decisively against the project, according
to Mr. Merrill.
"It is significant," he said, "that whereas in the cases of
are
area
similar former elections the rural districts have, as a
whole, usually supported
such proposals, in this instance, a
majority vote against the proposal was
recorded throughout the strictly rural areas as well as in the
municipalities."
MULTNOMAH COUNTY UNION HIGH SCHOOL DISTRICT NO. 2
(P. O. Gresham), Ore.—BOND SALE—The $133,000 issue of
building
bonds offered for sale
___•
_________
on July 7—V.
148, p. 3880—was awarded to Atkin¬
Jones & Co. of Portland as 2s, paying a premium of $1,230, equal to
100.924, a basis of about 1.86%.
Dated July 1, 1939.
Due from July 1,
1941 to 1955: optional on July 1, 1949.
son,
WASCO COUNTY SCHOOL DISTRICT NO.
86 (P. O. The Dalles)
sealed
bids
were
District Clerk, for
PENNSYLVANIA
ELIZABETH,
Pa .—BOND
OFFERING—II arry
T.
Duke, Borough
Secretary, will receive sealed bids until 7:30 p. m. (EST) on July 25 for the
purchase of $12,000 coupon bonds. Dated Aug. 1, 1939. Denom. $1,000.
Due $1,000 on Aug. 1 from 1940 to 1945 incl.; from 1947 to 1949 incl. and
from
1952 to 1954 incl.
Rate of interest to be expressed in a multiple of
Sale of bonds is subject to approval of the Pennsylvania Depart¬
A certified check for $500, payable to order of the
Borough Treasurer, is required. Purchaser will be furnished with approving
legal opinion of Burgwin, Scully & Churchill of Pittsburgh, and the
borough
will print the bonds.
M of 1 %.
ment of Internal Affairs.
MANHEIM,
Pa.—BOND SALE—The $21,000 refunding bonds
July 7—V. 148, p. 3880—were awarded to Dougherty, Corkran &
Philadelphia, as 2s, at a price of 102.641, a basis of about 1.55%.
July 1, 1939 and due July 1 as follows: $1,000 in 1940 and 1941 and
from
1942
to
1953
incl.
Other
Cassatt &Co
Int. Rate
_
E. W.Clark & Co
Blair & Co., Inc
Freeman & Co
M. M.
__________
„___
__i
George E. Snyder & Co_
Palmyra Bank & Trust Co
Glover &
_
_______
__
___
__________
_
_________
______
__
MacGregor
E. Lowber Stokes & Co
Halsey, Stuart & Co., Inc
Mannheim National Bank..
Burr & Co., Inc.,
offered
Co. of
Dated
$6,000
bids:
Bidder—
Mackey, Dunn & Co., Inc
C. C. Codings & Co
______
___
2%
2%
2%
2%
2%
2%
2%
2%
2 M %
2M%
2M%
2M%
2M%
Rale Bid
102,524
'
102.497
101.528
101.49
101.145
101.14
100.334
100.052
100.54
100.50
100.035
Par
Par
MIFFLIN TOWNSHIP SCHOOL DISTRICT (P. O.
Terrace), Pa.—
BOND SALE—The $82,000 school bonds offered July 10—V.
149, p. 149—
were awarded to E. H. Rollins & Sons, Inc. and Blair &
Co., Inc., both of
Philadelphia, jointly, as 2s, at 100.679, a basis of about 1.90%.
Dated
July 15, 1939 and due July 15 as follows:
$5,000 in 1940 and 1941 and
$6,000 from 1942 to 1953 incl.
Reoffered from a yield of 0.50% to a
price
of 100.25.
MONACA SCHOOL
DISTRICT, Pa .—BOND SALE—The $40,000
10—V. 149, p. 149—were awarded to Hemphill,
Noyes & Co. and Phillips, Schmertz & Co., Pittsburgh, jointly, as 2Ms, at a
price of 101.12, a basis of about 2.36%.
Dated July 15, 1939 and due
July 15 as follows: $1,000 in 1941 and $3,000 from 1942 to 1954 incl.
school bonds offered July
Rate Bid
100.90
100.827
100.777
100.237
100.18
101.299
SOUTH
CAROLINA
COLUMBIA, S. C.—BOND SALE DETAILS—In connection with the
sale of the $111,000 paving assessment bonds to McAlister, Smith & Pate
of Greenville, as 2Ms. at a price of 100.27, a basis of about 2.20%, as noted
here—V.
149, p. 291—we are now informed that John Nuveen & Co. of
Chicago, were associated with the above firm in the purchase. Prin. and
(J-J) payable at the Chase National Bank in New York City.
Legal
approval by Nathans & Sinkler of Charleston.
int.
COLUMBIA, S. C —CERTIFICATES OFFERING—Sealed bids will be
received until
for
noon on
the purchase of
a
July 18, by B. E. Abrams; City Clerk & Treasurer,
$200,000 Issue of certificates of indebtedness.
In¬
terest rate is not to exceed 3
1940,
and $50,000 Jan.
1,
%.
Due $50,000 July 1,1940, $100,000 Nov. 1,
1941.
Principal and interest payable at the
Chase National Bank, New York.
The certificates shall be in such denomi¬
nation or denominations and have such numbers as may be agreed upon by
the City Council and the successful bidder therefor at the sale thereof.
The interest
(a)
on
on
said certificates shall
the certificate
or
be payable at the following times:
certificates maturing July 1, 1940, the interest
shall be payable semi-annually on Jan. 1, 1940 and July 1, 1940; (b) on the
certificate or certificates maturing Nov. 1, 1940, the interest shall be pay¬
able
Jan. 1, 1940 and Nov. 1, 1940, and (c) on the certificate or certifi¬
maturing Jan. 1, 1941, the interest shall be payable semi-annually on
1, 1940, July 1, 1940 and Jan. 1, 1941.
The approving opinion of
Nathans & Sinkler of Charleston, will be furnished.
Enclose a certified
check for $2,000, payable to the City Clerk and Treasurer.
d4
on
cates
Jan.
GREENVILLE COUNTY
_
Ore.—WARRANTS OFFERED—It
is
reported that
received until 6 p. m. on July 15, by Lillie O.
Tindall,
the purchase of $5,000 interest-bearing warrants.
;
1M%
l%%
1M%
1M%
l%%
2%
coupon
Hartley Rogers,
Lyon & Co. of Los Angeles, as 4 Ms, at a price of 100.98, states the City Re¬
corder.
Dated July 1. 1939.
Due from July 1, 1941 to 1959; optional on
and after July 1, 1942.
Within the
_______
Day & Co
electric system revenue bonds offered for sale
July 7—V. 149, p. 148—was
awarded jointly to Jaxtheimer & Co. of Portland, and
company
_
(P. O. Greenville), S. C.—BOND OFFER¬
ING—It is stated by C, P. Armstrong, Chairman of the County Board of
Commissioners, that sealed bids will be received until 11 a. m. on July 20,
for the purchase
of the following issues of not to exceed 4% semi-annual
coupon bonds aggregating $275,000:
$170,000 road construction bonds.
Due Jan. 1, as follows: $7,000 in 1942,
$9,000 in 1943 to 1949 and $10,000 in 1950 to 1959.
The bonds
are issued for the purpose of providing funds to finance and assist
in financing the construction, surface treatment or improvement
of certain roads and bridges in the county.
The full faith, credit
and taxing power of the county are irrevocably pledged for the
prompt payment of the principal and interest on the bonds as
the same respectively mature.
That so much as is necessary
of the gasoline tax accruing to the county under existing provisions
of law, during the life of the bonds issued under this Act, and for
such period as is necessary to fully pay the same with interest,
is irrevocably pledged to the payment of the principal and interest
.
,
.
of this issue.
105,000 road construction bonds.
Due Jan. 1 as follows: $3,000 in 1942
and $6,000 in 1943 to 1959.
The bonds are issued for the purpose
of providing funds to finance and (or)
assist in financing the
construction of roads and bridges in the county.
The full faith,
credit and taxing power of the county are irrevocably pledged
for the prompt payment of the principal and interest of the bonds,
as the same respectively mature.
Dated July 1, 1939.
Denom. $1,000.
Bidders to name the rate of in¬
terest in a multiple of M of 1 %.
(A split-coupon bid for each issue will
be considered) and must state the price offered for each issue of bonds.
As between bidders naming the same rate or rates of interest, for each
issue, the proposal of the bidder offering the lowest net interest cost will be
accepted.
Principal and interest payable at the Guaranty Trust Co.,
New York.
The approving opinion of Reed, Iloyt, Washburn & Clay
of New York, will be furnished the purchaser; the county will also pay for
printing the bonds; the place of delivery of the bonds to be designated by
the purchaser.
Enclose a certified check for 1% of the amount of par
value of the bonds of each issue offered, payable to the County Board of
Commissioners.
CITY, S. C.—BONDS OFFERED—Sealed bids were r^eived
a. m. on July 15, by R. T. Whitehead, Town Cierk and Treasurer,
purchase of an issue of $114,000 not exceeding 4% semi-annual water
works and sewerage refunding bonds.
Denom. $1,000.
Dated July 15,
1939.
Due July 15, as follows:
$3,000 in 1940 to 1945, $4,000 in 1946 to
1948, $5,000 in 1949, $6,000 in 1950 to 1955, $7,000 in 1956 to 1960, and
$8,000 in 1961.
The bonds are general obligations of the town, secured by
a pledge of the full faith, credit and taxing power of the town.
Prin. and
interest payable at the Chase National Bank, New York.
The approving
opinion of Nathans & Sinkler of Charleston, will be furnished.
>
LAKE
until 11
for the
SOUTH CAROLINA, State ot—CERTIFICATE OFFERING—It is
reported by E. P. Miller, State Treasurer, that he will receive sealed bids
until noon (EST), on July 27, for the purchase of an issue of $1,750,000
NO. 3 (P. O.
1939.
RAPID
Dumas of Dallas.
WALLER COUNTY
an
election held on July
■
DUQUESNE
COUNTY
(P.
r
election held on
BRISTOL, Tenn.—BONDS SOLD—It is reported that $74,500 4%
refunding bonds have been purchased by Minnich, Wright &
VERMONT
Vt.—BOND OFFERING— Sealed bids addressed to the
Board of Finance, care of T. P. Roberts, City Treasurer, will be received
until 2 p. m. (DST) on July 20 for the purchase of $75,000 coupon bonds,
divided as follows:
$25,000 sidewalk and curbing
TENDERS INVITED—It is stated
by T. R. Preston, Chairman of the Sinking Fund Commissioners, that he
will receive sealed tenders of refunding bonds of the city, series A, B and C,
and funding bonds of the city, all dated May 1,1935, and maturing on May 1
1950, until 11 a. m. on July 27.
The Sinkihg Fund Commissioners have in
Fund for the purpose of purchasing said bonds the sume of
$34,794.23.
In the event tenders in a sufficient amount of said bonds, at an interest
the Sinking
of 3 M % or more, are not submitted, the Com¬
of other issues of bonds of the city, having
maturity date prior to May 1, 1950.
Tenders or bidders shall specify the interest rates and number of bonds
to be tendered.
Bidders may stipulate, if they so desire, that their tenders
are for the purchase of all or
none of the bonds tendered, and shall state
the time and place said bonds will be delivered, if tenders are accepted.
Tenders shall be accompanied by certified check upon any incorporated
bank or trust company for 1 % of the face amount of the bonds tendered or
a
purchased, payable to the Sinking
the holders
refunding bonds.
RUTLAND,
Co. of Bristol.
yield basis to the Commission
has exchanged with
original bonds a $62,000 issue of 3M%
.
semi-ann.
mission will consider tenders
Utah—BONDS EX¬
Duquesne),
O.
CHANGED—It is reported that the county
of the
TENNESSEE
CHATTANOOGA, Tenn.—BOND
purchased by the State Board of
1, have been
UTAH
<
.
(
DISTRICT NO. 7
Education.
DAKOTA
29.
J15,000 airport ' bonds were defeated by the voters at an
une
CONSOLIDATED SCHOOL
(P. O. Hempstead), Texas—BONDS SOLD—It is stated by the County
$38,000 road construction bonds approved by the voters at
Judge that
Dak.—BONDS DEFEATED—It is reported that
S.
CITY,
PRECINCT
OFFERED—
$39,000 issue of 3% semi-annual road bonds is being offered by William
N. Edwards & Co. of Fort Worth, for general subscription.
Dated Jan. 1.
1939.
Due April 10, as follows:
$1,000 in 1942 to 1945, $2,000 in 1946
to 1951, $3,000 in 1952 to 1956, and $4,000 in 1957 and 1958.
Prin. and
int. payable at the State Treasurer's office.
The bonds are payable from
an unlimited ad valorem tax levied against all taxable property within the
precinct without limit as to rate or amount.
Legality approved by W. P.
A
1% of the amount of certificates
purchaser.
Enclose a certified check for
bid for, payable to the State Treasurer.
W
COUNTY,
COMMISSIONERS'
Throckmorton), Texas—BONDS PUBLICLY
THROCKMORTON
highway certificates of indebtedness. Denom. $1.000. Dated Aug. 1.
Due $175,000 Aug. 1, 1941 to 1950.
The certificates will be issued
form with the privilege of registration as to principal only or as to
both principal and interest. Prin. and int. (Feb. 1 and Aug. 1) payable at
the State Treasury, or at the agencies of the State in the cities of Charleston
and New York. Bidders are invited to name the rate of interest which the
certificates are to bear in a multiple of M of 1 % and must be the same for
all the certificates bid for.
The certificates 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 of the certificates.
As
between bidders naming the same rate of interest, the amount of premium
will determine the award. Purchasers will be furnished with the opinion of
Keed, Hoyt, Washburn & Clay, of New York, that the certificates are valid
obligations of the State, such opinion to be paid for by the purchaser.
Certificates will be delivered in Columbia or New York at the option of the
State
in coupon
SOUTH
July 15, 1939
Chronicle
The Commercial & Financial
452
Fund Commissioners.
TENNESSEE, State of—LOCAL POWER BOND FLOTATIONS EX¬
PECTED—The following report is taken from the "Wall Street Journal"
of July 13:
Several of the Tennessee municipal issues to provide funds to acquire the
properties of the Tennessee Electric Power Co. delayed by complications
looked for the early part of August.
Municipal dealers point out that the City of Nashville is required
to
give five days' notice of its intention to sell its $15,000,000 bonds but that
before the time comes for readvertisement of that issue a good deal of
revision of the details of the financing will be necessary.
Chattanooga has $13,200,000 bonds planned but does not have any set
regulations for advertising the issue in advance of sale.
However, that
city probably will follow the same course as Nashville.
Several other
Tennessee cities which had made tentative sales of their bonds to
invest¬
ment houses but which later found them canceled when the deadline of
June 30 came and went without completion of the contract between the
Tennessee Valley Authority, the company and the cities likewise plan
in Washington, are now
Due $5,000 on July 1 from 1944 to
bonds.
1948 inclusive.
Due $5,000 on July 1 from 1944 to
50,000 street improvement bonds.
1953 inclusive.
1, 1939.
Denom. $1,000.
Rate of
by the bidder in multiples of M of 1%.
Principal
(J-J) payable at the National Shawmut Bank of Boston.
The
bonds will be engraved under the supervision of and certified as to genuine¬
ness by the aforementioned bank, which will further certify that the issue
has been approved as to legality by Story, Thorndike, Palmer & Dodge of
Boston.
Copy of opinion will be furnished without charge to the success¬
All of the bonds will be dated July
interest to be expressed
and interest
ful bidder.
;
SHEFFIELD, Vt .—BOND SALE—The $30,000 refunding bonds offered
July 5—V. 149, p. 150—were awarded to the Montpelier National Bank,
of Montpelier, as 3s, at a price of 99, a basis of about 3.11 %.
Dated July
10, 1939 and due $1,500 on July 1 from 1940 to 1959 incl.
The National
Lire Insurance Co. of Montpeler, only other bidder, offered a price of par
for 3 Ms.
,
VIRGINIA
HENRICO COUNTY SANITARY DISTRICT No. 5 (P. O. Rich¬
mond), Va.—BONDS VOTED—It is reported that at an election held on
27 the voters approved the issuance of water system bonds, tojbe
used in connection with a project to cost approximately $132,000.
June
RICHMOND,
Va .—REVENUES SHOW
DECLINE—City revenues
months of 1939 are $21,083 below the
corresponding period of last year, according to the May 31 report of City
Comptroller T. Coleman Andrews.
Cash receipts from Feb. 1 to May 31
are reported
at $1,434,176.81, compared with $1,455,260 for the same
from all sources for the first four
months of 1938.
Temporary loans authorized by city council so far this year amount
$892,000, against $1,000,000 last year.
The city has $405,694 in cash
local banks.
VINTON, Va.—BONDS AUTHORIZED—The Town Council
passed on final reading, at a recent meeting, an ordinance
readvertising.
to have
for the issuance of $52,000 in not to
TEXAS
BROWNFIELD, Texas—PURCHASER—It Is now
reported that th
noted here—V.
Lubbock. Due
$15,000 3% semi-ann. street bonds which were sold, as
129, p. 291—were purchased by O. R. Woolsey & Co. of
in 1944.
BRYAN, Texas—BONDS SOLD—We are Informed by Moroney & Co¬
that, in conjunction with the firms of Duquette & Co. of
awarded on July 7
ot Houston,
Houston, and R. K. Dunbar & Co. of Austin, they were
an issue
of $135,750 various purpose bonds.
Bonds
maturing 1940-43
bear 2M% interest, while those maturing 1944-59 bear 2M%.
They are
general obligations supported by ad valorem taxing power.
Bids were filed by several syndicates comprising a total of 23 invest¬
(P. O. Chil¬
dress), Texas—BONDS PUBLICLY OFFERED—An issue of $153,000
3 M % semi-annual refunding bonds is being offered by William N. Edwards
& Co. of Fort Worth, for public subscription.
To be dated Sept. 1, 1939.
Due March 1, as follows: $9,000 in 1955 and 1956, $10,000 in 1957 and 1953,
$11,000 in 1959 and 1960, $12,000 In 1961 and 1962, $13,000 in 1963 and
1964, $14,000 in 1965 and 1966, and $15,000 in 1967.
Prin. and int. pay¬
INDEPENDENT
SCHOOL DISTRICT
able at the State Treasurer's office or at the First
Legality to be approved by the Attorney
of Chicago.
■
National Bank, Childress.
General and Chapman & Cutler
WASHINGTON
Wash.—BOND SALE DETAILS—It is now reported
by the City Clerk that the $260,000 refunding water extension bonds pur¬
chased by a syndicate headed by E. M. Adams & Co. of Portland, as 2s, at
a price of 100.01, as noted here, are due on July 1 as follows:
$15,000 in
1940 and 1941, $16,000 in 1942 to 1945, $17,000 in 1946 and 1947, $18,000
in 1948 to 1950, $19,000 in 1951 and 1952, and $20,000 in 1953 and 1954,
callable on and after July 1, 1949.
The basis is about 1.995%.
WISCONSIN
O. Green Bay). Wis.—BOND SALE—The
semi-annual nontaxable highway improvement bonds
11—V. 149, p. 292—was awarded jointly to Paine,
Co., C. F. Childs & Co., and Paul H. Davis <fc Co., all of Chicago,
of 109.50, a basis of about 1.16%. Dated July 1, 1939.
Due
COUNTY
BROWN
(P.
$350,000 issue of 3%
offered for sale on July
Webber &
at a price
from
July 1, 1942 to 1947, Inclusive.
BONDS
offered
OFFERED
FOR
ROCK COUNTY (P. O. Janesville)
INDEPENDENT
SCHOOL
DISTRICT
(P.
O.
Texas—BONDS PUBLICLY OFFERED—A $17,000 issue
N. Edwards
of 3M % semi-annual school bonds is being offered by William
& Co. of Fort Worth, for general investment.
To be dated Aug.
1, 1939.
in 1956 to 1959.
York. Legality
approved by the Attorney General and John D. McCall of Dallas.
Due April 1, as follows: $1,500 in 1950 to 1955 and $2,000
Prin. and int. payable at the Chase National Bank, New
to be
RAYMONDVILLE.
ROSENBERG .Texas—BOND OFFERING—Sealed bids will be received
on July 22, by W. F. Finck, City Secretary, for the purchase
$35,000 issue of sewer bonds. Interest rate is not to exceed 5%, payable
semi-annuaiiy
Due $1,500 in 1940, $2,000 in 1941, $1,500 in 1942, $2,000
a
5m Koo3^$iffiQ° io A584/ $2-92° in 1945, $1,500 in 1946, $2,000 in 1947,
$1,500 in 1948* $2,000 in 1949; $1,500 in 1950, $2,000 in 1951, $1,500 in
In iq'4
ki Knn ir??ofel1 ,6(S)«?
S2.000 in 1955, $1,500 in 1956, $2,000
a
±7pI
1958, and $2,000 in 1959, optional after 10 years. Enclose
certified check for 5%, payable to M. E. Parrott, Mayor.
TEXAS, (State of)—GOVERNOR
The road
SIONS ROAD BOND ASSUMPTION
bond assumption bill enacted recently, as noted here—
"J- 149'
b(^ *ign<£ fey Governor W. Lee O'Daniel, under
^te wii1 pay off more than $150,000,000 out¬
standing road debts of counties and road districts, and distribute to counties
surplus in a road bond fund.
The new lawcontinues the State policy of caring for a share of bond
Issues in proportion to the amount of the proceeds that went into roads
that became a part of the State highway system between Sept. 17, 1932.
any
and Jan.
1, 1939.
After those charges
assumption to other roads.
WYOMING
CHEYENNE SCHOOL DISTRICT
BOND ELECTION
NO. 1 (P. O. Cheyenne), Wyo.—
PENDING—We are informed by J.
L. Goins, Super¬
election will be held during the month
of August to vote on the issuance of between $100,000 and $175,000 in school
building bonds, but no other information is currently available.
intendent of Public Schools, that an
Texas—BOND OFFERING—It is stated by E. M-
Tomme, City Clerk, that he will receive sealed bids until Aug. 7, at 5 p. m.,
(to be opened at 8 p. m.), for the purchase of a $30,000 issue of 4% semiann. water works system improvement revenue bonds.
Denom. $1,000.
Dated Aug. 1, 1939.
Due $3,000 Aug. 1, 1940 to 1949, callable on any
interest paying date.
The bonds were authorized at an election held on
Sept. 30, 1938, for the construction of a purification plant and necessary
connecting pipe lines to the existing water works system, and all other
improvements in connection therewith; and the Board of Commissioners
is authorized to encumber the city's water works system, or the Revenues
thereof, or both, for the purpose of securing the payment of principal of
and interest on the bonds, the encumberance on the revenues to be an
exclusive first lien on and pledge of the revenues, after deduction of reason¬
able expenses of operating and maintaining the water works system. Le¬
gality approved by W. P. Dumas of Dallas.
Enclose a certified check
for 2%. payable to H. D. Campbell, Mayor.
of
Wis— PURCHASERS—It is now
reported that T. E. Joiner & Co. of Chicago, and Heronymus, Ballschmider
& Co. of Sheboygan, were associated with Harley, Haydon & Co. of Madi¬
son, in the purchase of the $200,000 1M % semi-ann. poor relief bonds, the
sale of which was described in our issue or July 8—V. 149, p. 292.
MIDLOTHIAN
Midlothian).
INVESTMENT—'The successful bidders republic subscription at prices to yield from
maturity.
the above bonds for
0.50% to 1.30%, according to
.
HOUSTON, Texas—WARRANT SALE—The $125,000 4% semi-ann.
airport warrants offered for sale on July 7—V. 149, p. 292—were awarded
to Gregory, Eddleman & Abercrombie of Houston, paying a premium of
$12,992.20, equal to 110.393, a basis of about 1.89%.
Dated March 1,
1939.
Due from March 1, 1940 to 1949 Inel.
is said
calling
exceed 3% improvement bonds.
WALLA WALLA,
ment houses.
CHILDRESS
to
in
are
met the new law extends
the
CANADA
Que.—SINKING FUND BUYS BONDS—The Exec¬
utive Committee or City Council voted July 7 to sell bonds to the sinking
fund to provide for municipal share of relief costs for the current month.
City's portion of the total outlay was placed at about $300,000.
Cash
available in the sinking fund for the purchase of bonds was reported at
MONTREAL,
$750,000.
NEW
BRUNSWICK
(Province
of)—BOND
SALE DETAILS—The
$1,250,000 3% 5-year refunding bonds placed privately in this country
during May by Bell, Gouinlock & Co. and Mills, Spence & Co.—V. 148,
p. 3570—were purchased by the bankers at a price of 99.75, a basis of
about 3.05%.
Dated June 1, 1939 and due June 1, 1944.
of)—$30,000,000 ISSUE REGISTERED WITH
12 filed a registration statement under the
projected public offering in this country
of $30,000,000 bonds, including $20,000,000 serial 3s to mature on July 15
from 1940 to 1959 incl. and $10,000,000 3Ms, due July 15, 1953.
Accord¬
ing to the registration statement, No. 2-4124, the proceeds from the sale of
the bonds are to be applied to reimburse the Consolidated Revenue Fund
for past expenditures, including expenditures for roads, relief, public works
for the relief of unemployment and colonization.
Underwriters of the
securities are: The First Boston Corp., Smith, Barney & Co., Harriman
Ripley & Co., Inc., A. E. Ames & Co., Inc., The Dominion Securities Corp.,
Wood, Gundy & Co., Inc., all with offices in New York City, and McLeod,
Young, Weir & Co., Ltd., of Toronto.
The prospectus states that to
facilitate the offering it is intended to stabilize the prices of the bonds.
This is not an assurance, It states, that the prices will be stabilized or that
the stabilizing, if commenced, may not be discontinued at any time.
The
3M% bonds are redeemable in whole or in part, on or after July 15, 1951,
on at least 30 and not more than 60 days' notice at 100%.
The 3% serial
bonds are not redeemable prior to maturity.
The prices at which the
bonds will be offered and the underwriting discounts or commissions will be
QUEBEC
SEC—The
(Province
Province on July
Securities Act of 1933 covering the
filed by amendment.
@FedFRASER